Document:

Common Unit Purchase Agreement

 Exhibit 10.2 
 Execution Version 
  

 
  

COMMON UNIT PURCHASE AGREEMENT 
 by and among 
 PENN VIRGINIA RESOURCE PARTNERS, L.P. 

and 

THE PURCHASERS NAMED ON SCHEDULE A HERETO 
  

 
  

 TABLE OF CONTENTS 

ARTICLE I 

DEFINITIONS 
  

							
	Section 1.1	 	Definitions	  	 	1	  
	
	ARTICLE II	  
	
	AGREEMENT TO SELL AND PURCHASE	  
			
	Section 2.1	 	 Sale and Purchase
	  	 	4	  
	Section 2.2	 	 Closing
	  	 	5	  
	Section 2.3	 	 Mutual Conditions
	  	 	5	  
	Section 2.4	 	 Each Purchaser’s Conditions
	  	 	5	  
	Section 2.5	 	 Partnership’s Conditions
	  	 	6	  
	Section 2.6	 	 Deliveries by the Partnership
	  	 	6	  
	Section 2.7	 	 Purchaser Deliveries
	  	 	7	  
	Section 2.8	 	 Independent Nature of Purchasers’ Obligations and Rights
	  	 	8	  
	
	ARTICLE III	  
	
	REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP	  
			
	Section 3.1	 	 Existence
	  	 	8	  
	Section 3.2	 	 Purchased Units; Capitalization
	  	 	9	  
	Section 3.3	 	 Material Subsidiaries
	  	 	9	  
	Section 3.4	 	 No Conflict
	  	 	9	  
	Section 3.5	 	 Authority
	  	 	10	  
	Section 3.6	 	 Approvals
	  	 	10	  
	Section 3.7	 	 Compliance with Laws
	  	 	10	  
	Section 3.8	 	 Due Authorization
	  	 	11	  
	Section 3.9	 	 Valid Issuance; No Options or Preemptive Rights of Common Units
	  	 	11	  
	Section 3.10	 	 No Registration Rights
	  	 	11	  
	Section 3.11	 	 Periodic Reports
	  	 	11	  
	Section 3.12	 	 Internal Accounting Controls
	  	 	12	  
	Section 3.13	 	 Litigation
	  	 	12	  
	Section 3.14	 	 No Material Adverse Change
	  	 	12	  
	Section 3.15	 	 Certain Fees
	  	 	12	  
	Section 3.16	 	 No Side Agreements
	  	 	13	  
	Section 3.17	 	 No Registration Required
	  	 	13	  
	Section 3.18	 	 No Integration
	  	 	13	  
	Section 3.19	 	 MLP Status
	  	 	13	  
	Section 3.20	 	 Investment Company Status
	  	 	13	  
	Section 3.21	 	 Shell Company Status
	  	 	13	  
	Section 3.22	 	 Form S-3 Eligibility
	  	 	13	  

  
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	ARTICLE IV	  
	
	REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS	  
			
	 Section 4.1
	 	 Existence
	  	 	13	  
	 Section 4.2
	 	 Authorization, Enforceability
	  	 	14	  
	 Section 4.3
	 	 No Breach
	  	 	14	  
	 Section 4.4
	 	 Certain Fees
	  	 	14	  
	 Section 4.5
	 	 No Side Agreements
	  	 	14	  
	 Section 4.6
	 	 Investment
	  	 	14	  
	 Section 4.7
	 	 Nature of Purchaser
	  	 	15	  
	 Section 4.8
	 	 Restricted Securities
	  	 	15	  
	 Section 4.9
	 	 Legend; Restrictive Notation
	  	 	15	  
	
	ARTICLE V	  
	
	COVENANTS	  
			
	 Section 5.1
	 	 Taking of Necessary Action
	  	 	16	  
	 Section 5.2
	 	 Other Actions
	  	 	16	  
	 Section 5.3
	 	 Payment and Expenses
	  	 	16	  
	 Section 5.4
	 	 Use of Proceeds
	  	 	16	  
	 Section 5.5
	 	 Non-Disclosure; Interim Public Filings
	  	 	16	  
	 Section 5.6
	 	 Amendments or Modifications to the Class B Units.
	  	 	17	  
	
	ARTICLE VI	  
	
	INDEMNIFICATION	  
			
	 Section 6.1
	 	 Indemnification by the Partnership
	  	 	17	  
	 Section 6.2
	 	 Indemnification by Purchasers
	  	 	17	  
	 Section 6.3
	 	 Indemnification Procedure
	  	 	18	  
	
	ARTICLE VII	  
	
	MISCELLANEOUS	  
			
	 Section 7.1
	 	 Certain Special Allocations of Book and Taxable Income
	  	 	19	  
	 Section 7.2
	 	 Interpretation and Survival of Provisions
	  	 	19	  
	 Section 7.3
	 	 Survival of Provisions
	  	 	19	  
	 Section 7.4
	 	 No Waiver; Modifications in Writing
	  	 	20	  
	 Section 7.5
	 	 Binding Effect; Assignment
	  	 	20	  
	 Section 7.6
	 	 Communications
	  	 	20	  
	 Section 7.7
	 	 Removal of Legend
	  	 	21	  
	 Section 7.8
	 	 Entire Agreement
	  	 	22	  
	 Section 7.9
	 	 Governing Law
	  	 	22	  
	 Section 7.10
	 	 Execution in Counterparts
	  	 	22	  
	 Section 7.11
	 	 Termination
	  	 	22	  

  
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	 Section 7.12
	 	 Recapitalization, Exchanges, Etc. Affecting the Common Units
	  	 	23	  

  

			
	Schedule A —	 	List of Purchasers and Commitment Amounts
	Schedule B —	 	Notice and Contact Information
	Schedule C —	 	Material Subsidiaries

  

			
	Exhibit A —	 	Form of Registration Rights Agreement
	Exhibit B —	 	Form of Opinion of Vinson & Elkins L.L.P.
	Exhibit C —	 	Form of Additional Limited Partner Certificate

  
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 COMMON UNIT PURCHASE AGREEMENT 

This COMMON UNIT PURCHASE AGREEMENT, dated as of April 9, 2012 (this “Agreement”), is by and among PENN VIRGINIA
RESOURCE PARTNERS, L.P., a Delaware limited partnership (the “Partnership”), and each of the purchasers listed on Schedule A hereof (each a “Purchaser” and collectively, the “Purchasers”).

 WHEREAS, the Partnership desires to issue and sell to the Purchasers, and each Purchaser desires to purchase from the
Partnership, certain common units representing limited partnership interests of the Partnership (“Common Units”) in accordance with the provisions of this Agreement; and 

WHEREAS, the Partnership and the Purchasers will enter into a registration rights agreement (the “Registration Rights
Agreement”), substantially in the form attached hereto as Exhibit A, pursuant to which the Partnership will provide the Purchasers with certain registration rights with respect to the Common Units acquired pursuant hereto.

 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 Partnership and each of the Purchasers, severally and not jointly, hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have
the meanings indicated: 
 “8-K Filing” has the meaning set forth in Section 5.5. 

“Acquisition” means the acquisition by PVR Marcellus Gas Gathering LLC of a 100% membership interest in Chief Gathering
LLC pursuant to the Acquisition Agreement. 
 “Acquisition Agreement” means the Membership Interest Purchase
and Sale Agreement by and among Chief E&D Holdings LP, Chief Gathering LLC, PVR Marcellus Gas Gathering LLC and Penn Virginia Resource Partners, L.P., dated as of April 9, 2012, in substantially the form provided to certain of the
Purchasers by RBC Capital Markets in an email dated April 9, 2012. 
 “Affiliate” means, with respect to
any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct
or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

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

 “Business Day” means a day other than (i) a Saturday or Sunday or
(ii) any day on which banks located in New York, New York, U.S.A. are authorized or obligated to close. 
 “Class B
Unit Purchase Agreement” means the Class B Unit Purchase Agreement entered into by the Partnership on even date herewith and relating to the issuance and sale of $400 million of Class B Units concurrently with the closing of the Acquisition
in substantially the form provided to certain of the Purchasers by RBC Capital Markets in an email dated April 9, 2012, with such modifications or waivers as the General Partner determines do not materially adversely affect the Purchasers
(including in their capacity as unitholders following the Closing). 
 “Closing” has the meaning specified in
Section 2.2. 
 “Closing Date” has the meaning specified in Section 2.2. 

“Commission” means the United States Securities and Exchange Commission. 

“Common Unit Price” means $20.50, as adjusted in accordance with Section 2.1(b) and Section 7.12, as
applicable. 
 “Common Units” has the meaning specified in the recitals. 

“Delaware LP Act” means the Delaware Revised Uniform Limited Partnership Act. 

“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. 
 “General Partner” means Penn Virginia Resource GP, LLC, a Delaware
limited liability company. 
 “Governmental Authority” means, with respect to a particular Person, any country,
state, county, city and political subdivision in which such Person or such Person’s Property is located or that exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, commission,
board, bureau or instrumentality of any of them and any monetary authority that exercises valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein with
respect to the Partnership mean a Governmental Authority having jurisdiction over the Partnership, its Subsidiaries or any of their respective Properties. 
 “Indemnified Party” has the meaning specified in Section 6.3. 
 “Indemnifying Party” has the meaning specified in Section 6.3. 
 “Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or regulation. 

“Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of
the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the 

  
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lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. For the
purpose of this Agreement, a Person shall be deemed to be the owner of any Property that it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant to which title to the Property
has been retained by or vested in some other Person in a transaction intended to create a financing. 
 “Material
Adverse Effect” means a material adverse effect on (i) the condition (financial or otherwise), business, prospects, assets or results of operations of the Partnership Entities, taken as a whole, (ii) the limited partners of the
Partnership resulting from any event which subjects them to any material liability or disability, and (iii) the ability of the Partnership Entities to perform their obligations under the Operative Documents. 

“Material Subsidiaries” has the meaning set forth on Schedule C. 

“NYSE” means The New York Stock Exchange, Inc. 
 “Operative Documents” means, collectively, this Agreement, the Registration Rights Agreement and any amendments, supplements, continuations or modifications thereto. 

“Outstanding” has the meaning set forth in the Partnership Agreement. 

“Partnership Agreement” means the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership
dated March 10, 2011, including any amendments, supplements, continuations or modifications thereto.  

“Partnership” has the meaning set forth in the introductory paragraph. 

“Partnership Entities” and each a “Partnership Entity” means the General Partner, the Partnership, and
each of the Partnership’s Material Subsidiaries. 
 “Partnership Related Parties” has the meaning
specified in Section 6.2. 
 “Partnership SEC Documents” has the meaning specified in Section 3.11.

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

“Per Unit Capital Amount” has the meaning set forth in the Partnership Agreement. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or
intangible. 
 “Purchased Units” means, with respect to a particular Purchaser, the number of Common Units
equal to the aggregate Purchase Price set forth opposite such Purchaser’s name under the column titled “Purchase Price” set forth on Schedule A hereto divided by the Common Unit Price. 

  
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 “Purchase Price” means, with respect to a particular Purchaser, the amount
set forth opposite such Purchaser’s name under the column titled “Purchase Price” set forth on Schedule A hereto. 
 “Purchaser” and “Purchasers” have the meanings set forth in the introductory paragraph. 
 “Purchaser Related Parties” has the meaning specified in Section 6.1. 
 “Registration Rights Agreement” has the meaning set forth in the recitals hereto. 
 “Representatives” of any Person means the Affiliates, officers, directors, managers, employees, agents, counsel, accountants, investment bankers and other representatives of such Person.

 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and
regulations of the Commission promulgated thereunder. 
 “Subsidiary” has the meaning set forth in Rule 405 of
the rules and regulations promulgated under the Securities Act. For the avoidance of doubt, Subsidiaries to be acquired by PVR Marcellus Gas Gathering LLC pursuant to the Acquisition Agreement shall not be deemed to be Subsidiaries of the
Partnership for purposes of this Agreement unless the closing of the Acquisition occurs prior to the Closing. 

“Unrealized Gain” has the meaning set forth in the Partnership Agreement. 

ARTICLE II 

AGREEMENT TO SELL AND PURCHASE 
 Section 2.1 Sale and Purchase. 
 (a) Subject to the terms and conditions
hereof, the Partnership hereby agrees to issue and sell to each Purchaser and each Purchaser hereby agrees, severally and not jointly, to purchase from the Partnership, its respective Purchased Units, and each Purchaser agrees, severally and not
jointly, to pay the Partnership the Common Unit Price for each Purchased Unit as set forth in paragraph (b) below. The obligations of each Purchaser under this Agreement are independent of the obligations of each other Purchaser, and the
failure or waiver of performance by any Purchaser does not excuse performance by any other Purchaser or by the Partnership. 

(b) If the Closing Date is after the record date for the distribution to the Partnership’s holders of Common Units with respect to
the quarter ending March 31, 2012, the Common Unit Price shall be reduced by an amount equal to such per unit distribution and the number of Common Units to be issued to each Purchaser shall be adjusted accordingly and Schedule A shall
be updated. Further, if the Closing Date is after the record date for the distribution to the Partnership’s holders of Common Units with respect to the quarter ending June 30, 2012, the Common Unit Price shall be reduced by an amount equal
to such per unit distribution and the number of Common Units to be issued to each Purchaser shall be adjusted accordingly and Schedule A shall be updated. 

  
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 Section 2.2 Closing. Subject to the terms and conditions hereof, the consummation of
the purchase and sale of the Purchased Units hereunder (the “Closing”) shall take place at the offices of Vinson & Elkins L.L.P., 666 Fifth Avenue, 26th Floor, New York, New York, or such other location as mutually agreed
by the parties, and upon the later to occur of (i) the first Business Day on which the satisfaction or waiver of the conditions set forth in Sections 2.3, 2.4 and 2.5 has occurred (other than those conditions that are by their terms to be
satisfied at the Closing) and (ii) the closing of the Acquisition; provided, however, that if such later event is the closing of the Acquisition, then the Closing shall occur concurrently therewith (the date of such closing, the
“Closing Date”). 
 Section 2.3 Mutual Conditions. The respective obligations of each party to
consummate the purchase and issuance and sale of the Purchased Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a party on behalf of itself in
writing, in whole or in part, to the extent permitted by applicable Law): 
 (a) no Law shall have been enacted or promulgated,
and no action shall have been taken, by any Governmental Authority of competent jurisdiction that temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated hereby
or makes the transactions contemplated hereby illegal; and 
 (b) the closing of the Acquisition shall occur concurrently with
the Closing on substantially the terms specified in the Acquisition Agreement with such modifications or waivers as the General Partner determines do not materially adversely affect the Purchasers (including in their capacity as unitholders
following the Closing), but expressly without any waiver of either (i) the condition that the representation contained in Section 4.28 (No Material Adverse Change) be true and correct on and as of the Closing Date or (ii) the
condition to closing contained in Section 9.1(h) of the Acquisition Agreement. 
 Section 2.4 Each Purchaser’s
Conditions. The obligation of each Purchaser to consummate the purchase of its Purchased Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a
particular Purchaser on behalf of itself in writing with respect to its Purchased Units, in whole or in part, to the extent permitted by applicable Law): 
 (a) the Partnership shall have performed and complied with the covenants and agreements contained in this Agreement that are required to be performed and complied with by the Partnership on or prior to
the Closing Date; 
 (b) (i) the representations and warranties of the Partnership (A) set forth in Sections 3.1, 3.2 and
3.5 and (B) contained in this Agreement that are qualified by materiality or a Material Adverse Effect shall be true and correct when made and as of the Closing Date and (ii) all other representations and warranties of the Partnership
shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations and warranties made as of a specific date shall be required to be true
and correct as of such date only, it being expressly understood and agreed that representations and warranties made “As of the date hereof” or “As of the date of this 

  
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Agreement”, or a similar phrase, are made as of April 9, 2012, and will not be required to be true and correct as of the Closing Date); 

(c) the NYSE shall have authorized, upon official notice of issuance, the listing of the Purchased Units; 

