Document:

EX-10.1

 Exhibit 10.1 
 Execution Version         
  

 
  

FOURTH AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 

INERGY, L.P. 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
 DEFINITIONS
	   

  

			
	Section 1.1	 	 Definitions
	  	 	1	  
	Section 1.2	 	 Construction
	  	 	17	  
	
	ARTICLE II ORGANIZATION	  
			
	Section 2.1	 	 Continuation
	  	 	17	  
	Section 2.2	 	 Name
	  	 	18	  
	Section 2.3	 	 Registered Office; Registered Agent; Principal Office; Other Offices
	  	 	18	  
	Section 2.4	 	 Purpose and Business
	  	 	18	  
	Section 2.5	 	 Powers
	  	 	19	  
	Section 2.6	 	 Power of Attorney
	  	 	19	  
	Section 2.7	 	 Term
	  	 	20	  
	Section 2.8	 	 Title to Partnership Assets
	  	 	20	  
	
	 ARTICLE III
 RIGHTS OF LIMITED PARTNERS
	   

  

			
	Section 3.1	 	 Limitation of Liability
	  	 	21	  
	Section 3.2	 	 Management of Business
	  	 	21	  
	Section 3.3	 	 Outside Activities of the Limited Partners
	  	 	21	  
	Section 3.4	 	 Rights of Limited Partners
	  	 	22	  
	
	 ARTICLE IV
 CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP INTERESTS;

REDEMPTION OF PARTNERSHIP INTERESTS
	   

  

  

			
	Section 4.1	 	 Certificates
	  	 	22	  
	Section 4.2	 	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	23	  
	Section 4.3	 	 Record Holders
	  	 	24	  
	Section 4.4	 	 Transfer Generally
	  	 	24	  
	Section 4.5	 	 Registration and Transfer of Limited Partner Interests
	  	 	24	  
	Section 4.6	 	 Transfer of the Managing General Partner’s General Partner Interest
	  	 	25	  
	Section 4.7	 	 Restrictions on Transfers
	  	 	26	  
	Section 4.8	 	 Citizenship Certificates; Non-citizen Assignees
	  	 	27	  
	Section 4.9	 	 Redemption of Partnership Interests of Non-citizen Assignees
	  	 	28	  
	
	 ARTICLE V
 CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS
	   

  

			
	Section 5.1	 	 CGSH Contribution
	  	 	29	  
	Section 5.2	 	 Interest and Withdrawal
	  	 	29	  
	Section 5.3	 	 Capital Accounts
	  	 	29	  
	Section 5.4	 	 Issuances of Additional Partnership Securities
	  	 	32	  

  
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	Section 5.5	 	 Splits and Combinations
	  	 	33	  
	Section 5.6	 	 Fully Paid and Non-Assessable Nature of Limited Partner Interests
	  	 	34	  
	Section 5.7	 	 Conversion of Subordinated Units
	  	 	34	  
	
	 ARTICLE VI
 ALLOCATIONS AND DISTRIBUTIONS
	   

  

			
	Section 6.1	 	 Allocations for Capital Account Purposes
	  	 	34	  
	Section 6.2	 	 Allocations for Tax Purposes
	  	 	41	  
	Section 6.3	 	 Requirement and Characterization of Distributions
	  	 	43	  
	Section 6.4	 	 Distributions to Record Holders.
	  	 	43	  
	Section 6.5	 	 Special Provisions Relating to the Holders of Subordinated Units.
	  	 	45	  
	Section 6.6	 	 Adjustment of Minimum Quarterly Distribution Levels
	  	 	45	  
	Section 6.7	 	 Entity-Level Taxation
	  	 	46	  
	
	 ARTICLE VII
 MANAGEMENT AND OPERATION OF BUSINESS
	   

  

			
	Section 7.1	 	 Management
	  	 	46	  
	Section 7.2	 	 Certificate of Limited Partnership
	  	 	48	  
	Section 7.3	 	 Restrictions on Managing General Partner’s Authority
	  	 	48	  
	Section 7.4	 	 Reimbursement of the Managing General Partner
	  	 	49	  
	Section 7.5	 	 Outside Activities
	  	 	50	  
	Section 7.6	 	 Loans from the Managing General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain
Restrictions on the Managing General Partner
	  	 	51	  
	Section 7.7	 	 Indemnification
	  	 	53	  
	Section 7.8	 	 Liability of Indemnitees
	  	 	54	  
	Section 7.9	 	 Resolution of Conflicts of Interest
	  	 	55	  
	Section 7.10	 	 Other Matters Concerning the Managing General Partner
	  	 	56	  
	Section 7.11	 	 Purchase or Sale of Partnership Securities
	  	 	57	  
	Section 7.12	 	 Registration Rights of the Managing General Partner and its Affiliates
	  	 	57	  
	Section 7.13	 	 Reliance by Third Parties
	  	 	59	  
	
	 ARTICLE VIII
 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	   

  

			
	Section 8.1	 	 Records and Accounting
	  	 	60	  
	Section 8.2	 	 Fiscal Year
	  	 	60	  
	Section 8.3	 	 Reports
	  	 	60	  
	
	 ARTICLE IX
 TAX MATTERS
	   

  

			
	Section 9.1	 	 Tax Returns and Information
	  	 	61	  
	Section 9.2	 	 Tax Elections
	  	 	61	  
	Section 9.3	 	 Tax Controversies
	  	 	61	  
	Section 9.4	 	 Withholding
	  	 	62	  

  
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	 ARTICLE X
 ADMISSION OF PARTNERS
	   

  

			
	Section 10.1	 	 Admission of Substituted Limited Partner
	  	 	62	  
	Section 10.2	 	 Admission of Successor General Partners
	  	 	62	  
	Section 10.3	 	 Admission of Additional Limited Partners
	  	 	63	  
	Section 10.4	 	 Amendment of Agreement and Certificate of Limited Partnership
	  	 	63	  
	Section 10.5	 	 Admission of CGSH as Limited Partner
	  	 	63	  
	
	 ARTICLE XI
 WITHDRAWAL OR REMOVAL OF PARTNERS
	   

  

			
	Section 11.1	 	 Withdrawal of the Managing General Partner
	  	 	64	  
	Section 11.2	 	 Removal of the Managing General Partner
	  	 	65	  
	Section 11.3	 	 Interest of Departing Partner and Successor General Partners
	  	 	66	  
	Section 11.4	 	 Withdrawal of Limited Partners
	  	 	67	  
	
	 ARTICLE XII
 DISSOLUTION AND LIQUIDATION
	   

  

			
	Section 12.1	 	 Dissolution
	  	 	67	  
	Section 12.2	 	 Continuation of the Business of the Partnership After Dissolution
	  	 	68	  
	Section 12.3	 	 Liquidator
	  	 	68	  
	Section 12.4	 	 Liquidation
	  	 	69	  
	Section 12.5	 	 Cancellation of Certificate of Limited Partnership
	  	 	70	  
	Section 12.6	 	 Return of Contributions
	  	 	70	  
	Section 12.7	 	 Waiver of Partition
	  	 	70	  
	Section 12.8	 	 Capital Account Restoration
	  	 	70	  
	
	 ARTICLE XIII
 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE
	   

  

			
	Section 13.1	 	 Amendment to be Adopted Solely by the Managing General Partner
	  	 	70	  
	Section 13.2	 	 Amendment Procedures
	  	 	72	  
	Section 13.3	 	 Amendment Requirements
	  	 	72	  
	Section 13.4	 	 Special Meetings
	  	 	73	  
	Section 13.5	 	 Notice of a Meeting
	  	 	73	  
	Section 13.6	 	 Record Date
	  	 	74	  
	Section 13.7	 	 Adjournment
	  	 	74	  
	Section 13.8	 	 Waiver of Notice; Approval of Meeting; Approval of Minutes
	  	 	74	  
	Section 13.9	 	 Quorum
	  	 	74	  
	Section 13.10	 	 Conduct of a Meeting
	  	 	75	  
	Section 13.11	 	 Action Without a Meeting
	  	 	75	  
	Section 13.12	 	 Voting and Other Rights
	  	 	76	  

  
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	 ARTICLE XIV
 MERGER
	   

  

			
	Section 14.1	 	 Authority
	  	 	76	  
	Section 14.2	 	 Procedure for Merger or Consolidation
	  	 	77	  
	Section 14.3	 	 Approval by Limited Partners of Merger or Consolidation
	  	 	78	  
	Section 14.4	 	 Certificate of Merger
	  	 	78	  
	Section 14.5	 	 Effect of Merger
	  	 	78	  
	
	 ARTICLE XV
 RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS
	   

  

			
	Section 15.1	 	 Right to Acquire Limited Partner Interests
	  	 	79	  
	
	 ARTICLE XVI
 GENERAL PROVISIONS
	   

  

			
	Section 16.1	 	 Addresses and Notices
	  	 	81	  
	Section 16.2	 	 Further Action
	  	 	81	  
	Section 16.3	 	 Binding Effect
	  	 	82	  
	Section 16.4	 	 Integration
	  	 	82	  
	Section 16.5	 	 Creditors
	  	 	82	  
	Section 16.6	 	 Waiver
	  	 	82	  
	Section 16.7	 	 Counterparts
	  	 	82	  
	Section 16.8	 	 Applicable Law
	  	 	82	  
	Section 16.9	 	 Invalidity of Provisions
	  	 	82	  
	Section 16.10	 	 Consent of Partners
	  	 	82	  

  
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 FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF INERGY, L.P.

 THIS FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF INERGY, L.P. dated as of June 19, 2013 (the
“Agreement”), is entered into by and among Inergy GP, LLC, a Delaware limited liability company, as the Managing General Partner, together with any other Persons who are or become Partners in the Partnership or parties hereto as
provided herein. 
 BACKGROUND 
 On November 5, 2010, Inergy GP, LLC, as the Managing General Partner, Inergy Partners, LLC, a Delaware limited liability company, IPCH Acquisition Corp., a Delaware corporation, and Inergy Holdings,
L.P. entered into that Third Amended and Restated Agreement of Limited Partnership of the Partnership (the “Third Amended and Restated Partnership Agreement”). 

On May 5, 2013, Crestwood Holdings LLC, a Delaware limited liability company, Crestwood Gas Services Holdings LLC, a Delaware
limited liability company (“CGSH”), the Partnership and the Managing General Partner entered into a Contribution Agreement (the “CGSH Contribution Agreement”) that provides, among other things, that the Partnership
will issue 35,103,113 Common Units (as defined herein) and 4,387,889 Subordinated Units (as defined herein) to CGSH as consideration for CGSH’s contribution of all of its interests in Crestwood Gas Services GP LLC to the Partnership pursuant to
the CGSH Contribution Agreement. 
 This Agreement amends and restates the Third Amended and Restated Partnership Agreement to,
among other things, set forth the rights, preferences and privileges of the Subordinated Units. 
 ARTICLE I 

DEFINITIONS 
 Section 1.1 Definitions 
 The following definitions shall be for all
purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 

“Acquisition” means any transaction in which any Group Member acquires (through an asset acquisition, merger, stock
acquisition or other form of investment) control over all or a portion of the assets, properties or business of another Person for the purpose of increasing the operating capacity or revenues of the Partnership Group from the operating capacity or
revenues of the Partnership Group existing immediately prior to such transaction. 
 “Additional Limited
Partner” means a Person admitted to the Partnership as a Limited Partner pursuant to Section 10.3 and who is shown as such on the books and records of the Partnership. 

 “Adjusted Capital Account” means the Capital Account maintained for each
Partner as of the end of each fiscal year of the Partnership, (a) increased by any amounts that such Partner is obligated to restore under the standards set by Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (or is deemed obligated to
restore under Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5)) and (b) decreased by (i) the amount of all losses and deductions that, as of the end of such fiscal year, are reasonably expected to be allocated to such Partner in
subsequent years under Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation Section 1.751-1(b)(2)(ii), and (ii) the amount of all distributions that, as of the end of such fiscal year, are reasonably expected to be made to
such Partner in subsequent years in accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such Partner’s Capital Account that are reasonably expected to occur during (or prior to) the year in
which such distributions are reasonably expected to be made (other than increases as a result of a minimum gain chargeback pursuant to Sections 6.1(d)(i) or 6.1(d)(ii)). The foregoing definition of Adjusted Capital Account is intended to comply
with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. The “Adjusted Capital Account” of a Partner in respect of a Common Unit, a Class A Unit, a
Subordinated Unit or any other specified interest in the Partnership shall be the amount which such Adjusted Capital Account would be if such Common Unit, Class A Unit, Subordinated Unit or other interest in the Partnership were the only
interest in the Partnership held by a Partner from and after the date on which such Common Unit, Class A Unit, Subordinated Unit or other interest was first issued. 
 “Adjusted Operating Surplus” means, with respect to any period, (a) Operating Surplus generated with respect to such period; (b) less (i) the amount of any net increase in
Working Capital Borrowings (or the Partnership’s proportionate share of any net increase in Working Capital Borrowings in the case of Subsidiaries that are not wholly owned) with respect to such period; and (ii) the amount of any net
decrease in cash reserves (or the Partnership’s proportionate share of any net decrease in cash reserves in the case of Subsidiaries that are not wholly owned) for Operating Expenditures with respect to such period not relating to an Operating
Expenditure made with respect to such period; and (c) plus (i) the amount of any net decrease in Working Capital Borrowings (or the Partnership’s proportionate share of any net decrease in Working Capital Borrowings in the case of
Subsidiaries that are not wholly owned) with respect to such period; (ii) the amount of any net increase in cash reserves (or the Partnership’s proportionate share of any net increase in cash reserves in the case of Subsidiaries that are
not wholly owned) for Operating Expenditures with respect to such period required by any debt instrument for the repayment of principal, interest or premium; and (iii) the amount of any net decrease made in subsequent periods in cash reserves
for Operating Expenditures initially established with respect to such period to the extent such decrease results in a reduction in Adjusted Operating Surplus in subsequent periods pursuant to clause (b)(ii). Adjusted Operating Surplus does not
include that portion of Operating Surplus included in clause (a)(i) of the definition of Operating Surplus. 
 “Adjusted
Property” means any property the Carrying Value of which has been adjusted pursuant to Section 5.3(b)(i). 

  
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 “Affiliate” means, with respect to any Person, any other Person that
directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Agreed Allocation” means any allocation, other than a Required Allocation, of an item of income, gain, loss or deduction pursuant to the provisions of Section 6.1, including,
without limitation, a Curative Allocation (if appropriate to the context in which the term “Agreed Allocation” is used). 
 “Agreed Value” of any Contributed Property means the fair market value of such property or other consideration at the time of contribution as determined by the Managing General Partner
using such reasonable method of valuation as it may adopt. The Managing General Partner shall, in its discretion, use such method as it deems reasonable and appropriate to allocate the aggregate Agreed Value of Contributed Properties contributed to
the Partnership in a single or integrated transaction among each separate property on a basis proportional to the fair market value of each Contributed Property. 
 “Agreement” means this Fourth Amended and Restated Agreement of Limited Partnership of Inergy, L.P., as it may be amended, supplemented or restated from time to time. 

“Assignee” means a Non-citizen Assignee or a Person to whom one or more Limited Partner Interests have been transferred
in a manner permitted under this Agreement and who has executed and delivered a Transfer Application as required by this Agreement, but who has not been admitted as a Substituted Limited Partner. 

“Associate” means, when used to indicate a relationship with any Person, (a) any corporation or organization of
which such Person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting stock or other voting interest; (b) any trust or other estate in which such Person has at least a 20% beneficial
interest or as to which such Person serves as trustee or in a similar fiduciary capacity; or (c) any relative or spouse of such Person, or any relative of such spouse, who has the same principal residence as such Person. 

“Available Cash” means, with respect to any Quarter ending prior to the Liquidation Date, 

(a) the sum of (i) all cash and cash equivalents of the Partnership Group on hand at the end of such Quarter, and
(ii) all additional cash and cash equivalents of the Partnership Group (excluding IPCH Acquisition Corp. and Inergy Partners, LLC) on hand on the date of determination of Available Cash with respect to such Quarter resulting from Working
Capital Borrowings made subsequent to the end of such Quarter, less 
 (b) the amount of any cash reserves that
is necessary or appropriate in the reasonable discretion of the Managing General Partner to (i) provide for the proper conduct of the business of the Partnership Group (including reserves for future capital expenditures and for anticipated
future credit needs of the Partnership Group) subsequent to such Quarter, (ii) comply with applicable law or any loan agreement, security 

  
 3 

 
agreement, mortgage, debt instrument or other agreement or obligation to which any Group Member is a party or by which it is bound or its assets are subject or (iii) provide funds for
distributions under Section 6.4in respect of any one or more of the next four Quarters; provided, however, that disbursements made by a Group Member or cash reserves established, increased or reduced after the end of such Quarter but on
or before the date of determination of Available Cash with respect to such Quarter shall be deemed to have been made, established, increased or reduced, for purposes of determining Available Cash, within such Quarter if the Managing General Partner
so determines. 
 Notwithstanding the foregoing, “Available Cash” shall not include any IPCH/Inergy Partners Available
Cash. “Available Cash” with respect to the Quarter in which the Liquidation Date occurs and any subsequent Quarter shall equal zero. 
 “Board of Directors” means the board of directors of the Managing General Partner (or comparable governing body of any successor to the Managing General Partner or, if established by the
Board of Directors, the board of directors of the Partnership). 
 Book Basis Derivative Items” means any item of
income, deduction, gain or loss that is computed with reference to the Carrying Value of an Adjusted Property (e.g., depreciation, depletion, or gain or loss with respect to an Adjusted Property). 

“Book-Down Event” means an event which triggers a negative adjustment to the Capital Accounts of the Partners pursuant
to Section 5.3(d). 
 “Book-Tax Disparity” means with respect to any item of Contributed Property or
Adjusted Property, as of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes as of such date. A Partner’s
share of the Partnership’s Book-Tax Disparities in all of its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Section 5.3 and the
hypothetical balance of such Partner’s Capital Account computed as if it had been maintained strictly in accordance with federal income tax accounting principles. 
 “Book-Up Event” means an event which triggers a positive adjustment to the Capital Accounts of the Partners pursuant to Section 5.3(d). 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the
government of the United States of America or the states of New York or Missouri shall not be regarded as a Business Day. 

“Capital Account” means the capital account maintained for a Partner pursuant to Section 5.3. The “Capital
Account” of a Partner in respect of a Common Unit, a Class A Unit, a Subordinated Unit or any other Partnership Interest shall be the amount which such Capital Account would be if such Common Unit, a Class A Unit, a Subordinated
Unit or other Partnership Interest were the only interest in the Partnership held by a Partner from and after the date on which such Common Unit, a Class A Unit, a Subordinated Unit or other Partnership Interest was first issued. 

  
 4 

 “Capital Contribution” means any cash, cash equivalents or the Net Agreed
Value of Contributed Property that a Partner contributes to the Partnership pursuant to this Agreement or the Contribution and Conveyance Agreement. 
 “Capital Improvement” means any (a) addition or improvement to the capital assets owned by any Group Member or (b) acquisition of existing, or the construction of new capital
assets (including, without limitation, retail distribution centers, propane tanks, pipeline systems, storage facilities and related assets), in each case made to increase the operating capacity or revenues of the Partnership Group from the operating
capacity or revenues of the Partnership Group existing immediately prior to such addition, improvement, acquisition or construction. 
 “Capital Surplus” has the meaning assigned to such term in Section 6.3(a). 
 “Carrying Value” means (a) with respect to a Contributed Property, the Agreed Value of such property reduced (but not below zero) by all depreciation, amortization and cost recovery
deductions charged to the Partners’ and Assignees’ Capital Accounts in respect of such Contributed Property, and (b) with respect to any other Partnership property, the adjusted basis of such property for federal income tax purposes,
all as of the time of determination. The Carrying Value of any property shall be adjusted from time to time in accordance with Sections 5.3(d)(i) and 5.3(d)(ii) and to reflect changes, additions or other adjustments to the Carrying
Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by the Managing General Partner. 

“Cause” means a court of competent jurisdiction has entered a final, non-appealable judgment finding the Managing
General Partner liable for actual fraud, gross negligence or willful or wanton misconduct in its capacity as a general partner of the Partnership. 
 “Certificate” means a certificate (i) substantially in the form of Exhibit A to this Agreement, (ii) issued in global form in accordance with the rules and regulations of
the Depositary or (iii) in such other form as may be adopted by the Managing General Partner in its discretion, issued by the Partnership evidencing ownership of one or more Common Units or a certificate, in such form as may be adopted by the
Managing General Partner in its discretion, issued by the Partnership evidencing ownership of one or more other Partnership Securities. 
 “Certificate of Limited Partnership” means the Certificate of Limited Partnership of the Partnership filed with the Secretary of State of the State of Delaware as referenced in
Section 2.7, as such Certificate of Limited Partnership may be amended, supplemented or restated from time to time. 

“CGSH” has the meaning ascribed to such term in the Background to this Agreement. 

“CGSH Contribution Agreement” has the meaning ascribed to such term in the Background to this Agreement. 

“CGSH Contribution Agreement Closing Date” means the closing date of the CGSH Contribution Agreement. 

  
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 “Citizenship Certification” means a properly completed certificate in such
form as may be specified by the Managing General Partner by which an Assignee or a Limited Partner certifies that he (and if he is a nominee holding for the account of another Person, that to the best of his knowledge such other Person) is an
Eligible Citizen. 
 “Claim” has the meaning assigned to such term in Section 7.12(c). 

“Class A Unit” means a Partnership Security representing a fractional part of the Partnership Interests of all Limited
Partners and Assignees (but does not include Common Units), and having the rights and obligations specified with respect to Class A Units in this Agreement, which shall be identical to the rights and obligations of the Common Units except the
Class A Units (i) will not have the right to vote on, approve or disapprove, or otherwise consent or not consent with respect to any matter (including mergers, share exchanges and similar statutory authorizations) except as otherwise
required by any non-waivable provision of law, and (ii) will not share in any IPCH/Inergy Partners Items or any IPCH/Inergy Partners Available Cash. 
 “Closing Price” has the meaning assigned to such term in Section 15.1(a). 
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific section or sections of the Code shall be deemed to include a
reference to any corresponding provision of successor law. 
 “Combined Interest” has the meaning assigned to
such term in Section 11.3(a). 
 “Commission” means the United States Securities and Exchange Commission.

 “Common Unit” means a Partnership Interest having the rights and obligations specified with respect to
Common Units in this Agreement, but does not include any Class A Units or Subordinated Units prior to their conversion into Common Units pursuant to the terms hereof. 
 “Common Unit Arrearage” means, with respect to any Common Unit, whenever issued, as to any Quarter within the Subordination Period, the excess, if any, of (a) the Minimum Quarterly
Distribution with respect to a Common Unit in respect of such Quarter over (b) the sum of all Available Cash distributed with respect to a Common Unit in respect of such Quarter pursuant to Sections 6.4(a)(i)(A) and 6.4(a)(ii)(A). 

“Common Unit Trading Price” means the current trading price of the Common Units as determined in the reasonable
discretion of the General Partner. 
 “Conflicts Committee” means a committee of the Board of Directors
composed entirely of two or more directors who are not (a) security holders, officers or employees of the Managing General Partner, (b) officers, directors or employees of any Affiliate of the Managing General Partner or (c) holders
of any ownership interest in the Partnership Group other than Common Units and who also meet the independence standards required to serve on an audit committee of a board of directors by the National Securities Exchange on which the Common Units are
listed for trading. 

  
 6 

 “Contributed Property” means each property or other asset, in such form as
may be permitted by the Delaware Act, but excluding cash, contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to Section 5.3(d), such property shall no longer constitute a Contributed Property,
but shall be deemed an Adjusted Property. 
 “Contribution and Conveyance Agreement” means that certain
Contribution, Conveyance, Assumption and Assignment Agreement, dated as of the Closing Date, among the Managing General Partner, the Partnership, the Operating Company and certain other parties, together with the additional conveyance documents and
instruments contemplated or referenced thereunder. 
 “Cumulative Common Unit Arrearage” means, with respect to
any Common Unit, whenever issued, and as of the end of any Quarter, the excess, if any, of (a) the sum of the Common Unit Arrearages with respect to a Common Unit that was Outstanding for each of the Quarters within the Subordination Period
ending on or before the last day of such Quarter over (b) the sum of any distributions theretofore made pursuant to Sections 6.4(a)(i)(B) and 6.4(a)(ii)(B) with respect to a Common Unit (including any distributions to be made in respect of the
last of such Quarters). 
 “Curative Allocation” means any allocation of an item of income, gain, deduction,
loss or credit pursuant to the provisions of Section 6.1(d)(x). 
 “Current Market Price” has the meaning
assigned to such term in Section 15.1(a). 
 “Delaware Act” means the Delaware Revised Uniform Limited
Partnership Act, 6 Del C. § 17-101, et seq., as amended, supplemented or restated from time to time, and any successor to such statute. 
 “Departing Partner” means a former General Partner from and after the effective date of any withdrawal or removal of such former General Partner pursuant to Sections 11.1 or 11.2.

 “Depositary” means, with respect to any Units issued in global form, The Depository Trust Company and its
successors and permitted assigns. 
 “Economic Risk of Loss” has the meaning set forth in Treasury Regulation
Section 1.752-2(a). 
 “Eligible Citizen” means a Person qualified to own interests in real property in
jurisdictions in which any Group Member does business or proposes to do business from time to time, and whose status as a Limited Partner or Assignee does not or would not subject such Group Member to a significant risk of cancellation or forfeiture
of any of its properties or any interest therein. 
 “Estimated Incremental Quarterly Tax Amount” has the
meaning assigned to such term in Section 6.7. 
 “Event of Withdrawal” has the meaning assigned to such
term in Section 11.1(a). 

  
 7 

 “Final Subordinated Units” has the meaning assigned to such term in
Section 6.1(d)(xiii). 
 “Fully Diluted Basis” means, when calculating the number of
Outstanding Units for any period: (1) the weighted average number of Outstanding Units of such period, plus (2) all Partnership Securities and options, rights, warrants and appreciation rights relating to an equity interest in the
Partnership (a) that are convertible into or exercisable or exchangeable for Partnership Units that are senior to or pari passu with the Subordinated Units, (b) whose conversion, exercise or exchange price is less than the Current Market
Price on the date of such calculation, (c) that may be converted into or exercised or exchanged for such Units prior to or during the Quarter immediately following the end of the period for which the calculation is being made without the
satisfaction of any contingency beyond the control of the holder other than the payment of consideration and the compliance with administrative mechanics applicable to such conversion, exercise or exchange and (d) that were not converted into
or exercised or exchanged for such Units during the period for which the calculation is being made; provided, however, that for purposes of determining the number of Outstanding Units on a Fully Diluted
Basis when calculating whether the Subordination Period has ended or the Subordinated Units are entitled to convert into Common Units pursuant to Section 5.7, such Partnership Securities, options, rights, warrants and appreciation rights shall
be deemed to have been Outstanding Units only for the four Quarters that comprise the last four Quarters of the measurement period; provided, further, that if consideration will be paid to any Group Member
in connection with such conversion, exercise or exchange, the number of Units to be included in such calculation shall be that number equal to the difference between (i) the number of Partnership Units issuable upon such conversion, exercise or
exchange and (ii) the number of Units that such consideration would purchase at the Current Market Price. 

“General Partner” means the Managing General Partner and its successors and permitted assigns as managing general
partner of the Partnership. 
 “General Partner Interest” means the management interest of the Managing General
Partner in the Partnership in its capacity as a general partner and/or managing general partner of the Partnership. The General Partner Interest does not have any rights to economic ownership or any rights to receive distribution from operations or
the liquidation of the Partnership. 
 “Group” means a Person that with or through any of its Affiliates or
Associates has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent given to such Person in response to a proxy or consent solicitation made to 10 or more
Persons) or disposing of any Partnership Securities with any other Person that beneficially owns, or whose Affiliates or Associates beneficially own, directly or indirectly, Partnership Securities. 

“Group Member” means a member of the Partnership Group. 

“Holder” as used in Section 7.12, has the meaning assigned to such term in Section 7.12(a). 

“Incremental Income Taxes” has the meaning assigned to such term in Section 6.7. 

  
 8 

 “Indemnified Persons” has the meaning assigned to such term in
Section 7.12(c). 
 “Indemnitee” means (a) each General Partner, (b) any Departing Partner,
(c) any Person who is or was an Affiliate of a General Partner or any Departing Partner, (d) any Person who is or was a member, partner, officer, director, employee, agent or trustee of any Group Member, a General Partner or any Departing
Partner or any Affiliate of any Group Member, a General Partner or any Departing Partner, and (e) any Person who is or was serving at the request of a General Partner or any Departing Partner or any Affiliate of a General Partner or any
Departing Partner as an officer, director, employee, member, partner, agent, fiduciary or trustee of another Person; provided, that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary or
custodial services. 
 “Initial Offering” means the initial offering and sale of Common Units to the public, as
described in the Registration Statement. 
 “Initial Unit Price” means with respect to any class or series of
Units, the price per Unit at which such class or series of Units is initially sold by the Partnership, as determined by the Managing General Partner, in each case adjusted as the Managing General Partner determines to be appropriate to give effect
to any distribution, subdivision or combination of Units. 
 “Interim Capital Transactions” means the following
transactions if they occur prior to the Liquidation Date: (a) borrowings, refinancings or refundings of indebtedness and sales of debt securities (other than Working Capital Borrowings and other than for items purchased on open account or for a
deferred purchase price in the ordinary course of business) by any Group Member; (b) sales of equity interests of any Group Member and (c) sales or other voluntary or involuntary dispositions of any assets of any Group Member other than
(i) sales or other dispositions of inventory, accounts receivable and other assets in the ordinary course of business, and (ii) sales or other dispositions of assets as part of normal retirements or replacements. 

“IPCH/Inergy Partners Available Cash” means all cash and cash equivalents on hand derived from or attributable to the
Partnership’s ownership of, or sale or other disposition of, the shares of common stock of IPCH Acquisition Corp. and the membership interests of Inergy Partners, LLC. 
 “IPCH/Inergy Partners Items” means the income, gains, losses, deductions and credits which are attributable to the Partnership’s ownership of, or sale or other disposition of, the
shares of common stock of IPCH Acquisition Corp. and the membership interests of Inergy Partners, LLC. 
 “Issue
Price” means the price at which a Unit is purchased from the Partnership, after taking into account any sales commission or underwriting discount charged to the Partnership. 

“Limited Partner” means, unless the context otherwise requires, (a) a holder of Common Units, Class A Units or
Subordinated Units, except as otherwise provided herein, each Substituted Limited Partner and each Additional Limited Partner, or (b) solely for purposes of Articles V, VI, VII, and IX, each Assignee; provided, however, that when the
term “Limited Partner” is used herein in the context of any vote or other approval, including without limitation Articles XIII and XIV, such term shall not, solely for such purpose, include any holder of Class A Units except as
may otherwise be required by any non-waivable provision of law. 

  
 9 

 “Limited Partner Interest” means the ownership interest of a Limited
Partner or Assignee in the Partnership, which may be evidenced by Common Units, Class A Units, Subordinated Units or other Partnership Securities or a combination thereof or interest therein, and includes any and all benefits to which such
Limited Partner or Assignee is entitled as provided in this Agreement, together with all obligations of such Limited Partner or Assignee to comply with the terms and provisions of this Agreement; provided, however, that when the term
“Limited Partner Interest” is used herein in the context of any vote or other approval, including without limitation Articles XIII and XIV, such term shall not, solely for such purpose, include any holder of Class A Units
except as may otherwise be required by any non-waivable provision of law. 
 “Liquidation Date” means
(a) in the case of an event giving rise to the dissolution of the Partnership of the type described in clauses (a) and (b) of the first sentence of Section 12.2, the date on which the applicable time period during which the
holders of Outstanding Units have the right to elect to reconstitute the Partnership and continue its business has expired without such an election being made, and (b) in the case of any other event giving rise to the dissolution of the
Partnership, the date on which such event occurs. 
 “Liquidator” means one or more Persons selected by the
Managing General Partner to perform the functions described in Section 12.3 as liquidating trustee of the Partnership within the meaning of the Delaware Act. 
 “Managing General Partner” means Inergy GP, LLC and its successors and permitted assigns as managing general partner of the Partnership. 

