Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

among 
 TITAN ENERGY,
LLC 
 and 

THE HOLDERS NAMED ON SCHEDULE A HERETO 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	Article I DEFINITIONS	  	 	1	  
			
		 	 Section 1.01 Definitions
	  	 	1	  
			
		 	 Section 1.02 Registrable Securities
	  	 	3	  
		
	Article II REGISTRATION RIGHTS	  	 	3	  
			
		 	 Section 2.01 Shelf Registration
	  	 	3	  
			
		 	 Section 2.02 Piggyback Registration
	  	 	4	  
			
		 	 Section 2.03 Underwritten Offering
	  	 	4	  
			
		 	 Section 2.04 Further Obligations
	  	 	5	  
			
		 	 Section 2.05 Cooperation by Holders
	  	 	8	  
			
		 	 Section 2.06 Restrictions on Public Sale by Holders of Registrable Securities
	  	 	8	  
			
		 	 Section 2.07 Expenses
	  	 	8	  
			
		 	 Section 2.08 Indemnification
	  	 	8	  
			
		 	 Section 2.09 Rule 144 Reporting
	  	 	10	  
			
		 	 Section 2.10 Transfer or Assignment of Registration Rights
	  	 	10	  
			
		 	 Section 2.11 Limitation on Subsequent Registration Rights
	  	 	10	  
		
	Article III MISCELLANEOUS	  	 	10	  
			
		 	 Section 3.01 Communications
	  	 	10	  
			
		 	 Section 3.02 Binding Effect
	  	 	11	  
			
		 	 Section 3.03 Assignment of Rights
	  	 	11	  
			
		 	 Section 3.04 Recapitalization, Exchanges, Etc. Affecting Shares
	  	 	11	  
			
		 	 Section 3.05 Aggregation of Registrable Securities
	  	 	11	  
			
		 	 Section 3.06 Specific Performance
	  	 	11	  
			
		 	 Section 3.07 Counterparts
	  	 	12	  
			
		 	 Section 3.08 Governing Law, Submission to Jurisdiction
	  	 	12	  
			
		 	 Section 3.09 Waiver of Jury Trial
	  	 	12	  
			
		 	 Section 3.10 Entire Agreement
	  	 	12	  
			
		 	 Section 3.11 Amendment
	  	 	12	  
			
		 	 Section 3.12 No Presumption
	  	 	12	  
			
		 	 Section 3.13 Obligations Limited to Parties to Agreement
	  	 	12	  
			
		 	 Section 3.14 Interpretation
	  	 	13	  
		
	Schedule A — Holder Name; Notice and Contact Information	  	 	27	  

  
 -i- 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of September 1, 2016 (this “Agreement”) is entered into by and
among TITAN ENERGY, LLC, a Delaware limited liability company (the “Company”), and each of the Persons set forth on Schedule A hereto, including the GSO Holders (as defined below) (the
“Holders”). 
 WHEREAS, this Agreement is made in connection with the issuance of common shares representing limited
liability company interests in the Company (“Common Shares”) made in connection with the Plan (as defined below) as of the Emergence Effective Date (as defined below). 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. As used in this Agreement, the following terms have the meanings indicated: 

“Affiliate” means, with respect to a specified Person, any other Person, whether now in existence or hereafter
created, directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, “controlling,”
“controlled by” and “under common control with”) means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise. 
 “Agreement” has the meaning set forth in the introductory paragraph of this Agreement.

 “Business Day” means any day other than a Saturday, Sunday, any federal holiday or day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close. 
 “Class B
Directors” has the meaning assigned to such term in the LLC Agreement. 
 “Commission” means the United
States Securities and Exchange Commission. 
 “Common Shares” has the meaning set forth in the Recitals of this
Agreement. 
 “Company” has the meaning set forth in the introductory paragraph of this Agreement. 

“Effective Date” means the date of effectiveness of any Registration Statement. 

“Effectiveness Period” has the meaning specified in Section 2.01(a). 

“Emergence Effective Date” means the Effective Date as such term is defined in the Plan. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and
regulations of the Commission promulgated thereunder. 
 “GSO” means GSO Capital Partners LP. 

“GSO Holder” means the Holders identified as GSO Holders on Schedule A hereto and any other any funds, accounts and
investment vehicles managed, advised or sub-advised by GSO or its Affiliates, or Affiliates of such funds, accounts and investment vehicles to whom the rights under this Agreement have been transferred pursuant to Section 2.10. 

“Holder Group” means a Holder and any other funds, accounts and investment vehicles managed, advised or sub-advised by
such Holder or its Affiliates, or Affiliates of such funds, accounts and investment vehicles to whom the rights under this Agreement have been transferred pursuant to Section 2.10. 

“Holders” has the meaning set forth in the introductory paragraph of this Agreement. 

  
 1 

 “Holder Underwriter Registration Statement” has the meaning specified in
Section 2.04(q). 
 “Included Registrable Securities” has the meaning specified in Section 2.02(a).

 “LLC Agreement” means the Limited Liability Company Agreement of the Company, as amended from time to time. 

“Losses” has the meaning specified in Section 2.08(a). 

“Managing Underwriter” means, with respect to any Underwritten Offering, the book running lead manager of such
Underwritten Offering. 
 “NASDAQ” means The Nasdaq Stock Market LLC (and any successor thereto). 

“NYSE” means the New York Stock Exchange or the NYSE MKT LLC (and any successor(s) thereto). 

“OTC Bulletin Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer
quotation system. 
 “Other Holder” has the meaning specified in Section 2.02(a). 

“Outstanding Common Shares” means all of the Common Shares issued and outstanding as of the applicable time, and for
the avoidance of doubt, excluding any equity securities of the Company subject to vesting or other similar restrictions for which the vesting period or other conditions have not yet been satisfied. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited
liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“Piggyback Notice” has the meaning specified in Section 2.02(a). 

“Piggyback Opt-Out Notice” has the meaning specified in Section 2.02(a). 

“Piggyback Registration” has the meaning specified in Section 2.02(a). 

“Pink OTC Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB
and OTC Pink. 
 “Plan” means the Joint Prepackaged Chapter 11 Plan of Reorganization of Atlas Resource Partners,
L.P., et al. as confirmed on August 26, 2016. 
 “Registration” means any registration pursuant to this
Agreement, including pursuant to a Registration Statement or a Piggyback Registration. 
 “Registrable Securities”
means the Common Shares issued to a Holder pursuant to the Plan, all of which are subject to the rights provided herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02. 

“Registration Expenses” has the meaning specified in Section 2.07(a). 

“Registration Statement” has the meaning specified in Section 2.01(a). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of
the Commission promulgated thereunder. 
 “Selling Expenses” has the meaning specified in Section 2.07(a).

 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a Registration Statement. 

“Selling Holder Indemnified Persons” has the meaning specified in Section 2.08(a). 

  
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 “Underwritten Offering” means an offering (including an offering pursuant
to a Registration Statement) in which Common Shares are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“WKSI” means a well-known seasoned issuer (as defined in the rules and regulations of the Commission). 

Section 1.02 Registrable Securities. Any Common Share will cease to be a Registrable Security upon the earliest to occur of
the following: (a) when a registration statement covering such Common Share becomes or has been declared effective by the Commission and such Common Share has been sold or disposed of pursuant to such effective registration statement,
(b) when such Common Share has been disposed of (excluding transfers or assignments by a Holder to an Affiliate or to another Holder or any of its Affiliates or to any assignee or transferee to whom the rights under this Agreement have been
transferred pursuant to Section 2.10) pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act, (c) when such Common Share is held by the Company or one of its direct or indirect
subsidiaries and (d) when such Common Share has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section
2.10. In addition, a Holder will cease to have rights to require registration of any Registrable Securities held by that Holder under this Agreement on the tenth anniversary of the Emergence Effective Date. 

ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01 Shelf Registration. 

(a) Shelf Registration. The Company shall, within ninety (90) days of the Emergence Effective Date, use its commercially
reasonable efforts to (i) prepare and file an initial registration statement under the Securities Act to permit the public resale of Registrable Securities from time to time as permitted by Rule 415 (or any similar provision adopted by the
Commission then in effect) of the Securities Act (a “Registration Statement”) and (ii) cause such initial Registration Statement to become effective as soon as reasonably practicable after filing (which the Company shall
use commercially reasonable efforts to cause to be within 180 days of the Emergence Effective Date). The Company will use its commercially reasonable efforts to cause any such initial Registration Statement filed pursuant to this Section
2.01(a) (or a replacement Registration Statement covering all Registrable Securities then included on such prior Registration Statement) to be continuously effective under the Securities Act, with respect to any Holder, until the earliest to
occur of the following: (A) the date on which all Registrable Securities covered by the Registration Statement have been distributed in the manner set forth and as contemplated in such Registration Statement, (B) the date on which there
are no longer any Registrable Securities outstanding and (C) the tenth anniversary of the Emergence Effective Date (in each case of clause (A), (B) or (C), the “Effectiveness Period”). A Registration
Statement filed pursuant to this Section 2.01(a) shall be on such appropriate registration form of the Commission as shall be selected by the Company; provided that, if the Company is then eligible, it shall file such Registration Statement
on Form S-3. A Registration Statement when declared effective (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the
Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (and, in the case of any prospectus contained in such
Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the date that a Registration Statement becomes effective, but in any event within three (3) Business Days of such
date, the Company shall provide the Holders with written notice of the effectiveness of a Registration Statement. 
 (b) Delay
Rights. Notwithstanding anything to the contrary contained herein, the Company may, after receiving the approval of a majority of the Class B Directors, upon written notice to any Selling Holder whose Registrable Securities are included
in a Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of such Registration Statement (in which event the Selling Holder shall suspend sales of the Registrable Securities pursuant to such
Registration Statement) if (i) the Company is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Company determines in good faith that the Company’s ability to pursue or consummate such a
transaction would be materially and adversely affected by any required disclosure of such transaction in such Registration Statement or (ii) the Company has experienced some other material non-public event, the disclosure of which at such time,
in the good faith judgment of the Company, would materially and adversely affect the Company; provided, however, that in no event shall the Selling Holders be suspended from selling Registrable Securities pursuant to such Registration
Statement for a period that exceeds forty-five (45) consecutive days or an aggregate of sixty (60) days in any 180-day period or ninety (90) days in any 365-day period. Upon disclosure of such information or the termination
of the condition described above, the Company shall provide prompt notice to the Selling Holders whose Registrable Securities are included in such Registration Statement, and shall promptly terminate any suspension of sales it has put into effect
and shall take such other actions necessary or appropriate to permit registered sales of Registrable Securities as contemplated in this Agreement. 

  
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 Section 2.02 Piggyback Registration. 

(a) Participation. If on or at any time after the date ninety (90) days after the Emergence Effective Date the Company
proposes to file (i) a Registration Statement on a form which would permit the registration of Registrable Securities (other than a Registration Statement on Form S-4 or S-8) for purposes of registering the offer and sale of Common Shares
by the Company or on behalf of any other Persons who have or have been granted registration rights (“Other Holders”), including pursuant to this Agreement, or (ii) a prospectus supplement relating to the sale of Common Shares
pursuant to an effective “automatic” registration statement, so long as the Company is a WKSI at such time or, whether or not the Company is a WKSI, so long as the Registrable Securities were previously included in the underlying shelf
Registration Statement or are included on an effective Registration Statement, or in any case in which Holders may participate in such offering without the filing of a new Registration Statement or a post-effective amendment, in each case, for the
sale of Common Shares in an Underwritten Offering (including an Underwritten Offering undertaken pursuant to Section 2.03), then the Company shall give not less than three Business Days’ notice (including, but not limited to,
notification by electronic mail) (the “Piggyback Notice”) of such proposed Underwritten Offering to each Holder and such Piggyback Notice shall offer such Holder the opportunity to include in such Underwritten Offering such
number of Registrable Securities (the “Included Registrable Securities”) as such Holder may request in writing (a “Piggyback Registration”). Each Piggyback Notice shall be provided to Holders by
9:00 a.m. New York City time on a Business Day pursuant to Section 3.01. Each such Holder will have two Business Days (or one Business Day in connection with any overnight or bought Underwritten Offering) after such Piggyback Notice has
been delivered to request in writing the inclusion of Registrable Securities in the Underwritten Offering for Other Holders. If no request for inclusion from a Holder is received within the specified time, such Holder shall have no further
right to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, the Company shall determine for any
reason not to undertake or to delay such Underwritten Offering, the Company may, at its election, give written notice of such determination to the Selling Holders and, (1) in the case of a determination not to undertake such Underwritten
Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (2) in the case of a determination to delay such Underwritten Offering, shall be permitted
to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling
Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Company of such withdrawal at least one Business Day prior to the time of pricing of such Underwritten Offering. Any Holder may deliver written
notice (a “Piggyback Opt-Out Notice”) to the Company requesting that such Holder not receive notice from the Company of any proposed Underwritten Offering; provided, however, that such Holder may later revoke any such
Piggyback Opt-Out Notice in writing. Following receipt of a Piggyback Opt-Out Notice from a Holder (unless subsequently revoked), the Company shall not be required to deliver any notice to such Holder pursuant to this Section 2.02(a) and
such Holder shall no longer be entitled to participate in Underwritten Offerings pursuant to this Section 2.02(a), unless such Piggyback Opt-Out Notice is revoked by such Holder. 

(b) Priority of Piggyback Registration. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering
advise the Company that the total amount of Registrable Securities that the Selling Holders and any Other Holders intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect
on the price, timing or distribution of the Common Shares offered or the market for the Common Shares in any material respect, then the Common Shares to be included in such Underwritten Offering shall include (i) first, all securities
proposed to be offered by the Company and (ii) second, only the number of Registrable Securities proposed to be included by the Selling Holders and Other Holders that such Managing Underwriter or Underwriters advise the Company can be sold
without having such adverse effect, if any, with such number to be allocated pro rata among the Selling Holders and the Other Holders who have requested such Underwritten Offering or participation in the Piggyback Registration (based, for each such
Selling Holder or Other Holder, on the percentage derived by dividing (A) the number of Common Shares proposed to be sold by such Selling Holder or such Other Holder in such offering by (B) the aggregate number of Common Shares proposed to
be sold by all Selling Holders and all Other Holders in the Piggyback Registration; provided, that each Holder Group shall be treated collectively in determining any pro rata allocation under this Section 2.02(b) and such Holder Group may
determine the re-allocation of Common Shares to be sold under such offering as amongst such Holder Group). 

  
 4 

 Section 2.03 Underwritten Offering. 

