Document:

Purchase Agreement, dated April 24, 2008

 Exhibit 10.1 
 EXECUTION VERSION 
 $200,000,000 
 INERGY, L.P. 
 INERGY FINANCE CORP. 
 8 1/4% SENIOR NOTES DUE 2016 
 PURCHASE AGREEMENT

 April 24, 2008 
 WACHOVIA
CAPITAL MARKETS, LLC 
 J.P. MORGAN SECURITIES INC. 
 LEHMAN BROTHERS INC. 
 c/o
Wachovia Capital Markets, LLC 
 One Wachovia Center 
 301 South
College Street 
 Charlotte, NC 28288-0604 
 Ladies and
Gentlemen: 
 Inergy, L.P., a Delaware limited partnership (the
“Partnership”), and Inergy Finance Corp., a Delaware corporation (“Finance Corp” and together with the Partnership, the “Issuers”), propose, upon the terms and conditions set forth herein, to issue
and sell to you, as the initial purchasers (the “Initial Purchasers”), $200,000,000 in aggregate principal amount of their 8 1/4% Senior Notes due 2016 (the “Notes”). The Notes will (i) have terms and provisions that are summarized in the Offering Memorandum (as defined below) and (ii) are to be issued pursuant to
the Indenture dated January 17, 2006, as amended and supplemented by the First Supplemental Indenture dated April 24, 2008 (the “Indenture”), among the Issuers, the Guarantors (as defined below) and U.S. Bank, National
Association, as trustee (the “Trustee”). The Notes will be issued as additional debt securities under the Indenture pursuant to which the Issuers have previously issued $200 million in aggregate principal amount of their 8 1/4% Senior Notes due 2016. The Notes and the other notes issued on January 17, 2006 will be treated as a single class of debt
securities under the Indenture. 
 The Issuers’ obligations under the Notes, including the due and punctual payment of
interest on the Notes, will be guaranteed (the “Guarantees”) by Inergy Propane, LLC, a Delaware limited liability company (the “Operating Company”), Inergy Midstream, LLC, a Delaware limited liability company
(“Midstream”), Inergy Sales & Service, Inc., a Delaware corporation (“Service Sub”), L & L Transportation, LLC, a Delaware limited liability company (“L & L Transportation”),
Inergy Transportation, LLC, a Delaware limited liability company (“Inergy Transportation”), Inergy Gas Marketing, LLC, a Delaware limited liability company (“Inergy Gas”), Stellar Propane Service, LLC, a Delaware
limited liability company (“Stellar Propane”), Inergy Stagecoach II, LLC, a Delaware limited liability company (“Stagecoach II”), 

 
Inergy Storage, Inc., a Delaware corporation(“Storage”), Central New York Oil and Gas Company, LLC, a New York limited liability company
(“CNYOGC”), Farm & Home Retail Oil Company, LLC, a Pennsylvania limited liability company (“FHR”), Arlington Storage Company, LLC, a Delaware limited liability company (“Arlington Storage”
and together with the Operating Company, Midstream, Service Sub, L & L Transportation, Inergy Transportation, Inergy Gas, Stellar Propane, Stagecoach II, Storage, CNYOGC and FHR, the “Guarantors”). As used herein, the term
“Notes” shall include the Guarantees, unless the context otherwise requires. The Issuers and the Guarantors are referred to as the “Inergy Parties.” 
 Inergy Holdings, L.P., a Delaware limited partnership, owns 100% of the issued and outstanding membership interests in each of Inergy Partners, LLC, a
Delaware limited liability company (the “Non-Managing General Partner”), and Inergy GP, LLC, a Delaware limited liability company (the “Managing General Partner”) (the Managing General Partner and the Non-Managing
General Partner are sometimes collectively referred to herein as the “General Partners”). 
 This is to confirm the
agreement concerning the purchase of the Notes from the Issuers by the Initial Purchasers. 
 1. Certain Defined Terms. As used in
this Agreement: 
 (a) “Applicable Time” means 5:00 p.m. (New York City time) on the date of this Agreement;
and 
 (b) “Pricing Disclosure Supplement” means the summary of the terms of the Notes dated the date of this
Agreement and attached hereto as Exhibit A. 
 2. Preliminary Offering Memorandum and Offering Memorandum. The Notes will be
offered, issued and sold to the Initial Purchasers without registration under the Securities Act of 1933, as amended (the “Act”), in reliance on an exemption pursuant to Section 4(2) under the Act. At or prior to the Applicable
Time, the Issuers and the Guarantors shall have prepared a preliminary offering memorandum dated April 23, 2008 (the “Preliminary Offering Memorandum”), and the Pricing Disclosure Supplement. Except as provided in the last
sentence of this paragraph, as used herein, “Offering Memorandum” shall mean the Preliminary Offering Memorandum as supplemented by the Pricing Disclosure Supplement. Promptly after the Applicable Time and in any event no later than
the second business day following the Applicable Time, the Issuers and the Guarantors will prepare an offering memorandum dated the date hereof (the “Final Offering Memorandum”). The Issuers and the Guarantors hereby confirm that
they have authorized the use of the Preliminary Offering Memorandum, the Pricing Disclosure Supplement and the Final Offering Memorandum in connection with the offering and resale of the Notes by the Initial Purchasers. From and after the time the
Final Offering Memorandum is prepared, all references herein to the Offering Memorandum shall be deemed to be a reference to both the Offering Memorandum and the Final Offering Memorandum. 
 Any reference to the Preliminary Offering Memorandum or the Final Offering Memorandum shall be deemed to refer to and include any documents incorporated
by reference 

  

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therein. All documents filed under the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), and so deemed to be
included in the Offering Memorandum, as the case may be, or any amendment or supplement thereto, are hereinafter called the “Exchange Act Reports.” 
 It is understood and acknowledged that upon original issuance thereof, and until such time as the same is no longer required under the applicable requirements of the Act, the Notes (and all securities issued in
exchange therefor, in substitution thereof) shall bear the following legend (along with such other legends as the Initial Purchasers and their counsel deem necessary): 
 “THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF INERGY, L.P. AND INERGY
FINANCE CORP. THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO AN ISSUER, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE.” 
 You have advised the Issuers that you will make offers (the “Exempt Resales”) of the Notes
purchased by you hereunder on the terms set forth in the Offering Memorandum, as amended or supplemented, solely to (i) persons whom you reasonably believe to be “qualified institutional buyers” as defined in Rule 144A under the Act
(“QIBs”) and (ii) outside the United States to certain persons in offshore transactions in reliance on Regulation S under the Act. Those persons specified in clauses (i) and (ii) are referred to herein as the
(“Eligible Purchasers”). You will offer the Notes to Eligible Purchasers initially at a price equal to 100% of the principal amount thereof. Such price may be changed at any time without notice. 
  

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 Holders (including subsequent transferees) of the
Notes will have the registration rights set forth in the registration rights agreement attached hereto as Exhibit B (the “Registration Rights Agreement”) among the Inergy Parties and the Initial Purchasers to be dated
April 29, 2008 (the “Closing Date”), for so long as such Notes constitute “Transfer Restricted Securities” (as defined in the Registration Rights Agreement). Pursuant to the Registration Rights Agreement, the
Inergy Parties will agree to file with the Commission under the circumstances set forth therein, a registration statement under the Act relating to the Issuers’ 8 1/4
% Senior Notes due 2016 (the “Exchange Notes”) and the Guarantors’ Exchange Guarantees (the “Exchange Guarantees”) to be offered in exchange for the Notes and the
Guarantees. Such portion of the offering is referred to as the “Exchange Offer.” 
 3. Representations, Warranties
and Agreements of the Inergy Parties. The Inergy Parties, jointly and severally, represent, warrant and agree as follows): 
 (a) No Material Misstatements or Omissions. The Offering Memorandum, as of the Applicable Time, does not, and at the Closing Date will not contain any untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements made therein, in light of the circumstances under which they were made, not misleading, except that this representation and warranty does not apply to statements in or omissions from the Offering Memorandum made in
reliance upon and in conformity with information relating to the Initial Purchasers furnished to the Issuers in writing by or on behalf of the Initial Purchasers expressly for use therein, which information is specified in Section 13.

 (b) No Similar Class of Registered Securities. When the Notes and Guarantees are issued and delivered pursuant to
this Agreement, such Notes and Guarantees will not be of the same class (within the meaning of Rule 144A under the Act) as securities of the Issuers or the Guarantors that are listed on a national securities exchange registered under Section 6
of the Exchange Act or that are quoted in a United States automated inter-dealer quotation system. 
 (c) Incorporated
Documents. The documents incorporated by reference in the Offering Memorandum, when filed with the Commission, conformed or will conform, as the case may be, in all material respects to the requirements of the Exchange Act, and the rules and
regulations (“Rules and Regulations”) of the United States Securities and Exchange Commission (the “Commission”) thereunder, and did not and will not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (d) No Issuer Written Communications. The Partnership (including its agents and representatives, other than the Initial Purchasers
in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication that constitutes an offer to sell or solicitation of an offer to
buy the Notes (each such communication by the Partnership or its agents and 

  

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representatives (other than a communication referred to in clause (i) below) an “Issuer Written Communication”) other than (i) the
Offering Memorandum and (ii) any electronic road show or other written communications, in each case used in accordance with Section 6(m). Each such Issuer Written Communication, when taken together with the Offering Memorandum as of the
Applicable Time, did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided that the Partnership makes no representation and warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity with information relating to any
Initial Purchaser furnished to the Partnership in writing by such Initial Purchaser expressly for use in any Issuer Written Communication. 
 (e) No Solicitation or Advertisement 
 (i) Assuming that your representations and
warranties in Section 4(b) are true, the purchase and resale of the Notes pursuant hereto (including pursuant to the Exempt Resales) is exempt from the registration requirements of the Act. No form of general solicitation or general advertising
within the meaning of Regulation D (including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting
whose attendees have been invited by any general solicitation or general advertising) was used by the Inergy Parties or any of their respective representatives (other than you, as to whom the Inergy Parties make no representation) in connection with
the offer, issuance and sale of the Notes. 
 (ii) No form of general solicitation or general advertising was used by the
Inergy Parties or any of their respective representatives (other than you, as to whom the Inergy Parties make no representation) with respect to Notes sold outside the United States to non-U.S. persons (as defined in Rule 902 under the Act), by
means of any directed selling efforts within the meaning of Rule 902 under the Act, and the Issuers, any affiliate of the Issuers and any person acting on its or their behalf (other than you, as to when the Issuers and the Guarantors make no
representation) has complied with and will implement the “offering restrictions” required by Rule 902. 
 (f) No
Order Preventing Exempt Resales. The Preliminary Offering Memorandum and Offering Memorandum have been prepared by the Inergy Parties for use by the Initial Purchasers in connection with the Exempt Resales. No order or decree preventing the use
of the Preliminary Offering Memorandum or the Offering Memorandum, or any order asserting that the transactions contemplated by this Agreement are subject to the registration requirements of the Act has been issued and no proceeding for that purpose
has commenced or is pending or, to the knowledge of the Inergy Parties is contemplated. 
 (g) Formation, Good Standing and
Foreign Qualification of the Inergy Parties. Each of the Inergy Parties and each of the General Partners has been duly organized and is validly existing in good standing under the laws of its jurisdiction of organization with all necessary power
and authority to own or lease its properties and to conduct its business, in all material respects as described in the Offering Memorandum. Each of the Inergy Parties and the General Partners is duly registered or qualified as a foreign entity for
the transaction of business 

  

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under the laws of each jurisdiction in which the character of the business conducted by it or the nature or location of the properties owned or leased by it
makes such registration or qualification necessary, except where the failure so to register or qualify would not have a material adverse effect on the business, financial condition or results of operations of the Inergy Parties, taken as a whole
(“Material Adverse Effect”). 
 (h) Ownership of General Partner Interests in the Partnership. The
General Partners are the only general partners of the Partnership. The Non-Managing General Partner owns an approximate 0.9% general partner interest in the Partnership and the Managing General Partner owns a non-economic, managing general partner
interest in the Partnership; such general partner interests have been duly authorized and validly issued in accordance with the Second Amended and Restated Agreement of Limited Partnership of the Partnership, as amended (the “Partnership
Agreement”); and each General Partner owns its general partner interest free and clear of all liens, encumbrances, security interests, charges or claims (other than those securing obligations under the 5-year Credit Agreement dated as of
December 17, 2004, as amended, by and among the Partnership and the lenders therein (the “Credit Agreement”) 
 (i) Capitalization. The issued and outstanding limited partner interests of the Partnership consist of 49,847,550 Common Units and the incentive distribution rights, as defined in the Partnership Agreement (the “Incentive
Distribution Rights”). All outstanding Common Units and Incentive Distribution Rights and the limited partner interests represented thereby have been duly authorized and validly issued in accordance with the Partnership Agreement and are
fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by matters described in Sections 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the
“Delaware LP Act”)). 
 (j) Ownership of Finance Corp. and the Guarantors. The Partnership owns,
directly or indirectly, 100% of the issued shares of capital stock, membership interests or limited partner interests, as applicable, in each of Finance Corp. and the Guarantors; such shares of capital stock, membership interests or limited partner
interests have been duly authorized and validly issued in accordance with the bylaws, partnership agreement or limited liability company agreement of such entity (collectively, the “Organizational Documents”) and are fully paid (to
the extent required under such Organizational Documents) and non-assessable (except (i) in the case of an interest in a Delaware limited liability company, as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware
Limited Liability Company Act (the “Delaware LLC Act”) and (ii) in the case of an interest in a limited liability company formed under the laws of another domestic state, as such nonassessability may be affected by similar
provisions of such state’s limited liability company statute, as applicable); and the Partnership owns such shares of capital stock, membership interests or limited partner interests free and clear of all liens, encumbrances, security
interests, charges or claims (other than those securing obligations under Credit Agreement). 
 (k) No Other
Subsidiaries. Other than FHR, the Partnership does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit 21.1 to the Partnership’s Annual Report on Form 10-K
for the most recent fiscal year. Inergy Canada Company, a Nova Scotia unlimited liability company (“Inergy Canada”), is not a significant subsidiary within the meaning of Rule 1-02(w) of Regulation S-X. 

