Exhibit 4.1


 








Execution Version












 





AMENDED AND RESTATED


 


REGISTRATION RIGHTS AGREEMENT


 


BY AND AMONG


 


NGL ENERGY PARTNERS LP


 


AND


 


THE PURCHASERS NAMED HEREIN


 


This AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of October 31, 2019, by and
among NGL Energy Partners LP, a Delaware limited partnership (the “Partnership”), EIG Neptune Equity Aggregator,
L.P., a Delaware limited partnership (“Neptune”), FS Energy and Power Fund, a Delaware Statutory Trust (the
 “Trust” and together with Neptune, the “Initial Purchasers”) and GCM Pellit Holdings, LLC
(“Foundation”) (each of the Initial Purchasers and Foundation, a “Purchaser” and collectively,
the “Purchasers”).


 


WHEREAS, the Initial
Purchasers previously entered into a Registration Rights Agreement dated as of July 2, 2019 (the “Original Registration
Rights Agreement”) and desire to amend and restate the Original Registration Rights Agreement to, among other things,
add Foundation as a Purchaser;


 


WHEREAS, this Agreement
is entered into in connection with the closing of the issuance and sale of the Additional Preferred Units (as defined below) and
the Additional Warrants (as defined below), pursuant to the Class D Preferred Unit and Warrant Purchase Agreement, dated as
of September 25, 2019 (the “Additional Purchase Agreement”), by and among the Partnership and the Purchasers;


 


WHEREAS, the Partnership
has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers pursuant
to the Additional Purchase Agreement; and


 


WHEREAS, it is a condition
to the obligations of each Purchaser and the Partnership under the Additional Purchase Agreement that this Agreement be executed
and delivered;


 


NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by each party hereto, the parties hereby agree as follows:


 






    


     


    




 


Article I

DEFINITIONS


 


Section 1.01           Definitions.
Capitalized terms used herein without definition shall have the meanings given to them in the Additional Purchase Agreement. The
terms set forth below are used herein as so defined:


 


“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. For avoidance of doubt, for purposes of this Agreement, (i) the
Partnership, on the one hand, and the Purchasers, on the other hand, shall not be considered Affiliates and (ii) any fund,
entity or account managed, advised or sub-advised, directly or indirectly, by a Purchaser or any of its Affiliates, shall be considered
an Affiliate of such Purchaser. For purposes of this Agreement, any fund, entity or account managed, advised or sub-advised, directly
or indirectly, by any Purchaser or any of its Affiliates or the direct or indirect equity owners, including limited partners, of
such Purchaser or Affiliate, shall be considered an Affiliate of such Purchaser.


 


“Additional
Preferred Units” means the Class D Preferred Units of the Partnership initially purchased and sold pursuant to the
Additional Purchase Agreement and issued pursuant to the Seventh Partnership Agreement.


 


“Additional
Purchase Agreement” has the meaning specified therefor in the recitals of this Agreement.


 


“Additional
Warrants” means the warrants purchased and sold pursuant to the Additional Purchase Agreement.


 


“Agreement”
has the meaning specified therefor in the introductory paragraph of this Agreement.


 


“Business
Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in the
State of New York or State of Oklahoma are authorized or required by law or other governmental action to close.


 


“Common Unit”
has the meaning specified therefor in Article I of the Seventh Partnership Agreement.


 


“Common Unit
Price” means $14.54.


 


“Common Unit
Registrable Securities” means the Common Units issued or issuable upon the exercise of the Warrants, and includes any
type of ownership interest issued to the Holders as a result of Section 3.04 of this Agreement.


 


“Delay Liquidated
Damages” has the meaning specified therefor in Section 2.03 of this Agreement.


 






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“Effective
Date” means, with respect to a particular Shelf Registration Statement, the date of effectiveness of such Shelf Registration
Statement.


 


“Effectiveness
Deadline” has the meaning specified therefor in Section 2.01(a) of this Agreement.


 


“Effectiveness
Period” means the period beginning on the Effective Date for the Registration Statement and ending at the time all Registrable
Securities covered by such Registration Statement have ceased to be Registrable Securities.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


“Existing
Registration Rights Agreement” means the First Amended and Restated Registration Rights Agreement dated as of October 3, 2011
by and among the Partnership and the investors party thereto, as amended from time to time.


 


“General Partner”
means NGL Energy Holdings LLC, a Delaware limited liability company.


 


“Governmental
Authority” means any federal, state, local or foreign government, or other governmental, regulatory or administrative
authority, agency or commission or any court, tribunal, or judicial or arbitral body.


 


“Holder”
means the record holder of any Registrable Securities. In accordance with Section 3.05 of this Agreement, for purposes
of determining the availability of any rights and applicability of any obligations under this Agreement, including, calculating
the amount of Registrable Securities held by a Holder, a Holder’s Registrable Securities shall be aggregated together with
all Registrable Securities held by other Holders who are Affiliates of such Holder.


 


“In-Kind LD
Amount” has the meaning specified therefor in Section 2.01(b) of this Agreement.


 


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


 


“Initial Closing
Date” means July 2, 2019.


 


“Initial Purchase
Agreement” means the Class D Preferred Unit and Warrant Purchase Agreement, dated as of July 2, 2019, by and
among the Partnership and the Initial Purchasers.


 


“Initial Purchasers”
has the meaning specified therefor in the introductory paragraph of this Agreement.


 


“Launch”
has the meaning specified therefor in Section 2.04 of this Agreement.


 


“Law”
means any statute, law, ordinance, regulation, rule, order, code, governmental restriction, decree, injunction or other requirement
of law, or any judicial or administrative interpretation thereof, of any Governmental Authority.


 









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“LD Period”
has the meaning specified therefor in Section 2.01(b) of this Agreement.


 


“LD Termination
Date” has the meaning specified therefor in Section 2.01(b) of this Agreement.


 


“Liquidated
Damages” has the meaning specified therefor in Section 2.01(b) of this Agreement.


 


“Liquidated
Damages Multiplier” means the sum of (a) the product of the Common Unit Price times the number of Warrant Common
Unit Registrable Securities held by the applicable Holder plus (b) the product of the Preferred Unit Price times the
number of Preferred Unit Registrable Securities held by the applicable Holder.


 


“Losses”
has the meaning specified therefor in Section 2.09(a) of this Agreement.


 


“Managing
Underwriter” means, with respect to any Underwritten Offering, the book-running lead manager of such Underwritten Offering.


 


“NYSE”
means The New York Stock Exchange, Inc.


 


“Opt-Out Notice”
has the meaning specified therefor in Section 2.02(a) of this Agreement.