(a) S-3 Registration. In the event that any one or more Holders elect to dispose of Registrable Securities that in the
aggregate constitute more than 5% of the Outstanding Common Shares under a Registration Statement pursuant to an Underwritten Offering and reasonably expect gross proceeds of at least $20 million (determined by multiplying the number of
Registrable Securities owned by the average of the closing price on the NYSE, NASDAQ, OTC Bulletin Board, Pink OTC Markets or any similar interdealer quotation system, for the Common Shares for the ten trading days preceding the date of such notice)
from such Underwritten Offering (together with any Registrable Securities to be disposed of by a Selling Holder who has elected to participate in such Underwritten Offering pursuant to Section 2.02), the Company shall, at the request of such
Selling Holder(s), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by the Company with the Managing Underwriter or Underwriters selected by the Company, which shall include, among other
provisions, indemnities to the effect and to the extent provided in Section 2.08, and shall take all such other reasonable actions as are requested by the Managing Underwriter in order to expedite or facilitate the disposition of such
Registrable Securities; provided, however, that the Company shall have no obligation to facilitate or participate in, including entering into any underwriting agreement, more than an aggregate of two (2) Underwritten Offerings in any
eighteen-month period requested by the Holders; provided, further, that if the Company is conducting or actively pursuing a securities offering with anticipated offering proceeds of at least $20 million (other than in connection with any
at-the-market offering or similar continuous offering program), then the Company may suspend such Selling Holder’s right to require the Company to conduct an Underwritten Offering on such Selling Holder’s behalf pursuant to this Section
2.03; provided, however, that the Company may only suspend such Selling Holder’s right to require the Company to conduct an Underwritten Offering pursuant to this Section 2.03 once in any six month period. 

(b) General Procedures. In connection with any Underwritten Offering contemplated by Section 2.03(a), the
underwriting agreement into which each Selling Holder and the Company shall enter shall contain such representations, covenants, indemnities (subject to Section 2.08) and other rights and obligations as are customary in Underwritten Offerings
of securities by the Company. No Selling Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling
Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other representation required by law. If any Selling
Holder disapproves of the terms of an Underwritten Offering contemplated by this Section 2.03, such Selling Holder may elect to withdraw therefrom by notice to the Company and the Managing Underwriter; provided, however, that such
withdrawal must be made at least one Business Day prior to the time of pricing of such Underwritten Offering to be effective. No such withdrawal or abandonment shall affect the Company’s obligation to pay Registration Expenses. 

Section 2.04 Further Obligations. In connection with its obligations under this Article II, the Company will: 

(a) promptly prepare and file with the Commission such amendments and supplements to a Registration Statement and the prospectus used in
connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities covered by such Registration Statement; 
 (b) if a prospectus supplement will be used in connection with the marketing of an
Underwritten Offering under a Registration Statement and the Managing Underwriter at any time shall notify the Company in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed information to be used in such
prospectus supplement is of material importance to the success of such Underwritten Offering, the Company shall use its commercially reasonable efforts to include such information in such prospectus supplement; 

(c) furnish to each Selling Holder, unless otherwise available via the Commission’s EDGAR filing system, (i) as far in advance as
reasonably practicable before filing a Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents
proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any
information pertaining to such Selling Holder and its plan of distribution that is contained therein and, to the extent timely received, make the corrections reasonably requested by such Selling Holder with respect to such information prior to
filing such Registration Statement or such other registration statement and the prospectus included therein or any supplement or amendment thereto, and (ii) such number of copies of such Registration Statement or such other registration
statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration
Statement or other registration statement; 
 (d) if applicable, use its commercially reasonable efforts to promptly register or qualify the
Registrable Securities covered by any Registration Statement or any other registration statement contemplated by this Agreement under the securities 

  
 5 

 
or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request; provided, however, that the
Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general service of process in any such jurisdiction where it is not
then so subject; 
 (e) promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by
any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any
amendment or supplement thereto, and, with respect to a Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the receipt of any written comments from
the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to any such Registration Statement or any other registration statement or any prospectus or prospectus
supplement thereto; 
 (f) promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered
by any of them under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any other registration statement contemplated by this Agreement, as
then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the
light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or any other registration statement
contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the
applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to, as promptly as practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action
so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing and to take such other action as is reasonably necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

(g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable
Securities; 
 (h) in the case of an Underwritten Offering, furnish, or use its reasonable efforts to cause to be furnished to the
Underwriters, upon request, (i) an opinion of counsel for the Company addressed to the underwriters, dated the date of the closing under the applicable underwriting agreement and (ii) a “comfort” letter addressed to
the underwriters, dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the applicable underwriting agreement, in each case, signed by the independent public accountants who have certified
the Company’s financial statements included or incorporated by reference into the applicable Registration Statement, and each of the opinion and the “comfort” letter shall be in customary form and covering substantially
the same matters with respect to such Registration Statement (and the prospectus and any prospectus supplement) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters
in Underwritten Offerings of securities by the Company and such other matters as such underwriters may reasonably request; 
 (i) otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission; 
 (j) make available to the
appropriate representatives of the Managing Underwriter during normal business hours access to such information and Company personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities
Act; provided, however, that the Company need not disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality agreement with the Company; 

(k) use its commercially reasonable efforts to cause all Registrable Securities registered pursuant to this Agreement to be listed on each
securities exchange or nationally recognized quotation system, if any, on which similar securities issued by the Company are then listed; 

  
 6 

 (l) use its commercially reasonable efforts to cause Registrable Securities to be registered with
or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition of such Registrable Securities; 

(m) provide a transfer agent and registrar for all Registrable Securities covered by any Registration Statement not later than the Effective
Date of such Registration Statement; 
 (n) enter into customary agreements and take such other actions as are reasonably requested by the
Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of Registrable Securities (including making appropriate officers of the Company available to participate in customary marketing activities); provided,
however, that the officers of the Company shall not be required to dedicate an unreasonably burdensome amount of time in connection with any roadshow and related marketing activities for any Underwritten Offering; 

(o) if reasonably requested by a Selling Holder, (i) incorporate in a prospectus supplement or post-effective amendment such information
as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price
being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters
to be incorporated in such prospectus supplement or post-effective amendment; 
 (p) if reasonably required by the Company’s transfer
agent, deliver any authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to transfer such Registrable Securities without legend upon sale by the Holder of such Registrable Securities
under the Registration Statement; and 
 (q) if any Holder could reasonably be deemed to be an “underwriter,” as
defined in Section 2(a)(11) of the Securities Act, in connection with the Registration Statement and any amendment or supplement thereof (a “Holder Underwriter Registration Statement”), reasonably cooperate with such
Holder in allowing such Holder to conduct customary “underwriter’s due diligence” with respect to the Company and satisfy its obligations in respect thereof. In addition, if any Holder
could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, at any Holder’s request, the Company will use commercially reasonable efforts to have furnished to such Holder, on the date of
the effectiveness of the Holder Underwriter Registration Statement and thereafter from time to time on such dates as such Holder may reasonably request (provided that such request shall not be more frequently than on an annual basis unless such
Holder is offering Registrable Securities pursuant to a Holder Underwriter Registration Statement), (i) a “comfort” letter, dated such date, from the Company’s independent certified public accountants in form and
substance as has been customarily given by independent certified public accountants to underwriters in Underwritten Offerings of securities by the Company, addressed to such Holder, (ii) an opinion, dated as of such date, of counsel
representing the Company for purposes of the Holder Underwriter Registration Statement, in form, scope and substance as has been customarily given in Underwritten Offerings of securities by the Company, including standard
“10b-5” negative assurance for such offerings, addressed to such Holder and (iii) a standard officer’s certificate from the chief executive officer or chief financial officer, or other officers serving such
functions, of the Company addressed to the Holder, as has been customarily given by such officers in Underwritten Offerings of securities by the Company. The Company will also use its reasonable efforts to provide legal counsel to such Holder
with an opportunity to review and comment upon any such Holder Underwriter Registration Statement, and any amendments and supplements thereto, prior to its filing with the Commission. 

