Document:

Exhibit

Exhibit 10.1
Execution Version

AMENDED AND RESTATED PURCHASE RIGHTS AGREEMENT 
This AMENDED AND RESTATED PURCHASE RIGHTS AGREEMENT (this “Agreement”) is entered into effective as of February 24, 2020 by and among Enviva Partners, LP, a Delaware limited partnership (the “Partnership”), Enviva Partners GP, LLC, a Delaware limited liability company and the general partner of the Partnership (the “General Partner,” and together with the Partnership and the Subsidiaries of the Partnership, the “Partnership Group”), and Enviva Holdings, LP, a Delaware limited partnership (the “Sponsor” and together with its Subsidiaries  other than the Partnership Group, the “Sponsor Entities”). The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the “Parties.” 
RECITALS: 
WHEREAS, in connection with the contribution by Enviva MLP Holdco, LLC of all of its equity interests in certain subsidiaries of the Sponsor to the Partnership, the Parties entered into a Purchase Rights Agreement, dated May 4, 2015 (the “Original Purchase Rights Agreement”); and
WHEREAS, the Partnership’s right of first offer with respect to the ROFO Assets (as defined herein) pursuant to the Original Purchase Rights Agreement terminates on May 4, 2020; and
WHEREAS, the Parties desire to amend and restate the Original Purchase Rights Agreement to extend the Partnership’s right of first offer with respect to the ROFO Assets to May 4, 2021, with automatic one-year renewals thereafter.
NOW, THEREFORE, in consideration of the premises and the covenants, conditions and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
Article 1 
DEFINITIONS 
1.1    Definitions. As used in this Agreement, the following terms have the respective meanings set forth below: 
“Affiliate” means, with respect to any Person, any other Person who directly or indirectly controls, is controlled by, or is under direct or indirect common control with, such Person, and includes any Person in like relation to an Affiliate. A Person shall be deemed to “control” another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of Voting Securities, by contract or otherwise; and the term “controlled” shall have a similar meaning. Without limiting the generality of the foregoing, it is agreed that any Person that owns or controls, directly or indirectly, 50% or more of the Voting Securities of another Person shall be deemed for purposes of this Agreement to control such other Person. 
“Agreement” has the meaning given such term in the introduction to this Agreement. 
“Arbitration Award” has the meaning given such term in Section 3.16. 

“Cause” has the meaning given such term in the Partnership Agreement. 
“Change of Control” means, with respect to any Person (the “Applicable Person”), any of the following events: 
(a)    any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other Person, unless immediately following such sale, lease, exchange or other transfer such assets are owned, directly or indirectly, by the Applicable Person; 
(b)    the dissolution or liquidation of the Applicable Person; 
(c)    the consolidation or merger of the Applicable Person with or into another Person, other than any such transaction where: 
(i)    the outstanding Voting Securities of the Applicable Person are changed into or exchanged for Voting Securities of the surviving Person or its parent; and 
(ii)    the holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than a majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such transaction; and 
(d)    a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act) being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then outstanding Voting Securities of the Applicable Person, except in a merger or consolidation that would not constitute a Change of Control under clause (c) above. 
“Common Units” has the meaning given such term in the Partnership Agreement. 
“Discussion Date” has the meaning given such term in Section 3.17. 
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
“General Partner” has the meaning given such term in the introduction to this Agreement. 
“Governmental Authority” means: 
(a)    any domestic or foreign government, whether national, federal, state provincial, territorial, municipal or local (whether administrative, legislative, executive or otherwise); 
(b)    any agency, authority, ministry, department, regulatory body, court, central bank, bureau, board or other instrumentality having legislative, judicial, taxing, regulatory, prosecutorial or administrative powers or functions of, or pertaining to, government; 

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(c)    any court, tribunal, commission, individual, arbitrator, arbitration panel or other body having adjudicative, regulatory, judicial, quasi-judicial, administrative or similar functions; and 
(d)    any other body or entity created under the authority of or otherwise subject to the jurisdiction of any of the foregoing, including any stock or other securities exchange or professional association. 
“Original Purchase Rights Agreement” has the meaning given such term in the Recitals.
“Partnership” has the meaning given such term in the introduction to this Agreement. 
“Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership of Enviva Partners, LP dated as of May 4, 2015, as amended by Amendment No. 1 thereto, effective as of December 18, 2017, and Amendment No. 2 thereto, effective as of January 1, 2019, and as it may be further amended from time to time. 
“Partnership Entities” means any of the entities that are part of the Partnership Group. 
“Partnership Group” has the meaning given such term in the introduction to this Agreement. 
“Party” or “Parties” have the meaning given such term in the introduction to this Agreement. 
“Person” is to be construed broadly and includes an individual, partnership, corporation, business trust, limited liability company, limited liability partnership, joint stock company, trust, unincorporated association, joint venture or other entity or a Governmental Authority. 
“Proposed Transaction” has the meaning given such term in Section 2.2(a). 
“ROFO” has the meaning given such term in Section 2.1(a).
“ROFO Assets” means the assets listed on Schedule I of this Agreement, as well as any other wood pellet processing plant or wood pellet export terminal that any Sponsor Entity owns at any time during the term of the Agreement, in each case only if and when the construction of such asset is substantially complete. 
“ROFO Notice” has the meaning given such term in Section 2.2(a). 
“ROFO Period” has the meaning given such term in Section 2.1(a). 
“ROFO Response” has the meaning given such term in Section 2.2(a). 
“Sponsor” has the meaning given such term in the introduction to this Agreement. 
“Sponsor Entities” has the meaning given such term in the introduction to this Agreement.
“Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to vote 

