Document:

Exhibit 10.1

 

Execution Version

 

CLASS D PREFERRED UNIT AND WARRANT

 

PURCHASE AGREEMENT

 

DATED SEPTEMBER
25, 2019

 

BY AND AMONG

 

NGL ENERGY PARTNERS LP

 

AND

 

THE PURCHASERS NAMED ON SCHEDULE A
HERETO

 

     

     

    

 

Table of Contents

 

	 	Page
	 	 
	Article I DEFINITIONS	1
	 	 
	SECTION 1.01	Definitions	1
	SECTION 1.02	Accounting Procedures and Interpretation	9
	 	 	 
	Article II SALE AND PURCHASE	9
	 	 
	SECTION 2.01	Sale and Purchase	9
	SECTION 2.02	Funding Notice	10
	SECTION 2.03	Closing	10
	SECTION 2.04	Independent Nature of Purchasers’ Obligations and Rights	10
	SECTION 2.05	Allocation of Per Unit Price	11
	 	 	 
	Article III REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP	11
	 	 
	SECTION 3.01	Valid Existence	11
	SECTION 3.02	Capitalization	11
	SECTION 3.03	Subsidiaries	12
	SECTION 3.04	SEC Documents	13
	SECTION 3.05	Financial Statements	13
	SECTION 3.06	Independent Accountants	14
	SECTION 3.07	Internal Accounting Controls	14
	SECTION 3.08	Disclosure Controls	14
	SECTION 3.09	Absence of Proceedings	15
	SECTION 3.10	No Material Adverse Change	15
	SECTION 3.11	Authority; Enforceability	15
	SECTION 3.12	Approvals	16
	SECTION 3.13	Compliance with Law	16
	SECTION 3.14	Valid Issuance	16
	SECTION 3.15	Absence of Defaults and Conflicts	17
	SECTION 3.16	Absence of Labor Dispute	17
	SECTION 3.17	Possession of Intellectual Property	17
	SECTION 3.18	Material Contracts	18
	SECTION 3.19	Possession of Licenses and Permits	18
	SECTION 3.20	Title to Property	19
	SECTION 3.21	Rights-of-Way	19
	SECTION 3.22	Environmental Laws	19
	SECTION 3.23	No Preemptive Rights; Registration Rights Priority	20
	SECTION 3.24	MLP Status	20
	SECTION 3.25	Investment Company Status	20
	SECTION 3.26	No Registration Required	20
	SECTION 3.27	No Integration	21
	SECTION 3.28	Certain Fees	21
	SECTION 3.29	Form S-3 Eligibility	21
	SECTION 3.30	Tax Returns	21
	SECTION 3.31	Insurance	21

 

    i

     

    

 

Table
of Contents (cont’d)

 

	 	 	Page
	 	 	 
	SECTION 3.32	Compliance with the Sarbanes-Oxley Act	22
	SECTION 3.33	Foreign Corrupt Practices Act	22
	SECTION 3.34	Money Laundering Laws	22
	SECTION 3.35	OFAC	23
	SECTION 3.36	ERISA Compliance	23
	SECTION 3.37	No Restrictions on Dividends	24
	SECTION 3.38	Related Party Transactions	24
	SECTION 3.39	Market Stabilization	25
	SECTION 3.40	Acquisition Agreement	25
	 	 	 
	Article IV REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER	25
	 	 
	SECTION 4.01	Valid Existence	25
	SECTION 4.02	No Consents; Violations, Etc.	25
	SECTION 4.03	Investment	25
	SECTION 4.04	Nature of Purchaser	26
	SECTION 4.05	Receipt of Information	26
	SECTION 4.06	Restricted Securities	26
	SECTION 4.07	Certain Fees	26
	SECTION 4.08	Domestic Jurisdiction	27
	SECTION 4.09	Legend	27
	SECTION 4.10	Reliance on Exemptions	27
	SECTION 4.11	Authority	27
	 	 	 
	Article V COVENANTS	27
	 	 
	SECTION 5.01	Taking of Necessary Action	27
	SECTION 5.02	Public Announcements	28
	SECTION 5.03	Disclosure; Public Filings	28
	SECTION 5.04	Partnership Fees	28
	SECTION 5.05	Purchaser Fees	28
	SECTION 5.06	Use of Proceeds	28
	SECTION 5.07	Transfer Taxes	29
	SECTION 5.08	DTC Eligibility	29
	SECTION 5.09	Acquisition Agreement	29
	 	 	 
	Article VI CLOSING CONDITIONS	29
	 	 
	SECTION 6.01	Conditions to Closing	29
	SECTION 6.02	Partnership Deliveries	31
	SECTION 6.03	Purchaser Deliveries	32
	 	 	 
	Article VII INDEMNIFICATION, COSTS AND EXPENSES	33
	 	 
	SECTION 7.01	Indemnification by the Partnership	33
	SECTION 7.02	Indemnification by Purchasers	33
	SECTION 7.03	Indemnification Procedure	34
	SECTION 7.04	Tax Treatment	35

 

    ii

     

    

 

Table
of Contents (cont’d)

 

	 	 	Page
	 	 	 
	Article VIII MISCELLANEOUS	35
	 	 
	SECTION 8.01	Interpretation	35
	SECTION 8.02	Survival of Provisions	36
	SECTION 8.03	No Waiver; Modifications in Writing	36
	SECTION 8.04	Binding Effect; Assignment	37
	SECTION 8.05	Communications	37
	SECTION 8.06	Entire Agreement	38
	SECTION 8.07	Governing Law; Submission to Jurisdiction	38
	SECTION 8.08	Waiver of Jury Trial	39
	SECTION 8.09	Execution in Counterparts	39
	SECTION 8.10	Termination	39
	SECTION 8.11	Specific Performance	40
	SECTION 8.12	Exclusive Remedy	40
	SECTION 8.13	No Recourse Against Others	41
	SECTION 8.14	No Third-Party Beneficiaries	41
	SECTION 8.15	Expenses	42
	SECTION 8.16	Removal of Legend	42

 

Schedules and Exhibits:

 

	Schedule A	—	List of Purchasers and Commitment Amounts on the Closing Date
	Schedule B	—	Allocation of Closing Fee
	Exhibit A	—	Form of Amended and Restated Registration Rights Agreement
	Exhibit B	—	Form of Seventh Amended and Restated Partnership Agreement
	Exhibit C	—	Form of Hunton Andrews Kurth LLP Legal Opinion
	Exhibit D	—	Form of General Partner Waiver
	Exhibit E	—	Form of General Partner Officer’s Certificate
	Exhibit F	—	Form of Purchaser Officer’s Certificate
	Exhibit G	—	Form of Par Warrant
	Exhibit H	—	Form of Premium Warrant
	Exhibit I	—	Form of Class D Preferred Unit Representative Consent

 

    iii

     

    

 

CLASS D PREFERRED UNIT AND WARRANT

PURCHASE AGREEMENT

 

CLASS D PREFERRED UNIT
AND WARRANT PURCHASE AGREEMENT dated SEPTEMBER 25, 2019 (this “Agreement”), by and among NGL Energy Partners
LP, a Delaware limited partnership (the “Partnership”), and each of the Purchasers listed in Schedule A
attached hereto (each referred to herein as a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, the Partnership
desires to issue and sell to the Purchasers, and each Purchaser desires to purchase from the Partnership, (i) certain Class D Preferred
Units (as defined below) and (ii) certain Warrants (as defined below), in each case in accordance with the terms and conditions
of this Agreement and the other Transaction Agreements, as applicable.

 

WHEREAS, concurrently
with the consummation of the transactions contemplated by this Agreement, the Partnership and the Purchasers will amend and restate
the Registration Rights Agreement, dated July 2, 2019, by and among the Partnership and the Purchasers party thereto (as amended
and restated, the “Amended and Restated Registration Rights Agreement”), substantially in the form attached
hereto as Exhibit A, pursuant to which the Partnership will provide the Purchasers with certain registration rights with
respect to the Purchased Units, the Redemption Units and the Warrant Exercise Units (each as defined below).

 

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
1.01                     
Definitions. As used in this Agreement, and unless the context requires a different meaning, the following
terms have the meanings indicated:

 

“8-K Filing”
has the meaning given to such term in Section 5.03.

 

“Acquisition”
means the acquisition by NGL Water Solutions Permian, LLC of all of the outstanding equity interests in Hillstone Environmental
Partners, LLC, a Delaware limited liability company, GGCOF HEP Blocker, LLC, a Delaware limited liability company, and GGCOF HEP
Blocker II, LLC, a Delaware limited liability company.

 

“Acquisition
Agreement” means the Equity Purchase Agreement, dated as of September 25, 2019 by and between Hillstone Environmental
Partners, LLC, Water RemainCo, LLC, GGCOF HEB Blocker II, LLC, GGCOF HEP Blocker, LLC, Golden Gate Capital Opportunity Fund-A,
L.P., GGCOF AIV, L.P., GGCOF HEP Blocker II Holdings, LLC (collectively, the “Hillstone Parties”), NGL Water
Solutions Permian, LLC and solely for the purposes of Article VI, Article VII and Article IX, NGL Energy Partners, LP.

 

“Action”
against a Person means any lawsuit, action, claim, injunction, proceeding, investigation, inquiry or complaint before any Governmental
Authority, mediator or arbitrator.

 

    

     

    

 

“Affiliate”
means, with respect to a specified Person, any other Person, whether now in existence or hereafter created, directly or indirectly
controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition,
“control” (including, with correlative meanings, “controlling,” “controlled by,”
and “under common control with”) means the power to direct or cause the direction of the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. For purposes
of this Agreement, (a) none of the Partnership Entities, on the one hand, and any Purchaser, on the other hand, shall be considered
Affiliates of each other, (b) any fund, entity or account managed, advised or sub-advised, directly or indirectly, by a Purchaser
or any of its Affiliates, or the direct or indirect equity owners, including limited partners of a Purchaser or any of its Affiliates,
shall be considered an Affiliate of such Purchaser and (c) no portfolio company of a Purchaser or any of its Affiliates shall be
considered an Affiliate of such Purchaser or any other Purchaser.

 

“Aggregate
Purchase Price” means an amount of cash equal to $200,000,000.

 

“Agreement”
has the meaning given to such term in the introductory paragraph hereof.

 

“Amended and
Restated Registration Rights Agreement” has the meaning given to such term in the recitals to this Agreement.

 

“Amended Partnership
Agreement” means the Seventh Amended and Restated Agreement of Limited Partnership of the Partnership, to be dated as
of the Closing Date, in substantially the form attached hereto as Exhibit B.

 

“Anti-Corruption
Law” has the meaning given to such term in Section 3.33.

 

“Anticipated
Closing Date” has the meaning given to such term in Section 2.02.

 

“Assets”
means all of the assets that are owned or operated by the Partnership Entities.

 

“Business
Day” means any day other than (i) a Saturday or Sunday or (ii) a day on which banks located in New York, New York are
authorized or obligated to close.

 

“Class B Preferred
Units” has the meaning given to such term in the Partnership Agreement.

 

“Class C Preferred
Units” has the meaning given to such term in the Partnership Agreement.

 

“Class D Preferred
Units” means Class D Preferred Units representing limited partner interests in the Partnership, the terms of which are
to be set forth in the Amended Partnership Agreement.

 

“Closing”
means the consummation of the purchase and sale of the Purchased Units and Warrants on the Closing Date hereunder.

 

“Closing Date”
has the meaning given to such term in Section 2.03.

 

    2

     

    

 

“Closing Fee”
means a fee equal to 2.0% of the Aggregate Purchase Price.

 

“Common Units”
means common units representing limited partner interests in the Partnership, the terms of which are set forth in the Partnership
Agreement.

 

“Confidentiality
Agreement” means that certain Confidentiality Agreement, dated as of February 26, 2019, by and between the Partnership
and EIG Investment Management Company, LLC, as amended from time to time.

 

“Delaware
LLC Act” means the Delaware Limited Liability Company Act.

 

“Delaware
LP Act” means the Delaware Revised Uniform Limited Partnership Act.

 

“Drop Date”
has the meaning given to such term in Section 8.10(a)(vi).

 

“EIG Purchasers”
means, collectively, EIG Neptune Equity Aggregator, L.P. and FS Energy and Power Fund and their respective permitted assigns.

 

“Employee
Benefit Plan” has the meaning given to such term in Section 3.36.

 

“Environmental
Laws” has the meaning given to such term in Section 3.22.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder.

 

“Exchange
Act Regulations” means the rules and regulations of the SEC promulgated under the Exchange Act.

 

“Expense Notice”
has the meaning given to such term in Section 2.02.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“Finance Corp.”
means NGL Energy Finance Corp., a Delaware corporation.

 

“Foundation
Purchaser” means GCM Pellit Holdings, LLC.

 

“Funding Notice”
has the meaning given to such term in Section 2.02.

 

“GAAP”
means generally accepted accounting principles in the United States of America in effect from time to time.

 

“General Partner”
means NGL Energy Holdings LLC, a Delaware limited liability company and the general partner of the Partnership.

 

    3

     

    

 

“Governmental
Authority” shall include the federal, country, state, county, city and political subdivisions, and any self-regulated
organization or other non-governmental regulatory authority, in each case which any Person or such Person’s Property is located
or which 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 or taxing authorities that exercise valid jurisdiction
over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein
shall mean a Governmental Authority having jurisdiction over, where applicable, any of the Partnership Entities or their Properties.

 

“Governmental
Licenses” has the meaning given to such term in Section 3.13.

 

“GP LLC Agreement”
means the Third Amended and Restated Limited Liability Company Agreement of the General Partner, dated as of February 25, 2013,
as amended to date.

 

“Hazardous
Materials” has the meaning given to such term in Section 3.22.

 

“Hillstone
Parties” has the meaning set forth in the definition of “Acquisition Agreement”.

 

“Incentive
Distribution Rights” has the meaning given to such term in the Partnership Agreement.

 

“Indemnified
Party” has the meaning given to such term in Section 7.03.

 

“Indemnifying
Party” has the meaning given to such term in Section 7.03.

 

“Indentures”
shall mean, collectively, (i) the Indenture, dated as of October 24, 2016, by and among the Partnership, Finance Corp., the guarantors
party thereto and U.S. Bank National Association, as trustee, (ii) the Indenture, dated as of February 22, 2017, by and among the
Partnership, Finance Corp., the guarantors party thereto and U.S. Bank National Association, as trustee, and (iii) the Indenture,
dated as of April 9, 2019, by and among the Partnership, Finance Corp., the guarantors party thereto and U.S. Bank National Association,
as trustee, in each case, together with all supplemental indentures thereto.

 

“Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended.

 

“Knowledge”
means, with respect to the Partnership or the General Partner, the knowledge of each officer of the General Partner, in each case,
after reasonable inquiry.

 

“Law”
or “Laws” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree,
statute, law (including common law), rule or regulation.

 

“Lien”
means any mortgage, claim, pledge, lien (statutory or otherwise), security agreement, conditional sale or trust receipt or a lease,
consignment or bailment, preference or priority, assessment, deed of trust, charge, easement, servitude, restriction on transfer
or other encumbrance upon or with respect to any property of any kind.

 

“LTIP”
means the NGL Energy Partners LP 2011 Long-Term Incentive Plan.

 

    4

     

    

 

“Material
Contract” means each of the following types of contracts or other instruments to which any Partnership Entity is bound,
or any of the Assets is subject:

 

(a)       any
contract would be required to be filed by the Partnership as a “material contract” pursuant to Item 601(b)(10) of Regulation
S-K under the Securities Act or disclosed by the Partnership on a Current Report on Form 8-K;

 

(b)       agreements
that either (i) during the 12-month period immediately preceding the Closing Date involve obligations of, or payments to or from,
any Partnership Entity in excess of $25,000,000 or (ii) are reasonably anticipated in the 12-month period immediately following
the Closing Date to involve obligations of, or payments to or from, such Partnership Entity during the 12-month period following
the Closing Date in excess of $25,000,000; and

 

(c)       each
joint venture contract, partnership agreement, limited liability company agreement or other material arrangement involving a sharing
of profits, losses, costs or liabilities with a third party.

 

“Money Laundering
Laws” has the meaning given to such term in Section 3.34.

 

“NYSE”
means The New York Stock Exchange.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Treasury Department.

 

“Organizational
Documents” means (i) in the case of a corporation, its charter and by-laws; (ii) in the case of a limited or general
partnership, its partnership certificate, certificate of formation or similar organizational document and its partnership agreement;
(iii) in the case of a limited liability company, its articles of organization, certificate of formation or similar organizational
documents and its operating agreement, limited liability company agreement, membership agreement or other similar agreement; (iv)
in the case of a trust, its certificate of trust, certificate of formation or similar organizational document and its trust agreement
or other similar agreement; and (v) in the case of any other entity, the organizational and governing documents of such entity.

 

“Par Warrant”
means a warrant, substantially in the form attached to this Agreement as Exhibit G,
to be issued to each Purchaser at the Closing. Each such Par Warrant may be transferred separately from the Purchased Units.

 

“Partnership”
has the meaning given to such term in the introductory paragraph of this Agreement.

 

“Partnership
Agreement” means the Sixth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of July
2, 2019.

 

“Partnership
Bank Account” means the bank account designated as such by the Partnership pursuant to the Funding Notice.

 

“Partnership
Documents” means (i) the Secured Debt Agreement, (ii) all Indentures and (iii) all Material Contracts.

 

    5

     

    

 

“Partnership
Entities” means the Partnership and its Subsidiaries.

 

“Partnership
Fundamental Representations” has the meaning given to such term in Section 8.02.

 

“Partnership
Material Adverse Effect” means any change, event, development, circumstance, condition, occurrence or effect that, individually
or together with any other changes, events or effects, has or would reasonably be expected to have a material adverse effect on
(i) the legality, validity or enforceability of any Transaction Agreement, (ii) the condition (financial or otherwise), business,
assets or results of operations, affairs or prospects of the Partnership Entities, considered as a single enterprise, (iii) the
ability of the Partnership or the General Partner to perform its obligations under the Transaction Agreements in full on a timely
basis. Notwithstanding the foregoing, a “Partnership Material Adverse Effect” shall not include any effect to the extent
resulting or arising from: (a) any change in general economic conditions in the industries or markets in which any of the Partnership
Entities operate that do not have a disproportionate effect on the Partnership Entities, considered as a single enterprise; (b)
any engagement in hostilities pursuant to a declaration of war, or the occurrence of any military or terrorist attack; (c) changes
in GAAP or other accounting principles, except to the extent such change has a disproportionate effect on the Partnership Entities,
considered as a single enterprise; or (d) other than for purposes of Section 3.15, the consummation of the transactions
contemplated hereby.

 

“Partnership
Related Parties” has the meaning given to such term in Section 7.02.

 

“Party”
or “Parties” means the Partnership and the Purchasers party to this Agreement, individually or collectively,
as the case may be.

 

“Permitted
Loan” means any bona fide loans or other extensions of credit entered into by a Purchaser or any of its respective Affiliates
with one or more financial institutions and secured by a pledge, hypothecation or other grant of security interest in Purchased
Units, Redemption Units and/or Warrant Exercise Units and/or related assets and/or cash, cash equivalents and/or letters of credit.

 

“Person”
means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited liability company,
unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of
entity.

 

“Per Unit
Price” means a cash purchase price of $1,000 per Purchased Unit.

 

“Piggyback
Rights” means the rights granted to the Holders (as defined in the Amended and Restated Registration Rights Agreement)
pursuant to Section 2.02 of the Amended and Restated Registration Rights Agreement.

 

“Placement
Agent” has the meaning given to such term in Section 3.28.

 

“Plan”
has the meaning given to such term in Section 3.36.

 

“Premium Warrant”
means a warrant, substantially in the form attached to this Agreement as Exhibit H,
to be issued to each Purchaser at the Closing. Each such Premium Warrant may be transferred separately from the Purchased Units.

 

    6

     

    

 

“Property”
or “Properties” means any interest or interests in any kind of property or asset, whether real, personal or
mixed, or tangible or intangible (including intellectual property).

 

“Purchased
Units” means, with respect to each Purchaser, the number of Class D Preferred Units set forth opposite such Purchaser’s
name under the heading “Purchased Units” on Schedule A hereto.

 

“Purchase
Price” means, with respect to each Purchaser, the corresponding dollar amount set forth opposite such Purchaser’s
name under the heading “Purchase Price” on Schedule A hereto.

 

“Purchaser”
and “Purchasers” have the meanings given to such terms in the introductory paragraph of this Agreement.

 

“Purchaser
Fundamental Representations” has the meaning given to such term in Section 8.02.

 

“Purchaser
Majority” means Purchasers entitled to purchase a majority of the Purchased Units and the Warrants on the Closing Date
in accordance with Schedule A.

 

“Purchaser
Material Adverse Effect” means any change, event, development, circumstance, condition, occurrence or effect that, individually
or together with any other changes, events or effects, has or would reasonably be expected to have a material adverse effect on
the ability of a Purchaser to perform its obligations under the Transaction Agreements in full and on a timely basis.

 

“Purchaser
Related Parties” has the meaning given to such term in Section 7.01.

 

“Redemption
Units” means Common Units issuable upon redemption of any of the Class D Preferred Units.

 

“Reimbursable
Expenses” has the meaning given to such term in Section 8.15.

 

“Repayment
Event” means any event or condition that (a) gives the holder of any loan, bond, note, debenture or other evidence of
indebtedness (or any Person acting directly or indirectly on such holder’s behalf) the right to require the repurchase, redemption
or repayment of all or a portion of such indebtedness by any of the Partnership Entities, (b) triggers an obligation of any of
the Partnership Entities, as the issuer or borrower party to any loan, bond, note, debenture or other evidence of indebtedness,
to offer to repurchase, redeem or repay all or a portion of such indebtedness, or (c) gives any counterparty (or any Person acting
directly or indirectly on such counterparty’s behalf) under any swap agreement or similar agreement or instrument to which
any of the Partnership Entities is a party the right to liquidate or accelerate the payment obligations, or designate an early
termination date under such agreement or instrument, as the case may be.

 

    7

     

    

 

“Representatives”
of any Person means the Affiliates, control persons, officers, directors, managers, employees, agents, advisors, counsel, accountants,
investment bankers and other representatives of such Person.

 

“Rights-of-Way”
has the meaning given such term in Section 3.21.

 

“Rule 144”
has the meaning given to such term in Section 4.03.

 

“Sanctioned
Country” has the meaning given to such term in Section 3.35.

 

“Sanctions”
has the meaning given to such term in Section 3.35.

 

“Sarbanes-Oxley
Act” means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions
thereof.

 

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

 

“SEC Documents”
has the meaning given to such term in Section 3.04.

 

“Secured Debt
Agreement” shall mean the Amended and Restated Credit Agreement, dated as of February 14, 2017, by and among the Partnership,
NGL Energy Operating LLC, as borrowers’ agent, the subsidiary borrowers party thereto, the subsidiary guarantors party thereto,
the lenders party thereto, Deutsche Bank AG, New York Branch, as technical agent, and Deutsche Bank Trust Company Americas, as
administrative agent and as collateral agent, as such agreement has been amended, supplemented or otherwise modified to date.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“Securities
Act Regulations” means the rules and regulations of the SEC promulgated under the Securities Act.

 

“Subsidiary”
means, as to any Person, (i) any corporation, limited liability company, general partnership or other entity (other than a limited
partnership) of which 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 of such corporation, limited liability company, general partnership or other entity
is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries and (ii) any limited
partnership of which (a) a majority of the voting power to elect a majority of the board of directors or board of managers of the
general partner of such limited partnership and (b) a majority of the outstanding limited partner interests is at the time directly
or indirectly owned or controlled by such Person.

 

“Taxes”
means any foreign, federal, state, local or other taxes of any kind whatsoever (together with any and all interest, penalties,
additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority, including taxes on
or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll,
employment, unemployment, social security, workers’ compensation or net worth, and taxes in the nature of excise, withholding,
ad valorem, value added, production or severance taxes, escheat or unclaimed property obligations, and including any liability
in respect of any items described above as a transferee or successor, pursuant to Section 1.1502-6 of the Treasury regulations
promulgated under the Internal Revenue Code (or any similar provisions of foreign, state or local law), or as an indemnitor, guarantor,
surety or in a similar capacity under any contract.

 

    8

     

    

 

“Third Party
Claim” has the meaning given to such term in Section 7.03.

 

“Transaction
Agreements” means, collectively, this Agreement, the Amended and Restated Registration Rights Agreement, the Amended
Partnership Agreement, the Warrants and any amendments, supplements, continuations or modifications thereto.

 

“Warrant Exercise
Units” means Common Units issuable upon exercise of the Warrants.

 

“Warrants”
means the Par Warrants and the Premium Warrants, collectively.

 

Section
1.02                     
Accounting Procedures and Interpretation. Unless otherwise specified in this Agreement, all accounting terms
used herein shall be interpreted, all determinations with respect to accounting matters under this Agreement shall be made, and
all financial statements and certificates and reports as to financial matters required to be furnished to the Purchasers under
this Agreement shall be prepared, in accordance with GAAP applied on a consistent basis during the periods involved (except, in
the case of unaudited statements, as permitted by Form 10-Q promulgated by the SEC or as otherwise permitted by applicable Law)
and in compliance as to form in all material respects with applicable accounting requirements and with the published rules and
regulations of the SEC with respect thereto.

 

Article
II 

SALE AND PURCHASE

 

Section
2.01                     
Sale and Purchase.

 

(a)              
Subject to the terms and conditions hereof, the Partnership will issue and sell to each Purchaser, on the Closing
Date, and each Purchaser hereby agrees, severally and not jointly, to purchase from the Partnership on the Closing Date, the number
of Purchased Units, and the Par Warrants and Premium Warrants to purchase a number of Warrant Exercise Units, in each case as set
forth opposite such Purchaser’s name on Schedule A hereto, for the cash price equal to such Purchaser’s Purchase
Price as set forth opposite such Purchaser’s name on Schedule A hereto. Each Purchaser may designate an Affiliate
of such Purchaser to acquire the Warrants otherwise issuable to such Purchaser at Closing and such Affiliate designee shall be
deemed an assignee of all of the rights and obligations of the designating Purchaser with respect to such Warrants (other than
the obligation of such Purchaser to pay such Purchaser’s Purchase Price, which shall be deemed paid upon payment of such
Purchase Price by the designating Purchaser) and shall make the representations and warranties of the Purchaser in respect of the
Warrants under Article IV. Any such Affiliate designee of a Purchaser shall be listed on Schedule A hereto (with
a notation of the Purchaser in respect of whom it is an Affiliate designee and the Warrants (and applicable Warrant Exercise Units)
to be issued to such designee at Closing).

 

    9

     

    

 

(b)              
The Partnership further agrees that it will pay each of the following fees and expenses at the Closing: (i) to each
Person set forth on Schedule B hereto, such Person’s portion of the Closing Fee in the amount set forth opposite such
Person’s name on Schedule B hereto, which payments shall be made in cash by the Partnership in accordance with Section
6.02(m); and (ii) such Purchaser’s Reimbursable Expenses (as set forth in such Purchaser’s Expense Notice)
up to an amount not to exceed $500,000 in the aggregate with respect to the EIG Purchasers and $167,000 in the aggregate with respect
to the Foundation Purchaser, which Reimbursable Expenses shall be payable in cash by the Partnership to the relevant payees set
forth in such Purchaser’s Expense Notice in accordance with Section 6.02(m) and subject to Section 8.15. The
Parties agree that the Closing Fee is for services provided by the Persons set forth on Schedule B hereto to the Purchasers.

