Document:

Employment  Agreement dated November 1, 2011

 Exhibit 10.1 
 EXECUTION VERSION 
 EMPLOYMENT AGREEMENT 

BY AND AMONG 
 AMEDISYS, INC., 
 AMEDISYS HOLDING, L.L.C. 

AND 

RONALD A. LABORDE 
 DATED AS OF NOVEMBER 1, 2011 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Section 1.
	 	Recitals	  	 	1	  
	 Section 2.
	 	Definitions	  	 	1	  
	 Section 3.
	 	Term of Employment	  	 	4	  
	 Section 4.
	 	Title, Position, Duties and Responsibilities	  	 	5	  
	 Section 5.
	 	Base Salary; Bonus; Equity Awards	  	 	6	  
	 Section 6.
	 	Employee Incentive Compensation and Benefit Programs	  	 	6	  
	 Section 7.
	 	Reimbursement of Business and Other Expenses	  	 	7	  
	 Section 8.
	 	Termination of Employment	  	 	7	  
	 Section 9.
	 	Forfeiture Provisions	  	 	15	  
	 Section 10.
	 	Confidentiality; Cooperation with Regard to Litigation; Non-Disparagement; Return of Company Materials	  	 	16	  
	 Section 11.
	 	Non-competition/Prior Employment Covenants	  	 	18	  
	 Section 12.
	 	Non-solicitation of Employees and Customers	  	 	19	  
	 Section 13.
	 	Standstill	  	 	19	  
	 Section 14.
	 	Remedies	  	 	21	  
	 Section 15.
	 	Resolution of Disputes	  	 	21	  
	 Section 16.
	 	Indemnification	  	 	23	  
	 Section 17.
	 	Potential Reduction in Payments	  	 	24	  
	 Section 18.
	 	Effect of Agreement on Other Benefits	  	 	25	  
	 Section 19.
	 	Assignability: Binding Nature; Solidary Obligations	  	 	25	  
	 Section 20.
	 	Representation	  	 	25	  
	 Section 21.
	 	Entire Agreement	  	 	25	  
	 Section 22.
	 	Amendment or Waiver	  	 	25	  
	 Section 23.
	 	Severability	  	 	26	  
	 Section 24.
	 	Survival	  	 	26	  
	 Section 25.
	 	Beneficiaries/References	  	 	26	  
	 Section 26.
	 	Governing Law/Exclusive Jurisdiction	  	 	26	  
	 Section 27.
	 	Notices	  	 	26	  
	 Section 28.
	 	Captions	  	 	27	  
	 Section 29.
	 	Counterparts	  	 	27	  
	 Section 30.
	 	Section 409A Compliance	  	 	27	  

 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of the 1st day of November, 2011 (the
“Effective Date”), by and among Amedisys, Inc., a Delaware corporation having its headquarters at 5959 South Sherwood Forest Boulevard, Baton Rouge, Louisiana, 70816 (“Amedisys” or the “Company”),
Amedisys Holding, L.L.C., a Louisiana limited liability company having its headquarters at 5959 South Sherwood Forest Boulevard, Baton Rouge, Louisiana 70816 (“Holding”), and Ronald A. LaBorde, a person of the age of majority having
an address at [Redacted] (“Executive”). 
 RECITALS 

WHEREAS, the Company and Holding desire to employ Executive as the Company’s President, and Executive desires to accept such
employment, pursuant to the terms and conditions of this Agreement; 
 NOW, THEREFORE, in consideration of the premises
and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company, Holding and Executive (individually a “Party” and together the
“Parties”) agree to be bound in accordance with the terms of this Agreement. 
 Section 1. Recitals. The
above Recitals are incorporated herein by this reference. 
 Section 2. Definitions. 

(a) The terms below are used in this Agreement, including the preamble and recitals, as so defined. As used herein, the following terms
shall have the following meanings: 
 “AAA” shall have the meaning set forth in Section 15. 

“Agreement” shall have the meaning set forth in the preamble above. 

“Award” shall have the meaning set forth in Section 9(a). 

“Award Gain” shall have the meaning set forth in Section 9(a). 

“Base Salary” shall have the meaning set forth in Section 5(a). 

“Beneficial Owner” shall have the meaning set forth in Section 8(c). 

“Board” shall have the meaning set forth in Section 4(d). 

“Cause” shall have the meaning set forth in Section 8(b). 

“Change in Control” shall have the meaning set forth in Section 8(c). 

  
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 “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of
1984. 
 “COBRA Period” shall have the meaning set forth in Sections 8(c) and 8(e). 

“Code” shall mean the United States Internal Revenue Code of 1986, as amended, or any successor provision of law, and the
regulations promulgated thereunder. 
 “Committee” shall have the meaning set forth in Section 5(a).

 “Company” shall have the meaning set forth in the preamble above. 

“Confidential Information” shall have the meaning set forth in Section 10(c). 

“Continued Participation Period” shall have the meaning set forth in Sections 8(c) and 8(e). 

“Disability” shall have the meaning set forth in Section 8(a). 

“Earliest Payment Date” shall mean (i) if the amount paid is subject to Section 409A of the
Code and does not qualify for an exemption under Section 409A of the Code or regulations or other guidance promulgated thereunder, the fifty-second (52nd) day after Executive’s termination of employment and (ii) if the amount paid is not subject to
Section 409A of the Code or qualifies for an exemption under Section 409A of the Code or regulations or other guidance promulgated thereunder, the earlier of the date in (i) above or the first date that Executive’s release of
claims (as described in Section 8(i)) becomes irrevocable. 
 “Effective Date” shall have the meaning set
forth in the preamble above. 
 “Exchange Act” shall have the meaning set forth in Section 8(c).

 “Excise Tax” shall have the meaning set forth in Section 17(a). 

“Executive” shall have the meaning set forth in the preamble above. 

“Fair Market Value” shall have the meaning set forth in Section 6. 

“Forfeiture Event” shall have the meaning set forth in Section 9(a). 

“409A Payment Date” shall have the meaning set forth in Section 8(j). 

“Good Reason” shall have the meaning set forth in Section 8(c). 

“Holding” shall have the meaning set forth in the preamble above. 

“Net After-Tax Receipt” shall have the meaning set forth in Section 17(b). 

  
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 “Party” shall have the meaning set forth in the Recitals above. 

“Parties” shall have the meaning set forth in the Recitals above. 

“Payments” shall have the meaning set forth in Section 17(a). 

“Person” shall have the meaning set forth in Section 8(c). 

“Prior Agreement” shall have the meaning set forth in the Recitals above. 

“Proceeding” shall have the meaning set forth in Section 15(a). 

“Restricted Area” shall have the meaning set forth in Section 11(a). 

“Restriction Period” shall have the meaning set forth in Section 11(b). 

“Retirement” shall have the meaning set forth in Section 8(f). 

“Severance Period” shall have the meaning set forth in Section 8(c). 

“Significant Subsidiary” shall have the meaning set forth in Section 8(c). 

“Standstill” shall have the meaning set forth in Section 13. 

“Subsidiary” shall have the meaning set forth in Section 10(d). 

“Target Bonus” shall have the meaning set forth in Section 5(b). 

“Third Party” shall have the meaning set forth in Section 17(d). 

“Term of Employment” shall have the meaning set forth in Section 3(a). 

“Willful” shall have the meaning set forth in Section 8(b). 

(b) References to “Sections,” “Subsections,” and “Attachments” shall be to Sections, Subsections and
Attachments, respectively, of this Agreement unless otherwise specifically provided. Any of the terms defined in Section 2(a) may, unless the context otherwise requires, be used in the singular or the plural depending on the reference. In this
Agreement, “hereof,” “herein,” “hereto,” “hereunder” and the like mean and refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which the respective word appears;
words importing gender include the other gender; references to “writing” include printing, typing lithography and other means of reproducing words in a tangible or visible form; the words “including,” “includes” and
“include” shall be deemed to be followed by the words “without limitation;” references to agreements and other contractual instruments shall be deemed to include subsequent amendments, assignments, and other modifications
thereto, but only to the extent such amendments, assignments and other modifications are not prohibited by the terms of 

  
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this Agreement; references to Parties include their respective permitted successors and assigns; and all references to statutes and regulations shall include any amendments of same and any
successor statutes and regulations. 
 Section 3. Term of Employment. 

(a) The term of Executive’s employment under this Agreement (the “Term of Employment”) shall commence on the
Effective Date and expire on December 31, 2013 or such later date as agreed upon by the Parties pursuant to Section 3(b), below, unless terminated prior thereto in accordance herewith. This Agreement shall not be automatically renewable
and, unless mutually extended by the Parties by an agreement in writing, shall terminate upon the expiration of the Term of Employment; provided, however, that: 
 (i) simultaneously with the expiration of the Term of Employment and termination of this Agreement, Executive’s employment shall continue on an “at will” basis unless or until such “at
will” employment is terminated by the Company or Executive by notice in writing; 
 (ii) during the term of
such “at will” employment, (A) if there is a termination by Executive with Good Reason (as defined below) or (B) if there is a termination by the Company without Cause (as defined below), in either such case, whether such
termination for Good Reason or without Cause occurs prior to or following a Change in Control (as defined below) [n.b., solely for purposes of determining whether there is a Good Reason termination under this clause (ii) of this
Section 3(a) and for purposes of calculating the benefits to Executive of a termination by Executive for Good Reason or by the Company without Cause, the provisions of Sections 4, 5 and 6 shall be deemed to be in full force and effect during
the “at will” employment period], Executive shall be entitled to and his sole remedies for such termination (subject to the immediately following clause (iii)) shall be as set forth in Section 8(c) (which Section 8(c) shall
continue in full force and effect during the “at will” employment period), and not as set forth in Section 8(e); and 
 (iii) as provided in Section 24, (x) the provisions of Sections 1 and 2, this second sentence of this Section 3(a), Sections 8(g), (h), (i), (j) and (m), and Sections 9 through 30 of
this Agreement shall survive the termination of this Agreement and remain in full force and effect in accordance with their terms, and (y) the termination of this Agreement shall not affect any rights or obligations of the Parties accrued under
this Agreement prior to or in connection with such termination and, with respect to such surviving provisions and those that survive under Section 3(a), thereafter. 
 (b) Absent extenuating circumstances, the Parties envision that they will negotiate an amendment to this Agreement prior to the end of each calendar year extending the Term of Employment for an additional
year; it being understood and agreed, however, that neither Party shall have a legal obligation to actually enter into any such amendment. Accordingly, beginning in October, 2013 and continuing each subsequent October during the Term of Employment,
the Parties shall meet to discuss Executive’s performance during the year and the possibility of 

  
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extending the Term of Employment for an additional year, and may also discuss additional proposed modifications of the other terms of this Agreement, with a view toward concluding such
discussions, and, assuming they actually come to agreement, entering into an amendment to this Agreement prior to the end of the calendar year. In connection with all such discussions, it is understood and agreed (i) that neither Party shall
have any legal obligation to actually enter into any such amendment, (ii) that no such amendment shall exist unless and until approved by the Committee (as defined below) and/or the Board (as defined below) and the requirements of
Section 22 are satisfied with respect thereto, and (iii) that the Company may, in its discretion and without any liability or obligation of any kind, elect to handle negotiations with Executive differently than it handles similar
negotiations with other senior executives of the Company. 
 Section 4. Title, Position, Duties and Responsibilities.

 (a) Generally. Executive shall serve as President of the Company. Executive shall have and perform such duties,
responsibilities, and authorities as are customary for the President of corporations of similar size and businesses as the Company as they may exist from time to time and as are consistent with such positions and status. Executive shall devote all
of his business time and attention (except for periods of vacation or absence due to illness and other activities permitted pursuant to Section 4(b)) and his best efforts, abilities, experience and talent to the position of President and for
the Company’s businesses. 
 (b) Other Activities. Anything herein to the contrary notwithstanding, nothing in this
Agreement shall preclude Executive from (i) serving on the boards of directors of a reasonable number of other corporations after prior consultation with and approval of the Board or the boards of a reasonable number of trade associations
and/or charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing his personal investments and affairs, provided that such activities do not materially interfere with the proper
performance of his duties and responsibilities under this Agreement. 
 (c) Place of Employment. Executive’s
principal place of employment shall be the corporate offices of the Company. 
 (d) Rank of Executive Within Company. As
President of the Company, Executive shall report directly to the Chief Executive Officer of the Company or as the Board of Directors of the Company (the “Board”) may otherwise direct. 

(e) Board Membership. Until the expiration of the Term of Employment, the Company shall use its reasonable best efforts, to the
extent not inconsistent with applicable laws, rules, regulations and good governance standards, to nominate and cause the election of Executive to the Board. If Executive is not elected to and serving on the Board at any time during the Term of
Employment, Executive shall be entitled to terminate this Agreement and be entitled to the remedies provided in Section 8(c) for a termination without Cause/for Good Reason. For so long as he is serving on the Board, Executive agrees to serve
as a member of any committee of the Board to which he is elected. 

  
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 Section 5. Base Salary; Bonus; Equity Awards. 

(a) Base Salary. Executive shall be paid an annualized salary, payable in accordance with the regular payroll practices of the
Company, of not less than Four Hundred Seventy-Five Thousand Dollars ($475,000) (“Base Salary”). The Base Salary shall be reviewed for increase (but not decrease) by the Compensation Committee (the “Committee”) of
the Board no less than annually. 
 (b) Bonus. Executive shall be eligible to participate in an annual incentive (cash
bonus) plan with target award and maximum award opportunities approved from year to year by the Board and/or the Committee. The amount of target annual incentive approved by the Board and/or the Committee for any given year is herein referred to as
the “Target Bonus” and shall not be less than Three Hundred Fifty-Six Thousand, Two Hundred Fifty Dollars ($356,250) for fiscal year 2012. The maximum incentive award opportunity approved by the Board and/or the Committee for fiscal
year 2012 shall not be less than one hundred fifty percent (150%) of the Target Bonus. Entitlement to and payment of an annual incentive bonus is subject to the approval of the Board and/or the Committee. 

(c) Initial Retention Equity Award. As of the Effective Date, the Company shall award Executive thirty-six thousand, one hundred
seventy-seven (36,177) shares of non-vested Company common stock, which share grant shall be governed by the terms of the Company’s 2008 Omnibus Incentive Compensation Plan and a separate non-vested share agreement entered into between the
Company and Executive. The shares granted shall vest ratably on the first, second, third and fourth anniversaries of the Effective Date, provided that Executive remains continuously employed by the Company through each such date. 

(d) Annual Equity (Long Term Incentive) Awards. Subject to the approval of the Board and/or the Committee, Executive shall be
eligible for annual equity (long-term incentive) awards in the form of shares of restricted and/or non-vested Company common stock and/or securities exercisable for or convertible into shares of Company common stock pursuant to the terms of the
Company’s 2008 Omnibus Incentive Compensation Plan (or any successor plan), commencing contemporaneously with the 2012 long-term incentive award grants to the Company’s other executive officers and continuing each year thereafter. The
grant date target value of Executive’s annual long-term incentive grant opportunity for the 2012 fiscal year shall not be less than Seven Hundred Twelve Thousand, Five Hundred Dollars ($712,500) (in each case such value is to be determined in
accordance with the Company’s methodologies for valuing such awards at the time of any such award), and, in any event, will be subject to the approval of the Board and/or the Committee. Executive hereby agrees and acknowledges that the actual
value of awards, if any, will be based upon Executive’s performance and the metrics used for other executive officers of the Company, provided that no greater than sixty percent (60%) of the target value of any such annual long-term
incentive award shall be subject to performance-based (as opposed to tenure-based) vesting conditions, as established by the Board and/or the Committee. 
 Section 6. Employee Incentive Compensation and Benefit Programs. While Executive remains employed by the Company, Executive shall be entitled to participate, consistent with his rank and position
(to the extent applicable), in addition to the annual incentive 

  
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plans referenced in Section 5, in such other compensation, pension and welfare benefit plans and programs of the Company as are made available to the Company’s senior level executives
or to its employees generally, as such plans or programs may be in effect from time to time, including, without limitation, deferral, health, medical, dental, long-term disability, travel accident and life insurance plans, subject to eligibility.
The Company expressly retains the right to modify or terminate any such compensation, pension and welfare benefit plans and programs in its sole discretion. In no case shall Executive be awarded any options or stock appreciation rights with an
exercise price less than 100% of Fair Market Value. For purposes of this Agreement, “Fair Market Value” shall be equal to the price of the Company’s stock on the date of grant of such award as determined pursuant to the related award.

 Section 7. Reimbursement of Business and Other Expenses. Executive is authorized to incur reasonable expenses in
carrying out his duties and responsibilities under this Agreement, and the Company shall promptly reimburse him for all such business expenses incurred in connection therewith, subject to documentation in accordance with the Company’s business
expense reimbursement policies. All such reimbursements will be made in any event no later than the last day of Executive’s taxable year following the taxable year in which the expense was incurred. The expenses reimbursed by the Company during
any taxable year of Executive will not affect the expenses reimbursed by the Company in another taxable year. Further, this right to reimbursement is not subject to liquidation or exchange for another benefit. 

Section 8. Termination of Employment. 
 (a) Termination Due to Death or Disability. In the event Executive’s employment with the Company is terminated due to his death or Disability (as defined below), Executive, his estate or his
beneficiaries, as the case may be, shall be entitled to, and his or their sole remedies under this Agreement shall be: 
 (i) Base Salary through the date of death or Disability, which shall be paid in a single lump sum not later than 15 days following Executive’s termination of employment as a result of death or
Disability; 
 (ii) the balance of any incentive awards earned as of December 31 of the prior year (but not
yet paid), which shall be paid in a single lump sum not later than 15 days following Executive’s termination of employment as a result of death or Disability; 

(iii) the immediate vesting of all unvested equity awards held by Executive as of the date of death or Disability
(performance-based awards shall vest at the “target” level); and 
 (iv) all other or additional
benefits then due or earned in accordance with applicable plans and programs of the Company. 
 For purposes of this Agreement,
the term “Disability” has the same meaning as provided in the long-term disability plan or policy maintained (or, if applicable, most recently maintained) by the Company or, if applicable, a Subsidiary (as defined below) or
affiliate of the Company for 

  
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Executive, whether or not Executive actually receives disability benefits under the plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Executive,
“Disability” means “Permanent and Total Disability” as defined in Section 22(e)(3) of the Code. In a dispute, the determination whether Executive has suffered a Disability will be made by the Committee and may be supported
by the advice of a physician competent in the area to which that Disability relates. 
 (b) Termination by the Company for
Cause. 
 (i) “Cause” shall mean: 

(A) Executive’s willful and material breach of Sections 10, 11 or 12 of this Agreement; 

(B) Executive is convicted of, or enters a plea of nolo contendere to, a felony; 

(C) Executive engages in conduct that constitutes willful gross neglect or willful gross misconduct in carrying out his
duties under this Agreement, willful violation of the Company’s code of conduct, or willfully fails to follow reasonable and lawful directives of the Board which are consistent with this Agreement resulting, in either case, in material harm to
the financial condition or reputation of the Company; or 
 (D) Executive engages in an act or series of acts
constituting misconduct resulting in a misstatement of the Company’s financial statements due to material non-compliance with any financial reporting requirement within the meaning of Section 304 of The Sarbanes Oxley Act of 2002.

 For purposes of this Agreement, an act or failure to act on Executive’s part shall be considered
“willful” if it was done or omitted to be done by him intentionally and not in good faith, and shall not include any act or failure to act resulting from any incapacity of Executive. 

(ii) A termination for Cause shall not take effect until a determination by the Board that, in its judgment, grounds for
termination of Executive for Cause exist. 
 (iii) In the event the Company terminates Executive’s
employment for Cause, he shall be entitled to: 
 (A) Base Salary through the date of the termination of his
employment for Cause, which shall be paid in a single lump sum at the time set out in Section 8(j) and (m) if such provisions are applicable with respect to such payment, or, if such provisions are not applicable, not later than 15 days
following Executive’s termination of employment; 

  
 8 

 (B) any incentive awards earned as of December 31 of the prior year
(but not yet paid) and not subject to Section 409A of the Code, which shall be paid in a single lump sum not later than 15 days following Executive’s termination of employment; and 

(C) other or additional benefits then due or earned in accordance with applicable plans or programs of the Company.

 (c) Termination by the Company Without Cause or Termination by Executive With Good Reason Prior to a Change in
Control. In the event Executive’s employment with the Company is terminated without Cause (meaning Executive’s employment is terminated by the Company for any reason other than Cause (as defined in Section 8(b)), other than due to
death or Disability, which termination shall be effective as of the date specified by the Company in a written notice to Executive, or in the event Executive terminates his employment with Good Reason (as defined below), in either case prior to a
Change in Control (as defined below), Executive shall be entitled to: 
 (i) Base Salary through the date of
termination of Executive’s employment, which shall be paid in a single lump sum at the time set out in Section 8(j) and (m) if such provisions are applicable with respect to such payment, or, if such provisions are not applicable, not
later than 15 days following Executive’s termination of employment; 
 (ii) an amount equal to one and
one-half (1.5) times the sum of (A) the Base Salary, at the annualized rate in effect on the date of termination of Executive’s employment (or in the event a reduction in Base Salary is a basis for a termination with Good Reason, then
the Base Salary in effect immediately prior to such reduction), and (B) the greater of (x) an amount equal to the cash bonus earned for the previous fiscal year or (y) Three Hundred Fifty-Six Thousand, Two Hundred Fifty Dollars
($356,250), which amount shall be payable in substantially equal monthly installments in accordance with the Company’s payroll practices for a period of 18 months beginning with the calendar month that immediately follows the Earliest Payment
Date (the “Severance Period”) unless otherwise required to be paid in accordance with Section 8(j); 
 (iii) the balance of any incentive awards earned as of December 31 of the prior year (but not yet paid) and not subject to Section 409A of the Code, which shall be paid in a single lump sum not
later than 15 days following Executive’s termination of employment; 
 (iv) continued participation in the
Company’s group health plans for Executive and his dependants who are qualified beneficiaries for purposes of continuation coverage under COBRA at the same benefit levels at which he and such dependants were participating on the date of the
termination of his employment at the same premiums paid by similarly situated active employees during the applicable time period allowed for continuation of coverage under COBRA (the “COBRA Period”) until the earlier of the
expiration of the Severance Period or the date on which Executive receives substantially comparable coverage and benefits under the group health plans of a subsequent employer 

  
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(the “Continued Participation Period”); provided, however, if the COBRA Period terminates prior to the expiration of the Continued Participation Period, during the remainder of
the Continued Participation Period Executive and such dependants will not be entitled to continued participation in the group health plans, and the Company will pay directly to Executive, on a monthly basis during the remainder of the Continued
Participation Period, an amount equal to the amount previously expended monthly by the Company as of the end of the COBRA Period for Executive’s and such dependants’ continued participation in the group health plans, and 

(v) other or additional benefits then due or earned in accordance with applicable plans and programs of the Company.

 A termination with “Good Reason” shall mean a termination of Executive’s employment at his initiative
as provided in this Section 8(c) following the occurrence, without Executive’s written consent, of one or more of the following events (except as a result of a prior termination): 

(A) a material reduction in Executive’s Base Salary other than in connection with a proportionate reduction in the
base salaries of all similarly situated senior level executive employees; 
 (B) a relocation of the corporate
offices of the Company outside a 50-mile radius of Baton Rouge, Louisiana; 
 (C) a material diminution of
Executive’s authority, responsibilities or duties; 
 (D) any action or inaction occurs which constitutes a
material breach by the Company of its obligations under this Agreement. 
 For purposes of this Agreement, Good Reason shall not
be deemed to have occurred unless (i) Executive provides the Company with notice of one of the conditions described above within 90 days of the existence of the condition, (ii) the Company is provided at least 30 days to cure the condition
and fails to cure same within such 30 day period and (iii) Executive terminates employment within at least 150 days of the existence of the condition. 
 A “Change in Control” shall be deemed to have occurred if: 
 (A) any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders
of the Company immediately prior to the occurrence with respect to which the evaluation is being made in substantially the same proportions as their ownership of the common stock of the Company) becomes the Beneficial Owner (except that a Person
shall be deemed to be the Beneficial Owner of all shares that any such Person has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights, warrants or options or otherwise, without regard to the sixty

  
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day period referred to in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company or any Significant Subsidiary (as defined below), representing 50% or more of
the combined voting power of the Company’s or such subsidiary’s then outstanding securities; 
 (B)
during any 12-month period, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described
in clause (A), (C), or (D) of this paragraph) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were
directors at the beginning of the 12-month period or whose election or nomination for election was previously so approved but excluding for this purpose any such new director whose initial assumption of office occurs as a result of either an actual
or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership,
group, associate or other entity or Person other than the Board, cease for any reason to constitute at least a majority of the Board; 
 (C) the consummation of a merger or consolidation of the Company or any subsidiary owning directly or indirectly all or substantially all of the consolidated assets of the Company (a “Significant
Subsidiary”) with any other entity, other than a merger or consolidation which would result in the voting securities of the Company or a Significant Subsidiary outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving or resulting entity) more than 50% of the combined voting power of the surviving or resulting entity outstanding immediately after such merger or consolidation; or

 (D) the consummation of a sale or disposition of all or substantially all of the consolidated assets of the
Company (other than such a sale or disposition immediately after which such assets will be owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the common stock of the Company
immediately prior to such sale or disposition). 
 For purposes of this definition: 

The term “Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 under the
Exchange Act (including any successor to such Rule). 
 The term “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 

  
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 The term “Person” shall have the meaning ascribed to such
term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including “group” as defined in Section 14(d) thereof. 
 (d) Voluntary Termination. In the event of a termination of employment by Executive on his own initiative, other than a termination due to death, a termination with Good Reason or a Retirement
pursuant to Section 8(f) below, Executive shall have the same entitlements as provided in Section 8(b)(iii) above for a termination for Cause. 
 (e) Termination by the Company Without Cause or Termination by Executive With Good Reason Following a Change in Control. If Executive’s employment with the Company is terminated by the Company
without Cause (which termination shall be effective as of the date specified by the Company in a written notice to Executive), other than due to death or Disability, or in the event Executive terminates his employment with Good Reason (as defined
above), in either case within one year following a Change in Control (as defined above), Executive shall be entitled to: 
 (i) Base Salary through the date of termination of Executive’s employment, which shall be paid in a single lump sum at the time set out in Section 8(j) and (m) if such provisions are
applicable with respect to such payment, or, if such provisions are not applicable, not later than 15 days following Executive’s termination of employment; 
 (ii) an amount equal to two (2) times the sum of (A) the Base Salary, at the annualized rate in effect on the date of termination of Executive’s employment (or in the event a reduction in
Base Salary is a basis for a termination with Good Reason, then the Base Salary in effect immediately prior to such reduction), and (B) the greater of (x) an amount equal to the cash bonus earned for the previous fiscal year or
(y) Three Hundred Fifty-Six Thousand, Two Hundred Fifty Dollars ($356,250), which amount shall be payable in lump sum on the Earliest Payment Date, unless otherwise required to be paid in accordance with Section 8(j); 

(iii) the balance of any incentive awards earned as of December 31 of the prior year (but not yet paid) and not
subject to Section 409A of the Code, which shall be paid in a single lump sum not later than 15 days following Executive’s termination of employment; 
 (iv) continued participation in the Company’s group health plans for Executive and his dependants who are qualified beneficiaries for purposes of continuation coverage under COBRA at the same benefit
levels at which he and such dependants were participating on the date of the termination of his employment at the same premiums paid by similarly situated active employees during the applicable time period allowed for continuation of coverage under
COBRA (the “COBRA Period”) until the earlier of the expiration of the Severance Period or the date on which Executive receives substantially comparable coverage and benefits under the group health plans of a subsequent employer (the
“Continued Participation Period”); provided, however, if the COBRA Period terminates prior to the expiration of the Continued Participation Period, during the 

  
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remainder of the Continued Participation Period Executive and such dependants will not be entitled to continued participation in the group health plans, and the Company will pay directly to
Executive, on a monthly basis during the remainder of the Continued Participation Period, an amount equal to the amount previously expended monthly by the Company as of the end of the COBRA Period for Executive’s and such dependants’
continued participation in the group health plans, and 
 (v) other or additional benefits then due or earned in
accordance with applicable plans and programs of the Company. 
 Further, upon a Change of Control, all unvested equity awards
held by Executive as of the date of the Change of Control shall vest (performance-based awards shall vest at the “target” level), and Executive shall be entitled to the benefit of all such awards immediately. 

(f) Retirement. Upon Executive’s Retirement (as defined below), Executive shall be entitled to: 

(i) Base Salary through the date of termination of Executive’s employment, which shall be paid in a single lump sum
at the time set out in Section 8(j) and (m) if such provisions are applicable with respect to such payment, or, if such provisions are not applicable, not later than 15 days following Executive’s termination of employment; 

(ii) the balance of any incentive awards earned as of December 31 of the prior year (but not yet paid) and not
subject to Section 409A of the Code, which shall be paid in a single lump sum not later than 15 days following Executive’s termination of employment; 
 (iii) the immediate vesting of all unvested equity awards held by Executive as of the date of Retirement, other than awards which are intended to constitute performance-based compensation within the
meaning of Section 162(m) of the Code and for which performance standards have not been met; and 
 (iv) all
other or additional benefits then due or earned in accordance with applicable plans and programs of the Company. 
 For purposes
of this Agreement, “Retirement” shall mean Executive’s voluntary retirement from employment with the Company: (i) after the age of 55, provided that Executive has been employed by the Company continuously for at least ten
years as of the date of retirement, (ii) after the age of 60, provided that Executive has been employed by the Company continuously for at least five years as of the date of retirement or (iii) as approved by the Board in its sole
discretion. 
 (g) No Mitigation; No Offset. In the event of any termination of employment, Executive shall be under no
obligation to seek other employment; amounts due Executive under this Agreement shall not be offset by any remuneration attributable to any subsequent employment that he may obtain. 

  
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 (h) Nature of Payments. Any amounts due under this Section 8 are in the nature
of severance payments considered to be reasonable by the Company and are not in the nature of a penalty. 
 (i) No Further
Liability; Release. In the event of Executive’s termination of employment, payment made and performance by the Company in accordance with this Section 8 shall, subject to Section 24 hereof, operate to fully discharge and release
the Company and its directors, officers, employees, subsidiaries, affiliates, stockholders, successors, assigns, agents and representatives from any further obligation or liability with respect to Executive’s rights under this Agreement. Other
than payment and performance under this Section 8, and other than the rights of Executive that survive the termination of this Agreement, as provided in Section 24 hereof, the Company and its directors, officers, employees, subsidiaries,
affiliates, stockholders, successors, assigns, agents and representatives shall have no further obligation or liability to Executive or any other person under this Agreement in the event of Executive’s termination of employment. The Company
conditions the payment of any severance or other amounts pursuant to this Section 8 upon (A) the delivery by Executive to the Company of a release in a form satisfactory to the Company, substantially in the form attached hereto as
Attachment 1, within such time following his termination of employment as will permit the release to become irrevocable on or before the Earliest Payment Date and (B) such release actually becoming irrevocable by the Earliest Payment
Date. 
 (j) Section 409A Specified Employee. If Executive is a “specified employee” for purposes of
Section 409A of the Code, to the extent required to comply with Section 409A of the Code, any payments required to be made pursuant to this Section 8 which are deferred compensation and subject to Section 409A of the Code (and do
not qualify for an exemption thereunder) shall not commence until one day after the day which is six (6) months from the date of termination (determined under Section 8(m)). Should this Section 8(j) result in a delay of payments to
Executive, on the first day any such payments may be made without incurring a penalty pursuant to Section 409A (the “409A Payment Date”), the Company shall begin to make such payments as described in this Section 8,
provided that any amounts that would have been payable earlier but for application of this Section 8(j) shall be paid in lump-sum on the 409A Payment Date. 
 (k) Termination Without Cause Within 90 Days Prior to a Change in Control. Anything in this Agreement to the contrary notwithstanding, if Executive’s employment with the Company is terminated
without Cause within 90 days prior to the date on which the Change in Control occurs, such termination shall be deemed to have occurred after a Change in Control for purposes of this Agreement. 

(l) Financial Security for Payments Following a Change in Control. Following a Change in Control, at the request of Executive, the
Company or its successor shall provide financial security reasonably acceptable to Executive for its obligations to make payments required by this Agreement. 
 (m) Separation from Service. Anything in this Agreement to the contrary notwithstanding, no payment shall be made under this Section 8 unless the termination of

  
 14 

 
employment or Retirement that gives rise to the payment also constitutes a “separation from service” within the meaning of Section 409A of the Code and the regulations issued
thereunder, and solely for purposes of making the payments called for under this Section 8, the first date as of which Executive has a separation from service shall be treated as the date his employment terminates. 

Section 9. Forfeiture Provisions. 
 (a) Forfeiture of Stock Options and Other Awards and Gains Realized Upon Prior Option Exercises or Award Settlements and Severance Payments. Unless otherwise determined by the Committee,
(i) Executive’s violation of the restrictive covenants contained in Section 10 as they relate only to trade secrets, at any time while employed by the Company or thereafter, (ii) Executive’s violation of the restrictive
covenants contained in Section 10 as they relate to all Confidential Information other than trade secrets, at any time while employed by the Company and for a period of 60 months thereafter or (iii) Executive’s violation of any of the
restrictive covenants contained in Sections 11, 12 or 13 (each a “Forfeiture Event”) will result in: 
 (i) The unexercised portion of any stock option, whether or not vested, and any other Award (as defined below) not then settled (except for an Award that has not been settled solely due to an elective
deferral by Executive and otherwise is not forfeitable in the event of any termination of Executive’s service) will be immediately forfeited and canceled upon the occurrence of the Forfeiture Event; 

(ii) Executive will be obligated to repay to the Company, in cash, within five business days after demand is made therefor
by the Company, the total amount of Award Gain (as defined herein) realized by Executive upon each exercise of a stock option or settlement of an Award (regardless of any elective deferral) that occurred (A) during the period commencing with
the date that is 6 months prior to the occurrence of the Forfeiture Event and the date 18 months after the Forfeiture Date, if the Forfeiture Event occurred while Executive was employed by the Company or a Subsidiary or affiliate, or (B) during
the period commencing 6 months prior to the date Executive’s employment by the Company terminated and ending 18 months after the date of such termination, if the Forfeiture Event occurred after Executive ceased to be so employed. For purposes
of this Section 9, the term “Award Gain” shall mean (i), in respect of a given stock option exercise, the product of (X) the Fair Market Value per share of common stock at the date of such exercise (without regard to any
subsequent change in the market price of shares) minus the exercise price times (Y) the number of shares as to which the stock option was exercised at that date, and (ii), in respect of any other settlement of an Award granted to Executive, the
Fair Market Value of the cash or stock paid or payable to Executive (regardless of any elective deferral) less any cash or the Fair Market Value of any stock or property (other than an Award or award which would have itself then been forfeitable
hereunder and excluding any payment of tax withholding) paid by Executive to the Company as a condition of or in connection such settlement; and 

  
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 (iii) Executive will be obligated to repay to the Company, in cash, within
five business days after demand is made therefor by the Company, the total amount of any payments made by the Company to Executive or on Executive’s behalf under Sections 8(c)(ii), 8(c)(iv), 8(e)(ii), and 8(e)(iv). 