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in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person or by a combination thereof, (b) a partnership (whether general or limited) or limited liability company  in which such Person or a Subsidiary of such Person is, at the date of determination, a general partner of such partnership or managing member of such limited liability company or (c) any other Person in which such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person. 
“Transfer” means to, directly or indirectly, sell, assign, lease, convey, transfer or otherwise dispose of, whether in one or a series of transactions; provided, however, that in no event shall a Change of Control of the Sponsor be deemed a Transfer. 
“Voting Securities” of a Person means securities of any class of such Person entitling the holders thereof to vote in the election of, or to appoint, members of the board of directors or other similar governing body of the Person; provided that, if such Person is a limited partnership, Voting Securities of such Person shall be the general partner interest in such Person. 
ARTICLE 2     
RIGHT OF FIRST OFFER 
2.1    Right of First Offer to Purchase Certain Assets Owned by the Sponsor Entities. 
(a)    The Sponsor hereby grants to the Partnership a right of first offer (the “ROFO”) from the date of this Agreement through the date on which this Agreement is terminated pursuant to Section 3.4 (the “ROFO Period”) on each ROFO Asset to the extent that any Sponsor Entity proposes to Transfer any ROFO Asset (other than to an Affiliate of the Sponsor Entities who agrees in writing that such ROFO Asset remains subject to the provisions of this Article 2 and assumes the obligations under this Article 2 with respect to such ROFO Asset).
(b)    The Parties acknowledge that any Transfer of ROFO Assets pursuant to the ROFO is subject to the terms of all existing agreements with respect to the ROFO Assets and shall be subject to and conditioned on the obtaining of any and all necessary consents of security holders, joint venture partners, governmental authorities, lenders or other third parties. 
2.2    Procedures. 
(a)    If any Sponsor Entity proposes to Transfer any ROFO Asset (other than to an Affiliate as described in Section 2.1(a)) during the ROFO Period (a “Proposed Transaction”), the Sponsor shall, or shall cause such Sponsor Entity to, prior to entering into any such Proposed Transaction, first give notice in writing to the Partnership (the “ROFO Notice”) of its intention to enter into such Proposed Transaction. The ROFO Notice shall include any material terms, conditions and other details as would be reasonably necessary 

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for the Partnership to make a responsive offer to enter into the Proposed Transaction with the applicable Sponsor Entity, which terms, conditions and details shall include any material terms, condition or other details that such Sponsor Entity would propose to provide to non-Affiliates in connection with the Proposed Transaction.
(b)    The Partnership shall have 30 days following receipt of the ROFO Notice to propose an offer to enter into the Proposed Transaction with Sponsor or the Sponsor Entity that provided such ROFO Notice (the “ROFO Response”).  The ROFO Response shall set forth the terms and conditions (including, without limitation, the purchase price the Partnership proposes to pay for the ROFO Asset and the other terms of the purchase) pursuant to which the Partnership would be willing to enter into a binding agreement for the Proposed Transaction. If no ROFO Response is delivered by the Partnership within such 30-day period, then the Partnership shall be deemed to have waived the ROFO with respect to such ROFO Asset, and Sponsor or the applicable Sponsor Entity shall be free to enter into the Proposed Transaction with any third party on terms and conditions determined in the sole discretion of Sponsor or the applicable Sponsor Entity.
(c)    If the Partnership submits a ROFO Response, the Sponsor shall, or shall cause such Sponsor Entity to negotiate exclusively and in good faith with the Partnership for a period of 45 days in order to give the Partnership an opportunity to enter into a letter of intent or definitive documentation for the purchase and sale of such ROFO Asset on terms that are mutually acceptable to the Sponsor Entity and the Partnership. If the Sponsor Entity and the Partnership have not entered into a letter of intent or a definitive purchase and sale agreement with respect to such ROFO Asset within such time period, or if any such letter of intent or agreement is entered into but subsequently terminated, the Sponsor Entity may, at any time during the succeeding 150-day period, enter into a definitive purchase and sale agreement with any third party with respect to such ROFO Asset on terms and conditions that, when taken as a whole, are superior, in the good faith determination of such Sponsor Entity, to those set forth in the last written offer proposed by the Partnership during negotiations between the Partnership and the Sponsor Entity pursuant to this Section 2.2(c), and may Transfer the ROFO Asset pursuant to such purchase and sale agreement. If Sponsor or any Sponsor Entity does not enter into a definitive agreement with a third party with respect to the Proposed Transaction within such 150-day period, the Sponsor shall, or shall cause such Sponsor Entity to, comply with the provisions of this Article 2 again prior to entering into any Proposed Transaction with respect to such ROFO Asset. 
ARTICLE 3     
MISCELLANEOUS 
3.1    Choice of Law; Submission to Jurisdiction. This Agreement shall be subject to and governed by the laws of the State of New York, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state. Each Party hereby submits to the jurisdiction of the state and federal courts in the State of New York and to venue in New York. 

