Exhibit 4.3 


Höegh
LNG PARTNERS LP

LONG TERM INCENTIVE PLAN


 


Section 1.          Purpose
of the Plan. The Höegh LNG Partners LP Long Term Incentive Plan (the “Plan”) has
been adopted on July 23, 2014 (the “Effective Date”) by Höegh LNG Partners LP, a Marshall Islands
limited partnership (the “Partnership”). The Plan is intended to promote the interests of the Partnership
and its Affiliates by providing to Employees, Consultants and Directors who perform services for the Partnership and its subsidiaries
incentive compensation awards based on Units to encourage superior performance. The Plan is also contemplated to enhance the ability
of the Partnership and its Affiliates to attract and retain the services of individuals who are essential for the growth and profitability
of the Partnership and to encourage them to devote their best efforts to advancing the business of the Partnership.


 


Section 2.          Definitions.
For purposes of the Plan, capitalized terms used but not otherwise defined herein shall have the meanings set forth below. In interpreting
any terms defined in this Plan, the term shall, where it appears appropriate to do so, be taken to include in each case the equivalent
in any other jurisdiction.


 


(a)          “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.


 


(b)          “Award”
means an Option, Unit Appreciation Right, Restricted Unit, Phantom Unit, Unit Award, Substitute Award, Other Unit Based Award,
Cash Award, Distribution Equivalent Rights (whether granted alone or in tandem with respect to another Award, other than a Restricted
Unit or Unit Award), or Performance Award, in each case, granted under the Plan.


 


(c)          “Award
Agreement” means the written or electronic agreement by which an Award shall be evidenced.


 


(d)          “Board”
means the Board of Directors of the Partnership.


 


(e)          “Cash
Award” means an award denominated in cash.


 


(f)          “Change
of Control” means, and shall be deemed to have occurred upon one or more of the following events:


 


(i)          any
“person” or “group” within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the United
States Securities Exchange Act of 1934, as amended from time to time, other than members, limited partners or other owners (as
applicable) of the General Partner, the Partnership, or an Affiliate of either the General Partner or the Partnership, shall become
the beneficial owner, by way of merger, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the voting
power of the voting securities of the General Partner or the Partnership;


 




    	 



    	 



    

 


 


(ii)         the
members or limited partners (as applicable) of the General Partner or the Partnership approve, in one transaction or a series of
transactions, a plan of complete liquidation of the General Partner or the Partnership;


 


(iii)        the
sale or other disposition by either the General Partner or the Partnership of all or substantially all of its assets in one or
more transactions to any Person other than an Affiliate;


 


(iv)        the
General Partner or an Affiliate of the General Partner or of the Partnership ceases to be the general partner of the Partnership;
or


 


(v)         any
other event specified as a “Change of Control” in an applicable Award Agreement.


 


(g)          “Committee”
means the Board or such committee as may be appointed by the Board to administer the Plan, which alternative committee may be the
board of directors or managers of any Affiliate or a committee thereof.


 


(h)          “Consultant”
means an individual who renders consulting or advisory services to the General Partner, the Partnership or an Affiliate of either.
 


 


(i)          
“Director” means a member of the Board who is not an Employee or a Consultant (other than in that individual’s
capacity as a Director).


 


(j)          “Distribution
Equivalent Right” or “DER” means a contingent right, granted alone or in tandem with a
specific Award (other than a Restricted Unit or Unit Award), to receive with respect to each Unit subject to the Award an amount
in cash, Units and/or Phantom Units, as determined by the Committee in its sole discretion, equal in value to the distributions
made by the Partnership with respect to a Unit during the period such Award is outstanding.


 


(k)          “Employee”
means an employee of the Partnership, the General Partner or an Affiliate of the General Partner or the Partnership. 


 


(l)          “Fair
Market Value” means, on any relevant date, the closing sales price of a Unit on the principal national securities
exchange or other market in which trading in Units occurs on the last market trading day prior to the applicable day (or, if there
is no trading in the Units on such date, on the next preceding day on which there was trading) as reported in The Wall Street Journal
(or other reporting service approved by the Committee). If Units are not traded on a national securities exchange or other market
at the time a determination of Fair Market Value is required to be made hereunder, the determination of Fair Market Value shall
be made by the Committee in good faith.