 

Section
2.02                     Funding
Notice. On or prior to the third (3rd) Business Day prior to the date on which the Partnership reasonably anticipates Closing
to occur (the “Anticipated Closing Date”), the Partnership shall deliver a written notice (the “Funding
Notice”) to each of the Purchasers (a) specifying the Anticipated Closing Date, (b) directing each such Purchaser
to pay the Purchase Price for its Purchased Units and Warrants by wire transfer(s) of immediately available funds to the Partnership
Bank Account, prior to 10:00 a.m. Central Time on the Closing Date, and (c) specifying wiring instructions for wiring funds
into the Partnership Bank Account. On or prior to the first (1st) Business Day prior to the Anticipated Closing Date and following
the delivery by the Partnership of the Funding Notice, each Purchaser shall deliver a written notice (the “Expense Notice”)
to the Partnership, specifying (i) the identity of each payee of such Purchaser’s Reimbursable Expenses, (ii) the amount
of such Purchaser’s Reimbursable Expenses payable to each such payee, (iii) wire instructions for each such payee and (iv)
wire instructions for payment of the Closing Fee to the Persons set forth on Schedule B hereto.

 

Section
2.03                     
Closing. Subject to the terms and conditions hereof, the Closing shall take place at the offices of Hunton
Andrews Kurth LLP, 600 Travis, Suite 4200, Houston, Texas 77002 or such other location as mutually agreed to by the Parties on
the same date as, and concurrently with, the closing of the Acquisition, subject to the satisfaction or waiver of the conditions
set forth in Sections 6.01(a), 6.01(b) and 6.01(c) (other than those conditions that are by their terms to
be satisfied at the Closing); provided, that the date of the Closing shall not be earlier than the Anticipated Closing
Date set forth in the Funding Notice unless mutually agreed by the Parties (the date of the Closing being referred to herein as
the “Closing Date”).

 

Section
2.04                     
Independent Nature of Purchasers’ Obligations and Rights. The respective representations, warranties
and obligations of each Purchaser under the Transaction Agreements are several and not joint with the obligations of any other
Purchaser, and no Purchaser shall be responsible in any way for the representations and warranties or the performance of the obligations
of any other Purchaser under any Transaction Agreement. The failure of any Purchaser to perform, or any waiver by any Purchaser
or the Partnership of such performance, under any Transaction Agreement, shall not excuse the failure to perform by any other
Purchaser or the Partnership, and the waiver by any Purchaser of performance of the Partnership under any Transaction Agreement
shall not excuse the failure to perform by the Partnership with respect to any other Purchaser. Nothing contained in any Transaction
Agreement, and no action taken by any Purchaser pursuant to any Transaction Agreement, shall be deemed to constitute the Purchasers
as a partnership, an association, a joint venture or any other kind of 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 the Transaction
Agreements. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the
rights arising out of this Agreement or out of the other Transaction Agreements to which such Purchaser is a party, and it shall
not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose; provided
that any enforcement of an indemnity claim may only be initiated by holders of a majority of the Purchased Units then-outstanding.

 

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Section
2.05                     Allocation
of Per Unit Price. For federal income tax purposes and for purposes of applying the terms of the Amended Partnership Agreement
applicable to the Purchased Units, the Per Unit Price shall be allocated between the Purchased Units and the Warrants pursuant
to a schedule to be provided to the Partnership by the Purchasers on the Closing Date, and the portion of the Per Unit Price allocated
to the Purchased Units shall be the initial Capital Account (as such term is defined in the Amended Partnership Agreement) with
respect to each Purchased Unit.

 

Article
III 

REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP

 

The Partnership represents
and warrants to the Purchasers that the representations and warranties set forth in this Article III are true and correct
as of the date of this Agreement and as of the Closing Date.

 

Section
3.01                     
Valid Existence. The General Partner and each of the Partnership Entities has been duly formed or incorporated,
as applicable, and is validly existing and in good standing under the Laws of the State or other jurisdiction of its organization
and has all requisite power and authority, and has all governmental licenses, authorizations, consents and approvals necessary,
to own, lease, use or operate its Properties and carry on its business as now being conducted, except where the failure to obtain
such licenses, authorizations, consents and approvals would not be reasonably likely, individually or in the aggregate, to have
a Partnership Material Adverse Effect. The General Partner and each of the Partnership Entities is duly qualified or licensed
and in good standing as a foreign corporation, limited partnership, limited liability company or unlimited liability company,
as applicable, and is authorized to do business in each jurisdiction in which the ownership or leasing of its Properties or the
character of its operations makes such qualification necessary, except where the failure to obtain such qualification, license,
authorization or good standing would not be reasonably likely, individually or in the aggregate, to have a Partnership Material
Adverse Effect.

 

Section
3.02                     
Capitalization.

 

(a)              
The Purchased Units shall have those rights, preferences, privileges and restrictions governing the Class D Preferred
Units as reflected in the Amended Partnership Agreement, and the holders of the Purchased Units will have the rights set forth
in the Amended Partnership Agreement as of the Closing. The Warrants set forth the rights of the holders thereof, and the holders
thereof will have the rights set forth in the Warrants as of the Closing.

 

    11

     

    

 

(b)              
The General Partner is the sole general partner of the Partnership and owns a 0.1% general partner interest in the
Partnership, which general partner interest has been duly authorized, validly issued, fully paid and is nonassessable, in each
case in accordance with the Partnership Agreement; and the General Partner owns such general partner interest free and clear of
any Liens.

 

(c)              
As of the date of this Agreement, the only issued and outstanding limited partner interests of the Partnership consist
of 128,040,420 Common Units, 12,585,642 Class B Preferred Units, 1,800,000 Class C Preferred Units, 400,000 Class D Preferred Units
and the Incentive Distribution Rights. All of the outstanding limited partner interests have been duly authorized and validly issued
in accordance with applicable Law and the Partnership Agreement and are fully paid (to the extent required under applicable Law
and the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and
17-804 of the Delaware LP Act). There are no limited partner interests of the Partnership that are (or will be) senior to, in right
of distribution or liquidation, the Class D Preferred Units. Except as otherwise publicly disclosed, there are no accumulated but
unpaid Class B Preferred Unit Distributions or Class C Preferred Unit Distributions (each as defined in the Partnership Agreement).

 

(d)              
Except (i) for awards that have been issued under the LTIP, (ii) as expressly set forth in the Partnership Agreement
and (iii) for the issuance of the Purchased Units and the Warrants pursuant to this Agreement (in each case, that have been disclosed
in the SEC Documents), no options, warrants, preemptive rights or other rights to purchase, agreements or other obligations to
issue, or rights to convert any obligations into or exchange any securities for, securities or ownership interests in the Partnership
are outstanding on the Closing Date and there are no outstanding obligations of the Partnership to repurchase, redeem or otherwise
acquire ownership interests in the Partnership.

 

(e)              
The Partnership’s currently outstanding Common Units are registered pursuant to Section 12(b) of the Exchange
Act and are quoted on the NYSE, and the Partnership has taken no action designed to terminate the registration of such Common Units
under the Exchange Act nor has the Partnership received any notification that the SEC is contemplating terminating such registration.
The Partnership has not, in the twelve (12) months preceding the Closing Date, received notice from the NYSE to the effect that
the Partnership is not in compliance with the listing or maintenance requirements of the NYSE. The Partnership is, and has no reason
to believe that it will not continue to be, in compliance in all material respects with the listing and maintenance requirements
for continued trading of the Common Units on the NYSE. The issuance and sale of the Purchased Units and the Warrants, and the issuance
of the Redemption Units in accordance with the terms of the Amended Partnership Agreement and the Warrant Exercise Units in accordance
with the terms of the Warrants, in each case do not contravene NYSE rules and regulations.

 

Section
3.03                     
Subsidiaries. All of the issued and outstanding equity interests of each of the Partnership’s Subsidiaries
have been duly authorized, validly issued and are fully paid (to the extent required by applicable Law and the Organizational
Documents of such Subsidiaries) and non-assessable (except as nonassessability may be affected by Sections 17-303, 17-607 and
17-804 of the Delaware LP Act, Sections 18-607 and 18-804 of the Delaware LLC Act and the relevant provisions of the Delaware
General Corporation Law, as applicable, or the Organizational Documents of such Subsidiaries) and all such equity interests are
owned by the Partnership or any of its Subsidiaries free and clear of any Liens (except for such restrictions as may exist under
applicable Law and except for such Liens as may be imposed pursuant to the Secured Debt Agreement). No options, warrants, preemptive
rights or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange
any securities for, securities or ownership interests in any Subsidiary of the Partnership are outstanding on the Closing Date
and there are no outstanding obligations of any Partnership Entity to repurchase, redeem or otherwise acquire ownership interests
in any Subsidiary of the Partnership.

 

    12

     

    

 

Section
3.04                     
SEC Documents. The Partnership has filed with the SEC all reports, schedules and statements required to be
filed by it under the Exchange Act on a timely basis since August 4, 2017 (all such documents filed prior to the date hereof,
collectively, the “SEC Documents”). The SEC Documents, at the time filed, (a) complied as to form in all material
respects with applicable requirements of the Exchange Act and the applicable accounting requirements and with the published rules
and regulations of the SEC with respect thereto and (b) 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. A true and correct copy of the Partnership Agreement has been filed with the SEC as
an exhibit to an SEC Document.

 

Section
3.05                     
Financial Statements. The historical financial statements as of March 31, 2019 (and for each of the three
years preceding the period ended March 31, 2019) and schedules of the Partnership (together with its consolidated or combined
subsidiaries) included in or incorporated by reference in the SEC Documents present fairly the financial condition, results of
operations and cash flows of the entities purported to be shown thereby on the basis stated therein as of the dates and for the
periods indicated, comply as to form with the applicable accounting requirements under the Securities Act and the Exchange Act
and have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent
basis throughout the periods involved (except as otherwise noted therein). The other financial information of the Partnership
Entities, including non-GAAP financial measures, if any, contained or incorporated by reference in the SEC Documents has been
derived from the accounting records of the Partnership Entities and fairly presents in all material respects the information purported
to be shown thereby. Nothing has come to the attention of the Partnership that has caused it to believe that the statistical and
market-related data included in the SEC Documents is not based on or derived from sources that are reliable and accurate in all
material respects as of the date on which the applicable SEC Documents were filed. There are no financial statements (historical
or pro forma) that are required to be included in or incorporated by reference in the SEC Documents that are not so included as
required; the Partnership Entities do not have any material liabilities or obligations, direct or contingent (including any off
balance sheet obligations), not described in the SEC Documents; and all disclosures contained in the SEC Documents regarding “non-GAAP
financial measures” (as such term is defined by the rules and regulations of the SEC) comply with Regulation G and Item
10 of Regulation S-K under the Exchange Act, to the extent applicable.

 

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Section
3.06                     
Independent Accountants. Grant Thornton LLP, who audited and certified the audited consolidated financial
statements of the Partnership Entities as of March 31, 2019 and 2018 and for the years ended March 31, 2019, 2018 and 2017 (in
each case, including the related notes thereto), all of which were included in or incorporated by reference in the SEC Documents,
is and was during the periods covered by such financial statements an independent public accounting firm as required by the Securities
Act, the Securities Act Regulations and the standards of the Public Company Accounting Oversight Board. Grant Thornton LLP 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 procedure.

 

Section
3.07                     
Internal Accounting Controls.

 

(a)              
The Partnership Entities maintain effective “internal control over financial reporting” (as defined in
Rule 13a-15 of the Exchange Act Regulations). The Partnership Entities maintain a system of internal accounting controls sufficient
to provide reasonable assurances 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;
(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; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the SEC Documents and is in compliance in all material respects with the SEC’s published rules, regulations
and guidelines applicable thereto. Except as described in the SEC Documents, since the first day of the Partnership’s most
recent fiscal year for which audited financial statements are included in the SEC Documents, there has been (A) no material weakness
(as defined in Rule 1-02 of Regulation S-X of the SEC) in the Partnership’s internal control over financial reporting (whether
or not remediated), and (B) no fraud, whether or not material, involving management or other employees who have a role in the Partnership’s
internal control over financial reporting and, since the end of the Partnership’s most recent fiscal year for which audited
financial statements are included in the SEC Documents, there has been no change in the Partnership’s internal control over
financial reporting that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal
control over financial reporting.

 

(b)              
The Partnership’s independent public accountants and the General Partner’s board of directors have been
advised of all material weaknesses, if any, and significant deficiencies (as defined in Rule 1-02 of Regulation S-X of the SEC),
if any, in the Partnership’s internal control over financial reporting or of all fraud, if any, whether or not material,
involving management or other employees who have a role in the Partnership’s internal controls over financial reporting,
in each case that occurred or existed, or was first detected, at any time during the three most recent fiscal years covered by
the audited financial statements of the Partnership or at any time subsequent thereto.

 

Section
3.08                     
Disclosure Controls. The Partnership maintains disclosure controls and procedures (to the extent required
by and as such term is defined in Rules 13a-15 and 15d-15 of the Exchange Act Regulations), that: (a) are designed to provide
reasonable assurance that material information required to be disclosed by the Partnership, including its consolidated Subsidiaries,
is recorded, processed, summarized and communicated to the principal executive officer, the principal financial officer and other
appropriate officers of the General Partner to allow for timely decisions regarding required disclosure, particularly during the
periods in which the periodic reports required under the Exchange Act are being prepared; (b) have been evaluated for effectiveness
as of June 30, 2019; and (c) are effective in all material respects to perform the functions for which they are established to
the extent required by Rule 13a-15 of the Exchange Act.

 

    14

     

    

 

Section
3.09                     
Absence of Proceedings. There is no Action now pending, or, to the Knowledge of the Partnership, threatened
or contemplated, against or affecting the Partnership Entities that is required to be disclosed in the SEC Documents (other than
as disclosed therein), or that might reasonably be expected, individually or in the aggregate, to result in a Partnership Material
Adverse Effect or to materially and adversely affect the consummation of the transactions contemplated in this Agreement or the
performance by the Partnership of its obligations under this Agreement. The aggregate of all pending Actions to which any of the
Partnership Entities is a party or of which any of their respective Properties or Assets is the subject that are not described
in the SEC Documents, including ordinary routine litigation incidental to the businesses of the Partnership Entities, would not
reasonably be expected, individually or in the aggregate, to result in a Partnership Material Adverse Effect. There are no bankruptcy
proceedings pending, being contemplated by or, to the Knowledge of the Partnership, threatened against any of the Partnership
Entities.

 

Section
3.10                     
No Material Adverse Change. Since March 31, 2019, except as disclosed in the SEC Documents, the Partnership
Entities, considered as a single enterprise, have conducted their businesses in the ordinary course, and (a) there has been no
material adverse change, or any development that could reasonably be expected to have a Partnership Material Adverse Effect; (b)
no Partnership Entity has incurred any liability or obligation or entered into any transaction or agreement that, individually
or in the aggregate, is material with respect to the Partnership Entities, taken as a whole, and no Partnership Entity has sustained
any loss or interference with its business or operations from fire, explosion, flood, earthquake or other natural disaster or
calamity, regardless of whether covered by insurance, or from any labor dispute or disturbance or court or governmental action,
order or decree, except as would not, individually or in the aggregate, result in a Partnership Material Adverse Effect; and (c)
except as otherwise publicly disclosed, there has been no dividend or distribution of any kind declared, paid or made by the Partnership
on its Common Units, Class B Preferred Units, Class C Preferred Units or Class D Preferred Units.

 

Section
3.11                     
Authority; Enforceability. The Partnership and the General Partner have all necessary limited partnership
and limited liability company, as applicable, power and authority to authorize, issue, sell and deliver the Purchased Units and
the Warrants, and to execute, deliver and perform their obligations under the Transaction Agreements to which they are parties
and to otherwise consummate the transactions contemplated thereby, in each case, in accordance with the terms and conditions set
forth in such Transaction Agreements. The execution, delivery and performance by the Partnership and the General Partner of the
Transaction Agreements to which they are party and the consummation of the transactions contemplated thereby have been duly authorized
by all necessary action, including limited partnership action and limited liability company action, as applicable, on their part.
Assuming the due authorization, execution and delivery by the other parties thereto, the Transaction Agreements to which the Partnership
or the General Partner is a party will constitute the legal, valid and binding obligations of the Partnership or the General Partner,
as applicable, enforceable in accordance with their 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. 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 or the Warrants to the Purchasers.

 

    15

     

    

 

Section
3.12                     
Approvals. No authorization, consent, approval, waiver, license, permit, order, 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 the Transaction Agreements to which
it is a party or the issuance and sale of the Purchased Units, the Warrant Exercise Units (upon exercise of the Warrants) or the
Redemption Units, except (a) as required by the SEC in connection with the Partnership’s obligations under the Amended and
Restated Registration Rights Agreement or (b) as may be required under the state securities or “Blue Sky” Laws.

 

Section
3.13                     
Compliance with Law. None of the Partnership Entities is in violation of any Law applicable to such Partnership
Entity, except as would not, individually or in the aggregate, have a Partnership Material Adverse Effect. The Partnership Entities
each 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, individually
or in the aggregate, have a Partnership Material Adverse Effect, and none of the Partnership Entities 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, individually or in the aggregate, have a Partnership Material Adverse Effect.

 

Section
3.14                     
Valid Issuance. The offer and sale of the Purchased Units and the limited partner interests represented thereby
and the Warrants will be duly authorized by the Partnership pursuant to the Amended Partnership Agreement and, when issued and
delivered to the Purchasers against payment therefor in accordance with the terms of this Agreement, will be validly issued, fully
paid (to the extent required by applicable Law and the Amended Partnership Agreement), nonassessable (except as such nonassessability
may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act), issued in compliance with all applicable Laws (including
securities Laws), and will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under
the Amended Partnership Agreement and under applicable state and federal securities Laws. Upon issuance in accordance with the
terms of the Warrants, the Warrant Exercise Units will be duly authorized by the Partnership pursuant to the Amended Partnership
Agreement and will be validly issued, fully paid (to the extent required by applicable Law and the Amended Partnership Agreement),
nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act),
issued in compliance with all applicable Laws including securities Laws, and will be free of any and all Liens and restrictions
on transfer, other than restrictions on transfer under the Amended Partnership Agreement and under applicable state and federal
securities Laws. Upon issuance in accordance with the terms of the Amended Partnership Agreement, the Redemption Units will be
duly authorized by the Partnership pursuant to the Amended Partnership Agreement and will be validly issued, fully paid (to the
extent required by applicable Law and the Amended Partnership Agreement), nonassessable (except as such nonassessability may be
affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act), issued in compliance with all applicable Laws (including
securities Laws), and will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under
the Amended Partnership Agreement and under applicable state and federal securities Laws.

 

    16

     

    

 

Section
3.15                     
Absence of Defaults and Conflicts. None of the Partnership Entities is in violation, breach or in default
in the performance or observance of any obligation, agreement, covenant or condition contained in (a) any of its Organizational
Documents or (b) any Partnership Document, except (solely in the case of this clause (b) and solely in respect of Partnership
Documents other than the Indentures and the Secured Debt Agreement) for such defaults that would not reasonably be expected, individually
or in the aggregate, result in a Partnership Material Adverse Effect. Neither the execution, delivery and performance by the Partnership
or the General Partner of the Transaction Agreements to which it is a party (including issuance of the Warrant Exercise Units
and/or Redemption Units in accordance with the terms of the Transaction Agreements) nor the issuance and sale of the Purchased
Units and the Warrants, the application of the proceeds thereof, or compliance by the Partnership or the General Partner with
its obligations under the Transaction Agreements to which it is a party will, whether with or without the giving of notice or
passage of time or both, (i) require any consent, approval or notice under, or will constitute a violation or breach of, or default
under, the Partnership Agreement or the GP LLC Agreement, (ii) conflict with or constitute a breach or violation of, or default
or Repayment Event under, or result in the creation or imposition of any Lien upon any Property of the Partnership Entities or
any of the Assets pursuant to, any Partnership Documents, except (solely in the case of Partnership Documents other than the Indentures
and the Secured Debt Agreement) for such conflicts, breaches, defaults or Liens that would not, individually or in the aggregate,
result in a Partnership Material Adverse Effect, nor will such action (iii) result in any violation of the provisions of the Organizational
Documents of any of the Partnership Entities or any applicable law, statute, rule, regulation, injunction, judgment, order, writ
or decree of any government, government instrumentality or court, domestic or foreign, having jurisdiction over the Assets, the
Partnership Entities or any of their respective Properties or operations.

 

Section
3.16                     
Absence of Labor Dispute. No labor dispute with the employees of any Partnership Entity exists or, to the
Knowledge of the Partnership, is imminent, and the Partnership is not aware of any existing or imminent labor disturbance by the
employees of any of the principal suppliers, manufacturers, customers or contractors of any Partnership Entity that would reasonably
be expected, individually or in the aggregate, to result in a Partnership Material Adverse Effect.

 

Section
3.17                     
Possession of Intellectual Property. The Partnership Entities own, possess, have valid and enforceable licenses
to use, or otherwise have the right to use on reasonable terms all patents, patent rights, patent applications, licenses, copyrights,
inventions, know-how (including trade secrets and other unpatented or unpatentable proprietary or confidential information, systems
or procedures), trademarks, service marks, trade names, service names, software, internet addresses, domain names and other intellectual
property that is described in the SEC Documents or that is necessary for the conduct of their respective businesses as currently
conducted or as proposed to be conducted and as described in the SEC Documents, except where the failure to have such licenses
or rights to use such intellectual property would not reasonably be expected, individually or in the aggregate, to have a Partnership
Material Adverse Effect.

 

    17

     

    

 

Section
3.18                     
Material Contracts. Except as would not reasonably be expected to have, individually or in the aggregate,
a Partnership Material Adverse Effect, (a) each Material Contract is in full force and effect and is valid and enforceable by
and against the parties thereto in accordance with its terms except as the enforceability thereof may be limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and similar laws relating to or affecting creditors’ rights
generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law); (b) no Partnership Entity nor, to the Knowledge of the Partnership, any other party is in default in the observance
or performance of any material term or obligation to be performed by it under any Material Contract and no event has occurred
that with the lapse of time or the giving of notice or both would constitute a default thereunder by a Partnership Entity or,
to the Knowledge of the Partnership, by any other party thereto; (c) the Partnership Entities and, to the Knowledge of the Partnership,
each other party thereto, have performed and complied with all obligations required to be performed or complied with by them under
each Material Contract; and (d) none of the Partnership Entities or any of their Subsidiaries has sent to any counterparty to
a Material Contract or received from any counterparty to a Material Contract any communication (written or oral) stating an intent
to terminate a Material Contract, contest the validity or enforceability of a Material Contract (or any provision thereof), or
modify or renegotiate the terms of a Material Contract in manner materially adverse to the Partnership.

 

Section
3.19                     
Possession of Licenses and Permits.  Each of the Partnership Entities
possesses such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”)
issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the business now
operated by them, except where the failure to so possess such Governmental Licenses would not reasonably be expected, individually
or in the aggregate, to have a Partnership Material Adverse Effect; the Partnership Entities are in compliance with the terms
and conditions of all such Governmental Licenses, except where the failure so to comply would not reasonably be expected, individually
or in the aggregate, to result in a Partnership Material Adverse Effect; all of the Governmental Licenses are valid and in full
force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be
in full force and effect would not reasonably be expected, individually or in the aggregate, to result in a Partnership Material
Adverse Effect; and none of the Partnership Entities has received any notice of proceedings relating to the revocation or modification
of any such Governmental Licenses that, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected
to, individually or in the aggregate, result in a Partnership Material Adverse Effect.

 

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Section
3.20                     
Title to Property. The Partnership Entities have good, indefeasible and marketable title in fee simple to,
or have valid and enforceable rights to lease or otherwise use, all items of real and personal property that are material to the
respective businesses of the Partnership Entities, in each case, free and clear of all Liens, except such as (a) are described
in SEC Documents, (b) are arising under the Secured Debt Agreement or (c) do not materially affect the value of such property
and do not materially interfere with the use made and proposed to be made of such property by the Partnership Entities; all real
property, buildings and other improvements, and all equipment and other personal property held under valid and subsisting leases
or subleases by any of the Partnership Entities is held under valid, subsisting and enforceable leases or subleases, as the case
may be, with such exceptions as do not materially interfere with the use made or proposed to be made of such property by the Partnership
Entities, except as would not be reasonably expected, individually or in the aggregate, to have a Partnership Material Adverse
Effect. None of the Partnership Entities has any notice of any claim of any sort that has been asserted by anyone adverse to the
rights of the Partnership Entities under any of the leases or subleases mentioned above or affecting or questioning the rights
of the Partnership Entities to the continued possession of the leased or subleased premises under any such lease or sublease except
for such claims that, if successfully asserted, would not reasonably be expected, individually or in the aggregate, to result
in a Partnership Material Adverse Effect.

 

Section
3.21                     
Rights-of-Way. Each Partnership Entity has such consents, easements, rights-of-way and licenses from any
Person (“Rights-of-Way”) as are necessary to conduct its business in the manner described in the SEC Documents, subject
to such qualifications as may be set forth in the SEC Documents and except for such Rights-of-Way which if not obtained would
not reasonably be expected, individually or in the aggregate, to result in a Partnership Material Adverse Effect. Subject to the
limitations contained in the SEC Documents, if any, to the Knowledge of the Partnership, each of the Partnership Entities has
fulfilled and performed all of its obligations with respect to such Rights-of-Way and no event has occurred that allows, or after
notice or lapse of time would allow, revocation or termination thereof or would result in any impairment of the rights of the
holder of any such Rights-of-Way, except for such revocations, terminations and impairments that, individually or in the aggregate,
would not have a Partnership Material Adverse Effect. Except as described in the SEC Documents, none of such Rights-of-Way contains
any restriction that would, individually or in the aggregate, reasonably be expected to have a Partnership Material Adverse Effect.

 

Section
3.22                     
Environmental Laws. Except as described in the SEC Documents and except as would not reasonably be expected,
individually or in the aggregate, to result in a Partnership Material Adverse Effect, (a) each of the Partnership Entities
is in compliance with all federal, state, local or foreign statutes, Laws, rules, regulations, ordinances or codes, including
any judicial or administrative orders, consents, decrees or judgments, relating to pollution, protection of human health or safety
(to the extent relating to exposure to Hazardous Materials), the environment (including, without limitation, ambient air, surface
water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, any of the foregoing relating
to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances defined
or regulated by, or for which standards of conduct or liability may be imposed pursuant to, Environmental Laws, including petroleum
or petroleum products, asbestos, toxic mold or radiation (collectively, “Hazardous Materials”) or to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental
Laws”), (b) the Partnership Entities have all permits, authorizations and approvals required under any applicable Environmental
Laws and are in compliance with their requirements, (c) there are no pending or, to the knowledge of the Partnership, threatened
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigation or proceedings relating to, and the Partnership Entities have not received any written notice of, a violation of,
or liability under, any Environmental Law against any Partnership Entity, (d) there are no events or circumstances that would
reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private
party or governmental body or agency, against or affecting any Partnership Entity relating to Hazardous Materials or any Environmental
Laws, and (e) the Partnership Entities have not treated, stored, disposed of, arranged for or permitted the disposal of, transported,
handled, released, exposed any Person to, or owned or operated any property or facility which is or has been contaminated by,
any Hazardous Materials, in each case so as to give rise to any current or future liability under any Environmental Laws.

 

    19

     

    

 

Section
3.23                     
No Preemptive Rights; Registration Rights Priority. Except as described in the Partnership Agreement or has
been otherwise waived or satisfied, there are no preemptive rights or other rights to subscribe for or to purchase, nor any restriction
upon the voting or transfer of, any equity securities of the Partnership, including (a) any of the Class D Preferred Units to
be issued and sold to the Purchasers pursuant to this Agreement, (b) any Redemption Units issued redemption of the Class D Preferred
Units, (c) the Warrants or (d) the Warrant Exercise Units issuable upon exercise of the Warrants. Except for such rights
that have been waived or as expressly set forth in the Transaction Agreements, neither the offering or sale of the Purchased Units
or the Warrants as contemplated by this Agreement gives rise to any rights for or relating to the registration of any Purchased
Units or other securities of the Partnership. Except as described in the Partnership Agreement, the Partnership has not granted
registration rights to any Person other than the Purchasers that would provide such Person priority over the Purchasers’
Piggyback Rights.