 


“Partnership”
has the meaning specified therefor in the introductory paragraph of this Agreement.


 


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


 


“Piggyback
Threshold Amount” means $5.0 million.


 


“Post-Launch
Withdrawing Selling Holders” has the meaning specified therefor in Section 2.04 of this Agreement.


 


“Preferred
Unit Price” means $1,000.


 


“Preferred
Units” means the (a) Class D Preferred Units of the Partnership initially purchased and sold pursuant to the
Initial Purchase Agreement and issued pursuant to the Sixth Partnership Agreement and (b) Class D Preferred Units of
the Partnership initially purchased and sold pursuant to the Additional Purchase Agreement and issued pursuant to the Seventh Partnership
Agreement.


 


“Preferred
Unit Registrable Securities” means the Preferred Units, all of which are subject to the rights of Preferred Unit Registrable
Securities provided herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02.


 


“Purchaser”
and “Purchasers” have the meanings specified therefor in the introductory paragraph of this Agreement.


 






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“Registrable
Securities” means the Common Unit Registrable Securities and the Preferred Unit Registrable Securities.


 


“Registrable
Securities Amount” means the calculation based on the product of the Common Unit Price times the number of Registrable
Securities.


 


“Registration
Expenses” has the meaning specified therefor in Section 2.08(b) of this Agreement.


 


“Registration
Statement” has the meaning specified therefor in Section 2.01(a) of this Agreement.


 


“SEC”
means the U.S. Securities and Exchange Commission.


 


“Securities
Act” means the Securities Act of 1933, as amended.


 


“Selling Expenses”
has the meaning specified therefor in Section 2.08(b) of this Agreement.


 


“Selling Holder”
means a Holder who is selling Registrable Securities under a Registration Statement pursuant to the terms of this Agreement.


 


“Selling Holder
Indemnified Persons” has the meaning specified therefor in Section 2.09(a) of this Agreement.


 


“Seventh Partnership
Agreement” means the Seventh Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of October 31,
2019.


 


“Shelf Registration
Statement” means a registration statement under the Securities Act to permit the public resale of the Registrable Securities
from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the
SEC then in effect).


 


“Sixth Partnership
Agreement” means the Sixth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of July 2,
2019.


 


“Underwritten
Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which Registrable Securities
are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a “bought
deal” with one or more investment banks.


 


“Underwritten
Offering Notice” has the meaning specified therefor in Section 2.04 of this Agreement.


 


“VWAP Price”
means, for each such period of measurement, the volume weighted average closing price of a Common Unit on the national securities
exchange on which the Common Units are then listed (or admitted to trading).


 






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“Warrant”
means both (i) the warrants purchased and sold pursuant to the Initial Purchase Agreement and (ii) the Additional Warrants.


 


“Warrant Common
Unit Registrable Securities” means the Common Units issued or issuable upon the exercise of the Warrants.


 


Section 1.02       Registrable
Securities. Any Registrable Security shall cease to be a Registrable Security at the earliest of the following: (a) when
a registration statement covering such Registrable Security becomes or has been declared effective by the SEC and such Registrable
Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable Security
has been sold or disposed of (excluding transfers or assignments by a Holder to an Affiliate) pursuant to Rule 144 under the
Securities Act (or any successor or similar provision adopted by the SEC then in effect) under circumstances in which all of the
applicable conditions of Rule 144 (as then in effect) are met; (c) when such Registrable Security is held by the Partnership
or one of its direct or indirect subsidiaries; or (d) when such Registrable Security has been sold or disposed of in a private
transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant
to Section 2.11 hereof.


 


Article II

REGISTRATION RIGHTS


 


Section 2.01       Shelf
Registration.


 


(a)            Shelf
Registration. Within 180 calendar days of the Initial Closing Date, the Partnership shall use commercially reasonable efforts
to prepare and file a Shelf Registration Statement with the SEC to permit the public resale of all Registrable Securities on the
terms and conditions specified in this Section 2.01 (a “Registration Statement”). The Registration
Statement filed with the SEC pursuant to this Section 2.01(a) shall be on Form S-3 or, if Form S-3 is
not then available to the Partnership, on Form S-1 or such other form of registration statement as is then available to effect
a registration for resale of the Registrable Securities, covering the Registrable Securities, and shall contain a prospectus in
such form as to permit any Selling Holder covered by such Registration Statement to sell such Registrable Securities pursuant to
Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) at any time beginning
on the Effective Date for such Registration Statement; provided, however, such Registration Statement shall not be filed
on a shelf registration statement that automatically becomes effective upon filing. The Partnership shall use commercially reasonable
efforts to cause a Registration Statement filed pursuant to this Section 2.01(a) to be declared effective within
360 calendar days after the Initial Closing Date (the “Effectiveness Deadline”). A Registration Statement shall
provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Selling Holders,
including by way of an Underwritten Offering, if such an election has been made pursuant to Section 2.04 of this Agreement.
During the Effectiveness Period, the Partnership shall use commercially reasonable efforts to cause a Registration Statement filed
pursuant to this Section 2.01(a) to remain effective, and to be supplemented and amended to the extent necessary
to ensure that such Registration Statement is available or, if not available, that another registration statement is available
for the resale of the Registrable Securities until the date on which all Registrable Securities have ceased to be Registrable Securities.
The Partnership shall prepare and file a supplemental listing application with the NYSE (or such other national securities exchange
on which the Warrant Common Unit Registrable Securities are then listed and traded) to list the Warrant Common Unit Registrable
Securities covered by a Registration Statement and shall use commercially reasonable efforts to have such Warrant Common Unit Registrable
Securities approved for listing on the NYSE (or such other national securities exchange on which the Registrable Securities are
then listed and traded) by the Effective Date of such Registration Statement, subject only to official notice of issuance. Within
two Business Days of the Effective Date of a Registration Statement, the Partnership shall notify the Selling Holders of the effectiveness
of such Registration Statement.


 






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When effective, a Registration
Statement (including the documents incorporated therein by reference) will comply as to form in all material respects with all
applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the
case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made).
If the Managing Underwriter of any proposed Underwritten Offering of Registrable Securities (other than an Underwritten Offering
of Included Registrable Securities pursuant to Section 2.02) advises the Partnership that the inclusion of all of the
Selling Holders’ Registrable Securities that the Selling Holders intend to include in such offering exceeds the number that
can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the Registrable
Securities offered or the market for the Registrable Securities, then the Registrable Securities to be included in such Underwritten
Offering shall include the number of Registrable Securities that such Managing Underwriter advises the Partnership can be sold
without having such adverse effect, with such number to be allocated (i) first, to the Selling Holders, allocated among such
Selling Holders pro rata on the basis of the number of Registrable Securities held by each such Selling Holder or in such other
manner as such Selling Holders may agree, and (ii) second, to any other holder of securities of the Partnership having rights
of registration that are neither expressly senior nor subordinated to the Holders in respect of the Registrable Securities.