Notwithstanding anything to the contrary in this Section 2.04, the Company will not name a Holder as an underwriter (as defined in
Section 2(a)(11) of the Securities Act) in any Registration Statement or Holder Underwriter Registration Statement, as applicable, without such Holder’s prior written consent. If the staff of the Commission requires the Company to
name any Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act), and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on the applicable Registration Statement.

 Each Selling Holder, upon receipt of notice from the Company of the happening of any event of the kind described in
subsection (f) of this Section 2.04, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies
of the supplemented or amended prospectus contemplated by subsection (f) of this Section 2.04 or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of
any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder will, or will request the Managing Underwriter or Managing Underwriters, if any, to deliver to the Company
(at the Company’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such
notice. 

  
 7 

 Section 2.05 Cooperation by Holders. The Company shall have no obligation to
include Registrable Securities of a Holder in a Registration Statement or in an Underwritten Offering pursuant to Section 2.03(a) who has failed to timely furnish such information that the Company determines, after consultation with its
counsel, is reasonably required in order for any registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.06 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities
participating in an Underwriting Offering included in a Registration Statement agrees to enter into a customary letter agreement with underwriters providing that such Holder will not effect any public sale or distribution of Registrable Securities
during the sixty (60) (one hundred eighty (180) in the case of the initial firm commitment underwritten offering involving the Company or Selling Holders) calendar day period beginning on the date of a prospectus or prospectus supplement filed
with the Commission with respect to the pricing of such Underwritten Offering; provided, however, that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by
the underwriters on the Company or the officers, directors or any other Affiliate of the Company on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.06 shall not apply to any Registrable Securities that
are included in such Underwritten Offering by such Holder. 
 Section 2.07 Expenses. 

(a) Certain Definitions. “Registration Expenses” shall not include Selling Expenses but otherwise means
all expenses incident to the Company’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01, a Piggyback Registration pursuant to
Section 2.02, or an Underwritten Offering pursuant to Section 2.03, and the disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing fees, all registration,
filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word processing, duplicating and printing expenses, and
the fees and disbursements of counsel and independent public accountants for the Company, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance and reasonable fees
and expenses of one legal counsel (and any necessary local counsel in addition to such counsel) retained by the Selling Holders in each Piggyback Registration and Underwritten Offering. “Selling Expenses” means all
underwriting fees, discounts and selling commissions and transfer taxes allocable to the sale of the Registrable Securities. 
 (b)
Expenses. The Company will pay all customary Registration Expenses, as determined in good faith, in connection with a Registration Statement, a Piggyback Registration or an Underwritten Offering, whether or not any sale is made
pursuant to such Registration Statement, Piggyback Registration or Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. 

Section 2.08 Indemnification. 

(a) By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this
Agreement, the Company will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners, employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the Securities
Act and the Exchange Act, and its directors, officers, managers, partners, employees or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including
reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as
such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the
circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) the applicable Registration Statement or other registration statement contemplated by this Agreement,
any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse each such Selling
Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the Company will not be liable in
any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information

  
 8 

 
furnished by such Selling Holder Indemnified Person in writing specifically for use in the applicable Registration Statement or other registration statement, or prospectus supplement, as
applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. 

(b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the
Company, its directors, officers, employees and agents and each Person, who, directly or indirectly, controls the Company within the meaning of the Securities Act or of the Exchange Act to the same extent as the foregoing indemnity from the Company
to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in a Registration Statement or any other registration statement
contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereto or any free writing prospectus relating thereto; provided, however, that the
liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification.

 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so notify the indemnifying party shall not relieve it from any
liability that it may have to any indemnified party other than under this Section 2.08(c) except to the extent that the indemnifying party is materially prejudiced by such failure. In any action brought against any indemnified party, it
shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section
2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if
the indemnifying party has failed to assume the defense or employ counsel reasonably satisfactory to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to
the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party
reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such
action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no
indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party may be entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof
imposes no liability or obligation on, includes a complete and unconditional release from liability of, and does not contain any admission of wrongdoing by, the indemnified party. 

(d) Contribution. If the indemnification provided for in this Section 2.08 is held by a court or government agency
of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount
paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other hand, in connection with
the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall any Selling Holder be required to contribute an aggregate amount in excess of the
dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party, on the one hand, and the indemnified
party, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information
supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions
pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of
the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the
subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent
misrepresentation. 
 (e) Other Indemnification. The provisions of this Section 2.08 shall be in addition to any
other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

  
 9 

 Section 2.09 Rule 144 Reporting. With a view
to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the
Securities Act (or any similar provision then in effect), at all times from and after the date hereof; 
 (b) file with the Commission in a
timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the date hereof; and 

(c) so long as a Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement
of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any similar provision then in effect) and (ii) unless otherwise available via the Commission’s EDGAR filing system, to such
Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission
allowing such Holder to sell any such securities without registration. 
 Section 2.10 Transfer or Assignment of Registration
Rights. The rights to cause the Company to register Registrable Securities under this Article II may be transferred or assigned by each Holder to one or more transferees or assignees of Registrable Securities, and such transferee
or assignee shall be deemed to be a “Holder” hereunder; provided, however, that (a) (i) such transferee or assignee is an Affiliate of such Holder or part of the Holder Group of such Holder, or (ii) the amount of Registrable
Securities transferred or assigned to such transferee or assignee shall represent at least 5% of the Outstanding Common Shares, or if upon a transfer or assignment, such transferee or assignee will hold at least 10 % of the Outstanding Common
Shares, (b) the Company is given written notice prior to, or within 10 Business Days following, any said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the securities with respect to which
such registration rights are being transferred or assigned and (c) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such transferring Holder under this Agreement; provided further,
however, that no transferee or assignee shall be deemed a “Holder” hereunder until such notice and assumption shall have been delivered to the Company. 

Section 2.11 Limitation on Subsequent Registration Rights. From and after the date hereof, the Company shall not, without
the prior written consent of the Holders of a majority of the outstanding Registrable Securities, and of GSO for as long as the GSO Holders collectively hold at least 10% of the Outstanding Common Shares, enter into any agreement with any
current or future holder of any securities of the Company that would allow such current or future holder to require the Company to include securities in any registration statement filed by the Company for Other Holders on a basis other than pari
passu with, or expressly subordinate to, the piggyback rights of the Holders of Registrable Securities hereunder. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.01 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by
registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery, personal delivery or (in the case of any notice given by the Company to the Holders) email to the following addresses: 

(a) If to the Holders, to the addresses set forth on Schedule A, with a copy to (which shall not constitute notice):

 If to the GSO Holders: 

Latham & Watkins LLP 
 Attn:
Jonathan Rod 
 885 Third Avenue 

New York, NY 10022-4834 
 Email:
jonathan.rod@lw.com 
 If to the other Holders: 

Akin Gump Strauss Hauer & Feld LLP 

Attn: Russell W. Parks Jr. 
 1333
New Hampshire Avenue, N.W. 
 Washington, DC 20036 

