Document:

EX-10.13

 Exhibit 10.13 

 
 FORM OF AGREEMENT OF LIMITED PARTNERSHIP 

 
 OF 

 
 ECLIPSE HOLDINGS, L.P. 

 
 Dated as of
                    , 2014 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	ORGANIZATIONAL MATTERS	  	 	2	  
			
	 Section 1.1.
	 	Formation	  	 	2	  
	 Section 1.2.
	 	Name	  	 	2	  
	 Section 1.3.
	 	Purpose	  	 	2	  
	 Section 1.4.
	 	Registered Office and Registered Agent: Principal Place of Business	  	 	2	  
	 Section 1.5.
	 	Foreign Qualification	  	 	3	  
	 Section 1.6.
	 	Term	  	 	3	  
	 Section 1.7.
	 	Special Tax Treatment	  	 	3	  
			
	 ARTICLE II
	 	DEFINITIONS AND REFERENCES	  	 	3	  
			
	 Section 2.1.
	 	Definitions	  	 	3	  
	 Section 2.2.
	 	References and Construction	  	 	11	  
			
	 ARTICLE III
	 	LIMITED PARTNERS	  	 	12	  
			
	 Section 3.1.
	 	Partners	  	 	12	  
	 Section 3.2.
	 	Additional Partners	  	 	12	  
	 Section 3.3.
	 	Liability to Third Parties	  	 	12	  
	 Section 3.4.
	 	Withdrawal	  	 	12	  
	 Section 3.5.
	 	Partners Have No Agency Authority	  	 	12	  
	 Section 3.6.
	 	Units	  	 	12	  
			
	 ARTICLE IV
	 	CAPITALIZATION	  	 	13	  
			
	 Section 4.1.
	 	Capital Contributions as of the Effective Date	  	 	13	  
	 Section 4.2.
	 	Capital Contributions on the Subsequent Closing Date	  	 	13	  
	 Section 4.3.
	 	Interest on and Return of Capital Contributions	  	 	13	  
	 Section 4.4.
	 	No Other Capital Contributions	  	 	13	  
			
	ARTICLE V	 	ALLOCATIONS AND DISTRIBUTIONS	  	 	13	  
			
	 Section 5.1.
	 	Allocations of Profits and Losses	  	 	13	  
	 Section 5.2.
	 	Capital Accounts	  	 	14	  
	 Section 5.3.
	 	Additional Provisions Regarding Capital Accounts	  	 	14	  
	 Section 5.4.
	 	Distributions	  	 	15	  
			
	 ARTICLE VI
	 	MANAGEMENT AND GOVERNANCE PROVISIONS	  	 	16	  
			
	 Section 6.1.
	 	Management by Board of Managers	  	 	16	  
	 Section 6.2.
	 	Composition of Board of Managers	  	 	17	  
	 Section 6.3.
	 	Removal of Managers	  	 	17	  
	 Section 6.4.
	 	Vacancies	  	 	17	  
	 Section 6.5.
	 	Meetings of Board of Managers	  	 	18	  
	 Section 6.6.
	 	Compensation of Managers	  	 	19	  
	 Section 6.7.
	 	Duties of Managers and Partners	  	 	19	  
	 Section 6.8.
	 	Actions Requiring Board Approval	  	 	20	  
	 Section 6.9.
	 	Officers	  	 	22	  

  
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	 	 	 	  	Page	 
			
	 ARTICLE VII
	 	ACCOUNTING AND BANKING MATTERS; CAPITAL ACCOUNTS; TAX MATTERS	  	 	22	  
			
	 Section 7.1.
	 	Books and Records: Reports	  	 	22	  
	 Section 7.2.
	 	Fiscal Year	  	 	23	  
	 Section 7.3.
	 	Bank Accounts	  	 	23	  
	 Section 7.4.
	 	Capital Accounts	  	 	23	  
	 Section 7.5.
	 	Tax Partnership	  	 	24	  
	 Section 7.6.
	 	Tax Returns	  	 	24	  
	 Section 7.7.
	 	Texas Margin Tax	  	 	24	  
			
	 ARTICLE VIII
	 	INDEMNIFICATION	  	 	24	  
			
	 Section 8.1.
	 	Power to Indemnify in Actions, Suits or Proceedings	  	 	24	  
	 Section 8.2.
	 	Expenses Payable in Advance	  	 	25	  
	 Section 8.3.
	 	Nonexclusivity of Indemnification and Advancement of Expenses	  	 	25	  
	 Section 8.4.
	 	Insurance	  	 	26	  
	 Section 8.5.
	 	Survival of Indemnification and Advancement of Expenses	  	 	26	  
	 Section 8.6.
	 	Limitation on Indemnification	  	 	26	  
	 Section 8.7.
	 	Indemnification of Employees and Agents	  	 	26	  
	 Section 8.8.
	 	Severability	  	 	27	  
			
	 ARTICLE IX
	 	DISPOSITIONS OF PARTNERSHIP INTERESTS; ADMISSIONS OF ADDITIONAL LIMITED PARTNERS	  	 	27	  
			
	 Section 9.1.
	 	Dispositions	  	 	27	  
	 Section 9.2.
	 	Substitution	  	 	27	  
			
	 ARTICLE X
	 	WINDING UP, LIQUIDATION, AND TERMINATION	  	 	28	  
			
	 Section 10.1.
	 	Winding Up	  	 	28	  
	 Section 10.2.
	 	Liquidation and Termination	  	 	28	  
	 Section 10.3.
	 	Certificate of Cancellation	  	 	29	  
			
	 ARTICLE XI
	 	OUTSIDE ACTIVITIES AND INVESTMENTS	  	 	30	  
			
	 Section 11.1.
	 	Outside Activities	  	 	30	  
	 Section 11.2.
	 	Other Activities	  	 	31	  
			
	 ARTICLE XII
	 	GENERAL PROVISIONS	  	 	31	  
			
	 Section 12.1.
	 	Notices	  	 	31	  
	 Section 12.2.
	 	Amendment or Modification	  	 	31	  
	 Section 12.3.
	 	Entire Agreement	  	 	31	  
	 Section 12.4.
	 	Effect of Waiver or Consent	  	 	32	  
	 Section 12.5.
	 	Successors and Assigns	  	 	32	  
	 Section 12.6.
	 	Governing Law	  	 	32	  
	 Section 12.7.
	 	Jurisdiction and Venue	  	 	32	  

  
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	 	 	 	  	Page	 
	 Section 12.8.
	 	Waiver of Jury Trial	  	 	32	  
	 Section 12.9.
	 	Directly or Indirectly	  	 	32	  
	 Section 12.10.
	 	Severability	  	 	32	  
	 Section 12.11.
	 	Further Assurances	  	 	33	  
	 Section 12.12.
	 	Title to Partnership Property	  	 	33	  
	 Section 12.13.
	 	No Third Party Beneficiaries	  	 	33	  
	 Section 12.14.
	 	Expenses	  	 	33	  
	 Section 12.15.
	 	Legal Counsel	  	 	33	  
	 Section 12.16.
	 	Counterparts	  	 	33	  
	 Section 12.17.
	 	Confidentiality	  	 	33	  

  
 iii

 AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 ECLIPSE HOLDINGS,
L.P. 
 THIS AGREEMENT OF LIMITED PARTNERSHIP, dated as of
                    , 2014 (the “Effective Date”), is made and entered into by and among Eclipse Holdings GP, LLC, a Delaware
limited liability company (the “General Partner”), EnCap Energy Capital Fund VIII, L.P., a Texas limited partnership (“EnCap Fund VIII”), EnCap Energy Capital Fund VIII Co-Investors, L.P., a Texas limited
partnership (“EnCap Fund VIII Co-Investors”), EnCap Energy Capital Fund IX, L.P., a Texas limited partnership (“EnCap Fund IX”), The Hulburt Family II Limited Partnership, a Pennsylvania limited partnership
(“HF II”), CKH Partners II, L.P., a Pennsylvania limited partnership (“CKH”), Kirkwood Capital, L.P., a Pennsylvania limited partnership (“Kirkwood”), and Eclipse Management, L.P., a Delaware
limited partnership (“Eclipse Management”). 
 RECITALS: 

A. The Partnership (as defined below) was formed pursuant to the filing of a Certificate of Limited Partnership (as amended, the
“Certificate”) with the Secretary of State of Delaware on                     , 2014. 

B. Immediately prior to the execution and delivery of this Agreement the Limited Partners (as defined below) were the sole limited
partners of Eclipse Resources I, LP, a Delaware limited partnership (“Eclipse I”). 
 C. Pursuant to that
certain Master Reorganization Agreement dated as of                     , 2014 (as amended, the “Master Reorganization Agreement”),
between and among Eclipse I, the Limited Partners, the Partnership and certain other parties, each of the Limited Partners intend, as of the Effective Date, to contribute a portion of their respective ownership interests in Eclipse I (the
“Initial Contributed Eclipse I Units”) to the Partnership in exchange for partnership interests in the Partnership as further described herein. 

D. It is further contemplated by the Master Reorganization Agreement that, upon the occurrence of the Subsequent Closing Date (as
defined below), then (i) the Limited Partners will contribute all of their remaining ownership interests in Eclipse I (collectively with the Initial Contributed Eclipse I Units, the “Contributed Eclipse I Units”) to the
Partnership in exchange for additional partnership interests in the Partnership as further described herein, (ii) EnCap Fund VIII, as the sole owner of the Eclipse I General Partner (as defined below) will contribute all of its membership
interests in the Eclipse I General Partner (the “Contributed Eclipse I General Partner Membership Interests,” and together with the Contributed Eclipse I Units, the “Contributed Interests”) to the Partnership, and
(iii) immediately thereafter the Partnership will contribute the Contributed Interests to Eclipse Resources Corporation, a Delaware corporation (“Eclipse”), in exchange for shares of common stock of Eclipse (“Eclipse
Common Stock”). 
 E. It is further contemplated that the IPO (as defined below) will occur following the Subsequent Closing
Date. 

 F. In connection with the transactions contemplated by the Master Reorganization
Agreement, the parties hereto have also entered into a Registration Rights Agreement dated as of                     , 2014 (as amended, the
“Registration Rights Agreement”). 
 G. The parties hereto deem it in their mutual best interests and in the best
interests of the Partnership to execute and deliver this Agreement and to make the covenants and agreements contained herein. 

AGREEMENT: 

NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual covenants and agreements contained herein and in the other
agreements and instruments referenced herein, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 

ORGANIZATIONAL MATTERS 

Section 1.1. Formation. The Partnership has been formed as a limited partnership pursuant to the Act. The Partners agree
that the rights and obligations of the Partners from and after the date hereof with respect to the Partnership will be determined in accordance with the terms and provisions of this Agreement and, except where the Act provides that such rights and
obligations specified in the Act shall apply “unless otherwise provided in a partnership agreement” or words of similar effect and such rights and obligations are set forth in this Agreement, the Act. 

Section 1.2. Name. The name of the Partnership is “Eclipse Holdings, L.P.” The business of the Partnership shall
be conducted in the name of the Partnership. If the Applicable Law of a jurisdiction where the Partnership does business requires the Partnership to do business under a different name, the Board of Managers shall choose another name to do business
in such jurisdiction. In such a case, the business of the Partnership in such jurisdiction may be conducted under such other name or names as the Board of Managers may select. 

Section 1.3. Purpose. Subject to the terms and provisions hereof, the purposes for which the Partnership is organized are:
(i) to receive, own, hold, sell or otherwise dispose of the Contributed Interests; (ii) to receive, own, hold, sell or otherwise dispose of Eclipse Common Stock; and (iii) to engage in or perform any and all activities that are
related to or incident to the foregoing and that may be lawfully conducted by a limited partnership under the Act. 

Section 1.4. Registered Office and Registered Agent: Principal Place of Business.  

(a) The registered office of the Partnership required by the Act to be maintained in the State of Delaware shall be the initial registered
office named in the Certificate or such other office (which need not be a place of business of the Partnership) as the Board of Managers may designate from time to time in the manner provided by law. The registered agent of the Partnership in the
State of Delaware shall be the initial registered agent named in the Certificate or such other person or persons as the Board of Managers may designate from time to time. 

  
 2 

 (b) The principal place of business of the Partnership shall be 2121 Old Gatesburg Road, Suite
110, State College, Pennsylvania 16803, or such other location as is designated by the Board of Managers from time to time. 

Section 1.5. Foreign Qualification. Prior to the Partnership’s conducting business in any jurisdiction other than
Delaware, the Partnership shall comply with all requirements necessary to qualify the Partnership as a foreign limited partnership in such jurisdiction. At the request of the Board of Managers, each Partner agrees to execute, acknowledge, swear to,
and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue, and terminate the Partnership as a foreign limited partnership in all such jurisdictions in which the
Partnership may conduct business. 
 Section 1.6. Term. The existence of the Partnership commenced on the date the
Certificate was filed with the Secretary of State of Delaware and shall continue in existence until it is dissolved and terminated in accordance with the terms of this Agreement. 

Section 1.7. Special Tax Treatment. Upon the contribution of all of the Contributed Interests to the Partnership as
described in the Recitals to this Agreement, Eclipse I will be treated for federal income tax purposes (and state and local income tax purposes, as applicable) as merging with and into the Partnership in an assets-over form (as that term is defined
in Treasury Regulation Section 1.708-1(c)(3)). In accordance with the provisions of Treasury Regulation Section 1.708-1(c)(1), the Partnership will be treated as a continuation of Eclipse I for federal income tax purposes (and state and
local income tax purposes, as applicable) (including retaining the employer identification number of Eclipse I). The tax year of the Partnership, as the continuation of Eclipse I, shall not terminate as a result of such transactions. 

ARTICLE II 
 DEFINITIONS
AND REFERENCES 
 Section 2.1. Definitions. 

(a) When used in this Agreement, the following terms have the respective meanings assigned to them in this Section 2.1(a): 

“Act” shall mean the Delaware Revised Uniform Limited Partnership Act, 6 Del. Code § 17-101 et. seq. or, from and
after the date any successor statute becomes, by its terms, applicable to the Partnership, the successor statute, in each case as amended at the time by amendments that are, at that time, applicable to the Partnership (to the extent the provisions
of the Act are not modified by the Certificate or this Agreement). All references to sections of the Act include any corresponding provision or provisions of any such successor statute. 

“Affiliate” means, when used with respect to any person, any person directly or indirectly controlling, controlled by,
or under common control with such person. For the purposes of this definition, the terms “controlling, controlled by, or under common control” means the possession, directly or indirectly, of the power to direct or cause the
direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a person. 

  
 3 

 “Agreed Term” means the date which is eighteen (18) months following
the closing of the IPO, unless such period is extended by the Board of Managers. 
 “Agreement” means this
Agreement of Limited Partnership, as hereafter amended, restated, modified or changed in accordance with the terms of this Agreement. 

“Applicable Law” means any statute, law, rule, or regulation or any judgment, order, writ, injunction, or decree of
any Governmental Entity to which a specified person or property is subject. 
 “Applicable Unit Proceeds”
shall mean, with respect to any Limited Partner, the amount of any cash distributed by Eclipse I to the Partnership in respect of the Initial Contributed Eclipse I Units that were contributed by such Limited Partner to the Partnership. 

“Business Day” means a day, other than a Saturday or a Sunday, on which commercial banks are authorized to be open for
business with the public in Houston, Texas. 
 “Capital Contribution” means, for any Partner at the
particular time in question, the aggregate of the dollar amounts of any cash contributed to the capital of the Partnership and the Fair Market Value of any property contributed to the capital of the Partnership, or, if the context in which such term
is used so indicates, the dollar amounts of cash and the Fair Market Value of any property contributed at any particular time or agreed to be contributed, or requested to be contributed, by such Partner to the capital of the Partnership. 

“Dispose” (including the correlative terms “Disposed” or “Disposition”) means any
sale, assignment, transfer, conveyance, gift, pledge, distribution, hypothecation or other encumbrance or any other disposition, whether voluntary, involuntary or by operation of law, and whether effected directly or indirectly. 

“Eclipse I General Partner” means Eclipse GP, LLC, a Delaware limited liability company. 

“Eclipse I Partnership Agreement” means that certain Amended and Restated Agreement of Limited Partnership of Eclipse
Resources I, LP, dated as of June 10, 2013, as hereafter amended, restated or otherwise modified form time to time. 

“Electronic Transmission” means a form of communication that (i) does not directly involve the physical
transmission of paper, (ii) creates a record that may be retained, retrieved and reviewed by the recipient and (iii) may be directly reproduced in paper form by the recipient through an automated process. 

“EnCap Partner” means EnCap Fund VIII, EnCap Fund VIII Co-Investors, EnCap Fund IX and their respective Permitted
Transferees and assignees. 
 “Exit Event” means, the sale of Eclipse to one or more persons none of whom is
a Partner or an Affiliate of a Partner, in one transaction or a series of related transactions, whether (i) structured as a sale or transfer of all or substantially all of the of the equity of Eclipse (including by way of merger, consolidation,
share exchange, or similar transaction), (ii) the sale or other transfer of all or substantially all of the assets of Eclipse, or (iii) any combination of any of the foregoing. 

  
 4 

 “Fair Market Value” means, with respect to any property or asset, the
fair market value of such property or asset as mutually agreed between the affected Partner or Partners and the Board of Managers; provided, however, that: 

(i) for purposes of valuing a distribution by the Partnership of Eclipse Common Stock (A) under Section 5.4
and Section 10.2(c) and (B) in connection with the calculation of Payout No. 1, Payout No. 2 and Payout No. 3 and determination of the Partners’ respective Distribution Percentages, the Fair Market Value of
Eclipse Common Stock distributed by the Partnership to the Partners shall be based upon either (1) in the case of a distribution of Eclipse Common Stock in connection with a registered secondary or other underwritten offering, the agreed upon
per share price for the Eclipse Common Stock in the related underwriting agreement (less the allocated portion of all actual underwriting or brokerage discounts, commissions or fees and all other reasonable third party out-of-pocket costs or
expenses incurred in connection therewith), or (2) in all other cases, the average of the per share closing sales prices of Eclipse Common Stock as reported on the securities exchange where such stock is primarily traded for the 20 Trading Days
ending on the second Trading Day prior to the distribution of Eclipse Common Stock to the Partners (less an amount equal to 2.5% of such amount, which reduction is intended to account for estimated underwriting or brokerage discounts, commissions or
fees and other reasonable third party, out-of-pocket costs or expenses that will thereafter be incurred by the applicable Partners in connection with their eventual disposition of such Eclipse Common Stock); 

(ii) if and to the extent it is necessary hereunder to determine the Fair Market Value of Freely Tradable Securities of an
entity other than Eclipse, such Fair Market Value shall be based upon the average of the per share closing sales prices of such Freely Tradable Securities as reported on the securities exchange where such Freely Tradable Securities are primarily
traded for the 20 Trading Days ending on the second Trading Day prior to the receipt of such Freely Tradable Securities by the Partnership or the Partners, whichever occurs first; and 

(iii) if and to the extent it is necessary hereunder to determine the Fair Market Value of stock or securities of an
entity other than Eclipse (the “Subject Entity”), and such stock or securities are not Freely Tradable Securities, such Fair Market Value shall be determined by the Board of Managers based on such reasonable and customary factors
affecting value as the current financial position and current and historical operating results of the Subject Entity; the current engineering value of the oil and gas assets of the Subject Entity; sales prices of recent public or private
transactions in the same or similar securities, including transactions on any securities exchange on which such securities are listed or in the over-the-counter market; general level of interest rates; recent trading volume of the Subject
Entity’s stock or securities; restrictions on transfer, including the Partnership’s right, if any, to require registration by the issuer of the offering and sale of the Subject Entity’s stock or securities held by the Partnership
under the securities laws; significant recent events affecting the Subject Entity, including pending mergers, acquisitions and sales of securities; the percentage of the Subject Entity’s outstanding stock or securities owned by the
Partnership. 

  
 5 

 “Freely Tradable Securities” means stock or other securities that
(i) can be immediately sold to the general public without the necessity of any U.S. Federal, state or local government consent, approval or filing, (ii) is either listed on a generally recognized U.S. securities exchange or carried on the
NASDAQ system or similar system and market quotations are readily available therefore and (iii) is not subject to any lockup or contractual restriction on the sale or transfer thereof. 

“GAAP” means United States generally accepted accounting principles and practices, consistently applied, which are
recognized as such by the Financial Accounting Standards Board (or any generally recognized successor). 

“Governmental Entity” means any court or tribunal in any jurisdiction (domestic or foreign) or any federal, state,
municipal, or other governmental body, agency, authority, department, commission, board, bureau, or instrumentality (domestic or foreign), as well as the New York Stock Exchange, the NASDAQ Stock Market, or any other stock exchange (whether domestic
or foreign). 
 “Guarantee Obligation” means, as to any person (the “guaranteeing person”),
any obligation of (i) the guaranteeing person or (ii) another person (including any bank under any letter of credit), if to induce the creation of such obligation of such other person the guaranteeing person has issued a reimbursement,
counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (A) to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (B) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (C) to purchase property, securities or services, in each case, primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation or (D) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for
deposit or collection in the ordinary course of business. 
 “Indebtedness” means, with respect to any person at any
date, without duplication, (i) all indebtedness of such person for borrowed money; (ii) obligations of such person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such
person’s business); (iii) obligations of such person evidenced by notes, bonds, debentures or other similar instruments; (iv) indebtedness created or arising under any conditional sale or other title retention agreement with respect
to property acquired by such person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property); (v) capital lease obligations of such person;
(vi) obligations of such person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit or similar facilities; (vii) obligations of such person, contingent or

  
 6 

 
otherwise, to purchase, redeem, retire or otherwise acquire for value any capital stock of such person; (viii) Guarantee Obligations of such person in respect of obligations of the kind
referred to in clauses (i) through (vii) above; and (ix) obligations of the kind referred to in clauses (i) through (viii) above secured by (or for which the holder of such obligation has an existing right, contingent or
otherwise, to be secured by) any lien on property (including accounts and contract rights) owned by such person, whether or not such person has assumed or become liable for the payment of such obligation. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor
statute or statutes. 
 “IPO” means the initial public offering of Eclipse Common Stock (which for purposes of
Section 5.4, includes the distribution of Eclipse Common Stock by the Partnership and the subsequent sale of any such Eclipse Common Stock by a Limited Partner in a contemporaneous secondary offering). 

“Limited Partner” means any person executing this Agreement as of the date of this Agreement as a limited partner or
hereafter admitted to the Partnership as a limited partner as provided in this Agreement, but such term does not include any person who has ceased to be a limited partner of the Partnership. 

“Management Entities” means HF II, CKH and Kirkwood. 

“Management Principals” means Benjamin W. Hulburt, Christopher K. Hulburt, Thomas S. Liberatore and any person
designated as a Management Principal by the Board. 
 “Material Agreement” means (i) the contracts,
agreements, documents or instruments to which the Partnership is a party and relating to the IPO or the Partnership’s ownership of the Eclipse Common Stock and (ii) any other contract, agreement, document, instrument or series of
contracts, agreements, documents or instruments that would obligate the Partnership to expend, incur or transfer assets with a value estimated by the Partnership to be $100,000 or more. 

“Organization and Transaction Expenses” means (i) the fees, costs and expenses incurred by the Partnership or any
of the Partners in forming the Partnership as a limited partnership under the Act, (ii) the third party, out of pocket costs and expenses incurred by the Partnership or any of the Partners in qualifying the Partnership as a foreign limited
partnership in any state in which the Partnership conducts business; and (iii) the reasonable fees, costs and expenses incurred by the Partners and their respective Affiliates in connection with the preparation, negotiation, execution and
delivery of this Agreement and all related documents. 
 “Partner” means the General Partner and the Limited
Partners. When used in the lower case and except where the context otherwise requires, the term “partner” shall have the meaning given to such term in the Act. 

“Partnership” means Eclipse Holdings, L.P., a Delaware limited partnership. 

“Partnership Interest” means the interest of a Partner in the Partnership, including the right of such Partner to
receive distributions (liquidating or otherwise), to be allocated income, gain, loss, deduction, credit, or similar items, to receive information, and to grant consents or approvals; provided, however, that such term shall not include any management
rights held by a Partner (or its representatives) solely in its (or their) capacity as a Manager. 

  
 7 

 “Permitted Transferee” means, (A) as to any EnCap Partner,
(i) any general partner or managing member of such EnCap Partner or any Affiliate of such general partner or managing member (excluding portfolio companies), (ii) any partnership, limited partnership, limited liability company, corporation
or other entity organized, formed or incorporated and managed or controlled by such EnCap Partner, its general partner or managing member or an Affiliate of its general partner or managing member (excluding portfolio companies) as a vehicle for
purposes of making investments, (iii) any Affiliate of such EnCap Partner (excluding portfolio companies), or (iv) any other Partner, and (B) as to any Management Entity, (i) its respective Management Principal, or (ii) a
corporation, limited liability company, partnership, trust or similar legal entity in which the Management Principal, his spouse, siblings, children (natural or by adoption), parents, or children’s direct descendants are the sole beneficial
owners. 
 “person” has the meaning assigned to it in the Act. 

“Proceedings” means all proceedings, actions, claims, suits, investigations, and inquiries by or before any arbitrator
or Governmental Entity. 
 “Registration Request” means a request or demand by or on behalf of a Partner to
register the offer or sale of Eclipse Common Stock which request or demand was properly and timely made by or on behalf of such Partner pursuant to the Registration Rights Agreement.  

“Rule 144” means Rule 144 promulgated under the Securities Act of 1933, as amended. 

“Share Proceeds” means: 

(i) the cash proceeds (and the Fair Market Value of any other consideration) payable to the Partnership in connection with any
sale by it of Eclipse Common Stock; less 
 (ii) underwriting or brokerage discounts, commissions or fees and other
reasonable third party, out of pocket costs and expenses incurred by the Partnership in connection with such sale; less 

(iii) an amount, if any, which the Board of Managers reasonably determines should be retained in reserve for the payment and
discharge of current, or reasonably anticipated, or contingent Partnership obligations or expenditures (which, for purposes of this definition, shall expressly include Organization and Transaction Expenses). 

“Stockholders Agreement” means that certain Stockholders Agreement dated as of
                    , 2014, between and among the Partnership, Eclipse, Eclipse Management and each of the Limited Partners, as such agreement may be
amended from time to time. 
 “Subsequent Closing Date” means the “Effective Date” (as such term is
defined in the Master Reorganization Agreement). 

  
 8 

 “Trading Days” means a day on which trading in securities generally
occurs on the principal securities exchange on which Eclipse Common Stock is traded. 
 “Treasury
Regulations” (or any abbreviation thereof used in this Agreement) means temporary or final regulations promulgated under the Internal Revenue Code. 

(b) Each of the following terms is used in this Agreement as defined in the section or other subdivision hereof or exhibit hereto set forth
opposite such term below: 
  

			
	 Defined Term
	  	Reference
	 Act
	  	Section 2.1(a)
	 Adjusted Capital Account Deficit
	  	Exhibit 5.1
	 Affiliate
	  	Section 2.1(a)
	 Agreed Term
	  	Section 2.1(a)
	 Agreement
	  	Section 2.1(a)
	 Applicable Law
	  	Section 2.1(a)
	 Applicable Unit Proceeds
	  	Section 2.1(a)
	 Authorized Shares Distribution
	  	Section 5.4(c)(i)
	 Authorized Shares Distribution Notice
	  	Section 5.4(c)(i)
	 Board of Managers
	  	Section 6.1
	 Book Depreciation
	  	Exhibit 5.1
	 Book Liability Value
	  	Exhibit 5.1
	 Book/Tax Disparity Property
	  	Exhibit 5.1
	 Business Day
	  	Section 2.1(a)
	 Capital Contribution
	  	Section 2.1(a)
	 Delivery Date
	  	Exhibit 2.1
	 Dispose, Disposed, Disposition
	  	Section 2.1(a)
	 CHK
	  	Preamble
	 Class A Units
	  	Section 3.6(a)(i)
	 Class B Units
	  	Section 3.6(a)(ii)
	 Class C Distribution Adjustment Point
	  	Exhibit 2.1
	 Class C Units
	  	Section 3.6(a)(iii)
	 Confidential Information
	  	Section 12.17
	 Contributed Eclipse I General Partner Membership Interests
	  	Recital D
	 Contributed Eclipse I Units
	  	Recital D
	 Contributed Interests
	  	Recital D
	 Covered Person
	  	Section 8.1
	 Delegation
	  	Section 6.1
	 Depletable Property
	  	Exhibit 5.1
	 Distribution in Kind Option
	  	Section 5.4(c)
	 Distribution Percentage
	  	Exhibit 2.1
	 Eclipse
	  	Recital D
	 Eclipse Common Stock
	  	Recital D
	 Eclipse I
	  	Recital B
	 Eclipse I General Partner
	  	Section 2.1(a)
	 Eclipse I Partnership Agreement
	  	Section 2.1(a)
	 Eclipse Management
	  	Preamble
	 Effective Date
	  	Preamble
	 Electronic Transmission
	  	Section 2.1(a)
	 EnCap Fund VIII
	  	Preamble
	 EnCap Fund VIII Co-Investors
	  	Preamble
	 EnCap Fund IX
	  	Preamble
	 EnCap Manager
	  	Section 6.2(a)

  
 9 

			
	 Defined Term
	  	Reference
	 EnCap Partner
	  	Section 2.1(a)
	 EnCap Related Parties
	  	Section 11.1(a)
	 Excess nonrecourse liabilities
	  	Exhibit 5.1
	 Exit Event
	  	Section 2.1(a)
	 Fair Market Value
	  	Section 2.1(a)
	 GAAP
	  	Section 2.1(a)
	 General Partner
	  	Preamble
	 Gross Asset Value
	  	Exhibit 5.1
	 Governmental Entity
	  	Section 2.1(a)
	 Guarantee Obligation
	  	Section 2.1(a)
	 guaranteeing person
	  	Section 2.1(a)
	 HF II
	  	Preamble
	 Indebtedness
	  	Section 2.1(a)
	 Initial Contributed Eclipse I Units
	  	Recital C
	 Internal Revenue Code
	  	Section 2.1(a)
	 IPO
	  	Section 2.1(a)
	 Kirkwood
	  	Preamble
	 Limited Partner
	  	Section 2.1(a)
	 liquidation
	  	Section 10.2(f)
	 Majority of Voting Power
	  	Section 6.5(d)
	 Management Entities
	  	Section 2.1(a)
	 Management Manager
	  	Section 6.2(a)
	 Management Principal
	  	Section 2.1(a)
	 Manager, Managers
	  	Section 6.1
	 Master Reorganization Agreement
	  	Recital C
	 Material Agreement
	  	Section 2.1(a)
	 Nonrecourse Deductions
	  	Exhibit 5.1
	 Nonrecourse Liability
	  	Exhibit 5.1
	 Nonrecourse Minimum Gain
	  	Exhibit 5.1
	 Organization and Transaction Expenses
	  	Section 2.1(a)
	 Other Investments
	  	Section 11.1(a)(i)
	 Partially Adjusted Capital Account
	  	Exhibit 5.1
	 Partner
	  	Section 2.1(a)
	 Partner Nonrecourse Debt
	  	Exhibit 5.1
	 Partner Nonrecourse Deductions
	  	Exhibit 5.1
	 Partner Nonrecourse Minimum Gain
	  	Exhibit 5.1
	 Partnership
	  	Section 2.1(a)
	 Partnership Interest
	  	Section 2.1(a)
	 Payout
	  	Exhibit 2.1
	 Payout No. 1
	  	Exhibit 2.1
	 Payout No. 2
	  	Exhibit 2.1
	 Payout No. 3
	  	Exhibit 2.1
	 Permitted Transferee
	  	Section 2.1(a)
	 person
	  	Section 2.1(a)
	 primary obligor
	  	Section 2.1(a)
	 Proceeding
	  	Section 2.1(a)
	 Profits or Losses
	  	Exhibit 5.1
	 Registration Request
	  	Section 2.1(a)
	 Registration Rights Agreement
	  	Recital F
	 Representatives
	  	Section 12.17
	 Rule 144
	  	Section 2.1(a)
	 Series A-1 Units
	  	Section 3.6(b)
	 Series A-2 Units
	  	Section 3.6(b)

  
 10 

			
	 Defined Term
	  	Reference
	 Series C-1 Units
	  	Section 3.6(d)
	 Series C-2 Units
	  	Section 3.6(d)
	 Share Proceeds
	  	Section 2.1(a)
	 Stockholders Agreement
	  	Section 2.1(a)
	 Subject Entity
	  	Section 2.1(a)
	 Subsequent Closing Date
	  	Section 2.1(a)
	 Super Majority
	  	Section 6.5(d)(i)
	 Target Capital Account
	  	Exhibit 5.1
	 Tax Depreciation
	  	Exhibit 5.1
	 Tax Gain
	  	Exhibit 5.1
	 Tax Matters Partner
	  	Exhibit 5.1
	 Trading Days
	  	Section 2.1(a)
	 Treasury Regulations
	  	Section 2.1(a)
	 Uplift Amount
	  	Exhibit 2.1

 Section 2.2. References and Construction. 

