Document:

Employment Agreement between Inergy GP, LLC and Andrew L. Atterbury

 Exhibit 10.6 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is made and entered into as of October 1, 2007, between Inergy GP,
LLC, a Delaware limited liability company (the “Company”), and Andrew L. Atterbury, an individual (“Employee”). 
 The Company and Employee hereby agree as follows: 
 1. Employment. Employee
is currently employed by the Company as the Company’s Senior Vice President – Corporate Development upon and subject to the terms and conditions of this Agreement. Employee will begin his employment with the Company under this Agreement as
of October 1, 2007. 
 2. Duties. During the term of his employment under this Agreement, Employee will perform his
duties hereunder at such time or times as the Company may reasonably request. Employee’s duties may be varied by the Company from time to time without violating the terms of this Agreement and will include: (i) devoting his best efforts
and to further properly the interests of the Company to the satisfaction of the Company, (ii) being subject to the Company’s direction and control with respect to his activities on behalf of the Company, (iii) complying with all
rules, orders, regulations, policies, practices and decisions of the Company, (iv) truthfully and accurately maintaining and preserving all records and making all reports as the Company may require, and (v) fully accounting for all monies
and other property of the Company of which he may from time to time have custody and delivering the same to the Company whenever and however directed to do so. 
 3. Compensation. For all services rendered by Employee to the Company during the term of this Agreement, the Company will pay Employee a salary at the annual rate of $200,000 (the
“Salary”), payable in arrears in accordance with the Company’s general payroll practices. All payments and benefits provided pursuant to this Agreement are subject to income tax withholding and other applicable tax and
withholding requirements. 
 4. Expenses. The Company will reimburse Employee for all ordinary and necessary
out-of-pocket expenses incurred and paid by Employee in the course of the performance of Employee’s duties pursuant to this Agreement and consistent with the Company’s policies in effect from time to time with respect to travel,
entertainment and other business expenses, and subject to the Company’s requirements with respect to the manner of approval and reporting of such expenses. 
 5. Additional Benefits and Compensation. 
 (a) Employee will
be eligible for such fringe benefits, if any, by way of insurance, hospitalization and vacations normally provided to employees of the Company generally and such additional benefits as may be from time to time agreed upon in writing between Employee
and the Company. 

 (b) Commencing with the fiscal year ending September 30, 2008 and
continuing for each fiscal year thereafter during the term of this Agreement, the Company will pay Employee a performance bonus based on factors, goals or other subjective and objective criteria to be determined by the Company. The availability and
amount of such bonus will be determined in the sole discretion of the Company. If Employee achieves the desired performance criteria, the amount of this bonus would be up to $200,000, but could be increased above such amount if approved under the
objective criteria established by the Company. If earned, this performance bonus would be paid within 90 days after the end of the relevant fiscal year. Notwithstanding the foregoing, in order to receive a bonus pursuant to this
Section 5(b), Employee must have been continuously employed by the Company from the date set forth in Section 1 until the end of the relevant fiscal year. 

(c) Upon satisfaction of the Performance Award #1 Goals set forth on Exhibit A attached hereto, Employee shall be awarded
common units of Inergy Holdings, L.P. (“NRGP”), common units of Inergy, L.P. (“NRGY”), or cash (“Performance Award #1”) equal in value to the fair market value of 20,000 NRGP common units on the date the Performance
Award #1 Goals are met (the “NRGP Unit Value Equivalent”). The fair market value shall be determined by multiplying 20,000 by the average closing price of an NRPG common unit on NASDAQ for the seven (7) days immediately prior to the
date all the Performance Award #1 Goals are satisfied. The allocation among NRGY or NRGP units, or cash granted to Employee shall be at the Company’s discretion. In order to receive the awards pursuant to this Section 5(c), Employee
must have been continuously employed by the Company from the date set forth in Section 1 until the Performance Award #1 Goals are satisfied. 
 (d) Upon satisfaction of the Performance Award #2 Goals set forth on Exhibit A attached hereto, Employee shall be awarded common units of Inergy Holdings, L.P. (“NRGP”), common units of Inergy,
L.P. (“NRGY”), or cash (“Performance Award #2”) equal in value to the fair market value of 30,000 NRGP common units on the date the Performance Award #2 Goals are met (the “NRGP Unit Value Equivalent”). The fair market
value shall be determined by multiplying 30,000 by the average closing price of an NRPG common unit on NASDAQ for the seven (7) days immediately prior to the date all the Performance Award #2 Goals are satisfied. The allocation among NRGY or
NRGP units, or cash granted to Employee shall be at the Company’s discretion. In the event that Employee does not satisfy the Performance Award #1 Goals, but does satisfy the Performance Award #2 Goals, the NRGP Unit Value Equivalent Value
pursuant to this Section 5(d) shall be increased to 50,000 NRGP common units. In order to receive the awards pursuant to this Section 5(d), Employee must have been continuously employed by the Company from the date set forth in
Section 1 until the Performance Award #2 Goals are satisfied. 
 In the event Employee’s satisfaction of the
Performance Award #1 Goals or Performance Award #2 Goals results in a Change in Control (as defined in the Inergy Long Term Incentive Plan) the awards set forth in Section 5(c) and 5(d) hereof shall be payable in full to Employee, provided that
the underwritten annualized distribution in any such acquisition resulting in the Change in Control is a minimum of $3.25 per NRPG unit by December 31, 2010 and $4.00 per NRGP unit by December 31, 2011. 