 

Section
3.24                     
MLP Status. For the current taxable year and each taxable year during which the Partnership has been in existence,
the Partnership is and has been properly treated as a partnership for United States federal income tax purposes and has, for each
taxable year beginning after December 31, 2010 during which the Partnership was in existence, met the gross income requirements
of Section 7704 of the Internal Revenue Code and the regulations promulgated thereunder from time to time by the U.S. Department
of the Treasury.

 

Section
3.25                     
Investment Company Status. None of the Partnership Entities is, and upon the issuance and sale of the Purchased
Units and the Warrants as herein contemplated and the application of the net proceeds therefrom, none of the Partnership Entities
will be, an “investment company” or an entity “controlled” by an “investment company” as such
terms are defined in the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

Section
3.26                     
No Registration Required. Assuming the accuracy of the representations and warranties of the Purchasers contained
in Article IV, the sale and issuance of the Purchased Units (and any Redemption Units) and the Warrants (and any Warrant
Exercise Units) pursuant to the Transaction Agreements is exempt from the registration requirements of the Securities Act, and
neither the Partnership nor, to the Partnership’s Knowledge, any authorized Representative acting on its behalf has taken
or will take any action hereafter that would cause the loss of such exemption. The issuance and sale of the Purchased Units, the
issuance of any Redemption Units upon redemption of the Class D Preferred Units and the issuance of Warrant Exercise Units upon
exercise of the Warrants does not contravene the rules and regulations of the NYSE.

 

    20

     

    

 

Section
3.27                     
No Integration. Neither the Partnership nor any of its Affiliates, nor to the Partnership’s Knowledge,
any Representative of the foregoing, has, directly or indirectly through any Representative, made any offers or sales of any security
of the Partnership or solicited any offers to buy any security that is or will be integrated with the sale of the Purchased Units
or the Warrants in a manner that under any circumstances adversely affect reliance by the Partnership on Section 4(a)(2) of the
Securities Act for the exemption from the registration requirements imposed under Section 5 of the Securities Act for the transactions
contemplated hereby or would require the offer and sale of the Purchased Units or the Warrants to be registered under the Securities
Act.

 

Section
3.28                     
Certain Fees. Other than fees payable to Barclays Capital Inc. (the “Placement Agent”) for their
services as placement agents and financial advisors (which fees shall be paid solely by the Partnership), 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 Warrants or the consummation of the transactions contemplated by this Agreement for which the Purchasers or any of
their respective Affiliates would be liable.

 

Section
3.29                     
Form S-3 Eligibility. The Partnership is eligible to register the resale of the Warrant Exercise Units by
the Purchasers on a registration statement on Form S-3 under the Securities Act.

 

Section
3.30                     
Tax Returns. The Partnership Entities have filed all foreign, federal, state and local tax returns that are
required to be filed or have obtained extensions thereof, and all such tax returns are complete and correct in all respects, except
where the failure to file or be complete and correct would not, individually or in the aggregate, result in a Partnership Material
Adverse Effect. The Partnership Entities have paid all taxes (including, without limitation, any estimated taxes) required to
be paid and any other assessment, fine or penalty (in each case, whether or not shown due on a tax return), to the extent that
any of the foregoing is due and payable, except for such taxes, assessments, fines or penalties the nonpayment of which would
not, individually or in the aggregate, result in a Partnership Material Adverse Effect.

 

Section
3.31                     
Insurance. The Partnership Entities 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; all policies
of insurance and any fidelity or surety bonds insuring the Assets, the Partnership Entities or the Partnership Entities’
respective businesses, Properties, employees, officers and directors are in full force and effect in all material respects; the
Partnership Entities are in compliance with the terms of such policies and instruments in all material respects; there are no
material claims by any Partnership Entity under any such policy or instrument as to which any insurance company is denying liability
or defending under a reservation of rights clause; no Partnership Entity has been refused any insurance coverage sought or applied
for; and no Partnership Entity has any reason to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar insurers at a comparable cost that would not reasonably
be expected, individually or in the aggregate, to result in a Partnership Material Adverse Effect.

 

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Section
3.32                     
Compliance with the Sarbanes-Oxley Act. There is and has been no failure on the part of the Partnership,
the General Partner or any of the General Partner’s directors or officers, in their capacities as such, to comply with,
and such Persons are in compliance with, any and all provisions of the Sarbanes-Oxley Act with which any of them is required to
comply, including Section 402 related to loans and Sections 302 and 906 related to certifications and the rules and regulations
of the SEC and NYSE promulgated thereunder.

 

Section
3.33                     
Foreign Corrupt Practices Act. Neither any Partnership Entity nor, to the Knowledge of the Partnership, any
director, officer, agent, employee, affiliate or other Person acting on behalf of any Partnership Entity is aware of or has taken
any action, directly or indirectly, that has resulted or would result in a violation by any such Person of the FCPA or any applicable
law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions, the Bribery Act 2010 of the United Kingdom, any other anticorruption or anti-bribery Law of Canada, or any similar
laws or any other relevant jurisdiction, or the rules or regulations thereunder (collectively with the FCPA, “Anti-Corruption
Law”), including any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment
or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official”
(as defined in the FCPA or other Anti-Corruption Law), including any officer or employee of a government or government-owned or
controlled entity or of a public international organization, or any Person acting in an official capacity for or on behalf of
any of the foregoing, or any political party or party official or candidate for political office, in violation of applicable Anti-Corruption
Law, and, to the Knowledge of the Partnership, its other Affiliates have conducted their businesses in compliance with all applicable
Anti-Corruption Laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith.

 

Section
3.34                     
Money Laundering Laws. The operations of the Partnership Entities are and have been conducted at all times
in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions where the Partnership Entities conduct
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any Governmental Authority or regulatory agency (collectively, “Money Laundering Laws”) and no action,
suit or proceeding by or before any court or Governmental Authority or regulatory agency, authority or body or any arbitrator
involving the Partnership Entities with respect to the Money Laundering Laws is pending or, to the Knowledge of the Partnership,
threatened.

 

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Section
3.35                     
OFAC. None of the Partnership Entities nor, to the Knowledge of the Partnership, any director, officer, agent,
employee, Affiliate or other person acting on behalf of the Partnership Entity is currently the subject or the target of any sanctions
administered or enforced by the U.S. Government (including, without limitation, OFAC or the U.S. Department of State and including
without limitation, the designation as a “specially designated national” or “blocked person”), the United
Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
“Sanctions”), nor is the any Partnership Entity located, organized or resident in a country or territory that is the
subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan, Syria and the Crimea region
of Ukraine (each, a “Sanctioned Country”); and neither the General Partner nor the Partnership Entities will directly
or indirectly use any of the proceeds from the sale of the Purchased Units or the Warrants by the Partnership pursuant to this
Agreement, or lend, contribute or otherwise make available any such proceeds to any Subsidiary, joint venture partner or other
person or entity (i) for the purpose of financing the activities of or business with any person that, at the time of such funding
or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned
Country or (iii) in any other manner that will result in a violation by any Partnership Entity of Sanctions. For the past three
(3) years, the Partnership Entities have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions
with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned
Country.

 

Section
3.36                     
ERISA Compliance.

 

(a)              
In each case, except as would not reasonably be excepted, individually or in the aggregate, to result in a Partnership
Material Adverse Effect: (i) each Employee Benefit Plan has been established, maintained, funded and administered in compliance
with its terms and applicable Laws; (ii) each Employee Benefit Plan that is intended to be qualified under Section 401(a) of
the Internal Revenue Code is so qualified and has received a current favorable determination letter from the Internal Revenue Service,
and nothing has occurred that would adversely affect such plan’s qualification; (iii) no Employee Benefit Plan is and none
of the Partnership Entities has any current or contingent liability or obligation under or with respect to any “defined benefit
plan” (as defined in Section 3(35) of ERISA) or plan that is or was subject to the minimum funding standards of Section 302
of ERISA or Section 412 of the Code or any “multiemployer plan” (as defined in Section 3(37) of ERISA);
and (iv) no Partnership Entity has any current or contingent liability or obligation by reason of at any time being treated as
a single employer with any other Person under Section 414 of the Code.

 

(b)              
None of the following events has occurred or exists: (A) a failure to fulfill the obligations, if any, under the
minimum funding standards of Section 302 of ERISA with respect to a Plan determined without regard to any waiver of such obligations
or extension of any amortization period; (B) an audit or investigation by the Internal Revenue Service, the U.S. Department of
Labor, the Pension Benefit Guaranty Corporation or any other federal, state or foreign governmental or regulatory agency with respect
to the employment or compensation of employees by the Partnership Entities or any Employee Benefit Plan that would reasonably be
expected, individually or in the aggregate, to result in a Partnership Material Adverse Effect; or (C) any breach of any contractual
obligation, or any violation of Law or applicable qualification standards, with respect to the employment or compensation of employees
by the Partnership Entities that would reasonably be expected, individually or in the aggregate, to result in a Partnership Material
Adverse Effect. None of the following events has occurred or is reasonably likely to occur: (i) a material increase in the aggregate
amount of contributions required to be made to any Employee Benefit Plans in the current fiscal year of the Partnership Entities
compared to the amount of such contributions made in the most recently completed fiscal year of the Partnership; (ii) a material
increase in the “accumulated post-retirement benefit obligations” (within the meaning of Statement of Financial Accounting
Standards 106 or superseding guidance) of the Partnership Entities compared to the amount of such obligations in the most recently
completed fiscal year of the Partnership; (iii) any event or condition giving rise to a liability under Title IV of ERISA that
would reasonably be expected, individually or in the aggregate, to result in a Partnership Material Adverse Effect; or (iv) the
filing of a claim by one or more employees or former employees of the Partnership Entities related to its or their employment that
would reasonably be expected, individually or in the aggregate, to result in a Partnership Material Adverse Effect. For purposes
of this paragraph and this Agreement and the definition of ERISA, the term “Plan” means a plan (within the meaning
of Section 3(3) of ERISA) subject to Title IV of ERISA, and the term “Employee Benefit Plan” means any benefit or compensation
plan; program, contract, policy, agreement or arrangement, in each case with respect to which the General Partner, the Partnership
or any of the Partnership’s Subsidiaries may have any liability.

 

    23

     

    

 

Section
3.37                     
No Restrictions on Dividends. None of the Partnership Entities is a party to or otherwise bound by any instrument
or agreement that currently, or as a result of the transactions contemplated by the Transaction Agreements, directly or indirectly,
limits or prohibits, purports to limit or prohibit or could limit or prohibit, directly or indirectly, the Partnership from redeeming
the Purchased Units pursuant to their terms or paying any dividends or making other distributions on the Purchased Units, the
Redemption Units or the Warrant Exercise Units, as applicable, and no Partnership Entity is a party to or otherwise bound by any
instrument or agreement that limits or prohibits or could limit or prohibit, directly or indirectly, any Partnership Entity from
paying any dividends or making other distributions on its limited or general partnership interests, limited liability company
interests, or other equity interest, as the case may be, or from repaying any loans or advances from, or (except for instruments
or agreements that by their express terms prohibit the transfer or assignment thereof or of any rights thereunder) transferring
any of its Properties or assets to, the Partnership or any other Subsidiary of the Partnership, in each case except as described
in the SEC Documents.

 

Section
3.38                     
Related Party Transactions. There are no direct or indirect relationships or related party transactions that
exist between or among any Partnership Entity, on the one hand, and the General Partner, or any of the directors, officers, unitholders,
stockholders, Affiliates, customers or suppliers of any of the Partnership Entities or the General Partner, on the other hand,
that are required to be described in the SEC Documents that have not been described as required. Except as described in the SEC
Documents, no Partnership Entity has, directly or indirectly (a) extended credit, arranged to extend credit, or renewed any extension
of credit, in the form of a personal loan, to or for any director or executive officer of the General Partner or its Affiliates,
or to or for any family member or Affiliate of any director or executive officer of the General Partner or its Affiliates or (b)
made any material modification to the term of any personal loan to any director or executive officer of the General Partner or
its Affiliates, or any family member or Affiliate of any director or executive officer of the General Partner or its Affiliates.

 

    24

     

    

 

Section
3.39                     
Market Stabilization. None of the Partnership Entities has taken, directly or indirectly, any action designed
to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization
or manipulation of the price of any security of the Partnership to facilitate the sale of the Purchased Units.

 

Section
3.40                     
Acquisition Agreement. All of the representations and warranties
made by the Partnership in the Acquisition Agreement were true and correct as of the date made. To the Knowledge of the Partnership
and the General Partner, all of the representations and warranties made by the sellers or any other parties other than the Partnership
in the Acquisition Agreement were true and correct as of the date made, and such parties are not otherwise in material breach
of the Acquisition Agreement.

 

Article
IV 

REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER

 

Each Purchaser, severally
and not jointly, represents and warrants to the Partnership with respect to itself (and not with respect to any other Purchaser)
as follows as of the date of this Agreement and as of the Closing Date:

 

Section
4.01                     
Valid Existence. Such Purchaser (a) is duly organized, validly existing and in good standing under the Laws
of its respective jurisdiction of organization and (b) has all requisite power and authority, and has all material governmental
licenses, authorizations, consents and approvals necessary to own its Properties and carry on its business as its business is
now being conducted, except where the failure to obtain such licenses, authorizations, consents and approvals would not reasonably
be expected, individually or in the aggregate, to have a Purchaser Material Adverse Effect.

 

Section
4.02                     
No Consents; Violations, Etc. The execution, delivery and performance of the Transaction Agreements to which
such Purchaser is a party by such Purchaser and the consummation of the transactions contemplated thereby by such Purchaser will
not, whether with or without the giving of notice or passage of time or both, (a) require any consent, approval or notice
under, or constitute a violation or breach of, the Organizational Documents of such Purchaser, (b) constitute a violation or breach
of, or a default (or an event that, with notice or lapse of time or both, would constitute such a default or give rise to any
right of termination, cancellation or acceleration) under, any note, bond, mortgage, lease, loan or credit agreement or other
material instrument, obligation or agreement to which such Purchaser is a party or by which such Purchaser or any of its Properties
may be bound, or (c) violate any provision of any Law or any order, judgment or decree of any court or Governmental Authority
having jurisdiction over such Purchaser or its assets, Properties or operations, or any rule or regulation of any self-regulatory
organization or other non-governmental regulatory authority, except in the cases of clauses (b) and (c) where such violation,
breach or default, would not reasonably be expected, individually or in the aggregate, to have a Purchaser Material Adverse Effect.

 

Section
4.03                     
Investment. The Purchased Units and the Warrants are being acquired for such Purchaser’s own account,
the accounts of any fund or account managed, advised or subadvised, directly or indirectly, by a Purchaser or its Affiliates,
or the accounts of clients for whom such Purchaser exercises discretionary investment authority, not as a nominee or agent, and
with no present intention of distributing the Purchased Units or the Warrants or any part thereof, and such Purchaser has no present
intention of selling or granting any participation in or otherwise distributing the same, in any transaction in violation of the
securities Laws of the United States of America or any state, without prejudice, however, to such Purchaser’s right at all
times to sell or otherwise dispose of all or any part of the Purchased Units, the Redemption Units, the Warrants or the Warrant
Exercise Units under a registration statement under the Securities Act and applicable state securities laws or under an exemption
from such registration available thereunder (including, without limitation, if available, Rule 144 promulgated under the Securities
Act (“Rule 144”)).

 

    25

     

    

 

Section
4.04                     
Nature of Purchaser. Such Purchaser represents and warrants that (a) it is an institution that is an “accredited
investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, (b) by reason of its business and financial
experience it has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating
the merits and risks of the prospective investment in the Purchased Units and the Warrants, is able to bear the economic risk
of such investment and, at the present time, would be able to afford a complete loss of such investment and (c) it is not acquiring
the Purchased Units and the Warrants with a view to, or for offer or sale in connection with, any distribution thereof that could
result in such Purchaser being an “underwriter” within the meaning of section 2(11) of the Securities Act or result
in any violation of the registration requirements of the Securities Act.

 

Section
4.05                     
Receipt of Information. Such Purchaser acknowledges that it (a) has access to the SEC Documents, (b)
has been provided a reasonable opportunity to ask questions of and receive answers from Representatives of the Partnership regarding
such matters and (c) has sought such financial, accounting, legal and tax advice as it has considered necessary to make an informed
investment decision with respect to the acquisition of the Purchased Units and the Warrants. Neither such inquiries nor any other
due diligence investigations conducted at any time by such Purchasers shall modify, amend or affect such Purchasers’ right
(i) to rely on the Partnership’s representations and warranties contained in Article III above or (ii) to indemnification
or any other remedy based on, or with respect to the accuracy or inaccuracy of, or compliance with, the representations, warranties,
covenants and agreements in any Transaction Agreement.

 

Section
4.06                     
Restricted Securities. Such Purchaser understands that the Purchased Units and the Warrants it is purchasing
are characterized as “restricted securities” under the federal securities Laws inasmuch as they are being acquired
from the Partnership in a transaction not involving a public offering and that under such Laws and applicable regulations such
securities may be resold without registration under the Securities Act only in certain limited circumstances. In this connection,
such Purchaser represents that it is knowledgeable with respect to Rule 144 of the SEC promulgated under the Securities Act.

 

Section
4.07                     
Certain Fees. No fees or commissions will be payable by such Purchaser to brokers, finders, or investment
bankers with respect to the sale of any of the Purchased Units or the Warrants or the consummation of the transactions contemplated
by this Agreement.

 

    26

     

    

 

 

Section
4.08          Domestic
Jurisdiction. Each Purchaser is either (a) an entity created or organized in the United States or under the law of the United
States or the law of any state of the United States that is classified as either a partnership or corporation for U.S. federal
income tax purposes or (b) a disregarded entity whose sole regarded owner is an entity described in clause (a).

 

Section
4.09          Legend.
It is understood that the certificates evidencing the Purchased Units and the Warrants will bear the following legend:

 

“These
securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or
the securities laws of any state or other jurisdiction. These securities may not be sold or offered for sale, pledged or hypothecated
except pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration
thereunder, in each case in accordance with all applicable securities laws of the states or other jurisdictions, and in the case
of a transaction exempt from registration, such securities may only be transferred if the transfer agent for such securities has
received documentation satisfactory to it that such transaction does not require registration under the Securities Act.”

 

Section
4.10          Reliance
on Exemptions. Each Purchaser understands that the Purchased Units and the Warrants are being offered and sold to such Purchaser
in reliance upon specific exemptions from the registration requirements of United States federal and state securities Laws and
that the Partnership is relying upon the truth and accuracy of, and Purchaser’s compliance with, the representations, warranties,
agreements, acknowledgments and understandings of Purchaser set forth herein in order to determine the availability of such exemptions
and the eligibility of Purchaser to acquire the Purchased Units and the Warrants.

 

Section
4.11          Authority.
Such Purchaser has all necessary power and authority to execute, deliver and perform its obligations under the Transaction Agreements
to which such Purchaser is a party and to consummate the transactions contemplated thereby. The execution, delivery and performance
by such Purchaser of the Transaction Agreements and the consummation of the transactions contemplated thereby, have been duly
authorized by all necessary action on its part, and, assuming the due authorization, execution and delivery by the other parties
thereto, the Transaction Agreements to which it is a party constitute the legal, valid and binding obligation 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.

 

Article
V 

COVENANTS

 

Section
5.01          Taking
of Necessary Action. Each of the Parties hereto shall use its commercially reasonable efforts to promptly 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. Each of the Partnership and the
Purchasers agree to execute and deliver all such documents or instruments, to take all appropriate action it determines to be
necessary, proper or advisable under applicable Laws and regulations or as otherwise reasonably requested by the other to consummate
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 Purchasers or the Partnership, as the case may be, advisable for the consummation of the
transactions contemplated by the Transaction Agreements.

 

    27

     

    

 

Section
5.02          Public
Announcements. The initial press release with respect to the transactions contemplated hereby shall be a joint press release
to be reasonably agreed upon by the Partnership and the Purchasers. Thereafter, neither the Partnership nor the Purchasers shall
make any press release or other public announcement with respect to the transactions contemplated hereby without the prior written
consent of the other Party (which consent shall not be unreasonably withheld, conditioned or delayed).

 

Section
5.03          Disclosure;
Public Filings. The Partnership may, without prior written consent or notice, (a) file the Transaction Agreements as
exhibits to Exchange Act reports and (b) disclose such information with respect to any Purchaser as required by applicable
Law or the rules or regulations of the NYSE or other exchange on which securities of the Partnership are listed or traded. The
Partnership shall, on or before the fourth Business Day following the date hereof, file one or more Current Reports on Form 8-K
with the SEC (the “8-K Filing”) describing the terms of the transactions contemplated by the Transaction Agreements
and including as exhibits to such 8-K Filing, the Transaction Agreements in the form required by the Exchange Act. Notwithstanding
anything contained herein to the contrary, the Partnership shall use commercially reasonable efforts to consult with the Purchasers
in preparing any public disclosure that includes information regarding a Purchaser (including the 8-K Filing) and provide Purchasers
with drafts of any of the foregoing for Purchasers’ review and comment.

 

Section
5.04          Partnership
Fees. 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 General
Partner, the Partnership or any other Partnership Entity in connection with the sale of the Purchased Units and the Warrants or
the consummation of the transactions contemplated by this Agreement.

 

Section
5.05          Purchaser
Fees. Except to the extent of any Reimbursable Expenses that are paid by the Partnership in accordance with Section 6.02(m),
each Purchaser agrees, severally and not jointly, that it will indemnify and hold harmless the General Partner and the Partnership
Entities from and against any and all claims, demands, or liabilities for broker’s, finder’s, placement, or other
similar fees or commissions incurred by such Purchaser in connection with the purchase of the Purchased Units and the Warrants
or the consummation of the transactions contemplated by this Agreement.

 

Section
5.06          Use
of Proceeds. The Partnership will use the net proceeds from the sale of Class D Preferred Units and Warrants under this Agreement
to pay for a portion of the purchase price of the Acquisition and to pay out-of-pocket fees and expenses incurred by the Partnership
in connection with the Acquisition and the transactions contemplated by this Agreement, including the Closing Fee.

 

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Section
5.07          Transfer
Taxes. The Partnership shall be responsible for any transfer Taxes or other similar Taxes required to be paid and shall comply
with all laws imposing such Taxes and any applicable reporting requirements, in each case, in connection with the sale of the
Purchased Units and the Warrants by the Partnership to the Purchasers.

 

Section
5.08          DTC
Eligibility. The Partnership will cooperate with the Purchasers and use its commercially reasonable efforts to permit the
Purchased Units to be eligible for clearance and settlement through the facilities of The Depository Trust Company by the earlier
of the first (1st) anniversary of Closing Date or the time by which the Purchased Units have been registered under the Securities
Act; provided that the refusal by The Depositary Trust Company to grant the Purchased Units such eligibility shall not
be construed as the Partnership’s failure to comply with this Section 5.08.

 

Section
5.09          Acquisition
Agreement. The Partnership shall as promptly as practicable and in no event less than one (1) Business Day after delivery
or receipt, as applicable, provide each Purchaser with a copy of any notice given or received by any Partnership Entity under
the Acquisition Agreement, and shall promptly provide notice when any Partnership Entity becomes aware of any breach of the Acquisition
Agreement that would be reasonably expected to give rise to a right of indemnification on behalf of a Partnership Entity or any
of its Affiliates or the failure to satisfy any closing condition contained in the Acquisition Agreement, including, without limitation,
any breach of any representation, warranty or covenant of Hillstone Parties, any Partnership Entity or any of the other parties
to the Acquisition Agreement, as applicable, contained therein. Prior to the Closing, none of the Partnership Entities will modify,
amend, or waive (including the waiver of any conditions), or provide any consent under, any provision of the Acquisition Agreement
that is material to the rights of any Partnership Entity or the Purchasers without the prior written consent of a Purchaser Majority.

 

Article
VI 

CLOSING CONDITIONS

 

Section
6.01          Conditions
to Closing.

 

(a)              Mutual
Conditions. The respective obligation of each Party to consummate the purchase and issuance and sale of Purchased Units and
Warrants at Closing shall be subject to the satisfaction on or prior to the Closing Date, as applicable, of each of the following
conditions (any or all of which may be waived by a particular Party on behalf of itself in writing, in whole or in part, to the
extent permitted by applicable Law):

 

(i)              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 by this Agreement illegal;

 

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(ii)              there
shall not be pending any Action by any Governmental Authority seeking to restrain, preclude, enjoin or prohibit the transactions
contemplated by this Agreement; and

 

(iii)             the
Warrant Exercise Units and the Redemption Units shall have been approved for listing on the NYSE, subject to notice of issuance.

 

(b)              Each
Purchaser’s Conditions in Connection with Closing. The respective obligation of each Purchaser to consummate the purchase
of its Purchased Units and Warrants on the Closing Date in accordance with Schedule A hereto at the Closing shall be subject
to the satisfaction on or prior to the Closing Date, as applicable, of each of the following conditions (any or all of which may
be waived by a particular Purchaser only on behalf of itself in writing, in whole or in part):

 

(i)              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;

 

(ii)             (A)
(1) the Partnership Fundamental Representations and (2) any other representations and warranties of the Partnership contained
in this Agreement that are qualified by materiality or Partnership Material Adverse Effect shall be true and correct when made
and as of the Closing Date, and (B) all other representations and warranties of the Partnership shall be true and correct in all
material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that
representations made as of a specific date shall be required to be true and correct as of such date only);

 

(iii)            there
shall not have occurred or be ongoing a Partnership Material Adverse Effect;

 

(iv)            the
Partnership shall have concurrently with the Closing consummated the Acquisition on substantially the terms set forth in the Acquisition
Agreement, with only such amendments, supplements, waivers or other modifications
to the Acquisition Agreement that are not material to the rights of any Partnership Entity or the Purchasers or have been
consented to by a Purchaser Majority; and

 

(v)             the
Partnership shall have delivered, or caused to be delivered, to the Purchasers the Partnership’s closing deliveries described
in Section 6.02.

 

(c)              The
Partnership’s Conditions. The obligation of the Partnership to consummate the sale of the Purchased Units and Warrants
to each of the Purchasers shall be subject to the satisfaction on or prior to Closing Date, as applicable, of each of the following
conditions with respect to each Purchaser individually and not the Purchasers jointly (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):

 

    30

     

    

 

(i)              each
Purchaser shall have performed and complied with the covenants and agreements contained in this Agreement that are required to
be performed and complied with by that Purchaser on or prior to the Closing Date;

 

(ii)              (A)
(1) the Purchaser Fundamental Representations and (2) the other representations and warranties of each Purchaser contained in
this Agreement that are qualified by materiality or Purchaser Material Adverse Effect shall be true and correct when made and
as of the Closing Date, and (B) all other representations and warranties of such Purchaser shall be true and correct in all material
respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations
made as of a specific date shall be required to be true and correct as of such date only); and

 

(iii)            each
Purchaser shall have delivered, or caused to be delivered, to the Partnership such Purchaser’s closing deliveries set forth
in Section 6.03.