For purposes of this Section 9, “Award” shall mean any cash award, stock option, stock appreciation right,
restricted stock, deferred stock, bonus stock, dividend equivalent, or other stock-based or performance-based award or similar award, together with any related right or interest, granted to or held by Executive. 

(b) Committee Discretion. The Committee may, in its discretion, waive in whole or in part the Company’s right to forfeiture
under this Section 9, but no such waiver shall be effective unless evidenced by a writing signed by a duly authorized officer of the Company. In addition, the Committee may impose additional conditions on Awards, by inclusion of appropriate
provisions in the document evidencing or governing any such Award. 
 Section 10. Confidentiality; Cooperation with Regard to
Litigation; Non-Disparagement; Return of Company Materials. 
 (a) During the Term of Employment and thereafter, Executive
shall not, without the prior written consent of the Company, disclose to anyone (except in good faith in the ordinary course of business to a person who will be advised by Executive to keep such information confidential) or make use of any
Confidential Information (as defined below), except in the performance of his duties hereunder or when required to do so by legal process, by any governmental agency having supervisory authority over the business of the Company or by any
administrative or legislative body (including a committee thereof) that requires him to divulge, disclose or make accessible such information. In the event that Executive is so ordered, he shall give prompt written notice to the Company in order to
allow the Company the opportunity to object to or otherwise resist such order. 
 (b) During the Term of Employment and
thereafter, Executive shall not disclose the existence or contents of this Agreement beyond what is disclosed in the proxy statement or documents filed with the government unless and to the extent such disclosure is required by law, by a
governmental agency, or in a document required by law to be filed with a governmental agency or in connection with enforcement of his rights under this Agreement. This restriction shall not apply to such disclosure by him to members of his immediate
family, his tax, legal or financial advisors, any lender, or tax authorities, or to potential future employers to the extent necessary, each of whom shall be advised not to disclose such information. 

(c) “Confidential Information” shall mean all information regarding the Company, its activities, business or customers
that is the subject of reasonable efforts by the Company to maintain its confidentiality, including (i) information concerning the business of the Company or any Subsidiary including information relating to any of their products, product
development, trade secrets, customers, suppliers, finances, and business plans and strategies, and (ii) information regarding the organization structure and the names, titles, status, compensation, benefits and other proprietary
employment-related aspects of the employees of the Company and 

  
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the Company’s employment practices. Excluded from the definition of Confidential Information is information (A) that is or becomes part of the public domain, other than through the
breach of this Agreement by Executive or (B) regarding the Company’s business or industry properly acquired by Executive in the course of his career as an executive in the Company’s industry and independent of Executive’s
employment by the Company. For this purpose, information known or available generally within the trade or industry of the Company or any Subsidiary shall be deemed to be known or available to the public. 

(d) “Subsidiary” shall mean any corporation controlled directly or indirectly by the Company. 

(e) Executive agrees to cooperate with the Company, during the Term of Employment and thereafter (including following Executive’s
termination of employment for any reason), by making himself reasonably available to testify on behalf of the Company or any Subsidiary in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, other than an
action, suit, or proceeding in which Executive makes claims against the Company or in which the Company makes claims against him, and to assist the Company, or any Subsidiary, in any such action, suit, or proceeding, by providing information and
meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, or any Subsidiary as requested; provided, however that the same does not materially interfere with his then current professional
activities; and provided, further, that nothing contained in this Section 10(e) is intended to prevent Executive from exercising his constitutional right to avoid self-incrimination. The Company agrees to reimburse Executive, on an after-tax
basis, for all reasonable expenses (including legal fees and expenses) actually incurred in connection with his provision of testimony or assistance. 
 (f) Executive agrees that, during the Term of Employment and thereafter (including following Executive’s termination of employment for any reason) he will not make statements or representations, or
otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage the Company or any Subsidiary or their respective officers, directors, employees, advisors, businesses
or reputations. The Company agrees that, during the Term of Employment and thereafter (including following Executive’s termination of employment for any reason) the Company will not make statements or representations, or otherwise communicate,
directly or indirectly, in writing, orally, or otherwise, or take any action which may directly or indirectly, disparage Executive or his business or reputation. Notwithstanding the foregoing, nothing in this Section 10(f) shall preclude either
Executive or the Company from making truthful statements or disclosures that are required by applicable law, regulation, or legal process or otherwise pursuing, in good faith, enforcement of their respective rights under this Agreement. 

(g) Executive recognizes that all Confidential Information and copies or reproductions thereof, relating to the Company’s operations
and activities made or received by Executive in the course of his Employment are the exclusive property of the Company. Upon any termination of employment, Executive agrees to deliver any Company property and any documents, notes, drawings,
specifications, computer software, data and other materials of any nature pertaining to any Confidential Information that are held by Executive and will not take 

  
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any of the foregoing, or any reproduction of any of the foregoing, that is embodied in any tangible medium of expression, provided that the foregoing shall not prohibit Executive from retaining
his personal phone directories and rolodexes. 
 Section 11. Non-competition/Prior Employment Covenants. 

(a) During Executive’s employment by the Company, Executive shall refrain from, without the written consent of the Company, directly
or indirectly, whether individually or as an employee, consultant, principal, agent, officer, director, partner, shareholder (except as a less than one percent shareholder of a publicly traded company) or owner of or in any capacity with any
corporation, partnership, business, company or other entity, carrying on or engaging in, or assisting another to carry on or engage in, any other business, work or activity similar to the business, work or activity of the Company or its affiliates.
During the Restriction Period (as defined below), Executive shall refrain from, without the written consent of the Company, directly or indirectly, whether individually or as an employee, consultant, principal, agent, officer, director, partner,
shareholder (except as a less than one percent shareholder of a publicly traded company) or owner of or in any capacity with any corporation, partnership, business, company or other entity, (i) carrying on or engaging in, or assisting another
to carry on or engage in, any other business, work or activity similar to the business, work or activity of the Company or its affiliates in the geographical areas listed on Attachment 2 (the “Restricted Areas”) in which the
Company or its affiliates are then engaged in business, and (ii) soliciting customers of the Company or its affiliates in the Restricted Area. The Parties acknowledge that home health care and hospice are similar “businesses” for the
purposes of this Section 11 and that the work and activity of the Company includes filing applications with Federal and state regulatory authorities in connection with establishing “start-up” home health care and hospice agencies. The
Parties further acknowledge that the Company is expanding and in order to prevent ongoing, repetitious amendments to this Agreement solely for the purpose of updating the Restricted Areas, the Parties agree that the Restricted Areas, inclusive of
Attachment 2, shall be self-amending to include all parishes, counties and States in which the Company conducts business or actively solicits business at any time during Executive’s employment with the Company and in no event shall such
Restricted Areas be less than that contained in Attachment 2. The Parties intend and agree that Executive’s continued employment thereafter shall serve as the Parties’ constructive acceptance of an amendment to enlarge the
Restricted Areas. 
 (b) For the purposes of this Section 11, “Restriction Period” shall mean the period
beginning with the Effective Date and ending with: 
 (i) in the case of a termination of Executive’s
employment by the Company without Cause or a termination by Executive with Good Reason, pursuant to Section 8(c)(whether during or after the Term of Employment), the Restriction Period shall terminate 18 months from the date of such
termination; 
 (ii) in the case of a termination of Executive’s employment for Cause pursuant to
Section 8(b) or in the case of a voluntary termination of Executive’s employment pursuant to Section 8(d) above (whether during or after the Term of Employment), 18 months from the date of such termination; 

  
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 (iii) in the case of a Retirement pursuant to Section 8(f) above or a
termination due to Disability pursuant to Section 8(a), 18 months from the date of Retirement or the date of the termination due to Disability; 
 (iv) in the case of any termination of Executive’s employment pursuant to Section 8(e) above, 18 months from the date of such termination. 

(c) Executive represents and warrants to the Company that performance of Executive’s duties pursuant to this Agreement will not
violate any agreements with or trade secrets of any other person or entity or previous employers, including without limitation agreements containing provisions against solicitation or competition. 

Section 12. Non-solicitation of Employees and Customers. During the period beginning with the Effective Date and ending 18 months
following the termination of Executive’s employment for any reason, Executive shall not induce: (i) employees of the Company or any Subsidiary to terminate their employment (provided, however, that the foregoing shall not be construed to
prevent Executive from engaging in general non-targeted advertising for employees generally), or (ii) customers of the Company or any Subsidiary to terminate their relationship with the Company, within the Restricted Areas. During such period,
Executive shall not hire, either directly or through any employee, agent or representative, any employee of the Company or any Subsidiary or any person who was employed by the Company or any Subsidiary within 180 days of such hiring. 

Section 13. Standstill. Executive agrees that for a period of 18 months from the date of Executive’s termination of
employment for any reason, neither Executive nor any of his affiliates or persons or entities acting at his direction or with his assistance will, unless specifically invited in writing by the Board, acting by resolution approved by a majority of
all members of the Board, directly or indirectly, in any manner (the obligations pursuant to this Section 13 being referred to as, the “Standstill”): 
 (a) acquire, offer or propose to acquire, solicit an offer to sell or agree to acquire, directly or indirectly, alone or in concert with others, by purchase, tender offer, exchange offer, through the
acquisition or control of another person or entity, or otherwise, any direct or indirect beneficial interest in any voting securities or direct or indirect rights, warrants or options to acquire, or securities convertible into or exchangeable for,
any voting securities of the Company or any Subsidiary, other than the acquisition in the aggregate of less than one-half of one percent of the outstanding voting securities of the Company; 

(b) make, or in any way participate in, directly or indirectly, alone or in concert with others, any “solicitation” (as such
term is used in the proxy rules of the Securities and Exchange Commission promulgated pursuant to Section 14 of the Exchange Act) of proxies or consents to vote, whether subject to or exempt from the proxy rules, or seek to advise, encourage or
influence in any manner whatsoever any person or entity with respect to the voting of any voting securities of the Company or any Subsidiary; 

  
 19 

 (c) initiate, propose or “solicit” (as such term is used in the proxy rules of the
Securities and Exchange Commission) stockholders of the Company or any Subsidiary for the approval of stockholder proposals whether made pursuant to Rule 14a-8 or Rule 14a-4 under the Exchange Act, or otherwise, or cause or encourage or attempt to
cause or encourage others to initiate any such stockholder proposal; or otherwise communicate with the Company’s or its Subsidiaries’ stockholders or others in connection with the solicitation of proxies or consents or matters presented to
the Company’s or its Subsidiaries’ stockholders; 
 (d) form, join or any way participate in a “group”
within the meaning of Section 13(d)(3) of the Exchange Act with respect to any voting securities of the Company or the Subsidiaries; 
 (e) acquire, offer to acquire or agree to acquire, directly or indirectly, alone or in concert with others, by purchase, exchange or otherwise, (i) any of the assets, tangible and intangible, of the
Company or any Subsidiary or (ii) direct or indirect rights, warrants or options to acquire any assets of the Company or any Subsidiary; 
 (f) arrange, or in any way participate, directly or indirectly, in any financing for the purchase of any voting securities or securities convertible or exchangeable into or exercisable for any voting
securities or assets of the Company or any Subsidiary; 
 (g) otherwise act, alone or in concert with others, to seek to propose
to the Company or any Subsidiary or any of their respective stockholders or make any public statement with respect to any merger, business combination, consolidation, sale, tender offer, exchange offer, restructuring, reorganization, dissolution,
liquidation, recapitalization or other transaction involving the Company or any Subsidiary; 
 (h) seek, alone or in concert
with others, to control, change or influence the management, the Board or policies of the Company or any Subsidiary, or otherwise seek, alone or in concert with others, election or appointment to or representation on, or to nominate or propose the
nomination of any candidate to, the Board or the removal of any member of the Board, or propose any matter to be voted upon by the stockholders of the Company or any Subsidiary; 

(i) make any publicly disclosed proposal, public statement, public inquiry or public disclosure of any intention, plan, or arrangement
(whether written or oral) inconsistent with the foregoing, or make or disclose any request or proposal to amend, waive or terminate any provision of this Standstill or seek permission to or make any public announcement with respect to any provision
of the Standstill; or 
 (j) announce an intention to do, or to enter into any arrangement or understanding with others (whether
written or oral) to do, or to finance, intentionally advise, enable, assist or encourage others to do any of the actions restricted or prohibited under clauses (a) through (j) of this Standstill, or take any action that might result in the
Company having to make a public announcement regarding any of the matters referred to in clauses (a) through (j) of this Standstill, 

  
 20 

 
or otherwise intentionally take, or solicit, or cause or encourage others to take, any action inconsistent with the foregoing. 

Section 14. Remedies. In addition to whatever other rights and remedies the Company may have at equity or in law (including
without limitation, the right to seek monetary damages), if Executive breaches any of the provisions contained in Sections 10, 11, 12 or 13, the Company (a) shall have its rights under Section 9 of this Agreement, (b) shall,
notwithstanding Section 15, have the right to immediately terminate all payments and benefits due under this Agreement (other than payments under Section 16 of this Agreement, to the extent that Executive’s right to indemnification
was not triggered by Executive’s breach of this Agreement) and (c) shall, notwithstanding Section 15 of this Agreement, have the right to seek injunctive or other equitable relief, including but not limited to, the right to seek a
temporary restraining order, preliminary injunction or permanent injunction, without the requirement to prove actual damages or to post any bond or other security. Executive hereby waves the requirement of posting bond or other security and
acknowledges that such a breach of Sections 10, 11, 12 or 13 would cause irreparable injury and that money damages alone would not provide an adequate remedy for the Company; provided, however, the foregoing shall not prevent Executive from
contesting the issuance of any such injunction on the ground that no violation or threatened violation of Sections 10, 11, 12 or 13 has occurred. 
 Section 15. Resolution of Disputes. In the event that a Party to this Agreement has any claim, right or cause of action against another Party to this Agreement, which the Parties are unable to
settle by agreement between themselves, such claim, right or cause of action, to the extent that the relief sought by such Party is for monetary damages or awards, will be determined by arbitration in accordance with the provisions of this
Section 15. Except as provided in this Section 15, the arbitration will be conducted in accordance with the rules of the American Arbitration Association (the “AAA”). The arbitration and all arbitration proceedings shall
be kept confidential 
 (a) The Party claiming a cause of action or breach of this Agreement shall first provide the other Party
with written notice of the breach. If the breach is not remedied within 15 days of said notice, the Party claiming the breach may request arbitration by serving upon the other a demand therefor, in writing, specifying the matter to be submitted to
arbitration, and nominating a competent disinterested person to act as an arbitrator. Within 15 days after receipt of such written demand and nomination, the other Party will, in writing, nominate a competent disinterested person, and the two
arbitrators so designated will, within 15 days thereafter, select a third arbitrator. The three arbitrators will give immediate written notice of such selection to the Parties and will fix in said notice a time and place of the meeting of the
arbitrators which will be in Baton Rouge, Louisiana, where all proceedings will be conducted, and will be held as soon as conveniently possible (but in no event later than 45 days after the appointment of the third arbitrator), at which time and
place the Parties to the controversy will appear and be heard with respect to the right, claim or cause of action. In case the notified Party or Parties will fail to make a selection upon notice within the time period specified, the Party asserting
such claim will appoint an arbitrator on behalf of the notified Party. In the event that the first two arbitrators selected will fail to agree upon a third arbitrator within 15 days after their selection, then such

  
 21 

 
arbitrator may, upon application made by either of the Parties to the controversy, be appointed by the AAA. 
 (b) Each Party will present such testimony, examinations and investigations in accordance with such procedures and regulations as may be determined by the arbitrators and will also recommend to the
arbitrators a monetary award to be adopted by the arbitrators as the complete disposition of such claim, right or cause of action. After hearing the Parties in regard to the matter in dispute, the arbitrators will make their determination with
respect to such claim, right or cause of action, within 30 days of the completion of the examination, by majority decision signed in writing (together with a brief written statement of the reasons for adopting such recommendation), and will deliver
such written determination to each of the Parties. The decision of said arbitrators, absent fraud, duress or manifest error, will be final and binding upon the Parties to such controversy and may be enforced in any court of competent jurisdiction.
The arbitrators may consult with and engage disinterested third parties to advise the arbitrators. The arbitrators shall not award any punitive damages. If any of the arbitrators selected hereunder should die, resign or be unable to perform his or
her duties hereunder, the remaining arbitrators or the AAA shall select a replacement arbitrator. The procedure set forth in this Section for selecting the arbitrators shall be followed from time to time as necessary. As to any claim, controversy,
dispute or disagreement that under the terms hereof is made subject to arbitration, no lawsuit based on such matters shall be instituted by any of the Parties, other than to compel arbitration proceedings or enforce the award of a majority of the
arbitrators. All privileges under Louisiana and federal law, including attorney-client and work-product privileges, shall be preserved and protected to the same extent that such privileges would be protected in a federal court proceeding applying
Louisiana law. 
 (c) The Company shall be responsible for advancing the cost of the arbitrators as well as the other costs of
the arbitration. Each Party will pay the fees and expenses of its own counsel, except that with respect to those claims for which Executive is ultimately the prevailing party, the Company shall reimburse all of Executive’s reasonable
out-of-pocket legal fees and expenses incurred in connection with asserting or defending against claims as to which Executive prevails within thirty (30) days of receipt of a written demand accompanied by reasonable documentation in support
thereof. Notwithstanding the foregoing, such reimbursements will be made in no event later than the last day of Executive’s taxable year following the taxable year in which the expense was incurred; the expenses reimbursed by the Company during
any taxable year of Executive will not affect the expenses reimbursed by the Company in another taxable year; and this right to reimbursement is not subject to liquidation or exchange for another benefit. 

(d) Notwithstanding any other provisions of this Section 15, in the event that a Party against whom any claim, right or cause of
action is asserted commences, or has commenced against it, bankruptcy, insolvency or similar proceedings, the Party or Parties asserting such claim, right or cause of action will have no obligations under this Section 15 and may assert such
claim, right or cause of action in the manner and forum it deems appropriate, subject to applicable laws. No determination or decision by the arbitrators pursuant to this Section 15 will limit or restrict the ability of any Party hereto to
obtain or seek in any appropriate forum, any relief or remedy that is not a monetary award or money damages. 

  
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 (e) Notwithstanding any other provisions of this Section 15, if the Company is seeking
injunctive or other equitable relief from a dispute arising under or in connection with Sections 10, 11, 12 or 13, the arbitration requirements of this Section 15 shall not apply. 

(f) Any court proceedings relating to this Agreement shall be filed exclusively in the federal and state courts domiciled in Baton Rouge,
Louisiana, and the Parties hereto consent to the venue and jurisdiction of such courts. 
 Section 16. Indemnification.

 (a) Company Indemnity. The Company agrees that if Executive is made a party, or is threatened to be made a party,
to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a director, officer or employee of the Company or any Subsidiary or is or was
serving at the request of the Company or any Subsidiary as a director, officer, member, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans,
whether the basis of such Proceeding is Executive’s alleged action or failure to act in an official capacity as a director, officer, employee or agent or while serving as a director, officer, member, employee or agent, Executive shall be
indemnified and held harmless by the Company to the fullest extent legally permitted or authorized by the Company’s certificate of incorporation or bylaws or resolutions of the Company’s Board or, if greater, by the laws of the State of
Delaware (or, with respect to Holding, the laws of the State of Louisiana), against all cost, expense, liability and loss (including, without limitation, attorney’s fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to
be paid in settlement) reasonably incurred or suffered by Executive in connection therewith, provided Executive provides Company with prompt notice of such action or threatened action (but failure to provide prompt notice shall not prejudice
Executive except to the extent it actually prejudices the Company). Such indemnification shall continue as to Executive even if he has ceased to be a director, member, officer, employee or agent of the Company or other entity and shall inure to the
benefit of Executive’s heirs, executors and administrators. The Company shall advance to Executive all reasonable costs and expenses to be incurred by him in connection with a Proceeding within 20 days after receipt by the Company of a written
request for such advance. Such request shall include an undertaking by Executive to repay the amount of such advance if it shall ultimately be determined that he is not entitled to be indemnified against such costs and expenses. The provisions of
this Section 16(a) shall not be deemed exclusive of any other rights of indemnification to which Executive may be entitled or which may be granted to him, and it shall be in addition to any rights of indemnification to which he may be entitled
under any policy of insurance. 
 (b) No Presumption Regarding Standard of Conduct. Neither the failure of the Company
(including its Board, independent legal counsel or stockholders) to have made a determination prior to the commencement of any proceeding concerning payment of amounts claimed by Executive under Section 16(a) above that indemnification of
Executive is proper because he has met the applicable standard of conduct, nor a determination by the Company (including its Board, independent legal counsel or stockholders) that Executive has not met such

  
 23 

 
applicable standard of conduct, shall create a presumption that Executive has not met the applicable standard of conduct. 
 Section 17. Potential Reduction in Payments 
 (a) Anything in this
Agreement to the contrary notwithstanding, if any payment, distribution, or other benefit provided by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise (collectively, the “Payments”), (x) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (y) but for this Section 17 would be subject to the excise tax imposed
by Section 4999 of the Code or any similar or successor provision thereto (the “Excise Tax”), then the Payments shall be either: 
 (i) delivered in full pursuant to the terms of this Agreement, or 

(ii) delivered to such lesser extent as would result in no portion of the payments being subject to the Excise Tax

 as determined in accordance with Section 17(b). 
 (b) The determination of whether Section 17(a)(i) or Section 17(a)(ii) shall be given effect shall be made by the Company on the basis of which of such clauses results in the receipt by the
Executive of the greater Net After-Tax Receipt (as defined below) of the aggregate Payments; provided, however, that if the Net After-Tax Receipt of the aggregate Payments under Section 17(a)(i) does not exceed the Net After-Tax Receipt of the
aggregate Payments under Section 17(a)(ii) by Twenty-Five Thousand Dollars ($25,000) or greater, Section 17(a)(ii) automatically shall be given effect. The term “Net After-Tax Receipt” shall mean the present value (as
determined in accordance with Section 280G of the Code) of the payments net of all applicable federal, state and local income, employment, and other applicable taxes and the Excise Tax. 

(c) If Section 17(a)(ii) is given effect, the reduction shall be accomplished first by reducing cash Payments under
Section 8(e)(ii) of this Agreement and then by forfeiting any equity-based awards that vest and become payable under Section 8(e)(iv) of this Agreement, starting with the most recent equity-based awards that vest pursuant to such section,
to the extent necessary to accomplish such reduction. 
 (d) Unless the Company and Executive otherwise agree in writing, any
determination required under this Section 17 shall be made by the Company’s independent accountants or compensation consultants (the “Third Party”), after due consideration of Executive’s comments with respect to the
interpretation and application thereof, and all such determinations shall be conclusive, final and binding on the parties hereto. The Company and Executive shall furnish to the Third Party such information and documents as the Third Party may
reasonably request in order to make a determination under this Section 17. The Company shall bear all fees and costs of the Third Party with respect to all determinations under or contemplated by this Section 17. 

  
 24 

 Section 18. Effect of Agreement on Other Benefits. Except as specifically
provided in this Agreement, the existence of this Agreement shall not be interpreted to preclude, prohibit or restrict Executive’s participation in any other employee benefit or other plans or programs in which he currently participates.

 Section 19. Assignability: Binding Nature; Solidary Obligations. This Agreement shall be binding upon and inure to the
benefit of the Parties and their respective successors, heirs (in the case of Executive) and permitted assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or
obligations may be assigned or transferred in connection with a Change of Control of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee
assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. The Company further agrees that, in the event of a Change of Control, it shall take whatever action it
legally can in order to cause such assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder. No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive
other than his rights to compensation and benefits, which may be transferred only by will or operation of law, except as provided in Section 25 below. Company and Holding are each solidarily liable with the other of them for such other’s
obligations under this Agreement. 
 Section 20. Representation. Each of the Company and Holding represents and warrants
that it is fully authorized and empowered to enter into this Agreement and that the performance of its obligations under this Agreement will not violate any agreement between it and any other person, firm or organization. Executive hereby represents
to the Company that he is physically and mentally capable of performing his duties hereunder and he has no knowledge of any present or past physical or mental conditions which would cause him not to be able to perform his duties hereunder.

 Section 21. Entire Agreement. This Agreement contains the entire understanding and agreement between the
Parties concerning the subject matter hereof and, as of the Effective Date, supersedes the Prior Agreement and any other agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the Parties with
respect thereto, including, without limitation any prior change in control agreement between the Parties. 
 Section 22.
Amendment or Waiver. No provision in this Agreement may be amended unless such amendment is agreed to in writing and signed by Executive and an authorized officer of the Company. Except as set forth herein, no delay or omission to
exercise any right, power or remedy accruing to any Party shall impair any such right, power or remedy or shall be construed to be a waiver of or an acquiescence to any breach hereof. No waiver by either Party of any breach by the other Party of any
condition or provision contained in this Agreement to be performed by such other Party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed
by Executive or an authorized officer of the Company, as the case may be. 

  
 25 

 Section 23. Severability. In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by
law. Specifically, but without limitation, the parties agree that if any court of competent jurisdiction or any arbitral panel finds that any one or more of the words, phrases, sentences, clauses, sections, subdivisions, or subparagraphs contained
in Sections 10, 11, 12 or 13 is overly broad or unenforceable, then the Agreement should be reduced or amended to be enforceable to the maximum extent allowable under applicable law. 

Section 24. Survival. Upon the termination of this Agreement, the respective rights and obligations of the Parties under this
Agreement shall terminate, except that (a) the provisions of Sections 1 and 2, the second sentence of Section 3(a), Sections 8(g), (h), (i), (j) and (m), and Sections 9 through 30 of this Agreement shall survive the termination of
this Agreement and remain in full force and effect in accordance with their terms, and (b) the termination of this Agreement shall not affect any rights or obligations of the Parties accrued under the express terms of this Agreement prior to or
in connection with such termination and, with respect to such surviving provisions and those that survive under Section 3(a), thereafter. 
 Section 25. Beneficiaries/References. Executive shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to receive any
compensation or benefit payable hereunder following Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a judicial determination of his incompetence, reference in this Agreement to Executive
shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative. 
 Section 26.
Governing Law/Exclusive Jurisdiction. This Agreement shall be governed by and construed and interpreted in accordance with the laws of Louisiana without reference to principles of conflict of laws. Subject to Section 15 and in
accordance with Section 14, the Company and Executive hereby consent and irrevocably submit to the jurisdiction of any or all of the following courts for purposes of resolving any dispute under this Agreement: (i) the United States
District Court for the Middle District of Louisiana or (ii) the Nineteenth Judicial District Court for the Parish of East Baton Rouge, State of Louisiana. The Parties agree that to the extent permitted, any lawsuit involving a dispute under
this Agreement shall be filed and may proceed only in these referenced courts. The Company and Executive hereby waive, to the fullest extent permitted by applicable law, any jurisdictional, venue or inconvenient forum objection which it or he may
now or hereafter have to these referenced courts. The Company and Executive further agree that any service of process or notice requirements in any such proceeding shall be satisfied if the rules of such court relating thereto have been
substantially satisfied. 
 Section 27. Notices. Any notices given under this Agreement shall be in writing, and
delivered or mailed, and if mailed, postage prepaid, certified, return receipt requested and addressed to the Company, to Holding and to Executive at the addresses set forth below, or such other addresses as the Parties may from time to time
hereafter designate in writing, such notices to be effective upon receipt by the Party to whom such notice is addressed: 

  
 26 

			
	If to the Company:	 	AMEDISYS, INC.
		 	5959 South Sherwood Forest Boulevard,
		 	Baton Rouge, Louisiana, 70816
		 	Attention: Chief Executive Officer
		
	If to Holding:	 	AMEDISYS HOLDING, L.L.C.
		 	5959 South Sherwood Forest Boulevard
		 	Baton Rouge, Louisiana 70816
		 	Attention: President
		
	If to Executive:	 	Ronald A. LaBorde
		 	[Redacted]

 Section 28. Captions. The captions contained in this Agreement are for convenience only and
shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
 Section 29.
Counterparts. This Agreement may be executed in two or more counterparts. 
 Section 30. Section 409A
Compliance. This Agreement is intended to comply with Section 409A of the Code (to the extent applicable) and, to the extent it would not adversely impact the Company, the Company agrees to interpret, apply and administer this
Agreement in accordance with such intention and in the least restrictive manner necessary to comply with such requirements (to the extent applicable) and without resulting in any diminution in the value of payments or benefits to Executive or
Executive incurring any tax under Section 409A of the Code. 
 [Signature Page Follows] 

  
 27 

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

			
	AMEDISYS, INC.
		
	By:	 	/S/ William F. Borne
		 	 Name: William F. Borne

Title: Chief Executive Officer and Chairman

  

			
	AMEDISYS HOLDING, L.L.C.
		
	By:	 	/S/ William F. Borne
		 	 Name: William F. Borne

Title: President

  

			
	EXECUTIVE
	
	 /S/ Ronald A. LaBorde

	Ronald A. LaBorde

  
 28 

 ATTACHMENT 1 

RELEASE 

In exchange for certain termination payments, benefits and promises to which Ronald A. LaBorde (“Executive”) would not
otherwise be entitled, Executive, knowingly and voluntarily releases Amedisys, Inc., its subsidiaries, affiliates or related corporations, together with its/their officers, directors, agents, employees and representatives (collectively, the
“Company”), of and from any and all claims, demands, obligations, liabilities and causes of action, of whatsoever kind in law or equity, whether known or unknown, which Executive has or ever had against the Company on or before the date of
the execution of this Release, including but not limited to claims in common law, whether in contract or in tort, and causes of action under the Age Discrimination in Employment Act, 29 U.S.C. Sections 621 et seq., Title VII of the Civil Rights Act
of 1964, 42 U.S.C. Sections 2000e et seq., the Employee Retirement Income Security Act, 29 U.S.C. Sections 1001 et seq., the Americans with Disabilities Act, 29 U.S.C. Section 12101 et seq., the Louisiana tort laws, including, without
limitation, Louisiana Civil Code Articles 2315, 2316, 2317, and 2320 (including, without limitation, any and all derivative claims), the Louisiana pay statutes, La. R.S. 23:631, et seq. (including, without limitation, any claims for penalties and
/or attorneys’ fees under La. R.S. 23: 632), the Louisiana Employment Discrimination laws, La. R.S. 23:301, et seq. (“LEDL”) and La. R.S. 51:2231, et seq., and any amendments, Louisiana’s Anti-Reprisal/Anti-Retaliation statutes,
La. R.S. 23: 961, et seq., the Louisiana Anti-Reprisal Statute, La. R.S. 23:967, the Louisiana environmental whistleblower statute, La. R.S. 30: 2027, the anti-retaliation provision of the Louisiana worker’s compensation retaliation law, La.
R.S. 23:1361, and any other law or provision whatsoever, whether by federal or state statute or regulation, contract, equity, or otherwise, and all other federal, state or local laws, ordinances or regulations, for any losses, injuries or damages
(including compensatory or punitive damages), attorney’s fees and costs arising out of employment or termination from employment with the Company. Notwithstanding the foregoing, Executive does not waive or release the Company from any claims,
demands, obligations, liabilities or causes of action that may hereafter arise as the result of the breach by the Company of its obligations under the Employment Agreement dated as of November 1, 2011 by and among the Company, Amedisys Holding,
L.L.C. and Executive. 
 Executive acknowledges that he has had a period of twenty-one (21) days from the date of receipt
of this Release to consider it. Executive acknowledges that he has been given the opportunity to consult an attorney prior to executing this Release. This Release shall not become effective or enforceable until seven (7) days following its
execution by Executive. Prior to the expiration of the seven-(7) day period, Executive may revoke Executive’s consent to this Release. 
 Executive acknowledges by executing this Release that Executive has returned to the Company all Company property in Executive’s possession. 

Executive acknowledges that the terms of this Release and Executive’s separation of employment are confidential and, unless
otherwise required by law or for the purposes of enforcing the Release or when needed to consult with Executive’s immediate family or tax or legal advisors, neither Executive nor Executive’s agents shall divulge, publish or publicize any
such confidential information to any third parties or the media, or to any current or former employee, customer or client of the Company or its businesses or any of its affiliates. 

  
 ATTACHMENT ONE
– Page 1 

 Executive acknowledges that he has been provided with any and all leave required under any
federal, state, or local law or regulation. 
 Executive acknowledges that he has no known claims for any work related injury,
illness or condition compensable under any applicable workers’ compensation laws. 
 EXECUTIVE ACKNOWLEDGES HE FULLY
UNDERSTANDS THE CONTENTS OF THIS RELEASE AND EXECUTES IT FREELY AND VOLUNTARILY, WITHOUT DURESS, COERCION OR UNDUE INFLUENCE. 

									
					
	Signed:	 	  
	 		 	Date:	 	  

		 	Ronald A. LaBorde	 		 		 	

  
 ATTACHMENT ONE
– Page 2 

 ATTACHMENT 2 

Restricted Areas 
 The
counties, parishes, cities, towns and municipalities appearing on the attached Geographic Service Area List. 

