Document:

Exhibit 4.1

 

[FORM OF FACE OF NOTE]

 

[Global Notes Legend]

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR”), OR CLEARSTREAM BANKING, SOCIETE ANONYME (“CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF ITS AUTHORIZED NOMINEE, OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM (AND ANY PAYMENT IS MADE TO ITS AUTHORIZED NOMINEE, OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ITS AUTHORIZED NOMINEE, HAS AN INTEREST HEREIN.

 

THIS NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 9.05 OF THE INDENTURE, (II) THIS NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (III) THIS NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE).]

 

THE PRICELINE GROUP INC.

 

1.800% SENIOR NOTES DUE 2027

 

No. [·]

 

€1,000,000,000

 

ISIN XS1196503137

CUSIP 741503AV8

 

THE PRICELINE GROUP INC., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any

 

 

successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to BT Globenet Nominees Limited or registered assigns, the principal sum as set forth in the attached Schedule of Increases and Decreases, at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for that purpose, on March 3, 2027, in euro. If euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or if euro is no longer being used by the then member states of the European Monetary Union that have adopted euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the notes will be made in U.S. dollars until euro is again available to us or so used, and to pay interest, annually on March 3 of each year, commencing March 3, 2016, on said principal sum at said office or agency, in like coin or currency, at the rate of 1.800% per annum, from the March 3 next preceding the date of this Note to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Note, or unless no interest has been paid on the Notes (as defined on the reverse hereof), in which case from March 3, 2015, until payment of said principal sum has been made or duly provided for.  The interest so payable on March 3 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the February 16, preceding such March 3, unless the Company shall default in the payment of interest due on such interest payment date, in which case such defaulted interest, at the option of the Company, may be paid to the person in whose name this Note is registered at the close of business on a special record date for the payment of such defaulted interest established by notice to the registered holders of Notes not less than thirty days preceding such special record date or may be paid in any other lawful manner.  Interest on this Note will be calculated on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on this Note (or March 3, 2015 if no interest has been paid on this Note), to but excluding the next scheduled interest payment date.

 

If any interest payment date, the maturity date or any earlier required repurchase date upon a designated event falls on a day that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term ‘‘business day’’ means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in the City of New York or London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement express Transfer system (the TARGET2 system), or any successor thereto, is open.

 

Reference is made to the further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof or an authenticating agent appointed by the Company, by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Signature page follows]

 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and delivered.

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   PRICELINE GROUP INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

This is one of the Notes designated therein referred to in the within mentioned Indenture.

 

	
Dated:
    	
 
    
	
 
    	
 
    
	
 
    	
DEUTSCHE   BANK TRUST COMPANY
   AMERICAS, as Trustee and Authenticating Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Authorized   Signatory
    

 

 

[REVERSE OF NOTE]

 

1.                                      Notes.

 

This Note is one of a duly authorized issue of senior notes of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Officers’ Certificate of the Company, dated as of March 3, 2015 (the “Officers’ Certificate”), pursuant to the Indenture dated as of September 23, 2014 (the “Indenture” and, together with the Officer’s Certificate, the “Indenture”) between the Company and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as “1.800% Senior Notes due 2027,” issued in an initial aggregate principal amount of €1,000,000,000. The notes will be issued only in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof.  All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

2.                                      No Sinking Fund

 

The Notes will not be entitled to the benefit of any sinking fund.

 

3.                                      Optional Redemption.

 

(a) At the Company’s option, the Notes may be redeemed in whole or in part on or after December 3, 2026 at 100% of the principal amount of the Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption.

 

(b) At the Company’s option, the Notes may be redeemed at any time in whole or in part. If the Company elects to redeem the Notes, the Company will pay a redemption price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date: (1) 100% of the aggregate principal amount of the Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments for principal and interest on the notes, not including any portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date on an annual basis at the Comparable Government Bond Rate, plus 25 basis points.  Neither the Trustee nor the paying agent shall have any responsibility for calculating the redemption price.

 

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the notes to be redeemed, if they were to be purchased at such price on the third business day prior to the date fixed for redemption, would be equal to the gross redemption yield on such business day of the Comparable Government Bond (as defined below) on the basis of the middle market price of the Comparable

 

 

Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment bank.

 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by us, a German government bond whose maturity is closest to the maturity of the notes to be redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by us, determine to be appropriate for determining the Comparable Government Bond Rate.

 

4.                                      Selection and Notice of Redemption.

 

(a)                                 If less than all of the notes are to be redeemed, in the case of certificated notes, the Trustee will select notes for redemption pro rata or by such other method it deems appropriate and fair. In the case of global notes, the depositary in coordination with the paying agent may select global notes for redemption pursuant to its applicable procedures. The Trustee, in the case of certificated notes shall select notes and portions of notes in amounts of €100,000 and integral multiples of €1,000 in excess thereof. The depositary, in connection with the paying agent, in the case of global notes, shall select notes and portions of notes in amounts of €100,000 and integral multiples of €1,000 in excess thereof.

 

(b)                                 Notices of redemption will be sent at least 30 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address. Notices of redemption may be conditional.

 

5.                                      Acceleration Upon Event of Default.

 

(a)  If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount at maturity of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount at maturity of the then outstanding Notes may direct the Trustee in its exercise of any trust or power.