 


(m)          “General
Partner” means Höegh LNG GP LLC, a Marshall Islands limited liability company and the general partner
of the Partnership.


 


(n)          “Option”
means an option to purchase Units.


 


(o)          “Other
Unit Based Award” means an Award granted pursuant to Section 6(f).


 


(p)          “Participant”
means an Employee, Consultant or Director who has been granted an Award under the Plan.


 




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(q)          “Performance
Award” means a right granted pursuant to Section 6(i) to receive an Award based upon performance conditions specified
by the Committee.


 


(r)          “Person”
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, governmental agency or political subdivision thereof or other entity.


 


(s)          “Phantom
Unit” means a notional Unit that, upon vesting, entitles the Participant to receive, at the time of settlement, a
Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its sole discretion.


 


(t)          “Restricted
Period” means the period established by the Committee with respect to an Award during which the Award remains subject
to forfeiture and is not exercisable by or payable to the Participant, as the case may be.


 


(u)          “Restricted
Unit” means a Unit that is subject to a Restricted Period.


 


(v)         “SEC”
means the United States Securities and Exchange Commission, or any successor thereto.


 


(w)          “Substitute
Award” means an award granted pursuant to Section 6(h).


 


(x)          “Unit
Distribution Right” or “UDR” means a distribution made by the Partnership with respect
to a Restricted Unit.


 


(y)          “Unit”
means a common unit of the Partnership.


 


(z)          “Unit
Appreciation Right” or “UAR” means a contingent right that entitles the holder to receive,
in cash or Units, as determined by the Committee in its sole discretion, an amount equal to the excess of the Fair Market Value
of a Unit on the exercise date of the Unit Appreciation Right (or another specified date) over the exercise price of the Unit Appreciation
Right.


 


(aa)         “Unit
Award” means a grant of a Unit that is not subject to a Restricted Period.


 


Section 3.          Administration.


 


(a)          Authority
of the Committee. The Plan shall be administered by the Committee. A majority of the Committee shall constitute a quorum, and
the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously
approved by the members of the Committee in writing, shall be the acts of the Committee. Subject to the terms of the Plan and applicable
law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have
full power and authority to: (i) designate Employees, Consultants and Directors as Participants; (ii) determine the type
or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine
the terms and conditions of any Award, consistent with the terms of the Plan, which terms may include any provision regarding the
acceleration of vesting or waiver of forfeiture restrictions or any other condition or limitation regarding an Award, based on
such factors as the Committee shall determine, in its sole discretion; (v) determine whether, to what extent, and under what circumstances
Awards may be vested, settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument
or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend, or waive such rules and regulations
and delegate to and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (viii) adopt sub-plans,
not inconsistent with the Plan, in jurisdictions where it appears appropriate to do so; and (ix) make any other determination
and take any other action that the Committee deems necessary or desirable for the administration of the Plan. The Committee may
correct any defect or supply any omission or reconcile any inconsistency in the Plan or an Award Agreement in such manner and to
such extent as the Committee deems necessary or appropriate. Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons.


 




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(b)          Limitation
of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other
information furnished to him or her by any officer or employee of the Partnership, the General Partner or their Affiliates, the
General Partner’s or the Partnership’s legal counsel, independent auditors, consultants or any other agents assisting
in the administration of the Plan. Members of the Committee and any officer or employee of the Partnership, the General Partner
or any of their Affiliates acting at the direction or on behalf of the Committee shall not be personally liable for any action
or determination taken or made in good faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified
and held harmless with respect to any such action or determination.


 


Section 4.          Units.


 


(a)          Limits
on Units Deliverable. Subject to adjustment as provided in Section 4(c) and Section 7, the number of Units that may be delivered
with respect to Awards under the Plan will not exceed 658,000 Units withheld from an Award or surrendered by a Participant to satisfy
the Partnership’s or an Affiliate’s tax withholding obligations (including the withholding of Units with respect to
Restricted Units) or to satisfy the payment of any exercise price with respect to the Award shall not be considered to be Units
delivered under the Plan for this purpose. If any Award is forfeited, cancelled, exercised, settled in cash, or otherwise terminates
or expires without the actual delivery of Units pursuant to such Award (the grant of Restricted Units is not a delivery of Units
for this purpose), the Units subject to such Award shall again be available for Awards under the Plan (including Units not delivered
in connection with the exercise of an Option or Unit Appreciation Right).  There shall not be any limitation on the number
of Awards that may be granted and paid in cash.


