Exhibit 10.2

 

Execution Version

 

EQUITY COMMITMENT AGREEMENT

 

This Equity Commitment Agreement, dated as of September 29, 2010 (this
“Agreement”), is entered into by and among Rhino GP LLC, a Delaware limited
liability company (“GP”); and CD Holding Company, LLC, a Delaware limited
liability company, Jacobs Holdings LLC, a Connecticut limited liability company,
Robert H. Holtz, Mark D. Zand, Jay L. Maymudes, Arthur H. Amron, Kenneth A.
Rubin, Frederick B. Simon, Kitty Capital LLC, a Delaware limited liability
company, John V. Doyle and John C. Sites, Jr. (collectively, the “GP Owners”). 
The above-named entities and individual are sometimes referred to as “Party” and
collectively as the “Parties.”

 

ARTICLE I

 

DEFINITIONS

 

The following defined terms will have the meaning given below:

 

“Effective Time” means that date and time with respect to the delivery of the
Firm Units (as defined in the Underwriting Agreement) and payment therefor as
set forth in paragraph 4 of the Underwriting Agreement.

 

“Partnership” means Rhino Resource Partners LP, a Delaware limited partnership.

 

“Registration Statement” means the Registration Statement on Form S-1 initially
filed on May 5, 2010 with the Securities and Exchange Commission (Registration
No. 333-166550), as amended.

 

“Underwriters” means the underwriting syndicate listed in Schedule I to the
Underwriting Agreement.

 

“Underwriting Agreement” means a firm commitment underwriting agreement to be
entered into among the Partnership, GP, Rhino Energy LLC, a Delaware limited
liability company, and the Underwriters named in the Registration Statement, in
substantially the form attached as Exhibit 1.1 to the Registration Statement.

 

ARTICLE II

 

CONTRIBUTIONS

 

Immediately prior to the Effective Time, each of the GP Owners hereby grants,
contributes, bargains, conveys, assigns, transfers, sets over and delivers to
GP, its successors and assigns, for its and their own use forever, a cash
payment in such amount as set forth on Schedule A in exchange for a limited
liability company interest in GP as set forth on Schedule A, and GP hereby
accepts such cash payment as a contribution to the capital of GP.

 

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ARTICLE III

 

MISCELLANEOUS

 

Section 3.1             Third-Party Rights.  Each Party agrees that the
Partnership shall be entitled to assert rights and remedies hereunder as a
third-party beneficiary hereto.  Except with respect to the foregoing, the
provisions of this Agreement are intended to bind the Parties as to each other
and are not intended to and do not create rights in any other person or confer
upon any other person any benefits, rights or remedies and no person is or is
intended to be a third-party beneficiary of any of the provisions of this
Agreement.

 

Section 3.2             Amendment or Modification.  This Agreement may be
amended or modified at any time or from time to time only by a written
instrument, specifically stating that such written instrument is intended to
amend or modify this Agreement, signed by each of the Parties.

 

Section 3.3             Applicable Law; Forum, Venue and Jurisdiction.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

 

Section 3.4             Counterparts.  This Agreement may be executed in any
number of counterparts with the same effect as if all Parties had signed the
same document.  All counterparts shall be construed together and shall
constitute one and the same instrument.  The delivery of an executed counterpart
copy of this Agreement by facsimile or electronic transmission in PDF format
shall be deemed to be the equivalent of delivery of the originally executed copy
thereof.

 

(Remainder of page intentionally left blank.)

 

2

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IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties as of
the date first written above.

 

 

RHINO GP LLC

 

 

 

 

 

By:

/s David G. Zatezalo

 

 

David G. Zatezalo

 

 

President and Chief Executive Officer

 

 

 

 

 

 

 

CD HOLDING COMPANY, LLC

 

 

 

 

 

By:

/s Charles E. Davidson

 

 

Charles E. Davidson

 

 

Manager

 

 

 

 

JACOBS HOLDINGS LLC

 

 

 

By:

J.J.H. Trust, the Managing Member

 

 

 

 

 

 

 

By:

:

/s Robert H. Holtz

 

 

Robert H. Holtz

 

 

Trustee

 

 

 

 

 

 

 

By:

:

/s Joel Lever

 

 

Joel Lever

 

 

Trustee

 

 

 

 

 

 

 

ROBERT H. HOLTZ

 

 

 

 

 

/s/ Robert H. Holtz

 

SIGNATURE PAGE

EQUITY COMMITMENT AGREEMENT

 

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MARK D. ZAND

 

 

 

 

 

/s/ Mark D. Zand

 

 

 

 

 

JAY L. MAYMUDES

 

 

 

 

 

/s/ Jay L. Maymudes

 

 

 

 

 

JOHN V. DOYLE

 

 

 

 

 

/s/ John V. Doyle

 

 

 

 

 

ARTHUR H. AMRON

 

 

 

 

 

/s/ Arthur H. Amron

 

 

 

 

 

KENNETH A. RUBIN

 

 

 

 

 

/s/ Kenneth A. Rubin

 

 

 

 

 

FREDERICK B. SIMON

 

 

 

 

 

/s/ Frederick B. Simon

 

SIGNATURE PAGE

EQUITY COMMITMENT AGREEMENT

 

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JOHN C. SITES, JR.

 

 

 

 

 

/s/ John C. Sites, Jr.

 

 

 

 

 

KITTY CAPITAL LLC

 

 

 

 

 

By:

/s/ Antony Lundy

 

 

Antony Lundy

 

 

President

 

SIGNATURE PAGE

EQUITY COMMITMENT AGREEMENT

 

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