(a) All references in this Agreement to articles, sections, subsections and other subdivisions refer to corresponding articles, sections,
subsections and other subdivisions of this Agreement unless expressly provided otherwise. 
 (b) Titles appearing at the beginning of any of
such subdivisions are for convenience only and shall not constitute part of such subdivisions and shall be disregarded in construing the language contained in such subdivisions. 

(c) The words “this Agreement”, “this instrument”, “herein”, “hereof’, “hereby”,
“hereunder” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. 

(d) Words in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires. 

(e) Pronouns in masculine, feminine, or neuter gender shall be construed to state and include any other gender. 

(f) Examples shall not be construed to limit, expressly or by implication, the matter they illustrate. 

(g) The word “or” is not exclusive and the word “includes” and its derivatives means “includes, but is not limited
to” and corresponding derivative expressions. 
 (h) No consideration shall be given to the fact or presumption that one party had a
greater or lesser hand in drafting this Agreement. 
 (i) All references in this Agreement to “$” or “dollars” shall
refer to U.S. Dollars. 

  
 11 

 (j) Unless the context otherwise requires or unless otherwise provided in this Agreement, the
terms defined in this Agreement which refer to a particular agreement, instrument or document shall also refer to and include all renewals, extensions, modifications, amendments or restatements of such agreement, instrument or document, provided
that nothing contained in this subsection shall be construed to authorize such renewal, extension, modification, amendment or restatement. 

(k) Schedule I and Exhibits 2.1, 5.1, 6.2(a), and 6.9 to this Agreement are attached hereto. Each such
Schedule and Exhibit is incorporated in this Agreement by reference and made a part hereof for all purposes, and references to this Agreement shall also include such Schedule and Exhibit, unless the context in which used shall otherwise require.

 ARTICLE III 

LIMITED PARTNERS 

Section 3.1. Partners. The names and addresses of the General Partner and the Limited Partners of the Partnership are set
forth in Schedule I. 
 Section 3.2. Additional Partners. Additional persons may be admitted to the
Partnership as Limited Partners as provided more specifically in this Agreement. 
 Section 3.3. Liability to Third
Parties. No Limited Partner or any officer, director, manager, partner or member of such Limited Partner, solely by reason of being a Limited Partner, shall be liable for the debts, obligations or liabilities of the Partnership, including
under a judgment decree or order of a court. 
 Section 3.4. Withdrawal. Except as provided herein, no Partner
shall have the right to withdraw, resign or retire from the Partnership as a Partner. 
 Section 3.5. Partners Have No
Agency Authority. Except as expressly provided in this Agreement, no Partner (in its capacity as a partner of the Partnership) shall have any agency authority on behalf of the Partnership. 

Section 3.6. Units 

(a) The Partnership shall have three classes of Partnership Interests, consisting of: 

(i) Class A Partnership Interests, which shall be referred to herein as “Class A Units”; 

(ii) Class B Partnership Interests, which shall be referred to herein as “Class B Units”; and 

(iii) Class C Partnership Interests, which shall be referred to herein as “Class C Units”. 

(b) The Class A Units will be composed of two series of Partnership Interests, which shall be referred to herein as “Series A-1
Units” and “Series A-2 Units,” respectively. 
 (c) The Class B Units will be composed of two series of
Partnership Interests, which shall be referred to herein as “Series B-1 Units” and “Series B-2 Units,” respectively. 

  
 12 

 (d) The Class C Units will be composed of two series of Partnership Interests, which shall be
referred to herein as “Series C-1 Units” and “Series C-2 Units,” respectively. 
 (e) The Class A
Units, the Class B Units and Class C Units (and applicable series thereof) shall have the rights, privileges and obligations assigned to them hereunder and shall be uncertificated. 

ARTICLE IV 

CAPITALIZATION 

Section 4.1. Capital Contributions as of the Effective Date. As of the Effective Date, each Limited Partner (a) has
contributed all of its interest in the Initial Contributed Eclipse I Units owned by it (as set forth opposite such Limited Partner’s name in column (a) of Schedule I attached hereto) to the Partnership pursuant to the Master
Reorganization Agreement, (b) has been and is hereby issued Class A Units, Class B Units and Class C Units, as applicable in the amounts set forth opposite such Limited Partner’s name in column (b) of Schedule I attached
hereto, and (c) has a Capital Account in the respective amounts set forth in the Partnership’s books and records. 

Section 4.2. Capital Contributions on the Subsequent Closing Date. As of the Subsequent Closing Date, each Limited Partner
will contribute all of its remaining Contributed Interests to the Partnership (as set forth opposite such Limited Partner’s name in column (c) of Schedule I attached hereto) in exchange for the issuance of Class A Units, Class
B Units and Class C Units, as applicable, in the amounts set forth opposite such Limited Partner’s name in column (d) of Schedule I attached hereto. 

Section 4.3. Interest on and Return of Capital Contributions. No interest shall accrue on any Capital Contributions and no
Partner shall have the right to demand or require the return of its Capital Contributions except to the extent, if any, that distributions made pursuant to the express terms of this Agreement may be considered as such by law or by unanimous
agreement of the Partners, or upon winding up and liquidation of the Partnership, and then only to the extent expressly provided for in this Agreement and as permitted by law. 

Section 4.4. No Other Capital Contributions. The obligations of the Partners to make Capital Contributions to the
Partnership are contained only in this Article IV. No other Capital Contributions will be required to be made by the Partners other than those expressly provided in this Article IV. It is contemplated that, pursuant to separate
agreements with Eclipse I and Eclipse, the costs and expenses of the Partnership that are incurred from time to time (including, without limitation, any Organization and Transaction Expenses) will be paid or reimbursed by Eclipse I or Eclipse. 

ARTICLE V 
 ALLOCATIONS
AND DISTRIBUTIONS 
 Section 5.1. Allocations of Profits and Losses. All allocations of Profits and Losses (as such
terms are defined in Exhibit 5.1 attached hereto) or items of income, gain, deduction, loss and credit of the Partnership shall be allocated among the Partners in accordance with the provisions of Exhibit 5.1 attached hereto, which
exhibit is hereby incorporated by reference for all purposes of this Agreement. 

  
 13 

 Section 5.2. Capital Accounts. A separate Capital Account (herein so called)
shall be maintained for each Partner for the full term of this Agreement in accordance with the capital accounting rules of section 1.704-1(b)(2)(iv) of the Treasury Regulations. Because the Partnership will be a continuation for federal income tax
purposes of Eclipse I, the Capital Account balance of each Partner in the Partnership as of the Subsequent Closing Date shall be equal to the balance of such Partner’s Capital Account balance of Eclipse I as of January 1, 2014, as adjusted
in accordance with the terms of Eclipse I Partnership Agreement from January 1, 2014 through the Subsequent Closing Date and thereafter as provided herein. Each Partner shall have only one Capital Account, regardless of the number or classes of
interests in the Partnership owned by such Partner and regardless of the time or manner in which such interests were acquired by such Partner. Pursuant to the provisions of section 1.704-1(b)(2)(iv) of the Treasury Regulations, the balance of each
Partner’s Capital Account shall be: 
 (a) Increased by the amount of money contributed by such Partner (or such Partner’s
predecessor in interest) to the capital of the Partnership pursuant to Article IV and decreased by the amount of money distributed to such Partner (or such Partner’s predecessor in interest) pursuant to Article V or Article
X; 
 (b) Increased by the Gross Asset Value (as such term is defined in Exhibit 5.1 attached hereto) (determined without regard
to section 7701(g) of the Internal Revenue Code) of each property contributed by such Partner (or such Partner’s predecessor in interest) to the capital of the Partnership pursuant to Article IV (net of liabilities secured by such
property that the Partnership is considered to assume or take subject to) and decreased by the Gross Asset Value (as such term is defined in Exhibit 5.1 attached hereto) (determined without regard to section 7701(g) of the Internal Revenue
Code) of each property distributed to such Partner (or such Partner’s predecessor in interest) by the Partnership pursuant to Article V or Article X (net of liabilities secured by such property that such Partner is considered to
assume or take subject to); 
 (c) Increased by the amount of Profits (as such term is defined in Exhibit 5.1 attached hereto) or each
item of income or gain allocated to such Partner (or such Partner’s predecessor in interest) pursuant to Section 2.1 of Exhibit 5.1 attached hereto; 

(d) Decreased by the amount of Losses or each item of loss or deduction allocated to such Partner (or such Partner’s predecessor in
interest) pursuant to Section 2.1 of Exhibit 5.1 attached hereto; and 
 (e) Otherwise adjusted in accordance with the other
capital account maintenance rules of section 1.704-1(b)(2)(iv) of the Treasury Regulations. 
 Section 5.3. Additional Provisions
Regarding Capital Accounts. 
 (a) If a Partner pays any Partnership indebtedness, and if such payment reduces the outstanding
amount of such indebtedness, then to the extent such payment reduces the outstanding amount of such indebtedness such payment shall be treated as a contribution by that 

  
 14 

 
Partner to the capital of the Partnership pursuant to Article IV, and the Capital Account of such Partner shall be increased by the amount so paid by such Partner, provided, however, that
no Partner shall have the right to pay any Partnership indebtedness except as otherwise provided herein. 
 (b) Except as otherwise provided
herein, no Partner may contribute capital to, or withdraw capital from, the Partnership. To the extent any monies which any Partner is entitled to receive pursuant to Article V or any other provision of this Agreement would constitute a
return of capital, each Partner consents to the withdrawal of such capital. 
 (c) A loan by a Partner to the Partnership shall not be
considered a contribution of money to the capital of the Partnership, and the balance of such Partner’s Capital Account shall not be increased by the amount so loaned. No repayment of principal or interest on any such loan, reimbursement made
to a Partner with respect to advances or other payments made by such Partner on behalf of the Partnership, or payments of fees to a Partner which are made by the Partnership shall be considered a return of capital or in any manner affect the balance
of such Partner’s Capital Account. 
 (d) No Partner with a deficit balance in its Capital Account shall have any obligation to the
Partnership, the other Partners or any creditor of the Partnership or Partners to restore said deficit balance. In addition, no venturer or partner in any Partner shall have any liability to the Partnership, the other Partners or any creditor of the
Partnership or Partners for any deficit balance in such venturer’s or partner’s capital account in the Partner in which it is a partner or venturer. Furthermore, a deficit Capital Account balance of a Partner (or a capital account of a
partner or venturer in a Partner) shall not be deemed to be a liability of such Partner (or of such venturer or partner in such Partner) or a Partnership asset or property. 

(e) Except as otherwise provided herein, no interest will be paid on any capital contributed to the Partnership or the balance in any
Partner’s Capital Account. 
 Section 5.4. Distributions. 

(a) All distributions from the Partnership to the Partners may be made at any time, and from time to time, as determined by the Board of
Managers (subject to the other provisions hereof). Without limiting the foregoing, the Board of Managers shall have complete discretion to retain funds in the Partnership to pay or provide appropriate reserves to meet current, anticipated, or
contingent Partnership obligations or expenditures. 
 (b) Subject to Article X and this Section 5.4, all distributions by
the Partnership shall be made to the Partners (i) at all times prior to the Subsequent Closing Date, pro rata according to their respective Applicable Unit Proceeds, and (ii) at all times thereafter, in accordance with their respective
Distribution Percentages. The Partners acknowledge that, because of the timing of distributions and Capital Contributions, Payout No. 1, Payout No. 2, or Payout No. 3, as applicable, could have been satisfied as of the date of a
distribution to the Partners but not as of the date of a subsequent distribution to the Partners. Accordingly, whether the EnCap Partners have received cumulative distributions sufficient to cause the occurrence of Payout No. 1, Payout
No. 2, or Payout No. 3, as applicable, shall be determined by the Board of Managers prior to each distribution. 

  
 15 

 (c) Notwithstanding anything herein to the contrary, from and after the Subsequent Closing Date
distributions from the Partnership shall be made in kind (the “Distribution in Kind Option”) unless otherwise approved by the Board of Managers. To effect the Distribution in Kind Option: 

(i) promptly after the Board of Managers authorizes the Partnership to make a distribution of any shares of Eclipse
Common Stock (an “Authorized Shares Distribution”), it shall give notice to each Limited Partner of such authorization (the “Authorized Shares Distribution Notice”), which notice shall summarize in reasonable detail
(A) the terms and manner of the Authorized Shares Distribution, (B) the date(s) when the Board proposes to effect the Authorized Shares Distribution, and (C) the estimated number of shares of Eclipse Common Stock distributable to such
Limited Partner. 
 (d) The Board shall declare and authorize an Authorized Shares Distribution to the maximum extent the Partners are
allowed to sell Eclipse Common Stock in connection with any secondary offering of Eclipse Common Stock effected concurrently with the IPO. 

(e) To the extent the Board of Managers authorizes the sale of Eclipse Common Stock by the Partnership (as opposed to the distribution of
Eclipse Common Stock to the Limited Partners pursuant to the Distribution in Kind Option), the Partnership will promptly distribute the Share Proceeds thereof to the Limited Partners (subject to the other provisions herein). 

(f) Payment of all cash distributions made by the Partnership to a Partner shall be made by wire transfer of immediately available funds in
accordance with such written instructions to the Partnership as may be provided by such Partner from time to time. 
 (g) The Partnership
shall withhold from any distribution that would otherwise be made to a Partner any portion thereof that it is required by Applicable Law to withhold and shall pay over such amount to any appropriate Governmental Authority as required by Applicable
Law provided that any amount that is withheld and paid over shall be considered to have been distributed to such Partner pursuant to this Agreement. The Partners shall furnish to the Partnership from time to time all such information as is required
by Applicable Law or otherwise reasonably requested by the Partnership (including certificates in the form prescribed by the Internal Revenue Code and applicable Treasury Regulations or applicable state, local, or foreign law) to permit the
Partnership to ascertain whether and in what amount any such withholding is required. 
 ARTICLE VI 

MANAGEMENT AND GOVERNANCE PROVISIONS 

Section 6.1. Management by Board of Managers. Subject to the provisions of this Agreement, but to the fullest extent
permitted by Applicable Law, including the Act, the General Partner hereby irrevocably delegates all its power and authority to manage and control the business and affairs of the Partnership to a Board of Managers (such delegation being referred to
herein as the “Delegation”), which shall be comprised of individuals who shall each be referred to herein as a “Manager” or collectively as the “Managers”, and who shall act as a board (when acting
as a board, the Managers are referred to herein as the “Board of Managers” or the 

  
 16 

 
“Board”). If the power or authority of the General Partner are modified pursuant to a subsequent change in Delaware law, then the power and authority delegated to the Board of
Managers shall be modified on the same basis. Notwithstanding the delegation provided for in this Section 6.1, (a) the General Partner is not withdrawing as a general partner from the Partnership, (b) the General Partner’s
execution of the Certificate and the filing of the Certificate with the Secretary of State of Delaware are hereby ratified, confirmed, and approved; and (c) the Board of Managers may delegate such authority to the General Partner as the Board
determines in its discretion. The Delegation commences immediately after the formation of the Partnership and the General Partner’s execution of this Agreement and shall continue in effect until the earlier of the withdrawal of the General
Partner or the winding-up and termination of the Partnership, at which time the Delegation shall terminate. 
 Section 6.2.
Composition of Board of Managers. 
 (a) From and after the Delegation, unless changed in accordance with this
Section 6.2, the number of individuals comprising the entire Board of Managers of the Partnership shall be seven (7). The EnCap Partners and their Permitted Transferees shall have the right to appoint four (4) representatives to the
Board of Managers (each such Manager, an “EnCap Manager”). The Management Entities shall have the right to appoint three (3) representatives to the Board of Managers (each such Manager, a “Management Manager”).
The initial designees to the Board, as prescribed by the foregoing provisions of this Section 6.2(a), are set forth in Exhibit 6.2(a). Commencing after the Delegation, the Board of Managers of the Partnership shall be
comprised of such persons and designees, each of whom shall serve until his successor is duly selected in accordance with this Agreement and qualified or until such individual’s death, resignation or removal. In the event that a vote of the
Partners is required to appoint a Manager of the Partnership, each Partner agrees to vote for the Managers designated in accordance with this Section 6.2. 

(b) Subject to Section 6.8(a), the number of Managers serving on the Board of Managers, from time to time, may be increased or
decreased by the Board of Managers, with the minimum number of Managers at any time being seven (7) and the ratio of EnCap Managers to Management Managers being four (4) to three (3). 

Section 6.3. Removal of Managers. Any Manager may be removed from the Board of Managers, with or without cause, by the
Partners, if any, who designated such Manager to serve on the Board. Except as provided in the immediately preceding sentence, a Manager may not be removed from the Board of Managers. 

Section 6.4. Vacancies. In the event that a vacancy is created on the Board of Managers at any time by the death,
disability, retirement, resignation or removal of a Manager, the Partners who designated such Manager shall have the sole and exclusive right to designate a replacement therefor; provided, that any person to be appointed to replace a designee of the
Management Entities must receive the prior approval of the EnCap Partners, which approval shall not be unreasonably withheld, conditioned or delayed. 

  
 17 

 Section 6.5. Meetings of Board of Managers. 

(a) Meetings of the Board of Managers, regular or special, may be held either in or outside of the State of Delaware. 

(b) Regular meetings of the Board of Managers, shall initially be held quarter-annually at such times and places as may be fixed from time to
time by the Board and communicated to all Managers. Any and all business may be transacted at any regular meeting. 
 (c) Special meetings of
the Board of Managers may be called on 72 hours prior written notice (effective upon receipt) to each Manager, personally or by facsimile, Electronic Transmission, or overnight courier by any member of the Board of Managers. Neither the business to
be transacted at, nor the purpose of, any regular or special meeting of the Board of Managers need be specified in the notice or waiver of notice of such meeting. 

(d) For purposes of any vote, approval, consent or other action to be taken by the Board, each Manager shall possess one vote. As used in this
Agreement with respect to the Board of Managers, a “Majority of Voting Power” means a majority in number of the Managers. At all meetings of the Board of Managers, the presence or representation of those Managers with a Majority of
Voting Power shall be necessary and sufficient to constitute a quorum for the transaction of business at any meeting of the Managers. If a quorum shall not be present at any meeting of the Board of Managers, the Managers present may adjourn the
meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. At any such adjourned meeting at which a quorum is present, any business may be transacted that might have been transacted at the
meeting as originally convened. Unless otherwise provided in this Agreement, the act by those with a Majority of Voting Power at a meeting of the Managers at which a quorum is present shall be the act of the Managers. Notwithstanding the foregoing:

 (i) Each action specified in paragraphs (i), (v), (vi), (xii), (xiii), (xiv), (xv) and (xvi) of
Section 6.8(a) (or paragraph (xviii) of Section 6.8(a) to the extent relating to any of the foregoing) shall require the affirmative vote in favor of such action of the EnCap Managers plus at least one Management Manager
(a “Super Majority”); 
 (ii) Any action specified in paragraph (xi) of Section 6.8(a) (or
any action under paragraph (xviii) of Section 6.8(a) to the extent relating to any of the foregoing) shall require the affirmative vote (A) of the Management Managers only, if an EnCap Partner is the party proposing to assign
all or a portion of its Partnership Interest or is proposing that an assignee in respect of such assigned Partnership Interest be substituted in place of such EnCap Partner; or (B) of the EnCap Managers only, if any of the Management Entities
are the party proposing to assign all or a portion of its Partnership Interest or is proposing that an assignee in respect of such assigned Partnership Interest be substituted in place of the Management Entity; and 

(iii) Any action specified in paragraph (xvii) of Section 6.8(a) (or any action under paragraph
(xviii) of Section 6.8(a) to the extent relating to any of the foregoing) shall require the approval of a majority in number of the disinterested Managers. 

  
 18 

 (e) All meetings of the Board of Managers shall be presided over by the chairman of the meeting,
who shall be a person designated by a majority in number of the Managers present at the meeting. The chairman of any meeting of the Board of Managers shall determine the order of business and the procedure at the meeting, including such regulation
of the manner of voting and the conduct of discussion as determined by him to be in order. 
 (f) Any action required or permitted to be
taken at any meeting of the Board of Managers may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the requisite number of Managers that would be
necessary to constitute a quorum and to authorize or take such action at a meeting of the Board of Managers. A written consent executed pursuant to this Section 6.5(f) shall become effective 24 hours after the time it is delivered to all
of the Managers. An Electronic Transmission by a Manager, or a facsimile or similar reproduction of a writing signed by a Manager, shall be regarded as signed by the Manager for purposes of this Section 6.5(f). 

(g) Subject to the provisions of this Agreement and Applicable Law regarding notice of meetings and the granting of proxies, persons serving on
the Board of Managers (i) unless otherwise restricted by the Certificate or this Agreement, may participate in and hold a meeting of the Board of Managers by using conference telephone, Electronic Transmission, or similar communications
equipment by means of which all persons participating in the meeting can hear each other, and (ii) may grant a proxy to another Manager or delegate its right to act to another Manager which proxy or delegation shall be effective as the
attendance or action at the meeting of the Manager giving such proxy or delegation. Participation in a meeting pursuant to this Section 6.5 shall constitute presence in person at such meeting, except when a person participates in the
meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting was not lawfully called or convened. 

(h) Without limiting subsection (g) above regarding the granting of proxies, any EnCap Manager absent from a meeting may be represented by
any other EnCap Manager, who may cast the vote of the absent EnCap Manager according to the written instructions, general or special, of the absent EnCap Manager. 

Section 6.6. Compensation of Managers. No person will be paid any fee for serving on the Board of Managers, but will be
entitled to reimbursement for reasonable out-of-pocket costs and expenses in attending meetings of the Board. 
 Section 6.7.
Duties of Managers and Partners. 
 (a) To the fullest extent permitted by the Act, a person, in performing his duties and
obligations as a Manager under this Agreement, shall be entitled to act or omit to act at the direction of the Partners that designated such person to serve on the Board of Managers, considering only such factors, including the separate interests of
the designating Partners, as such Manager or Partners choose to consider, and any action of a Manager or failure to act, taken or omitted in good faith reliance on the foregoing provisions shall not, as between the Partnership and the other
Partners, on the one hand, and the Manager or Partners designating such Manager, on the other hand, constitute a breach of any duty (including any fiduciary or other similar duty, to the extent such exists under the Act or any other Applicable Law)
on the part of such Manager or Partners to the Partnership or any other Manager or Partner of the Partnership. 

  
 19 

 (b) The Partners (in their own names and in the name and on behalf of the Partnership) hereby:

 (i) agree that (A) the terms of this Section 6.7, to the extent that they modify or limit a duty or other
obligation, if any, that a Manager may have to the Partnership or any another Partner under the Act or other Applicable Law are reasonable in form, scope and content; and (B) the terms of this Section 6.7 shall control to the
fullest extent possible if it is in conflict with a duty, if any, that a Manager may have to the Partnership or another Partner, under the Act or any other Applicable Law; and 

(ii) waive to the fullest extent permitted by the Act, any duty or other obligation, if any, that a Partner may have to the
Partnership or another Partner, pursuant to the Act or any other Applicable Law, to the extent necessary to give effect to the terms of this Section 6.7. 

(c) The Partners (in their own names and in the name and on behalf of the Partnership), acknowledge, affirm and agree that (i) the
Partners would not be willing to make an investment in the Partnership, and no person designated by any Partner to serve on the Board would be willing to so serve, in the absence of this Section 6.7, and (ii) they have reviewed and
understand the provisions of Section 17-1101(c) and (d) of the Act. 
 Section 6.8. Actions Requiring Board
Approval. 
 (a) In addition to any other matters under Applicable Law or pursuant to the provisions of this Agreement that
require the approval of the Board of Managers, the Partnership (or the officers and agents acting on its behalf), on its own behalf or on behalf of any of its subsidiaries, shall not take any of the following actions without having first received
the approval of the Board of Managers in accordance with this Agreement: 
 (i) to sell all or any portion of the
Partnership’s Eclipse Common Stock or to extend the Agreed Term; 
 (ii) to make distributions of Eclipse Common Stock
or other cash and property to the Partners; provided however, the Board shall cause the Partnership to make a distribution of Eclipse Common Stock not later than ten (10) days after the applicable Authorized Shares Distribution Notice or the
expiration of the Agreed Term; 
 (iii) to vote or to abstain from voting the shares of the Partnership’s Eclipse Common
Stock on any given matter to be voted upon by the shareholders of Eclipse; 
 (iv) to appoint or remove any officer of the
Partnership; 
 (v) to merge, combine, or consolidate the Partnership with any other entity, or convert the Partnership into
another form of entity; 
 (vi) to liquidate or dissolve the Partnership, commence a voluntary bankruptcy by the Partnership,
or consent to the appointment of a receiver, liquidator, assignee, custodian, or trustee for the purposes of winding up the affairs of the Partnership; 

  
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 (vii) to appoint the Partnership’s independent certified public accountants;

 (viii) to cause the Partnership to (A) execute and deliver any Material Agreement and (B) amend, modify or
otherwise change (including by waiver or consent) in any material respect any Material Agreement; 
 (ix) to compromise or
settle any lawsuit, administrative matter or other dispute where the amount the Partnership may recover or might be obligated to pay, as applicable, is in excess of $100,000; 

(x) to form any subsidiary of the Partnership; 

(xi) to approve (A) a Disposition by a Member of all or a portion of such Partner’s Partnership Interest under
Section 9.1 and (B) the admission of an assignee of all or a portion of a Partnership Interest as a Partner pursuant to Section 9.2: 

(xii) to increase or decrease the number of Managers serving on the Board of Managers; 

(xiii) to create, incur, assume, guarantee, refinance or prepay any Indebtedness or amend, modify or otherwise alter the terms
and provisions of any such Indebtedness (including by waiver or consent); 
 (xiv) to guarantee in the name or on behalf of
the Partnership the performance of any contract or other obligation of any person other than the Partnership or any of its subsidiaries; 

(xv) to mortgage, pledge, assign in trust or otherwise encumber any property or assets of the Partnership, or assign any monies
owed or to be owed to the Partnership, except to secure Indebtedness permitted under Section 6.8(a)(xiii); 

(xvi) to (A) authorize, offer for sale, or issue, any equity or debt securities of the Partnership or (B) repurchase
or redeem any equity or debt securities of the Partnership; 
 (xvii) to engage in any transaction with any Partner, manager,
officer, employee or other Affiliate of the Partnership, or their respective Affiliates (other than reimbursement of documented expenses of Managers); 

(xviii) to take any action, authorize or approve, or enter into any binding agreement with respect to or otherwise commit to do
any of the foregoing. 
 (b) The Partners acknowledge and agree, notwithstanding anything to the contrary in this Agreement or in the Act,
that the matters described in Section 6.8(a) require the approval of the Board only and that no separate or additional Partner vote, consent or approval shall be required in order for the Partnership to undertake such action. 

(c) To the extent this Agreement obligates the Partnership to take certain actions, each Manager shall vote to cause the Partnership to take
such actions. 

  
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 Section 6.9. Officers. 

(a) The Board of Managers may, from time to time, designate one or more persons to be officers of the Partnership. The initial officers of the
Partnership, and the offices to which they are appointed, are set forth on Exhibit 6.9 attached hereto. No officer need be a resident of the State of Delaware, a Partner or a Manager. Any such officers so designated shall have such authority
and perform such duties as the Board of Managers may, from time to time, delegate to them. The Board of Managers may assign titles to particular officers. Unless the Board of Managers decides otherwise, if the title is one commonly used for officers
of a business corporation formed under the Delaware General Corporation Law (or any successor statute), the assignment of such title shall constitute the delegation to such officer of the authority and duties that are normally associated with that
office, subject to any specific delegation of authority and duties made to such officer by the Board of Managers pursuant to this Section 6.9(a) and the other terms and provisions hereof. Each officer shall hold office until his
successor shall be duly designated and shall qualify or until his death or until he shall resign or shall have been removed in the manner hereinafter provided. Any number of offices may be held by the same person. 

(b) Any officer may resign as such at any time. Such resignation shall be made in writing and shall take effect at the time specified therein,
or if no time be specified, at the time of its receipt by the Board of Managers. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. Any officer may be removed as such, either
with or without cause, by the Board of Managers; provided, however, that such removal shall be without prejudice to the contract rights, if any, of the person so removed. Designation of an officer shall not of itself create contract rights. Any
vacancy occurring in any office of the Partnership may be filled by the Board of Managers. 
 (c) The Partnership will not have any
employees. 
 ARTICLE VII 

ACCOUNTING AND BANKING MATTERS; 

CAPITAL ACCOUNTS; TAX MATTERS 

Section 7.1. Books and Records: Reports. 

(a) The Partnership shall keep and maintain full and accurate books of account for the Partnership in accordance with GAAP consistently applied
and in accordance with the terms of this Agreement. Such books shall be maintained at the principal United States office of the Partnership. The Partners and their respective Affiliates and designated representatives shall have full and complete
access at all reasonable times to review, inspect and copy the books and records of the Partnership. 
 (b) The Partnership shall provide to
the Partners monthly and quarterly reports in substantially the format as reasonably requested by the Partners including the reports identified below at the times indicated below: 

(i) quarterly within 45 days after the end of each fiscal quarter of the Partnership (including the fourth fiscal quarter) and
annually within 75 days after the end of each fiscal year of the Partnership, (A) financial statements as of the end of and for 

  
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such period, including a balance sheet and the related statements of operations, Partners’ capital, and of cash flows, prepared in accordance with GAAP and, with respect to the annual
financial statements, accompanied by a report of the Partnership’s independent certified public accountants stating that their examination was made in accordance with generally accepted auditing standards and that in their opinion, such
financial statements fairly present the Partnership’s financial position, results of operations and cash flow in accordance with GAAP, and (B) a schedule reflecting the Capital Account balances of each Partner prepared pursuant to the
provisions of Section 7.4. 
 (ii) Such other reports and financial statements as determined by the Board of
Managers or as reasonably requested by the Partners. 
 Section 7.2. Fiscal Year. The calendar year shall be selected as
the accounting year of the Partnership and the books of account shall be maintained on an accrual basis. 
 Section 7.3. Bank
Accounts. At the direction of the Board of Managers, the president or other authorized officer of the Partnership shall cause one or more bank accounts to be maintained in the name of the Partnership in such bank or banks as may be
reasonably recommended by the principal executive officer and approved by the Board of Managers, which accounts shall be used for the payment of expenditures incurred by the Partnership and in which shall be deposited any and all receipts of the
Partnership. All such receipts shall be and remain the property of the Partnership, shall be received, held and disbursed by the Board of Managers for the purposes specified in this Agreement and shall not be commingled with the funds of any other
person. 
 Section 7.4. Capital Accounts. 

(a) A capital account shall be established and maintained for each Partner. Each Partner’s capital account (A) shall be increased by
(i) the amount of money contributed by that Partner to the Partnership, (ii) the Gross Asset Value of property contributed by that Partner to the Partnership (net of liabilities secured by the contributed property that the Partnership is
considered to assume or take subject to under Section 752 of the Internal Revenue Code), and the amount of Profits or any item of income or gain and the amount of any item of income and gain exempt from tax allocated to such Partner for federal
income tax purposes, and (B) shall be decreased by (i) the amount of money distributed to that Partner of the Partnership, (ii) the Gross Asset Value of property distributed to that Partner by the Partnership (net of liabilities
secured by the distributed property that the Partner is considered to assume or take subject to under Section 752 of the Internal Revenue Code), (iii) allocations to that Partner of expenditures of the Partnership described in
Section 705(a)(2)(B) of the Internal Revenue Code, and allocations to that Partner of Partnership Losses or any item of loss or deduction). 

(b) It is the intention of the Partners that the capital accounts of each Partner be kept in the manner required under Treasury Regulation
Section 1.704-l(b)(2)(iv). To the extent any additional adjustment to the capital accounts is required by such regulation, the Board of Managers is hereby authorized to make such adjustment. 

  
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 (c) On the transfer of all or part of a Partner’s Partnership Interest, the capital account
of the transferor that is attributable to the transferred interest shall carry over to the transferee Partner in accordance with the provisions of Treasury Regulation Section 1.704- l(b)(2)(iv)(l). 