 

(b)  The Holders of a majority in aggregate principal amount at maturity of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its

 

 

consequences, including any related payment default that resulted from such acceleration).

 

(c)  The Indenture provides that if a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to each Holder notice of the Default within 90 days after it occurs. Except in the case of a Default in the payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of Holders. In addition, the Company is required to deliver to the Trustee, within 120 days after the end of each Fiscal Year, an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred during such period. The Company is also required to deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any event which with the giving of notice or the lapse of time would become an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto (provided that, solely with respect to an Event of Default arising from certain events of bankruptcy or insolvency, no such status or description of action is required).

 

6.                                      Amendment and Modification.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Notes at the time outstanding and affected by such amendment, voting as a single class.

 

7.                                      No Impairment of Obligation to Pay or Right to Convert.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed or to convert this Note as provided in the Indenture.

 

8.                                      Transfer and Exchange.

 

As provided in the Indenture and subject to certain limitations set forth therein, the Notes shall be transferable only upon the surrender of a Note for registration of transfer. When a Note is presented to the Registrar with a request to register a transfer, the Registrar will register the transfer as requested if the requirements of the Indenture are satisfied. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the requirements of the Indenture are met. To permit

 

 

registration of transfers and exchanges, the Company will execute and the Trustee will authenticate Notes at the Registrar’s request.

 

9.                                      No Service Charge.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment by the Holder of a sum sufficient to pay all taxes, assessments or other governmental charges in connection therewith.

 

10.                               Treatment as Owner.

 

The registered holder of a Note will be treated as the owner of it for all purposes.

 

11.                               Payment of Additional Amounts.

 

All payments of principal and interest on the Notes by the Company will be made free and clear of and without withholding or deduction for or on account of any present or future tax, assessment or other governmental charge imposed by the United States (or any political subdivision or taxing authority thereof or therein having power to tax), unless the withholding or deduction of such taxes, assessment or other government charge is required by law or the official interpretation or administration thereof. The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts as are necessary in order that the net payment by us of the principal of and interest on the notes to a holder who is not a United States person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States (or any political subdivision or taxing authority thereof or therein having power to tax), will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply:

 

(1)  to the extent any tax, assessment or other governmental charge is imposed by reason of the holder (or the beneficial owner for whose benefit such holder holds such note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:

 

(a)  being or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United States;

 

(b)  having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any rights hereunder), including being or having been a citizen or resident of the United States;

 

(c)  being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United States income

 

 

tax purposes or a corporation that has accumulated earnings to avoid U.S. federal income tax;

 

(d)  being or having been a ‘‘10-percent shareholder’’ of the Company as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the ‘‘Code’’) or any successor provision; or

 

(e)  being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, as described in section 881(c)(3)(A) of the Code or any successor provision;

 

(2)  to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;

 

(3)  to the extent any tax, assessment or other governmental charge that would not have been imposed but for the failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge;

 

(4)  to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by us or a paying agent from the payment;

 

(5)  to any estate, inheritance, gift, sales, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge, or excise tax imposed on the transfer of Notes;

 

(6)  to any withholding or deduction that is imposed on a payment to an individual and that is required to be made pursuant to European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings income, or any law implementing or complying with or introduced in order to conform to, such directive;

 

(7)  to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest on any Note as a result of the presentation of any Note for payment (where presentation is required) by or on behalf of a holder of Notes, if such payment could have been made without such

 

 

withholding by presenting the relevant Note to at least one other paying agent in a member state of the European Union;

 

(8) to the extent any tax, assessment or other governmental charge would not have been imposed but for the presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

 

(9)  to any tax, assessment or other governmental charge imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code; or

 

(10)  in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8) and (9).

 

This Note is subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to this Note. Except as specifically provided in this Note, the Company will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

 

If the Company is required to pay any additional amounts as described above with respect to the Notes, the Company will notify the Trustee and the Paying Agent pursuant to an Officers’ Certificate that specifies the additional amounts payable and when the additional amounts are payable.  If the Trustee and the Paying Agent do not receive such an Officers’ Certificate from the Company, the Trustee and the Paying Agent may conclusively rely on the absence of such an Officer’s Certificate in assuming that no such additional amounts are payable.

 

12.                               Euro.

 

All payments of interest and principal, including payments made upon any redemption of the Notes, will be made in euro; provided that if euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if euro is no longer being used by the then member states of the European Monetary Union that have adopted euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until euro is again available to the Company or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, if the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the

 

 

most recently available market exchange rate for euro, as determined in the Company’s sole discretion. Any payment in respect of the Notes so made in U.S. dollars will not constitute an event of default under the Notes or the Indenture.  Investors will be subject to foreign exchange risks as to payment of principal and interest that may have important economic and tax consequences for them. Neither the Trustee nor the paying agent shall have any responsibility for any calculation or conversion in connection with the forgoing.

 

13.                               Payment of Interest.

 

For Notes in definitive form, interest on such Notes will be payable (i) to holders holding an aggregate principal amount of notes of €1.0 million or less, by check mailed to the holders of those Notes and (ii) to holders holding an aggregate principal amount of notes more than €1.0 million, either by check mailed to each holder or, upon application by a holder to the registrar not later than the relevant record date, by wire transfer in immediately available funds to that holder’s account, which application shall remain in effect until the holder notifies, in writing, the registrar to the contrary.