  
 ATTACHMENT TWO
– Page 1 

 Restricted Area 

Geographic Service Area List 
 The following counties, parishes, cities and/or municipalities: 
  

									
	
	Alabama
				
	Autauga	  	Conecuh	  	Houston	  	Morgan
	Baldwin	  	Coosa	  	Jackson	  	Perry
	Barbour	  	Covington	  	Jefferson	  	Pickens
	Bibb	  	Crenshaw	  	Lamar	  	Pike
	Blount	  	Cullman	  	Lauderdale	  	Randolph
	Bullock	  	Dale	  	Lawrence	  	Russell
	Butler	  	Dallas	  	Lee	  	Shelby
	Calhoun	  	DeKalb	  	Limestone	  	St Clair
	Chambers	  	Elmore	  	Lowndes	  	Sumter
	Cherokee	  	Escambia	  	Macon	  	Talladega
	Chilton	  	Etowah	  	Madison	  	Tallapoosa
	Choctaw	  	Fayette	  	Marengo	  	Tuscaloosa
	Clarke	  	Franklin	  	Marion	  	Walker
	Clay	  	Geneva	  	Marshall	  	Washington
	Cleburne	  	Greene	  	Mobile	  	Wilcox
	Coffee	  	Hale	  	Monroe	  	Winston
	Colbert	  	Henry	  	Montgomery	  	
	
	Alaska
				
	Anchorage	  	Matanuska-Susitna	  		  	
	
	Arizona
				
	Coconino	  	Maricopa	  	Pinal	  	
	Gila	  	Mohave	  	Yavapai	  	
	LaPaz	  	Pima	  	Yuma	  	
	
	Arkansas
				
	Baxter	  	Izard	  	Pike	  	Stone
	Cleburne	  	Jackson	  	Polk	  	Van Buren
	Crawford	  	Johnson	  	Prairie	  	Washington
	Faulkner	  	Lawrence	  	Randolph	  	White
	Franklin	  	Little River	  	Searcy	  	Woodruff
	Fulton	  	Logan	  	Sebastian	  	
	Howard	  	Lonoke	  	Sevier	  	
	Independence	  	Marion	  	Sharp	  	

  
 ATTACHMENT TWO
– Page 2 

							
	 California

				
	Alameda	  	Orange	  	San Diego	  	Sonoma
	Contra Costa	  	Placer	  	San Francisco	  	Sutter
	El Dorado	  	Riverside	  	San Luis Obispo	  	Yolo
	Los Angeles	  	Sacramento	  	San Mateo	  	Yuba
	Marin	  	San Bernardino	  	Santa Clara	  	
	Napa	  	San Benito	  	Santa Cruz	  	
	
	Colorado
				
	Adams	  	Custer	  	Fremont	  	Saguaghe
	Arapahoe	  	Denver	  	Jefferson	  	Weld
	Boulder	  	Douglas	  	Lake	  	
	Broomfield	  	El Paso	  	Larimer	  	
	Chaffee	  	Elbert	  	Park	  	
	
	Connecticut
				
	Fairfield	  	Litchfield	  	New Haven	  	Tolland
	Hartford	  	Middlesex	  	New London	  	Windham
	
	Delaware
				
	Kent	  	New Castle	  	Sussex	  	
	
	District of Columbia
				
	City of Washington	  		  		  	
	
	Florida
				
	Alachua	  	Franklin	  	Lee	  	Polk
	Baker	  	Gadsden	  	Leon	  	Putnam
	Bay	  	Gilchrist	  	Levy	  	St Johns
	Bradford	  	Glades	  	Liberty	  	St Lucie
	Brevard	  	Gulf	  	Madison	  	Santa Rosa
	Broward	  	Hamilton	  	Manatee	  	Sarasota
	Calhoun	  	Hardee	  	Marion	  	Seminole
	Charlotte	  	Hendry	  	Martin	  	Sumter
	Citrus	  	Hernando	  	Miami-Dade	  	Suwannee
	Clay	  	Highlands	  	Nassau	  	Taylor
	Collier	  	Hillsborough	  	Okaloosa	  	Union
	Columbia	  	Holmes	  	Okeechobee	  	Volusia
	DeSoto	  	Indian River	  	Orange	  	Wakulla
	Dixie	  	Jackson	  	Osceola	  	Walton
	Duval	  	Jefferson	  	Palm Beach	  	Washington
	Escambia	  	Lafayette	  	Pasco	  	
	Flagler	  	Lake	  	Pinellas	  	

  
 ATTACHMENT TWO
– Page 3 

							
	
	Georgia
				
	Appling	  	Cook	  	Jackson	  	Quitman
	Atkinson	  	Coweta	  	Jasper	  	Rabun
	Bacon	  	Crawford	  	Jeff Davis	  	Randolph
	Baldwin	  	Dade	  	Jones	  	Richmond
	Banks	  	Dawson	  	Lamar	  	Rockdale
	Barrow	  	DeKalb	  	Laurens	  	Schley
	Bartow	  	Douglas	  	Liberty	  	Spalding
	Ben Hill	  	Effingham	  	Long	  	St. Clair
	Berrien	  	Elbert	  	Lowndes	  	Stephens
	Bibb	  	Emanuel	  	Lumpkin	  	Stewart
	Brantley	  	Evans	  	Macon	  	Sumter
	Bryan	  	Fannin	  	Madison	  	Talbot
	Butts	  	Fayette	  	Marion	  	Tattnall
	Candler	  	Floyd	  	Meriwether	  	Taylor
	Carroll	  	Forsyth	  	Monroe	  	Tift
	Catoosa	  	Franklin	  	Montgomery	  	Toombs
	Charlton	  	Fulton	  	Morgan	  	Towns
	Chatham	  	Gilmer	  	Murray	  	Treutlen
	Chattahoochee	  	Gordon	  	Muscogee	  	Troup
	Chattooga	  	Greene	  	Newton	  	Turner
	Cherokee	  	Gwinnett	  	Oconee	  	Union
	Clarke	  	Habersham	  	Oglethorpe	  	Upson
	Clay	  	Hall	  	Paulding	  	Walker
	Clayton	  	Haralson	  	Pickens	  	Walton
	Clinch	  	Harris	  	Pierce	  	Ware
	Cobb	  	Hart	  	Pike	  	Wheeler
	Coffee	  	Heard	  	Polk	  	White
	Colquitt	  	Henry	  	Pulaski	  	Whitfield
	Columbia	  	Irwin	  	Putnam	  	Wilkinson
		  		  		  	Worth
	
	Idaho
				
	Ada	  	Bonneville	  	Jefferson	  	Power
	Bannock	  	Canyon	  	Madison	  	Teton
	Bingham	  	Caribou	  	Owyhee	  	Washington
	Boise	  	Gem	  	Payette	  	
	
	Illinois
				
	Boone	  	Henry	  	Lee	  	Rock Island
	Carroll	  	Iroquois	  	Livingston	  	St Clair
	Clinton	  	Jo Daviess	  	Madison	  	Scott
	Cook	  	Kane	  	McHenry	  	Stephenson
	DeKalb	  	Kankakee	  	Mercer	  	Washington
	DuPage	  	Kendall	  	Monroe	  	Whiteside
	Ford	  	La Salle	  	Ogle	  	Will
	Grundy	  	Lake	  	Randolph	  	Winnebago

  
 ATTACHMENT TWO
– Page 4 

							
	
	Indiana
				
	Adams	  	Gibson	  	Lawrence	  	Randolph
	Allen	  	Grant	  	Madison	  	Ripley
	Benton	  	Greene	  	Marion	  	St Joseph
	Blackford	  	Hamilton	  	Marshall	  	Scott
	Boone	  	Hancock	  	Martin	  	Shelby
	Brown	  	Harrison	  	Miami	  	Spencer
	Carroll	  	Hendricks	  	Monroe	  	Starke
	Cass	  	Henry	  	Montgomery	  	Steuben
	Clark	  	Howard	  	Morgan	  	Sullivan
	Clay	  	Huntington	  	Newton	  	Tippecanoe
	Clinton	  	Jackson	  	Noble	  	Tipton
	Crawford	  	Jasper	  	Orange	  	Vanderburgh
	Daviess	  	Jay	  	Owen	  	Vigo
	DeKalb	  	Jefferson	  	Parke	  	Wabash
	Delaware	  	Johnson	  	Perry	  	Warren
	Dubois	  	Knox	  	Pike	  	Warrick
	Elkhart	  	Kosciusko	  	Porter	  	Washington
	Floyd	  	LaGrange	  	Posey	  	Wayne
	Fountain	  	Lake	  	Pulaski	  	Wells
	Fulton	  	LaPorte	  	Putnam	  	White
		  		  		  	Whitley
	
	Iowa
				
	Boone	  	Madison	  	Polk	  	
	Dallas	  	Marion	  	Story	  	
	Jasper	  	Marshall	  	Warren	  	
	
	Kansas
				
	Barber	  	Franklin	  	Linn	  	Rice
	Butler	  	Greenwood	  	Marion	  	Saline
	Chase	  	Harper	  	McPherson	  	Sedgwick
	Clay	  	Harvey	  	Miami	  	Shawnee
	Cloud	  	Jackson	  	Mitchell	  	Stafford
	Cowley	  	Jefferson	  	Osage	  	Sumner
	Dickinson	  	Johnson	  	Ottawa	  	Wabunsee
	Douglas	  	Kingman	  	Pottawatamie	  	Wyandotte
	Elk	  	Leavenworth	  	Pratt	  	
	Ellsworth	  	Lincoln	  	Reno	  	

  
 ATTACHMENT TWO
– Page 5 

							
	
	Kentucky
				
	Adair	  	Clark	  	Henry	  	Oldham
	Allen	  	Clinton	  	Jefferson	  	Owen
	Anderson	  	Cumberland	  	Jessamine	  	Pendleton
	Barren	  	Daviess	  	Kenton	  	Powell
	Bath	  	Estill	  	Laurel	  	Pulaski
	Bell	  	Fayette	  	Lincoln	  	Scott
	Boone	  	Franklin	  	Logan	  	Shelby
	Bourbon	  	Garrard	  	Madison	  	Simpson
	Boyd	  	Grayson	  	Meade	  	Spencer
	Boyle	  	Green	  	Menifee	  	Taylor
	Breckinridge	  	Greenup	  	Mercer	  	Trimble
	Bullitt	  	Hardin	  	Monroe	  	Warren
	Campbell	  	Harrison	  	Montgomery	  	Whitley
	Casey	  	Hart	  	Nicholas	  	Woodford
	
	Louisiana
				
	Acadia	  	Evangeline	  	Morehouse	  	St Martin
	Allen	  	Franklin	  	Natchitoches	  	St Mary
	Ascension	  	Grant	  	Orleans	  	St Tammany
	Assumption	  	Iberia	  	Ouachita	  	Tangipahoa
	Avoyelles	  	Iberville	  	Plaquemines	  	Tensas
	Beauregard	  	Jackson	  	Pointe Coupee	  	Terrebonne
	Bienville	  	Jefferson	  	Rapides	  	Union
	Caldwell	  	Jefferson Davis	  	Richland	  	Vermilion
	Catahoula	  	Lafayette	  	St Bernard	  	Vernon
	Claiborne	  	Lafourche	  	St Charles	  	Washington
	Concordia	  	La Salle	  	St Helena	  	W Baton Rouge
	E Baton Rouge	  	Lincoln	  	St James	  	W Carroll
	E Carroll	  	Livingston	  	St John the Baptist	  	W Feliciana
	E Feliciana	  	Madison	  	St Landry	  	Winn
	
	Maine
				
	Androscogin	  	Hancock	  	Piscataquis	  	Waldo
	Cumberland	  	Penobscot	  	Sagadahoc	  	York
	
	Maryland
				
	Anne Arundel	  	Cecil	  	Montgomery	  	Worcester
	Baltimore	  	Dorchester	  	Prince Georges	  	
	Baltimore City	  	Harford	  	Somerset	  	
	Carroll	  	Howard	  	Wicomico	  	
	
	Massachusetts
				
	Barnstable	  	Franklin	  	Norfolk	  	
	Berkshire	  	Hampden	  	Plymouth	  	
	Bristol	  	Hampshire	  	Suffolk	  	
	Essex	  	Middlesex	  	Worcester	  	

  
 ATTACHMENT TWO
– Page 6 

							
	
	Michigan
				
	Allegan	  	Genesee	  	Lenawee	  	Ottawa
	Arenac	  	Gladwin	  	Livingston	  	Saginaw
	Barry	  	Gratiot	  	Macomb	  	St Clair
	Bay	  	Ingham	  	Midland	  	Shiawassee
	Berrien	  	Ionia	  	Monroe	  	Tuscola
	Cass	  	Isabella	  	Montcalm	  	Van Buren
	Clare	  	Jackson	  	Muskegon	  	Washtenaw
	Clinton	  	Kent	  	Newaygo	  	Wayne
	Eaton	  	Lapeer	  	Oakland	  	
	
	Minnesota
				
	Anoka	  	Hennepin	  	Ramsey	  	Wabasha
	Carver	  	Houston	  	Rice	  	Washington
	Dakota	  	Le Sueur	  	Scott	  	Winona
	Dodge	  	McLeod	  	Sherburne	  	Wright
	Fillmore	  	Mower	  	Sibley	  	
	Goodhue	  	Olmsted	  	Steele	  	
	
	Mississippi
				
	Alcorn	  	Hinds	  	Leake	  	Prentiss
	Benton	  	Issaquena	  	Lee	  	Rankin
	Calhoun	  	Itawamba	  	Lowndes	  	Scott
	Chickasaw	  	Jackson	  	Madison	  	Sharkey
	Claiborne	  	Jasper	  	Marion	  	Simpson
	Clarke	  	Jefferson	  	Marshall	  	Smith
	Clay	  	Jefferson Davis	  	Monroe	  	Stone
	Copiah	  	Jones	  	Neshoba	  	Tippah
	Covington	  	Kemper	  	Newton	  	Tishomingo
	Forrest	  	Lafayette	  	Oktibbeha	  	Union
	George	  	Lamar	  	Pearl River	  	Walthall
	Hancock	  	Lauderdale	  	Perry	  	Warren
	Harrison	  	Lawrence	  	Pontotoc	  	Wayne
		  		  		  	Yazoo

  
 ATTACHMENT TWO
– Page 7 

							
	 Missouri

				
	Barry	  	Dunklin	  	Mississippi	  	St Francois
	Barton	  	Franklin	  	New Madrid	  	St Louis
	Bollinger	  	Greene	  	Newton	  	St Louis City
	Butler	  	Henry	  	Ozark	  	Ste Genevieve
	Camden	  	Hickory	  	Pemiscot	  	Stoddard
	Cape Girardeau	  	Iron	  	Perry	  	Stone
	Carter	  	Jasper	  	Pike	  	Taney
	Cedar	  	Jefferson	  	Polk	  	Vernon
	Christian	  	Laclede	  	Reynolds	  	Warren
	Crawford	  	Lawrence	  	Ripley	  	Washington
	Dade	  	Lincoln	  	Scott	  	Wayne
	Dallas	  	Madison	  	St Charles	  	Webster
	Douglas	  	McDonald	  	St Clair	  	Wright
	
	Nevada
				
	Carson City	  	Storey	  	Washoe	  	
	
	New Hampshire
				
	Belknap	  	Hillsboro	  	Strafford	  	
	Carroll	  	Merrimack	  	York, ME	  	
	Essex, MA	  	Rockingham	  		  	
	
	New Jersey
				
	Bergen	  	Hudson	  		  	
	
	New Mexico
				
	Bernalillo	  	McKinley	  	Santa Fe	  	Valencia
	Cibola	  	Mora	  	San Miguel	  	
	Los Alamos	  	Sandoval	  	Torrance	  	
	
	New York
				
	Chautauqua	  	Niagara	  		  	
	Erie	  	Queens	  		  	
	Nassau	  	Suffolk	  		  	

  
 ATTACHMENT TWO
– Page 8 

							
	 North Carolina

				
	Alamance	  	Forsyth	  	Lee	  	Rowan
	Cabarrus	  	Franklin	  	Lincoln	  	Sampson
	Caswell	  	Gaston	  	Mecklenburg	  	Stokes
	Catawba	  	Granville	  	Moore	  	Surry
	Chatham	  	Guilford	  	Nash	  	Vance
	Cleveland	  	Halifax	  	Orange	  	Wake
	Cumberland	  	Harnett	  	Person	  	Warren
	Davidson	  	Hoke	  	Randolph	  	Yadkin
	Davie	  	Iredell	  	Robeson	  	
	Durham	  	Johnston	  	Rockingham	  	
	
	Ohio
				
	Adams	  	Defiance	  	Lorain	  	Putnam
	Allen	  	Erie	  	Lucas	  	Ross
	Ashtabula	  	Fayette	  	Madison	  	Sandusky
	Athens	  	Franklin	  	Mahoning	  	Seneca
	Auglaize	  	Fulton	  	Medina	  	Shelby
	Belmont	  	Geauga	  	Meigs	  	Stark
	Brown	  	Greene	  	Mercer	  	Summit
	Butler	  	Guernsey	  	Miami	  	Trumbull
	Carroll	  	Hamilton	  	Monroe	  	Tuscarawas
	Champaign	  	Hancock	  	Montgomery	  	Union
	Clark	  	Hardin	  	Morgan	  	Warren
	Clermont	  	Harrison	  	Muskingum	  	Washington
	Clinton	  	Henry	  	Noble	  	Wayne
	Columbiana	  	Huron	  	Ottawa	  	Williams
	Coshocton	  	Jefferson	  	Pickaway	  	Wood
	Cuyahoga	  	Lake	  	Portage	  	Wyandot
	Darke	  	Logan	  	Preble	  	
	
	Oklahoma
				
	Adair	  	Grant	  	Nowata	  	Seminole
	Alfalfa	  	Hughes	  	Okfuskee	  	Sequoyah
	Blaine	  	Kay	  	Oklahoma	  	Tulsa
	Canadian	  	Kingfisher	  	Okmulgee	  	Wagoner
	Cherokee	  	Lincoln	  	Osage	  	Washington
	Cleveland	  	Logan	  	Ottawa	  	Woods
	Craig	  	Major	  	Pawnee	  	
	Creek	  	Mayes	  	Payne	  	
	Delaware	  	McClain	  	Pontotoc	  	
	Ellis	  	Muskogee	  	Pottawatomie	  	
	Garfield	  	Noble	  	Rogers	  	
	
	Oregon
				
	Clackamas	  	Deschutes	  	Marion	  	Washington
	Columbia	  	Douglas	  	Multnomah	  	Yamhill
	Crook	  	Jefferson	  	Polk	  	

  
 ATTACHMENT TWO
– Page 9 

							
	 Pennsylvania

				
	Adams	  	Cumberland	  	Lycoming	  	Sullivan
	Allegheny	  	Dauphin	  	Mercer	  	Susquehanna
	Armstrong	  	Delaware	  	Monroe	  	Union
	Beaver	  	Erie	  	Montgomery	  	Venango
	Berks	  	Fayette	  	Montour	  	Warren
	Bucks	  	Greene	  	Northampton	  	Washington
	Butler	  	Huntingdon	  	Northumberland	  	Wayne
	Carbon	  	Lackawanna	  	Perry	  	Westmoreland
	Chester	  	Lancaster	  	Philadelphia	  	Wyoming
	Clarion	  	Lawrence	  	Pike	  	York
	Clinton	  	Lebanon	  	Schuylkill	  	
	Columbia	  	Lehigh	  	Snyder	  	
	Crawford	  	Luzerne	  	Somerset	  	
	
	Puerto Rico
				
	Canovanas	  	Culebra	  	Loiza	  	San Juan
	Carolina	  	Fajardo	  	Luquillo	  	Trujillo Alto
	Ceiba	  	Guaynabo	  	Rio Grande	  	Vieques
	
	Rhode Island
				
	Bristol	  	Newport	  	Providence	  	Washington
	Kent	  		  		  	
	
	South Carolina
				
	Abbeville	  	Chesterfield	  	Hampton	  	Oconee
	Aiken	  	Clarendon	  	Horry	  	Orangeburg
	Allendale	  	Colleton	  	Jasper	  	Pickens
	Anderson	  	Darlington	  	Kershaw	  	Richland
	Bamberg	  	Dillon	  	Lancaster	  	Saluda
	Barnwell	  	Dorchester	  	Laurens	  	Spartanburg
	Beaufort	  	Edgefield	  	Lee	  	Sumter
	Berkeley	  	Fairfield	  	Lexington	  	Union
	Calhoun	  	Florence	  	Marion	  	Williamsburg
	Charleston	  	Georgetown	  	Marlboro	  	York
	Cherokee	  	Greenville	  	McCormick	  	
	Chester	  	Greenwood	  	Newberry	  	
	
	South Dakota
				
	Brookings	  	Hutchinson	  	McCook	  	Turner
	Clay	  	Lake	  	Minnehaha	  	Union
	Hanson	  	Lincoln	  	Moody	  	

  
 ATTACHMENT TWO
– Page 10 

							
	 Tennessee

				
	Anderson	  	Fayette	  	Knox	  	Rhea
	Bedford	  	Fentress	  	Lauderdale	  	Roane
	Benton	  	Franklin	  	Lawrence	  	Robertson
	Bledsoe	  	Gibson	  	Lewis	  	Rutherford
	Blount	  	Giles	  	Lincoln	  	Scott
	Bradley	  	Grainger	  	Loudon	  	Sequatchie
	Campbell	  	Greene	  	Macon	  	Sevier
	Cannon	  	Grundy	  	Madison	  	Shelby
	Carroll	  	Hamblen	  	Marion	  	Smith
	Carter	  	Hamilton	  	Marshall	  	Stewart
	Cheatham	  	Hancock	  	Maury	  	Sullivan
	Chester	  	Hardeman	  	McMinn	  	Sumner
	Claiborne	  	Hardin	  	McNairy	  	Tipton
	Clay	  	Hawkins	  	Meigs	  	Trousdale
	Cocke	  	Haywood	  	Monroe	  	Unicoi
	Coffee	  	Henderson	  	Montgomery	  	Union
	Crockett	  	Henry	  	Moore	  	Van Buren
	Cumberland	  	Hickman	  	Morgan	  	Warren
	Davidson	  	Houston	  	Obion	  	Washington
	DeKalb	  	Humphreys	  	Overton	  	Weakley
	Decatur	  	Jackson	  	Pickett	  	White
	Dickson	  	Jefferson	  	Polk	  	Williamson
	Dyer	  	Johnson	  	Putnam	  	Wilson

  
 ATTACHMENT TWO
– Page 11 

							
	 Texas

				
	Aransas	  	DeWitt	  	Jim Wells	  	Polk
	Atascosa	  	Denton	  	Johnson	  	Rains
	Austin	  	Duval	  	Karnes	  	Refugio
	Bandera	  	Ellis	  	Kaufman	  	Rockwall
	Bastrop	  	Falls	  	Kendall	  	San Jacinto
	Bee	  	Fannin	  	Kenedy	  	San Patricio
	Bell	  	Fayette	  	Kleberg	  	Somervell
	Bexar	  	Ft Bend	  	LaSalle	  	Tarrant
	Blanco	  	Galveston	  	Lampasas	  	Travis
	Bosque	  	Goliad	  	Lavaca	  	Trinity
	Brazoria	  	Gonzales	  	Lee	  	Van Zandt
	Brazos	  	Grayson	  	Leon	  	Victoria
	Brooks	  	Grimes	  	Liberty	  	Walker
	Burleson	  	Guadalupe	  	Limestone	  	Waller
	Burnet	  	Harris	  	Live Oak	  	Washington
	Caldwell	  	Hays	  	Llano	  	Webb
	Calhoun	  	Henderson	  	Madison	  	Wharton
	Cameron	  	Hildago	  	McLennan	  	Willacy
	Chambers	  	Hill	  	McMullen	  	Williamson
	Collin	  	Hood	  	Medina	  	Wilson
	Colorado	  	Hopkins	  	Milam	  	Wise
	Comal	  	Houston	  	Montague	  	
	Cooke	  	Hunt	  	Montgomery	  	
	Coryell	  	Jackson	  	Nueces	  	
	Dallas	  	Jim Hogg	  	Parker	  	
	Delta	  		  		  	
	
	Utah
				
	Davis	  	Salt Lake	  	Washington	  	
	Iron	  	Utah	  	Weber	  	

  
 ATTACHMENT TWO
– Page 12 

							
	 Virginia

				
	Albemarle	  	Dinwiddie	  	Lexington City	  	Radford
	Alleghany	  	Essex	  	Loudoun	  	Richmond
	Amelia	  	Fauquier	  	Louisa	  	Richmond City
	Amherst	  	Floyd	  	Lunenburg	  	Roanoke
	Appomattox	  	Fluvanna	  	Lynchburg	  	Rockbridge
	Augusta	  	Franklin	  	Madison	  	Rockingham
	Bedford	  	Franklin City	  	Martinsville City	  	Russell
	Bedford City	  	Fredericksburg City	  	Mathews	  	Salem
	Bland	  	Galax City	  	Mecklenburg	  	Scott
	Botetourt	  	Giles	  	Middlesex	  	Shenandoah
	Bristol City	  	Gloucester	  	Montgomery	  	Smyth
	Brunswick	  	Goochland	  	Nelson	  	Southampton
	Buchanan	  	Grayson	  	New Kent	  	Spotsylvania
	Buckingham	  	Greene	  	Newport News City	  	Stafford
	Buena Vista City	  	Greensville	  	Norfolk	  	Staunton City
	Campbell	  	Halifax	  	Northampton	  	Suffolk City
	Caroline	  	Hampton City	  	Northumberland	  	Surry
	Carroll	  	Hanover	  	Nottoway	  	Sussex
	Charles City	  	Harrisonburg	  	Orange	  	Tazewell
	Charlotte	  	Henrico	  	Page	  	Virginia Beach City
	Charlottesville	  	Henry	  	Patrick	  	Washington
	Chesapeake City	  	Highland	  	Petersburg City	  	Waynesboro City
	Chesterfield	  	Hopewell City	  	Pittsylvania	  	Westmoreland
	Colonial Heights	  	Isle Of Wight	  	Poquoson City	  	Williamsburg City
	Covington	  	James City	  	Portsmouth City	  	Wise
	Craig	  	King And Queen	  	Powhatan	  	Wythe
	Culpeper	  	King George	  	Prince Edward	  	York
	Cumberland	  	King William	  	Prince George	  	
	Danville	  	Lancaster	  	Prince William	  	
	Dickenson	  	Lee	  	Pulaski	  	
	
	Washington
				
	Benton	  	Ferry	  	Grant	  	Walla Walla
	Douglas	  	Franklin	  	Okanogan	  	
	
	West Virginia
				
	Barbour	  	Jackson	  	Monroe	  	Summers
	Boone	  	Kanawha	  	Nicholas	  	Taylor
	Brooke	  	Lewis	  	Ohio	  	Tucker
	Cabell	  	Lincoln	  	Pendleton	  	Tyler
	Calhoun	  	Logan	  	Pleasants	  	Upshaw
	Clay	  	Marion	  	Pocahontas	  	Upshur
	Doddridge	  	Marshall	  	Preston	  	Webster
	Fayette	  	Mason	  	Putnam	  	Wetzel
	Gilmer	  	McDowell	  	Raleigh	  	Wirt
	Grant	  	Mercer	  	Randolph	  	Wood
	Greenbrier	  	Mingo	  	Ritchie	  	Wyoming
	Harrison	  	Monongalia	  	Roane	  	

  
 ATTACHMENT TWO
– Page 13 

							
	 Wisconsin

				
	Brown	  	Milwaukee	  	Shawano	  	
	Calumet	  	Oconto	  	Washington	  	
	Kenosha	  	Outagamie	  	Waukesha	  	
	Kewaunee	  	Ozaukee	  	Winnebago	  	
	Manitowoc	  	Racine	  		  	
	
	Wyoming
				
	Converse	  	Natrona	  	Niobrara	  	Platte
	Fremont	  		  		  	

  
 ATTACHMENT TWO
– Page 14Form of Amended and Restated Trust Agreement

 Exhibit 4.2 
 AMENDED AND RESTATED 
 TRUST AGREEMENT 

OF 

CHESAPEAKE GRANITE WASH TRUST 
 AMONG 
 CHESAPEAKE ENERGY CORPORATION, 

CHESAPEAKE EXPLORATION, L.L.C., 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 
 AND 

THE CORPORATION TRUST COMPANY 
 Dated: As of [•], 2011 

 Table of Contents 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	  
		
	 ARTICLE II NAME AND PURPOSE OF THE TRUST; DECLARATION OF TRUST
	  	 	10	  
		
	 Section 2.01. Name; Certificate of Trust
	  	 	10	  
	 Section 2.02. Purpose
	  	 	10	  
	 Section 2.03. Trust Property
	  	 	12	  
	 Section 2.04. Creation of the Trust
	  	 	13	  
	 Section 2.05. Principal Offices
	  	 	14	  
		
	 ARTICLE III ADMINISTRATION OF THE TRUST AND POWERS OF THE TRUSTEE AND THE DELAWARE TRUSTEE
	  	 	14	  
		
	 Section 3.01. General Authority
	  	 	14	  
	 Section 3.02. Limited Power of Disposition and Acquisition
	  	 	15	  
	 Section 3.03. No Power to Engage in Business or Make Investments or Issue Additional Securities
	  	 	17	  
	 Section 3.04. Interest on Cash Reserves
	  	 	18	  
	 Section 3.05. Power to Settle Claims
	  	 	18	  
	 Section 3.06. Power to Contract for Services
	  	 	19	  
	 Section 3.07. Payment of Liabilities of Trust
	  	 	19	  
	 Section 3.08. Income and Principal
	  	 	20	  
	 Section 3.09. Term of Contracts
	  	 	21	  
	 Section 3.10. Transactions with the Trustee or the Delaware Trustee
	  	 	21	  
	 Section 3.11. No Security Required
	  	 	21	  
	 Section 3.12. Filing of Securities Act Registration Statement, Exchange Act Registration Statement and Other Reports, Listing of
Trust Units, etc.; Certain Fees and Expenses
	  	 	21	  
	 Section 3.13. Reserve Report
	  	 	22	  
	 Section 3.14. No Liability for Recordation
	  	 	22	  
	 Section 3.15. Quarterly Cash Distributions; Conversion of Subordinated Units to Common Units
	  	 	22	  
	 Section 3.16. Entity-Level Taxation
	  	 	23	  
		
	 ARTICLE IV TRUST UNITS AND BENEFICIAL INTEREST
	  	 	24	  
		
	 Section 4.01. Creation and Distribution
	  	 	24	  
	 Section 4.02. Rights of Trust Unitholders; Limitation on Personal Liability of Trust Unitholders
	  	 	24	  
	 Section 4.03. Effect of Transfer
	  	 	25	  
	 Section 4.04. Determination of Ownership
	  	 	25	  

  
 -i-

 Table of Contents 

(continued) 
  

					
	 	  	Page	 
	 ARTICLE V ACCOUNTING AND DISTRIBUTIONS; REPORTS
	  	 	26	  
	 Section 5.01. Fiscal Year and Accounting Method
	  	 	26	  
	 Section 5.02. Quarterly Cash Distribution Amount
	  	 	26	  
	 Section 5.03. Reports to Trust Unitholders and Others
	  	 	26	  
	 Section 5.04. Reports from Chesapeake to the Trustee
	  	 	27	  
	 Section 5.05. U.S. Federal Income Tax Provisions
	  	 	27	  
		
	 ARTICLE VI LIABILITY OF DELAWARE TRUSTEE AND TRUSTEE AND METHOD OF SUCCESSION
	  	 	27	  
		
	 Section 6.01. Liability of Delaware Trustee, Trustee and Agents
	  	 	27	  
	 Section 6.02. Indemnification of Trustee or Delaware Trustee
	  	 	28	  
	 Section 6.03. Resignation of Delaware Trustee and Trustee
	  	 	30	  
	 Section 6.04. Removal of Delaware Trustee and Trustee
	  	 	31	  
	 Section 6.05. Appointment of Successor Delaware Trustee or Trustee
	  	 	31	  
	 Section 6.06. Laws of Other Jurisdictions
	  	 	32	  
	 Section 6.07. Reliance on Experts
	  	 	32	  
	 Section 6.08. Force Majeure
	  	 	33	  
	 Section 6.09. Failure of Action by Chesapeake
	  	 	33	  
	 Section 6.10. Action Upon Instructions
	  	 	33	  
	 Section 6.11. Management of Trust Estate
	  	 	33	  
	 Section 6.12. Validity
	  	 	34	  
	 Section 6.13. Rights and Powers; Litigation
	  	 	34	  
	 Section 6.14. No Duty to Act Under Certain Circumstances
	  	 	34	  
	 Section 6.15. Indemnification of the Trust
	  	 	34	  
		
	 ARTICLE VII COMPENSATION OF THE TRUSTEE AND THE DELAWARE TRUSTEE
	  	 	35	  
		
	 Section 7.01. Compensation of Trustee and Delaware Trustee
	  	 	35	  
	 Section 7.02. Reimbursement of Chesapeake
	  	 	35	  
	 Section 7.03. Source of Funds
	  	 	35	  
	 Section 7.04. Ownership of Units by Chesapeake, the Delaware Trustee and the Trustee
	  	 	35	  
		
	 ARTICLE VIII MEETINGS OF TRUST UNITHOLDERS
	  	 	36	  
		
	 Section 8.01. Purpose of Meetings
	  	 	36	  
	 Section 8.02. Call and Notice of Meetings
	  	 	36	  
	 Section 8.03. Method of Voting and Vote Required
	  	 	36	  
	 Section 8.04. Conduct of Meetings
	  	 	37	  
		
	 ARTICLE IX DURATION, REVOCATION AND TERMINATION OF TRUST
	  	 	37	  
		
	 Section 9.01. Revocation
	  	 	37	  
	 Section 9.02. Termination
	  	 	37	  
	 Section 9.03. Disposition and Distribution of Assets and Properties
	  	 	37	  
	 Section 9.04. Reorganization or Business Combination
	  	 	39	  

  
 -ii-

 Table of Contents 

(continued) 
  

					
	 	  	Page	 
	 ARTICLE X AMENDMENTS
	  	 	40	  
	 Section 10.01. Prohibited Amendments
	  	 	40	  
	 Section 10.02. Permitted Amendments
	  	 	41	  
		
	 ARTICLE XI ARBITRATION
	  	 	41	  
		
	 ARTICLE XII MISCELLANEOUS
	  	 	44	  
		
	 Section 12.01. Inspection of Books
	  	 	44	  
	 Section 12.02. Disability of a Trust Unitholder
	  	 	44	  
	 Section 12.03. Merger or Consolidation of Delaware Trustee or Trustee
	  	 	44	  
	 Section 12.04. Change in Trust Name
	  	 	45	  
	 Section 12.05. Filing of this Agreement
	  	 	45	  
	 Section 12.06. Choice of Law
	  	 	45	  
	 Section 12.07. Separability
	  	 	46	  
	 Section 12.08. Notices
	  	 	46	  
	 Section 12.09. Counterparts
	  	 	47	  
	 Section 12.10. No Fiduciary Duty of Chesapeake or its Affiliates
	  	 	47	  

 Schedule 1 — Target Distributions and Subordination and Incentive Thresholds 

Schedule 2 — Fee Schedule of Trustee 

Annex A — U.S. Federal Income Tax Provisions 

  
 -iii-

 AMENDED AND RESTATED 

TRUST AGREEMENT 
 OF 
 CHESAPEAKE GRANITE WASH TRUST 

This Amended and Restated Trust Agreement of Chesapeake Granite Wash Trust (the “Trust”), is entered into effective as of the
Closing Date (as hereinafter defined), by and among CHESAPEAKE ENERGY CORPORATION, an Oklahoma corporation with its principal office in Oklahoma City, Oklahoma (“Chesapeake”), as trustor, CHESAPEAKE EXPLORATION, L.L.C., an Oklahoma limited
liability company with its principal office in Oklahoma City, Oklahoma (“Chesapeake Exploration”), THE CORPORATION TRUST COMPANY, a corporation organized under the laws of the State of Delaware with its principal office in Wilmington,
Delaware (“Corporation Trust”), as Delaware Trustee (as hereinafter defined), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United States of America with its principal
place of business in New York, New York (the “Bank”), as Trustee (as hereinafter defined). 
 WITNESSETH:

 WHEREAS, Chesapeake is engaged in the development, production, transportation and marketing of oil, natural gas, and
natural gas liquids, and owns interests in properties located in Washita County, Oklahoma containing proved reserves of oil, natural gas liquids and natural gas; and 
 WHEREAS, Chesapeake, Chesapeake Exploration and Chesapeake E&P Holding Corporation, an Oklahoma corporation (“Chesapeake Sub”), have determined to convey to the Trust the Royalty Interests
(hereinafter defined) pursuant to the Conveyances (hereinafter defined) in exchange for cash, 11,687,500 Common Units (hereinafter defined), 11,687,500 Subordinated Units (hereinafter defined), and the right of Chesapeake Exploration to receive
Incentive Distributions (hereinafter defined) on the terms set forth herein; and 
 WHEREAS, Chesapeake and the Trust have
determined to enter into the Assignment and Assumption of Hedge Contracts (as hereinafter defined) pursuant to which Chesapeake will assign and the Trust will assume the Hedge Contracts entered into between Chesapeake and certain counterparties to
hedge a portion of the estimated future oil and natural gas liquids production attributable to the Royalty Interests; and 

WHEREAS, Chesapeake and the Trust have determined to enter into the Administrative Services Agreement (hereinafter defined), which sets
forth Chesapeake’s obligation to provide certain administrative services to the Trust and Chesapeake’s compensation therefor; and 
 WHEREAS, Chesapeake, Chesapeake Exploration and the Trust have determined to enter into the Development Agreement (hereinafter defined), which sets forth Chesapeake’s drilling obligation to the
Trust; and 
 WHEREAS, Chesapeake Exploration has determined to grant the Drilling Mortgage (hereinafter defined) to the Trust
to secure certain of Chesapeake’s and Chesapeake Exploration’s obligations to the Trust under the Development Agreement; and 

 WHEREAS, Chesapeake, the Bank and Corporation Trust have previously formed the Trust
pursuant to the Initial Trust Agreement (hereinafter defined) in accordance with the provisions of the Trust Act (hereinafter defined) and, in connection therewith, Chesapeake has previously delivered to the Bank, on behalf of the Trust, good and
valuable consideration, which the Bank has accepted, to have and to hold, in trust, such consideration, for the purposes and subject to the terms and conditions of the Initial Trust Agreement and as hereinafter provided; and 

WHEREAS, Chesapeake, Chesapeake Exploration and Chesapeake Sub have agreed to deliver to the Bank, on behalf of the Trust, good and
valuable consideration, which the Bank has agreed to accept, to have and to hold, in trust, such consideration and all other properties that may hereafter be acquired hereunder, for the purposes and subject to the terms and conditions hereinafter
provided; 
 NOW, THEREFORE, Chesapeake, Chesapeake Exploration, Corporation Trust and the Bank hereby amend and restate the
Initial Trust Agreement of Chesapeake Granite Wash Trust in its entirety. 
 ARTICLE I 

DEFINITIONS 
 As used herein, the following terms have the meanings indicated: 
 “AAA”
is defined in Article XI. 
 “Administrative Services Agreement” means the Administrative Services Agreement,
delivered to be effective as of July 1, 2011, by and between Chesapeake and the Trust. 
 “Affiliate” means, for
any specified Person, another Person that, directly or through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person. “Control,” in the preceding sentence, refers to the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of another Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” means, with respect to a Person, any agent, employee, officer, director, custodian, nominee or attorney of such Person.