Section 7.5. Tax Partnership. The Partners agree to classify the Partnership as a partnership for federal tax purposes.
Neither the Partnership, any Partner nor any officer or other representative of any of the foregoing shall file an election to classify the Partnership as an association taxable as a corporation for federal tax purposes. Notwithstanding the
foregoing, it is agreed that this Section 7.5 shall not be applicable if the tax status of the Partnership were to be reclassified as a result of a merger or other transaction whereby the Partnership is being sold to a third party and
such merger or transaction is approved by the Board of Managers in accordance with the terms hereof. 
 Section 7.6. Tax
Returns. The Partnership shall deliver to each of the Partners the following schedules and tax returns: (i) within 45 days after the Partnership’s year-end, a draft Schedule K-l, and (ii) within 60 days after the Partnership’s
year-end, a final Schedule K-l, along with copies of all other federal, state, or local income tax returns or reports filed by the Partnership for the previous year as may be required as a result of the
operations of the Partnership. In addition, the Partnership shall provide, to the extent reasonably available, such other information as a Partner may reasonably request for purposes of complying with applicable tax reporting requirements. In
addition, the Partners shall provide, to the extent reasonably available, such information as the Partnership may reasonably request for purposes of preparing or defending its tax returns. 

Section 7.7. Texas Margin Tax. If Texas law requires any Partner and the Partnership to participate in the filing of a
Texas margin tax combined group report, and if such Partner (the “Included Partner”) pays the margin tax liability due in connection with such combined report, the parties agree that the Partnership shall promptly reimburse the
Included Partner for the margin tax paid on behalf of the Partnership as a combined group member. The margin tax paid on behalf of the Partnership shall be equal to the margin tax that the Partnership would have paid if it had computed its margin
tax liability for the report period on a separate entity basis rather than as a member of the combined group and with the Partnership utilizing whichever reasonable margin tax computational option that results in the least amount of tax for the
Partnership. The parties agree that the Included Partner may deduct for federal income tax purposes 100% of the Texas margin tax attributable to the Partnership and paid by Included Partner and that the Partnership’s reimbursement obligation
shall be limited to the after-tax cost to the Included Partner of the Texas margin tax attributable to the Partnership and paid by the Included Partner, computed based on the highest marginal federal tax rate applicable to individuals. For purposes
of this Section 7.7 there may only be one Included Partner and if there is any uncertainty as to which Partner of the Partnership is an Included Partner, the Board shall determine who is the Included Partner. 

ARTICLE VIIII 

NDEMNIFICATION 

Section 8.1. Power to Indemnify in Actions, Suits or Proceedings. The Partnership shall indemnify any person who was
or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or Proceeding, whether civil, criminal, 

  
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administrative or investigative by reason of the fact that he is or was a Partner, officer, or Manager of the Partnership, or a member, shareholder, partner, officer, or an Affiliate of such
Partner, or is or was serving at the request of the Partnership as a member, officer, or director (or equivalent position) of another limited liability company, corporation, partnership, joint venture, trust or other enterprise (a “Covered
Person”), against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such Covered Person in connection with such action, suit or Proceeding, provided that such
Covered Person acted in good faith and in a manner such Covered Person reasonably believed to be in or not opposed to the best interests of the Partnership, or, with respect to any criminal action or Proceeding, that such Covered Person had no
reasonable cause to believe his conduct was unlawful. The termination of any action, suit or Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that a Covered Person did not act in good faith and in a manner which such Covered Person reasonably believed to be in or not opposed to the best interests of the Partnership, and, with respect to any criminal action or Proceeding, had
reasonable cause to believe that his conduct was unlawful. 
 Section 8.2. Expenses Payable in Advance. Expenses incurred
by a Covered Person in defending or investigating a threatened or pending action, suit or Proceeding shall be paid by the Partnership in advance of the final disposition of such action, suit or Proceeding upon receipt of an unsecured undertaking by
or on behalf of such Covered Person to repay such amount if it shall ultimately be determined that such Covered Person is not entitled to be indemnified by the Partnership as authorized by this Article VIII. 

Section 8.3. Nonexclusivity of Indemnification and Advancement of Expenses.  

(a) The indemnification and advancement of expenses provided by or granted pursuant to this Article VIII shall not be deemed exclusive
of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any agreement, contract, vote of Partners or Board of Managers or pursuant to the direction (howsoever embodied) of any court of competent
jurisdiction or otherwise, both as to action in a Covered Person’s official capacity and as to action in another capacity while holding such office, it being the policy of the Partnership that indemnification of the persons specified in
Section 8.1 shall be made to the fullest extent permitted by law but only if the Board authorizes such broader protection than set forth in the other provisions of this Article VIII. The provisions of this Article VIII
shall not be deemed to preclude the indemnification of any person who is not specified in Section 8.1 but whom the Partnership has the power or obligation to indemnify under the provisions of the Act or otherwise. 

(b) The Partners hereby acknowledge that certain of the Covered Persons may have certain rights to indemnification, advancement of expenses
and/or insurance provided by the EnCap Partners and/or certain of their Affiliates. The Partners hereby agree that (i) the Partnership is the indemnitor of first resort (i.e., its obligations to any Covered Person are primary and any
obligation of any EnCap Partner and/or any of its Affiliates to advance expenses or to provide indemnification for the same expenses or liabilities incurred by a particular Covered Person are secondary), (ii) the Partnership shall be required
to advance the full amount of expenses incurred by a Covered Person and shall be liable for the full amount of all expenses, judgments, fines and amounts paid in settlement to the extent legally permitted and as required

  
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by the terms of this Agreement or the Certificate (or any other applicable agreement between the Partnership and a Covered Person), without regard to any rights a Covered Person may have against
any EnCap Partner and/or any of its Affiliates, and (iii) the Partnership irrevocably waives, relinquishes and releases the EnCap Partners and their Affiliates from any and all claims against them for contribution, subrogation or any other
recovery of any kind in respect of claims against the Partnership under this Article VIII. The Partners further agree that no advancement or payment by any EnCap Partner and/or any of its Affiliates on behalf of a Covered Person with respect
to any claim for which such Covered Person has sought indemnification from the Partnership shall affect the foregoing and the EnCap Partners and their Affiliates shall have a right of contribution and/or be subrogated to the extent of such
advancement or payment to all of the rights of recovery of such Covered Person against the Partnership. The EnCap Partners and their Affiliates are express third party beneficiaries of the terms of this Section 8.3. Notwithstanding the
foregoing, with respect to any rights to indemnification, advancement of expenses and/or insurance available to a Covered Person (i) from Eclipse, the Partnership shall not be the indemnitor of first resort and such Covered Person must first
resort to rights provided by Eclipse, and (ii) from any Management Entity, the Management Entity shall not be the indemnitor of first resort and such Covered Person must first resort, to rights provided by Eclipse and second to rights provided
by the Partnership. 
 Section 8.4. Insurance. On such terms as the Board approves, the Partnership shall purchase and
maintain insurance on behalf of any person who is or was a Covered Person against any liability asserted against such Covered Person and incurred by a Covered Person in any such capacity, or arising out of such Covered Person’s status as such,
whether or not the Partnership would have the power or the obligation to indemnify the Covered Person against such liability under the provisions of this Article VIII. 

Section 8.5. Survival of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses
provided by, or granted pursuant to, this Article VIII shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a Covered Person and shall inure to the benefit of the heirs, executors and
administrators of such a person and shall survive the liquidation of the Partnership. No amendment or repeal of the provisions of this Article VIII which adversely affects the rights of any Covered Person under this Article VIII with
respect to the acts or omissions of such Covered Person at any time prior to such amendment or repeal shall apply to such Covered Person without the written consent of the Covered Person. 

Section 8.6. Limitation on Indemnification. Notwithstanding anything else herein to the contrary, the Partnership shall not
be obligated to indemnify any Covered Person for (i) any Proceeding initiated by such Covered Person against the Partnership unless that Proceeding was brought to enforce such Covered Person’s right to indemnification under this Article
VIII and, in such Proceeding, it is determined that such Covered Person is entitled to indemnification, or (ii) any Proceeding brought by the Partnership against such Covered Person unless such Covered Person is found not to be liable to
the Partnership. 
 Section 8.7. Indemnification of Employees and Agents. The Partnership may, to the extent authorized
from time to time by the Board of Managers, provide rights to indemnification and the advancement of expenses to employees and agents of the Partnership similar to those conferred in this Article VIII to a Covered Person. 

  
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 Section 8.8. Severability. The provisions of this Article VIII are
intended to comply with the Act. To the extent that any provision of this Article VIII authorizes or requires indemnification or the advancement of expenses contrary to the Act or the Certificate, the Partnership’s power to indemnify or
advance expenses under such provision shall be limited to that permitted by the Act and the Certificate and any limitation required by the Act or the Certificate shall not affect the validity of any other provision of this Article VIII. 

ARTICLE IX 
 DISPOSITIONS
OF PARTNERSHIP INTERESTS; 
 ADMISSIONS OF ADDITIONAL LIMITED PARTNERS 

Section 9.1. Dispositions. 

(a) No Partner may Dispose of its Partnership Interest, in whole or in part other than in accordance with the terms of this Article IX,
and any attempted Disposition that is not in accordance with this Article IX shall be, and is hereby declared, null and void ab initio. The Partners agree that a breach of the restrictions on Dispositions set forth in this Article
IX may cause irreparable injury to the Partnership and the Partners for which monetary damages (or other remedy at law) are inadequate in view of (i) the complexities and uncertainties in measuring the actual damages that would be sustained
by reason of the failure of a person to comply with such provisions, and (ii) the uniqueness of the Partnership’s business and the relationship among the Partners. Accordingly, the Partners agree that the restrictions on Dispositions may
be enforced by specific performance. 
 (b) No Management Entity may directly or indirectly Dispose of all or any part of its Partnership
Interest other than a Disposition (i) approved by the Board or (ii) to a Permitted Transferee. 
 (c) Eclipse Management may not
directly or indirectly Dispose of all or any part of its Partnership Interest other than a Disposition approved by the Board. 
 (d) No EnCap
Partner may directly or indirectly Dispose of all or any part of its Interest other than a Disposition (i) approved by the Board or (ii) to a Permitted Transferee. 

(e) The foregoing Section 9.1(b), (c) and (d) to the contrary notwithstanding, a Disposition by a Partner
of its Partnership Interest (including to any Permitted Transferee) shall be null and void ab initio if, following the proposed Disposition, the Partnership would constitute a “publicly traded partnership” for purposes of Section 7704
of the Internal Revenue Code or if such Disposition would result in the violation of any applicable federal or state securities laws. Any costs incurred by the Partnership in connection with any proposed or actual Disposition by a Partner of all or
a part of its Partnership Interest shall be borne by such Partner. 
 Section 9.2. Substitution. 

(a) Unless an assignee of a Partnership Interest becomes a Partner in accordance with the provisions set forth below, such assignee shall not
be entitled to any of the rights granted to a Partner hereunder in respect of such Partnership Interest, other than the right to receive allocations of income, gain, loss, deduction, credit and similar items and distributions to which the assignor
would otherwise be entitled, to the extent such items are assigned. 

  
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 (b) An assignee of the Partnership Interest of a Partner, or any portion thereof, may become a
Partner entitled to all of the rights of a Partner in respect of such Partnership Interest if (i) the assignor gives the assignee such right, (ii) the Board of Managers consents in writing to such substitution if the approval of the Board
of Managers was required pursuant to the terms of Section 9.1, and (iii) the assignee executes and delivers such instruments, in form and substance reasonably satisfactory to the Board of Managers, as the Board of Managers may deem
reasonably necessary to effect such substitution and to confirm the agreement of the assignee to be bound by all of the terms and provisions of this Agreement. 

ARTICLE X 
 WINDING UP,
LIQUIDATION, AND TERMINATION 
 Section 10.1. Winding Up. The Partnership’s affairs shall be wound up upon the
first to occur of the following: 
 (a) the election by the Board of Managers to dissolve the Partnership; 

(b) the point in time at which the Partnership ceases to own any Eclipse Common Stock, or other Exit Event; 

(c) that date that is the earlier of (i) 180 days following the Effective Date, unless the IPO has been completed, or (ii) a decision
by the Board of Managers to abandon the IPO; 
 (d) the expiration of the Agreed Term; and 

(e) entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Act. 

Section 10.2. Liquidation and Termination. On winding up of the Partnership, the liquidator shall be a person selected by
the Board of Managers. The liquidator shall proceed diligently to wind up the affairs of the Partnership at the direction of the Board of Managers and make final distributions as provided in this Agreement and in the Act. The costs of liquidation
shall be borne as a Partnership expense. The steps to be accomplished by the liquidator are as follows: 
 (a) As promptly as possible
after dissolution and again after final liquidation, the liquidator shall cause a proper accounting to be made of the Partnership’s assets, liabilities, and operations through the last day of the calendar month in which the dissolution occurs
or the final liquidation is completed, as applicable. 
 (b) The liquidator shall pay, satisfy or discharge from Partnership funds all of the
debts (including debts owing to any Partner), liabilities and obligations of the Partnership (including all expenses incurred in liquidation) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a
cash or stock escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine). Without limiting the foregoing, the liquidator shall be permitted to sell or retain any Eclipse Common Stock owned by
the Partnership, if necessary, in order to comply with its obligations under this Section 10.2(b). 

  
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 (c) To the extent that the Partnership has any Eclipse Common Stock or other assets remaining
after the application of Section 10.2(b), the Fair Market Value of such Eclipse Common Stock or other assets shall be determined and the Capital Accounts of the Partners shall be adjusted to reflect the manner in which the unrealized
income, gain, loss, and deduction inherent in property that has not been reflected in the Capital Accounts previously would be allocated among the Partners under Section 5.1 if there were a taxable disposition of that property for the
Fair Market Value of that property on the date of distribution. 
 (d) All remaining assets shall be distributed to the Partners in
accordance with their respective Distribution Percentages in accordance with Section 5.4 (pursuant to an Authorized Shares Distribution to the extent such assets consist of Eclipse Common Stock); provided, however, that if the
Partnership is liquidated by reason of Section 10.1(c), the Class A Units, Class B Units and Class C Units will be distributed to the Partners who made a contribution to the Partnership of such Units under Section 4.1.
If such distributions do not correspond to the positive Capital Account balances of the Partners immediately prior to such distributions, then Profits and Losses or any item of income, gain, loss and deduction for the fiscal year in which the
liquidation occurs shall be reallocated among the Partners to cause, to the extent possible, the Partners’ positive Capital Account balances immediately prior to such distribution to correspond to the amounts to be distributed under this
subsection (d). 
 (e) All distributions in kind to the Partners shall be valued for purposes of determining each Partner’s
interest therein at its Fair Market Value at the time of such distribution, and such distributions shall be made subject to the liability of each distributee for costs, expenses, and liabilities theretofore incurred or for which the Partnership has
committed prior to the date of termination, and those costs, expenses, and liabilities shall be allocated to the distributee pursuant to this Section 10.2. 

(f) Any distribution to the Partners in liquidation of the Partnership shall be made no later than the times prescribed in Treasury Regulation
Section 1.704-1(b)(2)(ii)(b)(2). For purposes of the preceding sentence, the term “liquidation” shall have the same meaning as set forth in Treasury Regulation Section 1.704-l(b)(2)(ii)(g). The distribution of cash and/or
property to a Partner in accordance with the provisions of this Section 10.2 constitutes a complete return to the Partner of its Capital Contribution and a complete distribution to the Partner of its Partnership Interest and all the
Partnership’s property and constitutes a compromise to which all Partners have consented within the meaning of Section 17-502(b) of the Act. To the extent that a Partner returns funds to the Partnership, it has no claim against any other
Partner for those funds. 
 Section 10.3. Certificate of Cancellation. On completion of the distribution of Partnership
assets as provided in this Agreement, the Partnership shall be terminated and the Partners shall file a certificate of cancellation with the Secretary of State of Delaware, cancel any other filings made pursuant to Section 1.5, and take
such other actions as may be necessary to terminate the Partnership. 

  
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 ARTICLE XI 

OUTSIDE ACTIVITIES AND INVESTMENTS 

Section 11.1. Outside Activities. 

(a) Each Partner acknowledges and affirms that the EnCap Partners, their Affiliates, and the EnCap Managers (the “EnCap Related
Parties”): 
 (i) (A) have participated (directly or indirectly) and will continue to participate (directly or
indirectly) in private equity, venture capital and other direct investments in corporations, joint ventures, limited liability companies and other entities (in this Article XI, “Other Investments”), including Other
Investments engaged in various aspects of the U.S. domestic and international “upstream” and “midstream” oil and gas business that may, are or will be competitive with the Partnership’s business or that could be suitable for
the Partnership, (B) have interests in, participate with, aid and maintain seats on the board of directors or similar governing bodies of, Other Investments, and (C) may develop or become aware of business opportunities for Other
Investments; and 
 (ii) may or will, as a result of or arising from the matters referenced in clause above, the nature of
the EnCap Related Parties’ businesses and other factors, have conflicts of interest or potential conflicts of interest. 
 (b) The
Partners (in their own names and in the name and on behalf of the Partnership) expressly (x) waive any such conflicts of interest or potential conflicts of interest and agree that no EnCap Related Party shall have any liability to any Partner
or any Affiliate thereof, or the Partnership with respect to such conflicts of interest or potential conflicts of interest and (y) acknowledge and agree that the EnCap Related Parties and their respective representatives will not have any duty
to disclose to the Partnership, any other Partner or the Board any such business opportunities, whether or not competitive with the Partnership’s business and whether or not the Partnership might be interested in such business opportunity for
itself. The Partners (and the Partners on behalf of the Partnership) also acknowledge that the EnCap Related Parties and their representatives have duties not to disclose confidential information of or related to the Other Investments. 

(c) The Partners (in their own names and in the name and on behalf of the Partnership) hereby: 

(i) agree that (A) the terms of this Article XI, to the extent that they modify or limit a duty or other
obligation, if any, that an EnCap Related Party may have to the Partnership or another Partner under the Act or other Applicable Law, are reasonable in form, scope and content; and (B) the terms of this Article shall control to the fullest
extent possible if it is in conflict with a duty, if any, that an EnCap Related Party may have to the Partnership or another Partner, the Act or any other Applicable Law; and 

(ii) waive any duty or other obligation, if any, that an EnCap Related Party may have to the Partnership or another Partner,
pursuant to the Act or any other Applicable Law, to the extent necessary to give effect to the terms of this Article. 

  
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 (d) The Partners (in their own names and in the name and on behalf of the Partnership)
acknowledge, affirm and agree that (i) the execution and delivery of this Agreement by the EnCap Related Parties is of material benefit to the Partnership and the other Partners, and that the EnCap Partners would not be willing to
(x) execute and deliver this Agreement, and (y) make their agreed Capital Contributions to the Partnership, without the benefit of this Section 11.1 and the agreement of the parties thereto; and (ii) they have reviewed and
understand the provisions of Sections 17-1101(c) and (d) of the Act. 
 Section 11.2. Other Activities. Provided
each Partner (other than the EnCap Partners) complies with its obligations under Section 12.17, such Partner or any Affiliate thereof may engage or invest, directly or indirectly, in any business activity or venture of any nature or
description, for his or its own account, and the Partnership shall have no rights or interests in such activity or venture. 
 ARTICLE XII

 GENERAL PROVISIONS 

Section 12.1. Notices. Except as expressly set forth to the contrary in this Agreement, all notices, requests, or consents
provided for or permitted to be given under this Agreement must be in writing and must be given either by depositing that writing in the United States mail, addressed to the recipient, postage paid, and registered or certified with return receipt
requested or by delivering that writing to the recipient in person, by courier, by Electronic Transmission, or by facsimile transmission; and a notice, request, or consent given under this Agreement is effective on receipt by the person to receive
it. All notices, requests, and consents to be sent to a Partner must be sent to or made at the addresses given for that Partner on Schedule I or such other address as that Partner may specify by notice to the other Partners. All notices,
requests, and consents to be sent to the Partnership must be sent to or made at the address specified for the Partnership in Schedule I or such other address as the Partnership may specify by notice to the Partners. 

Section 12.2. Amendment or Modification. 

(a) Subject to Section 12.2(b), this Agreement may be amended or modified from time to time only by a written instrument executed
and agreed to by all of the Partners. 
 (b) Notwithstanding Section 12.2(a), amendments to this Agreement that are of an
inconsequential nature and do not adversely affect any Partner, or are necessary to comply with any Applicable Law or governmental regulation, or are necessary in the opinion of counsel to the Partnership to ensure that the Partnership will not be
treated as an association taxable as a corporation for U.S. Federal income tax purposes, may be made by the Board of Managers without the consent of the Partners. 

Section 12.3. Entire Agreement. This Agreement constitutes the full and complete agreement of the parties hereto with
respect to the subject matter hereof (subject to the terms of the Stockholders Agreement). 

  
 31 

 Section 12.4. Effect of Waiver or Consent. The failure of any person to insist
upon strict performance of a covenant hereunder or of any obligation hereunder, irrespective of the length of time for which such failure continues, shall not be a waiver of such person’s right to demand strict compliance in the future. No
consent or waiver, express or implied, to or of any breach or default in the performance of any obligation hereunder shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation
hereunder. 
 Section 12.5. Successors and Assigns. Subject to Article IX, this Agreement shall be binding upon
and inure to the benefit of the Partners and their respective heirs, legal representatives, successors, and assigns. 

Section 12.6. Governing Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, EXCLUDING ANY CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. 

Section 12.7. Jurisdiction and Venue. IN RESPECT OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS TO THE JURISDICTION AND VENUE OF ANY FEDERAL OR STATE COURT LOCATED WITHIN THE STATE OF DELAWARE, WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON HIM, CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY
BE MADE BY FIRST CLASS REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, RETURN RECEIPT REQUESTED, DIRECTED TO HIM AT THE ADDRESS SPECIFIED PURSUANT TO SECTION 12.1, AGREES THAT SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT
THEREOF, AND WAIVES ANY OBJECTION TO JURISDICTION OR VENUE OF, AND WAIVES ANY MOTION TO TRANSFER VENUE FROM, ANY OF THE AFORESAID COURTS. 

Section 12.8. Waiver of Jury Trial. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO
ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT AND ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH. 
 Section 12.9. Directly
or Indirectly. Where any provision of this Agreement refers to action to be taken by any person, or which such person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such
person, including actions taken by or on behalf of any Affiliate of such person. 
 Section 12.10. Severability. If any
provision of this Agreement is held to be unenforceable, this Agreement shall be considered divisible and such provision shall be deemed inoperative to the extent it is deemed unenforceable, and in all other respects this Agreement shall remain in
full force and effect; provided, however, that if any provision may be made enforceable by limitation thereof, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by Applicable Law. 

  
 32 

 Section 12.11. Further Assurances. In connection with this Agreement and the
transactions contemplated hereby, each Partner shall execute and deliver any additional documents and instruments and perform any additional acts that may be reasonably necessary to effectuate and perform the provisions of this Agreement and those
transactions. 
 Section 12.12. Title to Partnership Property. All property owned by the Partnership, whether real or
personal, tangible or intangible, shall be deemed to be owned by the Partnership, and no Partner, individually, shall have any ownership of such property. The Partnership shall hold all of its property in its own name. 

Section 12.13. No Third Party Beneficiaries. Except as otherwise provided in Article VIII, it is the intent of the
parties hereto that no third-party beneficiary rights be created or deemed to exist in favor of any person not a party to this Agreement, unless otherwise expressly agreed to in writing by the parties. 

Section 12.14. Expenses. 

(a) All Organization and Transaction Expenses shall be paid by the Partnership. 

(b) All direct, third party out of pocket expenses reasonably incurred in the Partnership’s business shall be paid with Partnership funds,
including costs of obtaining audits (including the fees and expenses of the Partnership’s independent auditors), fees and expenses attributable to the preparation of the Partnership’s tax returns and reports, routine outside legal costs,
and printing and mailing expenses. 
 Section 12.15. Legal Counsel. The Partners acknowledge and agree that
Thompson & Knight LLP (“T&K”) (i) has represented the EnCap Partners and certain of their Affiliates in connection with the negotiation, execution and delivery of this Agreement and all other agreements
contemplated by this Agreement, (ii) has not represented the Partnership or any Partner other than the EnCap Partners, and (iii) in no event shall an attorney/client relationship be deemed to exist between T&K, on the one hand, and the
Partners (other than the EnCap Partners) or any of their respective Affiliates, or the Partnership, on the other hand, in respect of T&K’s representation as described in clauses (i) and (ii) above. 

Section 12.16. Counterparts. This Agreement may be executed in any number of counterparts, with each such counterpart
constituting an original and all of such counterparts constituting but one and the same instrument. 
 Section 12.17.
Confidentiality. Except as required by Applicable Law or judicial order or decree or by any Governmental Entity, each Partner will, and will cause each of its Managers, agents or other representatives to, keep confidential all non-public
information received from or otherwise relating to, the Partnership, its subsidiaries, properties and businesses (“Confidential Information”) and will not, and will not permit its Managers, agents or other Representatives (as
defined below) to, (a) disclose Confidential Information to any other person other than (i) to another party hereto for a valid business purpose of the Partnership, or (ii) in the case of Partners who are also officers of the
Partnership, in carrying their duties in the best interests of the Partnership, or (b) use Confidential Information for anything other than as necessary and appropriate in carrying out the business of the Partnership. The restrictions set forth
in this Agreement do not apply to any disclosures relating to U.S. federal and state income tax treatment and tax structure of the transaction contemplated hereby and all materials of any kind (including

  
 33 

 
opinions and tax analyses) relating to the tax treatment and tax structure, not including information relating to the identity of the Partners, their Affiliates, agents, or advisors, and to any
disclosures required by law or regulatory authority (pursuant to the advice of counsel), so long as (x) the person subject to such disclosure obligations provides prior written notice (to the extent reasonably practicable) to the Partnership
stating the basis upon which the disclosure is asserted to be required, and (y) the person subject to such disclosure obligations takes all reasonable steps to oppose or mitigate any such disclosure. As used in this Agreement, the term
“Confidential Information” shall not include information that (i) is or becomes generally available to the public other than as a result of a disclosure by a Partner or its partners, directors, officers, employees, agents, counsel,
investment advisers or representatives (all such persons being collectively referred to as “Representatives”) in violation of this Agreement, (ii) is or was available to such Partner on a non-confidential basis prior to its
disclosure to such Partner or its Representatives by the Partnership, or (iii) was or becomes available to such Partner on a non-confidential basis from a source other than the Partnership, which source is or was (at the time of receipt of the
relevant information) not, to the best of such Partner’s knowledge, bound by a confidentiality agreement with (or other confidentiality obligation to) the Partnership or another person. 

[Remainder of Page Intentionally Left Blank] 

  
 34 

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

			
	GENERAL PARTNER:
	
	ECLIPSE HOLDINGS GP, LLC
		
	By:	 	EnCap Energy Capital Fund VIII, L.P.,
		 	Sole Member of Eclipse GP, LLC
		
	By:	 	EnCap Equity Fund VIII GP, L.P.,
		 	General Partner of EnCap Energy Capital Fund
		 	VIII, L.P.
		
	By:	 	EnCap Investments L.P.,
		 	General Partner of EnCap Equity Fund VIII GP,
		 	L.P.
		
	By:	 	EnCap Investments GP, L.L.C.,
		 	General Partner of EnCap Investments L.P.
		
	By:	 	 
	Name:	 	 
	Title:	 	Managing Partner

  
 Signature Pages 

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

			
	LIMITED PARTNERS:
	
	ENCAP ENERGY CAPITAL FUND VIII, L.P.
		
	By:	 	EnCap Equity Fund VIII GP, L.P.,
		 	General Partner of EnCap Energy Capital
		 	Fund VIII, L.P.
		
	By:	 	EnCap Investments L.P.,
		 	General Partner of EnCap Equity Fund VIII
		 	GP, L.P.
		
	By:	 	EnCap Investments GP, L.L.C.,
		 	General Partner of EnCap Investments L.P.
		
	By:	 	 
	Name:	 	 
	Title:	 	Managing Partner
	
	ENCAP ENERGY CAPITAL FUND VIII CO-INVESTORS, L.P.
		
	By:	 	EnCap Equity Fund VIII GP, L.P.,
		 	General Partner of EnCap Energy Capital Fund VIII
		 	Co-Investors, L.P.
		
	By:	 	EnCap Investments L.P.,
		 	General Partner of EnCap Equity Fund VIII
		 	GP, L.P.
		
	By:	 	EnCap Investments GP, L.L.C.,
		 	General Partner of EnCap Investments L.P.
		
	By:	 	 
	Name:	 	 
	Title:	 	Managing Partner

  
 Signature Pages 

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

			
	ENCAP ENERGY CAPITAL FUND IX, L.P.
		
	By:	 	EnCap Equity Fund IX GP, L.P.,
		 	General Partner of EnCap Energy Capital
		 	Fund IX, L.P.
		
	By:	 	EnCap Investments L.P.,
		 	General Partner of EnCap Equity Fund IX GP, L.P.
		
	By:	 	EnCap Investments GP, L.L.C.,
		 	General Partner of EnCap Investments L.P.
		
	By:	 	 
	Name:	 	 
	Title:	 	Managing Partner

  
 Signature Pages 

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

			
	THE HULBURT FAMILY II LIMITED PARTNERSHIP
		
	By:	 	BWH Management Company II, LLC,
		 	General Partner
		
	By:	 	 
	Name:	 	Benjamin W. Hulburt
	Title:	 	Manager
	
	CKH PARTNERS II, L.P.
		
	By:	 	CKH Management Company II, LLC,
		 	General Partner
		
	By:	 	 
	Name:	 	Christopher K. Hulburt
	Title:	 	Manager
	
	KIRKWOOD CAPITAL, L.P.
		
	By:	 	Mountaineer Ventures, LLC,
		 	General Partner
		
	By:	 	 
	Name:	 	Thomas S. Liberatore
	Title:	 	Manager
	
	ECLIPSE MANAGEMENT, L.P.
		
	By:	 	Eclipse Management GP, LLC,
		 	General Partner
		
	By:	 	 
	Name:	 	Benjamin W. Hulburt
	Title:	 	Manager

  
 Signature Pages 

 SCHEDULE I 

 

																							
	 	  	 	  	(a)	 	  	(b)	 	  	(c)	 	  	(d)	 	  	(e)	 
	 PARTNER
	  	 ADDRESS
	  	INITIAL
CONTRIBUTED
ECLIPSE I UNITS
(contributed to the
Partnership on the
Effective Date)	 	  	UNITS IN THE
PARTNERSHIP
(issued on the Effective
Date)	 	  	REMAINING
CONTRIBUTED
INTERESTS
(to be contributed to the
Partnership on the
Subsequent
Closing
Date)	 	  	UNITS IN THE
PARTNERSHIP
(to be issued on the
Subsequent
Closing Date)	 	  	TOTAL UNITS IN
THE PARTNERSHIP
(the sum of column (b)
and column (d))	 
							
	 Eclipse Holdings GP, LLC
	  	 c/o EnCap Investments L.P.

1100 Louisiana, Suite 4900

Houston, Texas 77002

Attention: Mark E. Burroughs, Jr.
 Fax: 713-659-6130

e-mail: mburroughs@encapinvestments.com
	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  
							
	 EnCap Energy Capital Fund VIII, L.P.
	  	 c/o EnCap Investments L.P.