 

Section
6.02          Partnership
Deliveries. At the Closing, subject to the terms and conditions of this Agreement, the Partnership will deliver, or cause
to be delivered, to each Purchaser:

 

(a)              evidence
of the Purchased Units being credited to book-entry accounts maintained by the transfer agent of the Partnership, bearing the
legend or restrictive notation set forth in Section 4.09, and meeting the requirements of the Amended Partnership Agreement,
free and clear of any Liens, other than transfer restrictions under the Amended Partnership Agreement and applicable federal and
state securities laws;

 

(b)              a
certificate of the Secretary of State of the State of Delaware, dated as of a recent date, to the effect that each of the General
Partner and the Partnership is in good standing;

 

(c)              an
opinion addressed to the Purchasers from Hunton Andrews Kurth LLP, special counsel to the Partnership dated such Closing Date,
substantially similar in substance to the form of opinion attached to this Agreement as Exhibit C;

 

(d)              the
Amended and Restated Registration Rights Agreement, duly executed by the General Partner on behalf of the Partnership, in substantially
the form attached to this Agreement as Exhibit A;

 

(e)              the
Amended Partnership Agreement, duly executed by the General Partner, in substantially the form attached to this Agreement as Exhibit
B;

 

(f)               an
Officer’s Certificate, duly executed by the Chief Executive Officer or the Chief Financial Officer of the General Partner,
in substantially the form attached to this Agreement as Exhibit E;

 

(g)              a
supplemental listing application, duly submitted by the Partnership to the NYSE, pursuant to which the NYSE has approved, subject
to issuance, the Warrant Exercise Units and the Redemption Units for listing by the NYSE;

 

    31

     

    

 

(h)              the
Par Warrant duly executed by the Partnership and exercisable to purchase such number of Warrant Exercise Units set forth across
from each Purchaser’s name on Schedule A hereto, subject to adjustment as provided in the terms thereof, in substantially
the form attached to this Agreement as Exhibit G;

 

(i)              the
Premium Warrant duly executed by the Partnership and exercisable to purchase such number of Warrant Exercise Units set forth across
from each Purchaser’s name on Schedule A hereto, subject to adjustment as provided in the terms thereof, in substantially
the form attached to this Agreement as Exhibit H;

 

(j)              a
certificate executed by the Secretary or Assistant Secretary of the General Partner, on behalf of the Partnership, certifying
as to (i) the certificate of formation of the General Partner, the GP LLC Agreement, the certificate of limited partnership of
the Partnership, and the Amended Partnership Agreement, (ii) board resolutions authorizing the execution and delivery of the Transaction
Agreements and the consummation of the transactions contemplated thereby and (iii) the incumbent officers authorized to execute
the Transaction Agreements, setting forth the name and title and bearing the signatures of such officers;

 

(k)              a
cross receipt, dated as of the Closing Date, executed by the Partnership confirming that the Partnership has received such Purchaser’s
Purchase Price;

 

(l)              a
duly executed waiver of the General Partner with respect to certain of its rights under the Partnership Agreement, in substantially
the form attached hereto as Exhibit D;

 

(m)            (i)
to the payees set forth in an Expense Notice delivered by a Purchaser to the Partnership in accordance with Section 2.02,
payment by the Partnership on behalf of such Purchaser of such Purchaser’s Reimbursable Expenses to each payee set forth
in such Expense Notice in the amount set forth opposite such payee’s name on such Expense Notice, in each case in cash by
wire transfer of immediately available funds to the bank account or accounts set forth across such payee’s name in the Expense
Notice (subject to Section 8.15), and (ii) to each Person set forth on Schedule B hereto, payment of such Person’s
portion of the Closing Fee in the amount set forth opposite such Person’s name on Schedule B hereto in cash by wire
transfer of immediately available funds to the bank account or accounts designated by Purchasers in the Expense Notice; and

 

(n)              such
other documents relating to the transactions contemplated by this Agreement as the Purchasers or their counsel may reasonably
request.

 

Section
6.03        Purchaser
Deliveries. At Closing, subject to the terms and conditions of this Agreement, each Purchaser is delivering, or causing to
be delivered, to the Partnership:

 

(a)              payment
to the Partnership, by wire transfer(s) of immediately available funds to the Partnership Bank Account, of such Purchaser’s
Purchase Price;

 

(b)              the
Amended and Restated Registration Rights Agreement, duly executed by such Purchaser, in substantially the form attached to this
Agreement as Exhibit A;

 

    32

     

    

 

(c)              an
Officer’s Certificate, duly executed by an officer of such Purchaser, in substantially the form attached to this Agreement
as Exhibit F;

 

(d)              the
Class D Preferred Unit Representative Consent, duly executed by the Class D Unit Representative (as defined in the Partnership
Agreement), in substantially the form attached to this Agreement as Exhibit I;

 

(e)              solely
with respect to the Foundation Purchaser, a completed Internal Revenue Service Form W-9; and

 

(f)              a
cross receipt, dated as of the Closing Date, executed by such Purchaser confirming that such Purchaser has received the Purchased
Units and Warrants being purchased by such Purchaser on the Closing Date pursuant hereto.

 

Article
VII 

INDEMNIFICATION, COSTS AND EXPENSES

 

Section
7.01          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 costs, losses, liabilities, damages, or expenses,
actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action 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 or in any certificate or instrument delivered by or on behalf of the Partnership hereunder, 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 (whether or not a party thereto), 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
to the extent applicable (it being understood that for purposes of determining when an indemnification claim has been made, the
date upon which a Purchaser Related Party has given notice (stating in reasonable detail the basis of the claim for indemnification)
to the Partnership shall constitute the date upon which such claim has been made); and provided further, that no Purchaser
Related Party shall be entitled to recover special, consequential (including lost profits) or punitive damages under this Section
7.01 (other than any such damages to the extent that such damages (x) are in the form of diminution in value or (y) arise
from Third Party Claims).

 

Section
7.02          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 or in any certificate
or instrument delivered by such Purchaser hereunder; provided that such claim for indemnification relating to a breach
of a representation or warranty is made prior to the expiration of such representation or warranty (it being understood that for
purposes of determining when an indemnification claim has been made, the date upon which a Partnership Related Party has given
notice (stating in reasonable detail the basis of the claim for indemnification) to the Purchasers shall constitute the date upon
which such claim has been made); and provided further, that no Partnership Related Party shall be entitled to recover special,
consequential (including lost profits) or punitive damages under this Section 7.02 (other than any such damages to the
extent that such damages (x) are in the form of diminution in value or (y) arise from Third Party Claims); provided further,
that in no event will such Purchaser be liable under this Section 7.02 for any amount in excess of the sum total of its
Purchase Price as set forth opposite such Purchaser’s name on Schedule A hereto.

 

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Section
7.03          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 party,
which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement (each a “Third Party Claim”),
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, 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 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 different from those available to 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 the foregoing, the Indemnifying Party shall not be entitled to assume the
defense of any third party indemnity claim (but shall be liable for the reasonable fees and expenses of counsel incurred by the
Indemnified Party in defending such third party indemnity claim) if the third party indemnity claim seeks an order, injunction
or other equitable relief or relief for other than money damages against the Indemnified Party which the Indemnified Party reasonably
determines, after conferring with its outside counsel, cannot be separated from any related claim for money damages. If such equitable
relief or other relief portion of the third party indemnity claim can be so separated from that for money damages, the Indemnifying
Party shall be entitled to assume the defense of the portion relating to money damages. 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, involves no admission of wrongdoing or malfeasance by, and includes
a complete release from liability of, the Indemnified Party.

 

    34

     

    

 

Section
7.04          Tax
Treatment. All indemnification payments under this Article VII shall be adjustments to the Per Unit Price except as
otherwise required by applicable Law.

 

Article
VIII 

MISCELLANEOUS

 

Section
8.01          Interpretation.
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 a party has an obligation under the Transaction Agreements, the
expense of complying with such obligation shall be an expense of such party unless otherwise specified therein. Whenever any determination,
consent or approval is to be made or given by a Purchaser under the Transaction Agreements, such action shall be in such Purchaser’s
sole discretion, unless otherwise specified therein. If any provision in the Transaction Agreements is held to be illegal, invalid,
not binding, or unenforceable, such provision shall be fully severable and the Transaction Agreements shall be construed and enforced
as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of the Transaction Agreements,
and the remaining provisions shall remain in full force and effect. If the last day of such period is not a Business Day, the
period in question shall end on the next succeeding Business Day. Any words imparting the singular number only shall include the
plural and vice versa. Words such as “herein,” “hereinafter,” “hereof” and “hereunder”
refer to this Agreement as a whole and not merely to a subdivision of this Agreement in which such words appear unless the context
otherwise requires. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions
and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting
this Agreement. The Transaction Agreements have been reviewed and negotiated by sophisticated parties with access to legal counsel
and shall not be construed against the drafter.

 

    35

     

    

 

Section
8.02          Survival
of Provisions. The representations and warranties set forth in Section 3.01 (Valid Existence - General Partner and
Partnership), Section 3.02 (Capitalization), Section 3.03 (Subsidiaries), Section 3.10 (No Material Adverse
Change), Section 3.11 (Authority; Enforceability), Section 3.14 (Valid Issuance), Section 3.23 (No Preemptive
Rights; Registration Rights Priority), Section 3.24 (MLP Status), Section 3.25 (Investment Company Status), Section
3.26 (No Registration Required), Section 3.27 (No Integration), Section 3.28 (Certain Fees - Partnership) and
Section 3.37 (No Restrictions on Dividends) of this Agreement (collectively, the “Partnership Fundamental Representation”),
and the representations and warranties set forth in Section 4.01 (Valid Existence - Purchasers), Section 4.03 (Investment),
Section 4.04 (Nature of Purchaser), Section 4.07 (Certain Fees) and Section 4.11 (Authority - Purchasers)
of this Agreement (collectively, the “Purchaser Fundamental Representations”), shall survive the execution and delivery
of this Agreement indefinitely, and the other representations and warranties set forth in this Agreement shall survive until the
date that is ninety (90) days following the filing of the Partnership’s Annual Report on Form 10-K for the fiscal year ended
March 31, 2020 regardless of any investigation made by or on behalf of the Partnership or any Purchaser. The covenants made in
this Agreement or any other Transaction Agreement shall survive the Closing indefinitely until fully performed in accordance with
this Agreement and remain operative and in full force and effect regardless of acceptance of any of the Purchased Units or Warrants
and payment therefor and repayment, conversion, exercise, redemption or repurchase thereof. All indemnification obligations of
the Partnership and the Purchasers pursuant to this Agreement 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.

 

Section
8.03          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 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; Amendment. 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 Parties or each of the original signatories thereto affected
by such amendment, waiver, consent, modification or termination. Any amendment, supplement or modification of or to any provision
hereof, any waiver of any provision hereof and any consent to any departure by the Partnership from the terms of any provision
hereof 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.

 

    36

     

    

 

Section
8.04           Binding
Effect; Assignment.

 

(a)               Binding
Effect. This Agreement shall be binding upon the Partnership, each Purchaser 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 as provided in Article VII, 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 by delivery of an agreement to be bound and
a revised Schedule A. 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 written consent of the Partnership (such consent not to be unreasonably withheld).

 

Section
8.05          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, electronic mail or personal delivery to the following
addresses:

 

(a)              If
to any Purchaser:

 

To
such Purchaser’s address listed on Schedule A hereto or such other address as such Purchaser shall have specified
by written notice to the Partnership.

 

With
a copy to (which shall not constitute notice):

 

	Kirkland
    & Ellis LLP
	609
    Main Street
	Houston,
    Texas 77002
	Attn:	John
    D. Pitts, P.C.
	Email:	john.pitts@kirkland.com

 

(b)           If
to the Partnership:

 

	6120
    South Yale Avenue, Suite 805
	Tulsa,
    OK 74136
	Attention:	Kurston
    P. McMurray
	Facsimile:	918-481-5896
	Email:	kurston.mcmurray@nglep.com

 

With
a copy to (which shall not constitute notice):

 

	Hunton
    Andrews Kurth LLP
	600
    Travis, Suite 4200
	Houston,
    TX 77002
	Attention:	G.
    Michael O’Leary
	Facsimile:	713-220-4285
	Email:	moleary@huntonak.com

 

    37

     

    

 

	Hunton
    Andrews Kurth LLP
	600
    Travis, Suite 4200
	Houston,
    TX 77002
	Attention:	Henry
    Havre
	Facsimile:	713-220-4285
	Email:	henryhavre@huntonak.com

 

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 prior to 5:00 p.m., Central Time on the date submitted; on the next succeeding Business Day, if sent via electronic mail
at or after 5:00 p.m., Central Time on the date submitted; 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
8.06          Entire
Agreement. This Agreement and the other Transaction Agreements 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 and therein, with respect to the rights granted by the Partnership or a Purchaser
set forth herein and therein. This Agreement and the other Transaction Agreements supersede all prior agreements and understandings
between the Parties with respect to such subject matter. The Schedules and Exhibits referred to herein and attached hereto are
incorporated herein by this reference, and unless the context expressly requires otherwise, are incorporated in the definition
of “Agreement.”

 

Section
8.07          Governing
Law; Submission to Jurisdiction. This Agreement, and all claims or causes of action (whether in contract or tort) that may
be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination or performance or nonperformance
of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty
made in or in connection with this Agreement or as an inducement to enter into 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 of laws that might otherwise
require the application of the laws of any other jurisdiction. Any action against any party relating to the foregoing shall be
brought in any federal or state court of competent jurisdiction located within New York, New York. The Parties hereby submit to
the non-exclusive jurisdiction of any U.S. federal or state court located in the Borough of Manhattan, the City and County of
New York in any action, suit or proceeding arising out of or based upon this Agreement or any of the transactions contemplated
hereby. The Parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they may
now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for
the maintenance of such dispute. Each of the Parties hereto agrees that a judgment in any such dispute may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law.

 

    38

     

    

 

Section
8.08          Waiver
of Jury Trial. THE PARTIES TO THIS AGREEMENT EACH HEREBY IRREVOCABLY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING
UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT
OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER
OF THEIR RIGHT TO TRIAL BY JURY.

 

Section
8.09          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.

 

Section
8.10          Termination.

 

(a)              Notwithstanding
anything herein to the contrary, this Agreement may be terminated at any time at or prior to the Closing:

 

(i)              by
the mutual written consent of the Partnership and a Purchaser Majority;

 

(ii)             by
written notice from the Partnership or a Purchaser Majority, 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, in each case that
permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement
or makes the transactions contemplated by this Agreement illegal, and such statute, rule, order, decree, regulation or action
by a Governmental Authority of competent jurisdiction shall have become final and nonappealable;

 

(iii)            automatically
without further action by any Party, if the Acquisition Agreement is terminated for any reason prior to the Closing;

 

(iv)            by
written notice from the Partnership to a Purchaser Majority, if there have been one or more inaccuracies in, or breaches of, one
or more representations, warranties, covenants or agreements made by the Purchasers in this Agreement such that the conditions
in Section 6.01(c)(i) or Section 6.01(c)(ii) would not be satisfied and that have not been cured by the Purchasers
within thirty (30) days after receipt by the Purchasers of written notice from the Partnership requesting such inaccuracies or
breaches to be cured;

 

    39

     

    

 

(v)             by
written notice from a Purchaser Majority to the Partnership, if there have been one or more inaccuracies in, or breaches of, one
or more representations, warranties, covenants or agreements made by the Partnership in this Agreement such that the conditions
in Section 6.01(b)(i) or Section 6.01(b)(ii) would not be satisfied and that have not been cured by the Partnership
within thirty (30) days after receipt by the Partnership of written notice from a Purchaser Majority requesting such inaccuracies
or breaches to be cured; or

 

(vi)            by
written notice from the Partnership or a Purchaser Majority, if the Closing shall not have occurred on or before November 30,
2019 (“Outside Date”); provided, however, if the outside date of November 30, 2019 in Section 8.1(c)
of the Acquisition Agreement is extended in accordance with the terms and subject to the conditions set forth the Acquisition
Agreement, then the Outside Date will automatically be extended to such new outside date without any action on the part of the
Parties hereto.

 

(b)              In
the event of the termination of this Agreement as provided in Section 8.10(a), this Agreement shall forthwith become null
and void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the Parties,
in each case, except (i) as set forth in the immediately succeeding sentence and (ii) that this Article VIII shall survive
the termination of this Agreement. In the event of such termination, there shall be no liability on the part of any Party hereto
(or any Affiliates of a Party), except with respect to the requirement to comply with the Confidentiality Agreement; provided
that nothing herein shall relieve any Party from (1) any liability arising from any breach by such Party of its obligations
under this Agreement arising prior to such termination or (2) any liability or obligation with respect to fraud or any willful
breach of this Agreement.

 

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

 

Section
8.12          Exclusive
Remedy. The sole and exclusive remedy for any and all claims arising under, out of, or related to this Agreement or the transactions
contemplated hereby, shall be the rights of indemnification set forth in Article VII only and, to the fullest extent permitted
by Law, no Person will have any other entitlement, remedy or recourse, whether in contract, tort or otherwise, it being agreed
that all of such other remedies, entitlements and recourse are expressly waived and released by the Parties hereto to the fullest
extent permitted by Law. Notwithstanding anything in the foregoing to the contrary, nothing in this Agreement shall limit or otherwise
restrict a fraud claim brought by any party hereto or the right to seek specific performance pursuant to Section 8.11.

 

    40

     

    

 

Section
8.13          No
Recourse Against Others.

 

(a)              All
claims, obligations, liabilities, or causes of action (whether in contract or in tort, in law or in equity, or granted by statute)
that may be based upon, in respect of, arise under, out or by reason of, be connected with, or relate in any manner to this Agreement,
or the negotiation, execution, or performance of this Agreement (including any representation or warranty made in, in connection
with, or as an inducement to, this Agreement), may be made only against (and are expressly limited to) the Partnership and the
Purchasers. To the fullest extent permitted by Law, no Person other than the Partnership or the Purchasers, including any equityholder,
Affiliate or Representative thereof, nor any equityholder, Affiliate or Representative of any of the foregoing, shall have any
liability (whether in contract or in tort, in law or in equity, or granted by statute) for any claims, causes of action, obligations
or liabilities arising under, out of, in connection with, or related in any manner to this Agreement or based on, in respect of,
or by reason of this Agreement or its negotiation, execution, performance or breach; and, to the maximum extent permitted by Law,
each of the Partnership and each Purchaser hereby waives and releases all such liabilities, claims, causes of action and obligations
against any such third Person.

 

(b)              Without
limiting the foregoing, to the maximum extent permitted by Law, (i) the Partnership and each Purchaser hereby waives and releases
any and all rights, claims, demands, or causes of action that may otherwise be available at law or in equity, or granted by statute,
to avoid or disregard the entity form of the other or otherwise impose liability of the other on any third Person in respect of
the transactions contemplated hereby, whether granted by statute or based on theories of equity, agency, control, instrumentality,
alter ego, domination, sham, single business enterprise, piercing the veil, unfairness, undercapitalization, or otherwise; and
(ii) the Partnership and each Purchaser disclaims any reliance upon any third Person with respect to the performance of this Agreement
or any representation or warranty made in, in connection with, or as an inducement to this Agreement.

 

Section
8.14          No
Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is
intended to or shall confer upon any Person, other than the Partnership and the Purchasers, (and (a) for purposes of Article
III and Article IV and this Section 8.14 only, the Placement Agent; (b) for purposes of Article VII only,
the Purchaser Related Parties and the Partnership Related Parties; and (c) for purposes of Section 8.13 only, the Placement
Agent and any equityholder, Affiliate or Representative of the Partnership or the Purchasers, or any equityholder, Affiliate or
Representative of any of the foregoing), any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement;
it being understood and agreed, that, notwithstanding anything to the contrary contained herein, the Placement Agent shall be
entitled to rely on Article III and Article IV, Section 8.13 and this Section 8.14. Notwithstanding
anything to the contrary contained herein, Article III and Article IV, Section 8.13 and this Section 8.14
may not be modified, waived or terminated in any manner that impacts or is adverse in any respect to the Placement Agent without
the prior written consent of the Placement Agent. Notwithstanding anything to the contrary set forth herein, the Purchasers may
without the consent of any other party grant powers of attorney, operative only upon an event of default of the Partnership in
respect of its obligation under Article II to deliver the Purchased Units and the Warrants to the relevant Purchaser upon
payment of the relevant Purchase Price in accordance with the terms of this Agreement, to any lenders, administrative agent or
collateral agent under any Permitted Loan, in each case to act on behalf of the Purchaser to enforce such obligation.

 

    41

     

    

 

Section
8.15          Expenses.
All costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection
with the Transaction Agreements and the transactions contemplated thereby shall be paid by the Party incurring such costs and
expenses; provided that, at the Closing, the Partnership shall pay, on behalf of each Purchaser in accordance with such
Purchaser’s Expense Notice and Section 6.02(m), all of such Purchaser’s reasonable out-of-pocket expenses,
actually incurred by such Purchaser prior to the Closing in connection with the consummation of the transactions contemplated
by the Transaction Agreements (such fees and expenses, collectively, the “Reimbursable Expenses”) up to an
amount not to exceed $500,000 in the aggregate for the EIG Purchasers and $167,000 in the aggregate for the Foundation Purchaser,
it being understood that such expense cap shall be reduced by any amounts actually paid by the Partnership to the applicable Purchaser(s)
in respect of the Reimbursable Expenses prior to the Closing.

 

Section
8.16          Removal
of Legend. In connection with a sale of the Purchased Units, Warrants, Redemption Units or Warrant Exercise Units by a Purchaser
in reliance on Rule 144, the applicable Purchaser or its broker shall deliver to the Partnership and its transfer agent a broker
representation letter providing to the Partnership and its transfer agent any information the Partnership deems necessary to determine
that such sale is made in compliance with Rule 144, including, as may be appropriate, a certification that the applicable Purchaser
is not an affiliate of the Partnership (as defined in Rule 144) and regarding the length of time the Purchased Units, Warrants,
Redemption Units or Warrant Exercise Units, as applicable, have been held. Upon receipt of such representation letter, the Partnership
shall promptly direct its transfer agent to remove the notation of a restricted legend, including the legend referred to in Section
4.09, from the appropriate book-entry accounts maintained by the transfer agent, and the Partnership shall bear all costs
associated therewith (including paying the reasonable customary cost of any legal opinion required by the transfer agent to be
rendered in connection with the removal of such legend). After a Purchaser or its permitted assigns have held the Purchased Units,
Warrants, Redemption Units or Warrant Exercise Units for such time as non-affiliates (as such term is used in Rule 144) are permitted
to sell without the requirement for the Partnership to be in compliance with the current public information required under Rule
144(c)(1) (or Rule 144(i)(2), if applicable) as to such Purchased Units, Warrants, Redemption Units or Warrant Exercise Units
and without volume or manner of sale restrictions under Rule 144, if the book-entry accounts for such Purchased Units, Warrants,
Redemption Units or Warrant Exercise Units still bear the restrictive legend referred to in Section 4.09, the Partnership
agrees, upon request of such Purchaser or permitted assignee, to take all steps necessary to promptly effect the removal of the
legend described in Section 4.09 therefrom, and the Partnership shall bear all costs associated therewith (including paying
the reasonable customary cost of any legal opinion required by the transfer agent to be rendered in connection with the removal
of such legend), regardless of whether the request is made in connection with a sale or otherwise, so long as such Purchaser or
its permitted assigns provide to the Partnership any information the Partnership deems reasonably necessary to determine that
the legend is no longer required under the Securities Act, the Securities Act Regulations or applicable state laws, including
a certification that the holder is not an affiliate of the Partnership (as defined in Rule 144) (and a covenant to inform the
Partnership if it should thereafter become an affiliate (as defined in Rule 144) and to consent to the placing of an appropriate
restrictive legend on the applicable Purchased Units in such case) and regarding the length of time the Purchased Units, Warrants,
Redemption Units or Warrant Exercise Units have been held. The Partnership shall cooperate with the Purchasers to effect the removal
of the legend referred to in Section 4.09 at any time such legend is no longer appropriate.

 

(Signature
Pages Follow)

 

    42

     

    

 

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

 

	 	PARTNERSHIP:
	 	 
	 	NGL
    ENERGY PARTNERS LP
	 	 	 
	 	By:	NGL
    Energy Holdings LLC,
	 	 	its
    General Partner
	 	 	 
	 	By:	/s/
    H. Michael Krimbill
	 	Name:	H.
    Michael Krimbill
	 	Title:	Chief
    Executive Officer

 

Signature
Page to Class D Preferred Unit and Warrant Purchase Agreement

 

    

     

    

 

	 	PURCHASERS:
	 	 	 
	 	EIG
    NEPTUNE EQUITY AGGREGATOR, L.P.
	 	 	 
	 	By:	EIG
    Neptune Equity GP, LLC, 

    its general partner
	 	 	 
	 	By:	EIG
    Asset Management, LLC, 

    its managing member
	 	 	 
	 	By:	/s/
    Brian P. Boland
	 	Name:	Brian
    P. Boland
	 	Title:	Managing
    Director
	 	 	 
	 	By:	/s/
    Michael Ravvin
	 	Name:	Michael
    Ravvin 
	 	Title:	Associate
    Counsel
	 	 	 
	 	FS
    ENERGY AND POWER FUND
	 	 	 
	 	By:	FS/EIG
    Advisor, LLC,

    its investment advisor
	 	 	 
	 	By:	/s/
    Brian P. Boland
	 	Name:	Brian
    P. Boland
	 	Title:	Authorized
    Person
	 	 	 
	 	By:	/s/
    Michael Ravvin
	 	Name:	Michael
    Ravvin
	 	Title:	Authorized
    Person

 

Signature
Page to Class D Preferred Unit and Warrant Purchase Agreement

 

    

     

    

 

	 	GCM
    PELLIT HOLDINGS, LLC
	 	 	 
	 	By:	CFIG
    Holdings, LLC,
	 	 	its
    Managing Member
	 		 
	 	By:	/s/ Todd Henigan
	 	Name:	Todd Henigan
	 	Title:	Authorized
    Signatory 

 

Signature
Page to Class D Preferred Unit and Warrant Purchase Agreement

 

    

     

    

 

Schedule A

 

	Purchaser	 	Class D 
 Preferred Units	 	 	Par Warrant	 	 	Premium 

Warrant	 	Purchase Price	 
	EIG Neptune Equity Aggregator, L.P.
  
 Notice Information
  
 c/o EIG Management Company, LLC
 1700 Pennsylvania Avenue NW, Suite 800
 Washington, DC 20006
 Attn:      Brian Boland
               Nicholas Williams
 Email:   brian.boland@eigpartners.com
               nick.williams@eigpartners.com
 Telephone:        (202) 600-3338
                           (713) 615-7440
 Facsimile:         (202) 600-3438
	 	 	118,750	 	 	 	2,078,125 Warrant Exercise Units.	 	 	2,968,750 Warrant Exercise Units.	 		$118,750,000	 
	 
FS Energy and Power Fund
  
 Notice Information
  
 c/o EIG Management Company, LLC
 1700 Pennsylvania Avenue NW, Suite 800
 Washington, DC 20006
 Attn:      Eric Long
               Andrew P. Jamison
 Email:   eric.long@eigpartners.com
               andy.jamison@eigpartners.com
 Telephone:        (202) 600-3693
                           (202) 600-3380
 Facsimile:         (202) 600-4205
	 	 	31,250	 	 	 	546,875 Warrant Exercise Units.	 	 	781,250 Warrant Exercise Units.	 		$31,250,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GCM Pellit Holdings, LLC
  
 Notice Information
  
 c/o GCM Customized Fund Investment Group, L.P.
 767 Fifth Avenue, 14th Floor
 New York, NY 10153
 Attn:    General Counsel
 Email:  legal@gcmlp.com
 Telephone:     (646) 362-3700
 Facsimile:      (646) 362-0902
	 	 	50,000	 	 	 	875,000 Warrant Exercise Units.	 	 	1,250,000 Warrant Exercise Units.	 		$50,000,000	 

 

 

    Schedule A - 1

     

    

  

Schedule B

 

	Payee	 	Amount of Closing Fee	 
	EIG Management Company, LLC	 	$	2,375,000	 
	FS/EIG Advisor, LLC	 	$	625,000	 
	GCM Pellit Holdings, LLC	 	$	1,000,000	 

 

    Schedule B - 1

     

    

   

Exhibit A

Form of Amended and Restated Registration Rights Agreement

 

(See Attached)

 

    

     

    

 

AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

BY AND AMONG

NGL ENERGY PARTNERS LP

AND

THE PURCHASERS NAMED HEREIN

 

 

This AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of [__], 2019, by and among NGL
Energy Partners LP, a Delaware limited partnership (the “Partnership”), EIG Neptune Equity Aggregator, L.P.,
a Delaware limited partnership (“Neptune”), FS Energy and Power Fund, a Delaware Statutory Trust (the “Trust”
and together with Neptune, the “Initial Purchasers”) and GCM Pellit Holdings, LLC (“Foundation”)
(each of the Initial Purchasers and , a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, the Initial
Purchasers previously entered into a Registration Rights Agreement dated as of July 2, 2019 (the “Original Registration
Rights Agreement”) and desire to amend and restate the Original Registration Rights Agreement to, among other things,
add Foundation as a Purchaser;

 

WHEREAS, this Agreement
is entered into in connection with the closing of the issuance and sale of the Additional Preferred Units (as defined below) and
the Additional Warrants (as defined below), pursuant to the Class D Preferred Unit and Warrant Purchase Agreement, dated as
of September 25, 2019 (the “Additional Purchase Agreement”), by and among the Partnership and the Purchasers;

 

WHEREAS, the Partnership
has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers pursuant
to the Additional Purchase Agreement; and

 

WHEREAS, it is a condition
to the obligations of each Purchaser and the Partnership under the Additional Purchase Agreement that this Agreement be executed
and delivered;

 

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 are hereby acknowledged by each party hereto, the parties hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.01Definitions.
Capitalized terms used herein without definition shall have the meanings given to them in the Additional Purchase Agreement. The
terms set forth below are used herein as so defined:

 

“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. For avoidance of doubt, for purposes of this Agreement, (i)
the Partnership, on the one hand, and the Purchasers, on the other hand, shall not be considered Affiliates and (ii) any fund,
entity or account managed, advised or sub-advised, directly or indirectly, by a Purchaser or any of its Affiliates, shall be considered
an Affiliate of such Purchaser. For purposes of this Agreement, any fund, entity or account managed, advised or sub-advised, directly
or indirectly, by any Purchaser or any of its Affiliates or the direct or indirect equity owners, including limited partners, of
such Purchaser or Affiliate, shall be considered an Affiliate of such Purchaser.

