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Exhibit 10.3

Execution Copy

AMENDMENT NO. 2
TO
UNITHOLDER RIGHTS AGREEMENT
 
THIS AMENDMENT NO. 2 TO UNITHOLDER RIGHTS AGREEMENT (this “Amendment”) is made
as of December 28, 2010 by and among Genesis Energy, L.P., a Delaware limited
partnership (the “Partnership”), the unitholders set forth on the signature page
hereto (each a “Unitholder” and collectively the “Unitholders”) and Genesis
Energy, LLC, a Delaware limited liability company (the “Company”).  The
Partnership, the Unitholders and the Company are, collectively, the
“Parties”.  Any capitalized term used, but not defined, in this Amendment shall
have the meaning given such term in the Agreement (defined below).
 
INTRODUCTION
 
A.           The Parties, or their predecessors-in-interest, entered into the
Unitholder Rights Agreement dated as of July 25, 2007, which was subsequently
amended on October 15, 2007 (as in effect immediately prior to the date of this
Amendment, the “Agreement”).
 
B.            The Parties desire to amend the Agreement as set forth in this
Amendment.
 
In consideration of the premises, the representations and warranties, and the
mutual promises made in this Amendment and the Agreement, the Parties agree as
follows:
 
1.
Amendment. (a) Section 2.1 of the Agreement is hereby amended by restating the
table set forth therein as follows:

 
Aggregate Number of Directors that may be Designated by Unitholders
Davison Family Holdings as a Percent of All Common Units
A.  three
15% or more
B.  two
10% or more but less than 15%
C.  none
less than 10%

 
(b)  Section 2.2 of the Agreement is hereby amended by restating the first
sentence to read as follows:  “The Unitholders shall affect such designation
only by delivering to the GP a written notice (the “Designation Notice”)
identifying a first Qualified Candidate and a second Qualified Candidate and, if
applicable, a third Qualified Candidate.”
 
(c)  Section 2.3 of the Agreement is hereby amended by restating the first two
sentences to read as follows:  “After the Initial Period, in the event that
three Qualified Candidates are Directors and either the members of the Davison
Family cease to Beneficially Own at least 15% of the then outstanding Common
Units or the Unitholders (or their permitted assignees) are not then Affiliates
of any member of the Davison Family, the term of the third Qualified Candidate
shall automatically expire.  After the Initial Period, in the event that two or
three Qualified Candidates are Directors and either the members of the Davison
Family cease to Beneficially Own at least 10% of the then outstanding Common
Units or the Unitholders (or their permitted assignees) are not then Affiliates
of any member of the Davison Family, the term of all such Qualified Candidates
shall automatically expire.”
 
 
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(d)  Article II of the Agreement is hereby amended to insert a new Section 2.5
in its appropriate numerical-order position to read as follows:
 
“Section 2.5.  Notwithstanding anything in Section 3.3 to the contrary, so long
as the Unitholders (or their permitted assignees) have the right to designate
three Directors under Section 2.1 above, then the Board may not have more than
11 Directors concurrently serving at any given time without obtaining the
Unitholders’ (or their permitted assignees) express written consent as to the
appointment of any Directors whose appointment would cause the size of the Board
to exceed 11 Directors at any given time.”
 
2. 
Entire Agreement. This Amendment constitutes the entire agreement and
understanding of the Parties with respect to its subject matter and supersedes
all oral communication and prior writings (except as otherwise provided herein)
with respect thereto.  The Parties ratify and confirm the Agreement as amended
hereby as if each were a party thereto.

3.
Amendments. No amendment, modification or waiver in respect of this Amendment
will be effective unless in writing (including a writing evidenced by a
facsimile transmission) and executed by each of the Parties.

4.
Counterparts. This Amendment may be executed and delivered in counterparts
(including by facsimile transmission), each of which will be deemed an
original.  All signatures need not be on one counterpart.

 
5.
Governing Law. This Amendment will be governed by and construed in accordance
with the law of the State of Delaware (without reference to choice of law
doctrine).

 
6.
Effectiveness.  This Amendment and the amendment obligations contemplated by
this Amendment shall be effective as of the Effective Time (as defined in that
certain Agreement and Plan of Merger, dated as of the date hereof, by and among
the Partnership, Genesis Acquisition, LLC, a Delaware limited liability
company and the Company).

 
[Signature Pages Follow]
 
 
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IN WITNESS WHEREOF, the Parties hereto have caused this Amendment No. 2 to be
duly executed as of the date first above written.
 

 
UNITHOLDERS:
 
TERMINAL SERVICES, INC.
         
By:
/s/ James E. Davison
   
Name:
     
Title:
             
/s/ James Ellis Davison
   
James Ellis Davison
           
JAMES ELLIS DAVISON, JR.
 
GRANTOR RETAINED ANNUITY TRUST
         
By:
/s/ James Ellis Davison, Jr.
   
Name:
James Ellis Davison, Jr.
   
Title:
Trustee
           
/s/ James Ellis Davison, Jr.
   
James Ellis Davison, Jr.
           
/s/ Todd Allen Davison
   
Todd Allen Davison
           
TODD DAVISON LEGACY TRUST-2010
 
C/O ARGENT  TRUST
         
By:
/s/ Kimberly Husband
   
Name:
Kimberly Husband, Senior VP
   
Title:
Trustee
 

[Signature Page - Amendment No. 2 to Unitholder Rights Agreement (1 of 3)]

 
 

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C/O ARGENT TRUST
         
By:
/s/ Kimberly Husband
   
Name:
Kimberly Husband, Senior VP
   
Title:
Trustee
           
/s/ Steven Kent Davison
   
Steven Kent Davison
           
STEVEN DAVISON FAMILY TRUST
 
C/O ARGENT TRUST
         
By:
/s/ Kimberly Husband
   
Name:
Kimberly Husband, Senior VP
   
Title:
Trustee
 

[Signature Page - Amendment No. 2 to Unitholder Rights Agreement (2 of 3)]

 
 

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COMPANY:
     
GENESIS ENERGY, LLC
     
By:
/s/ Robert C. Sturdivant
 
Name:
Robert C. Sturdivant
 
Title:
Chairman of the Board
       
PARTNERSHIP:
GENESIS ENERGY, LP.
By:
Genesis Energy, LLC,
 
its
general partner
       
By:
/s/ Grant E. Sims
 
Name:
Grant E. Sims
 
Title:
Chief Executive Officer
 

[Signature Page - Amendment No. 2 to Unitholder Rights Agreement (3 of 3)]
 
 

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