1100 Louisiana, Suite 4900

Houston, Texas 77002

Attention: Mark E. Burroughs, Jr.
 Fax:
713-659-6130
 e-mail: mburroughs@encapinvestments.com
	  				  				  				  				  			
							
	 EnCap Energy Capital Fund VIII Co-Investors, L.P.
	  	 c/o EnCap Investments L.P.
 1100 Louisiana,
Suite 4900
 Houston, Texas 77002
 Attention: Mark E. Burroughs,
Jr.
 Fax: 713-659-6130
 e-mail:
mburroughs@encapinvestments.com
	  				  				  				  				  			
							
	 EnCap Energy Capital Fund IX, L.P.
	  	 c/o EnCap Investments L.P.
 1100
Louisiana, Suite 4900
 Houston, Texas 77002
 Attention: Mark E.
Burroughs, Jr.
 Fax: 713-659-6130
 e-mail:
mburroughs@encapinvestments.com
	  				  				  				  				  			
							
	 The Hulburt Family II Limited Partnership
	  	 c/o Eclipse Resources
 2121 Old Gatesburg Road,
Suite 110
 State College, Pennsylvania 16803
 Attention: Benjamin
W. Hulburt
 e-mail: bhulburt@eclipseresources.com
	  				  				  				  				  			

  
 Schedule I – Page 1

													
	 	  	 	  	(a)	  	(b)	  	(c)	  	(d)	  	(e)
	 PARTNER
	  	 ADDRESS
	  	INITIAL
CONTRIBUTED
ECLIPSE I UNITS
(contributed to the
Partnership on the
Effective Date)	  	UNITS IN THE
PARTNERSHIP
(issued on the Effective
Date)	  	REMAINING
CONTRIBUTED
INTERESTS
(to be contributed to the
Partnership on the
Subsequent
Closing Date)	  	UNITS IN THE
PARTNERSHIP
(to be issued on the
Subsequent
Closing Date)	  	TOTAL UNITS IN
THE PARTNERSHIP
(the sum of column (b)
and column (d))
	 CKH Partners II, L.P.
	  	 c/o Eclipse Resources
 2121 Old Gatesburg Road,
Suite 110
 State College, Pennsylvania 16803
 Attention:
Christopher K. Hulburt
 e-mail: chulburt@eclipseresources.com
	  		  		  		  		  	
							
	 Kirkwood Capital, L.P.
	  	 c/o Eclipse Resources
 2121 Old Gatesburg Road,
Suite 110
 State College, Pennsylvania 16803
 Attention: Thomas
S. Liberatore
 e-mail: tliberatore@eclipseresources.com
	  		  		  		  		  	
							
	 Eclipse Management, L.P.
	  	 c/o Eclipse Resources
 2121 Old Gatesburg Road,
Suite 110
 State College, Pennsylvania 16803
 Attention: Benjamin
W. Hulburt
 e-mail: bhulburt@eclipseresources.com
	  		  		  		  		  	

 Address of Partnership for Notice Purposes: 

Eclipse Holdings, LP2121 Old 
 Gatesburg
Road, Suite 110 
 State College, Pennsylvania 16803 

Attention: Board of Managers 
 e-mail:
bhulburt@eclipseresources.com 

  
 Schedule I – Page 2

 EXHIBIT 2.1 

DISTRIBUTION PERCENTAGES 

This Exhibit is divided into three parts. Part I sets forth certain key defined terms utilized in connection with the definition of
Distribution Percentage. Part II sets forth the definition of Distribution Percentage as utilized in the Agreement and this Exhibit. Part III sets forth various discount factors which shall be calculated in connection with the
calculation of Payout No. 1, Payout No. 2, and Payout No. 3. 
 I. Certain Key Defined Terms 

As used in this Exhibit 2.1: 

“Delivery Date” means January 20, 2011. 

With respect to each Payout Period, “Payout” occurs when: 

(i) the aggregate cash distributions (and the Fair Market Value of in kind distributions following the Subsequent Closing Date) that the EnCap
Partners have actually received from the Partnership, when discounted at the applicable IRR Rate from the respective dates such cash distributions (or the Fair Market Value of in kind distributions) are received to the last day of the month in which
the Delivery Date occurs, equal the aggregate Capital Contributions of the EnCap Partners to the Partnership, when discounted at the applicable IRR Rate from the respective dates such Capital Contributions are made to the last day of the month in
which the Delivery Date occurs; and 
 (ii) the aggregate cash distributions (and the Fair Market Value of in kind distributions following
the Subsequent Closing Date) that the EnCap Partners have actually received from the Partnership equal or exceed the product of (x) the applicable ROI Factor and (y) the aggregate Capital Contributions made by the EnCap Partners to the
Partnership. 
 In connection with making the discount calculations contemplated by each Payout, each cash distribution and Capital
Contribution shall be deemed to have been made on the last day of the month during which it was paid or received, and shall be discounted by the applicable discount factor for such month as set forth in Part III of this
Exhibit 2.1. In addition, for purposes of computing Payout, the references in paragraphs (i) and (ii) above to “the aggregate Capital Contributions made by the EnCap Partners to the Partnership” shall
not be deemed to include any Uplift Amount. In addition, for purposes of computing Payout and the Uplift Amount (as defined below) (i) any capital contributions made (or deemed to be made) by any Partner to Eclipse I prior to the Subsequent
Closing Date will be deemed to have been made as Capital Contributions to the Partnership as of the dates originally made (or deemed to have been made) to Eclipse I, and (ii) any cash distributions made by Eclipse I to any Partner prior to the
Subsequent Closing Date will be deemed to have been made as cash distributions by the Partnership to such Partner as of the dates originally made to such Partner. 

  
 Exhibit 2.1 – Page 1

 “Payout No. 1” means the occurrence of Payout utilizing the IRR Rate and
the ROI Factor set forth opposite “Payout No. 1” in the table below; “Payout No. 2” means the occurrence of Payout utilizing the IRR Rate and the ROI Factor set forth opposite “Payout No. 2” in the
table below; and “Payout No. 3” means the occurrence of Payout utilizing the IRR Rate and the ROI Factor set forth opposite “Payout No. 3” in the table below. 

 

							
	 Payout
	  	 IRR Rate
	  	ROI Factor	 
	 Payout No. 1
	  	8% per annum compounded monthly	  	 	1.10	  
	 Payout No. 2
	  	20% per annum compounded monthly	  	 	1.75	  
	 Payout No. 3
	  	30% per annum compounded monthly	  	 	2.50	  

 “Uplift Amount” means the agreed upon increase in the amount of Capital Contributions to the
Partnership that certain Partners are deemed to have made pursuant to Section 3.6(f) of the Eclipse I Partnership Agreement. 
 II.
Distribution Percentage 
 As used in the Agreement, “Distribution Percentage” means: 

(i) when used with respect to the General Partner, 0.00%; 

(ii) when used with respect to a Limited Partner holding Class A Units at a particular point in time, the percentage amount equal to A
multiplied by B, where : 
 “A” is the percentage amount set forth in the table below (x) under
the heading “Partners Holding Class A Units” and (y) opposite the particular Payout Phase referenced in the table below then in existence at such point in time; and  

“B” is a fraction, the numerator of which is the number of Class A Units then held by such Limited
Partner at such point in time and the denominator of which is the total number of Class A Units issued and outstanding at such point in time; 

(iii) when used with respect to a Limited Partner holding Class B Units at a particular point in time, the percentage amount equal to A
multiplied by B, where : 
 “A” is the percentage amount set forth in the table below (x) under
the heading “Partners Holding Class B Units” and (y) opposite the particular Payout Phase referenced in the table below then in existence at such point in time; and  

“B” is a fraction, the numerator of which is the number of Class B Units then held by such Limited
Partner at such point in time and the denominator of which is the total number of Class B Units issued and outstanding at such point in time; 

(iv) when used with respect to a Limited Partner holding Series C-1 Units at a particular point in time prior to the Class C Distribution
Adjustment Point (as defined below): the percentage amount equal to A multiplied by B, where : 
 “A”
is the percentage amount set forth in the table below (x) under the heading “Partners Holding Class C Units” and (y) opposite the particular Payout Phase referenced in the table below then in existence at such point in time; and
 

  
 Exhibit 2.1 – Page 2

 “B” is a fraction, the numerator of which is the number
of Series C-1 Units then held by such Limited Partner at such point in time and the denominator of which is the total number of Series C-1 Units issued and outstanding at such point in time; 

(v) when used with respect to a Limited Partner holding Series C-2 Units at a particular point in time prior the Class C Distribution
Adjustment Point, 0%; and 
 (vi) when used with respect to a Limited Partner holding Class C Units at a particular point in time after the
Class C Distribution Adjustment Point, the percentage amount equal to A multiplied by B, where : 

“A” is the percentage amount set forth in the table below (x) under the heading “Partners
Holding Class C Units” and (y) opposite the particular Payout Phase referenced in the table below then in existence at such point in time; and  

“B” is a fraction, the numerator of which is the number of Class C Units then held by such Limited
Partner at such point in time and the denominator of which is the total number of Class C Units issued and outstanding at such point in time. 

For purposes of paragraphs (iv), (v) and (vi) above, the term “Class C Distribution Adjustment Point”
shall mean the point in time when the holders of the Series C-1 Units have received aggregate cash distributions (and the Fair Market Value of any in kind distributions) from the Partnership pursuant to paragraph (iv) above equal to
$40,000,000. 
  

									
	 Payout Phase
	  	Partners Holding
Class A Units	  	Partners Holding
Class B Units	  	Partners Holding
Class C Units	 
	 Prior to Payout No. 1
	  	A	  	B	  	 	0.00	% 
	 After Payout No. 1 but Prior to Payout No. 2
	  	C	  	D	  	 	12.07	% 
	 After Payout No. 2 but Prior to Payout No. 3
	  	E	  	F	  	 	22.42	% 
	 After Payout No. 3
	  	G	  	H	  	 	27.59	% 

 In the above table: 

“A” is a percentage amount equal to (i) the aggregate Capital Contributions actually made to the
Partnership by those Partners holding Class A Units divided by (ii) the aggregate Capital Contributions actually made to the Partnership by those Partners holding Class A Units and Class B Units. 

“B” is a percentage amount equal to (i) the aggregate Capital Contributions actually made to the
Partnership by those Partners holding Class B Units divided by (ii) the aggregate Capital Contributions actually made to the Partnership by those Partners holding Class A Units and Class B Units. 

“C” is a percentage amount equal to A minus X1, where “X1” equals A multiplied by
12.07%. 

  
 Exhibit 2.1 – Page 3

 “D” is a percentage amount equal to 100% minus X2, where
“X2” is the sum of C plus 12.07%. 
 “E” is a percentage amount equal to A minus X3,
where “X3” equals A multiplied by 22.42%. 
 “F” is a percentage amount equal to 100%
minus X4, where “X4” is the sum of E plus 22.42%. 
 “G” is a percentage amount
equal to A minus X5, where “X5” equals A multiplied by 27.59%. 
 “H” is a
percentage amount equal to 100% minus X6, where “X6” is the sum of G plus 27.59%. 
 For purposes of A and B above,
the aggregate Capital Contributions actually made to the Partnership by a Partner holding Class A Units or Class B Units shall be deemed to include the Uplift Amount. 

II. Discount Factors 

[Attached Hereto] 

  
 Exhibit 2.1 – Page 4

 EXHIBIT 5.1 

ALLOCATIONS OF PROFITS AND LOSSES 

AND 
 OTHER TAX
MATTERS 
 TABLE OF CONTENTS 
  

							
	 ARTICLE I. TAX DEFINITIONS
	  	 	1	  
	 Section 1.1
	 	Definitions	  	 	1	  
		
	 ARTICLE II. ALLOCATIONS OF PROFITS AND LOSSES
	  	 	6	  
	 Section 2.1
	 	Allocation of Book Items	  	 	6	  
	 Section 2.2
	 	Allocation of Tax Items	  	 	9	  
	 Section 2.3
	 	Allocations of Profit and Losses and Distributions in Respect of Interests Transferred	  	 	12	  
		
	 ARTICLE III. OTHER TAX MATTERS
	  	 	12	  
	 Section 3.1
	 	Tax Elections	  	 	12	  
	 Section 3.2
	 	Tax Matters Partner	  	 	13	  
	 Section 3.3
	 	Inconsistent Treatment of Partnership Items	  	 	13	  
	 Section 3.4
	 	Tax Returns	  	 	14	  

 ARTICLE I. 

TAX DEFINITIONS 

Section 1.1 Definitions. All capitalized terms used herein shall have the meanings assigned to them in the Limited Partnership
Agreement of Eclipse Holdings, L.P. dated as of                          , 2014 (the “Agreement”) to which this
Exhibit is attached, or as follows: 
 (a) Adjusted Capital Account Deficit 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Capital
Account as of the end of the relevant Allocation Year, after giving effect to the following adjustments: 
 (i) Credit to such Capital
Account any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii) Debit from such Capital Account the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and
1.704-1(b)(2)(ii)(d)(6). 

  
 Exhibit 5.1 – Page 1

 The foregoing definition of “Adjusted Capital Account Deficit” is intended to comply
with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (b) Allocation Year

 “Allocation Year” means (i) the period commencing on the Effective Date and ending on December 31, 2014, (ii) any
subsequent period commencing on January 1 and ending on December 31 or (iii) any portion of the period described in clause (ii) above for which the Partnership is required to allocate Profits, Losses, and other items of
Partnership income, gain, deduction, losses and credits pursuant to Article II. 
 (c) Book Depreciation 

“Book Depreciation” means the depreciation, amortization, or other cost recovery deduction (excluding depletion with respect to
Depletable Property) allowable for federal income tax purposes to the Partnership for any Allocation Year with respect to any Partnership property except as calculated as set forth below (and to the extent applicable in a manner consistent with
section 1.704-3(d)(2) of the Regulations). To the extent consistent with such Regulations, Book Depreciation with respect to a Partnership property shall be equal to the amount that bears the same proportion to the Book Value of the Partnership
property as of the beginning of such Allocation Year (or the date of acquisition or contribution if the property is acquired or contributed during such Allocation Year) as the depreciation or amortization for federal income tax purposes for such
period bears to the property’s adjusted tax basis as of the beginning of such Allocation Year (or the date of acquisition if the property is acquired during such Allocation Year). If the property’s adjusted tax basis is equal to zero, the
amount of “Book Depreciation” allowable to the Partnership for any Allocation Year with respect to the Partnership property in question shall be determined under method selected by the General Partner. 

(d) Book Liability Value 

“Book Liability Value” means with respect to any liability of the Partnership described in Treasury Regulation
Section 1.752-7(b)(3)(i), the amount of cash that a willing assignor would pay to a willing assignee to assume such liability in an arm’s length transaction. The Book Liability Value of each liability of the Partnership described in
Treasury Regulation Section 1.752-7(b)(3)(i) shall be adjusted at such times as provided in this Agreement for an adjustment to Book Values; provided that such adjustments shall be made only if the General Partner reasonably determines that
such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership. 
 (e) Book/Tax
Disparity Property 
 “Book/Tax Disparity Property” shall mean any Partnership property that has a Gross Asset Value, which is
different from its adjusted tax basis to the Partnership. Thus, any property (other than cash) that is contributed to the capital of the Partnership by a Partner shall be a Book/Tax Disparity Property if its initial Gross Asset Value is not equal to
the Partnership’s initial tax basis in the property. In addition, once the Gross Asset Value of a Partnership property is adjusted to an amount other than is adjusted tax basis, the property shall thereafter be a “Book/Tax Disparity
Property”. 

  
 Exhibit 5.1 – Page 2

 (f) Gross Asset Value 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as
follows: 
 (i) the Gross Asset Value of all Partnership assets shall be adjusted to equal their respective gross fair market values as
reasonably determined by the General Partner upon (a) the acquisition of additional Partnership interests by a new or existing Partner in exchange for more than a de minimis capital contribution; (b) the distribution by the Partnership to
a Partner of more than a de minimis amount of Partnership assets in redemption of Partnership interests; (c) the date of the grant of a Partnership interest (other than a de minimis Partnership interest) as consideration for the provision of
services to or for the benefit of the Partnership by an existing Partner acting in a Partner capacity, or by a new Partner acting in a Partner capacity or in anticipation of becoming a Partner; or (d) the liquidation of the Partnership within
the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations; provided, however, that the adjustments pursuant to clauses (a), (b) and (c) above shall be made only if determined to be necessary by the General Partner; 

(ii) the Gross Asset Value of any Partnership asset distributed to any Partner shall be adjusted to equal the gross fair market value of such
asset on the date of distribution as agreed by the General Partner and the distributee Partner; 
 (iii) the Gross Asset Values of
Partnership assets will be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values will not be adjusted pursuant to this clause (iv) to the extent that an adjustment pursuant to the foregoing
clause (i) is made in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (iii); 
 (iv)
if the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to clauses (i) or (iii) above or (v) below, such Gross Asset Value shall be adjusted each Allocation Year by the Book Depreciation with respect
to such asset taken into account for purposes of computing Profits or Losses for such year; and 
 (v) the initial Gross Asset Value of any
property contributed by a Partner to the Partnership shall be the fair market value as of the date of the contribution as determined by the General Partner; provided, however, that in connection with contributions described in Section 3.1 of
the Agreement of the Class C Units, the Gross Asset Value shall be equal to the capital account balance attributable to the contributed Class C Units at the time of its contribution. 

  
 Exhibit 5.1 – Page 3

 (g) Nonrecourse Deductions 

“Nonrecourse Deductions” has the meaning set forth in sections 1.704-2(b)(1) and (c) of the Regulations. 

(h) Nonrecourse Liability 

“Nonrecourse Liability” of the Partnership shall mean any Partnership liability treated as a “nonrecourse liability” under
sections 1.704-2(b)(3) and 1.752-1(a)(2) of the Regulations. 
 (i) Nonrecourse Minimum Gain 

“Nonrecourse Minimum Gain” of the Partnership shall mean the amount of “minimum gain” of the Partnership that is
attributable to Nonrecourse Liabilities (as determined strictly in accordance with sections 1.704-2(d) and 1.704-2(k) of the Regulations). 

(j) Partially Adjusted Capital Account 

“Partially Adjusted Capital Account” means, with respect to each Allocation Year and with respect to each Partner during such year,
the Capital Account balance of such Partner at the beginning of such year, adjusted for all contributions and distributions during such year and all special allocations pursuant to Section 2.1(a) through (g) made to such Partner for such
year, but before giving effect to any allocations of Profits or Losses (or items thereof) for such year pursuant to Section 2.1(h). 

(k) Partner Nonrecourse Minimum Gain 

“Partner Nonrecourse Minimum Gain” of the Partnership shall mean the amount of “minimum gain” of the Partnership that is
attributable to Partner Nonrecourse Debt (as determined strictly in accordance with sections 1.704-2(i)(3) and 1.704-2(k)(5) of the Regulations). A Partner’s share of such “Partner Nonrecourse Minimum Gain” shall be calculated in
accordance with the provisions of section 1.704-2(i)(5) of the Regulations. 
 (l) Partner Nonrecourse Debt 

“Partner Nonrecourse Debt” shall mean any Partnership liability that is treated as “partner nonrecourse debt” under section
1.704-2(b)(4) of the Regulations. 
 (m) Partner Nonrecourse Deductions 

“Partner Nonrecourse Deductions” of the Partnership shall mean any and all items of Book Depreciation and other expenses that are
treated as “partner nonrecourse deductions” under sections 1.704-2(i)(2) and (3) of the Regulations. 
 (n) Profits or Losses

 “Profits or Losses” means, for each Allocation Year, an amount equal to the Partnership’s taxable income or loss for such
year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or
loss), with the following adjustments: 

  
 Exhibit 5.1 – Page 4

 (i) any income of the Partnership that is exempt from federal income tax and not otherwise taken
into account in computing Profits or Losses pursuant to this definition shall be added to such income or loss; 
 (ii) the computation of all
items of loss and deduction shall be made without regard to the fact that items described in Section 705(a)(2)(B) of the Code or pursuant to Regulation Section 1.704-1(b)(2)(iv)(i) are neither currently deductible nor capitalized for
federal income tax purposes; 
 (iii) any income, gain or loss attributable to the taxable disposition of any Partnership property shall be
determined as if the adjusted basis of such property as of such date of disposition were equal in amount to the Partnership’s Gross Asset Value with respect to such property as of such date; 

(iv) in lieu of depreciation, amortization and other cost recovery deductions (excluding depletion with respect to Depletable Properties) taken
into account in computing taxable income or loss, there will be taken into account Book Depreciation for such year; 
 (v) if the Gross Asset
Value of any Partnership asset is adjusted under clause (ii) of the definition of Gross Asset Value, the amount of such adjustment will be taken into account as gain or loss from disposition of the asset for purposes of computing Profits or
Losses; 
 (vi) In the event the Book Liability Value of any liability of the Partnership described in Treasury Regulation
Section 1.752-7(b)(3)(i) is adjusted as required by this Agreement, the amount of such adjustment shall be treated as an item of loss (if the adjustment increases the Book Liability Value of such liability of the Partnership) or an item of gain
(if the adjustment decreases the Book Liability Value of such liability of the Partnership) and such items, and any other items relating to Book Liability Values determined by the General Partner to be appropriate in determining Capital Accounts,
shall be taken into account for purposes of computing Profits or Losses; 
 (vii) To the extent an adjustment to the adjusted tax basis of
any asset pursuant to Section 734(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other than in
liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the
disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and 
 (viii) any items which are
specially allocated pursuant to the provisions of Section 2.1(a) through (g) shall not be taken into account in computing Profits or Losses. 

  
 Exhibit 5.1 – Page 5

 (o) Target Capital Account 

“Target Capital Account” means, with respect to each Allocation Year and with respect to each Partner during such year, the amount
(which may be either a positive or a deficit balance) equal to the difference between (i) the amount of the hypothetical distribution (if any) that such Partner would receive if, on the last day of such year, (x) all Partnership assets,
including cash, were sold for cash equal to their Gross Asset Value, taking into account any adjustments thereto for such year, (y) all Partnership liabilities were satisfied in cash according to their terms (limited, with respect to each
Nonrecourse Liability or Partner Nonrecourse Debt, to the Gross Asset Value of the assets securing such liability), and (z) the net proceeds thereof (after satisfaction of such liabilities) were distributed in full pursuant to
Section 8.2(a) of the Agreement and (ii) the sum of (x) the amount, if any, without duplication, that such Partner would be obligated to contribute to the capital of the Partnership pursuant to any provision of this Agreement, if
applicable, (y) such Partner’s share of Nonrecourse Minimum Gain determined pursuant to Section 1.704-2(g) of the Regulations, and (z) such Partner’s share of Partner Nonrecourse Minimum Gain determined pursuant to
Section 1.704-2(i)(5) of the Regulations, all computed immediately prior to the hypothetical sale described in clause (i) hereof. 

(p) Tax Depreciation 
 “Tax
Depreciation” for any Allocation Year shall mean the amount of depreciation, cost recovery or other amortization deductions allowable to the Partnership for Federal income tax purposes for such year. 

(q) Tax Matters Partner 

“Tax Matters Partner” shall mean the General Partner or any other Partner designated in Section 3.2(a) hereof as the “tax
matters partner,” for purposes of section 6231(a)(7) of the Code. 
 ARTICLE II. 

ALLOCATIONS OF PROFITS AND LOSSES 

Section 2.1 Allocation Of Book Items. Before the allocations of Profits or Losses (or items thereof) pursuant to
Section 2.1(h), the following special allocations shall be made in the following order: 
 (a) Pursuant to section 1.704-2(f) of the
Regulations (relating to minimum gain chargebacks), if there is a net decrease in Nonrecourse Minimum Gain of the Partnership for the Allocation Year (or if there was a net decrease in Nonrecourse Minimum Gain for a prior Allocation Year and the
Partnership did not have sufficient amounts of income or gain during the Allocation Year to allocate to the Partners under this Section 2.1(a)), then items of Partnership income or gain shall be allocated, before any other allocation is made
pursuant to the succeeding provisions of this Section 2.1 for such year, to each Partner in proportion to, and to the extent of, the total net decrease in such Partner’s share of the Nonrecourse Minimum Gain (determined and adjusted in
accordance with the provisions of section 1.704-2(g) of the Regulations). 

  
 Exhibit 5.1 – Page 6

 As provided in section 1.704-2(j) of the Regulations, income of the Partnership allocated for any
Allocation Year under this Section 2.1(a) shall consist first of a pro rata portion of gain recognized from the disposition of Partnership property subject to a Nonrecourse Liability and discharge of indebtedness income relating to the
Nonrecourse Liability to which the Property is subject, with any remaining allocated income deemed to be made up of a pro rata portion of the Partnership’s other items of income and items of gain for such year (provided that gain from the
disposition of property which is subject to Partner Nonrecourse Debt and discharge of indebtedness income relating to the Partner Nonrecourse Debt to which the Property is subject shall be allocated under this Section 2.1(a) only to the extent
not allocated under Section 2.1(b) hereof). 
 (b) Pursuant to section 1.704-2(i)(4) of the Regulations (relating to partner nonrecourse
minimum gain chargebacks), if there is a net decrease in Partner Nonrecourse Minimum Gain of the Partnership for such taxable year or other period (or if there was a net decrease in Partner Nonrecourse Minimum Gain for a prior taxable year or other
period and the Partnership did not have sufficient amounts of income during prior taxable year or other period to allocate to the Partners under this Section 2.1(b)), then items of Partnership income and gain shall be allocated, before any
other allocation is made pursuant to the succeeding provisions of this Section 2.1 for such taxable year, to the Partners with shares of such minimum gain as of the first day of such taxable year or other period in proportion to, and to the
extent of, such Partner’s share of the net decrease in such minimum gain all as provided under section 1.704-2(i)(4) of the Regulations. 

As provided in section 1.704-2(j) of the Regulations, income of the Partnership allocated for any taxable year or other period under this
Section 2.1(b) shall consist first of a pro rata portion of gain recognized from the disposition of Partnership property subject to Partner Nonrecourse Debt and discharge of indebtedness income relating to the Partner Nonrecourse Debt to which
the Property is subject, with any remaining allocated income deemed to be made up of a pro rata portion of the Partnership’s other items of income and other items of gain for such year (provided that items of gain from the disposition of
property which is subject to a Nonrecourse Liability and discharge of indebtedness income relating to the Nonrecourse Liability to which the Property is subject shall be allocated under this Section 2.1(b) only to the extent not allocated under
Section 2.1(a) hereof). 
 (c) The General Partner shall use all reasonable efforts to prevent any allocation from causing or increasing
an Adjusted Capital Account Deficit. Consistent therewith and pursuant to section 1.704-1(b)(2)(ii)(d) of the Regulations (relating to “qualified income offsets”), all Partnership income shall be allocated, after giving tentative effect to
all other allocations to be made pursuant to this Section 2.1 for the Allocation Year, proportionately among the Partners with Adjusted Capital Accounts Deficit (as determined after giving tentative effect to all other adjustments attributable
to the allocations provided for in this Section 2.1) in amounts and the manner sufficient to eliminate such deficit balances as quickly as possible. As provided in section 1.704-1(b)(2)(ii)(d) of the Regulations, Partnership income allocated
hereunder for the Allocation Year shall consist of a pro rata portion of each item of income for, and of gain occurring during, such year. 

(d) In the event any Partner has a deficit balance in its Capital Account at the end of any Allocation Year that is in excess of the amount
such Partner is obligated to restore under this Agreement or pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income or gain in the amount

  
 Exhibit 5.1 – Page 7

 
of such excess as quickly as possible, provided that an allocation pursuant to this Section 2.1(d) shall be made only if and to the extent that such Partner would have a deficit Capital
Account balance in excess of such amount after all other allocations provided in this Section 2.1 have been made as if Section 2.1(c) and this Section 2.1(d) were not contained in this Agreement 

(e) Any Partner Nonrecourse Deductions for any Allocation Year shall be specially allocated to the Partner who bears the economic risk of loss
with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-2(i)(1). 

(f) For any Allocation Year, all Nonrecourse Deductions shall be allocated among the Partners in proportion to their respective Distribution
Percentages for such Allocation Year. As provided in section 1.704-2(j) of the Regulations, Nonrecourse Deductions allocated hereunder for any Allocation Year shall consist first of Book Depreciation with respect to property which is subject to
Nonrecourse Liability for such year with any remaining Nonrecourse Deductions deemed to be made up of a pro rata portion of the Partnership’s other deductions or losses for such year (provided that Book Depreciation with respect to property
which is subject to Partner Nonrecourse Debt shall be allocated under this Section 2.1(f) only to the extent not allocated under Section 2.1(e) hereof). 

(g) (i) To the extent any adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) of the Code or
Section 743(b) of the Code is required pursuant to section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts will be treated as an item of gain (if the
adjustment increased the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss will be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to
be adjusted pursuant to such Regulations Section. 
 (ii) Simulated Depletion for each Depletable Property and Simulated Loss upon the
Disposition of a Depletable Property shall be allocated among the Partners in proportion to their shares of the Simulated Basis in such property. 

(h) (i) For each Allocation Year, after giving effect to Sections 2.1(a) through (g), the rules set forth below in this Section 2.1(h)
shall apply for the purpose of determining each Partner’s allocable share of the items of income, gain, loss and deduction of the Partnership comprising Profits and Losses of the Partnership for such year and determining special allocations of
other items of income, gain, loss and deductions set forth below. 
 (ii) The items of income, gain, deduction and loss of the Partnership
comprising Profits or Losses for an Allocation Year shall be allocated among the persons who were Partners during such year in a manner that will reduce, proportionately, the differences between their respective Partially Adjusted Capital Accounts
and Target Capital Accounts for such year. No portion of the Losses for any Allocation Year shall be allocated to a Partner whose Target Capital Account is greater than or equal to its Partially Adjusted Capital Account for such year. No portion of
the Profits for any Allocation Year shall be allocated to any Partner whose Partially Adjusted Capital Account is greater than or equal to its Target Capital Account for such year. 

  
 Exhibit 5.1 – Page 8

 (iii) Determination of Items Comprising Allocations. 

(X) If the Partnership has a Profits for an Allocation Year, then, (A) for any Partner whose Partially Adjusted Capital Account balance
needs to be decreased pursuant to Section 2.1(h)(ii), the allocations required by Section 2.1(h)(ii) shall be comprised of a proportionate share (based on the relative amounts by which their Partially Adjusted Capital Accounts need to
reduced) of each of the Partnership’s items of deduction or loss entering into the computation of Profits for such year to the extent necessary to eliminate, to the maximum extent possible for such year, the differential between their
respective Partially Adjusted Capital Accounts and Target Capital Accounts, and (B) the allocations made pursuant to Section 2.1(h)(ii) in respect of each other Partner not described in the foregoing Section 2.1(h)(iii)(X)
(A) shall be comprised of a proportionate share (based upon the relative amounts by which their Partially Adjusted Capital Accounts need to be adjusted) of each Partnership item of income, gain, deduction and loss entering into the computation
of Profits for such year (other than the portion of each Partnership item of deduction and loss, if any, allocated pursuant to Section 2.1(h)(iii)(X)(A) hereof). 

(Y) If the Partnership has Losses for an Allocation Year, then, (A) for any Partner whose Partially Adjusted Capital Account balance needs
to be increased pursuant to Section 2.1(h)(ii) hereof, the allocations required by Section 2.1(h) shall be comprised of a proportionate share (based on the relative amounts by which their Partially Adjusted Capital Accounts need to be
increased) of each of the Partnership’s items of income or gain entering into the computation of Losses for such year to the extent necessary to eliminate, to the maximum extent possible for such year, the difference between their respective
Partially Adjusted Capital Accounts and Target Capital Accounts, and (B) the allocations made pursuant to Section 2.1(h)(ii) in respect of each other Partner not described in the foregoing Section 2.1(h)(iii)(Y) (A) shall be
comprised of a proportionate share (based upon the relative amounts by which their Partially Adjusted Capital Accounts need to be adjusted) of each Partnership item of income, gain, deduction and loss entering into the computation of Losses, for
such year (other than the portion of Partnership items of income or gain, if any, that is allocated pursuant to Section 2.1(h)(iii)(Y) (A) above. 

(Z) Notwithstanding anything to the contrary in this Section 2.1(h), the amount of Losses or items of Partnership deduction and loss
allocated pursuant to this Section 2.1(h) to any Partner shall not exceed the maximum amount of the Losses or such items that can be so allocated without causing such Partner to have an Adjusted Capital Account Deficit at the end of any
Allocation Year. All Losses or such items in excess of the limitation set forth in this Section 2.1(h)(iii)(Z) shall be allocated first to Partners who would not have an Adjusted Capital Account Deficit, pro rata in proportion to their Capital
Account balances as adjusted in accordance with subdivisions (i) and (ii) of the definition of Adjusted Capital Account Deficit, until no Partner would be entitled to any further allocation, and thereafter to all Partners in accordance
with the provisions of Section 1.704-1(b)(3) of the Regulations. 
 Section 2.2 Allocation Of Tax Items. 

(a) Except as otherwise provided in this Section 2.2 hereof, each Tax Item shall be allocated among the Partners in the same manner as
each correlative item of “book” income, gain, deduction or loss is allocated pursuant to the provisions of Section 2.1 hereof. 

  
 Exhibit 5.1 – Page 9

 (b) The Partners hereby acknowledge that all Tax Items in respect of Book/Tax Disparity Property
are required to be allocated among the Partners in the same manner as under section 704(c) of the Code (as specified in sections 1.704-1(b)(2)(iv)(f) and 1.704-1(b)(2)(iv)(g) of the Regulations) and that the principles of section 704(c) of the Code
require that such Tax Items must be shared among the Partners so as to take account of the variation between the adjusted tax basis and Gross Asset Value of each such Book/Tax Disparity Property. Thus, notwithstanding anything in Sections 2.1 or
2.2(a) hereof to the contrary, the Partners’ distributive shares of Tax Items in respect of each Book/Tax Disparity Property shall be separately determined and allocated among the Partners in accordance with the principles of section 704(c) of
the Code. Any elections or decisions relating to allocations under this Section 2.2(b) will be made by the General Partner. For the avoidance of doubt, any tax items attributable to Book/Tax Disparity Property owned by Eclipse Resources shall
be allocated among the Partners that takes into account the Partner’s remaining share of built-in gain or built-in loss in accordance with the rules of Section 1.704-3(a)(8) of the Regulations. 