  

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Other than the interests of the Partnership’s subsidiary in FHR, neither the Partnership nor any of its subsidiaries own, directly or indirectly, any
equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity, other than as set forth on Exhibit 21.1 to the Partnership’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2007. Other than its ownership of its partnership interests in the Partnership, the Managing General Partner does not own, and at the Closing Date will not own, directly or indirectly, any equity or long-term debt
securities of any corporation, partnership, limited liability company, joint venture, association or other entity. 
 (l)
FHR. Except for certain permits issued by the State of Pennsylvania and certain real estate holdings, the value of which is not material to the Inergy Parties, taken as a whole, FHR is a shell company with no assets. 
 (m) Authorization to Execute this Agreement. This Agreement has been duly authorized, validly executed and delivered by each of the
Inergy Parties. 
 (n) Authorization to Issue and Sell Notes. The Issuers have all requisite corporate or partnership
power and authority to issue, sell and deliver the Notes. The Notes have been duly authorized by the Issuers and, when duly executed by the Issuers in accordance with the terms of the Indenture, assuming due authentication of the Notes by the
Trustee, upon delivery to the Initial Purchasers against payment therefor in accordance with the terms hereof, will be validly issued and delivered, and will constitute valid and binding obligations of the Issuers entitled to the benefits of the
Indenture, enforceable against the Issuers in accordance with their terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting
creditors’ rights generally and by general equitable principles (regardless whether such enforceability is considered in a proceeding in equity or at law). 
 (o) Authorization to Issue Exchange Notes. The Issuers have all requisite corporate or partnership power and authority to issue the
Exchange Notes. The Exchange Notes have been duly and validly authorized by the Issuers and if and when duly issued, executed and authenticated by the Trustee in accordance with the terms of the Indenture and delivered in accordance with the
Exchange Offer provided for in the Registration Rights Agreement, will constitute valid and binding obligations of the Issuers entitled to the benefits of the Indenture, enforceable against the Issuers in accordance with their terms, except as such
enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless whether such
enforceability is considered in a proceeding in equity or at law). 
 (p) Authorization and Enforceability of
Guarantees. Each Guarantor has all requisite corporate or limited liability power and authority to issue the Guarantees. The Guarantees have been duly and validly authorized by the Guarantors and upon the due execution, authentication and
delivery of the Notes in accordance with the Indenture and the issuance of the Notes in the sale to the Initial Purchasers contemplated by this Agreement, will constitute valid and binding obligations of the Guarantors, enforceable against the
Guarantors in accordance with their terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by
general equitable principles (regardless whether such enforceability is considered in a proceeding in equity or at law). 
  

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 (q) Authorization and Enforceability of Exchange Guarantees. Each Guarantor has
all requisite corporate or limited liability power and authority to issue the Exchange Guarantees. The Exchange Guarantees have been duly and validly authorized by the Guarantors and if and when duly issued and delivered by the Guarantors in
accordance with the terms of the Indenture and upon the due execution and authentication of the Exchange Notes in accordance with the Indenture and the issuance and delivery of the Exchange Notes in the Exchange Offer contemplated by the
Registration Rights Agreement, will constitute valid and binding obligations of the Guarantors, entitled to the benefits of the Indenture, enforceable against the Guarantors in accordance with their terms, except as such enforceability may be
limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless whether such enforceability is considered
in a proceeding in equity or at law). 
 (r) Authorization and Enforceability of the Indenture. The Indenture has been
duly and validly authorized, executed and delivered by the Inergy Parties and constitutes the valid and binding agreement of the Inergy Parties, enforceable against the Inergy Parties in accordance with its terms, except as such enforceability may
be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless whether such enforceability is
considered in a proceeding in equity or at law); no qualification of the Indenture under the Trust Indenture Act of 1939 (the “1939 Act”) is required in connection with the offer, issuance and sale of the Notes contemplated hereby
or in connection with the Exempt Resales. The Indenture conforms in all material respects to the requirements of the 1939 Act and the Rules and Regulations applicable to an indenture that is qualified thereunder. 
 (s) Authorization and Enforceability of the Registration Rights Agreement. Each of the Inergy Parties has all requisite corporate,
limited liability and partnership power and authority to enter into the Registration Rights Agreement. The Registration Rights Agreement has been duly authorized by the Inergy Parties and, when executed and delivered by the Inergy Parties in
accordance with the terms hereof and thereof, will be validly executed and delivered and (assuming the due authorization, execution and delivery thereof by you) will be the legally valid and binding obligation of the Inergy Parties in accordance
with the terms thereof, enforceable against the Inergy Parties in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting
creditor’s rights generally, by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) and, as to rights of indemnification and contribution thereunder may be limited by
federal or state law or by principles of public policy. 
 (t) Accuracy of Statements. The Indenture, the Notes, the
Guarantees and the Registration Rights Agreement will or do, as applicable, conform in all material respects to the description thereof in the Offering Memorandum. 
  

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 (u) Enforceability of Other Agreements. At the Closing Date, each of the
Organizational Documents will have been duly authorized, executed and delivered by the parties thereto and will be a valid and legally binding agreement of such party, enforceable against such party in accordance with its terms; provided that, the
enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law); and provided, further, that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable laws and public policy.

 (v) No Conflicts. None of the offering, issuance and sale of the Notes and the Guarantees by the Issuers and the
Guarantors, respectively, the execution, delivery and performance of the Notes, the Guarantees, the Exchange Notes, the Indenture, the Registration Rights Agreement, the Exchange Guarantees and this Agreement by the Inergy Parties, or the
consummation by each of them of the transactions contemplated hereby (i) conflicts or will conflict with or constitutes or will constitute a violation of the Organizational Documents, (ii) constitutes or will constitute a breach or
violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which any of the Inergy
Parties is a party or by which any of them or any of their respective properties may be bound; (iii) violates or will violate any law, administrative regulation or administrative or court decree applicable to the Inergy Parties, or
(iv) results or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of any of the Inergy Parties, which breaches, violations, defaults or liens, in the case of clauses (ii), (iii) or
(iv) would, individually or in the aggregate, have a Material Adverse Effect. 
 (w) No Consents. No permit,
consent, approval, authorization, order, registration, filing or qualification (“consent”) of or with any court, governmental agency or body having jurisdiction over the Inergy Parties or any of their respective properties is
required for the offering, issuance and sale of the Notes and the Guarantees by the Issuers in the manner contemplated herein or in the Offering Memorandum or the execution, delivery and performance by the Inergy Parties of this Agreement, the
Indenture, the Notes, the Guarantees, the Exchange Notes, the Exchange Guarantees and the Registration Rights Agreement, or the consummation by the Inergy Parties of the transactions contemplated by this Agreement, except for such consents,
approvals, authorizations, orders and registrations or qualifications as may be required (i) under applicable state securities laws in connection with the purchase and resale of the Notes by the Initial Purchasers and (ii) with respect to
the Exchange Notes under the Securities Act and applicable state securities laws as contemplated by the Registration Rights Agreement. 
 (x) No Default. None of the Inergy Parties is (i) in violation of its Organizational Documents, or (ii) in violation of any law, statute, ordinance, administrative or governmental rule or regulation
applicable to it or of any decree of any court or governmental agency or body having jurisdiction over it or (iii) in breach, default (or an event which, with notice or lapse of time or both, would constitute such a default) or violation in the
performance of any obligation, agreement or condition contained in any bond, debenture, note or any other evidence of indebtedness or in any agreement, indenture, lease or other instrument to which it is a party or by which it or any of its
properties may be bound, which breach, default or violation in 

  

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the case of clause (ii) or (iii) would, if continued, have a Material Adverse Effect or could materially impair the ability of any of the Inergy
Parties to perform their obligations under this Agreement, the Indenture, the Notes, the Guarantees, the Exchange Notes, the Exchange Guarantees or the Registration Rights Agreement. To the knowledge of the Inergy Parties, no third party to any
indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any of the Inergy Parties is a party or by which any of them is bound or to which any of their properties is subject, is in default under any such
agreement, which breach, default or violation would, if continued, have a Material Adverse Effect. 
 (y) Independent
Registered Public Accounting Firm – Ernst & Young. The accountants, Ernst & Young LLP, who have certified certain audited financial statements contained or incorporated by reference in the Offering Memorandum, are an
independent registered public accounting firm with respect to the Partnership and the General Partners as required by the Act and the applicable Rules and Regulations thereunder and the rules and regulations of the Public Company Accounting
Oversight Board (the “PCAOB”). 
 (z) Financial Statements. At December 31, 2007, the Partnership
would have had, on the consolidated, as adjusted basis indicated in the Offering Memorandum, a capitalization as set forth therein. The historical financial statements (including the related notes and supporting schedules) contained or incorporated
by reference in the Offering Memorandum present fairly in all material respects the financial position, results of operations and cash flows of the entities purported to be shown thereby on the basis stated therein at the respective dates or for the
respective periods to which they apply and have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except to the extent disclosed therein. The financial information
contained or incorporated by reference in the Offering Memorandum and the selected historical information is accurately presented in all material respects and prepared on a basis consistent with the audited and unaudited historical consolidated
financial statements, as applicable, from which it has been derived. 
 (aa) No Material Adverse Change. None of the
Inergy Parties has sustained since the date of the latest audited financial statements contained or incorporated by reference in the Offering Memorandum any loss or interference with its business from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor dispute or court or governmental action, investigation, order or decree that is reasonably likely to cause a Material Adverse Effect or is otherwise set forth or contemplated in the Offering
Memorandum. Except as disclosed in the Offering Memorandum, subsequent to the respective dates as of which such information is given in the Offering Memorandum (exclusive of any amendment or supplement thereto), (i) none of the Inergy Parties
has incurred any liability or obligation, indirect, direct or contingent, or entered into any transactions, not in the ordinary course of business, that, singly or in the aggregate, would cause or result in a Material Adverse Effect, (ii) there
has not been any change in the capitalization, or increase in the short-term debt or long-term debt, of the Inergy Parties that would cause or result in a Material Adverse Effect and (iii) there has not been any adverse change, or any
development involving or which may reasonably be expected to involve, singly or in the aggregate, a prospective adverse change in or affecting the general affairs, business, prospects, properties, management, condition (financial or other),
partners’ capital, stockholders’ equity, net worth or results of operations of the Inergy Parties, taken as a whole, in each case except as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

 

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 (bb) Title to Properties. The Inergy Parties have good and indefeasible title to
all real property and good title to all personal property described in the Offering Memorandum as owned by any of them, free and clear of all liens, claims, security interests or other encumbrances except (i) those created, arising under or
securing the Credit Agreement; (ii) such as are described in the Offering Memorandum or (iii) such as do not interfere with the use of such properties taken as a whole as described in the Offering Memorandum, and could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect. All real property and buildings held under lease or license by the Inergy Parties are held by such entity under valid and subsisting and enforceable leases or licenses with such
exceptions as do not interfere with the use of such properties taken as a whole as they have been used in the past and are proposed to be used in the future as described in the Offering Memorandum and could not, in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 (cc) Permits. Each of the Inergy Parties has such permits, consents,
licenses, franchises, certificates and authorizations of governmental or regulatory authorities (“permits”) as are necessary to own its properties and to conduct its business in the manner described in the Offering Memorandum,
subject to such qualifications as may be set forth in the Offering Memorandum and except for such permits which, if not obtained, would not, individually or in the aggregate, have a Material Adverse Effect; each of the Inergy Parties has fulfilled
and performed all its material obligations with respect to such permits which are due to have been fulfilled and performed by such date and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination
thereof or results in any impairment of the rights of the holder of any such permit, except for such revocations, terminations and impairments that would not, individually or in the aggregate, have a Material Adverse Effect, subject in each case to
such qualifications as may be set forth in the Offering Memorandum; and, except as described in the Offering Memorandum, none of such permits contains any restriction that is materially burdensome to the Inergy Parties, taken as a whole. 