 

The Company shall pay the principal of and interest on Notes in global form registered in the name of or held by Euroclear or Clearstream or their respective nominees in immediately available funds to Euroclear or Clearstream or their respective nominees, as the case may be, as the registered holder of such global notes.

 

14.                               Redemption for Tax Reasons.

 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after September 23, 2014, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described in Section 11 herein with respect to the Notes, then the Company may at any time at its option redeem, in whole, but not in part, the Notes on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on those notes to, but not including, the date fixed for redemption.

 

15.                               No Liability.

 

No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, shall have any liability (except in the case of bad faith or willful misconduct) for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes.

 

 

16.                               Governing Law.

 

THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

 

SCHEDULE OF INCREASES OR DECREASES (1)

 

The initial principal amount of this Global Note is €1,000,000,000.  The following increases or decreases in this Global Note have been made:

 

	
Date of
   Exchange
    	
 
    	
Amount of
   decrease in
   Principal Amount
   of this Global Note
    	
 
    	
Amount of
   increase in
   Principal
   Amount of this
   Global Note
    	
 
    	
Principal
   amount of this
   Global Note
   following such
   decrease or
   increase
    	
 
    	
Signature of
   authorized
   signatory of
   Trustee or
   Securities
   Custodian
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

(1)         This schedule should be included only if the Note is a Global Note.EX-4.1

 Exhibit 4.1 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of February 27, 2015 (this “Agreement”), is entered into by and between
ATLAS ENERGY GROUP, LLC a Delaware limited liability company (the “Company”), and the purchasers signatory hereto (each a “Purchaser” and collectively, the “Purchasers”). 

WHEREAS, this Agreement is being entered into in connection with the issuance and sale of the Purchased Units pursuant to the Series A
Preferred Unit Purchase Agreement, dated as of February 25, 2015, by and between the Company and the Purchasers (the “Purchase Agreement”); 

WHEREAS, the Company has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers
pursuant to the Purchase Agreement; and 
 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 by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

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

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

 “Business Day” means any day other than a Saturday, Sunday, any federal holiday or day on which banking institutions in
the State of New York are authorized or required by Law or other governmental action to close. 
 “Commission” means the
United States Securities and Exchange Commission. 
 “Common Unit” shall have the meaning specified in the LLC Agreement.

 “Company” shall have the meaning specified in the introductory paragraph of this Agreement. 

 “Conversion Units” shall have the meaning specified in the LLC Agreement. 

“Effective Date” means, with respect to a particular Shelf Registration Statement, the date of effectiveness of such Shelf
Registration Statement. 
 “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. 
 “Filing Date” shall have the meaning specified in
Section 2.01(a) of this Agreement. 
 “Governmental Authority” has the meaning specified in the Purchase
Agreement. 
 “Holder” means a record holder of Registrable Securities. 

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

“Law” means any applicable federal, state or local order, writ, injunction, judgment, settlement, award, decree, statute, law
(including common law), rule or regulation. 
 “LLC Agreement” shall mean the Third Amended and Restated Limited Liability
Company Agreement of the Company, as amended by Amendment 1 and as such agreement may be further amended from time to time. 

“Losses” shall have the meaning specified in Section 2.08(a) of this Agreement. 

“Managing Underwriter” means, with respect to any Underwritten Offering, the book running lead manager of such Underwritten
Offering. 
 “NYSE” means the New York Stock Exchange. 

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

“Other Holder” shall have the meaning specified in Section 2.02(b) of this Agreement. 

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

“Piggyback Offering” shall have the meaning specified in Section 2.02(a) of this Agreement. 

“Primary Offering” shall have the meaning specified in Section 2.04(n) of this Agreement. 

“Purchase Agreement” shall have the meaning specified in the recitals of this Agreement. 

“Purchased Units” shall have the meaning specified in the Purchase Agreement. 

  
 -2- 

 “Purchaser” and “Purchasers” shall have the respective meanings
specified in the introductory paragraph of this Agreement. 
 “Registrable Securities” means the Series A Preferred Units
and the Common Units underlying the Series A Preferred Units acquired pursuant to the Purchase Agreement (including the Series A Preferred Units issued to the Purchaser as payment-in-kind pursuant to the terms of the Series A Preferred Units
and the Common Units underlying any such Series A Preferred Units). 
 “Registration Expenses” shall have the meaning
specified in Section 2.07(a) of this Agreement. 
 “Securities Act” means the Securities Act of 1933, as
amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 
 “Selling Expenses”
shall have the meaning specified in Section 2.07(a) of this Agreement. 
 “Selling Holder” means a Holder who
is selling Registrable Securities under a registration statement pursuant to the terms of this Agreement. 
 “Series A Preferred
Unit” shall have the meaning specified in the LLC Agreement. 
 “Shelf Registration Statement” means a
registration statement under the Securities Act to permit the public resale of the Registrable Securities from time to time as permitted by Rule 415 of the Securities Act (or any similar provision then in force under the Securities Act). 

“Underwritten Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which
Registrable Securities are sold to an underwriter on a best efforts or firm commitment basis for reoffering to the public. 

“Underwritten Offering Filing” shall have the meaning specified in Section 2.02(a) of this Agreement. 

“Underwritten Offering Request” shall have the meaning specified in Section 2.03(a) of this Agreement. 