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3.2    Notice. All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must be given by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in person or by telegram to such Party. Notice given by personal delivery or mail shall be effective upon actual receipt. Notice given by telegram shall be effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business hours. All notices to be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below or at such other address as such Party may stipulate to the other Parties in the manner provided in this Section 3.2. 
For notices to any of the Sponsor Entities: 
Enviva Holdings, LP  
7200 Wisconsin Avenue, Suite 1000  
Bethesda, Maryland 20814 
Phone: (301) 657-5560  
Attention: General Counsel 
For notices to any of the Partnership Entities: 
Enviva Partners, LP  
7200 Wisconsin Avenue, Suite 1000  
Bethesda, Maryland 20814 
Phone: (301) 657-5560 
Attention: General Counsel 
3.3    Entire Agreement. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. 
3.4    Termination. The term of this Agreement shall commence on the date of this Agreement and shall continue for an initial period through and including May 4, 2021, and shall thereafter continue on a year-to-year basis, unless terminated as of the end of the initial period or any annual extension period by the Partnership or Holdings by providing written notice sixty days prior to the end of such period; provided, that the Agreement shall terminate immediately upon a Change of Control of the General Partner or the Partnership, other than any Change of Control of the General Partner or the Partnership deemed to have occurred pursuant to clause (d) of the definition of Change of Control solely as a result of a Change of Control of the Sponsor. Notwithstanding any other provision of this Agreement, if the General Partner is removed as general partner of the Partnership under circumstances where Cause does not exist and the Common Units held by the General Partner and its Affiliates are not voted in favor of such removal, this Agreement may immediately thereupon be terminated by the Sponsor. 
3.5    Effect of Waiver or Consent. No waiver or consent, express or implied, by any Party to or of any breach or default by any Person in the performance by such Person of its obligations 

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hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a Party to complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations period has run. 
3.6    Amendment or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all the Parties.  Each such instrument shall be reduced to writing and shall be designated on its face an “Amendment” or an “Addendum” to this Agreement. 
3.7    Assignment; Third Party Beneficiaries.  No Party may assign its rights or obligations under this Agreement without the consent of the other Parties.  Each of the Parties hereto specifically intends that each entity comprising the Sponsor Entities and each entity comprising the Partnership Entities, as applicable, whether or not a Party to this Agreement, shall be entitled to assert rights and remedies hereunder as third-party beneficiaries hereto with respect to those provisions of this Agreement affording a right, benefit or privilege to any such entity. 
3.8    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. The delivery of an executed counterpart copy of this Agreement by facsimile or electronic transmission in PDF format shall be deemed to be the equivalent of delivery of the originally executed copy thereof.
3.9    Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 
3.10    Gender, Parts, Articles and Sections. Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Article numbers and Section numbers refer to Articles and Sections of this Agreement. 
3.11    Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each Party agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions. 
3.12    Withholding or Granting of Consent. Except as otherwise expressly provided in this Agreement, each Party may, with respect to any consent or approval that it is entitled to grant 