  
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 6. Covenant Not to Disclose Confidential Information. Employee acknowledges that
during the course of his employment with the Company Employee has had and will continue to have access to and knowledge of certain information and data that the Company or any subsidiary, parent or affiliate of the Company considers confidential and
that the release of such information or data to any unauthorized person or entity would be extremely detrimental to the Company. As a consequence, Employee hereby agrees and acknowledges that he owes a duty to the Company not to disclose, and agrees
that, during and after the term of his employment, without the prior written consent of the Company, he will not communicate, publish or disclose, to any person or entity anywhere or use (for his own benefit or the benefit of others) any
Confidential Information (as defined below) for any purpose other than carrying out his duties as contemplated by this Agreement. Employee will use his best efforts at all times to hold in confidence and to safeguard any Confidential Information to
ensure that any unauthorized persons and entities do not gain possession of any Confidential Information and, in particular, will not permit any Confidential Information to be read, duplicated or copied. Employee will return to the Company all
originals and copies of documents and other materials, whether in printed or electronic format or otherwise, containing or derived from Confidential Information in Employee’s possession or under Employee’s control when the duties of
Employee no longer require Employee’s possession thereof, or whenever the Company requests, and in any event will return all such Confidential Information within ten days if the employment relationship with the Company is terminated for any or
no reason and will not retain any copies thereof. Employee acknowledges that Employee is obligated to protect the Confidential Information from disclosure or use even after termination of the employment relationship. The term “Confidential
Information” means any information or data used by or belonging or relating to the Company or any subsidiary, parent or affiliate of the Company, or any party to whom the Company owes a duty of confidentiality that is not known generally to
the industry in which the Company or any subsidiary, parent or affiliate of the Company, or any party to whom the Company owes a duty of confidentiality is or may be engaged, including all trade secrets, proprietary data and information relating to
the Company’s or any subsidiary, parent or affiliate of the Company’s, or any party to whom the Company owes a duty of confidentiality past, present or future business and products, price lists, customer lists, acquisition candidates and
criteria relating to potential acquisition candidates, processes, procedures or standards, know-how, manuals, hardware, software, source code, business strategies, records, marketing plans, drawings, technical information, specifications, designs,
patent information, financial information, whether or not reduced to writing, or information or data that the Company or any subsidiary, parent or affiliate of the Company or any party to whom the Company owes a duty of confidentiality advises
Employee should be treated as confidential information. Confidential Information does not include any information that: (i) is rightfully known to Employee prior to Employee’s employment, and independent of any disclosure or access to the
information via the Company as evidenced by Employee’s written records; or (ii) is or later becomes part of the public domain and known within the relevant industry through no fault of Employee. 

  
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 7. Disclosure and Assignment of Intellectual Property. 

(a) Employee agrees that the Company will become the owner of all inventions, discoveries, developments, ideas, writings,
and expressions, including all concepts, improvements, techniques, know-how, innovations, systems, processes, machines, current or proposed products, works, information, reports, papers, logos, computer programs, designs, marketing materials, and
methods of manufacture, distribution, management or other methods (whether or not reduced to writing and whether or not patentable or protectable by copyright), that Employee conceives, develops, creates, makes, perfects or reduces to practice in
whole or in part while employed by the Company or within one year after termination of Employee’s employment for any or no reason, and that: (i) directly or indirectly relate to or arise out of Employee’s job responsibilities for the
Company or the performance of the duties of Employee’s employment by the Company; (ii) result from research, development, or other activities of the Company; or (iii) relate or pertain in any way to the existing or reasonably
anticipated business, products or services of the Company or any subsidiary, parent or affiliate of the Company (collectively, the “Intellectual Property”). All of the right, title and interest in and to the Intellectual Property
will become exclusively owned by the Company or its nominee regardless of whether or not the conception, development, creation, making, perfection or reduction to practice of such Intellectual Property involved the use of the Company’s time,
facilities or materials and regardless of where such Intellectual Property may be conceived, made or perfected. 