“Merger Agreement” has the meaning assigned to such term in Section 14.1. 

“Minimum Quarterly Distribution” means $0.13 per Unit per Quarter (or with respect to periods of less than a full fiscal
quarter, it means the product of such amount multiplied by a fraction of which the numerator is the number of days in such period and the denominator is the total number of days in such fiscal quarter), subject to adjustment in accordance with
Section 6.6 and Section 6.7. 
 “National Securities Exchange” means an exchange registered with the
Commission under Section 6(a) of the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time, and any successor to such statute, or the Nasdaq National Market or any successor thereto. 

“Net Agreed Value” means, (a) in the case of any Contributed Property, the Agreed Value of such property reduced by
any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed, and (b) in the case of any property distributed to a Partner or Assignee by the Partnership, the Partnership’s
Carrying Value of such property (as adjusted pursuant to Section 5.3(d)(ii)) at the time such property is distributed, reduced by any indebtedness either assumed by such Partner or Assignee upon such distribution or to which such property is
subject at the time of distribution, in either case, as determined under Section 752 of the Code. 

  
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 “Net Income” means, for any taxable year, the excess, if any, of the
Partnership’s items of income and gain for such taxable year over the Partnership’s items of loss and deduction for such taxable year. The items included in the calculation of Net Income shall be determined in accordance with
Section 5.3(b) and shall not include any items specially allocated under Sections 6.1(b) or (c). 
 “Net
Loss” means, for any taxable year, the excess, if any, of the Partnership’s items of loss and deduction for such taxable year over the Partnership’s items of income and gain for such taxable year. The items included in the
calculation of Net Loss shall be determined in accordance with Section 5.3(b) and shall not include any items specially allocated under Sections 6.1(d). 
 “Non-citizen Assignee” means a Person whom the Managing General Partner has determined in its discretion does not constitute an Eligible Citizen and as to whose Partnership Interest the
Managing General Partner has become the Substituted Limited Partner, pursuant to Section 4.9. 
 “Nonrecourse
Built-in Gain” means with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners
pursuant to Sections 6.2(b)(i)(A), 6.2(b)(ii)(A) and 6.2(b)(iii) if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and for no other consideration. 

“Nonrecourse Deductions” means any and all items of loss, deduction or expenditures (including, without limitation, any
expenditures described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(b), are attributable to a Nonrecourse Liability. 

“Nonrecourse Liability” has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2). 

“Notice of Election to Purchase” has the meaning assigned to such term in Section 15.1(b). 

“Operating Company” means Inergy Propane, LLC, a Delaware limited liability company, and any successors thereto.

 “Operating Company Agreement” means the Limited Liability Company Agreement of the Operating Company, as it
may be amended, supplemented or restated from time to time. 
 “Operating Expenditures” means all Partnership
Group expenditures (or the Partnership’s proportionate share of expenditures in the case of Subsidiaries that are not wholly owned), including, but not limited to, taxes, reimbursements of the Managing General Partner, repayment of Working
Capital Borrowings, debt service payments, and capital expenditures, subject to the following: 

  
 11 

 (a) Payments (including prepayments) of principal of and premium on
indebtedness other than Working Capital Borrowings shall not constitute Operating Expenditures. 
 (b) Operating
Expenditures shall not include (i) capital expenditures made for Acquisitions or for Capital Improvements, (ii) payment of transaction expenses relating to Interim Capital Transactions or (iii) distributions to Partners. Where capital
expenditures are made in part for Acquisitions or for Capital Improvements and in part for other purposes, the Managing General Partner’s good faith allocation between the amounts paid for each shall be conclusive. 

“Operating Surplus” means, with respect to any period ending prior to the Liquidation Date, on a cumulative basis and
without duplication, 
 (a) the sum of (i) $50 million, (ii) all cash receipts of the Partnership Group
(or the Partnership’s proportionate share of cash receipts in the case of Subsidiaries that are not wholly owned) for the period beginning on the Closing Date and ending with the last day of such period, other than cash receipts from Interim
Capital Transactions, and (iii) all cash receipts of the Partnership Group (or the Partnership’s proportionate share of cash receipts in the case of Subsidiaries that are not wholly owned) after the end of such period but on or before the
date of determination of Operating Surplus with respect to such period resulting from Working Capital Borrowings, less 
 (b) the sum of (i) Operating Expenditures for the period beginning on the Closing Date and ending with the last day of such period and (ii) the amount of cash reserves that is necessary or
advisable in the reasonable discretion of the Managing General Partner to provide funds for future Operating Expenditures; provided, however, that disbursements made (including contributions to a Group Member or disbursements on behalf of a Group
Member) or cash reserves established, increased or reduced after the end of such period but on or before the date of determination of Available Cash with respect to such period shall be deemed to have been made, established, increased or reduced,
for purposes of determining Operating Surplus, within such period if the Managing General Partner so determines. 

Notwithstanding the foregoing, “Operating Surplus” with respect to the Quarter in which the Liquidation Date occurs and
any subsequent Quarter shall equal zero. 
 “Opinion of Counsel” means a written opinion of counsel (who may be
regular counsel to the Partnership or the Managing General Partner or any of its Affiliates) acceptable to the Managing General Partner in its reasonable discretion. 
 “Outstanding” means, with respect to Partnership Securities, all Partnership Securities that are issued by the Partnership and reflected as outstanding on the Partnership’s books and
records as of the date of determination; provided, however, that if at any time any Person or Group (other than the Managing General Partner or its Affiliates) beneficially owns 20% or more of any Outstanding Partnership Securities of any
class then Outstanding, all Partnership Securities owned by such Person or Group shall not be voted on any matter and shall not be 

  
 12 

 
considered to be Outstanding when sending notices of a meeting of Limited Partners to vote on any matter (unless otherwise required by any non-waivable provision of law), calculating required
votes, determining the presence of a quorum or for other similar purposes under this Agreement; provided, further, that the foregoing limitation shall not apply to any Person or Group who acquired, with the prior approval of the Board of
Directors, 20% or more of any Partnership Securities of any class issued by the Partnership. 
 “Partner Nonrecourse
Debt” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4). 
 “Partner Nonrecourse Debt
Minimum Gain” has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2). 
 “Partner
Nonrecourse Deductions” means any and all items of loss, deduction or expenditure (including, without limitation, any expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury
Regulation Section 1.704-2(i), are attributable to a Partner Nonrecourse Debt. 
 “Partners” means the
Managing General Partner and the Limited Partners. 
 “Partnership” means Inergy, L.P., a Delaware limited
partnership, and any successors thereto. 
 “Partnership Group” means the Partnership, the Operating Company
and any Subsidiary of any such entity, treated as a single consolidated entity. 
 “Partnership Interest” means
an interest in the Partnership, which shall include the Limited Partner Interests. 
 “Partnership Minimum
Gain” means that amount determined in accordance with the principles of Treasury Regulation Section 1.704-2(d). 

“Partnership Security” means any class or series of equity interest in the Partnership (but excluding any options,
rights, warrants and appreciation rights relating to an equity interest in the Partnership), including without limitation, Common Units, Class A Units and Subordinated Units. 

“Percentage Interest” means as of the date of such determination, (a) as to any Partner or Assignee holding Units,
the product obtained by multiplying (i) (A) 100% less (B) the percentage applicable to clause (b) times (ii) the quotient obtained by dividing (A) the number of Units held by such Partner or Assignee by (B) the
total number of all outstanding Units; and (b) as to the holders of additional Partnership Securities issued by the Partnership in accordance with Section 5.4, the percentage established as a part of such issuance. 

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

  
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 “Per Unit Capital Amount” means, as of any date of determination, the
Capital Account, stated on a per Unit basis, underlying any Unit held by a Person other than the Managing General Partner or any Affiliate of the Managing General Partner who holds Units. 

“Pro Rata” means (a) when modifying Units or any class thereof, apportioned equally among all designated Units in
accordance with their relative Percentage Interests and (b) when modifying Partners and Assignees, apportioned among all Partners and Assignees in accordance with their relative Percentage Interests. 

“Purchase Date” means the date determined by the Managing General Partner as the date for purchase of all Outstanding
Units of a certain class (other than Units owned by the Managing General Partner and its Affiliates) pursuant to Article XV. 

“Quarter” means, unless the context requires otherwise, a fiscal quarter of the Partnership. 

“Recapture Income” means any gain recognized by the Partnership (computed without regard to any adjustment required by
Section 734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with respect to
such property or asset. 
 “Record Date” means the date established by the Managing General Partner for
determining (a) the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Limited Partners or entitled to vote by ballot or give approval of Partnership action in writing without a meeting or entitled to exercise
rights in respect of any lawful action of Limited Partners or (b) the identity of Record Holders entitled to receive any report or distribution or to participate in any offer. 

“Record Holder” means the Person in whose name a Common Unit is registered on the books of the Transfer Agent as of the
opening of business on a particular Business Day, or with respect to other Partnership Securities, the Person in whose name any such other Partnership Security is registered on the books which the Managing General Partner has caused to be kept as of
the opening of business on such Business Day. 
 “Redeemable Interests” means any Partnership Interests for
which a redemption notice has been given, and has not been withdrawn, pursuant to Section 4.9. 
 “Registration
Statement” means the Registration Statement on Form S-1 (Registration No. 333-56976) as it has been or as it may be amended or supplemented from time to time, filed by the Partnership with the Commission under the Securities Act to
register the offering and sale of the Common Units in the Initial Offering. 
 “Required Allocations” means any
allocation of an item of income, gain, loss or deduction pursuant to Sections 6.1(d)(i), 6.1(d)(ii), 6.1(d)(iv), 6.1(d)(v), 6.1(d)(vi), 6.1(d)(vii) or 6.1(d)(ix). 

  
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 “Residual Gain” or “Residual Loss” means any item of gain
or loss, as the case may be, of the Partnership recognized for federal income tax purposes resulting from a sale, exchange or other disposition of a Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated
pursuant to Sections 6.2(b)(i)(A) or 6.2(b)(ii)(A), respectively, to eliminate Book-Tax Disparities. 
 “Second Amended
and Restated Partnership Agreement” means the partnership agreement entered into on January 7, 2004 by and among the Managing General Partner, the Non-Managing General Partner and the Limited Partners, as amended from time to time.

 “Securities Act” means the Securities Act of 1933, as amended, supplemented or restated from time to time
and any successor to such statute. 
 “Special Approval” means approval of the Conflicts Committee. 

“Subordinated Unit” means a Partnership Interest having the rights and obligations specified with respect to
Subordinated Units in this Agreement. The term “Subordinated Unit” does not refer to or include a Common Unit. A Subordinated Unit that is convertible into a Common Unit shall not constitute a Common Unit until such conversion occurs.

 “Subordinated Unit Value” means the current fair market value of a Subordinated Unit as determined in the
reasonable discretion of the General Partner. 
 “Subordination Period” means the period beginning with the
CGSH Contribution Agreement Closing Date and ending on the first Business Day after the first day of the Quarter four full Quarters after CGSH Contribution Closing Date that: 
 (a) the amount of Adjusted Operating Surplus generated during one consecutive, non-overlapping four-Quarter period immediately preceding such date equaled or exceeded the sum of the Minimum Quarterly
Distribution on all of the Common Units and Subordinated Units that were Outstanding during such period on a Fully Diluted Basis; 
 (b) distributions of Available Cash from Operating Surplus on each of the Outstanding Common Units and Subordinated Units with respect to the one consecutive, non-overlapping four-Quarter period
immediately preceding such date equaled or exceeded the Minimum Quarterly Distribution; and 
 (c) there are no Cumulative Common
Unit Arrearages. 
 “Subsidiary” means, with respect to any Person, (a) a corporation of which more than
50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such
Person, by one or more Subsidiaries of such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at the date of determination, a general or limited partner of
such partnership, but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly or indirectly, at the date of determination, by such
Person, by one or more Subsidiaries of such 

  
 15 

 
Person, or a combination thereof, or (c) any other Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination thereof,
directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such-Person. 

“Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to
Section 10.1 in place of and with all the rights of a Limited Partner and who is shown as a Limited Partner on the books and records of the Partnership. 
 “Surviving Business Entity” has the meaning assigned to such term in Section 14.2(b). 
 “Third Amended and Restated Partnership Agreement” has the meaning ascribed to such term in the Background to this Agreement. 

“Trading Day” has the meaning assigned to such term in Section 15.1(a). 

“Transfer” has the meaning assigned to such term in Section 4.4(a). 

“Transfer Agent” means such bank, trust company or other Person (including the Managing General Partner or one of its
Affiliates) as shall be appointed from time to time by the Partnership to act as registrar and transfer agent for the Common Units; provided, however, that if no Transfer Agent is specifically designated for any other Partnership Securities,
the Managing General Partner shall act in such capacity. 
 “Transfer Application” means an application and
agreement for transfer of Units in the form set forth on the back of a Certificate or in a form substantially to the same effect in a separate instrument. 
 “Unit” means a Partnership Security that is designated as a “Unit” and shall include Common Units, Class A Units and Subordinated Units but shall not include a
General Partner Interest; provided, however, that when the term “Unit” is used herein in the context of any vote or other approval, including without limitation Article XIII and Article XIV, such term shall not, solely
for such purpose, include any holder of Class A Units except as otherwise required by any non-waivable provision of law. 

“Unitholders” means the holders of Units. 
 “Unit Majority” means, during the Subordination Period, at least a majority of the Outstanding Common Units (excluding Common Units owned by the Managing General Partner and its
Affiliates), voting as a single class, and at least a majority of the Outstanding Subordinated Units, voting together as a single class, and after the end of the Subordination Period, at least a majority of the Outstanding Common Units. 

“Unrealized Gain” attributable to any item of Partnership property means, as of any date of determination, the excess,
if any, of (a) the fair market value of such property as of such date (as determined under Section 5.3(d)) over (b) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to
Section 5.3(d) as of such date). 

  
 16 

 “Unrealized Loss” attributable to any item of Partnership property means,
as of any date of determination, the excess, if any, of (a) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to Section 5.3(d) as of such date) over (b) the fair market value of such
property as of such date (as determined under Section 5.3(d)). 
 Unrecovered Initial Unit Price” means the
Common Unit Trading Price at the close of business on June 19, 2013. For the avoidance of doubt, such price shall reflect the value of the Common Units excluding any value attributable to the distribution of common units of Inergy Midstream,
L.P. 
 “U.S. GAAP” means United States Generally Accepted Accounting Principles consistently applied.

 “Withdrawal Opinion of Counsel” has the meaning assigned to such term in Section 11.1(b). 

“Working Capital Borrowings” means borrowings exclusively for working capital purposes made pursuant to a credit
facility or other arrangement requiring all such borrowings thereunder to be reduced to a relatively small amount each year (or for the year in which the Initial Offering is consummated, the 12-month period beginning on the Closing Date) for an
economically meaningful period of time. 
 Section 1.2 Construction 

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; and (c) the term “include”
or “includes” means includes, without limitation, and “including” means including, without limitation. 
 ARTICLE II 
 ORGANIZATION 

Section 2.1 Continuation 
 The parties hereto, pursuant to the authority contained in Article XIII of the Third Amended and Restated Partnership Agreement, do hereby amend and restate the Third Amended and Restated Partnership
Agreement in its entirety, effective immediately, to continue the Partnership as a limited partnership pursuant to the provisions of the Delaware Act and to set forth the rights and obligations of the Partners and certain matters related thereto.
Except as expressly provided to the contrary in this Agreement, the rights, duties (including fiduciary duties), liabilities and obligations of the Partners and the administration, dissolution and termination of the Partnership shall be governed by
the Delaware Act. All Partnership Interests shall constitute personal property of the owner thereof for all purposes and a Partner has no interest in specific Partnership property. 

  
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 Section 2.2 Name 

The name of the Partnership shall be “Inergy, L.P.” The Partnership’s business may be conducted under any other name or
names deemed necessary or appropriate by the Managing General Partner in its sole discretion, including the name of the Managing General Partner. The words “Limited Partnership,” “Ltd.” or similar words or letters shall be
included in the Partnership’s name where necessary for the purpose of complying with the laws of any jurisdiction that so requires. The Managing General Partner in its discretion may change the name of the Partnership at any time and from time
to time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. 

Section 2.3 Registered Office; Registered Agent; Principal Office; Other Offices 

Unless and until changed by the Managing General Partner, the registered office of the Partnership in the State of Delaware shall be
located at 1209 Orange Street, Wilmington, Delaware 19801, and the registered agent for service of process on the Partnership in the State of Delaware at such registered office shall be The Corporation Trust Company. The principal office of the
Partnership shall be located at Two Brush Creek Blvd., Suite 200, Kansas City, Missouri 64112 or such other place as the Managing General Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices
at such other place or places within or outside the State of Delaware as the Managing General Partner deems necessary or appropriate. The address of the Managing General Partner shall be Two Brush Creek Blvd., Suite 200, Kansas City, Missouri 64112
or such other place as the Managing General Partner may from time to time designate by notice to the Limited Partners. 

Section 2.4 Purpose and Business 
 The purpose and nature of the business to be conducted by the Partnership shall be to (a) serve as a member of the Operating Company and, in connection therewith, to exercise all the rights and
powers conferred upon the Partnership as a member of the Operating Company pursuant to the Operating Company Agreement or otherwise, (b) engage directly in, or enter into or form any corporation, partnership, joint venture, limited liability
company or other arrangement to engage indirectly in, any business activity that the Operating Company is permitted to engage in by the Operating Company Agreement and, in connection therewith, to exercise all of the rights and powers conferred upon
the Partnership pursuant to the agreements relating to such business activity, (c) engage directly in, or enter into or form any corporation, partnership, joint venture, limited liability company or other entity or arrangement to engage
indirectly in, any business activity that the Managing General Partner approves and which lawfully may be conducted by a limited partnership organized pursuant to the Delaware Act and, in connection therewith, to exercise all of the rights and
powers conferred upon the Partnership pursuant to the agreements relating to such business activity; provided, however, that the Managing General Partner reasonably determines, as of the date of the acquisition or commencement of such
activity, that such activity (i) generates “qualifying income” (as such term is defined pursuant to Section 7704 of the Code) or a Subsidiary, or a Partnership activity that generates qualifying income, or
(ii) enhances the operations of an activity of the Operating Company and (d) do anything necessary or appropriate to the foregoing, including the making of capital contributions or loans to a Group Member. The Managing General Partner has
no obligation or duty to the Partnership, the Limited Partners or the Assignees to propose or approve, and in its discretion may decline to propose or approve, the conduct by the Partnership of any business. 

  
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 Section 2.5 Powers 

The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or
convenient for the furtherance and accomplishment of the purposes and business described in Section 2.4 and for the protection and benefit of the Partnership. 
 Section 2.6 Power of Attorney 
 (a) Each Limited Partner and each
Assignee hereby constitutes and appoints the Managing General Partner and, if a Liquidator shall have been selected pursuant to Section 12.3, the Liquidator (and any successor to the Liquidator by merger, transfer, assignment, election or
otherwise) and each of their authorized officers and attorneys-in-fact, as the case may be, with full power of substitution, as his true and lawful agent and attorney-in-fact, with full power and authority in his name, place and stead, to:

 (i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) all
certificates, documents and other instruments (including this Agreement and the Certificate of Limited Partnership and all amendments or restatements hereof or thereof) that the Managing General Partner or the Liquidator deems necessary or
appropriate to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and in all other jurisdictions in
which the Partnership may conduct business or own property; (B) all certificates, documents and other instruments that the Managing General Partner or the Liquidator deems necessary or appropriate to reflect, in accordance with its terms, any
amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments (including conveyances and a certificate of cancellation) that the Managing General Partner or the Liquidator deems
necessary or appropriate to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal, removal or substitution
of any Partner pursuant to, or other events described in, Article IV, Article X, Article XI and Article XII; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any
class or series of Partnership Securities issued pursuant to Section 5.4; and (F) all certificates, documents and other instruments (including agreements and a certificate of merger) relating to a merger or consolidation of the Partnership
pursuant to Article XIV; and 
 (ii) execute, swear to, acknowledge, deliver, file and record all ballots,
consents, approvals, waivers, certificates, documents and other instruments necessary or appropriate, in the discretion of the Managing General Partner or the Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval,
agreement or other action 

  
 19 

 
that is made or given by the Partners hereunder or is consistent with the terms of this Agreement or is necessary or appropriate, in the discretion of the Managing General Partner or the
Liquidator, to effectuate the terms or intent of this Agreement; provided, that when required by Section 13.3 or any other provision of this Agreement that establishes a percentage of the Limited Partners or of the Limited Partners of
any class or series required to take any action, the Managing General Partner and the Liquidator may exercise the power of attorney made in this Section 2.6(a)(ii) only after the necessary vote, consent or approval of the Limited Partners or of
the Limited Partners of such class or series, as applicable. 
 Nothing contained in this Section 2.6(a) shall be construed
as authorizing the Managing General Partner to amend this Agreement except in accordance with Article XIII or as may be otherwise expressly provided for in this Agreement. 
 (b) The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the
subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Limited Partner or Assignee and the transfer of all or any portion of such Limited Partner’s or Assignee’s Partnership Interest and shall
extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the Managing General Partner or the
Liquidator acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the
action of the Managing General Partner or the Liquidator taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the Managing General Partner or the Liquidator, within 15 days after
receipt of the request therefor, such further designation, powers of attorney and other instruments as the Managing General Partner or the Liquidator deems necessary to effectuate this Agreement and the purposes of the Partnership. 

Section 2.7 Term 
 The term of the Partnership commenced upon the filing of the Certificate of Limited Partnership in accordance with the Delaware Act and shall continue in existence until the dissolution of the Partnership
in accordance with the provisions of Article XII. The existence of the Partnership as a separate legal entity shall continue until the cancellation of the Certificate of Limited Partnership as provided in the Delaware Act. 

Section 2.8 Title to Partnership Assets 
 Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner or Assignee, individually or
collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the Managing General Partner, one or more of its Affiliates
or one or more nominees, as the Managing General Partner may determine. The Managing General Partner hereby declares and warrants that any Partnership assets for which record title is held in 

  
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the name of the Managing General Partner or one or more of its Affiliates or one or more nominees shall be held by the Managing General Partner or such Affiliate or nominee for the use and
benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the Managing General Partner shall use reasonable efforts to cause record title to such assets (other than those assets in respect of
which the Managing General Partner determines that the expense and difficulty of conveyancing makes transfer of record title to the Partnership impracticable) to be vested in the Partnership as soon as reasonably practicable; provided,
further, that, prior to the withdrawal or removal of the Managing General Partner or as soon thereafter as practicable, the Managing General Partner shall use reasonable efforts to effect the transfer of record title to the Partnership and,
prior to any such transfer, will provide for the use of such assets in a manner satisfactory to the Managing General Partner. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the
name in which record title to such Partnership assets is held. 
 ARTICLE III 

RIGHTS OF LIMITED PARTNERS 
 Section 3.1 Limitation of Liability 
 The Limited Partners and the
Assignees shall have no liability under this Agreement except as expressly provided in this Agreement or the Delaware Act. 

Section 3.2 Management of Business 
 No Limited Partner or Assignee, in its capacity as such, shall participate in the operation, management or control (within the meaning of the Delaware Act) of the Partnership’s business, transact any
business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. Any action taken by any Affiliate of the Managing General Partner or any officer, director, employee, manager, member, general
partner, agent or trustee of the Managing General Partner or any of its Affiliates, or any officer, director, employee, manager, member, general partner, agent or trustee of a Group Member, in its capacity as such, shall not be deemed to be
participation in the control of the business of the Partnership by a limited partner of the Partnership (within the meaning of Section 17-303(a) of the Delaware Act) and shall not affect, impair or eliminate the limitations on the liability of
the Limited Partners or Assignees under this Agreement. 
 Section 3.3 Outside Activities of the Limited Partners

 Subject to the provisions of Section 7.5, any Limited Partner or Assignee shall be entitled to and may have business
interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities in direct competition with the Partnership Group. Neither the Partnership nor any of the other Partners or
Assignees shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. 

  
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 Section 3.4 Rights of Limited Partners 

(a) In addition to other rights provided by this Agreement or by applicable law, and except as limited by Section 3.4(b), each
Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon reasonable written demand and at such Limited Partner’s own expense: 

(i) to obtain true and full information regarding the status of the business and financial condition of the Partnership;

 (ii) promptly after becoming available, to obtain a copy of the Partnership’s federal, state and local
income tax returns for each year; 
 (iii) to have furnished to him a current list of the name and last known
business, residence or mailing address of each Partner; 
 (iv) to have furnished to him a copy of this Agreement
and the Certificate of Limited Partnership and all amendments thereto, together with a copy of the executed copies of all powers of attorney pursuant to which this Agreement, the Certificate of Limited Partnership and all amendments thereto have
been executed; 
 (v) to obtain true and full information regarding the amount of cash and a description and
statement of the Net Agreed Value of any other Capital Contribution by each Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner; and 

(vi) to obtain such other information regarding the affairs of the Partnership as is just and reasonable. 

(b) The Managing General Partner may keep confidential from the Limited Partners and Assignees, for such period of time as the Managing
General Partner deems reasonable, (i) any information that the Managing General Partner reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the Managing General Partner in good faith
believes (A) is not in the best interests of the Partnership Group, (B) could damage the Partnership Group or (C) that any Group Member is required by law or by agreement with any third party to keep confidential (other than
agreements with Affiliates of the Partnership the primary purpose of which is to circumvent the obligations set forth in this Section 3.4). 
 ARTICLE IV 
 CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP
INTERESTS; 
 REDEMPTION OF PARTNERSHIP INTERESTS 

Section 4.1 Certificates 
 Upon the Partnership’s issuance of Common Units or Subordinated Units to any Person, the Partnership shall issue one or more Certificates in the name of such Person evidencing the number of such
Units being so issued. Upon the request of any Person owning Class A Units or any other Partnership Securities other than Common Units or Subordinated Units, the 

  
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Partnership shall issue to such Person one or more certificates evidencing such Class A Units or Partnership Securities other than Common Units or Subordinated Units. Certificates shall
be executed on behalf of the Partnership by the Chairman of the Board, President or any Vice President and the Secretary or any Assistant Secretary of the Managing General Partner. No Common Unit Certificate shall be valid for any purpose until it
has been countersigned by the Transfer Agent; provided, however, the Common Units may be certificated or uncertificated as provided in the Delaware Act; provided, further, that if the Managing General Partner elects to issue
Common Units in global form, the Common Unit Certificates shall be valid upon receipt of a certificate from the Transfer Agent certifying that the Common Units have been duly registered in accordance with the directions of the Partnership. Subject
to the requirements of Section 6.5(b), the Partners holding Certificates evidencing Subordinated Units may exchange such Certificates for Certificates evidencing Common Units on or after the date on which such Subordinated Units are converted
into Common Units pursuant to the terms of Section 5.7. 
 Section 4.2 Mutilated, Destroyed, Lost or Stolen
Certificates 
 (a) If any mutilated Certificate is surrendered to the Transfer Agent, the appropriate officers of the
Managing General Partner on behalf of the Partnership shall execute, and the Transfer Agent shall countersign and deliver in exchange therefor, a new Certificate evidencing the same number and type of Partnership Securities as the Certificate so
surrendered. 
 (b) The appropriate officers of the Managing General Partner on behalf of the Partnership shall execute and
deliver, and the Transfer Agent shall countersign a new Certificate in place of any Certificate previously issued if the Record Holder of the Certificate: 
 (i) makes proof by affidavit, in form and substance satisfactory to the Managing General Partner, that a previously issued Certificate has been lost, destroyed or stolen; 

(ii) requests the issuance of a new Certificate before the Managing General Partner has notice that the Certificate has
been acquired by a purchaser for value in good faith and without notice of an adverse claim; 
 (iii) if
requested by the Managing General Partner, delivers to the Managing General Partner a bond, in form and substance satisfactory to the Managing General Partner, with surety or sureties and with fixed or open penalty as the Managing General Partner
may reasonably direct, in its sole discretion, to indemnify the Managing General Partner, the Partners, the Managing General Partner and the Transfer Agent against any claim that may be made on account of the alleged loss, destruction or theft of
the Certificate; and 
 (iv) satisfies any other reasonable requirements imposed by the Partnership. 

If a Limited Partner or Assignee fails to notify the Managing General Partner within a reasonable time after he has notice of the loss,
destruction or theft of a Certificate, and a transfer of the Limited Partner Interests represented by the Certificate is registered before the Partnership, the Managing General Partner or the Transfer Agent receives such notification, the Limited
Partner or Assignee shall be precluded from making any claim against the Partnership, the Managing General Partner or the Transfer Agent for such transfer or for a new Certificate. 

  
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 (c) As a condition to the issuance of any new Certificate under this Section 4.2, the
Managing General Partner may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Transfer Agent) reasonably
connected therewith. 
 Section 4.3 Record Holders 

The Partnership shall be entitled to recognize the Record Holder as the Partner or Assignee with respect to any Partnership Interest and,
accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Partnership Interest on the part of any other Person, regardless of whether the Partnership shall have actual or other notice thereof, except as
otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange on which such Partnership Interests are listed for trading. Without limiting the foregoing, when a Person (such as a broker,
dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring and/or holding Partnership Interests, as between the
Partnership on the one hand, and such other Persons on the other, such representative Person (a) shall be the Partner or Assignee (as the case may be) of record and beneficially, (b) must execute and deliver a Transfer Application and
(c) shall be bound by this Agreement and shall have the rights and obligations of a Partner or Assignee (as the case may be) hereunder and as, and to the extent, provided for herein. 

Section 4.4 Transfer Generally 
 (a) The term “transfer,” when used in this Agreement with respect to a Partnership Interest, shall be deemed to refer to a transaction by which a General Partner assigns its General
Partner Interest to another Person who becomes a General Partner, by which the holder of a Limited Partner Interest assigns such Limited Partner Interest to another Person who is or becomes a Limited Partner or an Assignee, and includes a sale,
assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. 
 (b) No
Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article IV. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article IV
shall be null and void. 
 (c) Nothing contained in this Agreement shall be construed to prevent a disposition by any member of
the Managing General Partner of any or all of the issued and outstanding membership interests of the Managing General Partner. 

Section 4.5 Registration and Transfer of Limited Partner Interests 

(a) The Partnership shall keep or cause to be kept on behalf of the Partnership a register in which, subject to such reasonable
regulations as it may prescribe and subject to the provisions of Section 4.5(b), the Partnership will provide for the registration and transfer of 

  
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Limited Partner Interests. The Transfer Agent is hereby appointed registrar and transfer agent for the purpose of registering Common Units and transfers of such Common Units as herein provided.
The Partnership shall not recognize transfers of Certificates evidencing Limited Partner Interests unless such transfers are effected in the manner described in this Section 4.5. Upon surrender of a Certificate for registration of transfer of
any Limited Partner Interests evidenced by a Certificate, and subject to the provisions of Section 4.5(b), the appropriate officers of the Managing General Partner on behalf of the Partnership shall execute and deliver, and in the case of
Common Units, the Transfer Agent shall countersign and deliver, in the name of the holder or the designated transferee or transferees, as required pursuant to the holder’s instructions, one or more new Certificates evidencing the same aggregate
number and type of Limited Partner Interests as was evidenced by the Certificate so surrendered. 
 (b) Except as otherwise
provided in Section 4.8, the Partnership shall not recognize any transfer of Limited Partner Interests until the Certificates evidencing such Limited Partner Interests are surrendered for registration of transfer and such Certificates are
accompanied by a Transfer Application duly executed by the transferee (or the transferee’s attorney-in-fact duly authorized in writing). No charge shall be imposed by the Partnership for such transfer; provided, that as a condition to
the issuance of any new Certificate under this Section 4.5, the Partnership may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed with respect thereto. 