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pursuant to this Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate. 
3.13    Laws and Regulations. Notwithstanding any provision of this Agreement to the contrary, no Party shall be required to take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any applicable law, statute, rule or regulation. 
3.14    Negation of Rights of Limited Partners, Assignees and Third Parties. Except as set forth in Section 3.7, the provisions of this Agreement are enforceable solely by the Parties, and no shareholder, limited partner, member, or assignee of the Sponsor, the General Partner, the Partnership or other Person shall have the right, separate and apart from the Sponsor, the General Partner or the Partnership, to enforce any provision of this Agreement or to compel any Party to comply with the terms of this Agreement. 
3.15    No Recourse Against Officers and Directors. For the avoidance of doubt, the provisions of this Agreement shall not give rise to any right of recourse against any officer or director of any Sponsor Entity or any Partnership Entity. 
3.16    Arbitration. Any dispute, controversy or claim arising out of or in connection with this Agreement shall be settled by final and binding arbitration conducted in Bethesda, Maryland in accordance with the Commercial Arbitration Rules of the American Arbitration Association by one or more arbitrators designated in accordance with said Rules.  The Parties agree that the award of the arbitral tribunal (the “Arbitration Award”) shall be: (a) conclusive, final and binding upon the Parties; and (b) the sole and exclusive remedy between the Parties regarding any and all claims and counterclaims presented to the arbitral tribunal. All notices to be given in connection with the arbitration shall be as provided in Section 3.2 of this Agreement. The Arbitration Award shall include interest, at a rate determined as appropriate by the arbitrators, from the date of any breach or other violation of this Agreement to the date when the Arbitration Award is paid in full. The Arbitration Award shall also include the fixing of the expense of the arbitration and the assessment of the same, as is appropriate in the opinion of the arbitrators, against either or both Parties hereto. Each Party shall otherwise bear its cost for its respective legal fees, witnesses, depositions and other out-of-pocket expenses incurred in the course of the arbitration.
3.17    Dispute Resolution.  If there is a material breach of this Agreement that has not been corrected within thirty (30) days of receipt of notice of such breach, representatives of each of the Parties in dispute shall meet promptly to review and resolve such issues and breaches in good faith (the date on which such Persons first so meet, the “Discussion Date”). If such Persons are unable to fully resolve any such issues and breaches in good faith within fifteen days after the Discussion Date, a Party shall be entitled to pursue any right or remedy available at law or in equity. 
[Signature pages follow.] 

IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of February 24, 2020. 
ENVIVA PARTNERS, LP 

By:    Enviva Partners GP, LLC, 
as its sole general partner 

By:        
Name:    Shai Even
		
	Title:
	Executive Vice President and Chief Financial Officer

ENVIVA PARTNERS GP, LLC 

By:        
Name:    Shai Even
		
	Title:
	Executive Vice President and Chief Financial Officer

 

ENVIVA HOLDINGS, LP 

By:     Enviva Holdings GP, LLC,
as its sole general partner

By:        
Name:    William H. Schmidt, Jr.
		
	Title:
	Executive Vice President, Corporate Development and General Counsel

 

Schedule I 
ROFO Assets 
	
		
	Asset
	Owner

	A wood pellet production plant located in Greenwood, South Carolina
	Enviva Pellets Greenwood, LLC

	A wood pellet production plant located in Lucedale, Mississippi
	Enviva Pellets Lucedale, LLC

	A wood pellet production plant located in Epes, Alabama
	Enviva Pellets Epes, LLC

	A deep-water marine wood pellet export terminal located at the Port of Pascagoula in Pascagoula, Mississippi
	Enviva Port of Pascagoula, LLC

        

8Exhibit

EXHIBIT 10.21

ENVIVA PARTNERS, LP
LONG-TERM INCENTIVE PLAN
PHANTOM UNIT AWARD GRANT NOTICE
Pursuant to the terms and conditions of the Enviva Partners, LP Long-Term Incentive Plan, as amended from time to time (the “Plan”), Enviva Partners GP, LLC, a Delaware limited liability company (the “General Partner”), hereby grants to the individual listed below (“you” or “Employee”) the number of Phantom Units set forth below.  This award of Phantom Units (this “Award”) is subject to the terms and conditions set forth herein, in the Phantom Unit Award Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which is incorporated herein by reference.  Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.
	
		
	Employee:
	[●]

	Date of Grant:
	[●]

	Employer:
	[Enviva Management Company, LLC, a Delaware limited liability company], and any other entity that may employ Employee after the Date of Grant and which entity is the General Partner, Enviva Partners, LP, a Delaware limited partnership (the “Partnership”), or any of their respective Affiliates.

	Total Number of Phantom Units:
	[●] (the “Target Amount Phantom Units”)

	Performance Period:
	[●] (the “Performance Period”)

	Earning of Phantom Units:

	Subject to the Agreement, the Plan and the other terms and conditions set forth herein, [Performance Goals to be added and conforming changes to be made to the Grant Notice and Agreement].

[Accelerated vesting for Employees who do not have an Employment Agreement that provides for accelerated vesting in the following circumstances:  Notwithstanding the foregoing, in the event that, prior to the time the Phantom Units have become vested or have been forfeited, your employment is terminated by reason of your death or disability (within the meaning of section 22(e)(3) of the Code), then, provided that you execute (or, in the event of your death, your estate executes) within 50 days after the date of the termination of your employment (and do not revoke, or, in the event of your death, your estate does not revoke, within any time provided to do so) a release of claims in a form acceptable to the Committee (the “Release”), the vesting of all Target Amount Phantom Units (and all rights arising from such Target Amount Phantom Units and from being a holder thereof) will accelerate automatically on the date of such termination without any further action by the Partnership, the General Partner or any other Person and will be settled in accordance with the terms of the Agreement so long as you remain continuously employed by the Employer from the Date of Grant through the date of such termination.  Further, if within one year following a Change in Control (as defined below) and prior to the time the Phantom Units have become vested or have been forfeited, your employment is terminated by the Employer without “Cause” or by you for “Good Reason” (as such terms are defined below), then, provided that you execute (or, in the event of your death, your estate executes) within 50 days after the termination 

