Document:

EX-10.1

 Exhibit 10.1 

 
 COMMON UNIT PURCHASE AGREEMENT

 by and among 

TEEKAY OFFSHORE PARTNERS L.P. 

and 
 THE PURCHASERS
NAMED ON SCHEDULE A HERETO 
  
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I     DEFINITIONS
	  	 	1	  
	 Section 1.1
	  	Definitions	  	 	1	  
		
	 ARTICLE II     AGREEMENT TO SELL AND PURCHASE
	  	 	4	  
	 Section 2.1
	  	Sale and Purchase	  	 	4	  
	 Section 2.2
	  	Closing	  	 	4	  
	 Section 2.3
	  	Mutual Conditions	  	 	5	  
	 Section 2.4
	  	Each Purchaser’s Conditions	  	 	5	  
	 Section 2.5
	  	The Partnership’s Conditions	  	 	6	  
	 Section 2.6
	  	Partnership Deliveries	  	 	7	  
	 Section 2.7
	  	Purchaser Deliveries	  	 	8	  
	 Section 2.8
	  	Independent Nature of Purchasers’ Obligations and Rights	  	 	8	  
		
	 ARTICLE III     REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP
	  	 	8	  
			
	 Section 3.1
	  	Registration	  	 	8	  
	 Section 3.2
	  	Existence	  	 	9	  
	 Section 3.3
	  	Purchased Units; Capitalization	  	 	10	  
	 Section 3.4
	  	Subsidiaries	  	 	11	  
	 Section 3.5
	  	No Conflict	  	 	11	  
	 Section 3.6
	  	No Default	  	 	12	  
	 Section 3.7
	  	Authority	  	 	12	  
	 Section 3.8
	  	Approvals	  	 	12	  
	 Section 3.9
	  	Compliance with Laws	  	 	12	  
	 Section 3.10
	  	Due Authorization	  	 	13	  
	 Section 3.11
	  	Valid Issuance; No Options or Preemptive Rights	  	 	13	  
	 Section 3.12
	  	No Registration Rights	  	 	13	  
	 Section 3.13
	  	Periodic Reports	  	 	14	  
	 Section 3.14
	  	Litigation	  	 	14	  
	 Section 3.15
	  	Insurance	  	 	14	  
	 Section 3.16
	  	Internal Accounting Controls	  	 	15	  
	 Section 3.17
	  	No Material Adverse Change	  	 	15	  
	 Section 3.18
	  	Certain Fees	  	 	15	  
	 Section 3.19
	  	No Side Agreements	  	 	15	  
	 Section 3.20
	  	Investment Company Status	  	 	15	  
	 Section 3.21
	  	Passive Foreign Investment Company	  	 	15	  
	 Section 3.22
	  	Tax Status	  	 	15	  
	 Section 3.23
	  	Restricted Secuirities	  	 	16	  
		
	 ARTICLE IV     REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
	  	 	16	  
			
	 Section 4.1
	  	Existence	  	 	16	  
	 Section 4.2
	  	Authorization, Enforceability	  	 	16	  
	 Section 4.3
	  	No Breach	  	 	16	  
	 Section 4.4
	  	Certain Fees	  	 	17	  

  
 i 

							
	 Section 4.5
	  	No Side Agreements	  	 	17	  
	 Section 4.6
	  	[Reserved]	  	 	17	  
	 Section 4.7
	  	Short Selling	  	 	17	  
		
	 ARTICLE V     COVENANTS
	  	 	18	  
			
	 Section 5.1
	  	Taking of Necessary Action	  	 	18	  
	 Section 5.2
	  	Other Actions	  	 	18	  
	 Section 5.3
	  	Payment and Expenses	  	 	18	  
	 Section 5.4
	  	Use of Proceeds	  	 	18	  
	 Section 5.5
	  	Lock-Up Period	  	 	18	  
		
	 ARTICLE VI     INDEMNIFICATION
	  	 	19	  
			
	 Section 6.1
	  	Indemnification by the Partnership	  	 	19	  
	 Section 6.2
	  	Indemnification by Purchasers	  	 	20	  
	 Section 6.3
	  	Indemnification Procedure	  	 	20	  
		
	 ARTICLE VII     MISCELLANEOUS
	  	 	21	  
			
	 Section 7.1
	  	Interpretation and Survival of Provisions	  	 	21	  
	 Section 7.2
	  	Survival of Provisions	  	 	21	  
	 Section 7.3
	  	No Waiver; Modifications in Writing	  	 	22	  
	 Section 7.4
	  	Binding Effect; Assignment	  	 	22	  
	 Section 7.5
	  	Communications	  	 	22	  
	 Section 7.6
	  	Entire Agreement	  	 	23	  
	 Section 7.7
	  	Governing Law	  	 	23	  
	 Section 7.8
	  	Execution in Counterparts	  	 	23	  
	 Section 7.9
	  	Termination	  	 	24	  
	 Section 7.10
	  	Recapitalization, Exchanges, Etc	  	 	24	  
	 Section 7.11
	  	Disclosure	  	 	24	  
		
	 Schedule A — List of Purchasers and Commitment Amounts
	  			
	 Schedule B — Notice and Contact Information
	  			
	 Schedule 3.14 — Litigation
	  			
	 Schedule 3.17 — No Material Adverse Change
	  			
		
	 Exhibit A — Form of Opinion of Perkins Coie LLP
	  			
	 Exhibit B — Form of Opinion of Watson, Farley & Williams LLP
	  			

  
 ii 

 COMMON UNIT PURCHASE AGREEMENT 

This COMMON UNIT PURCHASE AGREEMENT, dated November 24, 2014 (this “Agreement”), is by and among TEEKAY OFFSHORE PARTNERS
L.P., a Marshall Islands limited partnership (the “Partnership”), and the purchasers listed on Schedule A hereof (each a “Purchaser” and collectively, the “Purchasers”). 

WHEREAS, the Partnership desires to sell to the Purchasers, and the Purchasers desire to purchase from the Partnership, certain Common Units
(as defined below), in accordance with the provisions of this Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Partnership and each of the Purchasers, severally and not jointly, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms
have the meanings indicated: 
 “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. 

“Agreement” has the meaning set forth in the introductory paragraph, as amended, supplemented, continued or modified. 

“Business Day” means a day other than (i) a Saturday or Sunday or (ii) any day on which banks located in New York,
New York, U.S.A. are authorized or obligated to close. 
 “Closing” has the meaning specified in Section 2.2.

 “Closing Date” has the meaning specified in Section 2.2. 

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

“Common Unit Price” has the meaning specified in Section 2.1(b). 

“Common Units” means the Common Units representing limited partnership interests in the Partnership having the rights and
obligations specified in the Partnership Agreement. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time, and the rules and regulations of the Commission promulgated thereunder. 
 “Existing Registration Rights
Agreements” means (a) that certain Registration Rights Agreement, by and among the Partnership and the Investors named on Schedule A thereto, dated as of November 25, 2011, (b) that certain Registration Rights Agreement, by
and among the Partnership and the Investors named on Schedule A thereto, dated as of July 12, 2012, (c) that certain Registration Rights Agreement, by and between the Partnership and the Investor party thereto dated as of April 19,
2013 and (d) that certain Registration Rights Agreement, by and among the Partnership and the Investor party named on Schedule A thereto, dated as of December 20, 2013. 

“General Partner” means Teekay Offshore GP L.L.C., a Marshall Islands limited liability company. 

“Governmental Authority” means, with respect to a particular Person, any country, state, county, city and political
subdivision in which such Person or such Person’s Property is located or that exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, commission, board, bureau or instrumentality of
any of them and any monetary authority that exercises valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein with respect to the Partnership mean a
Governmental Authority having jurisdiction over the Partnership, its Subsidiaries or any of their respective Properties. 

“Incorporated Documents” has the meaning specified in Section 3.1(a). 

“Indemnified Party” has the meaning specified in Section 6.3. 

“Indemnifying Party” has the meaning specified in Section 6.3. 

“Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law,
rule or regulation. 
 “Lien” means any mortgage, claim, encumbrance, pledge, lien (statutory or otherwise), security
agreement, conditional sale or trust receipt or a lease, consignment or bailment, preference or priority or other encumbrance upon or with respect to any property of any kind; provided, however, that any charter or services contracts to which the
Partnership’s vessels are subject shall not be deemed Liens. 
 “Marshall Islands LLC Act” means the Marshall
Islands Limited Liability Company Act of 1996, as amended. 
 “Marshall Islands LP Act” means the Marshall Islands Limited
Partnership Act. 
 “Material Adverse Effect” has the meaning specified in Section 3.1. 

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

  
 2 

 “OLP GP” means Teekay Offshore Operating GP L.L.C., a Marshall Islands limited
liability company. 
 “Operating Company” means Teekay Offshore Operating L.P., a Marshall Islands limited partnership.

 “Partnership” has the meaning set forth in the introductory paragraph. 

“Partnership Agreement” means the Second Amended and Restated Agreement of Limited Partnership of the Partnership dated
April 23, 2013, as amended to date. 
 “Partnership Entities” and each a “Partnership Entity” means
the General Partner, the Partnership and each of the Partnership’s Subsidiaries, other than those Subsidiaries which, individually, would not constitute a “significant subsidiary” as defined in Regulation S-X. 

“Partnership Related Parties” has the meaning specified in Section 6.2. 

“Partnership SEC Documents” has the meaning specified in Section 3.12. 

“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 form of entity. 
 “Property” means
any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 
 “Prospectus”
has the meaning specified in Section 3.1(a). 
 “Purchase Price” means, with respect to a particular Purchaser,
the amount set forth opposite such Purchaser’s name under the column titled “Purchase Price” set forth on Schedule A hereto. 

“Purchased Units” means, with respect to a particular Purchaser, the number of Common Units set forth opposite such
Purchaser’s name under the column titled “Common Units” set forth on Schedule A. 
 “Purchaser” and
“Purchasers” have the meanings set forth in the introductory paragraph. 
 “Purchaser Related Parties” has
the meaning specified in Section 6.1. 
 “Registration Statement” has the meaning specified in
Section 3.1(a). 
 “Representatives” of any Person means the Affiliates, officers, directors, managers,
employees, agents, counsel, accountants, investment bankers and other representatives of such Person. 
 “Rules” has the
meaning specified in Section 3.1(a). 

  
 3 

 “Securities Act” means the Securities Act of 1933, as amended from time to time,
and the rules and regulations of the Commission promulgated thereunder. 
 “Short Sales” means, all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and forward sale contracts, options, puts, calls, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements.

 “Subsidiary” means, as to any Person, any corporation or other entity of which: (i) such Person or a Subsidiary of
such Person is a general partner or manager; (ii) at least a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board of directors or similar governing body of such
corporation or other entity (irrespective of whether or not at the time any equity interest of any other class or classes of such corporation or other entity shall have or might have voting power by reason of the happening of any contingency) is at
the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries; or (iii) any corporation or other entity as to which such Person consolidates for accounting purposes. 

“Walled Off Person” shall have the meaning set forth in Section 4.5. 

ARTICLE II 
 AGREEMENT
TO SELL AND PURCHASE 
 Section 2.1 Sale and Purchase. 

(a) Subject to the terms and conditions hereof, the Partnership hereby agrees to issue and sell to each Purchaser and each Purchaser hereby
agrees, severally and not jointly, to purchase from the Partnership, its respective Purchased Units, and each Purchaser agrees, severally and not jointly, to pay the Partnership the Common Unit Price for each Purchased Unit as set forth in paragraph
(b) below. The obligations of each Purchaser under this Agreement are independent of the obligations of each other Purchaser, and the failure or waiver of performance by any Purchaser does not excuse performance by any other Purchaser or by the
Partnership. 
 (b) The amount per Common Unit each Purchaser will pay to the Partnership to purchase the Purchased Units (the
“Common Unit Price”) hereunder shall be $26.10. 
 Section 2.2 Closing. Subject to the terms and conditions hereof,
the consummation of the purchase and sale of the Purchased Units hereunder (the “Closing”) shall take place at 9:00 am, Pacific Time, on the third Business Day following the date hereof, at the offices of Perkins Coie LLP, 1120 N.W.
Couch Street, Tenth Floor, Portland, Oregon 97209-4128, or at such other location or on such other date as mutually agreed by the parties (the “Closing Date”). The parties agree that the Closing may occur via delivery of this
Agreement and other closing deliveries by facsimile, electronic mail, courier service or personal delivery. 