(c) Limited Partner Interests may be transferred only in the manner described in this Section 4.5. The transfer of any Limited
Partner Interests and the admission of any new Limited Partner shall not constitute an amendment to this Agreement. 
 (d) Until
admitted as a Substituted Limited Partner pursuant to Section 10.1, the Record Holder of a Limited Partner Interest shall be an Assignee in respect of such Limited Partner Interest. Limited Partners may include custodians, nominees or any other
individual or entity in its own or any representative capacity. 
 (e) A transferee of a Limited Partner Interest who has
completed and delivered a Transfer Application shall be deemed to have (i) requested admission as a Substituted Limited Partner, (ii) agreed to comply with and be bound by and to have executed this Agreement, (iii) represented and
warranted that such transferee has the right, power and authority and, if an individual, the capacity to enter into this Agreement, (iv) granted the powers of attorney set forth in this Agreement and (v) given the consents and approvals
and made the waivers contained in this Agreement. 
 (f) The Managing General Partner and its Affiliates shall have the right at
any time to transfer their Subordinated Units and Common Units (whether issued upon conversion of the Subordinated Units or otherwise) to one or more Persons. 
 Section 4.6 Transfer of the Managing General Partner’s General Partner Interest 
 (a) Subject to Section 4.6(c) below, prior to June 30, 2011, the Managing General Partner shall not transfer all or any part of its General Partner Interest to a Person unless such transfer
(i) has been approved by the prior written consent or vote of the holders of at least a 

  
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majority of the Outstanding Common Units (excluding Common Units held by the Managing General Partner and their Affiliates) or (ii) is of all, but not less than all, of its General Partner
Interest to (A) an Affiliate of the Managing General Partner (other than an individual) or (B) another Person (other than an individual) in connection with the merger or consolidation of the Managing General Partner with or into another
Person (other than an individual) or the transfer by such General Partner of all or substantially all of its assets to another Person (other than an individual). 
 (b) Subject to Section 4.6(c) below, on or after June 30, 2011, a General Partner may transfer all or any of its General Partner Interest without Unitholder approval. 

(c) Notwithstanding anything herein to the contrary, no transfer by a General Partner of all or any part of its General Partner Interest
to another Person shall be permitted unless (i) the transferee agrees to assume the rights and duties of such General Partner under this Agreement and to be bound by the provisions of this Agreement, (ii) the Partnership receives an
Opinion of Counsel that such transfer would not result in the loss of limited liability of any Limited Partner or of any member of the Operating Company or cause the Partnership or the Operating Company to be treated as an association taxable as a
corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not already so treated or taxed), (iii) in the case of the Managing General Partner’s General Partner Interest, such transferee also agrees to
purchase all (or the appropriate portion thereof, if applicable) of the partnership or membership interest of the Managing General Partner as the general partner or managing member, if any, of each other Group Member. In the case of a transfer
pursuant to and in compliance with this Section 4.6, the transferee or successor (as the case may be) shall, subject to compliance with the terms of Section 10.2, be admitted to the Partnership as a General Partner immediately prior to the
transfer of the Partnership Interest, and the business of the Partnership shall continue without dissolution. 

Section 4.7 Restrictions on Transfers 
 (a) Except as provided in Section 4.7(d) below, but notwithstanding the other provisions of this Article IV, no transfer of any Partnership Interests shall be made if such transfer would
(i) violate the then applicable federal or state securities laws or rules and regulations of the Commission, any state securities commission or any other governmental authority with jurisdiction over such transfer, (ii) terminate the
existence or qualification of the Partnership or Operating Company under the laws of the jurisdiction of its formation, or (iii) cause the Partnership or Operating Company to be treated as an association taxable as a corporation or otherwise to
be taxed as an entity for federal income tax purposes (to the extent not already so treated or taxed). 
 (b) The Managing
General Partner may impose restrictions on the transfer of Partnership Interests if a subsequent Opinion of Counsel determines that such restrictions are necessary to avoid a significant risk of the Partnership or Operating Company becoming taxable
as a corporation or otherwise to be taxed as an entity for federal income tax purposes. The restrictions may be imposed by making such amendments to this Agreement as the Managing General Partner may determine to be necessary or appropriate to
impose such restrictions; provided, however, that any amendment that the Managing General Partner believes, in the 

  
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exercise of its reasonable discretion, could result in the delisting or suspension of trading of any class of Limited Partner Interests on the principal National Securities Exchange on which such
class of Limited Partner Interests is then traded must be approved, prior to such amendment being effected, by the holders of at least a majority of the Outstanding Limited Partner Interests of such class. 

(c) The transfer of a Subordinated Unit that has converted into a Common Unit shall be subject to the restrictions imposed by
Section 6.5(b). 
 (d) Nothing contained in this Article IV, or elsewhere in this Agreement, shall preclude the settlement
of any transactions involving Partnership Interests entered into through the facilities of any National Securities Exchange on which such Partnership Interests are listed for trading. 

Section 4.8 Citizenship Certificates; Non-citizen Assignees 

(a) If any Group Member is or becomes subject to any federal, state or local law or regulation that, in the reasonable determination of
the Managing General Partner, creates a substantial risk of cancellation or forfeiture of any property in which the Group Member has an interest based on the nationality, citizenship or other related status of a Limited Partner or Assignee, the
Managing General Partner may request any Limited Partner or Assignee to furnish to the Managing General Partner, within 30 days after receipt of such request, an executed Citizenship Certification or such other information concerning his
nationality, citizenship or other related status (or, if the Limited Partner or Assignee is a nominee holding for the account of another Person, the nationality, citizenship or other related status of such Person) as the Managing General Partner may
request. If a Limited Partner or Assignee fails to furnish to the Managing General Partner within the aforementioned 30-day period such Citizenship Certification or other requested information or if upon receipt of such Citizenship Certification or
other requested information the Managing General Partner determines, with the advice of counsel, that a Limited Partner or Assignee is not an Eligible Citizen, the Partnership Interests owned by such Limited Partner or Assignee shall be subject to
redemption in accordance with the provisions of Section 4.9. In addition, the Managing General Partner may require that the status of any such Partner or Assignee be changed to that of a Non-citizen Assignee and, thereupon, the Managing General
Partner shall be substituted for such Non-citizen Assignee as the Limited Partner in respect of his Limited Partner Interests. 

(b) The Managing General Partner shall, in exercising voting rights in respect of Limited Partner Interests held by it on behalf of
Non-citizen Assignees, distribute the votes in the same ratios as the votes of Partners (including without limitation the Managing General Partner) in respect of Limited Partner Interests other than those of Non-citizen Assignees are cast, either
for, against or abstaining as to the matter. 
 (c) Upon dissolution of the Partnership, a Non-citizen Assignee shall have no
right to receive a distribution in kind pursuant to Section 12.4 but shall be entitled to the cash equivalent thereof, and the Partnership shall provide cash in exchange for an assignment of the Non-citizen Assignee’s share of the
distribution in kind. Such payment and assignment shall be treated for Partnership purposes as a purchase by the Partnership from the Non-citizen Assignee of his Limited Partner Interest (representing his right to receive his share of such
distribution in kind). 

  
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 (d) At any time after he can and does certify that he has become an Eligible Citizen, a
Non-citizen Assignee may, upon application to the General Partner, request admission as a Substituted Limited Partner with respect to any Limited Partner Interests of such Non-citizen Assignee not redeemed pursuant to Section 4.9, and upon his
admission pursuant to Section 10.1, the Managing General Partner shall cease to be deemed to be the Limited Partner in respect of the Non-citizen Assignee’s Limited Partner Interests. 

Section 4.9 Redemption of Partnership Interests of Non-citizen Assignees 

(a) If at any time a Limited Partner or Assignee fails to furnish a Citizenship Certification or other information requested within the
30-day period specified in Section 4.8(a), or if upon receipt of such Citizenship Certification or other information the General Partner determines, with the advice of counsel, that a Limited Partner or Assignee is not an Eligible Citizen, the
Partnership may, unless the Limited Partner or Assignee establishes to the satisfaction of the Managing General Partner that such Limited Partner or Assignee is an Eligible Citizen or has transferred his Partnership Interests to a Person who is an
Eligible Citizen and who furnishes a Citizenship Certification to the Managing General Partner prior to the date fixed for redemption as provided below, redeem the Partnership Interest of such Limited Partner or Assignee as follows: 

(i) The Managing General Partner shall, not later than the 30th day before the date fixed for redemption, give notice of
redemption to the Limited Partner or Assignee, at his last address designated on the records of the Partnership or the Transfer Agent, by registered or certified mail, postage prepaid. The notice shall be deemed to have been given when so mailed.
The notice shall specify the Redeemable Interests, the date fixed for redemption, the place of payment, that payment of the redemption price will be made upon surrender of the Certificate evidencing the Redeemable Interests and that on and after the
date fixed for redemption no further allocations or distributions to which the Limited Partner or Assignee would otherwise be entitled in respect of the Redeemable Interests will accrue or be made. 

(ii) The aggregate redemption price for Redeemable Interests shall be an amount equal to the Current Market Price (the
date of determination of which shall be the date fixed for redemption) of Limited Partner Interests of the class to be so redeemed multiplied by the number of Limited Partner Interests of each such class included among the Redeemable Interests. The
redemption price shall be paid, in the discretion of the Managing General Partner, in cash or by delivery of a promissory note of the Partnership in the principal amount of the redemption price, bearing interest at the rate of 10% annually and
payable in three equal annual installments of principal together with accrued interest, commencing one year after the redemption date. 
 (iii) Upon surrender by or on behalf of the Limited Partner or Assignee, at the place specified in the notice of redemption, of the Certificate evidencing the Redeemable Interests, duly endorsed in blank
or accompanied by an assignment duly executed in blank, the Limited Partner or Assignee or his duly authorized representative shall be entitled to receive the payment therefor. 

  
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 (iv) After the redemption date, Redeemable Interests shall no longer
constitute issued and Outstanding Limited Partner Interests. 
 (b) The provisions of this Section 4.9 shall also be
applicable to Limited Partner Interests held by a Limited Partner or Assignee as nominee of a Person determined to be other than an Eligible Citizen. 
 (c) Nothing in this Section 4.9 shall prevent the recipient of a notice of redemption from transferring his Limited Partner Interest before the redemption date if such transfer is otherwise permitted
under this Agreement. Upon receipt of notice of such a transfer, the Managing General Partner shall withdraw the notice of redemption, provided the transferee of such Limited Partner Interest certifies to the satisfaction of the Managing General
Partner in a Citizenship Certification delivered in connection with the Transfer Application that he is an Eligible Citizen. If the transferee fails to make such certification, such redemption shall be effected from the transferee on the original
redemption date. 
 ARTICLE V 
 CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS 

Section 5.1 CGSH Contribution 
 On the CGSH Contribution Agreement Closing Date and pursuant to the CGSH Contribution Agreement, the Partnership will issue 35,103,113 Common Units and 4,387,889 Subordinated Units to CGSH as
consideration for CGSH’s contribution of all of its interests in Crestwood Gas Services GP LLC to the Partnership. 

Section 5.2 Interest and Withdrawal 
 No interest on Capital Contributions shall be paid by the Partnership. No Partner or Assignee shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent, if any, that
distributions made pursuant to this Agreement or upon termination of the Partnership may be considered as such by law and then only to the extent provided for in this Agreement. Except to the extent expressly provided in this Agreement, no Partner
or Assignee shall have priority over any other Partner or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions. Any such return shall be a compromise to which all Partners and Assignees agree within the
meaning of Section 17-502(b) of the Delaware Act. 
 Section 5.3 Capital Accounts 

(a) The Partnership shall maintain for each Limited Partner (or a beneficial owner of Partnership Interests held by a nominee in any case
in which the nominee has furnished the identity of such owner to the Partnership in accordance with Section 6031(c) of the Code or any other method acceptable to the Managing General Partner in its sole discretion) owning a Partnership Interest
a separate Capital Account with respect to such Partnership Interest in 

  
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accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). Such Capital Account shall be increased by (i) the amount of all Capital Contributions made to the
Partnership with respect to such Partnership Interest pursuant to this Agreement and (ii) all items of Partnership income and gain (including, without limitation, income and gain exempt from tax) computed in accordance with Section 5.3(b)
and allocated with respect to such Partnership Interest pursuant to Section 6.1, and decreased by (x) the amount of cash or Net Agreed Value of all actual and deemed distributions of cash or property made with respect to such Partnership
Interest pursuant to this Agreement and (y) all items of Partnership deduction and loss computed in accordance with Section 5.3(b) and allocated with respect to such Partnership Interest pursuant to Section 6.1. 

(b) For purposes of computing the amount of any item of income, gain, loss or deduction which is to be allocated pursuant to Article VI
and is to be reflected in the Partners’ Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax purposes (including,
without limitation, any method of depreciation, cost recovery or amortization used for that purpose), provided, that: 
 (i) Solely for purposes of this Section 5.3, the Partnership shall be treated as owning directly its proportionate share (as determined by the Managing General Partner based upon the provisions of
the Operating Company Agreement) of all property owned by the Operating Company or any other Subsidiary that is classified as a partnership for federal income tax purposes. 

(ii) All fees and other expenses incurred by the Partnership to promote the sale of (or to sell) a Partnership Interest
that can neither be deducted nor amortized under Section 709 of the Code, if any, shall, for purposes of Capital Account maintenance, be treated as an item of deduction at the time such fees and other expenses are incurred and shall be
allocated among the Partners pursuant to Section 6.1. 
 (iii) Except as otherwise provided in Treasury
Regulation Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any election under Section 754 of the Code which may be made by the Partnership and, as to those
items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the Code, without regard to the fact that such items are not includable in gross income or are neither currently deductible nor capitalized for federal income tax purposes. To the
extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, the amount of such adjustment in the Capital Accounts shall be treated as an item of gain or loss. 
 (iv) Any income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the adjusted basis of such property as of such date of disposition were equal in
amount to the Partnership’s Carrying Value with respect to such property as of such date. 

  
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 (v) In accordance with the requirements of Section 704(b) of the Code,
any deductions for depreciation, cost recovery or amortization attributable to any Contributed Property shall be determined as if the adjusted basis of such property on the date it was acquired by the Partnership were equal to the Agreed Value of
such property. Upon an adjustment pursuant to Section 5.3(d) to the Carrying Value of any Partnership property subject to depreciation, cost recovery or amortization, any further deductions for such depreciation, cost recovery or amortization
attributable to such property shall be determined (A) as if the adjusted basis of such property were equal to the Carrying Value of such property immediately following such adjustment and (B) using a rate of depreciation, cost recovery or
amortization derived from the same method and useful life (or, if applicable, the remaining useful life) as is applied for federal income tax purposes; provided, however, that, if the asset has a zero adjusted basis for federal income tax
purposes, depreciation, cost recovery or amortization deductions shall be determined using any reasonable method that the Managing General Partner may adopt. 
 (vi) If the Partnership’s adjusted basis in a depreciable or cost recovery property is reduced for federal income tax purposes pursuant to Section 48(q)(1) or 48(q)(3) of the Code, the amount of
such reduction shall, solely for purposes hereof, be deemed to be an additional depreciation or cost recovery deduction in the year such property is placed in service and shall be allocated among the Partners pursuant to Section 6.1. Any
restoration of such basis pursuant to Section 48(q)(2) of the Code shall, to the extent possible, be allocated in the same manner to the Partners to whom such deemed deduction was allocated. 

(c) (i) A transferee of a Partnership Interest shall succeed to a pro rata portion of the Capital Account of the transferor relating to
the Partnership Interest so transferred. 
 (ii) Immediately prior to the transfer of a Subordinated Unit or of a
Subordinated Unit that has converted into a Common Unit pursuant to Section 5.7 by a holder thereof (other than a transfer to an Affiliate unless the Managing General Partner elects to have this subparagraph 5.3(c)(ii) apply), the Capital
Account maintained for such Person with respect to its Subordinated Units or converted Subordinated Units will (A) first, be allocated to the Subordinated Units or converted Subordinated Units to be transferred in an amount equal to the product
of (x) the number of such Subordinated Units or converted Subordinated Units to be transferred and (y) the Per Unit Capital Amount for a Common Unit, and (B) second, any remaining balance in such Capital Account will be retained by
the transferor, regardless of whether it has retained any Subordinated Units or converted Subordinated Units. Following any such allocation, the transferor’s Capital Account, if any, maintained with respect to the retained Subordinated Units or
converted Subordinated Units, if any, will have a balance equal to the amount allocated under clause (B) above, and the transferee’s Capital Account established with respect to the transferred Subordinated Units or converted Subordinated
Units will have a balance equal to the amount allocated under clause (A) above. 

  
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 (d) (i) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), on an
issuance of additional Partnership Interests for cash or Contributed Property, the Capital Account of all Partners and the Carrying Value of each Partnership property immediately prior to such issuance shall be adjusted upward or downward to reflect
any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as if such Unrealized Gain or Unrealized Loss had been recognized on an actual sale of each such property immediately prior to such issuance and had been allocated to
the Partners in the same manner as any item of gain or loss actually recognized during such period would have been allocated. Any such Unrealized Gain or Unrealized Loss (or items thereof) shall be allocated among the Partners in the same manner as
any item of gain or loss actually recognized would have been allocated. In determining such Unrealized Gain or Unrealized Loss, the aggregate cash amount and fair market value of all Partnership assets (including, without limitation, cash or cash
equivalents) immediately prior to the issuance of additional Partnership Interests shall be determined by the Managing General Partner using such reasonable method of valuation as it may adopt; provided, however, that the Managing General
Partner, in arriving at such valuation, must take fully into account the fair market value of the Partnership Interests of all Partners at such time. 
 (ii) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), immediately prior to any actual or deemed distribution to a Partner of any Partnership property (other than a distribution of
cash that is not in redemption or retirement of a Partnership Interest), the Capital Accounts of all Partners and the Carrying Value of all Partnership property shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss
attributable to such Partnership property, as if such Unrealized Gain or Unrealized Loss had been recognized in a sale of such property immediately prior to such distribution for an amount equal to its fair market value, and had been allocated to
the Partners, at such time, in the same manner as any item of gain or loss actually recognized during such period would have been allocated. In determining such Unrealized Gain or Unrealized Loss the aggregate cash amount and fair market value of
all Partnership assets (including, without limitation, cash or cash equivalents) immediately prior to a distribution shall (A) in the case of an actual distribution which is not made pursuant to Section 12.4 or in the case of a deemed
contribution and/or distribution, be determined and allocated in the same manner as that provided in Section 5.3(d)(i) or (B) in the case of a liquidating distribution pursuant to Section 12.4, be determined and allocated by the
Liquidator using such reasonable method of valuation as it may adopt. 
 Section 5.4 Issuances of Additional Partnership
Securities 
 (a) The Partnership may issue additional Partnership Securities and options, rights, warrants and appreciation
rights relating to the Partnership Securities for any Partnership purpose at any time and from time to time to such Persons for such consideration and on such terms and conditions as shall be established by the Managing General Partner in its sole
discretion, all without the approval of any Limited Partners. 
 (b) Each additional Partnership Security authorized to be issued
by the Partnership pursuant to Section 5.4(a) may be issued in one or more classes, or one or more series of any such classes, with such designations, preferences, rights, powers and duties (which may be senior to existing classes and series of
Partnership Securities), as shall be fixed by the Managing General Partner in the exercise of its sole discretion, including (i) the right to share Partnership profits and losses or items thereof; (ii) the right to share in Partnership
distributions; (iii) the 

  
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rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions upon which, the Partnership may redeem the Partnership Security; (v) whether such
Partnership Security is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which each Partnership Security will be issued, evidenced by
certificates and assigned or transferred; and (vii) the right, if any, of each such Partnership Security to vote on Partnership matters, including matters relating to the relative designations, preferences, rights, powers and duties of such
Partnership Security. 
 (c) The Managing General Partner is hereby authorized and directed to take all actions that it deems
necessary or appropriate in connection with (i) each issuance of Partnership Securities and options, rights, warrants and appreciation rights relating to Partnership Securities pursuant to this Section 5.4, (ii) the admission of
Additional Limited Partners and (iii) all additional issuances of Partnership Securities. The Managing General Partner is further authorized and directed to specify the relative rights, powers and duties of the holders of the Units or other
Partnership Securities being so issued. The Managing General Partner shall do all things necessary to comply with the Delaware Act and is authorized and directed to do all things it deems to be necessary or advisable in connection with any future
issuance of Partnership Securities or in connection with the conversion of the Non-Managing General Partner Interest into Units pursuant to the terms of this Agreement, including compliance with any statute, rule, regulation or guideline of any
federal, state or other governmental agency or any, National Securities Exchange on which the Units or other Partnership Securities are listed for trading. 
 (d) No fractional Units shall be issued by the Partnership. 
 Section 5.5
Splits and Combinations 
 (a) Subject to Section 5.5(d) the Partnership may make a Pro Rata distribution of
Partnership Securities to all Record Holders or may effect a subdivision or combination of Partnership Securities so long as, after any such event, each Partner shall have the same Percentage Interest in the Partnership as before such event, and any
amounts calculated on a per Unit basis (including any Common Unit Arrearage or Cumulative Unit Arrearage) or stated as a number of Units are proportionately adjusted retroactive to the beginning of the Partnership. 

(b) Whenever such a distribution, subdivision or combination of Partnership Securities is declared, the Managing General Partner shall
select a Record Date as of which the distribution, subdivision or combination shall be effective and shall send notice thereof at least 20 days prior to such Record Date to each Record Holder as of a date not less than 10 days prior to the date of
such notice. The Managing General Partner also may cause a firm of independent public accountants selected by it to calculate the number of Partnership Securities to be held by each Record Holder after giving effect to such distribution, subdivision
or combination. The Managing General Partner shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy of such calculation. 

  
 33 

 (c) Promptly following any such distribution, subdivision or combination, the Partnership
may issue Certificates or uncertificated Partnership Securities to the Record Holders of Partnership Securities as of the applicable Record Date representing the new number of Partnership Securities held by such Record Holders, or the Managing
General Partner may adopt such other procedures as it may deem appropriate to reflect such changes. If any such combination results in a smaller total number of Partnership Securities Outstanding, the Partnership shall require, as a condition to the
delivery to a Record Holder of such new Certificate or uncertificated Partnership Securities, the surrender of any Certificate held by such Record Holder immediately prior to such Record Date. 

(d) The Partnership shall not issue fractional Units upon any distribution, subdivision or combination of Units. If a distribution,
subdivision or combination of Units would result in the issuance of fractional Units but for the provisions of Section 5.4(d) and this Section 5.5(d), each fractional Unit shall be rounded to the nearest whole Unit (and a 0.5 Unit shall be
rounded to the next higher Unit). 
 Section 5.6 Fully Paid and Non-Assessable Nature of Limited Partner Interests

 All Limited Partner Interests issued pursuant to, and in accordance with the requirements of, this Article V shall be fully
paid and non-assessable Limited Partner Interests in the Partnership, except as such non assessability may be affected by Section 17-607 of the Delaware Act. 
 Section 5.7 Conversion of Subordinated Units 
 All of the Subordinated
Units shall convert into Common Units on a one-for-one basis on the first Business Day following the distribution pursuant to Section 6.4(a) in respect of the final Quarter of the Subordination Period. 

ARTICLE VI 

ALLOCATIONS AND DISTRIBUTIONS 
 Section 6.1 Allocations for Capital Account Purposes 
 For purposes of
maintaining the Capital Accounts and in determining the rights of the Partners among themselves, the Partnership’s items of income, gain, loss and deduction (computed in accordance with Section 5.3(b)) shall be allocated among the Partners
in each taxable year (or portion thereof) as provided herein below. 
 (a) Net Income. Net Income for each taxable period
(including a pro rata part of each item of income, gain, loss and deduction taken into account in computing Net Income for such taxable period) shall be allocated as follows: 

(i) First, to the Managing General Partner until the aggregate of the Net Income allocated to the Managing General Partner
pursuant to this Section 6.1(a)(i) and the Net Termination Gain allocated to the Managing General Partner pursuant to Section 6.1(c)(i)(A) or Section 6.1(c)(iv)(A) for the current and all previous taxable periods is equal to the
aggregate of the Net Loss allocated to the Managing General Partner pursuant to Section 6.1(b)(ii) for all previous taxable periods and the Net Termination Loss allocated to the Managing General Partner pursuant to Section 6.1(c)(ii)(D) or
Section 6.1(c)(iii)(C) for the current and all previous taxable periods; and 

  
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 (ii) The balance, if any, 100% to the Unitholders, Pro Rata. 

(b) Net Loss. Net Loss for each taxable period (including a pro rata part of each item of income, gain, loss and deduction taken
into account in computing Net Loss for such taxable period) shall be allocated as follows: 
 (i) First, to the
Unitholders, Pro Rata; and provided, that Net Loss shall not be allocated pursuant to this Section 6.1(b)(i) to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the
end of such taxable period (or increase any existing deficit balance in its Adjusted Capital Account); and 

(ii) The balance, if any, 100% to the Managing General Partner. 

(c) Net Termination Gains and Losses. Net Termination Gain or Net Termination Loss for each taxable period shall be allocated in
the manner set forth in this Section 6.1(c). All allocations under this Section 6.1(c) shall be made after Capital Account balances have been adjusted by all other allocations provided under this Section 6.1 and after all
distributions of cash and cash equivalents provided under Section 6.4 have been made; provided, however, that solely for purposes of this Section 6.1(c), Capital Accounts shall not be adjusted for distributions made pursuant
to Section 12.4. 
 (i) Except as provided in Section 6.1(c)(iv), Net Termination Gain (including a pro
rata part of each item of income, gain, loss, and deduction taken into account in computing Net Termination Gain) shall be allocated: 
 (A) First, to the Managing General Partner until the aggregate of the Net Termination Gain allocated to the Managing General Partner pursuant to this Section 6.1(c)(i)(A) or
Section 6.1(c)(iv)(A) and the Net Income allocated to the Managing General Partner pursuant to Section 6.1(a)(i) for the current and all previous taxable periods is equal to the aggregate of the Net Loss allocated to the Managing General
Partner pursuant to Section 6.1(b)(ii) for all previous taxable periods and the Net Termination Loss allocated to the Managing General Partner pursuant to Section 6.1(c)(ii)(D) or Section 6.1(c)(iii)(C) for all previous taxable
periods; 
 (B) Second, to all Unitholders holding Common Units and Class A Units, Pro Rata, until the
Capital Account in respect of each Common Unit then Outstanding is equal to the sum of (1) its Unrecovered Initial Unit Price, (2) the Minimum Quarterly Distribution for the Quarter during which the Liquidation Date occurs, reduced by any
distribution pursuant to Section 6.4(a)(i)(A), Section 6.4(a)(ii)(A) or Section 6.4(b)(i) with respect to such Common Unit for such Quarter (the amount determined pursuant to this clause (2) is hereinafter referred to as the
“Unpaid MQD”) and (3) any then existing Cumulative Common Unit Arrearage; 

  
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 (C) Third, if such Net Termination Gain is recognized (or is deemed to be
recognized) prior to the conversion of the last Outstanding Subordinated Unit into a Common Unit, to all Unitholders holding Subordinated Units, Pro Rata, until the Capital Account in respect of each Subordinated Unit then Outstanding equals the sum
of (1) its Unrecovered Initial Unit Price, determined for the taxable period (or portion thereof) to which this allocation of gain relates, and (2) the Minimum Quarterly Distribution for the Quarter during which the Liquidation Date
occurs, reduced by any distributions pursuant to Section 6.4(a)(i)(C) and 6.4(a)(ii)(C) with respect to such Subordinated Unit for such Quarter; and 
 (D) The balance, if any, to all Unitholders, Pro Rata. 
 (ii)
Except as otherwise provided by Section 6.1(c)(iii), Net Termination Loss shall be allocated: 
 (A) First,
if Subordinated Units remain Outstanding, to all Unitholders holding Subordinated Units, Pro Rata, until the Capital Account in respect of each Subordinated Unit then Outstanding has been reduced to zero; 

(B) Second, to all Unitholders holding Common Units or Class A Units, Pro Rata, until the Capital Account in respect
of each Common Unit and Class A Unit then Outstanding has been reduced to zero; and 
 (C) Third, to all
Unitholders holding Common Units in accordance with the positive balances of their respective Adjusted Capital Accounts; and 
 (D) The balance, if any, 100% to the Managing General Partner. 

(iii) Any Net Termination Loss deemed recognized pursuant to Section 5.3(d) prior to the Liquidation Date shall be
allocated: 
 (A) First, to the Unitholders, Pro Rata, until the Capital Account in respect of each Common Unit
then Outstanding is not more than the Common Unit Trading Price; provided that Net Termination Loss shall not be allocated pursuant to this Section 6.1(c)(iii)(A) to any Unitholder to the extent such allocation would cause such
Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable period (or increase any existing deficit in its Adjusted Capital Account), and any Net Termination Loss not so allocable to any Unitholders in accordance
with the positive balances in such Unitholders’ Adjusted Capital Accounts so as to allocate the maximum permissible Net Termination Loss to each Unitholder under Treasury Regulation Section 1.704-1(b)(2)(ii)(d); and 

(B) Second, to all the Unitholders holding Subordinated Units, Pro Rata, until the Capital Account in respect of each
Subordinated Unit is not more than the Subordinated Unit Value; provided that Net Termination Loss shall not be allocated pursuant to this Section 6.1(c)(iii)(B) to the extent such allocation would cause any Unitholder to have a deficit balance
in its Adjusted Capital Account at the end of such taxable period (or increase any existing deficit in its Adjusted Capital Account); and 

  
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 (C) The balance, if any, to the Managing General Partner. 

(iv) If a Net Termination Loss has been allocated pursuant to Section 6.1(c)(iii), any subsequent Net Termination
Gain deemed recognized pursuant to Section 5.3(d) prior to the Liquidation Date shall be allocated: 
 (A)
First, to the Managing General Partner until the aggregate Net Termination Gain allocated to the Managing General Partner pursuant to this Section 6.1(c)(iv)(A) is equal to the aggregate Net Termination Loss previously allocated pursuant to
Section 6.1(c)(iii)(C); 
 (B) Second, to the Unitholders, in such a manner, as determined by the Managing
General Partner, that causes, to the greatest extent possible, the Capital Accounts of the Unitholders to equal the amounts that would have been their Capital Account balances if no Net Termination Loss were previously allocated pursuant to
Section 6.1(c)(iii)(A); and 
 (C) The balance, if any, pursuant to the provisions of
Section 6.1(c)(i). 
 (d) Special Allocations. Notwithstanding any other provision of this Section 6.1, the
following special allocations shall be made for such taxable period: 
 (i) Partnership Minimum Gain
Chargeback. Notwithstanding any other provision of this Section 6.1, if there is a net decrease in Partnership Minimum Gain during any Partnership taxable period, each Partner shall be allocated items of Partnership income and gain for such
period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor provision. For purposes of this Section 6.1(d)(i), each
Partner’s Adjusted Capital Account balance shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 6.1(d)(i) with respect to
such taxable period (other than an allocation pursuant to Section 6.1(d)(vi) and Section 6.1(d)(vii)). This Section 6.1(d)(i) is intended to comply with the Partnership Minimum Gain chargeback requirement in Treasury Regulation
Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (ii) Chargeback of Partner
Nonrecourse Debt Minimum Gain. Notwithstanding the other provisions of this Section 6.1 (other than Section 6.1(d)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Partner
Nonrecourse Debt Minimum Gain during any Partnership taxable period, any Partner with a share of Partner Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Partnership income and gain for such period
(and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor 

  
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provisions. For purposes of this Section 6.1(d)(ii), each Partner’s Adjusted Capital Account balance shall be determined, and the allocation of income or gain required hereunder shall
be effected, prior to the application of any other allocations pursuant to this Section 6.1(d)(ii), other than Section 6.1(d)(i) and other than an allocation pursuant to Sections 6.1(d)(vi) and 6.1(d)(vii), with respect to such
taxable period. This Section 6.1(d)(ii) is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

(iii) Priority Allocations. If the amount of cash or the Net Agreed Value of any property distributed (except cash
or property distributed pursuant to Section 12.4) with respect to a Unit for a taxable period exceeds the amount of cash or the Net Agreed Value of property distributed with respect to another Unit within the same taxable period, except for any
discrepancy that arises as a result of the non-participation by the Class A Units in the distributions of IPCH/Inergy Partners Available Cash (the amount of the excess, an “Excess Distribution” and the Unit with respect
to which the greater distribution is paid, an “Excess Distribution Unit”), then there shall be allocated gross income and gain to each Unitholder receiving an Excess Distribution with respect to the Excess Distribution Unit
until the aggregate amount of such items allocated with respect to such Excess Distribution Unit pursuant to this Section 6.1(d)(iii) for the current taxable period and all previous taxable periods is equal to the amount of the Excess
Distribution. 
 (iv) Qualified Income Offset. In the event any Partner unexpectedly receives any
adjustments, allocations or distributions described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain shall be specially allocated to such Partner
in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments,
allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant to Sections 6.1(d)(i) or 6.1(d)(ii). 
 (v) Gross Income Allocations. In the event any Partner has a deficit balance in its Capital Account at the end of any Partnership taxable period in excess of the sum of (A) the amount such
Partner is required to restore pursuant to the provisions of this Agreement and (B) the amount such Partner is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially
allocated items of Partnership gross income and gain in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this Section 6.1(d)(v) shall be made only if and to the extent that such
Partner would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this Section 6.1 have been tentatively made as if this Section 6.1(d)(v) were not in this Agreement. 