 “Agreement” means this Amended and Restated Trust Agreement of Chesapeake Granite Wash Trust, as it may be further
amended, supplemented or restated from time to time. 
 “Assignment and Assumption of Hedge Contracts” means the
Novation Agreement, dated as of [•], 2011, by and among Chesapeake, the Trust and the counterparty to the Hedge Contracts described therein, pursuant to which Chesapeake shall assign to the Trust, and the Trust will assume and novate Chesapeake
from, the Hedge Contracts (hereinafter defined). 

  
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 “Assignment of Royalty Interest” means the Assignment of Royalty Interest,
delivered to be effective as of July 1, 2011, by and between Chesapeake Sub and the Trust, pursuant to which Chesapeake Sub shall convey the Term Royalty Interests to the Trust. 

“Bank” is defined in the introductory paragraph to this Agreement. 

“Beneficial Interest” means the aggregate beneficial interest of all Trust Unitholders in the Trust Estate, including without
limitation the proceeds attributable to the Royalty Interests, which beneficial interest shall be expressed in Trust Units and shall not constitute any direct ownership interest in or to the Royalty Interests, or any part thereof, or any other part
of the Trust Estate and shall be treated for all purposes as an intangible personal property interest. 
 “Business
Day” means any day that is not a Saturday, Sunday, a holiday determined by NYSE Regulation, Inc. as “affecting ‘ex’ dates” or any other day on which national banking institutions in New York, New York are closed as
authorized or required by law. 
 “Chesapeake” is defined in the introductory paragraph to this Agreement. 

“Chesapeake Exploration” is defined in the recitals to this Agreement. 

“Chesapeake Sub” is defined in the recitals to this Agreement. 

“Claimant” is defined in Section 11(c). 
 “Closing” means the first closing of the initial public offering of Common Units contemplated by the Securities Act Registration Statement. 

“Closing Date” means the date of Closing. 
 “Collateral Agency Agreement” means that certain Collateral Agency Agreement, dated as of [•], 2011, by and among the Trust, Morgan Stanley Capital Group Inc., [•],[•] and
[•], as initial swap counterparties, and [Wells Fargo Bank, N.A.], as collateral agent, governing the relationship among the Trust’s hedge counterparties regarding their interests in the collateral securing the Trust’s obligations
under the Hedge Contracts. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Common Unit” means a security of the Trust representing a proportionate share of the Beneficial Interest having the rights and
obligations specified with respect to a Common Unit in this Agreement. The term “Common Unit” does not refer to or include any Subordinated Unit prior to its conversion into a Common Unit pursuant to the terms hereof. 

“Conveyances” means (a) that certain Term Overriding Royalty Interest Conveyance (PDP) effective as of July 1, 2011
between Chesapeake Exploration and Chesapeake Sub and that certain Term Overriding Royalty Interest Conveyance (PUD) effective as of July 1, 2011 between Chesapeake Exploration and Chesapeake Sub (collectively, the “Term Royalty
Conveyances”), (b) that certain Perpetual Overriding Royalty Interest Conveyance (PDP) effective as of July 1, 2011 between Chesapeake Exploration and the Trust and that certain Perpetual Overriding Royalty Interest Conveyance (PUD)
effective as of July 1, 2011 between Chesapeake Exploration and the Trust (collectively, the “Perpetual Royalty Conveyances”) and (c) the Assignment of Royalty Interest. 

  
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 “Corporation Trust” is defined in the introductory paragraph to this Agreement.

 “Delaware Trustee” means the Entity designated as trustee (other than the Trustee) under this Agreement and having
its principal place of business in Delaware, not in its individual capacity but solely in its fiduciary capacity, and having the rights and obligations specified with respect to the Delaware Trustee in this Agreement. Furthermore, any benefit,
indemnity, release or protection granted to the Delaware Trustee herein shall extend to and shall be fully applicable and effective with regard to any Delaware Trustee, including, without limitation, Corporation Trust. 

“Development Agreement” means the Development Agreement, dated as of [•], 2011 but delivered to be effective as of
July 1, 2011, by and among Chesapeake, Chesapeake Exploration and the Trust. 
 “Development Well” has the
meaning assigned to such term in the Development Agreement. 
 “Drilling Obligation Completion Date” has the meaning
assigned to such term in the Development Agreement. 
 “Drilling Mortgage” means that certain Mortgage with Power of
Sale between Chesapeake Exploration, as Mortgagor, and the Trust, as Mortgagee, dated as of [•], 2011, securing Chesapeake’s and Chesapeake Exploration’s drilling obligation under the Development Agreement. 

“Entity” means a corporation, partnership, limited liability company, trust, estate, unincorporated association, governmental
body or other entity, organization or association. 
 “Environmental Laws” means all laws relating to pollution or
protection of the environment, including laws relating to emissions, discharges, releases or threatened releases, treatment, storage or disposal of pollutants, contaminants, hazardous substances or industrial or hazardous wastes into the environment
(including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to the protection, preservation, or enhancement of endangered or threatened species, historic and archaeological resources, or wetlands
and tidelands, as well as all codes, decrees, injunctions, judgments, orders, rules or regulations issued, entered, promulgated or approved thereunder pursuant to the requirements of applicable administrative procedures, acts and agency procedural
rules. 
 “Estimated Incremental Quarterly Tax Amount” has the meaning assigned such term in Section 3.16.

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

“Expenses” is defined in Section 6.02(a). 

  
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 “Fair Value” means, with respect to any portion of the Royalty Interests to be
released or sold pursuant to Section 3.02(b) in connection with a sale of Underlying Properties, an amount of net proceeds that could reasonably be expected to be obtained from the sale of such portion of the Royalty Interests to a party that
is not an Affiliate of either Chesapeake or the Trust on an arms’ length negotiated basis, taking into account relevant market conditions and factors existing at the time of any such proposed sale or release, such net proceeds to be determined
by deducting the Trust’s proportionate share of sales costs, commissions and brokerage fees, if any (based on the ratio of (a) the fair market value of the portion of the Royalty Interest being released to (b) the fair market value of
the Underlying Properties being transferred including the value of the Royalty Interests being released). 
 “Hedge
Contracts” means that master ISDA and related schedule and those hydrocarbon derivative contracts specified on Schedule 1 to this Agreement, which contracts are to be assigned to the Trust on or substantially concurrent with the Closing, as the
same may be amended or replaced from time to time in accordance with the terms thereof, together with all security agreements and instruments, collateral agency agreements and other ancillary agreements relating thereto. 

“Hedge Security Instruments” means that certain Mortgage between the Trust, as Mortgagor, and Wells Fargo Bank, N.A.,
collateral agent under the Collateral Agency Agreement, as Mortgagee, and the other security instruments, as in effect from time to time, executed by the Trust in favor of the collateral agent under the Collateral Agency Agreement and the
counterparties to the Hedge Contracts. 
 “Incentive Distributions” is defined in Section 3.15(a)(i)(D).

 “Incentive Threshold” means, with respect to each Quarterly Period during the Subordination Period, the amount
shown under the heading “Incentive Threshold” for such Quarterly Period on Schedule 2 or calculated in accordance with the formula set forth on Schedule 2. 
 “Incremental Income Taxes” is defined in Section 3.16. 

“Indemnified Party” is defined in Section 6.02(c). 

“Indemnifying Party” is defined in Section 6.02(c). 

“Independent Reserve Engineers” means Ryder Scott Company, L.P., independent petroleum engineers, or any other petroleum
engineering consultants employed by the Trust to provide information and reports with respect to the Royalty Interests. 

“Initial Common Units” means the Common Units sold to the Underwriters on the Closing Date. 

“Initial Trust Agreement” means the Trust Agreement of Chesapeake Granite Wash Trust, entered into and effective as of
June 29, 2011, by and among Chesapeake, the Bank and Corporation Trust. 

  
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 “IPO” means the initial public offering of Common Units by the Trust pursuant to
the Securities Act Registration Statement and the Underwriting Agreement. 
 “Liquidation Date” means June 30,
2031. 
 “Offer Notice” is defined in Section 9.03(b). 

“Overallotment Option” means the overallotment option granted to the Underwriters by the Trust pursuant to the Underwriting
Agreement. 
 “Overallotment Option Closing” means any closing of the exercise of the Overallotment Option.

 “Overallotment Option Closing Date” means the date on which any Overallotment Option Closing occurs. 

“Overallotment Option Units” means the Common Units sold to the Underwriters on the Overallotment Option Closing Dates (other
than the Initial Common Units). 
 “Perpetual Royalty Interests” means the royalty interests conveyed to the Trust by
the Perpetual Royalty Conveyances, which term is defined above under “Conveyances.” 
 “Person” means a
natural person or an Entity. 
 “Promissory Note” is defined in Section 2.03(a)(i). 

“Prospectus” has the meaning assigned such term in the Underwriting Agreement. 

“Quarterly Cash Distribution Amount” means, for each Quarterly Period prior to the Liquidation Date, without duplication:

 (a) the sum of (i) for the Quarterly Period ending September 30, 2011, all cash received by the
Trust on or before November 30, 2011, and for each subsequent Quarterly Period, all cash received by the Trust on or before the 35th calendar day following the end of such Quarterly Period under the Conveyances, plus (ii) all cash received
by the Trust on or before the 40th calendar day following the end of a Quarterly Period under the Hedge Contracts, plus (iii) all other cash receipts of the Trust received during such Quarterly Period (excluding Sales Proceeds Amounts), plus
(iv) any cash released on or before the 40th calendar day following the end of such Quarterly Period from any cash reserve established in a prior Quarterly Period by the Trustee for the payment of liabilities, including contingent liabilities,
of the Trust, plus (v) any interest earned on cash reserves invested pursuant to Section 3.04 that is received by the Trust on or before the 40th calendar day following the end of such Quarterly Period, less 

(b) the sum of (i) all cash paid by the Trust on or before the 40th calendar day following the end of a Quarterly
Period under the Hedge Contracts, plus (ii) all taxes and other liabilities of the Trust paid during such Quarterly Period, plus (iii) any cash added on or before the 40th calendar day following the end of such Quarterly Period to any cash
reserve for the payment of liabilities, including contingent liabilities, of the Trust. 

  
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 “Quarterly Payment Date” means, (i) for the Quarterly Period ending
September 30, 2011, December 28, 2011, (ii) for each subsequent Quarterly Period other than the Quarterly Period that includes the Liquidation Date, the 10th day following the Quarterly Record Date for such Quarterly Period and
(iii) for the Quarterly Period that includes the Liquidation Date, the 150th day following the end of such Quarterly Period; provided, however, that if a Quarterly Payment Date falls on a day that is not a Business Day, the Quarterly Payment
Date shall be the Business Day next following such day. 
 “Quarterly Period” means each of the calendar quarters
ending on the last day of March, June, September and December of each year through and including the Quarterly Period that ends on the Liquidation Date. 
 “Quarterly Record Date” means, (i) for the Quarterly Period ending September 30, 2011, December 15, 2011, and (ii) for each subsequent Quarterly Period prior to the
Liquidation Date, the close of business on the 50th day following the end of such Quarterly Period (or the Business Day next following such day if such day is not a Business Day); or such other date established by the Trustee in order to comply with
applicable law or the rules of any securities exchange or quotation system on which the Common Units may be listed or admitted to trading, in which event “Quarterly Record Date” means such other date. 

“Record Date Trust Unitholders” is defined in Section 8.02 hereof. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of [•], 2011, by and between Chesapeake,
Chesapeake Exploration and the Trust. 
 “Respondent” is defined in Section 11(c). 

“Responsible Officer” means (a) with respect to the Delaware Trustee, any officer in the Corporate Staffing office of the
Delaware Trustee having direct responsibility for the administration of this Agreement, and with respect to a particular corporate trust matter, any officer of the Delaware Trustee to whom such matter is referred because of his or her knowledge of
and familiarity with the particular subject, and (b) with respect to the Trustee, any officer in the Corporate Trust Administration office of the Trustee having direct responsibility for the administration of this Agreement, and with respect to
a particular corporate trust matter, any officer of the Trustee to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 
 “Royalty Interests” means, collectively, the Perpetual Royalty Interests and the Term Royalty Interests. 
 “Rules” is defined in Article XI. 
 “Sales Proceeds Amounts”
means any cash paid to the Trust upon the sale of Royalty Interests or other assets of the Trust pursuant to Section 3.02 or Section 9.03 hereof after deduction of Trust expenses related to such sale or the establishment by the Trustee of
cash reserves in such amounts as the Trustee in its discretion deems appropriate for contingent liabilities related thereto in accordance with Section 3808 of the Trust Act. 

  
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 “Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002, as amended. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securities Act Registration Statement” means the Registration Statement on Form S-l and Form S-3 (Registration
No. 333-175395) as it has been or as it may be amended or supplemented from time to time, filed by the Trust and Chesapeake with the Commission under the Securities Act to register the IPO. 

“Special Provisions” is defined in Article XI. 
 “Special Reserve” is defined in Section 3.07(b) of this Agreement. 

“Special Unit Majority” means a majority of the Common Units (excluding Common Units owned by Chesapeake and its Affiliates)
present in person or by proxy at a meeting at which a quorum is present; provided, that, at any time when Chesapeake and its Affiliates collectively own less than 10% of the outstanding Trust Units, “Special Unit Majority” means a
majority of the Trust Units present in person or by proxy at a meeting at which a quorum is present. For the purposes of calculating a Special Unit Majority, abstentions and broker non-votes shall not be deemed to be a vote cast.

 “Sponsor Units” is defined in Section 2.03(a)(ii) of this Agreement. 

“Subordinated Unit” means a security of the Trust representing a subordinated proportionate share of the Beneficial Interest
having the rights and obligations specified with respect to a Subordinated Unit in this Agreement. 
 “Subordination
Period” means the period beginning July 1, 2011 and ending on the last day of the fourth full calendar quarter following the Drilling Obligation Completion Date. 
 “Subordination Threshold” means, with respect to each Quarterly Period during the Subordination Period, the amount shown under the heading “Subordination Threshold” for such Quarterly
Period on Schedule 2 or calculated in accordance with the formula set forth on Schedule 2. 
 “Target Distribution”
means, with respect to each Quarterly Period during the Subordination Period, the amount shown under the heading “Target Distribution” for such Quarterly Period on Schedule 2. 

“Tax Provisions” is defined in Section 5.05. 
 “Term Royalty Conveyances” is defined above under “Conveyances” in this Article I. 

  
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 “Term Royalty Interests” means the royalty interests conveyed to Chesapeake Sub by
the Term Royalty Conveyances and further conveyed to the Trust by the Assignment of Royalty Interest. 
 “Time of Sale
Information” has the meaning assigned to such term in the Underwriting Agreement. 
 “Total Drilling Target” has
the meaning assigned to such term in the Development Agreement. 
 “Transaction Documents” means this Agreement, the
Conveyances, the Development Agreement, the Administrative Services Agreement, the Hedge Contracts, the Collateral Agency Agreement, the Hedge Security Instruments, the Drilling Mortgage, the Registration Rights Agreement and the Underwriting
Agreement. 
 “Transfer Agent” initially means American Stock Transfer & Trust Company, LLC, the duly
appointed and authorized Transfer Agent and Registrar with respect to the Trust Units, or such other person who shall act in such capacity as determined by the Trustee from time to time. 

“Transferee” means, as to any Trust Unitholder or former Trust Unitholder, any Person succeeding to the interest of such Trust
Unitholder or former Trust Unitholder in one or more Trust Units, whether as purchaser, donee, legatee or otherwise. 

“Trust” is defined in the recitals to this Agreement. 
 “Trust Act” means the Delaware Statutory Trust Act, Title 12, Chapter 38 of the Delaware Code, Sections 3801 et seq., as amended from time to time during the term of this Agreement.

 “Trust Estate” means the assets held by the Trust under this Agreement, including both income and principal.

 “Trust Units” means Subordinated Units and Common Units, collectively. 

“Trust Unitholder” means the owner of one or more Trust Units as reflected on the books of the Trust or the Transfer Agent.

 “Trustee” means the Entity serving as the trustee (other than the Delaware Trustee) under this Agreement, not in
its individual capacity but solely in its fiduciary capacity. Furthermore, any benefit, indemnity, release or protection granted to the Trustee herein shall extend to and shall be fully applicable and effective with regard to any Entity serving as
Trustee, including, without limitation, the Bank. 
 “Underlying Properties” means the Subject Interests, Development
Wells and Wells subject to the Royalty Interests, as “Subject Interests,” “Development Wells” and “Wells” are defined in the Conveyances. 

  
 -9-

 “Underwriters” means each Person named as an underwriter in Schedule I to the
Underwriting Agreement who purchases Common Units pursuant thereto. 
 “Underwriting Agreement” means the Underwriting
Agreement, dated as of [•], 2011, by and among the Underwriters, the Trust and Chesapeake, providing for the purchase of the Initial Common Units and the Overallotment Option Units. 

“Unit Majority” means (i) a majority of the Common Units (excluding Common Units owned by Chesapeake and its
Affiliates) and (ii) a majority of the Trust Units, in each case present in person or by proxy at a meeting at which a quorum is present; provided, that, at any time when Chesapeake and its Affiliates collectively own less than 10% of
the outstanding Trust Units, “Unit Majority” means a majority of the Trust Units present in person or by proxy at a meeting at which a quorum is present. For the purposes of calculating a Unit Majority, abstentions and broker
non-votes shall not be deemed to be a vote cast. 
 ARTICLE II 

NAME AND PURPOSE OF THE TRUST; DECLARATION OF TRUST 
 Section 2.01. Name; Certificate of Trust. The Trust continued by this Agreement shall remain a Delaware statutory trust under the Trust Act. The Trust shall continue to be known as the
Chesapeake Granite Wash Trust, and the Trustee may transact the Trust’s affairs in that name. The continuation and operation of the Trust shall be in accordance with this Agreement, which shall constitute the “governing instrument” of
the Trust within the meaning of Section 3801(c) of the Trust Act. In the event that a Responsible Officer of either the Delaware Trustee or the Trustee becomes aware that any statement contained or matter described in the Trust’s
Certificate of Trust has changed, making it false in any material respect, it will notify the other trustee and the Delaware Trustee shall promptly file or cause to be filed in the office of the Secretary of State of the State of Delaware an
amendment of same at the written direction of the Trustee, duly executed in accordance with Section 3811 of the Trust Act, in order to effect such change thereto, such filing to be in accordance with Section 3810(b) of the Trust Act.

 Section 2.02. Purpose. The purposes of the Trust are, and the Trust and the Trustee, on behalf of the Trust, shall
have the power and authority and are hereby authorized: 
 (a) to acquire and hold in the name of the Trust, and to protect and
conserve, the Trust Estate for the benefit of the Trust Unitholders; 
 (b) to receive and hold the Royalty Interests, and the
other assets of the Trust Estate in the name of the Trust; 
 (c) to issue the Subordinated Units, the Sponsor Units, the Initial
Common Units and the Overallotment Option Units on the Closing Date, to hold the Overallotment Option Units in escrow and to deliver the Overallotment Option Units in accordance with Section 2.03 of this Agreement; 

(d) to receive payments with respect to the Royalty Interests as provided in the Conveyances; 

  
 -10-

 (e) to receive and make payments with respect to the Hedge Contracts, as provided in the
Hedge Contracts; 
 (f) to grant liens on the Royalty Interests and other assets of the Trust Estate to secure the Trust’s
obligations under the Hedge Contracts or as otherwise provided for by the Hedge Contracts and Collateral Agency Agreement, and to enter into and perform its obligations under the Collateral Agency Agreement and the Hedge Security Instruments,
including amendments, replacements or extensions thereto in accordance therewith; 
 (g) to enter into the Assignment of Hedge
Contracts and enter into and perform its obligations under the Hedge Contracts, including amendments, replacements or extensions thereto and reporting in accordance therewith; 
 (h) to reset, terminate, modify, replace or otherwise amend the Hedge Contracts (or any portion thereof) when requested to do so by Chesapeake in its capacity as hedge manager pursuant to the
Administrative Services Agreement and in accordance with the Hedge Contracts or when required pursuant to the Hedge Contracts; 

(i) to invest cash reserves as provided in Section 3.04; 
 (j) to pay, or provide for the payment of, any liabilities incurred in carrying out the purposes of the Trust, including, but not limited to, any taxes that may be payable by the Trust; 

(k) to distribute the Quarterly Cash Distribution Amount and any Sales Proceeds Amounts in accordance with Section 3.15; 

(l) to incur indebtedness in order to pay the liabilities of the Trust; provided, that any secured indebtedness shall be junior in
priority to any lien or encumbrance created by operation of or otherwise permitted by (i) Section 7.03 or (ii) the Hedge Contracts, the Collateral Agencygreement and the Hedge Security Instruments; 

(m) to sell Royalty Interests in accordance with Sections 3.02, 9.02 and 9.03; 

(n) to enter into, execute, deliver and perform its obligations and enforce its rights under the Transaction Documents to which it is a
party and to engage Chesapeake as the hedge manager for the Trust pursuant to the Administrative Services Agreement and to rely on Chesapeake for such services and all other services to be provided by Chesapeake pursuant to the Administrative
Services Agreement; 
 (o) to cause to be prepared and file (i) reports required to be filed under the Exchange Act,
(ii) any reports required by the rules of any securities exchange or quotation system on which the Trust Units are listed or admitted to trading, and (iii) any reports, forms or returns required to be filed pursuant to tax laws and other
applicable laws and regulations; 
 (p) to establish, evaluate and maintain a system of disclosure controls and procedures and
internal control over financial reporting in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act; 

  
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 (q) to conduct or wind up its business as described in the Securities Act Registration
Statement, the Time of Sale Information and the Prospectus; and 
 (r) to engage in such other activities as are necessary or
convenient for the attainment of any of the foregoing or are incident thereto and which may be engaged in or carried on by a statutory trust under the Trust Act. 
 Section 2.03. Trust Property. 
 (a) Upon the formation of the Trust,
Chesapeake paid good and valuable consideration to the Trust, in trust, for the uses and purposes provided in the Initial Trust Agreement and in this Agreement. At (and subject to the occurrence of) the Closing the following transactions will occur:

 (i) the Trust shall issue the Initial Common Units to the Underwriters for the cash consideration and on the
terms set forth in the Underwriting Agreement; 
 (ii) Chesapeake Exploration shall convey to the Trust the
Perpetual Royalty Interests in exchange for 11,687,500 Common Units (the “Sponsor Units”), 11,687,500 Subordinated Units to be issued to Chesapeake Exploration and a portion of the net proceeds received from the Underwriters for the
Initial Common Units; 
 (iii) Chesapeake Exploration shall convey to Chesapeake Sub the Term Royalty Interests
in exchange for a promissory note from Chesapeake Sub in the amount of $[•] (the “Promissory Note”); 
 (iv) Chesapeake Sub shall convey to the Trust, pursuant to the Assignment of Royalty Interest, the Term Royalty Interests in exchange for $[•] in cash; 

(v) Chesapeake Sub shall pay to Chesapeake Exploration $[•] in cash, representing payment in full of the Promissory
Note; 
 (vi) the Trust shall deliver the net proceeds received from the Underwriters for the Initial Common
Units (less the cash payment made by the Trust to Chesapeake Sub under clause (iv) above and expenses of the IPO) to Chesapeake Exploration as partial consideration for the Perpetual Royalty Interests; 

(vii) the Trust shall issue 3,506,250 Overallotment Option Units and the Trustee shall hold the Overallotment Option Units
in escrow pending either the Underwriters’ exercise of the Overallotment Option or the expiration of the Overallotment Option, following which the Overallotment Option Units will be delivered by the Trustee in accordance with
Section 2.03(b) of this Agreement; 
 (viii) Chesapeake and the Trust shall enter into the Administrative
Services Agreement and the Registration Rights Agreement; 
 (ix) Chesapeake, Chesapeake Exploration and the
Trust shall enter into the Development Agreement; 

  
 -12-

 (x) Chesapeake and the Trust shall enter into the Assignment and Assumption
of Hedge Contracts and the Trust shall enter into the Hedge Security Instruments to which it is a party and the Collateral Agency Agreement; and 
 (xi) Chesapeake Exploration shall enter into the Drilling Mortgage for the benefit of the Trust. 
 (b) The Overallotment Option Units will be delivered as follows: 

(i) If the Overallotment Option is exercised, partially or in full, in accordance with its terms by the Underwriters, on
an Overallotment Option Closing Date the Trust will sell to the Underwriters such number of the Overallotment Option Units as is necessary to satisfy the Overallotment Option, and the Trust will promptly convey the proceeds received by it from the
sale of the Overallotment Option Units, net of underwriting discounts and commissions and offering expenses, to Chesapeake Exploration, together with any remaining unsold Overallotment Option Units, as partial consideration for the Perpetual Royalty
Interests conveyed by Chesapeake Exploration to the Trust; and 
 (ii) If the Overallotment Option is not
exercised by the Underwriters within 30 days of the date of the Underwriting Agreement, the Trustee shall deliver the Overallotment Option Units held by the Trustee in escrow to Chesapeake Exploration as partial consideration for the Perpetual
Royalty Interests conveyed by Chesapeake Exploration to the Trust, promptly following the 30th day after the date of the Underwriting Agreement. 
 (c) The issuance of the Initial Common Units, the Overallotment Option Units, the Sponsor Units and the Subordinated Units is hereby duly authorized and, upon issuance, such Trust Units shall be duly and
validly issued and outstanding and, upon receipt by the Trust at the Closing or the Overallotment Option Closing of the consideration described above, the Trust Units will be fully paid and nonassessable without the requirement of any further
consideration. 
 (d) From time to time after the Closing Date, the Trust shall enter into amendments, replacements or other
modifications of existing Hedge Contracts in accordance with the terms of the Hedge Contracts, as directed by Chesapeake in its capacity as hedge manager. 
 Section 2.04. Creation of the Trust. The Trustee declares that it shall hold the Trust Estate in trust for the benefit of the Trust Unitholders, upon the terms and conditions set forth in
this Agreement. The Trust is intended to be a passive entity limited to the receipt of revenues attributable to the Royalty Interests and the Hedge Contracts and the distribution of such revenues, after payment of or provision for Trust expenses and
liabilities, to the Trust Unitholders. It is not the intention of the parties hereto to create, and nothing in this Agreement shall be construed as creating, for purposes other than tax purposes, a joint venture, joint stock company or similar
business association, between or among Trust Unitholders, present or future, or between or among Trust Unitholders, or any of them, the Delaware Trustee, the Trustee, Chesapeake, Chesapeake Exploration or Chesapeake Sub. Neither the Trustee nor the
Delaware Trustee, in its individual capacity, or otherwise, makes any representation as to the validity or sufficiency of this Agreement. 

  
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 Section 2.05. Principal Offices. Unless and until changed by the Trustee, the address
of the principal office of the Trustee is 919 Congress Avenue, Suite 500, Austin, Texas 78701. Unless and until changed by the Delaware Trustee, the principal place of business of the Delaware Trustee is 1209 Orange Street, Wilmington, Delaware
19801, Attention: Corporate Staffing. The Trust may maintain offices at such other place or places within or without the State of Delaware as the Trustee deems advisable. 
 ARTICLE III 
 ADMINISTRATION OF THE TRUST AND POWERS OF THE TRUSTEE

 AND THE DELAWARE TRUSTEE 
 Section 3.01. General Authority. 
 (a) The Trustee accepts the Trust hereby
continued and agrees to perform its duties hereunder with respect to the same, but only upon the express terms of this Agreement. Subject to the limitations set forth in this Agreement, the Trustee, acting alone, without the approval or consent of,
or notice to, the Delaware Trustee or any Trust Unitholder, is authorized to take such action as in its judgment is necessary, desirable or advisable to best achieve the purposes and powers of the Trust set forth in Section 2.02 hereof,
including the execution and delivery of the Transaction Documents and the performance of the Trust’s obligations and enforcement of the Trust’s rights thereunder. The Trustee shall not (i) dispose of any part of the Trust Estate
except as expressly provided herein or (ii) except as permitted by Section 10.02 of this Agreement, agree to amend or waive any provision of, give any consent or release with respect to, or terminate the Transaction Documents to which the
Trust is a party without the Trust Unitholder approval, if any, required by Section 10.02. 
 (b) The Delaware Trustee
accepts the Trust hereby continued and agrees to perform its duties hereunder with respect to the same, but only upon the express terms of this Agreement. The Delaware Trustee is authorized to take only such actions, and shall be required to perform
only such duties and obligations, with respect to the Trust as are specifically set forth in this Agreement, and no implied duties, obligations or powers shall be read into this Agreement in respect to the Delaware Trustee. The Delaware Trustee
shall not otherwise manage or take part in the business or affairs of the Trust in any manner. 
 (c) Notwithstanding any other
provision of this Agreement, unless specifically authorized in writing by the Trustee and consented to by the Delaware Trustee, the Delaware Trustee shall not participate in any decisions or possess any authority with respect to the administration
of the Trust, the investment of the Trust’s property or the payment of distributions of income or principal to the Trust Unitholders. The Delaware Trustee shall have the power and authority to (i) execute, deliver, acknowledge and file all
necessary documents and to maintain all necessary records of the Trust as required by the Trust Act and (ii) accept service of process on the Trust in the State of Delaware. The Delaware Trustee shall provide prompt written notice to the
Trustee of its performance of any of the foregoing acts. The Trustee shall reasonably keep the Delaware Trustee informed of any material action taken by the Trustee with respect to the Trust. 

  
 -14-

 Section 3.02. Limited Power of Disposition and Acquisition. Except as provided in
Sections 9.02 and 9.03, the Trust may sell or transfer all or part of the Trust Estate, or acquire additional assets for the Trust Estate, only in the following circumstances. 
 (a) An election by the Trustee to sell all or part of the Trust Estate, at any time and from time to time, that is approved by the holders of a Unit Majority at a meeting duly called and held in
accordance with Article VIII, subject to Chesapeake’s right of first refusal as provided in Section 9.03 of this Agreement. 
 (b) After the Drilling Obligation Completion Date, Chesapeake (and any of its Affiliates) may at any time and from time to time sell, but only in accordance with the terms of the Conveyances, all or a
portion of the Underlying Properties, free from and unburdened by the Royalty Interests, without the consent of the Trustee or the Trust Unitholders except as set forth below; provided the following conditions are met: 

(i) the Trust receives Fair Value in the form of cash for the Royalty Interests to be released by the Trustee in
connection with the sale of the Underlying Properties; 
 (ii) the aggregate Fair Value to be received by the
Trust with respect to such Royalty Interests to be released by the Trustee and any other Royalty Interests previously released by the Trustee pursuant to this Section 3.02(b) during the most recently completed 12 calendar months would not
exceed $5,000,000; and 
 (iii) the Trustee shall have received a certificate from Chesapeake, executed by the
Chief Executive Officer, President or any Vice President thereof, certifying to the Trustee and the Trust that the cash proceeds to be received by the Trust in respect of the Royalty Interests to be released in connection with the sale of such
Underlying Properties represents the Fair Value to the Trust for such Royalty Interests (and the Trustee is hereby authorized and directed to rely thereon). 
 (c) In the event that a portion of the Royalty Interests is to be released pursuant to Section 3.02(b) of this Agreement, upon receipt of (i) an accurate description of said portion of the
Royalty Interests and (ii) sufficient information to evidence conclusively that the conditions to purchase referred to in Section 3.02(b) and in the applicable section of the Conveyances have been satisfied, then within a reasonable time
thereafter, and upon advice of such experts as may be retained by the Trustee, the Trustee shall execute and deliver a conveyance to Chesapeake or its assignee covering said Royalty Interests and upon receipt of written notice of such a sale given
by Chesapeake, the Trustee shall execute and deliver at the closing of such sale a partial release and consent, and such other instruments, agreements and documents as Chesapeake may reasonably request, to evidence or effect the transfer of such
portion of Chesapeake’s interests in the Underlying Properties, free from, and unburdened by, the Royalty Interests. Except as provided herein, any sale of all or any portion of the Underlying Properties will not relieve Chesapeake of its
obligations with respect to the Royalty Interests not released in connection with any such sale. 