(b) Employee will promptly and fully disclose in writing to the Company all inventions, discoveries, developments, ideas,
writings, and expressions conceived, developed, created, made, perfected or reduced to practice, in whole or in part, while employed by the Company or within one year after termination of Employee’s employment for any or no reason, regardless
of whether Employee believes the invention, discovery, development, writing, expression or idea should be considered Intellectual Property of the Company under any provision of this Agreement, in order to enable the Company to make a determination
as to its rights with respect to the same. 
 (c) All information relating to Intellectual Property will be
considered Confidential Information and may not be disclosed by Employee to any person or entity outside of the Company. 
 (d) Any Intellectual Property that is the subject of copyright will be considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended, and is the sole property of
the Company or its nominee. To the extent that the Company does not automatically own any such Intellectual Property as a work made for hire, Employee will assign all right, title and interest in and to such Intellectual Property to the Company. All
right, title and interest in and to any other Intellectual Property, including patent, industrial design, trademark, trade dress and trade secret rights will be assigned and is hereby assigned exclusively to the Company or its nominee. Employee will
also execute and deliver all documents and do all acts that the Company considers necessary or desirable to secure to the Company or its nominee the entire right, title and interest in and to the Intellectual Property, including executing
applications for any United States or foreign patents or copyright registrations, disclosing relevant prior art, reviewing office actions and providing technical input to assist the Company in overcoming any rejections. Any document prepared and
filed pursuant to this Section 7(d) will be prepared and filed at the Company’s expense. Employee will also cooperate with the Company as reasonably necessary to maintain or enforce the Company’s rights in the Intellectual
Property. Employee hereby irrevocably appoints the President of the Company as Employee’s attorney-in-fact with authority to execute for Employee and on Employee’s behalf all assignments, patent or copyright applications, or other
instruments and documents required to be executed by Employee pursuant to this Section 7(d), if Employee is unwilling or unable to execute same. 

  
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 (e) The Company will have no obligation to use, attempt to protect by patent
or copyright, or promote any of the Intellectual Property; provided, however, that the Company, in its sole discretion, may reward Employee for any especially meritorious contributions in any manner it deems appropriate or may provide Employee with
full or partial releases as to any subject matter contributed by Employee in which the Company is not interested. 
 8. Legal
Proceedings to Compel Disclosure. If Employee is requested pursuant to, or required by, applicable law, regulation, or legal process, to disclose any Confidential Information or Intellectual Property, Employee will notify the Company of such
request within five days of such request being made and will enable the Company or any subsidiary, parent or affiliate of the Company to seek an appropriate protective order. If such a protective order or other protective remedy is not obtained,
Employee will furnish only that portion of the Confidential Information or Intellectual Property that, in the opinion of Employee’s counsel, is legally required and will exercise Employee’s best efforts to obtain reliable assurances that
confidential treatment will be accorded the Confidential Information or Intellectual Property. 
 9. Covenant Not to
Compete. Employee acknowledges that during his employment with the Company he, at the expense of the Company, has been and will continue to be specially trained in the business of the Company, has established and will continue to establish
favorable relations with the customers, clients and accounts of the Company or any subsidiary, parent or affiliate of the Company and has had and will continue to have access to the Intellectual Property, trade secrets and Confidential Information
of the Company or any subsidiary, parent or affiliate of the Company. Therefore, in consideration of such training and relations, and in consideration of his continued employment with the Company, the increase in compensation and additional benefits
provided in this Agreement, the issuance of restricted units pursuant to a separate Restricted Unit Award Agreement dated the date hereof (the “Restricted Unit Agreement”), and to further protect the Intellectual Property, trade
secrets and Confidential Information of the Company or any subsidiary, parent or affiliate of the Company, Employee agrees that during the term of his employment by the Company and for a period one (1) year from and after his voluntary
resignation, or involuntary termination of such employment for Cause, he will not, directly or indirectly, without the express written consent of the Company, except when and as requested to do in and about the performing of his duties under this
Agreement: 
 (a) own, manage, operate, control or participate in the ownership, management, operation or control
of, or have any interest, financial or otherwise, in or act as an officer, director, partner, manager, member, principal, employee, agent, representative, consultant or independent contractor of, or in any way assist, any publicly-traded master
limited partnership that is in the energy sector; 

  
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 (b) divert or attempt to divert clients or customers (whether or not such
persons have done business with the Company or any subsidiary, parent or affiliate of the Company once or more than once) or accounts of the Company or any subsidiary, parent or affiliate of the Company; or 

(c) entice or induce or in any manner influence any person who is or becomes in the employ or service of the Company or
any subsidiary, parent or affiliate of the Company to leave such employ or service for the purpose of engaging in a business that may be in competition with any business now or at any time during the period hereof engaged in by the Company or any
subsidiary, parent or affiliate of the Company. 
 Notwithstanding the foregoing provisions, Employee may (i) take action
for, on behalf of, and at the direction of the Company pursuant to a written agreement with the Company or otherwise, and (ii) own up to 5% of the outstanding equity securities in any corporation or entity (including units in a master limited
partnership) that is listed upon a national stock exchange or actively traded in the over-the-counter market. 
 10. Specific
Performance. Recognizing that irreparable damage will result to the Company in the event of the breach or threatened breach of any of the foregoing covenants and assurances by Employee contained in Sections 6, 7, 8 or 9, and that the
Company’s remedies at law for any such breach or threatened breach will be inadequate, the Company, in addition to such other remedies that may be available to it, will be entitled to an injunction, including a mandatory injunction, to be
issued by any court of competent jurisdiction ordering compliance with this Agreement or enjoining and restraining Employee, and each and every person and entity acting in concert or participation with him, from the continuation of such breach and,
in addition thereto, he will pay to the Company all ascertainable damages, including costs and reasonable attorneys’ fees sustained by the Company by reason of the breach or threatened breach of such covenants and assurances. The covenants and
obligations of Employee set forth in Sections 6, 7, 8 and 9 are in addition to and not in lieu of or exclusive of any other obligations and duties of Employee to the Company, whether express or implied in fact or in law. 