  
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 (vi) Nonrecourse Deductions. Nonrecourse Deductions for any taxable
period shall be allocated to the Partners in accordance with their respective Percentage Interests. If the Managing General Partner determines in its good faith discretion that the Partnership’s Nonrecourse Deductions must be allocated in a
different ratio to satisfy the safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the Managing General Partner is authorized, upon notice to the other Partners, to revise the prescribed ratio to
the numerically closest ratio that does satisfy such requirements. 
 (vii) Partner Nonrecourse
Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated 100% to the Partner that bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are
attributable in accordance with Treasury Regulation Section 1.704-2(i). If more than one Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be
allocated between or among such Partners in accordance with the ratios in which they share such Economic Risk of Loss. 
 (viii) Nonrecourse Liabilities. For purposes of Treasury Regulation Section 1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of
(A) the amount of Partnership Minimum Gain and (B) the total amount of Nonrecourse Built-in Gain shall be allocated among the Partners in accordance with their respective Percentage Interests. 

(ix) Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership
asset pursuant to Section 734(b) or 743(c) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Partners in a manner consistent
with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations. 
 (x) Curative Allocation. 
 (A) Notwithstanding any other
provision of this Section 6.1, other than the Required Allocations, the Required Allocations shall be taken into account in making the Agreed Allocations so that, to the extent possible, the net amount of items of income, gain, loss and
deduction allocated to each Partner pursuant to the Required Allocations and the Agreed Allocations, together, shall be equal to the net amount of such items that would have been allocated to each such Partner under the Agreed Allocations had the
Required Allocations and the related Curative Allocation not otherwise been provided in this Section 6.1. Notwithstanding the preceding sentence, Required Allocations relating to (1) Nonrecourse Deductions shall not be taken into account
except to the extent that there has been a decrease in Partnership Minimum Gain and (2) Partner Nonrecourse Deductions shall not be taken into account except to the extent that there has been a decrease in Partner Nonrecourse Debt Minimum Gain.
Allocations pursuant to this Section 6.1(d)(x)(A) shall only be made with respect 

  
 39 

 
to Required Allocations to the extent the Managing General Partner reasonably determines that such allocations will otherwise be inconsistent with the economic agreement among the Partners.
Further, allocations pursuant to this Section 6.1(d)(x)(A)shall be deferred with respect to allocations pursuant to clauses (1) and (2) hereof to the extent the Managing General Partner reasonably determines that such allocations are
likely to be offset by subsequent Required Allocations. 
 (B) The Managing General Partner shall have reasonable
discretion, with respect to each taxable period, to (1) apply the provisions of Section 6.1(d)(x)(A) in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and
(2) divide all allocations pursuant to Section 6.1(d)(x)(A) among the Partners in a manner that is likely to minimize such economic distortions. 
 (xi) All IPCH/Inergy Partners Items shall, to the maximum extent possible, be allocated to the holders of the Common Units and Subordinated Units, Pro Rata. 

(xii) In the case of any negative adjustments to the Capital Accounts of the Partners resulting from a Book-Down Event or
from the recognition of a Net Termination Loss, such negative adjustment (1) shall first be allocated in such a manner, as determined by the Managing General Partner, that to the extent possible the aggregate Capital Accounts of the Partners
will equal the amount that would have been the Capital Account balances of the Partners if no prior Book-Up Events had occurred, and (2) thereafter shall be allocated pursuant to Section 6.1(c) hereof. 

(xiii) Economic Uniformity. At the election of the Managing General Partner with respect to any taxable period
ending upon, or after, the termination of the Subordination Period, all or a portion of the remaining items of Partnership gross income or gain for such taxable period, after taking into account allocations pursuant to Section 6.1(d)(iii),
shall be allocated 100% to each Partner holding Subordinated Units that are Outstanding as of the termination of the Subordination Period (“Final Subordinated Units”) in the proportion of the number of Final Subordinated
Units held by such Partner to the total number of Final Subordinated Units then Outstanding, until each such Partner has been allocated an amount of gross income or gain that increases the Capital Account maintained with respect to such Final
Subordinated Units to an amount that after taking into account the other allocations of income, gain, loss and deduction to be made with respect to such taxable period will equal the product of (A) the number of Final Subordinated Units held by
such Partner and (B) the Per Unit Capital Amount for a Common Unit. The purpose of this allocation is to establish uniformity between the Capital Accounts underlying Final Subordinated Units and the Capital Accounts underlying Common Units held
by Persons other than the Managing General Partner and its Affiliates immediately prior to the conversion of such Final Subordinated Units into Common Units. This allocation method for establishing such economic uniformity will be available to the
Managing General Partner only if the method for allocating the Capital Account maintained with respect to the Subordinated Units between the transferred and retained Subordinated Units pursuant to Section 5.3(c)(ii) does not otherwise provide
such economic uniformity to the Final Subordinated Units. 

  
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 Section 6.2 Allocations for Tax Purposes 

(a) Except as otherwise provided herein, for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated
among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Section 6.1. 
 (b) In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss, depreciation, amortization and cost recovery deductions shall
be allocated for federal income tax purposes among the Partners as follows: 
 (i) In the case of a Contributed
Property, such items attributable thereto (A)shall be allocated among the Partners in the manner provided under Section 704(c) of the Code that takes into account the variation between the Agreed Value of such property and its adjusted basis at
the time of contribution; and (B) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Partners in the same manner as its correlative item of “book” gain or loss is
allocated pursuant to Section 6.1. 
 (ii) In the case of an Adjusted Property, such items shall
(A) first, be allocated among the Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof
pursuant to Sections 5.3(d)(i) or 5.3(d)(ii), (B) second, in the event such property was originally a Contributed Property, be allocated among the Partners in a manner consistent with Section 6.2(b)(i)(A); and (C) third, any item of
Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1. 

(iii) The Managing General Partner shall apply the principles of Treasury Regulation Section 1.704-3(d) to eliminate
Book-Tax Disparities. 
 (c) For the proper administration of the Partnership and for the preservation of uniformity of the
Limited Partner Interests (or any class or classes thereof), the Managing General Partner shall have sole discretion to (i) adopt such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost recovery
deductions; (ii) make special allocations for federal income tax purposes of income (including, without limitation, gross income) or deductions; and (iii) amend the provisions of this Agreement as appropriate (x) to reflect the
proposal or promulgation of Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve uniformity of the Limited Partner Interests (or any class or classes thereof). The Managing
General Partner may adopt such conventions, make such allocations and make such amendments to this Agreement as provided in this Section 6.2(c) only if such conventions, allocations or amendments would not have a material adverse effect on the
Partners, the holders of any class or classes of Limited Partner Interests issued and Outstanding or the Partnership, and if such allocations are consistent with the principles of Section 704 of the Code. 

  
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 (d) The Managing General Partner in its discretion may determine to depreciate or amortize
the portion of an adjustment under Section 743(b) of the Code attributable to unrealized appreciation in any Adjusted Property (to the extent of the unamortized Book-Tax Disparity) using a predetermined rate derived from the depreciation or
amortization method and useful life applied to the Partnership’s common basis of such property, despite any inconsistency of such approach with Treasury Regulation Section 1.167(c)-1(a)(6) or any successor regulations thereto. If the
Managing General Partner determines that such reporting position cannot reasonably be taken, the Managing General Partner may adopt depreciation and amortization conventions under which all purchasers acquiring Limited Partner Interests in the same
month would receive depreciation and amortization deductions, based upon the same applicable rate as if they had purchased a direct interest in the Partnership’s property. If the Managing General Partner chooses not to utilize such aggregate
method, the Managing General Partner may use any other reasonable depreciation and amortization conventions to preserve the uniformity of the intrinsic tax characteristics of any Limited Partner Interests that would not have a material adverse
effect on the Limited Partners or the Record Holders of any class or classes of Limited Partner Interests. 
 (e) Any gain
allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall, to the extent possible, after taking into account other required allocations of gain pursuant to this Section 6.2, be characterized as
Recapture Income in the same proportions and to the same extent as such Partners (or their predecessors in interest) have been allocated any deductions directly or indirectly giving rise to the treatment of such gains as Recapture Income.

 (f) All items of income, gain, loss, deduction and credit recognized by the Partnership for federal income tax purposes and
allocated to the Partners in accordance with the provisions hereof shall be determined without regard to any election under Section 754 of the Code which may be made by the Partnership; provided, however, that such allocations, once
made, shall be adjusted as necessary or appropriate to take into account those adjustments permitted or required by Sections 734 and 743 of the Code. 
 (g) Each item of Partnership income, gain, loss and deduction, shall for federal income tax purposes, be determined on an annual basis and prorated on a monthly basis and shall be allocated to the
Partners as of the opening of the New York Stock Exchange on the first Business Day of each month; provided, however, that gain or loss on a sale or other disposition of any assets of the Partnership or any other extraordinary item of income
or loss realized and recognized other than in the ordinary course of business, as determined by the Managing General Partner in its sole discretion, shall be allocated to the Partners as of the opening of the New York Stock Exchange on the first
Business Day of the month in which such gain or loss is recognized for federal income tax purposes. The Managing General Partner may revise, alter or otherwise modify such methods of allocation as it determines necessary or appropriate in its sole
discretion, to the extent permitted or required by Section 706 of the Code and the regulations or rulings promulgated thereunder. 
 (h) Allocations that would otherwise be made to a Limited Partner under the provisions of this Article VI shall instead be made to the beneficial owner of Limited Partner Interests held by a nominee in
any case in which the nominee has furnished the identity of such owner to the Partnership in accordance with Section 6031(c) of the Code or any other method acceptable to the Managing General Partner in its sole discretion. 

  
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 Section 6.3 Requirement and Characterization of Distributions 

(a) Subject to Section 7.5(e), within 45 days following the end of each Quarter, an amount equal to 100% of Available Cash with
respect to such Quarter shall, subject to Section 17-607 of the Delaware Act, be distributed in accordance with this Article VI by the Partnership to the Unitholders as of the Record Date selected by the Managing General Partner in its
reasonable discretion. All amounts of Available Cash distributed by the Partnership on any date from any source shall be deemed to be Operating Surplus until the sum of all amounts of Available Cash theretofore distributed by the Partnership to the
Partners pursuant to Section 6.4 equals the Operating Surplus from the Closing Date through the close of the immediately preceding Quarter. Any remaining amounts of Available Cash distributed by the Partnership on such date shall be deemed to
be “Capital Surplus.” All distributions required to be made under this Agreement shall be made subject to Section 17-607 of the Delaware Act. 
 (b) Notwithstanding Section 6.3(a), in the event of the dissolution and liquidation of the Partnership, all receipts received during or after the Quarter in which the Liquidation Date occurs, other
than from borrowings described in (a)(ii) of the definition of Available Cash, shall be applied and distributed solely in accordance with, and subject to the terms and conditions of, Section 12.4. 

(c) In the event of the dissolution and liquidation of the Partnership, all receipts received during or after the Quarter in which the
Liquidation Date occurs shall be applied and distributed solely in accordance with, and subject to the terms and conditions of, Section 12.4. 
 (d) The Managing General Partner shall have the discretion to treat taxes paid by the Partnership on behalf of, or amounts withheld with respect to, all or less than all of the Partners as if they had
been distributed to the Partner on whose behalf the taxes were held or paid. 
 (e) Each distribution in respect of a Partnership
Interest shall be paid by the Partnership, directly or through the Transfer Agent or through any other Person or agent, only to the Record Holder of such Partnership Interest as of the Record Date set for such distribution. Such payment shall
constitute full payment and satisfaction of the Partnership’s liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise. 

Section 6.4 Distributions to Record Holders. 
 (a) During Subordination Period. Cash and cash equivalents distributed in respect of any Quarter wholly within the Subordination Period shall be distributed as follows: 

(i) Available Cash shall be distributed: 

(A) First, to all Unitholders holding Common Units and Class A Units, Pro Rata, until there has been distributed in
respect of each Common Unit then Outstanding an amount equal to the Minimum Quarterly Distribution for such Quarter; 

  
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 (B) Second, to all Unitholders holding Common Units and Class A Units,
Pro Rata, until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage existing with respect to such Quarter; 

(C) Third, to all Unitholders holding Subordinated Units, Pro Rata, until there has been distributed in respect of each
Subordinated Unit then Outstanding an amount equal to the Minimum Quarterly Distribution for such Quarter; and 

(D) Thereafter, to all Unitholders, Pro Rata. 

(ii) IPCH/Inergy Partners Available Cash shall be distributed: 

(A) First, to the holders of Common Units, Pro Rata, a distribution with respect to each Common Unit Outstanding an amount
equal to the excess of the Minimum Quarterly Distribution for such Quarter over the amount distributed with respect to each Common Unit Outstanding pursuant to Section 6.4(a)(i)(A) for such Quarter; 

(B) Second, to the holders of Common Units, Pro Rata, a distribution with respect to each Common Unit Outstanding an
amount equal to the excess of the Common Unit Arrearage existing with respect to such Quarter over the amount distributed with respect to each Common Unit Outstanding pursuant to Section 6.4(a)(i)(B) for such Quarter; 

(C) Third, to the holders of Subordinated Units, Pro Rata, a distribution with respect to each Subordinated Unit
Outstanding an amount equal to the excess of the Minimum Quarterly Distribution for such Quarter over the amount distributed with respect to each Subordinated Unit Outstanding pursuant to Section 6.4(a)(i)(C) for such Quarter; 

(D) Thereafter, to the holders of Common Units and Subordinated Units, Pro Rata. 

(b) After Subordination Period. Cash and cash equivalents distributed in respect of any Quarter ending after the Subordination
Period has ended shall be distributed as follows: 
 (i) First, IPCH/Inergy Partners Available Cash to the
holders of the Common Units, Pro Rata; and 
 (ii) Thereafter, Available Cash to all Unitholders, Pro Rata.

  
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 Section 6.5 Special Provisions Relating to the Holders of Subordinated Units.

 (a) Except with respect to the right to vote on or approve matters requiring the vote or approval of a percentage of the
holders of Outstanding Common Units and the right to participate in allocations of income, gain, loss and deduction and distributions made with respect to Common Units, the holder of a Subordinated Unit shall have all of the rights and obligations
of a Unitholder holding Common Units hereunder; provided, however, that immediately upon the conversion of Subordinated Units into Common Units pursuant to Section 5.7, the Unitholder holding Subordinated Units shall possess all
of the rights and obligations of a Unitholder holding Common Units hereunder with respect to such converted Subordinated Units, including the right to vote as a holder of Common Units and the right to participate in allocations of income, gain, loss
and deduction and distributions made with respect to Common Units; provided, however, that such converted Subordinated Units shall remain subject to the provisions of Section 5.3(c)(ii), Section 6.1(d)(x), and Section 6.5(b) and (c).

 (b) A Unitholder shall not be permitted to transfer a Subordinated Unit or a Subordinated Unit that has converted into a
Common Unit pursuant to Section 5.7 (other than a transfer to an Affiliate) if the remaining balance in the transferring Unitholder’s Capital Account with respect to the retained Subordinated Units or retained converted Subordinated Units
would be negative after giving effect to the allocation under Section 5.3(c)(ii). 
 (c) The Unitholder holding a Common
Unit that has resulted from the conversion of a Subordinated Unit pursuant to Section 5.7 shall not be issued a Common Unit Certificate pursuant to Section 4.1, if the Common Units are evidenced by Certificates, and shall not be permitted
to transfer such Common Unit to a Person that is not an Affiliate of the holder until such time as the Managing General Partner determines, based on advice of counsel, that each such Common Unit should have, as a substantive matter, like intrinsic
economic and federal income tax characteristics to the transferee, in all material respects, to the intrinsic economic and federal income tax characteristics of an Initial Common Unit to such transferee. In connection with the condition imposed by
this Section 6.5(c), the Managing General Partner may take whatever steps are required to provide economic uniformity to such Common Units in preparation for a transfer of such Common Units, including the application of Sections 5.3(c)(ii),
6.1(d)(x) and 6.5(b); provided, however, that no such steps may be taken that would have a material adverse effect on the Unitholders holding Common Units. 
 Section 6.6 Adjustment of Minimum Quarterly Distribution Levels 
 (a)
The Minimum Quarterly Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or
otherwise) of Units or other Partnership Interests. 
 (b) The Minimum Quarterly Distribution shall also be subject to adjustment
pursuant to Section 6.7. 

  
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 Section 6.7 Entity-Level Taxation 

If legislation is enacted or the official interpretation of existing legislation is modified by a governmental authority, which after giving effect to
such enactment or modification, results in a Group Member becoming subject to federal, state or local or non-U.S. income or withholding taxes in excess of the amount of such taxes due from the Group Member prior to such enactment or modification
(including, for the avoidance of doubt, any increase in the rate of such taxation applicable to the Group Member), then the Managing General Partner may, in its sole discretion, reduce the amount of the Minimum Quarterly Distribution by the amount
of income or withholding taxes that are payable by reason of any such new legislation or interpretation (the “Incremental Income Taxes”), or any portion thereof selected by the Managing General Partner, in the manner provided in
this Section 6.7. If the Managing General Partner elects to reduce the Minimum Quarterly Distribution for any Quarter with respect to all or a portion of any Incremental Income Taxes, the Managing General Partner shall estimate for such Quarter
the Partnership Group’s aggregate liability (the “Estimated Incremental Quarterly Tax Amount”) for all (or the relevant portion of) such Incremental Income Taxes; provided that any difference between such estimate and the
actual liability for Incremental Income Taxes (or the relevant portion thereof) for such Quarter may, to the extent determined by the Managing General Partner, be taken into account in determining the Estimated Incremental Quarterly Tax Amount with
respect to each Quarter in which any such difference can be determined. For each such Quarter, the Minimum Quarterly Distribution shall be the product obtained by multiplying (a) the amounts therefor that are set out herein prior to the
application of this Section 6.7 times (b) the quotient obtained by dividing (i) cash and cash equivalents with respect to such Quarter by (ii) the sum of cash and cash equivalents with respect to such Quarter and the Estimated
Incremental Quarterly Tax Amount for such Quarter, as determined by the Managing General Partner. For purposes of the foregoing, cash and cash equivalents with respect to a Quarter will be deemed reduced by the Estimated Incremental Quarterly Tax
Amount for that Quarter. 
 ARTICLE VII 
 MANAGEMENT AND OPERATION OF BUSINESS 
 Section 7.1 Management

 (a) The Managing General Partner shall conduct, direct and manage all activities of the Partnership. Except as otherwise
expressly provided in this Agreement, all management powers over the business and affairs of the Partnership shall be exclusively vested in the Managing General Partner, and no Limited Partner or Assignee shall have any management power over the
business and affairs of the Partnership. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the Managing General Partner under any other provision of this
Agreement, the Managing General Partner, subject to Section 7.3, shall have full power and authority to do all things and on such terms as it, in its sole discretion, may deem necessary or appropriate to conduct the business of the Partnership,
to exercise all powers set forth in Section 2.5 and to effectuate the purposes set forth in Section 2.4, including the following: 

  
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 (i) the making of any expenditures, the lending or borrowing of money, the
assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness, including indebtedness that is convertible into Partnership Securities, and the incurring of any other obligations;

 (ii) the making of tax, regulatory and other filings, or rendering of periodic or other reports to
governmental or other agencies having jurisdiction over the business or assets of the Partnership; 
 (iii) the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership or the merger or other combination of the Partnership with or into another Person (the matters described in this clause
(iii) being subject, however, to any prior approval that may be required by Section 7.3); 
 (iv) the
use of the assets of the Partnership (including cash on hand) for any purpose consistent with the terms of this Agreement, including the financing of the conduct of the operations of the Partnership Group; subject to Section 7.6(a), the lending
of funds to other Persons (including the Operating Company); the repayment of obligations of the Partnership Group and the making of capital contributions to any member of the Partnership Group; 

(v) the negotiation, execution and performance of any contracts, conveyances or other instruments (including instruments
that limit the liability of the Partnership under contractual arrangements to all or particular assets of the Partnership, with the other party to the contract to have no recourse against the Managing General Partner or its assets other than their
interest in the Partnership, even if same results in the terms of the transaction being less favorable to the Partnership than would otherwise be the case); 
 (vi) the distribution of Partnership cash; 
 (vii) the selection
and dismissal of employees (including employees having titles such as “president,” “vice president,” “secretary” and “treasurer”) and agents, outside attorneys, accountants, consultants and contractors and the
determination of their compensation and other terms of employment or hiring; 
 (viii) the maintenance of such
insurance for the benefit of the Partnership Group and the Partners as it deems necessary or appropriate; 
 (ix)
the formation of, or acquisition of an interest in, and the contribution of property and the making of loans to, any further limited or general partnerships, joint ventures, limited liability companies, corporations or other relationships (including
the acquisition of interests in, and the contributions of property to, the Operating Company from time to time) subject to the restrictions set forth in Section 2.4; 

(x) the control of any matters affecting the rights and obligations of the Partnership, including the bringing and
defending of actions at law or in equity and otherwise engaging in the conduct of litigation and the incurring of legal expense and the settlement of claims and litigation; 

  
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 (xi) the indemnification of any Person against liabilities and contingencies
to the extent permitted by law; 
 (xii) the entering into of listing agreements with any National Securities
Exchange and the delisting of some or all of the Limited Partner Interests from, or requesting that trading be suspended on, any such exchange (subject to any prior approval that may be required under Section 4.8); 

(xiii) the purchase, sale or other acquisition or disposition of Partnership Securities, or the issuance of additional
options, rights, warrants and appreciation rights relating to Partnership Securities; and 
 (xiv) the
undertaking of any action in connection with the Partnership’s participation in the Operating Company as a member. 

Section 7.2 Certificate of Limited Partnership 
 The Managing General Partner has caused the Certificate of Limited Partnership to be filed with the Secretary of State of the State of Delaware as required by the Delaware Act and shall use all reasonable
efforts to cause to be filed such other certificates or documents as may be determined by the Managing General Partner in its sole discretion to be reasonable and necessary or appropriate for the formation, continuation, qualification and operation
of a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware or any other state in which the Partnership may elect to do business or own property. To the extent that such action is
determined by the Managing General Partner in its sole discretion to be reasonable and necessary or appropriate, the Managing General Partner shall file amendments to and restatements of the Certificate of Limited Partnership and do all things
necessary to maintain the Partnership as a limited partnership (or a partnership or other entity in which the limited partners have limited liability) under the laws of the State of Delaware or of any other state in which the Partnership may elect
to do business or own property. Subject to the terms of Section 3.4(a), the Managing General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Limited Partnership, any qualification document
or any amendment thereto to any Limited Partner. 
 Section 7.3 Restrictions on Managing General Partner’s
Authority 
 (a) The Managing General Partner may not, without written approval of the specific act by holders of all of the
Outstanding Limited Partner Interests or by other written instrument executed and delivered by holders of all of the Outstanding Limited Partner Interests subsequent to the date of this Agreement, take any action in contravention of this Agreement,
including, except as otherwise provided in this Agreement, (i) committing any act that would make it impossible to carry on the ordinary business of the Partnership; (ii) possessing Partnership property, or assigning any rights in specific
Partnership property, for other than a Partnership purpose; (iii) admitting a Person as a Partner; (iv) amending this Agreement in any manner; or (v) transferring its interest as general partner of the Partnership. 

  
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 (b) Except as provided in Articles XII and XIV, the Managing General Partner may not sell,
exchange or otherwise dispose of all or substantially all of the Partnership’s assets in a single transaction or a series of related transactions (including by way of merger, consolidation or other combination) or approve on behalf of the
Partnership the sale, exchange or other disposition of all or substantially all of the assets of the Operating Company, without the approval of holders of a Unit Majority; provided, however, that this provision shall not preclude or limit the
Managing General Partner’s ability to mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the assets of the Partnership or Operating Company and shall not apply to any forced sale of any or all of the
assets of the Partnership or Operating Company pursuant to the foreclosure of, or other realization upon, any such encumbrance. Without the approval of holders of a Unit Majority, the Managing General Partner shall not, on behalf of the Partnership,
(i) consent to any amendment to the Operating Company Agreement or, except as expressly permitted by Section 7.9(d), take any action permitted to be taken by a member of the Operating Company, in either case, that would adversely affect
the Limited Partners (including any particular class of Partnership Interests as compared to any other class of Partnership Interests) in any material respect or (ii) except as permitted under Sections 4.6, 11.1 and 11.2, elect or cause the
Partnership to elect a successor general partner of the Partnership. 
 Section 7.4 Reimbursement of the Managing
General Partner 
 (a) Except as provided in this Section 7.4 and elsewhere in this Agreement, the Managing General
Partner shall not be compensated for its services as a general partner or managing members of any Group Member. 
 (b) The
Managing General Partner shall be reimbursed on a monthly basis, or such other reasonable basis as the Managing General Partner may determine in its sole discretion, for (i) all direct and indirect expenses it incurs or payments it makes on
behalf of the Partnership (including salary, bonus, incentive compensation and other amounts paid to any Person including Affiliates of the Managing General Partner to perform services for the Partnership or for the Managing General Partner in the
discharge of its duties to the Partnership), and (ii) all other necessary or appropriate expenses allocable to the Partnership or otherwise reasonably incurred by the Managing General Partner in connection with operating the Partnership’s
business (including expenses allocated to the Managing General Partner by its Affiliates). The Managing General Partner shall determine the expenses that are allocable to the Partnership in any reasonable manner determined by the Managing General
Partner in its sole discretion. Reimbursements pursuant to this Section 7.4 shall be in addition to any reimbursement to the Managing General Partner as a result of indemnification pursuant to Section 7.7. 

(c) Subject to Section 5.4, the Managing General Partner, in its sole discretion and without the approval of the Limited Partners
(who shall have no right to vote in respect thereof), may propose and adopt on behalf of the Partnership employee benefit plans, employee programs and employee practices (including plans, programs and practices involving the issuance of Partnership
Securities or options to purchase Partnership Securities), or cause the Partnership to issue Partnership Securities in connection with, or pursuant to, any employee benefit plan, employee program or employee practice maintained or sponsored by the
Managing General Partner or any one of its Affiliates, in each case for the benefit of employees of the Managing General Partner, any Group Member or any Affiliate, or any of them, in respect of services

  
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performed, directly or indirectly, for the benefit of the Partnership Group. The Partnership agrees to issue and sell to the Managing General Partner or any of its Affiliates any Partnership
Securities that the Managing General Partner or such Affiliates are obligated to provide to any employees pursuant to any such employee benefit plans, employee programs or employee practices. Expenses incurred by the Managing General Partner in
connection with any such plans, programs and practices (including the net cost to the Managing General Partner or such Affiliates of Partnership Securities purchased by the Managing General Partner or such Affiliates from the Partnership to fulfill
options or awards under such plans, programs and practices) shall be reimbursed in accordance with Section 7.4(b). Any and all obligations of the Managing General Partner under any employee benefit plans, employee programs or employee practices
adopted by the Managing General Partner as permitted by this Section 7.4(c) shall constitute obligations of the Managing General Partner hereunder and shall be assumed by any successor Managing General Partner approved pursuant to Sections 11.1
to 11.2 or the transferee of or successor to all of the Managing General Partner’s General Partner Interest. 

Section 7.5 Outside Activities 
 (a) For so long as it is a General Partner of the Partnership, the Managing General Partner (i) agrees that its sole business will be to act as a general partner or managing member of the Partnership
and any other partnership or limited liability company of which the Partnership or the Operating Company is, directly or indirectly, a partner or member and to undertake activities that are ancillary or related thereto (including being a limited
partner in the Partnership) and (ii) shall not engage in any business or activity or incur any debts or liabilities except in connection with or incidental to (A) its performance as general partner or managing member of one or more Group
Members or as described in or contemplated by the Registration Statement or (B) the acquiring, owning or disposing of debt or equity securities in any Group Member. 
 (b) Except as specifically restricted by Section 7.5(a), each Indemnitee (other than the Managing General Partner) shall have the right to engage in businesses of every type and description and other
activities for profit and to engage in and possess an interest in other business ventures of any and every type or description, whether in businesses engaged in or anticipated to be engaged in by any Group Member, independently or with others,
including business interests and activities in direct competition with the business and activities of any Group Member, and none of the same shall constitute a breach of this Agreement or any duty express or implied by law to any Group Member or any
Partner or Assignee. Neither any Group Member, any Limited Partner nor any other Person shall have any rights by virtue of this Agreement, the Operating Company Agreement or the partnership relationship established hereby or thereby in any business
ventures of any Indemnitee. 
 (c) Subject to the terms of Section 7.5(a) and Section 7.5(b), but otherwise
notwithstanding anything to the contrary in this Agreement, (i) the engaging in competitive activities by any Indemnitees (other than the Managing General Partner) in accordance with the provisions of this Section 7.5 is hereby approved by
the Partnership and all Partners, (ii) it shall be deemed not to be a breach of the Managing General Partner’s fiduciary duties or any other obligation of any type whatsoever of the Managing General Partner for the Indemnitees (other than
the Managing General Partner) to engage in such business interests and activities in preference to or to the exclusion of the Partnership and (iii) the Managing General Partner and the Indemnities shall have no obligation to present business
opportunities to the Partnership. 

  
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 (d) The Managing General Partner and any of their Affiliates may acquire Units or other
Partnership Securities and, except as otherwise provided in this Agreement, shall be entitled to exercise all rights of a General Partner or Limited Partner, as applicable, relating to such Units or Partnership Securities. 

(e) The term “Affiliates” when used in Section 7.5(a) and Section 7.5(d) with respect to the General Partner
shall not include any Group Member or any Subsidiary of the Group Member. 
 (f) Anything in this Agreement to the contrary
notwithstanding, to the extent that provisions of Sections 7.7, 7.8, 7.9, 7.10 or other Sections of this Agreement purport or are interpreted to have the effect of restricting the fiduciary duties that might otherwise, as a result of Delaware or
other applicable law, be owed by the Managing General Partner to the Partnership and its Limited Partners, or to constitute a waiver or consent by the Limited Partners to any such restriction, such provisions shall be inapplicable and have no effect
in determining whether the Managing General Partner has complied with their fiduciary duties in connection with determinations made by it under this Section 7.5. 
 Section 7.6 Loans from the Managing General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the Managing General Partner 

(a) The Managing General Partner or any of its Affiliates may lend to any Group Member, and any Group Member may borrow from the Managing
General Partner or any of its Affiliates, funds needed or desired by the Group Member for such periods of time and in such amounts as the Managing General Partner may determine; provided, however, that in any such case the lending party may
not charge the borrowing party interest at a rate greater than the rate that would be charged the borrowing party or impose terms less favorable to the borrowing party than would be charged or imposed on the borrowing party by unrelated lenders on
comparable loans made on an arm’s-length basis (without reference to the lending party’s financial abilities or guarantees). The borrowing party shall reimburse the lending party for any costs (other than any additional interest costs)
incurred by the lending party in connection with the borrowing of such funds. For purposes of this Section 7.6(a) and Section 7.6(b), the term “Group Member” shall include any Affiliate of a Group Member that is controlled
by the Group Member. No Group Member may lend funds to a General Partner or any of its Affiliates (other than another Group Member). 
 (b) The Partnership may lend or contribute to any Group Member, and any Group Member may borrow from the Partnership, funds on terms and conditions established in the sole discretion of the Managing
General Partner; provided, however, that the Partnership may not charge the Group Member interest at a rate less than the rate that would be charged to the Group Member (without reference to the Managing General Partner’s financial
abilities or guarantees) by unrelated lenders on comparable loans. The foregoing authority shall be exercised by the Managing General Partner in its sole discretion and shall not create any right or benefit. in favor of any Group Member or any other
Person. 

