Document:

EX-10.1

 Exhibit 10.1 

Execution Form 

REGISTRATION RIGHTS AGREEMENT 

BY AND BETWEEN 
 CRESTWOOD
EQUITY PARTNERS LP 
 AND 

THE PURCHASERS LISTED TO ON SCHEDULE A HERETO 

DATED AS OF MARCH 30, 2021 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of March 30, 2021, by and between
CRESTWOOD EQUITY PARTNERS LP, a Delaware limited partnership (“Crestwood”), and each of the Persons set forth on Schedule A to this Agreement (each a “Purchaser” and collectively, the
“Purchasers”). 
 WHEREAS, this Agreement is made in connection with the sale of common units of Crestwood (the
“Common Units”) pursuant to the Common Unit Purchase Agreement, dated as of March 25, 2021, by and among Crestwood Gas Services Holdings LLC, the Purchasers and Crestwood (the “Purchase Agreement”); and 

WHEREAS, Crestwood has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers. 

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

DEFINITIONS 

Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the
Purchase Agreement. The terms set forth below are used herein as so defined: 
 “Affiliate” means, with respect to a
specified Person, any other Person, whether now in existence or hereafter created, directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition,
“control” (including, with correlative meanings, “controlling,” “controlled by,” and “under common control with”) means the power to direct or cause the direction of the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has
the meaning specified therefor in the recitals hereof. 
 “Business Day” means any day other than a Saturday, Sunday or
legal holiday on which banks in New York City, New York, are authorized or obligated by law to close. 

 “Commission” means the United States Securities and Exchange Commission.

 “Common Units” has the meaning specified therefor in the Purchase Agreement. 

“Common Unit Price” has the meaning specified therefor in the Purchase Agreement. 

“Crestwood” has the meaning specified therefor in the recitals hereof. 

“DTC” means The Depository Trust Company, a New York corporation, or its successor. 

“EDGAR” means the Electronic Data Gathering, Analysis and Retrieval System of the Commission, or any successor system
thereto. 
 “Effectiveness Period” has the meaning specified therefor in Section 2.01(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the
Commission promulgated thereunder. 
 “Holder” means the record holder of any Registrable Securities. 

“Holder Underwriter Registration Statement” has the meaning specified therefor in Section 2.05(o).

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

“Law” means any statute, law, ordinance, regulation, rule, order, code, governmental restriction, decree, injunction or other
requirement of law, or any judicial or administrative interpretation thereof, of any governmental authority. 
 “Liquidated
Damages” has the meaning specified therefor in Section 2.01(b). 
 “Liquidated Damages
Multiplier” has the meaning specified therefor in Section 2.01(b). 
 “Losses” has the
meaning specified therefor in Section 2.09(a). 
 “Managing Underwriter” means, with respect to
any Underwritten Offering, the book running lead manager of such Underwritten Offering. 
 “Parity Securities” has the
meaning specified therefor in Section 2.04(b). 
 “Partnership Agreement” means the Fifth Amended
and Restated Agreement of Limited Partnership of Crestwood, dated April 11, 2014, as amended to date. 
 “Person”
means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other
form of entity. 
 “Piggyback Opt-out Notice” has the meaning specified therefor in
Section 2.02(a). 

 “Purchase Agreement” has the meaning specified therefor in the recitals
hereof. 
 “Purchasers” has the meaning specified therefor in the recitals hereof. 

“Registrable Securities” means the Common Units purchased by the Purchasers pursuant to the Purchase Agreement, all of which
Registrable Securities are subject to the rights provided herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02. 

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

“Resale Registration Statement” means a registration statement under the Securities Act to permit the public resale of the
Registrable Securities from time to time, including as permitted by Rule 415 under the Securities Act (or any similar provision then in force under the Securities Act). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the
Commission promulgated thereunder. 
 “Selling Expenses” has the meaning specified therefor in
Section 2.08(b). 
 “Selling Holder” means a Holder who is selling Registrable Securities
pursuant to a registration statement. 
 “Selling Holder Indemnified Persons” has the meaning specified therefor in
Section 2.09(a). 
 “Target Effective Date” has the meaning specified therefor in
Section 2.01(b). 
 “Underwritten Offering” means an offering (including an offering pursuant to
a Resale Registration Statement) in which Common Units are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“Walled Off Person” has the meaning specified therefor in Section 2.07. 

“WKSI” means a well-known seasoned issuer (as defined in the rules and regulations of the Commission). 

Section 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security (a) when a
registration statement covering the Registrable Security becomes or is declared effective by the Commission and the Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable
Security has been disposed of pursuant to any section of Rule 144 (or any similar provision then in force) under the Securities Act; (c) when such Registrable Security has been disposed of in a private transaction pursuant to which the
transferor’s rights have not been assigned to the transferee in accordance with Section 2.11; (d) when such Registrable Security is held by Crestwood or its Subsidiaries; or (e) the date on which such Registrable
Security may be sold pursuant to any section of Rule 144 under the Securities Act (or any similar provision then in force under the Securities Act) without any restriction (including, if the Holder is an Affiliate of Crestwood, restrictions that
apply to sales by Affiliates). 

 Section 1.03 Right and Obligations. Except for the rights and obligations
under Section 2.09, all rights and obligations of each Holder under this Agreement, and all rights and obligations of Crestwood under this Agreement with respect to such Holders, shall terminate when such Holder is no
longer a Holder. 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01 Registration. 

(a) Request for Filing and Deadline To Become Effective. No later than 45 days following the date hereof, Crestwood shall prepare and
file a Resale Registration Statement under the Securities Act with respect to all of the Registrable Securities. The Resale Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate
registration form of the Commission that Crestwood is eligible to use, as reasonably selected by Crestwood. Crestwood shall use its commercially reasonable efforts to cause the Resale Registration Statement to become effective as soon as
practicable. Crestwood will use its commercially reasonable efforts to cause the Resale Registration Statement filed pursuant to this Section 2.01 to be continuously effective under the Securities Act until all Registrable
Securities covered by the Resale Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”). The Resale Registration Statement when declared effective (including the documents incorporated therein
by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading (and, in the case of any prospectus contained in such Resale Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable
following the date that the Resale Registration Statement becomes effective, but in any event within two Business Days of such date, Crestwood shall provide the Holders with written notice of the effectiveness of the Resale Registration Statement.