(d) no notice of delisting from the NYSE shall have been received by the Partnership with respect to the Common Units; 

(e) the Partnership shall have delivered, or caused to be delivered, to such Purchaser at the Closing, the Partnership’s closing
deliveries described in Section 2.6; 
 (f) the execution and delivery by Partnership of the Registration Rights Agreement;

 (g) the Partnership shall have (or shall concurrently with Closing): 

(i) issued the LP Interests to the Seller (each as defined in the Acquisition Agreement); 

(ii) issued $400,000,000 of a new class of limited partner interests issued and sold pursuant to the Class B Unit Purchase
Agreement; and 
 (iii) proceeds from a bridge loan on terms substantially similar to the terms set forth in the
debt commitment letter between the Partnership and Royal Bank of Canada as provided to certain of the Purchasers by RBC Capital Markets in an email dated April 9, 2012 or substitute debt financing on terms and conditions that are not in the
aggregate materially less favorable to the Partnership. 
 Section 2.5 Partnership’s Conditions. The obligation of
the Partnership to consummate the issuance and sale of the Purchased Units to each Purchaser shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions with respect to such Purchaser (any or all of which
may be waived by the Partnership in writing, in whole or in part, to the extent permitted by applicable Law): 
 (a) the
representations and warranties of such Purchaser contained in this Agreement that are qualified by materiality shall be true and correct when made and as of the Closing Date and all other representations and warranties of such Purchaser shall be
true and correct in all material respects as of the Closing Date (except that representations of such Purchaser made as of a specific date shall be required to be true and correct as of such date only); and 

(b) such Purchaser shall have delivered, or caused to be delivered, to the Partnership at the Closing such Purchaser’s closing
deliveries described in Section 2.7. 
 Section 2.6 Deliveries by the Partnership. At the Closing, subject to the
terms and conditions hereof, the Partnership will deliver, or cause to be delivered, to each Purchaser (or, at such Purchaser’s discretion, to an assignee pursuant to Section 7.5(b)): 

  
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 (a) at the option of each Purchaser (which such option exercisable by notice to the
Partnership at least five (5) days prior to the Closing Date), evidence of issuance of a certificate evidencing the Purchased Units or the Purchased Units credited to book-entry accounts maintained by the transfer agent, bearing the legend or
restrictive notation set forth in Section 4.9, and meeting the requirements of the Partnership Agreement, free and clear of any Liens, other than transfer restrictions under the Partnership Agreement and applicable federal and state securities
laws; 
 (b) a certificate of the Secretary of State of the State of Delaware, dated a recent date, to the effect that each of
the General Partner and the Partnership is in good standing; 
 (c) a cross receipt executed by the Partnership and delivered to
such Purchaser certifying that it has received the Purchase Price from such Purchaser as of the Closing Date; 
 (d) an opinion
addressed to the Purchasers from Vinson & Elkins L.L.P., legal counsel to the Partnership, dated as of the Closing, in the form and substance attached hereto as Exhibit B; 

(e) a certificate, dated the Closing Date and signed by the Chief Executive Officer and the Chief Financial Officer of the General
Partner, on behalf of the Partnership, in their capacities as such, stating that: 
 (i) the Partnership has
performed and complied with the covenants and agreements contained in this Agreement that are required to be performed and complied with by the Partnership on or prior to the Closing Date; and 

(ii) the representations and warranties of the Partnership (A) set forth in Section 3.1, Section 3.2 and
Section 3.5 and (B) contained in this Agreement that are qualified by materiality or Material Adverse Effect are true and correct as of the Closing Date and all other representations and warranties of the Partnership are true and correct
in all material respects as of the Closing Date (except that representations and warranties made as of a specific date shall be required to be true and correct as of such date only); and 

(f) a certificate of the Secretary or Assistant Secretary of the General Partner, on behalf of the Partnership, certifying as to
(1) the Certificate of Limited Partnership of the Partnership, as amended, and the Partnership Agreement, (2) board resolutions authorizing the execution and delivery of the Operative Documents and the consummation of the transactions
contemplated thereby, including the issuance of the Purchased Units and (3) its incumbent officers authorized to execute the Operative Documents, setting forth the name and title and bearing the signatures of such officers. 

Section 2.7 Purchaser Deliveries. At the Closing, subject to the terms and conditions hereof, each Purchaser will deliver, or
cause to be delivered, to the Partnership: 
 (a) payment to the Partnership of the Purchase Price set forth opposite such
Purchaser’s name under the column titled “Purchase Price” on Schedule A hereto by wire 

  
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transfer of immediately available funds to an account designated by Partnership at least two Business Days prior to the Closing Date; 

(b) an application requesting admission as an Additional Limited Partner (as that term is defined in the Partnership Agreement) in
substantially the form attached hereto as Exhibit C, which shall have been duly executed by such Purchaser; and 
 (c) a
certificate from such Purchaser, dated the Closing Date and signed by an appropriate officer of such Purchaser, in his or her capacity as such, stating that: 
 (i) such Purchaser has performed and completed with the covenants and agreements contained in this Agreement that are required to be performed and complied with it on or prior to the Closing Date; and

 (ii) the representations and warranties of such Purchaser contained in this Agreement that are qualified by
materiality are true and correct as of the Closing Date and all other representations and warranties of such Purchaser contained in this Agreement are true and correct in all material respects as of the Closing Date (except that representations and
warranties made as of a specific date shall be required to be true and correct as of such date only). 
 Section 2.8
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Operative Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any
way for the performance of the obligations of any other Purchaser under any Operative Document. Nothing contained herein or in any other Operative Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by the Operative Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Operative Documents, and it shall
not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
 ARTICLE
III 
 REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP 

 
 The Partnership represents and warrants to each Purchaser as follows:

  
 Section 3.1 Existence. Each of the
Partnership Entities has been duly incorporated or formed, as the case may be, and is validly existing as a limited liability company, limited partnership or corporation, as the case may be, in good standing under the Laws of its jurisdiction of
incorporation or formation, as the case may be, and has the full limited liability company, limited partnership or corporate, as the case may be, power and authority to own, lease or hold its Properties and assets and to conduct the businesses in
which it is engaged, and is duly registered or qualified as a foreign limited liability company, limited partnership or corporation, 

  
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as the case may be, for the transaction of business under the laws of each jurisdiction in which the character of the business conducted by it or the nature or location of the properties owned or
leased by it makes such registration or qualification necessary, except where the failure to so register or qualify would not reasonably be expected to have a Material Adverse Effect. 

Section 3.2 Purchased Units; Capitalization. 
 (a) On the Closing Date, the Purchased Units shall have those rights, preferences, privileges and restrictions governing the Common Units as set forth in the Partnership Agreement. 

(b) The General Partner is the sole general partner of the Partnership and owns a non-economic management interest in the Partnership;
such non-economic management interest has been duly authorized and validly issued in accordance with the Partnership Agreement; and the General Partner owns such non-economic management interest free and clear of any Liens. 

(c) As of the date hereof, the issued and outstanding limited partner interests of the Partnership consist of 79,082,088 Common Units.
All outstanding Common Units and the limited partner interests represented thereby have been duly authorized and validly issued in accordance with the Partnership Agreement and are fully paid (to the extent required under the Partnership Agreement)
and nonassessable (except as such nonassessability may be affected by matters described in Sections 17-303, 17-607 and 17-804 of the Delaware LP Act). 
 (d) The Common Units are listed on the NYSE, and the Partnership has not received any notice of delisting. The issuance and sale of the Purchased Units will not contravene NYSE rules and regulations.

 Section 3.3 Material Subsidiaries. The Partnership owns, directly or indirectly, 100% of the equity interests of
the Material Subsidiaries; such equity interests have been duly authorized and validly issued in accordance with the organizational documents of each Material Subsidiary, and are fully paid (to the extent required under such organizational
documents) and nonassessable (except as such nonassessability may be affected by the applicable statutes of the jurisdiction of formation of the applicable Material Subsidiary); and the Partnership owns such equity interests free and clear of all
Liens except for Liens pursuant to credit agreements and related security agreements disclosed or referred to in the Partnership SEC Documents. 
 Section 3.4 No Conflict. None of (i) the offering, issuance and sale by the Partnership of the Purchased Units and the application of the proceeds therefrom, (ii) the execution,
delivery and performance of the Operative Documents by the Partnership, or (iii) the consummation of the transactions contemplated hereby or thereby (1) constitutes or will constitute a violation of the Partnership Agreement, the Sixth
Amended and Restated Limited Liability Company Agreement of the General Partner or the other organizational documents of any of the Partnership, the General Partner or the Material Subsidiaries, (2) constitutes or will constitute a breach or
violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which any of the
Partnership, the General 

  
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Partner or the Material Subsidiaries is a party or by which any of them or any of their respective properties may be bound, (3) violates or will violate any statute, Law or regulation or any
order, judgment, decree or injunction of any court or Governmental Authority or body directed to any of the Partnership, the General Partner or the Material Subsidiaries or any of their properties in a proceeding to which any of them or their
property is or was a party, or (4) results or will result in the creation or imposition of any Lien upon any property or assets of any of the Partnership, the General Partner or the Material Subsidiaries, which conflicts, breaches, violations,
defaults or liens, in the case of clauses (2), (3) or (4), would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 3.5 Authority. On the Closing Date, the Partnership will have all requisite power and authority to issue, sell and deliver the Purchased Units, in accordance with and upon the terms
and conditions set forth in this Agreement and the Partnership Agreement. On the Closing Date, all partnership or limited liability company action, as the case may be, required to be taken by the General Partner and the Partnership for the
authorization, issuance, sale and delivery of the Purchased Units, the execution and delivery of the Operative Documents and the consummation of the transactions contemplated hereby and thereby shall have been validly taken. No approval from the
holders of outstanding Common Units is required under the Partnership Agreement or the rules of the NYSE in connection with the Partnership’s issuance and sale of the Purchased Units to the Purchasers or the Special Units pursuant to the
Acquisition Agreement. 
 Section 3.6 Approvals. Except as required by the Commission in connection with the
Partnership’s obligations under the Registration Rights Agreement, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or registration with, any Governmental
Authority or any other Person is required in connection with the execution, delivery or performance by the Partnership of any of the Operative Documents to which it is a party or the Partnership’s issuance and sale of the Purchased Units,
except (i) as may be required under the state securities or “Blue Sky” Laws, or (ii) where the failure to receive such authorization, consent, approval, waiver, license, qualification or written exemption or to make such filing,
declaration, qualification or registration would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect 
 Section 3.7 Compliance with Laws. As of the date hereof, neither the Partnership nor any of its Subsidiaries is in violation of any Law applicable to the Partnership or its Subsidiaries,
except as would not, individually or in the aggregate, have a Material Adverse Effect. The Partnership and its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct
their respective businesses, except where the failure to possess such certificates, authorizations or permits would not, individually or in the aggregate, have a Material Adverse Effect, and neither the Partnership nor any such Subsidiary has
received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit, except where such potential revocation or modification would not, individually or in the aggregate, have a Material
Adverse Effect. 

  
 10 

 Section 3.8 Due Authorization. Each of the Operative Documents has been duly
and validly authorized and has been or, with respect to the Operative Documents to be delivered at the Closing Date, will be, validly executed and delivered by the Partnership or the General Partner, as the case may be, and constitutes, or will
constitute, the legal, valid and binding obligations of the Partnership or the General Partner, as the case may be, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and
other laws of general applicability relating to or affecting creditors’ rights and by general principles of equity. 

Section 3.9 Valid Issuance; No Options or Preemptive Rights of Common Units. The Purchased Units to be issued and sold by
the Partnership to each Purchaser hereunder have been duly authorized in accordance with the Partnership Agreement and, when issued and delivered against payment therefor pursuant to this Agreement, will be validly issued in accordance with the
Partnership Agreement, fully paid (to the extent required under the Partnership Agreement) and non-assessable (except as such nonassessability may be affected by matters described in Sections 17-303, 17-607 and 17-804 of the Delaware LP Act).
The holders of outstanding Common Units are not entitled to statutory, preemptive or other similar contractual rights to subscribe for Common Units; and, except for the Units to be issued pursuant to the Acquisition Agreement and the Class B Unit
Purchase Agreement, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, partnership securities or ownership interests in the
Partnership are outstanding. 
 Section 3.10 No Registration Rights. Except as contemplated by this Agreement, the
Partnership Agreement, the Acquisition Agreement, the Registration Rights Agreement and the Class B Unit Purchase Agreement, there are no contracts, agreements or understandings between the Partnership and any Person granting such Person the right
to require the Partnership to file a registration statement under the Securities Act with respect to any securities of the Partnership or to require the Partnership to include such securities in any securities registered or to be registered pursuant
to any registration statement filed by or required to be filed by the Partnership under the Securities Act. 

Section 3.11 Periodic Reports. The Partnership’s forms, registration statements, reports, schedules and statements
required to be filed by it under the Exchange Act or the Securities Act (all such documents filed prior to the date hereof, collectively the “Partnership SEC Documents”) have been filed with the Commission on a timely basis. The
Partnership SEC Documents, including, without limitation, any audited or unaudited financial statements and any notes thereto or schedules included therein, at the time filed (or in the case of registration statements, solely on the dates of
effectiveness) (except to the extent corrected by a subsequent Partnership SEC Document) (a) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading, (b) complied in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be,
(c) complied in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto, (d) were prepared in accordance with GAAP applied on a consistent basis
during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited 

  
 11 

 
statements, as permitted by Form 10-Q of the Commission), and (e) fairly present (subject in the case of unaudited statements to normal and recurring audit adjustments) in all material
respects the consolidated financial position of the Partnership and its consolidated subsidiaries as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended. KPMG LLP is an independent registered
public accounting firm with respect to the Partnership and the General Partner and has not resigned or been dismissed as independent registered public accountants of the Partnership as a result of or in connection with any disagreement with the
Partnership on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures. 
 Section 3.12 Internal Accounting Controls. The Partnership and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Partnership is not aware of any failures of such internal accounting controls. 
 Section 3.13 Litigation. As of the date hereof, there are no legal or governmental proceedings pending to which any Partnership Entity is a party or to which any Property or asset of any
Partnership Entity is subject that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or which challenges the validity of any of the Operative Documents or the right of any Partnership Entity to enter
into any of the Operative Documents or to consummate the transactions contemplated hereby and thereby and, to the knowledge of the Partnership, no such proceedings are threatened by Governmental Authorities or others. 

Section 3.14 No Material Adverse Change. As of the date hereof, since December 31, 2011, (i) there has not occurred any
material adverse change in the condition (financial or other), results of operations, securityholders’ equity, Properties, prospects or business of the Partnership Entities, taken as a whole and (ii) to the knowledge of the executive
officers of the Partnership, there is no event, liability, development or circumstance that has occurred or exists or is reasonably expected to occur or exist with respect to the Partnership Entities, taken as a whole, that is reasonably likely,
with the passage of time, to result in any material adverse change in the condition (financial or other), results of operations, securityholders’ equity, Properties, prospects or business of the Partnership Entities, taken as a whole, in each
case, except for the matters set forth in the Current Report on Form 8-K to be filed on April 10, 2012, relating to the impairment charge and in substantially the same form as the Form 8-K that was provided to the purchasers by RBC Capital
Markets on April 9, 2012. 
 Section 3.15 Certain Fees. Except for the fees payable to RBC Capital Markets, LLC, no
fees or commissions are or will be payable by the Partnership to brokers, finders, or investment bankers with respect to the sale of any of the Purchased Units or the consummation of the transaction contemplated by this Agreement. The Partnership
agrees that it will indemnify and hold harmless the Purchaser from and against any and all claims, demands, or 

  
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liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by the Partnership in connection with the sale of the Purchased Units or the consummation of
the transactions contemplated by this Agreement. 
 Section 3.16 No Side Agreements. There are no agreements by, among
or between the Partnership or any of its Affiliates, on the one hand, and any Purchaser or any of their Affiliates, on the other hand, with respect to the transactions contemplated hereby other than the Operative Documents nor promises or
inducements for future transactions between or among any of such parties. 
 Section 3.17 No Registration Required.
Assuming the accuracy of the representations and warranties of each Purchaser contained in Section 4.6 and Section 4.7, the issuance and sale of the Purchased Units pursuant to this Agreement is exempt from registration requirements of the
Securities Act, and neither the Partnership nor, to the knowledge of the Partnership, any authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 

Section 3.18 No Integration. Neither the Partnership nor any of its Affiliates have, directly or indirectly through any agent,
sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities Act of 1933, as amended) that is or will be integrated with the sale of the Purchased Units in a manner
that would require registration under the Securities Act. 
 Section 3.19 MLP Status. The Partnership is properly
treated as a partnership for United States federal income tax purposes and more than 90% of the Partnership’s current gross income is qualifying income under 7704(d) of the Internal Revenue Code of 1986, as amended. 