  
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 (c) The Managing General Partner may, or may enter into an agreement with any of its
Affiliates to, render services to a Group Member or to the Managing General Partner in the discharge of its duties as general partner of the Partnership. Any services rendered to a Group Member by the Managing General Partner or any of its
Affiliates shall be on terms that are fair and reasonable to the Partnership; provided, however, that the requirements of this Section 7.6(c) shall be deemed satisfied as to (i) any transaction approved by Special Approval,
(ii) any transaction, the terms of which are no less favorable to the Partnership Group than those generally being provided to or available from unrelated third parties or (iii) any transaction that, taking into account the totality of the
relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to the Partnership Group), is equitable to the Partnership Group. The provisions of Section 7.4 shall apply to the
rendering of services described in this Section 7.6(c). 
 (d) The Partnership Group may transfer assets to joint ventures,
other partnerships, corporations, limited liability companies or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as are consistent with this Agreement and applicable law.

 (e) Neither the Managing General Partner nor any of their Affiliates shall sell, transfer or convey any property to, or
purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are fair and reasonable to the Partnership; provided, however, that the requirements of this Section 7.6(e) shall be deemed to be
satisfied as to (i) any transaction approved by Special Approval, (ii) any transaction, the terms of which are no less favorable to the Partnership than those generally being provided to or available from unrelated third parties, or
(iii) any transaction that, taking into account the totality of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to the Partnership), is equitable to the
Partnership. With respect to any contribution of assets to the Partnership in exchange for Partnership Securities, the Conflicts Committee, in determining whether the appropriate number of Partnership Securities are being issued, may take into
account, among other things, the fair market value of the assets, the liquidated and contingent liabilities assumed, the tax basis in the assets, the extent to which tax-only allocations to the transferor will protect the existing partners of the
Partnership against a low tax basis, and such other factors as the Conflicts Committee deems relevant under the circumstances. 

(f) The Managing General Partner and its Affiliates will have no obligation to permit any Group Member to use any facilities or assets of
the Managing General Partner and its Affiliates, except as may be provided in contracts entered into from time to time specifically dealing with such use, nor shall there be any obligation on the part of the Managing General Partner or its
Affiliates to enter into such contracts. 
 (g) Without limitation of Sections 7.6(a) through 7.6(f), and notwithstanding
anything to the contrary in this Agreement, the existence of the conflicts of interest described in the Registration Statement are hereby approved by all Partners. 

  
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 Section 7.7 Indemnification 

(a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, all Indemnitees shall be
indemnified and held harmless by the Partnership from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts
arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its
status as an Indemnitee; provided, that in each case the Indemnitee acted in good faith and in a manner that such Indemnitee reasonably believed to be in, or (in the case of a Person other than the Managing General Partner) not opposed to,
the best interests of the Partnership and, with respect to any criminal proceeding, had no reasonable cause to believe its conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a
plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee acted in a manner contrary to that specified above. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the
Partnership, it being agreed that the Managing General Partner shall not be personally liable for such indemnification and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate such
indemnification. 
 (b) To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an
Indemnitee who is indemnified pursuant to Section 7.7(a) in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Partnership prior to the final disposition of such claim, demand, action, suit or
proceeding upon receipt by the Partnership of any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as authorized in this Section 7.7. 

(c) The indemnification provided by this Section 7.7 shall be in addition to any other rights to which an Indemnitee may be entitled
under any agreement, pursuant to any vote of the holders of Outstanding Limited Partner Interests, as a matter of law or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other capacity
(including any capacity under the Underwriting Agreement), and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee.

 (d) The Partnership may purchase and maintain (or reimburse the Managing General Partner or its Affiliates for the cost of)
insurance, on behalf of the Managing General Partner, its Affiliates and such other Persons as the Managing General Partner shall determine, against any liability that may be asserted against or expense that may be incurred by such Person in
connection with the Partnership’s activities or such Person’s activities on behalf of the Partnership, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this
Agreement. 

  
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 (e) For purposes of this Section 7.7, the Partnership shall be deemed to have requested
an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan;
excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” within the meaning of Section 7.7(a); and action taken or omitted by the Indemnitee with
respect to any employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is in, or not opposed to,
the best interests of the Partnership. 
 (f) In no event may an Indemnitee subject the Limited Partners to personal liability by
reason of the indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in
whole or in part under this Section 7.7 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(h) The provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other Persons. 
 (i) No amendment, modification or repeal of
this Section 7.7 or any provision hereof shall in any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Partnership, nor the obligations of the Partnership to indemnify any such
Indemnitee under and in accordance with the provisions of this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or-in part, prior
to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 Section 7.8
Liability of Indemnitees 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, no Indemnitee shall
be liable for monetary damages to the Partnership, the Limited Partners, the Assignees or any other Persons who have acquired interests in the Partnership Securities, for losses sustained or liabilities incurred as a result of any act or omission if
such Indemnitee acted in good faith. 
 (b) Subject to its obligations and duties as Managing General Partner set forth in
Section 7.1(a), the Managing General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents, and the Managing General Partner
shall not be responsible for any misconduct or negligence on the part of any such agent appointed by the Managing General Partner in good faith. 
 (c) To the extent that, at law or in equity, an Indemnitee has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to the Partners, the Managing General Partner and
any other Indemnitee acting in connection with the Partnership’s business or affairs shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to
the extent that they restrict or otherwise modify the duties and liabilities of an Indemnitee otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of such Indemnitee. 

  
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 (d) Any amendment, modification or repeal of this Section 7.8 or any provision hereof
shall be prospective only and shall not in any way affect the limitations on the liability to the Partnership, the Limited Partners, the Managing General Partner, and the Partnership’s and the Managing General Partner’s directors, officers
and employees under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or
repeal, regardless of when such claims may arise or be asserted. 
 Section 7.9 Resolution of Conflicts of Interest

 (a) Unless otherwise expressly provided in this Agreement or the Operating Company Agreement, whenever a potential conflict of
interest exists or arises between the Managing General Partner or any of its Affiliates, on the one hand, and the Partnership, the Operating Company, any Partner or any Assignee, on the other, any resolution or course of action by the Managing
General Partner or its Affiliates in respect of such conflict of interest shall be permitted and deemed approved by all Partners, and shall not constitute a breach of this Agreement, of the Operating Company Agreement, of any agreement contemplated
herein or therein, or of any duty stated or implied by law or equity, if the resolution or course of action is, or by operation of this Agreement is deemed to be, fair and reasonable to the Partnership. The Managing General Partner shall be
authorized but not required in connection with its resolution of such conflict of interest to seek Special Approval of such resolution. Any conflict of interest and any resolution of such conflict of interest shall be conclusively deemed fair and
reasonable to the Partnership if such conflict of interest or resolution is (i) approved by Special Approval (as long as the material facts known to the Managing General Partner or any of its Affiliates regarding any proposed transaction were
disclosed to the Conflicts Committee at the time it gave its approval), (ii) on terms no less favorable to the Partnership than those generally being provided to or available from unrelated third parties or (iii) fair to the Partnership,
taking into account the totality of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to the Partnership). The Managing General Partner may also adopt a resolution or
course of action that has not received Special Approval. The Managing General Partner (including the Conflicts Committee in connection with any Special Approval) shall be authorized in connection with its determination of what is “fair and
reasonable” to the Partnership and in connection with its resolution of any conflict of interest to consider (A) the relative interests of any party to such conflict, agreement, transaction or situation and the benefits and burdens
relating to such interest; (B) any customary or accepted industry practices and any customary or historical dealings with a particular Person; (C) any applicable generally accepted accounting practices or principles; and (D) such
additional factors as the Managing General Partner (including the Conflicts Committee) determines in its sole discretion to be relevant, reasonable or appropriate under the circumstances. Nothing contained in this Agreement, however, is intended to
nor shall it be construed to require the Managing General Partner (including the Conflicts Committee) to consider the interests of any Person other than the Partnership. In the absence of bad faith by the Managing General Partner, the resolution,
action or terms so made, taken or provided by the Managing General Partner with respect to such matter shall not constitute a breach of this Agreement or any other agreement contemplated herein or a breach of any standard of care or duty imposed
herein or therein or, to the extent permitted by law, under the Delaware Act or any other law, rule or regulation. 

  
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 (b) Whenever this Agreement or any other agreement contemplated hereby provides that the
Managing General Partner or any of its Affiliates is permitted or required to make a decision (i) in its “sole discretion” or “discretion,” that it deems “necessary or appropriate” or “necessary or
advisable” or under a grant of similar authority or latitude, except as otherwise provided herein, the Managing General Partner or such Affiliate shall be entitled to consider only such interests and factors as it desires and shall have no duty
or obligation to give any consideration to any interest of, or factors affecting, the Partnership, the Operating Company, any Limited Partner or any Assignee, (ii) it may make such decision in its sole discretion (regardless of whether there is
a reference to “sole discretion” or “discretion”) unless another express standard is provided for, or (iii) in “good faith” or under another express standard, the Managing General Partner or such Affiliate shall
act under such express standard and shall not be subject to any other or different standards imposed by this Agreement, the Operating Company Agreement, any other agreement contemplated hereby or under the Delaware Act or any other law, rule or
regulation. In addition, any actions taken by the Managing General Partner or such Affiliate consistent with the standards of “reasonable discretion” set forth in the definition of Available Cash shall not constitute a breach of any duty
of the Managing General Partner to the Partnership or the Limited Partners. The Managing General Partner shall have no duty, express or implied, to sell or otherwise dispose of any asset of the Partnership Group other than in the ordinary course of
business. 
 (c) Whenever a particular transaction, arrangement or resolution of a conflict of interest is required under this
Agreement to be “fair and reasonable” to any Person, the fair and reasonable nature of such transaction, arrangement or resolution shall be considered in the context of all similar or related transactions. 

(d) The Unitholders hereby authorize the Managing General Partner, on behalf of the Partnership as a partner or member of a Group Member,
to approve of actions by the general partner or managing member of such Group Member similar to those actions permitted to be taken by the Managing General Partner pursuant to this Section 7.9. 

Section 7.10 Other Matters Concerning the Managing General Partner 

(a) The Managing General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

(b) The Managing General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and
other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion (including an Opinion of Counsel) of such Persons as to matters that such General Partner reasonably believes to be within such
Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

  
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 (c) The Managing General Partner shall have the right, in respect of any of its powers or
obligations hereunder, to act through any of its duly authorized officers, a duly appointed attorney or attorneys-in-fact or the duly authorized officers of the Partnership. 
 (d) Any standard of care and duty imposed by this Agreement or under the Delaware Act or any applicable law, rule or regulation shall be modified, waived or limited to the extent permitted by law, as
required to permit the Managing General Partner to act under this Agreement or any other agreement contemplated by this Agreement and to make any decision pursuant to the authority prescribed in this Agreement, so long as such action is reasonably
believed by the Managing General Partner to be in, or not inconsistent with, the best interests of the Partnership. 

Section 7.11 Purchase or Sale of Partnership Securities 

The Managing General Partner may cause the Partnership to purchase or otherwise acquire Partnership Securities. As long as Partnership
Securities are held by any Group Member, such Partnership Securities shall not be considered Outstanding for any purpose, except as otherwise provided herein. The Managing General Partner or any of its Affiliates may also purchase or otherwise
acquire and sell or otherwise dispose of Partnership Securities for their own account, subject to the provisions of Articles IV and X. 
 Section 7.12 Registration Rights of the Managing General Partner and its Affiliates 
 (a) If (i) the Managing General Partner or any Affiliate of the Managing General Partner (including for purposes of this Section 7.12, any Person that is an Affiliate of the Managing General
Partner at the date of this Agreement notwithstanding that it may later cease to be an Affiliate of the General Partner) holds Partnership Securities that it desires to sell and (ii) Rule 144 of the Securities Act (or any successor rule or
regulation to Rule 144) or another exemption from registration is not available to enable such holder of Partnership Securities (the “Holder”) to dispose of the number of Partnership Securities it desires to sell at the time it
desires to do so without registration under the Securities Act, then upon the request of such General Partner or any of its Affiliates, the Partnership shall file with the Commission as promptly as practicable after receiving such request, and use
all reasonable efforts to cause to become effective and remain effective for a period of not less than six months following its effective date or such shorter period as shall terminate when all Partnership Securities covered by such registration
statement have been sold, a registration statement under the Securities Act registering the offering and sale of the number of Partnership Securities specified by the Holder; provided, however, that the Partnership shall not be required to
effect more than three registrations pursuant to this Section 7.12(a); and provided further, that if the Conflicts Committee determines in its good faith judgment that a postponement of the requested registration for up to six months would be
in the best interests of the Partnership and its Partners due to a pending transaction, investigation or other event, the filing of such registration statement or the effectiveness thereof may be deferred for up to six months, but not thereafter. In
connection with any registration pursuant to the immediately preceding sentence, the Partnership shall promptly prepare and file (x) such documents as may be necessary to register or qualify the securities subject to such registration under the
securities laws of such states as the Holder shall reasonably request; provided, however, that no such qualification shall be required in any 

  
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jurisdiction where, as a result thereof, the Partnership would become subject to general service of process or to taxation or qualification to do business as a foreign corporation or partnership
doing business in such jurisdiction solely as a result of such registration, and (y) such documents as may be necessary to apply for listing or to list the Partnership Securities subject to such registration on such National Securities Exchange
as the Holder shall reasonably request, and do any and all other acts and things that may reasonably be necessary or advisable to enable the Holder to consummate a public sale of such Partnership Securities in such states. Except as set forth in
Section 7.12(c), all costs and expenses of any such registration and offering (other than the underwriting discounts and commissions) shall be paid by the Partnership, without reimbursement by the Holder. 

(b) If the Partnership shall at any time propose to file a registration statement under the Securities Act for an offering of equity
securities of the Partnership for cash (other than an offering relating solely to an employee benefit plan), the Partnership shall use all reasonable efforts to include such number or amount of securities held by the Holder in such registration
statement as the Holder shall request. If the proposed offering pursuant to this Section 7.12(b) shall be an underwritten offering, then, in the event that the managing underwriter or managing underwriters of such offering advise the
Partnership and the Holder in writing that in their opinion the inclusion of all or some of the Holder’s Partnership Securities would adversely and materially affect the success of the offering, the Partnership shall include in such offering
only that number or amount, if any, of securities held by the Holder which, in the opinion of the managing underwriter or managing underwriters, will not so adversely and materially affect the offering. Except as set forth in Section 7.12(c),
all costs and expenses of any such registration and offering (other than the underwriting discounts and commissions) shall be paid by the Partnership, without reimbursement by the Holder. 

(c) If underwriters are engaged in connection with any registration referred to in this Section 7.12, the Partnership shall provide
indemnification, representations, covenants, opinions and other assurance to the underwriters in form and substance reasonably satisfactory to such underwriters. Further, in addition to and not in limitation of the Partnership’s obligation
under Section 7.7, the Partnership shall, to the fullest extent, permitted by law, indemnify and hold harmless the Holder, its officers, directors and each Person who controls the Holder (within the meaning of the Securities Act) and any agent
thereof (collectively, “Indemnified Persons”) against any losses, claims, demands, actions, causes of action, assessments, damages, liabilities (joint or several), costs and expenses (including interest, penalties and reasonable
attorneys’ fees and disbursements), resulting to, imposed upon, or incurred by the Indemnified Persons, directly or indirectly, under the Securities Act or otherwise (hereinafter referred to in this Section 7.12(c) as a
“claim” and in the plural as “claims”) based upon, arising out of or resulting from any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which any
Partnership Securities were registered under the Securities Act or any state securities or Blue Sky laws, in any preliminary prospectus (if used prior to the effective date of such registration statement), or in any summary or final prospectus or in
any amendment or supplement thereto (if used during the period the Partnership is required to keep the registration statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements made therein not misleading; provided, however, that the Partnership shall not be liable to any Indemnified Person to the extent that any such claim arises out of, is based
upon or 

  
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results from an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, such preliminary, summary or final prospectus or such amendment
or supplement, in reliance upon and in conformity with written information furnished to the Partnership by or on behalf of such Indemnified Person specifically for use in the preparation thereof. 

(d) The provisions of Sections 7.12(a) and 7.12(b) shall continue to be applicable with respect to the Managing General Partner (and any
of the Managing General Partner’s Affiliates) after they cease to be Partners of the Partnership, during a period of two years subsequent to the effective date of such cessation and for so long thereafter as is required for the Holder to sell
all of the Partnership Securities with respect to which it has requested during such two-year period inclusion in a registration statement otherwise filed or that a registration statement be filed; provided, however, that the Partnership
shall not be required to file successive registration statements covering the same Partnership Securities for which registration was demanded during such two-year period. The provisions of Section 7.12(c) shall continue in effect thereafter.

 (e) Any request to register Partnership Securities pursuant to this Section 7.12 shall (i) specify the Partnership
Securities intended to be offered and sold by the Person making the request, (ii) express such Person’s present intent to offer such shares for distribution, (iii) describe the nature or method of the proposed offer and sale of
Partnership Securities, and (iv) contain the undertaking of such Person to provide all such information and materials and take all action as may be required in order to permit the Partnership to comply with all applicable requirements in
connection with the registration of such Partnership Securities. 
 Section 7.13 Reliance by Third Parties

 Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to
assume that the Managing General Partner and any officer of the Managing General Partner authorized by the Managing General Partner to act on behalf of and in the name of the Partnership has full power and authority to encumber, sell or otherwise
use in any manner any and all assets of the Partnership and to enter into any authorized contracts on behalf of the Partnership, and such Person shall be entitled to deal with the Managing General Partner or any such officer as if it were the
Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Managing
General Partner or any such officer in connection with any such dealing. In no event shall any Person dealing with the Managing General Partner or any such officer or its representatives be obligated to ascertain that the terms of the Agreement have
been complied with or to inquire into the necessity or expedience of any act or action of the Managing General Partner or any such officer or its representatives. Each and every certificate, document or other instrument executed on behalf of the
Partnership by the Managing General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate,
document or instrument, this Agreement was in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and
(c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

  
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 ARTICLE VIII 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 
 Section 8.1 Records and
Accounting 
 The Managing General Partner shall keep or cause to be kept at the principal office of the Partnership
appropriate books and records with respect to the Partnership’s business, including all books and records necessary to provide to the Limited Partners any information required to be provided pursuant to Section 3.4(a). Any books and
records maintained by or on behalf of the Partnership in the regular course of its business, including the record of the Record Holders and Assignees of Units or other Partnership Securities, books of account and records of Partnership proceedings,
may be kept on, or be in the form of, computer disks, hard drives, punch cards, magnetic tape, photographs, micrographics or any other information storage device; provided, that the books and records so maintained are convertible into clearly
legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with U.S. GAAP. 

Section 8.2 Fiscal Year 
 The fiscal year of the Partnership shall be a fiscal year ending December 31. 

Section 8.3 Reports 
 (a) As soon as practicable, but in no event later than 120 days after the close of each fiscal year of the Partnership, the Managing General Partner shall cause to be mailed or furnished to each Record
Holder of a Unit as of a date selected by the Managing General Partner in its discretion, an annual report containing financial statements of the Partnership for such fiscal year of the Partnership, presented in accordance with U.S. GAAP, including
a balance sheet and statements of operations, Partnership equity and cash flows, such statements to be audited by a firm of independent public accountants selected by the Managing General Partner. 

(b) As soon as practicable, but in no event later than 90 days after the close of each Quarter except the last Quarter of each fiscal
year, the Managing General Partner shall cause to be mailed or furnished to each Record Holder of a Unit, as of a date selected by the Managing General Partner in its discretion, a report containing unaudited financial statements of the Partnership
and such other information as may be required by applicable law, regulation or rule of any National Securities Exchange on which the Units are listed for trading, or as the Managing General Partner determines to be necessary or appropriate.

  
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 ARTICLE IX 
 TAX MATTERS 
 Section 9.1 Tax Returns and Information

 The Partnership shall timely file all returns of the Partnership that are required for federal, state and local income tax
purposes on the basis of the accrual method and a taxable year ending on December 31. The tax information reasonably required by Record Holders for federal and state income tax reporting purposes with respect to a taxable year shall be
furnished to them within 90 days of the close of the calendar year in which the Partnership’s taxable year ends. The classification, realization and recognition of income, gain, losses and deductions and other items shall be on the accrual
method of accounting for federal income tax purposes. 
 Section 9.2 Tax Elections 

(a) The Partnership shall make the election under Section 754 of the Code in accordance with applicable regulations thereunder,
subject to the reservation of the right to seek to revoke any such election upon the Managing General Partner’s determination that such revocation is in the best interests of the Limited Partners. Notwithstanding any other provision herein
contained, for the purposes of computing the adjustments under Section 743(b) of the Code, the Managing General Partner shall be authorized (but not required) to adopt a convention whereby the price paid by a transferee of a Limited Partner
Interest will be deemed to be the lowest quoted closing price of the Limited Partner Interests on any National Securities Exchange on which such Limited Partner Interests are traded during the calendar month in which such transfer is deemed to occur
pursuant to Section 6.2(g) without regard to the actual price paid by such transferee. 
 (b) The Partnership shall elect to
deduct expenses incurred in organizing the Partnership ratably over a sixty-month period as provided in Section 709 of the Code. 
 (c) Except as otherwise provided herein, the Managing General Partner shall determine whether the Partnership should make any other elections permitted by the Code. 

Section 9.3 Tax Controversies 
 Subject to the provisions hereof, the Managing General Partner is designated as the Tax Matters Partner (as defined in the Code) and is authorized and required to represent the Partnership (at the
Partnership’s expense) in connection with all examinations of the Partnership’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional services and costs
associated therewith. Each Partner agrees to cooperate with the Managing General Partner and to do or refrain from doing any or all things reasonably required by the Managing General Partner to conduct such proceedings. 

  
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 Section 9.4 Withholding 

Notwithstanding any other provision of this Agreement, the Managing General Partner is authorized to take any action that it determines
in its discretion to be necessary or appropriate to cause the Partnership and the Operating Company to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation,
pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required or elects to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner
or Assignee (including, without limitation, by reason of Section 1446 of the Code), the amount withheld may at the discretion of the Managing General Partner be treated by the Partnership as a distribution of cash pursuant to Section 6.4
in the amount of such withholding from such Partner. 
 ARTICLE X 

ADMISSION OF PARTNERS 
 Section 10.1 Admission of Substituted Limited Partner 
 By transfer of
a Limited Partner Interest in accordance with Article IV, the transferor shall be deemed to have given the transferee the right to seek admission as a Substituted Limited Partner subject to the conditions of, and in the manner permitted under, this
Agreement. A transferor of a Certificate representing a Limited Partner Interest shall, however, only have the authority to convey to a purchaser or other transferee who does not execute and deliver a Transfer Application (a) the right to
negotiate such Certificate to a purchaser or other transferee and (b) the right to transfer the right to request admission as a Substituted Limited Partner to such purchaser or other transferee in respect of the transferred Limited Partner
Interests. Each transferee of a Limited Partner Interest (including any nominee holder or an agent acquiring such Limited Partner Interest for the account of another Person) who executes and delivers a Transfer Application shall, by virtue of such
execution and delivery, be an Assignee and be deemed to have applied to become a Substituted Limited Partner with respect to the Limited Partner Interests so transferred to such Person. Such Assignee shall become a Substituted Limited Partner
(x) at such time as the Managing General Partner consents thereto, which consent may be given or withheld in the Managing General Partner’s discretion, and (y) when any such admission is shown on the books and records of the
Partnership. If such consent is withheld, such transferee shall be an Assignee. An Assignee shall have an interest in the Partnership equivalent to that of a Limited Partner with respect to allocations and distributions, including liquidating
distributions, of the Partnership. With respect to voting rights attributable to Limited Partner Interests that are held by Assignees, the Managing General Partner shall be deemed to be the Limited Partner with respect thereto and shall, in
exercising the voting rights in respect of such Limited Partner Interests on any matter, vote such Limited Partner Interests at the written direction of the Assignee who is the Record Holder of such Limited Partner Interests. If no such written
direction is received, such Limited Partner Interests will not be voted. An Assignee shall have no other rights of a Limited Partner. 
 Section 10.2 Admission of Successor General Partners 
 A successor
General Partner approved pursuant to Sections 11.1 or 11.2 or the transferee of or successor to such General Partner Interest pursuant to Section 4.6 who is proposed to be admitted as a successor General Partner shall be admitted to the
Partnership as the Managing General Partner, effective immediately prior to the withdrawal or removal of the predecessor or transferring General Partner pursuant to Sections 11.1 or 11.2, or the transfer of such General

  
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Partner’s General Partner Interest pursuant to Section 4.6; provided, however, that no such successor shall be admitted to the Partnership until compliance with the terms of
Section 4.6 has occurred and such successor has executed and delivered such other documents or instruments as may be required to effect such admission. Any such successor shall, subject to the terms hereof, carry on the business of the members
of the Partnership Group without dissolution. 
 Section 10.3 Admission of Additional Limited Partners 

(a) A Person (other than the General Partner or a Substituted Limited Partner) who makes a Capital Contribution to the Partnership in
accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the Managing General Partner (i) evidence of acceptance in form satisfactory to the Managing General Partner of all of
the terms and conditions of this Agreement, including the power of attorney granted in Section 2.6, and (ii) such other documents or instruments as may be required in the discretion of the Managing General Partner to effect such
Person’s admission as an Additional Limited Partner. 
 (b) Notwithstanding anything to the contrary in this
Section 10.3, no Person shall be admitted as an Additional Limited Partner without the consent of the Managing General Partner, which consent may be given or withheld in the Managing General Partner’s discretion. The admission of any
Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded as such in the books and records of the Partnership, following the consent of the Managing General Partner to such admission.

 Section 10.4 Amendment of Agreement and Certificate of Limited Partnership 

To effect the admission to the Partnership of any Partner, the Managing General Partner shall take all steps necessary and appropriate
under the Delaware Act to amend the records of the Partnership to reflect such admission and, if necessary, to prepare as soon as practicable an amendment to this Agreement and, if required by law, the Managing General Partner shall prepare and file
an amendment to the Certificate of Limited Partnership, and the Managing General Partner may for this purpose, among others, exercise the power of attorney granted pursuant to Section 2.6. 

Section 10.5 Admission of CGSH as Limited Partner 
 Upon the issuance by the Partnership of Common Units and Subordinated Units to CGSH as described in Section 5.1 in connection with transactions contemplated by the CGSH Contribution Agreement, the
Managing General Partner shall admit CGSH to the Partnership as an Additional Limited Partner in respect of the Units issued to it. 

  
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 ARTICLE XI 
 WITHDRAWAL OR REMOVAL OF PARTNERS 
 Section 11.1 Withdrawal of the
Managing General Partner 
 (a) The Managing General Partner shall be deemed to have withdrawn from the Partnership upon the
occurrence of any one of the following events (each such event herein referred to as an “Event of Withdrawal”); 
 (i) The Managing General Partner voluntarily withdraws from the Partnership by giving written notice to the other Partners; 

(ii) The Managing General Partner transfers all of its rights as Managing General Partner pursuant to Section 4.6;

 (iii) The Managing General Partner is removed pursuant to Section 11.2; 

(iv) The Managing General Partner (A) makes a general assignment for the benefit of creditors; (B) files a
voluntary bankruptcy petition for relief under Chapter 7 of the United States Bankruptcy Code; (C) files a petition or answer seeking for itself a liquidation, dissolution or similar relief (but not a reorganization) under any law;
(D) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Managing General Partner in a proceeding of the type described in clauses (A)-(C) of this
Section 11.1(a)(iv); or (E) seeks, consents to or acquiesces in the appointment of a trustee (but not a debtor-in-possession), receiver or liquidator of the Managing General Partner or of all or any substantial part of its properties;

 (v) A final and non-appealable order of relief under Chapter 7 of the United States Bankruptcy Code is entered
by a court with appropriate jurisdiction pursuant to a voluntary or involuntary petition by or against the Managing General Partner; or 
 (vi) (A) in the event the Managing General Partner is a corporation, a certificate of dissolution or its equivalent is filed for the Managing General Partner, or 90 days expire after the date of notice to
the Managing General Partner of revocation of its charter without a reinstatement of its charter, under the laws of its state of incorporation; (B) in the event the Managing General Partner is a partnership or a limited liability company, the
dissolution and commencement of winding up of the Managing General Partner; (C) in the event the Managing General Partner is acting in such capacity by virtue of being a trustee of a trust, the termination of the trust; (D) in the event
the Managing General Partner is a natural person, his death or adjudication of incompetency; and (E) otherwise in the event of the termination of the Managing General Partner. 

If an Event of Withdrawal specified in Sections 11.1(a)(iv), 11.1(a)(v) or 11.1(a)(vi)(A), 11.1(a)(vi)(B), 11.1(a)(vi)(C) or
11.1(a)(vi)(E) occurs, the withdrawing Managing General Partner shall give notice to the Limited Partners within 30 days after such occurrence. The Partners hereby agree that only the Events of Withdrawal described in this Section 11.1 shall
result in the withdrawal of the Managing General Partner from the Partnership. 

  
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 (b) Withdrawal of the Managing General Partner from the Partnership upon the occurrence of
an Event of Withdrawal shall not constitute a breach of this Agreement under the following circumstances: (i) at any time during the period beginning on the Closing Date and ending at 12:00 midnight, Eastern Standard Time, on June 30,
2011, the Managing General Partner voluntarily withdraws by giving at least 90 days’ advance notice of its intention to withdraw to the Limited Partners; provided that prior to the effective date of such withdrawal, the withdrawal is approved
by Unitholders holding at least a majority of the Outstanding Common Units (excluding Common Units held by the Managing General Partner and its Affiliates) and the Managing General Partner delivers to the Partnership an Opinion of Counsel
(“Withdrawal Opinion of Counsel”) that such withdrawal (following the selection of the successor Managing General Partner) would not result in the loss of the limited liability of any Limited Partner or of a member of the Operating
Company or cause the Partnership or the Operating Company to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not previously treated as such); (ii) at any
time after 12:00 midnight, Eastern Standard Time, on June 30, 2011, the Managing General Partner voluntarily withdraws by giving at least 90 days’ advance notice to the Unitholders, such withdrawal to take effect on the date specified in
such notice; (iii) at any time that the Managing General Partner ceases to be the Managing General Partner pursuant to Section 11.1(a)(ii) or is removed pursuant to Section 11.2; or (iv) notwithstanding clause (i) of
this sentence, at any time that the Managing General Partner voluntarily withdraws by giving at least 90 days’ advance notice of its intention to withdraw to the Limited Partners, such withdrawal to take effect on the date specified in the
notice, if at the time such notice is given one Person and its Affiliates (other than the Managing General Partner and their Affiliates) own beneficially or of record or control at least 50% of the Outstanding Units. The withdrawal of the Managing
General Partner from the Partnership upon the occurrence of an Event of Withdrawal shall also constitute the withdrawal of the Managing General Partner as general partner or managing member, to the extent applicable, of the other Group Members. If
the Managing General Partner gives a notice of withdrawal pursuant to Section 11.1(a)(i), the holders of a Unit Majority, may, prior to the effective date of such withdrawal, elect a successor Managing General Partner. The Person so elected as
successor Managing General Partner shall automatically become the successor general partner or managing member, to the extent applicable, of the other Group Members of which the Managing General Partner is a general partner or a managing member. If,
prior to the effective date of the Managing General Partner’s withdrawal pursuant to Section 11.1(a)(i), a successor is not selected by the Unitholders as provided herein or the Partnership does not receive a Withdrawal Opinion of Counsel,
the Partnership shall be dissolved in accordance with Section 12.1. Any successor Managing General Partner elected in accordance with the terms of this Section 11.1 shall be subject to the provisions of Section 10.2. 