 


(b)          Sources
of Units Deliverable Under Awards. Any Units delivered pursuant to an Award may consist, in whole or in part, of newly issued
Units, Units acquired in the open market, from any Affiliate, the Partnership or any other Person, or any combination of the foregoing,
as determined by the Committee in its discretion.


 


(c)          Anti-dilution
Adjustments. Notwithstanding anything contained in Section 7, with respect to any “equity restructuring” event
that could result in an additional compensation expense to the General Partner or the Partnership pursuant to the provisions of
the Financial Accounting Standards Board, Accounting Standards Codification, Topic 718—Stock Compensation (“ASC
Topic 718”) if adjustments to Awards with respect to such event were discretionary, the Committee shall equitably
adjust the number and type of Units covered by each outstanding Award and the terms and conditions, including the exercise price
and performance criteria (if any), of such Award to equitably reflect such restructuring event and shall adjust the number and
type of Units (or other securities or property) with respect to which Awards may be granted after such event. With respect to any
other similar event that would not result in an accounting charge under ASC Topic 718 if the adjustment to Awards with respect
to such event were subject to discretionary action, the Committee shall have complete discretion to adjust Awards in such manner
as it deems appropriate with respect to such other event. In the event the Committee makes any adjustment pursuant to the foregoing
provisions of this Section 4(c), the Committee shall make a corresponding and proportionate adjustment with respect to the maximum
number of Units that may be delivered with respect to Awards under the Plan as provided in Section 4(a) and the kind of Units or
other securities available for grant under the Plan.


 




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Section 5.          Eligibility.
Any Employee, Consultant or Director, in each case, who provides services to the Partnership and/or its subsidiaries shall be eligible
to be designated a Participant and receive an Award under the Plan. If the Units issuable pursuant to an Award are intended to
be registered with the SEC on Form S-8, then only “employees,” “directors,” or “consultants”
of the Partnership or a parent or subsidiary of the Partnership (within the meaning of General Instruction A.1(a) to Form S-8)
will be eligible to receive such an Award.


 


Section 6.          Awards.


 


(a)          General.
Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award
or the exercise thereof, at the date of grant or thereafter (subject to Section 7(a)), such additional terms and conditions, not
inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards
in the event of termination of employment or service, and terms permitting a Participant to make elections relating to his or her
Award. Subject to Section 7(a), the Committee shall retain full power and discretion to accelerate, waive or modify, at any time,
any term or condition of an Award that is not mandatory under the Plan.


 


(b)          Options.
The Committee may grant Options to any eligible Employee, Consultant or Director. The Committee shall have the authority to determine
the number of Units to be covered by each Option, the purchase price therefor and the Restricted Period and other conditions and
limitations applicable to the exercise of the Option, including the following terms and conditions and such additional terms and
conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan.


 


(i)          Exercise
Price. The exercise price per Unit purchasable under an Option shall be determined by the Committee at the time the Option
is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of
grant of the Option. For purposes of this Section 6(b)(i), the Fair Market Value of a Unit shall be determined as of the date of
grant.


 


(ii)         Time
and Method of Exercise. The Committee shall determine the exercise terms and the Restricted Period with respect to an Option
grant, which may include, without limitation, a provision for accelerated vesting upon the achievement of specified performance
conditions or other events, and the method or methods by which payment of the exercise price with respect thereto may be made or
deemed to have been made, which may include, without limitation, cash, check acceptable to the Partnership, withholding Units from
an Award, a “cashless-broker” exercise through procedures approved by the Committee, or any combination of the above
methods, having a Fair Market Value on the exercise date equal to the relevant exercise price.


 


(iii)        Forfeitures.
Except as otherwise provided in the terms of the Award Agreement, upon termination of a Participant’s employment or service,
whichever is applicable, for any reason during the applicable Restricted Period, all unvested Options shall be forfeited by the
Participant. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s
Options.