 (b) Failure To Become Effective. If the Resale Registration Statement required by
Section 2.01(a) does not become or is not declared effective on or before the 60th day following the date it is initially filed pursuant to Section 2.01(a) (the “Target Effective
Date”), then Crestwood shall pay each Holder, as liquidated damages and not as a penalty, (i) for each non-overlapping 30-day period for the first 60 days
following the Target Effective Date, an amount equal to (A) 0.25% times (B) the product of (x) the Common Unit Price times (y) the number of Common Units then held by such Holder that may not otherwise be disposed of pursuant to Rule
144 without any restriction, including, if the Holder is an Affiliate of Crestwood, restrictions that apply to sales by Affiliates (such product of (x) and (y) being the “Liquidated Damages Multiplier”), and (ii) for each non-overlapping 30-day period beginning on the 61st day following the Target Effective 

 
Date, with such payment amount increasing by an additional amount equal to 0.25% times the Liquidated Damages Multiplier per non-overlapping 30-day period for each subsequent 60 days (i.e., 0.5% for 61-120 days, 0.75% for 121-180 days, and 1.0% thereafter) up to a maximum
amount equal to 1.0% times the Liquidated Damages Multiplier per non-overlapping 30-day period (the “Liquidated Damages”) provided that the aggregate
amount of Liquidated Damages payable by Crestwood pursuant to this section may not exceed 5.0% of the aggregate amount paid by the Purchasers for the Common Units pursuant to the Purchase Agreement. The Liquidated Damages payable pursuant to the
immediately preceding sentence shall be payable within ten Business Days after the end of each such non-overlapping 30-day period. Any Liquidated Damages (including any
Liquidated Damages payable pursuant to Section 2.01(e)) shall be paid to each Holder in cash; provided, however, that if (1) Crestwood certifies that it is unable to pay Liquidated Damages in cash because such
payment will violate a covenant in an existing credit agreement or other indebtedness or (2) the Resale Registration Statement has not become effective by the Target Effective Date solely as a result of or in connection with a position,
determination or action of the Commission with respect to the Resale Registration Statement, and the cure for such failure is beyond the control of Crestwood, then Crestwood may, in its sole discretion, pay the Liquidated Damages in kind in the form
of the issuance of additional Common Units. Upon any issuance of Common Units as Liquidated Damages, Crestwood shall (I) prepare and file an amendment to the Resale Registration Statement prior to its effectiveness adding such Common Units to
such Resale Registration Statement as additional Registrable Securities and (II) prepare and file a supplemental listing application with the NYSE (or such other market on which the Registrable Securities are then listed and traded) to list
such additional Common Units. The determination of the number of Common Units to be paid as Liquidated Damages shall be based upon the Common Unit Price, determined as of the date on which the Liquidated Damages payment is due. The payment of
Liquidated Damages under this Section 2.01(b) and Section 2.01(e) to a Holder shall cease at such time as the Resale Registration Statement becomes or is declared effective by the Commission or at
such time as the securities included on the Resale Registration Statement are no longer Registrable Securities or may be disposed of pursuant to Rule 144 without any restriction (including, if the Holder is an Affiliate of Crestwood, restrictions
that apply to sales by Affiliates), and shall be prorated for any period of less than 30 days in which the Liquidated Damages cease. 
 (c)
Waiver of Liquidated Damages. If Crestwood is unable to cause a Resale Registration Statement to become effective by the Target Effective Date as a result of an acquisition, merger, reorganization, disposition or other similar transaction,
then Crestwood may request a waiver of the Liquidated Damages, which may be granted by the consent of the Holders of a majority of the outstanding Registrable Securities that have been included on such Resale Registration Statement, in their sole
discretion, and such waiver shall apply to all the Holders of Registrable Securities included on such Resale Registration Statement. 
 (d)
Delay Rights. Notwithstanding anything to the contrary contained herein, Crestwood may, upon written notice to any Selling Holder whose Registrable Securities are included in the Resale Registration Statement or any other registration
statement pursuant to Section 2.03, suspend such Selling Holder’s use of any prospectus that is a part of the Resale Registration Statement or any other registration statement pursuant to
Section 2.03 (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to the such registration statement but may settle any previously made sales of Registrable Securities) if
(i) Crestwood is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and Crestwood 

 
determines in good faith that Crestwood’s ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in the
Resale Registration Statement or any other registration statement pursuant to Section 2.03 or (ii) Crestwood has experienced some other material non-public event the disclosure
of which at such time, in the good faith judgment of Crestwood, would materially adversely affect Crestwood; provided, however, in no event shall the Selling Holders be suspended from selling Registrable Securities pursuant to the
Resale Registration Statement or any other registration statement pursuant to Section 2.03 for a period that exceeds an aggregate of 60 days in any 180-day period or 105 days in any 365-day period, in each case, exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon disclosure of
such information or the termination of the condition described above, Crestwood shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the Resale Registration Statement or any other registration statement
pursuant to Section 2.03, and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this
Agreement. 
 (e) Additional Rights to Liquidated Damages. If (i) the Holders shall be prohibited from selling their Registrable
Securities under the Resale Registration Statement as a result of a suspension pursuant to Section 2.01(d) in excess of the periods permitted therein or (ii) the Resale Registration Statement is filed and declared
effective but, during the Effectiveness Period, shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded within 60 days by a post-effective amendment pursuant thereto, a supplement to the
prospectus or a report filed with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, then until the suspension is lifted or a post-effective amendment, supplement or report is filed with the Commission and
declared effective, but not including any day on which a suspension is lifted or such amendment, supplement or report is declared effective, if applicable, Crestwood shall owe the Holder an amount equal to the Liquidated Damages, following the
earlier of (A) the date on which the suspension period exceeded the permitted period or (B) the 61st day after the Resale Registration Statement ceased to be effective or failed to be
useable for its intended purposes. All of the provisions in Section 2.01(b) with respect to the payment of the Liquidated Damages, including the time period in which payments are due, shall be applicable to the Liquidated
Damages payable hereunder. For purposes of this Section 2.01(e), a suspension shall be deemed lifted on the date that notice that the suspension has been lifted is delivered to the Holders pursuant to
Section 3.01. 
 (f) Termination of Rights. Other than as set forth otherwise in this Agreement, a
Holder’s rights (and any transferee’s rights pursuant to Section 2.10) under this Section 2.01, including rights to Liquidated Damages (other than Liquidated Damages owing but not yet
paid), shall terminate upon the termination of the Effectiveness Period. 
 Section 2.02 Piggyback Rights. 