  
 4 

 Section 2.3 Mutual Conditions. The respective obligations of each party to consummate the
purchase and issuance and sale of the Purchased Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a party on behalf of itself in writing, in whole or
in part, to the extent permitted by applicable Law): 
 (a) No Law shall have been enacted or promulgated, and no action shall have been
taken, by any Governmental Authority of competent jurisdiction that temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the
transactions contemplated hereby illegal; 
 (b) There shall not be pending any suit, action or proceeding by any Governmental Authority
seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement; and 
 (c) No stop order suspending the
effectiveness of the Registration Statement or any part thereof shall have been issued, and no proceedings for that purpose shall have been instituted or threatened by any governmental agency. 

Section 2.4 Each Purchaser’s Conditions. The obligation of each Purchaser to consummate the purchase of its Purchased Units shall
be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a particular Purchaser on behalf of itself in writing with respect to its Purchased Units, in whole or in part,
to the extent permitted by applicable Law): 
 (a) The Partnership shall have performed and complied with the covenants and agreements
contained in this Agreement that are required to be performed and complied with by the Partnership on or prior to the Closing Date; 
 (b)
The Partnership shall have filed with the Commission pursuant to Rule 424(b) a prospectus supplement regarding the sale of the Purchased Units that, in accordance with the Securities Act and the Rules, permits the sale of the Purchased Units
pursuant to this Agreement; 
 (c) (i) The representations and warranties of the Partnership contained in this Agreement that are qualified
by materiality or a Material Adverse Effect shall be true and correct when made and as of the Closing Date as if made on and as of the Closing Date (except that any such representations and warranties made as of a specific date shall be required to
be true and correct as of such date only) and (ii) all other representations and warranties of the Partnership contained in this Agreement shall be true and correct in all material respects when made and as of the Closing Date as if made on and
as of the Closing Date (except that any such representations and warranties made as of a specific date shall be required to be true and correct in all material respects as of such date only); 

  
 5 

 (d) The Partnership shall have delivered, or caused to be delivered, to the Purchasers at the
Closing, the Partnership’s closing deliveries described in Section 2.6; 
 (e) The Purchased Units shall have been approved
for listing on the NYSE, subject to notice of issuance; 
 (f) No notice of delisting from the NYSE shall have been received by the
Partnership with respect to the Common Units; 
 (g) The Common Units shall not have been suspended by the Commission or the NYSE from
trading on the NYSE nor shall suspension by the Commission or the NYSE have been threatened in writing by the Commission or the NYSE; and 

(h) Since the date of this Agreement, no Material Adverse Effect shall have occurred. 

Section 2.5 The Partnership’s Conditions. The obligation of the Partnership to consummate the sale of the Purchased Units to a
Purchaser shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions with respect to such Purchaser (any or all of which may be waived by the Partnership in writing, in whole or in part, to the extent
permitted by applicable Law): 
 (a) (i) The representations and warranties of such Purchaser contained in this Agreement that are qualified
by materiality shall be true and correct when made and as of the Closing Date (except that any such representations and warranties made as of a specific date shall be required to be true and correct as of such date only) and (ii) all other
representations and warranties of such Purchaser contained in this Agreement shall be true and correct in all material respects when made and as of the Closing Date (except that any such representations of such Purchaser made as of a specific date
shall be required to be true and correct in all material respects as of such date only); and 
 (b) Such Purchaser shall have delivered, or
caused to be delivered, to the Partnership at the Closing such Purchaser’s closing deliveries described in Section 2.7; 

By acceptance of the applicable Purchased Units, each Purchaser shall be deemed to have represented to the Partnership that such Purchaser has
performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and complied with by it on or prior to the Closing Date; and the representations and warranties of such
Purchaser contained in this Agreement that are qualified by materiality are true and correct as of the Closing Date (except that any such representations and warranties made as of a specific date shall be required to be true and correct as of such
date only) and all other representations and warranties of such Purchaser are true and correct in all material respects as of the Closing Date (except that any such representations and warranties made as of a specific date shall be required to be
true and correct in all material respects as of such date only). 

  
 6 

 Section 2.6 Partnership Deliveries. At the Closing, subject to the terms and conditions
hereof, the Partnership will deliver, or cause to be delivered, to each Purchaser: 
 (a) The Purchased Units through the facilities of The
Depository Trust Company; 
 (b) Copies of (i) the Certificate of Limited Partnership of the Partnership and (ii) the Certificate
of Formation of the General Partner, each certified by the Registrar of Corporations of the Republic of the Marshall Islands as of a recent date; 

(c) A certificate of the Registrar of Corporations of the Republic of the Marshall Islands, dated a recent date, to the effect that each of
the General Partner and the Partnership is in good standing; 
 (d) A cross-receipt executed by the Partnership and delivered to such
Purchaser certifying that it has received the Purchase Price from such Purchaser as of the Closing Date; 
 (e) An opinion addressed to the
Purchasers from Perkins Coie LLP, legal counsel to the Partnership, dated as of the Closing Date, in the form and substance attached hereto as Exhibit A; 

(f) An opinion addressed to the Purchasers from Watson, Farley & Williams LLP, special Marshall Islands and New York counsel to the
Partnership, dated as of the Closing Date, in the form and substance attached hereto as Exhibit B; 
 (g) A certificate, dated
the Closing Date and signed by the Chief Executive Officer and the Chief Financial Officer, or by the Vice President or Secretary of the General Partner, on behalf of the Partnership, in his or her capacities as such, stating that: 

(i) The Partnership has performed and complied with the covenants and agreements contained in this Agreement that are required
to be performed and complied with by the Partnership on or prior to the Closing Date; and 
 (ii) The representations and
warranties of the Partnership contained in this Agreement that are qualified by materiality or Material Adverse Effect were true and correct when made and are true and correct as of the Closing Date and all other representations and warranties of
the Partnership were true and correct in all material respects when made and are true and correct in all material respects as of the Closing Date; in each case as though made at and as of the Closing Date (except that representations and warranties
made as of a specific date shall be required to be true and correct or true and correct in all material respects, as applicable, as of such date only); and 

(h) A certificate of the Secretary or Assistant Secretary of the General Partner, on behalf of the Partnership, certifying as to (1) the
Certificate of Limited Partnership of the Partnership and the Partnership Agreement, (2) the Certificate of Formation of the General Partner and its Limited Liability Company Agreement, (3) board resolutions authorizing the execution and
delivery of this Agreement and the consummation of the transactions contemplated thereby, including the issuance of the Purchased Units and (4) the signatures of the officers executing this Agreement. 

  
 7 

 Section 2.7 Purchaser Deliveries. At the Closing, subject to the terms and conditions
hereof, each Purchaser will deliver, or cause to be delivered, to the Partnership: 
 (a) Payment to the Partnership of the Purchase Price
set forth opposite such Purchaser’s name under the column titled “Purchase Price” on Schedule A hereto by wire transfer of immediately available funds to an account that the Partnership shall have designated, at least two
Business Days prior to the Closing Date, in writing; provided, however, that such delivery shall only be required after the delivery of the Purchased Units as set forth in Section 2.6(a); and 

(b) A cross-receipt executed by such Purchaser and delivered to the Partnership certifying that it has received its Purchased Units as of the
Closing Date. 
 Section 2.8 Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser
under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained
herein, and no action taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any
way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights
arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. It is expressly understood and agreed that each provision contained in this Agreement
(including, without limitation, Section 5.6(b)) is between the Partnership and a Purchaser, solely, and not between the Partnership and the Purchasers collectively and not between and among the Purchasers. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP 

The Partnership represents and warrants to each Purchaser as follows: 

Section 3.1 Registration. 

(a) The Partnership has filed with the Commission, pursuant to the Securities Act, and the rules and regulations adopted by the Commission
thereunder (the “Rules”), a registration statement on Form F-3 (File No. 333-197053), including a prospectus, relating to the Common Units, and such registration statement has become effective. Such registration statement,

  
 8 

 
including financial statements, exhibits and Incorporated Documents (defined below), as amended to the date of this Agreement, is hereinafter referred to as the “Registration
Statement,” and the prospectus included in the Registration Statement, as proposed to be supplemented by a prospectus supplement (including any preliminary prospectus supplement) relating to the Common Units to be sold pursuant hereto and
to be filed pursuant to Rule 424(b) under the Securities Act, is hereinafter referred to as the “Prospectus.” Any reference herein to the Registration Statement or Prospectus includes all documents incorporated, or deemed to be
incorporated, therein by reference pursuant to the requirements of Item 6 of Form F-3 under the Securities Act (the “Incorporated Documents”). 

(b) The Partnership meets the requirements for use of Form F-3 under the Securities Act. The initial effective date of the Registration
Statement was not earlier than three years before the date of this Agreement. The Commission has not issued any order preventing or suspending the use of the Prospectus or suspending the effectiveness of the Registration Statement, and, to the
Partnership’s knowledge, no proceeding or examination for such purpose has been instituted or threatened by the Commission. 
 (c) The
Registration Statement, on its effective date and on the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and the Rules. Any amendment to the Registration Statement filed after the date
hereof will conform in all material respects, when filed, to the requirements of the Securities Act and the Rules. The Prospectus, when filed with the Commission and on the Closing Date, conformed and will conform in all material respects to the
requirements of the Securities Act and the Rules. The prospectus supplement, when it is filed with the Commission pursuant to Rule 424(b) to register the Purchased Units, will conform in all material respects to the requirements of the Securities
Act and the Rules. The Incorporated Documents conformed, and any further documents incorporated by reference after the date hereof into the Registration Statement or the Prospectus will conform, when filed with the Commission, in all material
respects to the requirements of the Exchange Act or the Securities Act, as applicable, and the rules and regulations of the Commission thereunder. 

(d) The Registration Statement and any amendment thereto, at the time it became effective, and the Prospectus and any amendment or supplement
thereto, at the time it was filed with the Commission pursuant to Rule 424 under the Securities Act, did not and does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 Section 3.2
Existence. Each of the Partnership Entities has been duly incorporated or formed, as the case may be, and is validly existing as a limited liability company, limited partnership or corporation, as the case may be, in good standing under the
Laws of its jurisdiction of incorporation or formation, as the case may be, and has the full limited liability company, limited partnership or corporate, as the case may be, power and authority, and has all governmental licenses, authorizations,
consents and approvals, necessary to own, lease or hold its Properties and assets and to conduct the businesses in which it is engaged, and is duly registered or qualified to do 

  
 9 

 
business and in good standing as a foreign limited liability company, limited partnership or corporation, as the case may be, in each jurisdiction in which its ownership or lease of Property or
the conduct of its business requires such qualification, except where the failure to so register or qualify would not reasonably be expected to (i) have, individually or in the aggregate, a material adverse effect on the condition (financial or
other), results of operations, securityholders’ equity, Properties, business, assets or prospects of the Partnership Entities taken as a whole, the ability of the Partnership Entities to meet their obligations under this Agreement or the
ability of the Partnership Entities to consummate the transactions under this Agreement on a timely basis (except, in each case, to the extent any such material adverse effect after the date hereof results from, arises out of or relates to:
(A) the announcement of the transactions contemplated by this Agreement or the satisfaction of the obligations set forth herein, (B) a general deterioration in the economy or changes in the general state of the industries in which the
Partnership Entities operate, except to the extent that the Partnership Entities, taken as a whole, are adversely affected in a disproportionate manner as compared to other industry participants, (C) the outbreak or escalation of hostilities
involving the United States, the declaration by the United States of a national emergency or war or the occurrence of any other calamity or crisis, including acts of terrorism, or (D) changes in accounting principles or regulations imposed upon
the Partnership Entities or their businesses applicable generally or to such industries (a “Material Adverse Effect”)) or (ii) subject the limited partners of the Partnership to any material liability or disability. 