Section 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security at the earliest of the
following: (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 registration statement;
(b) when such Registrable Security has been disposed of pursuant to Rule 144 (or any similar provision then in force) under the Securities Act; (c) when such Registrable Security is held by the Company or one of its subsidiaries; and
(d) when such Registrable Security has been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to the terms of this Agreement. 

  
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 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01 Shelf Registration. 

(a) Shelf Registration. As soon as practicable following the Company’s receipt of written notice from one or more
Holders requesting the filing of a Shelf Registration Statement in respect of not less than $5 million of Registrable Securities in the aggregate (based on the expected gross proceeds), the Company shall prepare and file a Shelf Registration
Statement under the Securities Act covering such Registrable Securities and shall provide notice to the other Holders and provide them with the opportunity to also include their Registrable Securities in such Shelf Registration Statement. If
the Company does not meet the Commission’s definition of “well known seasoned issuer,” the Company shall use its reasonable best efforts to cause the Shelf Registration Statement to become effective no later than 180 days after the
date of the filing of such Shelf Registration Statement (the “Filing Date”). A Shelf Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate registration form of the Commission as
shall be selected by the Company. The Company will use its reasonable best efforts to cause a Shelf Registration Statement filed pursuant to this Section 2.01(a) to be continuously effective under the Securities Act until the
earliest date on which any of the following occurs: (i) all Registrable Securities covered by such Shelf Registration Statement have been distributed in the manner set forth and as contemplated in such Shelf Registration Statement and
(ii) there are no longer any Registrable Securities outstanding. A Shelf Registration Statement when it becomes or is declared effective (including the documents incorporated therein by reference) will comply as to form in all material
respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading (and, in the case of any prospectus contained in such Shelf Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the Effective Date of a Shelf
Registration Statement, but in any event within three (3) Business Days of such date, the Company will notify the Selling Holders of the effectiveness of such Shelf Registration Statement. 

(b) Suspension by the Company. Notwithstanding anything to the contrary contained in this Agreement, the Company may, upon
written notice to the Selling Holders, delay the effectiveness of a Shelf Registration Statement or suspend such Holder’s use of any prospectus that is a part of an effective Shelf Registration Statement (in which event the Holder shall
discontinue sales of the Registrable Securities pursuant to the effective Shelf Registration Statement) if (A) the Company is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Company determines
in good faith that the Company’s ability to pursue or consummate any such transaction would be materially and adversely affected by any required disclosure of such transaction in a Shelf Registration Statement (including disclosures
incorporated by reference in a Shelf Registration Statement) or (B) the Company is in possession of other material, non-public information the disclosure of which at such time, in the good faith judgment of the Company, would materially and
adversely affect the Company; provided, that in no event shall the Company delay the effectiveness of a Shelf Registration Statement or prohibit the Holders from selling Registrable Securities pursuant to the Shelf Registration Statement for a

  
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period that exceeds an aggregate of 90 days in any 365-day period. Upon disclosure of such information or the termination of the conditions described in this Section 2.01(b), shall provide
prompt notice to the Holders whose Registrable Securities are included in the Shelf Registration Statement, and shall pursue the effectiveness of the Shelf Registration Statement or promptly terminate any suspension of sales pursuant to an effective
Shelf Registration Statement, as applicable, and the Company shall take such other actions reasonably necessary or appropriate to permit sales of Registrable Securities pursuant to an effective Shelf Registration Statement as contemplated in this
Agreement. 
 Section 2.02 Piggyback Rights. 

(a) Underwritten Offering Piggyback Rights. If at any time during which there remains Registrable Securities, the Company
proposes to file (i) a prospectus supplement to an effective shelf registration statement, other than a Shelf Registration Statement contemplated by Section 2.01, or (ii) a registration statement, other than a shelf
registration statement or a registration statement on Form S-4 or S-8, in either case, for the sale of Common Units in an Underwritten Offering for its own account, then, as soon as practicable but not less than three (3) Business Days prior to
the filing of (A) any preliminary prospectus supplement relating to such Underwritten Offering pursuant to Rule 424(b) of the Securities Act, (B) the prospectus supplement relating to such Underwritten Offering pursuant to Rule 424(b) of
the Securities Act (if no preliminary prospectus supplement is used) or (C) such registration statement (other than a shelf registration statement), as the case may be (an “Underwritten Offering Filing”), the Company shall give
notice of such proposed Underwritten Offering to the Holders and such notice shall offer the Holders the opportunity to include in such Underwritten Offering such number of Common Units that are Registrable Securities (the “Included
Registrable Securities”) as each such Holder may request in writing (a “Piggyback Offering”); provided, however, that the Company shall not be required to offer such opportunity to Holders if (aa) one or
more Holders do not offer a minimum of $5 million of Common Units that are Registrable Securities, in the aggregate (based on the expected gross proceeds) or (bb) the Company 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 which case the amount of Registrable Securities to be offered for the accounts of participating
Holders shall be determined based on the provisions of Section 2.02(c) of this Agreement. Each Holder shall keep any information relating to any such Underwritten Offering confidential and shall not disseminate or in any way disclose
such information. Except as provided in Section 2.02(b), each Holder shall then have five (5) Business Days from the date of such notice to request inclusion of its Common Units that are Registrable Securities in the Piggyback Offering. If
no request for inclusion from a Holder is received within the specified time, such Holder shall have no further right to participate in such Piggyback Offering. If, at any time after giving written notice of its intention to undertake an
Underwritten Offering and prior to the closing of such Underwritten Offering, the Company shall determine for any reason not to undertake or to delay such Underwritten Offering, the Company shall 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 of the Underwritten Offering.