(a) Underwritten Offering Piggyback Rights. If at any time during the Effectiveness Period, Crestwood proposes to file a registration
statement other than (i) the Resale Registration Statement contemplated by Section 2.01(a), (ii) a registration statement or prospectus supplement to a registration statement in connection with registration rights
granted pursuant to an agreement 

 
existing on the date hereof, (iii) a registration relating solely to employee benefit plans, (iv) a registration relating solely to a Rule 145 transaction, or (v) a registration on
any registration form that does not permit secondary sales, then as soon as practicable following the engagement of counsel by Crestwood to prepare the documents to be used in connection with an Underwritten Offering, Crestwood shall give notice
(including notification by electronic mail) of such proposed Underwritten Offering to each Holder owning more than $10 million of then-outstanding Registrable Securities, calculated on the basis of the Common Unit Price, determined as of the
date of such notice, and such notice shall offer each such Holder the opportunity to participate in any Underwritten Offering and to include in such Underwritten Offering such number of Registrable Securities (the “Included Registrable
Securities”) as each such Holder may request in writing, subject to any registration rights existing prior to the date hereof, and customary underwriter cutbacks; provided, however, that Crestwood shall not be required to
provide such opportunity (I) to any such Holder that does not offer a minimum of $10 million of Registrable Securities (based on the Common Unit Price), or (II) to such Holders if Crestwood has been advised by the Managing Underwriter
that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution of the Common Units in the Underwritten Offering, then the amount of Registrable Securities to be
offered for the accounts of Holders shall be determined based on the provisions of Section 2.04(b). Any notice required to be provided in this Section 2.02(a) to Holders shall be provided on a
Business Day pursuant to Section 3.01 and receipt of such notice shall be confirmed by the Holder. The Holder will have two Business Days (or one Business Day in connection with any overnight or bought Underwritten
Offering) after notice has been delivered to request in writing the inclusion of Registrable Securities in the Underwritten Offering. If no written request for inclusion from a Holder is received within the specified time, each such Holder shall
have no further right to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, Crestwood shall determine
for any reason not to undertake or to delay such Underwritten Offering, Crestwood may, at its election, give written notice of such determination to the Selling Holders and, (x) in the case of a determination not to undertake such Underwritten
Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (y) in the case of a determination to delay such Underwritten Offering, shall be permitted
to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s
Registrable Securities in such Underwritten Offering by giving written notice to Crestwood of such withdrawal at or prior to the time of pricing of such Underwritten Offering. Any Holder may deliver written notice (a “Piggyback Opt-Out Notice”) to Crestwood requesting that such Holder not receive notice from Crestwood of any proposed Underwritten Offering; provided, however, that such Holder may later revoke any such
Piggyback Opt-Out Notice in writing. Following receipt of a Piggyback Opt-Out Notice from a Holder (unless subsequently revoked), Crestwood shall not be required to
deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled to participate in Underwritten Offerings by Crestwood pursuant to this
Section 2.02(a). 
 (b) Termination of Piggyback Registration Rights. The piggyback rights under this
Section 2.02 will terminate at the earlier of (i) with respect to a Holder, the time at which such Holder and its Affiliates own less than $10 million of Registrable Securities (based on the Common Unit Price)

 
or (ii) the Common Units cease to be Registrable Securities. When a Holder, together with any of its Affiliates who are also Holders, owns less than $10 million of Registrable
Securities that are Common Units (based on the Common Unit Price), it must promptly notify Crestwood. 
 Section 2.03 [Reserved.]

 Section 2.04 Procedures for Underwritten Offering. 

(a) General Procedures. In connection with any Underwritten Offering under this Agreement, Crestwood shall be entitled to select the
Managing Underwriter or Underwriters in its sole discretion. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates, each Selling Holder and Crestwood shall be obligated to enter into an
underwriting agreement with the Managing Underwriter or Underwriters that contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings of equity
securities. No Selling Holder may participate in an Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers
of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on
the part of, Crestwood to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement
also be conditions precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with Crestwood or the underwriters other than representations, warranties or agreements regarding such
Selling Holder, its authority to enter into such underwriting agreement and to sell, and its ownership of the securities being registered on its behalf and its intended method of distribution and any other representation required by Law. If any
Selling Holder disapproves of the terms of an Underwritten Offering, such Selling Holder may elect to withdraw therefrom by notice to Crestwood and the Managing Underwriter; provided, however, that any such withdrawal must be made as
soon as practicable and in any event no later than the time of pricing of such Underwritten Offering. If all Selling Holders withdraw from an Underwritten Offering prior to the pricing of such Underwritten Offering, the events will not be considered
an Underwritten Offering. No such withdrawal or abandonment shall affect Crestwood’s obligation to pay Registration Expenses; provided, however, if (i) certain Selling Holders withdraw from an Underwritten Offering after the
public announcement at launch of such Underwritten Offering, and (ii) all Selling Holders withdraw from such Underwritten Offering prior to pricing, then the withdrawing Selling Holders shall pay for all reasonable Registration Expenses
incurred by Crestwood during the period from the launch of such Underwritten Offering until the time that all Selling Holders withdraw from such Underwritten Offering. 

(b) Priority Rights. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering advises Crestwood that the total
amount of Registrable Securities that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or
distribution of the Common Units offered or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number of Registrable 

 
Securities that such Managing Underwriter or Underwriters advises Crestwood can be sold without having such adverse effect, with such number to be allocated (i) first, to Crestwood and,
(ii) second, pro rata among the Selling Holders who have requested participation in such Underwritten Offering and any other holder of securities of Crestwood having rights of registration that are neither expressly senior nor subordinated to
the Registrable Securities (the “Parity Securities”). The pro rata allocations for each Selling Holder who has requested participation in such Underwritten Offering shall be the product of (A) the aggregate number of
Registrable Securities proposed to be sold in such Underwritten Offering by the Selling Holders multiplied by (B) the fraction derived by dividing (x) the number of Registrable Securities owned by such Selling Holder by (y) the
aggregate number of Registrable Securities owned by all Selling Holders plus the aggregate number of Parity Securities owned by all holders of Parity Securities that are participating in the Underwritten Offering. 