of your employment (and do not revoke, or, in the event of your death, your estate does not revoke, within any time provided to do so) the Release, (i) if the date of such termination (the “Termination Date”) occurs within six months prior to the expiration of the Performance Period and you have remained continuously employed by the Employer from the Date of Grant through the Termination Date, then you will retain the Phantom Units, the vesting thereof (and all rights arising from the Phantom Units and from being a holder thereof) will be determined based on actual performance with respect to the Performance Goals upon the expiration of the Performance Period, and vested Phantom Units will be settled in accordance with the terms of the Agreement, and (ii) if the Termination Date occurs more than six months prior to the expiration of the Performance Period and you have remained continuously employed by the Employer from the Date of Grant through the Termination Date, then the vesting of all Target Amount Phantom Units (and all rights arising from such Target Amount Phantom Units and from being a holder thereof) will accelerate automatically on the Termination Date without any further action by the Partnership, the General Partner or any other Person and will be settled in accordance with the terms of the Agreement.
As used herein, the following terms have the meanings set forth below:
“Cause” has the meaning assigned to such term in the Employment Agreement; provided, however, in the absence of an Employment Agreement or if the Employment Agreement does not define the term “Cause” or a similar term, then “Cause” means your (i) material breach of any policy established by the Employer, the Partnership, the General Partner or any of their respective Affiliates that (x) pertains to drug and/or alcohol use and (y) is applicable to you; (ii) engaging in acts of disloyalty to the Employer, the Partnership, the General Partner or any of their respective Affiliates, including fraud, embezzlement, theft, commission of a felony, or proven dishonesty; or  (iii) willful misconduct in the performance of, or willful failure to perform a material function of, your duties to the Employer, the Partnership, the General Partner or any of their respective Affiliates.
“Change in Control” means the occurrence of one or more of the following events: (i) the sale or disposal by a Relevant Entity of all or substantially all of its assets to any person other than an Affiliate of such Relevant Entity; (ii) the merger or consolidation of a Relevant Entity with or into another partnership, corporation, or other entity, other than a merger or consolidation in which the unitholders in such Relevant Entity immediately prior to such transaction retain a greater than 50% equity interest in the surviving entity; or (iii) the failure of Riverstone Holdings LLC and its Affiliates to possess, directly or indirectly, the power to direct or cause the direction of the management and policies of a Relevant Entity, whether through the ownership of voting securities, by contract, or otherwise.
“Employment Agreement” means the employment agreement, if any, between you and the Employer or one of its Affiliates.
“Good Reason” has the meaning assigned to such term in the Employment Agreement; provided, however, in the absence of an Employment Agreement or if the Employment Agreement does not define the term “Good Reason” or a similar term, then “Good Reason” means (i) a material diminution in your annualized base salary; or (ii) the relocation of the geographic location of your principal place of employment by more than 100 miles from the location of your principal place of employment as of the Date of Grant; provided, further, that notwithstanding any other provision of 

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this Grant Notice or the Agreement to the contrary, any assertion by you of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (A) the condition described in clause (i) or (ii) of this definition giving rise to the termination of your employment must have arisen without your written consent; (B) you must provide written notice to the Employer of such condition within 30 days of the date on which you knew of the existence of the condition; (C) the condition specified in such notice must remain uncorrected for 30 days after receipt of such notice by the Employer; and (D) the date of the termination of your employment must occur within 30 days after the end of such cure period.
“Relevant Entity” means Enviva Holdings, LP, a Delaware limited partnership, or the Partnership.]
 [Accelerated vesting for Employees who have an Employment Agreement that provides for accelerated vesting in the following circumstances:  Notwithstanding the foregoing, in the event that (a) prior to the time the Phantom Units have become vested or have been forfeited, your employment is terminated by the Employer without “Cause,” by you for “Good Reason” or by reason of your death or “Disability” (as such terms are defined in that certain Employment Agreement dated [●] between you and [●] (the “Employment Agreement”)) and (b) you timely execute and do not revoke (or, in the event of your death, your estate timely executes and does not revoke) the “Release” (as defined in the Employment Agreement) required thereunder and abide by your other continuing obligations under the Employment Agreement, then (i) if the date of such termination (the “Termination Date”) occurs within six months prior to the expiration of the Performance Period and you have remained continuously employed by the Employer from the Date of Grant through the Termination Date, then you will retain the Phantom Units, the vesting thereof (and all rights arising from the Phantom Units and from being a holder thereof) will be determined based on actual performance with respect to the Performance Goals upon the expiration of the Performance Period, and vested Phantom Units will be settled in accordance with the terms of the Agreement, and (ii) if the Termination Date occurs more than six months prior to the expiration of the Performance Period and you have remained continuously employed by the Employer from the Date of Grant through the Termination Date, then the vesting of all Target Amount Phantom Units (and all rights arising from such Target Amount Phantom Units and from being a holder thereof) will accelerate automatically on the Termination Date without any further action by the Partnership, the General Partner or any other Person and will be settled in accordance with the terms of the Agreement.]
By signing below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this Phantom Unit Award Grant Notice (this “Grant Notice”).  You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice.  You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice.  
This Grant Notice may be executed in one or more counterparts (including by portable document format (.pdf) and other electronic means), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement. Delivery of an executed 

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counterpart of the Grant Notice by pdf attachment to electronic mail, or other electronic means, shall be effective as delivery of a manually executed counterpart of the Grant Notice.