 


(b)            Failure
to Go Effective. If a Registration Statement required to be filed by Section 2.01(a) is not declared effective
on or prior to the Effectiveness Deadline, then each Holder shall be entitled to a payment in cash (with respect to each Registrable
Security held by the Holder), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day
period, which shall accrue daily, for the first 60 calendar days immediately following the Effectiveness Deadline, increasing by
an additional 0.25% of the Liquidated Damages Multiplier per 30-calendar-day period, which shall accrue daily, for each subsequent
30-calendar-day period (i.e., 0.5% for 61-90 calendar days, 0.75% for 91-120 calendar days and 1.00% thereafter), up to
a maximum of 1.00% of the Liquidated Damages Multiplier per 30-calendar-day period, until such time as such Registration Statement
is declared effective or when the Registrable Securities covered by such Registration Statement cease to be Registrable Securities
(the “Liquidated Damages”). The Liquidated Damages payable pursuant to the immediately preceding sentence shall
be payable within 10 Business Days after the end of each such 30-calendar-day period. Any Liquidated Damages shall be paid
to each Holder in immediately available funds; provided, however, if the Partnership certifies that it is unable to pay
Liquidated Damages in cash because such payment would result in a breach of any covenant or constitute a default under a credit
facility, indenture, note purchase agreement or other debt instrument filed as an exhibit to the Partnership’s periodic reports
filed with the SEC, then the Partnership may pay such Liquidated Damages using as much cash as permitted without breaching any
such credit facility or other debt instrument and shall pay the balance of such Liquidated Damages (the “In-Kind LD Amount”)
in kind in the form of the issuance of additional Common Units. Prior to any issuance of Common Units as Liquidated Damages, the
Partnership shall promptly (A) prepare and file an amendment to such Registration Statement prior to its effectiveness adding
such Common Units to such Registration Statement as additional Registrable Securities and (B) prepare and file a supplemental
listing application with the NYSE (or such other national securities exchange on which the Registrable Securities are then listed
and traded) to list such additional Common Units. The determination of the number of Common Units to be issued as Liquidated Damages
shall be equal to the In-Kind LD Amount divided by the VWAP Price calculated for the consecutive 10 trading day period ending
on the close of trading on the trading day immediately preceding the date on which the Liquidated Damages payment is due, less
a discount to such average closing price of 7.0%. The accrual of Liquidated Damages to a Holder shall cease (an “LD Termination
Date,” and, each such period beginning on an Effectiveness Deadline and ending on an LD Termination Date being, an “LD
Period”) at the earlier of (1) the Registration Statement being declared effective and (2) when the Holder’s
Registrable Securities covered by such Registration Statement cease to be Registrable Securities. Any amount of Liquidated Damages
shall be prorated for any period of less than 30 calendar days accruing during an LD Period. If the Partnership is unable to cause
a Registration Statement to be declared effective on or prior to the Effectiveness Deadline as a result of an acquisition, merger,
reorganization, disposition or other similar transaction, then the Partnership may request a waiver of the Liquidated Damages,
and each Holder may individually grant or withhold its consent to such request in its discretion. Nothing in this Section 2.01(b) shall
relieve the Partnership from its obligations under Section 2.01(a).


 






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Section 2.02       Piggyback
Rights.


 


(a)            Participation.
So long as a Holder has Common Unit Registrable Securities, if the Partnership proposes to file (i) a shelf registration statement
other than a Registration Statement contemplated by Section 2.01(a), (ii) a prospectus supplement to an effective
shelf registration statement relating to the sale of equity securities of the Partnership for its own account or that of another
Person, or both, other than a Registration Statement contemplated by Section 2.01(a) and Holders may be included
without the filing of a post-effective amendment thereto, or (iii) a registration statement, other than a shelf registration
statement, in each case, for the sale of Common Units in an Underwritten Offering for its own account or that of another Person,
or both, then promptly following the selection of the Managing Underwriter for such Underwritten Offering, the Partnership shall
give notice of such Underwritten Offering to each Holder (together with its Affiliates) holding at least the Piggyback Threshold
Amount of the then-outstanding Common Unit Registrable Securities (calculated based on the Common Unit Price) and such notice shall
offer such Holders the opportunity to include in such Underwritten Offering such number of Common Unit Registrable Securities (the
 “Included Registrable Securities”) as each such Holder may request in writing; provided, however, that
(A) the Partnership shall not be required to provide such opportunity to any such Holder that does not offer a minimum of
the Piggyback Threshold Amount of Common Unit Registrable Securities (based on the Common Unit Price), or such lesser amount if
it constitutes the remaining holdings of such Holder, and (B) if the Partnership has been advised by the Managing Underwriter
that the inclusion of Common Unit Registrable Securities for sale for the benefit of the Holders will have an adverse effect on
the price, timing or distribution of the Common Units in the Underwritten Offering, then (x) if no Common Unit Registrable
Securities can be included in the Underwritten Offering in the opinion of the Managing Underwriter, the Partnership shall not be
required to offer such opportunity to the Holders or (y) if any Common Unit Registrable Securities can be included in the
Underwritten Offering in the opinion of the Managing Underwriter, then the amount of Common Unit Registrable Securities to be offered
for the accounts of Holders shall be determined based on the provisions of Section 2.02(b). Any notice required to
be provided in this Section 2.02(a) to Holders shall be provided on a Business Day and receipt of such notice
shall be confirmed by the Holder. Each such Holder shall then have five Business Days (or three Business Days in connection with
any overnight or bought Underwritten Offering) after notice has been delivered to request in writing the inclusion of Common Unit
Registrable Securities in the Underwritten Offering. If no written request for inclusion from a Holder is received within the specified
time, each such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving written
notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, the Partnership
shall determine for any reason not to undertake or to delay such Underwritten Offering, the Partnership may, at its election, give
written notice of such determination to the Selling Holders and, (1) in the case of a determination not to undertake such
Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such
terminated Underwritten Offering, and (2) in the case of a determination to delay such Underwritten Offering, shall be permitted
to delay offering any Included Registrable Securities as part of such Underwritten Offering for the same period as the delay in
the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion
of such Selling Holder’s Common Unit Registrable Securities in such Underwritten Offering by giving written notice to the
Partnership of such withdrawal at or prior to the time of pricing of such Underwritten Offering. Any Holder may deliver written
notice (an “Opt-Out Notice”) to the Partnership requesting that such Holder not receive notice from the Partnership
of any proposed Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice
in writing. Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the Partnership shall not be required
to deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled
to participate in Underwritten Offerings by the Partnership pursuant to this Section 2.02(a).