Section 11.2 Removal of the Managing General Partner 

The Managing General Partner may be removed if such removal is approved by the Unitholders holding at least 66 2/3% of the Outstanding Units (including Units held by the Managing General Partner and its Affiliates). Any such action by such holders for removal of the Managing General Partner must also provide for the
election of a successor Managing General Partner by the Unitholders holding a Unit Majority (including Units held by the Managing General Partner and its Affiliates). Such removal shall be effective immediately

  
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following the admission of a successor Managing General Partner pursuant to Section 10.2. The removal of the Managing General Partner shall also automatically constitute the removal of the
Managing General Partner as general partner or managing member, to the extent applicable, of the other Group Members of which the Managing General Partner is a general partner or a managing member. If a Person is elected as a successor Managing
General Partner in accordance with the terms of this Section 11.2, such Person shall, upon admission pursuant to Section 10.2, automatically become a successor general partner or managing member, to the extent applicable, of the other
Group Members of which the Managing General Partner is a general partner or a managing member. The right of the holders of Outstanding Units to remove the Managing General Partner shall not exist or be exercised unless the Partnership has received
an opinion opining as to the matters covered by a Withdrawal Opinion of Counsel. Any successor Managing General Partner elected in accordance with the terms of this Section 11.2 shall be subject to the provisions of Section 10.2.

 Section 11.3 Interest of Departing Partner and Successor General Partners 

(a) In the event of (i) withdrawal of a General Partner under circumstances where such withdrawal does not violate this Agreement or
(ii) removal of a the Managing General Partner by the holders of Outstanding Units under circumstances where Cause does not exist, if a successor General Partner is elected in accordance with the terms of Sections 11.1 or 11.2, the Departing
Partner shall have the option exercisable prior to the effective date of the departure of such Departing Partner to require its successor to purchase its general partner interest (or equivalent interest), if any, in the other Group Members (the
“Combined Interest”) in exchange for an amount in cash equal to the fair market value of such Combined Interest, such amount to be determined and payable as of the effective date of its departure. If the Managing General Partner is
removed by the Unitholders under circumstances where Cause exists or if the Managing General Partner withdraws under circumstances where such withdrawal violates this Agreement, and if a successor Managing General Partner is elected in accordance
with the terms of Sections 11.1 or 11.2, such successor shall have the option, exercisable prior to the effective date of the departure of such Departing Partner, to purchase the Combined Interest of the Departing Partner for such fair market value
of such Combined Interest of the Departing Partner. In either event, the Departing Partner shall be entitled to receive all reimbursements due such Departing Partner pursuant to Section 7.4, including any employee-related liabilities (including
severance liabilities), incurred in connection with the termination of any employees employed by the Managing General Partner for the benefit of the Partnership or the other Group Members. 

For purposes of this Section 11.3(a), the fair market value of a Departing Partner’s Combined Interest shall be determined by
agreement between the Departing Partner and its successor or, failing agreement within 30 days after the effective date of such Departing Partner’s departure, by an independent investment banking firm or other independent expert selected by the
Departing Partner and its successor, which, in turn, may rely on other experts, and the determination of which shall be conclusive as to such matter. If such parties cannot agree upon one independent investment banking firm or other independent
expert within 45 days after the effective date of such departure, then the Departing Partner shall designate an independent investment banking firm or other independent expert, the Departing Partner’s successor shall designate an independent
investment banking firm or other independent expert, and such firms or experts shall mutually select a third independent investment banking firm or 

  
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independent expert, which third independent investment banking firm or other independent expert shall determine the fair market value of the Combined Interest of the Departing Partner. In making
its determination, such third independent investment banking firm or other independent expert may consider the then current trading price of Units on any National Securities Exchange on which Units are then listed, the value of the
Partnership’s assets, the rights and obligations of the Departing Partner and other factors it may deem relevant. 
 (b) If
the Combined Interest is not purchased in the manner set forth in Section 11.3(a), the Departing Partner (or its transferee) shall become a Limited Partner and its Combined Interest shall be converted into Common Units pursuant to a valuation
made by an investment banking firm or other independent expert selected pursuant to Section 11.3(a), without reduction in such Partnership Interest (but subject to proportionate dilution by reason of the admission of its successor). Any
successor General Partner shall indemnify the Departing Partner (or its transferee) as to all debts and liabilities of the Partnership arising on or after the date on which the Departing Partner (or its transferee) becomes a Limited Partner. For
purposes of this Agreement, conversion of the Combined Interest of the Departing Partner to Common Units will be characterized as if such General Partner (or its transferee) contributed its Combined Interest to the Partnership in exchange for the
newly issued Common Units. 
 Section 11.4 Withdrawal of Limited Partners 

No Limited Partner shall have any right to withdraw from the Partnership; provided, however, that when a transferee of a Limited
Partner’s Limited Partner Interest becomes a Record Holder of the Limited Partner Interest so transferred, such transferring Limited Partner shall cease to be a Limited Partner with respect to the Limited Partner Interest so transferred.

 ARTICLE XII 
 DISSOLUTION AND LIQUIDATION 
 Section 12.1 Dissolution

 The Partnership shall not be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by
the admission of a successor Managing General Partner in accordance with the terms of this Agreement. Upon the removal or withdrawal of the Managing General Partner, if a successor Managing General Partner is elected pursuant to Sections 11.1 or
11.2, the Partnership shall not be dissolved and such successor Managing General Partner shall continue the business of the Partnership. The Partnership shall dissolve, and (subject to Section 12.2) its affairs shall be wound up, upon:

 (a) an Event of Withdrawal of the Managing General Partner as provided in Section 11.1(a) (other than
Section 11.1(a)(ii)), unless a successor is elected and an Opinion of Counsel is received as provided in Sections 11.1(b) or 11.2 and such successor is admitted to the Partnership pursuant to Section 10.2; 

(b) an election to dissolve the Partnership by the Managing General Partner that is approved by the holders of a Unit Majority;

  
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 (c) the entry of a decree of judicial dissolution of the Partnership pursuant to the
provisions of the Delaware Act; or 
 (d) the sale of all or substantially all of the assets and properties of the Partnership
Group. 
 Section 12.2 Continuation of the Business of the Partnership After Dissolution 

Upon (a) dissolution of the Partnership following an Event of Withdrawal caused by the withdrawal or removal of the Managing General
Partner as provided in Sections 11.1(a)(i) or 11.1(a)(iii) and the failure of the Partners to select a successor to such Departing Partner pursuant to Sections 11.1 or 11.2, then within 90 days thereafter, or (b) dissolution of the Partnership
upon an event constituting an Event of Withdrawal as defined in Sections 11.1(a)(iv), 11.1(a)(v) or 11.1(a)(vi), then, to the maximum extent permitted by law, within 180 days thereafter, the holders of a Unit Majority may elect to reconstitute the
Partnership and continue its business on the same terms and conditions set forth in this Agreement by forming a new limited partnership on terms identical to those set forth in this Agreement and having as the successor managing general partner a
Person approved by the holders of a Unit Majority. Unless such an election is made within the applicable time period as set forth above, the Partnership shall conduct only activities necessary to wind up its affairs. If such an election is so made,
then: 
 (i) the reconstituted Partnership shall continue unless earlier dissolved in accordance with this
Article XII; 
 (ii) if the successor Managing General Partner is not the former Managing General Partner, then
the interest of the former Managing General Partner shall be treated in the manner provided in Section 11.3; and 
 (iii) all necessary steps shall be taken to cancel this Agreement and the Certificate of Limited Partnership and to enter into and, as necessary, to file a new partnership agreement and certificate of
limited partnership, and the successor managing general partner may for this purpose exercise the powers of attorney granted the Managing General Partner pursuant to Section 2.6; provided, that the right of the holders of a Unit Majority to
approve a successor Managing General Partner and to reconstitute and to continue the business of the Partnership shall not exist and may not be exercised unless the Partnership has received an Opinion of Counsel that (x) the exercise of the
right would not result in the loss of limited liability of any Limited Partner and (y) neither the Partnership, the reconstituted limited partnership nor the Operating Company would be treated as an association taxable as a corporation or
otherwise be taxable as an entity for federal income tax purposes upon the exercise of such right to continue. 

Section 12.3 Liquidator 
 Upon dissolution of the Partnership, unless the Partnership is continued under an election to reconstitute and continue the Partnership pursuant to Section 12.2, the Managing General Partner shall
select one or more Persons to act as Liquidator. The Liquidator (if other than the Managing General Partner) shall be entitled to receive such compensation for its services as may be approved by holders of at least a majority of the Outstanding
Common Units and 

  
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Subordinated Units voting as a single class. The Liquidator (if other than the Managing General Partner) shall agree not to resign at any time without 15 days’ prior notice and may be
removed at any time, with or without cause, by notice of removal approved by holders of at least a majority of the Outstanding Common Units and Subordinated Units voting as a single class. Upon dissolution, removal or resignation of the Liquidator,
a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved by holders of at least a majority of the Outstanding Common Units and
Subordinated Units voting as a single class. The right to approve a successor or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided.
Except as expressly provided in this Article XII, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the Managing
General Partner under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, other than the limitation on sale set forth in Section 7.3(b)) to the extent
necessary or desirable in the good faith judgment of the Liquidator to carry out the duties and functions of the Liquidator hereunder for and during such period of time as shall be reasonably required in the good faith judgment of the Liquidator to
complete the winding up and liquidation of the Partnership as provided for herein. 
 Section 12.4 Liquidation

 The Liquidator shall proceed to dispose of the assets of the Partnership, discharge its liabilities, and otherwise wind up
its affairs in such manner and over such period as the Liquidator determines to be in the best interest of the Partners, subject to Section 17-804 of the Delaware Act and the following: 

(a) Disposition of Assets. The assets may be disposed of by public or private sale or by distribution in kind to one or more
Partners on such terms as the Liquidator and such Partner or Partners may agree. If any property is distributed in kind, the Partner receiving the property shall be deemed for purposes of Section 12.4(c) to have received cash equal to its fair
market value; and contemporaneously therewith, appropriate cash distributions must be made to the other Partners. The Liquidator may, in its absolute discretion, defer liquidation or distribution of the Partnership’s assets for a reasonable
time if it determines that an immediate sale or distribution of all or some of the Partnership’s assets would be impractical or would cause undue loss to the Partners. The Liquidator may, in its absolute discretion, distribute the
Partnership’s assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause undue loss to the Partners. 
 (b) Discharge of Liabilities. Liabilities of the Partnership include amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 12.3) and
amounts to Partners otherwise than in respect of their distribution rights under Article VI. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such
claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its payment. When paid, any unused portion of the reserve shall be distributed as additional liquidation proceeds. 

  
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 (c) Liquidation Distributions. All property and all cash in excess of that required
to discharge liabilities as provided in Section 12.4(b) shall be distributed to the Partners in accordance with, and to the extent of, the positive balances in their respective Capital Accounts, as determined after taking into account all
Capital Account adjustments (other than those made by reason of distributions pursuant to this Section 12.4(c)) for the taxable year of the Partnership during which the liquidation of the Partnership occurs (with such date of occurrence being
determined pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(g)), and such distribution shall be made by the end of such taxable year (or, if later, within 90 days after said date of such occurrence). 

Section 12.5 Cancellation of Certificate of Limited Partnership 

Upon the completion of the distribution of Partnership cash and property as provided in Section 12.4 in connection with the
liquidation of the Partnership, the Partnership shall be terminated and the Certificate of Limited Partnership and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware shall be
canceled and such other actions as may be necessary to terminate the Partnership shall be taken. 
 Section 12.6 Return
of Contributions 
 The Managing General Partner shall not be personally liable for, and shall have no obligation to
contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall
be made solely from Partnership assets. 
 Section 12.7 Waiver of Partition 

To the maximum extent permitted by law, each Partner hereby waives any right to partition of the Partnership property. 

Section 12.8 Capital Account Restoration 
 No Limited Partner shall have any obligation to restore any negative balance in its Capital Account upon liquidation of the Partnership. 

ARTICLE XIII 
 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE 

Section 13.1 Amendment to be Adopted Solely by the Managing General Partner 

Each Partner agrees that the Managing General Partner, without the approval of any Partner or Assignee, may amend any provision of this
Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: 

  
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 (a) a change in the name of the Partnership, the location of the principal place of business
of the Partnership, the registered agent of the Partnership or the registered office of the Partnership; 
 (b) admission,
substitution, withdrawal or removal of Partners in accordance with this Agreement; 
 (c) a change that, in the sole discretion
of the Managing General Partner, is necessary or advisable to qualify or continue the qualification of the Partnership as a limited partnership or a partnership in which the Limited Partners have limited liability under the laws of any state or to
ensure that the Partnership and the Operating Company will not be treated as an association taxable as a corporation or otherwise taxed as an entity for federal income tax purposes; 

(d) a change that, in the discretion of the Managing General Partner, (i) does not adversely affect the Limited Partners (including
any particular class of Partnership Interests as compared to other classes of Partnership Interests) in any material respect, (ii) is necessary or advisable to (A) satisfy any requirements, conditions or guidelines contained in any
opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute (including the Delaware Act) or (B) facilitate the trading of the Limited Partner Interests
(including the division of any class or classes of Outstanding Limited Partner Interests into different classes to facilitate uniformity of tax consequences within such classes of Limited Partner Interests) or comply with any rule, regulation,
guideline or requirement of any National Securities Exchange on which the Limited Partner Interests are or will be listed for trading, compliance with any of which the Managing General Partner determines in its discretion to be in the best interests
of the Partnership and the Limited Partners, (iii) is necessary or advisable in connection with action taken by the Managing General Partner pursuant to Section 5.5 or (iv) is required to effect the intent of the provisions of this
Agreement or is otherwise contemplated by this Agreement; 
 (e) a change in the fiscal year or taxable year of the Partnership
and any changes that, in the discretion of the Managing General Partner, are necessary or advisable as a result of a change in the fiscal year or taxable year of the Partnership including, if the Managing General Partner shall so determine, a change
in the definition of “Quarter” and the dates on which distributions are to be made by the Partnership; 
 (f) an
amendment that is necessary, in the Opinion of Counsel, to prevent the Partnership, or the Managing General Partner or its directors, officers, trustees or agents from in any manner being subjected to the provisions of the Investment Company Act of
1940, as amended, the Investment Advisers Act of 1940, as amended, or “plan asset” regulations adopted under the Employee Retirement Income Security Act of 1974, as amended, regardless of whether such are substantially similar to plan
asset regulations currently applied or proposed by the United States Department of Labor; 
 (g) an amendment that, in the
discretion of the Managing General Partner, is necessary or advisable in connection with the authorization of issuance of any class or series of Partnership Securities pursuant to Section 5.4; 

  
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 (h) any amendment expressly permitted in this Agreement to be made by the Managing General
Partner acting alone; 
 (i) an amendment effected, necessitated or contemplated by a Merger Agreement approved in accordance
with Section 14.3; 
 (j) an amendment that, in the discretion of the Managing General Partner, is necessary or advisable to
reflect, account for and deal with appropriately the formation by the Partnership of, or investment by the Partnership in, any corporation, partnership, joint venture, limited liability company or other entity, in connection with the conduct by the
Partnership of activities permitted by the terms of Section 2.4; 
 (k) a merger or conveyance pursuant to
Section 14.3(d); or 
 (l) any other amendments substantially similar to the foregoing. 

Section 13.2 Amendment Procedures 
 Except as provided in Sections 13.1 and 13.3, all amendments to this Agreement shall be made in accordance with the following requirements. Amendments to this Agreement may be proposed only by or with the
consent of the Managing General Partner which consent may be given or withheld in its sole discretion. A proposed amendment shall be effective upon its approval by the holders of a Unit Majority, unless a greater or different percentage is required
under this Agreement or by Delaware law. Each proposed amendment that requires the approval of the holders of a specified percentage of Outstanding Units shall be set forth in a writing that contains the text of the proposed amendment. If such an
amendment is proposed, the Managing General Partner shall seek the written approval of the requisite percentage of Outstanding Units or call a meeting of the Unitholders to consider and vote on such proposed amendment. The Managing General Partner
shall notify all Record Holders upon final adoption of any such proposed amendments. 
 Section 13.3 Amendment
Requirements 
 (a) Notwithstanding the provisions of Sections 13.1 and 13.2, no provision of this Agreement that establishes
a percentage of Outstanding Units (including Units deemed owned by the Managing General Partner) required to take any action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect of reducing such voting
percentage unless such amendment is approved by the written consent or the affirmative vote of holders of Outstanding Units whose aggregate Outstanding Units constitute not less than the voting requirement sought to be reduced. 

(b) Notwithstanding the provisions of Sections 13.1 and 13.2, no amendment to this Agreement may (i) enlarge the obligations of any
Limited Partner without its consent, unless such shall be deemed to have occurred as a result of an amendment approved pursuant to Section 13.3(c), (ii) enlarge the obligations of, restrict in any way any action by or rights of, or reduce
in any way the amounts distributable, reimbursable or otherwise payable to, the Managing General Partner or any of its Affiliates without the consent of the Managing General Partner, which consent may be given or withheld in its sole discretion,
(iii) change Section 12.1(b), or (iv) change the term of the Partnership or, except as set forth in Section 12.1(b), give any Person the right to dissolve the Partnership. 

  
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 (c) Except as provided in Section 14.3, and except as otherwise provided, and without
limitation of the Managing General Partner’s authority to adopt amendments to this Agreement without the approval of any Partners or Assignees as contemplated in Section 13.1, any amendment that would have a material adverse effect on the
rights or preferences of any class of Partnership Interests in relation to other classes of Partnership Interests must be approved by the holders of not less than a majority of the Outstanding Partnership Interests of the class affected. 

(d) Notwithstanding any other provision of this Agreement, except for amendments pursuant to Section 13.1 and except as otherwise
provided by Section 14.3(b), no amendments shall become effective without the approval of the holders of at least 90% of the Outstanding Units voting as a single class unless the Partnership obtains an Opinion of Counsel to the effect that such
amendment will not affect the limited liability of any Limited Partner under applicable law. 
 (e) Except as provided in
Section 13.1, this Section 13.3 shall only be amended with the approval of the holders of at least 90% of the Outstanding Units. 
 Section 13.4 Special Meetings 
 All acts of Limited Partners to be taken
pursuant to this Agreement shall be taken in the manner provided in this Article XIII. Special meetings of the Limited Partners may be called by the Managing General Partner or by Limited Partners owning 20% or more of the Outstanding Partnership
Securities of the class or classes for which a meeting is proposed. Limited Partners shall call a special meeting by delivering to the Managing General Partner one or more requests in writing stating that the signing Limited Partners wish to call a
special meeting and indicating the general or specific purposes for which the special meeting is to be called. Within 60 days after receipt of such a call from Limited Partners or within such greater time as may be reasonably necessary for the
Partnership to comply with any statutes, rules, regulations, listing, agreements or similar requirements governing the holding of a meeting or the solicitation of proxies for use at such a meeting, the Managing General Partner shall send a notice of
the meeting to the Limited Partners either directly or indirectly through the Transfer Agent. A meeting shall be held at a time and place determined by the Managing General Partner on a date not less than 10 days nor more than 60 days after the
mailing of notice of the meeting. Limited Partners shall not vote on matters that would cause the Limited Partners to be deemed to be taking part in the management and control of the business and affairs of the Partnership so as to jeopardize the
Limited Partners’ limited liability under the Delaware Act or the law of any other state in which the Partnership is qualified to do business. 
 Section 13.5 Notice of a Meeting 
 Notice of a meeting called pursuant
to Section 13.4 shall be given to the Record Holders of the class or classes of Limited Partner Interests for which a meeting is proposed in writing by mail or other means of written communication in accordance with Section 16.1. The
notice shall be deemed to have been given at the time when deposited in the mail or sent by other means of written communication. 

  
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 Section 13.6 Record Date 

For purposes of determining the Limited Partners entitled to notice of or to vote at a meeting of the Limited Partners or to give
approvals without a meeting as provided in Section 13.11 the Managing General Partner may set a Record Date, which shall not be less than 10 nor more than 60 days before (a) the date of the meeting (unless such requirement conflicts with
any rule, regulation, guideline or requirement of any National Securities Exchange on which the Limited Partner Interests are listed for trading, in which case the rule, regulation, guideline or requirement of such exchange shall govern) or
(b) in the event that approvals are sought without a meeting, the date by which Limited Partners are requested in writing by the Managing General Partner to give such approvals. 

Section 13.7 Adjournment 
 When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting and a new Record Date need not be fixed, if the time and place thereof are announced at the meeting
at which the adjournment is taken, unless such adjournment shall be for more than 45 days. At the adjourned meeting, the Partnership may transact any business which might have been transacted at the original meeting. If the adjournment is for more
than 45 days or if a new Record Date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given in accordance with this Article XIII. 
 Section 13.8 Waiver of Notice; Approval of Meeting; Approval of Minutes 
 The transactions of any meeting of Limited Partners, however called and noticed, and whenever held, shall be as valid as if it had occurred at a meeting duly held after regular call and notice, if a
quorum is present, either in person or by proxy, and if, either before or after the meeting, Limited Partners representing such quorum who were present in person or by proxy and entitled to vote, sign a written waiver of notice or an approval of the
holding of the meeting or an approval of the minutes thereof. All waivers and approvals shall be filed with the Partnership records or made a part of the minutes of the meeting. Attendance of a Limited Partner at a meeting shall constitute a waiver
of notice of the meeting, except when the Limited Partner does not approve, at the beginning of the meeting, of the transaction of any business because the meeting is not lawfully called or convened; and except that attendance at a meeting is not a
waiver of any right to disapprove the consideration of matters required to be included in the notice of the meeting, but not so included, if the disapproval is expressly made at the meeting 

Section 13.9 Quorum 
 The holders of a majority of the Outstanding Partnership Securities of the class or classes for which a meeting has been called (including Limited Partner Interests deemed owned by the Managing General
Partner) represented in person or by proxy shall constitute a quorum at a meeting of Limited Partners of such class or classes unless any such action by the Limited Partners requires approval by holders of a greater percentage of such Limited
Partner Interests, in which case the quorum shall be such greater percentage. At any meeting of the Limited Partners 

  
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duly called and held in accordance with this Agreement at which a quorum is present, the act of Limited Partners holding Outstanding Partnership Securities that in the aggregate represent a
majority of the Outstanding Partnership Securities entitled to vote and be present in person or by proxy at such meeting shall be deemed to constitute the act of all Limited Partners, unless a greater or different percentage is required with respect
to such action under the provisions of this Agreement, in which case the act of the Limited Partners holding Outstanding Partnership Securities that in the aggregate represent at least such greater or different percentage shall be required. The
Limited Partners present at a duly called or held meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough Limited Partners to leave less than a quorum, if any action taken
(other than adjournment) is approved by the required percentage of Outstanding Partnership Securities specified in this Agreement (including Outstanding Partnership Securities deemed owned by the Managing General Partner). In the absence of a quorum
any meeting of Limited Partners may be adjourned from time to time by the affirmative vote of holders of at least a majority of the Outstanding Partnership Securities entitled to vote at such meeting (including Outstanding Partnership Securities
deemed owned by the Managing General Partner) represented either in person or by proxy, but no other business may be transacted, except as provided in Section 13.7. 
 Section 13.10 Conduct of a Meeting 
 The Managing General Partner
shall have full power and authority concerning the manner of conducting any meeting of the Limited Partners or solicitation of approvals in writing, including the determination of Persons entitled to vote, the existence of a quorum, the satisfaction
of the requirements of Section 13.4, the conduct of voting, the validity and effect of any proxies and the determination of any controversies, votes or challenges arising in connection with or during the meeting or voting. The Managing General
Partner shall designate a Person to serve as chairman of any meeting and shall further designate a Person to take the minutes of any meeting. All minutes shall be kept with the records of the Partnership maintained by the Managing General Partner.
The Managing General Partner may make such other regulations consistent with applicable law and this Agreement as it may deem advisable concerning the conduct of any meeting of the Limited Partners or solicitation of approvals in writing, including
regulations in regard to the appointment of proxies, the appointment and duties of inspectors of votes and approvals, the submission and examination of proxies and other evidence of the right to vote, and the revocation of approvals in writing.

 Section 13.11 Action Without a Meeting 
 If authorized by the Managing General Partner, any action that may be taken at a meeting of the Limited Partners may be taken without a meeting if an approval in writing setting forth the action so taken
is signed by Limited Partners owning not less than the minimum percentage of the Outstanding Limited Partner Interests (including Limited Partner Interests deemed owned by the General Partner) that would be necessary to authorize or take such action
at a meeting at which all the Limited Partners were present and voted (unless such provision conflicts with any rule, regulation, guideline or requirement of any National Securities Exchange on which the Limited Partner Interests are listed for
trading, in which case the rule, regulation, guideline or requirement of such exchange shall govern). Prompt notice of the taking of action without a meeting shall be given to the Limited Partners who have not approved in writing. The Managing

  
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General Partner may specify that any written ballot submitted to Limited Partners for the purpose of taking any action without a meeting shall be returned to the Partnership within the time
period, which shall be not less than 20 days, specified by the Managing General Partner. If a ballot returned to the Partnership does not vote all of the Limited Partner Interests held by the Limited Partners the Partnership shall be deemed to have
failed to receive a ballot for the Limited Partner Interests that were not voted. If approval of the taking of any action by the Limited Partners is solicited by any Person other than by or on behalf of the Managing General Partner, the written
approvals shall have no force and effect unless and until (a) they are deposited with the Partnership in care of the Managing General Partner, (b) approvals sufficient to take the action proposed are dated as of a date not more than 90
days prior to the date sufficient approvals are deposited with the Partnership and (c) an Opinion of Counsel is delivered to the Managing General Partner to the effect that the exercise of such right and the action proposed to be taken with
respect to any particular matter (i) will not cause the Limited Partners to be deemed to be taking part in the management and control of the business and affairs of the Partnership so as to jeopardize the Limited Partners’ limited
liability, and (ii) are otherwise permissible under the state statutes then governing the rights, duties and liabilities of the Partnership and the Partners. 
 Section 13.12 Voting and Other Rights 
 (a) Only those Record Holders
of the Limited Partner Interests on the Record Date set pursuant to Section 13.6 (and also subject to the limitations contained in the definition of “Outstanding”) shall be entitled to notice of, and to vote at, a meeting of
Limited Partners or to act with respect to matters as to which the holders of the Outstanding Limited Partner Interests have the right to vote or to act. All references in this Agreement to votes of, or other acts that may be taken by, the
Outstanding Limited Partner Interests shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding Limited Partner Interests. 
 (b) With respect to Limited Partner Interests that are held for a Person’s account by another Person (such as a broker, dealer, bank, trust company or clearing corporation, or an agent of any of the
foregoing), in whose name such Limited Partner Interests are registered, such other Person shall, in exercising the voting rights in respect of such Limited Partner Interests on any matter, and unless the arrangement between such Persons provides
otherwise, vote such Limited Partner Interests in favor of, and at the direction of, the Person who is the beneficial owner, and the Partnership shall be entitled to assume it is so acting without further inquiry. The provisions of this
Section 13.12(b) (as well as all other provisions of this Agreement) are subject to the provisions of Section 4.3. 

ARTICLE XIV 

MERGER 

Section 14.1 Authority 
 The Partnership may merge or consolidate with one or more corporations, limited liability companies, business trusts or associations, real estate investment trusts, common law trusts or unincorporated
businesses, including a general partnership or limited partnership, formed under the laws of the State of Delaware or any other state of the United States of America, pursuant to a written agreement of merger or consolidation (“Merger
Agreement”) in accordance with this Article XIV. 

  
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 Section 14.2 Procedure for Merger or Consolidation 

Merger or consolidation of the Partnership pursuant to this Article XIV requires the prior approval of the Managing General Partner. If
the Managing General Partner shall determine, in the exercise of its discretion, to consent to the merger or consolidation, the Managing General Partner shall approve the Merger Agreement, which shall set forth: 

(a) The names and jurisdictions of formation or organization of each of the business entities proposing to merge or consolidate;

 (b) The name and jurisdiction of formation or organization of the business entity that is to survive the proposed merger or
consolidation (the “Surviving Business Entity”); 
 (c) The terms and conditions of the proposed merger or
consolidation; 
 (d) The manner and basis of exchanging or converting the equity securities of each constituent business entity
for, or into, cash, property or general or limited partner interests, rights, securities or obligations of the Surviving Business Entity; and (i) if any general or limited partner interests, securities or rights of any constituent business
entity are not to be exchanged or converted solely for, or into, cash, property or general or limited partner interests, rights, securities or obligations of the Surviving Business Entity, the cash, property or general or limited partner interests,
rights, securities or obligations of any limited partnership, corporation, trust or other entity (other than the Surviving Business Entity) which the holders of such general or limited partner interests, securities or rights are to receive in
exchange for, or upon conversion of their general or limited partner interests, securities or rights, and (ii) in the case of securities represented by certificates, upon the surrender of such certificates, which cash, property or general or
limited partner interests, rights, securities or obligations of the Surviving Business Entity or any general or limited partnership, corporation, trust or other entity (other than the Surviving Business Entity), or evidences thereof, are to be
delivered; 
 (e) A statement of any changes in the constituent documents or the adoption of new constituent documents (the
articles or certificate of incorporation, articles of trust, declaration of trust, certificate or agreement of limited partnership, operating agreement or other similar charter or governing document) of the Surviving Business Entity to be effected
by such merger or consolidation; 
 (f) The effective time of the merger, which may be the date of the filing of the certificate
of merger pursuant to Section 14.4 or a later date specified in or determinable in accordance with the Merger Agreement (provided, that if the effective time of the merger is to be later than the date of the filing of the certificate of merger,
the effective time shall be fixed no later than the time of the filing of the certificate of merger and stated therein); and 

(g) Such other provisions with respect to the proposed merger or consolidation as are deemed necessary or appropriate by the Managing
General Partner. 

  
 77 

 Section 14.3 Approval by Limited Partners of Merger or Consolidation 

(a) Except as provided in Section 14.3(d), the General Partner, upon its approval of the Merger Agreement, shall direct that the
Merger Agreement be submitted to a vote of Limited Partners, whether at a special meeting or by written consent, in either case in accordance with the requirements of Article XIII. A copy or a summary of the Merger Agreement shall be included in or
enclosed with the notice of a special meeting or the written consent. 
 (b) Except as provided in Section 14.3(d), the
Merger Agreement shall be approved upon receiving the affirmative vote or consent of the holders of a Unit Majority unless the Merger Agreement contains any provision that, if contained in an amendment to this Agreement, the provisions of this
Agreement or the Delaware Act would require for its approval the vote or consent of a greater percentage of the Outstanding Limited Partner Interests or of any class of Limited Partners, in which case such greater percentage vote or consent shall be
required for approval of the Merger Agreement. 
 (c) Except as provided in Section 14.3(d), after such approval by vote or
consent of the Limited Partners, and at any time prior to the filing of the certificate of merger pursuant to Section 14.4, the merger or consolidation may be abandoned pursuant to provisions therefor, if any, set forth in the Merger Agreement.

 (d) Notwithstanding anything else contained in this Article XIV or in this Agreement, the Managing General Partner is
permitted, in its discretion, without Limited Partner approval, to merge the Partnership or any Group Member into, or convey all of the Partnership’s assets to, another limited liability entity which shall be newly formed and shall have no
assets, liabilities or operations at the time of such Merger other than those it receives from the Partnership or other Group Member if (i) the Managing General Partner has received an Opinion of Counsel that the merger or conveyance, as the
case may be, would not result in the loss of the limited liability of any Limited Partner or any member in the Operating Company or cause the Partnership or the Operating Company to be treated as an association taxable as a corporation or otherwise
to be taxed as an entity for federal income tax purposes (to the extent not previously treated as such), (ii) the sole purpose of such merger or conveyance is to effect a mere change in the legal form of the Partnership into another limited
liability entity and (iii) the governing instruments of the new entity provide the Limited Partners and the Managing General Partner with the same rights and obligations as are herein contained. 