 

     

     

    

 

“Additional
Preferred Units” means the Class D Preferred Units of the Partnership initially purchased and sold pursuant to the Additional
Purchase Agreement and issued pursuant to the Seventh Partnership Agreement.

 

“Additional
Purchase Agreement” has the meaning specified therefor in the recitals of this Agreement.

 

“Additional
Warrants” means the warrants purchased and sold pursuant to the Additional Purchase Agreement.

 

“Agreement”
has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Business
Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in the
State of New York or State of Oklahoma are authorized or required by law or other governmental action to close.

 

“Common Unit”
has the meaning specified therefor in Article I of the Seventh Partnership Agreement.

 

“Common Unit
Price” means $[•].

 

“Common Unit
Registrable Securities” means the Common Units issued or issuable upon the exercise of the Warrants, and includes any
type of ownership interest issued to the Holders as a result of Section 3.04 of this Agreement.

 

“Delay Liquidated
Damages” has the meaning specified therefor in Section 2.03 of this Agreement.

 

“Effective
Date” means, with respect to a particular Shelf Registration Statement, the date of effectiveness of such Shelf Registration
Statement.

 

“Effectiveness
Deadline” has the meaning specified therefor in Section 2.01(a) of this Agreement.

 

“Effectiveness
Period” means the period beginning on the Effective Date for the Registration Statement and ending at the time all Registrable
Securities covered by such Registration Statement have ceased to be Registrable Securities.

 

    	 	2	 

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Existing
Registration Rights Agreement” means the First Amended and Restated Registration Rights Agreement dated as of October 3, 2011
by and among the Partnership and the investors party thereto, as amended from time to time.

 

“General Partner”
means NGL Energy Holdings LLC, a Delaware limited liability company.

 

“Governmental
Authority” means any federal, state, local or foreign government, or other governmental, regulatory or administrative
authority, agency or commission or any court, tribunal, or judicial or arbitral body.

 

“Holder”
means the record holder of any Registrable Securities. In accordance with Section 3.05 of this Agreement, for purposes of
determining the availability of any rights and applicability of any obligations under this Agreement, including, calculating the
amount of Registrable Securities held by a Holder, a Holder’s Registrable Securities shall be aggregated together with all
Registrable Securities held by other Holders who are Affiliates of such Holder.

 

“In-Kind LD
Amount” has the meaning specified therefor in Section 2.01(b) of this Agreement.

 

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

 

“Initial Closing
Date” means July 2, 2019.

 

“Initial Purchase
Agreement” means the Class D Preferred Unit and Warrant Purchase Agreement, dated as of July 2, 2019, by and among
the Partnership and the Initial Purchasers.

 

“Initial Purchasers”
has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Launch”
has the meaning specified therefor in Section 2.04 of this Agreement.

 

“Law”
means any statute, law, ordinance, regulation, rule, order, code, governmental restriction, decree, injunction or other requirement
of law, or any judicial or administrative interpretation thereof, of any Governmental Authority.

 

“LD Period”
has the meaning specified therefor in Section 2.01(b) of this Agreement.

 

“LD Termination
Date” has the meaning specified therefor in Section 2.01(b) of this Agreement.

 

“Liquidated
Damages” has the meaning specified therefor in Section 2.01(b) of this Agreement.

 

    	 	3	 

     

    

 

“Liquidated
Damages Multiplier” means the sum of (a) the product of the Common Unit Price times the number of Warrant Common Unit
Registrable Securities held by the applicable Holder plus (b) the product of the Preferred Unit Price times the number of
Preferred Unit Registrable Securities held by the applicable Holder.

 

“Losses”
has the meaning specified therefor in Section 2.09(a) of this Agreement.

 

“Managing
Underwriter” means, with respect to any Underwritten Offering, the book-running lead manager of such Underwritten Offering.

 

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

 

“Opt-Out Notice”
has the meaning specified therefor in Section 2.02(a) of this Agreement.

 

“Partnership”
has the meaning specified therefor in the introductory paragraph of this Agreement.

 

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

 

“Piggyback
Threshold Amount” means $5.0 million.

 

“Post-Launch
Withdrawing Selling Holders” has the meaning specified therefor in Section 2.04 of this Agreement.

 

“Preferred
Unit Price” means $1,000.

 

“Preferred
Units” means the (a) Class D Preferred Units of the Partnership initially purchased and sold pursuant to the Initial
Purchase Agreement and issued pursuant to the Sixth Partnership Agreement and (b) Class D Preferred Units of the Partnership initially
purchased and sold pursuant to the Additional Purchase Agreement and issued pursuant to the Seventh Partnership Agreement.

 

“Preferred
Unit Registrable Securities” means the Preferred Units, all of which are subject to the rights of Preferred Unit Registrable
Securities provided herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02.

 

“Purchaser”
and “Purchasers” have the meanings specified therefor in the introductory paragraph of this Agreement.

 

“Registrable
Securities” means the Common Unit Registrable Securities and the Preferred Unit Registrable Securities.

 

“Registrable
Securities Amount” means the calculation based on the product of the Common Unit Price times the number of Registrable
Securities.

 

    	 	4	 

     

    

 

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

 

“Registration
Statement” has the meaning specified therefor in Section 2.01(a) of this Agreement.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Selling Expenses”
has the meaning specified therefor in Section 2.08(b) of this Agreement.

 

“Selling Holder”
means a Holder who is selling Registrable Securities under a Registration Statement pursuant to the terms of this Agreement.

 

“Selling Holder
Indemnified Persons” has the meaning specified therefor in Section 2.09(a) of this Agreement.

 

“Seventh Partnership
Agreement” means the Seventh Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of [__],
2019.

 

“Shelf Registration
Statement” means a registration statement under the Securities Act to permit the public resale of the Registrable Securities
from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the
SEC then in effect).

 

“Sixth Partnership
Agreement” means the Sixth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of July
2, 2019.

 

“Underwritten
Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which Registrable Securities
are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a “bought
deal” with one or more investment banks.

 

“Underwritten
Offering Notice” has the meaning specified therefor in Section 2.04 of this Agreement.

 

“VWAP Price”
means, for each such period of measurement, the volume weighted average closing price of a Common Unit on the national securities
exchange on which the Common Units are then listed (or admitted to trading).

 

“Warrant”
means both (i) the warrants purchased and sold pursuant to the Initial Purchase Agreement and (ii) the Additional Warrants.

 

“Warrant Common
Unit Registrable Securities” means the Common Units issued or issuable upon the exercise of the Warrants.

 

    	 	5	 

     

    

 

Section 1.02    Registrable
Securities. Any Registrable Security shall cease to be a Registrable Security at the earliest of the following: (a) when
a registration statement covering such Registrable Security becomes or has been declared effective by the SEC and such Registrable
Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable Security
has been sold or disposed of (excluding transfers or assignments by a Holder to an Affiliate) pursuant to Rule 144 under the
Securities Act (or any successor or similar provision adopted by the SEC then in effect) under circumstances in which all of the
applicable conditions of Rule 144 (as then in effect) are met; (c) when such Registrable Security is held by the Partnership
or one of its direct or indirect subsidiaries; or (d) when such Registrable Security has been sold or disposed of in a private
transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant
to Section 2.11 hereof.

 

ARTICLE II

REGISTRATION RIGHTS

 

Section 2.01    Shelf
Registration.

 

(a)       Shelf
Registration. Within 180 calendar days of the Initial Closing Date, the Partnership shall use commercially reasonable efforts
to prepare and file a Shelf Registration Statement with the SEC to permit the public resale of all Registrable Securities on the
terms and conditions specified in this Section 2.01 (a “Registration Statement”). The Registration Statement
filed with the SEC pursuant to this Section 2.01(a) shall be on Form S-3 or, if Form S-3 is not then available
to the Partnership, on Form S-1 or such other form of registration statement as is then available to effect a registration
for resale of the Registrable Securities, covering the Registrable Securities, and shall contain a prospectus in such form as to
permit any Selling Holder covered by such Registration Statement to sell such Registrable Securities pursuant to Rule 415
under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) at any time beginning on the
Effective Date for such Registration Statement; provided, however, such Registration Statement shall not be filed on a shelf
registration statement that automatically becomes effective upon filing. The Partnership shall use commercially reasonable efforts
to cause a Registration Statement filed pursuant to this Section 2.01(a) to be declared effective within 360 calendar days
after the Initial Closing Date (the “Effectiveness Deadline”). A Registration Statement shall provide for the
resale pursuant to any method or combination of methods legally available to, and requested by, the Selling Holders, including
by way of an Underwritten Offering, if such an election has been made pursuant to Section 2.04 of this Agreement. During
the Effectiveness Period, the Partnership shall use commercially reasonable efforts to cause a Registration Statement filed pursuant
to this Section 2.01(a) to remain effective, and to be supplemented and amended to the extent necessary to ensure that such
Registration Statement is available or, if not available, that another registration statement is available for the resale of the
Registrable Securities until the date on which all Registrable Securities have ceased to be Registrable Securities. The Partnership
shall prepare and file a supplemental listing application with the NYSE (or such other national securities exchange on which the
Warrant Common Unit Registrable Securities are then listed and traded) to list the Warrant Common Unit Registrable Securities covered
by a Registration Statement and shall use commercially reasonable efforts to have such Warrant Common Unit Registrable Securities
approved for listing on the NYSE (or such other national securities exchange on which the Registrable Securities are then listed
and traded) by the Effective Date of such Registration Statement, subject only to official notice of issuance. Within two Business
Days of the Effective Date of a Registration Statement, the Partnership shall notify the Selling Holders of the effectiveness of
such Registration Statement.

 

    	 	6	 

     

    

 

When effective, a Registration
Statement (including the documents incorporated therein by reference) will comply as to form in all material respects with all
applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the
case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made).
If the Managing Underwriter of any proposed Underwritten Offering of Registrable Securities (other than an Underwritten Offering
of Included Registrable Securities pursuant to Section 2.02) advises the Partnership that the inclusion of all of the Selling
Holders’ Registrable Securities that the Selling Holders intend to include in such offering exceeds the number that can be
sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the Registrable Securities
offered or the market for the Registrable Securities, then the Registrable Securities to be included in such Underwritten Offering
shall include the number of Registrable Securities that such Managing Underwriter advises the Partnership can be sold without having
such adverse effect, with such number to be allocated (i) first, to the Selling Holders, allocated among such Selling Holders
pro rata on the basis of the number of Registrable Securities held by each such Selling Holder or in such other manner as such
Selling Holders may agree, and (ii) second, to any other holder of securities of the Partnership having rights of registration
that are neither expressly senior nor subordinated to the Holders in respect of the Registrable Securities.

 

(b)       Failure
to Go Effective. If a Registration Statement required to be filed by Section 2.01(a) is not declared effective on or
prior to the Effectiveness Deadline, then each Holder shall be entitled to a payment in cash (with respect to each Registrable
Security held by the Holder), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day
period, which shall accrue daily, for the first 60 calendar days immediately following the Effectiveness Deadline, increasing by
an additional 0.25% of the Liquidated Damages Multiplier per 30-calendar-day period, which shall accrue daily, for each subsequent
30-calendar-day period (i.e., 0.5% for 61-90 calendar days, 0.75% for 91-120 calendar days and 1.00% thereafter), up to
a maximum of 1.00% of the Liquidated Damages Multiplier per 30-calendar-day period, until such time as such Registration Statement
is declared effective or when the Registrable Securities covered by such Registration Statement cease to be Registrable Securities
(the “Liquidated Damages”). The Liquidated Damages payable pursuant to the immediately preceding sentence shall
be payable within 10 Business Days after the end of each such 30-calendar-day period. Any Liquidated Damages shall be paid
to each Holder in immediately available funds; provided, however, if the Partnership certifies that it is unable to pay
Liquidated Damages in cash because such payment would result in a breach of any covenant or constitute a default under a credit
facility, indenture, note purchase agreement or other debt instrument filed as an exhibit to the Partnership’s periodic reports
filed with the SEC, then the Partnership may pay such Liquidated Damages using as much cash as permitted without breaching any
such credit facility or other debt instrument and shall pay the balance of such Liquidated Damages (the “In-Kind LD Amount”)
in kind in the form of the issuance of additional Common Units. Prior to any issuance of Common Units as Liquidated Damages, the
Partnership shall promptly (A) prepare and file an amendment to such Registration Statement prior to its effectiveness adding
such Common Units to such Registration Statement as additional Registrable Securities and (B) prepare and file a supplemental
listing application with the NYSE (or such other national securities exchange on which the Registrable Securities are then listed
and traded) to list such additional Common Units. The determination of the number of Common Units to be issued as Liquidated Damages
shall be equal to the In-Kind LD Amount divided by the VWAP Price calculated for the consecutive 10 trading day period ending
on the close of trading on the trading day immediately preceding the date on which the Liquidated Damages payment is due, less
a discount to such average closing price of 7.0%. The accrual of Liquidated Damages to a Holder shall cease (an “LD Termination
Date,” and, each such period beginning on an Effectiveness Deadline and ending on an LD Termination Date being, an “LD
Period”) at the earlier of (1) the Registration Statement being declared effective and (2) when the Holder’s
Registrable Securities covered by such Registration Statement cease to be Registrable Securities. Any amount of Liquidated Damages
shall be prorated for any period of less than 30 calendar days accruing during an LD Period. If the Partnership is unable to cause
a Registration Statement to be declared effective on or prior to the Effectiveness Deadline as a result of an acquisition, merger,
reorganization, disposition or other similar transaction, then the Partnership may request a waiver of the Liquidated Damages,
and each Holder may individually grant or withhold its consent to such request in its discretion. Nothing in this Section 2.01(b)
shall relieve the Partnership from its obligations under Section 2.01(a).

 

    	 	7	 

     

    

 

Section 2.02    Piggyback
Rights.

 

(a)       Participation.
So long as a Holder has Common Unit Registrable Securities, if the Partnership proposes to file (i) a shelf registration statement
other than a Registration Statement contemplated by Section 2.01(a), (ii) a prospectus supplement to an effective shelf
registration statement relating to the sale of equity securities of the Partnership for its own account or that of another Person,
or both, other than a Registration Statement contemplated by Section 2.01(a) and Holders may be included without the filing
of a post-effective amendment thereto, or (iii) a registration statement, other than a shelf registration statement, in each
case, for the sale of Common Units in an Underwritten Offering for its own account or that of another Person, or both, then promptly
following the selection of the Managing Underwriter for such Underwritten Offering, the Partnership shall give notice of such Underwritten
Offering to each Holder (together with its Affiliates) holding at least the Piggyback Threshold Amount of the then-outstanding
Common Unit Registrable Securities (calculated based on the Common Unit Price) and such notice shall offer such Holders the opportunity
to include in such Underwritten Offering such number of Common Unit Registrable Securities (the “Included Registrable
Securities”) as each such Holder may request in writing; provided, however, that (A) the Partnership shall
not be required to provide such opportunity to any such Holder that does not offer a minimum of the Piggyback Threshold Amount
of Common Unit Registrable Securities (based on the Common Unit Price), or such lesser amount if it constitutes the remaining holdings
of such Holder, and (B) if the Partnership has been advised by the Managing Underwriter that the inclusion of Common Unit
Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution
of the Common Units in the Underwritten Offering, then (x) if no Common Unit Registrable Securities can be included in the
Underwritten Offering in the opinion of the Managing Underwriter, the Partnership shall not be required to offer such opportunity
to the Holders or (y) if any Common Unit Registrable Securities can be included in the Underwritten Offering in the opinion
of the Managing Underwriter, then the amount of Common Unit Registrable Securities to be offered for the accounts of Holders shall
be determined based on the provisions of Section 2.02(b). Any notice required to be provided in this Section 2.02(a)
to Holders shall be provided on a Business Day and receipt of such notice shall be confirmed by the Holder. Each such Holder shall
then have five Business Days (or three Business Days in connection with any overnight or bought Underwritten Offering) after notice
has been delivered to request in writing the inclusion of Common Unit Registrable Securities in the Underwritten Offering. If no
written request for inclusion from a Holder is received within the specified time, each such Holder shall have no further right
to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake an Underwritten
Offering and prior to the closing of such Underwritten Offering, the Partnership shall determine for any reason not to undertake
or to delay such Underwritten Offering, the Partnership may, at its election, give written notice of such determination to the
Selling Holders and, (1) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of
its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (2) in
the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable
Securities as part of such Underwritten Offering for the same period as the delay in the Underwritten Offering. Any Selling Holder
shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Common Unit Registrable
Securities in such Underwritten Offering by giving written notice to the Partnership of such withdrawal at or prior to the time
of pricing of such Underwritten Offering. Any Holder may deliver written notice (an “Opt-Out Notice”) to the
Partnership requesting that such Holder not receive notice from the Partnership of any proposed Underwritten Offering; provided,
however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from
a Holder (unless subsequently revoked), the Partnership shall not be required to deliver any notice to such Holder pursuant to
this Section 2.02(a) and such Holder shall no longer be entitled to participate in Underwritten Offerings by the Partnership
pursuant to this Section 2.02(a).

 

    	 	8	 

     

    

 

(b)       Priority.
If the Managing Underwriter of any proposed Underwritten Offering of Common Units included in an Underwritten Offering involving
Included Registrable Securities pursuant to this Section 2.02 advises the Partnership that the total amount of Common Units that
the Selling Holders and any other Persons intend to include in such offering exceeds the number of Common Units that can be sold
in such offering without being likely to have an adverse effect on the price, timing or distribution of the Common Units offered
or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number
of Common Unit Registrable Securities that such Managing Underwriter advises the Partnership can be sold without having such adverse
effect, with such number to be allocated (i) first, to the Partnership or other party or parties requesting or initiating
such registration or to any other holder of securities of the Partnership having rights of registration pursuant to the Existing
Registration Rights Agreement and (ii) second, by the Selling Holders who have requested participation in such Underwritten
Offering and by the other holders of Common Units (other than holders of Common Unit Registrable Securities) with registration
rights entitling them to participate in such Underwritten Offering, allocated among such Selling Holders and other holders pro
rata on the basis of the number of Common Unit Registrable Securities or Common Units proposed to be sold by each applicable Selling
Holder or other holder in such Underwritten Offering (based, for each such participant, on the percentage derived by dividing (x)
the number of Common Units proposed to be sold by such participant in such Underwritten Offering by (y) the aggregate number of
Common Units proposed to be sold by all participants in such Underwritten Offering) or in such manner as they may agree. The allocation
of Common Units to be included in any Underwritten Offering other than an Underwritten Offering involving Included Registrable
Securities pursuant to this Section 2.02 shall be governed by Section 2.01(a).

 

    	 	9	 

     

    

 

(c)       Termination
of Piggyback Registration Rights. Each Holder’s rights under this Section 2.02 shall terminate upon such Holder
ceasing to hold at least the Piggyback Threshold Amount of Common Unit Registrable Securities (calculated based on the Common Unit
Price).

 

Section 2.03    Delay
Rights. Notwithstanding anything to the contrary contained herein, the Partnership may, upon written notice to (i) all Holders,
delay the filing of a Registration Statement required under Section 2.01(a), or (ii) any Selling Holder whose Registrable
Securities are included in a Registration Statement or other registration statement contemplated by this Agreement, suspend such
Selling Holder’s use of any prospectus that is a part of such Registration Statement or other registration statement (in
which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to such Registration Statement or
other registration statement contemplated by this Agreement but may settle any previously made sales of Registrable Securities)
if the Partnership (x) is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the
General Partner determines in good faith that the Partnership’s ability to pursue or consummate such a transaction would
be materially adversely affected by any required disclosure of such transaction in such Registration Statement or other registration
statement or (y) has experienced some other material non-public event the disclosure of which at such time, in the good faith
judgment of the General Partner, would materially adversely affect the Partnership; provided, however, in no event shall
(A) filing of such Registration Statement be delayed under clauses (x) or (y) of this Section 2.03 for a period that exceeds
90 calendar days or (B) such Selling Holders be suspended under clauses (x) or (y) of this Section 2.03 from selling
Registrable Securities pursuant to such Registration Statement or other registration statement for a period that exceeds an aggregate
of 45 calendar days in any 180 calendar-day period or 90 calendar days in any 365 calendar-day period, in each
case, exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering.
Upon disclosure of such information or the termination of the condition described above, the Partnership shall provide prompt notice,
but in any event within one Business Day of such disclosure or termination, to the Selling Holders whose Registrable Securities
are included in such Registration Statement and shall promptly terminate any suspension of sales it has put into effect and shall
take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement.

 

    	 	10	 

     

    

 

If (i) the Selling
Holders shall be prohibited or prevented from selling their Registrable Securities under a Registration Statement or other registration
statement contemplated by this Agreement as a result of a delay or suspension pursuant to the immediately preceding paragraph in
excess of the periods permitted therein or (ii) a Registration Statement or other registration statement contemplated by this
Agreement is filed and is declared effective but, during the Effectiveness Period, shall thereafter cease to be effective or fail
to be usable for its intended purpose without being succeeded within 60 calendar days by a post-effective amendment thereto,
a supplement to the prospectus or a report filed with the SEC pursuant to Section 13(a), 13(c), 14 or l5(d) of the Exchange
Act, then, until the suspension is lifted or the Registration Statement required under Section 2.01(a), a post-effective
amendment, supplement or report is filed with the SEC, but not including any day on which a suspension is lifted or such Registration
Statement, amendment, supplement or report is filed with the SEC, if applicable, each Selling Holder shall be entitled to a payment
(with respect to each Registrable Security) from the Partnership, as liquidated damages and not as a penalty, of 0.25% of the Liquidated
Damages Multiplier per 30-calendar-day period, which shall accrue daily, for the first 60 calendar days immediately following
the earlier of (x) the date on which the suspension or delay period exceeded the permitted period and (y) the 31st calendar
day after such Shelf Registration Statement ceased to be effective or failed to be usable for its intended purposes, with such
payment amount increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day period, which shall accrue daily,
for each subsequent 30-calendar-day period (i.e., 0.5% for 61-90 calendar days, 0.75% for 91-120 calendar days and 1.00%
thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier per 30-day period (the “Delay Liquidated Damages”).
For purposes of this paragraph, a suspension or delay shall be deemed lifted with respect to a Selling Holder on the date that
(A) notice that the suspension has been terminated is delivered to such Selling Holder, (B) the Registration Statement required
under Section 2.01(a) is filed with the SEC, or (C) a post-effective amendment or supplement to the prospectus or report
is filed with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act. Any Delay Liquidated Damages shall cease
to accrue pursuant to this paragraph upon the earlier of (1) a suspension or delay being deemed lifted and (2) when such
Selling Holder no longer holds Registrable Securities included in such Registration Statement, and shall be payable within 10 Business
Days after the end of each such 30-day period. Any amount of Delay Liquidated Damages shall be prorated for any period of less
than 30 calendar days in which the payment of Delay Liquidated Damages ceases. Any Delay Liquidated Damages shall be paid
to each Selling Holder in immediately available funds.

 

    	 	11	 

     

    

 

Section 2.04    Underwritten
Offerings. In the event that any Holder or Holders that are Affiliates of each other (the “Electing Holders”)
elect to include, other than pursuant to Section 2.02 of this Agreement, at least the lesser of (i) $15.0 million of
Common Unit Registrable Securities in the aggregate (calculated based on the expected gross proceeds of the Underwritten Offering
of such Common Unit Registrable Securities) and (ii) 100% of the then outstanding Common Unit Registrable Securities held by such
Electing Holders under a Registration Statement pursuant to an Underwritten Offering, the Partnership shall, upon request by the
Electing Holders (such request, an “Underwritten Offering Notice”), retain underwriters to permit the Electing
Holders to effect such sale through an Underwritten Offering; provided, however, that each Holder, together with its Affiliates,
shall have the option and right to require the Partnership to effect not more than four Underwritten Offerings in the aggregate,
subject to a maximum of one Underwritten Offering during any 90-day period. Upon delivery of such Underwritten Offering Notice
to the Partnership, the Partnership shall as soon as practicable (but in no event later than one Business Day following the date
of delivery of the Underwritten Offering Notice to the Partnership) deliver notice of such Underwritten Offering Notice to all
other Holders, who shall then have two Business Days from the date that such notice is given to them to notify the Partnership
in writing of the number of Common Unit Registrable Securities held by such Holder that they want to be included in such Underwritten
Offering. Any Holders notified about an Underwritten Offering by the Partnership after the Partnership has received the corresponding
Underwritten Offering Notice may participate in such Underwritten Offering, but shall not count toward the $15.0 million of
Common Unit Registrable Securities required under clause (i) of this Section 2.04 to request an Underwritten Offering
pursuant to an Underwritten Offering Notice. In connection with any Underwritten Offering under this Agreement, the Holders of
a majority of the Common Unit Registrable Securities being sold in such Underwritten Offering shall be entitled to select the Managing
Underwriter or Underwriters, but only with the consent of the Partnership, which shall not be unreasonably withheld, delayed or
conditioned. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates,
each Selling Holder and the Partnership shall be obligated to enter into an underwriting agreement that contains such representations,
covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings
of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Common
Unit Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires,
powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling
Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part
of, the Partnership to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and
that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also be conditions
precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with
the Partnership or the underwriters other than representations, warranties or agreements regarding such Selling Holder, its authority
to enter into such underwriting agreement and to sell, and its ownership of, the securities whose offer and resale will be registered,
on its behalf, its intended method of distribution and any other representation required by Law. If any Selling Holder disapproves
of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to the Partnership, the Electing
Holders and the Managing Underwriter; provided, however, that any such withdrawal must be made no later than the time of
pricing of such Underwritten Offering. If all Selling Holders withdraw from an Underwritten Offering prior to the pricing of such
Underwritten Offering, the events will not be considered an Underwritten Offering and will not decrease the number of available
Underwritten Offerings the Holders have the right and option to request under this Section 2.04. No such withdrawal or abandonment
shall affect the Partnership’s obligation to pay Registration Expenses pursuant to Section 2.08; provided, however,
that if (A) certain Selling Holders withdraw from an Underwritten Offering after the public announcement at launch (the “Launch”)
of such Underwritten Offering (such Selling Holders, the “Post-Launch Withdrawing Selling Holders”), and (B) all
Selling Holders withdraw from such Underwritten Offering prior to pricing, other than in either clause (A) or (B) as a result
of the occurrence of any event that would reasonably be expected to permit the Partnership to exercise its rights to suspend the
use of a Registration Statement or other registration statement pursuant to Section 2.03, then the Post-Launch Withdrawing Selling
Holders shall pay for all reasonable Registration Expenses incurred by the Partnership during the period from the Launch of such
Underwritten Offering until the time all Selling Holders withdraw from such Underwritten Offering.