11. Company Policies. Employee will affirmatively support the Company’s policies and practices as they may from time to time
be adopted by the Company, including policies against discrimination and harassment in the workplace. 
 12. Term and
Termination. 
 (a) Subject to earlier termination as provided in Sections 12(b) and 12(c) below, the
term of Employee’s employment under this Agreement will be three (3) years from the date set forth in Section 1 and automatically be extended for consecutive one year periods thereafter unless either party elects to terminate
this Agreement and notifies the other party of such election at least 30 days prior to the end of the then-current term. 

  
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 (b) Notwithstanding Section 12(a), Employee’s employment
with the Company will terminate immediately upon the death, disability or adjudication of legal incompetence of Employee, or upon the Company’s ceasing to carry on its business without assigning this Agreement pursuant to Section 18
or becoming bankrupt. For purposes of this Agreement, Employee will be deemed to be disabled when Employee has become unable, by reason of physical or mental disability, to satisfactorily perform the essential functions of his job and there is no
reasonable accommodation that can be provided to enable him to perform satisfactorily those essential functions. Such matters will be determined by, or to the reasonable satisfaction of, the Company. 

(c) Notwithstanding Section 12(a), the Company may terminate Employee’s employment at any time for Cause
or without Cause. “Cause” means: (i) Employee has failed to perform his duties as an employee of the Company, to perform any obligation under this Agreement or to observe and abide by the Company’s policies and decisions,
provided that the Company has given Employee reasonable in writing notice of that failure and Employee is unsuccessful in correcting that failure or in preventing its reoccurrence; (ii) Employee has refused to comply with specific directions of
his supervisor provided that such directions are consistent with Employee’s position of employment; (iii) Employee has engaged in negligence (through act or omission) or misconduct that is injurious to the Company or any subsidiary, parent
or affiliate of the Company; (iv) Employee has been convicted of, or has entered a plea of nolo contendere to, any crime involving the theft or willful destruction of money or other property, any crime involving moral turpitude or fraud, or any
crime constituting a felony; or (v) Employee has engaged in acts or omissions against the Company or any subsidiary, parent or affiliate of the Company constituting dishonesty, breach of fiduciary obligation, or intentional wrongdoing or
misfeasance. 
 (d) If Employee’s employment with the Company is terminated (i) as a result of the
death, disability, adjudication of legal incompetence of Employee, (ii) as a result of the Company ceasing to carry on its business without assigning this Agreement pursuant to Section 18, (iii) as a result of the Company
becoming bankrupt, (iv) by the Company for Cause or without Cause, or (v) by Employee for any or no reason, the Company will pay or provide to Employee: 

(i) such Salary as Employee has earned and not yet received through the date of such employment termination, determined on
a pro rata basis based on the number of work days in the month of termination; 
 (ii) such earned but unpaid
performance bonus, if any, pursuant to Sections 5(b), 5(c) and 5(d); and 
 (iii) such other fringe
benefits (other than any bonus, severance pay benefit or participation in the Company’s 401(k) employee benefit plan) normally provided to employees of the Company as Employee has earned and not yet received through the date of such employment
termination, determined on a pro rata basis based on the number of work days in the month of termination. 

  
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 13. Survival of Obligations. All obligations of Employee that by their nature involve
performance, in any particular, after the expiration or termination of Employee’s employment with the Company, or that cannot be ascertained to have been fully performed until after the expiration or termination of Employee’s employment
with the Company, will survive the expiration or termination of this Agreement. Except as otherwise specifically provided in this Agreement, all of the Company’s obligations under this Agreement will terminate at the time this Agreement or
Employee’s employment with the Company is terminated for any reason. 
 14. Notice. Any notice, request, consent or
communication under this Agreement is effective only if it is in writing and personally delivered or sent by certified mail, return receipt requested, postage prepaid, or by a nationally recognized overnight delivery service, with delivery
confirmed, addressed as follows: 
  

			
	If to the Company:	  	
		
	Name:	  	With copy to:
	 John J. Sherman
 Inergy GP,
LLC
 Two Brush Creek Blvd., Suite 200

Kansas City, Missouri 64112
	  	 Laura Ozenberger
 Inergy GP,
LLC
 Two Brush Creek Blvd., Suite 200

Kansas City, Missouri 64112

		
	If to Employee:	  	
		
	Name:	  	With copy to:
	 Andrew L. Atterbury
 1025 W.
55th Street

Kansas City, MO 64113
	  	 David Woods
 Midland
Properties, Inc.
 2001 Shawnee Mission Parkway
 Shawnee Mission, Kansas 66205

 or such other persons or addresses as may be
furnished in writing by any party to the other party, and will be deemed to have been given only upon its delivery in accordance with this Section 14. 
 15. No Conflicts. Employee represents and warrants to the Company that neither the execution nor delivery of this Agreement, nor the performance of Employee’s obligations hereunder will
conflict with, or result in a breach of, any term, condition, or provision of, or constitute a default under, any obligation, contract, agreement, covenant or instrument to which Employee is a party or under which Employee is bound, including the
breach by Employee of a fiduciary duty to any former employers. 
 16. Entire Agreement; Amendment. This Agreement
cancels and supersedes all previous agreements relating to the subject matter of this Agreement, written or oral, between the parties hereto and contains the entire understanding of the parties hereto with respect to the subject matter hereof and
may not be amended, modified or supplemented in any manner whatsoever except as otherwise provided herein or in writing signed by each of the parties hereto. 