  
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Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten Offering by giving
written notice to the Company of such withdrawal at least one (1) Business Day prior to the time of pricing of such Underwritten Offering. Notwithstanding the foregoing, any Holder may deliver written notice (an “Opt-Out
Notice”) to the Company requesting that such Holder not receive notice from the Company of any proposed Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. 

(b) Priority of Piggyback Rights. In connection with an Underwritten Offering contemplated by Section 2.02(a), if
the Managing Underwriter or Underwriters of such Underwritten Offering advises the Company that the total amount of Common Units that the Selling Holders and any other Persons intend to include in such Underwritten Offering exceeds the number that
can be sold in such Underwritten 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 Common Units that such Managing Underwriter or Underwriters advises the Company can be sold without having such adverse effect, with such number to be allocated (i) first to the Company, (ii) second pro
rata among the Selling Holders and any other Persons who have been or are granted registration rights on or after the date of this Agreement who have requested participation in the Underwritten Offering (the “Other Holders”) based,
for each such Selling Holder or Other Holder, on the percentage derived by dividing (A) the number of Common Units proposed to be sold by such Selling Holder(s) and such Other Holders in such Underwritten Offering; by (B) the aggregate
number of Common Units proposed to be sold by all Selling Holders and all Other Holders in the Underwritten Offering. 
 Section 2.03
Underwritten Offering. 
 (a) Request for Underwritten Offering. In the event that a Selling Holder (together with any
Affiliates that are Selling Holders) elects to dispose of Registrable Securities under a Shelf Registration Statement pursuant to an Underwritten Offering and reasonably anticipates gross proceeds of greater than $5 million from such Underwritten
Offering of Registrable Securities, the Company shall, at the request of such Selling Holder (each, an “Underwritten Offering Request”), enter into an underwriting agreement in customary form with the Managing Underwriter or
Underwriters, which shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.08, and shall use reasonable best efforts to take all such other reasonable actions as are requested by the
Managing Underwriter to expedite or facilitate the disposition of the Registrable Securities. 
 (b) General Procedures. In
connection with any Underwritten Offering, the Company 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 Company shall be obligated to enter into an underwriting agreement with the Managing Underwriter or Underwriters that contains such representations, covenants, indemnities and other rights and obligations as are customary in
underwriting agreements for firm commitment offerings of equity securities. No Selling Holder may participate in an Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting
agreement and completes and 

  
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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 Company to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit. No Selling Holder shall be
required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling Holder and its ownership of the securities being registered on its
behalf and its intended method of distribution and any other representation required by Law. If any Selling Holder disapproves of the terms of an Underwritten Offering, such Selling Holder may elect to withdraw therefrom by notice to the Company and
the Managing Underwriter; provided, however, that such withdrawal must be made at least one (1) Business Day prior to the pricing of such Underwritten Offering to be effective. No such withdrawal or abandonment shall affect the
Company’s obligation to pay Registration Expenses. Upon the receipt by the Company of a written request from the Holders of at least $5 million of Registrable Securities that are participating in an Underwritten Offering, the Company’s
management shall be required to participate in a roadshow or similar marketing effort in connection with that Underwritten Offering; provided, that management: (i) agrees to the proposed commencement date of any roadshow or similar
marketing effort; (ii) is not required to participate in any roadshow or similar marketing effort for more than two days and (iii) is not required to participate in more than one roadshow or similar marketing effort in an six month period.

 Section 2.04 Sale Procedures. In connection with its obligations under this Article II, the Company will, as
expeditiously as practicable: 
 (a) prepare and file with the Commission such amendments and supplements to a Shelf Registration Statement
and the prospectus used in connection therewith as may be necessary to keep such Shelf Registration Statement effective (or file a replacement Shelf Registration Statement) and as may be necessary to comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such Shelf Registration Statement; 
 (b) furnish to each Selling Holder
(i) as far in advance as reasonably practicable before filing a Shelf Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete
drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the
opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing
such Shelf Registration Statement or such other registration statement and the prospectus included therein or any supplement or amendment thereto, and (ii) an electronic copy of such Shelf 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 Shelf
Registration Statement or other registration statement; 

  
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 (c) if applicable, use its reasonable best efforts to register or qualify the Registrable
Securities covered by a Shelf 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 Company shall 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 which would subject it to general service of process in any such jurisdiction where it is not then so subject; 
 (d)
promptly notify each Selling Holder and each underwriter of Registrable Securities, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the filing of a Shelf 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 Shelf Registration Statement or any other
registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) and any written request by the Commission for amendments or supplements to such Shelf Registration Statement or any other registration
statement or any prospectus or prospectus supplement thereto; 
 (e) immediately notify each Selling Holder and each underwriter of
Registrable Securities, 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 a Shelf
Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, or any supplemental amendment thereto, 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 light of the circumstances then existing; (ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of such Shelf
Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to as promptly as practicable amend or supplement the prospectus or
prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then existing and to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

(f) 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; 
 (g) in the case of an Underwritten Offering, furnish upon request, (i) an opinion letter of counsel for the Company
dated the date of the closing under the underwriting agreement, 