 






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(b)            Priority.
If the Managing Underwriter of any proposed Underwritten Offering of Common Units included in an Underwritten Offering involving
Included Registrable Securities pursuant to this Section 2.02 advises the Partnership that the total amount of Common Units
that the Selling Holders and any other Persons intend to include in such offering exceeds the number of Common Units that can be
sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the Common Units offered
or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number
of Common Unit Registrable Securities that such Managing Underwriter advises the Partnership can be sold without having such adverse
effect, with such number to be allocated (i) first, to the Partnership or other party or parties requesting or initiating
such registration or to any other holder of securities of the Partnership having rights of registration pursuant to the Existing
Registration Rights Agreement and (ii) second, by the Selling Holders who have requested participation in such Underwritten
Offering and by the other holders of Common Units (other than holders of Common Unit Registrable Securities) with registration
rights entitling them to participate in such Underwritten Offering, allocated among such Selling Holders and other holders pro
rata on the basis of the number of Common Unit Registrable Securities or Common Units proposed to be sold by each applicable Selling
Holder or other holder in such Underwritten Offering (based, for each such participant, on the percentage derived by dividing (x) the
number of Common Units proposed to be sold by such participant in such Underwritten Offering by (y) the aggregate number of
Common Units proposed to be sold by all participants in such Underwritten Offering) or in such manner as they may agree. The allocation
of Common Units to be included in any Underwritten Offering other than an Underwritten Offering involving Included Registrable
Securities pursuant to this Section 2.02 shall be governed by Section 2.01(a).


 


(c)            Termination
of Piggyback Registration Rights. Each Holder’s rights under this Section 2.02 shall terminate upon such
Holder ceasing to hold at least the Piggyback Threshold Amount of Common Unit Registrable Securities (calculated based on the Common
Unit Price).


 






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Section 2.03       Delay
Rights.


 


Notwithstanding anything
to the contrary contained herein, the Partnership may, upon written notice to (i) all Holders, delay the filing of a Registration
Statement required under Section 2.01(a), or (ii) any Selling Holder whose Registrable Securities are included
in a Registration Statement or other registration statement contemplated by this Agreement, suspend such Selling Holder’s
use of any prospectus that is a part of such Registration Statement or other registration statement (in which event the Selling
Holder shall discontinue sales of the Registrable Securities pursuant to such Registration Statement or other registration statement
contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if the Partnership (x) is
pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the General Partner determines in
good faith that the Partnership’s ability to pursue or consummate such a transaction would be materially adversely affected
by any required disclosure of such transaction in such Registration Statement or other registration statement or (y) has experienced
some other material non-public event the disclosure of which at such time, in the good faith judgment of the General Partner, would
materially adversely affect the Partnership; provided, however, in no event shall (A) filing of such Registration Statement
be delayed under clauses (x) or (y) of this Section 2.03 for a period that exceeds 90 calendar days or (B) such
Selling Holders be suspended under clauses (x) or (y) of this Section 2.03 from selling Registrable
Securities pursuant to such Registration Statement or other registration statement for a period that exceeds an aggregate of 45 calendar
days in any 180 calendar-day period or 90 calendar days in any 365 calendar-day period, in each case, exclusive
of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon disclosure
of such information or the termination of the condition described above, the Partnership shall provide prompt notice, but in any
event within one Business Day of such disclosure or termination, to the Selling Holders whose Registrable Securities are included
in such Registration Statement and shall promptly terminate any suspension of sales it has put into effect and shall take such
other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement.


 






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If (i) the Selling
Holders shall be prohibited or prevented from selling their Registrable Securities under a Registration Statement or other registration
statement contemplated by this Agreement as a result of a delay or suspension pursuant to the immediately preceding paragraph in
excess of the periods permitted therein or (ii) a Registration Statement or other registration statement contemplated by this
Agreement is filed and is declared effective but, during the Effectiveness Period, shall thereafter cease to be effective or fail
to be usable for its intended purpose without being succeeded within 60 calendar days by a post-effective amendment thereto,
a supplement to the prospectus or a report filed with the SEC pursuant to Section 13(a), 13(c), 14 or l5(d) of the Exchange
Act, then, until the suspension is lifted or the Registration Statement required under Section 2.01(a), a post-effective
amendment, supplement or report is filed with the SEC, but not including any day on which a suspension is lifted or such Registration
Statement, amendment, supplement or report is filed with the SEC, if applicable, each Selling Holder shall be entitled to a payment
(with respect to each Registrable Security) from the Partnership, as liquidated damages and not as a penalty, of 0.25% of the Liquidated
Damages Multiplier per 30-calendar-day period, which shall accrue daily, for the first 60 calendar days immediately following
the earlier of (x) the date on which the suspension or delay period exceeded the permitted period and (y) the 31st calendar
day after such Shelf Registration Statement ceased to be effective or failed to be usable for its intended purposes, with such
payment amount increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day period, which shall accrue daily,
for each subsequent 30-calendar-day period (i.e., 0.5% for 61-90 calendar days, 0.75% for 91-120 calendar days and 1.00%
thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier per 30-day period (the “Delay Liquidated Damages”).
For purposes of this paragraph, a suspension or delay shall be deemed lifted with respect to a Selling Holder on the date that
(A) notice that the suspension has been terminated is delivered to such Selling Holder, (B) the Registration Statement
required under Section 2.01(a) is filed with the SEC, or (C) a post-effective amendment or supplement to
the prospectus or report is filed with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act. Any
Delay Liquidated Damages shall cease to accrue pursuant to this paragraph upon the earlier of (1) a suspension or delay being
deemed lifted and (2) when such Selling Holder no longer holds Registrable Securities included in such Registration Statement,
and shall be payable within 10 Business Days after the end of each such 30-day period. Any amount of Delay Liquidated Damages
shall be prorated for any period of less than 30 calendar days in which the payment of Delay Liquidated Damages ceases. Any
Delay Liquidated Damages shall be paid to each Selling Holder in immediately available funds.