(dd) Books and Records. The Partnership (i) makes and keeps books, records and accounts, which, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of assets and (ii) maintains systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements
of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurances that (A) transactions
are executed in accordance with management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to
maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded accountability for assets is compared with existing assets at
reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in each of the Offering Memorandum as of the Applicable Time, there are no material weaknesses or significant deficiencies in the
Partnership’s internal controls. 
  

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 (ee) Disclosure Controls. The Partnership has established and maintains disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the 1934 Act), which are designed to provide reasonable assurance that the information required to be disclosed by the Partnership in reports that it files under the 1934 Act
is accumulated and communicated to the Partnership’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Partnership has carried out
evaluations of the effectiveness of its disclosure controls and procedures and such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established. 
 (ff) No Recent Changes to Internal Control Over Financial Reporting. Since the date of the most recent evaluation of such
disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that materially affected our internal control over financial reporting. 
 (gg) Sarbanes Oxley Act of 2002. There is and has been no failure on the part of the Partnership and, to the Partnership’s
knowledge, any of the General Partner’s directors or officers, in their capacities as such, to comply with the provisions of the Sarbanes-Oxley Act of 2002 and the Rules and Regulations promulgated in connection therewith. 
 (hh) Tax Returns. Each of the Inergy Parties which are required to do so has filed (or has obtained extensions with respect to) all
material federal, state and foreign income and franchise tax returns required to be filed through the date hereof, which returns are complete and correct in all material respects, and has timely paid all taxes shown to be due, if any, pursuant to
such returns, other than those (i) which are being contested in good faith or (ii) which, if not paid, would not have a Material Adverse Effect. 
 (ii) Investment Company. None of the Inergy Parties is now, and after sale of the Notes to be sold by the Issuers hereunder, the issuance of the Guarantees and application of the net proceeds from such sale as
described in the Offering Memorandum under the caption “Use of Proceeds,” none of the Inergy Parties will be an “investment company” or a company “controlled by” an “investment company” within the meaning of
the Investment Company Act of 1940, as amended. 
 (jj) No Environmental Problems. Each of the Inergy Parties
(i) is in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety and the environment or imposing liability or standards of conduct concerning any
Hazardous Material (as hereinafter defined) (“Environmental Laws”), (ii) has received all permits required of it under applicable Environmental Laws to conduct its respective businesses, (iii) are in compliance with all
terms and conditions of any such permit, and (iv) to the knowledge of the Inergy Parties, does not have any liability in connection with the release into the environment of any Hazardous Materials, except where such noncompliance with
Environmental Laws, failure to receive required permits, or failure to comply with the terms and conditions of such permits or liability in connection with such releases would not, individually or in the aggregate, have a Material Adverse Effect.
The term “Hazardous Material” means (A) any “hazardous substance” as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 

  

 12 

 
(B) any “hazardous waste” as defined in the Resource Conservation and Recovery Act, as amended, (C) any petroleum or petroleum product,
(D) any polychlorinated biphenyl and (E) any pollutant or contaminant or hazardous, dangerous or toxic chemical, material, waste or substance regulated under or within the meaning of any other Environmental Law. 
 (kk) No Labor Dispute. No labor dispute with the employees of the Inergy Parties exists or, to the knowledge of the Inergy Parties,
is imminent which, in either case, would reasonably be expected to result in a Material Adverse Effect. 
 (ll)
Insurance. The Inergy Parties maintain insurance covering their properties, operations, personnel and businesses against such losses and risks as are reasonably adequate to protect them and their businesses in a manner consistent with other
businesses similarly situated. None of the Inergy Parties has received notice from any insurer or agent of such insurer that substantial capital improvements or other expenditures will have to be made in order to continue such insurance, and all
such insurance is outstanding and duly in force on the date hereof and will be outstanding and duly in force on the Closing Date. 
 (mm) Litigation. Except as described in the Offering Memorandum, there is (i) no action, suit or proceeding before or by any court, arbitrator or governmental agency, body or official, domestic or foreign, now pending or, to the
knowledge of the Inergy Parties, threatened, to which any of the Inergy Parties is or may be a party or to which the business or property of any of the Inergy Parties is or may be subject, (ii) no statute, rule, regulation or order that has
been enacted, adopted or issued by any governmental agency or proposed by any governmental agency and (iii) no injunction, restraining order or order of any nature issued by a federal or state court or foreign court of competent jurisdiction to
which any of the Inergy Parties is or may be subject, that, in the case of clauses (i), (ii) and (iii) above, is reasonably likely to (A) individually or in the aggregate have a Material Adverse Effect or (B) prevent or result in
the suspension of the offer, issuance or sale of the Notes. 
 (nn) Stabilization. Prior to the date hereof, none of
the Inergy Parties has taken, directly or indirectly, any action designed to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price the Notes in violation of
any law, rule or regulation. 
 (oo) No Integration. During the six-month period preceding the date of the Offering
Memorandum, none of the Issuers, the Guarantors or any other person acting on behalf of the Issuers or any Guarantor has offered or sold to any person any Notes or Guarantees, or any securities of the same or a similar class as the Notes or
Guarantees, other than Notes or Guarantees offered or sold to the Initial Purchasers hereunder. The Issuers and the Guarantors will take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United States or to
any U.S. person (as defined in Rule 902 under the Act), of any Notes or any substantially similar security issued by the Issuers or any Guarantor, within six months subsequent to the date on which the distribution of the Notes has been completed (as
notified to the Partnership by the Initial Purchasers), is made under restrictions and other circumstances reasonably designed not to affect the status of the offer, issuance and sale of the Notes in the United States and to U.S. persons
contemplated by this Agreement as transactions exempt from the registration provisions of the Act; including any sales pursuant to Rule 144A under, or Regulations D or S of, the Act. 
  

 13 

 4. Purchase of the Notes by the Initial Purchasers, Agreements to Sell, Purchase and Resell. 

 (a) The Issuers hereby agree, on the basis of the representations, warranties and agreements of the Initial Purchasers
contained herein and subject to all the terms and conditions set forth herein, to issue and sell to the Initial Purchasers and, upon the basis of the representations, warranties and agreements of the Issuers and the Guarantors herein contained and
subject to all the terms and conditions set forth herein, each Initial Purchaser agrees, severally and not jointly, to purchase from the Issuers, at a purchase price of 100.5% of the principal amount thereof plus accrued interest from March 1,
2008, the total principal amount of Notes set forth opposite the name of such Initial Purchaser in Schedule I hereto. The Issuers and the Guarantors shall not be obligated to deliver any of the securities to be delivered hereunder except upon
payment for all of the securities to be purchased as provided herein. 
 (b) Each of the Initial Purchasers severally and not
jointly hereby represents and warrants to and agrees with the Issuers that it will offer the Notes for sale upon the terms and conditions set forth in this Agreement and in the Offering Memorandum. Each of the Initial Purchasers hereby represents
and warrants to, and agrees with, the Issuers that such Initial Purchaser: (i) is a QIB with such knowledge and experience in financial and business matters as are necessary in order to evaluate the merits and risks of an investment in the
Notes; (ii) is purchasing the Notes pursuant to a private sale exempt from registration under the Act; (iii) in connection with the Exempt Resales, will solicit offers to buy the Notes only from, and will offer to sell the Notes only to,
the Eligible Purchasers in accordance with this Agreement and on the terms contemplated by the Offering Memorandum; and (iv) will not offer or sell the Notes, nor has it offered or sold the Notes by, or otherwise engaged in, any form of general
solicitation or general advertising (within the meaning of Regulation D, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or
radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) and will not engage in any directed selling efforts within the meaning of Rule 902 under the Act, in connection with the offering
of the Notes. The Initial Purchasers have advised the Issuers that they will offer the Notes to Eligible Purchasers at a price initially equal to 102.0% of the principal amount thereof, plus accrued interest, if any, from the date of issuance of the
Notes. Such price may be changed by the Initial Purchasers at any time without notice. 
 (c) Each of the Initial Purchasers
severally and not jointly hereby represents and warrants and agrees with the Issuers that each of the Initial Purchasers and each of its affiliates (i) have only communicated or caused to be communicated and will only communicate or cause to be
communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the “FSMA”)) received by them in connection with the issue or sale of any
notes in circumstances in which Section 21(1) of the FSMA does not apply to us; and (ii) have complied and will comply with all applicable provisions of the FSMA with respect to anything done by them in relation to the notes in, from or
otherwise involving the United Kingdom. 
  

 14 

 (d) Each of the Initial Purchasers understands that the Issuers and, for purposes of the
opinions to be delivered to the Initial Purchasers pursuant to Sections 7(c) and 7(f) hereof (as set forth in the form of opinions), counsel to the Issuers and counsel to the Initial Purchasers, will rely upon the accuracy and truth of the foregoing
representations, warranties and agreements and the Initial Purchasers hereby consent to such reliance. 
 5. Delivery of the Notes and
Payment Therefor. Delivery to the Initial Purchasers of and payment for the Notes shall be made at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, 2500 First City Tower, Houston, TX 77002-6760, at 9:00 A.M., central time, on
the Closing Date. The place of closing for the Notes and the Closing Date may be varied by agreement between the Initial Purchasers and the Issuers. 
 The Notes will be delivered to the Trustee as custodian for The Depository Trust Company (“DTC”), against payment by or on behalf of the Initial Purchasers of the purchase price therefor by wire
transfer in immediately available funds, by causing DTC to credit the Notes to the account of the Initial Purchasers at DTC. The Notes will be evidenced by one or more global securities in definitive form (the “Global Notes”), and
will be registered in the name of Cede & Co. as nominee of DTC. 
 6. Agreements of the Inergy Parties. The Inergy Parties,
jointly and severally agree with each of the Initial Purchasers as follows: 
 (a) The Issuers and the Guarantors will
promptly furnish to the Initial Purchasers, without charge, such number of copies of the Offering Memorandum as they may reasonably request. 
 (b) The Issuers and the Guarantors will not make any amendment or supplement to the Offering Memorandum of which the Initial Purchasers shall not previously have been advised or to which they shall reasonably object
after being so advised; provided, that this clause shall not apply to any filing by the Partnership of any Annual Report on Form 10-K, Quarterly Report on Form 10-Q. 
 (c) If, at any time prior to completion of the distribution of the Notes by the Initial Purchasers to Eligible Purchasers, any event
occurs or information becomes known that, in the judgment of the Issuers, any of the Guarantors or in the opinion of counsel for the Initial Purchasers, should be set forth in the Offering Memorandum so that the Offering Memorandum does not include
any untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it should be necessary to supplement or
amend the Offering Memorandum as of the Applicable Time or the Final Offering Memorandum, as then amended or supplemented in order to comply with any law, the Issuers and the Guarantors will, subject to paragraph (b) above, promptly prepare an
appropriate supplement or amendment thereto, and will promptly furnish to the Initial Purchasers and dealers a reasonable number of copies thereof. 
 (d) The Issuers and each of the Guarantors will cooperate with the Initial Purchasers and with their counsel in connection with the qualification of the Notes for offering, issuance and sale by the Initial Purchasers
and by dealers under the securities or Blue Sky laws 

  

 15 

 
of such jurisdictions as the Initial Purchasers may reasonably designate; provided, that in no event shall the Issuers or any of the Guarantors be
obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering, issuance or sale of the Notes, in any
jurisdiction where it is not now so subject or subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 
 (e) For a period of 90 days from the date of the Offering Memorandum, the Inergy Parties agree not to, directly or indirectly, sell, offer to sell, contract to sell, grant any option to purchase, issue any instrument
convertible into or exchangeable for, or otherwise transfer or dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition in the future of), any debt securities of the Issuers, the
Guarantors or any of their respective subsidiaries, except (i) in exchange for the Exchange Notes and the Exchange Guarantees in connection with the Exchange Offer or (ii) with the prior consent of Wachovia Capital Markets, LLC.