[Remainder of Page Intentionally Blank;
Signature Page Follows]

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IN WITNESS WHEREOF, the General Partner has caused this Grant Notice to be executed by an officer thereunto duly authorized, and Employee has executed this Grant Notice, effective for all purposes as provided above.
	
			
	 
	 
	ENVIVA PARTNERS GP, LLC

By:   ___________________________________
Name:    _____________________________
Title:    ______________________________  

	 
	 
	 

	 
	 
	 

	 
	 
	EMPLOYEE

   ______________________________________
[Name of Employee]

SIGNATURE PAGE TO
PHANTOM UNIT AWARD GRANT NOTICE

EXHIBIT A
PHANTOM UNIT AWARD AGREEMENT
This Phantom Unit Award Agreement (this “Agreement”) is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached (the “Date of Grant”) by and between Enviva Partners GP, LLC, a Delaware limited liability company (the “General Partner”), and the Employee identified in the Grant Notice to which this Agreement is attached.  Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.
1.Award.  Effective as of the Date of Grant, the General Partner hereby grants to Employee the number of Phantom Units set forth in the Grant Notice on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.  To the extent earned and vested, each Phantom Unit represents the right to receive one common unit (a “Common Unit”) of Enviva Partners, LP, a Delaware limited partnership (the “Partnership”), a cash amount equal to the Fair Market Value of one Common Unit as of the date of vesting of such Phantom Unit, or a combination thereof, as determined by the Committee in its sole discretion, subject to the terms and conditions set forth in the Grant Notice, this Agreement and the Plan.  Unless and until the Phantom Units have become earned and vested in the manner set forth in the Grant Notice, Employee will have no right to receive any Common Units or other payments in respect of the Phantom Units.  Prior to settlement of this Award, the Phantom Units and this Award represent an unsecured obligation of the Partnership, payable only from the general assets of the Partnership.
2.    Earning and Vesting of Phantom Units.  Following the end of the Performance Period, the Committee will determine the level of achievement of the Performance Goals for the Performance Period.  The number of Phantom Units, if any, that actually become earned for the Performance Period will be determined by the Committee in accordance with the Grant Notice and will vest as of the last day of the Performance Period (and any Phantom Units that do not become so earned shall be forfeited automatically as of the last day of the Performance Period); provided, however, that in the event of the termination of Employee’s employment prior to the end of the Performance Period, Phantom Units may also become vested as of the date of such termination to the extent, if any, provided in the Grant Notice.  Unless and until the Phantom Units have vested in accordance with the preceding provisions of this Section 2, Employee will have no right to receive any distributions with respect to the Phantom Units. In the event of the termination of Employee’s employment prior to the last day of the Performance Period (but after giving effect to any accelerated vesting or right to retain the Phantom Units pursuant to the Grant Notice), any unvested Phantom Units (and all rights arising from such Phantom Units and from being a holder thereof, but excluding Phantom Units, if any, Employee is entitled to retain pursuant to the Grant Notice) will terminate automatically without any further action by the General Partner or the Partnership and will be forfeited without further notice.
3.    Settlement of Phantom Units.  As soon as administratively practicable following the vesting of Phantom Units pursuant to Section 2, but in no event later than 60 days after such 