 






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Section 2.04     Underwritten
Offerings. In the event that any Holder or Holders that are Affiliates of each other (the “Electing Holders”)
elect to include, other than pursuant to Section 2.02 of this Agreement, at least the lesser of (i) $15.0 million
of Common Unit Registrable Securities in the aggregate (calculated based on the expected gross proceeds of the Underwritten Offering
of such Common Unit Registrable Securities) and (ii) 100% of the then outstanding Common Unit Registrable Securities held
by such Electing Holders under a Registration Statement pursuant to an Underwritten Offering, the Partnership shall, upon request
by the Electing Holders (such request, an “Underwritten Offering Notice”), retain underwriters to permit the
Electing Holders to effect such sale through an Underwritten Offering; provided, however, that each Holder, together with
its Affiliates, shall have the option and right to require the Partnership to effect not more than four Underwritten Offerings
in the aggregate, subject to a maximum of one Underwritten Offering during any 90-day period. Upon delivery of such Underwritten
Offering Notice to the Partnership, the Partnership shall as soon as practicable (but in no event later than one Business Day following
the date of delivery of the Underwritten Offering Notice to the Partnership) deliver notice of such Underwritten Offering Notice
to all other Holders, who shall then have two Business Days from the date that such notice is given to them to notify the Partnership
in writing of the number of Common Unit Registrable Securities held by such Holder that they want to be included in such Underwritten
Offering. Any Holders notified about an Underwritten Offering by the Partnership after the Partnership has received the corresponding
Underwritten Offering Notice may participate in such Underwritten Offering, but shall not count toward the $15.0 million of
Common Unit Registrable Securities required under clause (i) of this Section 2.04 to request an Underwritten
Offering pursuant to an Underwritten Offering Notice. In connection with any Underwritten Offering under this Agreement, the Holders
of a majority of the Common Unit Registrable Securities being sold in such Underwritten Offering shall be entitled to select the
Managing Underwriter or Underwriters, but only with the consent of the Partnership, which shall not be unreasonably withheld, delayed
or conditioned. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates,
each Selling Holder and the Partnership shall be obligated to enter into an underwriting agreement that contains such representations,
covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings
of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Common
Unit Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires,
powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling
Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part
of, the Partnership to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and
that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also be conditions
precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with
the Partnership or the underwriters other than representations, warranties or agreements regarding such Selling Holder, its authority
to enter into such underwriting agreement and to sell, and its ownership of, the securities whose offer and resale will be registered,
on its behalf, its intended method of distribution and any other representation required by Law. If any Selling Holder disapproves
of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to the Partnership, the Electing
Holders and the Managing Underwriter; provided, however, that any such withdrawal must be made no later than the time of
pricing of such Underwritten Offering. If all Selling Holders withdraw from an Underwritten Offering prior to the pricing of such
Underwritten Offering, the events will not be considered an Underwritten Offering and will not decrease the number of available
Underwritten Offerings the Holders have the right and option to request under this Section 2.04. No such withdrawal
or abandonment shall affect the Partnership’s obligation to pay Registration Expenses pursuant to Section 2.08;
provided, however, that if (A) certain Selling Holders withdraw from an Underwritten Offering after the public announcement
at launch (the “Launch”) of such Underwritten Offering (such Selling Holders, the “Post-Launch Withdrawing
Selling Holders”), and (B) all Selling Holders withdraw from such Underwritten Offering prior to pricing, other
than in either clause (A) or (B) as a result of the occurrence of any event that would reasonably be expected to
permit the Partnership to exercise its rights to suspend the use of a Registration Statement or other registration statement pursuant
to Section 2.03, then the Post-Launch Withdrawing Selling Holders shall pay for all reasonable Registration Expenses incurred
by the Partnership during the period from the Launch of such Underwritten Offering until the time all Selling Holders withdraw
from such Underwritten Offering.


 






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Section 2.05       Sale
Procedures.


 


In connection with
its obligations under this Article II, the Partnership shall, as expeditiously as possible:


 


(a)            use
its reasonable best efforts to prepare and file with the SEC such amendments and supplements to a Registration Statement and the
prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness
Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities covered by such Registration Statement;


 


(b)           if
a prospectus supplement will be used in connection with the marketing of an Underwritten Offering from a Registration Statement
and the Managing Underwriter at any time shall notify the Partnership in writing that, in the sole judgment of such Managing Underwriter,
inclusion of detailed information to be used in such prospectus supplement is of material importance to the success of the Underwritten
Offering of such Registrable Securities, the Partnership shall use its reasonable best efforts to include such information in such
prospectus supplement;


 


(c)           furnish
to each Selling Holder (i) as far in advance as reasonably practicable before filing a Registration Statement or any other
registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably
complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein
to the extent then required by the rules and regulations of the SEC), and provide each such Selling Holder the opportunity
to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make
the corrections reasonably requested by such Selling Holder with respect to such information prior to filing a Registration Statement
or such other registration statement or supplement or amendment thereto, and (ii) such number of copies of such Registration
Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as
such Selling Holder may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities covered
by such Registration Statement or other registration statement;


 


(d)           if
applicable, use its reasonable best efforts to register or qualify the Registrable Securities covered by a Registration Statement
or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions
as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request; provided,
however, that the Partnership shall not be required to qualify generally to transact business in any jurisdiction where it
is not then required to so qualify or to take any action that would subject it to general service of process in any such jurisdiction
where it is not then so subject;


 


(e)            promptly
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the
Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement
or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with
respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same
has become effective; and (ii) the receipt of any written comments from the SEC with respect to any filing referred to in
clause (i) and any written request by the SEC for amendments or supplements to such Registration Statement or any other
registration statement or any prospectus or prospectus supplement thereto;


 






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(f)            immediately
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by such Selling Holder under
the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained
in a Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an
untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which
a statement is made); (ii) the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness
of such Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings
for that purpose; or (iii) the receipt by the Partnership of any notification with respect to the suspension of the qualification
of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision
of such notice, the Partnership agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement
or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove
a stop order, suspension, threat thereof or proceedings related thereto;


 


(g)           upon
request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other correspondence with the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction
(including any domestic or foreign securities exchange) relating to such offering of Registrable Securities;


 


(h)           in
the case of an Underwritten Offering, furnish, or use its reasonable best efforts to cause to be furnished, to the underwriters
upon request, (i) an opinion of counsel for the Partnership dated the date of the closing under the underwriting agreement
and (ii) a “comfort” letter, dated the pricing date of such Underwritten Offering and a letter of like kind dated
the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified
the Partnership’s financial statements included or incorporated by reference into the applicable registration statement,
and each of the opinion and the “comfort” letter shall be in customary form and covering substantially the same matters
with respect to such registration statement (and the prospectus and any prospectus supplement included therein) as have been customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings
of securities by the Partnership and such other matters as such underwriters and Selling Holders may reasonably request;


 


(i)            otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable, an earnings statement, covering a period of twelve months beginning within
three months after the Effective Date of such Registration Statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;


 






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


 