  
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 (d) In addition to the transfers permitted by Section 3.02(b) and subject to the terms
of the Conveyances, Chesapeake (and any of its Affiliates) may at any time or from time to time after the Drilling Obligation Completion Date, without the consent of the Trust Unitholders, sell all or a portion of its retained interest in the
Underlying Properties, provided, however, that such sale is subject to and burdened by the Royalty Interests that burden the Underlying Properties so sold. Promptly after completion of any such sale of the Underlying Properties, Chesapeake shall so
notify the Trustee in writing of the closing of such sale. Any purchaser of the Underlying Properties shall be the assignee of Chesapeake (or such Affiliate) to the extent of the interest so purchased and shall be bound by the obligations of
Chesapeake (or such Affiliate) under this Agreement, the Administrative Services Agreement and the Conveyances to such extent. 

(e) In addition to the transfers permitted by Section 3.02(b) and Section 3.02(d) and subject to the terms of the Conveyances,
Chesapeake Exploration may at any time, without the consent of the Trust Unitholders, transfer an undivided interest in any Development Well and/or Subject Interests (as defined in the Conveyances) pursuant to the terms and conditions of the Founder
Well Participation Program of Chesapeake, free and clear of the Royalty Interests; provided, however, that any such transfer shall not reduce the Assignor’s Net Revenue Interest (as defined in the Conveyances) warranted in the applicable
Conveyance. In connection with any such transfer, the Trustee shall, on request, and subject to the proviso in the preceding sentence, execute acknowledge and deliver to Chesapeake Exploration a recordable instrument (reasonably acceptable to
Chesapeake Exploration) that releases the Royalty Interests with respect to the undivided interest in any Development Well and the related Subject Interests being transferred. 
 (f) Subject to the terms of the Development Agreement, at any time prior to the Drilling Obligation Completion Date, in the event that Chesapeake (or any Affiliate of Chesapeake) acquires an Additional
Lease (as defined in the Development Agreement) or an Additional Interest (as defined in the Development Agreement) in the AMI Area (as defined in the Development Agreement), Chesapeake may, at its option, cause the Trust to execute, acknowledge and
deliver to Chesapeake a recordable instrument (reasonably acceptable to Chesapeake and the Trust) that amends each Conveyance and the Drilling Mortgage such that each such Additional Lease or Additional Interest becomes (i) subject to the
Royalty Interests and included in the Subject Interests (as defined in the Development Agreement) and Subject Lands (as defined in the Development Agreement) and (ii) subject to the Drilling Mortgage. Any such addition of Royalty Interests
attributable to Additional Leases or Additional Interests shall be subject to the limitations set forth in the Development Agreement, and Chesapeake shall certify, in writing, to the Trustee that such addition of Royalty Interests was made in
accordance with the terms of the Development Agreement. The Trustee shall accept any such certification from Chesapeake and any such addition of Royalty Interests attributable to Additional Leases or Additional Interests as contemplated by this
Section 3.02(f) without any duty to investigate or otherwise review or pass upon the accuracy of any such certification or reasonableness of any such addition. The Trustee is authorized and directed to rely, and shall be fully protected in
relying, on any such certification from Chesapeake. 

  
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 (g) Subject to the terms of the Development Agreement, at any time prior to the Drilling
Obligation Completion Date, Chesapeake may, at its option, cause the Trust to execute, acknowledge and deliver to Chesapeake a recordable instrument (reasonably acceptable to Chesapeake) that releases from each Conveyance and the Drilling Mortgage
certain portions of the Subject Interests (as defined in the Development Agreement) in connection with the exchange by Chesapeake (or any Affiliate of Chesapeake) of such Subject Interests for certain other properties in the Designated Area (as
defined in the Development Agreement). Such other properties shall then become subject to the Royalty Interests and the Drilling Mortgage upon terms consistent with the Conveyances and the Drilling Mortgage, respectively. Any such exchange and
release shall be subject to the limitations set forth in the Development Agreement, and Chesapeake shall certify, in writing, to the Trustee that such exchange and release was made in accordance with the terms of the Development Agreement. The
Trustee shall accept any such certification from Chesapeake and any such exchange of Subject Interests for other properties as contemplated by this Section 3.02(g) without any duty to investigate or otherwise review or pass upon the accuracy of
any such certification or reasonableness of any such exchange. The Trustee is authorized and directed to rely, and shall be fully protected in relying, on any such certification from Chesapeake. 

(h) Subject to the terms of the Development Agreement and the Drilling Mortgage, if Chesapeake does not achieve the Total Drilling Target
on or prior to June 30, 2016 in accordance with the terms of the Development Agreement, the Trust is authorized, in the Trustee’s sole discretion, to pursue any and all remedies available pursuant to Article III of the Drilling Mortgage
for the occurrence of a default under Section 3.1(a) of the Drilling Mortgage, and any Retained Mineral Interest acquired by the Trust as a result of the exercise of any such remedies shall automatically be added to the Trust Estate. The Trust
is further authorized, in the Trustee’s sole discretion, to (i) exercise any of the remedies available under the Drilling Mortgage, (ii) negotiate any arrangements with Chesapeake and Chesapeake Exploration in connection with any
default under the Drilling Mortgage, (iii) negotiate and consummate the sale of any of the Mortgaged Properties as contemplated by the Drilling Mortgage, and (iv) negotiate, execute and deliver an agreement with another person to complete
all or a portion of the Total Drilling Target, and the Trust may, in connection with any such agreement, sell or transfer such portion of the Trust Estate as is required to compensate such person to complete such portion of the Total Drilling
Target. For the avoidance of doubt, no sale or transfer of any portion of the Trust Estate pursuant to this Section 3.02(h) shall require the approval of the Trust Unitholders. 

(i) Notwithstanding anything herein to the contrary, the Trustee shall not agree to any distribution of the Royalty Interests or any
other asset of the Trust that would cause the interest of a Trust Unitholder to be treated as other than an intangible personal property interest. Unless required to sell pursuant to this Section 3.02, or pursuant to Section 9.03 hereof,
or to distribute the Quarterly Cash Distribution Amount or Sales Proceeds Amount pursuant to Section 3.15 hereof, the Trustee is authorized to retain any part of the Trust Estate in the form in which such property was transferred to the
Trustee, without regard to any requirement to diversify investments or other requirements. 
 Section 3.03. No Power
to Engage in Business or Make Investments or Issue Additional Securities. Neither the Trustee nor the Delaware Trustee shall cause or permit the Trust to (a) acquire any asset other than the assets conveyed or transferred to the Trust
pursuant to Section 2.03 or Section 3.02 and the proceeds therefrom, the rights of the Trust to enforce the 

  
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terms and provisions of the Transaction Documents to which it is a party and other amounts paid to the Trust as set forth herein, or (b) engage in any business or investment activity of any
kind whatsoever, except for the activities permitted herein, or issue Trust Units or other securities after the Closing Date (except that the Trustee may deliver the Overallotment Option Units in accordance with Section 2.03(b) of this
Agreement). Neither the Trustee nor the Delaware Trustee shall have any responsibility or authority relating to the development or operations of the Underlying Properties or the marketing of any production therefrom or, except as contemplated
hereby, any other business decision affecting the assets of the Trust. 
 Section 3.04. Interest on Cash Reserves.
Cash being held by the Trustee as a reserve for a payment of the Quarterly Cash Distribution Amount or Sales Proceeds Amounts or for the payment of any liabilities, other than current routine administrative costs, shall be placed by the Trustee with
one or more banks or financial institutions (which, to the extent to which authorized pursuant to the Trust Act and other applicable laws, may be, or may include, any bank serving as the Trustee or the Delaware Trustee) and invested in
(a) money market funds that invest only in United States government obligations, (b) interest bearing obligations issued by (or unconditionally guaranteed by) the United States of America or any agency or instrumentality thereof (provided
such agency or instrumentality obligations are guaranteed by the full faith and credit of the United States of America), (c) repurchase agreements secured by obligations qualifying under (b) above or (d) certificates of deposit of any
bank or banks having combined capital, surplus and undivided profits in excess of $100,000,000 that, in the case of (b), (c) and (d) above, mature prior to the date on which such Quarterly Cash Distribution Amount or any Sales Proceeds
Amount is to be distributed or any such liability is to be paid; provided, however, that cash reserves being held by the Trustee for payment of the Quarterly Cash Distribution Amount or Sales Proceeds Amount on the next Quarterly Payment Date
may be held in a non-interest bearing account or accounts. Any government obligation, repurchase agreement or certificate of deposit held by the Trustee shall be held until maturity. The interest rate on reserves placed with any bank or financial
institution serving as the Trustee or the Delaware Trustee shall be the interest rate that such bank pays in the normal course of business on amounts placed with it, taking into account the amount involved, the period held and other relevant
factors. Subject to Section 6.01, the Trustee shall not be liable for its selection of permitted investments or for any investment losses resulting from such investments. Notwithstanding anything herein to the contrary, the Delaware Trustee
shall not be obligated to accept any such cash or other assets for investment or otherwise. To the extent that the Delaware Trustee decides in its sole and absolute discretion to accept cash for investment pursuant to this Section 3.04, the
Delaware Trustee shall invest such cash pursuant to the written instructions of the Trustee, and the Delaware Trustee shall not be liable to the Trust for any losses resulting from such investments absent its own fraud or acts or omissions in bad
faith or which constitute gross negligence. 
 Section 3.05. Power to Settle Claims. Subject to the rights and
obligations of the Tax Matters Partner under Subsection 6(c) of Annex A hereto, the Trustee is authorized to prosecute or defend, and to settle by arbitration or otherwise, any claim of or against the Trustee, the Trust or the Trust Estate, to waive
or release rights of any kind, to settle any dispute with Chesapeake or any other Person, and to pay or satisfy any debt, tax or claim upon any evidence by it deemed sufficient, without the joinder or consent of any Trust Unitholder, including
enforcing the rights of the Trust under the Transaction Documents to which it is a 

  
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party. To the fullest extent permitted by law, the Trust Unitholders shall have no power to prosecute any claim of the Trust or the Trust Estate against any Person other than to prosecute a claim
to compel performance by the Trustee on behalf of the Trust or the Trust Estate. 
 Section 3.06. Power to Contract
for Services. In the administration of the Trust, the Trustee is empowered to employ oil and natural gas consultants (which may include the Independent Reserve Engineers), accountants (with the consent of Chesapeake, which consent shall not be
unreasonably withheld or delayed), attorneys (who may, but need not, be counsel to Chesapeake) and other professional and expert Persons, to employ or contract for clerical and other administrative assistance (including assistance from Chesapeake or
any of its Affiliates), to delegate to Agents any matter, whether ministerial or discretionary, and to act through such Agents and to make payments of all fees for services or expenses in any manner thus incurred out of the Trust Estate. 

Section 3.07. Payment of Liabilities of Trust. 
 (a) Except as otherwise provided herein, the Trustee may and shall use all money received by it for the payment or reimbursement of all liabilities of the Trust, including but without limiting the
generality of the foregoing, all expenses, taxes, compensation to it for its services hereunder, as provided for in Article VII, and compensation to such parties as may be employed as provided for in Section 3.06 hereof. With respect to
any liability that is contingent or uncertain in amount or any anticipated liability that is not currently due and payable, the Trustee may, but is not obligated to, establish a cash reserve for the payment of such liability. Except to the extent
permitted under applicable law, the Trustee shall not pay any liability of the Trust with funds set aside for the payment of a Quarterly Cash Distribution Amount or Sales Proceeds Amount. 

(b) The Trustee shall be entitled to withhold up to $1.0 million from the Quarterly Cash Distribution Amount for the Quarterly Period
ending September 30, 2011 to establish an initial cash reserve (the “Special Reserve”) available to the Trustee to pay or reimburse liabilities and expenses of the Trust, if and to the extent that the Trust’s cash on hand is
insufficient to pay such liabilities and expenses as they become due. If at any time the cash on hand (including the Special Reserve and any other cash reserves) and the cash to be received by the Trustee and available to pay liabilities is not, or
will not be, in the judgment of the Trustee, sufficient to pay liabilities of the Trust as they become due, the Trustee is authorized to cause the Trust to borrow the funds required to pay such liabilities. The Trustee may cause the Trust to borrow
funds for such purpose from any Person, including, without limitation, the Bank while serving as Trustee or any other Entity serving as a fiduciary hereunder; provided, however, that neither the Bank nor any other Entity shall be required to make
any such loan. Under no circumstances shall the Trustee or the Delaware Trustee be personally liable for any indebtedness or other liability of the Trust. If such funds are loaned to the Trust by the Trustee or any other such Entity while the
Trustee or such other Entity is serving as a fiduciary hereunder, the terms of such indebtedness shall be similar to the terms which the Trustee or such other Entity would grant to a similarly situated commercial customer with whom it did not have,
directly or indirectly, a fiduciary relationship, and the Trustee or such other Entity shall be entitled to enforce its rights with respect to any such indebtedness as if it were not, directly or indirectly, and had never been, directly or
indirectly, the Trustee or a fiduciary hereunder. 

  
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 (c) If at any time the Trust’s cash on hand (including available cash reserves) is
insufficient to pay the Trust’s ordinary course expenses as they become due, Chesapeake will, upon written request of the Trustee, promptly (and in any event within five (5) Business Days) loan funds to the Trust in such amount as the
Trustee certifies is necessary to pay such Trust expenses. Any funds loaned by Chesapeake pursuant to this Section 3.07(c) shall be limited to the payment of the Trust’s current accounts payable or other obligations to trade creditors in
connection with obtaining goods or services or the payment of other Trust accrued current liabilities arising in the ordinary course of the Trust’s business, and shall not be used to satisfy any indebtedness for borrowed money of the Trust. Any
loan made by Chesapeake to the Trust pursuant to this Section 3.07(c) shall: (i) be evidenced by a written promissory note executed by the Trustee on behalf of the Trust, (ii) be on an unsecured basis, (iii) have a maturity date
no later than the Liquidation Date, (iv) have terms (including interest rate) that are no less favorable to Chesapeake as those that would be obtained in an arms’ length transaction between Chesapeake and an unaffiliated third party and
(v) be without recourse to the Trustee and the Bank, it being agreed that any such note shall be payable solely out of the assets of the Trust. 
 (d) In the event that the Trustee uses funds from the Special Reserve, or causes the Trust to borrow funds, in each case to pay or reimburse liabilities and expenses of the Trust, no further distributions
will be made to Trust Unitholders (except in respect of any previously determined Quarterly Cash Distribution Amount or Sales Proceeds Amount) until the Special Reserve is fully replenished and any indebtedness created by such borrowings, including
interest thereon, has been paid in full; provided, that only in the case of loans made by Chesapeake pursuant to Section 3.07(c), distributions may be made to Trust Unitholders before such loan has been paid in full if Chesapeake consents in
writing to the making of such distribution. 
 (e) No provision of this Trust Agreement shall require the Delaware Trustee, the
Trustee or any other Entity serving as a fiduciary hereunder to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. In any
event, the Trustee, the Delaware Trustee and any other Entity serving as fiduciary hereunder shall be indemnified and held harmless by Chesapeake in accordance with Section 6.02 of this Trust Agreement for any liability incurred in the
performance of any of its duties hereunder. In no event shall the Trustee be responsible for the payment of any Quarterly Cash Distribution Amount or Sales Proceeds Amount or other amount except to the extent that it has sufficient cash on hand on
behalf of the Trust to make such payment. 
 Section 3.08. Income and Principal. The Trustee shall not be required
to keep separate accounts or records for income and principal. However, if the Trustee does keep such separate accounts or records, then the Trustee is authorized to treat all or any part of the receipts from the Royalty Interests and the Hedge
Contracts as income or principal, without having to maintain any reserve therefor, and in general to determine all questions as between income and principal and to credit or charge to income or principal or to apportion between them any receipt or
gain and any charge, disbursement or loss as is deemed advisable under the circumstances of each case. 

  
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 Section 3.09. Term of Contracts. In exercising the rights and powers granted
hereunder, the Trustee is authorized to make the term of any transaction or contract or other instrument extend beyond the term of the Trust to the extent necessary to fulfill its obligations under this Agreement. 

Section 3.10. Transactions with the Trustee or the Delaware Trustee. To the extent such conduct is not prohibited by
applicable law and except as otherwise provided herein, each of the Trustee and the Delaware Trustee is authorized in exercising its powers under this Agreement to make contracts and have dealings with itself or its Affiliates, directly and
indirectly, in any other fiduciary or individual capacity. 
 Section 3.11. No Security Required. No Trustee or
Delaware Trustee hereunder shall be required to furnish any bond or security of any kind. 
 Section 3.12. Filing of
Securities Act Registration Statement, Exchange Act Registration Statement and Other Reports, Listing of Trust Units, etc.; Certain Fees and Expenses. 
 (a) The Trustee, on behalf of the Trust and acting upon the advice of counsel, shall cause the Trust to comply with all applicable rules, orders and regulations of the Commission and the national
securities exchange on which the Common Units are listed or admitted for quotation, to which the Trust is subject as a result of the Common Units being registered under the Exchange Act and listed or admitted for quotation on such national
securities exchange, and to take all such other reasonable actions necessary for the Common Units to remain registered under the Exchange Act and listed on such national securities exchange until the Trust is terminated. In addition, the Trustee is
authorized to make, and the Trustee shall take, all reasonable actions to prepare and, to the extent required by this Agreement or by law, mail to Trust Unitholders any reports, press releases or statements, financial or otherwise, that the Trustee
determines are required to be provided to Trust Unitholders by applicable law or governmental regulation or the requirements of any securities exchange or quotation system on which the Trust Units are listed or admitted to trading. In addition, the
Trustee, on behalf of the Trust and acting upon the advice of counsel, shall cause the Trust to comply with all of the provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission related thereto, including but not limited
to, establishing, evaluating and maintaining a system of disclosure controls and procedures and internal control over financial reporting and making all required certifications pursuant to the Sarbanes-Oxley Act and the rules and regulations of the
Commission. 
 (b) The Trustee shall execute, by and on behalf of the Trust, any documents incidental or related to the
objectives specified in Section 3.12(a). 
 (c) The Trust is hereby authorized and empowered to take all steps, make all
filings and applications and pay all fees necessary, customary or appropriate to the accomplishment of the objectives set forth in Section 3.12(a). 

  
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 (d) Except as otherwise provided in Article VI of this Agreement, the fees, charges,
expenses, disbursements and other costs incurred by the Trustee or the Delaware Trustee in connection with the discharge of its duties pursuant to this Agreement, including, without limitation, trustee fees, engineering, audit, accounting and legal
fees, printing and mailing costs, amounts reimbursed or paid to Chesapeake pursuant to Section 3.06 or Section 7.02 hereof, and the fees and expenses of legal counsel for the Trustee, the Delaware Trustee, and the Trust (including legal
fees and expenses incurred by the Trustee or the Delaware Trustee in connection with the formation of the Trust and issuance of Trust Units), shall be paid out of the Trust Estate as an administrative expense of the Trust; provided, however, that
the Trustee’s and the Delaware Trustee’s acceptance fees shall, to the extent previously paid by Chesapeake, be reimbursed to Chesapeake. All other organizational expenses of the Trust will be paid by Chesapeake out of the cash proceeds
received by Chesapeake as partial consideration for the Perpetual Royalty Interests, and Chesapeake shall not be entitled to reimbursement thereof. 
 Section 3.13. Reserve Report. The Trustee shall cause a reserve report to be prepared by or for the Trust by the Independent Reserve Engineers as of December 31 of each year in
accordance with criteria established by the Commission showing estimated proved oil and natural gas reserves attributable to the Royalty Interests as of December 31 of such year and other reserve information required to comply with
Section 5.03 of this Agreement. Chesapeake, to the extent it is the operator of the Underlying Properties, shall reasonably cooperate with the Trust and the Independent Reserve Engineers in connection with the preparation of any such reserve
report, and to the extent it is not operator of the Underlying Properties and has not sold its interest in the same pursuant to Section 3.02(d), shall use commercially reasonable efforts to obtain and provide to the Trustee and the Independent
Reserve Engineers such information as may be reasonably necessary in connection with the preparation of the reserve report. The Trustee and Chesapeake shall use commercially reasonable efforts to cause each reserve report prepared pursuant to this
Section 3.13 to be completed and delivered to them within 30 days after the effective date of the report or such shorter period as may be required to enable the Trustee to comply with the provisions of Section 5.03. 

Section 3.14. No Liability for Recordation. Chesapeake shall be solely responsible, and the Trustee and the Delaware
Trustee shall have no responsibility, for the filing of the Conveyances, the Drilling Mortgage and the Hedge Security Instruments in the real property records of any jurisdiction in which the Underlying Properties are located. None of the Trustee,
the Delaware Trustee, the Bank or any of their respective Agents shall be liable to the Trust Estate or any Trust Unitholder for any loss, claim or damage resulting from, or arising out of, the failure to file, or failure to properly file, the
Conveyances, the Drilling Mortgage and the Hedge Security Instruments in any real property records of any jurisdiction. Chesapeake shall deliver file-stamped copies of such documents showing the recording information to the Trustee reasonably
promptly after recording such documents. 
 Section 3.15. Quarterly Cash Distributions; Conversion of Subordinated Units to
Common Units. 
 (a) On each Quarterly Payment Date following the end of a Quarterly Period, an amount equal to the
Quarterly Cash Distribution Amount with respect to such completed Quarterly Period shall be distributed in the following order of priority: 

  
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 (i) During the Subordination Period: 

(A) First, 100% to the Common Unitholders on a pro rata basis with respect to each Common Unit until there has been
distributed with respect to each Common Unit for such Quarterly Period an amount equal to the Subordination Threshold for such Quarterly Period; 
 (B) Second, 100% to the Subordinated Unitholders on a pro rata basis with respect to each Subordinated Unit until there has been distributed with respect to each Subordinated Unit for such Quarterly
Period an amount equal to the Subordination Threshold for such Quarterly Period; 
 (C) Third, 100% to the Trust
Unitholders on a pro rata basis with respect to each Trust Unit until aggregate per Unit distributions to holders of Trust Units for such Quarterly Period equal the Incentive Threshold for such Quarterly Period; and 

(D) Thereafter, (x) 50% to Chesapeake Exploration (such amounts, “Incentive Distributions”) and
(y) 50% to the Trust Unitholders on a pro rata basis with respect to each Trust Unit. 
 (ii) After the Subordination
Period, 100% to the holders of Common Units (including Subordinated Units converted to Common Units) on a pro rata basis with respect to each Common Unit. 
 (b) At the expiration of the Subordination Period, all Subordinated Units shall automatically convert to Common Units on a one-for-one basis. 

(c) All Sales Proceeds Amounts shall be distributed 100% to the holders of Trust Units on a pro rata basis on the Quarterly Payment Date
following the Quarterly Period in which such sale occurred; provided that such distribution shall be subordinated to the rights of the counterparties under the Hedge Contracts for payments then due thereunder. 

(d) All distributions made under this Section 3.15 to Trust Unitholders shall be made to the holders of record of the applicable
Trust Units on the Quarterly Record Date and Chesapeake Exploration, as applicable. 
 Section 3.16. Entity-Level
Taxation. If legislation is enacted or the official interpretation of existing legislation is modified by a governmental authority, which after giving effect to such enactment or modification, results in the Trust becoming subject to U.S.
federal, state or local or non-U.S. income or withholding taxes in excess of the amount of such taxes due from the Trust prior to such enactment or modification (including, for the avoidance of doubt, any increase in the rate of such taxation
applicable to the Trust), then the Trustee may, in its sole discretion, reduce the Target Distribution by the amount of such income or withholding taxes that are payable by reason of any such new legislation or interpretation (the “Incremental
Income Taxes”), or any portion thereof selected by the Trustee, in the manner provided in this Section 3.16. If the Trustee elects to reduce the Target Distribution for any Quarterly Period with respect to all or a portion of any
Incremental Income Taxes, the Trustee 

  
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shall estimate for such Quarterly Period the Trust’s aggregate liability (the “Estimated Incremental Quarterly Tax Amount”) for all (or the relevant portion of) such Incremental
Income Taxes; provided that any difference between such estimate and the actual liability for Incremental Income Taxes (or the relevant portion thereof) for such Quarterly Period may, to the extent determined by the Trustee, be taken into account in
determining the Estimated Incremental Quarterly Tax Amount with respect to each Quarterly Period in which any such difference can be determined. For each such Quarterly Period, the Target Distribution shall be the product obtained by multiplying
(a) the amount therefor that is set out herein prior to the application of this Section 3.16 times (b) the quotient obtained by dividing (i) cash and cash equivalents available for distribution with respect to such Quarterly
Period by (ii) the sum of cash and cash equivalents available for distribution with respect to such Quarterly Period and the Estimated Incremental Quarterly Tax Amount for such Quarterly Period, as determined by the Trustee. For purposes of the
foregoing, cash and cash equivalents available for distribution with respect to a Quarterly Period will be deemed reduced by the Estimated Incremental Quarterly Tax Amount for that Quarterly Period. After reducing the Target Distribution in
accordance with this Section 3.16, the Subordination Threshold shall be adjusted to 80% of the reduced Target Distribution and the Incentive Threshold shall be adjusted to 120% of the reduced Target Distribution. 

ARTICLE IV 

TRUST UNITS AND BENEFICIAL INTEREST 
 Section 4.01. Creation and Distribution. Ownership of the Beneficial Interest shall be divided into 46,750,000 Trust Units, of which 35,062,500 shall be Common Units and 11,687,500 shall be
Subordinated Units. The Trust Units shall initially be uncertificated and ownership thereof evidenced by entry of a notation in an ownership ledger maintained for such purpose by the Trustee or the Transfer Agent. The Trust Unitholders shall be the
sole beneficial owners of the Trust Estate and the Trust. 
 Section 4.02. Rights of Trust Unitholders; Limitation on
Personal Liability of Trust Unitholders. Each Trust Unit shall represent a pro rata share of the Beneficial Interest and shall entitle its holder to participate pro rata, subject to the distinctions between Subordinated Units and Common Units
provided in Section 3.15 hereof, in the rights and benefits of Trust Unitholders under this Agreement. A Trust Unitholder (whether by assignment or otherwise) shall take and hold each Trust Unit subject to all the terms and provisions of this
Agreement which shall be binding upon and inure to the benefit of the successors, assigns, legatees, heirs and personal representatives of such Trust Unitholder. By an assignment or a transfer of one or more Trust Units, the assignor thereby shall,
with respect to such assigned or transferred Trust Unit or Trust Units, part with, except as required by federal or state tax laws and as provided in Section 4.03 hereof in the case of a transfer after a Quarterly Record Date and prior to the
corresponding Quarterly Payment Date, (a) all of its Beneficial Interest attributable to such Trust Unit or Trust Units and (b) all interests, rights and benefits of a Trust Unitholder under the Trust and this Agreement that are
attributable to such Trust Unit or Trust Units as against all other Trust Unitholders, the Trust and the Trustee, including, without limiting the generality of the foregoing, any and all rights to receive cash distributions pursuant to
Section 3.15 with respect to the Trust Units so assigned or transferred, for any Quarterly Period or Quarterly Periods subsequent to the Quarterly Period that relates to 

  
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the last Quarterly Record Date on which the assignor owned such Trust Units. The Trust Units and the rights, benefits and interests evidenced thereby (including, without limiting the foregoing,
the entire Beneficial Interest) are and, for all purposes, shall be construed, to be in all respects intangible personal property, and the Trust Units shall be bequeathed, assigned, disposed of and distributed as intangible personal property. No
Trust Unitholder shall have legal title or a direct ownership interest in or to any real property interest or tangible personal property interest that may be considered a part of the Trust Estate, including, without limiting the foregoing, the
Royalty Interests or any part thereof, or in or to any other asset of the Trust Estate, but the sole interest of each Trust Unitholder shall be his pro rata share of the Beneficial Interest. No Trust Unitholder shall have the right to call for or
demand or secure any partition or distribution of the Royalty Interests or any other asset of the Trust Estate or any accounting during the continuance of the Trust or during the period of liquidation and winding up of the Trust under
Section 9.03 of this Agreement. Pursuant to Section 3803(a) of the Trust Act, the Trust Unitholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under
the General Corporation Law of the State of Delaware. 
 Section 4.03. Effect of Transfer. As to matters affecting
the title, ownership, warranty or transfer of Trust Units, Article 8 of the Uniform Commercial Code and the Uniform Act for Simplification of Fiduciary Security Transfers, each as adopted and then in force in the State of Delaware, and other
statutes and rules pertaining to the transfer of securities, each as adopted and then in force in the State of Delaware, shall govern and apply. The death of any Trust Unitholder shall not entitle the Transferee of such Trust Unitholder to an
accounting or valuation for any purpose pursuant to the terms hereof. 
 Section 4.04. Determination of Ownership.
In the event of any disagreement between Persons claiming to be Transferees of any Trust Unit, or in the event of any question on the part of the Trustee when presented with a request for transfer of a Trust Unit, that the Trustee believes is not
fully resolved by opinions of counsel or other documents obtained in connection therewith, then, in addition to other rights that it may have under applicable law, the Trustee shall be entitled at its option to refuse to recognize any such claim so
long as such disagreement or question shall continue. In so refusing, the Trustee may elect to refrain or refuse to act with respect to the interest represented by the Trust Unit involved, or any part thereof, or of any sum or sums of money accrued
or accruing thereunder, and, in so doing, the Trustee shall not be or become liable to any Person for the failure or refusal of the Trustee to comply with such conflicting claims or requests for transfer, and shall be entitled to continue so to
refrain and refuse so to act, until: 
 (a) the rights of the adverse claimants or the questions of the Trustee have been
adjudicated by a final nonappealable judgment of a court assuming and having jurisdiction of the parties and the interest and money involved, or 
 (b) all differences have been resolved by valid agreement between said parties and the Trustee shall have been notified thereof in writing signed by all of the interested parties. 

  
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 ARTICLE V 
 ACCOUNTING AND DISTRIBUTIONS; REPORTS 
 Section 5.01. Fiscal Year
and Accounting Method. The Trust shall adopt the calendar year as its fiscal year and shall maintain its books on an appropriate basis to comply with Sections 5.03 and 5.04, except to the extent such books must be maintained on any other basis
pursuant to applicable law or pursuant to Annex A. 
 Section 5.02. Quarterly Cash Distribution Amount. On or
prior to each Quarterly Record Date, the Trustee shall, in the manner required by the rules of any securities exchange or quotation system on which the Trust Units are listed or admitted to trading, communicate to the Trust Unitholders the amount of
the Quarterly Cash Distribution Amount and the Sales Proceeds Amount, if any, for the relevant Quarterly Period. 
 Section
5.03. Reports to Trust Unitholders and Others. 
 (a) Within 45 days following the end of each of the first three Quarterly
Periods of each calendar year (or such shorter period of time as may be required by the rules and regulations of the Commission adopted with respect to the Exchange Act or of any securities exchange or quotation system on which the Trust Units are
listed or admitted to trading), the Trustee shall mail to each Person who was a Trust Unitholder of record on the Quarterly Record Date for such Quarterly Period a report, which may be a copy of the Trust’s Quarterly Report on Form 10-Q under
the Exchange Act, which shall show in reasonable detail the assets and liabilities and receipts and disbursements of the Trust for such Quarterly Period; provided, however, the obligation to mail a report to each Trust Unitholder of record shall be
deemed to be satisfied if the Trustee files a copy of the Trust’s Quarterly Report on Form 10-Q on the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system maintained by the Commission or any successor system or otherwise
makes such report publicly available on an Internet website that is generally accessible to the public. 
 (b) Within
90 days following the end of each fiscal year (or such shorter period of time as may be required by the rules and regulations of the Commission adopted with respect to the Exchange Act or of any securities exchange or quotation system on which
the Trust Units are listed or admitted to trading), the Trustee shall mail to each Person who was a Trust Unitholder of record on a date to be selected by the Trustee an annual report, containing financial statements audited by an independent
registered public accounting firm selected by the Trustee, plus such annual reserve information regarding the Royalty Interests as may be required by the rules and regulations of the Commission; provided, however, the obligation to mail a report to
each Trust Unitholder of record shall be deemed to be satisfied if the Trustee files a copy of the Trust’s Annual Report on Form 10-K on the EDGAR system maintained by the Commission or any successor system or otherwise makes such report
publicly available on an Internet website that is generally accessible to the public. 
 (c) Notwithstanding any time limit
imposed by Section 5.03(a) and (b), if, due to a delay in receipt by the Trustee of information necessary for preparation of a report or reports required by such sections, the Trustee shall be unable to prepare and mail such report or reports
within such time limit, the Trustee shall prepare and mail such report or reports as soon thereafter as practicable. 

  
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 Section 5.04. Reports from Chesapeake to the Trustee. Promptly following each
of the first three Quarterly Periods and following the completion of each fiscal year, and in any case at least fifteen (15) days before each Quarterly Record Date, Chesapeake shall deliver to the Trustee a statement of the computation of the
proceeds for such Quarterly Period or fiscal year, as the case may be, as well as an update on the number of Development Wells that have been drilled pursuant to the Development Agreement (identifying such Development Wells) and production
information for such period. Additionally, Chesapeake shall provide all information reasonably requested by the Trustee in order for the Trust to comply with its reporting obligations under the Exchange Act or the Securities Act. 

Section 5.05. U.S. Federal Income Tax Provisions. The U.S. federal income tax provisions set forth in Annex A (the
“Tax Provisions”) are intended to comply with U.S. federal income tax law governing the allocation of items of income, gain, loss and deduction of the Trust (in its status as a partnership for tax purposes) and the maintenance of the
capital accounts of the Trust Unitholders and are incorporated herein by reference. Any conflict between the provisions of this Agreement and the Tax Provisions shall be governed by the Tax Provisions. 

ARTICLE VI 

LIABILITY OF DELAWARE TRUSTEE AND TRUSTEE AND 
 METHOD OF SUCCESSION 
 Section 6.01. Liability of Delaware Trustee,
Trustee and Agents. 
 (a) To the fullest extent permitted by law, none of the Trustee or the Delaware Trustee shall have any
duties or liabilities, other than the contractual obligations as expressly set forth in this Agreement, or any fiduciary duties to the Trust or any Trust Unitholder. To the extent that, at law or in equity, the Trustee and the Delaware Trustee have
duties, including fiduciary duties, and liabilities relating thereto to the Trust or any Trust Unitholder, the Trustee and the Delaware Trustee shall not be liable to the Trust or to any Trust Unitholder for its good faith reliance on the provisions
of this Agreement. For the avoidance of doubt, to the fullest extent permitted by law, no Person other than the Trustee and the Delaware Trustee shall have any duties (including fiduciary duties) or liabilities at law or in equity to the Trust, any
Trust Unitholder or any other Person. The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of the Trustee or the Delaware Trustee or any other Person otherwise
existing at law or in equity are agreed by the parties hereto and the Trust to replace such other duties and liabilities of the Trustee, the Delaware Trustee and such other Persons. 