Section 3.20 Investment Company Status. The Partnership is not an “investment company” within the meaning of the
Investment Company Act of 1940, as amended. 
 Section 3.21 Shell Company Status. The Partnership has never been an
issuer identified in, or subject to, Rule 144(i). 
 Section 3.22 Form S-3 Eligibility. As of the date hereof, the
Partnership has been, since the time of filing its most recent Form S-3 Registration Statement, and continues to be, eligible to use Form S-3. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

 Each Purchaser, severally and not jointly, hereby represents and warrants to the Partnership that: 

Section 4.1 Existence. Such Purchaser is duly organized and validly existing and in good standing under the Laws of its
jurisdiction of organization, with all requisite 

  
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power and authority to own, lease, use and operate its Properties and to conduct its business as currently conducted. 
 Section 4.2 Authorization, Enforceability. Such Purchaser has all necessary corporate, limited liability company or partnership power and authority to execute, deliver and perform its obligations
under this Agreement and the Registration Rights Agreement and to consummate the transactions contemplated thereby, and the execution, delivery and performance by such Purchaser of this Agreement and the Registration Rights Agreement has been duly
authorized by all necessary action on the part of such Purchaser; and this Agreement and the Registration Rights Agreement constitute the legal, valid and binding obligations of such Purchaser, enforceable in accordance with their terms, except as
such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally or by general principles of equity, including principles of commercial reasonableness, fair dealing and
good faith. 
 Section 4.3 No Breach. The execution, delivery and performance of this Agreement and the Registration
Rights Agreement by such Purchaser and the consummation by such Purchaser of the transactions contemplated hereby and thereby will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, any material agreement to which such Purchaser is a party or by which such Purchaser is bound or to which any of the property or assets of such Purchaser is subject, (b) conflict with or result in any violation of the provisions
of the organizational documents of such Purchaser, or (c) violate any statute, order, rule or regulation of any court or governmental agency or body having jurisdiction over such Purchaser or the property or assets of such Purchaser, except in
the cases of clauses (a) and (c), for such conflicts, breaches, violations or defaults as would not prevent the consummation of the transactions contemplated by this Agreement and the Registration Rights Agreement. 

Section 4.4 Certain Fees. No fees or commissions are or will be payable by such Purchaser to brokers, finders, or investment
bankers with respect to the purchase of any of the Purchased Units or the consummation of the transaction contemplated by this Agreement. Such Purchaser agrees that it will indemnify and hold harmless the Partnership from and against any and all
claims, demands, or liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by such Purchaser in connection with the purchase of the Purchased Units or the consummation of the transactions contemplated
by this Agreement. 
 Section 4.5 No Side Agreements. There are no other agreements by, among or between such Purchaser
and any of its Affiliates, on the one hand, and the Partnership or any of its Affiliates, on the other hand, with respect to the transactions contemplated hereby other than the Operative Documents nor promises or inducements for future transactions
between or among any of such parties. 
 Section 4.6 Investment. The Purchased Units are being acquired for such
Purchaser’s own account, the account of its Affiliates, or the accounts of clients for whom such Purchaser exercises discretionary investment authority (all of whom such Purchaser hereby represents and warrants are “accredited
investors” within the meaning of Rule 501(a) of Regulation D promulgated by the Commission pursuant to the Securities Act), not as a nominee 

  
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or agent, and with no present intention of distributing the Purchased Units or any part thereof, and such Purchaser has no present intention of selling or granting any participation in or
otherwise distributing the same in any transaction in violation of the securities laws of the United States or any state, without prejudice, however, to such Purchaser’s right at all times to sell or otherwise dispose of all or any part of the
Purchased Units under a registration statement under the Securities Act and applicable state securities laws or under an exemption from such registration available thereunder (including, without limitation, if available, Rule 144 promulgated
thereunder). If such Purchaser should in the future decide to dispose of any of the Purchased Units, the Purchaser understands and agrees (a) that it may do so only in compliance with the Securities Act and applicable state securities law, as
then in effect, including a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to an exemption from the Securities Act, and (b) that stop-transfer instructions to that effect will be
in effect with respect to such securities. 
 Section 4.7 Nature of Purchaser. Such Purchaser represents and warrants to
the Partnership that, (a) it is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act and (b) by reason of its business and financial experience it
has such knowledge, sophistication and experience in making similar investments and in business and financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Units, is able to
bear the economic risk of such investment and, at the present time, would be able to afford a complete loss of such investment. 
 Section 4.8 Restricted Securities. Such Purchaser understands that the Purchased Units are characterized as “restricted securities” under the federal securities Laws inasmuch as they are
being acquired from the Partnership in a transaction not involving a public offering and that under such Laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited
circumstances. In this connection, such Purchaser represents that it is knowledgeable with respect to Rule 144 of the Commission promulgated under the Securities Act. 
 Section 4.9 Legend; Restrictive Notation. Such Purchaser understands that the certificates evidencing the Purchased Units or the book-entry account maintained by the transfer agent evidencing
ownership of the Purchased Units, as applicable, will bear the legend or restrictive notation required by the Partnership Agreement as well as the following legend or restrictive notation: “These securities have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”). These securities may not be sold or offered for sale except pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration
thereunder, in each case in accordance with all applicable securities laws of the states or other jurisdictions, and in the case of a transaction exempt from registration, such securities may only be transferred if the transfer agent for such
securities has received documentation satisfactory to it that such transaction does not require registration under the Securities Act.” 

  
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 ARTICLE V 
 COVENANTS 
 Section 5.1 Taking of Necessary Action. Each of the
parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law and regulations to consummate and
make effective the transactions between the Partnership and the Purchasers contemplated by this Agreement related specifically to the acquisition of the Purchased Units. Without limiting the foregoing, each of the Partnership and each Purchaser
shall use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary or, in the reasonable opinion of the other parties, as the case may be, advisable for the consummation of the
transactions contemplated by the Operative Documents. 
 Section 5.2 Other Actions. The Partnership shall file prior to
the Closing Date a supplemental listing application with the NYSE to list the Purchased Units. 
 Section 5.3 Payment and
Expenses. The Partnership hereby agrees to reimburse the Purchasers, upon demand, for up to an aggregate amount of $100,000 in reasonable fees and expenses of Baker Botts L.L.P. and Greenberg Traurig, LLP incurred in connection with (i) the
negotiation and execution of the Operative Documents, (ii) the issue, sale and delivery of the Purchased Units, (iii) review of the Acquisition Agreement and the other financings related thereto and (iv) any listing of the Purchased
Units for quotation on the NYSE. Any legal fees of Baker Botts L.L.P. and Greenberg Traurig, LLP in excess of $100,000 shall be paid pro rata by all the Purchasers in proportion to the aggregate number of Purchased Units purchased by each.

 Section 5.4 Use of Proceeds. The Partnership shall use all of the collective proceeds from the sale of the Purchased
Units to partially fund the Acquisition. If the transactions contemplated by the Acquisition Agreement are not closed concurrently with the Closing or within two Business Days thereafter or if any of the conditions set forth in Section 2.4 have
not been satisfied and a Purchaser paid its Purchase Price in advance of the Closing, the Partnership shall return the Purchase Price paid to the Partnership to the applicable Purchasers within two Business Days of receipt thereof and the transfer
agent shall thereafter cancel the Purchased Units. 
 Section 5.5 Non-Disclosure; Interim Public Filings. On or before
8:30 a.m., New York time, on the first Business Day following execution of this Agreement, the Partnership will furnish, on form 8-K the investor presentation in substantially the form provided by RBC Capital Markets to the Purchasers in an email
dated April 9, 2012. On or before the fourth Business Day following the date hereof, the Partnership shall file a Current Report on Form 8-K with the Commission (the “8-K Filing”) describing the terms of the transactions
contemplated by the Operative Documents, the Acquisition Agreement, and the Class B Unit Purchase Agreement and including as exhibits to such 8-K Filing, the Operative Documents, the Acquisition Agreement and the Class B Unit Purchase Agreement, in
the form required by the Exchange Act. 

  
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 Section 5.6 Amendments or Modifications to the Class B Units. The Partnership
agrees that it shall not, without the approval of a majority of the directors of the General Partner of the Partnership not appointed by the holders of Class B Units, effect any amendment or waiver to the Partnership Agreement that has the effect of
modifying the rights or preferences of the Class B Units and that the General Partner determines could result in an adverse effect on the Common Units, as a class. 
 ARTICLE VI 
 INDEMNIFICATION 

Section 6.1 Indemnification by the Partnership. The Partnership agrees to indemnify each Purchaser and its Representatives
(collectively, “Purchaser Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in
connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel
and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way
related to the breach of any of the representations, warranties or covenants of the Partnership contained herein, provided that such claim for indemnification relating to a breach of the representations or warranties is made prior to the expiration
of such representations or warranties to the extent applicable; and provided further, that no Purchaser Related Party shall be entitled to recover special, consequential or punitive damages under this Section 6.1. Notwithstanding anything to
the contrary, consequential damages shall not be deemed to include diminution in value of the Purchased Units, which is specifically included in damages covered by Purchaser Related Parties’ indemnification. 

Section 6.2 Indemnification by Purchasers. Each Purchaser agrees, severally and not jointly, to indemnify the Partnership,
the General Partner and their respective Representatives (collectively, “Partnership Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation
or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without
limitation, the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve
any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of such Purchaser contained herein, provided that such claim for indemnification relating to a breach of the
representations and warranties is made prior to the expiration of such representations and warranties; and provided further, that no Partnership Related Party shall be entitled to recover special, consequential or punitive damages. 

  
 17 

 Section 6.3 Indemnification Procedure. Promptly after any Partnership Related
Party or Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third person, which the Indemnified Party
believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of such action, suit or
proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such
failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the
Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so,
and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing
the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the
Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the
Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled
(i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ counsel reasonably
acceptable to the Indemnified Party or (B) 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 in addition 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 expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless
the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party. The remedies provided for in this
Section 6 are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise. 

  
 18 

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Certain Special Allocations of Book
and Taxable Income. To the extent that the Common Unit Price differs from the Per Unit Capital Amount as of the Closing Date for a then Outstanding Common Unit after taking into account the issuance of the Purchased Units, the General Partner
intends to specially allocate Partnership items of book and taxable income, gain, loss or deduction to the Purchasers so that the Per Unit Capital Amount with respect to their Purchased Units are equal to the Per Unit Capital Amounts with respect to
other Common Units (and thus to assure fungibility of all Common Units). Such special allocations will occur upon the earlier to occur of any taxable period of the Partnership ending upon, or after, (a) an event described in Section 5.5(d)
of the Partnership Agreement or a sale of all or substantially all of the assets of the Partnership occurring after the date of the issuance of the Purchased Units, or (b) the transfer of the Purchased Units to a Person that is not an Affiliate
of the Purchaser, in which case, such allocation shall be made only with respect to the Purchased Units so transferred. To the maximum extent permissible, the special allocations resulting from clause (a) will be made through allocations of
Unrealized Gain. 
 Section 7.2 Interpretation and Survival of Provisions. Article, Section, Schedule, and Exhibit
references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts, and agreements are references to such instruments, documents, contracts, and agreements as the same may be amended, supplemented, and
otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever any party has an obligation under the Operative Documents, the expense of complying with
that obligation shall be an expense of such party unless otherwise specified. Whenever any determination, consent, or approval is to be made or given by any Purchaser, such action shall be in such Purchaser’s sole discretion unless otherwise
specified in this Agreement. If any provision in the Operative Documents is held to be illegal, invalid, not binding, or unenforceable, such provision shall be fully severable and the Operative Documents shall be construed and enforced as if such
illegal, invalid, not binding, or unenforceable provision had never comprised a part of the Operative Documents, and the remaining provisions shall remain in full force and effect. The Operative Documents have been reviewed and negotiated by
sophisticated parties with access to legal counsel and shall not be construed against the drafter. 
 Section 7.3
Survival of Provisions. The representations and warranties set forth in Sections 3.1, 3.2, 3.5, 3.8, 3.9, 3.14, 3.15, 3.16, 3.17, 4.4, 4.5, 4.7, 4.8 and 4.9 hereunder shall survive the execution and delivery of this Agreement indefinitely,
and the other representations and warranties set forth herein shall survive for a period of twelve (12) months following the Closing Date regardless of any investigation made by or on behalf of the Partnership or any Purchaser. The covenants
made in this Agreement or any other Operative Document shall survive the Closing of the transactions described herein and remain operative and in full force and effect regardless of acceptance of any of the Purchased Units and payment therefor. All
indemnification obligations of the Partnership and the Purchasers pursuant to this Agreement and the provisions of Article VI shall remain operative and in full force and effect 

  
 19 

 
unless such obligations are expressly terminated in a writing by the parties, regardless of any purported general termination of this Agreement. 

Section 7.4 No Waiver; Modifications in Writing. 
 (a) Delay. No failure or delay on the part of any party in exercising any right, power, or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a party at
law or in equity or otherwise. 
 (b) Amendments and Waivers. Except as otherwise provided herein, no amendment, waiver,
consent, modification, or termination of any provision of this Agreement or any other Operative Document shall be effective unless signed by each of the parties hereto or thereto affected by such amendment, waiver, consent, modification, or
termination. Any amendment, supplement or modification of or to any provision of this Agreement or any other Operative Document, any waiver of any provision of this Agreement or any other Operative Document, and any consent to any departure by the
Partnership from the terms of any provision of this Agreement or any other Operative Document shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this
Agreement, no notice to or demand on the Partnership in any case shall entitle the Partnership to any other or further notice or demand in similar or other circumstances. 
 Section 7.5 Binding Effect; Assignment. 
 (a) Binding Effect.
This Agreement shall be binding upon the Partnership, the Purchasers, and their respective successors and permitted assigns. 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. 
 (b)
Assignment of Rights. All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to any Affiliate of such Purchaser without the consent of the Partnership by delivery of an
agreement to be bound and a revised Schedule A. No portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to a non-Affiliate without the written consent of the Partnership (which consent
shall not be unreasonably withheld by the Partnership). 
 Section 7.6 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 or personal delivery to the following addresses: 

(a) If to any Purchaser: 
 To the respective address listed on Schedule B hereof 
 with a copy to:

  
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 Baker Botts L.L.P. 
 98 San Jacinto Blvd., Suite 1500 
 Austin, Texas 78701 

Attention: Laura L. Tyson 
 Facsimile: 512.322.8377 
 Email: laura.tyson@bakerbotts.com 

(b) If to Penn Virginia Resource Partners, L.P.: 
 Five Radnor Corporate Center, Suite 500 
 100 Matsonford Road 

Radnor, Pennsylvania 19087 
 Attention: General Counsel 
 Facsimile: 610.975.8201 

with a copy to: 

Vinson & Elkins L.L.P. 
 666 Fifth Avenue 
 26th Floor 

New York, NY 10103 
 Attention: Allan Reiss 
 Facsimile: 917.849.5363 

Email: areiss@velaw.com 
 or to
such other address as the Partnership or such Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; at the time of transmittal, if sent via
electronic mail; upon actual receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight
delivery. 
 Section 7.7 Removal of Legend. In connection with a sale of the Purchased Units by a Purchaser in
reliance on Rule 144, the applicable Purchaser or its broker shall deliver to the transfer agent and the Partnership a customary broker representation letter providing to the transfer agent and the Partnership any information the Partnership deems
reasonably necessary to determine that the sale of the Purchased Units is made in compliance with Rule 144, including, as may be appropriate, a certification that the Purchaser is not an Affiliate of the Partnership and regarding the length of time
the Purchased Units have been held. Upon receipt of such representation letter, the Partnership shall promptly direct its transfer agent to remove the notation of a restrictive legend in such Purchaser’s certificates evidencing the Purchased
Units or the book-entry account maintained by the transfer agent, including the legend referred to in Section 4.9, and the Partnership shall bear all costs associated therewith. After a registration statement under the Securities Act permitting
the public resale of the Purchased Units has become effective or any Purchaser or its permitted assigns have held the Purchased Units for one year, if the book-entry account of such Purchased Units still bears the notation of the restrictive legend
referred to in Section 4.9, the Partnership agrees, upon request of the 

  
 21 

 
Purchaser or permitted assignee, to take all steps necessary to promptly effect the removal of the legend described in Section 4.9 from the Purchased Units, and the Partnership shall bear
all costs associated therewith, regardless of whether the request is made in connection with a sale or otherwise, so long as such Purchaser or its permitted assigns provide to the Partnership any information the Partnership deems reasonably
necessary to determine that the legend is no longer required under the Securities Act or applicable state laws, including (if there is no such registration statement) a certification that the holder is not an Affiliate of the Partnership (and a
covenant to inform the Partnership if it should thereafter become an Affiliate and to consent to the notation of an appropriate restriction) and regarding the length of time the Purchased Units have been held. 