Section 2.05 Sale Procedures. In connection with its obligations under this Article II, Crestwood will, as
expeditiously as possible: 
 (a) prepare and file with the Commission such amendments and supplements to the Resale Registration Statement
and the prospectus used in connection therewith as may be necessary to keep the Resale Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities covered by the Resale Registration Statement; 
 (b) if a prospectus supplement will be used in
connection with the marketing of an Underwritten Offering from a registration statement and the Managing Underwriter at any time shall notify Crestwood in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed
information to be used in such prospectus supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, then Crestwood shall use its reasonable best efforts to include such information in such
prospectus supplement; 
 (c) furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing the Resale
Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and
each document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its
plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing the Resale Registration Statement or such other registration statement or supplement
or amendment thereto, and (ii) such number of copies of the Resale Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may reasonably
request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Resale Registration Statement or such other registration statement; 

 

 (d) if applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by the Resale Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders shall reasonably request;
provided, however, that Crestwood will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general service of process
in any such jurisdiction where it is not then so subject; 
 (e) promptly notify each Selling Holder, at any time when a prospectus relating
thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of the Resale Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to
be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Resale Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and
(ii) the receipt of any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to the Resale Registration Statement or any other
registration statement or any prospectus or prospectus supplement thereto; 
 (f) immediately notify each Selling Holder, at any time when a
prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Resale Registration Statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the light of the
circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the Commission of any stop order suspending the effectiveness of the Resale Registration Statement or any other registration statement contemplated by
this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by Crestwood of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable
securities or blue sky laws of any jurisdiction. Following the provision of such notice, Crestwood agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the
prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

(g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable
Securities; 
 (h) make available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such
information and Crestwood personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided, that Crestwood need not disclose any
non-public information to any such representative unless and until such representative has entered into a confidentiality agreement with Crestwood; 

 (i) otherwise use its commercially reasonable efforts to comply with all applicable rules
and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder; 
 (j) cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities
exchange or nationally recognized quotation system on which similar securities issued by Crestwood are then listed; 
 (k) use its
commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of Crestwood to enable the Selling
Holders to consummate the disposition of such Registrable Securities; 
 (l) provide a transfer agent and registrar for all Registrable
Securities covered by such registration statement not later than the effective date of such registration statement; 
 (m) enter into
customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities (including, making appropriate
officers of Crestwood available to participate in any “road show” presentations before analysts, and other customary marketing activities (including one-on-one
meetings with prospective purchasers of the Registrable Securities), provided, however, in the event, Crestwood, using reasonable best efforts, is unable to make such appropriate officers available to participate in connection with any
“road show” presentations and other customary marketing activities (whether in person or otherwise), Crestwood shall make such appropriate officers available to participate via conference call or other means of communication in connection
with no more than one “road show” presentation per Underwritten Offering); 
 (n) if requested by a Selling Holder,
(i) incorporate in a prospectus supplement or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information
with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and (ii) make all required filings
of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and 

(o) Crestwood agrees that, if any Holder could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of
the Securities Act, in connection with the Resale Registration Statement and any amendment or supplement thereof (a “Holder Underwriter Registration Statement”), then Crestwood will reasonably cooperate with such Holder in allowing such
Holder to conduct customary “underwriter’s due diligence” with respect to Crestwood and satisfy its obligations in respect thereof. In addition, at any Holder’s request, Crestwood will furnish to such Holder, on the date of the
effectiveness of the Holder Underwriter Registration Statement and thereafter from time to time on such dates as such Holder may reasonably request, (i) a “cold comfort” letter, dated such date, from Crestwood’s independent certified
public 

 
accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to such Holder, (ii) an
opinion, dated as of such date, of counsel representing Crestwood for purposes of the Holder Underwriter Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, including a standard “10b-5” opinion for such offering, addressed to such Holder and (iii) a standard officer’s certificate from the chief executive officer or chief financial officer, or other officers serving such
functions, of the general partner of Crestwood addressed to the Holder; provided, however, that with respect to any placement agent, Crestwood’s obligations with respect to this Section 2.05 shall be limited to one time, with an additional
bring-down request within 30 days of the date of such documents. Crestwood will also permit legal counsel to such Holder to review and comment upon any such Holder Underwriter Registration Statement at least five Business Days prior to its filing
with the Commission and all amendments and supplements to any such Holder Underwriter Registration Statement with a reasonable number of days prior to their filing with the Commission and not file any Holder Underwriter Registration Statement or
amendment or supplement thereto in a form to which such Holder’s legal counsel reasonably objects. Each Selling Holder, upon receipt of notice from Crestwood of the happening of any event of the kind described in
Section 2.05(f), shall forthwith discontinue offers and sales of the Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.05(f) or until it is advised in writing by Crestwood that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings incorporated by reference in the prospectus,
and, if so directed by Crestwood, such Selling Holder will, or will request the Managing Underwriter or Underwriters, if any, to deliver to Crestwood (at Crestwood’s expense) all copies in their possession or control, other than permanent file
copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. Notwithstanding anything to the contrary in this Section 2.05,
Crestwood will not name a Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Resale Registration Statement or Holder Underwriter Registration Statement, as applicable, without such Holder’s consent. If the
staff of the Commission requires Crestwood to name any Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included
on the Resale Registration Statement or Holder Underwriter Registration Statement, as applicable, such Holder shall no longer be entitled to received Liquidated Damages under this Agreement with respect thereto and Crestwood shall have no further
obligations hereunder with respect to Registrable Securities held by such Holder. 
 Section 2.06 Cooperation by Holders.
Crestwood shall have no obligation to include Registrable Securities of a Holder in the Resale Registration Statement, or in an Underwritten Offering pursuant to Section 2.02(a), who has failed to timely furnish such
information that Crestwood determines, after consultation with its counsel, is reasonably required in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.07 Restrictions on Public Sale by Holders of Registrable Securities. For so long as any Common Units are
Registrable Securities, each Holder agrees that it will not sell any Common Units or other equity securities of Crestwood for a period of up to 60 days following the pricing date of an Underwritten Offering of equity securities by Crestwood;
provided, however, that the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction imposed by the underwriters on the officers, directors or any Affiliate of Crestwood. In addition,

 
the provisions of this Section 2.07 shall not apply with respect to a Holder that (a) owns less than $10 million of Registrable Securities based on the Common
Unit Price, or (b) has delivered a Piggyback Opt-Out Notice to Crestwood pursuant to Section 2.02(a). Subject to such Holder’s compliance with its obligations under the U.S.
federal securities laws and its internal policies: (i) Holder, for purposes hereof, shall not be deemed to include any employees, subsidiaries or Affiliates that are effectively walled off by appropriate “Chinese Wall” information
barriers approved by Holder’s legal or compliance department (and thus have not been privy to any information concerning such transaction) (a “Walled Off Person”) and (ii) the foregoing covenants in this paragraph shall
not apply to any transaction by or on behalf of Holder that was effected by a Walled Off Person in the ordinary course of trading without the advice or participation of Holder or receipt of confidential or other information regarding such
transaction provided by Holder to such entity. 
 Section 2.08 Expenses. 