 (f) The Issuers will make available to the holders of the Notes as soon as practicable after the end of each fiscal year an
annual report (including a balance sheet and statements of income, stockholders’ equity and cash flows of the Issuers and its consolidated subsidiaries certified by an independent registered public accounting firm) and, as soon as practicable
after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the date of the Offering Memorandum), will make available to its securityholders consolidated summary financial information of the
Issuers and its subsidiaries for such quarter in reasonable detail. 
 (g) The Issuers will apply the net proceeds from the
sale of the Notes to be sold by it hereunder substantially in accordance with the description set forth in the Offering Memorandum under the caption “Use of Proceeds.” 
 (h) Except as stated in this Agreement and in the Offering Memorandum, neither the Issuers, the Guarantors nor any of their respective
affiliates will take, directly or indirectly, any action designed to or that might reasonably be expected to cause or result in stabilization or manipulation of the price of the Notes. 
 (i) The Issuers and the Guarantors will use their commercially reasonable efforts
to permit the Notes to be designated Private Offerings, Resales and Trading through Automated Linkages (PORTAL) MarketSM (the “PORTAL
MarketSM”) securities in accordance with the rules and regulations adopted by the Financial Industry Regulatory Authority, Inc. relating to
trading in the PORTAL MarketSM and to permit the Notes to be eligible for clearance and settlement through DTC. 
 (j) During the period of one year after the Closing Date, the Inergy Parties will not, and will not permit any of their
“affiliates” (as defined in Rule 144 under the Act), to, resell any of the Notes that constitute “restricted securities” under Rule 144 that have been reacquired by any of them. 
  

 16 

 (k) The Inergy Parties agree not to sell, offer for sale or solicit offers to buy or
otherwise negotiate in respect of any security (as defined in the Act) that would be integrated with the sale of the Notes in a manner that would require the registration under the Act of the sale to the Initial Purchasers or the Eligible Purchasers
of the Notes. 
 (l) The Inergy Parties will take such steps as shall be necessary to ensure that neither the Partnership nor
any of the Partnership’s subsidiaries becomes an “investment company” within the meaning of such term under the Investment Company Act of 1940, as amended. 
 (m) Before making, preparing, using, authorizing, approving or referring to any Issuer Written Communication, the Partnership will furnish
to the Initial Purchasers and counsel for the Initial Purchasers a copy of such written communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which the Initial Purchasers
reasonably object. 
 (n) The Partnership will advise the Initial Purchasers promptly, and confirm such advice in writing,
(i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Offering Memorandum as of the Applicable Time, any Issuer Written Communication or the Final Offering Memorandum or the
initiation or threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the Initial offering of the Notes as a result of which any of the Offering Memorandum as of the Applicable
Time, any Issuer Written Communication or the Final Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances existing when such Offering Memorandum, Issuer Written Communication or the Final Offering Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by the Partnership of any notice with respect
to any suspension of the qualification of the Securities for offer, and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Partnership will use its reasonable best efforts to prevent the issuance of
any such order preventing or suspending the use of any of the Offering Memorandum as of the Applicable Time, any Issuer Written Communication or the Final Offering Memorandum or suspending any such qualification of the Securities and, if any such
order is issued, will obtain as soon as possible the withdrawal thereof. 
 7. Conditions to Initial Purchasers’ Obligations. The
respective obligations of the Initial Purchasers hereunder are subject to the accuracy, when made and on and as of the Closing Date, of the representations and warranties of the Inergy Parties contained herein, to the performance by the Inergy
Parties of their respective obligations hereunder, and to each of the following additional conditions: 
 (a) The Initial
Purchasers shall not have discovered and disclosed to the Issuers on or prior to the Closing Date that the Offering Memorandum contained an untrue statement of a fact that, in the opinion of Baker Botts L.L.P., is material or omits to state a fact
that, in the opinion of such counsel, is material and is required to be stated therein or in the documents incorporated therein by reference or is necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading. 
  

 17 

 (b) All corporate proceedings and other legal matters incident to the authorization, form
and validity of this Agreement, the Notes, the Guarantees, the Exchange Notes, the Exchange Guarantees, the Registration Rights Agreement, the Indenture and the Offering Memorandum, and all other legal matters relating to this Agreement and the
transactions contemplated hereby shall be reasonably satisfactory in all material respects to Baker Botts L.L.P., and the Inergy Parties shall have furnished to such counsel all documents and information that they may reasonably request to enable
them to pass upon such matters. 
 (c) The Issuers shall have requested and caused Vinson & Elkins L.L.P., counsel
for the Issuers and the Guarantors, to have furnished to the Initial Purchasers its written opinion addressed to the Initial Purchasers and dated the Closing Date, substantially in the form of Exhibit C hereto. 
 (d) The Issuers shall have requested and caused Laura Ozenberger, Senior Vice President - General Counsel and Secretary of the Managing
General Partner, to have furnished to the Initial Purchasers her written opinion addressed to the Initial Purchasers and dated the Closing Date, substantially in the form of Exhibit D hereto. 
 (e) The Issuers shall have requested and Michael K. Post, in house counsel for the Partnership, to have furnished to the Initial
Purchasers its written opinion addressed to the Initial Purchasers and dated the Closing Date, substantially in the form of Exhibit E hereto. 
 (f) The Initial Purchasers shall have received from Baker Botts L.L.P., counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date, with respect to the offer, issuance and sale of the Notes,
the Offering Memorandum and other related matters as the Initial Purchasers may reasonably require, and the Issuers shall have furnished to such counsel such documents and information as they reasonably request for the purpose of enabling them to
pass upon such matters. 
 (g) The Issuers and each Guarantor shall have furnished or caused to be furnished to the Initial
Purchasers on the Closing Date certificates of officers of the Issuers and each Guarantor satisfactory to the Initial Purchasers as to the accuracy of the representations and warranties of the Issuers and each Guarantor herein at and as of the
Closing Date, as to the performance by the Issuers and each Guarantor of all of their obligations hereunder to be performed at or prior to the Closing Date and as to such other matters as Wachovia Capital Markets, LLC may reasonably request.

 (h) At the time of execution of this Agreement, the Initial Purchasers shall have received from Ernst & Young LLP
a letter, in form and substance satisfactory to the Initial Purchasers, addressed to the Initial Purchasers and dated the date hereof (i) confirming that such firm is an independent registered public accounting firm within the meaning of the
Act and the rules of the PCAOB and is in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission and (ii) stating, as of the date hereof (or, with respect to
matters involving changes or developments since the respective dates as of which specified financial information is given in the Offering Memorandum, as of a date not more than five days prior to the date hereof), the conclusions and findings of
such firm with respect to the financial information and (iii) covering such other matters as are ordinarily covered by accountants’ “comfort letters” to Initial Purchasers in connection with registered public offerings.

  

 18 

 (i) With respect to the letter of Ernst & Young LLP referred to in the preceding
paragraph and delivered to the Initial Purchasers concurrently with the execution of this Agreement (the “initial letter”), the Partnership shall have furnished to the Initial Purchasers a letter (a “bring-down
letter”) of such firm, addressed to the Initial Purchasers and dated the Closing Date (i) confirming that such firm is an independent registered public accounting firm within the meaning of the Act and the rules of the PCAOB and is in
compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission, (ii) stating, as of the Closing Date (or, with respect to matters involving changes or developments
since the respective dates as of which specified financial information is given in the Offering Memorandum, as of a date not more than five days prior to the date of the Closing Date), the conclusions and findings of such firm with respect to the
financial information and other matters covered by the initial letter and (iii) confirming in all material respects the conclusions and findings set forth in the initial letter. 
 (j) None of the Inergy Parties shall have sustained, since the date of the latest audited financial statements included or incorporated by
reference in the Offering Memorandum, any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth or contemplated in the Offering Memorandum (exclusive of any amendment or supplement thereto); and, since such date, there shall not have been any material change in the stockholders’ equity or long-term debt of any
of the Inergy Parties, or material adverse change, or any development involving a prospective material adverse change, in or affecting the management, condition, financial or otherwise, stockholders’ equity, results of operations, business or
prospects of the Inergy Parties, taken as a whole. 
 (k) Subsequent to the execution and delivery of this Agreement
(i) no downgrading shall have occurred in the rating accorded the Issuers’ debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2)
of the Rules and Regulations and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Issuers’ debt securities. 
 (l) The Notes shall have been designated for trading on the PORTAL
MarketSM. 
 (m) The
Issuers and the Guarantors have executed and delivered the Registration Rights Agreement, and the Initial Purchasers shall have received an executed counterpart thereof, duly executed by the Issuers and the Guarantors. 
 (n) The Issuers, the Guarantors and the Trustee shall have executed and delivered an officer’s certificate relating to the issuance
of the Notes pursuant to Section 2.13 of the Indenture. 
  

 19 

 (o) There shall not have occurred any of the following: (i) trading in securities
generally on the NASDAQ National Market shall have been suspended, the settlement of such trading generally shall have been materially disrupted or minimum prices shall have been established on any such exchange or such market by the Commission, by
such exchange or by any other regulatory body or governmental authority having jurisdiction; (ii) trading in any securities of the Partnership on any exchange or in the over-the-counter market shall have been suspended, (iii) a banking
moratorium shall have been declared by federal or state authorities, (iv) the United States shall have become engaged in hostilities, there shall have been an escalation in hostilities involving the United States or there shall have been a
declaration of a national emergency or war by the United States or (v) there shall have occurred such a material adverse change in general economic, political or financial conditions or any other calamity or crisis, including, without
limitation, as a result of terrorist activities after the date hereof (or the effect of international conditions on the financial markets in the United States shall be such), as to make it, in the judgment of Wachovia Capital Markets, LLC, so
material and adverse as to make it impracticable or inadvisable to proceed with the offering or sale of the Notes being delivered on the Closing Date on the terms and in the manner contemplated by the Offering Memorandum. 
 All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 
 8. Indemnification and
Contribution. 
 (a) The Inergy Parties jointly and severally, will indemnify and hold harmless each of the Initial
Purchasers from and against any losses, damages or liabilities, joint or several, to which the Initial Purchasers may become subject, under the Act, or otherwise, insofar as such losses, damages or liabilities (or actions or claims in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Offering Memorandum or any Issuer Written Communication, or any amendment or supplement thereto, or arise out of or are based
upon any omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and will reimburse each of the Initial Purchasers for any legal
or other out-of-pocket expenses incurred by such Initial Purchasers in connection with investigating, preparing, pursuing or defending against or appearing as a third party witness in connection with any such loss, damage, liability or action or
claim, including, without limitation, any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to the indemnified party, as such expenses are incurred
(including such losses, damages, liabilities or expenses to the extent of the aggregate amount paid in settlement of any such action or claim, provided that (subject to Section 8(c) hereof) any such settlement is effected with the written
consent of the Partnership); provided, however, that the Inergy Parties shall not be liable in any such case to the extent, but only to the extent, that any such loss, damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in the Offering Memorandum, any Issuer Written Communication, or in any amendment or supplement thereto, in reliance upon and in conformity with written information relating to the
Initial Purchasers furnished to the Issuers by you, expressly for use in the preparation thereof, which information is specified in Section 13. 
  

 20 

 (b) Each of the Initial Purchasers, severally and not jointly, will indemnify and hold
harmless the Inergy Parties from and against any losses, damages or liabilities to which the Inergy Parties may become subject, under the Act or otherwise, insofar as such losses, damages or liabilities (or actions or claims in respect thereof)
arise out of or are based upon (i) an untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the Offering Memorandum, any Issuer Written Communication, or in any amendment or supplement
thereto, or arise out of or are based upon any omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Preliminary Offering Memorandum, the Offering Memorandum, any Issuer Written Communication, or in any amendment or
supplement thereto, in reliance upon and in conformity with written information relating to the Initial Purchasers furnished to the Issuers by such Initial Purchaser, expressly for use in the preparation thereof (as provided in Section 13
hereof), and will reimburse the Inergy Parties for any legal or other expenses incurred by the Inergy Parties in connection with investigating or defending any such action or claim as such expenses are incurred (including such losses, damages,
liabilities or expenses to the extent of the aggregate amount paid in settlement of any such action or claim, provided that (subject to Section 8(d) hereof) any such settlement is effected with the written consent of the Initial Purchasers).