Section 14.4 Certificate of Merger 
 Upon the required approval by the Managing General Partner and the Unitholders of a Merger Agreement, a certificate of merger shall be executed and filed with the Secretary of State of the State of
Delaware in conformity with the requirements of the Delaware Act. 
 Section 14.5 Effect of Merger 

(a) At the effective time of the certificate of merger: 

(i) all of the rights, privileges and powers of each of the business entities that has merged or consolidated, and all
property, real, personal and mixed, and all debts due to any of those business entities and all other things and causes of action belonging to each of those business entities, shall be vested in the Surviving Business Entity and after the merger or
consolidation shall be the property of the Surviving Business Entity to the extent they were of each constituent business entity; 

  
 78 

 (ii) the title to any real property vested by deed or otherwise in any of
those constituent business entities shall not revert and is not in any way impaired because of the merger or consolidation; 
 (iii) all rights of creditors and all liens on or security interests in property of any of those constituent business entities shall be preserved unimpaired; and 

(iv) all debts, liabilities and duties of those constituent business entities shall attach to the Surviving Business
Entity and may be enforced against it to the same extent as if the debts, liabilities and duties had been incurred or contracted by it. 
 (b) A merger or consolidation effected pursuant to this Article shall not be deemed to result in a transfer or assignment of assets or liabilities from one entity to another. 

ARTICLE XV 

RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS 
 Section 15.1 Right to Acquire Limited Partner Interests 
 (a)
Notwithstanding any other provision of this Agreement, if at any time not more than 20% of the total Limited Partner Interests of any class then Outstanding, other than the Class A Units, is held by Persons other than the Managing General
Partner and its Affiliates, the Managing General Partner shall then have the right, which right it may assign and transfer in whole or in part to the Partnership or any Affiliate of the Managing General Partner, exercisable in its sole discretion,
to purchase all, but not less than all, of such Limited Partner Interests of such class then Outstanding held by Persons other than the Managing General Partner and its Affiliates, at the greater of (x) the Current Market Price as of the date
three days prior to the date that the notice described in Section 15.1 is mailed and (y) the highest price paid by a General Partner or any of its Affiliates for any such Limited Partner Interest of such class purchased during the 90-day
period preceding the date that the notice described in Section 15.1(b) is mailed. As used in this Agreement, (i) “Current Market Price” as of any date of any class of Limited Partner Interests means the average of the
daily Closing Prices (as hereinafter defined) per limited partner interest of such class for the 20 consecutive Trading Days (as hereinafter defined) immediately prior to such date; (ii) “Closing Price” for any day means the
last sale price on such day, regular way, or in case no such sale takes place on such day, the average of the closing bid and asked prices on such day, regular way, in either case as reported in the principal consolidated transaction reporting
system with respect to securities listed or admitted for trading on the principal National Securities Exchange on which such Limited Partner Interests of such class are listed or admitted to trading or, if such Limited Partner Interests of such
class are not listed or admitted to trading on any National Securities Exchange, the last quoted price on such day or, if not so quoted, the average of the high bid and low asked prices on such day in the over-the-counter market, as reported by the
Nasdaq Stock Market or any other system then in use, or, 

  
 79 

 
if on any such day such Limited Partner Interests of such class are not quoted by any such organization, the average of the closing bid and asked prices on such day as furnished by a professional
market maker making a market in such Limited Partner Interests of such class selected by the Managing General Partner, or if on any such day no market maker is making a market in such Limited Partner Interests of such class, the fair value of such
Limited Partner Interests on such day as determined reasonably and in good faith by the Managing General Partner; and (iii) “Trading Day” means a day on which the principal National Securities Exchange on which such Limited
Partner Interests of any class are listed or admitted to trading is open for the transaction of business or, if Limited Partner Interests of a class are not listed or admitted to trading on any National Securities Exchange, a day on which banking
institutions in New York City generally are open. 
 (b) If the Managing General Partner, any Affiliate of the Managing General
Partner or the Partnership elects to exercise the right to purchase Limited Partner Interests granted pursuant to Section 15.1(a), the Managing General Partner shall deliver to the Transfer Agent notice of such election to purchase (the
“Notice of Election to Purchase”) and shall cause the Transfer Agent to mail a copy of such Notice of Election to Purchase to the Record Holders of Limited Partner Interests of such class (as of a Record Date selected by the
Managing General Partner) at least 10, but not more than 60, days prior to the Purchase Date. Such Notice of Election to Purchase shall also be published for a period of at least three consecutive days in at least two daily newspapers of general
circulation printed in the English language and published in the Borough of Manhattan, New York. The Notice of Election to Purchase shall specify the Purchase Date and the price (determined in accordance with Section 15.1(a)) at which Limited
Partner Interests will be purchased and state that the Managing General Partner, its Affiliate or the Partnership, as the case may be, elects to purchase such Limited Partner Interests, upon surrender of Certificates representing such Limited
Partner Interests in exchange for payment, at such office or offices of the Transfer Agent as the Transfer Agent may specify, or as may be required by any National Securities Exchange on which such Limited Partner Interests are listed or admitted to
trading. Any such Notice of Election to Purchase mailed to a Record Holder of Limited Partner Interests at his address as reflected in the records of the Transfer Agent shall be conclusively presumed to have been given regardless of whether the
owner receives such notice. On or prior to the Purchase Date, the Managing General Partner, its Affiliate or the Partnership, as the case may be, shall deposit with the Transfer Agent cash in an amount sufficient to pay the aggregate purchase price
of all of such Limited Partner Interests to be purchased in accordance with this Section 15.1. If the Notice of Election to Purchase shall have been duly given as aforesaid at least 10 days prior to the Purchase Date, and if on or prior to the
Purchase Date the deposit described in the preceding sentence has been made for the benefit of the holders of Limited Partner Interests subject to purchase as provided herein, then from and after the Purchase Date, notwithstanding that any
Certificate shall not have been surrendered for purchase, all rights of the holders of such Limited Partner Interests (including any rights pursuant to Articles IV, V, VI and XII) shall thereupon cease, except the right to receive the purchase price
(determined in accordance with Section 15.1(a)) for Limited Partner Interests therefor, without interest, upon surrender to the Transfer Agent of the Certificates representing such Limited Partner Interests, and such Limited Partner Interests
shall thereupon be deemed to be transferred to the Managing General Partner, its Affiliate or the Partnership, as the case may be, on the record books of the Transfer Agent and the Partnership, and the General Partner or any Affiliate of the
Managing General Partner, or the Partnership, as the case may be, shall be deemed to be the owner of all such Limited Partner Interests from and after the Purchase Date and shall have all rights as the owner of such Limited Partner Interests
(including all rights as owner of such Limited Partner Interests pursuant to Articles IV, V, VI and XII). 

  
 80 

 (c) At any time from and after the Purchase Date, a holder of an Outstanding Limited Partner
Interest subject to purchase as provided in this Section 15.1 may surrender his Certificate evidencing such Limited Partner Interest to the Transfer Agent in exchange for payment of the amount described in Section 15.1(a), therefor,
without interest thereon. 
 ARTICLE XVI 
 GENERAL PROVISIONS 
 Section 16.1 Addresses and Notices

 Any notice, demand, request, report or proxy materials required or permitted to be given or made to a Partner or Assignee
under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Partner or Assignee at the address described below.
Any notice, payment or report to be given or made to a Partner or Assignee hereunder shall be deemed conclusively to have been given or made, and the obligation to give such notice or report or to make such payment shall be deemed conclusively to
have been fully satisfied, upon sending of such notice, payment or report to the Record Holder of such Partnership Securities at his address as shown on the records of the Transfer Agent or as otherwise shown on the records of the Partnership,
regardless of any claim of any Person who may have an interest in such Partnership Securities by reason of any assignment or otherwise. An affidavit or certificate of making of any notice, payment or report in accordance with the provisions of this
Section 16.1 executed by the Managing General Partner, the Transfer Agent or the mailing organization shall be prima facie evidence of the giving or making of such notice, payment or report. If any notice, payment or report addressed to a
Record Holder at the address of such Record Holder appearing on the books and records of the Transfer Agent or the Partnership is returned by the United States Postal Service marked to indicate that the United States Postal Service is unable to
deliver it, such notice, payment or report and any subsequent notices, payments and reports shall be deemed to have been duly given or made without further mailing (until such time as such Record Holder or another Person notifies the Transfer Agent
or the Partnership of a change in his address) if they are available for the Partner or Assignee at the principal office of the Partnership for a period of one year from the date of the giving or making of such notice, payment or report to the other
Partners and Assignees. Any notice to the Partnership shall be deemed given if received by the Managing General Partner at the principal office of the Partnership designated pursuant to Section 2.3. The Managing General Partner may rely and
shall be protected in relying on any notice or other document from a Partner, Assignee or other Person if believed by it to be genuine. 
 Section 16.2 Further Action 
 The parties shall execute and deliver
all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

  
 81 

 Section 16.3 Binding Effect 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives and permitted assigns. 
 Section 16.4 Integration 

This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior
agreements and understandings pertaining thereto. 
 Section 16.5 Creditors 

None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership.

 Section 16.6 Waiver 
 No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall
constitute waiver of any such breach of any other covenant, duty, agreement or condition. 
 Section 16.7
Counterparts 
 This Agreement may be executed in counterparts, all of which together shall constitute an agreement
binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto or, in the case of a
Person acquiring a Unit, upon accepting the certificate evidencing such Unit or executing and delivering a Transfer Application as herein described, independently of the signature of any other party. 

Section 16.8 Applicable Law 
 This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law. 

Section 16.9 Invalidity of Provisions 
 If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be
affected thereby. 
 Section 16.10 Consent of Partners 

Each Partner hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the
affirmative vote or consent of less than all of the Partners, such action may be so taken upon the concurrence of less than all of the Partners and each Partner shall be bound by the results of such action. 

[Rest of Page Intentionally Left Blank] 

  
 82 

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

			
	MANAGING GENERAL PARTNER:
	
	INERGY GP, LLC
	
	/s/ John J. Sherman
	 John J. Sherman

Chief Executive Officer

	
	LIMITED PARTNERS:
	All Limited Partners now and hereafter admitted as Limited Partners of the Partnership, pursuant to powers of attorney now and hereafter executed in favor of, and
granted and delivered to the Managing General Partner.
		
	By:	 	Inergy GP, LLC
	
	Managing General Partner, as attorney-in-fact for the Limited Partners pursuant to the Powers of Attorney granted pursuant to Section 2.6.
		
	By:	 	/s/ John J. Sherman
	 John J. Sherman

	 Chief Executive Officer

 SIGNATURE PAGE TO FOURTH
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 

 EXHIBIT A 
 to the Fourth Amended and 
 Restated Agreement of Limited Partnership of

 Inergy, L.P. 
 Certificate Evidencing Common Units 
 Representing Limited Partner
Interests in 
 Inergy, L.P. 
  

			
	No.                    	  	                      Common Units

 In accordance with Section 4.1 of the Fourth Amended and Restated Agreement of Limited Partnership of
Inergy, L.P., as amended, supplemented or restated from time to time (the “Partnership Agreement”), Inergy, L.P., a Delaware limited partnership (the “Partnership”), hereby certifies that
                                         
   (the “Holder”) is the registered owner of Common Units representing limited partner interests in the Partnership (the “Common Units”) transferable on the books of the Partnership, in person or by
duly authorized attorney, upon surrender of this Certificate properly endorsed and accompanied by a properly executed application for transfer of the Common Units represented by this Certificate. The rights, preferences and limitations of the Common
Units are set forth in, and this Certificate and the Common Units represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and
will be furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located at Two Brush Creek, Suite 200, Kansas City, Missouri 64112. Capitalized terms used herein but not defined shall
have the meanings given them in the Partnership Agreement. 
 The Holder, by accepting this Certificate, is deemed to have
(i) requested admission as, and agreed to become, a Limited Partner and to have agreed to comply with and be bound by and to have executed the Partnership Agreement, (ii) represented and warranted that the Holder has all right, power and
authority and, if an individual, the capacity necessary to enter into the Partnership Agreement, (iii) granted the powers of attorney provided for in the Partnership Agreement and (iv) made the waivers and given the consents and approvals
contained in the Partnership Agreement. 
 This Certificate shall not be valid far any purpose unless it has been countersigned
and registered by the Transfer Agent and Registrar. 
  

							
	Dated:                     	  	Inergy, L.P.
			
	Countersigned and Registered by:	  	By:	  	Inergy GP, LLC, its Managing General Partner
				
		  		  	By:	  	 
	as Transfer Agent and Registrar	  	Name:	  	 
				
	By:	  	 	  	By:	  	 
		  	Authorized Signature	  		  	Secretary

  
 A-1

 [Reverse of Certificate] 

ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as follows according to applicable laws or regulations: 

 

											
	TEN COM -	 	as tenants in common	 		 	UNIF GIFT/TRANSFERS MIN ACT
	 TEN ENT -
	 	as tenants by the entireties            	 		 	 	 	Custodian 	  	 
		 		 		 	(Cust)	 		  	(Minor)
	 JT TEN -
	 	as joint tenants with right of survivorship and not as tenants in common	 		 	under Uniform Gifts/Transfers to CD Minors Act (State)

 Additional abbreviations, though not in the above list, may also be used. 

ASSIGNMENT OF COMMON UNITS 
 in 
 INERGY, L.P. 

IMPORTANT NOTICE REGARDING INVESTOR RESPONSIBILITIES 
 DUE TO TAX SHELTER STATUS OF INERGY, L.P. 
 You have acquired an interest
in Inergy, L.P., Two Brush Creek Blvd., Suite 200, Kansas City, Missouri 64112, whose taxpayer identification number is 43-1918951. The Internal Revenue Service has issued Inergy, L.P. the following tax shelter registration number: 

YOU MUST REPORT THIS REGISTRATION NUMBER TO THE INTERNAL REVENUE SERVICE IF YOU CLAIM ANY DEDUCTION, LOSS, CREDIT OR OTHER TAX BENEFIT OR
REPORT ANY INCOME BY REASON OF YOUR INVESTMENT IN INERGY, L.P. 
 You must report the registration number as well as the name
and taxpayer identification number of Inergy, L.P. on Form 8271. FORM 8271 MUST BE ATTACHED TO THE RETURN ON WHICH YOU CLAIM THE DEDUCTION, LOSS, CREDIT OR OTHER TAX BENEFIT OR REPORT ANY INCOME BY REASON OF YOUR INVESTMENT IN INERGY, L.P.

 If you transfer your interest in Inergy, L.P. to another person, you are required by the Internal Revenue Service to keep a
list containing (a) that person’s name, address and taxpayer identification number, (b) the date on which you transferred the interest and (c) the name, address and tax shelter registration number of Inergy, L.P. If you do not
want to keep such a list, you must (1) send the information specified above to the Partnership, which will keep the list for this tax shelter, and (2) give a copy of this notice to the person to whom you transfer your interest. Your
failure to comply with any of the above-described responsibilities could result in the imposition of a penalty under Section 6707(b) or 6708(a) of the Internal Revenue Code of 1986, as amended, unless such failure is shown to be due to
reasonable cause. 

  
 A-2

 ISSUANCE OF A REGISTRATION NUMBER DOES NOT INDICATE THAT THIS INVESTMENT OR THE CLAIMED TAX
BENEFITS HAVE BEEN REVIEWED, EXAMINED OR APPROVED BY THE INTERNAL REVENUE SERVICE. 
 FOR VALUE RECEIVED, hereby assigns,
conveys, sells and transfers unto 
  

					
	  
	  		  	  

	(Please print or typewrite name	  		  	(Please insert Social Security or other
	 and address of Assignee)
	  		  	identifying number of Assignee)

                 Common Units representing
limited partner interests evidenced by this Certificate, subject to the Partnership Agreement, and does hereby irrevocably constitute and
appoint                     as its attorney-in-fact with full power of substitution to transfer the same on the books of Inergy, L.P. 

 

					
	Date:	  	NOTE:	  	The signature to any endorsement hereon must correspond with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or
change.
			
	 SIGNATURE(S) MUST BE

GUARANTEED BY A MEMBER
 FIRM OF THE
NATIONAL
 ASSOCIATION OF
	  		  	(Signature)
	 SECURITIES DEALERS, INC.

OR BY A COMMERCIAL BANK
 OR TRUST
COMPANY
 SIGNATURE(S) GUARANTEED
	  		  	(Signature)

 No transfer of the Common Units evidenced hereby will be registered on the books of the Partnership,
unless the Certificate evidencing the Common Units to be transferred is surrendered for registration or transfer and an Application for Transfer of Common Units has been executed by a transferee either (a) on the form set forth below or
(b) on a separate application that the Partnership will furnish on request without charge. A transferor of the Common Units shall have no duty to the transferee with respect to execution of the transfer application in order for such transferee
to obtain registration of the transfer of the Common Units. 

  
 A-3

 APPLICATION FOR TRANSFER OF COMMON UNITS 

The undersigned (“Assignee”) hereby applies for transfer to the name of the Assignee of the Common Units evidenced
hereby. 
 The Assignee (a) requests admission as a Substituted Limited Partner and agrees to comply with and be bound by,
and hereby executes, the Amended and Restated Agreement of Limited Partnership of Inergy, L.P. (the “Partnership”), as amended, supplemented or restated to the date hereof (the “Partnership Agreement”),
(b) represents and warrants that the Assignee has all right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement, (c) appoints the Managing General Partner of the Partnership and, if a
Liquidator shall be appointed, the Liquidator of the Partnership as the Assignee’s attorney-in-fact to execute, swear to, acknowledge and file any document, including, without limitation, the Partnership Agreement and any amendment thereto and
the Certificate of Limited Partnership of the Partnership and any amendment thereto, necessary or appropriate for the Assignee’s admission as a Substituted Limited Partner and as a party to the Partnership Agreement, (d) gives the powers
of attorney provided for in the Partnership Agreement, and (e) makes the waivers and gives the consents and approvals contained in the Partnership Agreement. Capitalized terms not defined herein have the meanings assigned to such terms in the
Partnership Agreement. 
 Date:
                                 

 

					
	  
	  		  	  

	Social Security or other identifying number	  		  	Signature of Assignee
			
	  
	  		  	  

	Purchase Price including commissions, if any	  		  	Name and Address of Assignee

 Type of Entity (check one): 
  

											
	         ̈	  	Individual	  	 ̈	  	Partnership	  	 ̈	  	Corporation
						
	         ̈	  	Trust	  	 ̈	  	Other (specify)	  		  	
					
	Nationality (check one):	  		  		  		  	
				
	         ̈	  	U.S. Citizen, Resident or Domestic Entity	  		  	
						
	         ̈	  	Foreign Corporation	  	 ̈	  	Non-resident Alien	  		  	

 If the U.S. Citizen, Resident or Domestic Entity box is checked, the following certification must be
completed. 
 Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), the
Partnership must withhold tax with respect to certain transfers of property if a holder of an interest in the Partnership is a foreign person. To inform the Partnership that no withholding is required with respect to the undersigned
interestholder’s interest in it, the undersigned hereby certifies the following (or, if applicable, certifies the following on behalf of the interestholder). 

  
 A-4

 Complete Either A or B: 
  

	A.	Individual Interestholder 

  

	 	1.	I am not a non-resident alien for purposes of U.S. income taxation. 

  

	 	2.	My U.S. taxpayer identification number (Social Security Number)
is                    . 

  

	 	3.	My home address is                    . 

 

	B.	Partnership, Corporation or Other Interestholder 

  

	 	1.	                    is not a foreign corporation, foreign
partnership, foreign trust (Name of Interestholder) or foreign estate (as those terms are defined in the Code and Treasury Regulations). 

  

	 	2.	The interestholder’s U.S. employer identification number
is                    . 

  

	 	3.	The interestholder’s office address and place of incorporation (if applicable)
is                    . 

 The interestholder agrees to notify the Partnership within sixty (60) days of the date the interestholder becomes a foreign person. 

The interestholder understands that this certificate may be disclosed to the Internal Revenue Service by the Partnership and that any
false statement contained herein could be punishable by fine, imprisonment or both. 
 Under penalties of perjury, I declare
that I have examined this certification and to the best of my knowledge and belief it is true, correct and complete and, if applicable, I further declare that I have authority to sign this document on behalf of: 

 
  

Name of Interestholder 
  

 
 Signature and
Date 
  
  

Title (if applicable) 
 Note: If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee holder or an agent of any of the foregoing, and is holding for the account of any other person, this
application should be completed by an officer thereof or, in the case of a broker or dealer, by a registered representative who is a member of a registered national securities exchange or a member of the National Association of Securities Dealers,
Inc., or, in the case of any other nominee holder, a person performing a similar function. If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee owner or an agent of any of the foregoing, the above
certification as to any person for whom the Assignee will hold the Common Units shall be made to the best of the Assignee’s knowledge. 

  
 A-5EX-4.1

 Exhibit 4.1 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is entered into as of June 19, 2013, to become effective upon the Effective Date (as defined below), by and among Inergy Midstream, L.P., a Delaware limited partnership (the “Company”),
John J. Sherman (“Sherman”), Crestwood Holdings, LLC, a Delaware limited liability company (“Crestwood Holdings”), and Crestwood Gas Services Holdings LLC, a Delaware limited liability company
(“Crestwood Gas Services”). 
 WHEREAS, Crestwood Holdings, Crestwood Gas Services, NRGP Limited
Partner, LLC, a Delaware limited liability company, and Inergy Holdings GP, LLC, a Delaware limited liability company (“IHGP”), are parties to that certain Purchase and Sale Agreement, dated as of May 5, 2013 (the
“Purchase Agreement”); 
 WHEREAS, Crestwood Holdings, Crestwood Gas Services, IHGP, and the Company are
parties to that certain Contribution Agreement, dated as of May 5, 2013 (the “Contribution Agreement”); 
 WHEREAS, the Company, NRGM GP, LLC, a Delaware limited liability company, Inergy Merger Sub, LLC, a Delaware limited liability company (“Merger Sub”), Inergy, L.P., a Delaware
limited partnership, Crestwood Midstream Partners LP, a Delaware limited partnership (“CMP”), and Crestwood Gas Services GP LLC, a Delaware limited liability company, are parties to that certain Agreement and Plan of Merger,
dated as of May 5, 2013 (the “Merger Agreement”); 
 WHEREAS, Sherman is a significant holder of
the Units (as hereinafter defined) and an Affiliate of the Company and will therefore be subject to legal and practical limitations on Holder’s sale of Units in the future; 

WHEREAS, following the consummation of the transactions contemplated by the Purchase Agreement and the Contribution Agreement, the
Crestwood Entities (as hereinafter defined) will be significant holders of the Units (as hereinafter defined) and Affiliates of the Company and will therefore be subject to legal and practical limitations on the Crestwood Entities’ sale of
Units in the future; 
 WHEREAS, as an inducement for the Holders and their Affiliates party thereto to cause the execution and
delivery of the Purchase Agreement, the Contribution Agreement and the Merger Agreement, and the consummation of the transactions contemplated thereby, the Company has agreed to grant the Holders registration rights with respect to the Units; and

 NOW, THEREFORE, in consideration of the foregoing, the mutual promises and agreements set forth herein, and other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 Section 1. Certain Definitions. 

As used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Agreement” shall have the meaning set forth in the preamble to this Agreement. 

“Affiliate” shall mean a Person that directly, or indirectly though one or more intermediaries, controls, is
controlled by, or is under common control with a specified Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of management and policies
of the other Person, whether through the ownership of voting securities, by contract, or otherwise. 
 “Block Out
Day” means any day that (1) the Company has suspended its obligations to effect a Qualified Offering pursuant to Sections 2(c)(i)(3) or (4); or (2) the Company has suspended use of the prospectus forming part of
Registration Statement pursuant to Section 6. 
 “Business Day” shall mean any day other
than a Saturday, Sunday or other day on which banks are authorized or required by law to be closed in New York City, New York. 

“Certificate” shall mean the Certificate of Limited Partnership of the Company filed with the Delaware Secretary
of State, as amended and/or restated. 
 “CMP” shall have the meaning set forth in the recitals to this
Agreement. 
 “Company” shall have the meaning set forth in the preamble to this Agreement. 

“Contribution Agreement” shall have the meaning set forth in the recitals to this Agreement. 

“Crestwood Entities” means Crestwood Holdings and Crestwood Gas Services. 

“Crestwood Holder” means Crestwood Holdings, Crestwood Gas Services, Crestwood Gas Services GP LLC, a Delaware
limited liability company, and any other Affiliate of any of the foregoing that owns any Units, or lender with respect thereto who becomes a successor or assign of a Crestwood Holder in accordance with Section 9(c). 

“Demand Registration Request” shall have the meaning set forth in Section 2(d) hereof. 

“Effective Date” shall mean the earliest of (i) the Exercise Date or (ii) date upon which Merger Sub
merges with and into CMP pursuant to the Merger Agreement; provided that in the event the Merger Agreement and Option Agreement are terminated, this Agreement shall be null and void. 

“Effectiveness Period” shall have the meaning set forth in Section 2(a) hereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended (or any successor statute thereto), and
the rules and regulations promulgated thereunder. 

 “Exercise Date” shall have the meaning set forth in the Option
Agreement. 
 “FINRA” shall mean the Financial Industry Regulatory Authority, Inc. 

“Holder” shall mean Sherman, each Crestwood Entity and each Person who becomes a successor or assign of a Holder
in accordance with Section 9(c). 
 “Indemnitee” shall have the meaning set forth in
Section 5(a) hereof. 
 “Inspectors” shall have the meaning set forth in
Section 3(m) hereof. 
 “Limited Partnership Agreement” means the First Amended and Restated
Agreement of Limited Partnership of the Company, dated as of December 21, 2011, as amended from time to time. 

“Merger Agreement” shall have the meaning set forth in the recitals to this Agreement. 

“Merger Sub” shall have the meaning set forth in the recitals to this Agreement. 

“NYSE” shall mean The New York Stock Exchange. 

“Option Agreement” means the Option Agreement, dated as of May 5, 2013, by and among the Company, NRGM GP,
LLC, Merger Sub, Inergy, L.P., CMP and Crestwood Gas Services GP LLC. 
 “Other Piggyback Rights
Holders” has the meaning set forth in Section 2.1(e)(ii) hereof. 
 “Person”
shall mean any natural person, partnership, joint-stock company, association, limited liability company, corporation, trust, or unincorporated organization, or other governmental or legal entity. 

“Permitted Free Writing Prospectus” shall have the meaning set forth in Section 4(a) hereof.

 “Prospectus” shall mean the prospectus included in a Registration Statement (including, without
limitation, any preliminary prospectus, any Permitted Free Writing Prospectus and any prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A under
the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and by all other amendments and supplements
to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set forth in the recitals to this Agreement. 

 “Qualified Offering” shall mean an offering pursuant to an effective
Registration Statement in which Units are sold (i) to an underwriter on a firm commitment basis for reoffering and resale to the public, (ii) in an offering that is a “bought deal” with one or more investment banks or
(iii) in a block trade with a broker-dealer. 
 “Qualified Offering Notice” shall have the meaning
set forth in Section 2(c) hereof 
 “Registrable Securities” shall mean any Units owned by
the Holders, including any securities issued as distribution with respect thereto; provided, however, that Registrable Securities shall not include (a) Units for which a Registration Statement relating to the sale
thereof has become effective under the Securities Act and which have been disposed of under such Registration Statement, (b) Units sold pursuant to Rule 144, (c) Units held by a Holder that, together with its Affiliates, owns less than 5%
of the outstanding Units and such Units are eligible to be sold by such Holder pursuant to Rule 144 without any holding period or volume limitation or (d) Units held by a Holder that, together with its Affiliates, owns less than 3% of the
outstanding Units. 
 “Registration Expenses” shall mean any and all expenses incurred by the Company in
effecting any registration pursuant to this Agreement, including without limitation: (i) all registration and filing fees; (ii) all fees and expenses associated with a required listing of the Registrable Securities on any securities
exchange; (iii) fees and expenses with respect to filings required to be made with the NYSE, any other securities exchange or FINRA; (iv) fees and expenses of compliance with state securities or “blue sky” laws (including
reasonable fees and disbursements of counsel for the Holders in connection with “blue sky” qualifications of the securities and determination of their eligibility for investment under the laws of such jurisdictions but not to exceed
$15,000); (v) printing expenses, messenger, telephone and delivery expenses; and (vi) fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company
(including the expenses of any comfort letters or costs associated with the delivery by independent registered public accountants of a comfort letter or comfort letters); provided, however, that Registration Expenses shall not include,
and the Company shall not have any obligation to pay, any underwriting fees, discounts, or commissions attributable to the sale of such Registrable Securities, or any legal fees and expenses of counsel to any Holder and counsel to any underwriter
engaged by any Holder or any transfer taxes relating to the registration or a sale of the Registrable Securities. 

“Registration Statement” shall mean any registration statement of the Company (including any Shelf Registration
Statement) that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement filed with, or to be filed with, the SEC under the Securities Act (and may cover other securities of the Company) on an appropriate
form, and all amendments and supplements to such Registration Statement, including pre-and post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all materials incorporated by reference therein.

 “Rule 144” means Rule 144 promulgated under the Securities Act (or any successor provision).

 “SEC” shall mean the Securities and Exchange Commission and any
successor thereto. 
 “Securities Act” shall mean the Securities Act of 1933, as amended (or any
successor statute thereto), and the rules and regulations promulgated thereunder. 
 “Selling Holder”
shall mean a Holder who is selling Registrable Securities pursuant to a Registration Statement. 
 “Shelf
Offering” shall have the meaning set forth in Section 2(b) hereof. 
 “Shelf Offering
Notice” shall have the meaning set forth in Section 2(b) hereof. 
 “Shelf Registration
Statement” shall mean a Registration Statement on Form S-3 or another appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 

“Sherman Holder” shall mean Sherman and any Affiliate thereof that owns any Units, or lender with respect thereto
who becomes a successor or assign of a Sherman Holder in accordance with Section 9(c). 
 “Suspension
Period” shall have the meaning set forth in Section 6(a) hereof. 
 “Units”
shall mean the Common Units representing limited partnership interests of the Company. 
 “WKSI” shall
mean a well-known seasoned issuer, as defined in Rule 405 under the Securities Act. 
 Section 2. Registration
Rights. 
 (a) Shelf Registration Statement. 

(i) Subject to Section 6, upon the written request of a Holder to the Company and from time to time during the Effectiveness Period,
the Company shall use its commercially reasonable efforts to prepare and file with the SEC a Shelf Registration Statement with respect to resales of all Registrable Securities requested to be included by such Holder in such Shelf Registration
Statement. Unless such Shelf Registration Statement shall become automatically effective, the Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective by the SEC for all of
the Registrable Securities covered thereby as soon as reasonably practicable. If the Company is a WKSI at the time that the Shelf Registration Statement is to be filed, the Company shall file an automatic Shelf Registration Statement which covers
such Registrable Securities if the Company is eligible to do so. 
 (ii) The Company agrees to use its commercially reasonable
efforts to keep the Shelf Registration Statement (or a successor Registration Statement filed with respect to the Registrable Securities) continuously effective (including by filing a new Shelf Registration Statement if the initial Shelf
Registration Statement expires) in order to permit the Prospectus 

 
forming a part thereof to be lawfully delivered and the Shelf Registration Statement useable for resale of the Registrable Securities, subject to Section 2 and Section 6, so long as
there are any Registrable Securities outstanding (the “Effectiveness Period”). 
 (b) Shelf
Offerings. Subject to Section 6, upon the written request of a Holder (“Shelf Offering Notice”) to the Company made from time to time during the Effectiveness Period, the Company will use its commercially reasonable
efforts to facilitate a “takedown” of Registrable Securities off of the Shelf Registration Statement by such Holder (“Shelf Offering”) by amending or supplementing the Prospectus related to the Shelf Registration
Statement as may be reasonably requested by such Holder as promptly as reasonably practicable upon receipt of the Shelf Offering Notice. The Holders shall give the Company prompt written notice of the consummation of a sale effected in any Shelf
Offering. For the avoidance of doubt, in the event any Shelf Offering is a Qualified Offering, such offering shall be subject to the conditions and limitations set forth in Section 2(c) below. 