Section 3.3 Purchased Units; Capitalization. 

(a) On the Closing Date, the Purchased Units shall have those rights, preferences, privileges and restrictions governing the Common Units as
set forth in the Partnership Agreement. 
 (b) The General Partner is the sole general partner of the Partnership, with a 2.0% general
partner interest in the Partnership (not including any Series A Preferred Units); such general partner interest is the only general partner interest of the Partnership that is issued and outstanding; and such general partner interest has been duly
authorized and validly issued and is owned by the General Partner free and clear of any Liens (except restrictions on transferability contained in the Partnership Agreement). 

(c) As of the date of this Agreement, prior to the issuance and sale of the Purchased Units, as contemplated hereby, the issued and
outstanding limited partner interests of the Partnership consist of 85,681,495 Common Units, 6,000,000 of the Partnership’s 7.25% Series A Cumulative Redeemable Preferred Units (“Series A Preferred Units”) and the
Incentive Distribution Rights (as defined in the Partnership Agreement). All outstanding Common Units, Series A Preferred Units and Incentive Distribution Rights and the limited partner interests represented thereby have been duly authorized
and validly issued in accordance with the Partnership Agreement and are fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 30, 41, 51 and 60 of the
Marshall Islands LP Act and the Partnership Agreement). 
 (d) The Common Units are listed on the NYSE, and the Partnership has not received
any notice of delisting. 

  
 10 

 (e) The Common Units are, and the Purchased Units will be upon issuance, “covered
securities” for purposes of Section 18 of the Securities Act. 
 Section 3.4 Subsidiaries. 

(a) The Partnership owns a 100% membership interest in OLP GP; such membership interest has been duly authorized and validly issued in
accordance with the limited liability company agreement of OLP GP and is fully paid (to the extent required under such agreement) and nonassessable (except as such nonassessability may be affected by Sections 20, 31, 40 and 49 of the Marshall
Islands LLC Act); and the Partnership owns such membership interest free and clear of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed or referred to in the Partnership SEC Documents. 

(b) The Partnership directly owns a 99.09% limited partner interest in the Operating Company and OLP GP directly owns a 0.91% general partner
interest in the Operating Company; such partner interests have been duly authorized and validly issued in accordance with the partnership agreement of the Operating Company and are fully paid (to the extent required under such agreement) and, with
respect to the limited partner interests, are nonassessable (except as such nonassessability may be affected by Sections 30, 41, 51 and 60 of the Marshall Islands LP Act and the organizational documents of the Operating Company); and the Partnership
and OLP GP own such partner interests free and clear of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed or referred to in the Partnership SEC Documents. 

(c) The Partnership and the Operating Company own, directly or indirectly, the equity interests of the Subsidiaries named in Exhibit 8.1 to
the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2013; such equity interests have been duly authorized and validly issued in accordance with the organizational documents of each Subsidiary, and are fully
paid (to the extent required under such organizational documents) and nonassessable (except as such nonassessability may be affected by the applicable statutes of the jurisdiction of formation of the applicable Operating Subsidiary and the relevant
organizational documents); and the Partnership and the Operating Company, as applicable, own such equity interests free and clear of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed or referred to in
the Partnership SEC Documents. 
 Section 3.5 No Conflict. None of (i) the offering, issuance and sale by the Partnership
of the Purchased Units and the application of the proceeds therefrom, (ii) the execution, delivery and performance of this Agreement by the Partnership, or (iii) the consummation of the transactions contemplated hereby or thereby conflicts
or will conflict with, or results or will result in a breach or violation of or imposition of any Lien upon any Property or assets of the Partnership Entities pursuant to, (A) the formation or governing documents of any of the Partnership
Entities, (B) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which any of the Partnership Entities is a party, by which
any of them is bound or to which any of their respective Properties or assets is subject, or (C) any Law applicable to any of the Partnership Entities or injunction of any court 

  
 11 

 
or governmental agency or body to which any of the Partnership Entities of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction
over any of the Partnership Entities or any of their Properties, except in the case of clause (B) for such conflict, breach, violation or default that would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. 
 Section 3.6 No Default. None of the Partnership Entities is in violation or default of (i) any provision
of its respective formation or governing documents, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a
party, by which it is bound or to which its property is subject, or (iii) any Law of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Partnership Entities or any of
their Properties, as applicable, except, in the case of clauses (ii) or (iii), as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.7 Authority. The Partnership has all requisite power and authority to enter into this Agreement. On the Closing Date,
the Partnership will have all requisite power and authority to issue, sell and deliver the Purchased Units, in accordance with and upon the terms and conditions set forth in this Agreement and the Partnership Agreement. On the Closing Date, all
partnership or limited liability company action, as the case may be, required to be taken by the General Partner and the Partnership for the authorization, issuance, sale and delivery of the Purchased Units, the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby shall have been validly taken. No approval from the holders of outstanding Common Units is required under the Partnership Agreement or the rules of the NYSE in connection with
the Partnership’s issuance and sale of the Purchased Units to the Purchasers. 
 Section 3.8 Approvals. Except for the
filing with the Commission pursuant to Rule 424(b) of a prospectus supplement regarding the sale of the Purchased Units, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration,
qualification or registration with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by the Partnership of this Agreement to which it is a party or the Partnership’s issuance
and sale of the Purchased Units, except as may be required under the state securities or “Blue Sky” Laws.1 

Section 3.9 Compliance with Laws. Neither the Partnership nor any of its Subsidiaries is in violation of any Law applicable to the
Partnership or its Subsidiaries, except as would not reasonably be expected to have, 
  

	1 	 NTD: Monitor NYSE approval. 

  
 12 

 
individually or in the aggregate, a Material Adverse Effect. The Partnership and its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory
authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and
neither the Partnership nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit, except where such potential revocation or modification would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 Section 3.10 Due Authorization.
This Agreement has been duly and validly authorized and has been or validly executed and delivered by the Partnership, and constitutes, or will constitute, the legal, valid and binding obligations of the Partnership, enforceable in accordance with
its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and by general principles of equity, including principles of
commercial reasonableness, fair dealing and good faith. 
 Section 3.11 Valid Issuance; No Options or Preemptive Rights; Title.
The Purchased Units to be issued and sold by the Partnership to each Purchaser hereunder have been duly authorized in accordance with the Partnership Agreement and, when issued and delivered against payment therefor pursuant to this Agreement, will
be validly issued in accordance with the Partnership Agreement, fully paid (to the extent required under the Partnership Agreement) and non-assessable (except as such nonassessability may be affected by Sections 30, 41, 51 and 60 of the Marshall
Islands LP Act and the Partnership Agreement) and will be free of any and all Liens and restrictions on transfer, other than (i) restrictions on transfer under the Partnership Agreement or this Agreement and under applicable federal and state
securities laws and (ii) such Liens as are created by the Purchasers. The holders of outstanding Common Units are not entitled to statutory, preemptive or other similar contractual rights to subscribe for Common Units; and, except as set forth
in the Partnership Agreement, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, partnership securities or ownership interests in the
Partnership are outstanding. 
 Section 3.12 No Registration Rights. Except as contemplated by the Partnership Agreement and the
Existing Registration Rights Agreements, there are no contracts, agreements or understandings between the Partnership and any Person granting such Person the right to require the Partnership to file a registration statement under the Securities Act
with respect to any securities of the Partnership or to require the Partnership to include such securities in any securities registered or to be registered pursuant to any registration statement filed by or required to be filed by the Partnership
under the Securities Act. 

  
 13 

 Section 3.13 Periodic Reports. The Partnership’s forms, registration statements,
reports, schedules and statements required to be filed by it under the Exchange Act or the Securities Act (all such documents filed prior to the date hereof, collectively the “Partnership SEC Documents”) have been filed with the
Commission on a timely basis. The Partnership SEC Documents, including, without limitation, any audited or unaudited financial statements and any notes thereto or schedules included therein, at the time filed (or in the case of registration
statements, solely on the dates of effectiveness) (except to the extent corrected by a subsequent Partnership SEC Document) (a) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, (b) complied in all material respects with the applicable requirements of the Exchange Act and the
Securities Act, as the case may be, (c) in the case of the financial statements, complied as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect
thereto, (d) in the case of the financial statements, were prepared in accordance with GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited statements, for
the absence of certain footnote disclosure and normal, recurring year-end adjustments or as otherwise permitted by the rules and regulations of the Commission), and (e) fairly present (subject in the case of unaudited statements to normal and
recurring audit adjustments) in all material respects the consolidated financial position of the Partnership and its consolidated subsidiaries as of the dates thereof and the consolidated results of its operations and cash flows for the periods then
ended. KPMG LLP is an independent registered public accounting firm with respect to the Partnership and the General Partner and has not resigned or been dismissed as independent registered public accountants of the Partnership as a result of or in
connection with any disagreement with the Partnership on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures. 

Section 3.14 Litigation. As of the date hereof, except as set forth on Schedule 3.13 hereto, there are no legal or governmental
proceedings pending to which any Partnership Entity is a party or to which any Property or asset of any Partnership Entity is subject that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or which
challenges the validity of this Agreement or the right of any Partnership Entity to enter into this Agreement or to consummate the transactions contemplated hereby and, to the knowledge of the Partnership, no such proceedings are threatened by
Governmental Authorities or others. 
 Section 3.15 Insurance. The Partnership and its Subsidiaries are insured by insurers of
recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged. The Partnership does not have any reason to believe that it or any Subsidiary will not be
able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. 

  
 14 

 Section 3.16 Internal Accounting Controls. The Partnership and its Subsidiaries maintain a
system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Partnership is not aware of any failures of such internal accounting controls. 

Section 3.17 No Material Adverse Change. As of the date hereof, except as set forth on Schedule 3.17 hereto, since
September 30, 2014, there has been no change, event, occurrence, effect, fact, circumstance or condition that has had or would reasonably be likely to have a Material Adverse Effect. 

Section 3.18 Certain Fees. No fees or commissions are or will be payable by the Partnership to brokers, finders, or investment bankers
with respect to the sale of any of the Purchased Units or the consummation of the transactions contemplated by this Agreement. The Partnership agrees that it will indemnify and hold harmless each Purchaser from and against any and all claims,
demands, or liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by the Partnership in connection with the sale of the Purchased Units or the consummation of the transactions contemplated by this
Agreement. 
 Section 3.19 No Side Agreements. There are no agreements by, among or between the Partnership or any of its Affiliates,
on the one hand, and any Purchaser or any of their Affiliates, on the other hand, with respect to the transactions contemplated hereby other than this Agreement nor promises or inducements for future transactions between or among any of such
parties. 
 Section 3.20 Investment Company Status. The Partnership is not an “investment company” or a company controlled
by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 Section 3.21 Passive
Foreign Investment Company. To the knowledge of the Partnership, after consultation with United States federal income tax counsel, none of the Partnership Entities is a Passive Foreign Investment Company within the meaning of Section 1297
of the Internal Revenue Code of 1986, as amended. 
 Section 3.22 Tax Status. None of the Partnership Entities, other than the
Partnership and the General Partner, has elected to be classified as an association taxable as a corporation for United States federal 

  
 15 

 
income tax purposes. Each of the Partnership Entities, other than the Partnership and the General Partner, is, or will pursuant to Treasury Regulations Section 301.7701-3 timely and properly
elect to be, classified as a disregarded entity if it has one owner or as a partnership if it has more than one owner for United States federal income tax purposes. 

Section 3.23 Restricted Securities. The Purchased Units are not characterized as “restricted securities” under the federal
securities Laws. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS 

Each Purchaser, severally and not jointly, hereby represents and warrants to the Partnership that: 

Section 4.1 Existence. Such Purchaser is duly organized and validly existing and in good standing under the Laws of its jurisdiction of
organization, with all requisite power and authority to own, lease, use and operate its Properties and to conduct its business as currently conducted. 