 (c) Promptly after receipt by an indemnified party under Section 8(a) or 8(b) hereof of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under Section 8(a) or 8(b) hereof, notify each such indemnifying party in writing of the commencement thereof, but the failure
so to notify such indemnifying party shall not relieve such indemnifying party from any liability it may have under Section 8(a) or 8(b) hereof except to the extent it has been materially prejudiced (through the forfeiture of substantive rights
and defenses by such failure, and such failure shall not relieve such indemnifying party from any liability it may have to any such indemnified party otherwise than under Section 8(a) or 8(b) hereof. In case any such action shall be brought
against any such indemnified party and it shall notify each indemnifying party of the commencement thereof, each such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other
indemnifying party under Section 8(a) or 8(b) hereof similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of such indemnified party, be counsel to such
indemnifying party), and, after notice from such indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party under Section 8(a) or 8(b)
hereof for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. The indemnified party shall have
the right to employ its own counsel in any such action, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the employment of counsel by such indemnified party at the expense of the
indemnifying party has been authorized by the indemnifying party, (ii) the indemnified party shall have been advised by such counsel that there may be a conflict of interest between the indemnifying party and the indemnified party in the
conduct of the defense, or certain aspects of the defense, of such action (in which case the indemnifying party shall not have the right to direct the defense of such action 

  

 21 

 
with respect to those matters or aspects of the defense on which a conflict exists or may exist on behalf of the indemnified party) or (iii) the
indemnifying party shall not in fact have employed counsel reasonably satisfactory to such indemnified party to assume the defense of such action, in any of which events such fees and expenses to the extent applicable shall be borne, and shall be
paid as incurred, by the indemnifying party. If at any time such indemnified party shall have requested such indemnifying party under Section 8(a) or 8(b) hereof to reimburse such indemnified party for fees and expenses of counsel, such
indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 8(a) or 8(b) hereof effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by
such indemnifying party of such request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 45 days prior to such settlement being entered into and (iii) such indemnifying
party shall not have reimbursed such indemnified party in accordance with such request for reimbursement prior to the date of such settlement. No such indemnifying party shall, without the written consent of such indemnified party, effect the
settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not such indemnified party is an
actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of such indemnified party from all liability arising out of such action or claim and (B) does not
include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any such indemnified party. In no event shall such indemnifying parties be liable for the fees and expenses of more than one counsel, including
any local counsel, for all such indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. 
 (d) If the indemnification provided for in this Section 8 is unavailable to or insufficient to indemnify or hold harmless an
indemnified party under Section 8(a) or 8(b) hereof in respect of any losses, damages or liabilities (or actions or claims in respect thereof) referred to therein, then each indemnifying party under Section 8(a) or 8(b) hereof shall
contribute to the amount paid or payable by such indemnified party as a result of such losses, damages or liabilities (or actions or claims in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the
Inergy Parties on the one hand, and the Initial Purchasers on the other hand, from the offering of the Notes. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party
failed to give the notice required under Section 8(c) hereof and such indemnifying party was prejudiced in a material respect by such failure, then each such indemnifying party shall contribute to such amount paid or payable by such indemnified
party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault, as applicable, of the Inergy Parties on the one hand, and the Initial Purchasers, on the other hand in connection with the statements
or omissions that resulted in such losses, damages or liabilities (or actions or claims in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by, as applicable, the Inergy Parties on the one hand
and the Initial Purchasers, on the other hand, shall be deemed to be in the same proportion as the total net proceeds from such offering (before deducting expenses) received by the Issuers bear to the total discounts and commissions received by the
Initial Purchasers. The relative fault, as applicable, of the Inergy Parties, on the one hand and the Initial Purchasers, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material 

  

 22 

 
fact or the omission or alleged omission to state a material fact relates to information supplied by the Inergy Parties on the one hand, or the Initial
Purchasers on the other hand and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Inergy Parties and the Initial Purchasers agree that it would not be just and
equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to above in this Section 8(d).
The amount paid or payable by such an indemnified party as a result of the losses, damages or liabilities (or actions or claims in respect thereof) referred to above in this Section 8(d) shall be deemed to include any legal or other expenses
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8(d), no Initial Purchaser shall be required to contribute any amount in excess of the
amount by which the total price at which the Notes purchased by it and distributed to the public were offered to the public exceeds the amount of any damages that such Initial Purchasers has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to this Section 8 are several in proportion to their respective purchase obligations hereunder and not joint. 
 (e) The obligations of the Inergy Parties under this Section 8 shall be in addition to any liability that the Inergy Parties may
otherwise have and shall extend, upon the same terms and conditions, to each officer, director, employee, agent or other representative of each Initial Purchaser and to each person, if any, who controls any Initial Purchaser within the meaning of
the Act; and the obligations of each of the Initial Purchasers under this Section 8 shall be in addition to any liability that the respective Initial Purchaser may otherwise have and shall extend, upon the same terms and conditions, to each
officer and director of the Issuers and the Managing General Partner and to each person, if any, who controls the Inergy Parties within the meaning of the Act. 
 9. Defaulting Initial Purchasers. If, on the Closing Date, any Initial Purchaser defaults in the performance of its obligations under this Agreement, the remaining non-defaulting Initial Purchasers shall be
obligated to purchase the Notes that the defaulting Initial Purchaser agreed but failed to purchase on the Closing Date in the respective proportions that the number of Notes set opposite the name of each remaining non-defaulting Initial Purchaser
in Schedule I hereto bears to the total number of Notes set opposite the names of all the remaining non-defaulting Initial Purchasers in Schedule I hereto; provided, however, that the remaining non-defaulting Initial Purchasers shall
not be obligated to purchase any of the Notes on the Closing Date if the total number of Notes that the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase on such date exceeds 9.09% of the total number of Notes to be
purchased on the Closing Date, and any remaining non-defaulting Initial Purchasers shall not be obligated to purchase more than 110% of the number of Notes that it agreed to purchase on the Closing Date pursuant to the terms of Section 4. If
the foregoing maximums are exceeded, the remaining non-defaulting Initial Purchasers, or those other Initial Purchasers satisfactory to the Initial Purchasers who so agree, shall have the right, but shall not be obligated, to purchase, in such
proportion as may be agreed upon among them, all the Notes to be purchased on the Closing Date. If the remaining Initial Purchasers or other Initial Purchasers 

  

 23 

 
satisfactory to the Initial Purchasers do not elect to purchase the Notes that the defaulting Initial Purchaser or Initial Purchasers agreed but failed to
purchase on the Closing Date, this Agreement shall terminate without liability on the part of any non-defaulting Initial Purchaser or the Inergy Parties, except that the Inergy Parties will continue to be liable for the payment of expenses to the
extent set forth in Sections 11 and 12. 
 Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have
to the Inergy Parties damages caused by its default. If other Initial Purchasers are obligated or agree to purchase the Notes of a defaulting or withdrawing Initial Purchaser, either the remaining Initial Purchasers or the Issuers may postpone the
Closing Date for up to seven full business days in order to effect any changes that in the opinion of counsel for the Issuers or counsel for the Initial Purchasers may be necessary in the Offering Memorandum or in any other document or arrangement.

 10. Termination. The obligations of the Initial Purchasers hereunder may be terminated by the Initial Purchasers by notice given to
and received by the Issuers prior to delivery of and payment for the Notes if, prior to that time, any of the events described in Section 7(o) shall have occurred or if the Initial Purchasers shall decline to purchase the Notes for any reason
permitted under this Agreement. 
 11. Cost and Expenses. The Partnership will
bear and pay the costs and expenses incident to the offering of the Notes, including, without limitation, (a) all expenses (including stock transfer taxes) incurred in connection with the delivery to the Initial Purchasers of the Notes, the
fees and expenses of the Issuers’ counsel and accountants, (b) the preparation, printing, filing, delivery and shipping of the Preliminary Offering Memorandum and the Offering Memorandum and any amendments or supplements thereto and the
printing, delivery and shipping of this Agreement, the Indenture, the Registration Rights Agreement, all Blue Sky Memoranda and all other agreements, memoranda, correspondence and other documents printed and delivered in connection therewith and
with the Exempt Resales (but not, however, legal fees and expenses of your counsel incurred in connection with any of the foregoing other than fees of such counsel plus reasonable disbursements incurred in connection with the preparation, printing
and delivery of such Blue Sky Memoranda), (c) the furnishing of copies of such documents to the Initial Purchasers, (d) the issuance and delivery by the Issuers of the Notes and by the Guarantors of the Guarantees and any taxes payable in
connection therewith, (e) the qualification of the Notes and Exchange Notes for the offer, issuance and sale under the securities or Blue Sky laws of the several states (including, without limitation, the reasonable fees and disbursements of
your counsel relating to such registration or qualification), (f) the furnishing of such copies of the Preliminary Offering Memorandum and the Offering Memorandum, and all amendments and supplements thereto, as may be reasonably requested for
use in connection with the Exempt Resales, (g) the preparation of certificates for the Notes (including, without limitation, printing and engraving thereof), (h) the application for quotation of the Notes in the PORTAL MarketSM (including all disbursements and listing fees), (i) the approval of the Notes by DTC for “book-entry” transfer (including fees and expenses of
counsel), (j) the rating of the Notes and the Exchange Notes, (k) the obligations of the Trustee, any agent of the Trustee and the counsel for the Trustee in connection with the Indenture, the Notes, the Guarantees, the Exchange Notes and
the Exchange Guarantees, (l) the performance by the Inergy Parties of their other obligations under this Agreement, (m) all travel expenses, including one-half of the expenses relating to 

  

 24 

 
chartered aircraft and all accommodation expenses, of representatives of the Partnership in connection with the offering of the Notes, and (n) all of
the other costs and expenses incident to the performance by the Issuers of the offering of the Notes; provided, that the Initial Purchasers will bear and pay all of their own costs and expenses, including the fees and expenses of counsel, and any
advertising costs and expenses incurred by any of the Initial Purchasers incident to the offering of the Notes. 
 If this Agreement is
terminated by you in accordance with the provisions of Section 10, the Issuers shall reimburse the Initial Purchasers for all of their reasonable out-of-pocket expenses, including the reasonable fees and disbursements of counsel to the Initial
Purchasers. 
 12. Reimbursement of Initial Purchasers’ Expenses. If the Issuers fail to tender the Notes for delivery to the
Initial Purchasers by reason of any failure, refusal or inability on the part of the Inergy Parties to perform any agreement on their part to be performed, or because any other condition of the obligations hereunder required to be fulfilled by the
Inergy Parties is not fulfilled, the Inergy Parties shall reimburse the Initial Purchasers for all reasonable out-of-pocket expenses (including fees and disbursements of counsel) incurred by the Initial Purchasers in connection with this Agreement
and the proposed purchase of the Notes, and upon demand the Inergy Parties shall pay the full amount thereof to the Initial Purchasers. If this Agreement is terminated pursuant to Section 10 by reason of the default of one or more Initial
Purchasers, the Inergy Parties shall not be obligated to reimburse any defaulting Initial Purchaser on account of those expenses. 
 13.
Information Furnished by the Initial Purchasers. The statements set forth in the second and third sentences of the third paragraph, the seventh paragraph, tenth paragraph and the eleventh paragraph, all under the section captioned “Plan
of Distribution” in the Offering Memorandum, constitute the only information furnished by or on behalf of the Initial Purchasers through you as such information is referred to in Section 4(d) hereof. 
 14. Notices. All statements, requests, notices and agreements hereunder shall be in writing, and: 
 (a) if to any Initial Purchasers, shall be delivered or sent by hand delivery, mail, telex, overnight courier or facsimile transmission to
(i) Wachovia Capital Markets, LLC, One Wachovia Center, 301 South College Street, Charlotte, NC 28288-0604, Attention: High Yield Capital Markets; (ii) Lehman Brothers Inc., 1271 Avenue of the Americas, 42nd Fl, New York, New York 10020,
Attention: Syndicate Registration (Fax: 646-834-8133), with a copy, in the case of any notice pursuant to Section 8, to the Director of Litigation, Office of the General Counsel, Lehman Brothers Inc., 1271 Avenue of the Americas, 44th floor,
New York, New York 10020 (Fax: 212-520-0421); and (iii) J.P. Morgan Securities Inc., 220 Park Avenue, New York, NY 10017, Attention: Lawrence Landry (Fax: 212-270-1063). 
 (b) if to the Inergy Parties, shall be delivered or sent by mail, telex, overnight courier or facsimile transmission to Inergy, L.P., 2
Brush Creek Blvd., Kansas City, Missouri 64112, facsimile number (816) 471-3854, with a copy to Laura Ozenberger, General Counsel, 2 Brush Creek Blvd., Kansas City, Missouri 64112, facsimile number (816) 531-4680; 
  

 25 

 provided, however, that any notice to an Initial Purchaser pursuant to
Section 8(c) shall be delivered or sent by hand delivery, mail, telex or facsimile transmission to such Initial Purchaser at its address set forth in its acceptance telex, overnight courier to Wachovia Capital Markets, LLC, which address will
be supplied to any other party hereto by Wachovia Capital Markets, LLC upon request. Any such statements, requests, notices or agreements shall take effect at the time delivered by hand, if personally delivered; two business days after being
deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery. The Issuers shall be
entitled to act and rely upon any request, consent, notice or agreement given or made on behalf of the Initial Purchasers by Wachovia Capital Markets, LLC. 
 15. Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Inergy Parties and their respective successors. This Agreement and the
terms and provisions hereof are for the sole benefit of only those persons, except that (A) the representations, warranties, indemnities and agreements of the Inergy Parties contained in this Agreement shall also be deemed to be for the benefit
of directors of the Initial Purchasers, officers of the Initial Purchasers and any person or persons controlling any Initial Purchaser within the meaning of Section 15 of the Act and (B) the indemnity agreement of the Initial Purchasers
contained in Section 8(b) of this Agreement shall be deemed to be for the benefit of directors of the Inergy Parties, officers of the Inergy Parties and any person controlling the Inergy Parties within the meaning of Section 15 of the Act.
Nothing in this Agreement is intended or shall be construed to give any person, other than the persons referred to in this Section 15, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision
contained herein. 
 16. Research Independence. In addition, the Partnership acknowledges that the Initial Purchasers’ research
analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Initial Purchasers’ research analysts may hold and
make statements or investment recommendations and/or publish research reports with respect to the Partnership and/or the offering that differ from the views of its investment bankers. The Partnership hereby waives and releases, to the fullest extent
permitted by law, any claims that the Partnership may have against the Initial Purchasers with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments
may be different from or inconsistent with the views or advice communicated to the Partnership by such Initial Purchasers’ investment banking divisions. The Partnership acknowledges that each of the Initial Purchasers is a full service
securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies which
may be the subject of the transactions contemplated by this Agreement. 
 17. No fiduciary duty. Notwithstanding any preexisting
relationship, advisory or otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Initial Purchasers, each of the Inergy Parties acknowledges and agrees that: (i) nothing herein shall
create a fiduciary or agency relationship between any of the Inergy Parties, on the one hand, and the Initial Purchasers, on the other; (ii) the Initial Purchasers are not 