 




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(c)          Unit
Appreciation Rights. The Committee may grant Unit Appreciation Rights to any eligible Employee, Consultant or Director. The
Committee shall have the authority to determine the Employees, Consultants and Directors to whom Unit Appreciation Rights shall
be granted, the number of Units to be covered by each grant, whether Units or cash shall be delivered upon exercise, the exercise
price therefor and the conditions and limitations applicable to the exercise of the Unit Appreciation Rights, including the following
terms and conditions and such additional terms and conditions as the Committee shall determine, that are not inconsistent with
the provisions of the Plan.


 


(i)          Exercise
Price. The exercise price per Unit Appreciation Right shall be determined by the Committee at the time the Unit Appreciation
Right is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the
date of grant of the Unit Appreciation Right. For purposes of this Section 6(c)(i), the Fair Market Value of a Unit shall be determined
as of the date of grant.


 


(ii)         Time
of Exercise. The Committee shall determine the Restricted Period and the time or times at which a Unit Appreciation Right may
be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement of specified
performance conditions or other events.


 


(iii)        Forfeitures.
Except as otherwise provided in the terms of the Award Agreement, upon termination of a Participant’s employment or service,
whichever is applicable, for any reason during the applicable Restricted Period, all outstanding Unit Appreciation Rights awarded
to the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole or
in part such forfeiture with respect to a Participant’s Unit Appreciation Rights.


 


(d)          Restricted
Units and Phantom Units. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom
Restricted Units or Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each such
Participant, the Restricted Period, the conditions under which the Restricted Units or Phantom Units may become vested or forfeited
and such other terms and conditions as the Committee may establish with respect to such Awards.


 


(i)          UDRs.
To the extent provided by the Committee, in its discretion, a grant of Restricted Units may provide that the distributions made
by the Partnership with respect to the Restricted Units shall be subject to the same forfeiture and other restrictions as the Restricted
Unit and, if restricted, such distributions shall be held, without interest, until the Restricted Unit vests or is forfeited with
the UDR being paid or forfeited at the same time, as the case may be. In addition, the Committee may provide that such distributions
be used to acquire additional Restricted Units for the Participant. Such additional Restricted Units may be subject to such vesting
and other terms as the Committee may prescribe. Absent such a restriction on the UDRs in the Award Agreement, UDRs shall be paid
to the holder of the Restricted Unit without restriction at the same time as cash distributions are paid by the Partnership to
its unitholders.


 




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(ii)         Forfeitures.
Except as otherwise provided in the terms of the applicable Award Agreement, upon termination of a Participant’s employment
or service, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding, unvested Restricted
Units and Phantom Units awarded to the Participant shall be automatically forfeited on such termination. The Committee may, in
its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Restricted Units and/or Phantom
Units.


 


(iii)        Lapse
of Restrictions.


 


(A)         Phantom
Units. Following the vesting of and at the time of settlement specified for each Phantom Unit, subject to the provisions of
Section 8(b), the Participant shall be entitled to payment of such Phantom Unit and shall receive one Unit or an amount in cash
equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion.


 


(B)         Restricted
Units. Upon the vesting of each Restricted Unit, subject to satisfying the tax withholding obligations of Section 8(b), the
Participant shall be entitled to have the restrictions removed from his or her Award so that the Participant then holds an unrestricted
Unit.


 


(e)          Unit
Awards. The Committee shall have the authority to grant a Unit Award under the Plan to any Employee, Consultant or Director
in a number determined by the Committee in its discretion, as a bonus or additional compensation or in lieu of cash compensation
the individual is otherwise entitled to receive, in such amounts as the Committee determines to be appropriate.


 


(f)          Other
Unit Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Employees, Consultants
and Directors such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise
based on, or related to, Units, as deemed by the Committee to be consistent with the purposes of this Plan, including, without
limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Units, purchase rights for
Units, Awards with value and payment contingent upon performance of the Partnership or any other factors designated by the Committee,
and Awards valued by reference to the book value of Units or the value of securities of or the performance of specified Affiliates
of the General Partner or the Partnership. The Committee shall determine the terms and conditions of such Other Unit Based Awards.
Units delivered pursuant to an Other Unit Based Award in the nature of a purchase right granted under this Section 6(f) shall be
purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash,
Units, other Awards, or other property, as the Committee shall determine. Cash Awards, as an element of or supplement to, or independent
of any other Award under this Plan, may also be granted pursuant to this Section 6(f).