(k)            use
its reasonable best efforts to cause all Common Unit Registrable Securities registered pursuant to this Agreement to be listed
on each securities exchange or nationally recognized quotation system on which the Common Units are then listed or quoted; provided,
however, that the Partnership shall have no obligation to cause any Preferred Unit Registrable Securities registered pursuant
to this Agreement to be listed on any securities exchange or nationally recognized quotation system;


 


(l)            use
its reasonable best efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies
or authorities as may be necessary by virtue of the business and operations of the Partnership to enable the Selling Holders to
consummate the disposition of such Registrable Securities;


 


(m)           provide
a transfer agent and registrar for all Registrable Securities covered by such registration statement not later than the Effective
Date of such registration statement;


 


(n)           enter
into customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if
any, in order to expedite or facilitate the disposition of Common Unit Registrable Securities (including, making appropriate officers
of the General Partner available to participate in any “road show” presentations before analysts, and other customary
marketing activities (including one-on-one meetings with prospective purchasers of the Common Unit Registrable Securities)), provided,
however, that in the event the Partnership, using reasonable best efforts, is unable to make such appropriate officers of the
General Partner available to participate in connection with any “road show” presentations and other customary marketing
activities (whether in person or otherwise), the Partnership shall make such appropriate officers available to participate via
conference call or other means of communication in connection with no more than one “road show” presentation per Underwritten
Offering;


 


(o)           if
requested by a Selling Holder, (i) incorporate in a prospectus supplement or post-effective amendment such information as
such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities,
including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, and (ii) make all
required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated
in such prospectus supplement or post-effective amendment;


 


(p)           if
reasonably required by the Partnership’s transfer agent, the Partnership shall promptly deliver any authorizations, certificates,
opinions or directions required by the transfer agent which authorize and direct the transfer agent to transfer Registrable Securities
without legend upon sale by the Holder of such Registrable Securities under a Registration Statement; and


 






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Notwithstanding anything
to the contrary in this Section 2.05, the Partnership shall not name a Holder as an underwriter as defined in Section 2(a)(11)
of the Securities Act in any Registration Statement without such Holder’s consent. If the staff of the SEC requires the Partnership
to name any Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent
thereto, then such Holder’s Registrable Securities shall not be included on such Registration Statement, such Holder shall
no longer be entitled to receive Liquidated Damages under this Agreement with respect to such Holder’s Registrable Securities
and the Partnership shall have no further obligations hereunder with respect to Registrable Securities held by such Holder, unless
such Holder has not had an opportunity to conduct customary underwriter’s due diligence with respect to the Partnership at
the time such Holder’s consent is sought.


 


Each Selling Holder,
upon receipt of notice from the Partnership of the happening of any event of the kind described in Section 2.05(f),
shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until
such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.05(f) or
until it is advised in writing by the Partnership that the use of the prospectus may be resumed and has received copies of any
additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Partnership, such Selling
Holder shall, or shall request the Managing Underwriter, if any, to deliver to the Partnership (at the Partnership’s expense)
all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of
the prospectus covering such Registrable Securities current at the time of receipt of such notice.


 


Section 2.06       Cooperation
by Holders.


 


The Partnership shall
have no obligation to include Registrable Securities of a Holder in a Registration Statement or in an Underwritten Offering pursuant
to Section 2.02(a) who has failed to timely furnish after receipt of a written request from the Partnership such
information that the Partnership determines, after consultation with its counsel, is reasonably required in order for the registration
statement or prospectus supplement, as applicable, to comply with the Securities Act, and any such Holder shall not be entitled
to Liquidated Damages or Delay Liquidated Damages in connection with the applicable Registration Statement or other registration
statement contemplated by this Agreement.


 


Section 2.07       Restrictions
on Public Sale by Holders of Registrable Securities.


 


Each Holder of Common
Unit Registrable Securities that participates in an Underwritten Offering will enter into a customary letter agreement with underwriters
providing such Holder will not effect any public sale or distribution of Common Unit Registrable Securities during the 60 calendar-day
period beginning on the date of a prospectus or prospectus supplement filed with the SEC with respect to the pricing of any Underwritten
Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the
shortest restriction generally imposed by the underwriters on the Partnership or the officers, directors or any other Affiliate
of the Partnership or the General Partner on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.07
shall not apply to any Common Unit Registrable Securities that are included in such Underwritten Offering by such Holder. In addition,
this Section 2.07 shall not apply to any Holder that is not entitled to participate in such Underwritten Offering,
whether because such Holder delivered an Opt-Out Notice prior to receiving notice of the Underwritten Offering or because such
Holder (together with its Affiliates) holds less than the Piggyback Threshold Amount of the then-outstanding Common Unit Registrable
Securities (calculated based on the Common Unit Registrable Securities Amount) or because the Common Unit Registrable Securities
held by such Holder may be disposed of without restriction pursuant to any section of Rule 144 under the Securities Act (or
any successor or similar provision adopted by the SEC then in effect).


 






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Section 2.08     Expenses.


 


(a)            Expenses.
Subject to the last sentence of Section 2.04, the Partnership shall pay all reasonable Registration Expenses as determined
in good faith by the General Partner, including, in the case of an Underwritten Offering, the reasonable Registration Expenses
of an Underwritten Offering, regardless of whether any sale is made pursuant to such Underwritten Offering. Each Selling Holder
shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. Each
Selling Holder’s pro rata allocation of Selling Expenses shall be the percentage derived by dividing (i) the
number of Registrable Securities sold by such Selling Holder in connection with such sale by (ii) the aggregate number of
Registrable Securities sold by all Selling Holders in connection with such sale. In addition, except as otherwise provided in Sections
2.08 and 2.09 hereof, the Partnership shall not be responsible for legal fees incurred by Holders in connection with
the exercise of such Holders’ rights hereunder.


 


(b)           Certain
Definitions. “Registration Expenses” means all expenses incident to the Partnership’s performance
under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant
to Section 2.01(a) or an Underwritten Offering covered under this Agreement, and the disposition of such Registrable
Securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration,
filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry
Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing, duplicating and printing expenses,
any transfer taxes, and the fees and disbursements of counsel and independent public accountants for the Partnership, including
the expenses of any special audits or “comfort” letters required by or incident to such performance and compliance,
and the reasonable fees and disbursements of one counsel for the Selling Holders participating in such Registration Statement or
Underwritten Offering to effect the disposition of such Registrable Securities, selected by the Holders of a majority of the Registrable
Securities initially being registered under such Registration Statement or other registration statement as contemplated by this
Agreement, subject to the reasonable consent of the Partnership. “Selling Expenses” means all underwriting discounts
and selling commissions or similar fees or arrangements allocable to the sale of the Registrable Securities, and fees and disbursements
of counsel to the Selling Holders, except for the reasonable fees and disbursements of counsel for the Selling Holders required
to be paid by the Partnership pursuant to Sections 2.08 and 2.09.