  
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including a standard “10b-5” letter 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 Company’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 included therein and any supplement thereto) and as
are customarily covered in opinion letters of issuer’s counsel and in accountants’ letters delivered to the underwriters in underwritten offerings of equity securities; 

(h) 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; 

(i) make available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and the
Company personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided, however, that the Company need not disclose any non-public information to any such
representative unless and until such representative has entered into a confidentiality agreement with the Company reasonably satisfactory to the Company; 

(j) cause all such Common Units that are Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange
or nationally recognized quotation system, if any, on which Common Units issued by the Company are then listed; 
 (k) use its reasonable
best 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 Company to enable the Selling Holders to
consummate the disposition of such Registrable Securities; 
 (l) 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; 
 (m) take such other actions as
are reasonably requested by the Selling Holders or the underwriters, if any, to expedite or facilitate the disposition of such Registrable Securities; and 

(n) (i) subject to the appropriate confidentiality obligations, cooperate with a Selling Holder if such Selling Holder could reasonably be
deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with the registration statement in respect of any registration of the Registrable Securities of such Selling Holder pursuant to this
Agreement, and any amendment or supplement thereof (any such registration statement or amendment or supplement a “Primary Offering”), in allowing such Selling Holder to, conduct customary “underwriter’s due diligence”
with respect to the Company and satisfy its obligations in respect thereof, (ii) furnish to such Selling Holder upon such Selling Holder’s request, on the date of the effectiveness of any Primary Offering and thereafter from time to time
on such dates as such Selling Holder may reasonably request, the letters covered by Section 2.04(g) of this Agreement, 

  
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in each case addressed to such Selling Holder, and (iii) permit legal counsel to such Selling Holder to review and comment upon any such Primary Offering at least five (5) Business Days
prior to its filing with the Commission and all amendments and supplements to any such Primary Offering within a reasonable number of days prior to their filing with the Commission and not file any Primary Offering or amendment or supplement thereto
in a form to which such Selling Holder’s legal counsel reasonably objects in writing. 
 Each Selling Holder, upon receipt of notice
from the Company of the happening of any event of the kind described in subsection (e) of this Section 2.04, shall forthwith discontinue disposition of the Registrable Securities until such Selling Holder’s receipt of the
copies of the supplemented or amended prospectus contemplated by subsection (e) of this Section 2.04 or until it is advised in writing by the Company that the use of the prospectus may be resumed, and has received copies of any
additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder will deliver, or will request the Managing Underwriter or underwriters, if any, to deliver to the Company all
copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus and any prospectus supplement covering such Registrable Securities current at the time of receipt of such
notice. 
 If reasonably requested by a Selling Holder, the Company shall: (i) as soon as practicable 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; (ii) as soon as practicable 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; and (iii) as soon as practicable, supplement or make amendments to any Shelf
Registration Statement or any other registration statement contemplated by this Agreement. 
 Section 2.05 Cooperation by
Holders. The Company shall have no obligation to include Registrable Securities of a Holder in a Shelf Registration Statement or in an Underwritten Offering under Article II of this Agreement if such Selling Holder has failed to timely
furnish such information that, upon the advice of counsel to the Company, is reasonably required for such registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.06 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities who is
included in a Shelf Registration Statement shall agree to enter into a customary lock-up agreement with respect to the public sale or distribution of such Holder’s Registrable Securities to the extent required by a managing underwriting in
connection with a public offering; provided that the duration of such lock-up shall not exceed the period imposed by the underwriters on the officers and directors of the Company in connection with such public offering. 

  
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 Section 2.07 Expenses. 

(a) Certain Definitions. “Registration Expenses” means all expenses incident to the Company’s performance
under or compliance with this Agreement to effect the registration of Registrable Securities in a Shelf Registration Statement pursuant to Section 2.01, a Piggyback Offering pursuant to Section 2.02, or an Underwritten
Offering pursuant to Section 2.03, and the disposition of such securities, including, without limitation, all customary registration, filing, securities exchange listing and NYSE fees, all customary registration, filing, qualification
and other fees and expenses of complying with securities or “blue sky” laws, fees of the Financial Industry Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing, duplicating and printing expenses, the
fees and disbursements of counsel to the Company and independent public accountants for the Company, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance and the
reasonable fees and disbursements of one counsel for all Selling Holders. “Selling Expenses” means all underwriting fees, discounts and selling commissions (and similar fees or arrangements associated with) and transfer taxes
allocable to the sale of the Registrable Securities. 
 (b) Expenses. The Company will pay all reasonable Registration
Expenses as determined in good faith, including, in the case of an Underwritten Offering or a Piggyback Offering, whether or not any sale is made pursuant to the related registration statement. Each Selling Holder shall pay all Selling Expenses in
connection with any sale of its Registrable Securities. 
 Section 2.08 Indemnification. 