 


(g)          DERs.
To the extent provided by the Committee, in its discretion, an Employee, Consultant or Director may be granted a stand-alone DER
or another Award (other than a Restricted Unit or Unit Award) granted to an Employee, Consultant or Director may include a tandem
DER grant, in either case, which may provide that such DERs shall be paid directly to the Participant, be reinvested into additional
Awards, be credited to a bookkeeping account (with or without interest in the discretion of the Committee) subject to the same
vesting restrictions as the tandem Award (if any), or be subject to such other provisions or restrictions as determined by the
Committee in its discretion. Absent a contrary provision in the Award Agreement, DERs shall be paid to the Participant without
restriction at the same time as ordinary cash distributions are paid by the Partnership to its unitholders.


 




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(h)          Substitute
Awards. Awards may be granted under the Plan in substitution for similar awards held by individuals who become Employees, Consultants
or Directors as a result of a merger, consolidation or acquisition by the Partnership or an Affiliate of another entity, including
an acquisition of the assets of another entity. Such Substitute Awards that are Options or Unit Appreciation Rights may have exercise
prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with applicable
laws and exchange rules.


 


(i)          Performance
Awards. The right of an Employee, Consultant or Director to exercise or receive a grant or settlement of any Award, and the
vesting or timing thereof, may be subject to such performance conditions as may be specified by the Committee.


 


(i)          Performance
Conditions Generally. The performance conditions for such Performance Awards shall consist of one or more business criteria
or individual performance criteria and a targeted level or levels of performance with respect to each of such criteria, as specified
by the Committee in its sole discretion. The Committee may determine that such Performance Awards shall be granted, exercised,
vested and/or settled upon achievement of any one performance condition or that two or more performance conditions must be achieved
as a condition to grant, exercise, vesting and/or settlement of such Performance Awards. Performance conditions may differ for
Performance Awards granted to any one Participant or to different Participants.


 


(ii)         Performance
Periods. Achievement of performance conditions in respect of such Performance Awards shall be measured over a performance period
of up to ten years, as specified by the Committee.


 


(iii)        Settlement.
At the end of the applicable performance period, the Committee shall determine the amount, if any, of the potential Performance
Award that will be granted or will become vested, exercised and/or settled. Settlement of such Performance Awards shall be in cash,
Units, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce or increase
the amount of a settlement otherwise to be made in connection with such Performance Awards. 


 


(j)          Certain
Provisions Applicable to Awards.


 


(i)          Stand-Alone,
Additional, Tandem and Substitute Awards. Awards may, in the discretion of the Committee, be granted either alone or in addition
to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of
the Partnership or any Affiliate. Awards granted in addition to, in substitution for, or in tandem with other Awards or awards
granted under any other plan of the Partnership or any Affiliate may be granted either at the same time as or at a different time
from the grant of such other Awards or awards. If an Award is granted in substitution or exchange for another Award, the Committee
shall require the surrender of such other Award in consideration for the grant of the new Award. Awards under the Plan may be granted
in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the General Partner, the Partnership,
or any Affiliate, in which the value of Units subject to the Award is equivalent in value to the cash compensation, or in which
the exercise price, grant price, or purchase price of the Award in the nature of a right that may be exercised is equal to the
Fair Market Value of the underlying Units minus the value of the cash compensation surrendered.


 




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(ii)         Limits
on Transfer of Awards.


 


(A)         Except
as provided in Section 6(j)(ii)(C) below, each Option and Unit Appreciation Right shall be exercisable only by the Participant
during the Participant’s lifetime, or by the Person to whom the Participant’s rights shall pass by will or the laws
of descent and distribution.


 


(B)         Except
as provided in Section 6(j)(ii)(C) below, no Award and no right under any such Award may be assigned, alienated, pledged, attached,
sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment,
sale, transfer or encumbrance shall be void and unenforceable against the General Partner, the Partnership or any Affiliate.


 


(C)         To
the extent specifically provided by the Committee with respect to an Option or Unit Appreciation Right, an Option or Unit Appreciation
Right may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships
or similar entities or on such terms and conditions as the Committee may from time to time establish.


 


(iii)        Term
of Awards. The term of each Award shall be for such period as may be determined by the Committee.