(b) Notwithstanding any other provision of this Agreement, each of the Delaware Trustee and the Trustee, in carrying out its powers and
performing its duties, may act directly or in its discretion (at the expense of the Trust) through Agents pursuant to agreements entered into with any of them, and each of the Delaware Trustee and the Trustee shall be liable only for (i) its
own willful misconduct, (ii) acts or omissions in bad faith or that constitute gross 

  
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negligence, and (iii) taxes, fees or other charges based on any fees, commissions or compensation received by it in connection with any of the transactions contemplated by this Agreement,
and shall not otherwise be liable under any circumstances whatsoever, including but not limited to any act or omission of any Agent unless such Entity has acted with willful misconduct, in bad faith or with gross negligence in the selection,
retention or supervision of such Agent. Notwithstanding any other provision of this Agreement, each Agent of the Delaware Trustee and the Trustee (including Chesapeake and any of its Affiliates when acting as such), in carrying out its powers and
performing its duties, may act directly or in its discretion (at the expense of the Trust) through its own Agents and shall not otherwise be liable for any act or omission unless such Agent has acted with willful misconduct, in bad faith or with
gross negligence. Neither the Trustee nor the Delaware Trustee shall have any liability to any Persons other than the Trust Unitholders in accordance with Section 3803 of the Trust Act and, for the avoidance of any doubt, neither shall have any
liability hereunder to the Trust Unitholders absent (i) its own willful misconduct or (ii) acts or omissions in bad faith or which constitute gross negligence. No Trustee or Delaware Trustee shall be individually liable by reason of any
act or omission of any other Trustee or Delaware Trustee. In the event of a claim brought against the Delaware Trustee or the Trustee for willful misconduct, acts or omissions in bad faith or gross negligence, their “management liability”
insurance coverages (that is, directors and officers liability and crime insurance coverages) shall be primary to, and non-contributing with, any other insurance maintained by the Trust Unitholders. 

(c) Each of the Delaware Trustee and the Trustee, and each Agent of the Delaware Trustee or the Trustee (including Chesapeake and any of
its Affiliates when acting as such), shall be protected in relying or reasonably acting upon any notice, certificate, opinion or advice of counsel or tax advisor; report of independent registered public accounting firm, petroleum engineer,
geologist, auditor or other expert. In addition, each of the Delaware Trustee and the Trustee, and each Agent of the Delaware Trustee or the Trustee (including Chesapeake and any of its Affiliates when acting as such) shall be protected in relying
or reasonably acting upon any other document or instrument reasonably believed by such Entity or Person to be true and accurate. Each of the Delaware Trustee and the Trustee, and each Agent of the Delaware Trustee or the Trustee (including
Chesapeake and any of its Affiliates when acting as such), is specifically authorized to rely upon the application of Article 8 of the Uniform Commercial Code, the application of the Uniform Act for Simplification of Fiduciary Security
Transfers and the application of other statutes and rules with respect to the transfer of securities, each as adopted and then in force in the State of Delaware, as to all matters affecting title, ownership, warranty or transfer of the Trust Units,
without any personal liability for such reliance, and the indemnity granted under Section 6.02 of this Agreement shall specifically extend to any matters arising as a result thereof. Further, and without limiting the foregoing, each of the
Delaware Trustee and the Trustee is specifically authorized and directed to rely upon the validity of each of the Conveyances and the title held by the Trust in the Royalty Interests pursuant thereto and the validity of the Hedge Contracts, and is
further specifically authorized and directed to rely upon opinions of counsel in the State of Oklahoma where the Underlying Properties are located, and on any notice, certificate or other statement of Chesapeake or information furnished by
Chesapeake without any liability in any capacity for such reliance. 
 Section 6.02. Indemnification of Trustee or Delaware
Trustee. 

  
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 (a) The Trustee and the Delaware Trustee, as well as each of their respective Agents
(including Chesapeake and any of its Affiliates when acting as such) and Affiliates, shall be indemnified and held harmless by, and receive reimbursement from, the Trust against and from any and all liabilities, obligations, actions, suits, costs,
expenses, claims, damages, losses, penalties, taxes, fees and other charges (collectively, “Expenses,” excluding, however, any taxes and fees payable by the Trustee and the Delaware Trustee on, based on or measured by any fees, commissions
or compensation received by the Trustee and the Delaware Trustee for their services hereunder) incurred by it individually in the administration of the Trust, or as a result of any act done or performed or omission occurring on account of its being
Trustee or Delaware Trustee (or such Agent or Affiliate), as applicable, to the extent the same is not inconsistent with the provisions of this Agreement and the other Transaction Agreements, except such Expenses as to which it is liable under
Section 6.01 of this Agreement (it being understood that the Trustee or the Delaware Trustee (and their respective Agents, including Chesapeake and any of its Affiliates when acting as such) shall be indemnified by, and receive reimbursement
from, the Trust against such Trustee’s or Delaware Trustee’s (and their respective Agents) own negligence which does not constitute gross negligence). Each of the Trustee and the Delaware Trustee shall have a lien upon the Trust Estate for
payment of such indemnification and reimbursement (including, without limitation, repayment of any funds borrowed from any Entity serving as a fiduciary hereunder), as well as for compensation to be paid to such Entity, in each case entitling such
Entity to priority as to payment thereof over payment to any other Person under this Agreement. Neither the Trustee, the Delaware Trustee, nor any of their respective Agents shall be entitled to any reimbursement or indemnification from any Trust
Unitholder for any Expense incurred by the Delaware Trustee, or the Trustee or any of their respective Agents, their right of reimbursement and indemnification, if any, except as provided in Section 6.02(b) below, being limited solely to the
Trust Estate, whether or not the Trust Estate is exhausted without full reimbursement or indemnification of the Trustee, the Delaware Trustee or any of their respective Agents. All legal or other expenses reasonably incurred by the Trustee or the
Delaware Trustee in connection with the investigation or defense of any Expenses as to which such Entity is entitled to indemnity under this Section 6.02(a) shall be paid out of the Trust Estate. 

(b) Chesapeake shall indemnify and hold harmless each of the Delaware Trustee and the Trustee (but not the Trust or Trust Unitholders),
and any Agents and Affiliates thereof, individually and as trustee, against any Expenses to which such Entity or Agent thereof may become subject solely as a result of its position and service as trustee of the Trust under or with respect to any
Environmental Law, insofar as such Expenses arise out of, are based upon or connected with the Underlying Properties. The obligations of Chesapeake hereunder may be assigned or transferred to any Entity acquiring the Underlying Property to which
each Expense relates; provided, however, such Entity unconditionally agrees in writing, reasonably satisfactory to the Trustee and the Delaware Trustee, to assume Chesapeake’s obligations under this Section 6.02(b). 

(c) If any action or proceeding shall be brought or asserted against the Trustee or the Delaware Trustee or any Agent or Affiliate
thereof (each referred to as an “Indemnified Party” and, collectively, the “Indemnified Parties”) in respect of which indemnity may be sought from Chesapeake (the “Indemnifying Party”) pursuant to Section 6.02(b)
hereof, of which the Indemnified Party shall have received notice, the Indemnified Party shall promptly notify the 

  
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Indemnifying Party in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of
all expenses. The Indemnified Party shall have the right to employ separate counsel in any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless
(i) the Indemnifying Party has agreed to pay such fees and expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such action or proceeding and employ counsel reasonably satisfactory (including the qualifications
of such counsel) to the Indemnified Party in respect of any such action or proceeding or (iii) the named parties to any such action or proceeding include both the Indemnified Party and the Indemnifying Party, and the Indemnified Party shall
have been advised by counsel that there may be one or more legal defenses available to such Indemnified Party that are different from or additional to those available to the Indemnifying Party (in which case, if the Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such action or proceeding on behalf of the Indemnified Party
and the Indemnified Party may employ such counsel for the defense of such action or proceeding as is reasonably satisfactory to the Indemnifying Party; it being understood, however, that the Indemnifying Party shall not, in connection with any one
such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate
firm of attorneys for the Indemnified Parties at any time). The Indemnifying Party shall not be liable for any settlement of any such action or proceeding effected without the written consent of the Indemnifying Party (which consent shall not be
unreasonably withheld, conditional or delayed), but, if settled with such written consent, or if there be a final judgment for the plaintiff in any such action or proceeding, the Indemnifying Party agrees (to the extent stated above) to indemnify
and hold harmless the Indemnified Party from and against any loss or liability by reason of such settlement or judgment to the extent provided for in Section 6.02(b). 
 (d) Any claim for indemnification pursuant to this Section 6.02 shall survive the termination of this Agreement and the resignation or removal of any Indemnified Party. 

Section 6.03. Resignation of Delaware Trustee and Trustee. The Delaware Trustee or the Trustee may resign with or without
cause, at any time by written notice to Chesapeake or the other Trustee. Upon receiving the notice of resignation from the Delaware Trustee or the Trustee, as applicable, Chesapeake shall promptly (and in any event within ten (10) Business
Days) provide notice to each of the then Trust Unitholders of record in accordance with Section 12.08 of this Agreement. Such notice shall specify a date when such resignation shall take effect, which shall be a Business Day not less than 60
days after the date such notice is mailed; provided, however, that in no event shall any resignation of the Trustee be effective until a successor Trustee (including a temporary trustee appointed pursuant to Section 6.05 of this Agreement) has
accepted its appointment as Trustee pursuant to the terms hereof; and provided, further, that in no event shall any resignation of the Delaware Trustee be effective until a successor Delaware Trustee has accepted its appointment as Delaware Trustee
pursuant to the terms hereof. 

  
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 Section 6.04. Removal of Delaware Trustee and Trustee. The Delaware
Trustee or the Trustee may be removed as trustee hereunder, with or without cause, by the vote of a Special Unit Majority at a meeting duly called and held in accordance with Article VIII; provided, however, that any removal of the Delaware
Trustee shall be effective only at such time as a successor Delaware Trustee, fulfilling the requirements of Section 3807(a) of the Trust Act, has been appointed and has accepted such appointment; and provided, further, that any removal of the
Trustee shall be effective only at such time as a successor Trustee has been appointed and has accepted such appointment in accordance with Section 6.05. 
 Section 6.05. Appointment of Successor Delaware Trustee or Trustee. In the event of the resignation or removal of the Delaware Trustee or the Trustee or if any such Entity has given notice
of its intention to resign as the Delaware Trustee or the Trustee, (i) with respect to the Delaware Trustee, the Trustee may appoint a successor Delaware Trustee, or (ii) with respect to either the Delaware Trustee or the Trustee, a
successor trustee may be appointed by the vote of a Special Unit Majority at a meeting duly called and held in accordance with Article VIII. Nominees for appointment may be made by (i) Chesapeake, (ii) the resigned, resigning or removed
trustee or (iii) any Trust Unitholder or Trust Unitholders owning of record at least 10% of the then outstanding Trust Units. Any successor Trustee shall be a bank or trust company having combined capital, surplus and undivided profits of at
least $100,000,000. Any successor Delaware Trustee shall be a bank or trust company having its principal place of business in the State of Delaware and having combined capital, surplus and undivided profits of at least $20,000,000. Notwithstanding
any provision herein to the contrary, in the event that a new trustee has not been approved within 60 days after a notice of resignation, a vote of Trust Unitholders removing a trustee or other occurrence of a vacancy, a successor trustee may be
appointed by any State or Federal District Court having jurisdiction in New Castle County, Delaware, upon the application of any Trust Unitholder, Chesapeake or the Entity tendering its resignation or being removed as trustee filed with such court,
and in the event any such application is filed, such court may appoint a temporary trustee at any time after such application is filed, which shall, pending the final appointment of a trustee, have such powers and duties as the court appointing such
temporary trustee shall provide in its order of appointment, consistent with the provisions of this Agreement. Any such temporary trustee need not meet the minimum standards of capital, surplus and undivided profits otherwise required of a successor
trustee under this Section 6.05. Nothing herein shall prevent the same Entity from serving as both the Delaware Trustee and the Trustee if it meets the qualifications thereof. 

Immediately upon the appointment of any successor trustee, all rights, titles, duties, powers and authority of the predecessor trustee
hereunder (except to the predecessor trustee’s rights to amounts payable under Article VII or Section 6.02 hereof accruing through the appointment of such successor trustee) shall be vested in and undertaken by the successor trustee,
which shall be entitled to receive from the predecessor trustee all of the Trust Estate held by it hereunder and all records and files of the predecessor trustee in connection therewith. Any resigning or removed trustee shall account to its
successor for its administration of the Trust. All successor trustees shall be fully protected in relying upon such accounting and no successor trustee shall be obligated to examine or seek alteration of any account of any preceding trustee, nor
shall any successor trustee be personally liable for failing to do so or for any act or omission of any preceding trustee. The preceding sentence shall not prevent any successor trustee or any other Person from taking any action otherwise
permissible in connection with any such account. 

  
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 Section 6.06. Laws of Other Jurisdictions. If, notwithstanding the other
provisions of this Agreement (including, without limitation, Section 12.06 hereof), the laws of jurisdictions other than the State of Delaware (each being referred to below as “such jurisdiction”) apply to the administration of the
Trust or the Trust Estate under this Agreement, the following provisions shall apply. 
 If it is necessary or advisable for a
trustee to serve in such jurisdiction and if the Trustee is disqualified from serving in such jurisdiction or for any other reason fails or ceases to serve there, the ancillary trustee in such jurisdiction shall be such Entity, which need not meet
the requirements set forth in the third sentence of Section 6.05 of this Agreement, as shall be designated in writing by Chesapeake and the Trustee. To the extent permitted under the laws of such jurisdiction, Chesapeake and the Trustee may
remove the trustee in such jurisdiction, without cause and without necessity of court proceeding, and may or may not appoint a successor trustee in such jurisdiction from time to time. The trustee serving in such jurisdiction shall, to the extent
not prohibited under the laws of such jurisdiction, appoint the Trustee to handle the details of administration in such jurisdiction. The trustee in such jurisdiction shall have all rights, powers, discretions, responsibilities and duties as are
delegated in writing by the Trustee, subject to such limitations and directions as shall be specified by the Trustee in the instrument evidencing such appointment. Any trustee in such jurisdiction shall be responsible to the Trustee for all assets
with respect to which such trustee is empowered to act. 
 To the extent the provisions of this Agreement and Delaware law
cannot be made applicable to the administration in such jurisdiction, the rights, powers, duties and liabilities of the trustee in such jurisdiction shall be the same (or as near the same as permitted under the laws of such jurisdiction if
applicable) as if governed by Delaware law. In all events, the administration in such jurisdiction shall be as free and independent of court control and supervision as permitted under the laws of such jurisdiction. The fees and expenses of any
ancillary trustee shall constitute an administrative expense of the Trust payable from the Trust Estate. Whenever the term “Trustee” is applied in this Agreement to the administration in such jurisdiction, it shall refer only to the
trustee then serving in such jurisdiction. 
 Section 6.07. Reliance on Experts. The Trustee and the Delaware
Trustee may, but shall not be required to, consult with counsel (which may but need not be counsel to Chesapeake), accountants, tax advisors, geologists, engineers and other parties (including employees of the Trustee or Delaware Trustee, as
applicable) deemed by the Trustee or the Delaware Trustee to be qualified as experts on the matters submitted to them, and, subject to Section 6.01 but notwithstanding any other provision of this Agreement, the Trustee and the Delaware Trustee
shall be entitled to rely upon the opinion or advice of any such party on any such matter and shall not be held liable in respect of any action taken, omitted or suffered hereunder in good faith in reliance upon and in accordance with the opinion or
advice of any such party. Each of the Trustee and the Delaware Trustee is authorized to make payments of all reasonable fees for services and expenses thus incurred out of the Trust Estate. Neither the Delaware Trustee nor the Trustee shall incur
any liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, 

  
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bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Delaware Trustee and the Trustee may accept
a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or
matter the manner or ascertainment of which is not specifically prescribed herein, the Delaware Trustee and the Trustee may for all purposes hereof rely on a certificate, signed by the chief executive officer, president or any vice president or by
the treasurer or any assistant treasurer and by the secretary or any assistant secretary of the relevant party (including without limitation Chesapeake), as to such fact or matter, and shall not be held liable for any action taken or omitted to be
taken by it in good faith in reliance thereon. 
 Section 6.08. Force Majeure. The Trustee and the Delaware
Trustee shall not incur any liability to any Trust Unitholder if, by reason of any current or future law or regulation thereunder of any governmental authority, or by reason of any act of God, war or other circumstance beyond its control, the
Trustee or the Delaware Trustee is prevented or forbidden from doing or performing any act or thing required by the terms hereof to be done or performed; nor shall the Trustee or the Delaware Trustee incur any liability to any Trust Unitholder by
reason of any nonperformance or delay caused as aforesaid in the performance of any act or thing required by the terms hereof to be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for herein caused
as aforesaid. 
 Section 6.09. Failure of Action by Chesapeake. In the event that Chesapeake or any of its
Affiliates shall fail or is unable to take any action as required under any provision of the Transaction Documents to which Chesapeake is a party, the Trustee is empowered (but shall not be required) to take such action. 

Section 6.10. Action Upon Instructions. Whenever the Delaware Trustee is unable to decide between alternative courses of
action permitted or required by the terms of this Agreement, or is unsure as to the application, intent, interpretation or meaning of any provision of this Agreement, the Delaware Trustee shall promptly give notice (in such form as shall be
appropriate under the circumstances) to the Trustee requesting instruction as to the course of action to be adopted, and, to the extent the Delaware Trustee acts in good faith in accordance with any such instruction received, the Delaware Trustee
shall not be liable on account of such action to any Person. If the Delaware Trustee shall not have received appropriate instructions within ten calendar days of sending such notice to the Trustee (or within such shorter period of time as reasonably
may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action which is consistent, in its view, with this Agreement, and the Delaware Trustee shall have no
liability to any Person for any such action or inaction. 
 Section 6.11. Management of Trust Estate. The Delaware
Trustee shall have no duty or obligation to manage, control, prepare, file or maintain any report, license or registration, use, sell, dispose of or otherwise deal with the Trust Estate, or otherwise to take or refrain from taking any action under
or in connection with this Agreement, or any other document or instrument, except as expressly required hereby. 

  
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 Section 6.12. Validity. The Delaware Trustee shall not be responsible for or in
respect of and makes no representations as to the validity or sufficiency of any provision of this Agreement or for the due execution hereof by the other parties hereto or for the form, character, genuineness, sufficiency, value or validity of any
of the Trust Estate, and the Delaware Trustee shall in no event assume or incur any liability, duty or obligation to Chesapeake, the Trustee or any Trust Unitholder, other than as expressly provided for herein. The Delaware Trustee shall at no time
have any responsibility or liability for or with respect to the legality, validity and enforceability of any of the Trust Units. 
 Section 6.13. Rights and Powers; Litigation. The Delaware Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation or arbitration under this Agreement or otherwise or in relation to this Agreement, at the request, order or direction of the Trustee, any Trust Unitholder or Chesapeake unless the Trustee, Trust Unitholder or
Chesapeake, as the case may be, has or have offered to the Delaware Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred by the Delaware Trustee therein or thereby. The Delaware
Trustee shall be under no obligation to appear in, prosecute or defend any action, or to take any other action other than the giving of notices, that in its opinion may require it to incur any out-of-pocket expense or any liability unless it shall
be furnished with such security and indemnity against such expense or liability as it may reasonably require. The right of the Delaware Trustee to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the
Delaware Trustee shall not be personally liable or accountable for the performance of any such act except as specifically provided in Section 6.01. 
 Section 6.14. No Duty to Act Under Certain Circumstances. Notwithstanding anything contained herein to the contrary, the Delaware Trustee will not be required to take any action in any
jurisdiction other than in the State of Delaware if the taking of such action would (i) require the consent, approval, authorization or order of, the giving of notice to, the registration with or the taking of any action in respect of, any
state or other governmental authority or agency of any jurisdiction other than in the State of Delaware, (ii) result in any fee, tax or governmental charge under the laws of any jurisdiction or any political subdivisions thereof other than the
State of Delaware becoming payable by the Delaware Trustee or (iii) subject the Delaware Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation
of the transactions by the Delaware Trustee contemplated hereby. 
 Section 6.15. Indemnification of the Trust.
Chesapeake agrees to indemnify and hold harmless the Trust from and against any and all losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and attorney’s fees and expenses, (i) incurred under
Section 6 of the Underwriting Agreement as well as (ii) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus (as defined in the Underwriting Agreement),
the Securities Act Registration Statement, the Time of Sale Information, any Issuer Free Writing Prospectus (as defined in the Underwriting Agreement), the Pricing Prospectus (as defined in the Underwriting Agreement) or the Prospectus or in any
amendment or supplement thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to 

  
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make the statements therein (in the case of the Preliminary Prospectus, the Time of Sale Information, any Issuer Free Writing Prospectus, the Pricing Prospectus or the Prospectus or in any
amendment or supplement thereto, in the light of the circumstances under which they were made) not misleading. 
 ARTICLE VII

 COMPENSATION OF THE TRUSTEE AND THE DELAWARE TRUSTEE 

Section 7.01. Compensation of Trustee and Delaware Trustee. The Trustee shall receive compensation for its services under
this Agreement as set forth on Schedule 3. The Delaware Trustee shall receive an annual fee of $2,000 as compensation for its services under this Agreement. Each of the Trustee and the Delaware Trustee shall be reimbursed for all actual expenditures
made in connection with administration of the Trust, including those made on account of any unusual duties in connection with matters pertaining to the Trust and the reasonable compensation and expenses of their counsel, accountants or other skilled
persons and of all other persons not regularly in their employ. The Trustee and the Delaware Trustee shall each be entitled to reasonable additional compensation for any unusual or extraordinary services rendered by the Trustee or by the Delaware
Trustee in connection with the administration of the Trust. 
 Section 7.02. Reimbursement of Chesapeake.
Chesapeake shall be entitled to reimbursement from the Trust for all out-of-pocket costs and expenses paid by Chesapeake, acting in its capacity as Agent of the Trust (including without limitation legal, accounting, engineering and printing costs)
but excluding those costs and expenses specified in Section 3.12(d) and in Section 6.02(b) of this Agreement as costs and expenses to be paid by Chesapeake and excluding any costs and expenses that have been or will be reimbursed pursuant
to the Administrative Services Agreement, promptly upon submission of written evidence thereof to the Trustee. 
 Section
7.03. Source of Funds. Except as provided in Section 3.12 and Section 6.02(b) of this Agreement, all compensation, reimbursements and other charges owing to the Trustee or the Delaware Trustee hereunder shall constitute
indebtedness hereunder, shall be payable by the Trust out of the Trust Estate and such Entity shall have a lien on the Trust Estate for payment of such compensation, reimbursements and other charges, entitling such Entity to priority as to payment
thereof over payment to any other Person under this Agreement. 
 Section 7.04. Ownership of Units by Chesapeake, the
Delaware Trustee and the Trustee. Each of the Delaware Trustee and the Trustee, in its individual or other capacity, may become the owner or pledgee of Trust Units with the same rights it would have if it were not a trustee hereunder. Chesapeake
and its Affiliates may become the owner of additional Trust Units, with the same rights and entitled to the same benefits as any other Trust Unitholder, except to the extent the Subordinated Unitholders have different rights than Common Unitholders.

  
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 ARTICLE VIII 
 MEETINGS OF TRUST UNITHOLDERS 
 Section 8.01. Purpose of Meetings. A
meeting of the Trust Unitholders may be called at any time and from time to time pursuant to the provisions of this Article VIII to transact any business that the Trust Unitholders may be authorized to transact; provided, however, that nothing
herein shall require the Trustee to call annual or other periodic meetings of the Trust Unitholders. 
 Section 8.02.
Call and Notice of Meetings. Any such meeting of the Trust Unitholders may be called by the (i) Trustee or (ii) by Trust Unitholders owning of record not less than 10% in number of the then outstanding Trust Units. The Trustee may,
but shall not be obligated to, call meetings of Trust Unitholders to consider amendments, waivers, consents and other changes relating to the Transaction Documents to which the Trust is a party. In addition, at the written request of the Delaware
Trustee, unless the Trustee appoints a successor Delaware Trustee in accordance with Section 6.05, the Trustee shall call such a meeting but only for the purpose of appointing a successor to the Delaware Trustee upon its resignation. All such
meetings shall be held at such time and at such place as the notice of any such meeting may designate. Except as may otherwise be required by any applicable law or by the rules of any securities exchange or quotation system on which the Trust Units
may be listed or admitted to trading, notice of every meeting of the Trust Unitholders authorized by the Trustee or the Trust Unitholders calling the meeting, setting forth the time and place of the meeting and in general terms the matters proposed
to be acted upon at such meeting, shall be given in accordance with Section 12.08 of this Agreement not more than 60 nor less than 20 days before such meeting is to be held to all of the Trust Unitholders of record at the close of business on a
record date selected by the Trustee (the “Record Date Trust Unitholders”), which shall be not more than 60 days before the date of such notice. No matter other than that stated in the notice shall be acted upon at any meeting unless such
action is approved by the Trust Unitholders. Only Record Date Trust Unitholders shall be entitled to notice of and to exercise rights at or in connection with the meeting. All costs associated with calling any meeting of the Trust Unitholders shall
be borne by the Trust, except that the costs associated with the calling of a meeting of the Trust Unitholders called by Trust Unitholders owning of record not less than 10% in number of the then outstanding Trust Units shall be borne by the Trust
Unitholders that called such meeting of Trust Unitholders. 
 Section 8.03. Method of Voting and Vote Required. Each
Record Date Trust Unitholder shall be entitled to one vote for each Trust Unit owned by such Record Date Trust Unitholder on the record date, and any Record Date Trust Unitholder may vote in person or by proxy. Abstentions and broker non-votes shall
not be deemed to be a vote cast. At any such meeting, the presence in person or by proxy of Record Date Trust Unitholders holding a majority of the Trust Units held by all Record Date Trust Unitholders shall constitute a quorum. Except as otherwise
expressly provided in this Agreement, any matter shall be deemed to have been approved by the Trust Unitholders if it is approved by the affirmative vote of Record Date Trust Unitholders holding a majority of the Trust Units present in person or by
proxy at a meeting at which a quorum is present. 

  
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 Section 8.04. Conduct of Meetings. The Trustee may make such reasonable
regulations consistent with the provisions hereof as it may deem advisable for any meeting of the Trust Unitholders, for the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination
of proxies, certificates and other evidence of the right to vote, the preparation and use at the meeting of a list authenticated by or on behalf of the Trustee of the Trust Unitholders entitled to vote at the meeting and such other matters
concerning the conduct of the meeting as it shall deem advisable. 
 ARTICLE IX 

DURATION, REVOCATION AND TERMINATION OF TRUST 
 Section 9.01. Revocation. The Trust is and shall be irrevocable, and Chesapeake, as trustor, after the Closing, retains no power to alter, amend (except as provided otherwise in this
Article IX and in Section 10.02 hereof), revoke or terminate the Trust. The Trust shall be terminable only as provided in Section 9.02 of this Agreement, and shall continue until so terminated. 

Section 9.02. Termination. The Trust shall dissolve and commence winding-up its business and affairs upon the first to
occur of the following events or times: 
 (a) the disposition of all of the Royalty Interests and other assets (other than
cash), tangible or intangible, including accounts receivable and claims or rights to payment, constituting the Trust Estate; 

(b) an election by the Trustee to dissolve the Trust that is approved by the holders of a Unit Majority at a meeting duly called and held
in accordance with Article VIII; 
 (c) the aggregate Quarterly Cash Distribution Amounts for any four consecutive quarters
is less than $1.0 million; 
 (d) the entry of a decree of judicial dissolution of the Trust pursuant to the provisions of the
Trust Act; and 
 (e) the Liquidation Date. 
 Section 9.03. Disposition and Distribution of Assets and Properties. Notwithstanding the dissolution of the Trust pursuant to Section 9.02, the Trustee and the Delaware Trustee shall continue
to act as trustees of the Trust Estate and as such shall exercise the powers granted under this Agreement until their duties have been fully performed and the Trust Estate finally distributed so that the affairs of the Trust have been wound up.

 Upon the sale of all or substantially all of the Trust Estate pursuant to Section 3.02(a) of this Agreement or the
dissolution of the Trust pursuant to Section 9.02, the Trustee shall sell for cash in one or more sales all of the properties other than cash then constituting the Trust Estate after any reconveyance of assets to Chesapeake pursuant to the
Conveyances; provided, however, Chesapeake shall have a right of first refusal to acquire the subject properties being offered in each sale pursuant to the following procedures: 

  
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 (a) Within 30 days after the Liquidation Date, or after the date such sale pursuant to
Section 3.02 is approved, as applicable, the Trustee shall use commercially reasonable efforts to retain a third-party advisor to market the subject properties; 
 (b) If the Trustee receives a bona fide purchase offer from a proposed purchaser other than Chesapeake and desires to sell all or part of the subject properties pursuant to this Section 9.03, then
the Trustee shall give notice (the “Offer Notice”) to Chesapeake, identifying the proposed purchaser from whom it has received a bona fide offer and setting forth the proposed sale price, payment terms and other material terms and
conditions under which the Trustee is proposing to sell such subject properties to the proposed purchaser. Chesapeake shall have 30 days from its receipt of the Offer Notice to elect, by written notice to the Trustee, to purchase the subject
properties offered for sale on the terms and conditions set forth in the Offer Notice. 
 (c) If Chesapeake makes such election,
the notice of election shall state a closing date not later than 60 days after the date of the Offer Notice (subject only to customary closing conditions that could delay such closing date, including obtaining necessary governmental approvals). If
Chesapeake makes such election and actually completes the purchase of the subject properties, the proposed purchaser identified in the Offer Notice shall be entitled to receive reimbursement of its reasonable and documented expenses incurred in
connection with its review and analysis of the subject properties and bid preparation. Chesapeake shall pay the proposed purchaser 50 percent of such reimbursement, and the Trust shall pay the proposed purchaser 50 percent of such reimbursement;
provided, however, the amount of such reimbursement shall be limited to not more than 5 percent of the sales price received by the Trust for the subject properties. 
 (d) If Chesapeake does not give notice within the 30-day period following the Offer Notice that it elects to purchase such subject properties, the Trustee may, within 60 days after the end of such
30-day period, sell such subject properties to the identified purchaser on terms and conditions that are substantially the same as those previously set forth in such Offer Notice. In the event the Trustee shall desire to offer such subject
properties for sale on terms and conditions other than terms and conditions that are substantially the same as those previously set forth in an Offer Notice, the procedures set forth in this Section 9.03 must again be initiated and applied with
respect to the terms and conditions as modified. 
 (e) If, after a reasonable marketing period, no bona fide purchase offer is
received with respect to any or all of the subject properties from any party other than Chesapeake, then Chesapeake shall obtain, at the Trust’s expense, and deliver to the Trustee, a fairness opinion from a nationally-recognized valuation firm
with expertise in valuing oil and natural gas properties stating that the proposed sale price to be paid by Chesapeake to the Trust for the subject properties is fair to the Trust. 

The Trustee shall not be required to obtain approval of the Trust Unitholders prior to performing any of its duties pursuant to this
Section 9.03. Notwithstanding anything herein to the contrary, in no event may the Trustee distribute the Royalty Interests to the Trust Unitholders. Upon completion of the dissolution and winding up of the Trust in accordance with
Sections 9.02 and 9.03 hereof and Section 3808 of the Trust Act, the Trustee shall direct the Delaware Trustee 

  
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to execute and file, and the Delaware Trustee shall execute and file or cause to be filed, a certificate of cancellation of the Trust’s Certificate of Trust in accordance with
Sections 3811 and 3812 of the Trust Act. Upon the filing of such certificate of cancellation, the Trustee shall have no further duty or obligation or any further liability under this Agreement except as provided in Section 6.01.

 Section 9.04. Reorganization or Business Combination. 

(a) The Trust may merge or consolidate with or into, or convert into, one or more other Entities in accordance with Sections 3815 and
3821, as applicable, of the Trust Act if such transaction (i) is agreed to by the Trustee, (ii) is approved by the vote of a Unit Majority at a meeting duly called and held in accordance with Article VIII and (iii) is permitted
under the Trust Act and any other applicable law. The Trustee shall give prompt notice of such reorganization or business combination to the Delaware Trustee. With respect to a merger or consolidation pursuant to and in accordance with the
provisions of Section 3815(f) of the Trust Act, and notwithstanding anything else herein, an agreement of merger or consolidation approved in accordance with this Section 9.04 and Section 3815(a) of the Trust Act may effect any
amendment to this Agreement or effect the adoption of a new trust agreement if it is the surviving or resulting trust in the merger or consolidation. 
 (b) Upon the effective date of a certificate of merger duly filed in accordance with the Trust Act, the following shall be deemed to occur, in addition to such effects as may be specified under the Trust
Act as then in effect: 
 (i) all of the rights, privileges and powers of each of the Entities (including the
Trust) that have merged or consolidated, and all property, real, personal and mixed, and all debts due to any of those Entities (including the Trust) and all other things and causes of action belonging to each of those Entities (including the Trust)
shall be vested in the surviving Entity and, after the merger or consolidation, shall be the property of the surviving Entity to the extent they were part of each constituent Entity (including the Trust); 

(ii) the title to any real property vested by deed or otherwise in any of those constituent Entities (including the Trust)
shall not revert and shall not be in any way impaired because of the merger or consolidation; 
 (iii) all rights
of creditors and all liens on or security interest in property of any of those constituent Entities (including the Trust) shall be preserved unimpaired; 
 (iv) all debts, liabilities and duties of those constituent Entities (including the Trust) shall attach to the surviving or resulting Entity, and may be enforced against it to the same extent as if the
debts, liabilities and duties had been incurred or contacted by it; 
 (v) if the Trust is the surviving or
resulting entity, the governing instrument of the Trust shall be amended or a new governing instrument adopted as set forth in the certificate of merger; and 

  
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 (vi) the merger or consolidation shall not be deemed to result in a transfer
or assignment of assets or liabilities from one Entity to another. 
 (c) Upon the effectiveness of the conversion of the Trust
pursuant to Section 3821 of the Trust Act, the following shall be deemed to occur, in addition to such other effects as may be specified under the Trust Act as then in effect: 

(i) the Entity to which the Trust has converted shall, for all purposes of the laws of the State of Delaware, be deemed to
be the same entity as the Trust; 
 (ii) all of the rights, privileges and powers of the Trust that has
converted, and all property, real, personal and mixed, and all debts due to the Trust, as well as all other things and causes of action belonging to the Trust, shall remain vested in the other Entity to which the Trust has converted and shall be the
property of such other Entity; 
 (iii) the title to any real property vested by deed or otherwise in the Trust
shall not revert or be in any way impaired; 
 (iv) all rights of creditors and all liens on or security
interests in any property of the Trust shall be preserved unimpaired; and 
 (v) all debts, liabilities and
duties of the Trust that has converted shall remain attached to the other Entity to which the Trust has converted, and may be enforced against it to the same extent as if such debts, liabilities and duties had originally been incurred or contracted
by it in its capacity as such other Entity. 
 ARTICLE X 

AMENDMENTS 

Section 10.01. Prohibited Amendments. After the Closing, no amendment may be made to any provision of this Agreement that
would: 
 (a) increase the power of the Trust, or the Delaware Trustee or the Trustee on its behalf, to engage in business or
investment activities; 
 (b) alter the rights of the Trust Unitholders vis-a-vis each other, including by altering the
Incentive Threshold or the Subordination Threshold, except in either case as provided in Section 3.16, or alter the percentage of the Quarterly Cash Distribution Amount payable as Incentive Distributions; 

(c) permit the Trust to distribute the Royalty Interests in kind to the Trust Unitholders; or 

(d) unless consented to in writing by Chesapeake, have the effect of amending Sections 3.02, 6.02, 7.02, 9.02, 9.03, 10.01 or 10.02
hereof. 