  
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 17. Potential Unenforceability of Any Provision. If a final judicial determination is
made that any provision of this Agreement is an unenforceable restriction against Employee, the provisions of this Agreement will be rendered void only to the extent that such judicial determination finds such provisions unenforceable, and such
unenforceable provisions will automatically be reconstituted and become a part of this Agreement, effective as of the date of this Agreement, to the maximum extent in favor of the Company that is lawfully enforceable. A judicial determination that
any provision of this Agreement is unenforceable will not render the entire Agreement unenforceable, but rather this Agreement will continue in full force and effect absent any unenforceable provision to the maximum extent permitted by law.

 18. Assignment. This Agreement is personal and not assignable by Employee but it may be assigned by the Company
without notice to or consent of Employee to, and will thereafter be binding upon and enforceable by, any affiliate of the Company and any person or entity who acquires or succeeds to substantially all of the business or assets of the Company or
substantially all of the business or assets of the principal operating unit that Employee oversees or to which Employee is assigned (and such person or entity will be deemed included in the definition of the “Company” for all purposes of
this Agreement) but is not otherwise assignable by the Company. 
 19. Waiver of Breach. Failure of the Company to demand
strict compliance with any of the terms, covenants or conditions of this Agreement will not be deemed a waiver of the term, covenant or condition, nor will any waiver or relinquishment by the Company of any right or power hereunder at any one time
or more times be deemed a waiver or relinquishment of the right or power at any other time or times. 
 20. Expenses. If
any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party is entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such
party may be entitled. 
 21. Headings. The headings of the sections of this Agreement have been inserted for convenience
of reference only and do not restrict or otherwise modify any of the terms or provisions of this Agreement. 
 22. Governing
Law. This Agreement and all rights and obligations of the parties hereunder are governed by the laws of the State of Missouri applicable to agreements made and to be performed entirely within the State, including all matters of enforcement,
validity and performance. 
 23. Counterparts. This Agreement may be executed in any number of counterparts, each of
which are deemed to be an original and all of which constitute one agreement that is binding upon both of the parties hereto, notwithstanding that both parties are not signatories to the same counterpart. 

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

  
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 The parties have executed this Employment Agreement on the date set forth in the
introductory clause. 
  

					
	INERGY GP, LLC
		
	By:	 	     /s/ John J. Sherman

		 	Name:	 	  

		 	Title:	 	  

	
	 /s/ Andrew L. Atterbury

	ANDREW L. ATTERBURY

  
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 EXHIBIT A 
 Performance Award #1 Goals: 
 In order to receive Performance Award #1, Employee must play a
significant role in the origination and execution of a transaction or a series of transactions as exhibited by signed binding contract(s) by October 1, 2009 which is(are) approved by the Company’s Board of Directors and have purchase price
(acquisition) or investment (expansion projects) of at least $300 million (the “Acquisition Goal #1”); and one of the following conditions must be satisfied: (i) the closing price of an Inergy Holdings, L.P. (“NRGP”)
common unit as reported on NASDAQ must exceed $75 for five (5) consecutive trading days after Acquisition Goal #1 is obtained; or (ii) NRGP pays an annualized distribution of $3.25 per unit by December 31, 2010. Notwithstanding the
foregoing in order to receive Performance Award #1, the transaction or a series of transactions meeting the Acquisition Goal #1 must close. All the goals, including closing, are described as the “Performance Award #1 Goals.” 

Performance Award #2 Goals: 
 In order to
receive Performance Award #2, Employee must play a significant role in the origination and execution of a transaction or a series of transactions as exhibited by signed binding contract(s) by October 1, 2010 which is(are) approved by the
Company’s Board of Directors and have purchase price (acquisition) or investment (expansion projects) of at least $600 million (the “Acquisition Goal #2”); and one of the following conditions must be satisfied: (i) the
closing price of an Inergy Holdings, L.P. (“NRGP”) common unit as reported on NASDAQ must exceed $90 for five (5) consecutive trading days after Acquisition Goal #2 is obtained; or (ii) NRGP pays an annualized distribution of
$4.00 per unit by December 31, 2011. Notwithstanding the foregoing in order to receive Performance Award #1, the transaction or a series of transactions meeting the Acquisition Goal #2 must close. All the goals, including closing, are described
as the “Performance Award #2 Goals.” 