 


(iv)        Form
and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan, any applicable Award Agreement and applicable
law, payments to be made by the General Partner, the Partnership, or any Affiliate upon the exercise of an Option or other Award
or settlement of an Award may be made in such forms as the Committee shall determine, including without limitation cash, Units,
other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. Except
as otherwise provided herein, the settlement of any Award may be accelerated, and cash paid in lieu of Units in connection with
such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change
of Control). Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment
or deferred payments or the grant or crediting of DERs or other amounts in respect of installment or deferred payments denominated
in Units. This Plan shall not constitute an “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended.


 


(v)         Evidencing
Units. The Units or other securities of the Partnership delivered pursuant to an Award may be evidenced in any manner deemed
appropriate by the Committee in its sole discretion, including, but not limited to, in the form of a certificate issued in the
name of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any
stock exchange upon which such Units or other securities are then listed, and any applicable federal, state or other laws, and
the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions.


 


(vi)        Consideration
for Grants. Awards may be granted for such consideration, including services, as the Committee shall determine.


 




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(vii)       Delivery
of Units or other Securities and Payment by Participant. Notwithstanding anything in the Plan or any Award Agreement to the
contrary, delivery of Units pursuant to the exercise, vesting and/or settlement of an Award may be deferred for any period during
which, in the good faith determination of the Committee, the Partnership is not reasonably able to obtain Units to deliver pursuant
to such Award without violating applicable law or the applicable rules or regulations of any governmental
agency or authority or securities exchange. No Units or other securities shall be delivered pursuant to any Award until payment
in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including, without limitation,
any exercise price or tax withholding) is received by the Partnership.


 


(viii)      Additional
Agreements. Each Employee, Consultant or Director to whom an Award is granted under this Plan may be required to agree in writing,
as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Person’s
termination of services with the General Partner, the Partnership or their Affiliates to a general release of claims and/or a noncompetition
agreement in favor of the General Partner, the Partnership, and their Affiliates, with the terms and conditions of such agreement(s)
to be determined in good faith by the Committee.


 


(ix)         Termination
of Employment or Service. Except as provided herein, the treatment of an Award upon a termination of employment or any other
service relationship by and between a Participant and the General Partner, the Partnership, or any Affiliate shall be specified
in the Award Agreement controlling such Award.


 


Section 7.          Amendment
and Termination. Except to the extent prohibited by applicable law:


 


(a)          Amendments
to the Plan and Awards. Except as required by applicable law or the rules of the principal securities exchange, if any, on
which the Units are traded, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner,
including increasing the number of Units available for Awards under the Plan, without the consent of any partner, Participant,
other holder or beneficiary of an Award, or any other Person. Notwithstanding the foregoing, the Committee may waive any conditions
or rights under, amend any terms of, or alter any Award theretofore granted, provided that no change, other than pursuant to Section
7(b), 7(c), 7(d), 7(e), or 7(g) below, in any Award shall materially reduce the rights or benefits of a Participant with respect
to an Award without the consent of such Participant.


 


(b)          Subdivision
or Consolidation of Units. The terms of an Award and the number of Units authorized for issuance under the Plan pursuant to
Section 4(a) shall be subject to adjustment from time to time, in accordance with the following provisions:


 


(i)          If
at any time, or from time to time, the Partnership shall subdivide as a whole (by reclassification, by a Unit split, by the issuance
of a distribution on Units payable in Units, or otherwise) the number of Units then outstanding into a greater number of Units,
or in the event the Partnership distributes an extraordinary cash dividend, then, as appropriate, (A) the maximum number of
Units available for the Plan or in connection with Awards as provided in Section 4(a) shall be increased proportionately, and the
kind of Units or other securities available for the Plan shall be appropriately adjusted, (B) the number of Units (or other kind
of securities) that may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including
the exercise price) for each Unit (or other kind of securities) subject to then outstanding Awards shall be reduced proportionately,
without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions.


 




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(ii)         If
at any time, or from time to time, the Partnership shall consolidate as a whole (by reclassification, by reverse Unit split, or
otherwise) the number of Units then outstanding into a lesser number of Units, then, as appropriate, (A) the maximum number of
Units for the Plan or available in connection with Awards as provided in Section 4(a) shall be decreased proportionately, and the
kind of Units or other securities available for the Plan shall be appropriately adjusted, (B) the number of Units (or other kind
of securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and (C) the price (including
the exercise price) for each Unit (or other kind of securities) subject to then outstanding Awards shall be increased proportionately,
without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions.