Section 7.8 Entire Agreement. This Agreement, the other Operative Documents and the other agreements and documents referred
to herein 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 the other Operative Documents with respect to the rights granted by the Partnership or any of its Affiliates or any
Purchaser or any of its Affiliates set forth herein or therein. This Agreement, the other Operative Documents and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties
with respect to such subject matter. 
 Section 7.9 Governing Law. This Agreement will be construed in
accordance with and governed by the laws of the State of New York. 
 Section 7.10 Execution in 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 7.11 Termination. 

(a) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any time at or prior to the Closing by the
written consent of Purchasers representing a majority of the aggregate Purchase Prices upon a breach in any material respect by the Partnership of any covenant or agreement set forth in this Agreement. 

(b) Notwithstanding anything herein to the contrary, this Agreement shall automatically terminate at any time at or prior to the Closing:

 (i) if a statute, rule, order, decree or regulation shall have been enacted or promulgated, or if any action
shall have been taken by any Governmental Authority of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise permanently prohibits the consummation of the transactions contemplated by this
Agreement or makes the transactions contemplated by this Agreement illegal; 

  
 22 

 (ii) upon the termination of the Acquisition Agreement; or 

(iii) if the Closing shall not have occurred by July 9, 2012. 

(c) In the event of the termination of this Agreement as provided in this Section 7.11, this Agreement shall forthwith become null
and void. In the event of such termination, there shall be no liability on the part of any party hereto, except as set forth in Section 5.3, Section 5.4 and Article VI of this Agreement; provided that nothing herein shall relieve
any party from any liability or obligation with respect to any willful breach of this Agreement. 
 Section 7.12
Recapitalization, Exchanges, Etc. Affecting the Common Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of the Partnership or any successor or assign of the
Partnership (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Common Units, and shall be appropriately adjusted for combinations, recapitalizations and the
like occurring after the date of this Agreement and prior to the Closing. 
 [Signature pages follow.] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	PENN VIRGINIA RESOURCE PARTNERS, L.P.
		
	By:	 	PENN VIRGINIA RESOURCE GP, LLC
		 	(its General Partner)
		
	By:	 	 /s/ Robert B. Wallace

	Name:	 	Robert B. Wallace
	Title:	 	Chief Financial Officer

 Signature Page to Unit Purchase Agreement 

 
			
	 Investor:
  

KAYNE ANDERSON MLP INVESTMENT COMPANY
  

By:   KA Fund Advisors, LLC, as Manager

		
	By:	 	/s/ James C. Baker
		 	 Name: James C. Baker
 Title:
Managing Director

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 Investor: 
 KAYNE ANDERSON MLP FUND, LP 
  

			
	  

By:   Kayne Anderson Capital Advisors, L.P., as its general partner

		
	By:	 	/s/ David Shladovsky
		 	 Name: David Shladovsky

Title: General Counsel

 Investor: 
 KAYNE ANDERSON MIDSTREAM INSTITUTIONAL FUND, LP 
  

			
	  

By:   Kayne Anderson Capital Advisors, L.P., as its general partner

		
	By:	 	/s/ David Shladovsky
		 	 Name: David Shladovsky

Title: General Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

KAYNE ANDERSON NON-TRADITIONAL INVESTMENTS, LP
  

By:   Kayne Anderson Capital Advisors, L.P., as its general partner

		
	By:	 	/s/ David Shladovsky
		 	 Name: David Shladovsky

Title: General Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

AT MLP FUND, LLC

		
	By:	 	/s/ Christopher Linder
		 	 Name: Christopher Linder

Title: Vice President

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

EAGLE INCOME APPRECIATION PARTNERS, L.P.
  

By:   Eagle Income Appreciation GP, LLC, its General Partner

 
 By:   Eagle Global Advisors,
LLC, its Managing Member

		
	By:	 	/s/ Malcom Day
		 	 Name: Malcom Day
 Title:
Partner

  

			
	 Investor:
  

EAGLE INCOME APPRECIATION II, L.P.
  

By:   Eagle Income Appreciation GP, LLC, its General Partner

 
 By:   Eagle Global Advisors,
LLC, its Managing Member

		
	By:	 	/s/ Malcom Day
		 	 Name: Malcom Day
 Title:
Partner

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

MTP ENERGY MASTER FUND LTD
  

By:   MTP ENERGY MANAGEMENT LLC, its investment manager

 
 By:   MAGNETAR FINANCIAL
LLC, its sole member

		
	By:	 	/s/ Doug Litowitz
		 	 Name: Doug Litowitz
 Title:
Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

MAGNETAR STRUCTURED FUND LP
  

By:   MAGNETAR FINANCIAL LLC, its general partner

 

		
	By:	 	/s/ Doug Litowitz
		 	 Name: Doug Litowitz
 Title:
Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

MAGNETAR GLOBAL EVENT DRIVEN FUND LLC
  

By:   MAGNETAR FINANCIAL LLC, its manager

		
	By:	 	/s/ Doug Litowitz
	 Name: Doug Litowitz

Title: Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

BLACKWELL PARTNERS LLC
  

By:   MAGNETAR FINANCIAL LLC, its manager

		
	By:	 	/s/ Doug Litowitz
		 	 Name: Doug Litowitz
 Title:
Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

MAGNETAR CAPITAL FUND II LP
  

By:   MAGNETAR FINANCIAL LLC, its general partner

		
	By:	 	/s/ Doug Litowitz
		 	 Name: Doug Litowitz
 Title:
Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

HIPPARCHUS FUND LP
  

By:   MAGNETAR FINANCIAL LLC, its general partner

		
	By:	 	/s/ Doug Litowitz
		 	 Name: Doug Litowitz
 Title:
Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

ASTRUM PARTNERS LLC

SERIES VIII, a series of ASTRUM PARTNERS LLC

 
 By:   MAGNETAR FINANCIAL
LLC, its manager

		
	By:	 	/s/ Doug Litowitz
		 	 Name: Doug Litowitz
 Title:
Counsel

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investors:
  

CLEARBRIDGE ENERGY MLP FUND INC.
  

CLEARBRIDGE ENERGY MLP OPPORTUNITY FUND INC.
  

LEGG MASON PARTNERS CAPITAL & INCOME FUND INC.
  

LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND
  

CLEARBRIDGE MLP ENERGY PORTFOLIO
  

By:   ClearBridge Advisors, LLC, as the Discretionary Investment Adviser

		
	By:	 	/s/ Harry D. Cohen
		 	 Name: Harry D. Cohen
 Title:
Managing Director, Chief Investment Officer

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

HARVEST INFRASTRUCTURE PARTNERS FUND LLC

		
	By:	 	/s/ Anthony Merhige
		 	 Name: Anthony Merhige

Title: G.C. of Managing Member

  

			
	 Investor:
  

HARVEST MLP INCOME FUND LLC

		
	By:	 	/s/ Anthony Merhige
		 	 Name: Anthony Merhige

Title: G.C. of Managing Member

  

			
	 Investor:
  

HARVEST MLP PARTNERS

		
	By:	 	/s/ Anthony Merhige
		 	 Name: Anthony Merhige

Title: G.C. of Investment Advisor

  

			
	 Investor:
  

HARVEST MLP PARTNERS II

		
	By:	 	/s/ Anthony Merhige
		 	 Name: Anthony Merhige

Title: G.C. of Investment Advisor

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 
			
	 Investor:
  

HARVEST MSRA

		
	By:	 	/s/ Anthony Merhige
		 	 Name: Anthony Merhige

Title: G.C. of Investment Advisor

  
 Signature
Page to Unit Purchase Agreement 
 (PIPE Investors) 

 Schedule A – List of Purchasers and Commitment Amounts 

 

									
	 Purchaser
	  	Common Units	 	  	Purchase Price	 
	 Kayne Anderson MLP Investment Company
	  	 	1,365,854	  	  	$	28,000,007.00	  
	 Kayne Anderson MLP Fund, LP
	  	 	243,903	  	  	$	5,000,011.50	  
	 Kayne Anderson Midstream Institutional Fund, LP
	  	 	121951	  	  	$	2,499,995.50	  
	 Kayne Anderson Non-Traditional Investments, LP
	  	 	121951	  	  	$	2,499,995.50	  
	 AT MLP Fund, LLC
	  	 	1,219,512	  	  	$	24,999,996.00	  
	 Eagle Income Appreciation Partners, L.P.
	  	 	268,292	  	  	$	5,499,986.00	  
	 Eagle Income Appreciation II, L.P.
	  	 	219,512	  	  	$	4,499,996.00	  
	 MTP Energy Master Fund Ltd.
	  	 	1,707,317	  	  	$	34,999,998.50	  
	 Magnetar Structured Fund LP
	  	 	90,244	  	  	$	1,850,002.00	  
	 Magnetar Global Event Driven Fund LLC
	  	 	306,342	  	  	$	6,280,011.00	  
	 Blackwell Partners LLC
	  	 	181,463	  	  	$	3,719,991.50	  
	 Magnetar Capital Fund II LP
	  	 	419,488	  	  	$	8,599,504.00	  
	 Hipparchus Fund LP
	  	 	92,707	  	  	$	1,900,493.50	  
	 Astrum Partners LLC Series VIII
	  	 	129,268	  	  	$	2,649,994.00	  
	 ClearBridge Energy MLP Fund Inc.
	  	 	1,053,658	  	  	$	21,599,989.00	  
	 ClearBridge Energy MLP Opportunity Fund Inc.
	  	 	409,268	  	  	$	8,389,994.00	  
	 Legg Mason Partners Capital & Income Fund Inc.
	  	 	78,049	  	  	$	1,600,004.50	  
	 Legg Mason ClearBridge Tactical Dividend Income Fund
	  	 	19,512	  	  	$	399,996.00	  
	 ClearBridge MLP Energy Portfolio
	  	 	488	  	  	$	10,004.00	  
	 Harvest Infrastructure Partners Fund LLC
	  	 	19,169	  	  	$	392,964.50	  
	 Harvest MLP Income Fund LLC
	  	 	42,182	  	  	$	864,731.00	  
	 Harvest MLP Partners
	  	 	210,851	  	  	$	4,322,445.50	  
	 Harvest MLP Partners II
	  	 	243,240	  	  	$	4,986,420.00	  
	 Harvest MSRA
	  	 	216,266	  	  	$	4,433,453.00	  
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	8,780,487	  	  	$	179,999,983.50	  
		  	  
	  
	 	  	  
	  
	 

 Schedule A to Unit Purchase Agreement 

 Schedule B – Notice and Contact Information 

 

			
	Kayne Anderson MLP Investment Company	  	 Kayne Anderson Capital Advisors, L.P.
 717 Texas, Suite 3100
 Houston, Texas 77002
 Attention: James Baker
 Facsimile: (713) 655-7359

jbaker@kaynecapital.com

		
	 Kayne Anderson MLP Fund, LP

Kayne Anderson Midstream Institutional Fund, LP

Kayne Anderson Non-Traditional Investments, LP
	  	 Kayne Anderson Capital Advisors, L.P.
 1800 Avenue of the Stars, Second Floor
 Los Angeles, CA 90067

Attention: David Shladovsky
 Facsimile: (310)
284-2438
 dshladovsky@kaynecapital.com

		
	AT MLP Fund, LLC	  	 AT MLP Fund, LLC
 1700 Lincoln
Street, Ste. 2550
 Denver, Colorado 80203
 Attention: Chris Linder
 Facsimile: (720) 221-5032

clinder@atlantictrust.com

		
	 Eagle Income Appreciation Partners, L.P.
 Eagle Income Appreciation II, L.P.
	  	 Eagle Global Advisors
 5847 San
Felipe, Suite 930
 Houston, Texas 77057

Attention: Malcom Day

mday@eagleglobal.com

		
	 MTP Energy Master Fund Ltd.

Magnetar Structured Fund LP
 Magnetar Global
Event Driven Fund LLC
 Blackwell Partners LLC
 Magnetar Capital Fund II LP
 Hipparchus Fund LP

Astrum Partners LLC Series VIII
	  	 Magnetar Capital LLC
 1603
Orrington Avenue, 13th Floor
 Evanston, IL 60201
 Attention: Doug Litowitz
 Facsimile: (847) 905-5685

doug.litowitz@magnetar.com

		
	 ClearBridge Energy MLP Fund Inc.

ClearBridge Energy MLP Opportunity Fund Inc.