(c) Underwritten Offerings. 
 (i) Subject to Section 6, from time to time during the Effectiveness Period, a Holder may notify the Company in writing that such Holder desires to sell its Registrable Securities by means of a
Qualified Offering (a “Qualified Offering Notice”) and the Company shall use its commercially reasonable efforts to facilitate such Qualified Offering, including the actions required by Section 3; provided, however, that
the Company shall not be obligated to effect, or take any action to effect, a Qualified Offering if: 
 (1) the
value of the Registrable Securities to be sold in the Qualified Offering (based on the closing price of the Registrable Securities on the trading day immediately preceding the date of the Qualified Offering Notice) shall be less than
$25 million; 
 (2) such Qualified Offering Notice is received before the expiration of any lock-up period
required by the underwriters in any prior offering of securities (whether by the Company, a Holder or any other Person); 
 (3) at the time the Company receives a Qualified Offering Notice, the Company is actively undertaking an underwritten offering of its stock and the Company has previously delivered a notice to the Holders
of its intention to undertake such proposed underwritten offering; or 
 (4) at the time the Company receives a
Qualified Offering Notice, the Company is in active discussions, or has a present intention to begin active discussions, with underwriters regarding an underwritten offering of Units and it is reasonably likely that such an underwritten offering
will be promptly initiated by the Company; 
 provided, further, the Company shall not be entitled to invoke either
Section 2(c)(i)(3) or (4) (and, if invoked, such Section shall cease to have effect) at any time that the Holders shall have been subject to an aggregate of one hundred and fifty (150) or more Block Out Days in any rolling 365-day
period. 

 (ii) In connection with each Qualified Offering pursuant to this Section 2(c), the
Company will determine the lead book runner(s), who shall be reasonably acceptable to the Holder requesting such Qualified Offering, and such other matters affecting the structure and marketing of the Qualified Offering. 

(iii) Notwithstanding the foregoing provisions or anything else to the contrary set forth in this Agreement, the Company shall not be
obligated to undertake more than an aggregate of three (3) Qualified Offerings pursuant to this Section 2(c) and Section 2(d) at the request of the Sherman Holders and provided further that the Company shall not be obligated to effect
any Qualified Offering if the occurrence of such Qualified Offering would result in more than two Qualified Offerings being effected in any rolling 365-day period. 
 (d) Demand Registration. 
 (i) Subject to Section 6, upon the written
request of a Holder (the “Demand Registration Request”) made from time to time during the Effectiveness Period, if the Company is not eligible to file a Shelf Registration Statement or the Company has not used its
commercially reasonable efforts to have a Shelf Registration Statement declared effective by the SEC or the Shelf Registration Statement shall cease to be effective, the Company shall file with the SEC, no later than 45 days after such written
request, a Registration Statement with respect to all of the Registrable Securities held by the Holders. The Holder submitting the Demand Registration Request shall concurrently provide written notice of the proposed registration to all other
Holders and such Holders shall promptly provide the Company with information required by Section 2(f). For the avoidance of doubt, if a Holder intends to sell Registrable Securities covered by the Demand Registration Request by means of a
Qualified Offering, it shall so advise the Company as part of its Demand Registration Request and the conditions and limitations set forth in Section 2(c) shall apply, including with respect to the limitations on the aggregate number of
Qualified Offerings that may be requested by the Sherman Holders. 
 (ii) The Company shall use its commercially reasonable
efforts to cause such Registration Statement to be declared effective by the SEC for all of the Registrable Securities covered thereby as soon as reasonably practicable following the filing thereof, but in no event later than 75 days after the
filing of such Registration Statement. 
 (e) Piggyback Registration. 

(i) If (x) the Company shall determine to register any of its Units or other equity securities of the Company either (A) for
its own account, or (B) for the account of other holders of securities of the Company (other than (I) a registration relating solely to employee or director benefit or distribution reinvestment plans), (II) a registration relating solely
to a Rule 145 transaction under the Securities Act, (III) a registration on any registration form which may not be used for the registration or qualification of Registrable Securities or does not include substantially the same information as would
be required to be included in a Registration Statement or (IV) a new universal shelf registration statement solely for its own account), including a registration of Units pursuant to the exercise of rights of a Holder pursuant to Article 2 hereof,
or (y) Units are to be sold in an underwritten offering (whether or not for the account of the Company), the Company will, subject to the conditions set forth in this Section 2(e): 

 (1) promptly give to each of the Holders a written notice thereof; and

 (2) subject to Section 2(e)(ii) below and any transfer restrictions to which any Holder may be subject,
include in such registration and/or underwritten offering, all of the Registrable Securities specified in a written request or requests, made by the Holders. Such written request may specify all or less than all of the Holder’s Registrable
Securities and shall be received by the Company within five (5) Business Days after written notice from the Company is given under Section 2(e)(i)(1) above. 
 (ii) Underwriting. In connection with any offering involving an underwriting of Units under this Section 2(e) (including any such offering that is being undertaken at the request of a Holder
pursuant to the exercise of such Holder’s rights under this Article 2), the Company shall not be required under this Section 2(e) to include any of the Holders’ Registrable Securities in such underwriting unless such Holder accepts
the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by other Persons entitled to select the underwriters), provided that such underwriting agreement shall contain customary indemnification and
contribution obligations on the part of Holders. If any Holder who has requested inclusion in such registration disapproves of the terms of the underwriting agreement, such Holder shall not be required to enter into such underwriting agreement and
shall withdraw from such registration by providing written notice to the Company and the underwriters. If the total amount of securities, including Registrable Securities, requested by Selling Holders and other unitholders of the Company with
similar piggyback registration rights (“Other Piggyback Rights Holders”) to be included in an offering pursuant to this Section 2(e) exceeds the maximum amount of securities that the underwriters determine in their
reasonable opinion can be sold in such offering (including any Units being sold for the account of the Company) without adversely affecting the marketability of the offering then the Company shall be required to include in such offering only that
number of such Registrable Securities and securities requested to be included by other Piggyback Rights Holders, if any, which the underwriters determine in their reasonable opinion, will not adversely affect the marketability of the offering (the
Registrable Securities and other securities so included, if any, to be apportioned pro rata among the Selling Holders and Other Piggyback Rights Holders based on the number of Registrable Securities or other securities owned by the Selling Holders
(and their Affiliates) and the Other Piggyback Rights Holders (and their Affiliates). For the avoidance of doubt, in the case of an offering initiated by the Company as a primary offering on behalf of the Company, the Company shall have priority
over the rights of the Holders of Registrable Securities and shall be permitted to include in such offering any number of Units that the Company may desire to sell in such Offering and the Company shall have no obligation to include any Registrable
Securities requested to be included in such offering to the extent the inclusion of such Registrable Securities would, in the reasonable opinion of the underwriters, adversely affect the marketability of the offering. 

(iii) In the case of an offering initiated by the Company as a primary offering on behalf of the Company, nothing contained herein shall
prohibit the Company from determining, at any time, not to file a registration statement or, if filed, to withdraw such registration or terminate or abandon the offering related thereto. 

 (f) Further Information. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any Holder that such Holder furnish to the Company such information regarding itself, the Registrable Securities held by it, and the potential
method of disposition (which may be an underwritten offering or one or more other methods permitted by law) of such securities and such other information relating to such Holder as the Company may reasonably request as shall be required to effect
the registration of such Holder’s Registrable Securities. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably requested to enable the Company to comply with the provisions of this
Agreement. 
 (g) Expenses of Registration. The Company shall bear all Registration Expenses incurred in connection with
the registration of the Registrable Securities pursuant to this Agreement and the Company’s performance of its other obligations under the terms of this Agreement. 
 Section 3. Registration Procedures. 
 In connection with each
registration effected by the Company pursuant to Section 2 or offering pursuant thereto, as applicable, the Company will: 

(a) as promptly as practicable, prepare and file with the SEC such amendments, post-effective amendments and supplements to such
Registration Statement and the Prospectus used in connection therewith as may be necessary to cause or maintain the effectiveness of such Registration Statement for so long as such Registration Statement is required to be kept effective and to
comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement during the period in which such Registration Statement is required to be kept effective; provided
that (i) within a reasonable period of time prior to filing a Registration Statement or Prospectus or any amendments or supplements thereto, the Company shall furnish to one counsel selected by the Holders and to the underwriters in an
underwritten offering copies of all such documents proposed to be filed including documents that are to be incorporated by reference into the Registration Statement, amendment or supplement, (ii) the Company shall fairly consider such
reasonable changes in any such documents prior to the filing thereof as the counsel to the Holders may request and (iii) the Company shall make available such of its representatives as shall be reasonably requested by the Holders or any
underwriter available for discussion of such documents. The expenses of such counsel incurred in connection with the foregoing review by Holders’ counsel shall be borne by the Holders. 

(b) furnish to each Holder of Registrable Securities being registered, without charge, such number of conformed copies of such
Registration Statement and of each such amendment and supplement thereto (in each case including all exhibits) other than those which are being incorporated into such Registration Statement by reference, such number of copies of the Prospectus
contained in such Registration Statements (including each complete Prospectus and any summary or preliminary Prospectus) and any other Prospectus filed under Rule 424 under the Securities Act in conformity with the requirements of the Securities
Act, and such other documents, including documents incorporated by reference, as any Holder or an underwriter in an underwritten offering may reasonably request, in each case including each such amendment

 
and supplement thereto, to the extent such other documents are not available on the SEC’s Electronic Data Gathering Analysis and Retrieval System, in order to facilitate the disposition of
the Registrable Securities by such Holder (it being understood that the Company consents to the use of such Prospectus and any amendment or supplement thereto by the Holders and their underwriters, if any, in connection with the offering and sale of
the Registrable Securities thereby); 
 (c) use its commercially reasonable efforts to (i) register or qualify all
Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as the Holders shall reasonably request, (ii) keep such registration or qualification in effect for so long as such Registration Statement is
required to be kept effective, (iii) cooperate with the Holders and the underwriters, if any, and their respective counsel in connection with any filings required to be made with FINRA and (iv) take any other action which may be reasonably
necessary or advisable to enable the Holders to consummate the disposition in such jurisdiction of the Registrable Securities owned by the Holders, provided that the Company shall not for any such purpose be required to qualify generally to do
business as a foreign company or to register as a broker or dealer in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(c), or to consent to general service of process in any such jurisdiction, or to be
subject to any material tax obligation in any such jurisdiction where it is not then so subject; 
 (d) otherwise use its
reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, beginning with the
first fiscal quarter beginning after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; 

(e) subject to Section 2(c), if a disposition of Registrable Securities takes the form of a Qualified Offering, enter into customary
agreements (including, in the case of an underwritten offering, underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to
indemnification and contribution contained herein) and take all other customary actions at such times as customarily occur in similar registered offerings in order to facilitate the disposition of such Registrable Securities and in connection
therewith: 
 (i) make such representations and warranties to the Selling Holders and the underwriters, if any, in form,
substance and scope as are customarily made by issuers in similar underwritten offerings; 
 (ii) use its commercially
reasonable efforts to obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to each Selling
Holder and the underwriters, if any, covering the matters customarily covered in opinions requested in sales of securities or underwritten offerings and such other matters as may be reasonably requested by such Selling Holders and the lead managing
underwriter; and 
 (iii) use its commercially reasonable efforts to obtain “cold comfort” letters and updates thereof
from the Company’s independent certified public accountants addressed to 

 
the Selling Holders, if permissible, and the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in “cold comfort”
letters to underwriters in connection with primary underwritten offerings. 
 (f) promptly notify the Holders if at any time a
Prospectus relating to the Registrable Securities is required to be delivered under the Securities Act, (i) the representations and warranties of the Company contained in any agreement for the sale of any Registrable Securities under a
Registration Statement cease to be true and correct in all material respects, or (ii) the Company becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such
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, in light of the circumstances then existing,
not misleading, and, subject to Section 6, at the request of the Holders, promptly prepare and file, and furnish to the Holders a reasonable number of copies of, a supplement to or an amendment of such Registration Statement or such Prospectus
as may be necessary so that such Registration Statement or, as thereafter delivered to the purchasers of such securities, such Prospectus shall 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, in light of the circumstances then existing, not misleading; 
 (g)
cooperate with the Holders to facilitate the timely delivery, preparation and delivery of certificates, with requisite CUSIP numbers, representing Registrable Securities to be sold; 

(i) use its commercially reasonable efforts to comply or continue to comply with the Securities Act and the Exchange Act and with all
applicable rules and regulations of the SEC thereunder so as to enable any Holder to sell its Registrable Securities pursuant to Rule 144, including without limitation to: 

(i) make and keep public information available, as those terms are understood and defined in Rule 144(c)(1) or any similar or analogous
rule promulgated under the Securities Act; 
 (ii) furnish to the Holders so long as they own any Registrable Securities,
promptly upon written request, (i) a copy of the most recent annual or quarterly report of the Company and any other reports and documents so filed by the Company, to the extent such other documents are not available on the SEC’s
Electronic Data Gathering Analysis and Retrieval System and (ii) such other information as may be reasonably requested in availing a Holder of Rule 144; 
 (iii) file with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and 
 (iv) take any action (including cooperating with the Holders to cause the transfer agent to remove any restrictive legend on certificates evidencing the Registrable Securities) as shall be reasonably
requested by the Holder or which shall otherwise facilitate the sale of Registrable Securities from time to time by the Holders pursuant to Rule 144. 

 (j) provide a transfer agent and registrar for all Registrable Securities covered by a
Registration Statement not later than the effective date of such Registration Statement; 
 (k) use its commercially reasonable
efforts to list and maintain such listing of all Registrable Securities covered by a Registration Statement on any securities exchange or national quotation system on which any such class of securities is then listed or quoted and cause to be
satisfied all requirements and conditions of such securities exchange or national quotation system to the listing or quoting of such securities that are reasonably within the control of the Company including, without limitation, registering the
applicable class of Registrable Securities under the Exchange Act, if appropriate, and using commercially reasonable efforts to cause such registration to become effective pursuant to the rules of the SEC in accordance with the terms hereof;

 (l) notify each Holder, promptly after it shall receive notice thereof, of the time when such Registration Statement, or any
post-effective amendments to such Registration Statement, shall have become effective, or a supplement to any Prospectus forming part of such Registration Statement has been filed or when any document is filed with the SEC which would be
incorporated by reference into the Prospectus; 
 (m) in the case of a Qualified Offering, make the Company’s executive
officers available for customary presentations to investors to discuss the affairs of the Company at times that may be mutually and reasonably agreed upon (including, without limitation, to the extent customary, senior management participation in
due diligence calls with the underwriters and their counsel and, in the case of any marketed underwritten offering, participation in any road show as reasonably requested by the lead managing underwriters for such offering; provided that in
no event will senior management be required to participate in person in any road show located out of the United States and in more than three locations outside of New York, New York), and provide the Holders, the underwriters and their respective
counsel and accountants (the “Inspectors”) reasonable access to its books and records as shall be reasonably requested in order to conduct a reasonable due diligence investigation within the meaning of the Securities Act with
respect to such registration statement; provided that such Inspectors agree to keep such information confidential unless the disclosure of such information is necessary, in the good faith determination of the Company, to avoid or correct a
misstatement or omission in such registration statement; 
 (n) deliver promptly to Holders’ counsel copies of all
correspondence between the SEC and the Company with respect to any Registration Statement; 
 (o) advise each Holder, promptly
after it shall receive notice or obtain knowledge thereof, of (i) the issuance of any stop order, injunction or other order or requirement by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and use its commercially reasonable efforts to prevent the issuance of any stop order, injunction or other order or requirement, (ii) the issuance by any state securities or other regulatory authority of any
order suspending the qualification or exemption from qualification of any of the Registrable Securities under state securities or “blue sky” laws or the initiation or threat of initiation of any proceedings for that purpose and use its
commercially reasonable efforts to prevent the issuance of any such order and (iii) the removal of any such stop order, injunction or other order or requirement or proceeding or the lifting of any such suspension; 

 (p) use its commercially reasonable efforts to obtain as soon as practicable the lifting of
any stop order, injunction, or other order or requirement by the SEC or any state securities or other regulatory authority that is issued suspending the effectiveness of such Registration Statement or suspending the qualification or exemption from
qualification under state securities or “blue sky” laws; and 
 (q) subject to the terms of this Agreement, upon the
written request of a Holder, take any action which is reasonably necessary in the reasonable opinion of the Company to facilitate the registration and thereafter to complete the distribution of the Registrable Securities so registered. 

Section 4. Covenants of Holders. 
 (a) The Holders will not offer or sell, without the Company’s consent, not to be unreasonably withheld, any Registrable Securities by means of any “free writing prospectus” (as defined in
Rule 405 under the Securities Act) that is required to be filed by a Holder with the SEC pursuant to Rule 433 under the Securities Act (any free writing prospectus consented to by the Company, a “Permitted Free Writing
Prospectus”). The Company agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rules 164 and 433 under the Securities Act, and will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the SEC where required, legending and record keeping. 
 (b) In the event of a sale of the Company’s equity securities by the Company in an underwritten offering, whether or not the Holders participate therein but subject to the Company’s compliance
with Section 2(e), the Holders hereby agree not to effect any sale or distribution (including, without limitation, any offer to sell, contract to sell, short sale, or any option to purchase) of any securities (except, in each case, as part of
such underwritten offering, if applicable) that are the same or similar to those being offered in connection with such public sale, or any securities convertible into or exchangeable for such securities, during the period beginning five
(5) days before, and ending sixty (60) days (or such lesser period as may be permitted by the Company or such managing underwriter or underwriters) after, the effective date of the Registration Statement filed in connection with such
underwritten offering, to the extent notified in writing by the Company or the managing underwriter or underwriters. Each Holder also agrees to execute an agreement evidencing the restrictions in this Section 4(b) in customary form, which form
is satisfactory to the Company and the underwriters. The Company may impose stop-transfer instructions with respect to the securities subject to the foregoing restrictions until the end of the required period. This Section 4(b) shall not be
applicable to a Holder that does not own any Registrable Securities. 
 Section 5. Indemnification.

 (a) Indemnification by the Company. To the fullest extent permitted by applicable law, the Company agrees to
indemnify each of the Holders and each of its officers, directors, 

 
managers, partners, members, employees, agents, representatives and Affiliates, each underwriter (within the meaning of the Securities Act) of Registrable Securities, and each Person, if any,
that controls (within the meaning of the Securities Act) a Holder or an underwriter of Registrable Securities, (each, an “Indemnitee”), against any and all losses, claims, damages, actions, liabilities, costs and expenses
(including without limitation reasonable fees, expenses and disbursements of attorneys and other professionals), joint or several, as incurred, under the Securities Act and arising out of or based upon (i) any untrue or alleged untrue statement
of material fact contained in any Registration Statement, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading or (ii) any third-party claim based upon any untrue or alleged untrue statement of material fact contained in any Prospectus, or any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Company shall not be liable to such Indemnitee or any Person who participates as an
underwriter in the offering or sale of Registrable Securities or any other Person, if any, who controls such underwriter (within the meaning of the Securities Act), in any such case to the extent that any such loss, claim, damage, liability (or
action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement or in any such Prospectus in reliance upon and in
conformity with information regarding such Indemnitee or its plan of distribution or ownership interests which was furnished in writing to the Company for use in connection with such Registration Statement or the Prospectus contained therein by such
Indemnitee. 
 (b) Indemnification by Holders. Each of the Holders (severally and not jointly), to the fullest extent
permitted by law, agrees to indemnify the Company, each of its officers, directors, employees, agents, representatives and Affiliates, and each Person, if any, who controls the Company (within the meaning of the Securities Act) against any and all
losses, claims, damages, actions, liabilities, costs and expenses (including without limitation reasonable fees, expenses and disbursements of attorneys and other professionals), as incurred, under the Securities Act and arising out of or based upon
(i) any untrue statement or alleged untrue statement of material fact contained in a Registration Statement, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, in light of the circumstances under which they were made, if and to the extent that such statement or omission occurs from reliance upon and in conformity with written information regarding any Holder, or such Holder’s
plan of distribution or ownership interest, which was furnished to the Company by such Holder for use therein, (ii) any untrue statement or alleged untrue statement of material fact contained in the Prospectus, or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, if and to the extent that such statement or omission
occurs from reliance upon and in conformity with written information regarding such Holder, his, her or its plan of distribution or his, her or its ownership interests, which was furnished to the Company by such Holder for use therein; provided,
however, that the obligations of each of the Holders hereunder shall be limited to an amount equal to the net proceeds received by such Holder giving rise to such indemnification obligation upon the sale of the Registrable Securities. 

 (c) Indemnification Procedures. Any party entitled to indemnification under this
Agreement shall notify promptly the indemnifying party in writing of the commencement of any action or proceeding with respect to which a claim for indemnification may be made hereunder, but the failure of any indemnified party to provide such
notice shall not relieve the indemnifying party of its obligations hereunder, except to the extent the indemnifying party is materially prejudiced thereby. In case any action or proceeding is brought against an indemnified party and it shall notify
the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and
indemnifying parties may exist in respect of such claim, to assume the defense thereof (alone or jointly with any other indemnifying party similarly notified), to the extent that it chooses and after notice from the indemnifying party to such
indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; provided, however,
that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within thirty (30) business days after receiving notice from such indemnified party that the indemnified party
believes it has failed to do so; or (ii) if such indemnified party who is a defendant in any action or proceeding which is also brought against the indemnifying party shall have reasonably concluded, based on the advice of counsel, that there
may be one or more legal defenses available to such indemnified party which are not available to the indemnifying party; or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of
professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to
the extent any indemnified party or parties reasonably shall have concluded, based on the opinion of counsel, that there may be legal defenses available to such party or parties which are not available to the other indemnified parties or to the
extent representation of all indemnified parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the indemnifying party shall be liable for any expenses therefor. No indemnifying party shall,
without the written consent of the indemnified party (which shall not be unreasonably withheld), effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or (to the knowledge of the indemnifying
party) threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or
judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on
behalf of any indemnified party. 
 (d) Contribution. If the indemnification provided for in this Section 5 is held
by a court of competent jurisdiction to be unavailable to an Indemnitee with respect to any losses, claims, damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnitee harmless as contemplated
therein, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such Indemnitee as a result of such losses, claims, damages, actions, liabilities, costs or expenses in such
proportion as is appropriate to reflect (i) the relative benefit of the indemnifying and indemnified parties and (ii) if the allocation in clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect
the relative benefit referred to in clause (i) and also 

 
the relative fault of the indemnified and indemnifying parties in connection with such losses, claims, damages, actions, liabilities, costs or expenses as well as any other relevant equitable
considerations. The relative fault of the indemnifying party, on the one hand, and of the Indemnitee, on the other hand, shall be determined by reference to, among other factors, whether the untrue or alleged untrue statement of a material fact or
omission to state a material fact relates to information supplied by the indemnifying party or by the Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission; provided, however, that in no event shall the obligation of any indemnifying party to contribute under this Section 5(d) exceed the amount by which the total price at which the securities were offered to the public by the indemnifying
party exceeds the amount of any damages which the indemnifying party has otherwise been required to pay by reason of an untrue statement or omission. The Company and the Holders agree that it would not be just and equitable if contribution pursuant
to this Section 5 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. In addition, no Person shall be
obligated to contribute hereunder for any amounts in payment for any settlement of any action or claim, effected without such Person’s written consent, which consent shall not be unreasonably withheld. 

(e) For purposes of this Section 5, no Indemnitee guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any indemnifying party. The indemnification provided by this Section 5 shall be a continuing right to indemnification and shall survive the registration and sale of any securities by
any Person entitled to indemnification hereunder and the expiration or termination of this Agreement. 
 Section 6.
Suspension of Registration Requirement; Restriction on Sales. 
 (a) Notwithstanding anything to the contrary
contained in this Agreement, the Company shall have the right to defer the filing, or suspend the use by the Holders, of a Registration Statement for a reasonable period of time not in excess of 60 days (each, a “Suspension
Period”) if the Company furnishes the Holders with a certificate signed by the Chief Executive Officer or the Chief Financial Officer of the general partner of the Company stating that in the good faith judgment of the Board of
Directors of the general partner (or a committee thereof), it would be detrimental to the Company and its stockholders not to defer the filing, or suspend the use by the Holders, of a Registration Statement because such filing or use would:
(i) materially interfere with a material pending financing, acquisition, disposition, corporate reorganization, merger, or other material transaction involving or being contemplated by the Company or (ii) require the Company to make
premature disclosure of material non-public information not otherwise then required to be disclosed by law to be publicly disclosed, the premature disclosure of which would materially and adversely affect the Company. The Suspension Period will
terminate prior to the expiration stated in the certificate referenced above (x) in the case of clause (i) above, if such registration or use would cease to materially interfere with any such transaction (whether because such transaction
shall have been disclosed, abandoned or otherwise) and (y) in the case of clause (ii) above, the date upon which such information is otherwise disclosed or the disclosure of such information would cease to materially and adversely affect
the Company. In no event shall the number of days covered by one or more Suspension Periods exceed one hundred and fifty (150) days in any rolling 365-day period. 

 (b) Each Holder agrees that, following the effectiveness of any Registration Statement
relating to Registrable Securities of such Holder, such Holder will not affect any dispositions of any of the Registrable Securities pursuant to such Registration Statement or any filings under any state securities laws at any time after such Holder
has received notice from the Company to suspend dispositions as a result of the occurrence of any Suspension Period. The Holders will maintain the confidentiality of any information included in the written notice delivered by the Company unless
otherwise required by law or subpoena. The Holders may recommence effecting dispositions of the Registrable Securities pursuant to the Registration Statement or such filings, and all other obligations which are suspended as a result of a Suspension
Period shall no longer be so suspended, following further notice to such effect from the Company, which notice shall be given by the Company promptly after the conclusion of any such Suspension Period. 

Section 7. Additional Units. The Company, at its option, may register, under any Registration Statement and any
filings under any state securities laws filed pursuant to this Agreement, any number of unissued, or other Units of or owned by the Company and any of its subsidiaries or any Units or other securities of the Company owned by any other security
holder or security holders of the Company; provided, however, that the Company shall not enter into any agreement with respect to the Company’s securities that is inconsistent with the rights granted to the holders of Registrable Securities
under this Agreement and no such agreement is currently in effect. 
 Section 8. No Other Obligation to
Register. Except as otherwise expressly provided in this Agreement, Sherman on behalf of himself and his Affiliates hereby waives any other rights that he or any of his Affiliates may have to register any securities of the Company and
acknowledges that the Company shall have no obligation to the Sherman Holders to register the Registrable Securities under the Securities Act, including pursuant to Section 7.12 of the Limited Partnership Agreement. 

Section 9. Miscellaneous. 
 (a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified, or supplemented or waived without the prior written consent of (i) the Company, (ii) Sherman
Holders holding in excess of two-thirds of the aggregate of the outstanding Registrable Securities held by all Sherman Holders and (iii) Crestwood Holders holding in excess of two-third of the aggregate of the outstanding Registrable Securities
held by all Crestwood Holders. 
 (b) Notices. All communications under this Agreement shall be delivered by hand or
facsimile (with respect to notice by facsimile between the hours of 8:00 a.m. and 5:00 p.m., New York time) or mailed by overnight courier: 

If to the Company: 

 Inergy Midstream, L.P. 
 Two Brush Creek Boulevard, Suite 200 
 Kansas City, Missouri 64112 

Attention: General Counsel 
 Facsimile:
816.531.4680 
 with a copy to (which copy shall not constitute notice): 
 Vinson & Elkins LLP 
 1001 Fannin, Suite 2500 

Houston, Texas 77002 
 Attention: Gillian A.
Hobson 
 Facsimile: (713) 615-5794 
 If to a Sherman Holder: 
 John J. Sherman 
 c/o Inergy Midstream, L.P. 
 Two Brush Creek Boulevard, Suite 200 

Kansas City, Missouri 64112 
 Facsimile:
816.842.1904 
 With a copy to (which copy shall not constitute notice): 
 Stinson Morrison Hecker LLP 
 1201 Walnut Street, Suite 2900 

Kansas City, Missouri 64106 
 Attention: Paul
McLaughlin 
 Facsimile: 816.412.1273 

If to a Crestwood Holder: 
 Crestwood Gas
Services GP LLC 
 700 Louisiana Street, Suite 2060 
 Houston, Texas 77002 
 Attention: Robert G. Phillips 

Facsimile: 832-519-2250 
 With a copy to (which
copy shall not constitute notice): 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, New York 10017 

Attention: William E. Curbow 
 Facsimile:
212-455-2502 

 Any notice so addressed shall be deemed to be given: If delivered by hand or facsimile, on
the date of such delivery; and if mailed by overnight courier, on the first business day following the date of such mailing. 

(c) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the
Holders and the Company; provided, however, that a Holder may only assign its rights and obligations in whole or in part hereunder from time to time to (i) an Affiliate of such Holder or (ii) in connection with a pledge of Registrable
Securities to a bona fide lender; provided that such transferee agrees in writing to be bound by the provisions of this Agreement as a “Holder”, a copy of which written agreement shall be furnished to the Company. Any purported assignment
by any party hereto other than as set forth in this Section 9(c) shall be null and void. No Person other than the parties hereto and their successors and assigns is intended to be a beneficiary of this Agreement, except that each Indemnitee is
intended to be a beneficiary of this Agreement and is entitled to enforce its rights under Section 5 of this Agreement. 

(d) Remedy. The parties hereto acknowledge that the obligations undertaken by them hereunder are unique and that there would be no
adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree that each party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to seek:
(i) specific performance of the obligations, covenants and agreements of any other party under this Agreement in accordance with the terms and conditions of this Agreement and (ii) preliminary injunctive relief to secure specific
performance and to prevent a breach or contemplated breach of this Agreement. 
 (e) Counterparts. This Agreement may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (g) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware applicable to contracts made and to be performed wholly within said State. 
 (h) Severability. In
the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent
permitted by law. 
 (i) Entire Agreement. This Agreement is intended by the parties as a final expression of their
agreement and intended to be the 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 such subject matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 (j) Certain Transactions. In the event that any Units or other securities are issued in respect of, or in exchange for, or in substitution of the Registrable Securities by reason of any
reorganization, recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, share dividend, split-up, sale of assets, distribution to stockholders or combination of the Units or any other similar change in
the Company’s capital structure, the Company will use its commercially reasonable efforts to ensure that appropriate adjustments shall be made to this Agreement to ensure that the Holders have, immediately after consummation of such
transaction, substantially the same rights of the Company or another issuer of securities, as applicable, as it has immediately prior to the consummation of such transaction in respect of the Registrable Securities under this Agreement. In no event
shall the provisions of this Section 9(j) be construed to grant to any Holder a separate right to consent with regard to any such transaction. 
 (k) Section 7.12 of the Company Limited Partnership Agreement. Each of the Holders hereby agrees among themselves that if there is an underwritten offering of Units initiated by a Holder
pursuant to Section 7.12 of the Limited Partnership Agreement during the Effectiveness Period, the cutback provisions contained in Section 2.1(e) of this Agreement shall apply mutatis mutandis to such offering. 

[The remainder of this page has been left blank intentionally.] 

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

			
	COMPANY:
	
	INERGY MIDSTREAM, L.P.
	
	By: NRGM GP, LLC, its General Partner
		
	By:	 	/s/ John J. Sherman
		 	Name: John J. Sherman
		 	Title:   Chief Executive Officer
	
	HOLDERS:
	
	 /s/ John J. Sherman

	Name: John J. Sherman

 Signature Page to Registration Rights Agreement 

 
			
	CRESTWOOD HOLDINGS LLC
		
	By:	 	/s/ Robert G. Phillips
	Name: Robert G. Phillips
	Title:   President
	
	CRESTWOOD GAS SERVICES HOLDINGS LLC
		
	By:	 	/s/ Robert G. Phillips
	Name: Robert G. Phillips
	Title:   President

 Signature Page to Registration Rights Agreement

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