Section 4.2 Authorization, Enforceability. Such Purchaser has all necessary corporate, limited liability company or partnership power
and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, and the execution, delivery and performance by such Purchaser of this Agreement has been duly authorized by
all necessary action on the part of such Purchaser; and this Agreement constitutes the legal, valid and binding obligations of such Purchaser, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally or by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith. 

Section 4.3 No Breach. The execution, delivery and performance of this Agreement by such Purchaser and the consummation by such
Purchaser of the transactions contemplated hereby will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any material agreement to which such Purchaser is a party or by
which such Purchaser is bound or to which any of the Property or assets of such Purchaser is subject, (b) conflict with or result in any violation of the provisions of the organizational documents of such Purchaser, or (c) violate any
statute, order, rule or regulation of any court or governmental agency or body having jurisdiction over such Purchaser or the property or assets of such Purchaser, except in the cases of clauses (a) and (c), for such conflicts, breaches,
violations or defaults as would not prevent the consummation of the transactions contemplated by this Agreement. 

  
 16 

 Section 4.4 Certain Fees. No fees or commissions are or will be payable by such Purchaser
to brokers, finders, or investment bankers with respect to the purchase of any of the Purchased Units or the consummation of the transaction contemplated by this Agreement. 

Section 4.5 No Side Agreements. There are no other agreements by, among or between such Purchaser and any of its Affiliates, on the one
hand, and the Partnership or any of its Affiliates, on the other hand, with respect to the transactions contemplated hereby other than this Agreement nor promises or inducements for future transactions between or among any of such parties; provided,
however, that, subject to such Purchaser’s compliance with its obligations under the U.S. federal securities laws and its internal policies: (a) such Purchaser, for purposes hereof, shall not be deemed to include any employees,
subsidiaries or Affiliates that are effectively walled off by appropriate “Chinese Wall” information barriers approved by such Purchaser’s legal or compliance department (and thus have not been privy to any information concerning this
transaction) (a “Walled Off Person”) and (b) the foregoing representations in this paragraph shall not apply to any transaction by or on behalf of such Purchaser that was effected by a Walled Off Person in the ordinary course
of trading without the advice or participation of such Purchaser or receipt of confidential or other information regarding this transaction provided by such Purchaser to such entity. 

Section 4.6 [Reserved]. 

Section 4.7 Short Selling. Such Purchaser has not entered into or effected any Short Sales of the Common Units owned by it between the
time it first began discussion with the Partnership about the transactions contemplated by this Agreement and the date hereof (it being understood that, without implication that the contrary would otherwise be true, the entering into of a total
return swap shall not be considered a Short Sale of Common Units); provided, however, that, subject to such Purchaser’s compliance with its obligations under the U.S. federal securities laws and its internal policies: (a) such
Purchaser, for purposes hereof, shall not be deemed to include any Walled Off Person and (b) the foregoing representations in this paragraph shall not apply to any transaction by or on behalf of Purchaser that was effected by a Walled Off
Person in the ordinary course of trading without the advice or participation of Purchaser or receipt of confidential or other information regarding this transaction provided by Purchaser to such
entity.2 
  

	2 	NTD: Existing language “Short Selling” section used in prior direct sale between Teekay LNG and Goldman. Magnetar had proposed edits. Note to Magnetar: please clarify concern with existing language.

  
 17 

 ARTICLE V 

COVENANTS 
 Section 5.1
Taking of Necessary Action. Each of the parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under
applicable Law and regulations to consummate and make effective the transactions contemplated by this Agreement. Without limiting the foregoing, the Partnership and each Purchaser shall use its commercially reasonable efforts to make all filings and
obtain all consents of Governmental Authorities that may be necessary or, in the reasonable opinion of the other parties, as the case may be, advisable for the consummation of the transactions contemplated by this Agreement. 

Section 5.2 Other Actions. The Partnership shall, prior to the Closing, file a supplemental listing application with the NYSE to list
the Purchased Units and file a prospectus supplement to the Prospectus with the Commission to register the Purchased Units in accordance with the Securities Act and the Rules. Each Purchaser agrees solely with the Partnership that its trading
activities, if any, with respect to its Purchased Units will be in compliance with all applicable state and federal securities laws, rules and regulations and the rules and regulations of the NYSE. 

Section 5.3 Payment and Expenses. The Partnership and each Purchaser shall be responsible for its own fees and expenses in connection
with the transactions contemplated by this Agreement. 
 Section 5.4 Use of Proceeds. The Partnership shall use the collective
proceeds from the sale of the Purchased Units for general partnership purposes. 
 Section 5.5 Lock-Up Period. 

(a) The Partnership will not offer, sell, contract to sell, pledge, or otherwise dispose of (or enter into any transaction which is designed
to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Partnership, or any affiliated company of the Partnership) directly or
indirectly, including through the filing (or participation in the filing) of a registration statement with the Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section 16 of the Exchange Act and the rules and regulations of the Commission promulgated thereunder with respect to, any Common Units or any securities convertible into, or exercisable, or exchangeable for, Common Units; or
publicly announce an intention to effect any such transaction, from the date of this 

  
 18 

 
Agreement through the end of December 12, 2014 (the “Restricted Period”), provided, however, that the Partnership may grant restricted units or options to purchase Common Units
under the Partnership’s 2006 Long-Term Incentive Plan. 
 (b) Each Purchaser agrees solely with the Partnership it will not offer,
sell, contract to sell, pledge or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by such Purchaser or any affiliate of such Purchaser or any person in privity with such Purchaser or any affiliate of such Purchaser), directly or indirectly, including the filing (or participation in the filing) of a
registration statement with the Securities and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act and
the rules and regulations of the Commission promulgated thereunder with respect to the Purchased Units, or publicly announce an intention to effect any such transaction, during the Restricted Period. The Partnership may not waive any or all of the
provisions of this Section 5.6(b) with respect to less than all of the Purchasers. 
 ARTICLE VI 

INDEMNIFICATION 

Section 6.1 Indemnification by the Partnership. The Partnership agrees to indemnify each Purchaser and its Representatives
(collectively, “Purchaser Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in
connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel
and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way
related to the breach of any of the representations, warranties or covenants of the Partnership contained herein, provided that such claim for indemnification relating to a breach of the representations or warranties is made prior to the expiration
of such representations or warranties; and provided further, that no Purchaser Related Party shall be entitled to recover special, indirect, incidental, consequential (including lost profits or diminution in value) or punitive damages.
Notwithstanding anything to the contrary, indirect, incidental and consequential damages shall not be deemed to include diminution in value of the Purchased Units to the extent resulting from, arising out of or in any way related to the breach of
any of the representations, warranties or covenants of the Partnership contained herein, which is specifically included in damages covered by the Purchaser Related Parties’ indemnification. 

  
 19 

 Section 6.2 Indemnification by Purchasers. Each Purchaser agrees, severally and not
jointly, to indemnify the Partnership, the General Partner and their respective Representatives (collectively, “Partnership Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings
(including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or
nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by
them or asserted against or involve any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of such Purchaser contained herein, provided that such claim for
indemnification relating to a breach of the representations and warranties is made prior to the expiration of such representations and warranties; and provided further, that no Partnership Related Party shall be entitled to recover special,
indirect, incidental, consequential (including lost profits or diminution in value) or punitive damages. 
 Section 6.3
Indemnification Procedure. Promptly after any Partnership Related Party or Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any
action, suit or proceeding by a third person, which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”)
written notice of such claim or the commencement of such action, suit or proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to
the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own
expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle any
such action or claim, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and
the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s
possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted
liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such
asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if (A) the
Indemnifying Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the
Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are 

  
 20 

 
different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying
Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses
related to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party,
unless the settlement thereof imposes no liability or obligation on, includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party. 

ARTICLE VII 

MISCELLANEOUS 
 Section
7.1 Interpretation and Survival of Provisions. Article, Section, Schedule, and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts, and agreements are references to such
instruments, documents, contracts, and agreements as the same may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.”
Whenever any party has an obligation under this Agreement, the expense of complying with that obligation shall be an expense of such party unless otherwise specified. Whenever any determination, consent, or approval is to be made or given by any
Purchaser, such action shall be in such Purchaser’s sole discretion unless otherwise specified in this Agreement. If any provision in this Agreement is held to be illegal, invalid, not binding, or unenforceable, such provision shall be fully
severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding, or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions shall remain in full force and effect. This
Agreement has been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. 

Section 7.2 Survival of Provisions. The representations and warranties set forth in Sections 3.1, 3.2, 3.3, 3.7, 3.10, 3.11,
3.12, 3.17, 3.18, 3.19, 4.4, and 4.5 hereunder shall survive the execution and delivery of this Agreement indefinitely, and the other representations and warranties set forth herein shall survive for a period of twelve (12) months
following the Closing Date regardless of any investigation made by or on behalf of the Partnership or any Purchaser. The covenants made in this Agreement shall survive the Closing of the transactions described herein and remain operative and in full
force and effect regardless of acceptance of any of the Purchased Units and payment therefor and repayment, conversion, exercise or repurchase thereof. All indemnification obligations of the Partnership and the Purchasers pursuant to this Agreement
and the provisions of Article VI shall remain operative and in full force and effect unless such obligations are expressly terminated in a writing by the parties, regardless of any purported general termination of this Agreement. 

  
 21 

 Section 7.3 No Waiver; Modifications in Writing. 

(a) Delay. No failure or delay on the part of any party in exercising any right, power, or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to a party at law or in equity or otherwise. 
 (b) Specific Waiver. Except as
otherwise provided herein, no amendment, waiver, consent, modification, or termination of any provision of this Agreement shall be effective unless signed by each of the parties thereto. Any amendment, supplement or modification of or to any
provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the Partnership from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific
purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on the Partnership in any case shall entitle the Partnership to any other or further notice or demand in similar or other
circumstances. 
 Section 7.4 Binding Effect; Assignment. 

(a) Binding Effect. This Agreement shall be binding upon the Partnership, the Purchasers, and their respective successors and permitted
assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns. 

(b) Assignment of Rights. All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred by
such Purchaser to any Affiliate of such Purchaser without the consent of the Partnership. No portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to a non-Affiliate without the prior
written consent of the Partnership (which consent shall not be unreasonably withheld by the Partnership). As a condition to any assignment hereunder, the assignee shall agree in writing to be bound by the provisions of this Agreement. The
Partnership may not transfer any of its rights or obligations under this Agreement to any Person. 
 Section 7.5 Communications. All
notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery or personal delivery to the following addresses: 

 

	 	(a)	If to any Purchaser: 

 To the respective address listed on Schedule B hereof 

  
 22 

	 	(b)	If to the Partnership: 

 Teekay Offshore Partners L.P. 

4th Floor, Belvedere Building 
 69
Pitts Bay Road 
 Hamilton HM 08, Bermuda 

Attention: Corporate Secretary 

Facsimile: (441) 292-3931 

with a copy to: 
 Perkins Coie
LLP 
 1120 N.W. Couch Street, 10th Floor 

Portland, Oregon 97209-4128 

Attention: David Matheson 

Facsimile: (503) 346-2008 
 or to such other
address as the Partnership or such Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; at the time of transmittal, if sent via electronic
mail; upon actual receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery.

 Section 7.6 Entire Agreement. This Agreement and the other agreements and documents referred to herein are intended by the parties
as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto and thereto in respect of the subject matter contained herein and therein. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Partnership or any of its Affiliates or any Purchaser or any of its Affiliates set forth herein. This
Agreement and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties with respect to such subject matter. 

Section 7.7 Governing Law. This Agreement will be construed in accordance with and governed by the laws of the State of New York
without regard to principles of conflicts laws thereof that would apply the laws of any other jurisdiction. 
 Section 7.8 Execution
in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or .pdf format counterparts, each of which counterparts, when so executed and delivered,
shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

  
 23 

 Section 7.9 Termination. 