Legg Mason Partners Capital & Income Fund Inc.
 Legg Mason ClearBridge Tactical Dividend Income Fund
 ClearBridge MLP Energy
Portfolio
	  	 ClearBridge Advisors, LLC
 620
8th Avenue, 47th Floor
 New York, New York 10018
 Attention: Patrick Collier
 pjcollier@clearbridgeadvisors.com

		
	 Harvest Infrastructure Partners Fund LLC
 Harvest MLP Fund LLC
 Harvest MLP Partners
 Harvest MLP Partners II
 Harvest MSRA
	  	 Harvest Fund Advisors LLC
 100
West Lancaster Avenue
 Second Floor

Wayne, Pennsylvania 19087
 Attention: Anthony J.
Merhige
 Facsimile: (610) 995-9775

amerhige@harvestmlp.com

 Schedule B to Unit Purchase Agreement 

 Schedule C Material Subsidiaries 

 

			
	 Name
	  	 Jurisdiction of Organization

	PVR Finco LLC	  	Delaware
	Penn Virginia Operating Co., LLC	  	Delaware
	PVR Midstream LLC	  	Delaware
	PVR Gas Resources LLC	  	Delaware
	PVR North Texas Gas Gathering LLC	  	Delaware
	PVR Gas Processing LLC	  	Oklahoma
	PVR Natural Gas Gathering LLC	  	Oklahoma
	PVR Cherokee Gas Processing LLC	  	Oklahoma
	Fieldcrest Resources LLC	  	Delaware
	Toney Fork LLC	  	Delaware
	Loadout LLC	  	Delaware
	PVR Marcellus Gas Gathering, LLC	  	Delaware
	Kanawha Rail LLC	  	Virginia

 Exhibit A to Unit Purchase Agreement 

 Exhibit A – Form of Registration Rights Agreement 

  
 Exhibit
A to Unit Purchase Agreement 

 REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 PENN VIRGINIA RESOURCE PARTNERS, L.P. 
 AND 

THE INVESTORS NAMED ON SCHEDULE A HERETO 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	46	  
	 Section 1.01
	 	Definitions	  	 	46	  
	 Section 1.02
	 	Registrable Securities	  	 	48	  
	 ARTICLE II REGISTRATION RIGHTS
	  	 	48	  
	 Section 2.01
	 	Registration	  	 	48	  
	 Section 2.02
	 	Piggyback Rights	  	 	49	  
	 Section 2.03
	 	Delay Rights	  	 	51	  
	 Section 2.04
	 	Underwritten Offerings	  	 	52	  
	 Section 2.05
	 	Sale Procedures	  	 	53	  
	 Section 2.06
	 	Cooperation by Holders	  	 	56	  
	 Section 2.07
	 	Restrictions on Public Sale by Holders of Registrable Securities	  	 	56	  
	 Section 2.08
	 	Expenses	  	 	57	  
	 Section 2.09
	 	Indemnification	  	 	57	  
	 Section 2.10
	 	Rule 144 Reporting	  	 	60	  
	 Section 2.11
	 	Transfer or Assignment of Registration Rights	  	 	60	  
	 Section 2.12
	 	Limitation on Subsequent Registration Rights	  	 	60	  
	 ARTICLE III MISCELLANEOUS
	  	 	60	  
	 Section 3.01
	 	Communications	  	 	60	  
	 Section 3.02
	 	Successor and Assigns	  	 	61	  
	 Section 3.03
	 	Assignment of Rights	  	 	62	  
	 Section 3.04
	 	Recapitalization, Exchanges, Etc. Affecting the Units	  	 	62	  
	 Section 3.05
	 	Aggregation of Registrable Securities	  	 	62	  
	 Section 3.06
	 	Specific Performance	  	 	62	  
	 Section 3.07
	 	Counterparts	  	 	62	  
	 Section 3.08
	 	Headings	  	 	62	  
	 Section 3.09
	 	Governing Law	  	 	63	  
	 Section 3.10
	 	Severability of Provisions	  	 	63	  
	 Section 3.11
	 	Entire Agreement	  	 	63	  
	 Section 3.12
	 	Amendment	  	 	63	  
	 Section 3.13
	 	No Presumption	  	 	63	  
	 Section 3.14
	 	Obligations Limited to Parties to Agreement	  	 	63	  
	 Section 3.15
	 	Independent Nature of Investor’s Obligations	  	 	64	  
	 Section 3.16
	 	Interpretation	  	 	64	  

 Schedule A – Investor List; Notice and Contact Information; Opt-Out 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of [•], 2012, by and among Penn
Virginia Resource Partners, L.P., a Delaware limited partnership (the “Partnership”), and each of the Persons set forth on Schedule A to this Agreement (each, an “Investor” and collectively, the
“Investors”). 
 WHEREAS, this Agreement is made in connection with the Closing of the issuance and sale of the
Purchased Units pursuant to the Unit Purchase Agreement, dated as of April 9, 2012, by and among the Partnership and the Investors (the “Unit Purchase Agreement”); and 

WHEREAS, the Partnership has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the
Investors pursuant to the Unit Purchase Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the Unit
Purchase Agreement. The terms set forth below are used herein as so defined: 
 “Affiliate” means, with respect
to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning specified therefor in the introductory paragraph of this Agreement. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Effectiveness Period” has the meaning specified therefor in Section 2.01(a) of this Agreement. 

“General Partner” means Penn Virginia Resource GP LLC, a Delaware limited liability company. 

“Holder” means the record holder of any Registrable Securities. 

“Included Registrable Securities” has the meaning specified therefor in Section 2.02(a) of this Agreement.

  
 46 

 “Investor” and “Investors” have the meanings specified
therefor in the introductory paragraph of this Agreement. 
 “Liquidated Damages” has the meaning specified
therefor in Section 2.01(b) of this Agreement. 
 “Liquidated Damages Multiplier” means the product
of the Common Unit Price times the number of Purchased Units purchased by such Investor that may not be disposed of without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision
then in effect) under the Securities Act. 
 “Losses” has the meaning specified therefor in
Section 2.09(a) of this Agreement. 
 “Managing Underwriter” means, with respect to any
Underwritten Offering, the book-running lead manager of such Underwritten Offering. 
 “Opt-Out Notice” has the
meaning specified therefor in Section 2.02(a) of this Agreement. 
 “Parity Securities” has the
meaning specified therefor in Section 2.02(b) of this Agreement. 
 “Partnership” has the meaning
specified therefor in the introductory paragraph of this Agreement. 
 “Person” means an individual or a
corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other entity. 

“Registrable Securities” means (i) the Common Units to be acquired by the Investors pursuant to the Unit
Purchase Agreement and (ii) any Common Units issued as Liquidated Damages pursuant to Section 2.01(b) of this Agreement and includes any type of interest issued to the Holder as a result of Section 3.04. 

“Registration Expenses” has the meaning specified therefor in Section 2.08(b) of this Agreement. 

“Registration Statement” has the meaning specified therefor in Section 2.01(a) of this Agreement.

 “Selling Expenses” has the meaning specified therefor in Section 2.08(b) of this Agreement.

 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement.

 “Selling Holder Indemnified Persons” has the meaning specified therefor in Section 2.09(a) of
this Agreement. 

  
 47 

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

“Unit Purchase Agreement” has the meaning specified therefor in the recitals of this Agreement. 

Section 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security (a) when a registration
statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable
Security has been disposed of pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act; (c) when such Registrable Security is held by the Partnership or one of its subsidiaries or Affiliates;
(d) when such Registrable Security 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 2.11
hereof or (e) when such Registrable Security becomes eligible for resale without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities
Act, assuming the Holder of such Registrable Security is not an Affiliate of the Partnership. 
 ARTICLE II 

REGISTRATION RIGHTS 
 Section 2.01 Registration. 
 (a) Effectiveness Deadline. No later
than 15 days following the Closing Date, the Partnership shall prepare and file a registration statement under the Securities Act to permit the public resale of Registrable Securities then outstanding from time to time as permitted by Rule 415 of
the Securities Act with respect to all of the Registrable Securities (the “Registration Statement”). The 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 Partnership so long as it permits the continuous offering of the Registrable Securities pursuant to Rule 415 of the Securities Act or such other rule as is then applicable at the then prevailing market prices.
The Partnership shall use its commercially reasonable efforts to cause the Registration Statement to become effective on or as soon as practicable after the Closing Date. Any Registration Statement shall provide for the resale pursuant to any method
or combination of methods legally available to, and requested by, the Holders of any and all Registrable Securities covered by such Registration Statement. The Partnership shall use its commercially reasonable efforts to cause the Registration
Statement filed pursuant to this Section 2.01(a) to be effective, supplemented and amended to the extent necessary to ensure that it is available for the resale of all Registrable Securities by the Holders until all Registrable
Securities covered by such Registration Statement 

  
 48 

 
have ceased to be Registrable Securities (the “Effectiveness Period”). The Registration Statement when 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 (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 the
Registration Statement becomes effective, but in any event within two (2) Business Days of such date, the Partnership shall provide the Holders with written notice of the effectiveness of the Registration Statement. 

(b) Failure to Go Effective. If the Registration Statement required by Section 2.01(a) is not declared effective
within 90 days after the Closing Date, then each Holder shall be entitled to a payment (with respect to the Purchased Units of each such Holder), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day
period, that shall accrue daily, for the first 60 days following the 90th day, increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day period, that shall accrue daily, for each subsequent 60 days (i.e., 0.5% for 61-120
days, 0.75% for 121-180 days and 1.0% thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier per 30-day period (the “Liquidated Damages”). The Liquidated Damages payable pursuant to the immediately preceding
sentence shall be payable within ten (10) Business Days after the end of each such 30-day period. Any Liquidated Damages shall be paid to each Holder in immediately available funds; provided, however, if the Partnership certifies
that it is unable to pay Liquidated Damages in cash because such payment would result in a breach under a credit facility or other debt instrument, then the Partnership may pay the Liquidated Damages in kind in the form of the issuance of additional
Common Units. Upon any issuance of Common Units as Liquidated Damages, the Partnership shall promptly (i) prepare and file an amendment to the Registration Statement prior to its effectiveness adding such Common Units to such Registration
Statement as additional Registrable Securities and (ii) prepare and file a supplemental listing application with the NYSE (or such other market on which the Registrable Securities are then listed and traded) to list such additional Common
Units. The determination of the number of Common Units to be issued as Liquidated Damages shall be equal to the amount of Liquidated Damages divided by the volume-weighted average price of the Common Units on the NYSE (or such other market on which
the Registrable Securities are then listed and traded) over the consecutive ten (10) trading day period ending on the close of trading on the trading day immediately preceding the date on which the Liquidated Damages payment is due, less a
discount to such average price of 2.00%. The accrual of Liquidated Damages to a Holder shall cease at the earlier of (i) the Registration Statement becoming effective or (ii) when such Holder no longer holds Registrable Securities, and any
payment of Liquidated Damages shall be prorated for any period of less than 30 days in which the payment of Liquidated Damages ceases. If the Partnership is unable to cause a Registration Statement to go effective within 90 days after the Closing
Date as a result of an acquisition, merger, reorganization, disposition or other similar transaction, then the Partnership may request a waiver of the Liquidated Damages, and each Holder may individually grant or withhold its consent to such request
in its discretion. 
 Section 2.02 Piggyback Rights 

  
 49 

 (a) Participation. If the Partnership proposes to file (i) a shelf registration
statement other than the Registration Statement contemplated by Section 2.01(a), (ii) a prospectus supplement to an effective shelf registration statement, other than the Registration Statement contemplated by
Section 2.01(a) of this Agreement and Holders may be included without the filing of a post-effective amendment thereto, or (iii) a registration statement, other than a shelf registration statement, in each case, for the sale of
Common Units in an Underwritten Offering for its own account and/or another Person, then as soon as practicable following the engagement of counsel by the Partnership to prepare the documents to be used in connection with an Underwritten Offering,
the Partnership shall give notice (including, but not limited to, notification by electronic mail) of such proposed Underwritten Offering to each Holder (together with its Affiliates) holding at least $10.0 million of the then-outstanding
Registrable Securities (based on the Common Unit Price) and such notice shall offer such Holders the opportunity to include in such Underwritten Offering such number of Registrable Securities (the “Included Registrable Securities”)
as each such Holder may request in writing; provided, however, that if the Partnership has been advised by the Managing Underwriter that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse
effect on the price, timing or distribution of the Common Units in the Underwritten Offering, then (A) if no Registrable Securities can be included in the Underwritten Offering in the opinion of the Managing Underwriter, the Partnership shall
not be required to offer such opportunity to the Holders or (B) if any Registrable Securities can be included in the Underwritten Offering in the opinion of the Managing Underwriter, then the amount of Registrable Securities to be offered for
the accounts of Holders shall be determined based on the provisions of Section 2.02(b). Any notice required to be provided in this Section 2.02(a) to Holders shall be provided on a Business Day pursuant to
Section 3.01 hereof and receipt of such notice shall be confirmed by the Holder. Each such Holder shall then have two (2) Business Days (or one (1) Business Day in connection with any overnight or bought Underwritten Offering)
after notice has been delivered to request in writing the inclusion of Registrable Securities in the Underwritten Offering. If no written request for inclusion from a Holder is received within the specified time, each 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 Partnership shall determine
for any reason not to undertake or to delay such Underwritten Offering, the Partnership may, at its election, give written notice of such determination to the Selling Holders and, (x) in the case of a determination not to undertake such
Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (y) in the case of a determination to delay such Underwritten Offering, shall
be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling
Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Partnership of such withdrawal at or prior to the time of pricing of such Underwritten Offering. Any Holder may deliver written notice (an
“Opt-Out Notice”) to the Partnership requesting that such Holder not receive notice from the Partnership of any proposed Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in
writing. Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the Partnership shall not be required to deliver any notice to such Holder pursuant to 

  
 50 

 
this Section 2.02(a) and such Holder shall no longer be entitled to participate in Underwritten Offerings by the Partnership pursuant to this Section 2.02(a). The Holders indicated on
Schedule A hereto as having opted out shall each be deemed to have delivered an Opt-Out Notice as of the date hereof. 

(b) Priority. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering advises the Partnership that the
total amount of Registrable Securities that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or
distribution of the Common Units offered or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number of Registrable Securities that such Managing Underwriter or Underwriters advises
the Partnership can be sold without having such adverse effect, with such number to be allocated (i) first, to the Partnership and (ii) second, pro rata among the Selling Holders who have requested participation in such Underwritten
Offering and any other holder of securities of the Partnership having rights of registration that are neither expressly senior nor subordinated to the Registrable Securities (the “Parity Securities”). The pro rata allocations for
each Selling Holder who has requested participation in such Underwritten Offering shall be the product of (a) the aggregate number of Registrable Securities proposed to be sold in such Underwritten Offering multiplied by (b) the fraction
derived by dividing (x) the number of Registrable Securities owned on the Closing Date by such Selling Holder by (y) the aggregate number of Registrable Securities owned on the Closing Date by all Selling Holders plus the aggregate number
of Parity Securities owned on the Closing Date by all holders of Parity Securities that are participating in the Underwritten Offering. 
 (c) Termination of Piggyback Registration Rights. Each Holder’s rights under Section 2.02 shall terminate upon such Holder (together with its Affiliates) ceasing to hold at least
$10.0 million of Registrable Securities (based on the Common Unit Price). 
 Section 2.03 Delay Rights. 

Notwithstanding anything to the contrary contained herein, the Partnership may, upon written notice to any Selling Holder whose
Registrable Securities are included in the Registration Statement or other registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus which is a part of the Registration Statement or other
registration statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made
sales of Registrable Securities) if (i) the Partnership is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Partnership determines in good faith that the Partnership’s ability to pursue or
consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in the Registration Statement or other registration statement or (ii) the Partnership has experienced some other material
non-public event the disclosure of which at such time, in the good faith judgment of the Partnership, would materially adversely affect the Partnership; provided, however, in no event shall the Selling Holders be suspended from selling

  
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Registrable Securities pursuant to the Registration Statement or other registration statement for a period that exceeds an aggregate of 60 days in any 180-day period or 105 days in any 365-day
period, in each case, exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon disclosure of such information or the termination of the condition described above, the
Partnership shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable
actions to permit registered sales of Registrable Securities as contemplated in this Agreement. 
 If (i) the Selling
Holders shall be prohibited from selling their Registrable Securities under the Registration Statement or other registration statement contemplated by this Agreement as a result of a suspension pursuant to the immediately preceding paragraph in
excess of the periods permitted therein or (ii) the Registration Statement or other registration statement contemplated by this Agreement is filed and declared effective but, during the Effectiveness Period, shall thereafter cease to be
effective or fail to be usable for its intended purpose without being succeeded within 30 days by a post-effective amendment thereto, a supplement to the prospectus or a report filed with the Commission pursuant to Section 13(a), 13(c), 14 or
l5(d) of the Exchange Act, then, until the suspension is lifted or a post-effective amendment, supplement or report is filed with the Commission, but not including any day on which a suspension is lifted or such amendment, supplement or report is
filed and declared effective, if applicable, the Partnership shall pay the Selling Holders an amount equal to the Liquidated Damages, following the earlier of (x) the date on which the suspension period exceeded the permitted period and
(y) the thirty-first (31st) day after the Registration Statement or other registration statement contemplated by this Agreement ceased to be effective or failed to be useable for its intended purposes, as liquidated damages and not as a
penalty (for purposes of calculating Liquidated Damages, the date in (x) or (y) above shall be deemed the “90th day,” as used in the definition of Liquidated Damages). For purposes of this paragraph, a suspension shall be deemed
lifted on the date that notice that the suspension has been terminated is delivered to the Selling Holders. Liquidated Damages shall cease to accrue pursuant to this paragraph upon the Purchased Units of such Holder becoming eligible for resale
without restriction and without the need for current public information under any section of Rule 144 (or any similar provision then in effect) under the Securities Act, assuming that each Holder is not an Affiliate of the Partnership, and any
payment of Liquidated Damages shall be prorated for any period of less than 30 days in which the payment of Liquidated Damages ceases. 
 Section 2.04 Underwritten Offerings. 
 (a) General Procedures. In
connection with any Underwritten Offering under this Agreement, the Partnership shall be entitled to select the Managing Underwriter or Underwriters. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling
Holder participates, each Selling Holder and the Partnership shall be obligated to enter into an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting
agreements for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten Offering unless 

  
 52 

 
such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities
and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part of, the
Partnership to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also be
conditions precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with the Partnership or the underwriters other than representations, warranties or agreements regarding such
Selling Holder, its 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 underwriting, such Selling Holder may elect to withdraw therefrom by notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal must be made up to and
including the time of pricing of such Underwritten Offering. No such withdrawal or abandonment shall affect the Partnership’s obligation to pay Registration Expenses. The Partnership’s management may but shall not be required to
participate in a roadshow or similar marketing effort in connection with any Underwritten Offering. 
 (b) No Demand
Rights. Notwithstanding any other provision of this Agreement, no Holder shall be entitled to any “demand” rights or similar rights that would require the Partnership to effect an Underwritten Offering solely on behalf of the Holders.