(c) For purposes of determining the nature (as ordinary or capital) of any item of income, gain or Profits among the Partners for federal
income tax purposes pursuant to Section 2.1 hereof, the portion of such profit required to be recognized as ordinary income pursuant to sections 1245 and/or 1250 of the Code shall be deemed to be allocated among the Partners in the manner
provided in Section 1.1245-1(e) or Section 1.1250-(f), as applicable. 
 (d) Subject to the other provisions of this
Section 2.2, “Tax Gain” shall mean the excess of (i) the amount realized by the Partnership in connection with the disposition of any Partnership property (as determined under section 1001 of the Code) over the (ii) adjusted
tax basis of such property at the time of disposition. 
 (e) “Excess nonrecourse liabilities” of the Partnership, within the
meaning of section 1.752-3(a)(3), shall be allocated first among the Partners in proportion to and to the extent of the amount of built-in gain that is allocable to each Partner with respect to property under Section 704(c) of the Code (or
reverse Section 704(c) allocations (as such term is defined in Section 1.704-3 of the Regulations) to the extent such gain exceeds the gain described in Section 1.752-3(a)(2) of the Regulations with respect to the property and then
among the Partners in proportion to their respective Distribution Percentages for the Allocation Year. For this purpose, and in accordance with Section 1.752-4(a) of the Regulations, the liabilities of Eclipse Resources allocated to the
Partnership shall be treated as liabilities of the Partnership for purposes of allocating the liabilities among the Partners. 
 (f) All tax
credits shall be allocated among the Partners as determined by the General Partner, consistent with applicable laws. 
 (g) Partners shall be
bound by the provisions of this Article II in reporting their distributive shares of Partnership items of increase, gain, deduction, loss and credit. 

(h) Cost and percentage depletion deductions with respect to property the production from which is subject to depletion (herein sometimes
called “Depletable Property”) shall be computed separately by the Partners rather than the Partnership. For purposes of such computations, the federal income tax basis of each Depletable Property shall be allocated to each Partner in
accordance with such Partner’s Capital Interest Percentage as of the time such 

  
 Exhibit 5.1 – Page
10 

 
Depletable Property is acquired by the Partnership, and shall be reallocated among the Partners in accordance with the Partners’ Capital Interest Percentages as determined immediately
following the occurrence of an event giving rise to an adjustment to the Book Values of the Partnership’s Depletable Properties pursuant to clause (ii) of the definition of Book Value (or at the time of any material additions to the
federal income tax basis of such Depletable Property); provided however, that the federal income tax basis of each Depletable Property owned by Eclipse Resources at the time of the contribution of the Class C Units to the Partnership pursuant to
Section 3.1 shall be allocated among the Partners in the same amount and manner that the federal income tax basis was allocated to such Partner immediately prior to the contribution of that Partner’s Class C Units, and for the avoidance of
doubt, no reallocation of federal income tax basis of Depletable Property shall be required in connection with the contribution of the Class C Units to the Partnership pursuant to Section 3.1 of the Agreement. Such allocations are intended to
be applied in accordance with the “partners’ interests in partnership capital” under Section 613A(c)(7)(D) of the Code; provided that the Partners understand and agree that the General Partner may authorize special allocations of
tax basis, income, gain, deduction or loss, as computed for federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted federal income tax basis with respect to Depletable Properties, in such manner as
determined consistent with the principles of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations under Section 704(b) of the Code that apply the principles of Section 704(c) of
the Code. 
 (i) For purposes of the separate computation of gain or loss by each Partner on the taxable Disposition of Depletable Property,
the amount realized from such Disposition shall be allocated (i) first, to the Partners in an amount equal to the Simulated Basis in such Depletable Property and in the same proportion as their shares thereof were allocated and
(ii) second, any remaining amount realized over the amount of Simulated Basis shall be allocated consistent with the allocation of Simulated Gains under Section 2.2(a), above; provided, however, that the Partners understand and agree that
the General Partner may authorize special allocations of tax basis, income, gain, deduction or loss, as computed for federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted federal income tax basis with
respect to Depletable Properties, in such manner as determined consistent with the principles of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations under Section 704(b) of the Code
that apply the principles of Section 704(c) of the Code. The provisions of this Section 2.2(i) and the other provisions of this Agreement relating to allocations under Section 613A(c)(7)(D) of the Code are intended to comply with
Treasury Regulation Section 1.704-1(b)(4)(v) and shall be interpreted and applied in a manner consistent with such Treasury Regulations. 

(j) Each Partner shall separately keep records of its share of the adjusted tax basis in each Depletable Property, adjust such share of the
adjusted tax basis for any cost or percentage depletion allowable with respect to such property and use such adjusted tax basis in the computation of its cost depletion or in the computation of its gain or loss on the disposition of such property by
the Partnership. Upon the request of the Partnership, each Partner shall within thirty (30) days of a written request by the Partnership advise the Partnership of its adjusted tax basis in each Depletable Property and any depletion computed
with respect thereto, both as computed in accordance with the provisions of this subsection. The Partnership may rely on such information and, if it is not provided by the Partner, may make such reasonable assumptions as it shall determine with
respect thereto. 

  
 Exhibit 5.1 – Page
11 

 Section 2.3 Allocations Of Profits And Losses And Distributions In Respect Of Partnership
Interests Transferred. If any Partnership Interest is Transferred, or is increased or decreased by reason of the admission of a new Partner or otherwise, during any taxable year, each Partner’s distributive share of Profits or Losses and
each item of income, gain, deduction or loss shall be determined by use of any method reasonably determined by the General Partner and permitted under Section 706(d) of the Code to account for the varying interests of the Partners. 

ARTICLE III. 
 OTHER TAX
MATTERS 
 Section 3.1 Tax Elections. 

(a) For tax purposes, the Partnership shall elect to use the calendar year as its taxable year and to report income and loss under the accrual
method of accounting. 
 (b) For tax purposes, the Partnership shall elect to deduct, up to the maximum extent allowable, of expenses
incurred in organizing the Partnership in the year in which the Partnership commences business and deduct any remaining amount of such expenses ratably over a one hundred eighty (180) month period as provided in section 709 of the Code. 

(c) For tax purposes, the Partnership shall elect to deduct, up to the maximum extent allowable, of all treat all start-up expenditures in the
year in which the Partnership commences business and deduct any remaining amount of such expenses ratably over a one hundred eighty (180) month period as provided in section 195 of the Code. 

(d) For Federal income tax purposes, the Partnership shall compute depreciation under section 168 of the Code with respect to its items of real
property which are “recovery property” within the meaning of such section and for this purpose shall utilize the straight-line method. 

(e) In connection with any Transfer or other assignment of a Partnership Interest permitted by the terms and provisions of this Agreement or in
connection with the distribution of any Partnership property to a Partner, the General Partner shall, at the written request of the transferor, transferee or other successor or distributee, cause the Partnership at the time and in the manner
provided in section 1.754-1(b) of the Regulations (or any like statute or regulation then in effect), to make an election to adjust the basis of the Partnership’s property in the manner provided in sections 734(b) and 743(b) of the Code (or any
like statute or regulation then in effect). 
 (g) Except as otherwise expressly provided in the Agreement, any other tax election or methods
of accounting shall be made as determined by the Board of Managers. 

  
 Exhibit 5.1 – Page
12 

 Section 3.2 Tax Matters Partner. 

(a) The General Partner is hereby designated the Tax Matters Partner of the Partnership pursuant to section 6231 (a)(7)(A) of the Code subject
to replacement by the Board of Managers, and shall have the power and authority specified in Sections 6221-6234 of the Code (and any comparable provisions of state or local law) in respect of any tax proceeding involving Partnership Tax Items, and
in furtherance of its duties shall act in accordance with the instructions of a Manager designated by the Board of Managers of its agent from time to time. 

(b) The Tax Matters Partner may, at the expense of the Partnership, retain accountants, lawyers, and other professionals to participate in the
audit or judicial proceedings. 
 (c) Without the consent of the Board of Managers, the Tax Matters Partner shall not enter into any
extension of the period of limitations for making assessments. 
 (d) Except for the Tax Matters Partner, no Partner shall file, pursuant to
section 6227 of the Code, a request for an administrative adjustment of items for any Partnership taxable year. 
 (e) Without the consent of
the Board of Managers, the Tax Matters Partner shall not enter into a settlement agreement with respect to any Partnership items (within the meaning of section 6231(a)(3) of the Code). 

(g) All expenses incurred by the Tax Matters Partner with respect to any tax matter that does or may affect the Partnership, or any Partner by
reason thereof, including but not limited to expenses incurred by the Tax Matters Partner in connection with the preparation of Partnership tax returns and Partnership level administrative or judicial tax proceedings, shall be paid for out of
Partnership assets and shall be treated as Partnership expenses. The cost of any adjustments to any Partner and the cost of any resulting audits or adjustments with respect to such Partner will be borne solely by such Partner without reimbursement
by the Partnership. 
 (h) The provisions of this Section 3.2 shall survive the termination of the Partnership or the termination of any
Partner’s Partnership Interest and shall remain binding on the Partners for a period of time necessary to resolve with the IRS or the United States Department of the Treasury any and all matters regarding the United States Federal income
taxation of the Partnership. 
 (i) The Tax Matters Partner shall promptly notify the Partners if any tax return or report of the Partnership
is audited or any adjustments in such tax return or reports are proposed by any governmental body. 
 Section 3.3 Inconsistent
Treatment Of Partnership Items. No Limited Partner shall file a notice of inconsistent treatment under section 6222(b) of the Code with respect to the treatment of Partnership items. 

  
 Exhibit 5.1 – Page
13 

 EXHIBIT 6.2(a) 

BOARD OF MANAGERS 
  

			
	EnCap Designees	  	 Mark E. Burroughs, Jr.
 Douglas E. Swanson,
Jr.
 Robert L. Zorich
 D. Martin Phillips

		
	Management Entities’ Designees	  	 Benjamin W. Hulburt
 Christopher K. Hulburt

Thomas S. Liberatore

  
 Exhibit 6.2(a) 

 EXHIBIT 6.9 

OFFICERS 
  

			
	 Name
	  	 Office

		
	Benjamin W. Hulburt	  	President and Chief Executive Officer
		
	Thomas S. Liberatore	  	Executive Vice President and Chief Operating Officer
		
	Matthew DeNezza	  	Executive Vice President and Chief Financial Officer
		
	Christopher K. Hulburt	  	Executive Vice President, Secretary, and General Counsel
		
	Roy Steward	  	Vice President and Chief Accounting Officer
		
	Todd Bart	  	Vice President and Controller
		
	Larry Gorski	  	Vice President, Administration
		
	Daniel T. Sweeney	  	Assistant Secretary

  
 Exhibit 6.9EX-10.14

 Exhibit 10.14 

FORM OF LIMITED PARTNERSHIP AGREEMENT 

OF 
 ECLIPSE MANAGEMENT,
L.P. 
 Dated as of             , 2014 

THE INTERESTS EVIDENCED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES ACT OF ANY STATE, HAVE BEEN
ACQUIRED FOR INVESTMENT PURPOSES ONLY, AND MAY NOT BE SOLD, OR OTHERWISE DISPOSED OF, OR OFFERED FOR SALE UNLESS REGISTRATION STATEMENTS UNDER SUCH ACTS WITH RESPECT TO SUCH INTERESTS ARE THEN IN EFFECT OR EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACTS ARE THEN APPLICABLE TO SUCH OFFER OR SALE, AND UNLESS THE PROVISIONS OF THIS AGREEMENT ARE SATISFIED. 

 Table of Contents 
  

							
	 	 	 	  	Page	 
		
	ARTICLE I THE PARTNERSHIP	  	 	2	  
			
	 1.1
	 	Formation	  	 	2	  
			
	 1.2
	 	Name	  	 	2	  
			
	 1.3
	 	Principal Place of Business	  	 	2	  
			
	 1.4
	 	Purpose	  	 	2	  
			
	 1.5
	 	Registered Office and Agent	  	 	2	  
			
	 1.6
	 	Fiscal and Taxable Year	  	 	2	  
			
	 1.7
	 	Term	  	 	2	  
			
	 1.8
	 	Filings	  	 	3	  
			
	 1.9
	 	Other Activities of the General Partner	  	 	3	  
		
	ARTICLE II DEFINITIONS	  	 	3	  
		
	ARTICLE III CAPITAL CONTRIBUTIONS	  	 	8	  
			
	 3.1
	 	Capital Contributions	  	 	8	  
			
	 3.2
	 	Additional Capital Contributions	  	 	8	  
			
	 3.3
	 	No Right to Repurchase of Interests or Return of Capital Contributions	  	 	8	  
			
	 3.4
	 	Uncertificated Interests	  	 	8	  
			
	 3.5
	 	Limitation on Liability of Limited Partners	  	 	8	  
			
	 3.6
	 	Interest	  	 	8	  
		
	ARTICLE IV ALLOCATIONS OF PROFITS AND LOSSES	  	 	8	  
			
	 4.1
	 	Allocations of Profits and Losses	  	 	8	  
			
	 4.2
	 	Capital Accounts	  	 	8	  
			
	 4.3
	 	Additional Provisions Regarding Capital Accounts	  	 	9	  
		
	ARTICLE V DISTRIBUTIONS	  	 	10	  
			
	 5.1
	 	Distributions in General	  	 	10	  
			
	 5.2
	 	Distributions	  	 	10	  
			
	 5.3
	 	Tax Distributions	  	 	10	  
			
	 5.4
	 	Forfeiture of Interests	  	 	12	  
		
	ARTICLE VI MANAGEMENT	  	 	12	  
			
	 6.1
	 	Management; Authority of the General Partner	  	 	12	  
			
	 6.2
	 	Limited Partner Approval Rights	  	 	14	  
			
	 6.3
	 	Participation by Limited Partners	  	 	15	  

  
 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 6.4
	 	Meetings of Partners	  	 	15	  
			
	 6.5
	 	Place of Meetings	  	 	15	  
			
	 6.6
	 	Quorum and Voting	  	 	16	  
			
	 6.7
	 	Waiver of Notice	  	 	16	  
			
	 6.8
	 	Action by Partners Without a Meeting	  	 	16	  
			
	 6.9
	 	Filing of Schedules, Reports, Etc	  	 	17	  
			
	 6.10
	 	Removal of General Partner	  	 	17	  
			
	 6.11
	 	Class C Units	  	 	17	  
		
	ARTICLE VII EXPENSES AND FEES	  	 	18	  
			
	 7.1
	 	Operating Expenses	  	 	18	  
			
	 7.2
	 	Organizational Expenses	  	 	18	  
		
	ARTICLE VIII EXCULPATION AND INDEMNIFICATION	  	 	19	  
			
	 8.1
	 	Exculpation and Indemnification	  	 	19	  
			
	 8.2
	 	Exclusive Jurisdiction	  	 	20	  
		
	ARTICLE IX BOOKS AND RECORDS	  	 	21	  
			
	 9.1
	 	Books and Accounts	  	 	21	  
			
	 9.2
	 	Reports to Partners	  	 	21	  
		
	ARTICLE X TRANSFERABILITY OF A PARTNER’S INTEREST	  	 	21	  
			
	 10.1
	 	Restrictions on Transfer	  	 	21	  
			
	 10.2
	 	Expenses of Transfer; Indemnification	  	 	22	  
			
	 10.3
	 	Recognition of Transfer	  	 	22	  
			
	 10.4
	 	Effect of Transfer	  	 	23	  
			
	 10.5
	 	Preemptive Rights	  	 	23	  
		
	ARTICLE XI DISSOLUTION	  	 	23	  
			
	 11.1
	 	Events of Dissolution	  	 	23	  
			
	 11.2
	 	Cancellation of Certificate	  	 	24	  
			
	 11.3
	 	Compliance With Timing Requirements of Regulations	  	 	24	  
			
	 11.4
	 	Termination	  	 	24	  
		
	ARTICLE XII REPRESENTATIONS AND WARRANTIES OF THE LIMITED PARTNERS	  	 	25	  
			
	 12.1
	 	General Representations and Warranties	  	 	25	  

  
 ii 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 12.2
	 	Compliance with International Trade Control Laws and OFAC Regulations	  	 	26	  
			
	 12.3
	 	Compliance with Other Laws	  	 	26	  
		
	 ARTICLE XIII NOTICES; POWER OF ATTORNEY
	  	 	27	  
			
	 13.1
	 	Method of Notice	  	 	27	  
			
	 13.2
	 	Routine Communications; Wire Transfers	  	 	27	  
			
	 13.3
	 	Power of Attorney	  	 	27	  
		
	 ARTICLE XIV GENERAL PROVISIONS
	  	 	28	  
			
	 14.1
	 	Entire Agreement	  	 	28	  
			
	 14.2
	 	Amendment	  	 	28	  
			
	 14.3
	 	Approvals	  	 	28	  
			
	 14.4
	 	Governing Law	  	 	29	  
			
	 14.5
	 	Captions	  	 	29	  
			
	 14.6
	 	Successors	  	 	29	  
			
	 14.7
	 	Severability	  	 	29	  
			
	 14.8
	 	Gender and Number	  	 	29	  
			
	 14.9
	 	Third-Party Rights	  	 	29	  
			
	 14.10
	 	Counterparts	  	 	29	  
			
	 14.11
	 	Duties	  	 	29	  
			
	 14.12
	 	Confidentiality	  	 	30	  
			
	 14.13
	 	Non-Disparagement	  	 	30	  
			
	 14.14
	 	Jurisdiction and Service of Process	  	 	31	  
			
	 14.15
	 	Trial	  	 	31	  

  
 iii 

 FORM OF LIMITED PARTNERSHIP AGREEMENT 

OF 
 ECLIPSE MANAGEMENT,
L.P. 
 This LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Eclipse Management, L.P., a Delaware limited
partnership (the “Partnership”), is dated as of             , 2014 (the “Effective Date”), by and among Eclipse Management GP, LLC, a Delaware limited
liability company, as the general partner of the Partnership (the “General Partner”), and each Person (as defined herein) admitted to the Partnership as a limited partner from time to time pursuant to this Agreement who
(a) executes and delivers a counterpart signature page of this Agreement which counterpart signature page is accepted by the Partnership and (b) is identified in the records of the Partnership as a limited partner of the Partnership (each
such Person, a “Limited Partner”). The General Partner and the Limited Partners are hereinafter sometimes referred to collectively as the “Partners” and each of them individually as a “Partner.”
Capitalized terms used herein shall have the meaning given such terms in Article II. 
 RECITALS 

WHEREAS, reference is hereby made to that certain Amended and Restated Agreement of Limited Partnership of Eclipse Resources I, LP (as
amended, supplemented or restated from time to time, the “Eclipse Resources Partnership Agreement”), which agreement governs the internal administration of Eclipse Resources I, LP, a Delaware limited partnership (“Eclipse
Resources”); 
 WHEREAS, each of the Limited Partners has previously been issued certain Class C Units (as defined in the Eclipse
Resources Partnership Agreement) evidencing an ownership interest in Eclipse Resources, on the terms and conditions set forth in the Eclipse Resources Partnership Agreement and the applicable Class C Units Grant Agreement between Eclipse Resources
and the applicable Limited Partner (in each case, a “Class C Unit Grant Agreement” and collectively, the “Class C Unit Grant Agreements”); 

WHEREAS, in connection with an Internal Restructure (as defined in the Eclipse Resources Partnership Agreement) of Eclipse Resources, it is
contemplated that each holder of Class C Units contribute all of its current and future Class C Units to the Partnership and that the Partnership thereafter be the sole holder of Class C Units (with all of the rights related thereto under the
Eclipse Resources Partnership Agreement); 
 WHEREAS, following the contribution of Class C Units to the Partnership as described above, it
is contemplated that the General Partner will have sole discretion over the management, control, voting and ultimate disposition of the Class C Units, but that the economic rights of the Limited Partners herein approximate as closely as possible the
economic rights they previously had as holders of Class C Units; and 
 WHEREAS, the Partners desire to enter into this Agreement in order
to govern the affairs of the Partnership and the respective rights and obligations of the Partners; 

  
 1 

 NOW, THEREFORE, in consideration of the premises, the mutual promises and agreements made herein,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Partners, intending to be legally bound, have agreed and do hereby agree as follows: 

ARTICLE I 
 THE PARTNERSHIP 

1.1 Formation. The Partnership was formed upon the filing and acceptance of a Certificate of Limited Partnership (the
“Certificate”) with the Secretary of State of the State of Delaware on April 9, 2014 (the “Formation Date”). Each party hereto acknowledges and agrees that upon a Person’s execution of a counterpart
signature page of this Agreement in the form attached hereto as Exhibit A, which counterpart signature page is accepted by the Partnership, such party will be admitted to the Partnership as a Limited Partner of the Partnership and will be
shown as a Limited Partner on the books and records of the Partnership as of the effective date of such acceptance. 
 1.2 Name. The
name of the Partnership shall be “Eclipse Management, L.P.” All business of the Partnership shall continue to be conducted under such name and such name shall continue to be used at all times in connection with the Partnership’s
business and affairs. 
 1.3 Principal Place of Business. The principal place of business of the Partnership shall be 2121 Old
Gatesburg Road, Suite 110, State College, Pennsylvania 16803, or such place or places as the General Partner may, from time to time, designate. 

1.4 Purpose. The purpose and scope of the Partnership’s activities are strictly limited to (a) acquiring, owning, managing
and otherwise dealing with its ownership interests in Eclipse Resources, and (b) performing all other activities reasonably necessary or incidental to the furtherance of such purposes. 

1.5 Registered Office and Agent. The registered office of the Partnership in the State of Delaware shall be located at Corporation
Trust Center, 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801, or such other address within the United States as may be designated from time to time by the General Partner. The name and address of the registered agent
for service of process on the Partnership in the State of Delaware shall be The Corporation Trust Company at 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801, or such other agent and address as may be designated from time
to time by the General Partner. 
 1.6 Fiscal and Taxable Year. The fiscal year and taxable year of the Partnership shall be the
calendar year (the “Partnership Year”), unless such other taxable year is otherwise required by Section 706 of the Code. 

1.7 Term. The term of the Partnership commenced upon the filing of the Certificate and shall continue until the date that the
Partnership is terminated in accordance with the provisions of Article XI hereof. 

  
 2 

 1.8 Filings. Upon the execution of this Agreement by the parties hereto, the General
Partner shall do, and continue to do, all things as may be required or advisable to continue and maintain the Partnership as a limited partnership, qualified to do business in such jurisdictions as may be required, and to protect the limited
liability of the Limited Partners in any jurisdiction in which the Partnership shall transact business. 
 1.9 Other Activities of the
General Partner. The General Partner, its Affiliates and their respective partners, members, stockholders, officers, directors, managers and principals (each of the foregoing collectively called “Competing Parties” and
individually called “Competing Party”) (i) may carry on and conduct in any way or in any capacity, including, but not limited to, for such Competing Party’s own right and for such Competing Party’s own personal
account, as a partner in any other partnership, as a venturer in any joint venture, as an employee, officer, director, or stockholder of any corporation, or as a participant in any syndicate, pool, trust, association, or other business organization,
a business that competes, directly or indirectly, with the business of the Partnership, (ii) will be free in any capacity to conduct business activities the same or similar as conducted by the Partnership, and (iii) may make investments in
any kind of property, all of the foregoing without any duty or obligation by any such Competing Party to disclose any such activity, business or entity to the Partnership or any other Partner. The Partnership and the Limited Partners will have
absolutely no claim or right to any such business or assets thereof. 
 ARTICLE II 

DEFINITIONS 
 The following
defined terms used in this Agreement shall have the respective meanings specified below. 
 “Act” shall mean the Delaware
Revised Uniform Limited Partnership Act, 6 Del. Code § 17-101 et. seq. or, from and after the date any successor statute becomes, by its terms, applicable to the Partnership, the successor statute, in each case as amended at the time by
amendments that are, at that time, applicable to the Partnership (to the extent the provisions of the Act are not modified by the Certificate or this Agreement). All references to sections of the Act include any corresponding provision or provisions
of any such successor statute. 
 “Advance Amount” shall have the meaning set forth in Section 5.3 hereof. 

“Affiliate” shall mean, with respect to any Person, any Person Controlling, Controlled by, or under common Control with, such
Person. 
 “Agreement” shall mean this Limited Partnership Agreement of the Partnership (including the exhibits hereto), as
the same may be amended from time to time. 
 “Anti-Money Laundering Laws” shall mean those laws, regulations and
sanctions, state and federal, criminal and civil, that (a) limit the use of and/or seek the forfeiture of proceeds from illegal transactions; (b) limit commercial transactions with designated countries or individuals believed to be
terrorists, narcotics dealers or otherwise engaged in activities contrary to the interests of the United States; (c) require identification and documentation of the parties with whom a Financial Institution conducts business; or (d) are
designed to disrupt the flow of funds to terrorist organizations. Such laws, regulations and sanctions shall be deemed to include the Patriot Act, the Bank Secrecy Act, the Trading with the Enemy Act, 50 U.S.C. App. Section 1 et seq., the
International Emergency Economic Powers Act, 50 U.S.C. Section 1701 et seq., and the sanction regulations promulgated pursuant thereto by the OFAC, as well as laws relating to prevention and detection of money laundering in 18 U.S.C. Sections
1956 and 1957. 

  
 3 

 “Applicable Unit Proceeds” shall mean, with respect to any particular Class C
Unit, the amount of any distributions to the Partnership in respect of such Class C Unit. 
 “Available Cash” shall mean
all Partnership cash funds on hand from time to time, but excluding any reserves established by the General Partner. 

“Bankruptcy” shall mean, with respect to any Person, (a) the filing by such Person of a voluntary petition seeking
liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or such Person’s filing an answer consenting to or acquiescing
in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of sixty (60) days after the filing of an involuntary petition under Title 11 of the United States Code, an
application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or foreign
insolvency law, provided that the same shall not have been vacated, set aside or stayed within such sixty-day period or (d) the entry against it of a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now
or hereafter in effect. 
 “Business Day” shall mean any day except a Saturday, Sunday or other day on which commercial
banks in the State of Pennsylvania are authorized by law to be closed. 
 “Capital Account” shall have the meaning set
forth in Section 4.2 hereof. 
 “Capital Contribution” shall have the meaning set forth in Section 3.1 hereof.

 “Certificate” shall have the meaning set forth in Section 1.1 hereof. 

“Class C Unit” shall have the meaning set forth in the recitals to this Agreement, and shall include any Derivative
Securities. 
 “Class C Unit Grant Agreement” shall have the meaning set forth in the recitals to this Agreement. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of
succeeding law). 
 “Contribution Agreement” shall mean each Contribution Agreement between the Partnership and a Limited
Partner (the form of which is attached as Exhibit D hereto), as the same may be amended, supplemented or replaced from time to time. 

“Control” shall mean, the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of another Person without the consent or approval of any other Person. 

  
 4 

 “Covered Persons” shall have the meaning set forth in Section 8.1(a)
hereof. 
 “Damages” shall have the meaning set forth in Section 8.1(a) hereof. 

“Derivative Securities” shall mean any equity interests or other securities that are issued or distributed to the Partnership
in exchange for, or in liquidation or redemption of, any Class C Units. It is expressly contemplated that Derivative Securities will be issued to the Partnership in connection with the continued Internal Restructure of Eclipse Resources (and the
General Partner may, in its sole discretion and without the consent or approval of the Limited Partners, cause this Agreement to be amended in order to reflect or facilitate any such Internal Restructure). 

“Eclipse Resources” shall have the meaning set forth in the recitals to this Agreement (and will include any successor
designated by the General Partner from time to time). 
 “Eclipse Resources Partnership Agreement” shall have the meaning
set forth in the recitals to this Agreement. 
 “Effective Date” shall have the meaning set forth in the introductory
paragraph of this Agreement. 
 “Effective Tax Rate” shall mean the highest combined federal, state and local marginal
income tax rate applicable to an individual Partner who is a resident of State College, Pennsylvania, utilizing the rates for ordinary income or capital gain depending on the character of the Partnership’s income and gain and taking into
account the deductibility of state and local taxes (subject to any applicable limitations on deductibility). 
 “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. 

“Estimation Period” shall mean each three-month period ending on the last day of March, May, August and December,
respectively. 
 “Family Group” shall mean, with respect to any Limited Partner that is a natural person, such Limited
Partner, such Limited Partner’s spouse, siblings, ancestors and descendants (whether natural, by marriage or adopted) and any trust or other estate planning vehicle primarily for the benefit of such Limited Partner or such Limited
Partner’s spouse, siblings, ancestors or descendants (whether natural, by marriage or adopted). 
 “Financial
Institution” shall have the meaning ascribed to such term in the Patriot Act. 
 “Formation Date” shall have the
meaning set forth in Section 1.1 hereof. 
 “General Partner” shall have the meaning set forth in the introductory
paragraph of this Agreement. 
 “Indemnified Losses” shall mean any and all losses, costs, liabilities, damages and
obligations of whatever kind or nature, including but not limited to attorneys’ fees, incurred by the Partnership or the General Partner by a Limited Partner’s failure of a representation, warranty or covenant under Article XII hereof.

  
 5 

 “Interest” shall mean, with respect to any Partner, the interest of such Partner
as a partner in the Partnership at any particular time, including the partnership interest of such Partner, and the rights and obligations of such Partner as provided in this Agreement and the Act. The Interest of any Limited Partner will be
composed of its Vested Portion and its Unvested Portion. 
 “Internal Restructure” shall have the meaning set forth in the
recitals to this Agreement. 
 “Investment Company Act” shall mean the Investment Company Act of 1940, as amended from time
to time (or any corresponding provisions of succeeding law). 
 “Investment Documents” means this Agreement and any other
document, instrument, certificate or agreement executed and delivered by a Limited Partner in connection with being admitted to the Partnership as a Limited Partner (including, without limitation, any applicable Contribution Agreements). 

“Limited Partner” shall have the meaning set forth in the introductory paragraph of this Agreement. 

“LP Authorized Representative” shall have the meaning set forth in Section 14.12 hereof. 

“OFAC” shall have the meaning set forth in Section 12.2 hereof. 

“Operating Expenses” means, for any period, the current obligations of the Partnership for such period, determined in
accordance with generally accepted accounting principles applied on a consistent basis. Operating Expenses shall not include debt service on loans to the Partnership or any non-cash expenses such as depreciation or amortization. 

“Organizational Expenses” shall have the meaning set forth in Section 7.2 hereof. 

“Outstanding Class C Units” shall mean, as of the date of determination and for any applicable Limited Partner, the Specific
Class C Units for such Limited Partner which have not been forfeited pursuant to the terms of the Eclipse Resources Partnership Agreement or the applicable Class C Unit Grant Agreement and which remain outstanding at such time. 

“Partner” shall have the meaning set forth in the introductory paragraph of this Agreement. 

“Partnership” shall have the meaning set forth in the introductory paragraph of this Agreement. 

“Partnership Year” shall have the meaning set forth in Section 1.6 hereof. 

“Patriot Act” means the USA Patriot Act of 2001, Pub. L. No. 107-56. 

“Percentage Interest” shall mean each Partner’s percentage of all Partners’ Interests based on relative Outstanding
Class C Units, tracked separately for each Partner. 

  
 6 

 “Permitted Transfer” shall mean any Transfer of an Interest (or any portion
thereof) by a Limited Partner (i) to any Affiliate of such Limited Partner, (ii) to any Person approved in writing by the General Partner, (iii) to the Partnership, (iv) in the case of a Limited Partner that is a natural person,
pursuant to applicable laws of descent and distribution or to a member of such Limited Partner’s Family Group, (v) to any other Limited Partner, or (vi) pursuant to an order, judgment or decree of any governmental or judicial
authority. 
 “Person” shall mean any individual, partnership, joint venture, corporation, limited liability company, trust
or other entity. 
 “Required Holders” shall mean the holders of at least 50.1% of the Percentage Interests. 

“Regulations” shall mean the final, temporary and proposed Income Tax Regulations promulgated under the Code, as the same may
be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Schedule of Partners”
shall mean the Schedule of Partners of the Partnership, a copy of which shall be maintained by the General Partner, as the same may be amended from time to time. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Sharing Ratio” shall mean, with respect to any Limited Partner, a ratio determined by dividing (a) the Applicable Unit
Proceeds from all of the Outstanding Class C Units attributable to such Limited Partner by (b) the Applicable Unit Proceeds from all of the Outstanding Class C Units attributable to all of the Limited Partners. The Sharing Ratio of the General
Partner shall at all times be 0.0%. 
 “Specific Class C Units” shall mean, with respect to any Limited Partner, the
specific Class C Units contributed by such Limited Partner (or its predecessor) to the Partnership (and tracked separately for each such Limited Partner). 

“Tax Distributions” shall have the meaning set forth in Section 5.3 hereof. 

“Transfer” shall mean, as applicable, a sale, exchange, transfer, assignment, pledge, hypothecation or other disposition of
all or any portion of an Interest. When used as a verb, the term “Transfer” or “Transferred” shall have a correlative meaning. 