(a) Expenses. Crestwood will pay all reasonable Registration Expenses as determined in good faith by Crestwood. Each Selling Holder
shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. In addition, except as otherwise provided in Section 2.09, Crestwood shall not be responsible for
legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 
 (b) Certain Definitions.

 (i) “Registration Expenses” means all expenses incident to Crestwood’s performance under or compliance with this
Agreement to effect the registration of Registrable Securities on the Resale Registration Statement pursuant to Section 2.01 and the disposition of such Registrable Securities, including all registration, filing, securities
exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word
processing, duplicating and printing expenses, any transfer taxes and the fees and disbursements of counsel and independent public accountants for Crestwood, including the expenses of any special audits or “cold comfort” letters required
by or incident to such performance and compliance. 
 (ii) “Selling Expenses” means all underwriting fees, discounts and
selling commissions or similar fees or arrangements allocable to the sale of the Registrable Securities. 
 Section 2.09
Indemnification. 
 (a) By Crestwood. In the event of a registration of any Registrable Securities under the Securities Act
pursuant to this Agreement, Crestwood will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, employees and agents and each Person, if any, who controls such Selling Holder and its directors, officers,
employees or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”), 

 
joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is
made) contained in the Resale Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus contained therein, or any
amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of
the circumstances under which they were made) not misleading, and will reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or
actions or proceedings; provided, however, that Crestwood will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission so made in conformity with information furnished by such Selling Holder Indemnified Person in writing specifically for use in the Resale Registration Statement or such other registration statement, or prospectus supplement, as applicable.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. 

(b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless Crestwood, the general
partner of Crestwood and each of their respective directors, officers, employees and agents and each Person, if any, who controls Crestwood within the meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and
agents, to the same extent as the foregoing indemnity from Crestwood to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in
the Resale Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus contained therein, or any amendment or supplement
thereof; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable
Securities giving rise to such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of
the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying
party shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.09. In any action brought against any indemnified party, it shall notify the indemnifying party of the
commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the
indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.09 for any legal
expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with 

 
counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or
(ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are
different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the
right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such
participation to be reimbursed by the indemnifying party (provided appropriate documentation for such expense is also submitted with such notice) as incurred; provided, however, that the indemnified party will be required to repay the
indemnifying party any amounts paid to it for which it is determined the indemnified party was not otherwise entitled within five calendar days of such determination. Notwithstanding any other provision of this Agreement, no indemnifying party shall
settle any action brought against any indemnified party with respect to which such indemnified party is entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or
obligation on, and includes a complete and unconditional release from all liability of, the indemnified party. 
 (d) Contribution. If
the indemnification provided for in this Section 2.09 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any
Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided,
however, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities
giving rise to such indemnification. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 
 (e) Other Indemnification. The
provisions of this Section 2.09 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

 Section 2.10 Rule 144 Reporting. With a view to making available the
benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, Crestwood agrees to use its commercially reasonable efforts to: 

(a) Make and keep public information regarding Crestwood available, as those terms are understood and defined in Rule 144 of the Securities
Act, at all times from and after the date hereof; 
 (b) File with the Commission in a timely manner all reports and other documents required
of Crestwood under the Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) So long as a Holder owns
any Registrable Securities, furnish, unless otherwise available at no charge by access electronically to the Commission’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of
Crestwood, and such other reports and documents so filed with the Commission as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration.

 Section 2.11 Transfer or Assignment of Registration Rights. The rights to cause Crestwood to register Registrable
Securities under this Article II may be transferred or assigned by any Purchaser to one or more transferees or assignees of Registrable Securities, subject to the transfer restrictions provided in Section 4.7(d) of the Partnership
Agreement; provided, however, that (a) such transferee, at the time such transferee seeks to exercise the rights set forth in this Article II holds Registrable Securities with an aggregate value of at least
$10 million, based on the Common Unit Price, (b) Crestwood is given written notice prior to any such transfer or assignment, stating the name and address of each such transferee and identifying the securities that are being transferred or
assigned, and (c) each such transferee agrees in writing to undertake responsibility for its portion of the obligations of the applicable transferor under this Agreement. 

Section 2.12 Limitation on Subsequent Registration Rights. From and after the date hereof, Crestwood shall not, without the
prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any current or future holder of any securities of Crestwood that would allow such current or future holder to require
Crestwood to include securities in any registration statement filed by Crestwood on a basis other than pari passu with, or expressly subordinate to, the priority rights set forth in Section 2.04(b) granted to the Holders of Registrable
Securities hereunder. 
 Section 2.13 Removal of Legends; Further Assurances. Crestwood will replace any legended
certificates with unlegended certificates promptly upon request by any Holder or at any time after such shares cease to be Registrable Securities or are exempt from registration under the Securities Act. At any time after the removal of such legend,
Crestwood shall use commercially reasonable efforts to cause such Registrable Securities to be registered in the name of DTC or its nominee, maintained in book entry form on the books of DTC and allowed to be settled through DTC’s regular
book-entry settlement services. 

 ARTICLE III 

MISCELLANEOUS 

Section 3.01 Communications. All notices and other communications provided for or permitted hereunder shall be made in
writing by facsimile, electronic mail, courier service or personal delivery: 
 (a) if to a Purchaser: 

To the respective address listed on Schedule A hereof, 

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

 (c) if to Crestwood: 

Crestwood Equity Partners LP 
 811
Main St., Suite 3400 
 Houston, TX 77002 

Attention: Joel Lambert 

Facsimile: (832) 519-2250 

Email: Joel.Lambert@crestwoodlp.com 

with a copy to: 

Vinson & Elkins LLP 

1001 Fannin Street, Suite 2500 

Houston, Texas 77002 
 Attention:
Gillian A. Hobson 
 Facsimile: (713) 758-2222 

Email: ghobson@velaw.com 
 All
such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged, if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent
by courier service or any other means. 
 Section 3.02 Successor and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 

 Section 3.03 Assignment of Rights. All or any portion of the rights and
obligations of any Purchaser under this Agreement may be transferred or assigned by such Purchaser in accordance with Section 2.11. 

Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Units. The provisions of this Agreement shall apply to the full
extent set forth herein with respect to any and all units of Crestwood or any successor or assign of Crestwood (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of,
the Registrable Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations and the like occurring after the date of this Agreement. 

Section 3.05 Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates
of one another shall be aggregated together for the purpose of determining the availability of any rights and applicability of any obligations under this Agreement. 

Section 3.06 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if
not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent
jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to
grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. 

Section 3.07 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

Section 3.08 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 Section 3.09 Governing Law. This Agreement, including all issues and questions concerning its
application, construction, validity, interpretation and enforcement, shall be construed in accordance with, and governed by, the laws of the State of New York. 

Section 3.10 Severability of Provisions. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any
other jurisdiction. 
 Section 3.11 Entire Agreement. This Agreement is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein with respect to the rights granted by Crestwood set forth herein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings between the parties with respect to such subject
matter. 

 Section 3.12 Amendment. This Agreement may be amended only by means of a
written amendment signed by Crestwood and the Holders of a majority of the then-outstanding Registrable Securities; provided, however, that, to the extent that any Registrable Securities have been issued, no such amendment shall
materially and adversely affect the rights of any Holder hereunder relative to any other Holder without the consent of such affected Holder. 

Section 3.13 No Presumption. If any claim is made by a party relating to any conflict, omission, or ambiguity in this
Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.14 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that
no Person other than the Purchasers (and their permitted transferees and assignees) and Crestwood shall have any obligation hereunder. Notwithstanding that one or more Purchasers may be a corporation, partnership or limited liability company, no
recourse under this Agreement or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any
assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current
or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Purchasers under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or
by reason of such obligation or its creation, except in each case for any transferee or assignee of a Purchaser hereunder. 

Section 3.15 Interpretation. Article, Exhibit and Section references in this Agreement are references to the corresponding
Article and Section to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented
and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever any determination, consent or approval is to be made or given by a Purchaser or a
Holder under this Agreement, such action shall be in such Person’s sole discretion unless otherwise specified. 
 * * * * * * 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	CRESTWOOD EQUITY PARTNERS LP
	
	By CRESTWOOD EQUITY GP LLC, its general partner
		
	By:	 	 /s/ Robert T. Halpin

	Name:	 	Robert T. Halpin
	Title:	 	Executive Vice President and
Chief Financial Officer

 
			
	PURCHASERS:
	
	ATLAS POINT ENERGY INFRASTRUCTURE
FUND, LLC
		
	By:	 	 /s/ Chris Linder

	Name:	 	Chris Linder
	Title:	 	Managing Director
	
	CENTER COAST BROOKFIELD MIDSTREAM
FOCUS FUND
	
	On behalf of Brookfield Public Securities Group LLC, as Investment Adviser for the Fud
		
	By:	 	 /s/ Brian Hourihan

	Name:	 	Brian Hourihan
	Title:	 	Managing Director, Chief Compliance
		 	Officer & Regulatory Counsel
	
	CENTER COAST BROOKFIELD CAPITAL
PARTNERS, L.P.
	
	On behalf of Brookfield Public Securities Group LLC, as Investment Adviser for the Fud
		
	By:	 	 /s/ Brian Hourihan

	Name:	 	Brian Hourihan
	Title:	 	Managing Director, Chief Compliance
		 	Officer & Regulatory Counsel

 
			
	CHICKASAW MLP PARTNERS, LLC
	
	By: Chickasaw Capital Management, LLC, its Manager
		
	By:	 	 /s/ Geoffrey P. Mavar

	Name:	 	Geoffrey P. Mavar
	Title:	 	Principal
	
	MAINGATE MLP FUND
		
	By:	 	 /s/ Geoffrey P. Mavar

	Name:	 	Geoffrey P. Mavar
	Title:	 	Treasurer and Chief Financial Officer
	
	CLEARBRIDGE MLP AND MIDSTREAM
	FUND INC.
		
	By:	 	ClearBridge Investments, LLC as discretionary manager
		
	By:	 	 /s/ Barbara Brooke Manning

	Name:	 	Barbara Brooke Manning
	Title:	 	Managing Director

 
			
	CLEARBRIDGE MLP AND MIDSTREAM
TOTAL RETURN FUND INC.
		
	By:	 	ClearBridge Investments, LLC as discretionary manager
		
	By:	 	 /s/ Barbara Brooke Manning

	Name:	 	Barbara Brooke Manning
	Title:	 	Managing Director
	
	 CLEARBRIDGE ENERGY MIDSTREAM

OPPORTUNITY FUND INC.

		
	By:	 	ClearBridge Investments, LLC as discretionary manager
		
	By:	 	 /s/ Barbara Brooke Manning

	Name:	 	Barbara Brooke Manning
	Title:	 	Managing Director
	
	COHEN & STEERS MLP & ENERGY OPPORTUNITY FUND, INC.
		
	By:	 	 /s/ Tyler Rosenlicht

	Name:	 	Tyler Rosenlicht
	Title:	 	Vice President
	
	COHEN & STEERS INFRASTRUCTURE
FUND, INC.
		
	By:	 	 /s/ Benjamin Morton

	Name:	 	Benjamin Morton
	Title:	 	Vice President

 
			
	CUSHING MLP & INFRASTRUCTURE TOTAL RETURN FUND
		
	By:	 	Cushing Asset Management, LP,
		 	its investment adviser
		
	By:	 	Swank Capital, LLC, its general partner
		
	By:	 	 /s/ Jerry V. Swank

	Name:	 	Jerry V. Swank
	Title:	 	Managing Member
	
	MAINSTAY CUSHING MLP PREMIER FUND
		
	By:	 	Cushing Asset Management, LP,
		 	its investment subadvisor
		
	By:	 	Swank Capital, LLC, its general partner
		
	By:	 	 /s/ Jerry V. Swank

	Name:	 	Jerry V. Swank
	Title:	 	Managing Member
	
	GOLDMAN SACHS MLP ENERGY
	INFRASTRUCTURE FUND
		
	By:	 	 /s/ Ganesh Jois

	Name:	 	Ganesh Jois
	Title:	 	Managing Director
	
	GOLDMAN SACHS ENERGY
	INFRASTRUCTURE FUND
		
	By:	 	 /s/ Ganesh Jois

	Name:	 	Ganesh Jois
	Title:	 	Managing Director

 
			
	GOLDMAN SACHS MLP AND ENERGY
RENAISSANCE FUND
		
	By:	 	 /s/ Ganesh Jois

	Name:	 	Ganesh Jois
	Title:	 	Managing Director
	
	Salient Midstream & MLP Fund
		
	By:	 	 /s/ Greg Reid

	Name:	 	Salient Capital Advisors, LLC
	Title:	 	Its Investment Manager
	
	Salient MLP & Energy Infrastructure Fund
		
	By:	 	 /s/ Greg Reid

	Name:	 	Salient Capital Advisors, LLC
	Title:	 	Its Investment Manager
	
	Salient MLP Total Return Fund, L.P.
		