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vesting date, Employee (or Employee’s permitted transferee, if applicable) shall be issued in settlement of the Phantom Units that vest on such vesting date a number of Common Units equal to the number of Phantom Units subject to this Award that become vested on such vesting date; provided, however, that the Committee may elect, in its sole discretion, to cause the Company to pay cash in lieu of some or all of the Common Units otherwise required to be so issued, with such cash amount equal to the Fair Market Value of a Common Unit on such vesting date for each such Common Unit for which the Committee makes such election, in each case, adjusted, as applicable, based on the level of achievement of the Performance Goals as determined by the Committee in accordance with Section 2.  Any fractional Phantom Unit that becomes vested hereunder will be rounded down to the next whole Phantom Unit if it is less than 0.5 and rounded up to the next whole Phantom Unit if it is 0.5 or more.  No fractional Common Units, nor the cash value of any fractional Common Units, will be issuable or payable to Employee pursuant to this Agreement.  All Common Units issued hereunder shall be delivered either by delivering one or more certificates for such Common Units to Employee or by entering such Common Units in book-entry form, as determined by the Committee in its sole discretion.  The value of Common Units shall not bear any interest owing to the passage of time.  Neither this Section 3 nor any action taken pursuant to or in accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.
4.    DERs.  Each Phantom Unit subject to this Award is hereby granted in tandem with a corresponding DER.  Each DER granted hereunder shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the Phantom Unit to which it corresponds (the “DER Period”).  If a Common Unit is issued (or cash is paid) pursuant to Section 3 in settlement of a Phantom Unit that becomes vested, then, as soon as administratively practicable following the issuance of such Common Unit (or the payment of such cash), but in no event later than 60 days after the date such Phantom Unit becomes vested, the General Partner shall pay Employee, with respect to the DER corresponding to the vested Phantom Unit settled by the issuance of such Common Unit (or the payment of such cash), an amount of cash equal to the aggregate amount of cash distributions that would have been paid to Employee if Employee were the record owner of such Common Unit (determined as if settlement of such vested Phantom Unit was made solely in the form of Common Units) as of the applicable record date for each cash distribution paid by the Partnership during the DER Period applicable to such Phantom Unit.  DERs shall not entitle Employee to any payments relating to distributions paid after the earlier to occur of the applicable Phantom Unit settlement date or the forfeiture of the Phantom Unit underlying such DER.
5.    Rights as Unitholder.  Neither Employee nor any person claiming under or through Employee shall have any of the rights or privileges of a holder of Common Units in respect of any Common Units that may become deliverable hereunder unless and until certificates representing such Common Units have been issued or recorded in book entry form on the records of the Partnership or its transfer agents or registrars, and delivered in certificate or book entry form to Employee or any person claiming under or through Employee.
6.    Tax Withholding.  Upon any taxable event arising in connection with the Phantom Units or the DERs, the General Partner shall have the authority and the right to deduct or withhold (or cause the Employer or one of its Affiliates to deduct or withhold), or to require Employee to 

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remit to the General Partner (or the Employer or one of its Affiliates), an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to such event.  In satisfaction of the foregoing requirement, unless otherwise determined by the Committee, the General Partner or the Employer or one of its Affiliates shall withhold from any cash or equity remuneration (including, if applicable, any of the Common Units otherwise deliverable under this Agreement) then or thereafter payable to Employee an amount equal to the aggregate amount of taxes required to be withheld with respect to such event.  If such tax obligations are satisfied through the withholding or surrender of Common Units pursuant to this Agreement, the maximum number of Common Units that may be so withheld (or surrendered) shall be the number of Common Units that have an aggregate Fair Market Value on the date of withholding (or surrender) equal to the aggregate amount of taxes required to be withheld, determined based on the greatest withholding rates for federal, state, local and foreign income tax and payroll tax purposes that may be utilized without resulting in adverse accounting, tax or other consequences to the General Partner or any of its Affiliates (other than immaterial administrative, reporting or similar consequences), as determined by the Committee.  Employee acknowledges and agrees that none of the Board, the Committee, the General Partner, the Partnership, the Employer or any of their respective Affiliates have made any representation or warranty as to the tax consequences to Employee as a result of the receipt of the Phantom Units and the DERs, the vesting of the Phantom Units and the DERs or the forfeiture of any of the Phantom Units and the DERs.  Employee represents that he is in no manner relying on the Board, the Committee, the General Partner, the Partnership, the Employer or any of their respective Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. Employee represents that he has consulted with any tax consultants that Employee deems advisable in connection with the Phantom Units and the DERs.
7.    Non-Transferability.  None of the Phantom Units, the DERs or any interest or right therein shall be (a) sold, pledged, assigned or transferred in any manner during the lifetime of Employee other than by will or the laws of descent and distribution, unless and until the Common Units underlying the Phantom Units have been issued, and all restrictions applicable to such Common Units have lapsed, or (b) liable for the debts, contracts or engagements of Employee or his or her successors in interest.  Except to the extent expressly permitted by the preceding sentence, any purported sale, pledge, assignment, transfer, attachment or encumbrance of the Phantom Units, the DERs or any interest or right therein shall be null, void and unenforceable against the Partnership, the General Partner, the Employer and their respective Affiliates.  
8.    Compliance with Securities Law.  Notwithstanding any provision of this Agreement to the contrary, the issuance of Common Units hereunder will be subject to compliance with all applicable requirements of applicable law with respect to such securities and with the requirements of any securities exchange or market system upon which the Common Units may then be listed.  No Common Units will be issued hereunder if such issuance would constitute a violation of any applicable law or regulation or the requirements of any securities exchange or market system upon which the Common Units may then be listed.  In addition, Common Units will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), is in effect at the time of such issuance with respect to the Common Units to be 