“Unvested Portion” shall mean, as of any date of determination and for any applicable Limited Partner, the portion of its
Interest (which may be expressed as a percentage) that does not constitute its Vested Portion. 
 “Vested Portion” shall
mean, as of any date of determination and for any applicable Limited Partner, the portion of its Interest (which may be expressed as a percentage) that corresponds to the ratio of (a) the number of its Outstanding Class C Units which have
vested according to the terms of the applicable Class C Unit Grant Agreements, to (b) the number of its Outstanding Class C Units. 

  
 7 

 ARTICLE III 

CAPITAL CONTRIBUTIONS 
 3.1
Capital Contributions. Pursuant to their respective Contribution Agreements, each Limited Partner has agreed or will agree to make capital contributions of Class C Units to the Partnership in the aggregate amount set forth in each such
Contribution Agreement (in each case, a Partner’s “Capital Contribution”). Promptly following the admission of any additional Person to the Partnership as a Limited Partner or permitted or required withdrawal of a Limited
Partner pursuant to the terms of this Agreement, the General Partner shall update the Schedule of Partners, which update is hereby expressly consented to by the Limited Partners. The General Partner will not be required to make any capital
contributions to the Partnership. 
 3.2 Additional Capital Contributions. Except as described above or otherwise required by the Act
or other applicable law, in no event shall any Limited Partner be required to make additional capital contributions to the Partnership. 

3.3 No Right to Repurchase of Interests or Return of Capital Contributions. NO PARTNER SHALL HAVE THE RIGHT TO (A) WITHDRAW FROM
THE PARTNERSHIP OR (B) REQUIRE THAT THE PARTNERSHIP REPURCHASE SUCH PARTNER’S INTEREST. Each Partner waives any right which it may have to cause a partition of all or any part of the Partnership’s assets. 

3.4 Uncertificated Interests. Interests shall be recorded in book-entry form and no Partner shall have the right to demand that the
Partnership produce and/or deliver certificates representing such Interests. 
 3.5 Limitation on Liability of Limited Partners.
Except as otherwise required by this Agreement, the Act or other applicable law, the liability of the Limited Partners, in their capacity as such, shall be limited to the aggregate amount of each such Limited Partner’s Capital Contribution.

 3.6 Interest. No Partner shall receive any interest on its Capital Contributions. 

ARTICLE IV 
 ALLOCATIONS OF PROFITS
AND LOSSES 
 4.1 Allocations of Profits and Losses. All allocations of Profits and Losses (as such terms are defined in Exhibit
B attached hereto) or items of income, gain, deduction, loss and credit of the Partnership shall be allocated among the Partners in accordance with the provisions of Exhibit B hereto, which exhibit is hereby incorporated by reference for
all purposes of this Agreement. 
 4.2 Capital Accounts. A separate Capital Account (herein so called) shall be maintained for each
Partner for the full term of this Agreement in accordance with the capital accounting rules of section 1.704-1(b)(2)(iv) of the Regulations. Each Partner shall have only one Capital Account, regardless of the number or classes of interests in the
Partnership owned by such Partner and regardless of the time or manner in which such interests were acquired by such Partner. Pursuant to the provisions of section 1.704-1(b)(2)(iv) of the Regulations, the balance of each Partner’s Capital
Account shall be: 

  
 8 

 (a) Increased by the amount of money contributed by such Partner (or such Partner’s
predecessor in interest) to the capital of the Partnership pursuant to Article III and decreased by the amount of money distributed to such Partner (or such Partner’s predecessor in interest) pursuant to Article V or Article XI; 

(b) Increased by the Gross Asset Value (as such term is defined in Exhibit B) (determined without regard to section 7701(g) of the Code)
of each property contributed by such Partner (or such Partner’s predecessor in interest) to the capital of the Partnership pursuant to Article III (net of liabilities secured by such property that the Partnership is considered to assume or take
subject to) and decreased by the Gross Asset Value (as such term is defined in Exhibit B) (determined without regard to section 7701(g) of the Code) of each property distributed to such Partner (or such Partner’s predecessor in interest)
by the Partnership pursuant to Article V or Article XI (net of liabilities secured by such property that such Partner is considered to assume or take subject to); 

(c) Increased by the amount of Profits (as such term is defined in Exhibit B attached hereto) or each item of income or gain allocated
to such Partner (or such Partner’s predecessor in interest) pursuant to Section 2.1 of Exhibit B hereto; 
 (d) Decreased by
the amount of Losses or each item of loss or deduction allocated to such Partner (or such Partner’s predecessor in interest) pursuant to Section 2.1 of Exhibit B hereto; and 

(e) Otherwise adjusted in accordance with the other capital account maintenance rules of section 1.704-1(b)(2)(iv) of the Regulations. 

4.3 Additional Provisions Regarding Capital Accounts. 

(a) If a Partner pays any Partnership indebtedness, and if such payment reduces the outstanding amount of such indebtedness, then to the extent
such payment reduces the outstanding amount of such indebtedness such payment shall be treated as a contribution by that Partner to the capital of the Partnership pursuant to Article III, and the Capital Account of such Partner shall be increased by
the amount so paid by such Partner, provided, however, that no Partner shall have the right to pay any Partnership indebtedness except as otherwise provided herein. 

(b) Except as otherwise provided herein, no Partner may contribute capital to, or withdraw capital from, the Partnership. To the extent any
monies which any Partner is entitled to receive pursuant to Article V or any other provision of this Agreement would constitute a return of capital, each Partner consents to the withdrawal of such capital. 

(c) A loan by a Partner to the Partnership shall not be considered a contribution of money to the capital of the Partnership, and the balance
of such Partner’s Capital Account shall not be increased by the amount so loaned. No repayment of principal or interest on any such loan, reimbursement made to a Partner with respect to advances or other payments made by such Partner on behalf
of the Partnership, or payments of fees to a Partner which are made by the Partnership shall be considered a return of capital or in any manner affect the balance of such Partner’s Capital Account. 

  
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 (d) No Partner with a deficit balance in its Capital Account shall have any obligation to the
Partnership, the other Partners or any creditor of the Partnership or Partners to restore said deficit balance. In addition, no venturer or partner in any Partner shall have any liability to the Partnership, the other Partners or any creditor of the
Partnership or Partners for any deficit balance in such venturer’s or partner’s capital account in the Partner in which it is a partner or venturer. Furthermore, a deficit Capital Account balance of a Partner (or a capital account of a
partner or venturer in a Partner) shall not be deemed to be a liability of such Partner (or of such venturer or partner in such Partner) or a Partnership asset or property. 

(e) Except as otherwise provided herein, no interest will be paid on any capital contributed to the Partnership or the balance in any
Partner’s Capital Account. 
 ARTICLE V 

DISTRIBUTIONS 
 5.1
Distributions in General. From time to time, the General Partner, acting in its sole discretion, shall determine the amount, if any, by which the Partnership funds then on hand exceed the reasonable working capital needs of the Partnership,
including reasonable reserves for future Partnership obligations. Any excess funds shall be distributed to the Partners in accordance with the provisions of this Article V. 

5.2 Distributions. 
 (a)
Available Cash of the Partnership shall, subject to Section 5.3, be distributed to the Partners pro rata in proportion to their respective Sharing Ratios. 

(b) At any time, in the sole discretion of the General Partner, the Partnership may make in-kind distributions to one or more (or all) of the
Limited Partners of their Specific Class C Units (or any portion thereof) which remain as Outstanding Class C Units. 
 5.3 Tax
Distributions. 
 (a) Notwithstanding Section 5.2, if the Partnership receives distributions from Eclipse Resources pursuant to
Section 5.4 of the Eclipse Resources Partnership Agreement (“Tax Distributions”) attributable to a preceding taxable year of the Partnership, the Partnership shall make distributions as provided hereinafter in this
Section 5.3 to the Partners: (i) if (A) the Partnership has taxable income for such taxable year and (B) the Partnership has sufficient working capital (as determined in good faith by the General Partner), after taking into
account payment obligations of the Partnership, to make the distributions contemplated by this Agreement, and (ii) subject to limitations on such distributions contained in any credit facility or other agreement to which the Partnership is a
party, cash distributions shall be made to each Partner who requests such distribution in the positive amount equal to the difference between X minus Y, where “X” is the sum of (I) such Partner’s tax liability arising solely in
respect of its ownership of a Partnership Interest for such taxable year (which tax liability, for the purposes of this Section 5.3, shall be calculated to equal the product of (1) such Partner’s share of the Partnership’s
taxable income for such taxable year, as reflected in such Partner’s K-1 from the Partnership for such taxable year (including for such purpose such Partner’s share of any separately stated items such as depletion and gain or loss from the
sale of oil and gas property), 

  
 10 

 
multiplied by (2) the combined maximum federal and applicable state and local income tax rates applicable to individual taxpayers in the states in which the Partnership has income and gains
being allocated to the Partners for such taxable year, taking into account, if applicable, the deduction of state and local income taxes for federal income tax purposes and whether any portion of such taxable income qualifies for the reduced rates
applicable to long term capital gains (with the intention hereunder being to arrive at a composite federal, state and local tax rate that can be utilized with respect to all Partners for such taxable year taking into account the jurisdictions in
which the Partnership has income and gains arise plus the states in which the Partners reside for tax purposes), plus (II) the sum of all tax liabilities of such Partner (calculated as provided in (I)) for all prior taxable years since the formation
of the Partnership; and “Y” is the sum of all distributions made by the Partnership to such Partner pursuant to Section 5.2 and this Section 5.3 as of the end of the taxable year for which the calculation in “X”(I) is
being made since the formation of the Partnership. 
 (b) Notwithstanding Section 5.3(a), if a Partner is allocated net taxable loss
pursuant to Section 5.2 (including for such purpose, such Partner’s share of any separately stated items such as depletion and loss from the sale of oil and gas property and the Partner’s allocated share of any such net taxable losses
or separately stated items attributable to the Class C Units contributed by the Partner) during any taxable year, such net loss shall be carried forward to the extent permitted by the Code and shall reduce the taxable income (as calculated in
Section 5.3(a)) of such Partner in succeeding taxable years, until such allocated losses have been reduced to zero. 
 (c) The aggregate
amount of distributions made by the Partnership to a Partner pursuant to Section 5.3(a) shall be deemed the “Advance Amount”. If the General Partner authorizes a distribution to the Partners pursuant to Section 5.3 and at
such time a Partner’s Advance Amount is positive, (i) the Partnership shall be entitled to withhold such Partner’s distribution up to an amount equal to the Advance Amount (with such Advance Amount being reduced by the amount so
withheld) and (ii) the Partnership shall be entitled to distribute such withheld amount to the Partners (after also applying clause (i) to those Partners having positive Advance Amounts) so that, to the maximum extent possible, each
Partner shall have received the amount of distributions that such Partner would have received since the formation of the Partnership as if distributions had been made solely in proportion to the Partners’ respective Sharing Ratios. 

(d) Withholding. If any federal, foreign, state or local jurisdiction requires the Partnership to withhold taxes or other amounts with
respect to any Partner’s allocable share of taxable income or any items thereof, or with respect to distributions, the Partnership shall withhold from distributions or other amounts then due to such Partner an amount necessary to satisfy the
withholding responsibility and shall pay any amounts withheld to the appropriate taxing authorities. In such a case, for purposes of this Agreement the Partner for whom the Partnership has paid the withholding tax shall be deemed to have received
the withheld distribution or other amount due and to have paid the withholding tax directly and such Partner’s share of cash distributions or other amounts due shall be reduced by a corresponding amount. 

If it is anticipated that at the due date of the Partnership’s withholding obligation the Partner’s share of cash distributions or
other amounts due is less than the amount of the withholding obligation, the Partner with respect to which the withholding obligation applies shall 

  
 11 

 
pay to the Partnership the amount of such shortfall within twenty (20) days after notice by the Partnership. If a Partner fails to make the required payment when due hereunder, and the
Partnership nevertheless pays the withholding, in addition to the Partnership’s remedies for breach of this Agreement, the amount paid shall be deemed a recourse loan from the Partnership to such Partner bearing interest at the rate charged by
Eclipse Resources to its partners under Section 5.5 of the Eclipse Resources Partnership Agreement, and the Partnership shall apply all distributions or payments that would otherwise be made to such Partner toward payment of the loan and
interest, which payments or distributions shall be applied first to interest and then to principal until the loan is paid in full. 
 5.4
Forfeiture of Interests. If at any time there are no Specific Class C Units for a Limited Partner which remain as Outstanding Class C Units, the Interest of such Limited Partner will be automatically forfeited with no further action required
by either the Partnership or the General Partner. 
 ARTICLE VI 

MANAGEMENT 
 6.1 Management;
Authority of the General Partner. 
 (a) The management, operation and control of the Partnership and its business and the formulation of
its investment policy shall be vested exclusively in the General Partner, subject to the terms and provisions of this Agreement, including, without limitation, this Article VI. The General Partner shall, in its sole discretion, exercise all powers
necessary and convenient for the purposes of the Partnership and all of the power conferred by the Act on the general partner of a limited partnership, including the power to conduct the Partnership’s business as described in Section 1.4
hereof, and the power to delegate to one or more Persons the power to perform any of the acts described above but subject to the limitations and restrictions expressly set forth herein, including those enumerated in this Article. 

(b) Subject only to the limitations and restrictions expressly set forth herein, the General Partner shall perform or cause to be performed all
management and operational functions relating to the day-to-day business of the Partnership. Without limiting the generality of the foregoing, the General Partner is authorized on behalf of the Partnership to cause the Partnership to do the
following: 
 (i) enter into the Contribution Agreements and exercise and perform the Partnership’s rights and
obligations thereunder; 
 (ii) acquire, hold, finance, pledge, manage and dispose (directly or indirectly) of any assets and
exercise all rights appurtenant thereto (provided, that, notwithstanding anything else in this Agreement to the contrary, it is acknowledged and agreed that the General Partner and its Affiliates shall have no duty or obligation, express or implied,
to sell or otherwise dispose of any asset of the Partnership, including any Class C Units); 
 (iii) incur indebtedness
(whether secured or unsecured, express or contingent), and pay, in accordance with the provisions of this Agreement, all expenses, debts and obligations of the Partnership to the extent that funds of the Partnership are available therefor; 

  
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 (iv) invest (including through an agent) cash reserves and other liquid assets of
the Partnership prior to their use for Partnership purposes or distribution to the Partners; 
 (v) bring, compromise, settle
and defend actions at law or in equity; 
 (vi) engage in any kind of activity and perform and carry out contracts of any
kind necessary to, or in connection with, the accomplishment of the purposes of the Partnership; 
 (vii) enter into
agreements and contracts with third parties in furtherance of the Partnership’s business; 
 (viii) maintain, at the
expense of the Partnership, adequate records and accounts of all operations and expenditures; 
 (ix) purchase, at the
expense of the Partnership, liability, casualty, fire and other insurance and bonds to protect the Partnership’s assets, business, partners and employees; 

(x) purchase, at the expense of the Partnership, director and officer liability insurance to protect the General Partner and
its respective officers and employees; 
 (xi) open accounts and deposit, maintain and withdraw funds in the name of the
Partnership in any bank, savings and loan association, brokerage firm or other financial institution; 
 (xii) establish
reserves for contingencies and for any other proper Partnership purpose; 
 (xiii) retain, and dismiss from retainer, any and
all Persons providing legal, accounting, consulting, investment advisory or management services to the Partnership, or such other agents as the General Partner deems necessary or desirable for the management and operation of the Partnership; 

(xiv) incur and pay all expenses and obligations incident to the operation and management of the Partnership, including,
without limitation, the services referred to in paragraph (xiii) hereof; 
 (xv) distribute funds or securities to the
Partners by way of cash or otherwise, all in accordance with the provisions of this Agreement; 
 (xvi) prepare and cause to
be prepared reports, statements and other relevant information for distribution to Partners; 

  
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 (xvii) prepare and file all necessary returns, reports and statements and pay all
taxes, assessments and other impositions relating to the assets or operations of the Partnership, and make all elections permitted by the Code and applicable State and local tax laws; 

(xviii) effect a dissolution of the Partnership as provided herein; 

(xix) act for and on behalf of the Partnership in all matters incidental to the foregoing; 

(xx) authorize any partner, officer or other agent of the General Partner to act for and on behalf of the Partnership in all
matters incidental to the foregoing; and 
 (xxi) make all tax elections and file all tax returns and tax forms as provided
in Exhibit B. 
 By executing this Agreement, each Limited Partner shall be deemed to have consented to any exercise by the General
Partner of all of the foregoing powers or other powers of the General Partner contained in this Agreement. 
 (c) Any person dealing with the
Partnership or the General Partner may rely upon a certificate signed by the General Partner as to: 
 (i) the identity of
the General Partner or any Limited Partner hereof; 
 (ii) the existence or non-existence of any fact or facts which
constitute a condition precedent to acts by a General Partner or in any other manner germane to the affairs of the Partnership; 

(iii) the Persons who are authorized to execute and deliver any instrument or document of or on behalf of the Partnership; or

 (iv) any act or failure to act by the Partnership or as to any other matter whatsoever involving the Partnership or any
Partner. 
 6.2 Limited Partner Approval Rights. No action shall be taken by the Partnership regarding the matters described in this
Section 6.2 unless written notice of such matter has been provided to the Limited Partners, the Limited Partners have been provided with a reasonable opportunity to consult with the General Partner regarding such matter and thereafter such
matter has been approved in writing by the Required Holders: 
 (a) any act in contravention of this Agreement or any activity materially
inconsistent with the purposes of the Partnership; 
 (b) any act that would, to the General Partner’s knowledge, make it impossible to
carry on the ordinary business of the Partnership; 

  
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 (c) any act that would, to the General Partner’s knowledge, subject any Limited Partner to
personal liability in any jurisdiction for the debts or obligations of the Partnership; 
 (d) filing any petition, or consenting to the
filing of any petition, that would subject the Partnership to a Bankruptcy; or 
 (e) distributions by the Partnership, except to the extent
permitted by Article V or Article XI. 
 6.3 Participation by Limited Partners. Except as provided otherwise herein or as
specifically provided for under the non-waivable provisions of the Act or any applicable law, no Limited Partner, in its capacity as a Limited Partner, shall participate in the management of the business and affairs of the Partnership. No Limited
Partner, in its capacity as a Limited Partner, shall have any right or power to sign for or to bind the Partnership in any manner or for any purpose whatsoever, or have any rights or powers with respect to the Partnership except those expressly
granted to such Limited Partner by the terms of this Agreement or those conferred upon such Limited Partner by non-waivable provisions of applicable law, and no prior consent or approval of the Limited Partners shall be required in respect of any
act or transaction to be taken by the General Partner on behalf of the Partnership unless otherwise specifically provided in this Agreement. 

6.4 Meetings of Partners. Meetings of the Partners for the purpose of taking any action permitted to be taken by the Partners may be
called by the General Partner, or by Limited Partners entitled to cast not less than twenty-five percent (25%) of the Percentage Interests. Upon request in writing from one or more Limited Partners (entitled to cast the requisite
percentage of votes) that a meeting of Partners be called for any proper purpose, the General Partner forthwith shall cause notice to be given to the Limited Partners entitled to vote that a meeting will be held at a time requested by the person or
persons calling the meeting, not less than five (5) nor more than sixty (60) days after receipt of the request. Except in special cases where other express provision is made by statute, written notice of such meetings shall be given
to each Limited Partner entitled to vote not less than five (5) nor more than sixty (60) days before the meeting. Such notices shall state: 

(a) either the place of such meeting or that such meeting is telephonic and the date and hour of the meeting; and 

(b) those matters that the General Partner or the applicable Limited Partners, at the time of the mailing of the notice, intend to present for
action by the Partners. 
 6.5 Place of Meetings. All meetings of the Partners shall be held at any place within or outside of the
State of Delaware which may be designated by the General Partner. In the absence of such designation, meetings of the Partners shall be held at the principal executive office of the Partnership. Notwithstanding the foregoing, the General
Partner or those Limited Partners entitled to call a meeting of the Partners may request that any such meeting be held by telephonic conference call. 

  
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 6.6 Quorum and Voting. 

(a) The presence at any meeting in person (including by telephone, if applicable) or by proxy of Partners holding not less than a majority of
the total Percentage Interests entitled to vote at such meeting shall constitute a quorum for the transaction of business at a meeting of Partners. If, however, such quorum shall not be present or represented at any meeting of the Partners, the
Partners entitled to vote thereat, present in person or represented by proxy, shall have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or
represented. At any such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty
days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each Partner entitled to vote at the adjourned meeting. The Partners present at a duly called or held
meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough Partners to leave less than a quorum. 

(b) When a quorum is present at any meeting of the Partners, the vote of the Required Holders shall decide any question brought before such
meeting, unless the question is one upon which, by express provision of the Act, of the Certificate or of this Agreement (including, without limitation, Section 6.2 hereof), a different vote is required, in which case such express provision
shall govern and control the decision of such question. 
 6.7 Waiver of Notice. The actions of any meeting of Partners, however
called and noticed, and wherever held, shall be as valid as if taken at a meeting duly held after regular call and notice, if a quorum be present in person (including by telephone, if applicable) or by proxy, and if, either before or after the
meeting, each Partner entitled to vote, present in person (including by telephone, if applicable) or by proxy, signs (including by facsimile) a written waiver of notice or a consent to the holding of the meeting, or an approval of the minutes
thereof. All such waivers shall be filed with the Partnership’s records and made a part of the minutes of the meeting. Attendance of a Partner at a meeting (including by telephone, if applicable) shall also constitute a waiver of
notice of and presence at such meeting, except when the Partner objects, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened, and except that attendance at a meeting is not a
waiver of any right to object to the consideration of matters required to be included in the notice but not so included, if such objection is expressly made at the meeting. 

6.8 Action by Partners Without a Meeting. Any action, which under any provision of the Act or the Certificate or this Agreement that
may be taken at a meeting of the Partners or any specified class of Partners, may be taken without a meeting, and without notice except as hereinafter set forth, if a consent in writing, setting forth the action so taken, is signed by the Partners
or the specified class of Partners, as the case may be, otherwise having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Partners or specified class of Partners entitled to
vote thereon were present and voted. All such consents shall be maintained in the Partnership’s records. The General Partner shall provide written notice to each Partner of every action validly taken, but not unanimously approved, by
written consent pursuant to this Section 6.8. 

  
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 6.9 Filing of Schedules, Reports, Etc. Each Partner agrees to reasonably cooperate with
the Partnership in the filing of any schedule, report, certificate or other instrument required to be filed by the Partnership under the laws of the United States, any state or political subdivision thereof or any foreign nation or political
subdivision thereof. In connection therewith, each Partner agrees to reasonably provide the Partnership with all information required to complete such filings. 

6.10 Removal of General Partner. Except as expressly permitted by the Act, the General Partner may not be removed. 

6.11 Class C Units. 
 (a)
Eclipse Resources from time to time prior to the Effective Date issued to certain key employees of the Eclipse Resources, Class C Units entitling such persons to distributions of profits of the Eclipse Resources in accordance with the terms of the
Eclipse Resources Partnership Agreement. 
 (b) In connection with a grant of Class C Units to key employees, Eclipse Resources and the key
employees executed their respective Class C Unit Grant Agreements. 
 (c) As more particularly described in Article III, pursuant to an
Internal Restructure of Eclipse Resources, the holders of Class C Units contributed their Class C Units to the Partnership in exchange for their Interests in the Partnership. Each holder of an Interest issued in exchange for a Class C Unit subject
to a Class C Unit Grant Agreement acknowledges that the Class C Units held by the Partnership remain subject to the terms of the Class C Unit Grant Agreement and that any forfeiture by the Partnership of all or any portion of the Class C Units
contributed by a Partner will adjust the Partner’s Sharing Ratios. The Interests owned by the Limited Partners shall be considered a non-voting security and shall not entitle the holders thereof to have any voting rights with respect to any
Partnership matter (except as expressly set forth herein). Partners holding Interests shall be subject in all respects to this Agreement, including provisions relating to the Disposition of such Partnership Interests, information rights with respect
to the Partnership, and competition and confidentiality. 
 (d) The Class C Units were issued in consideration of services rendered and to be
rendered by the holders for the benefit of Eclipse Resources. Class C Units at the time of their grant were intended to constitute “profits interests” as that term is used in Revenue Procedures 93-27 and 2001-43. Each Limited Partner who
holds Interests agrees to continue to provide to the Partnership and Eclipse Resources such advice, consultation, and other services as the Partnership may reasonably request. 

(e) Nothing in the Agreement shall prohibit a holder of an Interest received in connection with the contribution of Class C Units from filing
an election under Section 83(b) of the Code with respect to the Interests and the Partner and the Partnership each agree not to take any actions inconsistent with any such election. Each holder of an Interest agrees and acknowledges that such
holder shall consult with such holder’s tax adviser to determine the tax consequences of filing an election under Section 83(b) of the Code. Each such holder acknowledges that it is the holder’s sole responsibility, rather than the
Partnership’s, to determine whether to file an election under Section 83(b) of the Code. If a holder files an election under Section 83(b) of the Code with respect to the Interest received, the holder agrees to provide the Partnership
with a copy of such election contemporaneously with the holder’s filing of such election. 

  
 17 

 (f) For purposes of this Agreement, the General Partner will keep records which track the
Specific Class C Units, the Outstanding Class C Units, the Vested Portion, the Unvested Portion, the Applicable Unit Proceeds, the Sharing Ratio and the Percentage Interest for each Limited Partner (whether such items are expressed as Class C Units,
Derivative Securities, cash or otherwise). The determination of all such amounts shall be conclusive absent manifest error on the part of the General Partner. 

ARTICLE VII 
 EXPENSES AND FEES

 7.1 Operating Expenses. The General Partner shall not bear or otherwise be charged with any costs or expenses of the
Partnership’s activities and operations, all of which shall be borne by or otherwise charged to the Partnership, including all activities and operations prior to the date of this Agreement, and including, without limitation: (i) all costs
and expenses incurred in acquiring, managing, disposing of or otherwise dealing with the Class C Units or otherwise incurred in connection with the Internal Restructure, including, without limitation, any investment banking, travel, legal and
accounting expenses, and any fees and out-of-pocket costs related thereto; (ii) all costs and expenses incurred in connection with the drafting, negotiation and execution of this Agreement or the Contribution Agreements, or the offering
contemplated hereby or thereby; (iii) all costs and expenses, if any, incurred in monitoring the Partnership’s investment in the Class C Units, including, without limitation, any travel, legal and accounting expenses and other fees and
out-of-pocket costs related thereto; (v) taxes of the Partnership; (iv) costs related to litigation and threatened litigation involving the Partnership; (vi) expenses associated with third party accountants, attorneys and tax advisors
with respect to the Partnership and its activities, including the preparation and auditing of financial reports and statements and other similar matters, and costs associated with the distribution of financial and other reports to the Partners and
costs associated with Partnership meetings; (vii) brokerage commissions and other investment costs incurred by or on behalf of the Partnership and paid to third parties; (viii) all costs and expenses associated with obtaining and
maintaining insurance for the Partnership and its assets and director and officer liability insurance to protect the General Partner and its respective officers and employees; (ix) fees incurred in connection with the maintenance of bank or
custodian accounts; (x) all expenses incurred in connection with the registration (or exemption from registration) of the Partnership’s securities under applicable securities laws or regulations; and (xi) all expenses of the
Partnership that are not normally recurring operating expenses (all such expenses, collectively, the “Operating Expenses”). To the extent that any Operating Expenses are paid by the General Partner, such Operating Expenses shall be
reimbursed by the Partnership. 
 7.2 Organizational Expenses. The Partnership shall bear and be charged with all costs and expenses
pertaining to the organization of the Partnership, including, without limitation, legal, tax reporting and accounting expenses (collectively the “Organizational Expenses”). 

  
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 ARTICLE VIII 

EXCULPATION AND INDEMNIFICATION 

8.1 Exculpation and Indemnification. 

(a) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, NONE OF THE GENERAL PARTNER, ANY OF ITS AFFILIATES, THEIR RESPECTIVE SHAREHOLDERS,
MEMBERS, PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES AND OTHER AGENTS (COLLECTIVELY, THE “COVERED PERSONS”) SHALL BE LIABLE TO THE PARTNERSHIP OR THE LIMITED PARTNERS FOR MONETARY DAMAGES FOR ANY LOSSES, CLAIMS, DAMAGES OR LIABILITIES
(“DAMAGES”) ARISING FROM ANY ACT OR OMISSION PERFORMED OR OMITTED BY SUCH COVERED PERSONS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE PARTNERSHIP’S BUSINESS OR AFFAIRS OR ANY OTHER DAMAGE TO WHICH SUCH COVERED
PERSON MAY BECOME SUBJECT TO IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE PARTNERSHIP’S BUSINESS AFFAIRS, EXCEPT TO THE EXTENT THAT ANY SUCH DAMAGES ARE ESTABLISHED BY A COURT ORDER OF FINAL
ADJUDICATION TO BE PRIMARILY ATTRIBUTABLE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH COVERED PERSON. 
 (b) (i) If a Covered
Person becomes involved in any capacity in any action, proceeding or investigation in connection with any matter arising out of or in connection with this Agreement or the Partnership’s business or affairs, the Partnership shall reimburse such
Covered Person for its reasonable legal and other expenses (including the cost of any investigation and preparation) as they are incurred in connection therewith; provided that such Covered Person shall provide the Partnership with an undertaking to
promptly repay to the Partnership the amount of any such reimbursed expenses paid to it if it shall ultimately be determined by a court order of final adjudication that such Covered Person was not entitled to be indemnified by the Partnership in
connection with such action, proceeding or investigation. If for any reason (other than by reason of the exclusions from indemnification set forth above) the foregoing indemnification is unavailable to such Covered Person, or insufficient to hold it
harmless, then the Partnership shall, to the fullest extent permitted by law, contribute to the amount paid or payable by such Covered Person as a result of such loss, claim, damage, liability or expense in such proportion as is appropriate to
reflect the relative benefits received by the Partnership on the one hand and such Covered Person on the other hand or, if such allocation is not permitted by applicable law, to reflect not only the relative benefits referred to above but also any
other relevant equitable considerations. 
 (ii) The provisions of this Section 8.1 shall survive the termination of
this Agreement or the dissolution of the Partnership for any reason. 
 (c) No Limited Partner shall have any obligation to the Partnership
or any other Partner to bring or join in any action against any Covered Person pursuant to Section 8.1(a) or (b) hereof. Nothing contained in this Section 8.1 shall be construed as any waiver of insurance claims or recoveries by the
Partnership or any Covered Person. 

  
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 (d) Each Partner covenants for itself, its successors, assigns, heirs and personal
representatives that such Person will, at any time prior to or after the dissolution of the Partnership, on demand, whether before or after such Person’s withdrawal from the Partnership, pay to the Partnership or the General Partner any amount
which the Partnership or the General Partner, as the case may be, pays in respect of taxes (including withholding taxes) imposed upon income of or distributions to such Partner, to the extent that such amounts have not been withheld from amounts
otherwise distributable to such Partner. 
 (e) Notwithstanding anything else contained in this Agreement, the obligations of the Partnership
and each Partner (except the under this Section 8.1, respectively, shall: 
 (i) be in addition to any liability which
the Partnership or such Partner may otherwise have; and 
 (ii) inure to the benefit of the Covered Persons, and any
successors, assigns, heirs and personal representatives of such Covered Persons. 
 (f) The General Partner may cause the Partnership to
purchase, at the Partnership’s expense, insurance to insure the Covered Persons against liability hereunder. 
 (g) Each Limited Partner
hereby agrees to indemnify, defend and hold harmless the Partnership and the General Partner from and against any and all Indemnified Losses caused by or arising from the acts or omissions of such Limited Partner. 

8.2 Exclusive Jurisdiction. To the fullest extent permitted by applicable law, each of the Partners hereby agrees that any claim,
action or proceeding by such Partner seeking any relief whatsoever against any Covered Person based on, arising out of, or in connection with this Agreement or the Partnership’s business or affairs shall be brought only in the state or federal
courts sitting in Wilmington, Delaware and not in any other court. 

  
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 ARTICLE IX 

BOOKS AND RECORDS 
 9.1 Books
and Accounts. Complete and accurate books and accounts shall be kept and maintained for the Partnership at the principal place of business of the Partnership, as determined by the General Partner. Each Partner may, in the discretion of the
General Partner, at all reasonable times have access to, and may inspect and, make copies of, such books and accounts. Consistent with the limitations set forth in Section 7.1 of the Eclipse Resources Partnership Interest, no Limited Partners
shall have any right to review, inspect or copy (a) Schedule I or Exhibit 2.1 to the Eclipse Resources Partnership Agreement, (b) the Schedule of Partners, (c) the Class C Unit Grant Agreement of any Limited Partner other than such
Limited Partner, or (d) the Partnership’s tax returns or any other Limited Partner’s Schedule K-1. Funds of the Partnership shall be deposited in the name of the Partnership in such bank or
other account or accounts as the General Partner may designate and withdrawals therefrom shall be made upon such signature or signatures on behalf of the Partnership as the General Partner may designate. 