(a) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any time at or prior to the Closing by (i) with
respect to any particular Purchaser, the written consent of such Purchaser, upon a breach in any material respect by the Partnership of any covenant or agreement set forth in this Agreement or (ii) with respect to any particular Purchaser,
written notice by the Partnership to such Purchaser upon a breach in any material respect by such Purchaser of any covenant or agreement set forth in this Agreement. For the avoidance of doubt, the termination of this Agreement with respect to any
particular Purchaser shall not affect the Agreement with respect to any other Purchaser. 
 (b) Notwithstanding anything herein to the
contrary, this Agreement shall automatically terminate (i) at any time at or prior to the Closing if a statute, rule, order, decree or regulation shall have been enacted or promulgated, or if any action shall have been taken by any Governmental
Authority of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise permanently prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated
by this Agreement illegal or (ii) if the Closing shall not have occurred by December 5, 2014. 
 (c) In the event of the
termination of this Agreement as provided in this Section 7.9, (1) this Agreement shall forthwith become null and void, and (2) there shall be no liability on the part of any Party hereto, except as set forth in
Sections 5.3 and Article VI of this Agreement. 
 Section 7.10 Recapitalization, Exchanges, Etc. Affecting the Common
Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of the Partnership or any successor or assign of the Partnership (whether by merger, consolidation, sale of
assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Common Units, and shall be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this Agreement and
prior to the Closing. 
 Section 7.11 Disclosure. Each Purchaser agrees not to disclose information about this Agreement or the
transactions contemplated hereby until and to the extent the Partnership publicly discloses such information. The Partnership shall disclose on Commission Form 6-K, within four Business Days of the date of this Agreement, the transactions
contemplated by this Agreement. From and after the filing of the prospectus supplement required to be filed by this Agreement prior to the Closing, the Partnership shall have disclosed all material, non-public information (if any) regarding the
Partnership or any of its Subsidiaries delivered to any of the Purchasers by the Partnership or any of its Subsidiaries or any of its or their respective Representatives in connection with the transactions contemplated by this Agreement. 

[Signature pages follow] 

  
 24 

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

			
	TEEKAY OFFSHORE PARTNERS L.P.
		
	By:	 	TEEKAY OFFSHORE GP L.L.C.
		 	(its General Partner)
		
	By:	 	                 /s/ Peter
Evensen

		 	Name: Peter Evensen
		 	Title: Chief Executive Officer and Chief Financial Officer

  
 Signature Page to
common unit Purchase Agreement 

			
	PURCHASER:
	
	GOLDMAN SACHS MLP AND ENERGY RENAISSANCE FUND
		
	By:	 	Goldman Sachs Asset Management, L.P., its Investment Adviser
		
	By:	 	                 /s/ Kyri
Loupis

		 	Name: Kyri Loupis
		 	Title: Managing Director

  
 Signature Page to
common unit Purchase Agreement 

 
			
	PURCHASER:
	
	Salient MLP Fund, L.P.
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director
	
	PURCHASER:
	
	Salient MLP Fund TE, L.P.
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director
	
	PURCHASER:
	
	Salient Midstream & MLP Fund
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director

  
 Signature Page to
common unit Purchase Agreement 

 
			
	PURCHASER:
	
	 Salient MLP & Energy Infrastructure Fund II

		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director
	
	PURCHASER:
	
	Salient MLP Total Return Fund, L.P.
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director
	
	PURCHASER:
	
	Salient MLP Total Return TE Fund, L.P.
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director

  
 Signature Page to
common unit Purchase Agreement 

 
			
	PURCHASER:
	
	HFR RVA Salient MLP Master Trust
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director
	
	PURCHASER:
	
	Blue Cross Blue Shield of Arizona, Inc.
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director
	
	PURCHASER:
	
	HEB Brand Savings and Retirement Plan Trust
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director

  
 Signature Page to
common unit Purchase Agreement 

 
			
	PURCHASER:
	
	Police & Fire Retirement System of the City of Detroit
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director
	
	PURCHASER:
	
	Ohio Police and Fire Pension Fund
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director
	
	PURCHASER:
	
	Commonwealth of Pennsylvania Public School Employees’ Retirement System
		
	By:	 	Salient Capital Advisors, LLC
		 	Its Investment Manager
		
	By:	 	         /s/ Gregory A. Reid

		 	Name: Gregory A. Reid
		 	Title: Managing Director

  
 Signature Page to
common unit Purchase Agreement 

 
			
	PURCHASER:
	
	MAGNETAR CAPITAL MASTER FUND, LTD
	By:	 	Magnetar Financial LLC
		 	its Investment Manager
		
	By:	 	         /s/ Michael Turro

		 	Name: Michael Turro
		 	Title: Chief Compliance Officer
	
	HIPPARCHUS MASTER FUND LTD
	By:	 	Magnetar Financial LLC
		 	its Investment Manager
		
	By:	 	         /s/ Michael Turro

		 	Name: Michael Turro
		 	Title: Chief Compliance Officer
	
	MTP ENERGY FUND LTD.
	By:	 	MTP Energy Management LLC, its Investment Manager
	By:	 	Magnetar Financial LLC, its sole member
		
	By:	 	         /s/ Michael Turro

		 	Name: Michael Turro
		 	Title: Chief Compliance Officer

  
 Signature Page to
common unit Purchase Agreement 

 Schedule A – List of Purchasers and Commitment Amounts 

 

									
	 Purchaser
	  	Common
Units	 	  	Purchase Price*	 
	 Goldman Sachs MLP and Energy Renaissance Fund
	  	 	2,873,563	  	  	$	74,999,994.30	  
	 Salient MLP Fund, L.P.
	  	 	383,486	  	  	$	10,008,985	  
	 Salient MLP TE Fund, L.P.
	  	 	80,497	  	  	$	2,100,972	  
	 Salient Midstream & MLP Fund
	  	 	579,478	  	  	$	15,124,376	  
	 Salient MLP & Energy Infrastructure Fund II
	  	 	558,980	  	  	$	14,589,378	  
	 Salient MLP Total Return Fund, L.P.
	  	 	233,991	  	  	$	6,107,165	  
	 Salient MLP Total Return TE Fund, L.P.
	  	 	8,500	  	  	$	221,850	  
	 HFR RVA Salient MLP Master Trust
	  	 	24,499	  	  	$	639,424	  
	 Blue Cross Blue Shield of Arizona, Inc.
	  	 	22,499	  	  	$	587,224	  
	 HEB Brand Savings and Retirement Plan Trust
	  	 	73,997	  	  	$	1,931,322	  
	 Police & Fire Retirement System of the City of Detroit
	  	 	73,497	  	  	$	1,918,272	  
	 Ohio Police and Fire Pension Fund
	  	 	145,995	  	  	$	3,810,470	  
	 Commonwealth of Pennsylvania Public School Employees’ Retirement System
	  	 	496,481	  	  	$	12,958,154	  
	 Hipparchus Master Fund Ltd
	  	 	65,971	  	  	$	1,721,843.10	  
	 Magnetar Capital Master Fund, Ltd
	  	 	76,121	  	  	$	1,986,758.10	  
	 MTP Energy Fund Ltd.
	  	 	1,007,333	  	  	$	26,291,391.30	  

  

	*	The Purchase Price for each Purchaser is equal to the product of (i) the number of Common Units set forth opposite such Purchaser’s name under the column titled “Common Units” above, multiplied
by (ii) $26.10 

  
 Schedule A to
Common Unit Purchase Agreement 

 Schedule B – Notice and Contact Information 

 

			
	 Purchaser
	  	 Notice and Contact Information

		
	PURCHASER	  	 Goldman Sachs MLP and Energy

    Renaissance Fund
 c/o Goldman Sachs Asset
Management, L.P.
 200 West Street
 New York, New York 10282

Attn: Ganesh Jois
 Facsimile: (917) 977-4222

Email: Ganesh.Jois@gs.com

		
	PURCHASER	  	 Magnetar Capital Master Fund, Ltd
 Hipparchus
Master Fund Ltd
 MTP Energy Fund Ltd.
  

c\o Magnetar Financial LLC
 1603 Orrington Avenue

Evanston, IL 60201
 Phone: 847-905-4400

Fax: 847-869-2064
 Email:
notices@magnetar.com

		
	PURCHASER	  	 c/o Salient Capital Advisors, LLC
 4265 San
Felipe Suite 800
 Houston, TX 77027
 Attn: Salient MLP
Operations
 E-mail: DL-
 MLPOperations@salientpartners.com

Contact Person: Matt Hibbetts 713-548-
 2626 or Paula Canlas
713-548-2603

  
 Schedule B to
Common Unit Purchase Agreement 

 Schedule 3.13 – Litigation 

See Item 1 – Financial Statements: Note 11(a) – Commitments and Contingencies, in the Partnership’s Form 6-K for the quarter ended
September 30, 2014. 

 Schedule 3.16 – No Material Adverse Change 

None. 

 Exhibit A – Form of Opinion of Perkins Coie LLP 

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Common Unit Purchase Agreement (the “Purchase
Agreement”). The Partnership shall furnish to the Purchasers at the Closing an opinion of Perkins Coie LLP, counsel for the Partnership, addressed to the Purchasers and dated the Closing Date in form reasonably satisfactory to the
Purchasers, stating that: 
 (i) To our knowledge, except as described in the Partnership SEC Documents filed prior to the date of the
Purchase Agreement, there are no outstanding options, warrants, or agreements for the purchase or acquisition from the Partnership of Partnership securities or ownership interests in the Partnership, or rights to convert any obligations into or
exchange any securities for Partnership securities or ownership interests in the Partnership. 
 (ii) No consent, approval, authorization or
other action by, or filing with, any Governmental Authority is required for the issuance and sale by the Partnership of the Purchased Units, the execution, delivery and performance by the Partnership of the Agreement or the completion of the
transactions contemplated by the Agreement, except for those that have been obtained or as may be required under state securities or “Blue Sky” laws, as to which we do not express any opinion. 

(iii) To our knowledge, there are no contracts, agreements or understandings between any of the Partnership Entities and any person granting
such person the right to require any of the Partnership Entities to file a registration statement under the Securities Act with respect to any securities of the Partnership owned or to be owned by such person or to require any of the Partnership
Entities to include such securities in any securities being registered pursuant to any other registration statement filed by any Partnership Entity under the Securities Act, except for any such rights held by the General Partner or an Affiliate (as
defined in the Partnership Agreement) of the General Partner pursuant to the Partnership Agreement and except for such rights granted pursuant to the Existing Registration Rights Agreements. 

(iv) None of the offering, issuance and sale by the Partnership of the Purchased Units, the execution, delivery and performance of the
Agreement by the Partnership, or the completion of the transactions contemplated thereby conflicts with or constitutes a breach or violation of, or a default under (or an event which, with notice or lapse of time or both, would constitute such a
default), any indenture, contract, mortgage, deed of trust, note agreement, loan agreement, lease or other agreement or instrument filed as an exhibit to the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2013, or
the Quarterly Reports on Form 6-K for the quarters ended March 31, June 30 and September 30, 2014 (including any document filed as an exhibit to any document incorporated by reference therein). (We do not comment or opine as to
compliance with any financial covenants or financial ratios contained in any such documents.) 

  
 Exhibit A to
Common Unit Purchase Agreement 

 (v) The Partnership is not, and after giving effect to the use of proceeds from the sale of the
Purchased Units pursuant to the Purchase Agreement will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

(vi) We confirm that the Common Units of the Partnership are listed on the New York Stock Exchange, and, consequently, the Purchased Units,
when issued and delivered by the Partnership pursuant to the terms of the Purchase Agreement, will be “covered securities” for purposes of Section 18 of the Securities Act. 

  
 Exhibit A to
Common Unit Purchase Agreement 

 Exhibit B – Form of Opinion of Watson, Farley & Williams LLP 

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Common Unit Purchase Agreement (the
“Purchase Agreement”). The Partnership shall furnish to the Purchasers at the Closing an opinion of Watson, Farley & Williams LLP, special Marshall Islands and New York counsel for the Partnership, addressed to the
Purchasers and dated the Closing Date in form reasonably satisfactory to the Purchasers, stating that: 
 (i) Each of the Partnership
and the Operating Company has been duly formed and is validly existing in good standing as a limited partnership under the law of the Republic of the Marshall Islands, and has the limited partnership power and authority to own or lease its
properties and to conduct its business, in each case in all material respects as described in the Partnership SEC Documents. 
 (ii) Each of
the General Partner and the OLP GP has been duly formed and is validly existing in good standing as a limited liability company under the law of the Republic of the Marshall Islands, and each has the limited liability company power and authority to
own or lease its properties and to conduct its business, in each case in all material respects as described in the Partnership SEC Documents. 