 






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Section 2.09       Indemnification.


 


(a)            By
the Partnership. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Partnership shall indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners,
employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the
Exchange Act, and its directors, officers, managers, partners, employees or agents (collectively, the “Selling Holder
Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’
fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person
may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained
in (which includes documents incorporated by reference in) such Registration Statement or any other registration statement contemplated
by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or
supplement thereof, or any free writing prospectus relating thereto or arise out of or are based upon the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus,
in light of the circumstances under which they were made) not misleading, and shall reimburse each such Selling Holder Indemnified
Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any
such Loss or actions or proceedings; provided, however, that the Partnership shall not be liable in any such case if and
to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with information furnished by such Selling Holder Indemnified Person in writing specifically
for use in such Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person,
and shall survive the transfer of such securities by such Selling Holder.


 


(b)           By
Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Partnership, the
General Partner, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the
meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to the same extent as
the foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling
Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in such Registration Statement or any
other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus
contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto; provided, however,
that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling
Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification.


 






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(c)            Notice.
Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall,
if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing
thereof, but the omission to so notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified
party other than under this Section 2.09. In any action brought against any indemnified party, it shall notify the
indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it
shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after
notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the
indemnifying party shall not be liable to such indemnified party under this Section 2.09 for any legal expenses subsequently
incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison
with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or
employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the
indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable
defenses available to the indemnified party that are different from or additional to those available to the indemnifying party,
or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party,
then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable
expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision
of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such
indemnified party is entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement
thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, and does
not contain any admission of wrongdoing by, the indemnified party.


 


(d)           Contribution.
If the indemnification provided for in this Section 2.09 is held by a court or government agency of competent jurisdiction
to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party
as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one
hand and of such indemnified party, on the other hand, in connection with the statements or omissions that resulted in such Losses,
as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be
required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such
Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying
party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made
by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable
if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of
the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably
incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this
paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.


 






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(e)            Other
Indemnification. The provisions of this Section 2.09 shall be in addition to any other rights to indemnification
or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise.


 


Section 2.10       Rule 144
Reporting.


 


With a view to making
available the benefits of certain rules and regulations of the SEC that may permit the sale of the Registrable Securities
to the public without registration, the Partnership agrees to use its reasonable best efforts to:


 


(a)           make
and keep public information regarding the Partnership available, as those terms are understood and defined in Rule 144 under
the Securities Act (or any successor or similar provision adopted by the SEC then in effect), at all times from and after the date
hereof;


 


(b)           file
with the SEC in a timely manner all reports and other documents required of the Partnership under the Securities Act and the Exchange
Act at all times from and after the date hereof; and


 


(c)            so
long as a Holder owns any Registrable Securities, furnish, unless otherwise available electronically at no additional charge via
the SEC’s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the
Partnership, and such other reports and documents as such Holder may reasonably request in availing itself of any rule or
regulation of the SEC allowing such Holder to sell any such securities without registration.


 


Section 2.11       Transfer
or Assignment of Registration Rights.


 


The rights to cause
the Partnership to register Registrable Securities granted to the Purchasers by the Partnership under this Article II
may be transferred or assigned by any Purchaser to one or more transferees or assignees of Registrable Securities, subject to the
transfer restrictions provided in Section 4.12 of the Seventh Partnership Agreement, provided, however, that (a) the
Partnership is given written notice prior to any said transfer or assignment, stating the name and address of each of the transferee
or assignee and identifying the Registrable Securities with respect to which such registration rights are being transferred or
assigned and (b) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of
such Purchaser under this Agreement.


 


Section 2.12       Limitation
on Subsequent Registration Rights.


 


From and after the
date hereof, the Partnership shall not, without the prior written consent of (a) the Holders of a majority of the then outstanding
Common Unit Registrable Securities and (b) the Holders of a majority of the then outstanding Preferred Unit Registrable Securities,
enter into any agreement with any current or future holder of any equity securities of the Partnership that would allow such current
or future holder to require the Partnership to include equity securities in any registration statement filed by the Partnership
on a basis that is superior in any respect to the rights granted to the Holders pursuant to this Agreement.


 






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Section 2.13       Limitation
on Obligations for Preferred Unit Registrable Securities.


 


Notwithstanding anything
to the contrary in this Agreement, nothing contained herein shall be construed to require the Partnership to (a) conduct an
underwritten offering for the public sale, resale or any other disposition of Preferred Unit Registrable Securities, (b) except
as expressly provided in this Agreement, otherwise assist in the public resale of any Preferred Unit Registrable Securities, (c) provide
any Holder of Preferred Unit Registrable Securities any rights to include any Preferred Unit Registrable Securities in any underwritten
offering relating to the sale by the Partnership or any other Person of any securities of the Partnership or (d) cause any
Preferred Unit Registrable Securities to be listed on any securities exchange or nationally recognized quotation system.


 


Section 2.14       Obligation
to Obtain Rating for Preferred Units.


 


If requested by any
Holder, the Partnership shall use commercially reasonable efforts to obtain and maintain a rating from a nationally recognized
rating agency (chosen by the Holders holding at least a majority of the Preferred Units then outstanding) with respect to the Preferred
Units. The Partnership shall be entitled to reimbursement from the Holders holding Preferred Units for all direct costs paid to
the applicable rating agency by the Partnership in obtaining the initial rating, which costs shall be shared by such Holders pro
rata (based, for each such Holder on the percentage derived by dividing (x) the number of Preferred Units held by each
such Holder, by (y) the aggregate number of Preferred Units outstanding at the time such rating is obtained). After the date
on which a rating has been obtained for the Preferred Units, if requested by the Holders of 75% of the Preferred Units then outstanding,
the Partnership shall use commercially reasonably efforts to cause such rating on the Preferred Units to be withdrawn.


 


Article III

MISCELLANEOUS


 


Section 3.01       Communications.