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issued or (b) in the opinion of legal counsel to the Partnership, the Common Units to be issued are permitted to be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act.  The inability of the Partnership to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Partnership’s legal counsel to be necessary for the lawful issuance and sale of any Common Units hereunder will relieve the Partnership of any liability in respect of the failure to issue such Common Units as to which such requisite authority has not been obtained.  As a condition to any issuance of Common Units hereunder, the General Partner or the Partnership may require Employee to satisfy any requirements that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the General Partner or the Partnership.
9.    Execution of Receipts and Releases.  Any payment of cash or any issuance or transfer of Common Units or other property to Employee or Employee’s legal representative, heir, legatee or distributee, in accordance with this Agreement shall be in full satisfaction of all claims of such person hereunder.  As a condition precedent to such payment or issuance, the General Partner may require Employee or Employee’s legal representative, heir, legatee or distributee to execute a release and receipt therefor in such form as it shall determine appropriate; provided, however, that any review period under such release will not modify the date of settlement with respect to vested Phantom Units or DERs.  
10.    No Right to Continued Employment or Awards.
(a)    For purposes of this Agreement, Employee shall be considered to be employed by the Employer as long as Employee remains an “Employee” (as such term is defined in the Plan), or an employee of a corporation or other entity (or a parent or subsidiary of such corporation or other entity) assuming or substituting a new award for the Award.  Without limiting the scope of the preceding sentence, it is specifically provided that Employee shall be considered to have terminated employment at the time of the termination of the status of the entity or other organization that employs Employee as an “Affiliate” of the General Partner.  Nothing in the adoption of the Plan, nor the award of the Phantom Units or DERs thereunder pursuant to the Grant Notice and this Agreement, shall confer upon Employee the right to continued employment by, or a continued service relationship with, the Employer or any of its Affiliates, or any other entity, or affect in any way the right of the Employer or any such Affiliate, or any other entity to terminate such employment at any time.  Unless otherwise provided in a written employment agreement or by applicable law, Employee’s employment by the Employer, or any such Affiliate, or any other entity shall be on an at-will basis, and the employment relationship may be terminated at any time by either Employee or the Employer, or any such Affiliate, or other entity for any reason whatsoever, with or without cause or notice.  Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee or its delegate, and such determination shall be final, conclusive and binding for all purposes.
(b)    The grant of the Phantom Units and DERs is a one-time Award and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Future Awards will be at the sole discretion of the Committee.

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11.    Notices.  Any notices or other communications provided for in this Agreement shall be sufficient if in writing.  In the case of Employee, such notices or communications shall be effectively delivered if hand delivered to Employee at Employee’s principal place of employment or if sent by registered or certified mail to Employee at the last address Employee has filed with the Employer.  In the case of the Partnership or General Partner, such notices or communications shall be effectively delivered if sent by registered or certified mail to the attention of the general counsel of the General Partner at the General Partner’s principal executive offices.
12.    Agreement to Furnish Information.  Employee agrees to furnish to the General Partner all information requested by the General Partner to enable the General Partner or any of its Affiliates to comply with any reporting or other requirement imposed upon the General Partner or any of its Affiliates by or under any applicable statute or regulation.
13.    Entire Agreement; Amendment.  This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Phantom Units and DERs granted hereby; provided, however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment and/or severance agreement between the Partnership, the General Partner, the Employer or any of their respective Affiliates and Employee in effect as of the date a determination is to be made under this Agreement.  Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect.  The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Employee shall be effective only if it is in writing and signed by both Employee and an authorized officer of the General Partner.
14.    Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof.
15.    Successors and Assigns.  The General Partner may assign any of its rights under this Agreement without Employee’s consent.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the General Partner.  Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon Employee and Employee's beneficiaries, executors, administrators and the person(s) to whom the Phantom Units or DERs may be transferred by will or the laws of descent or distribution.
16.    Clawback.  Notwithstanding any provision in this Agreement or the Grant Notice to the contrary, this Award and all Common Units issued and other payments made hereunder shall be subject to any applicable clawback policies or procedures adopted in accordance with the Plan.
17.    Severability.  If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect.

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18.    Code Section 409A.  None of the Phantom Units, DERs or any amounts payable pursuant to this Agreement are intended to constitute or provide for a deferral of compensation that is subject to Section 409A of the Code and the Treasury regulations and other interpretive guidance issued thereunder (collectively, “Section 409A”). Nevertheless, to the extent that the Committee determines that the Phantom Units or DERs may not be exempt from Section 409A, then, if Employee is deemed to be a “specified employee” within the meaning of Section 409A, as determined by the Committee, at a time when Employee becomes eligible for settlement of the Phantom Units or DERs upon his “separation from service” within the meaning of Section 409A, then to the extent necessary to prevent any accelerated or additional tax under Section 409A, such settlement will be delayed until the earlier of: (a) the date that is six months following Employee’s separation from service and (b) Employee’s death.  Notwithstanding the foregoing, none of the Partnership, the General Partner, the Employer or any of their respective Affiliates makes any representations that the payments provided under this Agreement are exempt from or compliant with Section 409A and in no event shall the Partnership, the General Partner, the Employer or any of their respective Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.
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