(iii) Each of the entities listed in Schedule A to such opinion (the “Marshall Islands Significant Subsidiaries”)
is validly existing in good standing as a limited liability company or corporation, as applicable, under Marshall Islands Law, and each has the limited liability company or corporate power, as applicable, and authority to own or lease its properties
and to conduct its business, in each case in all material respects as described in the Partnership SEC Documents. 
 (iv) The Purchased
Units and the limited partner interests represented thereby have been duly authorized in accordance with the Partnership Agreement and, when issued and delivered to the Purchasers against payment therefor in accordance with the terms of the
Agreement, will be validly issued, fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 30, 41, 51 and 60 of the Marshall Islands LP Act and except as may
otherwise be provided in the Partnership Agreement). 
 (v) Except as described in the Partnership SEC Documents and except as contained in
Articles V, XV and XVI of the Partnership Agreement, the Partnership Agreement does not contain any preemptive rights or other rights to subscribe for or to purchase any limited partner interests in the Partnership. 

(vi) The execution, delivery and performance of the Agreement and the consummation of the transactions contemplated thereby, including the
offering, issuance and sale by the Partnership of the Purchased Units in accordance with and upon the terms and conditions set forth in the Agreement, do not (A) conflict with or constitute a violation of the organizational documents of the
Partnership, the General Partner, the Operating Company, the OLP GP or the Marshall Islands Significant Subsidiaries, (B) conflict with or constitute a breach or violation of, 

  
 Exhibit B to
Common Unit Purchase Agreement 

 
or a default under (or an event which, with notice or lapse of time or both, would constitute such a default), the agreements or instruments governed by Marshall Islands Law or New York Law and
listed on a schedule to such opinion, (C) violate Marshall Islands Law or New York Law, or (D) violate any judgment, order or decree of which we are aware of any court, regulatory body, administrative agency, governmental body, arbitrator
or other authority situated in the Republic of The Marshall Islands directed to any of the Partnership, the General Partner, the Operating Company, the OLP GP or the Marshall Islands Significant Subsidiaries in a proceeding before such court,
regulatory body, administrative agency, governmental body, arbitrator or other authority in the Republic of the Marshall Islands to which any of them is a party. 

(vii) No permit, consent, approval, authorization, order, registration, filing or qualification of or with any court, governmental agency or
body of the Republic of The Marshall Islands having jurisdiction over the Partnership, the General Partner, the Operating Company, the OLP GP or the Marshall Islands Significant Subsidiaries or any of their respective properties is required in
connection with the execution and delivery of the Agreement by the General Partner in its capacity as the general partner of the Partnership, the performance of the transactions contemplated hereby by the Partnership Entities or the performance by
the Partnership of its obligations hereunder, including the offering, issuance and sale by the Partnership of the Purchased Units in accordance with and upon the terms and conditions set forth in the Agreement. 

(viii) The choice of New York law to govern the Agreement constitutes a valid choice of law under Marshall Islands Law. 

(ix) The Agreement has been duly authorized and validly executed and delivered by the General Partner in its capacity as the general partner
of the Partnership and constitutes a valid and legally binding obligation of the Partnership, enforceable against the Partnership in accordance with its terms. This opinion (x) is subject to the qualifications that: (i) the enforceability
of the rights and remedies of any party to the Agreement (a) may be limited by bankruptcy, reorganization, fraudulent conveyance, insolvency, moratorium or other similar laws affecting generally the enforcement of creditors’ rights and
remedies from time to time in effect, (b) is subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), including application by a court of competent jurisdiction of
principles of good faith, fair dealing, commercial reasonableness, materiality, unconscionability, impracticability, impossibility of performance and conflict with public policy or other similar principles and (c) may be limited by public
policy, the possible judicial application of foreign laws or governmental action affecting the rights of creditors, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing, (ii) we
express no opinion relating to any provision of the Agreement that purport to waive damages or other remedial provisions contained in the Agreement including specific performance, (iii) we express no opinion relating to severability or
separability, (iv) we express no opinion relating to any provision of the Agreement that purport to require that any amendments, waivers or terminations be in writing or the disregard of any course of dealing or usage of trade and (v) we
express no opinion relating to any provision of the Agreement that relate to indemnification, contribution or reimbursement obligations to the extent any such provisions (x) would purport to require any person to provide indemnification,
contribution or reimbursement in respect of the negligence, recklessness, willful misconduct or unlawful or wrongful behavior of any person, (y) violate any law, rule or regulation (including any federal or state securities law, rule or
regulation) or (z) are determined to be contrary to public policy. 

  
 Exhibit B to
Common Unit Purchase AgreementEX-10.56

 Exhibit 10.56 

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of November 26, 2014, is by and among Alimera Sciences,
Inc. (the “Company”) and Deerfield Private Design Fund II, L.P., Deerfield Private Design International II, L.P., Deerfield Private Design Fund III, L.P., Deerfield Special Situations Fund, L.P. and Deerfield Special Situations Fund
International Master Fund, L.P. (collectively the “Investors”). 
 RECITALS 

WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) the Registration Statement (as
defined below) relating to the offer and sale from time to time of the Company’s securities, including shares of its common stock, par value $0.01 per share (the “Common Stock”) and shares of its preferred stock, par value
$0.01 per share (“Preferred Stock”); 
 WHEREAS, the Board of Directors of the Company has authorized the creation of a new
series of Preferred Stock denominated as Series B Convertible Preferred Stock (“Series B Preferred Stock”); 
 WHEREAS, the
Company is offering for sale shares of Series B Preferred Stock and the Conversion Shares (as defined below) pursuant to the Registration Statement; 

WHEREAS, the Investors desire to purchase from the Company shares of Series B Preferred Stock on the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration of the foregoing recitals (which are deemed to be a part of this Agreement), mutual covenants,
representations, warranties and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. As used herein, the following terms have the meanings indicated: 

“Aggregate Purchase Price” shall have the meaning set forth in Section 2(a) hereof. 

“Business Day” means any day other than Saturday, Sunday or a day on which banks in the City of New York are authorized or
required to be closed. 
 “Certificate of Designation” means the Certificate of Designation of Preferences, Rights and
Limitations of the Series B Convertible Preferred Stock, in the form attached hereto as Exhibit A. 
 “Common Stock
Equivalents” shall mean any securities of the Company which would entitle the holder thereof to acquire, directly or indirectly, at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants
or other 

 
instrument that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock or other securities that entitle the holder to receive,
directly or indirectly, Common Stock. 
 “Conversion Shares” shall mean shares of Common Stock issuable upon conversion of
Series B Preferred Stock. 
 “Investor Shares” means 8,416.252 shares of Series B Preferred Stock. 

“knowledge” means with respect to any statement made to the Company’s knowledge, that statement is based upon the actual
knowledge of the Company or its Chief Executive Officer or Chief Operating Officer and Chief Financial Officer. 
 “Loss”
shall have the meaning set forth in Section 5 hereof. 
 “Material Adverse Effect” shall mean a material
adverse effect on (a) the business, operations, financial condition or assets of the Company or its subsidiaries taken as a whole, (b) the validity or enforceability of any provision of this Agreement, or (c) the rights and remedies
of the Investors under this Agreement. 
 “Person” shall mean any individual, partnership, limited liability company, joint
venture, firm, corporation, association, trust or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof. 

“Principal Trading Market” shall mean whichever of the New York Stock Exchange, the NYSE Alternext (formerly the
American Stock Exchange), the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question. 

“Prospectus” shall have the meaning set forth in Section 4(b)(7) hereof. 

“Prospectus Supplement” shall mean the prospectus supplement to be filed with the Commission regarding the Investor Shares
and the Conversion Shares pursuant to Rule 424(b) promulgated under the Securities Act (“Rule 424(b)”) and deemed to be part of the Registration Statement at the time of effectiveness. 

“Registration Statement” shall mean the registration statement on Form S-3 (File
No. 333-198044), including a prospectus, and including all amendments and supplements thereto (including the Prospectus Supplement), relating to the offer and sale of certain of the Company’s Common Stock, Preferred Stock, Debt Securities
and Warrants, including the Investor Shares and the Conversion Shares. References herein to the term “Registration Statement” as of any date shall mean such effective registration statement, as amended or supplemented to such date,
including all information and documents incorporated by reference therein as of such date. 
 “Securities Act” shall mean
the Securities Act of 1933, as amended. 

  
 2 

 2. Purchase of Series B Preferred Stock. 

(a) Subject and pursuant to the terms and conditions set forth in this Agreement, the Company agrees that it will issue and sell to the
Investors, and the Investors agree that they will purchase from the Company, the number of Investor Shares set forth after their name on Schedule 1 attached hereto in the column headed “Number of Shares of Series B Preferred Stock
to be Purchased by Investor Pursuant to Section 2(a)” at a purchase price of $6,030 for each Investor Share and an aggregate purchase price of $50,000,000 (the “Aggregate Purchase Price”). The closing of the purchase and
sale of the Investor Shares will take place not more than fifteen (15) Business Days following the date of this Agreement, or such other date or time as the parties may agree upon in writing (the “Closing”). 

(b) At the Closing, the Investors shall be entitled to receive a subscription premium equal to 1.5% of the Aggregate Purchase Price which
shall be payable by the issuance of additional Investor Shares as set forth on Schedule 1 hereto. 
 3. Deliveries at Closing. 

(a) Deliveries by the Investor. At the Closing, each Investor shall deliver to the Company the Aggregate Purchase Price set forth next
to its name on Schedule 1 hereto by wire transfer of immediately available funds to a bank account designated in writing by the Company to the Investors, which funds will be delivered to the Company in consideration of the Investor Shares
issued at the Closing. 
 (b) Deliveries by the Company. At the Closing, the Company shall 

(1) deliver to each Investor stock certificates in a form, reasonably satisfactory to the Investors, registered in the name of such Investor
evidencing the number of shares of Series B Preferred Stock issuable to such Investor; and 
 (2) deliver evidence satisfactory to the
Investors, that the Certificate of Designation has been filed with the Secretary of State of Delaware and has become effective on or prior to the Closing. 