 Section 2.05 Sale Procedures. In connection with its obligations under this Article II, the Partnership will,
as expeditiously as possible: 
 (a) prepare and file with the Commission such amendments and supplements to the Registration
Statement and the prospectus used in connection therewith as may be necessary to keep the Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities covered by the Registration Statement; 
 (b) if a prospectus supplement will be used
in connection with the marketing of an Underwritten Offering from the Registration Statement and the Managing Underwriter at any time shall notify the Partnership in writing that, in the sole judgment of such Managing Underwriter, inclusion of
detailed information to be used in such prospectus supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, the Partnership shall use its commercially reasonable efforts to include such
information in such prospectus supplement; 
 (c) furnish to each Selling Holder (i) as far in advance as reasonably
practicable before filing the Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be
filed (including exhibits and each 

  
 53 

 
document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any
information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing the Registration Statement or
such other registration statement or supplement or amendment thereto, and (ii) such number of copies of the Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments
thereto as such Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 

(d) if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by the Registration
Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably
request; provided, however, that the Partnership 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 the Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus
supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective;
and (ii) 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 the Registration Statement or any other
registration statement or any prospectus or prospectus supplement thereto; 
 (f) immediately notify each Selling Holder, at any
time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Registration Statement or any other
registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading
(in the 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 the
Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Partnership 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 Partnership 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 

  
 54 

 
statements therein not misleading in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat
thereof or proceedings related thereto; 
 (g) upon request and subject to appropriate confidentiality obligations, furnish to
each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities
exchange) relating to such offering of Registrable Securities; 
 (h) in the case of an Underwritten Offering, furnish upon
request, (i) an opinion of counsel for the Partnership dated the date of the closing under the underwriting agreement and (ii) a “cold comfort” letter, dated the pricing date of such Underwritten Offering and a letter of like
kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Partnership’s financial statements included or incorporated by reference into the applicable
registration statement, and each of the opinion and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus
supplement included therein) as 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 Partnership and such other matters as
such underwriters and Selling Holders may reasonably request; 
 (i) otherwise use its commercially reasonable efforts to comply
with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 promulgated thereunder; 
 (j) make available to the appropriate representatives of the Managing
Underwriter and Selling Holders access to such information and Partnership personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided, that the Partnership need not
disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality agreement with the Partnership; 
 (k) cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by the
Partnership are then listed; 
 (l) use its commercially reasonable efforts to cause the Registrable Securities to be registered
with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Partnership to enable the Selling Holders to consummate the disposition of such Registrable Securities;

 (m) provide a transfer agent and registrar for all Registrable Securities covered by such registration statement not later
than the effective date of such registration statement; 

  
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 (n) enter into customary agreements and take such other actions as are reasonably requested
by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities; and 
 (o) if 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. 
 The Partnership will not name a Holder as an underwriter as defined in Section 2(a)(11) of the
Securities Act in any Registration Statement without such Holder’s consent. If the staff of the Commission requires the Partnership 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 Registration Statement, such Holder shall no longer be entitled to receive Liquidated Damages under this Agreement with respect thereto and the
Partnership shall have no further obligations hereunder with respect to Registrable Securities held by such Holder. 
 Each
Selling Holder, upon receipt of notice from the Partnership of the happening of any event of the kind described in subsection (f) of this Section 2.05, 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 2.05 or until it is
advised in writing by the Partnership 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 Partnership, such Selling
Holder will, or will request the Managing Underwriter or Underwriters, if any, to deliver to the Partnership (at the Partnership’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. 

Section 2.06 Cooperation by Holders. The Partnership shall have no obligation to include Registrable Securities of a Holder in the
Registration Statement or in an Underwritten Offering pursuant to Section 2.02(a) who has failed to timely furnish such information that the Partnership determines, after consultation with its counsel, is reasonably required in order for
the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 
 Section 2.07
Restrictions on Public Sale by Holders of Registrable Securities. 
 Each Holder of Registrable Securities agrees to
enter into a customary letter agreement with underwriters providing such Holder will not effect any public sale or distribution of 

  
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Registrable Securities during the 60 calendar day period beginning on the date of a prospectus or prospectus supplement filed with the Commission with respect to the pricing of any Underwritten
Offering, provided 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 Partnership or the officers, directors or any other
Affiliate of the Partnership on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.07 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder. In
addition, this Section 2.07 shall not apply to any Holder that is not entitled to participate in such Underwritten Offering, whether because such Holder delivered an Opt-Out Notice prior to receiving notice of the Underwritten Offering
or because such Holder holds less than $10.0 million of the then-outstanding Registrable Securities. 
 Section 2.08
Expenses. 
 (a) Expenses. The Partnership will pay all reasonable Registration Expenses as determined in good
faith, including, in the case of an Underwritten Offering, whether or not any sale is made pursuant to such Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its
Registrable Securities hereunder. In addition, except as otherwise provided in Section 2.09 hereof, the Partnership shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights
hereunder. 
 (b) Certain Definitions. “Registration Expenses” means all expenses incident to the
Partnership’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on the Registration Statement pursuant to Section 2.01(a) or an Underwritten Offering covered under this
Agreement, and the disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and NYSE 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, any transfer taxes and the fees and disbursements of counsel and
independent public accountants for the Partnership, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance. “Selling Expenses” means all
underwriting discounts and selling commissions or similar fees or arrangements allocable to the sale of the Registrable Securities. 
 Section 2.09 Indemnification. 
 (a) By the Partnership. In the event
of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Partnership will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, 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, employees or agents (collectively, the 

  
 57 

 
“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 the
Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus contained therein, or any amendment or supplement thereof, or
arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they
were made) not misleading, and will reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings; provided,
however, that the Partnership 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 furnished by such Selling Holder Indemnified Person in writing specifically for use in the Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of such Selling Holder 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 Partnership,
the General Partner, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to the same
extent as the foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in the Registration
Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus contained therein, or any amendment or supplement thereof; provided,
however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to
such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party
shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.09. 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 

  
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liable to such indemnified party under this Section 2.09 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or
(ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are
different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the
right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such
participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified
party is entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the
indemnified party. 
 (d) Contribution. If the indemnification provided for in this Section 2.09 is held by a
court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other
in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be required to contribute an aggregate amount
in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party on the one hand and the
indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to,
information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if
contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation 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 or defending 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 2.09 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. 

  
 59 

 Section 2.10 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 Partnership agrees to use its commercially reasonable efforts to: 
 (a) make and keep public information regarding the Partnership available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times from and after the date hereof;

 (b) file with the Commission in a timely manner all reports and other documents required of the Partnership under the
Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns any
Registrable Securities, furnish, unless otherwise available via EDGAR, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Partnership, 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 2.11 Transfer or Assignment of Registration Rights. 
 The rights to
cause the Partnership to register Registrable Securities granted to the Investors by the Partnership under this Article II may be transferred or assigned by any Investor to one or more transferees or assignees of Registrable Securities;
provided, however, that (a) unless the transferee or assignee is an Affiliate of, and after such transfer or assignment continues to be an Affiliate of, such Investor, the amount of Registrable Securities transferred or assigned to such
transferee or assignee shall represent at least $10.0 million of Registrable Securities (based on the Common Unit Price), (b) the Partnership is given written notice prior to 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 Investor under this Agreement. 
 Section 2.12 Limitation on Subsequent Registration Rights.

 From and after the date hereof, the Partnership shall not, without the prior written consent of the Holders of a majority of
the Registrable Securities, enter into any agreement with any current or future holder of any securities of the Partnership that would allow such current or future holder to require the Partnership to include securities in any registration statement
filed by the Partnership on a basis other than pari passu with, or expressly subordinate to the rights of, the Holders of Registrable Securities hereunder. 
 ARTICLE III 
 MISCELLANEOUS 

Section 3.01 Communications. 

  
 60 

 All notices and other communications provided for or permitted hereunder shall be made in
writing by facsimile, electronic mail, courier service or personal delivery: 
 (a) if to an Investor: 

To the respective address listed on Schedule A hereof 
 with a copy to: 
 Baker Botts L.L.P. 

98 San Jacinto Blvd., Suite 1500 
 Austin, Texas 78701 
 Attention: Laura L. Tyson 

Facsimile: 512.322.8377 
 Email: laura.tyson@bakerbotts.com 
 (b) if to a transferee of an Investor, to such
Holder at the address provided pursuant to Section 2.11 above; and 
 (c) if to the Partnership: 

Penn Virginia Resource Partners, L.P. 100 Matsonford Road 
 Five Radnor Corporate Center, Suite 500 
 Radnor, PA 19087 

Attention: Bruce D. Davis Facsimile: (610) 975-8201 
 Email: bdavis@pvrpartners.com 
 with a copy to: 

Vinson & Elkins L.L.P. 
 666 Fifth Avenue 
 26th Floor 

New York, NY 10103 
 Attention: Allan Reiss Facsimile: 917.849.5363 
 Email: areiss@velaw.com

 All such notices and communications shall be deemed to have been received at the time delivered by hand, if personally
delivered; when receipt acknowledged, if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by courier service or any other means. 
 Section 3.02 Successor and Assigns. 

  
 61 

 This Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.03 Assignment of Rights. 
 All or any portion of the rights and
obligations of any Investor under this Agreement may be transferred or assigned by such Investor only in accordance with Section 2.11 hereof. 
 Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Units. 
 The
provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of the Partnership or any successor or assign of the Partnership (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, unit splits, recapitalizations, pro rata distributions of units 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 and applicability of any obligations 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 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. 

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
Headings. 
 The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 

  
 62 

 Section 3.09 Governing Law.  

THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. 

Section 3.10 Severability of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other
jurisdiction. 
 Section 3.11 Entire Agreement. 
 This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect
of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Partnership set forth herein. This Agreement
supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 Section 3.12
Amendment. 
 This Agreement may be amended only by means of a written amendment signed by the Partnership and the Holders
of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 

Section 3.13 No Presumption. 
 If any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this
Agreement was prepared by or at the request of a particular party or its counsel. 
 Section 3.14 Obligations Limited to
Parties to Agreement. 
 Each of the Parties hereto covenants, agrees and acknowledges that no Person other than the
Investors (and their permitted transferees and assignees) and the Partnership shall have any obligation hereunder and that, notwithstanding that one or more of the Investors may be a corporation, partnership or limited liability company, no recourse
under this Agreement or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder
or Affiliate of any of the Investors 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 

  
 63 

 
or limited partner, manager, member, stockholder or Affiliate of any of the Investors or any former, current or future director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Investors under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by
reason of such obligation or its creation, except in each case for any transferee or assignee of a Investor hereunder. 

Section 3.15 Independent Nature of Investor’s Obligations. 

The obligations of each Investor under this Agreement are several and not joint with the obligations of any other Investor, and no
Investor shall be responsible in any way for the performance of the obligations of any other Investor under this Agreement. Nothing contained herein, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors
as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by
this Agreement. Each Investor shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined as an
additional party in any proceeding for such purpose. 
 Section 3.16 Interpretation. 

Article and Section references to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and
agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean
“including but not limited to.” Whenever any determination, consent or approval is to be made or given by an Investor under this Agreement, such action shall be in such Investor’s sole discretion unless otherwise specified.

 [Signature pages to follow] 

  
 64 

 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date
first above written. 
 PENN VIRGINIA RESOURCE PARTNERS, L.P. 

By: PENN VIRGINIA RESOURCE GP LLC 

      its General Partner 

By:
                                         
                                         
               
 Name: Rob Wallace

 Title:   Chief Financial Officer 

Signature Page to Registration Rights Agreement 

  
 65 

 [UNITHOLDER] 

By:
                                         
                        
       Name: 

      Title: 
 Signature Page to Registration Rights Agreement 

  
 66 

 Schedule A – Investor Name; Notice and Contact Information; Opt-Out 

Schedule A to Registration Rights Agreement 

 Exhibit B – Form of Opinion of Vinson & Elkins L.L.P. 

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Common Unit Purchase Agreement (the “Purchase
Agreement”). The Partnership shall furnish to the Purchasers at the Closing an opinion of Vinson & Elkins L.L.P., counsel for the Partnership, addressed to the Purchasers and dated the Closing Date in form satisfactory to the
Purchasers, stating that: 
 (i) Each of the Partnership, PVR Marcellus Gas Gathering, LLC and the General Partner is a
validly existing limited partnership or limited liability company, respectively, in good standing under the laws of the State of Delaware. Each of the Partnership, PVR Marcellus Gas Gathering, LLC and the General Partner has all requisite limited
partnership or limited liability company power and authority under the laws of the State of Delaware necessary (a) to own its properties and carry on its business as its business is now being conducted as described in the Partnership SEC
Documents, (b) to enter into and perform its obligations under the Operative Documents and (c) to offer, issue and sell the Purchased Units as provided in the Purchase Agreement. 

(ii) To our knowledge, except (a) as described in the Partnership SEC Documents filed prior to the date of the Purchase Agreement
and (b) as provided in the Acquisition Agreement, there are no preemptive rights or other rights to subscribe for or to purchase, nor any restriction upon the voting or transfer of, any limited partner interests in the Partnership arising under
any agreement filed with the Commission by the Partnership. 
 (iii) The Purchased Units to be issued and sold to the Purchasers
by the Partnership pursuant to the Purchase Agreement and the limited partner interests represented thereby have been duly authorized in accordance with the Partnership Agreement and, when issued and delivered to the Purchaser against payment
therefor in accordance with the terms of the Purchase Agreement, will be validly issued in accordance with the terms of the Partnership Agreement, fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such
nonassessability may be affected by matters described in Sections 17-303, 17-607 and 17-804 of the Delaware LP Act). 