  
 11Form of Inergy, L.P.'s Unit Option Grant Agreement

 Exhibit 10.10 
 INERGY LONG TERM INCENTIVE PLAN 
 UNIT OPTION AGREEMENT

  

			
	Date of Grant:	 	«GrantDate»
		
	Vesting Commencement Date:	 	«VestingCommencementDate»
		
	Number of Units to which Option Relates:	 	«M__of_Units» («NumberofShares»)
		
	Option Price per Unit:	 	$ «ExercisePrice»
		
	Expiration Date:	 	«Expiration_Date»

THIS UNIT OPTION AGREEMENT (this “Option Agreement”) is entered on «GrantDate», by and between Inergy GP, LLC, a
Delaware limited liability company (“Inergy GP”), and «Name» (the “Option Holder”). 

RECITALS: 

A. Effective June 1, 2001, Inergy Holdings, LLC (“Holdings”) established the Inergy Long Term Incentive Plan (the
“Plan”) under which Holdings could grant to employees, consultants and non-employee directors of Holdings, Inergy GP, the Partnership and their Affiliates options to acquire certain Units. 

B. Effective May 1, 2002, Holdings transferred and assigned its position and title as plan sponsor of the Plan and all of its right,
title and interest in all outstanding Unit Option Agreements issued under the Plan to Inergy GP. 
 C. The Option Holder is a
Service Provider and Inergy GP desires to encourage the Option Holder to own Units and to give the Option Holder added incentive to advance the interests of the Partnership, and desires to grant the Option Holder an Option to purchase Units of the
Partnership under the terms and conditions established by the Committee and as set forth within the Plan and this Agreement. 

 AGREEMENT: 
 In consideration of the mutual promises and covenants contained herein and other good and valuable consideration paid by the Option Holder to Inergy GP or its Affiliates, the Option Holder and Inergy GP
agree as follows: 
 Section 1. Incorporation of Plan 

All provisions of the Option Agreement and the rights of the Option Holder hereunder are subject in all respects to the provisions of the
Plan and the powers of the Committee therein provided. Capitalized terms used in this Agreement but not defined shall have the meanings set forth in the Plan. 
 Section 2. Grant of Unit Option 
 As of the Date of Grant
identified above, Inergy GP grants to the Option Holder, subject to the terms and conditions set forth herein and in the Plan, the right, privilege, and option (the “Option”) to purchase that number of Units identified above opposite the
heading “Number of Units to Which Option Relates”, at the per Unit price specified above opposite the heading “Option Price per Unit.” 
 Section 3. Exercisibility 
 Except as
provided in Sections 3(a) and 3(b) below and subject to Section 3(c) below, the Option shall become exercisable in full on the fifth (5th) anniversary of the Vesting Commencement Date identified above opposite the heading “Vesting
Commencement Date” and prior to this fifth
(5th) anniversary, no portion of the Option shall be
exercisable. Notwithstanding the above, in the event of a Change in Control, the Option shall become immediately exercisable in full. 
 (a) In the event that the Option Holder ceases to be a Service Provider because of the Option Holder’s death or Disability, the percentage of the Option that becomes exercisable as a result of such
death or Disability will be determined according to the following schedule based upon the number of years that have elapsed from the Vesting Commencement Date to the date of such event (and the remaining percentage of the Option, if any, shall be
void for all purposes): 
  

			
	 Anniversary From Option’s

Vesting Commencement Date
	  	 Percentage Exercisable

	1st                    	  	40%  
	2nd                   	  	60%  
	3rd                    	  	80%  
	4th and beyond	  	100%

  
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 (b) In the event that the Option Holder ceases to be a Service Provider
because of termination of the Option Holder’s service by Inergy GP or one of its Affiliates without Cause, the percentage of the Option that becomes exercisable as a result of such termination will be determined according to the following
schedule based upon the number of years that have elapsed from the Vesting Commencement Date to the date of such termination (and the remaining percentage of the Option, if any, shall be void for all purposes): 

 

			
	 Anniversary From Option’s

Vesting Commencement Date
	 	 Percentage Exercisable

	1st	 	20%
	2nd	 	40%
	3rd	 	60%
	4th	 	80%
	                     5th and beyond	 	 100%

(c) Notwithstanding the number of years that have elapsed from the Vesting Commencement Date, in no event may any portion
of the Option be exercisable prior to the end of the Subordination Period for all of the Senior Subordinated Units (as such terms are defined in the Partnership Agreement) except upon a Change in Control. 

Section 4. Method of Exercise 
 Provided the Option has not expired, been terminated or cancelled in accordance with the terms of the Plan, the Option, to the extent exercisable, may be exercised in whole or in part, from time to time
by delivery to Inergy GP a written notice in substantially the same form as the Notice of Exercise attached hereto which shall: 
  

	 	(a)	set forth the number of Units with respect to which the Option is to be exercised (such number must be in a minimum amount of ten Units); 

 

	 	(b)	if the person exercising the Option is not the Option Holder, be accompanied by satisfactory evidence of such person’s right to exercise the Option; and

  

	 	(c)	be accompanied by payment in full of the Option Price (and any necessary tax withholding) in the form of cash, or a certified bank check made payable to the order of
Inergy GP or any other means allowable under the Plan and acceptable to the Committee which Inergy GP in its sole discretion determines will provide legal consideration for the Units. 