 

    	 	12	 

     

    

 

Section 2.05    Sale
Procedures. In connection with its obligations under this Article II, the Partnership shall, as expeditiously as possible:

 

(a)       use
its reasonable best efforts to prepare and file with the SEC such amendments and supplements to a Registration Statement and the
prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness
Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities covered by such Registration Statement;

 

(b)       if
a prospectus supplement will be used in connection with the marketing of an Underwritten Offering from a Registration Statement
and the Managing Underwriter at any time shall notify the Partnership in writing that, in the sole judgment of such Managing Underwriter,
inclusion of detailed information to be used in such prospectus supplement is of material importance to the success of the Underwritten
Offering of such Registrable Securities, the Partnership shall use its reasonable best efforts to include such information in such
prospectus supplement;

 

(c)       furnish
to each Selling Holder (i) as far in advance as reasonably practicable before filing a Registration Statement or any other
registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably
complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein
to the extent then required by the rules and regulations of the SEC), and provide each such Selling Holder the opportunity to object
to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections
reasonably requested by such Selling Holder with respect to such information prior to filing a Registration Statement or such other
registration statement or supplement or amendment thereto, and (ii) such number of copies of such Registration Statement or
such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling
Holder may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities covered by such
Registration Statement or other registration statement;

 

(d)       if
applicable, use its reasonable best efforts to register or qualify the Registrable Securities covered by a Registration Statement
or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions
as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request; provided,
however, that the Partnership shall not be required to qualify generally to transact business in any jurisdiction where it
is not then required to so qualify or to take any action that would subject it to general service of process in any such jurisdiction
where it is not then so subject;

 

(e)       promptly
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the
Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement
or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with
respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same
has become effective; and (ii) the receipt of any written comments from the SEC with respect to any filing referred to in
clause (i) and any written request by the SEC for amendments or supplements to such Registration Statement or any other registration
statement or any prospectus or prospectus supplement thereto;

 

    	 	13	 

     

    

 

(f)       immediately
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by such Selling Holder under
the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained
in a Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an
untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which
a statement is made); (ii) the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness
of such Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings
for that purpose; or (iii) the receipt by the Partnership of any notification with respect to the suspension of the qualification
of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision
of such notice, the Partnership agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement
or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove
a stop order, suspension, threat thereof or proceedings related thereto;

 

(g)       upon
request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other correspondence with the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction
(including any domestic or foreign securities exchange) relating to such offering of Registrable Securities;

 

(h)       in
the case of an Underwritten Offering, furnish, or use its reasonable best efforts to cause to be furnished, to the underwriters
upon request, (i) an opinion of counsel for the Partnership dated the date of the closing under the underwriting agreement
and (ii) a “comfort” letter, dated the pricing date of such Underwritten Offering and a letter of like kind dated
the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified
the Partnership’s financial statements included or incorporated by reference into the applicable registration statement,
and each of the opinion and the “comfort” letter shall be in customary form and covering substantially the same matters
with respect to such registration statement (and the prospectus and any prospectus supplement included therein) as have been customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings
of securities by the Partnership and such other matters as such underwriters and Selling Holders may reasonably request;

 

(i)       otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security
holders, as soon as reasonably practicable, an earnings statement, covering a period of twelve months beginning within three months
after the Effective Date of such Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a)
of the Securities Act and Rule 158 promulgated thereunder;

 

    	 	14	 

     

    

 

(j)       make
available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and Partnership
and General Partner personnel as is reasonable and customary to enable such parties to establish a due diligence defense under
the Securities Act; provided, that the Partnership need not disclose any non-public information to any such representative
unless and until such representative has entered into a confidentiality agreement with the Partnership;

 

(k)       use
its reasonable best efforts to cause all Common Unit Registrable Securities registered pursuant to this Agreement to be listed
on each securities exchange or nationally recognized quotation system on which the Common Units are then listed or quoted; provided,
however, that the Partnership shall have no obligation to cause any Preferred Unit Registrable Securities registered pursuant
to this Agreement to be listed on any securities exchange or nationally recognized quotation system;

 

(l)       use
its reasonable best efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies
or authorities as may be necessary by virtue of the business and operations of the Partnership to enable the Selling Holders to
consummate the disposition of such Registrable Securities;

 

(m)       provide
a transfer agent and registrar for all Registrable Securities covered by such registration statement not later than the Effective
Date of such registration statement;

 

(n)       enter
into customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if
any, in order to expedite or facilitate the disposition of Common Unit Registrable Securities (including, making appropriate officers
of the General Partner available to participate in any “road show” presentations before analysts, and other customary
marketing activities (including one-on-one meetings with prospective purchasers of the Common Unit Registrable Securities)), provided,
however, that in the event the Partnership, using reasonable best efforts, is unable to make such appropriate officers of the
General Partner available to participate in connection with any “road show” presentations and other customary marketing
activities (whether in person or otherwise), the Partnership shall make such appropriate officers available to participate via
conference call or other means of communication in connection with no more than one “road show” presentation per Underwritten
Offering;

 

(o)       if
requested by a Selling Holder, (i) incorporate in a prospectus supplement or post-effective amendment such information as
such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities,
including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, and (ii) make all
required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated
in such prospectus supplement or post-effective amendment;

 

    	 	15	 

     

    

 

(p)       if
reasonably required by the Partnership’s transfer agent, the Partnership shall promptly deliver any authorizations, certificates,
opinions or directions required by the transfer agent which authorize and direct the transfer agent to transfer Registrable Securities
without legend upon sale by the Holder of such Registrable Securities under a Registration Statement; and

 

Notwithstanding anything
to the contrary in this Section 2.05, the Partnership shall not name a Holder as an underwriter as defined in Section 2(a)(11)
of the Securities Act in any Registration Statement without such Holder’s consent. If the staff of the SEC requires the Partnership
to name any Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent
thereto, then such Holder’s Registrable Securities shall not be included on such Registration Statement, such Holder shall
no longer be entitled to receive Liquidated Damages under this Agreement with respect to such Holder’s Registrable Securities
and the Partnership shall have no further obligations hereunder with respect to Registrable Securities held by such Holder, unless
such Holder has not had an opportunity to conduct customary underwriter’s due diligence with respect to the Partnership at
the time such Holder’s consent is sought.

 

Each Selling Holder,
upon receipt of notice from the Partnership of the happening of any event of the kind described in Section 2.05(f), shall
forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such
Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.05(f) or
until it is advised in writing by the Partnership that the use of the prospectus may be resumed and has received copies of any
additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Partnership, such Selling
Holder shall, or shall request the Managing Underwriter, if any, to deliver to the Partnership (at the Partnership’s expense)
all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of
the prospectus covering such Registrable Securities current at the time of receipt of such notice.

 

Section 2.06    Cooperation
by Holders. The Partnership shall have no obligation to include Registrable Securities of a Holder in a Registration Statement
or in an Underwritten Offering pursuant to Section 2.02(a) who has failed to timely furnish after receipt of a written request
from the Partnership such information that the Partnership determines, after consultation with its counsel, is reasonably required
in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act, and any such
Holder shall not be entitled to Liquidated Damages or Delay Liquidated Damages in connection with the applicable Registration Statement
or other registration statement contemplated by this Agreement.

 

Section 2.07    Restrictions
on Public Sale by Holders of Registrable Securities. Each Holder of Common Unit Registrable Securities that participates in
an Underwritten Offering will enter into a customary letter agreement with underwriters providing such Holder will not effect any
public sale or distribution of Common Unit Registrable Securities during the 60 calendar-day period beginning on the date
of a prospectus or prospectus supplement filed with the SEC with respect to the pricing of any Underwritten Offering, provided
that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally
imposed by the underwriters on the Partnership or the officers, directors or any other Affiliate of the Partnership or the General
Partner on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.07 shall not apply to
any Common Unit Registrable Securities that are included in such Underwritten Offering by such Holder. In addition, this Section
2.07 shall not apply to any Holder that is not entitled to participate in such Underwritten Offering, whether because such
Holder delivered an Opt-Out Notice prior to receiving notice of the Underwritten Offering or because such Holder (together with
its Affiliates) holds less than the Piggyback Threshold Amount of the then-outstanding Common Unit Registrable Securities (calculated
based on the Common Unit Registrable Securities Amount) or because the Common Unit Registrable Securities held by such Holder may
be disposed of without restriction pursuant to any section of Rule 144 under the Securities Act (or any successor or similar
provision adopted by the SEC then in effect).

 

    	 	16	 

     

    

 

Section 2.08    Expenses.

 

(a)       Expenses.
Subject to the last sentence of Section 2.04, the Partnership shall pay all reasonable Registration Expenses as determined
in good faith by the General Partner, including, in the case of an Underwritten Offering, the reasonable Registration Expenses
of an Underwritten Offering, regardless of whether any sale is made pursuant to such Underwritten Offering. Each Selling Holder
shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. Each
Selling Holder’s pro rata allocation of Selling Expenses shall be the percentage derived by dividing (i) the
number of Registrable Securities sold by such Selling Holder in connection with such sale by (ii) the aggregate number of
Registrable Securities sold by all Selling Holders in connection with such sale. In addition, except as otherwise provided in Sections
2.08 and 2.09 hereof, the Partnership shall not be responsible for legal fees incurred by Holders in connection with
the exercise of such Holders’ rights hereunder.

 

(b)       Certain
Definitions. “Registration Expenses” means all expenses incident to the Partnership’s performance
under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant
to Section 2.01(a) or an Underwritten Offering covered under this Agreement, and the disposition of such Registrable Securities,
including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification
and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority,
Inc., fees of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes, and the
fees and disbursements of counsel and independent public accountants for the Partnership, including the expenses of any special
audits or “comfort” letters required by or incident to such performance and compliance, and the reasonable fees and
disbursements of one counsel for the Selling Holders participating in such Registration Statement or Underwritten Offering to effect
the disposition of such Registrable Securities, selected by the Holders of a majority of the Registrable Securities initially being
registered under such Registration Statement or other registration statement as contemplated by this Agreement, subject to the
reasonable consent of the Partnership. “Selling Expenses” means all underwriting discounts and selling commissions
or similar fees or arrangements allocable to the sale of the Registrable Securities, and fees and disbursements of counsel to the
Selling Holders, except for the reasonable fees and disbursements of counsel for the Selling Holders required to be paid by the
Partnership pursuant to Sections 2.08 and 2.09.

 

    	 	17	 

     

    

 

Section 2.09    Indemnification.

 

(a)       By
the Partnership. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Partnership shall indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners,
employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the
Exchange Act, and its directors, officers, managers, partners, employees or agents (collectively, the “Selling Holder
Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’
fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person
may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained
in (which includes documents incorporated by reference in) such Registration Statement or any other registration statement contemplated
by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or
supplement thereof, or any free writing prospectus relating thereto or arise out of or are based upon the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus,
in light of the circumstances under which they were made) not misleading, and shall reimburse each such Selling Holder Indemnified
Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any
such Loss or actions or proceedings; provided, however, that the Partnership shall not be liable in any such case if and
to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with information furnished by such Selling Holder Indemnified Person in writing specifically
for use in such Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person,
and shall survive the transfer of such securities by such Selling Holder.

 

(b)       By
Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Partnership, the
General Partner, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the
meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to the same extent as
the foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling
Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in such Registration Statement or any
other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus
contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto; provided, however,
that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling
Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification.

 

    	 	18	 

     

    

 

(c)       Notice.
Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall,
if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing
thereof, but the omission to so notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified
party other than under this Section 2.09. In any action brought against any indemnified party, it shall notify the indemnifying
party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish,
to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from
the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying
party shall not be liable to such indemnified party under this Section 2.09 for any legal expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with
counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ
counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified
party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses
available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the
interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the
indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate
in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related
to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement,
no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party
is entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no
liability or obligation on, and includes a complete and unconditional release from all liability of, and does not contain any admission
of wrongdoing by, the indemnified party.

 

(d)       Contribution.
If the indemnification provided for in this Section 2.09 is held by a court or government agency of competent jurisdiction
to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party
as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one
hand and of such indemnified party, on the other hand, in connection with the statements or omissions that resulted in such Losses,
as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be
required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such
Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying
party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made
by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable
if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of
the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably
incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this
paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

 

    	 	19	 

     

    

 

(e)       Other
Indemnification. The provisions of this Section 2.09 shall be in addition to any other rights to indemnification or
contribution that an indemnified party may have pursuant to law, equity, contract or otherwise.

 

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

 

(a)       make
and keep public information regarding the Partnership available, as those terms are understood and defined in Rule 144 under
the Securities Act (or any successor or similar provision adopted by the SEC then in effect), at all times from and after the date
hereof;

 

(b)       file
with the SEC in a timely manner all reports and other documents required of the Partnership under the Securities Act and the Exchange
Act at all times from and after the date hereof; and

 

(c)       so
long as a Holder owns any Registrable Securities, furnish, unless otherwise available electronically at no additional charge via
the SEC’s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the
Partnership, and such other reports and documents as such Holder may reasonably request in availing itself of any rule or regulation
of the SEC allowing such Holder to sell any such securities without registration.

 

Section 2.11    Transfer
or Assignment of Registration Rights. The rights to cause the Partnership to register Registrable Securities granted to the
Purchasers by the Partnership under this Article II may be transferred or assigned by any Purchaser to one or more transferees
or assignees of Registrable Securities, subject to the transfer restrictions provided in Section 4.12 of the Seventh Partnership
Agreement, provided, however, that (a) the Partnership is given written notice prior to any said transfer or assignment,
stating the name and address of each of the transferee or assignee and identifying the Registrable Securities with respect to which
such registration rights are being transferred or assigned and (b) each such transferee or assignee assumes in writing responsibility
for its portion of the obligations of such Purchaser under this Agreement.

 

Section 2.12    Limitation
on Subsequent Registration Rights. From and after the date hereof, the Partnership shall not, without the prior written consent
of (a) the Holders of a majority of the then outstanding Common Unit Registrable Securities and (b) the Holders of a majority of
the then outstanding Preferred Unit Registrable Securities, enter into any agreement with any current or future holder of any equity
securities of the Partnership that would allow such current or future holder to require the Partnership to include equity securities
in any registration statement filed by the Partnership on a basis that is superior in any respect to the rights granted to the
Holders pursuant to this Agreement.

 

    	 	20	 

     

    

 

Section 2.13    Limitation
on Obligations for Preferred Unit Registrable Securities. Notwithstanding anything to the contrary in this Agreement, nothing
contained herein shall be construed to require the Partnership to (a) conduct an underwritten offering for the public sale, resale
or any other disposition of Preferred Unit Registrable Securities, (b) except as expressly provided in this Agreement, otherwise
assist in the public resale of any Preferred Unit Registrable Securities, (c) provide any Holder of Preferred Unit Registrable
Securities any rights to include any Preferred Unit Registrable Securities in any underwritten offering relating to the sale by
the Partnership or any other Person of any securities of the Partnership or (d) cause any Preferred Unit Registrable Securities
to be listed on any securities exchange or nationally recognized quotation system.

 

Section 2.14    Obligation
to Obtain Rating for Preferred Units. If requested by any Holder, the Partnership shall use commercially reasonable efforts
to obtain and maintain a rating from a nationally recognized rating agency (chosen by the Holders holding at least a majority of
the Preferred Units then outstanding) with respect to the Preferred Units. The Partnership shall be entitled to reimbursement from
the Holders holding Preferred Units for all direct costs paid to the applicable rating agency by the Partnership in obtaining the
initial rating, which costs shall be shared by such Holders pro rata (based, for each such Holder on the percentage derived
by dividing (x) the number of Preferred Units held by each such Holder, by (y) the aggregate number of Preferred Units outstanding
at the time such rating is obtained). After the date on which a rating has been obtained for the Preferred Units, if requested
by the Holders of 75% of the Preferred Units then outstanding, the Partnership shall use commercially reasonably efforts to cause
such rating on the Preferred Units to be withdrawn.

 

Article
III

MISCELLANEOUS

 

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

 

(a)       if
to a Purchaser: To the respective address listed on Schedule A hereof with copies to (which shall not constitute notice):

 

Kirkland & Ellis LLP

609 Main Street

Houston, TX 77002

Attention: John Pitts and Julian Seiguer

Facsimile: (713) 835-3601

 

    	 	21	 

     

    

 

Email:
john.pitts@kirkland.com

Email: julian.seiguer@kirkland.com

 

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

 

(c)       if
to the Partnership:

 

NGL
Energy Partners LP

6120
South Yale Avenue

Suite
805

Tulsa,
Oklahoma 74136

Attention:
H. Michael Krimbill

Facsimile:
(918) 492-0990

Email: michael.krimbill@nglep.com

 

with a copy
to (which shall not constitute notice):

 

Hunton
Andrews Kurth LLP

600
Travis St., Suite 4200

Houston,
Texas 77002

Attention:
G. Michael O’Leary and Henry Havre

Facsimile:
(713) 220-4285

Email:
moleary@huntonak.com

Email: henryhavre@huntonak.com

  

All such notices and
communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged,
if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by courier service or any other
means.

 

    	 	22	 

     

    

 

 

Section 3.02    Successor
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein.

 

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

 

Section 3.04    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 units of the Partnership or any successor or assign of the Partnership (whether by merger, acquisition,
consolidation, reorganization, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution
of, the Registrable Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations, pro rata
distributions of units and the like occurring after the date of this Agreement.

 

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

 

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

 

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

 

Section 3.08    Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

Section 3.09    Governing
Law. This Agreement, including all issues and questions concerning its application, construction, validity, interpretation
and enforcement, shall be construed in accordance with, and governed by, the laws of the State of New York.

 

Section 3.10    Severability
of Provisions. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting
or impairing the validity or enforceability of such provision in any other jurisdiction.

 

    	 	23	 

     

    

 

Section 3.11    Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect
to the rights granted by the Partnership set forth herein. This Agreement, the Additional Purchase Agreement and the Seventh Partnership
Agreement supersede all prior agreements and understandings between the parties with respect to such subject matter.

 

Section 3.12    Amendment.
This Agreement may be amended only by means of a written amendment signed by the Partnership, the Holders of a majority of the
then outstanding Common Unit Registrable Securities and the Holders of a majority of the then outstanding Preferred Unit Registrable
Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder
without the consent of such Holder.

 

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

 

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

 

    	 	24	 

     

    

 

Section 3.15    Independent
Nature of Purchaser’s Obligations. 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 thereto, 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, 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.

 

Section 3.16    Interpretation.
Article and Section 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 words “include,” “includes” and
“including” or words of similar import shall be deemed to be followed by the words “without limitation.”
Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement, such action shall be
in such Purchaser’s sole discretion unless otherwise specified. Unless expressly set forth or qualified otherwise (e.g.,
by “Business” or “trading”), all references herein to a “day” are deemed to be
a reference to a calendar day.

 

(Signature pages follow)

 

    25

     

    

 

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

 

	 	NGL ENERGY PARTNERS LP
	 	 
	 	By:	NGL Energy Holdings LLC,
	 	 	its general partner
	 	 	 
	 	By:	 
	 	Name: H. Michael Krimbill
	 	Title: Chief Executive Officer

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

	 	PURCHASERS:
	 	 
	 	EIG NEPTUNE EQUITY AGGREGATOR, L.P.
	 	 
	 	By:	EIG Neptune Equity GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	EIG Asset Management, LLC,
	 	 	its managing member
	 	 	 
	 	By:	 
	 	Name:	Brian P. Boland
	 	Title:	Managing Director
	 	 	 
	 	By:	 
	 	Name:	Kathleen P. Turner
	 	Title:	 Associate Counsel
	 	 	 
	 	FS ENERGY AND POWER FUND
	 	By:	FS/EIG Advisor, LLC,
	 	 	its investment advisor
	 	 	 
	 	By:	 
	 	Name:	Brian P. Boland
	 	Title:	Authorized Person
	 	 	 
	 	By:	 
	 	Name:	Kathleen P. Turner
	 	Title:	Authorized Person

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

	 	GCM PELLIT HOLDINGS, LLC
	 	 
	 	By:	CFIG Holdings, LLC,
	 	 	its Managing Member
	 	 	 
	 	By:	
	 	Name:	 
	 	Title:   	 

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

Exhibit B

 

Form of Seventh Amended and Restated Partnership Agreement

 

(See Attached)

 

     

     

    

 

SEVENTH
AMENDED AND RESTATED

 

AGREEMENT
OF LIMITED PARTNERSHIP

 

OF

 

ngl ENERGY PARTNERS LP

 

     

     

    

 

	 	Table of Contents	 
	 	 	Page
	 	Article I	 
	 	 	 
	 	DEFINITIONS	 
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Construction	43
	 	Article II	 
	 	 	 
	 	ORGANIZATION	 
	 	 	 
	Section 2.1	Formation	43
	Section 2.2	Name	43
	Section 2.3	Registered Office; Registered Agent; Principal Office; Other Offices	43
	Section 2.4	Purpose and Business	44
	Section 2.5	Powers	44
	Section 2.6	Term	44
	Section 2.7	Title to Partnership Assets	44
	 	 	 
	 	Article III	 
	 	 	 
	 	RIGHTS OF LIMITED PARTNERS	 
	 	 	 
	Section 3.1	Limitation of Liability	45
	Section 3.2	Management of Business	45
	Section 3.3	Outside Activities of the Limited Partners	45
	Section 3.4	Rights of Limited Partners	45
	 	 	 
	 	Article IV	 
	 	 	 
	 	CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP	 
	 	INTERESTS; REDEMPTION OF PARTNERSHIP INTERESTS	 
	 	 	 
	Section 4.1	Certificates	46
	Section 4.2	Mutilated, Destroyed, Lost or Stolen Certificates	46
	Section 4.3	Record Holders	47
	Section 4.4	Transfer Generally	48
	Section 4.5	Registration and Transfer of Limited Partner Interests	48
	Section 4.6	Transfer of the General Partner’s General Partner Interest	49
	Section 4.7	Transfer of Incentive Distribution Rights	50
	Section 4.8	Restrictions on Transfers of Limited Partner Interests	51
	Section 4.9	Eligibility Certificates; Ineligible Holders	52
	Section 4.10	Redemption of Partnership Interests of Ineligible Holders	53
	Section 4.11	Restrictions on Transfer of Class D Preferred Units	54

 

    i

     

    

 

	 	 	 
	 	Article V	 
	 	 	 
	 	CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS	 
	 	 	 
	Section 5.1	Contributions by the General Partner and the Initial Limited Partners	55
	Section 5.2	Maintenance of General Partner’s Percentage Interest	56
	Section 5.3	Contributions by Limited Partners	56
	Section 5.4	Interest and Withdrawal	56
	Section 5.5	Capital Accounts	56
	Section 5.6	Issuances of Additional Partnership Interests	61
	Section 5.7	Limited Preemptive Right	62
	Section 5.8	Splits and Combinations	62
	Section 5.9	Fully Paid and Non-Assessable Nature of Limited Partner Interests	63
	Section 5.10	Issuance of Common Units in Connection with Reset of Incentive Distribution Rights	63
	Section 5.11	Establishment of Class B Preferred Units	65
	Section 5.12	Establishment of Class C Preferred Units	73
	Section 5.13	Establishment of Class D Preferred Units	82
	 	 	 
	 	Article VI	 
	 	 	 
	 	ALLOCATIONS AND DISTRIBUTIONS	 
	 	 	 
	Section 6.1	Allocations for Capital Account Purposes	98
	Section 6.2	Allocations for Tax Purposes	110
	Section 6.3	Requirement and Characterization of Distributions; Distributions to Record Holders	112
	Section 6.4	Distributions of Available Cash from Operating Surplus	112
	Section 6.5	Distributions of Available Cash from Capital Surplus	113
	Section 6.6	Adjustment of Minimum Quarterly Distribution and Target Distribution Levels	113
	Section 6.7	Special Provisions Relating to the Holders of Converted Subordinated Units	114
	Section 6.8	Special Provisions Relating to the Holders of Incentive Distribution Rights	114
	Section 6.9	Entity-Level Taxation	115
	Section 6.10	Special Provisions Relating to the Preferred Holders	115
	Section 6.11	Special Provisions Relating to Warrants	116
	 	 	 
	 	Article VII	 
	 	 	 
	 	MANAGEMENT AND OPERATION OF BUSINESS	 
	 	 	 
	Section 7.1	Management	116
	Section 7.2	Certificate of Limited Partnership	119
	Section 7.3	Restrictions on the General Partner’s Authority	119
	Section 7.4	Reimbursement of the General Partner	119
	Section 7.5	Outside Activities	120

 

    ii

     

    

 

	Section 7.6	Loans from the General Partner; Loans or Contributions from the Partnership or Group Members	122
	Section 7.7	Indemnification	122
	Section 7.8	Liability of Indemnitees	124
	Section 7.9	Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties	125
	Section 7.10	Other Matters Concerning the General Partner	127
	Section 7.11	Purchase or Sale of Partnership Interests	127
	Section 7.12	Reliance by Third Parties	127
	 	 	 
	 	Article VIII	 
	 	 	 
	 	BOOKS, RECORDS, ACCOUNTING AND REPORTS	 
	 	 	 
	Section 8.1	Records and Accounting	128
	Section 8.2	Fiscal Year	128
	Section 8.3	Reports	128
	 	 	 
	 	Article IX	 
	 	 	 
	 	TAX MATTERS	 
	 	 	 
	Section 9.1	Tax Returns and Information	129
	Section 9.2	Tax Elections	129
	Section 9.3	Tax Controversies	129
	Section 9.4	Withholding; Tax Payments	130
	 	 	 
	 	Article X	 
	 	 	 
	 	ADMISSION OF PARTNERS	 
	 	 	 
	Section 10.1	Admission of Limited Partners	130
	Section 10.2	Admission of Successor General Partner	131
	Section 10.3	Amendment of Agreement and Certificate of Limited Partnership	131
	 	 	 
	 	Article XI	 
	 	 	 
	 	WITHDRAWAL OR REMOVAL OF PARTNERS	 
	 	 	 
	Section 11.1	Withdrawal of the General Partner	132
	Section 11.2	Removal of the General Partner	134
	Section 11.3	Interest of Departing General Partner and Successor General Partner	134
	Section 11.4	Withdrawal of Limited Partners	136
	 	 	 
	 	Article XII	 
	 	 	 
	 	DISSOLUTION AND LIQUIDATION	 
	 	 	 
	Section 12.1	Dissolution	136
	Section 12.2	Continuation of the Business of the Partnership After Dissolution	136
	Section 12.3	Liquidator	137

 

    iii

     

    

 

	Section 12.4	Liquidation	137
	Section 12.5	Cancellation of Certificate of Limited Partnership	138
	Section 12.6	Return of Contributions	138
	Section 12.7	Waiver of Partition	138
	Section 12.8	Capital Account Restoration	139
	 	 	 
	 	Article XIII	 
	 	 	 
	 	AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE	 
	 	 	 
	Section 13.1	Amendments to be Adopted Solely by the General Partner	139
	Section 13.2	Amendment Procedures	140
	Section 13.3	Amendment Requirements	141
	Section 13.4	Special Meetings	142
	Section 13.5	Notice of a Meeting	142
	Section 13.6	Record Date	142
	Section 13.7	Adjournment	142
	Section 13.8	Waiver of Notice; Approval of Meeting; Approval of Minutes	143
	Section 13.9	Quorum and Voting	143
	Section 13.10	Conduct of a Meeting	143
	Section 13.11	Action Without a Meeting	144
	Section 13.12	Right to Vote and Related Matters	144
	 	 	 
	 	Article XIV	 
	 	 	 
	 	MERGER, CONSOLIDATION OR CONVERSION	 
	 	 	 
	Section 14.1	Authority	145
	Section 14.2	Procedure for Merger, Consolidation or Conversion	146
	Section 14.3	Approval by Limited Partners	147
	Section 14.4	Certificate of Merger	149
	Section 14.5	Effect of Merger, Consolidation or Conversion	149
	 	 	 
	 	Article XV	 
	 	 	 
	 	RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS	 
	 	 	 
	Section 15.1	Right to Acquire Limited Partner Interests	150
	 	 	 
	 	Article XVI	 
	 	 	 
	 	GENERAL PROVISIONS	 
	 	 	 
	Section 16.1	Addresses and Notices; Written Communications	151
	Section 16.2	Further Action	152
	Section 16.3	Binding Effect	152
	Section 16.4	Integration	152
	Section 16.5	Creditors	152
	Section 16.6	Waiver	153
	Section 16.7	Third-Party Beneficiaries	153
	Section 16.8	Counterparts	153

 

    iv

     

    

 

	Section 16.9	Applicable Law; Forum, Venue and Jurisdiction	153
	Section 16.10	Invalidity of Provisions	154
	Section 16.11	Consent of Partners	154
	Section 16.12	Facsimile Signatures	154

 

    v

     

    

 

SEVENTH AMENDED AND RESTATED AGREEMENT

OF LIMITED PARTNERSHIP OF NGL ENERGY PARTNERS LP

 

THIS SEVENTH AMENDED
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF NGL ENERGY PARTNERS LP (formerly known as Silverthorne Energy Partners LP) dated
as of [________] [__], 2019, is entered into by NGL Energy Holdings LLC, a Delaware limited liability company, as the General
Partner, together with any other Persons who become Partners in the Partnership or parties hereto as provided herein. In consideration
of the covenants, conditions and agreements contained herein, the parties hereto hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

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

 

“2016 Warrants”
means the warrants to purchase Common Units issued pursuant to the Class A Preferred Unit Purchase Agreement.