  
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 Section 10.02. Permitted Amendments. After the Closing, subject to
Section 10.01, the Trustee and the Delaware Trustee may amend this Agreement and the Transaction Documents to which the Trust is a party as follows: 
 (a) The Trustee may from time to time supplement or amend the Transaction Documents to which the Trust is a party without the approval of Trust Unitholders in order to cure any ambiguity, to correct or
supplement any provision contained herein or therein that may be defective or inconsistent with any other provisions herein or therein, to grant any benefit to all of the Trust Unitholders, to add collateral to the Drilling Mortgage, to evidence or
implement any changes required by applicable law or to change the name of the Trust; provided, however, that such supplement or amendment does not adversely affect the interests of the Trust Unitholders; and provided, further, that any amendment to
this Agreement made to change the name of the Trust in accordance with Section 12.04 hereof or otherwise shall be conclusively deemed not to affect adversely the interests of the Trust Unitholders or result in a variance of the investment of
the Trust or the Trust Unitholders. 
 (b) Notwithstanding Section 10.02(a), the Trustee may, from time to time reset,
terminate, modify or otherwise amend the Hedge Contracts, the Hedge Security Instruments and the Collateral Agency Agreement in accordance with the terms thereof, and take any other actions ancillary thereto, without the approval of the Trust
Unitholders; provided that any such action is taken in accordance with the Hedge Contracts. 
 (c) Notwithstanding
Section 10.02(a), the Trustee may, from time to time supplement or amend the Administrative Services Agreement without the approval of the Trust Unitholders; provided, however, that such supplement or amendment would not materially increase the
costs or expenses of the Trust or materially adversely affect the economic interests of Trust Unitholders. 
 (d) All other
permitted amendments to the provisions of this Agreement and the other Transaction Documents to which the Trust is a party may be made only by the vote of the holders of a Unit Majority at a meeting duly called and held in accordance with
Article VIII. 
 (e) No amendment that increases the obligations, duties or liabilities or affects the rights of the
Delaware Trustee or the Trustee shall be effective without the express written approval of such Entity. 
 ARTICLE XI

 ARBITRATION 
 THE TRUST UNITHOLDERS, TRUSTEE AND CHESAPEAKE AGREE THAT, EXCEPT AS PROVIDED IN PARAGRAPH (I) OF THIS ARTICLE XI, ANY DISPUTE, CONTROVERSY OR CLAIM THAT MAY ARISE BETWEEN OR AMONG CHESAPEAKE (ON THE
ONE HAND) AND THE TRUST OR THE TRUSTEE (ON THE OTHER HAND) IN CONNECTION WITH OR OTHERWISE RELATING TO THE TRANSACTION DOCUMENTS TO WHICH THE TRUST IS A PARTY, OR THE APPLICATION, IMPLEMENTATION, VALIDITY OR BREACH OF THE TRANSACTION DOCUMENTS TO
WHICH THE TRUST IS A PARTY OR ANY PROVISION OF THE TRANSACTION 

  
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DOCUMENTS TO WHICH THE TRUST IS A PARTY (INCLUDING, WITHOUT LIMITATION, CLAIMS BASED ON CONTRACT, TORT OR STATUTE), SHALL BE FINALLY, CONCLUSIVELY AND EXCLUSIVELY SETTLED BY BINDING ARBITRATION
IN OKLAHOMA CITY, OKLAHOMA IN ACCORDANCE WITH THE COMMERCIAL ARBITRATION RULES (THE “RULES”) OF THE AMERICAN ARBITRATION ASSOCIATION OR ANY SUCCESSOR THERETO (“AAA”) THEN IN EFFECT. TO THE FULLEST EXTENT PERMITTED BY LAW, THE
TRUST UNITHOLDERS, THE TRUSTEE (ON BEHALF OF ITSELF AND ON BEHALF OF THE TRUST), THE DELAWARE TRUSTEE AND CHESAPEAKE HEREBY EXPRESSLY WAIVE THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING, WITHOUT LIMITATION, THE RIGHT TO TRIAL BY JURY, WITH
RESPECT TO ANY MATTER SUBJECT TO ARBITRATION PURSUANT TO THIS ARTICLE XI. THE TRUST UNITHOLDERS, TRUSTEE AND CHESAPEAKE MAY BRING AN ACTION, INCLUDING, WITHOUT LIMITATION, A SUMMARY OR EXPEDITED PROCEEDING, IN ANY COURT HAVING JURISDICTION, TO
COMPEL ARBITRATION OF ANY DISPUTE, CONTROVERSY OR CLAIM TO WHICH THIS ARTICLE XI APPLIES. EXCEPT WITH RESPECT TO THE FOLLOWING PROVISIONS (THE “SPECIAL PROVISIONS”) WHICH SHALL APPLY WITH RESPECT TO ANY ARBITRATION PURSUANT TO THIS ARTICLE
XI, THE INITIATION AND CONDUCT OF ARBITRATION SHALL BE AS SET FORTH IN THE RULES, WHICH RULES ARE INCORPORATED IN THIS AGREEMENT BY REFERENCE WITH THE SAME EFFECT AS IF THEY WERE SET FORTH IN THIS AGREEMENT. 

(a) In the event of any inconsistency between the Rules and the Special Provisions, the Special Provisions shall control. References in
the Rules to a sole arbitrator shall be deemed to refer to the tribunal of arbitrators provided for under subparagraph (c) below in this Article XI. 
 (b) The arbitration shall be administered by AAA. 
 (c) The arbitration shall be
conducted by a tribunal of three arbitrators. Within ten days after arbitration is initiated pursuant to the Rules, the initiating party or parties (the “Claimant”) shall send written notice to the other party or parties (the
“Respondent”), with a copy to the Oklahoma City, Oklahoma office of AAA (if no such office exists, to the Dallas, Texas office of AAA), designating the first arbitrator (who shall not be a representative or agent of any party but may or
may not be an AAA panel member and, in any case, shall be reasonably believed by the Claimant to possess the requisite experience, education and expertise in respect of the matters to which the claim relates to enable such person to completely
perform arbitral duties). Within ten days after receipt of such notice, the Respondent shall send written notice to the Claimant, with a copy to the Oklahoma City, Oklahoma office of AAA (if no such office exists, to the Dallas, Texas office of AAA)
and to the first arbitrator, designating the second arbitrator (who shall not be a representative or agent of any party, but may or may not be an AAA panel member and, in any case, shall be reasonably believed by the Respondent to possess the
requisite experience, education and expertise in respect of the matters to which the claim relates to enable such person to competently perform arbitral duties). Within ten days after such notice from the Respondent is received by the Claimant, the
Respondent and the Claimant shall cause their respective 

  
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designated arbitrators to select any mutually agreeable AAA panel member as the third arbitrator. If the respective designated arbitrators of the Respondent and the Claimant cannot so agree
within said ten day period, then the third arbitrator will be determined pursuant to the Rules. For purposes of this Article XI, Chesapeake (on the one hand) and the Trust and the Trustee (on the other hand) shall each be entitled to the
selection of one arbitrator. Prior to commencement of the arbitration proceeding, each arbitrator shall have provided the parties with a resume outlining such arbitrator’s background and qualifications and shall certify that such arbitrator is
not a representative or agent of any of the parties. If any arbitrator shall die, fail to act, resign, become disqualified or otherwise cease to act, then the arbitration proceeding shall be delayed for 15 days and the party by or on behalf of
whom such arbitrator was appointed shall be entitled to appoint a substitute arbitrator (meeting the qualifications set forth in this Article XI) within such 15-day period; provided, however, that if the party by or on behalf of whom such
arbitrator was appointed shall fail to appoint a substitute arbitrator within such 15-day period, the substitute arbitrator shall be a neutral arbitrator appointed by the AAA arbitrator within 15 days thereafter. 

(d) All arbitration hearings shall be commenced within 120 days after arbitration is initiated pursuant to the Rules, unless, upon a
showing of good cause by a party to the arbitration, the tribunal of arbitrators permits the extension of the commencement of such hearing; provided, however, that any such extension shall not be longer than 60 days. 

(e) All claims presented for arbitration shall be particularly identified and the parties to the arbitration shall each prepare a
statement of their position with recommended courses of action. These statements of position and recommended courses of action shall be submitted to the tribunal of arbitrators chosen as provided hereinabove for binding decision. The tribunal of
arbitrators shall not be empowered to make decisions beyond the scope of the position papers. 
 (f) The arbitration proceeding
will be governed by the substantive laws of the State of Delaware and will be conducted in accordance with such procedures as shall be fixed for such purpose by the tribunal of arbitrators, except that (i) discovery in connection with any
arbitration proceeding shall be conducted in accordance with the Federal Rules of Civil Procedure and applicable case law, (ii) the tribunal of arbitrators shall have the power to compel discovery and (iii) unless the parties otherwise
agree and except as may be provided in this Article XI, the arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16, to the exclusion of any provision of state law or other applicable law or procedure
inconsistent therewith or which would produce a different result. The parties shall preserve their right to assert and to avail themselves of the attorney-client and attorney-work-product privileges, and any other privileges to which they may be
entitled pursuant to applicable law. No party to the arbitration or any arbitrator may compel or require mediation and/or settlement conferences without the prior written consent of all such parties and the tribunal of arbitrators. 

(g) The tribunal of arbitrators shall make an arbitration award as soon as possible after the later of the close of evidence or the
submission of final briefs, and in all cases the award shall be made not later than thirty days following submission of the matter. The finding and decision of a majority of the arbitrators shall be final and shall be binding upon the parties.
Judgment upon the arbitration award or decision may be entered in any court having jurisdiction thereof or application may be made to any such court for a judicial acceptance of 

  
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the award and an order of enforcement, as the case may be. The tribunal of arbitrators shall have the authority to assess liability for pre-award and post-award interest on the claims,
attorneys’ fees, expert witness fees and all other expenses of arbitration as such arbitrators shall deem appropriate based on the outcome of the claims arbitrated. Unless otherwise agreed by the parties to the arbitration in writing, the
arbitration award shall include findings of fact and conclusions of law. 
 (h) Nothing in this Article XI shall be deemed
to (i) limit the applicability of any otherwise applicable statute of limitations or repose or any waivers contained in this Agreement, (ii) constitute a waiver by any party hereto of the protections afforded by 12 U.S.C. § 91 or
any successor statute thereto or any substantially equivalent state law, (iii) restrict the right of the Trustee to make application to any state or federal district court having jurisdiction in Oklahoma City, Oklahoma, to appoint a successor
Trustee or to request instructions with regard to any provision in this Agreement when the Trustee is unsure of its obligations thereunder, or (iv) apply to the Delaware Trustee. 

(i) Neither the Trust nor the Trustee shall participate in any class action brought against Chesapeake by any Person who is not a Trust
Unitholder and the Trustee shall opt out of any such class action in which the Trust is a purported class member; provided that the Trust may participate in any such action brought by Trust Unitholders or in which such participation by the Trust is
approved by the vote of a Unit Majority at a duly called and held meeting of the Trust Unitholders in accordance with Section 8.02. 
 ARTICLE XII 
 MISCELLANEOUS 

Section 12.01. Inspection of Books. Each Trust Unitholder and its duly authorized Agents shall have the right, at its own
expense and during reasonable business hours upon reasonable prior notice, to examine and inspect the records (including, without limitation, the ownership ledger) of the Trust and the Trustee in reference thereto for any purpose reasonably related
to the Trust Unitholder’s interest as a Trust Unitholder. The Trustee and its duly authorized Agents shall have the right, at the expense of the Trust and during reasonable business hours upon reasonable prior written notice, to examine and
inspect the records of Chesapeake relating to the Royalty Interests and the Underlying Properties. 
 Section 12.02.
Disability of a Trust Unitholder. Any payment or distribution to a Trust Unitholder may be made by check of the Trustee drawn to the order of the Trust Unitholder, regardless of whether or not the Trust Unitholder is a minor or under
other legal disability, without the Trustee having further responsibility with respect to such payment or distribution. This Section 12.02 shall not be deemed to prevent the Trustee from making any payment or distribution by any other method
that is appropriate under law. 
 Section 12.03. Merger or Consolidation of Delaware Trustee or Trustee. Neither a
change of name of either the Delaware Trustee or the Trustee, nor any merger or consolidation of its corporate powers with another bank or with a trust company, nor the sale or transfer of all or substantially all of its institutional and corporate
trust operations to a separate bank, trust company, corporation or other business entity shall adversely affect such resulting 

  
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or successor party’s right or capacity to act hereunder; provided, however, that the Delaware Trustee or any successor thereto shall maintain its principal place of business in the State of
Delaware; and provided, further, that, in the case of any successor Trustee or Delaware Trustee, it shall continue to meet the requirements of Section 6.05 of this Agreement. 

Section 12.04. Change in Trust Name. Upon the written request by Chesapeake submitted to the Trustee and the Delaware Trustee, the
Trustee shall, without the vote or consent of any Trust Unitholders, take all action necessary to change the name of the Trust to a name mutually agreeable to the Trustee and Chesapeake and, upon effecting such name change, the Delaware Trustee,
acting pursuant to the written instructions of the Trustee, shall amend the Certificate of Trust on file in the office of the Secretary of State of the State of Delaware to reflect such name change. 

Section 12.05. Filing of this Agreement. There is no obligation on the part of the Trustee that this Agreement or any executed
copy hereof be filed in any county in which any of the Trust Estate is located or elsewhere, but the same may be filed for record in any county by the Trustee. In order to avoid the necessity of filing this Agreement for record, each of the Delaware
Trustee and the Trustee agrees that for the purpose of vesting the record title to the Trust Estate in any successor trustee, each shall execute and deliver to such successor trustee appropriate assignments or conveyances. 

Section 12.06. Choice of Law. This Agreement and the Trust shall be governed by the laws of the State of Delaware (without regard
to the conflict of laws principles thereof) in effect at any applicable time in all matters, including the validity, construction and administration of this Agreement and the Trust, the enforceability of the provisions of this Agreement, all rights
and remedies hereunder and the services of the Delaware Trustee and Trustee hereunder. Furthermore, except as otherwise provided in this Agreement, the rights, powers, duties and liabilities of the Delaware Trustee, the Trustee and the Trust
Unitholders shall be as provided under the Trust Act and other applicable laws of the State of Delaware and the United States of America in effect at any applicable time; provided, however, that there shall not be applicable to the Trustee, the
Delaware Trustee, the Trust Unitholders, the Trust or this Agreement any provision of the laws (common or statutory) of the State of Delaware pertaining to trusts (other than the Trust Act) that relate to or regulate, in a manner inconsistent with
the terms hereof, (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a
trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a
trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or
other manner of holding or investing trust assets or (vii) the establishment of fiduciary or other standards of responsibility or limitations on the acts or powers of trustees that are inconsistent with the limitations or authorities and powers
of the trustees hereunder as set forth or referenced in this Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. 

  
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 Section 12.07. Separability. If any provision of this Agreement or the application
thereof to any Person or circumstances shall be finally determined by a court of proper jurisdiction to be illegal, invalid or unenforceable to any extent, the remainder of this Agreement or the application of such provision to Persons or
circumstances other than those as to which it is held illegal, invalid or unenforceable shall not be affected thereby, and every remaining provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

Section 12.08. Notices. Any and all notices or demands permitted or required to be given under this Agreement shall be in writing
(or be capable of being reproduced in paper form) and shall be validly given or made if (a) personally delivered, (b) delivered and confirmed by facsimile or like instantaneous transmission service, or by Federal Express or other overnight
courier delivery service, which shall be effective as of confirmation of receipt by the courier at the address for notice hereinafter stated, (c) solely in the case of notice to any Trust Unitholder, by press release in a nationally recognized
and distributed media or by means of electronic transmission or as otherwise permitted by applicable law or (d) deposited in the United States mail, first class, postage prepaid, certified or registered, return receipt requested, addressed as
follows: 
 If to the Trustee, to: 
 The Bank of New York Mellon Trust Company, N.A. 
 Institutional
Trust Services 
 919 Congress Avenue, Suite 500 

Austin, Texas 78701 Attention: Mike J. 

Ulrich Facsimile No.: (512) 479-2253 
 With a copy to: 
 Andrews Kurth LLP 

600 Travis, Suite 4200 
 Houston, Texas 77002 Attention: W. Lance Schuler 
 Facsimile No.:
(713) 238-7193 
 With a copy to: 
 Richards, Layton & Finger, P.A. 
 One Rodney Square

 920 North King Street 
 Wilmington, Delaware 19801 
 Attention: Eric Mazie 

Facsimile No.: (302) 498-7678 
 If to the Delaware Trustee, to: 

  
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 The Corporation Trust Company 

1209 Orange Street 
 Wilmington, Delaware 19801 
 Attention: Corporate Staffing

 Facsimile No.: (302) 658-5459 
 If to Chesapeake, to: 
 6100 North Western Avenue 

Oklahoma City, OK 73118 
 Attention: Jennifer M. Grigsby 
 Facsimile No.: (405) 879-9572

 With a copy to: 
 Bracewell & Giuliani LLP 
 711 Louisiana Street, Suite
2300 
 Houston, TX 77002 

Attention: Michael S. Telle 
 Facsimile No.: (713) 221-2113 
 If to a Trust Unitholder, to: 

the Trust Unitholder at its last address as shown on the ownership records maintained by the Trustee or the Transfer Agent. 

Notice that is mailed in the manner specified shall be conclusively deemed given three days after the date postmarked or upon receipt,
whichever is sooner. Any party to this Agreement may change its address for the purpose of receiving notices or demands by notice to the Trustee given as provided in this Section 12.08. 

Section 12.09. Counterparts. This Agreement may be executed in a number of counterparts, each of which shall constitute an
original, but such counterparts shall together constitute but one and the same instrument. 
 Section 12.10. No Fiduciary
Duty of Chesapeake or its Affiliates. The parties hereto and the Trust Unitholders expressly acknowledge and agree that Chesapeake and its Affiliates are entering into the Transaction Documents to which they are a party and may exercise their
rights and discharge their obligations fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties, all of which defenses, claims or assertions are hereby expressly waived by
the other parties hereto and the Trust Unitholders. Neither Chesapeake nor any of its Affiliates shall be a fiduciary with respect to the Trust or the Trust Unitholders. To the extent that, at law or in equity, Chesapeake or its Affiliates have
duties (including fiduciary duties) and liabilities relating thereto to the Trust or to the Trust Unitholders, such duties and liabilities are hereby eliminated to the fullest extent permitted by law. 

  
 -47-

 Section 12.11. Waiver of Damages. TO THE FULLEST EXTENT PERMITTED BY LAW, NOTWITHSTANDING
ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NO PARTY SHALL BE LIABLE HEREUNDER FOR EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES, WHETHER BASED IN CONTRACT, TORT, STRICT LIABILITY, OTHER LAW OR OTHERWISE.

 [Signature pages follow] 

  
 -48-

 IN WITNESS WHEREOF, Chesapeake, the Trustee and the Delaware Trustee have caused this
Agreement to be duly executed this             day of             , 2011. 

 

			
	CHESAPEAKE ENERGY CORPORATION
		
	By:	 	  

	Name:	 	Jennifer M. Grigsby
	Title:	 	Senior Vice President, Treasurer and
		 	Corporate Secretary

  

							
	STATE OF OKLAHOMA	  	§	  		  	
		  	§	  		  	
	COUNTY OF OKLAHOMA	  	§	  		  	

 This instrument was acknowledged before me on [•], 2011, by [•] as
[•] of Chesapeake Energy Corporation, an Oklahoma corporation, on behalf of said corporation. 
 WITNESS my hand and
official seal this [•] day of [•], 2011. 
  

	
	  
	 NOTARY PUBLIC,
 State of
Oklahoma

  

	
	  
	(printed name)

 My commission expires:  
 [•]  
 [SEAL] 
 [Signature Page to Amended and Restated Trust Agreement] 

 
			
	CHESAPEAKE EXPLORATION, L.L.C.
		
	By:	 	  

	Name:	 	Jennifer M. Grigsby
	Title:	 	Senior Vice President, Treasurer and
		 	Corporate Secretary

  

							
	STATE OF OKLAHOMA	  	§	  		  	
		  	§	  		  	
	COUNTY OF OKLAHOMA	  	§	  		  	

 This instrument was acknowledged before me on [•], 2011, by [•] as
[•] of Chesapeake Exploration, L.L.C., an Oklahoma limited liability company, on behalf of said limited liability company. 
 WITNESS my hand and official seal this [•] day of [•], 2011. 
  

	
	  
	 NOTARY PUBLIC,
 State of
Oklahoma

  

	
	  
	(printed name)

 My commission expires:  
 [•]  
 [SEAL] 
 [Signature Page to Amended and Restated Trust Agreement] 

 
			
	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., AS TRUSTEE

		
	By:	 	  

	 Name:
	 	Michael J. Ulrich
	 Title:
	 	Vice President

  

							
	STATE OF TEXAS	  	§	  		  	
		  	§	  		  	
	COUNTY OF TRAVIS	  	§	  		  	

 This instrument was acknowledged before me on [•], 2011, by Michael J. Ulrich as Vice
President of The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the United States of America, the Trustee of Chesapeake Granite Wash Trust, a Delaware statutory trust, on behalf of said
national banking association. 
 WITNESS my hand and official seal this [•] day of [•], 2011.

  

	
	
	  

	NOTARY PUBLIC,
	State of Texas
	
	
	  

	(printed name)

 My commission expires: 
 [•] 
 [SEAL] 

[Signature Page to Amended and Restated Trust Agreement] 

 
			
	 THE CORPORATION TRUST COMPANY

		
	By:	 	  

	 Name:
	 	Jennifer A. Schwartz
	 Title:
	 	Assistant Vice President

  

							
	STATE OF DELAWARE	  	§	  		  	
		  	§	  		  	
	COUNTY OF NEW CASTLE	  	§	  		  	

 This instrument was acknowledged before me on [•], 2011, by Jennifer A. Schwartz as
Assistant Vice President of The Corporation Trust Company, a corporation organized under the laws of the State of Delaware, the Delaware Trustee of Chesapeake Granite Wash Trust, a Delaware statutory trust, on behalf of said corporation. 

WITNESS my hand and official seal this [•] day of [•], 2011. 

 

	
	
	  

	NOTARY PUBLIC,
	State of Delaware
	
	
	  

	(printed name)

 My commission expires: 
 [•] 
 [SEAL] 

[Signature Page to Amended and Restated Trust Agreement] 

 SCHEDULE 1 
 Derivative Contracts 
  

					
	 Reference Number *
	  	 Trade Date
	    	Period
	 79247532
	  	9/13/2011	    	Oct 1-Nov 30, 2011
	 79247534
	  	9/13/2011	    	Dec 1 2011-Feb 29 2012
	 79247536
	  	9/13/2011	    	Mar 1-May 31, 2012
	 79247567
	  	9/13/2011	    	Jun 1-Aug 31, 2012
	 79247571
	  	9/13/2011	    	Dec 1 2012-Feb 28 2013
	 79247574
	  	9/13/2011	    	Mar 1-May 31, 2013
	 79247575
	  	9/13/2011	    	Jun 1-Aug 31, 2013
	 79247580
	  	9/13/2011	    	Sep 1-Nov 30, 2013
	 79247581
	  	9/13/2011	    	Dec 1 2013-Feb 28 2014
	 79247584
	  	9/13/2011	    	Mar 1-May 31, 2014
	 79247585
	  	9/13/2011	    	Jun 1-Aug 31, 2014
	 79247588
	  	9/13/2011	    	Sep 1-Nov 30, 2014
	 79247589
	  	9/13/2011	    	Dec 1 2014-Feb 28 2015
	 79247590
	  	9/13/2011	    	Mar 1-May 31, 2015
	 79247591
	  	9/13/2011	    	Jun 1-Aug 31, 2015
	 79247592
	  	9/13/2011	    	Sep 1-Nov 30, 2012
	 79247613
	  	9/13/2011	    	Sep 1-30, 2015
	 79322395
	  	9/15/2011	    	Oct 1-Nov 30, 2011
	 79322396
	  	9/15/2011	    	Dec 1 2011-Feb 29 2012
	 79322397
	  	9/15/2011	    	Mar 1-May 31, 2012
	 79322418
	  	9/15/2011	    	Jun 1-Aug 31, 2012
	 79322419
	  	9/15/2011	    	Sep 1-Nov 30, 2012
	 79322422
	  	9/15/2011	    	Dec 1 2012-Feb 28 2013
	 79322423
	  	9/15/2011	    	Mar 1-May 31, 2013
	 79322424
	  	9/15/2011	    	Jun 1-Aug 31, 2013
	 79322425
	  	9/15/2011	    	Sep 1-Nov 30, 2013
	 79322426
	  	9/15/2011	    	Dec 1 2013-Feb 28 2014
	 79322427
	  	9/15/2011	    	Mar 1-May 31, 2014
	 79322429
	  	9/15/2011	    	Jun 1-Aug 31, 2014
	 79322430
	  	9/15/2011	    	Sep 1-Nov 30, 2014
	 79322435
	  	9/15/2011	    	Dec 1 2014-Feb 28 2015
	 79322439
	  	9/15/2011	    	Mar 1-May 31, 2015
	 79322440
	  	9/15/2011	    	Jun 1-Aug 31, 2015
	 79322442
	  	9/15/2011	    	Sep 1-30, 2015
	 79408414
	  	9/20/2011	    	Oct 1-Nov 30, 2011
	 79408416
	  	9/20/2011	    	Dec 1 2011-Feb 29 2012
	 79408418
	  	9/20/2011	    	Mar 1-May 31, 2012
	 79408420
	  	9/20/2011	    	Jun 1-Aug 31, 2012
	 79408443
	  	9/20/2011	    	Sep 1-Nov 30, 2012
	 79408451
	  	9/20/2011	    	Dec 1 2012-Feb 28 2013
	 79408458
	  	9/20/2011	    	Mar 1-May 31, 2013
	 79408459
	  	9/20/2011	    	Jun 1-Aug 31, 2013
	 79408460
	  	9/20/2011	    	Sep 1-Nov 30, 2013
	 79408462
	  	9/20/2011	    	Dec 1 2013-Feb 28 2014
	 79408463
	  	9/20/2011	    	Mar 1-May 31, 2014
	 79408464
	  	9/20/2011	    	Jun 1-Aug 31, 2014
	 79408467
	  	9/20/2011	    	Sep 1-Nov 30, 2014
	 79408468
	  	9/20/2011	    	Dec 1 2014-Feb 28 2015
	 79408473
	  	9/20/2011	    	Mar 1-May 31, 2015
	 79408474
	  	9/20/2011	    	Jun 1-Aug 31, 2015
	 79408475
	  	9/20/2011	    	Sep 1-30, 2015
	 79583274
	  	9/26/2011	    	Oct 1-Nov 30, 2011
	 79583275
	  	9/26/2011	    	Dec 1 2011-Feb 29 2012
	 79583276
	  	9/26/2011	    	Mar 1-May 31, 2012
	 79583277
	  	9/26/2011	    	Jun 1-Aug 31, 2012
	 79583278
	  	9/26/2011	    	Sep 1-Nov 30, 2012
	 79583279
	  	9/26/2011	    	Dec 1 2012-Feb 28 2013
	 79583280
	  	9/26/2011	    	Mar 1-May 31, 2013
	 79583281
	  	9/26/2011	    	Jun 1-Aug 31, 2013
	 79583282
	  	9/26/2011	    	Sep 1-Nov 30, 2013
	 79583283
	  	9/26/2011	    	Dec 1 2013-Feb 28 2014
	 79583284
	  	9/26/2011	    	Mar 1-May 31, 2014
	 79583285
	  	9/26/2011	    	Jun 1-Aug 31, 2014
	 79583286
	  	9/26/2011	    	Sep 1-Nov 30, 2014
	 79583287
	  	9/26/2011	    	Dec 1 2014-Feb 28 2015
	 79583288
	  	9/26/2011	    	Mar 1-May 31, 2015
	 79583289
	  	9/26/2011	    	Jun 1-Aug 31, 2015
	 79583290
	  	9/26/2011	    	Sep 1-30, 2015

  

	*	The counterparty for all commodity swaps is Morgan Stanley Commodities Group Inc. 

 SCHEDULE 2 
 Target Distributions and Subordination and Incentive Thresholds 
  

																			
	 Calculation of Target Distributions
	 
	 Quarters 2011-2020
	 	  	Quarters 2021-2031	 
	 Quarter
Ending
	  	Subordination
Threshold(1)
	 	  	Target Cash
Distribution
Quarterly	 	  	Incentive
Threshold(1)
	 	  	Quarter
Ending	  	Target Cash
Distribution
Quarterly	 
	 September 30, 2011(2)
	  	$	0.43	  	  	$	0.54	  	  	$	0.65	  	  	September 30, 2021	  	$	0.29	  
	 December 31, 2011
	  	$	0.54	  	  	$	0.68	  	  	$	0.82	  	  	December 31, 2021	  	$	0.29	  
	 March 31, 2012
	  	$	0.59	  	  	$	0.74	  	  	$	0.89	  	  	March 31, 2022	  	$	0.28	  
	 June 30, 2012
	  	$	0.61	  	  	$	0.76	  	  	$	0.91	  	  	June 30, 2022	  	$	0.28	  
	 September 30, 2012
	  	$	0.63	  	  	$	0.79	  	  	$	0.94	  	  	September 30, 2022	  	$	0.28	  
	 December 31, 2012
	  	$	0.67	  	  	$	0.84	  	  	$	1.01	  	  	December 31, 2022	  	$	0.27	  
	 March 31, 2013
	  	$	0.69	  	  	$	0.87	  	  	$	1.04	  	  	March 31, 2023	  	$	0.27	  
	 June 30, 2013
	  	$	0.69	  	  	$	0.86	  	  	$	1.04	  	  	June 30, 2023	  	$	0.26	  
	 September 30, 2013
	  	$	0.71	  	  	$	0.89	  	  	$	1.07	  	  	September 30, 2023	  	$	0.26	  
	 December 31, 2013
	  	$	0.69	  	  	$	0.86	  	  	$	1.04	  	  	December 31, 2023	  	$	0.26	  
	 March 31, 2014
	  	$	0.69	  	  	$	0.87	  	  	$	1.04	  	  	March 31, 2024	  	$	0.25	  
	 June 30, 2014
	  	$	0.68	  	  	$	0.85	  	  	$	1.02	  	  	June 30, 2024	  	$	0.25	  
	 September 30, 2014
	  	$	0.69	  	  	$	0.86	  	  	$	1.03	  	  	September 30, 2024	  	$	0.25	  
	 December 31, 2014
	  	$	0.66	  	  	$	0.83	  	  	$	0.99	  	  	December 31, 2024	  	$	0.24	  
	 March 31, 2015
	  	$	0.66	  	  	$	0.83	  	  	$	0.99	  	  	March 31, 2025	  	$	0.24	  
	 June 30, 2015
	  	$	0.68	  	  	$	0.85	  	  	$	1.02	  	  	June 30, 2025	  	$	0.24	  
	 September 30, 2015
	  	$	0.64	  	  	$	0.80	  	  	$	0.96	  	  	September 30, 2025	  	$	0.24	  
	 December 31, 2015
	  	$	0.56	  	  	$	0.70	  	  	$	0.84	  	  	December 31, 2025	  	$	0.23	  
	 March 31, 2016
	  	$	0.51	  	  	$	0.63	  	  	$	0.76	  	  	March 31, 2026	  	$	0.23	  
	 June 30, 2016
	  	$	0.47	  	  	$	0.58	  	  	$	0.70	  	  	June 30, 2026	  	$	0.22	  
	 September 30, 2016
	  	$	0.44	  	  	$	0.55	  	  	$	0.66	  	  	September 30, 2026	  	$	0.22	  
	 December 31, 2016
	  	$	0.41	  	  	$	0.52	  	  	$	0.62	  	  	December 31, 2026	  	$	0.22	  
	 March 31, 2017
	  	$	0.39	  	  	$	0.49	  	  	$	0.59	  	  	March 31, 2027	  	$	0.21	  
	 June 30, 2017
	  	$	0.37	  	  	$	0.47	  	  	$	0.56	  	  	June 30, 2027	  	$	0.21	  
	 September 30, 2017
	  				  	$	0.45	  	  				  	September 30, 2027	  	$	0.21	  
	 December 31, 2017
	  				  	$	0.43	  	  				  	December 31, 2027	  	$	0.20	  
	 March 31, 2018
	  				  	$	0.41	  	  				  	March 31, 2028	  	$	0.20	  
	 June 30, 2018
	  				  	$	0.40	  	  				  	June 30, 2028	  	$	0.20	  
	 September 30, 2018
	  				  	$	0.39	  	  				  	September 30, 2028	  	$	0.19	  
	 December 31, 2018
	  				  	$	0.37	  	  				  	December 31, 2028	  	$	0.19	  
	 March 31, 2019
	  				  	$	0.36	  	  				  	March 31, 2029	  	$	0.19	  
	 June 30, 2019
	  				  	$	0.35	  	  				  	June 30, 2029	  	$	0.18	  
	 September 30, 2019
	  				  	$	0.34	  	  				  	September 30, 2029	  	$	0.18	  
	 December 31, 2019
	  				  	$	0.34	  	  				  	December 31, 2029	  	$	0.18	  
	 March 31, 2020
	  				  	$	0.33	  	  				  	March 31, 2030	  	$	0.17	  
	 June 30, 2020
	  				  	$	0.32	  	  				  	June 30, 2030	  	$	0.17	  
	 September 30, 2020
	  				  	$	0.32	  	  				  	September 30, 2030	  	$	0.17	  
	 December 31, 2020
	  				  	$	0.31	  	  				  	December 31, 2030	  	$	0.16	  
	 March 31, 2021
	  				  	$	0.30	  	  				  	March 31, 2031	  	$	0.16	  
	 June 30, 2021
	  				  	$	0.30	  	  				  	June 30, 2031	  	$	0.16	  
		  				  				  				  	Remaining	  	$	2.18	  

  

	(1)	For each quarter, the Subordination Threshold equals 80% of the Target Distribution, and the Incentive Threshold equals 120% of the Target Distribution.