 


(iii)        Whenever
the number of Units subject to outstanding Awards and the price for each Unit subject to outstanding Awards are required to be
adjusted as provided in this Section 7(b), the Committee shall promptly prepare a notice setting forth, in reasonable detail, the
event requiring adjustment, the amount of the adjustment, the method by which such adjustment was calculated, the change in price
and the change in the number of Units, other securities, cash, or property subject to each Award after giving effect to the adjustments.
The Committee shall promptly provide each affected Participant with such notice.


 


(iv)        Adjustments
under Sections 7(b)(i) and (ii) shall be made by the Committee, and its determination as to what adjustments shall be made and
the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of
any such adjustments.


 


(c)          Recapitalizations.
If the Partnership recapitalizes, reclassifies its equity securities, or otherwise changes its capital structure (a “recapitalization”)
without a Change of Control, the number and class of Units covered by an Award theretofore granted shall be adjusted so that such
Award shall thereafter cover the number and class of Units or other securities to which the holder would have been entitled pursuant
to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had been the holder of record of
the number of Units then covered by such Award and the Unit limitation provided in Section 4(a) shall be adjusted in a manner consistent
with the recapitalization.


 


(d)          Additional
Issuances. Except as expressly provided herein, the issuance by the Partnership of units of any class or securities convertible
into units of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe
therefor, or upon conversion of units or obligations of the Partnership convertible into such units or other securities, and in
any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the
number of Units subject to Awards theretofore granted or the purchase price per Unit, if applicable.


 




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(e)          Change
of Control. Notwithstanding any other provisions of the Plan or any Award Agreement to the contrary, upon a Change of Control,
the Committee, acting in its sole discretion without the consent or approval of any holder, may affect one or more of the following
alternatives, which may vary among individual holders and which may vary among Awards: (i) remove any applicable forfeiture restrictions
on any Award; (ii) accelerate the time of exercisability or the time at which the Restricted Period shall lapse to a specific date,
before or after such Change of Control, specified by the Committee; (iii)  require the mandatory surrender to the General
Partner or the Partnership by selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether
such Awards are then subject to a Restricted Period or other restrictions pursuant to the Plan) as of a date, before or after such
Change of Control, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to each
holder an amount of cash per Unit equal to the amount calculated in Section 7(f) (the “Change of Control Price”)
less the exercise price, if any, applicable to such Awards; provided, however, that to the extent the exercise price
of an Option or a Unit Appreciation Right exceeds the Change of Control Price, no consideration will be paid with respect to that
Award; (iv) cancel Awards that remain subject to a Restricted Period as of the date of a Change of Control without payment of any
consideration to the Participant for such Awards; or (v) make such adjustments to Awards then outstanding as the Committee deems
appropriate to reflect such Change of Control (including, but not limited to, the substitution of Awards for new awards); provided,
however, that the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding.


 


(f)          Change
of Control Price. The “Change of Control Price” shall equal the amount determined in clause (i),
(ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the per Unit price offered to unitholders in any merger or consolidation,
(ii) the per Unit value of the Units immediately before the Change of Control without regard to assets sold in the Change of Control
and assuming the General Partner or the Partnership, as applicable, has received the consideration paid for the assets in the case
of a sale of the assets, (iii) the amount distributed per Unit in a dissolution transaction, (iv) the price per Unit offered to
unitholders in any tender offer or exchange offer whereby a Change of Control takes place, or (v) if such Change of Control occurs
other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 7(f), the Fair Market Value
per Unit of the Units that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by
the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event
that the consideration offered to unitholders of the Partnership in any transaction described in this Section 7(f) or Section 7(e)
consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration
offered which is other than cash.