 

“2019 Warrants”
means the warrants to purchase Common Units issued pursuant to the Class D Initial Preferred Unit Purchase Agreement and the
Class D Additional Preferred Unit Purchase Agreement.

 

“Acquisition”
means any transaction in which any Group Member acquires (through an asset acquisition, merger, stock acquisition or other form
of investment) control over all or a portion of the assets, properties or business of another Person for the purpose of increasing
or expanding, over the long-term, the operating capacity or operating income of the Partnership Group from the operating capacity
or operating income of the Partnership Group existing immediately prior to such transaction. For purposes of this definition, “long-term”
generally refers to a period exceeding 12 months.

 

“Additional
Book Basis” means the portion of any remaining Carrying Value of an Adjusted Property that is attributable to positive
adjustments made to such Carrying Value as a result of Book-Up Events. For purposes of determining the extent that Carrying Value
constitutes Additional Book Basis:

 

(a)       Any
negative adjustment made to the Carrying Value of an Adjusted Property as a result of either a Book-Down Event or a Book-Up Event
shall first be deemed to offset or decrease that portion of the Carrying Value of such Adjusted Property that is attributable to
any prior positive adjustments made thereto pursuant to a Book-Up Event or Book-Down Event.

 

(b)       If
Carrying Value that constitutes Additional Book Basis is reduced as a result of a Book-Down Event and the Carrying Value of other
property is increased as a result of such Book-Down Event, an allocable portion of any such increase in Carrying Value shall be
treated as Additional Book Basis; provided, that the amount treated as Additional Book Basis pursuant hereto as a result
of such Book-Down Event shall not exceed the amount by which the Aggregate Remaining Net Positive Adjustments after such Book-Down
Event exceeds the remaining Additional Book Basis attributable to all of the Partnership’s Adjusted Property after such Book-Down
Event (determined without regard to the application of this clause (b) to such Book-Down Event).

 

     

     

    

 

“Additional
Book Basis Derivative Items” means any Book Basis Derivative Items that are computed with reference to Additional
Book Basis. To the extent that the Additional Book Basis attributable to all of the Partnership’s Adjusted Property as of
the beginning of any taxable period exceeds the Aggregate Remaining Net Positive Adjustments as of the beginning of such period
(the “Excess Additional Book Basis”), the Additional Book Basis Derivative Items for such period shall
be reduced by the amount that bears the same ratio to the amount of Additional Book Basis Derivative Items determined without regard
to this sentence as the Excess Additional Book Basis bears to the Additional Book Basis as of the beginning of such period. With
respect to a Disposed of Adjusted Property, the Additional Book Basis Derivative Items shall be the amount of Additional Book Basis
taken into account in computing gain or loss from the disposition of such Disposed of Adjusted Property.

 

“Adjusted
Capital Account” means the Capital Account maintained for each Partner as of the end of each taxable period of the
Partnership, (a) increased by any amounts that such Partner is obligated to restore under the standards set by Treasury Regulation
Section 1.704-1(b)(2)(ii)(c) (or is deemed obligated to restore under Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5))
and (b) decreased by (i) the amount of all losses and deductions that, as of the end of such taxable period, are reasonably expected
to be allocated to such Partner in subsequent taxable periods under Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation
Section 1.751-1(b)(2)(ii), and (ii) the amount of all distributions that, as of the end of such taxable period, are reasonably
expected to be made to such Partner in subsequent taxable periods in accordance with the terms of this Agreement or otherwise to
the extent they exceed offsetting increases to such Partner’s Capital Account that are reasonably expected to occur during
(or prior to) the taxable period in which such distributions are reasonably expected to be made (other than increases as a result
of a minimum gain chargeback pursuant to Section 6.1(d)(i) or Section 6.1(d)(ii)). The foregoing definition
of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d)
and shall be interpreted consistently therewith. The “Adjusted Capital Account” of a Partner in respect of any Partnership
Interest shall be the amount that such Adjusted Capital Account would be if such Partnership Interest were the only interest in
the Partnership held by such Partner from and after the date on which such Partnership Interest was first issued.

 

“Adjusted
Operating Surplus” means, with respect to any period, (a) Operating Surplus generated with respect to such period;
(b) less (i) the amount of any net increase in Working Capital Borrowings (or the Partnership’s proportionate share of any
net increase in Working Capital Borrowings in the case of Subsidiaries that are not wholly owned) with respect to that period;
and (ii) the amount of any net decrease in cash reserves (or the Partnership’s proportionate share of any net decrease in
cash reserves in the case of Subsidiaries that are not wholly owned) for Operating Expenditures with respect to such period not
relating to an Operating Expenditure made with respect to such period; and (c) plus (i) the amount of any net decrease in Working
Capital Borrowings (or the Partnership’s proportionate share of any net decrease in Working Capital Borrowings in the case
of Subsidiaries that are not wholly owned) with respect to that period; (ii) the amount of any net increase in cash reserves (or
the Partnership’s proportionate share of any net increase in cash reserves in the case of Subsidiaries that are not wholly
owned) for Operating Expenditures with respect to such period required by any debt instrument for the repayment of principal, interest
or premium; and (iii) any net decrease made in subsequent periods in cash reserves for Operating Expenditures initially established
with respect to such period to the extent such decrease results in a reduction in Adjusted Operating Surplus in subsequent periods
pursuant to clause (b)(ii) above. Adjusted Operating Surplus does not include that portion of Operating Surplus included in clause
(a)(i) of the definition of Operating Surplus.

 

     

     

    

 

“Adjusted
Property” means any property the Carrying Value of which has been adjusted pursuant to Section 5.5(d).

 

“Adjusted
Total Leverage Ratio” means, as of any date of determination, the quotient of (a) the sum as of such date of
(i) Total Leverage Indebtedness plus (ii) the aggregate of Class D Stated Value of all Outstanding Class D
Preferred Units plus (iii) the aggregate liquidation preference of all Outstanding Class D Parity Securities,
all Outstanding Class D Other Preferred Securities and all Outstanding Class D Senior Securities, divided by (b) Consolidated
EBITDA for the period of the four Quarters most recently ended as of such date for which financial information has been filed with
the Commission.

 

“Adjusted
Total Leverage Ratio Default Period” is defined in Section 5.13(c)(vii).

 

“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. For purposes of this Agreement, and not in limitation of the
foregoing (a) the Partnership, on the one hand, and the Class D Purchasers, on the other hand, shall not be considered
Affiliates solely by virtue of such Class D Purchasers holding Class D Preferred Units; (b) the direct or indirect
equity owners, including any limited partners, of EIG or its Affiliates (collectively, the “EIG Investors”),
shall be considered an Affiliate of EIG; (c) any fund, entity or account managed, advised or sub-advised, directly or
indirectly, by EIG or any EIG Investor, shall be considered an Affiliate of EIG; and (d) any fund, entity or account managed,
advised or sub-advised, directly or indirectly, by a Class D Purchaser or any of its Affiliates, or the direct or indirect
equity owners, including limited partners of a Class D Purchaser or any of its Affiliates, shall be considered an Affiliate
of such Class D Purchaser.

 

“Aggregate
Quantity of IDR Reset Common Units” is defined in Section 5.10(a).

 

“Aggregate
Remaining Net Positive Adjustments” means, as of the end of any taxable period, the sum of the Remaining Net Positive
Adjustments of all the Partners.

 

“Agreed
Allocation” means any allocation, other than a Required Allocation, of an item of income, gain, loss or deduction
pursuant to the provisions of Section 6.1, including a Curative Allocation (if appropriate to the context in which
the term “Agreed Allocation” is used).

 

     

     

    

 

“Agreed
Value” of any Contributed Property means the fair market value of such property at the time of contribution and in
the case of an Adjusted Property, the fair market value of such Adjusted Property on the date of the revaluation event as described
in Section 5.5(d), in both cases as determined by the General Partner. In making such determination, the General Partner
shall use such method as it determines to be appropriate.

 

“Agreement”
means this Seventh Amended and Restated Agreement of Limited Partnership of NGL Energy Partners LP, as it may be amended, supplemented
or restated from time to time.

 

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

 

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

 

(a)       the
sum of (i) all cash and cash equivalents of the Partnership Group (or the Partnership’s proportionate share of cash and cash
equivalents in the case of Subsidiaries that are not wholly owned) on hand at the end of such Quarter, and (ii) if the General
Partner so determines, all or any portion of any additional cash and cash equivalents of the Partnership Group (or the Partnership’s
proportionate share of cash and cash equivalents in the case of Subsidiaries that are not wholly owned) on hand on the date of
determination of Available Cash with respect to such Quarter, less

 

(b)       the
amount of any cash reserves established by the General Partner (or the Partnership’s proportionate share of cash reserves
in the case of Subsidiaries that are not wholly owned) to (i) provide for the proper conduct of the business of the Partnership
Group (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership Group) subsequent
to such Quarter, (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other
agreement or obligation to which any Group Member is a party or by which it is bound or its assets are subject or (iii) provide
funds for distributions under Section 6.4 or Section 6.5 in respect of any one or more of the next four
Quarters; provided, however, that the General Partner may not establish cash reserves pursuant to clause (iii) above
if the effect of such reserves would be that the Partnership is unable to distribute the Minimum Quarterly Distribution on all
Common Units, with respect to such Quarter; and, provided further, that disbursements made by a Group Member or cash reserves
established, increased or reduced after the end of such Quarter but on or before the date of determination of Available Cash with
respect to such Quarter shall be deemed to have been made, established, increased or reduced, for purposes of determining Available
Cash, within such Quarter if the General Partner so determines.

 

Notwithstanding the
foregoing, “Available Cash” with respect to the Quarter in which the Liquidation Date occurs and any subsequent Quarter
shall equal zero.

 

     

     

    

 

“Bankruptcy
Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“Board
of Directors” means, with respect to the Board of Directors of the General Partner, its board of directors or board
of managers, as applicable, if a corporation or limited liability company, or if a limited partnership, the board of directors
or board of managers of the general partner of the General Partner.

 

“Book Basis
Derivative Items” means any item of income, deduction, gain or loss that is computed with reference to the Carrying
Value of an Adjusted Property (e.g., depreciation, depletion, or gain or loss with respect to an Adjusted Property).

 

“Book-Down
Event” means an event that triggers a negative adjustment to the Capital Accounts of the Partners pursuant to Section 5.5(d).

 

“Book-Tax
Disparity” means with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination,
the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for
federal income tax purposes as of such date. A Partner’s share of the Partnership’s Book-Tax Disparities in all of
its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account
balance as maintained pursuant to Section 5.5 and the hypothetical balance of such Partner’s Capital Account
computed as if it had been maintained strictly in accordance with federal income tax accounting principles.

 

“Book-Up
Event” means an event that triggers a positive adjustment to the Capital Accounts of the Partners pursuant to Section 5.5(d).

 

“Business
Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of
the United States of America or the State of New York (or, solely with respect to matters pertaining to the Class B Preferred
Units or the Class C Preferred Units, as applicable, the States of Oklahoma or New York) shall not be regarded as a Business
Day.

 

“Calculation
Agent” means a financial institution, trust company or other Person as may be appointed from time to time by the
General Partner to act as calculation agent for the Class C Preferred Units or Class D Preferred Units, as applicable,
but subject to Section 5.13(e)(v) with respect to the Class D Preferred Units; provided, however, that the Calculation
Agent may not be the Partnership or any of its Affiliates.

 

“Capital
Account” means the capital account maintained for a Partner pursuant to Section 5.5. The “Capital
Account” of a Partner in respect of any Partnership Interest shall be the amount that such Capital Account would be if such
Partnership Interest were the only interest in the Partnership held by such Partner from and after the date on which such Partnership
Interest was first issued.

 

“Capital
Contribution” means any cash, cash equivalents or the Net Agreed Value of Contributed Property that a Partner contributes
to the Partnership or that is contributed or deemed contributed to the Partnership on behalf of a Partner (including, in the case
of an underwritten offering of Units, the amount of any underwriting discounts or commissions).

 

     

     

    

 

“Capital
Improvement” means any (a) addition or improvement to the capital assets owned by any Group Member, (b) acquisition
of existing, or the construction of new or the improvement or replacement of existing, capital assets (including, without limitation,
propane assets or other midstream assets or facilities) or (c) capital contribution by a Group Member to a Person that is not a
Subsidiary in which a Group Member has an equity interest, or after such capital contribution will have an equity interest, to
fund such Group Member’s pro rata share of the cost of the addition or improvement to or the acquisition of existing, or
the construction of new or the improvement or replacement of existing, capital assets (including, without limitation, propane assets
or other midstream assets or facilities) by such Person, in each case if such addition, improvement, replacement, acquisition or
construction is made to increase, over the long-term, the operating capacity or operating income of the Partnership Group, in the
case of clauses (a) and (b), or such Person, in the case of clause (c), from the operating capacity or operating income of the
Partnership Group or such Person, as the case may be, existing immediately prior to such addition, improvement, replacement, acquisition
or construction. For purposes of this definition, “long-term” generally refers to a period exceeding 12 months.

 

“Capital
Surplus” means Available Cash distributed by the Partnership in excess of Operating Surplus, as described in Section 6.3(a).

 

“Carrying
Value” means (a) with respect to a Contributed Property or Adjusted Property, the Agreed Value of such property reduced
(but not below zero) by all depreciation, amortization and cost recovery deductions charged to the Partners’ Capital Accounts
in respect of such property, and (b) with respect to any other Partnership property, the adjusted basis of such property for federal
income tax purposes, all as of the time of determination; provided that the Carrying Value of any property shall be adjusted
from time to time in accordance with Section 5.5(d)(i) and Section 5.5(d)(ii) and to reflect changes, additions
or other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by
the General Partner.

 

“Cause”
means a court of competent jurisdiction has entered a final, non-appealable judgment finding the General Partner liable for actual
fraud or willful misconduct in its capacity as a general partner of the Partnership.

 

“Certificate”
means (a) a certificate (i) substantially in the form of Exhibit A to this Agreement, (ii) issued in global form in accordance
with the rules and regulations of the Depositary or (iii) in such other form as may be adopted by the General Partner, issued by
the Partnership evidencing ownership of one or more Common Units or (b) a certificate, in such form as may be adopted by the General
Partner, issued by the Partnership evidencing ownership of one or more other Partnership Interests.

 

“Certificate
of Limited Partnership” means the Certificate of Limited Partnership of the Partnership filed with the Secretary
of State of the State of Delaware as referenced in Section 7.2, as such Certificate of Limited Partnership may be amended,
supplemented or restated from time to time.

 

     

     

    

 

“Citizenship
Eligibility Trigger” is defined in Section 4.9(a)(ii).

 

“Class A
Deemed Warrant Unit” has the meaning set forth in Section 6.11(a).

 

“Class A
Preferred Unit Purchase Agreement” means the Class A Convertible Preferred Unit and Warrant Purchase Agreement,
dated as of April 21, 2016, as amended by the Amendment to Class A Convertible Preferred Unit and Warrant Purchase
Agreement, dated as of June 23, 2016, among the Partnership and the purchasers named therein.

 

“Class B
Alternative Conversion Consideration” has the meaning assigned to such term in Section 5.11(e)(iii).

 

“Class B
Change of Control” means the occurrence of any of the following events after the Class B Original Issue Date:

 

(a)       the
direct or indirect lease, sale, transfer, conveyance or other disposition (other than by way of merger, consolidation or business
combination), in one or a series of related transactions, of all or substantially all of the properties or assets of the Partnership
and its Subsidiaries, taken as a whole, to any person (as that term is used in Section 13(d)(3) of the Securities Exchange Act),
and following such occurrence neither the Partnership nor such person has a class of common equity securities listed or admitted
to trading on any National Securities Exchange; or

 

(b)       the
consummation of any transaction (including, without limitation, any merger, consolidation or business combination), the result
of which is that any person (as that term is used in Section 13(d)(3) of the Securities Exchange Act), other than a Class B
Permitted Holder, becomes the beneficial owner, directly or indirectly, of more than 50% of the outstanding voting interests of
the General Partner, measured by voting power rather than percentage of interests, and following such occurrence neither the Partnership
nor such person has a class of common equity securities listed or admitted to trading on any National Securities Exchange.

 

“Class B
Change of Control Conversion Date” means the date fixed by the General Partner, in its sole discretion, as the date
the Class B Preferred Units are entitled to be converted to Class B Conversion Common Units as provided in Section 5.11(e).
The Class B Change of Control Conversion Date shall be a Business Day that is no fewer than 20 days nor more than 35 days
after the date on which the Partnership provides the Class B Conversion Notice to Class B Preferred Holders pursuant
to Section 5.11(e)(ii).

 

“Class B
Change of Control Conversion Right” has the meaning assigned to such term in Section 5.11(e)(i).

 

“Class B
Change of Control Redemption Period” has the meaning assigned to such term in Section 5.11(d)(i).

 

“Class B
Common Unit Conversion Consideration” has the meaning assigned to such term in Section 5.11(e)(i).

 

     

     

    

 

“Class B
Conversion Common Units” means Common Units issuable upon conversion of Class B Preferred Units pursuant to
Section 5.11(e)(i).

 

“Class B
Conversion Notice” has the meaning assigned to such term in Section 5.11(e)(ii).

 

“Class B
Conversion Rate” means the lesser of: (a) the quotient obtained by dividing (i) the sum of the Class B
Stated Liquidation Preference plus the amount of any accumulated and unpaid distributions on the Class B Preferred Units to, but
not including, the Class B Change of Control Conversion Date (unless the Class B Change of Control Conversion Date is
after a Class B Distribution Record Date and prior to the corresponding Class B Distribution Payment Date, in which case
no accumulated and unpaid Class B Preferred Unit Distribution will be included in this sum) by (ii) the Common Unit Price
with respect to the Class B Preferred Units; and (b) the Class B Unit Cap, subject to adjustments of the Common Unit
Price with respect to the Class B Preferred Units and the Class B Unit Cap as the General Partner determines to be equitable
in view of any splits, combinations or distributions in the form of equity issuances or the payment of any Class B Alternative
Conversion Consideration to the holders of the Common Units in connection with the Class B Change of Control.

 

“Class B
Distribution Payment Date” means January 15, April 15, July 15 and October 15 of each year (commencing
on October 15, 2017); provided, however, that if any Class B Distribution Payment Date would otherwise
occur on a day that is not a Business Day, then such Class B Distribution Payment Date shall instead be the immediately succeeding
Business Day, without the accumulation of additional distributions.

 

“Class B
Distribution Period” means, with respect to each Class B Preferred Unit Distribution on a Class B Distribution
Payment Date, the three-month period beginning on and including the first day of the third calendar month next preceding the Class B
Distribution Payment Date for such Class B Preferred Unit Distribution and ending on and including the last day of the calendar
month next preceding the Class B Distribution Payment Date for such Class B Preferred Unit Distribution; provided,
however, that the initial Class B Distribution Period shall begin on and include the Class B Original Issue Date
and end on and include September 30, 2017.

 

“Class B
Distribution Rate” means an annual rate equal to (a) during the Class B Fixed Rate Period, 9.00% of the
Class B Stated Liquidation Preference and (b) during the Class B Floating Rate Period, a percentage of the Class B
Stated Liquidation Preference equal to the sum of (i) Class B Three-Month LIBOR, as calculated on each applicable Class B
LIBOR Determination Date, and (ii) 7.213%.

 

“Class B
Distribution Record Date” means the open of business on the January 1, April 1, July 1 or October 1
immediately preceding the Class B Distribution Payment Date for which a Class B Preferred Unit Distribution has been
declared; provided, however, that in the case of payments of Class B Preferred Unit Distributions in arrears,
the Class B Distribution Record Date with respect to a Class B Distribution Payment Date shall be such date as may be
designated by the General Partner in accordance with Section 5.11.

 

     

     

    

 

“Class B
Fixed Rate Period” means the period from and including the Class B Original Issue Date to, but not including,
July 1, 2022.

 

“Class B
Floating Rate Period” means the period beginning on July 1, 2022 and ending on the date that all of the Outstanding
Class B Preferred Units are redeemed in accordance with Section 5.11(d) or are converted in accordance with Section 5.11(e).

 

“Class B
Junior Securities” means (a) Common Units, the General Partner Interest and Incentive Distribution Rights and (b) any
class or series of Partnership Interests established after the Class B Original Issue Date that, with respect to distributions
on such Partnership Interests, does not have terms expressly providing that such class or series is senior to or on parity with
the Class B Preferred Units.

 

“Class B
LIBOR Determination Date” means the London Business Day immediately preceding the first date of the applicable Class B
Distribution Period.

 

“Class B
Original Issue Date” means June 13, 2017.

 

“Class B
Parity Securities” means (a) the Class C Preferred Units, (b) the Class D Preferred Units and (c) any
class or series of Partnership Interests established after the Class B Original Issue Date that, with respect to distributions
on such Partnership Interests, has terms expressly providing that such class or series ranks on parity with the Class B Preferred
Units.

 

“Class B
Permitted Holder” means: (a) any Member (as defined in the GP LLC Agreement) of the General Partner as of the
Class B Original Issue Date; (b) any wife, lineal descendant, legal guardian or other legal representative or estate
of any of the Persons described in the immediately preceding clause (a); (c) any trust of which at least one of
the trustees is any of the Persons described in the immediately preceding clauses (a) or (b); and (d) any other
Person that is controlled directly or indirectly by any one or more of the Persons described in the immediately preceding clauses (a)
through (c).

 

“Class B
Preferred Holder” means a holder of a Class B Preferred Unit, in respect of such Class B Preferred Unit.

 

“Class B
Preferred Unit” means a Partnership Interest representing a fractional part of the Partnership Interests of all Limited
Partners and assignees, and having the rights and obligations specified with respect to a 9.00% Class B Fixed-to-Floating
Rate Cumulative Redeemable Perpetual Preferred Unit in this Agreement.

 

“Class B
Preferred Unit Distributions” has the meaning assigned to such term in Section 5.11(b)(i).

 

“Class B
Redemption Date” has the meaning assigned to such term in Section 5.11(d)(i).

 

“Class B
Redemption Notice” has the meaning assigned to such term in Section 5.11(d)(ii).

 

“Class B
Redemption Price” means an amount equal to the Class B Stated Liquidation Preference.

 

     

     

    

 

“Class B
Securities Depositary” means, with respect to Class B Preferred Units issued in global form, The Depository
Trust Company (and its successors or assigns or any other securities depositary selected by the Partnership).

 

“Class B
Senior Securities” means any class or series of Partnership Interests established after the Class B Original
Issue Date that, with respect to distributions on such Partnership Interests, has terms expressly providing that such class or
series is senior to the Class B Preferred Units.

 

“Class B
Stated Liquidation Preference” means, with respect to Class B Preferred Units, a liquidation preference initially
equal to $25.00 per Class B Preferred Unit (subject to adjustment for any splits, combinations or similar adjustments to the
Class B Preferred Units).

 

“Class B
Three-Month LIBOR” means, in respect of each Class B Distribution Period during the Class B Floating Rate
Period, the following rate determined by the Partnership, as of the applicable Class B LIBOR Determination Date in accordance
with the following provisions:

 

(a)       the
rate (expressed as a percentage per year) for deposits in U.S. dollars for a three-month period commencing on the first day of
such Class B Distribution Period that appears on Reuters Page LIBOR01 as of 11:00 a.m. (London time) on the Class B LIBOR
Determination Date; or

 

(b)       if
the rate described in the immediately preceding clause (a) is not so published, the Partnership shall select four major
banks in the London interbank market and request that the principal London offices of those four selected banks provide their offered
quotations for deposits in U.S. dollars for a period of three months, commencing on the first day of the applicable Class B
Distribution Period, to prime banks in the London interbank market at approximately 11:00 a.m. (London time) on the Class B
LIBOR Determination Date for such Class B Distribution Period. Offered quotations must be based on a principal amount equal
to an amount that, in the Partnership’s judgment, is representative of a single transaction in U.S. dollars in the London
interbank market at the time. If two or more quotations are provided, Class B Three-Month LIBOR for such Class B Distribution
Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided, Class B Three-Month LIBOR
for such Class B Distribution Period will be the arithmetic mean of the rates quoted on the Class B LIBOR Determination
Date for such Class B Distribution Period by three major banks in New York City selected by the Partnership, for loans in
U.S. dollars to leading European banks for a three-month period commencing on the first day of such Class B Distribution Period.
The rates quoted must be based on an amount that, in the Partnership’s judgment, is representative of a single transaction
in U.S. dollars in that market at the time. If fewer than three New York City banks selected by the Partnership are quoting rates
in the manner described above, Class B Three-Month LIBOR for the applicable Class B Distribution Period will be the same
as for the immediately preceding Class B Distribution Period or, if the immediately preceding Class B Distribution Period
was within the Class B Fixed Rate Period, the same as for the most recent quarter for which Class B Three-Month LIBOR
can be determined.

 

     

     

    

 

All percentages resulting
from any of the calculations described in the immediately preceding clauses (a) and (b) will be rounded, if necessary,
to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards and
all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded
upwards).

 

“Class B
Unit Cap” means 3.63636.

 

“Class C
Alternative Conversion Consideration” has the meaning assigned to such term in Section 5.12(e)(iii).

 

“Class C
Change of Control” means the occurrence of any of the following events after the Class C Original Issue Date:

 

(a)       the
direct or indirect lease, sale, transfer, conveyance or other disposition (other than by way of merger, consolidation or business
combination), in one or a series of related transactions, of all or substantially all of the properties or assets of the Partnership
and its Subsidiaries, taken as a whole, to any person (as that term is used in Section 13(d)(3) of the Securities Exchange Act),
and following such occurrence neither the Partnership nor such person has a class of common equity securities listed or admitted
to trading on any National Securities Exchange; or

 

(b)       the
consummation of any transaction (including, without limitation, any merger, consolidation or business combination), the result
of which is that any person (as that term is used in Section 13(d)(3) of the Securities Exchange Act), other than a
Class C Permitted Holder, becomes the beneficial owner, directly or indirectly, of more than 50% of the outstanding voting
interests of the General Partner, measured by voting power rather than percentage of interests, and following such occurrence neither
the Partnership nor such person has a class of common equity securities listed or admitted to trading on any National Securities
Exchange.