  

 26 

 
acting as advisors, expert or otherwise, to any of the Inergy Parties in connection with this offering, the sale of the Notes or any other services the
Initial Purchasers may be deemed to be providing hereunder, including, without limitation, with respect to the public offering price of the Notes; (iii) the relationship between the Inergy Parties, on the one hand, and the Initial Purchasers,
on the other, is entirely and solely commercial, based on arms-length negotiations; (iv) any duties and obligations that the Initial Purchasers may have to any of the Inergy Parties shall be limited to those duties and obligations specifically
stated herein; and (v) notwithstanding anything in this Agreement to the contrary, you acknowledge that the Initial Purchasers’ may have financial interest in the success of the offering that are not limited to the difference between the
price to the public and the purchase price paid to you by the Initial Purchasers for the Notes and the Initial Purchasers have no obligation to disclose, or account to you for, any of such additional financial interests. Each of the Inergy Parties
hereby waives and releases, to the fullest extent permitted by law, any claims that any of the Inergy Parties may have against the Initial Purchasers with respect to any breach or alleged breach of fiduciary duty with respect to the transactions
contemplated by this Agreement. 
 18. Survival. The respective indemnities, representations, warranties and agreements of the Inergy
Parties and the Initial Purchasers contained in this Agreement or made by or on behalf on them, respectively, pursuant to this Agreement, shall survive the delivery of and payment for the Notes and shall remain in full force and effect, regardless
of any investigation made by or on behalf of any of them or any person controlling any of them. 
 19. Definition of the Terms
“Business Day” and “Subsidiary.” For purposes of this Agreement, (a) “business day” means any day on which the New York Stock Exchange, Inc. is open for trading and (b) “subsidiary”
has the meaning set forth in Rule 405 of the Rules and Regulations. 
 20. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of New York. 
 21. Counterparts. This Agreement may be executed in one or more counterparts
and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument. 
 22. Headings. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or
interpretation of, this Agreement. 
  

 27 

 If the foregoing correctly sets forth the agreement among the Inergy Parties and the Initial Purchasers,
please indicate your acceptance in the space provided for that purpose below. 

			
	Very truly yours,
	
	INERGY, L.P.
		
	By:	 	Inergy GP, LLC (its General Partner)
		 	
		
	By:	 	/s/ Laura L. Ozenberger
		 	 Laura L. Ozenberger
 Senior Vice President, General
Counsel and
 Secretary

	
	INERGY FINANCE CORP.
		
	By:	 	/s/ Laura L. Ozenberger
		 	 Laura L. Ozenberger
 Senior Vice President, General
Counsel and
 Secretary

	
	INERGY PROPANE, LLC
	INERGY MIDSTREAM, LLC
	L & L TRANSPORTATION, LLC
	INERGY TRANSPORTATION, LLC
	INERGY STAGECOACH II, LLC
	INERGY GAS MARKETING, LLC
	INERGY STORAGE, INC
	STELLAR PROPANE SERVICE, LLC
	CENTRAL NEW YORK OIL AND GAS
	INERGY SALES & SERVICE, INC.
	 FARM & HOME RETAIL OIL COMPANY,
     LLC

	ARLINGTON STORAGE COMPANY, LLC
		
	By:	 	/s/ Laura L. Ozenberger
		 	 Laura L. Ozenberger
 Senior Vice President, General
Counsel and
 Secretary

  

 28 

 Accepted: 
 WACHOVIA CAPITAL MARKETS, LLC 
 J.P. MORGAN SECURITIES
INC. 
 LEHMAN BROTHERS INC. 
 By: WACHOVIA CAPITAL MARKETS, LLC, 

			
		
	By:	 	/s/  Jeff Gore
		 	Managing Director

 By: J.P. MORGAN SECURITIES INC. 

			
		
	By:	 	/s/  Adam Bernard
		 	Executive Director

 By: LEHMAN BROTHERS INC. 

			
		
	By:	 	/s/  Timothy N. Hartzell
		 	Managing Director

  

 29 

 SCHEDULE I 
  

				
	 Initial Purchasers
	  	Principal
Amount of
Notes
to be
Purchased
	 Wachovia Capital Markets, LLC
	  	$	66,668,000
	 J.P. Morgan Securities Inc.
	  	$	66,666,000
		  	 	 
	 Lehman Brothers Inc. .
	  	$	66,666,000
		  	 	 
	 Total
	  	$	200,000,000
		  	 	 

 Exhibit A 
 Pricing Disclosure Supplement 
 [See Attached] 
  

			
	 PRICING SUPPLEMENT
	  	STRICTLY
CONFIDENTIAL

 $200,000,000 
 Inergy, L.P. 
 Inergy Finance Corp. 
 8  1/4% Senior Notes due 2016 
 April 24, 2008 
  
 Pricing Supplement dated April 24, 2008 to Preliminary Offering Memorandum dated April 23, 2008 of INERGY, L.P. and INERGY FINANCE CORP. 
 This Pricing Supplement is qualified in its entirety by reference to the Preliminary Offering Memorandum, except to the extent
inconsistent with the information in the Preliminary Offering Memorandum. The information in this Pricing Supplement supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent
inconsistent with the information in the Preliminary Offering Memorandum. Capitalized terms used below have the meanings given in the Preliminary Offering Memorandum. 
 The notes have not been registered under the Securities Act of 1933, as amended, or the laws of any other jurisdiction and may not be
offered or sold within the United States or to, or for the account or benefit of, U. S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and such other securities
laws. Accordingly, the notes are being offered and sold only (a) to “qualified institutional buyers” (as defined in Rule l44A under the Securities Act) and (b) outside the United States to non-U.S. persons in reliance upon
Regulation S under the Securities Act. For details about eligible offerees, deemed representations and agreements by investors and transfer restrictions, see “Notice to Investors” in the Preliminary Offering Memorandum. 
  

			
	 Issuers:
	  	 Inergy, L.P. and Inergy Finance Corp. (the
“Issuers”)

		
	 Principal Amount:
	  	$200,000,000
		
	 Notes Offered:
	  	Senior unsecured notes
		
	 Maturity Date:
	  	March 1, 2016
		
	 Issue Price:
	  	102%, plus accrued interest from March 1, 2008
		
	 Coupon:
	  	8  1/4%
		
	 Interest Payment Dates:
	  	March 1 and September 1 of each year, beginning September 1, 2008
		
	 Trade Date:
	  	April 24, 2008
		
	 Settlement Date:
	  	April 29, 2008 (T+3)
		
	 Distribution:
	  	l44A and Regulation S with registration rights as set forth in the Preliminary Offering Memorandum
		
	 Initial Purchasers:
	  	Wachovia Capital Markets, LLC, J.P. Morgan Securities Inc. and Lehman Brothers Inc.
		
	 CUSIP:
	  	45661TAC5 (l44A) and U45290AB6 (Reg S)

  

														
	 Proceeds:
	  	The Issuers will receive net proceeds from
this offering of approximately $200.8
million, after deducting initial
purchaser
discounts and the estimated expenses of the
offering.	 
	 Capitalization:
	  	As a result of the increase in the sizeof the offering the Capitalizationtable is hereby revised as follows:	   
		  	 	Actual	  	 
 	As
adjusted	 
 	 	 
 
 	As
further
adjusted	 
 
 
		  		  	 	 	  	 	 	 	 	 	 	 
		  	(Dollars in millions)	 
	 Cash
	  	$	23.1	  	$	23.1	 	 	$	23.1	 
		  		  	 	 	  	 	 	 	 	 	 	 
	 Debt:
	  		  			  				 			
	 Revolving working credit facility
	  	 	82.5	  	 	—  	(a)	 	 	—  	 
	 Revolving acquisition credit facility
	  	 	121.0	  	 	249.0	(b)	 	 	48.2	(c)
	 ASC credit agreement
	  	 	11.6	  	 	11.6	 	 	 	11.6	 
	 6  7/8% Senior unsecured notes due 2014
	  	 	426.2	  	 	426.2	 	 	 	426.2	 
	 8  1/4% Senior unsecured notes due 2016
	  	 	200.0	  	 	200.0	 	 	 	400.0	(d)
	 Other Debt
	  	 	15.7	  	 	15.7	 	 	 	15.7	 
		  		  	 	 	  	 	 	 	 	 	 	 
	 Total Debt
	  	 	857.0	  	 	902.5	 	 	 	901.7	 
	 Total Partner’ Capital
	  	 	742.1	  	 	742.1	 	 	 	742.1	 
		  		  	 	 	  	 	 	 	 	 	 	 
	 Total Capitalization
	  	$	1,599.1	  	$	1,644.6	 	 	$	1,643.8	 
		  		  	 	 	  	 	 	 	 	 	 	 
	 (a) Reflects the repayment of approximately $82.5 seasonal working capital borrowings subsequent to
December 31, 2007.
 (b) Reflects additional borrowings of approximately $128.0 million under our revolving
acquisition credit facility subsequent to December 31, 2007, of which approximately $53.0 million was borrowed to fund the purchase of three recent retail acquisitions and approximately $75.0 million was borrowed to fund our midstream capital
expansion projects.
 (c) Reflects the net proceeds from this offering of approximately $200.8 million, after
deducting approximately $3.2 million of initial purchasers’ discounts and offering expenses payable by us and the application of the proceeds to repay borrowings under our revolving acquisition credit facility, which were borrowed to fund our
recent acquisitions and organic capital expansion projects.
 (d) Excludes a premium of $4.0 million received from
the issuance of the additional 8  1/4% senior unsecured notes due 2016.
	  		  			  				 			
	 Other Changes From the Preliminary Offering Memorandum:
	  	As of December 31, 2007, on an asfurther adjusted basis after givingeffect to this offering and the othertransactions described under“Capitalization,”

 we would have had $901.7 millionof total indebtedness outstanding,$59.8 million of which would havebeen secured, with availableborrowing
capacity of $301.9million under our secured revolvingacquisition credit facility.

 Description of Other Indebtedness(p.18):

We maintain a credit agreement thatconsists of a $75.0 million revolvingworking capital facility and a $350.0million revolving
acquisitionfacility.
	     
        

   

      

 Exhibit B 
 Form of Registration Rights Agreement 
 [See Attached] 

 Exhibit C 
 Vinson & Elkins Opinion 
 Vinson & Elkins L.L.P. shall have furnished to the
Initial Purchasers its written opinion, as counsel to the Issuers and the Guarantors, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to Wachovia Capital Markets, LLC, to the effect that:

 (i) Each of the Issuers and the Operating Company, Midstream, Service Sub, L & L Transportation, Inergy
Transportation, Inergy Gas, Stellar Propane, Stagecoach II, Storage, CNYOGC and Arlington Storage (the “Delaware/New York Guarantors”) and each of the General Partners has been duly formed and is validly existing in good standing
under its jurisdiction of formation with all necessary power and authority to own or lease its properties and to conduct its business, in all material respects as described in the Offering Memorandum. Each of the Inergy Parties and the General
Partners is duly registered or qualified as a foreign entity company for the transaction of business under the laws of the jurisdictions set forth on an exhibit to such counsel’s opinion. 
 (ii) The General Partners are the only general partners of the Partnership. The Non-Managing General Partner owns of record an approximate
0.9% general partner interest in the Partnership and the Managing General Partner owns of record a non-economic, managing general partner interest in the Partnership; such general partner interests have been duly authorized and validly issued in
accordance with the Partnership Agreement; and each General Partner owns its general partner interest free and clear of all liens, encumbrances, security interests, charges or claims (A) in respect of which a financing statement under the
Uniform Commercial Code of the State of Delaware naming either of such General Partners as debtors is on file in the office of the Secretary of State of the State of Delaware or (B) otherwise known to such counsel, without independent
investigation, other than those created by or arising under the Delaware LP Act (other than those created by the Credit Agreement). 
 (iii) The Partnership owns, directly or indirectly, 100% of the issued shares of capital stock or membership interests, as applicable, in Finance Corp. and each of the Delaware/New York Guarantors; such shares of capital stock or membership
interests have been duly authorized and validly issued in accordance with the Organizational Documents governing such entity and are fully paid and non-assessable (except (i) in the case of an interest in a Delaware limited liability company,
as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act, and (ii) in the case of an interest in a limited liability company formed under the laws of another domestic state, as such nonassessability may be
affected by similar provisions of such state’s limited liability company statute, as applicable) and the Partnership owns such shares of capital stock, membership interests or limited partner interest free and clear of all liens, encumbrances,
security interests, charges or claims (A) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming the Partnership as debtor is on file in the office of the Secretary of State of the State of
Delaware, (B) arising under the Credit Agreement or (C) otherwise known to such counsel, without independent investigation, other than those created by or arising under the Delaware LLC Act and the New York Limited Liability Company Law.