  
 3 

 Section 5. Expiration of Option 

Unless terminated earlier in accordance with the terms of this Agreement, the Option granted herein shall expire at 5:00 P.M., Kansas
City, Missouri time, on the Expiration Date identified above opposite the heading “Expiration Date.” 

Section 6. Effect of Separation from Service  

(a) The Option shall be void for all purposes in the event that the Option Holder ceases to be a Service Provider
prior to the fifth (5th) anniversary of the Vesting
Commencement Date for any reason other than (i) the Option Holder’s death, (ii) the Option Holder’s Disability, or (iii) the termination of Option Holder’s employment by Inergy GP or one of its Affiliates without Cause.

 (b) In the event that the Option Holder ceases to be a Service Provider because of the Option Holder’s death,
Disability, retirement, voluntary resignation or termination of employment by Inergy GP or one of its Affiliates with or without Cause, the Option may be exercised by the Option Holder or the Option Holder’s Beneficiaries within the periods of
time following the Option Holder’s cessation of service set forth below. 
 (i) Termination/Removal for
Cause. In the event the Option Holder ceases to be a Service Provider within the Option Period due to the termination of the Option Holder’s service (or removal as a non-employee director) for Cause, the Option, regardless of whether it is
then exercisable, shall immediately expire and be void for all purposes. 
 (ii) Retirement. In the event
that the Option Holder ceases to be a Service Provider in a manner determined by the Committee, in its sole discretion, to constitute retirement, the Option, to the extent then exercisable, may be exercised by the Option Holder within twelve months
following the date of the Option Holder’s retirement. In the event that the Option Holder retires while the Option is prohibited from being exercised solely because the Subordination Period for all of the Senior Subordinated Units has not yet
ended, the Option will remain exercisable (only to the extent the Option would otherwise have been exercisable at the time of the Option Holder’s retirement) for a period of six months following the end of the Subordination Period for all of
the Senior Subordinated Units or a period of twelve months following the Option Holder’s retirement, whichever ends later. If the Option Holder dies within this post-employment exercise period, the Option may be exercised by those Beneficiaries
entitled to do so solely within the time period that the Option Holder could have exercised the Option if the Option Holder were still alive, including any extensions due to the Subordination Period for all of the Senior Subordinated Units having
not yet ended. 

  
 4 

 (iii) Death. In the event that the Option Holder dies while he or she
is a Service Provider, the Option, to the extent exercisable, may be exercised by the Option Holder’s Beneficiaries entitled to do so within twelve months following the date of the Option Holder’s death. In the event that the Option Holder
dies while the Option is prohibited from being exercised because the Subordination Period for all of the Senior Subordinated Units has not yet ended, the Option will remain exercisable (only to the extent the Option was exercisable at the time of
the Option Holder’s death) for a period of six months following the end of the Subordination Period for all of the Senior Subordinated Units or twelve months following the Option Holder’s death, whichever is longer. 

(iv) Disability. In the event that the Option Holder becomes Disabled while he or she is a Service Provider, the
Option, to the extent then exercisable, may be exercised by the Option Holder within twelve months following the date of the Option Holder’s Disability. In the event that the Option is prohibited from being exercised solely because the
Subordination Period for all of the Senior Subordinated Units has not yet ended, the Option Holder may exercise the Option (only to the extent the Option would otherwise have been exercisable at the time of the Disability) for a period of six months
following the end of the Subordination Period for all of the Senior Subordinated Units or twelve months following the date of the Option Holder’s Disability, whichever ends later. If the Option Holder dies within this post-employment exercise
period, the Option may be exercised by those Beneficiaries entitled to do so solely within the time period that the Option Holder could have exercised the Option if the Option Holder were still alive, including any extensions due to the
Subordination Period for all of the Senior Subordinated Units having not yet ended. 
 (v) Termination Without
Cause or Voluntary Resignation. In the event that the Option Holder ceases to be a Service Provider because of (A) the Option Holder’s voluntary resignation, or (B) the termination of the Option Holder’s service (or the
removal of the Option Holder from the Board) by the Option Holder’s employer without Cause, the Option, to the extent then exercisable, may be exercised by the Option Holder within six months following the date of the Option Holder’s
cessation of service. In the event that the Option is prohibited from being exercised solely because the Subordination Period for all of the Senior Subordinated Units has not yet ended, the Option Holder may exercise the Option (only to the extent
the Option would otherwise have been exercisable at the time of the Option Holder’s cessation of service) for a period of six months following the end of such Subordination Period. If the Option Holder dies within this post-employment exercise
period, the Option may be exercised by those Beneficiaries entitled to do so solely within the time period that the Option Holder could have exercised the Option if the Option Holder were still alive, including any extensions due to the
Subordination Period for all of the Senior Subordinated Units having not yet ended. 