(a) By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this
Agreement, the Company will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, employees, agents and managers, and each underwriter, pursuant to the applicable underwriting agreement with such underwriter, of
Registrable Securities thereunder and each Person, if any, who controls such Selling Holder or underwriter within the meaning of the Securities Act and the Exchange Act, and its directors, officers, employees, agents and managers, against any
losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder or underwriter or controlling 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 the light of the circumstances under which such statement is made) contained in a Shelf Registration Statement or any other registration statement contemplated by this Agreement, any
preliminary prospectus or final prospectus contained therein, or any free writing prospectus related thereto, 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 the light of the circumstances under which they were made) not misleading, and will reimburse each such Selling Holder, its directors and
officers, each such underwriter and each such controlling Person for any legal or other expenses reasonably incurred by them in connection with investigating or 

  
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 defending any such Loss or actions or proceedings; provided, however, that the Company will not be
liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Selling Holder,
such underwriter or such controlling Person in writing specifically for use in the Shelf Registration Statement or such other registration statement, free writing prospectus 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 or any such director, officer, employee, agent, manager or controlling Person, and shall survive the transfer of such securities by such Selling
Holder. 
 (b) By Each Selling Holder. Each Selling Holder agrees to indemnify and hold harmless the Company, its directors,
officers, employees and agents and each Person, if any, who controls the Company within the meaning of the Securities Act or of the Exchange Act to the same extent as the foregoing indemnity from the Company to the Selling Holders, but only with
respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in a Shelf Registration Statement or any other registration statement contemplated by this Agreement, any
preliminary prospectus or final prospectus contained therein, or any free writing prospectus related thereto, 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 Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Company or any such director, officer, employee, agent, manager or controlling Person, and shall survive the transfer of such securities by such Selling Holder. 

(c) Notice. Promptly after any 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 indemnifying party written notice of such claim 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 be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably
satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under
this Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided,
however, that, (i) if the indemnifying party has failed to assume the defense and employ counsel 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 

  
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such legal defense and otherwise to participate in the defense of such action, with the reasonable out-of-pocket expenses and fees of such separate counsel and other reasonable out-of-pocket
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 contain any admission of wrongdoing by, the indemnified party. 

(d) Contribution. If the indemnification provided for in this Section 2.08 is held by a court or government agency
of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount
paid or payable by such indemnified party as a result of such 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 which 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 gross proceeds 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 which 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 2.08 shall be in addition to any other rights to
indemnification or contribution that an indemnified party may have pursuant to Law, equity, contract or otherwise. 
 Section 2.09
Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its
commercially reasonable efforts to: 
 (a) make and keep public information regarding the Company available, as those terms are understood
and defined in Rule 144 of the Securities Act, at all times from and after the date hereof; 

  
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 (b) file with the Commission in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns any
Registrable Securities, furnish, unless otherwise available at no charge by access electronically to the Commission’s EDGAR filing system, to such Holder forthwith upon request (i) a copy of the most recent annual or quarterly report of
the Company, and (ii) such other reports and documents so filed with the Commission as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without
registration. 
 Section 2.10 Transfer or Assignment of Registration Rights. The rights to cause the Company to register
Registrable Securities granted to the Purchaser by the Company under this Article II may be transferred or assigned by a Holder to a transferee or assignee; provided, that (i) the transferee or assignee is an Affiliate of the
Purchaser or (ii) there is transferred to such transferee at least $5 million of Registrable Securities. The transferor shall give written notice to the Company at least ten (10) Business Days prior to any said transfer or assignment,
setting forth the information required under Section 3.01 of this Agreement for each such transferee and identifying the securities with respect to which such registration rights are being transferred or assigned, and each such
transferee shall agree in writing to be subject to all of the terms and conditions of this Agreement. 
 Section 2.11 Limitation on
Subsequent Registration Rights. From and after the date hereof, the Company shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any current or future
holder of any securities of the Company that would allow such current or future holder to require the Company to include securities in any Underwritten Offering by the Company for its own account on a basis that is superior in any way to the
Piggyback Offering rights granted to the Holders pursuant to Section 2.02 of this Agreement. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.01 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by hand
delivery, electronic mail, registered or certified mail, return receipt requested, regular mail, facsimile or air courier guaranteeing overnight delivery to the following addresses:. 

 

	 	(a)	If to the Company: 

 Atlas Energy Group, LLC 

1000 Commerce Dr., Suite 400 

Pittsburgh, PA 15275 
 Fax:
215-405-3882 
 Attn: Sean McGrath 

  
 -14- 

 with a copy to: 

Wachtell, Lipton, Rosen & Katz 

Attention: David K. Lam 

  Brandon C. Price 

Facsimile: (212) 403-2000 
 or, if to a
Purchaser, to the address set forth on the signature page for such Purchaser or if to a transferee of the Purchaser, to the transferee at the addresses provided pursuant to Section 2.10 above. All notices and communications shall be
deemed to have been duly given: (i) at the time delivered by hand, if personally delivered; (ii) when notice is sent to the sender that the recipient has read the message, if sent by electronic mail; (iii) upon actual receipt if sent
by registered or certified mail, return receipt requested, or regular mail, if mailed; (iv) when receipt is acknowledged, if sent by facsimile; and (v) upon actual receipt when delivered to an air courier guaranteeing overnight delivery.

 Section 3.02 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.03
Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.

 Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Registrable Securities. The provisions of this Agreement shall
apply to the fullest extent set forth herein with respect to any and all units of the Company or any successor or assignee of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange
for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, splits, recapitalizations and the like occurring after the date of this Agreement. 

Section 3.05 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 which such Person may have. 

Section 3.06 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. 