  

 C-1 

 (iv) To our knowledge, there are no contracts, agreements or understandings between
either of the Issuers, or any Guarantor and any person granting such person the right (other than rights that have been waived or satisfied) to require the Issuers or any Guarantor to file a registration statement under the Act with respect to any
securities of the Issuers or any Guarantor (other than the Registration Rights Agreement) owned or to be owned by such person, and which are substantially similar to the Notes, the Guarantees, or the Exchange Notes, or to require either of the
Issuers or any Guarantor to include any other securities in the securities registered pursuant to the Registration Rights Agreement. 
 (v) This Agreement has been duly executed and delivered by each of the Issuers and the Delaware/New York Guarantors. 
 (vi) The Partnership Agreement and each of the limited liability company agreements of the Delaware/New York Guarantors has been duly authorized and validly executed and delivered by the parties thereto. Each of the foregoing agreements
constitutes a valid and legally binding agreement of the parties thereto, enforceable against such entity in accordance with its respective terms, subject to (A) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (B) public policy, applicable
law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing. 
 (vii) The
Issuers have all requisite corporate or partnership power and authority to issue, sell and deliver the Notes. The Notes have been duly authorized by the Issuers and, when duly executed by the Issuers in accordance with the terms of the Indenture,
assuming due authentication of the Notes by the Trustee, upon delivery to the Initial Purchasers against payment therefor in accordance with the terms hereof, will be validly issued and delivered, and will constitute valid and binding obligations of
the Issuers entitled to the benefits of the Indenture, enforceable against the Issuers in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other
similar laws relating to or affecting creditors’ rights generally and by general equitable principles. 
 (viii) The
Exchange Notes have been duly and validly authorized by the Issuers and if and when duly issued and authenticated in accordance with the terms of the Indenture and delivered in accordance with the Exchange Offer provided for in the Registration
Rights Agreement, will constitute valid and binding obligations of the Issuers entitled to the benefits of the Indenture, enforceable against the Issuers in accordance with their terms, except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium, and other similar laws relating to or affecting creditors’ rights generally and by general equitable principles. 
 (ix) The Guarantee of each of the Delaware/New York Guarantors has been duly authorized by that Guarantor and assuming due and valid
authorization of a Guarantee by FHR, when the Notes have been duly executed by the Issuers and authenticated by the Trustee in accordance with the terms of the Indenture and delivered and paid for by the Initial 

  

 C-2 

 
Purchasers in accordance with the terms of the Purchase Agreement, the Guarantee of each Guarantor will constitute the valid and binding obligations of that
Guarantor, enforceable against that Guarantor in accordance with their terms except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other laws relating to or affecting
creditors’ rights generally and by general equitable principles. 
 (x) The Exchange Guarantee of each of the
Delaware/New York Guarantors has been duly and validly authorized by that Guarantor and assuming due and valid authorization of an Exchange Guarantee by FHR, upon the due execution and authentication of the Exchange Notes in accordance with the
Indenture and the issuance and delivery of the Exchange Notes in the Exchange Offer contemplated by the Registration Rights Agreement, will constitute valid and binding obligations of the Guarantors, entitled to the benefits of the Indenture,
enforceable against the Guarantors in accordance with their terms except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other similar laws relating to or affecting
creditors’ rights generally and by general equitable principles. 
 (xi) The Indenture has been duly authorized, executed
and delivered by each of the Inergy Parties and, assuming the due authorization, execution and delivery thereof by the Trustee, is the legally valid and binding agreement of the Inergy Parties, enforceable against the Inergy Parties in accordance
with its terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other similar laws relating to or affecting creditors’ rights generally, by general equitable
principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) and by an implied covenant of good faith and fair dealing; no qualification of the Indenture under the 1939 Act is required in connection with
the offer, issuance and sale of the Notes or in connection with the Exempt Resales. The Indenture conforms in all material respects to the requirements of the 1939 Act and the rules and regulations of the Commission applicable to an indenture that
is qualified thereunder. 
 (xii) The Registration Rights Agreement has been duly authorized, executed and delivered by the
Issuers and the Delaware/New York Guarantors and, assuming the due execution and delivery thereof by the Initial Purchasers, is the legally valid and binding agreement of the Inergy Parties, enforceable against the Inergy Parties in accordance with
its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditor’s rights generally, by general equitable principles (regardless of whether
such enforceability is considered in a proceeding in equity or at law), by an implied covenant of good faith and fair dealing and, as to rights of indemnification and contribution thereunder may be limited by federal or state law or by principles of
public policy. 
 (xiii) The statements set forth in the Offering Memorandum under the captions “Description of
Notes,” insofar as they purport to constitute a summary of the terms of the Notes, Indenture, the Guarantees and the Registration Rights Agreement and under the captions “Description of Other Indebtedness—Senior Unsecured Notes,”
and “United States Federal Income Tax Considerations” insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate in all material respects. 
  

 C-3 

 (xiv) None of the offering, issuance and sale of the Notes and the Guarantees by the
Issuers and the Guarantors, the execution, delivery and performance of the Notes, the Guarantees, the Exchange Notes, the Indenture, the Registration Rights Agreement, the Exchange Guarantees and this Agreement by the Inergy Parties, or the
consummation by each of them of the transactions contemplated hereby and thereby (A) constitutes or will constitute a violation of their respective Organizational Documents, (B) constitutes or will constitute a breach or violation of, or a
default (or an event which, with notice or lapse of time or both, would constitute such a default) any agreement filed or incorporated by reference as an exhibit to the Partnership’s annual report on Form 10-K for the year ended
September 30, 2007, quarterly report on Form 10-Q for the quarter ended December 31, 2007 or to any applicable current reports of the Partnership on Form 8-K filed with the Commission since September 30, 2007 (excluding the
Credit Agreement or Organizational Document); (C) violates or will violate the Delaware LP Act, the Delaware LLC Act, the DGCL, the laws of the State of New York or, assuming the accuracy of the representations and warranties of the Initial
Purchasers contained in this Agreement and their compliance with their agreements set forth herein, federal law (provided, however, that such counsel need express no opinion with respect to compliance with any state securities or federal or state
antifraud law except as otherwise specifically stated in the opinion of such counsel), or (D) to our knowledge, results or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of any of the
Inergy Parties, which breaches, violations, defaults or liens, in the case of clauses (B), (C) or (D) would, individually or in the aggregate, have a Material Adverse Effect. 
 (xv) No registration under the Act of the Notes is required for the sale of the Notes to the Initial Purchasers as contemplated hereby or
for the Exempt Resales, assuming (i) the accuracy of the Initial Purchasers’ representations in this Agreement and (ii) the accuracy of the Inergy Parties’ representatives contained herein. 
 (xvi) None of the Inergy Parties is now, and after the sale of the Notes to be sold by the Issuers hereunder, the issuance of the
Guarantees and the application of the net proceeds from such sale as described in the Offering Memorandum under the caption “Use of Proceeds,” none of the Inergy Parties will be an “investment company” as such term is defined in
the Investment Company Act of 1940, as amended. 
 Such counsel shall also have furnished to the Initial Purchasers a written statement,
addressed to the Initial Purchasers and dated the Closing Date, in form and substance satisfactory to the Initial Purchasers, to the effect that such counsel has participated in conferences with officers and other representatives of the Issuers and
Guarantors and the independent registered public accounting firm of the Partnership and your representatives, at which the contents of the Offering Memorandum and related matters were discussed, and although such counsel has not independently
verified, is not passing on, and is not assuming any responsibility for the accuracy, completeness or fairness of the statements contained in, the Offering Memorandum (except to the extent specified in the foregoing opinion), based on the foregoing,
nothing has come to the attention of such counsel that causes it to believe that: 
 (a) the Final Offering Memorandum, as of its date and as
of the Closing Date, contained or contains any untrue statement of a material fact or omitted or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under
which they were made, not misleading; or 
  

 C-4 

 (b) the Preliminary Offering Memorandum and the Pricing Disclosure Supplement, as of the Applicable Time,
contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;

 in each case other than (1) the financial statements included or incorporated by reference therein, including the notes and schedules
thereto and the auditors’ reports thereon, and (2) the other financial and accounting data included or incorporated by reference therein, as to which such counsel need express no belief. 
 In rendering such opinion, such counsel may (A) rely in respect of matters of fact upon representations of the Inergy Parties set forth in this
Agreement and upon certificates of officers and employees of the Issuers and Guarantors and upon information obtained from public officials, (B) assume that all documents submitted to them as originals are authentic, that all copies submitted
to them conform to the originals thereof, and that the signatures on all documents examined by them are genuine, (C) state that their opinion is limited to federal laws, the Delaware LP Act, the Delaware LLC Act, and the DGCL and the laws of
the State of New York, (D) with respect to the opinions expressed in subparagraphs (i) through (vi) above as to the due qualification or registration as a foreign limited partnership, corporation or limited liability company, as the
case may be, state that such opinions are based upon certificates of foreign qualification or registration provided by the Secretary of State of the States listed on an exhibit to such opinion (each of which shall be dated as of a date not more than
fourteen days prior to the Closing Date and shall be provided to you), and (E) state that they express no opinion with respect to state or local taxes or tax statutes to which any of the limited partners of the Partnership or any of the other
Inergy Parties may be subject. 
  

 C-5 

 Exhibit D 
 Laura Ozenberger Opinion 
 Laura Ozenberger shall have furnished to the Initial Purchasers her
written opinion, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to Wachovia Capital Markets, LLC, to the effect that: 
 (i) None of the offering, issuance and sale of the Notes and the Guarantees by the Issuers and the Guarantors, respectively, the
execution, delivery and performance of the Notes, the Guarantees, the Exchange Notes, the Exchange Guarantees, the Indenture, the Registration Rights Agreement and this Agreement by the Issuers and the Guarantors, or the consummation by each of them
of the transactions contemplated hereby (A) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any agreement, lease or
instrument known to her (excluding any Credit Agreement or Organizational Document and any other agreement filed or incorporated by reference as an exhibit to the Annual Report on Form 10-K for the year ended September 30, 2007 or Quarterly
Report on Form 10-Q for the quarter ended December 31, 2007, as to which such counsel need not express an opinion) to which any of the Inergy Parties or any of their properties may be bound, or (B) will result, to my knowledge, in any
violation of any judgment, order, decree, rule or regulation of any court or arbitrator or governmental agency having jurisdiction over the Inergy Parties or any of their assets or properties (such opinion with respect to federal law assumes the
accuracy of the representations and warranties of the Initial Purchasers contained in the Agreement and their compliance with their agreements set forth therein) (provided, however, that such counsel need express no opinion with respect to
compliance with any state securities or federal or state antifraud law except as otherwise specifically stated in the opinion of such counsel), which breaches, violations, defaults or liens, in the case of clauses (A), or (B) would,
individually or in the aggregate, have a Material Adverse Effect. 
 (ii) Except as described in the Offering Memorandum, to
my knowledge there is no litigation, proceeding or governmental investigation pending or threatened against any of the Inergy Parties or to which any of the Inergy Parties is a party or to which any of their respective properties is subject, which,
if adversely determined to such Inergy Parties, is reasonably likely to have a Material Adverse Effect. 
 Such counsel shall also have
furnished to the Initial Purchasers a written statement, addressed to the Initial Purchasers and dated the Closing Date, in form and substance satisfactory to the Initial Purchasers, to the effect that such counsel has participated in conferences
with officers and other representatives of the Issuers and Guarantors and the independent registered public accounting firm of the Partnership and your representatives, at which the contents of the Offering Memorandum and related matters were
discussed, and although such counsel has not independently verified, is not passing on, and is not assuming any responsibility for the accuracy, completeness or fairness of the statements contained in, the Offering Memorandum, based on the
foregoing, nothing has come to the attention of such counsel that causes her to believe that: 
  

 D-1 

 (a) the Final Offering Memorandum, as of its date and as of the Closing Date, contained or contains any
untrue statement of a material fact or omitted or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; or

 (b) the Preliminary Offering Memorandum and the Pricing Disclosure Supplement, as of the Applicable Time, contained any untrue statement
of a material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; 
 in each case other than (1) the financial statements included or incorporated by reference therein, including the notes and schedules thereto and
the auditors’ reports thereon, and (2) the other financial and accounting data included or incorporated by reference therein, as to which such counsel need express no belief. 
 In rendering such opinion, such counsel may (A) rely in respect of matters of fact upon representations of the Inergy Parties set forth in this
Agreement and upon certificates of officers and employees of the Inergy Parties and upon information obtained from public officials, (B) assume that all documents submitted to her as originals are authentic, that all copies submitted to her
conform to the originals thereof, and that the signatures on all documents examined by her are genuine, (C) state that her opinion is limited to the laws of the state of Missouri, and (D) state that she expresses no opinion with respect to
state or local taxes or tax statutes to which any of the limited partners of the Partnership or any of the other Inergy Parties may be subject. 
  