Email: rparks@akingump.com 

  
 10 

 (b) If to the Company: 

Titan Energy, LLC 
 1000 Commerce
Dr., Suite 400 
 Pittsburgh, PA 15275 

Fax: 215-405-3882 

Attention: Jeffrey Slotterback 

Email: JSlotterback@atlasenergy.com 

with a copy to (which shall not constitute notice): 

Paul Hastings LLP 
 600 Travis
Street, 58th Floor 
 Houston TX 77002 

Attention: R. William Burns 

Facsimile: (713) 353-2802 

Email: willburns@paulhastings.com 
 or to
such other address as the Company or the Holders may designate to each other in writing from time to time or, if to a transferee or assignee of the Holders or any transferee or assignee thereof, to such transferee or assignee at the address provided
pursuant to Section 2.10. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt
requested, or regular mail, if mailed; upon actual receipt of the facsimile or email copy, if sent via facsimile or email; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

Section 3.02 Binding Effect. This Agreement shall be binding upon the Company, each of the Holders and their respective
successors and permitted assigns, including subsequent Holders of Registrable Securities to the extent permitted herein. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit
upon any Person other than the parties to this Agreement and their respective successors and permitted assigns. 
 Section 3.03
Assignment of Rights. Except as provided in Section 2.10, neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or otherwise, by any party hereto
without the prior written consent of the other party. 
 Section 3.04 Recapitalization, Exchanges, Etc. Affecting
Shares. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all shares of the Company or any successor or assign of the Company (whether by merger, consolidation, sale
of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, share splits, recapitalizations, pro rata distributions of shares and
the like occurring after the date of this Agreement. 
 Section 3.05 Aggregation of Registrable Securities. All
Registrable Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 3.06 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if
not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to seek an injunction or other equitable relief in any court of competent
jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to
grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. 

  
 11 

 Section 3.07 Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same
agreement. 
 Section 3.08 Governing Law, Submission to Jurisdiction. This Agreement, and all claims or causes of action
(whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any
representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflicts of laws. Any action against any party
relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any federal or state court
located within the State of Delaware over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute
brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. 
 Section 3.09 Waiver of Jury Trial. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVE, AND AGREE
TO CAUSE THEIR AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO
THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 Section 3.10
Entire Agreement. This Agreement and the Plan are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or in the Plan with respect to the rights granted by the Company or
any of its Affiliates or the Holders or any of their respective Affiliates set forth herein or therein. This Agreement and the Plan supersede all prior agreements and understandings between the parties with respect to such subject matter. 

Section 3.11 Amendment. This Agreement may be amended only by means of a written amendment signed by the Company and the
Holders of a majority of the outstanding Registrable Securities, and of GSO for as long as the GSO Holders collectively hold at least 10% of the Outstanding Common Shares, as applicable; provided, however, that no such amendment shall
adversely affect the rights of any Holder hereunder without the consent of such Holder. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any
departure by the Company or any Holder from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which such amendment, supplement, modification, waiver or consent has been
made or given. 
 Section 3.12 No Presumption. This Agreement has been reviewed and negotiated by sophisticated parties
with access to legal counsel and shall not be construed against the drafter. 
 Section 3.13 Obligations Limited to Parties to
Agreement. Each of the parties hereto covenants, agrees and acknowledges that, other than as set forth herein, no Person other than the Holders, their respective permitted assignees and the Company shall have any obligation hereunder
and that, notwithstanding that one or more of such Persons may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith shall be had against
any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or their respective permitted assignees, or any former, current or future director,
officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it
being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of such Persons or any of their respective assignees, or any former, 

  
 12 

 
current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of such Persons
or their respective permitted assignees under this Agreement or any documents or instruments delivered in connection herewith or for any claim based on, in respect of or by reason of such obligation or its creation, except, in each case, for any
assignee of any Holder hereunder. 
 Section 3.14 Interpretation. Article, Section and Schedule references in this
Agreement are references to the corresponding Article, Section or Schedule to this Agreement, unless otherwise specified. All Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full herein and are an
integral part of this Agreement. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from
time to time, unless otherwise specified. The word “including” shall mean “including but not limited to” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters
immediately following it. Whenever the Company has an obligation under this Agreement, the expense of complying with that obligation shall be an expense of the Company unless otherwise specified. Any reference in this Agreement to
“$” shall mean U.S. dollars. Whenever any determination, consent or approval is to be made or given by a Holder, such action shall be in such Holder’s sole discretion, unless otherwise specified in this Agreement. If
any provision in this Agreement is held to be illegal, invalid, not binding or unenforceable, (a) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or
unenforceable provision had never comprised a part of this Agreement, and the remaining provisions shall remain in full force and effect, and (b) the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When calculating the period of time
before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business
Day, the period in question shall end on the next succeeding Business Day. Any words imparting the singular number only shall include the plural and vice versa. The words such as “herein,” “hereinafter,”
“hereof” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the division of this
Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. 

[Remainder of Page Left Intentionally Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first written above. 
  

			
	TITAN ENERGY, LLC
		
	By:	 	 /s/ Jeffrey M. Slotterback

	Name:	 	Jeffrey M. Slotterback
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HOLDER
	
	FS ENERGY & POWER FUND
	By: GSO Capital Partners LP, as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HOLDER
	
	FS Investment Corporation II
	By: GSO / Blackstone Debt Funds Management LLC, as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HOLDER
	
	FS Investment Corporation III
	By: GSO / Blackstone Debt Funds Management LLC, as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HOLDER
	
	COBBS CREEK LLC
	By: FS Investment Corporation II, as Sole Member
	By: GSO / Blackstone Debt Funds Management LLC as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HOLDER
	
	FOXFIELDS FUNDING LLC
	By: FS Energy & Power Fund, as Sole Member
	By: GSO Capital Partners LP, as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HOLDER
	
	BLACKSTONE/GSO STRATEGIC CREDIT FUND
	By: GSO / Blackstone Debt Funds Management LLC, as Collateral Manager
		
	By:	 	 /s/ Marisa Beeney

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	HOLDER
	
	GSO ENERGY MARKET OPPORTUNITIES FUND LP
	By: GSO Energy Market Opportunities Associates LLC, as its General Partner
		
	By:	 	 /s/ Marisa Beeney

		 	Name:	 	Marisa Beeney
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SILVER ROCK FINANCIAL LP,
	As Investment Manager to each of the following:
	Bayside Partners LLC
	DnsmoreLLC
	GenDos LLC
	GenTrace LLC
	GenUno LLC
	Mounte LLC
	NPILLC
	Silver Rock Opportunistic Credit Fund LP
	Wellwater LLC
		
	By:	 	 /s/ Michael W. Skarda

	Name:	 	Michael W. Skarda
	Title:	 	General Counsel

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC, on behalf of the listed entities managed, advised or sub-advised by it and not in its individual capacity
	
	21st Century Fox America, Inc. Master Trust
	City National Rochdale High Yield Bond Fund
	Endurance Investment Holdings Ltd.
	General Dynamics Corporation Group Trust
	GHY Fund
	Guggenheim Credit Allocation Fund
	Guggenheim Energy & Income Fund
	Guggenheim Funds Trust - Guggenheim Floating Rate Strategies Fund
	Guggenheim Funds Trust - Guggenheim Macro Opportunities Fund
	Guggenheim Funds Trust- Guggenheim Total Return Bond Fund
	Guggenheim High Yield Fund, LLC
	Guggenheim Loan and Bond Fund IV
	Guggenheim Loan Master Fund, Ltd.
	Guggenheim Strategic Opportunities Fund
	HCA Inc. Master Retirement Trust
	Industriens Pensionsforsikring A/S
	Intel Corporation Retirement Plans Master Trust
	Maverick Enterprises, Inc.
	NZC Guggenheim Master Fund Limited
	Renaissance Investment Holdings Ltd
	 SEI Institutional Managed Trust- Multi-Asset Income Fund