4. Representations, Warranties, Covenants and Agreements. 

(a) Investor Representations, Warranties and Covenants. Each Investor represents, warrants, covenants and agrees as follows as of the
date hereof and as of the Closing: 
 (1) Investor has received and reviewed copies of the Registration Statement and the Prospectus,
including all documents and information incorporated by reference therein and amendments thereto, and understands that no Person has been authorized to give any information or to make any representations that were not contained in the Registration
Statement and the Prospectus, and Investor has not relied on any such other information or representations in making a decision to acquire the Investor Shares. Investor hereby consents to receiving delivery of the Registration Statement and the
Prospectus, including all documents and information incorporated by reference therein and amendments thereto, by electronic mail or by 

  
 3 

 
accessing the EDGAR database on the Commission’s website. Investor understands that an investment in the Company involves a high degree of risk for the reasons, among others, set forth under
the caption “Risk Factors” in the Prospectus. 
 (2) Investor acknowledges that it has sole responsibility for its own due
diligence investigation and its own investment decision, and that in connection with its investigation of the accuracy of the information contained or incorporated by reference in the Registration Statement and the Prospectus and its investment
decision, Investor has not relied on any representation or information, as the case may be, not set forth in this Agreement, the Registration Statement or the Prospectus, or any Person affiliated with the Company or on the fact that any other Person
has decided to purchase the Investor Shares. 
 (3) The execution and delivery of this Agreement by Investor and the performance of this
Agreement and the consummation by Investor of the transactions contemplated hereby have been duly authorized by all necessary corporate or partnership action of Investor, as applicable, and this Agreement, when duly executed and delivered by
Investor, will constitute a valid and legally binding instrument, enforceable in accordance with its terms against Investor, except as enforcement hereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization or
similar laws or court decisions affecting enforcement of creditors’ rights generally and except as enforcement hereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at
law). 
 (b) Company Representations, Warranties and Covenants. The Company hereby represents, warrants, covenants and agrees as
follows as of the date hereof and as of the Closing: 
 (1) The Company has been duly incorporated and is validly existing as a corporation
under the laws of the State of Delaware, with corporate power and authority to own its properties and conduct its business as described in the Prospectus, and has been duly qualified as a foreign corporation for the transaction of business and is in
good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except for such jurisdictions wherein the failure to be so qualified and in good standing
would not individually or in the aggregate have a Material Adverse Effect. 
 (2) Each subsidiary of the Company has been duly incorporated
or organized and is validly existing in good standing (to the extent the concept of good standing exists in the subsidiary’s jurisdiction or incorporation or organization) under the laws of its jurisdiction of incorporation or organization,
with power and authority to own its properties and conduct its business as described in the Prospectus, and has been duly qualified for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification, except for such jurisdictions wherein the failure to be so qualified and in good standing would not individually or in the aggregate have a Material Adverse Effect.
Except as disclosed by the Company’s periodic reports filed with the Commission and except as required pursuant to this Agreement and as of the date of the most recent quarterly report filed by the Company, there are no outstanding
(i) securities of the Company or any of the subsidiaries of the Company which are convertible into or exchangeable for shares of capital stock or voting securities of any subsidiary of the Company or (ii) options or other rights to acquire
from the Company or any subsidiary of 

  
 4 

 
the Company, or other obligation of the Company or any subsidiary of the Company to issue, any capital stock, voting securities or securities convertible into or exchangeable for capital stock or
voting securities of any subsidiary of the Company (collectively, the “Subsidiary Securities”). There are no outstanding obligations of the Company or any subsidiary of the Company to repurchase, redeem or otherwise acquire any
outstanding Subsidiary Securities. 
 (3) The execution, delivery and performance of this Agreement by the Company and the consummation of
the transactions contemplated hereby are within the corporate powers of the Company and have been duly authorized by all necessary corporate action on the part of the Company and this Agreement, when duly executed and delivered by the parties
hereto, will constitute a valid and legally binding instrument of the Company enforceable in accordance with its terms, except as enforcement hereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization or similar
laws or court decisions affecting enforcement of creditors’ rights generally and except as enforcement hereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

(4) The Investor Shares have been duly authorized by the Company, and when issued and delivered by the Company against payment therefor as
contemplated by this Agreement will be validly issued, fully paid and nonassessable, and will conform to the description of the Series B Preferred Stock contained in the Prospectus. The Investor Shares and the Conversion Shares will be issued in
compliance with all federal and state securities laws. 
 (5) The Company has reserved from its duly authorized capital stock a number of
shares of Common Stock sufficient for issuance of all of the Conversion Shares. The Conversion Shares, when issued, will have been duly authorized and, when issued, delivered and paid for in accordance with the terms of the Certificate of
Designation, will have been validly issued and will be fully paid and nonassessable. The Company shall, so long as any of the Series B Preferred Stock is outstanding, take all action necessary to reserve and keep available out of its authorized and
unissued capital stock, solely for the purpose of effecting the conversion of the Series B Preferred Stock, the number of shares of Common Stock issuable upon such conversion (without taking into account any limitations on the conversion of the
Series B Preferred Stock set in the Certificate of Designation). 
 (6) The execution and delivery of this Agreement do not, and the
compliance by the Company with the terms hereof will not, (i) violate the Certificate of Incorporation (as amended to date) of the Company or the By-Laws (as amended to date) of the Company,
(ii) result in a breach or violation of any of the terms or provisions of, or constitute a material default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of their properties or assets are subject, or (iii) result in a violation of, or failure to be in compliance with, any applicable statute or any
order, judgment, decree, rule or regulation of any court or governmental, regulatory or self-regulatory agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets, except where such breach,
violation, default or the failure to be in compliance would not individually or in the aggregate have a Material Adverse Effect or adversely affect the ability of the Company to issue and sell the Investor Shares; and no consent,

  
 5 

 
approval, authorization, order, registration, filing or qualification of or with any such court or governmental, regulatory or self-regulatory agency or body is required for the valid
authorization, execution, delivery and performance by the Company of this Agreement or the issuance of the Investor Shares, except for the filing of one or more Form 8-Ks, the filing of the Prospectus Supplement, the filing of the Certificate of
Designation (which is required to be filed and effective prior to the Closing in accordance with Section 3(b)(2) hereof), the filing of a Notification of Listing of Additional Shares with The NASDAQ Stock Market LLC, and for such consents,
approvals, authorizations, registrations, filings or qualifications as may be required under state securities or “blue sky” laws. 

(7) The Company meets the requirements for use of Form S-3 under the Securities Act. The Registration Statement, which covers the Investor
Shares and the Conversion Shares, including a form of prospectus and such amendments or supplements to such Registration Statement as may have been required prior to the date of this Agreement, has been prepared by the Company under the provisions
of the Securities Act, has been filed with the Commission, has become effective and filed with the Commission and incorporates by reference documents which the Company has filed in accordance with the provisions of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). The Company has prepared a Prospectus Supplement to the prospectus included in the Registration Statement referred to above, setting forth the terms of the offering and sale of the Investor
Shares and additional information concerning the Company and its business and will promptly file the Prospectus Supplement with the Commission pursuant to Rule 424(b). No stop order suspending the effectiveness of the Registration Statement or any
post-effective amendment thereto, or any part thereof, has been issued and served on the Company, and no proceedings for that purpose are pending or, to the knowledge of the Company, threatened by the Commission. The form of prospectus included in
the Registration Statement as of the date hereof, as amended or supplemented from time to time (including the Prospectus Supplement), is referred to herein as the “Prospectus.” Any reference herein to the Registration Statement, the
Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated (or deemed to be incorporated) by reference therein, and any reference herein to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement or Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. As
of the close of business on November 26, 2014, at least a number of shares of Preferred Stock and Common Stock equal to the number of Investor Shares and Conversion Shares, respectively, were available for issuance pursuant to the Registration
Statement, which permits the issuance of the Investor Shares and the Conversion Shares in the manner contemplated by this Agreement. 
 Each
part of the Registration Statement, when such part became or becomes effective, and the Prospectus and any amendment or supplement thereto, on the date of filing thereof with the Commission and at the date hereof and the date of the Closing, did or
will in all material respects comply with all applicable provisions of the Securities Act and the Exchange Act. Each part of the Registration Statement, when such part became or becomes effective, did not or will not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading. The Prospectus and any amendment or supplement thereto, on the date of filing thereof with the
Commission, did not or will not contain any untrue statement of a material fact or omit to state a 

  
 6 

 
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and any statutes, regulations, contracts or other documents
that are required to be described in the Registration Statement or Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed. 

(8) The consolidated financial statements and financial schedules of the Company included or incorporated by reference in the Registration
Statement and the Prospectus have been prepared in conformity with generally accepted accounting principles (except, with respect to the unaudited consolidated financial statements, for the footnotes and subject to customary audit adjustments)
applied on a consistent basis, are consistent in all material respects with the books and records of the Company, and accurately present in all material respects the consolidated financial position, results of operations and cash flow of the Company
and its subsidiaries as of and for the periods covered thereby. 
 (9) Neither the Company nor any of its subsidiaries has sustained since
the respective dates of the latest audited financial statements included or incorporated by reference in the Registration Statement and Prospectus any material loss or interference with its business from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as disclosed in or contemplated by the Registration Statement and Prospectus; and, since the respective dates as of which
information is given in the Registration Statement and Prospectus, other than as contemplated in this Agreement, there has not been any material change in the capital stock or long-term debt of the Company or any of its subsidiaries. 

(10) Other than as disclosed in the Prospectus, there are no legal, governmental or regulatory proceedings pending to which the Company or
any of its subsidiaries is a party or of which any material property of the Company or any of its subsidiaries is the subject which, taking into account the likelihood of the outcome, the damages or other relief sought and other relevant factors,
would individually or in the aggregate reasonably be expected to have a Material Adverse Effect or adversely affect the ability of the Company to issue and sell the Investor Shares, and no such proceedings are threatened in writing to the Company
or, to the Company’s knowledge, have been contemplated by governmental or regulatory authorities or threatened by others. 
 (11) The
Company and each of its subsidiaries have title to all the real property, and owns all other properties and assets, reflected as owned in the financial statements included or incorporated by reference in the Registration Statement and the
Prospectus, subject to no lien, mortgage, pledge, charge or encumbrance of any kind except those, if any, reflected in such financial statements or disclosed in the Company’s filings with the Commission or exhibits thereto, or which are not
material to the Company and its subsidiaries taken as a whole. The Company and each of its subsidiaries hold their respective leased real and personal properties under valid and binding leases, except where the failure to do so would not reasonably
be expected to individually or in the aggregate have a Material Adverse Effect. 
 (12) The Company has filed all necessary federal and
state income and franchise tax returns and has paid all taxes shown as due thereon or has filed all necessary extensions, and there is no tax deficiency that has been, or to the knowledge of the Company

  
 7 

 
could reasonably be expected to be, asserted against the Company or any of its properties or assets that would in the aggregate or individually reasonably be expected to have a Material Adverse
Affect. 
 (13) There are no holders of securities of the Company having preemptive rights to purchase Common Stock. There are no holders
or beneficial owners of securities of the Company having rights to registration thereof whose securities have not been previously registered or who have not waived such rights with respect to the registration of the Company’s securities on the
Registration Statement, except where the failure to obtain such waiver would not individually or in the aggregate reasonably be expected to have a Material Adverse Effect. 

(14) The issuance of the Investor Shares and the Conversion Shares will not obligate the Company to issue shares of Common Stock or other
Common Stock Equivalents to any Person (other than the Investors), will not trigger any preemptive or other rights to subscribe for or purchase securities and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price or other right under any of such securities. 
 (15) The Company is not, and does not intend to conduct
its business in a manner in which it would become, an “investment company” as defined in Section 3(a) of the Investment Company Act of 1940, as amended. 

(16) The Company is in compliance in all material respects with all listing and maintenance requirements of the Principal Trading Market. The
issuance and sale of the Investor Shares and the issuance of the Conversion Shares will, at the time of such issuance and sale, comply in all material respects with and will not contravene the rules and regulations of the Principal Trading Market.
The Conversion Shares, when issued, will be listed for trading on the Principal Trading Market. 
 5. Indemnification. 

(a) Subject to the limitations and other provisions of this Section 5, the Company covenants and agrees to indemnify, defend and
hold harmless the Investors and their respective directors, officers, partners, managers, employees and agents (each, an “Investor Party”) from and against any and all Losses arising from claims by third parties resulting from,
incurred in connection with or arising out of (but only to the extent of) (a) any breach of any representation, warranty or covenant of the Company contained herein, or (b) the failure of the Company to perform any of the agreements,
covenants or obligations contained herein (other than if any such claim was a result of a breach by the Investor hereunder). Subject to the limitations and other provisions of this Section 5, the Investor covenants and agrees to
indemnify, defend and hold harmless the Company from and against (but only to the extent of) any and all Losses arising from claims by third parties resulting from, incurred in connection with or arising out of (but only to the extent of)
(a) any breach of any representation or warranty of the Investor contained herein, or (b) the failure of the Investor to perform any of the agreements, covenants or obligations of the Investor contained herein. The term
“Loss” or any similar term shall mean any and all damages, deficiencies, costs, claims, fines, judgments, amounts paid in settlement, 

  
 8 

 
expenses of investigation, interest, penalties, taxes, assessments, out-of-pocket expenses (including reasonable attorneys’ and auditors’ fees and disbursements, witness fees and court
costs) but specifically excluding consequential, special, punitive, multiple and other similar damages. The party or parties being indemnified are referred to herein as the “Indemnitee” and the indemnifying party is referred to
herein as the “Indemnitor.” 
 (b) Indemnification Procedure. 