 D-2 

 Exhibit E 
 Michael K. Post Opinion 
 Michael K. Post shall have furnished to the Initial Purchasers its written
opinion, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to Wachovia Capital Markets, LLC, to the effect that: 
 (i) None of the offering, issuance and sale of the Notes and the Guarantees by the Issuers and the Guarantors, respectively, in the manner provided in
this Agreement, the Indenture and the Registration Rights Agreement, the execution, delivery and performance of the Notes, the Guarantees, the Exchange Notes, the Indenture, the Registration Rights Agreement and this Agreement by the Issuers and the
Guarantors, constitutes or could reasonably be expected to constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under the Credit Agreement, which breach,
violation or default would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and 
 (ii) The
statements set forth in the Offering Memorandum under the caption “Description of Other Indebtedness—Description of Credit Facility,” insofar as they purport to describe the provisions of the Credit Agreement referred to therein, are
accurate in all material respects. 
 In rendering such opinion, such counsel may (A) rely in respect of matters of fact upon
representations of the Inergy Parties set forth in this Agreement and upon certificates of officers and employees of the Inergy Parties and upon information obtained from public officials, (B) assume that all documents submitted to such counsel
as originals are authentic, that all copies submitted to such counsel conform to the originals thereof, and that the signatures on all documents examined by such counsel are genuine, (C) state that its opinion is limited to the laws of the
States of Missouri, and (D) state that such counsel expresses no opinion with respect to state or local taxes or tax statutes to which any of the limited partners of the Partnership or any of the other Inergy Parties may be subject. 

 

 E-1Sublease between Noble and Quantum dated 4/18/08

 Exhibit 10.44 
 SUBLEASE 
 THIS SUBLEASE is made and
entered into as of the 18th day of April 2008, between Noble International, Ltd., a Delaware corporation (“Sublessor”), whose address is
840 W. Long Lake Road, Troy, Michigan 48098, and Quantum Ventures of Michigan, LLC, a Michigan limited liability company (“Sublessee”), whose address is 840 W. Long Lake Road, Troy, Michigan 48098. 
 RECITALS 
 WHEREAS, Sublessor is
subletting a portion of the sixth floor in the building known as 840 W. Long Lake Road, Troy, Michigan 48098 (the “Building”) from BBDO Detroit Crm, Inc. (“BBDO”), pursuant to a sublease agreement dated August 31, 2007 (the
“Master Sublease”). 
 WHEREAS, the term of the Master Sublease terminates on January 31, 2010. 
 WHEREAS, when the Master Sublease terminates, Sublessor will lease the demised premises from 840 West Long Lake Associates, L.L.C., a Delaware limited
liability company, pursuant to a lease agreement dated August 31, 2007 (the “Lease”). 
 WHEREAS, Sublessee wishes to sublet a
portion of the sixth floor from Sublessor, such portion containing approximately 1,121 square feet, being more particularly described on the floor plan annexed hereto as Exhibit A, together with the right to use the parking and the common
facilities of the Building (the “Sublet Premises”). 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Sublessor and Sublessee agrees as follows: 
 1. Term. 
 1.1 Subject to and in accordance with all of the terms, covenants and conditions of this Sublease, Sublessor hereby subleases the Sublet Premises to
Sublessee, and Sublessee agrees to sublease the Sublet Premises from Sublessor, for a term commencing on April 16, 2008, and ending on April 15, 2010 (the “Sublease Term”). 
 2. Rent. During the term of this Sublease, Sublessee shall pay fixed rent in the amount of one dollar ($1) per year. Rent is due on the first day of each and
every year during the tenancy. All rent owed to Sublessor under this Sublease shall be paid by Sublessee at the office of the Sublessor set forth above, or at such other place as Sublessor may designate. This Sublease is a gross lease and Sublease
shall not be responsible for any additional payments for utilities, taxes, or common area maintenance. 
 3. Assignment/Subletting. Sublessee may not
assign this Sublease in whole or in part or sublet the demised premises. 
 4. Master Sublease/Lease. 
 4.1 This Sublease is subordinate to both the Master Sublease and upon its effectiveness the Lease. 
 4.2 Sublessee shall maintain comprehensive general liability insurance, including contractual liability, with minimum limits of liability of Five Hundred
Thousand Dollars ($500,000) per occurrence for bodily injury or death, and One Hundred Thousand Dollars ($100,000) per occurrence for property 

 
damage. From time to time, Sublessor shall increase the limits of such policies to higher limits as Sublessor shall reasonably require. Such insurance shall
name Sublessor as an additional named insured and shall provide that Sublessor receive thirty (30) days notice from the insurer prior to any cancellation or material change of coverage; and 
 4.3 Sublessee shall not do anything or permit anything to be done which could result in a default under the Master Sublease or the Lease, or permit the
Master Sublease or the Lease to be terminated. 
 4.4 Notwithstanding anything contained herein or in the Master Sublease or the Lease which
may appear to be to the contrary, Sublessor and Sublessee hereby agree as follows: 
  

	 	a.	Sublessee shall not assign, mortgage, pledge, hypothecate or otherwise transfer or permit the transfer of this Sublease or any interest of Sublessee in this Sublease, by operation
of law or otherwise, or permit the use of the Sublet Premises or any part thereof by any persons other than Sublessee and Sublessee’s employees, or sublet the Sublet Premises or any part thereof; 

  

	 	b.	Neither rental nor other payments hereunder shall abate by any reason of any damage to or destruction of the Sublet Premises or any portion of the Building, unless, and then only to
the extent that, rental and such other payments actually abate under the Master Sublease or the Lease on account of such event; 

  

	 	c.	Sublessee shall not have any right to any portion of the proceeds of any award for a condemnation or other taking, or a conveyance in lieu thereof, of all or any portion of the
Building or the premises subject to the Master Sublease and the Lease; 

  

	 	d.	Sublessee shall not have any right to exercise or have Sublessor exercise any option under the Master Sublease or the Lease, including, without limitation, any option to lease
additional space or to lease parking spaces; and 

  

	 	e.	In the event of any conflict between the terms, conditions and provisions of the Master Sublease or Lease and of this Sublease, the terms, conditions and provisions of this Sublease
shall, in all instances, govern, and control. 

 4.5 It is expressly understood and agreed that Sublessor does not assume and
shall not have any of the obligations or liabilities of BBDO under the Master Sublease and that Sublessor is not making the representations and warranties, if any, made by BBDO in the Master Sublease. 
 5. Alterations. Sublessee agrees it will make no alterations to the Sublet Premises without the express written consent of Sublessor. Notwithstanding the
foregoing, Sublessee shall be permitted signage at the entrance to the Sublet premises which shall be mutually agreed upon by the parties hereto. 
 6.
Care of Demised Premises. Throughout the term of this Sublease, Sublessee agrees to keep and maintain the demised premises in good and sanitary order, and repair, and shall on the last day of the term hereof, surrender the demised premises to
Sublessor in substantially as good condition as when received, normal wear and tear expected. 
 7. Notices. All notices which may be required to be
given under this Sublease shall be in writing. All notices shall be sent by United States certified or registered mail, receipt postage prepaid, return receipt requested, or by a commercial carrier requiring signature upon receipt to the addresses
set forth above or to such other addresses as the parties may designate. The time of giving of any such notice shall be deemed to be when notice is mailed. 
  

 2 

 8. As-Is Condition. Sublessee has examined the demised premises inside and outside and accepts the property in its
current condition, AS-IS, WHERE-IS. Sublessor shall not be obligated to make any improvements or repairs whatsoever. 
 9. Termination of Lease.
Sublessor shall perform all of its obligations to BBDO pursuant to the Master Sublease not required of Sublessee herein. Sublessor shall also perform all of its obligations to 840 West Long Lake Associates, LLC pursuant to the Lease not required of
Sublesee herein. If, for any reason whatsoever, the Master Sublease or the Lease terminates for reasons other than solely as a result of a default by Sublessor, this Sublease will be automatically terminated as of the date of termination of the
Master Sublease or the Lease as if such date were the date set forth herein as the termination or expiration date of this Sublease. 
 10. Default by
Sublessee. 
 10.1 Upon the happening of any of the following: 
  

	 	a.	Sublessee fails to pay its monthly rent within five (5) days of its due date; 

  

	 	b.	Sublessee fails to pay any other amount due from Sublessee hereunder and such failure continues for five (5) days after notice thereof; 

  

	 	c.	Sublessee fails to perform or observe any other covenant or agreement set forth in this Sublease and such failure continues for five (5) days after notice thereof from
Sublessor to Sublessee; or 

  

	 	d.	Any other event occurs which involves Sublessee or the Sublet Premises and which would constitute a default under the Master Sublease or the Lease if it involved Sublessor or the
premises covered by the Master Sublease and the Lease; 

 Sublessee shall be deemed to be in default hereunder, and Sublessor
may exercise, without limitation any other rights and remedies available to it hereunder or at law or in equity, in addition to any and all rights and remedies of Landlord set forth in the Master Sublease or the Lease in the event of a default by
Sublessor thereunder. 
 10.2 In the event Sublessee fails or refuses to make any payment or perform any covenant or agreement to be
performed hereunder by Sublessee, Sublessor may make such payment or undertake to perform such covenant or agreement (but shall be under no obligation to do so). In such event, amounts so paid and amounts extended in undertaking such performance,
together with all costs, and expenses (excluding attorney’s fees), if any, in connection therewith, shall be additional rent hereunder. 
 11.
Nonwaiver. Failure of Sublessor to declare any default or delay in taking any action in connection therewith shall not waive such default. 
 12.
Cumulative Rights and Remedies. All rights and remedies of Sublessor under this Sublease shall be cumulative. None shall exclude any other rights or remedies allowed by law. 
  

 3 

 13. Waiver of Claims and Indemnity. 
 13.1 Sublessee hereby releases and waives any and all claims against Sublessor and officers, directors, agents and employees for injury or damage to person, property or business sustained in or about the Building, the
premises subject to the Master Sublease and the Lease, or the Sublet Premises by Sublessee other than by reason of gross negligence or willful conduct and except in any case which would render this release and waiver void under law. 
 13.2 Sublessee agrees to indemnify, defend, and hold Sublessor and its officers, directors, agents and employees harmless from and against any and all
claims, demands, cost and expenses of every kind and nature, including attorneys’ fees and litigation expenses, arising from Sublessee’s occupancy of the Sublet Premises, Sublessee’s construction of any leasehold improvements in the
Sublet Premises or from any breach or default on the part of Sublessee in the performance of any agreement or covenant of Sublessee to be performed or performed under or pursuant to the terms of this Sublease, or from any act or neglect of Sublessee
or its agents, officers, employees, guests, servants, invitees or customers in or about the Sublet Premises. 
 14. Waiver of Subrogation. Anything in
this Sublease to the contrary notwithstanding, Sublessor and Sublessee each hereby waive any and all rights of recovery, claims, actions or causes of action against the other and the officers, directors, members, agents and employees of each of
them, and Sublessee hereby waives any and all rights of recovery, claims, actions or causes of action against Sublessor and its agents and employees for any loss or damage that may occur to the Sublet Premises or to the premises covered by the
Master Sublease and the Lease, or any improvements thereto, or any personal property of any person therein or in the Building, by reason of fire, the elements or any other cause insured against under valid and collectible fire and extended coverage
insurance policies, regardless of cause or origin, including negligence, except in any case which would render this waiver void under law, to the extent that such loss or damage is actually recovered under said insurance policies. 
 15. Sublessee’s Use. Sublessee shall use the Sublet Premises only for the uses specified in the Master Sublease and the Lease. 
 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the day and year first above written. 
  

							
	WITNESS:	 		 	SUBLESSOR:
		 		 	Noble International, Ltd.,
		 		 	a Delaware Corporation
				
	  
	 		 		 	 /s/ Thomas L. Saeli

		 		 	By:	 	Thomas L. Saeli
		 		 	Its:	 	CEO
			
	WITNESS:	 		 	SUBLESSEE:
		 		 	Quantum Ventures of Michigan, LLC,
		 		 	a Michigan Limited Liability Company
				
	  
	 		 		 	 /s/ Robert J. Skandalaris

		 		 	By:	 	Robert J. Skandalaris
		 		 	Its:	 	

  

 4

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