(iv) Except for the approvals required by the Commission in connection with the Partnership’s obligations under the Registration
Rights Agreement, no authorization, consent, approval, waiver, license, qualification, filing, declaration, qualification or registration with, any Governmental Authority is required for the issuance and sale by the Partnership of the Purchased
Units, the execution, delivery and performance by the Partnership of the Operative Documents or the consummation of the transactions contemplated by the Operative Documents, except those that have been obtained or as may be required under state
securities or “Blue Sky” laws, as to which we do not express any opinion. 
 (v) Assuming the accuracy of the
representations and warranties of the Purchasers and the Partnership contained in the Purchase Agreement, the offer, issuance and sale of the Purchased Units by the Partnership to the Purchasers solely in the manner contemplated by the Purchase
Agreement are exempt from the registration requirements of the Securities Act; provided that such counsel will express no opinion as to any subsequent sale. 
 Exhibit B to Unit Purchase Agreement 

 (vi) The holders of outstanding Common Units are not entitled to statutory, preemptive or,
to our knowledge, other similar contractual rights to subscribe for the Purchased Units. 
 (vii) The Partnership is not an
“investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (viii) None of the
offering, issuance and sale by the Partnership of the Purchased Units, the execution, delivery and performance of the Operative Documents by the Partnership or the consummation of the transactions contemplated thereby conflicts or will conflict
with, or results or will result in a breach or violation of (A) the Partnership Agreement, (B) any agreement filed or incorporated by reference as an exhibit to Partnership’s Annual Report on Form 10-K for the period ended
December 31, 2011 or (C) the Delaware LP Act or U.S. federal law, which in the case of clauses (B) or (C) would be reasonably expected to have a Material Adverse Effect; provided, however, that no opinion is
expressed pursuant to this paragraph (viii) with respect to federal or state securities or anti-fraud statutes, rules or regulations. 
 (ix) Each of Operative Documents has been duly authorized and validly executed and delivered by the Partnership and the General Partner, as the case may be, and constitutes a valid and binding obligation
of the Partnership and the General Partner, as the case may be, enforceable against the Partnership and the General Partner, as the case may be, in accordance with its terms, except as the enforceability thereof may be limited by (A) applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws from time to time in effect affecting creditors’ rights and remedies generally and by general principles of equity (regardless of whether such principles
are considered in a proceeding in equity or at law) and (B) public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing. 

  
 Exhibit
B to Unit Purchase Agreement 

 Exhibit C — Form of Additional Limited Partner Certificate 

Exhibit C to Unit Purchase Agreement 

 CERTIFICATION RELATED TO ISSUANCE OF UNITS 

The undersigned (“Recipient”) hereby applies for issuance to the name of the Recipient of
[            ] Common Units and hereby certifies to Penn Virginia Resource Partners, L.P. (the “Partnership”) that the Recipient (including to the best of Recipient’s
knowledge, any person for whom the Recipient will hold the Common Units) is an Eligible Citizen. 
 The Recipient (a) requests
admission as an Additional Limited Partner and agrees to comply with and be bound by, and hereby executes, the Fourth Amended and Restated Agreement of Limited Partnership of Penn Virginia Resource Partners, L.P., as amended, supplemented or
restated to the date hereof (the “Partnership Agreement”), (b) represents and warrants that the Recipient has all right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement,
(c) appoints the General Partner of the Partnership and, if a Liquidator shall be appointed, the Liquidator of the Partnership as the Recipient’s attorney-in-fact to execute, swear to, acknowledge and file any document, including the
Partnership Agreement and any amendment thereto and the Certificate of Limited Partnership of the Partnership and any amendment thereto, necessary or appropriate for the Recipient’s admission as a Additional Limited Partner and as a party to
the Partnership Agreement, (d) gives the powers of attorney provided for in the Partnership Agreement, and (e) makes the waivers and gives the consents and approvals contained in the Partnership Agreement. Capitalized terms not defined
herein have the meanings assigned to such terms in the Partnership Agreement. 
 Date:
[            ], 2012 
  

			
		 	
	 Social Security or other identifying number
	 	[                             
           ]
		
	
        $                
                                        

	 	 
	  
 Purchase Price including
commissions, if any
	 	Signature of Recipient
		 	 Penn Virginia Resource Partners, L.P.
 Five Radnor Corporate Center, Suite 500
 100 Matsonford Road

Radnor, Pennsylvania 19087

		 	
		 	Name and Address of Recipient

 Type of Entity (check one): 
  

											
	  ̈
	  	Individual	  	 ̈	  	Partnership	  	 ̈	  	Corporation
	  ̈
	  	Trust	  	 ̈	  	Other (specify)	  		  	

 If not an Individual (check one): 

 

	 	 ̈	the entity is subject to United States federal income taxation on the income generated by the Partnership; 

 

	 	 ̈	the entity is not subject to United States federal income taxation, but it is a pass-through entity and all of its beneficial owners are subject to United States
federal income tax on the income generated by the Partnership; 

  

	 	 ̈	the entity is not subject to United States federal income taxation and it is (a) not a pass-through entity or (b) a pass-through entity, but not all of its
beneficial owners are subject to United States federal income taxation on the income generated by the Partnership. Important Note – by checking this box, the Recipient is acknowledging that it is not an Eligible Citizen.

 Nationality (check one): 
  

	 	 ̈	U.S. Citizen, Resident or Domestic Entity 

  

	 	 ̈	Foreign
Corporation             ̈        Non-resident Alien 

If the U.S. Citizen, Resident or Domestic Entity box is checked, the following certification must be completed. 

Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), the Partnership must withhold tax with respect
to certain transfers of property if a holder of an interest in the Partnership is a foreign person. To inform the Partnership that no withholding is required with respect to the undersigned interestholder’s interest in it, the undersigned
hereby certifies the following (or, if applicable, certifies the following on behalf of the interestholder). 
 Complete Either A or B:

  

	A.	Individual Interestholder 

  

	 	1.	I am not a non-resident alien for purposes of U.S. income taxation. 

  

	 	2.	My U.S. taxpayer identification number (Social Security Number) is
                        . 

  

	 	3.	My home address is
                        . 

  

	B.	Partnership, Corporation or Other Interestholder 

  

	 	1.	[                        ] is not a foreign
corporation, foreign partnership, foreign trust (Name of Interestholder) or foreign estate (as those terms are defined in the Code and Treasury Regulations). 

 

	 	2.	The interestholder’s U.S. employer identification number is [            ]. 

 

	 	3.	The interestholder’s office address and place of incorporation (if applicable) is [            ].

 The interestholder agrees to notify the Partnership within sixty (60) days of the date the interestholder becomes a
foreign person. 
 The interestholder understands that this certificate may be disclosed to the Internal Revenue Service by the Partnership and
that any false statement contained herein could be punishable by fine, imprisonment or both. 

 Under penalties of perjury, I declare that I have examined this certification and to the best of my
knowledge and belief it is true, correct and complete and, if applicable, I further declare that I have authority to sign this document on behalf of: 

 

			
	[                            
]
		
	By:	 	 

 
			
	Name:	 	[                    ]
	Title:	 	[                    ]

 Note: If the Recipient is a broker, dealer, bank, trust company, clearing corporation, other nominee holder or an
agent of any of the foregoing, and is holding for the account of any other person, this application should be completed by an officer thereof or, in the case of a broker or dealer, by a registered representative who is a member of a registered
national securities exchange or a member of the National Association of Securities Dealers, Inc., or, in the case of any other nominee holder, a person performing a similar function. If the Recipient is a broker, dealer, bank, trust company,
clearing corporation, other nominee owner or an agent of any of the foregoing, the above certification as to any person for whom the Recipient will hold the Common Units shall be made to the best of the Recipient’s knowledge.Separation Agreement between The Talbots, Inc. and Trudy F. Sullivan

 Exhibit 10.60 
 Execution Copy 
 SEPARATION AGREEMENT 

THIS SEPARATION AGREEMENT (this “Agreement”) is made this 4th day of December, 2011 by THE TALBOTS, INC., a Delaware
corporation (the “Company”), and TRUDY F. SULLIVAN (the “Executive”). 
 INTRODUCTION

 WHEREAS, the Executive is the President and Chief Executive Officer of the Company; 

WHEREAS, the Executive is a party to an employment agreement with the Company, dated as of June 28, 2007, as amended (the
“Employment Agreement”); and 
 WHEREAS, the Company and the Executive have mutually agreed to terminate
their employment relationship and the Executive has agreed to release the Company from certain claims arising from or related to their employment relationship. 
 NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the
parties hereto, the parties agree as follows: 
  

	 	1.	Cessation of Employment Relationship. 

 The employment of the Executive with the Company will terminate on the date that the Company’s Board of Directors (the “Board”) appoints a successor President and Chief Executive
Officer, or such earlier date as the Board shall determine, which in either case shall be no later than June 30, 2012 (such date, the “Termination Date”). From the date hereof until the Termination Date, the Executive shall
continue to serve as the Company’s President and Chief Executive Officer. On the Termination Date, the Executive shall resign from all positions, offices and directorships with the Company and any affiliate of the Company. 

 

	 	2.	Payment Obligations. 

 2.1
Payment for Accrued Salary/Vacation Time/Business Expenses. From the date hereof until the Termination Date, the Executive shall be compensated in accordance with Sections 4(a), 4(b), and 5 of the Employment Agreement. Following the
Termination Date, the Executive shall be entitled to receive from the Company a lump-sum cash payment in respect of the Executive’s accrued but unpaid base salary through the Termination Date, accrued and unused vacation time through the
Termination Date, and any unreimbursed business expenses in accordance with Section 5(b) of the Employment Agreement. The foregoing payment shall be made within 30 days after the Termination Date. 

2.2 Severance. The parties understand that the Executive’s termination of employment with the Company will be treated as a
termination without “Cause” under Section 6(d) of the Employment Agreement. Accordingly, the Company shall pay the Executive an aggregate severance amount of $5,000,000, in cash, payable in equal installments in accordance

  
 US1 32252296.6 

 
with the Company’s normal payroll practices over a 24-month period beginning immediately following the Termination Date; provided, however, that the aggregate amount payable during the first
six months immediately following the Termination Date shall be deferred in accordance with Paragraph (2) of the letter to the Executive from the Company dated November 18, 2010 in respect of Section 409A of the Internal Revenue Code
(the “Section 409A Letter”). Any amounts so deferred shall bear interest at a rate of prime plus 1% (with such prime rate to be determined as of the actual payment date). 

2.3 Pro Rata Annual Incentive Bonus. The Executive shall be entitled to receive from the Company a pro rata annual
incentive bonus under its annual cash incentive program for the fiscal year in which the Termination Date occurs (based on actual business days in such fiscal year prior to the Termination Date, divided by the total annual business days) determined
and paid based on actual performance achieved for such fiscal year against the performance goals for that fiscal year (the “Pro Rata Incentive”). The Pro Rata Incentive (if any) shall be paid at the time that the Company pays its
other executives their annual incentive bonuses for the fiscal year, but in any event no later than March 15 following the end of such year. 
 2.4 Continued Medical, Dental, Disability and Life Insurance. The Company shall arrange for the Executive to continue to participate (through COBRA or otherwise), on substantially the same terms
and conditions as in effect for the Executive (including any required contribution) immediately prior to the Termination Date, in the medical, dental, disability and life insurance programs provided to the Executive immediately prior to the
Termination Date until the earlier of (a) the end of the 24-month period beginning on the Termination Date, or (b) such time as the Executive is eligible to be covered by comparable benefit(s) of a subsequent employer (determined on a
benefit-by-benefit and coverage-by-coverage basis). The Executive agrees to notify the Company promptly if and when she begins employment with another employer and if and when she becomes eligible to participate in any benefit or other welfare
plans, programs or arrangements of another employer. 
 2.5 Equity. Pursuant to Section 6(d)(vi) of the Employment
Agreement, (a) all of the Executive’s unvested outstanding stock options shall automatically vest in full on the Termination Date and (b) all of the Executive’s unvested restricted stock shall continue to vest to the extent it
would have vested in accordance with its terms in the 24-month period immediately following the Termination Date. Subject to the foregoing, the Executive’s equity awards shall be treated in accordance the terms of the Company’s 2003
Executive Stock Based Incentive Plan and the award agreements granted thereunder. 
 2.6 Change in Control. In accordance
with Section 6(e) of the Employment Agreement, if a Change-in-Control (as defined in the Employment Agreement) occurs prior to the Termination Date, the provisions of Section 6(e)(ii) and the last paragraph of Section 6(e) of the
Employment Agreement shall govern in lieu of the foregoing Sections 2.2 and 2.5 (subject to any deferral in accordance with paragraph (2) of the Section 409A Letter). 

2.7 Defined Benefit SERP. The Executive’s accrued benefit under the Company’s Supplemental Executive Retirement Plan
(“SERP”) shall be fully vested as of the Termination Date, and shall be paid in the form and at the time determined under Article V of the SERP. 

  
 2 

 2.8 Supplemental Savings Plan. The Executive’s account balance under the
Company’s Supplemental Savings Plan shall be paid in a lump sum on the on the first business day of the seventh month following the Termination Date. 
 2.9 Other Benefits. Following the Termination Date, the Executive will be paid any amount due under any other welfare and pension benefit plan of the Company in accordance with the terms of each
such plan and applicable law. Except as specifically provided in this Agreement, the Executive will not be due any other payments or benefits from the Company in connection with her termination of employment, including, without limitation, any
payments under any formal or informal severance plan of the Company. 
 2.10 Waiver and Release. In accordance with
Section 6(h) of the Employment Agreement, the payments, benefits and rights provided under this Agreement to the Executive are conditioned upon the execution within seven business days immediately following the Termination Date and
non-revocation by the Executive of the Executive General Release and Covenant Not to Sue attached as Exhibit A hereto. If such release is not executed, valid and irrevocable as of the expiration of the revocation period set forth therein,
then any payments, benefits or rights provided pursuant to Section 2 hereof shall be forfeited. 
 2.11 Taxes.
Section 13(b) of the Employment Agreement shall be in full force and effect. 
  

	 	3.	Covenants. 

 3.1
Nondisclosure. The Executive acknowledges and agrees that during the term of her employment she did not and will not, and the Executive agrees that following the period of employment she will not, disclose, use, transfer or sell, except in
the course of such employment, any confidential information or proprietary data of the Company or its affiliates so long as such information or data remains confidential and has not been disclosed or is not otherwise in the public domain, except as
required by law or pursuant to legal process or in connection with an administrative proceeding before a governmental agency. The Company and the Executive agree that the Executive’s obligations under this Section 3.1 shall not apply if
(a) any disclosure by the Executive is made with the express written permission of the Company or (b) if the Executive can show by legal evidence that she had knowledge of the confidential information, or it was in her possession, prior to
her employment with the Company, and that it was lawfully received by the Executive from a third party who is not or was not bound, at the time the information was conveyed to Executive, by any confidential relationship or obligation to the Company.

 3.2 Non-Solicitation; Non-Disparagement. The Executive acknowledges and agrees that during the term of her employment
with the Company the Executive did not and will not, and the Executive agrees that for a period of 18 months after the Termination Date the Executive will not: 
 (a) directly or indirectly solicit, attempt to hire, or hire any employee of the Company or its affiliates (or any person who may have been employed by the Company or its affiliates during the last year
of the Executive’s employment with the Company or its affiliates), or assist in such hiring by any other person or business entity or encourage, induce or attempt to induce any such employee to terminate his or her employment with the Company
or its affiliates; 

  
 3 

 (b) take action intended to encourage any vendor or supplier of the Company or its
affiliates to cease to do business with the Company or its affiliates or materially reduce the amount of business the vendor or supplier does with the Company or its affiliates; or 

(c) materially disparage the Company or its affiliates. 

 

	 	3.3	Non-Competition. 

 (a)
The Executive acknowledges and agrees that during the term of her employment with the Company the Executive did not and will not, and the Executive agrees that for a period of 18 months after the Termination Date the Executive will not, engage in,
participate in, carry on, own, or manage, directly or indirectly, either for herself or as a partner, stockholder, investor, officer, director, employee, agent, independent contractor, representative or consultant of any person, partnership,
corporation or other enterprise, any “Competitive Business” in any jurisdiction in which the Company or its affiliates actively conducts business. For purposes of this Section 3.3, “Competitive Business” means (i) a
women’s retail and/or catalog apparel business; or (ii) any other retail or catalog business that competes with any significant business of the Company or its affiliates then conducted or actively being developed by the Company or its
affiliates; for this purpose, “significant business of the Company or its affiliates” means a business, product line or product category which generates or is reasonably expected to generate $100 million or more in annual sales.

 (b) As of the date of this Agreement, a Competitive Business under subsection 3.3(a) above would include, by way of
illustration and not by way of limitation, such companies as Ann Taylor, The Gap, Chico’s FAS, White House/Blackmarket, J. Crew, Liz Claiborne, Limited Brands, Coldwater Creek, Polo Ralph Lauren, and Coach, Inc. 