 


All notices and other
communications provided for or permitted hereunder shall be made in writing by facsimile, electronic mail, courier service or personal
delivery:


 


(a)            if
to a Purchaser:


 


To the respective address listed
on Schedule A hereof with copies to (which shall not constitute notice):


 


Kirkland & Ellis LLP


609 Main Street


Houston, TX 77002


Attention: John Pitts and Julian
Seiguer


Facsimile: (713) 835-3601


Email: john.pitts@kirkland.com


Email: julian.seiguer@kirkland.com


 


(b)           if to a transferee
of a Purchaser, to such Holder at the address provided pursuant to Section 2.11 above; and


 






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(c)           if
to the Partnership:


 


NGL Energy Partners LP


6120 South Yale Avenue


Suite 805


Tulsa, Oklahoma 74136


Attention: H. Michael Krimbill


Facsimile: (918) 492-0990


Email: michael.krimbill@nglep.com


 


with a copy
to (which shall not constitute notice):


 


Hunton Andrews Kurth LLP


600 Travis St., Suite 4200


Houston, Texas 77002


Attention: G. Michael O’Leary
and Henry Havre


Facsimile: (713) 220-4285


Email: moleary@huntonak.com


Email: henryhavre@huntonak.com


 


All such notices and
communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged,
if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by courier service or any other
means.


 


Section 3.02       Successor
and Assigns.


 


This Agreement shall
inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including subsequent Holders
of Registrable Securities to the extent permitted herein.


 


Section 3.03       Assignment
of Rights.


 


All or any portion
of the rights and obligations of any Purchaser under this Agreement may be transferred or assigned by such Purchaser only in accordance
with Section 2.11 hereof.


 


Section 3.04       Recapitalization,
Exchanges, Etc. Affecting the Common Units.


 


The provisions of this
Agreement shall apply to the full extent set forth herein with respect to any and all units of the Partnership or any successor
or assign of the Partnership (whether by merger, acquisition, consolidation, reorganization, sale of assets or otherwise) that
may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted
for combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date of this
Agreement.


 






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Section 3.05       Aggregation
of Registrable Securities.


 


All Registrable Securities
held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability
of any rights and applicability of any obligations under this Agreement.


 


Section 3.06       Specific
Performance.


 


Damages in the event
of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that
each such Person, in addition to and without limiting any other remedy or right it may have, shall have the right to an injunction
or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms
and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction
or competence of the court to grant such an injunction or other equitable relief. The existence of this right shall not preclude
any such Person from pursuing any other rights and remedies at law or in equity that such Person may have.


 


Section 3.07       Counterparts.


 


This Agreement may
be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or .pdf
counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.


 


Section 3.08       Headings.


 


The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.


 


Section 3.09       Governing
Law.


 


This Agreement, including
all issues and questions concerning its application, construction, validity, interpretation and enforcement, shall be construed
in accordance with, and governed by, the laws of the State of New York.


 


Section 3.10       Severability
of Provisions.


 


Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity
or enforceability of such provision in any other jurisdiction.


 


Section 3.11       Entire
Agreement.


 


This Agreement is intended
by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement
and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Partnership
set forth herein. This Agreement, the Additional Purchase Agreement and the Seventh Partnership Agreement supersede all prior agreements
and understandings between the parties with respect to such subject matter.


 






    23


     


    

 


Section 3.12       Amendment.


 


This Agreement may
be amended only by means of a written amendment signed by the Partnership, the Holders of a majority of the then outstanding Common
Unit Registrable Securities and the Holders of a majority of the then outstanding Preferred Unit Registrable Securities; provided,
however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent
of such Holder.


 


Section 3.13       No
Presumption.


 


If any claim is made
by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall
be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel.


 


Section 3.14       Obligations
Limited to Parties to Agreement.


 


Each of the parties
hereto covenants, agrees and acknowledges that no Person other than the Purchasers (and their permitted transferees and assignees)
and the Partnership shall have any obligation hereunder. Notwithstanding that one or more of the Purchasers may be a corporation,
partnership or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection
herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer,
employee, agent, general or limited partner, manager, member, stockholder or Affiliate thereof, whether by the enforcement of any
assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged
that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future
director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers
or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or
Affiliate thereof, as such, for any obligations of the Purchasers under this Agreement or any documents or instruments delivered
in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except
in each case for any transferee or assignee of a Purchaser hereunder.


 


Section 3.15       Independent
Nature of Purchaser’s Obligations.


 


The obligations of
each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall
be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained
herein, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an
association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting
in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall
be entitled to independently protect and enforce its rights, including, the rights arising out of this Agreement, and it shall
not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.


 






    24


     


    

 


Section 3.16       Interpretation.


 


Article and Section references
are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references
to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time
to time, unless otherwise specified. The words “include,” “includes” and “including” or words
of similar import shall be deemed to be followed by the words “without limitation.” Whenever any determination, consent
or approval is to be made or given by a Purchaser under this Agreement, such action shall be in such Purchaser’s sole discretion
unless otherwise specified. Unless expressly set forth or qualified otherwise (e.g., by “Business” or
 “trading”), all references herein to a “day” are deemed to be a reference to a calendar day.


 


(Signature pages follow)


 






    25


     


    

 


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


 


	 	NGL
    ENERGY PARTNERS LP
	 	 
	 	By:	NGL
                                         Energy Holdings LLC,

                                                                                its
                                         general partner

	 	 	 
	 	 	 
	 	By:	/s/ H. Michael
    Krimbill
	 	Name:	H. Michael Krimbill
	 	Title:	Chief Executive Officer




 


Signature Page
to Registration Rights Agreement


 



    


     


    







 





	 	PURCHASERS:
	 	 	 
	 	EIG NEPTUNE
    EQUITY AGGREGATOR, L.P.
	 	 	 
	 	By:	EIG Neptune
    Equity GP, LLC,
 its general partner
	 	 	 
	 	By:	EIG Asset Management,
    LLC,
 its managing member
	 	 	 
	 	 	 
	 	By:	/s/
    Brian P. Boland
	 	Name:	Brian P. Boland
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	By:	/s/
    Michael Ravvin
	 	Name:	Michael Ravvin
	 	Title:	Associate Counsel
	 	 	 
	 	 	 
	 	FS ENERGY
    AND POWER FUND
	 	 	 
	 	By:	FS/EIG Advisor, LLC,

    its investment advisor
	 	 	 
	 	 	 
	 	By:	/s/
    Brian P. Boland
	 	Name:	Brian P. Boland
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	By:	/s/
    Michael Ravvin
	 	Name:	Michael Ravvin
	 	Title:	Associate Counsel




 


Signature Page
to Registration Rights Agreement


 






    


     


    







 


	 	GCM PELLIT
    HOLDINGS, LLC
	 	 	 
	 	By:	CFIG Holdings,
    LLC,
 its Managing Member
	 	 	 
	 	 	 
	 	By:	/s/
    Todd Henigan
	 	Name:	Todd Henigan
	 	Title:	Authorized Signatory




 


Signature Page
to Registration Rights Agreement