9.2 Reports to Partners. 

(a) All reports provided to the Partners pursuant to this Section shall be prepared on such basis as the General Partner determines will
appropriately reflect the operations and assets of the Partnership. 
 (b) The “tax matters partner,” as such term is defined in
Section 6231(a)(7) of the Code shall be the General Partner and shall have the rights provided in Exhibit B. 
 (c) The
Partnership will furnish to each Limited Partner the tax reporting information provided in Exhibit B. 
 ARTICLE X 

TRANSFERABILITY OF A PARTNER’S INTEREST 

10.1 Restrictions on Transfer. 

(a) Other than in connection with a Permitted Transfer, no Transfer of all or any portion of such Partner’s Interest (including all or
some of its rights or obligations hereunder) may be made without the prior written consent of the Partnership (which consent may be granted or withheld in the sole discretion of the General Partner). Further, no Transfer of all or any portion of a
Partner’s Interest may be made to the extent that such Transfer would (i) result in the Partnership being subject to regulation under the Investment Company Act, (ii) result in the taxation of the Partnership at the entity level,
(iii) result in the Partnership’s assets being deemed “plan assets” for the purposes of Section 4975 of the Code or ERISA or (iv) have a material adverse effect for tax purposes on any other Partner (as determined by
the General Partner in its reasonable discretion), unless such Transfer is consented to by such adversely-effected Partner. 
 (b) No
Transfer shall relieve the transferor of any of its obligations under this Agreement or its Contribution Agreement without the prior written consent of the Partnership (which consent may be granted or withheld in the sole discretion of the General
Partner). 

  
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 (c) Each Partner shall be liable to the other Partners if a Transfer of any of the interests in
the entity or entities of which such Partner is composed, including, but not limited to, any Transfer of economic or beneficial interest resulting from any reorganization or restructuring of the entity or entities of which such Partner is composed,
(i) results in the Partnership being subject to regulation under the Investment Company Act, (ii) results in the taxation of the Partnership at the entity level, (iii) results in the Partnership’s assets being deemed “plan
assets” for the purposes of Section 4975 of the Code or ERISA or (iii) violates any provision of this Agreement. 
 (d) It is
acknowledged that the Eclipse Resources Partnership Agreement includes numerous restrictions on the transferability of the Class C Units (including, without limitation, Section 9.1(c) thereof). It is contemplated that, concurrently with the
execution of the initial Contribution Agreements, Eclipse Resources will consent to the contribution of the Class C Units to the Partnership. Notwithstanding anything in this Agreement to the contrary, the Limited Partners will be subject to any
additional restrictions on their right to transfer all or any portion of their Interest that are imposed by the General Partner from time to time (and no attempted Transfer in violation thereof will be a Permitted Transfer). 

10.2 Expenses of Transfer; Indemnification. All expenses, including attorneys’ fees and expenses, incurred by the General Partner
or the Partnership in connection with any Transfer shall be fully borne, jointly and severally, by the transferring Partner and such Partner’s transferee. In addition, such transferring Partner and such transferee shall indemnify the
Partnership and the General Partner in a manner satisfactory to the General Partner, in its sole discretion, against any losses, claims, damages, liabilities or expenses to which the Partnership or the General Partner may become subject arising out
of or based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Partner or such transferee in connection with such Transfer. 

10.3 Recognition of Transfer. 

(a) The Partnership shall not recognize for any purpose any purported Transfer of any Interest (including some or all of its rights or
obligations hereunder) and no Transferee of any Interest shall be admitted as a Limited Partner hereunder unless: 
 (i) the
applicable provisions of this Agreement shall have been complied with; 
 (ii) the Partnership shall have been furnished with
the documents effecting such Transfer, in form and substance reasonably satisfactory to the General Partner, executed and acknowledged by both transferor and the transferee; 

(iii) such Transfer shall have been made in accordance with all applicable laws and regulations and all necessary governmental
consents shall have been obtained and requirements satisfied; 
 (iv) the books and records of the Partnership shall have
been changed by the General Partner to reflect the admission of such transferee; and 

  
 22 

 (v) such Transfer will not cause a termination of the Partnership for Federal
income tax purposes. 
 (b) Each transferee, as a condition to the Partnership’s recognition of such Transfer, shall execute and
acknowledge such instruments, in form and substance reasonably satisfactory to the General Partner, as the General Partner may deem necessary or desirable in its sole discretion to effectuate such Transfer and to confirm the agreement of such
transferee to be bound by all the terms and provisions of this Agreement with respect to any rights and/or obligations represented by the Interest acquired by such transferee. The recognition of any Transfer shall not require the approval of any
other Partner. 
 10.4 Effect of Transfer. Notwithstanding any other provision of this Agreement or the Act to the contrary, to the
fullest extent possible pursuant to applicable law, upon the Transfer by a Partner of all of such Partner’s Interest such former Partner shall have no further right as a Partner under this Agreement, including, without limitation, any right to
vote on any matter regarding the Partnership and the Partnership may act without any consent, approval or vote theretofore required to be obtained from such Partner (provided, however, that the Partnership shall still be required to obtain any
required consent, approval or vote from the remaining Partners). Upon a Transfer by a Limited Partner of all or any portion of its Interest in accordance with the provisions of this Agreement, the transferee shall be admitted as a substitute Limited
Partner effective as of the time of the Transfer, upon its compliance with the applicable provisions of this Agreement. In the case of a Transfer of only a portion of a Limited Partner’s Interest, the transferor and transferee will allocate the
Specific Class C Units that will be attributable to both of them following such Transfer. 
 10.5 Preemptive Rights. No Limited
Partner will have any pre-emptive rights to purchase any Interests to be issued by the Partnership. 
 ARTICLE XI 

DISSOLUTION 
 11.1 Events of
Dissolution. 
 (a) The Partnership shall be dissolved upon the first to occur of: 

(i) at the General Partner’s election, the sale or other disposition of all or substantially all of the assets of the
Partnership and the collection of the proceeds therefrom; 
 (ii) the removal of the General Partner or the occurrence of any
other event that causes the General Partner to cease to be the general partner of the Partnership under the Act, unless the Partnership is continued without dissolution in accordance with the Act; 

(iii) at any time there are no limited partners of the Partnership, unless the Partnership is continued without dissolution in
accordance with the Act; and 
 (iv) the entry of a decree of judicial dissolution. 

  
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 (b) Following the dissolution of the Partnership, the General Partner shall liquidate the assets
of the Partnership (or, in the sole discretion of the General Partner, distribute such assets in kind to the Partners) as promptly as shall be practicable and in a commercially reasonable manner. The proceeds of such liquidation shall be applied in
the following order of priority: 
 (i) first, to the satisfaction (whether by payment or the reasonable provision for
payment) of debts and liabilities of the Partnership, including the establishment of any reserves that the General Partner may deem reasonably necessary to satisfy any contingent liabilities of the Partnership, and the satisfaction of the costs and
expenses of the dissolution and liquidation; and 
 (ii) then, to the Partners in accordance with Section 5.2 hereof.

 11.2 Cancellation of Certificate. Upon the dissolution of the Partnership and the completion of the winding up of the Partnership,
the Person acting as liquidating trustee shall cause the cancellation of the Certificate and shall take such other actions as may be necessary or appropriate to terminate the Partnership. Except as set forth in Section 11.4 or as otherwise
specifically provided for in this Agreement, upon cancellation of the Certificate in accordance with the Act, the Partnership and this Agreement shall terminate. 

11.3 Compliance With Timing Requirements of Regulations. If the Partnership is “liquidated” within the meaning of
Section 1.704-l(b)(2)(ii)(g) of the Regulations, distributions shall be made pursuant to this Article. In the sole discretion of the General Partner, a pro rata portion of the distributions that would otherwise be made to the General Partner
and the Limited Partners pursuant to the preceding sentence may be: 
 (a) distributed to a trust established for the benefit of the General
Partner and the Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent liabilities or obligations of the Partnership or of the General Partner arising out of or in
connection with the Partnership; provided that the assets of any such trust shall be distributed to the General Partner and the Limited Partners from time to time, in the reasonable discretion of the General Partner, in the same proportions as the
amount distributed to such trust by the Partnership would otherwise have been distributed to the General Partner and the Limited Partners pursuant to this Agreement; or 

(b) withheld to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any
installment obligations owed to the Partnership; provided that such withheld amounts shall be distributed to the General Partner and the Limited Partners as soon as practicable. 

11.4 Termination. Upon the cancellation of the Certificate of the Partnership in accordance with the Act, this Agreement shall
terminate other than Sections 8.1 and 14.12 hereof, which shall survive the termination of this Agreement or the dissolution of the Partnership for any reason. 

  
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 ARTICLE XII 

REPRESENTATIONS AND WARRANTIES 
 OF
THE LIMITED PARTNERS 
 12.1 General Representations and Warranties. As of the effective date of its admission to the Partnership,
each Limited Partner (as to itself only) represents and warrants to the Partnership and the other Partners as follows: 
 (a)
Organization; Existence. Such Limited Partner, if such Limited Partner is an entity, is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation. 

(b) Power; Qualification. Such Limited Partner has full power and authority to execute and deliver this Agreement and the other
Investment Documents to which it is a party and to perform its obligations hereunder and thereunder, and the execution and delivery by such Limited Partner of this Agreement and the other Investment Documents to which it is a party, and the
performance of all obligations hereunder and thereunder have been duly authorized by all necessary action. 
 (c) Authority;
Enforceability. This Agreement and each other Investment Document to which such Limited Partner is a party has been duly and validly executed and delivered by such Limited Partner and, assuming due execution and delivery of this Agreement by the
other parties hereto, constitutes the binding obligation of such Limited Partner enforceable against such Limited Partner in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization
or similar Laws affecting creditors’ rights generally, and by principles of equity. 
 (d) No Conflicts. The execution, delivery,
and performance by such Limited Partner of this Agreement and the other Investment Documents to which such Limited Partner is a party will not, with or without the giving of notice or the lapse of time, or both, (i) violate any provision of law
to which such Limited Partner is subject, (ii) violate any order, judgment, or decree applicable to such Limited Partner or (iii) conflict with, or result in a breach or default under, any term or condition of its certificate of
incorporation or by-laws, certificate of limited partnership or partnership agreement, certificate of formation or limited liability company agreement, or trust agreement, as applicable, or any material agreement or instrument to which such Limited
Partner is a party. No consent, approval, authorization or order of any court or governmental agency or authority or of any third party which has not been obtained is required in connection with the execution, delivery and performance by such
Limited Partner of this Agreement and any of the other Investment Document to which it is a party. 
 (e) Investment Matters. Such
Limited Partner is acquiring its Interest in the Partnership for its own account, for investment purposes, and not with a view to or in connection with the resale or other distribution of such Interest in violation of applicable securities laws.
Such Limited Partner understands and agrees that its Interest has not been registered under the Securities Act and is a “restricted security.” 

  
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 (f) Partnership Agreement. Such Limited Partner understands that the Interest acquired by
it shall, upon issuance by the Partnership, without any further action on the part of the Partnership or such Person, be subject to the terms, conditions and restrictions contained in this Agreement including all amendments, modifications and
restatements thereof made in accordance with this Agreement. 
 (g) No Brokers. Neither such Limited Partner nor any of its Affiliates
has employed or retained any broker, agent or finder in connection with this Agreement or the transactions contemplated herein, or paid or agreed to pay any brokerage fee, finder’s fee, commission or similar payment to any Person on account of
this Agreement or the transactions provided for herein which fee, commission or payment will constitute an obligation payable by the Partnership or any other Partner; and such Limited Partner shall indemnify and hold harmless the Partnership and the
other Partners from any costs, including attorneys’ fees, and liability arising from the claim of any broker, agent or finder employed or retained by such Limited Partner in connection with the Partnership or this Agreement. 

(h) Survival of Representations and Warranties. All representations and warranties made by each of the Limited Partners in this
Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement regardless of any investigation made by or on behalf of any such party. 

12.2 Compliance with International Trade Control Laws and OFAC Regulations. Each Limited Partner, by executing this Agreement,
represents, warrants and, as applicable, covenants to the General Partner and the Partnership, that he is not now nor shall be at any time during the term of this Agreement a person with whom a U.S. person, including a Financial Institution, is
prohibited from transacting business of the type contemplated by this Agreement, whether such prohibition arises under U.S. law, regulation, executive orders and lists published by the federal Office of Foreign Asset Control
(“OFAC”) (including those executive orders and lists published by OFAC with respect to Specially Designated Nationals and Blocked Persons, both as designated by OFAC) or otherwise. 

12.3 Compliance with Other Laws. 

(a) Each Limited Partner, by executing this Agreement, further represents, warrants and, as applicable, covenants to the General Partner and
the Partnership that he (1) is not under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities, any crimes which in the United States would
be predicate crimes to money laundering, or any violation of any Anti-Money Laundering Laws; (2) has not been assessed civil or criminal penalties under any Anti-Money Laundering Laws; and (3) has not had any of his funds seized or
forfeited in any action under any Anti-Money Laundering Laws. 
 (b) Each Limited Partner, by executing this Agreement, further represents,
warrants and, as applicable, covenants to the General Partner and the Partnership that he is in compliance with any and all applicable provisions of the Patriot Act. 

(c) Each Limited Partner agrees to cooperate with the General Partner in providing such additional information and documentation on such
Limited Partner’s legal or beneficial ownership, policies, procedures and sources of funds as the General Partner deems reasonably necessary or prudent to enable the General Partner to comply with Anti-Money Laundering Laws as now in existence
or hereafter amended. 

  
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 ARTICLE XIII 

NOTICES; POWER OF ATTORNEY 
 13.1
Method of Notice. All notices required to be delivered hereunder shall be in writing and must be delivered either by hand in person, by electronic mail, by facsimile transmission, by U.S. certified mail, return receipt requested or by
nationally recognized overnight delivery service (receipt request) and shall be deemed given when so delivered by hand (with written confirmation of receipt), sent by facsimile transmission (with confirmation of receipt of transmission from
sender’s equipment), transmitted by electronic mail (in a message to the electronic mail address given to the Partnership) or, if mailed by U.S. certified mail, three days after the date of deposit in the U.S. mail, or if delivered by overnight
delivery service when received by the addressee, in each case at the appropriate addresses set forth below (or to such other addresses as a party may designate for that purpose upon fifteen (15) days’ written notice to the other party).

 If to the Partnership or to the General Partner at: 

c/o Eclipse Management GP, LLC 

2121 Old Gatesburg Road, Suite 110 

State College, Pennsylvania 16803 

Attn: Christopher K. Hulburt 
 If
to a Limited Partner, to such Limited Partner at such Limited Partner’s address for notice purposes as set forth on its signature page to this Agreement. 

13.2 Routine Communications; Wire Transfers. Notwithstanding the provisions of Section 13.1 hereof, routine communications such as
financial statements of the Partnership may be sent by first-class mail, postage prepaid, or by facsimile or electronic transmission. The Partnership shall, in the discretion of the General Partner, cause cash distributions to be made by means of
wire transfer to any Partner who requests the same and who provides the Partnership with wire transfer instructions or by such other electronic means as are agreed to by the Partnership and such Partner. 

13.3 Power of Attorney. Without limiting the rights of the Limited Partners pursuant to Section 6.2, each Limited Partner does
hereby constitute and appoint the General Partner, and any officer of the General Partner acting on its behalf from time to time, as such Limited Partner’s true and lawful representative and attorney-in-fact, in its name, place and stead to
make, execute, sign, deliver and file (a) any amendment to the Certificate required by the Act because of an amendment to this Agreement or in order to effectuate any change in the Partners of the Partnership, (b) any amendment to this
Agreement permitted to be made by the General Partner pursuant to Section 14.2 hereof; provided, however, that if such amendment is stated in Section 14.2 hereof to be an amendment which requires the prior written consent (or other
specified approval) of the affected Limited Partner, then the approval of either the Required Holders or all of the Limited Partners, as the case may be, must be obtained, and (c) all such other instruments, documents and certificates which may
from time to time be required by the 

  
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laws of the United States of America, the State of Delaware or any other state, or any political subdivision or agency thereof, to effectuate, implement and continue the valid and subsisting
existence of the Partnership and its power to carry out its purposes as set forth in this Agreement or to dissolve and terminate the Partnership in accordance with the Act. The General Partner shall deliver a copy of each document executed pursuant
to this power of attorney to each Partner in whose name such document was executed. Insofar as possible pursuant to applicable law, the power of attorney granted hereby is irrevocable. This power of attorney is coupled with an interest and shall
survive the subsequent incapacity, disability or dissolution of the Limited Partner granting such power. 
 ARTICLE XIV 

GENERAL PROVISIONS 
 14.1
Entire Agreement. This Agreement and the applicable Contribution Agreements constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof, and supersede any prior agreement or understanding
among the parties hereto with respect to the subject matter hereof or thereof. 
 14.2 Amendment. Except as required by law, this
Agreement may be amended by the General Partner, from time to time, with the prior written consent of the Required Holders; provided, however, that amendments which do not adversely affect the Limited Partners or the Partnership in any material
respect, as determined by the General Partner in its sole and reasonable discretion, may be made to this Agreement and the Certificate, from time to time, by the General Partner without the prior written consent of any of the Limited Partners, to:
(a) admit any Person to the Partnership as a Limited Partner pursuant to the terms of this Agreement; (b) amend any provision of this Agreement and the Certificate which requires any action to be taken by or on behalf of the General
Partner or the Partnership pursuant to requirements of Delaware law if the provisions of Delaware law are amended, modified or revoked so that the taking of such action is no longer required; (c) add to the representations, duties or
obligations of the Partnership or the General Partner, or to surrender any right granted to the Partnership or the General Partner herein, for the benefit of the Limited Partners; (d) correct any clerical mistake herein or in the Certificate or
correct any printing, stenographic or clerical errors, or omissions, which shall not be inconsistent with the provisions of this Agreement or the status of the Partnership as a partnership for federal income tax purposes; (e) change the name of
the Partnership or to make any other change which is for the benefit of, or not adverse to the interests of, the Limited Partners; and (f) make any other modifications that are necessary or convenient in connection with any Internal Restructure
of Eclipse Resources. 
 14.3 Approvals. Except as otherwise specifically provided herein and to the extent permitted by applicable
law, each Partner agrees that the written approval of Partners holding the required Percentage Interests shall bind the Partnership and each Partner and shall have the same legal effect as the written approval of each Partner, for purposes of
granting the approval of the Partners with respect to any proposed action of the Partnership, the General Partner, or any of their respective Affiliates. Each Limited Partner further agrees that for purposes of any vote sought by the General Partner
pursuant to any provision of this Agreement requiring the approval of the Limited Partners (whether pursuant to an amendment or otherwise), in calculating the percentage required for such approval, the numerator and denominator will include the
Percentage Interest of any Limited Partner who does not indicate approval or disapproval of any 

  
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matter presented for its approval within such time period as may be specified by the General Partner (which time period in any event will not be less than 10 Business Days), and such Limited
Partner will be deemed for purposes of this Agreement to have indicated approval of such matter. 
 14.4 Governing Law. This
Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without giving effect to the provisions, policies or principles thereof relating to choice or conflict of laws. 

14.5 Captions. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement. 
 14.6 Successors. Except as otherwise provided herein, this Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective legal representatives, heirs, successors and assigns. 
 14.7
Severability. In case any one or more of the provisions contained in this Agreement or any application thereof shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein and other application thereof shall not in an way be affected or impaired thereby. 
 14.8 Gender and Number.
Whenever required by the context hereof, the singular shall include the plural and the plural shall include the singular. The masculine gender shall include the feminine and neuter genders. 

14.9 Third-Party Rights. Each Covered Person shall be deemed a third party beneficiary of the provisions of Article VIII hereof.
Subject to the foregoing, nothing in this Agreement shall be deemed to create any right in any Person not a party hereto and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third party
(except as aforesaid). 
 14.10 Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an
original, but all of which, when taken together, shall constitute but one instrument. 
 14.11 Duties. To the fullest extent
permitted by law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement a Person is permitted or required to make a
decision (a) in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, such Person shall be entitled to consider only such interests and factors as it desires, including its own interests,
and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Partnership or any other Person, or (b) in its “good faith” or under another express standard, such Person shall act under such
express standard and shall not be subject to any other or different standard. The General Partner shall not be liable in any circumstance to the Partnership or any Partner for its good faith reliance on the provisions of this Agreement or its good
faith exercise of its authority hereunder. Except as expressly set forth in this Agreement or included as a mandatory, non-waivable requirement of the Act, neither the General Partner nor any other Covered Person shall have any duties or
liabilities, including 

  
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fiduciary duties, to the Partnership or any Limited Partner, and the provisions of this Agreement, to the extent that they restrict, eliminate or otherwise modify the duties and liabilities,
including fiduciary duties, of the General Partner or any other Covered Person otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of the General Partner or such other Covered Person. 

14.12 Confidentiality. Unless otherwise approved in writing by the General Partner, each Limited Partner agrees to keep confidential,
and not to make any use of (other than for purposes reasonably related to its Interest in the Partnership or for purposes of filing such Limited Partner’s tax returns or for other routine matters required by law) nor to disclose to any Person,
any information or matter relating to the Partnership and its affairs and any information or matter related to Eclipse Resources (other than disclosure to such Limited Partner’s owners, employees, agents, advisors or representatives (each such
Person being hereinafter referred to as an “LP Authorized Representative”), except that a Person who is not subject to the direction or control of such Limited Partner will not constitute an LP Authorized Representative unless such
Person shall agree for the benefit of the Partnership and the General Partner to be bound by a confidentiality undertaking on substantially the same terms as set forth in this Section 14.12); provided that such Limited Partner and its LP
Authorized Representatives may make such disclosure to the extent that (i) the information being disclosed is publicly known at the time of any proposed disclosure by such Limited Partner or LP Authorized Representative, (ii) the
information subsequently becomes publicly known through no act or omission of such Limited Partner or LP Authorized Representative, (iii) the information otherwise is or becomes legally known to such Limited Partner other than through
disclosure by the General Partner or the Partnership, (iv) such disclosure, in the reasonable opinion of legal counsel (which may be inside counsel) of such Limited Partner or LP Authorized Representative, is required by law or (v) such
disclosure is in connection with any litigation or other proceeding between any Limited Partner and the General Partner and/or the Partnership; provided, further, that each Limited Partner will be permitted, after notice to the General Partner, to
correct any false or misleading information which may become public concerning such Limited Partner’s relationship to the General Partner, the Partnership, or Eclipse Resources. Prior to making any disclosure required by law, each Limited
Partner shall notify the General Partner of such disclosure and advise the General Partner as to the opinion referred to above. Prior to any disclosure to any LP Authorized Representative, each Limited Partner shall advise such LP Authorized
Representative of the obligations set forth in this Section 14.12, inform such LP Authorized Representative of the confidential nature of such information and direct such LP Authorized Representative to keep all such information in the
strictest confidence and to use such information only for purposes relating to such Limited Partner’s Interest. 
 14.13
Non-Disparagement. Each Limited Partner agrees not to disparage or provide information or assistance to others to disparage, the Partnership, the General Partner, the principals of the General Partner, Eclipse Resources or its or their
Affiliates. For purposes of this agreement, the term “disparage” (a) includes comments or statements to the press (whether on or off the record), other limited partners, potential investors, sources of investors or any individual or
entity with whom General Partner or its affiliates have or may reasonably expect to have a business relationship that would reasonably be expected to have an adverse effect on, or that is intended to or does damage to the good will of: the
Partnership, the General Partner, the principals of the General Partner, Eclipse Resources or its or their Affiliates; but (b) does not include any communication made by any Limited Partner when compelled by applicable law. 

  
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 14.14 Jurisdiction and Service of Process. THE PARTNERSHIP AND EACH PARTNER HEREBY CONSENT
TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN WILMINGTON, DELAWARE AND IRREVOCABLY AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE APPLICABLE CONTRIBUTION AGREEMENT(S) BETWEEN THE PARTNERSHIP
AND SUCH PARTNER, AND ALL OTHER DOCUMENTS OR TRANSACTIONS AND ANY OTHER DEALINGS BETWEEN THE PARTNERSHIP AND SUCH PARTNER RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF WHICH MAY BE LITIGATED, MAY BE LITIGATED IN SUCH COURTS. EACH OF THE
PARTNERSHIP AND EACH PARTNER ACCEPTS FOR SUCH PARTY AND IN CONNECTION WITH SUCH PARTY’S PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES
TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION HEREWITH OR THEREWITH. EACH OF THE PARTNERSHIP AND EACH PARTNER HEREBY IRREVOCABLY CONSENTS TO THE FULLEST EXTENT PERMITTED BY LAW TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED
COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF, BY CERTIFIED MAIL (RETURN RECEIPT REQUESTED), TO SUCH PARTY AT ITS ADDRESS AS SET FORTH IN SECTION 13.1 HEREOF, SUCH SERVICE TO THE FULLEST EXTENT PERMITTED BY LAW TO BE
DEEMED EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF ANY PARTY TO BRING PROCEEDINGS AGAINST ANY OTHER PARTY IN THE COURTS
OF ANY OTHER JURISDICTION. 
 14.15 Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTNERSHIP AND EACH
PARTNER HEREBY WAIVES SUCH PARTY’S RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE APPLICABLE CONTRIBUTION AGREEMENT(S) BETWEEN THE PARTNERSHIP AND SUCH PARTNER, AND ALL OTHER DOCUMENTS OR
TRANSACTIONS AND ANY OTHER DEALINGS BETWEEN THE PARTNERSHIP AND SUCH PARTNER RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF. EACH OF THE PARTNERSHIP AND THE PARTNER ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR
THIS WAIVER, BE REQUIRED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE PARTNERSHIP AND EACH PARTNER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTY’S DECISION TO ENTER INTO A BUSINESS
RELATIONSHIP, THAT EACH PARTY HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT, THE APPLICABLE CONTRIBUTION AGREEMENT(S) BETWEEN THE PARTNERSHIP AND SUCH PARTNER AND ALL OTHER DOCUMENTS OR TRANSACTIONS AND ANY OTHER DEALINGS BETWEEN
THE PARTNERSHIP AND SUCH PARTNER RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF AND 

  
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THAT EACH PARTY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH OF THE PARTNERSHIP AND EACH PARTNER FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS
WAIVER WITH SUCH PARTY’S LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES SUCH PARTY’S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING, AND THAT THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, THE APPLICABLE CONTRIBUTION AGREEMENT(S) BETWEEN THE PARTNERSHIP AND SUCH PARTNER AND ALL OTHER DOCUMENTS
OR TRANSACTIONS AND ANY OTHER DEALINGS BETWEEN THE PARTNERSHIP AND SUCH PARTNER RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

[SIGNATURE PAGES FOLLOW] 

  
 32 

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

	
	THE GENERAL PARTNER:
	
	ECLIPSE MANAGEMENT GP, LLC,a Delaware limited liability company
	
	By:                                     
                                         
                
	Name:                                     
                                         
           
	Title:                                     
                                         
             
	
	THE LIMITED PARTNERS:
	
	 Each person who shall sign a Limited Partner

Signature Page in the form attached hereto as
 Exhibit A
and whose signature page hereto shall be
 accepted by the Partnership.

 [Signature Page to the Limited Partnership Agreement of 

Eclipse Management, L.P.] 

  

 EXHIBIT A 

LIMITED PARTNER SIGNATURE PAGE TO PARTNERSHIP AGREEMENT 

(INDIVIDUAL) 
 The
undersigned, desiring to become a Limited Partner of the Partnership, hereby agrees to all of the terms and provisions of the Limited Partnership Agreement of Eclipse Management, L.P. (as amended, the “Partnership Agreement”), and
agrees that this Limited Partner Signature Page, together with all other Limited Partner Signature Pages, is hereby incorporated into the said Partnership Agreement. The undersigned hereby joins and executes the said Partnership Agreement, hereby
authorizing this Limited Partner Signature Page to be attached thereto. The place of residence or principal business address of the undersigned is as shown below. 

IN WITNESS WHEREOF, the undersigned has executed this Limited Partner Signature Page to the Partnership Agreement as of the date set forth
hereinafter. 
  

			
	INDIVIDUAL LIMITED PARTNER:	  	Date:                                     
                                         
                                  
		
	1.                                      
                                         
                                         
     	  	2.                                      
                                         
                                        

	 (Signature)
	  	 (Social Security Number)

		
	
3.                         
                                         
                                         
                  
 (Printed Name)
	  	 4.      c/o Eclipse Management GP, LLC

         2121 Old Gatesburg Road, Suite 110 

         State College, Pennsylvania
16803

		  	 (Mailing Address)

  

	
	ACCEPTED this      day of            , 2014
	
	ECLIPSE MANAGEMENT GP, LLC
	
	By:                                     
                                         
           
	Name:                                     
                                         
     
	Title:                                     
                                         
       

  
 Exhibit A 

 EXHIBIT B 

ALLOCATIONS OF PROFITS AND LOSSES 

AND 
 OTHER TAX
MATTERS 
 TABLE OF CONTENTS 
  

					
	 ARTICLE I. TAX DEFINITIONS
	  	 	B – 1	  
	 Section 1.1 Definitions
	  	 	B – 1	  
	 ARTICLE II. ALLOCATIONS OF PROFITS AND LOSSES
	  	 	B – 6	  
	 Section 2.1 Allocation of Book Items
	  	 	B – 6	  
	 Section 2.2 Allocation of Tax Items
	  	 	B – 9	  
	 Section 2.3 Allocations of Profit and Losses and Distributions in Respect of Interests Transferred
	  	 	B – 11	  
	 ARTICLE III. OTHER TAX MATTERS
	  	 	B – 11	  
	 Section 3.1 Tax Elections
	  	 	B – 11	  
	 Section 3.2 Tax Matters Partner
	  	 	B – 12	  
	 Section 3.3 Inconsistent Treatment of Partnership Items
	  	 	B – 13	  
	 Section 3.4 Tax Returns
	  	 	B – 13	  

 ARTICLE I. 

TAX DEFINITIONS 

Section 1.1 Definitions. All capitalized terms used herein shall have the meanings assigned to them in the Limited Partnership
Agreement of Eclipse Management, L.P. dated as of May     , 2014 (the “Agreement”) to which this Exhibit is attached, or as follows: 

(a) Adjusted Capital Account Deficit 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Capital
Account as of the end of the relevant Allocation Year, after giving effect to the following adjustments: 
 (i) Credit to such Capital
Account any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii) Debit from such Capital Account the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and
1.704-1(b)(2)(ii)(d)(6). 

  
 Exhibit B - Page 1 

 The foregoing definition of “Adjusted Capital Account Deficit” is intended to comply
with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (b) Allocation Year

 “Allocation Year” means (i) the period commencing on the Effective Date and ending on December 31, 2014,
(ii) any subsequent period commencing on January 1 and ending on December 31 or (iii) any portion of the period described in clause (ii) above for which the Partnership is required to allocate Profits, Losses, and other
items of Partnership income, gain, deduction, losses and credits pursuant to Article II. 
 (c) Book Depreciation 

“Book Depreciation” means the depreciation, amortization, or other cost recovery deduction (excluding depletion with respect to
Depletable Property) allowable for federal income tax purposes to the Partnership for any Allocation Year with respect to any Partnership property except as calculated as set forth below (and to the extent applicable in a manner consistent with
section 1.704-3(d)(2) of the Regulations). To the extent consistent with such Regulations, Book Depreciation with respect to a Partnership property shall be equal to the amount that bears the same proportion to the Book Value of the Partnership
property as of the beginning of such Allocation Year (or the date of acquisition or contribution if the property is acquired or contributed during such Allocation Year) as the depreciation or amortization for federal income tax purposes for such
period bears to the property’s adjusted tax basis as of the beginning of such Allocation Year (or the date of acquisition if the property is acquired during such Allocation Year). If the property’s adjusted tax basis is equal to zero, the
amount of “Book Depreciation” allowable to the Partnership for any Allocation Year with respect to the Partnership property in question shall be determined under method selected by the General Partner. 