	By:	 	 /s/ Greg Reid

	Name:	 	Salient Capital Advisors, LLC
	Title:	 	Its Investment Manager
	
	Utah School & Institutional Trust Funds Office
		
	By:	 	 /s/ Ryan Kulig

	Name:	 	Ryan Kulig
	Title:	 	Officer at Utah School & Institutional Trust
		 	Funds Office

 
			
	TORTOISE MLP & ENERGY INCOME FUND
		
	By:	 	TORTOISE CAPITAL ADVISORS, L.L.C.
		 	as its Investment Adviser
		
	By:	 	 /s/ Quinn Kiley

	Name:	 	Quinn Kiley
	Title:	 	Managing Director
	
	TORTOISE MLP & PIPELINE FUND
		
	By:	 	TORTOISE CAPITAL ADVISORS, L.L.C.
		 	as its Investment Adviser
		
	By:	 	 /s/ Brian Kessens

	Name:	 	Brian Kessens
	Title:	 	Managing Director
	
	TORTOISE MIDSTREAM ENERGY FUND, INC.
		
	By:	 	TORTOISE CAPITAL ADVISORS, L.L.C.
		 	as its Investment Adviser
		
	By:	 	 /s/ Brian Kessens

	Name:	 	Brian Kessens
	Title:	 	Managing Director

 
			
	TORTOISE ENERGY INFRASTRUCTURE CORP.
		
	By:	 	TORTOISE CAPITAL ADVISORS, L.L.C.
		 	as its Investment Adviser
		
	By:	 	 /s/ Brian Kessens

	Name:	 	Brian Kessens
	Title:	 	Managing Director
	
	TORTOISE ESSENTIAL ASSETS INCOME TERM FUND
		
	By:	 	 /s/ Nick Holmes

	Name:	 	Nick Holmes
	Title:	 	Managing Director
	
	YAUPON FUND LP
		
	BY:	 	 YAUPON CAPITAL GP LLC, ITS
 GENERAL
PARTNER

		
	By:	 	 /s/ Steve Pattyn

	Name:	 	Steve Pattyn
	Title:	 	Managing Member/CIO

 Schedule A 

Purchaser Name; Notice and Contact InformationExhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE

 SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2020,
North Atlantic Acquisition Corporation (“we,” “our,”
 “us” or the “Company”) had no classes of securities registered under Section 12 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).

 

As of March 30,
2021, North Atlantic Acquisition (“we,” “our,” “us” or the “Company”) had the
following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): (i) its units, consisting of one Class A ordinary share and one-third of
one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share (the “units”),
(ii) its Class A ordinary shares, $0.0001 par value per share (“Class A ordinary shares”), and (iii) its
warrants, with each whole warrant exercisable for one share of Class A ordinary share for $11.50 per share (the “warrants”).

 

We are a Cayman Islands exempted company (company
number 367052) and our affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and
the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to
issue 220,000,000 ordinary shares, $0.0001 par value each, including 200,000,000 Class A ordinary shares and 20,000,000 Class B
ordinary shares, as well as 1,000,000 preferred shares, $0.0001 par value each. The following description summarizes certain terms of
our shares as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary,
it may not contain all the information that is important to you.

 

Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2020 (the “Report”).

 

Units

 

Each unit has an offering price of $10.00 and
consists of one Class A ordinary share and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one
Class A ordinary share at a price of $11.50 per share, subject to adjustment in the case of certain events. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of the Company’s Class A ordinary shares.

 

Ordinary Shares

 

Ordinary shareholders of record are entitled to
one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B
ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law.
Unless specified in our amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies
Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve
any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law,
which requires the affirmative vote of a majority of at least two-thirds of the shareholders who attend and vote at a general meeting
of the company, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended
and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Our board
of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors
being appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders
of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. However, only holders of Class B
ordinary shares will have the right to appoint directors in any general meeting held prior to or in connection with the completion of
our initial business combination, meaning that holders of Class A ordinary shares will not have the right to appoint any directors
until after the completion of our initial business combination. Our shareholders are entitled to receive ratable dividends when, as and
if declared by the board of directors out of funds legally available therefor.

 

In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing
on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings or appoint directors.
We may not hold an annual general meeting to appoint new directors prior to the consummation of our initial business combination.

 

     

     

    

 

We will provide our public shareholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation
of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us
to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations and on the conditions described
herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute
to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to their founder shares and public shares in connection with the completion of our initial business combination. Unlike
many special purpose acquisition companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial
business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations
even when a vote is not required by law, if a shareholder vote is not required by law and we do not decide to hold a shareholder vote
for business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the
redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial
business combination. Our amended and restated memorandum and articles of association requires these tender offer documents to contain
substantially the same financial and other information about our initial business combination and the redemption rights as is required
under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by law, or we decide to obtain shareholder
approval for business or other reasons, we will, like many special purpose acquisition companies, offer to redeem shares in conjunction
with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval,
we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which
requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. For purposes
of seeking approval of an ordinary resolution, non-votes will have no effect on the approval of our initial business combination once
a quorum is obtained. Our amended and restated memorandum and articles of association requires that at least five days’ notice will
be given of any general meeting.

 

If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer
rules, our amended and restated memorandum and articles of association provides that a public shareholder, together with any affiliate
of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as
defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than 5,692,500 shares,
or 15% of the Class A Ordinary Shares (which we refer to as “Excess Shares”) without our prior consent. However, our
amended and restated memorandum and articles of association would not restrict our shareholders’ ability to vote all of their shares
(including Excess Shares) for or against our initial business combination.