Shriners Hospitals for Children

	Sonoma County Employees’ Retirement Association
	Stichting PGGM Depositary acting in its capacity as depositary of PGGM High Yield Fund
	T Bank III to I High Yield Fund- PT
	T Bank III to I High Yield Fund – QP
	Trinity Health Corporation
	Vermont Pension Investment Committee
	Wilshire Institutional Master Fund SPC- Guggenheim Alpha Segregated Portfolio
	Wilshire Mutual Funds, Inc.- Wilshire Income Opportunities Fund
		
	By:	 	 /s/ Kevin M. Robinson

	Name:	 	Kevin M. Robinson
	Title:	 	Attorney-in-Fact

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SECURITY INVESTORS, LLC, on behalf of the listed entities managed, advised or sub-advised by it and not in its individual capacity
	
	Guggenheim Funds Trust - Guggenheim High Yield Fund
	Guggenheim Variable Funds Trust- Series P (High Yield Series)
		
	By:	 	 /s/ Amy J. Lee

	Name:	 	Amy J. Lee
	Title:	 	Senior Vice President and Secretary

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	FRANKLIN ADVISERS, INC., AS INVESTMENT MANAGER ON BEHALF OF CERTAIN FUNDS AND ACCOUNTS
		
	By:	 	 /s/ Glenn Voyles

	Name:	 	Glenn Voyles
	Title:	 	Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	FIR TREE INC. (on behalf of its investment funds under Management)
		
	By:	 	 /s/ Brad Meyer

	Name:	 	Brad Meyer
	Title:	 	General Counsel

  
 [Signature Page to
Registration Rights Agreement] 

 Schedule A 

Holder Name; Notice and Contact Information 
  

			
	 Holder
	  	 Contact Information

	 Bayside Partners LLC
 DnsmoreLLC

GenDos LLC
 GenTrace LLC

GenUno LLC
 Mounte LLC

NPILLC
 Silver Rock Opportunistic Credit Fund LP

Wellwater LLC
	  	 Silver Rock Financial LP
 Attention: Carl Meyer;
Mark Afrasiabi
 2425 Olympic Boulevard Suite 4060W
 Santa
Monica, CA 90404
 Phone: 424-371-8470; 424-371-8467
 Email:
cmeyer@silver-rock.com; mafrasiabi@silver-rock.com

	 21st Century Fox America, Inc. Master Trust

City National Rochdale High Yield Bond Fund
 Endurance Investment
Holdings Ltd.
 General Dynamics Corporation Group Trust
 GHY
Fund
 Guggenheim Credit Allocation Fund
 Guggenheim Energy
& Income Fund
 Guggenheim Funds Trust - Guggenheim Floating Rate Strategies Fund

Guggenheim Funds Trust - Guggenheim Macro Opportunities Fund

Guggenheim Funds Trust- Guggenheim Total Return Bond Fund

Guggenheim High Yield Fund, LLC
 Guggenheim Loan and Bond Fund
IV
 Guggenheim Loan Master Fund, Ltd.
 Guggenheim Strategic
Opportunities Fund
 HCA Inc. Master Retirement Trust

Industriens Pensionsforsikring A/S
 Intel Corporation Retirement
Plans Master Trust
 Maverick Enterprises, Inc.
 NZC Guggenheim
Master Fund Limited
 Renaissance Investment Holdings Ltd
 SEI
Institutional Managed Trust- Multi-Asset Income Fund
 Shriners Hospitals for Children

Sonoma County Employees’ Retirement Association
 Stichting
PGGM Depositary acting in its capacity as depositary of PGGM High Yield Fund
 T Bank III to I High Yield Fund- PT

T Bank III to I High Yield Fund – QP
 Trinity Health
Corporation
 Vermont Pension Investment Committee
 Wilshire
Institutional Master Fund SPC- Guggenheim Alpha Segregated Portfolio
 Wilshire Mutual Funds, Inc.- Wilshire Income Opportunities Fund
	  	 Guggenheim Partners Investment Management, LLC

Attention: Alastair McKeever
 330 Madison Avenue, 10th Floor

New York, NY 10017
 Phone: 212-739-9289

Email: alastair.mckeever@guggenheimpartners.com

	 Guggenheim Funds Trust - Guggenheim High Yield Fund

Guggenheim Variable Funds Trust- Series P (High Yield Series)
	  	 Guggenheim Partners Investment Management, LLC

Attention: Alastair McKeever
 330 Madison Avenue, 10th Floor

New York, NY 10017
 Phone: 212-739-9289

Email: alastair.mckeever@guggenheimpartners.com

	[Franklin Funds]	  	 Franklin Advisers, Inc.
 Attention: Bryant
Dieffenbacher
 Phone: 650-312-2396
 Email:
bdieffe@frk.com

			
	[Fir Tree Funds]	  	 Fir Tree Inc.
 [to come]

		
	 GSO Holders:
	  	
		
	FS ENERGY & POWER FUND	  	 GSO / Blackstone Debt Funds Management LLC
 345
Park Avenue, 31st Floor New York, NY 10154
 Contact: Angelina Perkovic

Phone: 212-503-2146
 Fax for Notices: 1-201-812-7906

Email for Notices: 12018127906@TLS.LDSPROD.com
  

With a copy to:
 FS Energy and Power Fund

Franklin Square Capital Partners
 201 Rouse Boulevard

Philadelphia, PA 19112

		
	FS INVESTMENT CORPORATION II	  	 GSO / Blackstone Debt Funds Management LLC
 345
Park Avenue, 31st Floor New York, NY 10154
 Contact: Shaker Choudhury

Phone: 212-503-2010
 Email for Notices:
14693756959@tls.ldsprod.com
  
 FS Investment Corporation II

Franklin Square Capital Partners
 201 Rouse Boulevard

Philadelphia, PA 19112

		
	FS INVESTMENT CORPORATION III	  	 GSO / Blackstone Debt Funds Management LLC
 345
Park Avenue, 31st Floor New York, NY 10154
 Contact: Angelina Perkovic

Phone: 212-503-2146
 Email for Notices:
14693319260@tls.ldsprod.com
  
 FS Investment Corporation III

Franklin Square Capital Partners
 201 Rouse Boulevard

Philadelphia, PA 19112

		
	COBBS CREEK LLC	  	 GSO / Blackstone Debt Funds Management LLC
 345
Park Avenue, 31st Floor New York, NY 10154
 Contact: Angelina Perkovic

Phone: 212-503-2146
 Fax # for Notices: 1-972-499-4213

Email for Notices: 19724994213@tls.ldsprod.com
  

With a copy to:
 Cobbs Creek LLC

Franklin Square Capital Partners
 201 Rouse Boulevard

Philadelphia, PA 19112

		
	FOXFIELDS FUNDING LLC	  	 GSO Capital Partners LP
 345 Park Avenue, 31st
Floor
 New York, NY 10154
 Contact: Angelina Perkovic