(d) Book Liability Value 

“Book Liability Value” means with respect to any liability of the Partnership described in Treasury Regulation
Section 1.752-7(b)(3)(i), the amount of cash that a willing assignor would pay to a willing assignee to assume such liability in an arm’s length transaction. The Book Liability Value of each liability of the Partnership described in
Treasury Regulation Section 1.752-7(b)(3)(i) shall be adjusted at such times as provided in this Agreement for an adjustment to Book Values; provided that such adjustments shall be made only if the General Partner reasonably determines that
such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership. 
 (e) Book/Tax
Disparity Property 
 “Book/Tax Disparity Property” shall mean any Partnership property that has a Gross Asset Value, which is
different from its adjusted tax basis to the Partnership. Thus, any property (other than cash) that is contributed to the capital of the Partnership by a Partner shall be a Book/Tax Disparity Property if its initial Gross Asset Value is not equal to
the Partnership’s initial tax basis in the property. In addition, once the Gross Asset Value of a Partnership property is adjusted to an amount other than is adjusted tax basis, the property shall thereafter be a “Book/Tax Disparity
Property”. 

  
 Exhibit B – Page 2

 (f) Gross Asset Value 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as
follows: 
 (i) the Gross Asset Value of all Partnership assets shall be adjusted to equal their respective gross fair market values as
reasonably determined by the General Partner upon (a) the acquisition of additional Partnership interests by a new or existing Partner in exchange for more than a de minimis capital contribution; (b) the distribution by the Partnership to
a Partner of more than a de minimis amount of Partnership assets in redemption of Partnership interests; (c) the date of the grant of a Partnership interest (other than a de minimis Partnership interest) as consideration for the provision of
services to or for the benefit of the Partnership by an existing Partner acting in a Partner capacity, or by a new Partner acting in a Partner capacity or in anticipation of becoming a Partner; or (d) the liquidation of the Partnership within
the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations; provided, however, that the adjustments pursuant to clauses (a), (b) and (c) above shall be made only if determined to be necessary by the General Partner; 

(ii) the Gross Asset Value of any Partnership asset distributed to any Partner shall be adjusted to equal the gross fair market value of such
asset on the date of distribution as agreed by the General Partner and the distributee Partner; 
 (iii) the Gross Asset Values of
Partnership assets will be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values will not be adjusted pursuant to this clause (iv) to the extent that an adjustment pursuant to the foregoing
clause (i) is made in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (iii); 
 (iv)
if the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to clauses (i) or (iii) above or (v) below, such Gross Asset Value shall be adjusted each Allocation Year by the Book Depreciation with respect
to such asset taken into account for purposes of computing Profits or Losses for such year; and 
 (v) the initial Gross Asset Value of any
property contributed by a Partner to the Partnership shall be the fair market value as of the date of the contribution as determined by the General Partner; provided, however, that in connection with contributions described in Section 3.1 of
the Agreement of the Class C Units, the Gross Asset Value shall be equal to the capital account balance attributable to the contributed Class C Units at the time of its contribution. 

(g) Nonrecourse Deductions 

“Nonrecourse Deductions” has the meaning set forth in sections 1.704-2(b)(1) and (c) of the Regulations. 

  
 Exhibit B – Page 3

 (h) Nonrecourse Liability 

“Nonrecourse Liability” of the Partnership shall mean any Partnership liability treated as a “nonrecourse liability” under
sections 1.704-2(b)(3) and 1.752-1(a)(2) of the Regulations. 
 (i) Nonrecourse Minimum Gain 

“Nonrecourse Minimum Gain” of the Partnership shall mean the amount of “minimum gain” of the Partnership that is
attributable to Nonrecourse Liabilities (as determined strictly in accordance with sections 1.704-2(d) and 1.704-2(k) of the Regulations). 

(j) Partially Adjusted Capital Account 

“Partially Adjusted Capital Account” means, with respect to each Allocation Year and with respect to each Partner during such year,
the Capital Account balance of such Partner at the beginning of such year, adjusted for all contributions and distributions during such year and all special allocations pursuant to Section 2.1(a) through (g) made to such Partner for such
year, but before giving effect to any allocations of Profits or Losses (or items thereof) for such year pursuant to Section 2.1(h). 

(k) Partner Nonrecourse Minimum Gain 

“Partner Nonrecourse Minimum Gain” of the Partnership shall mean the amount of “minimum gain” of the Partnership that is
attributable to Partner Nonrecourse Debt (as determined strictly in accordance with sections 1.704-2(i)(3) and 1.704-2(k)(5) of the Regulations). A Partner’s share of such “Partner Nonrecourse Minimum Gain” shall be calculated in
accordance with the provisions of section 1.704-2(i)(5) of the Regulations. 
 (l) Partner Nonrecourse Debt 

“Partner Nonrecourse Debt” shall mean any Partnership liability that is treated as “partner nonrecourse debt” under
section 1.704-2(b)(4) of the Regulations. 
 (m) Partner Nonrecourse Deductions 

“Partner Nonrecourse Deductions” of the Partnership shall mean any and all items of Book Depreciation and other expenses that are
treated as “partner nonrecourse deductions” under sections 1.704-2(i)(2) and (3) of the Regulations. 
 (n) Profits or Losses

 “Profits or Losses” means, for each Allocation Year, an amount equal to the Partnership’s taxable income or loss for such
year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or
loss), with the following adjustments: 
 (i) any income of the Partnership that is exempt from federal income tax and not otherwise taken
into account in computing Profits or Losses pursuant to this definition shall be added to such income or loss; 

  
 Exhibit B – Page 4

 (ii) the computation of all items of loss and deduction shall be made without regard to the fact
that items described in Section 705(a)(2)(B) of the Code or pursuant to Regulation Section 1.704-1(b)(2)(iv)(i) are neither currently deductible nor capitalized for federal income tax purposes; 

(iii) any income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the adjusted basis
of such property as of such date of disposition were equal in amount to the Partnership’s Gross Asset Value with respect to such property as of such date; 

(iv) in lieu of depreciation, amortization and other cost recovery deductions (excluding depletion with respect to Depletable Properties) taken
into account in computing taxable income or loss, there will be taken into account Book Depreciation for such year; 
 (v) if the Gross Asset
Value of any Partnership asset is adjusted under clause (ii) of the definition of Gross Asset Value, the amount of such adjustment will be taken into account as gain or loss from disposition of the asset for purposes of computing Profits or
Losses; 
 (vi) In the event the Book Liability Value of any liability of the Partnership described in Treasury Regulation
Section 1.752-7(b)(3)(i) is adjusted as required by this Agreement, the amount of such adjustment shall be treated as an item of loss (if the adjustment increases the Book Liability Value of such liability of the Partnership) or an item of gain
(if the adjustment decreases the Book Liability Value of such liability of the Partnership) and such items, and any other items relating to Book Liability Values determined by the General Partner to be appropriate in determining Capital Accounts,
shall be taken into account for purposes of computing Profits or Losses; 
 (vii) To the extent an adjustment to the adjusted tax basis of
any asset pursuant to Section 734(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other than in
liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the
disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and 
 (viii) any items which are
specially allocated pursuant to the provisions of Section 2.1(a) through (g) shall not be taken into account in computing Profits or Losses. 

(o) Target Capital Account 

“Target Capital Account” means, with respect to each Allocation Year and with respect to each Partner during such year, the amount
(which may be either a positive or a deficit balance) equal to the difference between (i) the amount of the hypothetical distribution (if any) that such Partner would receive if, on the last day of such year, (x) all Partnership assets,
including cash, were sold for cash equal to their Gross Asset Value, taking into account any adjustments thereto for such year, (y) all Partnership liabilities were satisfied in cash according to their terms (limited, with respect to each
Nonrecourse Liability or Partner Nonrecourse Debt, to the Gross Asset Value of the assets securing such liability), and (z) the net proceeds thereof (after satisfaction of such liabilities) were distributed in full pursuant to
Section 8.2(a) of the 

  
 Exhibit B – Page 5

 
Agreement and (ii) the sum of (x) the amount, if any, without duplication, that such Partner would be obligated to contribute to the capital of the Partnership pursuant to any provision
of this Agreement, if applicable, (y) such Partner’s share of Nonrecourse Minimum Gain determined pursuant to Section 1.704-2(g) of the Regulations, and (z) such Partner’s share of Partner Nonrecourse Minimum Gain determined
pursuant to Section 1.704-2(i)(5) of the Regulations, all computed immediately prior to the hypothetical sale described in clause (i) hereof. 

(p) Tax Depreciation 
 “Tax
Depreciation” for any Allocation Year shall mean the amount of depreciation, cost recovery or other amortization deductions allowable to the Partnership for Federal income tax purposes for such year. 

(q) Tax Matters Partner 

“Tax Matters Partner” shall mean the General Partner or any other Partner designated in Section 3.2(a) hereof as the “tax
matters partner,” for purposes of section 6231(a)(7) of the Code. 
 ARTICLE II. 

ALLOCATIONS OF PROFITS AND LOSSES 

Section 2.1 Allocation Of Book Items. Before the allocations of Profits or Losses (or items thereof) pursuant to
Section 2.1(h), the following special allocations shall be made in the following order: 
 (a) Pursuant to section 1.704-2(f) of the
Regulations (relating to minimum gain chargebacks), if there is a net decrease in Nonrecourse Minimum Gain of the Partnership for the Allocation Year (or if there was a net decrease in Nonrecourse Minimum Gain for a prior Allocation Year and the
Partnership did not have sufficient amounts of income or gain during the Allocation Year to allocate to the Partners under this Section 2.1(a)), then items of Partnership income or gain shall be allocated, before any other allocation is made
pursuant to the succeeding provisions of this Section 2.1 for such year, to each Partner in proportion to, and to the extent of, the total net decrease in such Partner’s share of the Nonrecourse Minimum Gain (determined and adjusted in
accordance with the provisions of section 1.704-2(g) of the Regulations). 
 As provided in section 1.704-2(j) of the Regulations, income of
the Partnership allocated for any Allocation Year under this Section 2.1(a) shall consist first of a pro rata portion of gain recognized from the disposition of Partnership property subject to a Nonrecourse Liability and discharge of
indebtedness income relating to the Nonrecourse Liability to which the Property is subject, with any remaining allocated income deemed to be made up of a pro rata portion of the Partnership’s other items of income and items of gain for such
year (provided that gain from the disposition of property which is subject to Partner Nonrecourse Debt and discharge of indebtedness income relating to the Partner Nonrecourse Debt to which the Property is subject shall be allocated under this
Section 2.1(a) only to the extent not allocated under Section 2.1(b) hereof). 

  
 Exhibit B – Page 6

 (b) Pursuant to section 1.704-2(i)(4) of the Regulations (relating to partner nonrecourse minimum
gain chargebacks), if there is a net decrease in Partner Nonrecourse Minimum Gain of the Partnership for such taxable year or other period (or if there was a net decrease in Partner Nonrecourse Minimum Gain for a prior taxable year or other period
and the Partnership did not have sufficient amounts of income during prior taxable year or other period to allocate to the Partners under this Section 2.1(b)), then items of Partnership income and gain shall be allocated, before any other
allocation is made pursuant to the succeeding provisions of this Section 2.1 for such taxable year, to the Partners with shares of such minimum gain as of the first day of such taxable year or other period in proportion to, and to the extent
of, such Partner’s share of the net decrease in such minimum gain all as provided under section 1.704-2(i)(4) of the Regulations. 
 As
provided in section 1.704-2(j) of the Regulations, income of the Partnership allocated for any taxable year or other period under this Section 2.1(b) shall consist first of a pro rata portion of gain recognized from the disposition of
Partnership property subject to Partner Nonrecourse Debt and discharge of indebtedness income relating to the Partner Nonrecourse Debt to which the Property is subject, with any remaining allocated income deemed to be made up of a pro rata portion
of the Partnership’s other items of income and other items of gain for such year (provided that items of gain from the disposition of property which is subject to a Nonrecourse Liability and discharge of indebtedness income relating to the
Nonrecourse Liability to which the Property is subject shall be allocated under this Section 2.1(b) only to the extent not allocated under Section 2.1(a) hereof). 

(c) The General Partner shall use all reasonable efforts to prevent any allocation from causing or increasing an Adjusted Capital Account
Deficit. Consistent therewith and pursuant to section 1.704-1(b)(2)(ii)(d) of the Regulations (relating to “qualified income offsets”), all Partnership income shall be allocated, after giving tentative effect to all other allocations to be
made pursuant to this Section 2.1 for the Allocation Year, proportionately among the Partners with Adjusted Capital Accounts Deficit (as determined after giving tentative effect to all other adjustments attributable to the allocations provided
for in this Section 2.1) in amounts and the manner sufficient to eliminate such deficit balances as quickly as possible. As provided in section 1.704-1(b)(2)(ii)(d) of the Regulations, Partnership income allocated hereunder for the Allocation
Year shall consist of a pro rata portion of each item of income for, and of gain occurring during, such year. 
 (d) In the event any Partner
has a deficit balance in its Capital Account at the end of any Allocation Year that is in excess of the amount such Partner is obligated to restore under this Agreement or pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and
1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income or gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 2.1(d) shall be made only if and to the
extent that such Partner would have a deficit Capital Account balance in excess of such amount after all other allocations provided in this Section 2.1 have been made as if Section 2.1(c) and this Section 2.1(d) were not contained in
this Agreement 
 (e) Any Partner Nonrecourse Deductions for any Allocation Year shall be specially allocated to the Partner who bears the
economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-2(i)(1). 

  
 Exhibit B – Page 7

 (f) For any Allocation Year, all Nonrecourse Deductions shall be allocated among the Partners in
proportion to their respective Distribution Percentages for such Allocation Year. As provided in section 1.704-2(j) of the Regulations, Nonrecourse Deductions allocated hereunder for any Allocation Year shall consist first of Book Depreciation with
respect to property which is subject to Nonrecourse Liability for such year with any remaining Nonrecourse Deductions deemed to be made up of a pro rata portion of the Partnership’s other deductions or losses for such year (provided that Book
Depreciation with respect to property which is subject to Partner Nonrecourse Debt shall be allocated under this Section 2.1(f) only to the extent not allocated under Section 2.1(e) hereof). 

(g) (i) To the extent any adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) of the Code or
Section 743(b) of the Code is required pursuant to section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts will be treated as an item of gain (if the
adjustment increased the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss will be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to
be adjusted pursuant to such Regulations Section. 
 (ii) Simulated Depletion for each Depletable Property and Simulated Loss upon the
Disposition of a Depletable Property shall be allocated among the Partners in proportion to their shares of the Simulated Basis in such property. 

(h) (i) For each Allocation Year, after giving effect to Sections 2.1(a) through (g), the rules set forth below in this Section 2.1(h)
shall apply for the purpose of determining each Partner’s allocable share of the items of income, gain, loss and deduction of the Partnership comprising Profits and Losses of the Partnership for such year and determining special allocations of
other items of income, gain, loss and deductions set forth below. 
 (ii) The items of income, gain, deduction and loss of the Partnership
comprising Profits or Losses for an Allocation Year shall be allocated among the persons who were Partners during such year in a manner that will reduce, proportionately, the differences between their respective Partially Adjusted Capital Accounts
and Target Capital Accounts for such year. No portion of the Losses for any Allocation Year shall be allocated to a Partner whose Target Capital Account is greater than or equal to its Partially Adjusted Capital Account for such year. No portion of
the Profits for any Allocation Year shall be allocated to any Partner whose Partially Adjusted Capital Account is greater than or equal to its Target Capital Account for such year. 

(iii) Determination of Items Comprising Allocations. 

(X) If the Partnership has a Profits for an Allocation Year, then, (A) for any Partner whose Partially Adjusted Capital Account balance
needs to be decreased pursuant to Section 2.1(h)(ii), the allocations required by Section 2.1(h)(ii) shall be comprised of a proportionate share (based on the relative amounts by which their Partially Adjusted Capital Accounts need to
reduced) of each of the Partnership’s items of deduction or loss entering into the computation of Profits for such year to the extent necessary to eliminate, to the maximum extent possible for such year, the differential between their
respective Partially Adjusted Capital Accounts and Target Capital Accounts, and (B) the allocations made pursuant to Section 2.1(h)(ii) in respect of each other Partner not described in the foregoing Section 2.1(h)(iii)(X)
(A) shall be comprised of a proportionate share (based upon the relative amounts by which their Partially Adjusted Capital 

  
 Exhibit B – Page 8

 
Accounts need to be adjusted) of each Partnership item of income, gain, deduction and loss entering into the computation of Profits for such year (other than the portion of each Partnership item
of deduction and loss, if any, allocated pursuant to Section 2.1(h)(iii)(X)(A) hereof). 
 (Y) If the Partnership has Losses for an
Allocation Year, then, (A) for any Partner whose Partially Adjusted Capital Account balance needs to be increased pursuant to Section 2.1(h)(ii) hereof, the allocations required by Section 2.1(h) shall be comprised of a proportionate
share (based on the relative amounts by which their Partially Adjusted Capital Accounts need to be increased) of each of the Partnership’s items of income or gain entering into the computation of Losses for such year to the extent necessary to
eliminate, to the maximum extent possible for such year, the difference between their respective Partially Adjusted Capital Accounts and Target Capital Accounts, and (B) the allocations made pursuant to Section 2.1(h)(ii) in respect of
each other Partner not described in the foregoing Section 2.1(h)(iii)(Y) (A) shall be comprised of a proportionate share (based upon the relative amounts by which their Partially Adjusted Capital Accounts need to be adjusted) of each
Partnership item of income, gain, deduction and loss entering into the computation of Losses, for such year (other than the portion of Partnership items of income or gain, if any, that is allocated pursuant to Section 2.1(h)(iii)(Y)
(A) above. 
 (Z) Notwithstanding anything to the contrary in this Section 2.1(h), the amount of Losses or items of Partnership
deduction and loss allocated pursuant to this Section 2.1(h) to any Partner shall not exceed the maximum amount of the Losses or such items that can be so allocated without causing such Partner to have an Adjusted Capital Account Deficit at the
end of any Allocation Year. All Losses or such items in excess of the limitation set forth in this Section 2.1(h)(iii)(Z) shall be allocated first to Partners who would not have an Adjusted Capital Account Deficit, pro rata in proportion to
their Capital Account balances as adjusted in accordance with subdivisions (i) and (ii) of the definition of Adjusted Capital Account Deficit, until no Partner would be entitled to any further allocation, and thereafter to all Partners in
accordance with the provisions of Section 1.704-1(b)(3) of the Regulations. 
 Section 2.2 Allocation Of Tax Items. 

(a) Except as otherwise provided in this Section 2.2 hereof, each Tax Item shall be allocated among the Partners in the same manner as
each correlative item of “book” income, gain, deduction or loss is allocated pursuant to the provisions of Section 2.1 hereof. 

(b) The Partners hereby acknowledge that all Tax Items in respect of Book/Tax Disparity Property are required to be allocated among the
Partners in the same manner as under section 704(c) of the Code (as specified in sections 1.704-1(b)(2)(iv)(f) and 1.704-1(b)(2)(iv)(g) of the Regulations) and that the principles of section 704(c) of the Code require that such Tax Items must be
shared among the Partners so as to take account of the variation between the adjusted tax basis and Gross Asset Value of each such Book/Tax Disparity Property. Thus, notwithstanding anything in Sections 2.1 or 2.2(a) hereof to the contrary, the
Partners’ distributive shares of Tax Items in respect of each Book/Tax Disparity Property shall be separately determined and allocated among the Partners in accordance with the principles of section 704(c) of the Code. Any elections or
decisions relating to allocations under this Section 2.2(b) will be made by the General Partner. For the avoidance of doubt, any tax items attributable to Book/Tax Disparity Property owned by Eclipse Resources shall be allocated among the
Partners that takes into account the Partner’s remaining share of built-in gain or built-in loss in accordance with the rules of Section 1.704-3(b)(9) of the Regulations. 

  
 Exhibit B – Page 9

 (c) For purposes of determining the nature (as ordinary or capital) of any item of income, gain
or Profits among the Partners for federal income tax purposes pursuant to Section 2.1 hereof, the portion of such profit required to be recognized as ordinary income pursuant to sections 1245 and/or 1250 of the Code shall be deemed to be
allocated among the Partners in the manner provided in Section 1.1245-1(e) or Section 1.1250-(f), as applicable. 
 (d) Subject to
the other provisions of this Section 2.2, “Tax Gain” shall mean the excess of (i) the amount realized by the Partnership in connection with the disposition of any Partnership property (as determined under section 1001 of the
Code) over the (ii) adjusted tax basis of such property at the time of disposition. 
 (e) “Excess nonrecourse liabilities” of
the Partnership, within the meaning of section 1.752-3(a)(3), shall be allocated first among the Partners in proportion to and to the extent of the amount of built-in gain that is allocable to each Partner with respect to property under
Section 704(c) of the Code (or reverse Section 704(c) allocations (as such term is defined in Section 1.704-3 of the Regulations) to the extent such gain exceeds the gain described in Section 1.752-3(a)(2) of the Regulations with
respect to the property and then among the Partners in proportion to their respective Distribution Percentages for the Allocation Year. For this purpose, and in accordance with Section 1.752-4(a) of the Regulations, the liabilities of Eclipse
Resources allocated to the Partnership shall be treated as liabilities of the Partnership for purposes of allocating the liabilities among the Partners. 

(f) All tax credits shall be allocated among the Partners as determined by the General Partner, consistent with applicable laws. 

(g) Partners shall be bound by the provisions of this Article II in reporting their distributive shares of Partnership items of increase, gain,
deduction, loss and credit. 
 (h) Cost and percentage depletion deductions with respect to property the production from which is subject to
depletion (herein sometimes called “Depletable Property”) shall be computed separately by the Partners rather than the Partnership. For purposes of such computations, the federal income tax basis of each Depletable Property shall be
allocated to each Partner in accordance with such Partner’s Capital Interest Percentage as of the time such Depletable Property is acquired by the Partnership, and shall be reallocated among the Partners in accordance with the Partners’
Capital Interest Percentages as determined immediately following the occurrence of an event giving rise to an adjustment to the Book Values of the Partnership’s Depletable Properties pursuant to clause (ii) of the definition of Book Value
(or at the time of any material additions to the federal income tax basis of such Depletable Property); provided however, that the federal income tax basis of each Depletable Property owned by Eclipse Resources at the time of the contribution of the
Class C Units to the Partnership pursuant to Section 3.1 shall be allocated among the Partners in the same amount and manner that the federal income tax basis was allocated to such Partner immediately prior to the contribution of that
Partner’s Class C Units, and for the avoidance of doubt, no reallocation of federal income tax basis of Depletable Property shall be required in connection with the contribution of the Class C Units to the Partnership pursuant to
Section 3.1 of the Agreement. Such allocations are intended to be applied in accordance with the “partners’ interests in partnership capital” under Section 613A(c)(7)(D) of the Code; provided that the Partners understand and
agree that the General Partner may authorize special allocations of tax basis, income, gain, deduction or loss, as computed for federal income tax purposes, in order to eliminate differences between Simulated

  
 Exhibit B – Page 10

 
Basis and adjusted federal income tax basis with respect to Depletable Properties, in such manner as determined consistent with the principles of Section 704(c) of the Code, the Treasury
Regulations thereunder and the portions of the Treasury Regulations under Section 704(b) of the Code that apply the principles of Section 704(c) of the Code. 

(i) For purposes of the separate computation of gain or loss by each Partner on the taxable Disposition of Depletable Property, the amount
realized from such Disposition shall be allocated (i) first, to the Partners in an amount equal to the Simulated Basis in such Depletable Property and in the same proportion as their shares thereof were allocated and (ii) second, any
remaining amount realized over the amount of Simulated Basis shall be allocated consistent with the allocation of Simulated Gains under Section 2.2(a), above; provided, however, that the Partners understand and agree that the General Partner
may authorize special allocations of tax basis, income, gain, deduction or loss, as computed for federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted federal income tax basis with respect to Depletable
Properties, in such manner as determined consistent with the principles of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations under Section 704(b) of the Code that apply the
principles of Section 704(c) of the Code. The provisions of this Section 2.2(i) and the other provisions of this Agreement relating to allocations under Section 613A(c)(7)(D) of the Code are intended to comply with Treasury Regulation
Section 1.704-1(b)(4)(v) and shall be interpreted and applied in a manner consistent with such Treasury Regulations. 
 (j) Each Partner
shall separately keep records of its share of the adjusted tax basis in each Depletable Property, adjust such share of the adjusted tax basis for any cost or percentage depletion allowable with respect to such property and use such adjusted tax
basis in the computation of its cost depletion or in the computation of its gain or loss on the disposition of such property by the Partnership. Upon the request of the Partnership, each Partner shall within thirty (30) days of a written
request by the Partnership advise the Partnership of its adjusted tax basis in each Depletable Property and any depletion computed with respect thereto, both as computed in accordance with the provisions of this subsection. The Partnership may rely
on such information and, if it is not provided by the Partner, may make such reasonable assumptions as it shall determine with respect thereto. 

Section 2.3 Allocations Of Profits And Losses And Distributions In Respect Of Partnership Interests Transferred. If any
Partnership Interest is Transferred, or is increased or decreased by reason of the admission of a new Partner or otherwise, during any taxable year, each Partner’s distributive share of Profits or Losses and each item of income, gain, deduction
or loss shall be determined by use of any method reasonably determined by the General Partner and permitted under Section 706(d) of the Code to account for the varying interests of the Partners. 

ARTICLE III. 
 OTHER TAX
MATTERS 
 Section 3.1 Tax Elections. 

(a) For tax purposes, the Partnership shall elect to use the calendar year as its taxable year and to report income and loss under the accrual
method of accounting. 

  
 Exhibit B – Page 11

 (b) For tax purposes, the Partnership shall elect to deduct expenses incurred in organizing the
Partnership ratably over a one hundred eighty (180) month period as provided in section 709 of the Code. 
 (c) For tax purposes, the
Partnership shall elect to treat all start-up expenditures as deferred expenses and to deduct such expenses over a one hundred eighty (180) month period as provided in section 195 of the Code. 

(d) For Federal income tax purposes, the Partnership shall compute depreciation under section 168 of the Code with respect to its items of real
property which are “recovery property” within the meaning of such section and for this purpose shall utilize the straight-line method. 

(e) In connection with any Transfer or other assignment of a Partnership Interest permitted by the terms and provisions of this Agreement or in
connection with the distribution of any Partnership property to a Partner, the General Partner shall, at the written request of the transferor, transferee or other successor or distributee, cause the Partnership at the time and in the manner
provided in section 1.754-1(b) of the Regulations (or any like statute or regulation then in effect), to make an election to adjust the basis of the Partnership’s property in the manner provided in sections 734(b) and 743(b) of the Code (or any
like statute or regulation then in effect). 
 (f) It is intended that the Partnership be classified as a partnership for Federal income tax
purposes. Accordingly, neither the Partnership nor any Partner shall file any election pursuant to sections 761 or 7701 of the Code or section 301.7701-3 of the Regulations or otherwise, the effect of which would cause the Partnership not to be
treated as a partnership for Federal income tax purposes. 
 (g) Except as otherwise expressly provided in this Exhibit B, any other
tax election or methods of accounting shall be made as determined by the General Partner in its sole discretion. 
 Section 3.2 Tax
Matters Partner. 
 (a) The General Partner is hereby designated the Tax Matters Partner of the Partnership pursuant to section 6231
(a)(7)(A) of the Code and shall have the power and authority specified in Sections 6221-6234 of the Code (and any comparable provisions of state or local law) in respect of any tax proceeding involving Partnership Tax Items. 

(b) The Tax Matters Partner may, at the expense of the Partnership, retain accountants, lawyers, and other professionals to participate in the
audit or judicial proceedings. 
 (c) The Tax Matters Partner may enter into any extension of the period of limitations for making
assessments. 
 (d) No Partner shall file, pursuant to section 6227 of the Code, a request for an administrative adjustment of items for any
Partnership taxable year. 
 (e) Any Partner intending to file a petition under sections 6226, 6228 or other section of the Code with respect
to any item or other matter involving the Partnership shall notify the other Partners of such intention and the nature of the contemplated proceeding. If any Partner intends to seek review of court decision rendered as a result of a proceeding
instituted under the preceding provisions of Section 3.2, then such Partner shall notify the other Partners of such intended action. 

  
 Exhibit B – Page 12

 (f) The Tax Matters Partner may enter into a settlement agreement with respect to any Partnership
items (within the meaning of section 6231(a)(3) of the Code). 
 (g) All expenses incurred by the Tax Matters Partner with respect to any tax
matter that does or may affect the Partnership, or any Partner by reason thereof, including but not limited to expenses incurred by the Tax Matters Partner in connection with the preparation of Partnership tax returns and Partnership level
administrative or judicial tax proceedings, shall be paid for out of Partnership assets and shall be treated as Partnership expenses. The cost of any adjustments to any Partner and the cost of any resulting audits or adjustments with respect to such
Partner will be borne solely by such Partner without reimbursement by the Partnership. 
 (h) The provisions of this Section 3.2 shall
survive the termination of the Partnership or the termination of any Partner’s Partnership Interest and shall remain binding on the Partners for a period of time necessary to resolve with the IRS or the United States Department of the Treasury
any and all matters regarding the United States Federal income taxation of the Partnership. 
 Section 3.3 Inconsistent Treatment Of
Partnership Items. No Limited Partner shall file a notice of inconsistent treatment under section 6222(b) of the Code with respect to the treatment of Partnership items. 

Section 3.4 Tax Returns. The Partnership shall deliver to each of the Partners the following schedules and tax returns as soon as
reasonably available a final Schedule K-1, along with comparable schedules for state, or local income tax returns or reports. 

  
 Exhibit B – Page 13

 EXHIBIT C 

ECLIPSE MANAGEMENT, L.P. 

FORM OF CONTRIBUTION AGREEMENT 

This Contribution Agreement (this “Agreement”) is entered into as of
            , 2014, by the undersigned individual (the “Transferor”) and Eclipse Management, L.P., a Delaware limited partnership (the “Partnership”). 

1. Transferor hereby contributes to the Partnership
                     Class C Units (the “Subject Units”) of Eclipse Resources I, L.P., a Delaware limited partnership
(“Eclipse Resources”). In exchange therefore and upon acceptance of such contribution by the Partnership, the Transferor will be admitted as a limited partner in the Partnership. 

2. The Transferor hereby represents and warrants to the Partnership as follows: 

(a) The Transferor has received and reviewed the Partnership’s Limited Partnership Agreement dated as of
            , 2014 (the “Partnership Agreement”). 
 (b) The
Transferor owns good and marketable title to the Subject Units, free and clear of any and all liens, encumbrances, charges, options, rights of first refusal, or other similar matters of any kind whatsoever (other than those in favor of Eclipse
Resources). 
 3. By Transferor’s execution and delivery hereof, the Transferor (a) agrees to be bound by all of the terms,
conditions and provisions of the Partnership Agreement, (b) ratifies, confirms and makes the representations and warranties contained in Article XII of the Partnership Agreement, and (c) grants to the general partner of the Partnership
(the “General Partner”) the power of attorney (if applicable) contained in Section 13.3 of the Partnership Agreement. 

4. The Transferor acknowledges and agrees that the contribution of the Subject Units is part of an ongoing Internal Restructure (as defined in
the Partnership Agreement) of Eclipse Resources and that no Exit Event (as defined in the Transferor’s Class C Unit Grant Agreement) shall occur as a result thereof or will thereafter occur unless and until the General Partner makes a
determination (in its sole discretion) that an Exit Event has occurred under the terms of the Eclipse Resources Partnership Agreement or the terms of the organizational documents of any successor to Eclipse Resources. 

5. The execution of this Agreement does not enlarge or otherwise affect the terms of the Transferor’s employment with Eclipse Resources
or any of its affiliates, and Eclipse Resources (or any such affiliate) may terminate the employment of the Transferor at will and as freely and with the same effect as if this Agreement had not been executed. 

6. The Transferor acknowledges and affirms that there is no assurance that the Transferor will realize anything of value from the ownership of
its interest in the Partnership. 

  
 Exhibit C – Page 1

 7. The Transferor understands that if its subscription is accepted, the Partnership will return
to the Transferor a copy of the signature page of this Contribution Agreement properly executed by the Partnership. 
 8. The Transferor
agrees to indemnify the Partnership and its partners, managers, officers and other controlling persons, and to hold each such person or entity harmless from and against any and all damages, claims, lawsuits, losses, liabilities, deficiencies or
expenses (including reasonable attorney’s fees) incurred by such person or entity by reason of or in connection with any breach by the Transferor of any representation, warranty, agreement or covenant in this Contribution Agreement. 

9. The Transferor has included with this Contribution Agreement a duly executed signature page to the Partnership Agreement. 

10. The Transferor agrees to furnish any additional information requested to assure compliance with federal and state securities laws in
connection with the transactions contemplated hereby. 
 Dated:             ,
2014. 
  

					
		 		  	  

 ACCEPTED this      day of             , 2014

  

					
	ECLIPSE MANAGEMENT, L.P.
		
	By:	 	Eclipse Management GP, LLC
		 	its general partner
		
		 	By:                                   
                                 
		 	Name:                                   
                            
		 	Title:                                   
                               

  
 Exhibit C – Page 2

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