	(2)	Includes proceeds attributable to two months of actual production from July 1, 2011 to August 31, 2011, and gives effect to the establishment of $1.0 million
of reserves for expenses withheld by the Trustee. 

 SCHEDULE 3 
 Fee Schedule of Trustee 
 1. The fee will be $175,000 annually until
January 1, 2015. 
 2. The fee will be adjusted annually thereafter, up or down, by the amount of the change in the All
Urban Consumers (CPI-U) — US City Average for the immediately preceding calendar year, not to exceed +/- 3% in any one year. 

 ANNEX A 
 TO AMENDED AND RESTATED TRUST AGREEMENT OF 
 CHESAPEAKE GRANITE WASH TRUST

 U.S. FEDERAL INCOME TAX PROVISIONS 
 1. Purpose and Scope; Definitions; Use of Agents. 
 (a) For U.S. federal income tax
purposes, Chesapeake Granite Wash Trust (the “Trust”) will be classified and treated as a partnership and the Trust Unitholders will be treated as the partners in such partnership. A partnership is not a taxable entity and incurs no U.S.
federal income tax liability. Instead, each partner is required to take into account his allocable share of items of income, gain, loss, deduction and credit of the partnership in computing his U.S. federal income tax liability. This Annex A
contains provisions necessary to permit the Trust to comply with the U.S. federal income tax law applicable to the Trust, including provisions governing the allocation of items of income, gain, loss and deduction of the Trust and the maintenance of
the Capital Accounts of the Trust Unitholders. Unless the context otherwise requires, or as otherwise indicated, references to “sections” in this Annex A refer to the sections in this Annex A, not sections of the Agreement. 

(b) For purposes of this Annex A, the “Partnership” means the Trust, “Partner(s)” means Trust Unitholder(s) and
Chesapeake Exploration, as holder of the right to receive Incentive Distributions pursuant to Section 3.15(a)(i)(D) of the Agreement (the “Incentive Distribution Right”), and “Partnership Interest” means the ownership
interest in the Trust held by a Trust Unitholder and by Chesapeake Exploration, as holder of the Incentive Distribution Right. Other terms used in this Annex A have the meanings set forth in Section 7 below or in the Amended and Restated Trust
Agreement of which this Annex A is a part. 
 (c) This Annex A provides that under certain circumstances the Trustee is
either required to take or has the discretion to take actions relating to the Trust’s status as a partnership for U.S. federal income tax purposes. The Trustee will generally take such required actions, and where such actions are discretionary,
will generally exercise its discretion to take such actions, through its Agents, including any independent registered public accounting firms and Chesapeake. Pursuant to Section 3.01 of the Agreement, when exercising its discretion on any
matters set forth in this Annex A, the Trustee shall take action as in its judgment is necessary, desirable or advisable to best achieve the purposes of the Trust. 
 2. Capital Accounts. 
 (a) The Partnership shall maintain for each Partner (or a
beneficial owner of Partnership Interests held by a nominee in any case in which the nominee has furnished the identity of such owner to the Partnership in accordance with Section 6031(c) of the Code or any other method acceptable to the
Trustee) owning a Partnership Interest a separate capital account (“Capital Account”) with respect to such Partnership Interest in accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). Such Capital Account
shall be increased by (i) the amount of all Capital Contributions made to the Partnership with respect to such 

  
 -1-

 
Partnership Interest and (ii) all items of Net Income and other items of Partnership income and gain (including, without limitation, Simulated Gain and income and gain exempt from tax)
computed in accordance with Section 2(b) and allocated with respect to such Partnership Interest pursuant to Section 3, and decreased by (x) the amount of cash distributions made with respect to such Partnership Interest and
(y) all items of Net Loss and other items of Partnership deduction and loss (including Simulated Depletion and Simulated Loss) computed in accordance with Section 2(b) and allocated with respect to such Partnership Interest pursuant to
Section 3. 
 (b) For purposes of computing Net Income, Net Loss and the amount of any item of income, gain, loss,
deduction, Simulated Depletion, Simulated Gain or Simulated Loss which is to be allocated pursuant to Section 3 and is to be reflected in the Partners’ Capital Accounts, the determination, recognition and classification of any such item
shall be the same as its determination, recognition and classification for U.S. federal income tax purposes; provided, however, that: 
 (i) All fees and other expenses incurred by the Partnership to promote the sale of (or to sell) a Partnership Interest that can neither be deducted nor amortized under Section 709 of the Code, if
any, shall, for purposes of Capital Account maintenance, be treated as an item of deduction at the time such fees and other expenses are incurred and shall be allocated among the Partners pursuant to Section 3. 

(ii) Except as otherwise provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(m), the computation of all
items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss shall be made without regard to any election under Section 754 of the Code which may be made by the Partnership and, as to those items described in
Section 705(a)(1)(B) or Section 705(a)(2)(B) of the Code, without regard to the fact that such items are not includable in gross income or are neither currently deductible nor capitalized for U.S. federal income tax purposes. To the extent
an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or Section 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in
determining Capital Accounts, the amount of such adjustment in the Capital Accounts shall be treated as an item of gain or loss. 
 (iii) Any income, gain, loss, Simulated Gain or Simulated Loss attributable to the taxable disposition of any Partnership property shall be determined as if the adjusted basis of such property as of such
date of disposition were equal in amount to the Partnership’s Carrying Value with respect to such property as of such date. 
 (iv) In accordance with the requirements of Section 704(b) of the Code, any deductions for depreciation, cost recovery, amortization or Simulated Depletion attributable to any Contributed Property
shall be determined as if the adjusted basis of such property on the date it was acquired by the Partnership were equal to the Agreed Value of such property. 
 (c) A transferee of a Partnership Interest shall succeed to a pro rata portion of the Capital Account of the transferor relating to the Partnership Interest so transferred. 

  
 -2-

 (d) Subject to Section 5(b), immediately prior to the transfer of a Sponsor Common
Unit, the Capital Account maintained for the transferor with respect to its Sponsor Common Units will (A) first, be allocated to the Sponsor Common Units to be transferred in an amount equal to the product of (x) the number of such Sponsor
Common Units to be transferred and (y) the Uniform Per Unit Capital Amount, and (B) second, any remaining balance in such Capital Account will be retained by the transferor and allocated to its retained Sponsor Common Units. Following any
such allocation, the transferor’s Capital Account maintained with respect to the retained Sponsor Common Units will have a balance equal to the amount allocated under clause (B) hereinabove, the transferee’s Capital Account
established with respect to the transferred Sponsor Common Units will have a balance equal to the amount allocated under clause (A) hereinabove, and the transferred Sponsor Common Units shall cease to be Sponsor Common Units. 

3. Allocations for Capital Account Purposes. For purposes of maintaining the Capital Accounts and in determining the rights of the
Partners among themselves, the Partnership’s items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss (computed in accordance with Section 2(b)) shall be allocated among the Partners for each
Allocation Year as provided herein below. 
 (a) Net Income and Net Loss. After giving effect to the special allocations set
forth in Section 3(b) and Section 3(c), Net Income and Net Loss for each taxable year and all items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss taken into account in computing Net Income and Net
Loss for such Allocation Year shall be allocated to the Partners in accordance with their respective Percentage Interests; provided that Net Loss shall not be allocated pursuant to the Section 3(a) to the extent that such allocation would cause
any Partner to have a deficit balance in its Adjusted Capital Account at the end of such Allocation Year (or increase any existing deficit balance in its Adjusted Capital Account). 

(b) Special Allocations. Notwithstanding any other provision of this Section 3, the following special allocations shall be made for
such Allocation Year: 
 (i) Partnership Minimum Gain Chargeback. Notwithstanding any other provision of this Section 3, if
there is a net decrease in Partnership Minimum Gain during any Allocation Year, each Partner shall be allocated items of Partnership income, gain and Simulated Gain for such period (and, if necessary, subsequent periods) in the manner and amounts
provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor provision. For purposes of this Section 3(b), each Partner’s Adjusted Capital Account balance shall be determined, and
the allocation of income, gain and Simulated Gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 3(b) with respect to such Allocation Year (other than an allocation pursuant to
Sections 3(b)(vi) and 3(b)(vii)). This Section 3(b)(i) is intended to comply with the Partnership Minimum Gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

  
 -3-

 (ii) Chargeback of Partner Nonrecourse Debt Minimum Gain. Notwithstanding the other
provisions of this Section 3(b) (other than Section 3(b)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any Allocation Year, any
Partner with a share of Partner Nonrecourse Debt Minimum Gain at the beginning of such Allocation Year shall be allocated items of Partnership income, gain and Simulated Gain for such period (and, if necessary, subsequent periods) in the manner and
amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of this Section 3(b), each Partner’s Adjusted Capital Account balance shall be determined, and the
allocation of income, gain and Simulated Gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 3(b), other than Section 3(b)(i) and other than an allocation pursuant to
Sections 3(b)(vi) and 3(b)(vii), with respect to such Allocation Year. This Section 3(b)(ii) is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4) and shall
be interpreted consistently therewith. 
 (iii) Priority Allocations. 

(A) If the amount of cash distributed to any Trust Unitholder with respect to its Trust Units for any Allocation Year is greater (on a
per Trust Unit basis) than the amount of cash distributed to any other Trust Unitholder with respect to its Trust Units (on a per Trust Unit basis), then there shall be allocated gross income and gain to each Trust Unitholder receiving such greater
cash distribution until the aggregate amount of such items allocated pursuant to this Section 3(b)(iii)(A) for the current Allocation Year and all previous Allocation Years to such Trust Unitholder is equal to the product of (aa) the
amount by which the distribution (on a per Trust Unit basis) to such Trust Unitholder exceeds the distribution (on a per Trust Unit basis) to the Trust Unitholders receiving the smallest distribution and (bb) the number of Trust Units with
respect to which such Trust Unitholder receives the greater distribution. In the event and to the extent that the allocations required by this Section 3(b)(iii)(A), cannot be made due to an insufficiency of income or gain available for
allocation hereunder, such unfulfilled allocations shall be treated as being required pursuant to this Section 3(b)(iii)(A) in the next succeeding Allocation Year (and thereafter until made). 

(B) After the application of Section 3(b)(iii)(A), the remaining items of Partnership gross income and gain for the Allocation
Year, if any, shall be allocated to the holder of the Incentive Distribution Right until the aggregate amount of such items allocated to the holder of the Incentive Distribution Right pursuant to this Section 3(b)(iii)(B) for the current
Allocation Year and all previous Allocation Years is equal to the cumulative amount of all Incentive Distributions made to the holder of the Incentive Distribution Right from the Closing Date to the end of the current Allocation Year. 

(iv) Qualified Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations or distributions described in
Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of Partnership income, gain and Simulated Gain shall be specially allocated to such Partner in an amount and manner sufficient
to eliminate, to the extent required by the Treasury Regulations promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as
possible; provided, that an allocation pursuant to this Section 3(b)(iv) shall be made only if and to the extent that such Partner would have a deficit balance in its Adjusted Capital Account as adjusted after all other allocations provided for
in this Section 3 have been tentatively made as if this Section 3(b)(iv) were not in this Agreement. 

  
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 (v) Gross Income Allocations. In the event any Partner has a deficit balance in its Capital
Account at the end of any Allocation Year in excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Annex A and (B) the amount such Partner is deemed obligated to restore pursuant to
Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership gross income, gain and Simulated Gain in the amount of such excess as quickly as possible; provided, that an allocation
pursuant to this Section 3(b)(v) shall be made only if and to the extent that such Partner would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this Section 3 have been tentatively
made as if this Section 3(b)(v) were not in this Agreement. 
 (vi) Nonrecourse Deductions. Nonrecourse Deductions for any
Allocation Year shall be allocated to the Partners in accordance with their respective Percentage Interests. If the Trustee determines that the Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe
harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the Trustee is authorized to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements. 

(vii) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any Allocation Year shall be allocated 100% to the Partner that
bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulation Section 1.704-2(i). If more than one Partner bears the
Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be allocated between or among such Partners in accordance with the ratios in which they share such Economic Risk of
Loss. 
 (viii) Nonrecourse Liabilities. For purposes of Treasury Regulation Section 1.752-3(a)(3), the Partners agree
that Nonrecourse Liabilities of the Partnership in excess of the sum of (A) the amount of Partnership Minimum Gain and (B) the total amount of Nonrecourse Built-in Gain shall be allocated among the Partners in accordance with their
respective Percentage Interests. 
 (ix) Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax
basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such
adjustment to the Capital Accounts shall be treated as an item of gain or Simulated Gain (if the adjustment increases the basis of the asset) or loss or Simulated Loss (if the adjustment decreases such basis), and such item of gain or loss shall be
specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such section of the Treasury Regulations. 

  
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 (x) Economic Uniformity. 

(A) At the election of the Trustee with respect to any Allocation Year ending upon, or after, the termination of the Subordination
Period, all or a portion of the remaining items of Partnership gross income, gain or Simulated Gain for such taxable period, after taking into account all allocations pursuant to Section 3(b)(iii), shall be allocated 100% to each Partner
holding Sponsor Common Units, until each such Partner has been allocated an amount of gross income, gain or Simulated Gain that increases the Capital Account maintained with respect to such Sponsor Common Units to an amount that, after taking into
account the other allocations of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss to be made with respect to such Allocation Year, will equal the product of (A) the number of Sponsor Common Units held by
such Partner and (B) the Uniform Per Unit Capital Amount. The purpose of this allocation is to establish uniformity between the Capital Accounts underlying Sponsor Common Units and the Capital Accounts underlying Public Common Units. This
allocation method for establishing such economic uniformity will be available to the Trustee only if the method for allocating the Capital Account maintained with respect to the Sponsor Common Units between the transferred and retained Sponsor
Common Units pursuant to Section 2(d) does not otherwise provide such economic uniformity to the Sponsor Common Units. 

(B) For the proper administration of the Partnership and for the preservation of uniformity of the Trust Units, the Trustee shall
(i) adopt such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost recovery deductions, (ii) make special allocations of income, gain, loss or deduction, (iii) amend the provisions of
this Annex A as appropriate (x) to reflect the proposal or promulgation of Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve uniformity of the Trust Units (or any
class or classes thereof). The Trustee may adopt such conventions, make such allocations and make such amendments to this Annex A as provided in this Section 3(x)(B) only if such conventions, allocations or amendments would not have a material
adverse effect on the Partners. 
 (xi) Curative Allocation. 

(A) Notwithstanding any other provision of this Section 3, other than the Required Allocations, the Required Allocations shall be
taken into account in making the Agreed Allocations so that, to the extent possible, the net amount of items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss allocated to each Partner pursuant to the Required
Allocations and the Agreed Allocations, together, shall be equal to the net amount of such items that would have been allocated to each such Partner under the Agreed Allocations had the Required Allocations and the related Curative Allocation not
otherwise been provided in this Section 3. Notwithstanding the preceding sentence, Required Allocations relating to (1) Nonrecourse Deductions shall not be taken into account except to the extent that there has been a decrease in
Partnership Minimum Gain and (2) Partner Nonrecourse Deductions shall not be taken into account except to the extent that there has been a decrease in Partner Nonrecourse Debt Minimum Gain. Allocations pursuant to this Section 3(b)(xi)(A)
shall only be made with respect to Required Allocations to the extent the Trustee determines that such allocations will otherwise be inconsistent with the economic agreement among the Partners.

  
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Further, allocations pursuant to this Section 3(b)(xi)(A) shall be deferred with respect to allocations pursuant to clauses (1) and (2) hereof to the extent the Trustee determines
that such allocations are likely to be offset by subsequent Required Allocations. 
 (B) The Trustee shall, with respect to
each Allocation Year, (1) apply the provisions of Section 3(b)(xi)(A) in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide all allocations
pursuant to Section 3(b)(xi)(A) among the Partners in a manner that is likely to minimize such economic distortions. 

(xii) Liquidation. Notwithstanding any other provision of this Section 3, for the Allocation Year that includes the liquidation of
the Trust (and any prior Allocation Year to the extent the Trustee determines it is appropriate), items of income, gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss (other than the Required Allocations) shall be specially
allocated among the Partners in the manner determined appropriate by the Trustee so as to cause, to the maximum extent possible, the Capital Account in respect of each Unit to equal the amount such Unit will receive in liquidating distributions from
the Trust. 
 (c) Simulated Depletion and Simulated Loss. 

(i) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(k), Simulated Depletion with respect to each Depletable
Property shall be allocated among the Partners in accordance with their respective Percentage Interests. 
 (ii) Simulated Loss
with respect to the disposition of a Depletable Property shall be allocated among the Partners in proportion to their allocable shares of total amount realized from such disposition under Section 4(c)(i). 

4. Allocations for Tax Purposes. 
 (a) Except as otherwise provided herein, for U.S. federal income tax purposes, each item of income, gain, loss and deduction shall be allocated among the Partners in the same manner as its correlative
item of “book” income, gain, loss or deduction is allocated pursuant to Section 3. 
 (b) The deduction for
depletion with respect to each separate Depletable Property shall be computed for U.S. federal income tax purposes separately by the Partners rather than by the Partnership in accordance with Section 613A(c)(7)(D) of the Code. Except as
provided in Section 4(c)(iii), for purposes of such computation (before taking into account any adjustments resulting from an election made by the Partnership under Section 754 of the Code), the adjusted tax basis of each Depletable
Property shall be allocated among the Partners in accordance with their respective Percentage Interests. 
 Each Partner shall
separately keep records of his share of the adjusted tax basis in each Depletable Property, allocated as provided above, adjust such share of the adjusted tax basis for any cost or percentage depletion allowable with respect to such property, and
use such adjusted tax basis in the computation of its cost depletion or in the computation of his gain or loss on the disposition of such property by the Partnership. 

  
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 (c) Except as provided in Section 4(c)(iii), for the purposes of the separate
computation of gain or loss by each Partner on the sale or disposition of each separate Depletable Property, the Partnership’s “amount realized” (as such term is defined in Section 1001(b) of the Code) from such sale or
disposition shall be allocated for U.S. federal income tax purposes among the Partners as follows: 
 (i) first, to the extent
such amount realized constitutes a recovery of the Simulated Basis of the property, to the Partners in the same proportion as the adjusted tax basis of such property was allocated to the Partners pursuant to Section 4(b) (without regard to any
special allocation of basis under Section 4(c)(iii)); and 
 (ii) second, the remainder of such amount realized, if any, to
the Partners so that, to the maximum extent possible, the amount realized allocated to each Partner under this Section 4(c)(ii) will equal such Partner’s share of the Simulated Gain recognized by the Partnership from such sale or
disposition. 
 (iii) The Partners recognize that with respect to Depletable Property that is Contributed Property there will be
a difference between the Carrying Value of such property at the time of contribution and the adjusted tax basis of such property at that time. All items of tax depreciation, cost recovery, amortization, adjusted tax basis of depletable properties,
amount realized and gain or loss with respect to such Contributed Property shall be allocated among the Partners to take into account the disparities between the Carrying Values and the adjusted tax basis with respect to such properties in
accordance with the principles of Treasury Regulation Section 1.704-3(d). 
 (iv) Any elections or other decisions relating
to such allocations shall be made by the Trustee in any manner that reasonably reflects the purpose and intention of the Agreement. 
 (d) In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property, other than Depletable Property pursuant to Section 4(c), items of income, gain, loss, depreciation,
amortization and cost recovery deductions shall be allocated for U.S. federal income tax purposes among the Partners in the provided under Section 704(c) of the Code, and the Treasury Regulations promulgated under Section 704(b) and 704(c)
of the Code, as determined appropriate by the Trustee (taking into account the Trustee’s discretion under Section 3(b)(x)(B)); provided, that the Trustee shall apply the principles of Treasury Regulation Section 1.704-3(d) in all
events. 
 (e) In accordance with Treasury Regulation Sections 1.1245-1(e) and 1.1250-1(f), any gain allocated to the Partners
upon the sale or other taxable disposition of any Partnership asset shall, to the extent possible, after taking into account other required allocations of gain pursuant to this Section 4, be characterized as Recapture Income in the same
proportions and to the same extent as such Partners (or their predecessors in interest) have been allocated any deductions directly or indirectly giving rise to the treatment of such gains as Recapture Income. 

  
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 (f) All items of income, gain, loss, deduction and credit recognized by the Partnership for
U.S. federal income tax purposes and allocated to the Partners in accordance with the provisions hereof shall be determined without regard to any election under Section 754 of the Code that may be made by the Partnership; provided, that such
allocations, once made, shall be adjusted (in the manner determined by the Trustee) to take into account those adjustments permitted or required by Sections 734 and 743 of the Code. 

(g) Each item of Partnership income, gain, loss and deduction shall, for U.S. federal income tax purposes, be determined and allocated on
a quarterly basis (i.e., for each Quarterly Period) and all such items for each Quarterly Period shall be allocated to the Partners that are Trust Unitholders of record as of the opening of the New York Stock Exchange on the Quarterly Record Date
that occurs during such Quarterly Period; provided, that income gain, loss and deduction attributable to any Quarterly Period ending on or prior to September 30, 2011, shall be allocated to the Partners as of the opening of the New York Stock
Exchange on first Quarterly Record Date. The Trustee may revise, alter or otherwise modify such methods of allocation to the extent permitted or required by Section 706 of the Code and the regulations or rulings promulgated thereunder.

 (h) Allocations that would otherwise be made to a Trust Unitholder under the provisions of this Section 4 shall instead
be made to the beneficial owner of Trust Units held by a nominee in any case in which the nominee has furnished the identity of such owner to the Partnership in accordance with Section 6031(c) of the Code or any other method determined by the
Trustee. 
 5. Special Provisions Relating to the Subordinated Unitholders. 

(a) Immediately upon the conversion of Subordinated Units into Common Units pursuant to Section 3.15(b) of the Agreement, the Trust
Unitholder holding a Subordinated Unit shall possess all of the rights and obligations of a Trust Unitholder holding Common Units hereunder, including the right to vote as a Common Unitholder and the right to participate in allocations of income,
gain, loss, deduction, Simulated Depletion, Simulated Gain and Simulated Loss and distributions made with respect to Common Units; provided, that such converted Subordinated Units shall remain subject to the provisions of Sections 2(d),
3(b)(x), and 5(b). 
 (b) The Trust Unitholder holding a Sponsor Common Unit shall not be permitted to transfer such Sponsor
Common Unit until such time as the Trustee determines, based on advice of counsel, that each such Sponsor Common Unit should have, as a substantive matter, like intrinsic economic and U.S. federal income tax characteristics, in all material
respects, to the intrinsic economic and U.S. federal income tax characteristics of a Public Common Unit. In connection with the condition imposed by this Section 5(b), the Trustee may take whatever steps are required to provide economic
uniformity to such Sponsor Common Units in preparation for a transfer thereof, including the application of Sections 2(d) and 3(b)(x); provided, that no such steps may be taken that would have a material adverse effect on the Trust Unitholders
holding Public Common Units. 

  
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 6. Tax Matters. 
 (a) Tax Returns and Information. The Trustee shall timely file or cause to be filed all returns and reports of the Partnership that are required for federal, state and local income tax purposes on the
basis of the accrual method and a taxable year ending on December 31. In the event the Partnership is required to use a taxable period other than a year ending on December 31, the Trustee shall use reasonable efforts to change the taxable
period of the Partnership to a year ending on December 31. The tax information reasonably required by Record Holders for federal and state income tax reporting purposes with respect to each Allocation Year shall be furnished to them within
90 days of the close of the calendar year in which the Partnership’s Allocation Year ends. The classification, realization and recognition of income, gain, losses and deductions and other items shall be on the accrual method of accounting
for U.S. federal income tax purposes. 
 (b) Tax Elections. 

(i) The Partnership shall make the election under Section 754 of the Code in accordance with applicable regulations thereunder,
subject to the reservation of the right to seek to revoke any such election upon the Trustee’s determination that such revocation is in the best interests of the Trust Unitholders. Notwithstanding any other provision herein contained, for the
purposes of computing the adjustments under Section 743(b) of the Code, the Trustee shall be authorized (but not required) to adopt a convention whereby the price paid by a transferee of a Trust Unit will be deemed to be the lowest quoted
closing price of the Trust Units on the New York Stock Exchange during the calendar month in which such transfer is deemed to occur without regard to the actual price paid by such transferee. 

(ii) Except as otherwise provided herein, the Trustee shall determine whether the Partnership should make any other elections permitted
by the Code. 
 (c) Tax Controversies. Subject to the provisions hereof, Chesapeake Exploration is designated the Tax Matters
Partner (as defined in the Code) and is authorized and required to represent the Partnership (at the Partnership’s expense) in connection with all examinations of the Partnership’s affairs by tax authorities, including resulting
administrative and judicial proceedings, and to expend Partnership funds for professional services and costs associated therewith. Each Partner agrees to cooperate with Chesapeake Exploration and to do or refrain from doing any or all things
reasonably required by Chesapeake Exploration to conduct such proceedings. 
 (d) Withholding. 

(i) The Trustee may treat taxes paid by the Partnership on behalf of all or less than all of the Partners either as a distribution of
cash to such Partners or as a general expense of the Partnership, as determined appropriate under the circumstances by the Trustee. 
 (ii) Notwithstanding any other provision of this Annex A, the Trustee is authorized to (A) take any action that may be required to cause the Partnership to comply with any withholding requirements
established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code, and (B) adopt such conventions relating to withholding as it deems appropriate
for the proper administration of the Partnership. To the extent that the Partnership is required or elects to withhold and pay over to any taxing authority any amount resulting from the allocation or

  
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distribution of income or from a distribution to any Partner (including, without limitation, by reason of Section 1441 of the Code), the Trustee may treat the amount withheld as a
distribution of cash pursuant to the Agreement in the amount of such withholding from such Partner. If the payment is made to a taxing authority on behalf of a Partner whose identity cannot be determined, the Trustee may treat the amount withheld as
a distribution of cash to all current Partners. 
 7. Additional Definitions. 

“Adjusted Capital Account” means the Capital Account maintained for each Partner as of the end of each Allocation Year of the
Partnership, (a) increased by any amounts that such Partner is obligated to restore under the standards set by Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (or is deemed obligated to restore under Treasury
Regulation Sections 1.704-2(g) and 1.704-2(i)(5)) and (b) decreased by (i) the amount of all deductions in respect of depletion that, as of the end of such Allocation Year, are reasonably expected to be made to such
Partner’s Capital Account in respect of Depletable Properties (ii) the amount of all losses and deductions that, as of the end of such Allocation Year, are reasonably expected to be allocated to such Partner in subsequent years under
Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation Section 1.751-1(b)(2)(ii), and (iii) the amount of all distributions that, as of the end of such Allocation Year, are reasonably expected to be made to such
Partner in subsequent years in accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such Partner’s Capital Account that are reasonably expected to occur during (or prior to) the year in
which such distributions are reasonably expected to be made (other than increases as a result of a minimum gain chargeback pursuant to Section 3(b)(i) or 3(b)(ii)). The foregoing definition of Adjusted Capital Account is intended to comply with
the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Agreed Allocation” means any allocation, other than a Required Allocation, of an item of income, gain, loss or deduction
pursuant to the provisions of Section 3, including, without limitation, a Curative Allocation (if appropriate to the context in which the term “Agreed Allocation” is used). 

“Agreed Value” of any Contributed Property means the fair market value of such property at the time of contribution as
determined by the Trustee. 
 “Allocation Year” means (i) the period commencing on the Closing Date and ending on
December 31, 2011, (ii) any subsequent period commencing on the first day of January and ending on the last day of December or (iii) any portion of the period described in clause (ii) for which the Partnership is required to
allocate Net Income, Net Loss, and any other items of Partnership income, gain, loss or deduction pursuant to Section 3. 

“Book-Tax Disparity” means with respect to any item of Contributed Property, as of the date of any determination, the
difference between the Carrying Value of such Contributed Property and the adjusted basis thereof for U.S. federal income tax purposes as of such date. A Partner’s share of the Partnership’s Book-Tax Disparities in all of its Contributed
Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Section 2 and the hypothetical balance of such Partner’s Capital Account computed as if it had been maintained
strictly in accordance with U.S. federal income tax accounting principles. 

  
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 “Capital Account” is defined in Section 2. The “Capital Account” of
a Partner in respect of any Partnership Interest shall be the amount that such Capital Account would be if such Partnership Interest were the only interest in the Partnership held by such Partner from and after the date on which such Partnership
Interest was first issued. 
 “Capital Contribution” means any cash, cash equivalents or the Net Agreed Value of
Contributed Property that a Partner contributes to the Partnership or that is contributed or deemed contributed to the Partnership on behalf of a Partner (including, in the case of an underwritten offering of Trust Units, the amount of any
underwriting discounts or commissions). 
 “Carrying Value” means (a) with respect to a Contributed Property, the
Agreed Value of such property reduced (but not below zero) by all depreciation, Simulated Depletion, amortization and cost recovery deductions charged to the Partners’ Capital Accounts in respect of such property, and (b) with respect to
any other Partnership property, the adjusted basis of such property for U.S. federal income tax purposes, all as of the time of determination. 
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific section or sections of the Code shall be deemed to include a
reference to any corresponding provision of any successor law. 
 “Common Unit” is defined in the Agreement.

 “Contributed Property” means each property or other asset, in such form as may be permitted by the Trust Act, but
excluding cash, contributed to the Partnership. 
 “Curative Allocation” means any allocation of an item of income,
gain, deduction, loss or credit pursuant to the provisions of Section 3(b)(xi). 
 “Depletable Property” means
each separate oil and gas property as defined in Section 614 of the Code, provided, however, Depletable Property shall not include any interest in an oil and gas property that is treated as a production payment within the meaning of
Section 636 of the Code. 
 “Economic Risk of Loss” has the meaning set forth in Treasury Regulation Section
1.752-2(a). 
 “Incentive Distribution Right” is defined in Section 1(b). 

“Net Agreed Value” means, in the case of any Contributed Property, the Agreed Value of such property reduced by any liabilities
either assumed by the Partnership upon such contribution or to which such property is subject when contributed. 
 “Net
Income” means, for any Allocation Year, the excess, if any, of the Partnership’s items of income and gain for such Allocation Year over the Partnership’s items of loss and deduction for such Allocation Year. The items included in the
calculation of Net Income shall be determined in accordance with Section 2(b) and shall include Simulated Gain, but shall not include any items specially allocated under Section 3(b) or Section 3(c). 

  
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 “Net Loss” means, for any Allocation Year, the excess, if any, of the
Partnership’s items of loss and deduction for such Allocation Year over the Partnership’s items of income and gain for such Allocation Year. The items included in the calculation of Net Loss shall be determined in accordance with
Section 2(b) and shall include Simulated Gain, but shall not include any items specially allocated under Section 3(b) or Section 3(c). 
 “Nonrecourse Built-in Gain” means with respect to any Contributed Properties that are subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of any taxable gain that would
be allocated to the Partners pursuant to Section 4(d) if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and for no other consideration. 

“Nonrecourse Deductions” means any and all items of loss, deduction or expenditure (including, without limitation, any
expenditure described in Section 705(a)(2)(B) of the Code), Simulated Depletion or Simulated Loss that, in accordance with the principles of Treasury Regulation Section 1.704-2(b), are attributable to a Nonrecourse Liability.

 “Nonrecourse Liability” has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2). 

“Partner Nonrecourse Debt” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4). 

“Partner Nonrecourse Debt Minimum Gain” has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).

 “Partner Nonrecourse Deductions” means any and all items of loss, deduction or expenditure (including, without
limitation, any expenditure described in Section 705(a)(2)(B) of the Code), Simulated Depletion or Simulated Loss that, in accordance with the principles of Treasury Regulation Section 1.704-2(i), are attributable to a Partner
Nonrecourse Debt. 
 “Partnership Minimum Gain” means that amount determined in accordance with the principles of
Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d). 
 “Percentage Interest” means as of any date of
determination as to any Trust Unitholder holding Trust Units, the quotient obtained by dividing (A) the number of Trust Units held by such Trust Unitholder by (B) the total number of all outstanding Trust Units. 

“Public Common Unit” means any Common Unit originally issued by the Trust solely for cash. 

“Recapture Income” means any gain recognized by the Partnership (computed without regard to any adjustment required by
Section 734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with respect to
such property or asset. 

  
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 “Record Holder” means the Person in whose name a Trust Unit is registered on the
books of the transfer agent as of the opening of business on a particular Business Day. 
 “Required Allocations”
means any allocation of an item of income, gain, loss, deduction, Simulated Deduction or Simulated Loss pursuant to Section 3(b)(i), Section 3(b)(ii), Section 3(b)(iv), Section 3(b)(v), Section 3(b)(vi),
Section 3(b)(vii), Section 3(b)(ix), or Section 3(c). 
 “Simulated Basis” means the Carrying Value of
any Depletable Property. 
 “Simulated Depletion” means, with respect to a Depletable Property, a depletion allowance
computed in accordance with U.S. federal income tax principles (as if the Simulated Basis of the property was its adjusted tax basis) and in the manner specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(k)(2). For purposes of computing
Simulated Depletion with respect to any property, the Simulated Basis of such property shall be deemed to be the Carrying Value of such property, and in no event shall such allowance for Simulated Depletion, in the aggregate, exceed such Simulated
Basis. 
 “Simulated Gain” means the excess, if any, of the amount realized from the sale or other disposition of a
Depletable Property over the Carrying Value of such property. 
 “Simulated Loss” means the excess, if any, of the
Carrying Value of a Depletable Property over the amount realized from the sale or other disposition of such property. 

“Sponsor Common Unit” means any Common Unit held by a Person that (i) holds, or at any time from and after the creation of
the Partnership has held, one or more Subordinated Units and (ii) has a Capital Account that differs (or prior to the end of the Subordination Period, could differ) in amount from the (i) product of the number of Subordinated Units, if
any, and Common Units held by such Person times (ii) the Uniform Per Unit Capital Amount. 
 “Subordinated Unit”
is defined in the Agreement. 
 “Trust Act” is defined in the Agreement. 

“Trust Unit” is defined in the Agreement. 
 “Uniform Per Unit Capital Amount” means, as of any date of determination, the Capital Account, stated on a per Trust Unit basis, underlying any Public Common Unit. 

  
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