(1) Any party who receives notice of a potential claim that may, in the judgment of such party, result in a Loss shall use all reasonable
efforts to provide the parties hereto notice thereof within fifteen (15) days of the filing or other written assertion of any such claim against the Indemnitee, provided that failure or delay or alleged delay in providing such notice shall not
adversely affect such party’s right to indemnification hereunder, unless and then only to the extent that such failure or delay or alleged delay has resulted in actual prejudice to the Indemnitor, including, without limitation, by the
expiration of a statute of limitations. In the event that any party shall incur or suffer any Losses in respect of which indemnification may be sought by such party hereunder, the Indemnitee shall assert a claim for indemnification by written notice
(a “Notice”) to the Indemnitor stating the nature and basis of such claim. 
 (2) In the case of third party claims for
which indemnification is sought, the Indemnitor shall, if necessary, retain counsel reasonably satisfactory to the Indemnitee, and have the option (i) to conduct any proceedings or negotiations in connection therewith, (ii) to take all
other steps to settle or defend any such claim (provided that the Indemnitor shall not settle any such claim without the consent of the Indemnitee which consent shall not be unreasonably withheld or delayed) and (iii) to employ counsel to
contest any such claim or liability in the name of the Indemnitee or otherwise. In any event, the Indemnitee shall be entitled to participate at its own expense and by its own counsel in any proceedings relating to any third party claim. The
Indemnitor shall, within fifteen (15) Business Days of receipt of the Notice, notify the Indemnitee of its intention to assume the defense of such claim. If (i) the Indemnitor shall decline to assume the defense of any such claim,
(ii) the Indemnitor shall fail to notify the Indemnitee within fifteen (15) Business Days after receipt of the Notice of the Indemnitor’s election to defend such claim or (iii) in the reasonable opinion of counsel for the
Indemnitee, the representation by the same counsel of the Indemnitor and the Indemnitee would be inappropriate due to actual or potential material differing interests between such Indemnitee and any other party represented by such counsel in such
proceeding, then in each such case the Indemnitor shall not have the right to direct the defense of such action on behalf of the Indemnitee and the Indemnitee shall, at the sole expense of the Indemnitor, defend against such claim; provided,
that the Indemnitee may not settle such claim without the consent of the Indemnitor (which consent will not be unreasonably withheld or delayed). In such event, the Indemnitor shall pay for only one separate legal counsel for the Indemnitees, and
such legal counsel shall be selected by the Indemnitee. The reasonable expenses of all proceedings, contests or lawsuits in respect of such claims shall be borne and paid by the Indemnitor if the Indemnitee is entitled to indemnification hereunder
and the Indemnitor shall pay the Indemnitee, in immediately available funds, the amount of any Losses, within a reasonable time of the incurrence of such Losses. Regardless of which party shall assume the defense or negotiation of the settlement of
the claim, the parties agree to cooperate fully with one another in connection therewith. Anything in this Section 5 to the contrary notwithstanding, the Indemnitor shall not, 

  
 9 

 
without the Indemnitee’s prior written consent, settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any future obligation on the Indemnitee or
which does not include, as an unconditional term thereof, the giving by the claimant or plaintiff to the Indemnitee, a release from all liability in respect of such claim. 

(c) No Waiver. Nothing herein shall in any way limit a Party’s remedies in respect of a breach of any representation, warranty or
covenant hereunder. 
 6. Conditions. 

(a) The obligation of each Investor to purchase and acquire the Investor Shares hereunder shall be subject to the conditions that: 

(1) All representations and warranties of the Company herein shall be true and correct in all material respects as of and on each of the date
of this Agreement and the date of the Closing; 
 (2) The Company shall have performed all of its obligations hereunder; including delivery
of certificates for the Series B Preferred Stock; 
 (3) The Prospectus Supplement shall have been filed with the Commission pursuant to
Rule 424(b) within the applicable time period prescribed for such filing, no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been
initiated or threatened by the Commission, and the Investor shall have received the Prospectus in accordance with the federal securities laws. 

(b) The obligation of the Company to sell the Investor Shares hereunder shall be subject to the conditions that: 

(1) All representations and warranties and other statements of the Investors herein shall be true and correct in all material respects as of
and on each of the date of this Agreement and the date of the Closing; 
 (2) The Investors shall have performed all of their obligations
hereunder. 
 7. Covenants. 

(a) Fees and Costs. The Company will reimburse the Investors for reasonable, documented expenses for attorneys, accountants and other
professional advisors, and other out-of-pocket expenses incurred by Investors in connection with their due diligence, negotiation and documentation of the transactions contemplated up to an aggregate amount of $200,000. 

(b) The Company shall, so long as any of the Investor Shares is outstanding, take all action necessary to reserve and keep available out of
its authorized and unissued capital stock, solely for the purpose of effecting the conversion of the Investor Shares, the number of 

  
 10 

 
shares of Common Stock issuable upon such conversion (without taking into account any limitations on the conversion of the Series B Preferred Stock set forth in the Certificate of Designation),
free and clear of all encumbrances and restrictions. The Company shall cause the Conversion Shares, when issued in accordance with the provisions of the Certificate of Designation, to be duly authorized, validly issued and fully paid and
non-assessable. 
 8. Miscellaneous. 

(a) Binding Agreement; Assignment. This Agreement shall be binding upon, and shall inure solely to the benefit of, each of the parties
hereto, and each of their respective heirs, executors, administrators, successors and assigns, and no other person other than Indemnitees shall acquire or have any right under or by virtue of this Agreement. The Company may not assign any of its
rights or obligations hereunder to any other person or entity without the prior written consent of the Investors. 
 (b) Entire
Agreement. This Agreement and the Certificate of Designation, including the Schedules and Exhibits hereto constitute the entire understanding between the parties hereto with respect to the subject matter hereof and may be amended only by written
execution by both parties. Upon execution by the Company and the Investors, this Agreement shall be binding on each of the parties hereto. 

(c) Consent To Jurisdiction. THIS AGREEMENT SHALL BE ENFORCED, GOVERNED AND CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF SUCH STATE. FURTHERMORE, THE INVESTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE
FEDERAL OR STATE COURTS LOCATED IN THE STATE OF NEW YORK IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE COMPANY AND THE INVESTORS (AND, TO THE EXTENT PERMITTED BY LAW, ON
BEHALF OF ITS AND THEIR EQUITY HOLDERS AND CREDITORS) HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 (d) Notices. Any notice, request or other communication to be given or made under this Agreement
shall be in writing. Such notice, request or other communication shall be deemed to have been duly given or made when it shall be delivered by hand, overnight mail, international courier (confirmed by facsimile), electronic mail or facsimile to the
Party to which it is required or permitted to be given or made at such Party’s address specified below or at such other address as such Party shall have designated by notice to the other Parties. 

If to the Borrower: 
 Alimera
Sciences, Inc. 
 6210 Windward Parkway, Suite 290 

Alpharetta, GA 30005 
 E-mail:
rick.eiswirth@alimerasciences.com 
 Attention: Richard S. Eiswirth, Jr., Chief Financial Officer and Chief Operating Officer 

  
 11 

 With a copy to: 

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP 

One Marina Park Drive, Suite 900 

Boston, MA 02210 
 Fax:
(617) 648-9199 
 Email: ggriner@gunder.com 

Attn: Gregg A. Griner, Esq. 
 If
to the Purchasers: 
 Deerfield Management Company, L.P. 

780 Third Avenue, 37th Floor 
 New
York, NY 10017 
 Fax: (212) 599-3075 

Email: dclark@deerfield.com 

Attn: David J. Clark 
 With a copy
to: 
 Katten Muchin Rosenman LLP 

575 Madison Avenue 
 New York, New
York 10022 
 Fax: (212) 940-8776 

Email: mark.fisher@kattenlaw.com 

Attn: Mark I. Fisher, Esq. 
 or to such other
Person at such other place as the parties shall designate to one another in writing. 
 (e) Counterparts. This Agreement maybe
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 in the same agreement. 

(f) Telecopy Execution and Delivery. A facsimile, electronic mail, telecopy, PDF or other reproduction of this Agreement may be
executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties by facsimile, e-mail or similar electronic transmission device pursuant to which the signature of or on behalf of such party can
be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party, all parties agree to execute an original of 

  
 12 

 
this Agreement as well as any facsimile, telecopy or reproduction thereof. The parties hereto hereby agree that neither shall raise the execution of facsimile, telecopy, PDF or other reproduction
of this Agreement, or the fact that any signature or document was transmitted or communicated by facsimile, e-mail or similar electronic transmission device, as a defense to the formation of this Agreement. 

[Signature pages follow] 

  
 13 

 IN WITNESS WHEREOF, the Investors and the Company have caused this Agreement to be duly
executed as of the 26th day of November, 2014. 
  

			
	COMPANY:
	
	ALIMERA SCIENCES, INC.
		
	By:	 	 /s/ Richard S. Eiswirth, Jr.

	Name:	 	Richard S. Eiswirth, Jr.
	Title:	 	Chief Operating Officer and Chief Financial Officer
	
	INVESTORS:
	
	DEERFIELD PRIVATE DESIGN FUND II, L.P.
		
	By:	 	Deerfield Mgmt., L.P., General Partner
	By:	 	J.E. Flynn Capital, LLC, General Partner
		
	By:	 	 /s/ David J. Clark

	Name:	 	David J. Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD PRIVATE DESIGN INTERNATIONAL II, L.P.
		
	By:	 	Deerfield Mgmt., L.P., General Partner
	By:	 	J.E. Flynn Capital, LLC, General Partner
		
	By:	 	 /s/ David J. Clark

	Name:	 	David J. Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
		
	By:	 	Deerfield Mgmt., L.P., General Partner
	By:	 	J.E. Flynn Capital, LLC, General Partner
		
	By:	 	 /s/ David J. Clark

	Name:	 	David J. Clark
	Title:	 	Authorized Signatory

 [Signature Page to Securities Purchase Agreement] 

			
	DEERFIELD SPECIAL SITUATIONS INTERNATIONAL MASTER FUND, L.P.
		
	By:	 	Deerfield Mgmt., L.P., General Partner
	By:	 	J.E. Flynn Capital, LLC, General Partner
		
	By:	 	 /s/ David J. Clark

	Name:	 	David J. Clark
	Title:	 	Authorized Signatory
	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.
		
	By:	 	Deerfield Mgmt. III, L.P., General Partner
	By:	 	J.E. Flynn Capital III, LLC, General Partner
		
	By:	 	 /s/ David J. Clark

	Name:	 	David J. Clark
	Title:	 	Authorized Signatory

 [Signature Page to Securities Purchase Agreement] 

 Schedule 1 

 

					
	 Purchase Price Per Share of Series B Preferred Stock
	  	$	6,030	  

  

																	
	 Name of Investor
	  	Aggregate
Purchase Price	 	  	Number
of Shares of
Series B
Preferred
Stock
to be
Purchased
by Investor
Pursuant
to
Section 2(a)*	 	 	Number
of Shares of
Series B
Preferred
Stock
to be
Issued to
Investor
Pursuant
to
Section 2(b)*	 	  	Total
Investor
Shares*	 
					
	 Deerfield Private Design Fund II, L.P.
	  	$	10,485,000	  	  	 	1,738.806	  	 	 	26.082	  	  	 	1,764.886	  
					
	 Deerfield Private Design International II, L.P.
	  	$	12,015,000	  	  	 	1,992.537	  	 	 	29.888	  	  	 	2,002.425	  
					
	 Deerfield Private Design Fund III, L.P.
	  	$	22,500,000	  	  	 	3,731.343	  	 	 	55.970	  	  	 	3,787.313	  
					
	 Deerfield Special Situations Fund, L.P.
	  	$	2,730,000	  	  	 	452.736	  	 	 	6.791	  	  	 	459.527	  
					
	 Deerfield Special Situations Fund International Limited
	  	$	2,270,000	  	  	 	376.451	  	 	 	5.647	  	  	 	382.098	  
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
					
	 Total:
	  	$	50,000,000	  	  	 	8,291.873	* 	 	 	124.378	  	  	 	8,416.252	  

  

	*	Each share of Series B Preferred Stock is convertible into 1,000 shares of Common Stock. 

 Exhibit A 

[Certificate of Designation]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]