(c) The Executive’s engaging in the following activities will not be deemed to be engaging or participating in a Competitive
Business: (i) investment banking; (ii) passive ownership of less than 2% of any class of securities of a company; and (iii) engaging or participating solely in a noncompetitive business of an entity which also separately operates a
business which is a “Competitive Business”. 
 (d) The Executive acknowledges, with the advice of legal counsel, that
she understands the foregoing provisions of this Section 3.3 and that these provisions are fair, reasonable, and necessary for the protection of the Company’s business. 

3.4 Cooperation. Executive agrees to cooperate with the Company by making herself reasonably available to testify on behalf of the
Company in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, 

  
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in any such action, suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, as
requested; provided, however, that it does not materially interfere with her then current professional activities. The Company agrees to reimburse Executive for all reasonable expenses actually incurred in connection with her provision of testimony
or assistance. 
 3.5 Other Remedies; Clawback. In the event that the Executive violates any of the covenants set forth
in Section 3.2(a) or Section 3.3 of this Agreement, then, in addition to all other rights and remedies of the Company at law or in equity or under this Agreement or under any equity award agreement, the following shall also apply:

 (a) The Executive shall be required to pay to the Company, within 30 days following written notice to the Executive, the
following amount: 
 (i) an amount equal to the gross gain realized by the Executive, in the one-year period
prior to or at any time following any breach of Section 3.2(a) or Section 3.3 of this Agreement, from the vesting of any restricted stock, performance accelerated restricted stock or other equity awards (other than stock options or stock
appreciation rights) granted by the Company to the Executive (the “Vested Shares”) (for purposes of this subsection (a)(i), “gross gain realized” means the market value of the Vested Shares on the date of the vesting of
such award(s), in the period set forth immediately above in this subsection (a)(i), less any purchase price paid by the Executive to the Company for such Vested Shares); and 

(ii) if the Executive, within the one-year period before or at any time following the breach of Section 3.2(a) or
Section 3.3 of this Agreement, has exercised any stock options or stock appreciation rights granted to the Executive by the Company, an amount equal to the gross gain realized by the Executive (or any transferee of the Executive) resulting from
the exercise of such award (for purposes of this subsection (a)(ii), “gross gain realized” means the market value of the underlying stock on the date of exercise less the exercise or grant price of such award). 

(b) All outstanding stock options, and all unvested restricted stock, performance accelerated restricted stock and other outstanding
equity awards granted to the Executive by the Company, shall immediately and automatically terminate and be forfeited. 
 (c)
Notwithstanding the foregoing, the provisions of subsections (a) and (b) of this Section 3.5 shall not apply to the initial inducement equity grants made to the Executive as referred to in Section 4(d)(ii) and (iii) of the
Employment Agreement. 
 (d) The Company may immediately terminate all further payments and benefits provided to the Executive
under, and recover from the Executive all payments and benefits previously made to the Executive under, Sections 2.2, 2.3, 2.4 and 2.6 of this Agreement. 

  
 5 

	 	4.	Miscellaneous. 

 4.1
Indemnification. 
 (a) The Company shall indemnify, defend and hold the Executive harmless, to the maximum extent
permitted by law, against all judgments, fines, amounts paid in settlement and all reasonable expenses, including attorneys’ fees incurred by the Executive, in connection with the defense of, or as a result of, any action or proceeding (or any
appeal from any action or proceeding) in which the Executive is made or is threatened to be made a party by reason of the fact that the Executive is or was an officer or director of the Company, regardless of whether such action or proceeding is one
brought by or in the right of the Company. Each of the parties hereto shall give prompt notice to the other of any action or proceeding from which the Company is obligated to indemnify, defend and hold harmless the Executive of which it or she (as
the case may be) gains knowledge. 
 (b) The Company agrees that the Executive shall be covered and insured up to the full
limits provided by all directors’ and officers’ insurance which the Company then maintains to indemnify its directors and officers (and to indemnify the Company for any obligations which it incurs as a result of its undertaking to
indemnify its officers and directors), subject to applicable deductibles and to the terms and conditions of such policies. 

4.2 Enforceability. It is the intention of the parties that the provisions of this Agreement shall be enforced to the fullest
extent permissible under the laws and public policies of each state and jurisdiction in which such enforcement is sought, but that the unenforceability (or the modification to conform with such laws or public policies) of any provisions hereof,
shall not render unenforceable or impair the remainder of this Agreement. Accordingly, if any provision of this Agreement shall be determined to be invalid or unenforceable, either in whole or in part, this Agreement shall be deemed amended to
delete or modify, as necessary, the offending provisions and to alter the balance of this Agreement in order to render the same valid and enforceable to the fullest extent permissible. 

4.3 Withholding. All payments and benefits payable pursuant to this Agreement shall be subject to reduction by all applicable
withholding, social security and other federal, state and local taxes and deductions. 
 4.4 Section 409A
Compliance. It is intended that this Agreement comply with the provisions of Section 409A of the Internal Revenue Code and all regulations, guidance and other interpretive authority issued thereunder (“Code
Section 409A”), and this Agreement shall be construed and applied in a manner consistent with this intent. Notwithstanding any other provision herein to the contrary, to the extent that the reimbursement of any expenses or the
provision of any in-kind benefits under this Agreement is subject to Code Section 409A, (i) the amount of such expenses eligible for reimbursement, or in-kind benefits to be provided, during any one calendar year shall not affect the
amount of such expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (ii) reimbursement of any such expense shall be made by no later than December 31 of the year following the calendar year
in which such expense is incurred, and (iii) the Executive’s right to receive such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for another benefit. Each and every payment under this Agreement shall be
treated as a right to receive a series of separate payments under Treasury Regulation Section 1.409A-2(b)(2)(iii). 

  
 6 

 4.5 Waiver. Failure of the Company at any time to enforce any provision of this
Agreement or to require performance by Executive of any provisions hereof shall in no way affect the validity of this Agreement or any part hereof or the right of the Company thereafter to enforce its rights hereunder; nor shall it be taken to
constitute a condonation or waiver by the Company of that default or any other or subsequent default or breach. 
 4.6
Notices. All notices or other communications hereunder shall not be binding on either party hereto unless in writing, and delivered to the other party thereto at the following address: 

 

			
	If to the Company:	  	
		  	The Talbots, Inc.
		  	One Talbots Drive
		  	Hingham, MA 02043
		  	Attn: Senior Vice President, Human Resources
		
		  	Copy to:
		
		  	The Talbots, Inc.
		  	211 South Ridge Street
		  	Rye Brook, NY 10573
		  	Attn: General Counsel
		
	If to the Executive:	  	
		  	Trudy F. Sullivan
		  	22 E. 1st Street, Apt. 208
		  	New York, NY 10003
		
		  	Copy to:
		
		  	Thomas A. Hickey, Esq.
		  	Gunster, Yoakley & Stewart, P.A.
		  	777 South Flagler Drive
		  	Suite 500 East
		  	West Palm Beach, FL 33401

 Notices shall be deemed duly delivered upon hand delivery thereof at the above addresses, one day after
deposit with a nationally recognized overnight delivery company, or three days after deposit thereof in the United States mails, postage prepaid, certified or registered mail. Any party may change its address for notice by delivery of written notice
thereof in the manner provided. 
 4.7 Assignment. This Agreement is personal in nature to the Company and the rights and
obligations of the Executive under this Agreement shall not be assigned or transferred by the Executive. This Agreement and all of the provisions hereof shall be binding upon, and inure to the benefit of, the parties hereto and their successors
(including successors by merger, consolidation, sale or similar transaction, permitted assigns, executors, administrators, personal representatives, heirs and distributees). 

  
 7 

 4.8 Governing Law. This Agreement shall be governed by and construed in accordance
with the substantive laws of the Commonwealth of Massachusetts, without regard to the conflicts of law principles thereof. 

4.9 Arbitration; Mediation; Specific Performance. Any dispute, controversy or claim between the parties hereto arising out of or
relating to this Agreement shall be settled by arbitration conducted in the Commonwealth of Massachusetts, in accordance with the Commercial Rules of the American Arbitration Association then in force, provided, however, the Executive acknowledges
that in the event of a violation of Section 3 of this Agreement, the Company would suffer irreparable damages and the Company shall be entitled to obtain from a state or federal court in the Commonwealth of Massachusetts, temporary, preliminary
or permanent injunctive relief (without the necessity of posting any bond or other security), which rights shall be in addition to any other rights or remedies to which it may be entitled. Moreover, nothing in this provision prevents the Executive
from filing, cooperating with, or participating in any proceeding before the EEOC or a state Fair Employment Practices Agency relating to discrimination or bias (except that the Executive acknowledges that he/she may not recover any monetary
benefits in connection with any such proceeding). The decision of the arbitrator or arbitrators conducting any such arbitration proceedings shall be in writing, shall set forth the basis therefor and such arbitrator’s or arbitrators’
decision or award shall be final and binding upon the parties hereto. The parties hereto shall abide by all awards rendered in such arbitration proceedings, and all such awards may be enforced and executed upon in any court having jurisdiction over
the party against whom or which enforcement of such award is sought. Notwithstanding the foregoing of this Section 4.9, each of the parties agrees that, prior to submitting a dispute under this Agreement to arbitration, the parties agree to
submit, for a period of 60 days, to voluntary mediation before a jointly selected neutral third party mediator under the auspices of JAMS, Boston, Massachusetts, Resolutions Center (or any successor location), pursuant to the procedures of JAMS
International Mediation Rules conducted in the Commonwealth of Massachusetts (however, such mediation or obligation to mediate shall not suspend or otherwise delay any termination or other action of the Company or affect the Company’s other
rights). 
 4.10 Jurisdiction. Subject to Section 4.9 of this Agreement, (a) in any suit, action or proceeding
seeking to enforce any provision of this Agreement or for purposes of resolving any dispute arising out of or related to this Agreement (including Section 3), the Company and the Executive each hereby irrevocably consents to the exclusive
jurisdiction of any federal court located in the Commonwealth of Massachusetts or any of the state courts of the Commonwealth of Massachusetts; (b) the Company and the Executive each hereby waives, to the fullest extent permitted by applicable
law, any objection which it or she may now or hereafter have to the laying of venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum; (c) process in any such suit, action or proceeding may be served on either party anywhere in the world, whether within or without the jurisdiction of such court, and, without limiting the foregoing, each of the Company and the Executive
irrevocably agrees that service of process on 

  
 8 

 
such party, in the same manner as provided for notices in Section 4.6 of this Agreement, shall be deemed effective service of process on such party in any such suit, action or proceeding;
(d) WAIVER OF JURY TRIAL: EACH OF THE COMPANY AND THE EXECUTIVE HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATED TO THIS AGREEMENT; and (e) Limitation on Damages: the parties
agree that there will be no punitive damages payable as a result of or in connection with any claim, matter or breach under or related to this Agreement, and each of the parties agrees not to request punitive damages. 

4.11 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of
which together shall constitute one and the same document. 
 4.12 Headings. The headings in this Agreement are intended
solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement. 

4.13 Entire Agreement. This Agreement entered into among the parties as of the date hereof constitutes the entire understanding
and agreement between the parties hereto, and, other than as set forth in Section 2.6 and 2.11 of this Agreement, supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, concerning
the subject matter hereof, including, without limitation, the Employment Agreement. All negotiations by the parties concerning the subject matter hereof are merged into this Agreement, and there are no representations, warranties, covenants,
understandings or agreements, oral or otherwise, in relation thereto by the parties hereto other than those incorporated herein. No supplement modification or amendment of this Agreement shall be binding unless executed in writing by the parties.

 [SIGNATURE PAGE FOLLOWS] 

  
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 INTENDING TO BE LEGALLY BOUND, the parties or their duly authorized representatives have
signed this Agreement as of the date first above written. 
  

	
	THE TALBOTS, INC.
	
	 /s/ Richard T. O’Connell, Jr.

	Name: Richard T. O’Connell, Jr.
	Title: Executive Vice President
	
	EXECUTIVE
	
	 /s/ Trudy F. Sullivan

	Trudy F. Sullivan

 EXHIBIT A 

EXECUTIVE RELEASE AND COVENANT NOT TO SUE 
 I, TRUDY F. SULLIVAN, on behalf of myself and my heirs, executors, administrators and assigns, in consideration of the Separation Agreement among The Talbots, Inc. and Trudy F. Sullivan, dated
December 4, 2011 (the “Separation Agreement”) to which this Executive General Release and Covenant Not to Sue (the “Executive Release”) is attached, do hereby release and forever discharge and covenant not to
sue The Talbots, Inc. and its subsidiaries, and each of its and their subsidiaries, affiliates, directors, members, officers, executives, agents, stockholders, and its and their affiliates, and its and their successors and assigns (both individually
and in their official capacities) (the “Releasees”), from any and all actions, causes of action, covenants, contracts, claims, demands, suits, and liabilities whatsoever, which I ever had, now have or may have arising prior to or on
the effective date of this Executive Release by reason of my employment with or severance of my employment from The Talbots, Inc. and its affiliates (“Claims”). 

By signing this Executive Release, I am providing a complete waiver of all Claims that may have arisen, whether known or unknown, up
until and including the effective date of this Executive Release. This includes, but is not limited to, claims based on Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Age Discrimination in Employment Act of 1967
(including the Older Workers Benefit Protection Act), the Americans With Disabilities Act, the Fair Labor Standards Act, the Equal Pay Act, the Family and Medical Leave Act, the Executive Retirement Income Security Act of 1974 (except as provided
below), the New York State and New York City Human Rights Laws, the New York Executive Law, the New York City Administrative Code, the New York Civil Rights Law, the New York Equal Pay Law, the New York Whistleblower Law, the New York Labor Law, the
New York Legal Activities Law, the New York occupational safety and health laws, the New York Minimum Wage Law, the Massachusetts Wage Act, the Massachusetts Fair Employment Practices Act, the Massachusetts Civil Rights Act, the Massachusetts Equal
Rights Act, the Massachusetts Workers Compensation Act, the Massachusetts Small Necessities Leave Act, the Massachusetts Maternity Leave Act and all applicable amendments to the foregoing acts and laws, or any common law, public policy, contract
(whether oral or written, express or implied) or tort law, and any other local, state or Federal law, regulation or ordinance having any bearing whatsoever on the terms and conditions of my employment and the cessation thereof. This Executive
Release shall not, however, apply to any obligation of the Company pursuant to the Separation Agreement (claims with respect thereto, collectively, “Excluded Claims”). I further agree, promise and covenant that, to the maximum
extent permitted by law neither, I, nor any person, organization, or other entity acting on my behalf has filed or will file, charged or will charge, claimed or will claim, sued or will sue, or caused or will cause or permitted or will permit to be
filed, charged or claimed, any action for damages or other relief (including injunctive, declaratory, monetary or other relief) against the Releasees with respect to any Claims other than Excluded Claims. 

I have been given but voluntarily declined 21 days to review the Separation Agreement and this Executive Release and have been given the
opportunity to consult with legal counsel, and I have signed the Separation Agreement and I am signing this Executive Release 

  
 A-1

 
knowingly, voluntarily and with full understanding of its terms and effects, and I voluntarily accept the benefits provided for in the Separation Agreement for the purpose of making full and
final settlement of all claims referred to above. I also understand that I have seven days after execution to revoke this Executive Release, and that this Executive Release will not become effective if I exercise my right to revoke my signature
within seven days of execution. I understand that such revocation must be delivered to the general counsel of the Company at its headquarters during such period to be effective. 

I acknowledge that I have not relied on any representations or statements not set forth in the Separation Agreement or this Executive
Release. I will not disclose the contents or substance of the Separation Agreement or this Executive Release to anyone except my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or in
connection with enforcing the Separation Agreement, and I will instruct each of the foregoing not to disclose the same. 
 This
Executive Release will be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. If any provision in this Executive Release is held invalid or unenforceable for any reason, the remaining provisions shall be
construed as if the invalid or unenforceable provision had not been included. 
 IN WITNESS WHEREOF, I have executed this
Executive Release on this      day of             , 20    . 
  

	
	
	  

	Trudy F. Sullivan

  
 A-2

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