 

Pursuant to our amended and restated memorandum
and articles of association, if we have not completed our initial business combination within 24 months from the closing of our initial
public offering (or such later period, if extended), we will (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust
account (less taxes payable and up to $100,000 of interest income to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive
further liquidation distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each
case to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements
of applicable law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed
to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete
our initial business combination within 24 months from the closing of our initial public offering (or such later period, if extended).
However, if our sponsor or management team acquire public shares in or after our initial public offering, they will be entitled to liquidating
distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within
the prescribed time period.

 

In the event of a liquidation, dissolution or
winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference
over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash
at a per-share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in
the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, upon the
completion of our initial business combination, subject to the limitations and on the conditions described herein.

 

     

     

    

 

Warrants

 

Public Shareholders’ Warrants

 

Each whole warrant entitles the registered holder
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing
on the later of one year from the closing of our initial public offering and 30 days after the completion of our initial business
combination, provided, in each case, that we have an effective registration statement under the Securities Act covering the Class A
ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to
exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered,
qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the
warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only
a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units
and only whole warrants will trade. The warrants will expire five years after the completion of our initial business combination,
at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any Class A
ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be
exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary
share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state
of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are
not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement
is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for
the unit solely for the Class A ordinary share underlying such unit.

 

We have agreed that as soon as practicable, but
in no event later than fifteen (15) business days after the closing of our initial business combination, we will use our commercially
reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary
shares issuable upon exercise of the warrants. We will use our commercially reasonable efforts to cause the same to become effective and
to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption
of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary
shares issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of our initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have
failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of
the Securities Act or another exemption. Notwithstanding the above, if our Class A ordinary shares are at the time of any exercise
of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants
to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so
elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use
our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not
available. In such event, each holder would pay the exercise price by surrendering each such warrant for that number of Class A ordinary
shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares
underlying the warrants, multiplied the excess of the “fair market value” less the exercise price of the warrants by (y) the
fair market value and (B) 0.361. The “fair market value” shall mean the volume weighted average price of the Class A
ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the
warrant agent.

 

    

     

    

 

Redemption of Warrants When the Price per Class A Ordinary
Share Equals or Exceeds $18.00

 

Once the warrants become exercisable, we may redeem
the outstanding warrants (except as described herein with respect to the private placement warrants):

 

• in whole and not in part;

 

• at a price of $0.01 per warrant;

 

• upon not less than 30 days’ prior written
notice of redemption (the “30-day redemption period”) to each warrant holder; and

 

• if, and only if, the last reported sale price of
the Class A ordinary shares for any 20 trading days within a 30-trading day period ending three business days before we send to the
notice of redemption to the warrant holders (which we refer to as the “Reference Value”) equals or exceeds $18.00 per share
(as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like).

 

If and when the warrants become redeemable by
us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
state securities laws. However, we will not redeem the warrants unless an effective registration statement under the Securities Act covering
the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A
ordinary shares is available throughout the 30-day redemption period.

 

Redemption of Warrants When the Price per Class A Ordinary
Share Equals or Exceeds $10.00

 

Once the warrants become exercisable, we may redeem the outstanding
warrants:

 

• in whole and not in part;

 

• at $0.10 per warrant upon a minimum of 30 days’
prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption
and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market
value” of our Class A ordinary shares (as defined below);

 

• if, and only if, the Reference Value (as defined
above under “Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00”) equals or exceeds
$10.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); and

  

• if the Reference Value is less than $18.00 per share
(as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) the private placement warrants
must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

 

Anti-dilution Adjustments.   If
the number of outstanding Class A ordinary shares is increased by a share capitalization payable in Class A ordinary shares,
or by a split-up of ordinary shares or other similar event, then, on the effective date of such share capitalization, split-up or similar
event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase
in the outstanding ordinary shares. A rights offering to holders of ordinary shares entitling holders to purchase Class A ordinary
shares at a price less than the “historical fair market value” (as defined below) will be deemed
a share capitalization of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary
shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible
into or exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary
share paid in such rights offering and (y) the historical fair market value. For these purposes (i) if the rights offering is
for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary
shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise
or conversion and (ii) “historical fair market value” means the volume weighted average price of Class A ordinary
shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A
ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A
ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than
(a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Class A
ordinary shares in connection with a proposed initial business combination, or (d) in connection with the redemption of our public
shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately
after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
Class A ordinary share in respect of such event.

 

    

     

    

 

If the number of outstanding Class A ordinary
shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other
similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event,
the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding
Class A ordinary shares.

 

Whenever the number of Class A ordinary shares
purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying
the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A
ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which
will be the number of Class A ordinary shares so purchasable immediately thereafter.

 

In addition, if (x) we issue additional Class A
ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue
price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsors or their affiliates,
without taking into account any founder shares held by our initial shareholders or such affiliates, as applicable, prior to such issuance)
(the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total
equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the completion of
our initial business combination (net of redemptions), and (z) the volume-weighted average trading price of our Class A ordinary
shares during the 20 trading day period starting on the trading day prior to the day on which we complete our initial business combination
(such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the
nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption
trigger prices described adjacent to “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”
and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to
the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

 

In case of any reclassification or reorganization
of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A
ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or
merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued and
outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or
other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants
will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and
in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would
have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor
entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be
so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant
within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant
agreement based on the Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise
price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise
period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants will be issued in registered form
under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement
provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision, but requires the approval by the holders of at least 65% of the then outstanding public warrants to make any change that adversely
affects the interests of the registered holders. You should review a copy of the warrant agreement, which is filed as an exhibit to this
Report, for a complete description of the terms and conditions applicable to the warrants.

 

    

     

    

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our ordinary shares and
warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer &
Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees
against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any liability
due to any gross negligence or intentional misconduct of the indemnified person or entity. Continental Stock Transfer & Trust
Company has agreed that it has no right of set-off or any right, title, interest or claim of any kind to, or to any monies in, the trust
account, and has irrevocably waived any right, title, interest or claim of any kind to, or to any monies in, the trust account that it
may have now or in the future. Accordingly, any indemnification provided will only be able to be satisfied, or a claim will only be able
to be pursued, solely against us and our assets outside the trust account and not against the any monies in the trust account or interest
earned thereon.

 

Listing of Securities

 

We have listed our units, Class A ordinary
shares and warrants for trading on Nasdaq under the symbol “NAACU”, “NAAC” and “NAACW”, respectively.

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