  
 -15- 

 Section 3.07 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
 Section 3.08 Governing Law, Submission to
Jurisdiction. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim
or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the Laws of the State of Delaware without regard to
principles of conflicts of laws. Any action against any party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit
to the non-exclusive jurisdiction of any federal or state court located within the State of Delaware over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they may now or
hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law. 
 Section 3.09 Waiver of Jury Trial. THE PARTIES
TO THIS AGREEMENT EACH HEREBY WAIVE, AND AGREE TO CAUSE THEIR AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i) ARISING UNDER THIS AGREEMENT OR
(ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN
CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE
AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 3.10 Severability of Provisions. Any provision of this Agreement that 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 Company set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

  
 -16- 

 Section 3.12 Amendment. This Agreement may be amended only by means of a written
amendment signed by the Company and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall adversely affect the rights of any Holder hereunder without the consent of
such Holder. 
 Section 3.13 No Presumption. In the event 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 this Agreement. Each of the parties hereto covenants, agrees and acknowledges that
no Person other than the Purchasers, their respective permitted assignees and the Company shall have any obligation hereunder and that, notwithstanding that one or more of the Company and the Purchasers may be a corporation, partnership, limited
liability company or other entity, 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 Company, the Purchasers or their respective permitted assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise by incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Company, the Purchasers or
any of their respective assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Company, the
Purchasers or their respective permitted assignees 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 assignee of a Holder. 
 Section 3.15 Interpretation. Article and Section references in this Agreement are
references to the corresponding Article and Section 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 the Company under this Agreement, such action shall be in the Company’s sole discretion unless otherwise specified. 

[Signature Page Follows] 

  
 -17- 

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

			
	ATLAS ENERGY GROUP, LLC
		
	 By:
		 /s/ Daniel C. Herz

	 Name:
		Daniel C. Herz
	 Title:
		Senior Vice President

  
 [Signature Page to
Registration Rights Agreement] 

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

					
					Leon G. Cooperman
			
			By:		 /s/ Leon G. Cooperman

			
	 Address for notices:
				17024 Brookwood Drive
					Boca Raton, Florida 33496
			
	 With copies to:
				Omega Advisors, Inc.
					810 7th Avenue, 33rd Floor
					New York, NY 10019
			Fax:		(212) 495-5236
			Attn:		David Bloom

  
 [Signature Page to
Registration Rights Agreement] 

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

					
			Solomon Investment Partnership, L.P.
			
			By:		 Isidore Corporation

			Its:		General Partner
			
			By:		 /s/ Edward Cohen

			Name:		Edward Cohen
			Title		President, Isidore Corp., GP,
					Solomon Investment Partnership, L.P.
			
					Solomon Investment Partnership, L.P.
					Atlas Energy Group, LLC
					Park Place Corporate Center One
					1000 Commerce Drive, Suite 400
					Pittsburgh, Pennsylvania 15275

  
 [Signature Page to
Registration Rights Agreement] 

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

					
					Jonathan Cohen
			
					 /s/ Jonathan Cohen

			
					Julia Pershan Cohen
			
					 /s/ Julia Pershan Cohen

			
	 Address for notices:
				Jonathan Cohen
					Atlas Energy Group, LLC
					Park Place Corporate Center One
					1000 Commerce Drive, Suite 400
					Pittsburgh, Pennsylvania 15275

  
 [Signature Page to
Registration Rights Agreement] 

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

					
					Arete Foundation
			
			By:		 /s/ Edward Cohen

			Name:		Edward Cohen
			Title:		Trustee
			
	 Address for notices:
				Arete Foundation
					Atlas Energy Group, LLC
					Park Place Corporate Center One
					1000 Commerce Drive, Suite 400
					Pittsburgh, Pennsylvania 15275

  
 [Signature Page to
Registration Rights Agreement] 

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

					
					Daniel Herz
			
					 /s/ Daniel Herz

			
					Jillian Herz
			
					 /s/ Jillian Herz

			
	 Address for notices:
				Daniel Herz
					Atlas Energy Group, LLC
					Park Place Corporate Center One
					1000 Commerce Drive, Suite 400
					Pittsburgh, Pennsylvania 15275

  
 [Signature
Page to Registration Rights Agreement] 

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

					
					Freddie Kotek
			
					 /s/ Freddie Kotek

			
	 Address for notices:
				Freddie Kotek
					Atlas Energy Group, LLC
					Park Place Corporate Center One
					1000 Commerce Drive, Suite 400
					Pittsburgh, Pennsylvania 15275

  
 [Signature
Page to Registration Rights Agreement] 

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

					
					Matthew Jones
			
					 /s/ Matthew Jones

			
	 Address for notices:
				Matthew Jones
					Atlas Energy Group, LLC
					Park Place Corporate Center One
					1000 Commerce Drive, Suite 400
					Pittsburgh, Pennsylvania 15275

  
 [Signature
Page to Registration Rights Agreement] 

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

					
					Sean McGrath
			
					 /s/ Sean McGrath

			
	 Address for notices:
				Sean McGrath
					Atlas Energy Group, LLC
					Park Place Corporate Center One
					1000 Commerce Drive, Suite 400
					Pittsburgh, Pennsylvania 15275

  
 [Signature Page to
Registration Rights Agreement] 

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

					
					David Jansky
			
					 /s/ David Jansky

			
	 Address for notices:
				David Jansky
					Atlas Energy Group, LLC
					Park Place Corporate Center One
					1000 Commerce Drive, Suite 400
					Pittsburgh, Pennsylvania 15275

  
 [Signature Page to
Registration Rights Agreement]

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