  
 5 

 (c) Notwithstanding anything to the contrary herein, in no event may the Option be exercised
after 5:00 P.M., Kansas City, Missouri time, on the Expiration Date identified above opposite the heading “Expiration Date.” 
 Section 7. Investment Intent. 
 The Option Holder agrees that
the Units acquired on exercise of the Option shall be acquired for the Option Holder’s own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of
the 1933 Act or other applicable securities laws. If the Committee so determines, any ownership certificates issued upon exercise of the Option shall bear a legend to the effect that the Units have been so acquired. The Partnership may, but in no
event shall be required to, bear any expenses of complying with the 1933 Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration,
qualification, or transfer, as the case may be, of the Option or any Units acquired upon the exercise thereof. The foregoing restrictions on the transfer of the Units shall be inoperative if (a) the Partnership previously shall have been
furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the 1933 Act and other applicable securities laws or (b) the Units shall have been duly registered in compliance with
the 1933 Act and other applicable state or federal securities laws. If the Option, or the Units subject to the Option, are so registered under the 1933 Act, the Holder agrees that he will not make a public offering of the said Units except on a
national securities exchange on which the Units are then listed. 
 Section 8. Nontransferability of Option

 No portion of the Option granted hereunder may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will, by the laws of descent and distribution. All rights with respect to the Option granted to the Option Holder shall be available during the Option Holder’s lifetime only to the Option Holder. 

Section 9. Status of Option Holder 
 The Option Holder shall not be deemed a limited partner of the Partnership with respect to any of the Units subject to the Option, except to the extent that such Units shall have been purchased and issued
to him or her. Inergy GP shall not be required to issue or transfer any certificates for Units purchased upon exercise of the Option until all applicable requirements of law have been complied with and such Units shall have been duly listed on any
securities exchange on which the Units may then be listed. 
 Section 10. No Effect on Capital Structure

 The Option shall not affect the right of Inergy GP, Holdings, the Partnership, or any Affiliate thereof to reclassify,
recapitalize or otherwise change its capital or debt structure or to merge, consolidate, convey any or all of its assets, dissolve, liquidate, windup, or otherwise reorganize. 

  
 6 

 Section 11. Adjustments 

Notwithstanding any provision herein to the contrary, in the event of any change in the number of outstanding Units effected without
receipt of consideration therefore by the Partnership, by reason of a merger, reorganization, consolidation, recapitalization, split-up, split-off, liquidation, Unit dividend, Unit split, Unit combination or other change in the capital structure of
the Partnership affecting the Units, the aggregate number of Units subject to the Option and the exercise price of the Option shall be automatically adjusted to accurately and equitably reflect the effect thereon of such change; provided, however,
that any fractional Unit resulting from such adjustment shall be eliminated. In the event of a dispute concerning such adjustment, the decision of the Committee shall be conclusive. 

Section 12. Acknowledgement of Rights of Inergy GP in Event of Change of Control, Reorganization, Liquidation, Etc. 

 By executing the Option Agreement, the Option Holder agrees and acknowledges that in the event that Inergy
GP, Holdings, the Non-Managing GP or the Partnership undergoes a Change in Control, or in the event Inergy GP, Holdings, the Non-Managing GP or the Partnership shall become a party to any partnership or corporate merger, consolidation,
major acquisition of property for stock, separation, reorganization, liquidation or other similar type of corporate event, the Committee may take any of the actions as provided for in Section 6 of the Plan without obtaining Partnership approval
or the Option Holder’s consent. 
 Section 13. Committee Authority 

Any questions concerning the interpretation of the Option Agreement, any adjustments required to be made under Sections 11 or 12 of the
Option Agreement, and any controversy which arises under the Option Agreement shall be settled by the Committee in its sole discretion. 
 Section 14. Withholding 
 The Option Holder agrees to make
appropriate arrangements with Inergy GP or one of its Affiliates for satisfaction of any applicable minimum Federal, state or local income tax or payroll tax withholding requirements or like requirements, including the payment to Inergy GP at the
time of exercise of an Option of all such taxes and requirements. 

  
 7 

 Section 15. Notice 

Whenever any notice is required or permitted hereunder, such notice must be in writing and personally delivered or sent by mail. Any
notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date which it was personally delivered, or, whether actually received or not, on the third business day after it is deposited in the United States mail,
certified or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in accordance herewith. Inergy GP or Option Holder may change, at any time
and from time to time, by written notice to the other, the address previously specified for receiving notices. Until changed in accordance herewith, Inergy GP and the Option Holder specify their respective addresses as set forth below: 

 

					
	Inergy GP:	    	Inergy GP, LLC	  	
		    	Two Brush Creek Boulevard	  	
		    	Kansas City, Missouri 64112	  	
		    	Attention: Laura L. Ozenberger	  	
			
	Option Holder:	    	«Name»	  	
		    	«Address_1»	  	
		    	«City_», «State» «Zip»	  	

 Section 16. Binding Effect 

The Option Agreement shall bind, and, except as specifically provided herein, shall inure to the benefit of the respective heirs, legal
representatives, successors and assigns of the parties hereto. 
 Section 17. Governing Law 

The Option Agreement and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws of the
State of Delaware. 

  
 8 

 IN WITNESS WHEREOF, Inergy GP has caused this Agreement to be executed and the Option Holder
has hereunto set the Option Holder’s hand on the day and year first above written. 
  

			
	INERGY GP, LLC
		
	By:	 	  

		 	John J. Sherman, President
	  
  

 

	«Name»

  
 9

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