Phone: 212-503-2146
 Agent Notices:
12143076138@tls.ldsprod.com

			
		
		  	 With a copy to:
 Foxfields Funding LLC

Franklin Square Capital Partners
 201 Rouse Boulevard

Philadelphia, PA 19112

		
	GSO ENERGY MARKET OPPORTUNITIES FUND LP	  	 GSO Energy Market Opportunities Fund LP
 c/o GSO
Capital Partners LP
 345 Park Avenue, 31st Floor
 New York, NY
10154
 Attn: Alice Taormina/Isabelle Pradel
 Phone: (212)
503-2148/2149

		
	BLACKSTONE/GSO STRATEGIC CREDIT FUND	  	 BLACKSTONE/GSO STRATEGIC CREDIT FUND
 c/o The
Bank of New York Mellon
 601 Travis Street, 17th Floor
 Attn:
Yvette Haynes
 Phone: 713-483-6242
 Fax number
1-972-499-4208
 Email: 19724994208@tls.ldsprod.comEX-10.4

 Exhibit 10.4 

DELEGATION OF MANAGEMENT AGREEMENT 

This DELEGATION OF MANAGEMENT AGREEMENT (this “Agreement”), is made and entered as of September 1, 2016 by and between Titan Energy,
LLC, a Delaware limited liability company (“New HoldCo”), and Titan Energy Management, LLC (“Titan Management”), a Delaware limited liability company. 

WHEREAS, New HoldCo is the managing member of Titan Energy Operating, LLC, a Delaware limited liability company (“New OpCo”); and

 WHEREAS, contemporaneously with the execution and delivery hereof, New HoldCo and New OpCo are entering into that certain Omnibus
Agreement (as may be amended or modified from time to time in accordance with the terms thereof, the “Omnibus Agreement”) with Titan Management and Atlas Energy Resource Services, Inc., a Delaware corporation (“AERS”), pursuant
to which, among other things, Titan Management will provide general, administrative, management and operating services to New HoldCo, New OpCo and their Subsidiaries (as defined in the New HoldCo LLC Agreement); and 

WHEREAS, Section 7.1 of the Amended and Restated Limited Liability Company Agreement of Titan Energy Operating, LLC, dated September 1, 2016
(the “New OpCo LLC Agreement”) provides, among other things, that the powers of New OpCo shall be exercised by or under the authority of, and the business and affairs of New OpCo shall be managed under the direction of, New HoldCo as the
sole member, who shall make all decisions and take all actions for New OpCo, provided, however, that New HoldCo shall have the power and authority to delegate to one or more other persons the rights and power to manage and control the business and
affairs, or any portion thereof, of New OpCo, and may authorize such person or persons to enter into any document on behalf of New OpCo and perform the obligations of New OpCo thereunder by and on behalf of New OpCo; and 

WHEREAS, Section 7.1 of the Limited Liability Company Agreement of New HoldCo, dated September 1, 2016 (the “New HoldCo LLC
Agreement”), provides, among other things, that the Board of Directors of New HoldCo has the power and authority to delegate to one or more other persons the Board of Director’s rights and power to manage and control the business and
affairs, or any portion thereof, of New HoldCo, except as prohibited by applicable law, and may authorize any other person to enter into any document on behalf of the New HoldCo and perform the obligations of the New HoldCo thereunder by and on
behalf of New HoldCo, except as prohibited by applicable law; and 
 WHEREAS, in accordance with the Plan (as defined in the New OpCo LLC
Agreement) New HoldCo is hereby delegating the operating management and control of the business and affairs of New OpCo to Titan Management on the terms and subject to the conditions set forth in this Agreement, the Omnibus Agreement, the New HoldCo
LLC Agreement and the New OpCo LLC Agreement until (a) the closing of the redemption by New HoldCo of the Series A Preferred Share (as defined in the New HoldCo LLC Agreement) in accordance with Section 5.7(b)(viii) of the New HoldCo LLC Agreement,
(b) the termination of the Omnibus Agreement, or (c) the sale or transfer of the Series A Preferred Share as provided in this Agreement. 

NOW, THEREFORE: 
 1.
Delegation of Authority.
 a. Subject to Sections 1(b), 1(c), 1(d), 1(e) and 1(f) below, New HoldCo hereby delegates
to Titan Management, to the fullest extent permitted under the terms of the New OpCo 

 
LLC Agreement and applicable law, all of New HoldCo’s power and authority to take, in the name of and on behalf of New OpCo, or to cause New OpCo to take, (i) such actions in the ordinary
course conduct of the operations, business and affairs of New OpCo as Titan Management shall determine to be necessary, advisable or appropriate and (ii) such other actions as shall be determined by the Board of Directors of New HoldCo from time to
time (the “Delegation”), subject to the New HoldCo LLC Agreement, the New OpCo LLC Agreement and termination only in accordance with Section 22 hereof, in each case, to the extent such action is not a Non-Delegated Duty (as defined in the
New HoldCo LLC Agreement) or such action is a Non-Delegated Duty that has received the Relevant Board Approval (as defined in the New HoldCo LLC Agreement). For the avoidance of doubt, the Delegation shall include full power and authority to
bind New OpCo, except as otherwise provided herein or in the Omnibus Agreement. 
 b. Notwithstanding the foregoing, any
transaction by New OpCo LLC (including all direct and indirect Subsidiaries) that requires Relevant Board Approval (as defined in the HoldCo LLC Agreement) shall be subject to the receipt of such Relevant Board Approval. 

c. Notwithstanding the foregoing, the Delegation shall not include, and Titan Management shall not be permitted to undertake or
enter into or commit New HoldCo or any of its direct or indirect Subsidiaries, including New OpCo, to undertake or enter into, any transaction or matter which requires Relevant Board Approval (as defined in the New HoldCo LLC Agreement) or the
approval of the equity holders of New HoldCo under either the New HoldCo LLC Agreement or New OpCo LLC Agreement until such approval or approvals have been obtained. 

d. Notwithstanding the foregoing, prior to the Fallaway Date (as defined in the New HoldCo LLC Agreement) the Class B Directors
shall have the sole right to control the process relating to any merger, consolidation, or sale of all or substantially all of the assets of New HoldCo, as well as to bind New HoldCo with respect thereto, as provided in the New HoldCo LLC
Agreement.
 e. The liquidation or dissolution of New OpCo LLC will require the consent of (i) the holders of at least a
majority of the Common Shares (as defined in the New HoldCo LLC Agreement) and (ii) approval of the Board of Directors of New HoldCo, which prior to the Fallaway Date shall include the approval of a majority of the Class B Directors. 

f. Neither New HoldCo (in its capacity as Member or otherwise) nor Titan Management shall (i) approve the admission of any
Person (as defined in the New HoldCo LLC Agreement) as a member of New OpCo LLC or (ii) approve or adopt any amendment to the New OpCo LLC Agreement. 

2. Acceptance of Delegation by Titan Management. Titan Management hereby accepts the Delegation and agrees to perform the Delegation
according to the standards specified in Section 6 hereto. 
 3. Use of Affiliates by Titan Management. Titan Management may perform
the Delegation either directly or through one or more Affiliates (as defined in the New HoldCo LLC Agreement). If Titan Management performs all or any part of the Delegation through any Affiliate, (i) Titan Management shall remain fully responsible
for actions taken or omitted by the Affiliate and (ii) for purposes of Sections 1 through 11, Titan Management and all such Affiliates shall be taken together and treated as Titan Management. 