 


(g)          Impact
of Events on Awards Generally. In the event of changes in the outstanding Units by reason of a recapitalization, reorganization,
merger, consolidation, combination, exchange or other relevant change in capitalization occurring after the date of the grant of
any Award and not otherwise provided for by this Section 7, any outstanding Awards and any Award Agreements evidencing such Awards
shall be subject to adjustment by the Committee at its discretion, which adjustment may, in the Committee’s discretion, be
described in the Award Agreement and may include, but not be limited to, adjustments as to the number and price of Units or other
consideration subject to such Awards, accelerated vesting (in full or in part) of such Awards, conversion of such Awards into awards
denominated in the securities or other interests of any successor Person, or the cash settlement of such Awards in exchange for
the cancellation thereof. In the event of any such change in the outstanding Units, the aggregate number of Units available under
this Plan may be appropriately adjusted by the Committee, whose determination shall be conclusive.


 


Section 8.          General
Provisions.


 


(a)          No
Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity
of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient.


 




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(b)          Tax
Withholding. Unless other arrangements have been made that are acceptable to the Partnership, the Partnership, the General
Partner or an Affiliate is authorized to deduct, withhold, or cause to be deducted or withheld, from any Award, from any payment
due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount (in cash, Units,
Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the
grant or settlement of an Award, its exercise, the lapse of restrictions thereon, or any other payment or transfer under an Award
or under the Plan and to take such other action as may be necessary in the opinion of the Partnership or Affiliate to satisfy its
withholding obligations for the payment of such taxes.


 


(c)          No
Right to Employment or Services. The grant of an Award shall not be construed as giving a Participant the right to continue
to be employed, to continue providing consulting services, or to remain on the Board, as applicable. Furthermore, the Partnership,
the General Partner or an Affiliate may at any time dismiss a Participant from employment or his or her service relationship free
from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other agreement.


 


(d)          Governing
Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined
in accordance with the laws of the State of New York without regard to its conflicts of laws principles.


 


(e)          Severability.
If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction
or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be
stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and
effect.


 


(f)          Other
Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole discretion,
it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation
or the rules of the principal securities exchange on which the Units are then traded, and any payment tendered to the Partnership
by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant
Participant, holder or beneficiary.


 


(g)          No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Partnership or any Affiliate and a Participant or any other Person. To the extent
that any Person acquires a right to receive payments from the Partnership or any Affiliate pursuant to an Award, such right shall
be no greater than the right of any general unsecured creditor of the Partnership or such Affiliate.


 


(h)          No
Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall
determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any
fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated
with or without consideration.


 


(i)          Headings.
Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall
not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.


 




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(j)          Facility
of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the Committee,
is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied
for the benefit of such individual in any manner that the Committee may select, and the Partnership shall be relieved of any further
liability for payment of such amounts.


 


(k)          Allocation
of Costs. Nothing herein shall be deemed to override, amend, or modify any cost sharing arrangement, omnibus agreement, or
other arrangement between the General Partner, the Partnership, and any Affiliate regarding the sharing of costs between those
entities.


 


(l)          Gender
and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the
singular shall include the plural.


 


(m)          No
Guarantee of Tax Consequences. The Committee will attempt to structure Awards with terms and conditions and to exercise its
powers and authority under the Plan in a manner that will not result in adverse tax consequences to Participants under any applicable
laws; however, none of the Board, the Committee, the Partnership nor the General Partner makes any commitment or guarantee that
any federal, state, local or other tax treatment will (or will not) apply or be available to any Participant.


 


(n)          Clawback.
To the extent required by (i) applicable law, including without limitation the requirements of the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010, any SEC rule or any applicable securities exchange listing standards and/or (ii) any policy
that may be adopted by the Board, Awards and amounts paid, payable or realized pursuant to or with respect to Awards shall be subject
to clawback to the extent necessary to comply with such law(s), rules, standards, and/or policy, which clawback may include forfeiture,
repurchase and/or recoupment of Awards and amounts paid, payable or realized pursuant to or with respect to Awards.


 


Section 9.          Term
of the Plan. The Plan shall be effective on the date immediately preceding the close of the initial public offering of
Units and shall continue until the earliest of (i) the date terminated by the Board, (ii) all Units available under the
Plan have been delivered to Participants, or (iii) the 10th anniversary of the date the Plan is adopted by the Board. However,
any Award granted prior to such termination, and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue,
or terminate any such Award or to waive any conditions or rights under such Award in accordance with the terms of the Plan shall
extend beyond such termination date until the final disposition of such Award.


 




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