 4. Conflicts of Interest. All potential and actual conflicts of interest that exist or
arise between Titan Management and each of its Affiliates, on the one hand, and New OpCo, any Subsidiary of New OpCo, or any holder of any equity interest in New OpCo, on the other hand, shall be subject to Section 7.14 of the New OpCo LLC Agreement
as of the Effective Date. 
 5. Continued Responsibility of New HoldCo. Notwithstanding the making by New HoldCo of the
Delegation to Titan Management, New HoldCo shall remain responsible to New OpCo for actions taken or omitted by Titan Management within the scope of such delegation as if New HoldCo had itself taken or omitted to take any such actions. New
HoldCo’s responsibility to New OpCo is not expanded or limited by this Agreement and shall be in effect to the same extent and on the same terms and conditions as specified in the New OpCo LLC Agreement or under Delaware law. New HoldCo
shall have the right and power to direct Titan Management to take, or to cease from taking, any action that would constitute a breach of the New OpCo LLC Agreement. The Board of Directors of New HoldCo shall be entitled to monitor ARPM’s
performance under this Agreement and shall have access to the books, records and documents of ARPM and to any of their officers, directors and employees to monitor ARPM’s performance under this Agreement. 

6. Standards of Performance. In performing the Delegation, Titan Management shall be responsible to New OpCo and New HoldCo to the same
extent and according to the same standards as would have been applicable to New HoldCo in favor of New OpCo had New HoldCo continued to exercise the delegated power and authority directly. 

7. Reliance on Counsel. Without limiting the generality of Section 6, Titan Management ay rely on Section 7.11 of the New OpCo LLC
Agreement to the same extent as New HoldCo. 
 8. Reliance by Third Parties. Pursuant to Section 7.13 of the New OpCo LLC Agreement,
third parties dealing with New OpCo shall be entitled to assume that Titan Management has the full power and authority of New HoldCo in acting for New OpCo, provided that Titan Management shall notify third parties of the limits of its authority
where appropriate. 
 9. Indemnification. Titan Management and its officers, directors and employees and all other persons covered
within the definition of Indemnitee under the New OpCo LLC Agreement shall be entitled to mandatory indemnity and shall be entitled to be held harmless by New OpCo LLC to the extent and subject to the conditions provided for in the New OpCo LLC
Agreement with New HoldCo hereby deeming it advisable that such indemnification and holding harmless shall (rather than may) be done and provided by New OpCo to the fullest extent and subject to the conditions provided therein. 

10. Confidentiality; Books & Records. The parties agree that any Confidential Information (as defined in the Omnibus
Agreement) shall be governed by Section 6.11 of the Omnibus Agreement and references therein to “this Agreement” shall include this Agreement, and the provisions of Section 6.11 and this Section 10 shall survive both the termination of the
Omnibus Agreement and this Agreement for one year following termination, as provided therein and herein, respectively.
 11. Expense
Reimbursement. Titan Management shall be reimbursed in accordance with Section 3.3 of the Omnibus Agreement. Except as provided in this Agreement, Titan Management shall not otherwise be compensated for its services under this Agreement. 

12. Notices. Any notice or other communication provided for herein or given hereunder to a party shall be in accordance with Section
6.2 of the Omnibus Agreement. 

 13. Further Assurances. In connection with this Agreement and all transactions
contemplated by this Agreement, each signatory party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of
the terms, provisions and conditions of this Agreement and all such transactions. 
 14. Entire Agreement. This Agreement and the
Omnibus Agreement, the New HoldCo LLC Agreement and the New OpCo LLC Agreement constitute the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating
to the matters contained herein 
 15. Successor and Assigns. No Party shall have the right to assign this Agreement or any of its
respective rights or obligations under this Agreement. 
 16. No Third-Party Beneficiaries. This Agreement is for the sole benefit of
the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or
by reason of this Agreement, other than Indemnitees (as defined in the New OpCo LLC Agreement) in respect of Section 9 of this Agreement. 

17. Creditors. None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of New
OpCo, New HoldCo or Titan Management. 
 18. Amendment and Modification; Waiver. This Agreement may be amended or modified from time
to time only by the written agreement of all the parties hereto and compliance with any provision hereof by a party hereto may be waived by the other party hereto, provided, that any such amendment, modification or waiver (with respect to a waiver
given by New HoldCo) shall require the approval of a majority of the members of the Conflicts Committee. Each such instrument shall be reduced to writing and shall be designated on its face an “Amendment” or an “Addendum” to this
Agreement, or a “Waiver” of this Agreement, as applicable. 
 19. Severability. If any provision of this Agreement shall be
held invalid or unenforceable by a court or regulatory body of competent jurisdiction, the remainder of this Agreement shall remain in full force and effect. 

20. Governing Law; Submission to Jurisdiction. This Agreement shall be subject to and governed by the laws of the State of Delaware,
excluding any conflicts-of-law rule or principles that might refer the construction or interpretation of this Agreement to the laws of another state. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of,
or relating in any manner to, this Agreement must be brought against any of the Parties in the Court of Chancery of the State of Delaware in and for New Castle County or, if the Court of Chancery lacks subject matter jurisdiction, in another court
of the State of Delaware, County of New Castle, or in the United States District Court for the District of Delaware, and each of the Parties consent to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or
proceeding and waives any objection to venue laid therein. Process in any action or proceeding referred to in the preceding sentence may be served on any Party anywhere in the world. 

21. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this
Agreement. 

 22. Termination. This Agreement and the authority delegated to Titan Management
herein shall terminate (a) automatically upon the closing of the redemption by New HoldCo of the Series A Preferred Share in accordance with Section 5.7(b)(viii) of the New HoldCo LLC Agreement, (b) automatically upon the termination of the Omnibus
Agreement, or (c) automatically upon the sale, assignment, transfer, conveyance, gift, exchange, or other disposal of the Series A Preferred Share to any other person; provided, however, that subsection (c) shall not preclude or limit Titan
Management’s ability to mortgage, pledge, hypothecate or grant a security interest in the Series A Preferred Share; provided further, however, that the authority delegated to Titan Management herein shall terminate upon any forced sale
of the Series A Preferred Share pursuant to the foreclosure of any such encumbrance. Notwithstanding the foregoing, Sections 9, 10, 12, 20 and 22 shall survive termination of this Agreement. 

23. Entire Agreement. This Agreement and the Omnibus Agreement, the New HoldCo LLC Agreement and the New OpCo LLC Agreement constitutes
the entire agreement of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. In the event of a conflict between this Agreement
and the Omnibus Agreement, the Omnibus Agreement shall control to the extent of any conflict. In no event shall Titan Management be entitled to duplicative payments to the extent Titan Management shall be entitled to any payment (including any
indemnity payment) under one or more agreements or instruments relating to the same matter, provided that Titan Management shall have received the full amount owed to it in respect of such matter. In no event shall Titan Management be required
to make duplicative payments under one or more agreements or instruments relating to the same matter. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written
above. 
  

			
	TITAN ENERGY, LLC
		
	By	 	 /s/ Jeffrey M. Slotterback

		
	Name:	 	Jeffrey M. Slotterback
		
	Title:	 	Chief Financial Officer
	
	TITAN ENERGY MANAGEMENT, LLC
		
	By	 	 /s/ Jeffrey M. Slotterback

		
	Name:	 	Jeffrey M. Slotterback
		
	Title:	 	Chief Financial Officer

 [Signature page to Delegation of Management Agreement]

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