 

“Class C
Change of Control Conversion Date” means the date fixed by the General Partner, in its sole discretion, as the date
the Class C Preferred Units are entitled to be converted to Class C Conversion Common Units as provided in Section 5.12(e).
The Class C Change of Control Conversion Date shall be a Business Day that is no fewer than 20 days nor more than 35 days
after the date on which the Partnership provides the Class C Conversion Notice to Class C Preferred Holders pursuant
to Section 5.12(e)(ii).

 

“Class C
Change of Control Conversion Right” has the meaning assigned to such term in Section 5.12(e)(i).

 

“Class C
Change of Control Redemption Period” has the meaning assigned to such term in Section 5.12(d)(i).

 

“Class C
Common Unit Conversion Consideration” has the meaning assigned to such term in Section 5.12(e)(i).

 

“Class C
Conversion Common Units” means Common Units issuable upon conversion of Class C Preferred Units pursuant to
Section 5.12(e)(i).

 

     

     

    

 

“Class C
Conversion Notice” has the meaning assigned to such term in Section 5.12(e)(ii).

 

“Class C
Conversion Rate” means the lesser of: (a) the quotient obtained by dividing (i) the sum of the Class C
Stated Liquidation Preference plus the amount of any accumulated and unpaid distributions on the Class C Preferred Units to,
but not including, the Class C Change of Control Conversion Date (unless the Class C Change of Control Conversion Date
is after a Class C Distribution Record Date and prior to the corresponding Class C Distribution Payment Date, in which
case no accumulated and unpaid Class C Preferred Unit Distribution will be included in this sum) by (ii) the Common Unit
Price with respect to the Class C Preferred Units; and (b) the Class C Unit Cap, subject to adjustments of the Common
Unit Price with respect to the Class C Preferred Units and the Class C Unit Cap as the General Partner determines to
be equitable in view of any splits, combinations or distributions in the form of equity issuances or the payment of any Class C
Alternative Conversion Consideration to the holders of the Common Units in connection with the Class C Change of Control.

 

“Class C
Distribution Payment Date” means January 15, April 15, July 15 and October 15 of each year (commencing
on July 15, 2019); provided, however, that if any Class C Distribution Payment Date would otherwise
occur on a day that is not a Business Day, then such Class C Distribution Payment Date shall instead be the immediately succeeding
Business Day, without the accumulation of additional distributions.

 

“Class C
Distribution Period” means, with respect to each Class C Preferred Unit Distribution on a Class C Distribution
Payment Date, the three-month period beginning on and including the first day of the third calendar month next preceding the Class C
Distribution Payment Date for such Class C Preferred Unit Distribution and ending on and including the last day of the calendar
month next preceding the Class C Distribution Payment Date for such Class C Preferred Unit Distribution; provided,
however, that the initial Class C Distribution Period shall begin on and include the Class C Original Issue Date
and end on and include June 30, 2019.

 

“Class C
Distribution Rate” means an annual rate equal to (a) during the Class C Fixed Rate Period, 9.625% of the
Class C Stated Liquidation Preference and (b) during the Class C Floating Rate Period, a percentage of the Class C
Stated Liquidation Preference equal to the sum of (i) Class C Three-Month LIBOR, as calculated on each applicable Class C
LIBOR Determination Date, and (ii) 7.384%. Notwithstanding the foregoing: (a) if the Calculation Agent determines on
the relevant Class C LIBOR Determination Date that the Class C Three-Month LIBOR base rate has been discontinued, then
the Calculation Agent will use a substitute or successor base rate that it has determined in its sole discretion is most comparable
to the Class C Three-Month LIBOR base rate, provided that if the Calculation Agent determines there is an industry-accepted
substitute or successor base rate, then the Calculation Agent shall use such substitute or successor base rate; and (b) if the
Calculation Agent has determined a substitute or successor base rate in accordance with clause (a) above, the Calculation Agent,
in its sole discretion, may determine what business day convention to use, the definition of business day, the distribution determination
date to be used and any other relevant methodology for calculating such substitute or successor base rate.

 

     

     

    

 

“Class C
Distribution Record Date” means the open of business on the January 1, April 1, July 1 or October 1
immediately preceding the Class C Distribution Payment Date for which a Class C Preferred Unit Distribution has been
declared; provided, however, that in the case of payments of Class C Preferred Unit Distributions in arrears,
the Class C Distribution Record Date with respect to a Class C Distribution Payment Date shall be such date as may be
designated by the General Partner in accordance with Section 5.12.

 

“Class C
Fixed Rate Period” means the period from and including the Class C Original Issue Date to, but not including,
April 15, 2024.

 

“Class C
Floating Rate Period” means the period beginning on April 15, 2024 and ending on the date that all of the Outstanding
Class C Preferred Units are redeemed in accordance with Section 5.12(d) or are converted in accordance with Section 5.12(e).

 

“Class C
Junior Securities” means (a) Common Units, the General Partner Interest and Incentive Distribution Rights and (b) any
class or series of Partnership Interests established after the Class C Original Issue Date that, with respect to distributions
on such Partnership Interests, does not have terms expressly providing that such class or series is senior to or on parity with
the Class C Preferred Units.

 

“Class C
LIBOR Determination Date” means the London Business Day immediately preceding the first date of the applicable Class C
Distribution Period.

 

“Class C
Original Issue Date” means April 2, 2019.

 

“Class C
Parity Securities” means (a) the Class B Preferred Units, (b) the Class D Preferred Units and (c) any
class or series of Partnership Interests established after the Class C Original Issue Date that, with respect to distributions
on such Partnership Interests, has terms expressly providing that such class or series ranks on parity with the Class C Preferred
Units.

 

“Class C
Permitted Holder” means: (a) any Member (as defined in the GP LLC Agreement) of the General Partner as of the
Class C Original Issue Date; (b) any wife, lineal descendant, legal guardian or other legal representative or estate
of any of the Persons described in the immediately preceding clause (a); (c) any trust of which at least one of
the trustees is any of the Persons described in the immediately preceding clauses (a) or (b); and (d) any other
Person that is controlled directly or indirectly by any one or more of the Persons described in the immediately preceding clauses (a)
through (c).

 

“Class C
Preferred Holder” means a holder of a Class C Preferred Unit, in respect of such Class C Preferred Unit.

 

“Class C
Preferred Unit” means a Partnership Interest representing a fractional part of the Partnership Interests of all Limited
Partners and assignees, and having the rights and obligations specified with respect to a 9.625% Class C Fixed-to-Floating
Rate Cumulative Redeemable Perpetual Preferred Unit in this Agreement.

 

“Class C
Preferred Unit Distributions” has the meaning assigned to such term in Section 5.12(b)(i).

 

     

     

    

 

“Class C
Redemption Date” has the meaning assigned to such term in Section 5.12(d)(i).

 

“Class C
Redemption Notice” has the meaning assigned to such term in Section 5.12(d)(ii).

 

“Class C
Redemption Price” means an amount equal to the Class C Stated Liquidation Preference.

 

“Class C
Securities Depositary” means, with respect to Class C Preferred Units issued in global form, The Depository
Trust Company (and its successors or assigns or any other securities depositary selected by the Partnership).

 

“Class C
Senior Securities” means any class or series of Partnership Interests established after the Class C Original
Issue Date that, with respect to distributions on such Partnership Interests, has terms expressly providing that such class or
series is senior to the Class C Preferred Units.

 

“Class C
Stated Liquidation Preference” means, with respect to Class C Preferred Units, a liquidation preference initially
equal to $25.00 per Class C Preferred Unit (subject to adjustment for any splits, combinations or similar adjustments to the
Class C Preferred Units).

 

“Class C
Three-Month LIBOR” means, in respect of each Class C Distribution Period during the Class C Floating Rate
Period, the following rate determined by the Partnership or the Calculation Agent, as applicable, as of the applicable Class C
LIBOR Determination Date in accordance with the following provisions:

 

(a)       the
rate (expressed as a percentage per year) for deposits in U.S. dollars for a three-month period commencing on the first day of
such Class C Distribution Period that appears on Reuters Page LIBOR01 as of 11:00 a.m. (London time) on the Class C LIBOR
Determination Date determined by the Partnership; or

 

(b)       if
the rate described in the immediately preceding clause (a) is not so published, the Calculation Agent shall select four
major banks in the London interbank market and request that the principal London offices of those four selected banks provide their
offered quotations for deposits in U.S. dollars for a period of three months, commencing on the first day of the applicable Class C
Distribution Period, to prime banks in the London interbank market at approximately 11:00 a.m. (London time) on the Class C
LIBOR Determination Date for such Class C Distribution Period. Offered quotations must be based on a principal amount equal
to an amount that, in the Calculation Agent’s judgment, is representative of a single transaction in U.S. dollars in the
London interbank market at the time. If two or more quotations are provided, Class C Three-Month LIBOR for such Class C
Distribution Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided, Class C Three-Month
LIBOR for such Class C Distribution Period will be the arithmetic mean of the rates quoted on the Class C LIBOR Determination
Date for such Class C Distribution Period by three major banks in New York City selected by the Calculation Agent, for loans
in U.S. dollars to leading European banks for a three-month period commencing on the first day of such Class C Distribution
Period. The rates quoted must be based on an amount that, in the Calculation Agent’s judgment, is representative of a single
transaction in U.S. dollars in that market at the time. If fewer than three New York City banks selected by the Calculation Agent
are quoting rates in the manner described above, the Calculation Agent, after consulting such sources as it deems comparable to
any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate Class C
Three-Month LIBOR or any of the foregoing lending rates, will determine Class C Three-Month LIBOR for the applicable Class C
Distribution Period in its sole discretion.

 

     

     

    

 

All percentages resulting
from any of the calculations described in the immediately preceding clauses (a) and (b) will be rounded, if necessary,
to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards and
all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded
upwards).

 

“Class C
Unit Cap” means 3.5791.

 

“Class D
Accretion Amount” has the meaning assigned to such term in Section 5.13(b)(v).

 

“Class D
Accretion Option Period” means any Quarter ending on or prior to the last day of the third (3rd) full Quarter following
the Class D Initial Issuance Date.

 

“Class D
Additional Issuance Date” means [________] [__], 2019.

 

“Class D
Additional Preferred Unit Purchase Agreement” means the Class D Preferred Unit and Warrant Purchase Agreement,
dated as of September 25, 2019, among the Partnership and the Class D Additional Purchasers.

 

“Class D
Additional Preferred Units” has the meaning assigned to such term in Section 5.13(a).

 

“Class D
Additional Purchasers” means the purchasers named on Schedule A to the Class D Additional Preferred Unit
Purchase Agreement.

 

“Class D
Adjusted Total Leverage Ratio Default Rate” means an additional one percentage point per annum, cumulative to the
then-applicable Class D Distribution Rate.

 

“Class D
Board Representation Rights Agreement” has the meaning assigned to the term “Board Representation Rights Agreement”
in the Class D Initial Preferred Unit Purchase Agreement.

 

“Class D
Change of Control” means the occurrence of any of the following events:

 

(a)       the
Class D Permitted Holders cease to beneficially own, directly or indirectly, at least 50% of the outstanding voting securities
of the General Partner, measured by voting power rather than number of units, or the Class D Permitted Holders, directly or
indirectly, cease to have the power to elect a majority of the members of the Board of Directors;

 

     

     

    

 

(b)       other
than an acquisition of 100% of the equity interests of the General Partner by the Partnership or a Subsidiary of the Partnership
in connection with which the voting rights of the Class D Preferred Unit Holders set forth in Section 5.13(c) and the
Board of Directors appointment rights of the Class D Purchasers and their Affiliates set forth in the Class D Board Representation
Rights Agreement, in each case, remain in effect following the consummation of such acquisition, the direct or indirect sale, lease,
transfer, conveyance or other disposition (including by way of merger or consolidation), in one or more series of related transactions,
of all or substantially all of the assets of the Partnership and its Subsidiaries, taken as a whole, to any Person or group (as
defined by Section 13(d)(3) of the Securities Exchange Act) other than a Class D Permitted Holder;

 

(c)       the
General Partner withdraws or is removed by the Limited Partners in accordance with the terms of this Agreement;

 

(d)       the
Common Units (or other common equity interests of the Partnership) are no longer listed or admitted to trading on any National
Securities Exchange;

 

(e)       the
General Partner and/or its Affiliates becomes beneficial owner, directly or indirectly, of 80% or more of the Outstanding Common
Units; or

 

(f)       any
transaction or event that constitutes a “change of control” under any of the Partnership’s Funded Indebtedness,
entitling holders or lenders to have such indebtedness repaid, repurchased, redeemed or otherwise retired;

 

provided, however,
that in no event shall a Partnership Restructuring Event constitute a Class D Change of Control.

 

“Class D
CoC Notice” is defined in Section 5.13(d)(i).

 

“Class D
CoC Redemption Election Notice” is defined in Section 5.13(d)(i).

 

“Class D
Common Unit Redemption Amount” is defined in Section 5.13(d)(iii)(B).

 

“Class D
Common Unit Conditions” means, with respect to the ability of the Partnership to issue Class D Redemption Common
Units in connection with the redemption of Class D Preferred Units pursuant to Section 5.13(d)(iii), (a) all Class D
Redemption Common Units to be issued upon such redemption are authorized for listing or quotation or admitted to trading, as applicable,
on the New York Stock Exchange or such other National Securities Exchange on which the Common Units are then listed, quoted or
admitted to trading, (b) the Partnership has on file with the Commission an effective registration statement under the Securities
Act registering the resale of the Class D Redemption Common Units to be issued upon such redemption by each Class D Preferred
Unit Holder that has provided information pertaining to such Class D Preferred Unit Holder required to be included in such
registration statement in order for such Class D Preferred Unit Holder to sell Common Units thereunder and (c) the aggregate
number of Class D Redemption Common Units to be issued upon such redemption (together with all Class D Redemption Common
Units previously issued by the Partnership pursuant to Section 5.13(d)(iii) in respect of prior redemptions pursuant thereto)
does not exceed the lesser of (1) fifteen percent (15%) of the total number of Common Units that would be outstanding immediately
after such redemption (including the Class D Redemption Common Units to be issued upon such redemption) and (2) the product
of (x) ten (10) times (y) the 30-day average daily trading volume of the Common Units on the New York Stock Exchange or
such other National Securities Exchange on which the Common Units are then listed, quoted or admitted to trading, determined as
of the second Business Day immediately preceding the date of such redemption.

 

     

     

    

 

“Class D
Default Effective Date” is defined in Section 5.13(b)(viii).

 

“Class D
Distribution Amount” means an amount per Quarter per Class D Preferred Unit equal to the product of (a) the
Class D Stated Value of such Class D Preferred Unit (calculated as of the last day of the immediately preceding Quarter)
and (b) the Class D Distribution Rate in effect as of the relevant date of determination.

 

“Class D
Distribution Due Date” has the meaning assigned to such term in Section 5.13(b)(iv).

 

“Class D
Distribution Payment Default” has the meaning assigned to such term in Section 5.13(b)(viii).

 

“Class D
Distribution Payment Default Period” has the meaning assigned to such term in Section 5.13(b)(viii).

 

“Class D
Distribution Rate” an annual rate equal to:

 

(a) 9.000%, at
all times during the period commencing on and including the Class D Initial Issuance Date and ending on and including the
last day of the eleventh full Quarter following the Class D Initial Issuance Date;

 

(b) 10.000%, at
all times during the period commencing on and including the first day of the twelfth full Quarter following the Class D Initial
Issuance Date and ending on and including the last day of the nineteenth full Quarter following the Class D Initial Issuance
Date; and

 

(c) the Class D
Selectable Rate, at all times during the Class D Selectable Rate Period;

 

provided, however,
at all times during an Adjusted Total Leverage Ratio Default Period, the Class D Distribution Rate shall be an annual rate
equal to the sum of (i) the applicable annual rate specified in clause (a), (b) or (c) of this definition plus (ii) the
Class D Adjusted Total Leverage Ratio Default Rate.

 

“Class D
Exempt Parity Securities” means (a) the Class B Preferred Units issued pursuant to the Mesquite Purchase
Agreement as a component of the Purchase Price (as defined therein) and (b) any amount of Class D Parity Securities if
the net proceeds from the issuance of such Class D Parity Securities are used within 45 days of such issuance to redeem Class D
Parity Securities and such net proceeds are applied pro rata among each class or series of Outstanding Class D Parity
Securities based on the respective aggregate cash redemption price that would be payable by the Partnership upon an optional redemption
of all of the Outstanding Class D Parity Securities comprising each such class or series, as applicable, as of the date of
such issuance; provided that, following the consummation of such issuance, the Partnership shall (x) promptly provide any
relevant notices required to redeem the relevant Class D Parity Securities and shall use commercially reasonable efforts to
consummate such redemptions as soon as possible following the consummation of such issuance (and in any event, within 30 days of
the delivery of such notices) and (y) not utilize such net proceeds for any purpose other than the redemption of Class D Parity
Securities in accordance with this definition; and provided, further, that (i) if the Class D Parity Securities
being issued pursuant to this clause (b) are Retail Preferred Securities, the Partnership may elect to use the net proceeds thereof
to instead be utilized solely to redeem in full either all of the Outstanding Class B Preferred Units, all of the Outstanding Class
C Preferred Units or all of a class or series of Retail Preferred Securities, (ii) neither a Class D Payment Default
nor a Class D Redemption Default has occurred and is continuing at the time of such issuance, and (iii) neither the Partnership
nor any of its Subsidiaries is in breach under any agreement, document or instrument governing or evidencing the Partnership’s
or any of its Subsidiaries Funded Indebtedness.

 

     

     

    

 

“Class D
Forced Redemption Notice” is defined in Section 5.13(d)(iii)(A).

 

“Class D
Initial Issuance Date” means July 2, 2019, the first day on which Class D Preferred Units are issued and
Outstanding.

 

“Class D
Initial Preferred Unit Purchase Agreement” means the Class D Preferred Unit and Warrant Purchase Agreement,
dated as of July 2, 2019, among the Partnership and the Class D Initial Purchasers.

 

“Class D
Initial Preferred Units” has the meaning assigned to such term in Section 5.13(a).

 

“Class D
Initial Purchasers” means the purchasers named on Schedule A to the Class D Initial Preferred Unit Purchase
Agreement.

 

“Class D
IRR” means, with respect to each outstanding Class D Preferred Unit as of the time of determination, an internal
rate of return of the applicable percentage set forth in the definition of Class D Redemption Price on the aggregate Capital
Contribution made to the Partnership in exchange for the issuance of such Class D Preferred Unit. Class D IRR with respect
to each outstanding Class D Preferred Unit shall be calculated (a) taking into account (i) the aggregate Capital Contribution
made to the Partnership in exchange for the issuance of such Class D Preferred Unit (with such Capital Contributions calculated
as of the date such Capital Contributions were actually made), (ii) all distributions made in cash in respect of such Class D
Preferred Unit pursuant to Section 5.13(b) (including all Class D Preferred Unit Distributions other than payments
or accumulations in respect of the Class D Payment Default Rate or the Class D Adjusted Total Leverage Ratio Default
Rate), with all such cash distributions being calculated as of the date such cash distributions were actually distributed or otherwise
paid by the Partnership and (iii) the Class D Redemption Price paid in accordance with the terms of this Agreement in respect
of such Class D Preferred Unit, with such Class D Redemption Price being calculated as of the date such Class D
Redemption Price was actually paid in accordance with the terms of this Agreement by the Partnership; and (b) using the XIRR
function in the most recent version of Microsoft Excel (or if such program is no longer available, such other software program
for calculating Class D IRR as reasonably agreed between the Class D Preferred Unit Representative, acting on behalf
of the Class D Preferred Unit Majority, and the General Partner). In no event shall any calculation of Class D IRR take
into account any portion of the Closing Fee (as defined in the Class D Initial Preferred Unit Purchase Agreement and the Class D
Additional Preferred Unit Purchase Agreement), any expenses of the Class D Purchasers reimbursed by the Partnership pursuant
to the Class D Initial Preferred Unit Purchase Agreement or Class D Additional Preferred Unit Purchase Agreement, as
applicable, or payments or accumulations in respect of the Class D Payment Default Rate or the Class D Adjusted Total
Leverage Ratio Default Rate.

 

     

     

    

 

“Class D
Junior Securities” means (a) Common Units, the General Partner Interest and Incentive Distribution Rights and
(b) any class or series of Partnership Interests established after the Class D Initial Issuance Date that has designations,
preferences or rights with respect to distributions or rights upon a liquidation, dissolution or winding up of the Partnership,
in any case that are junior to the Class D Preferred Units.

 

“Class D
LIBOR Determination Date” means the London Business Day immediately preceding the first date of the applicable Quarter.

 

“Class D
Liquidation Preference” means, with respect to each Class D Preferred Unit on any date, the greater of (a) the
Class D Redemption Price applicable to a redemption of such Class D Preferred Unit pursuant to Section 5.13(d)(ii)
on such date or (b) the Class D Stated Value of such Class D Preferred Unit on such date.

 

“Class D
MOIC” means a multiple on invested capital with respect to a Class D Preferred Unit equal to the quotient of
(a) the sum of (x) the aggregate amount of all distributions made in cash with respect to such Class D Preferred Unit prior
to the applicable date of determination (excluding any payments or accumulations in respect of the Class D Payment Default
Rate, the Class D Adjusted Total Leverage Ratio Default Rate, the Closing Fee (as defined in the Class D Initial Preferred
Unit Purchase Agreement and the Class D Additional Preferred Unit Purchase Agreement) and any expenses of the Class D
Purchasers reimbursed by the Partnership pursuant to the Class D Initial Preferred Unit Purchase Agreement or Class D
Additional Preferred Unit Purchase Agreement) plus (y) the Class D Redemption Price paid in cash in respect of such
Class D Preferred Unit on or prior to the applicable date of determination, divided by (c) the aggregate Capital Contribution
made to the Partnership in exchange for the issuance of such Class D Preferred Unit.

 

“Class D
Optional Redemption Notice” is defined in Section 5.13(d)(ii).

 

“Class D
Other Preferred Securities” means (other than any Class D Preferred Units, Class D Parity Securities or
Class D Senior Securities) any class or series of Units or other Partnership Interests that has preferential rights to any
Units or other Partnership Interests with respect to dividends or redemptions or as to the distribution of assets upon any voluntary
or involuntary liquidation or dissolution of the Partnership, collectively.

 

“Class D
Parity Securities” means (a) the Class B Preferred Units, (b) the Class C Preferred Units and
(c) any class or series of Partnership Interests established after the Class D Initial Issuance Date that has (i) designations,
preferences or rights with respect to distributions or rights upon a liquidation, dissolution or winding up of the Partnership,
in any case that are on parity with the Class D Preferred Units or (ii) requirements that the Partnership pay distributions
that will be on parity with distributions to the Class D Preferred Units.

 

     

     

    

 

“Class D
Payment Default” means a Class D Distribution Payment Default or a Class D Redemption Default, as applicable.

 

“Class D
Payment Default Rate” means an annual rate equal to an additional one half of one percentage point, cumulative to
the then-applicable Class D Distribution Rate.

 

“Class D
Permitted Affiliate Transactions” means any of the following: (a) customary directors’ fees, customary directors’
indemnifications and similar arrangements for officers and directors of the General Partner or any Group Member entered into in
the ordinary course of business, together with any payments made under any such indemnification arrangements; (b) customary and
reasonable loans, advances and reimbursements to officers, directors and employees of the General Partner or any Group Member for
travel, entertainment, moving and other relocation expenses, in each case made in the ordinary course of business; (c) employment
agreements and arrangements entered into with directors, officers and employees of the General Partner or any Group Member in the
ordinary course of business; (d) a Partnership Restructuring Event; and (e) agreements or transactions entered into between the
Partnership or any of its Subsidiaries, on the one hand, and the General Partner, any Affiliate of the General Partner or any officer
or director of the General Partner or any Group Member, on the other hand, involving consideration of less than $10.0 million in
the aggregate (or, solely if the relevant agreement or transaction referenced in this clause (e) is in the form of the acquisition
of membership interests of the General Partner by the Partnership, $20.0 million in the aggregate).

 

“Class D
Permitted Holder” means: (a) any Member (as defined in the GP LLC Agreement) of the General Partner as
of the Class D Initial Issuance Date; (b) any wife, lineal descendant, legal guardian or other legal representative
or estate of any of the Persons described in the immediately preceding clause (a); (c) any trust of which at least
one of the trustees is any of the Persons described in the immediately preceding clauses (a) or (b); and (d) any
other Person that is controlled directly or indirectly by any one or more of the Persons described in the immediately preceding
clauses (a) through (c).

 

“Class D
Preferred Unit” means a Partnership Interest representing a fractional part of the Partnership Interests of all Limited
Partners and assignees, and having the rights and obligations specified with respect to a Class D Preferred Unit in this Agreement.

 

“Class D
Preferred Unit Distribution” has the meaning assigned to such term in Section 5.13(b)(i).

 

“Class D
Preferred Unit Holder” means a Record Holder of Class D Preferred Units.

 

“Class D
Preferred Unit Majority” means the affirmative vote or consent of the holders of a majority of the Outstanding Class D
Preferred Units, voting separately as a class with one vote per Class D Preferred Unit.

 

     

     

    

 

“Class D
Preferred Unit Representative” means any holder of Class D Preferred Units elected by a Class D Preferred
Unit Majority, which shall initially be EIG Neptune or its Affiliated designee until such time as the Class D Purchasers and
their respective Affiliates collectively hold less than 50% of the Outstanding Class D Preferred Units, after which the Class D
Preferred Unit Majority shall elect a new Class D Preferred Unit Representative by written notice to the Partnership, which
Person shall thereupon be the Class D Preferred Unit Representative.

 

“Class D
Preferred Units Registrar” means the office or agency of the Partnership where a register of the ownership of the
Class D Preferred Units shall be maintained.

 

“Class D
Purchaser” and “Class D Purchasers” means, collectively, the Class D Initial
Purchasers and the Class D Additional Purchasers.

 

“Class D
Redemption Common Units” is defined in Section 5.13(d)(iii)(C).

 

“Class D
Redemption Default” is defined in Section 5.13(d)(iii)(E).

 

“Class D
Redemption Default Period” means the period beginning on and including the day on which a Class D Redemption
Default first occurs and ending on the day when all Class D Preferred Units are redeemed by the Partnership pursuant to Section 5.13(d)(iii).

 

“Class D
Redemption Price” means, with respect to a Class D Preferred Unit on the relevant date of determination, an
amount of cash equal to (a) in respect of a redemption of a Class D Preferred Unit pursuant to Section 5.13(d)(i)
(at the election of any Class D Preferred Unit Holder in connection with a Class D Change of Control) or Section 5.13(d)(ii)
(at the election of the Partnership) that occurs (i) during the period commencing on the Class D Initial Issuance Date and
ending on the date immediately preceding the fifth anniversary thereof, an amount that results in the greater of (A) a 13.75% Class D
IRR and (B) a 1.45x Class D MOIC, or (ii) on or after the fifth anniversary of the Class D Initial Issuance Date, an
amount that results in a 14.5% Class D IRR, or (b) in respect of a redemption of a Class D Preferred Unit pursuant to
Section 5.13(d)(iii) (at the election of a Class D Preferred Unit Holder), an amount that results in a 14.00%
Class D IRR, plus, in the case of clause (a) or clause (b) above, as applicable, the amount of then-unpaid
accumulations with respect to such Class D Preferred Unit being redeemed in respect of the Class D Payment Default Rate
and/or the Class D Adjusted Total Leverage Ratio Default Rate. All dollar amounts used in, or resulting from, the calculation
of any Class D Redemption Price will be rounded to the nearest one-hundredth of one cent, with $0.00005 being rounded to $0.0001.

 

“Class D
Required Cash Amount” is defined in Section 5.13(b)(v).

 

“Class D
Selectable Rate” means either (a) an annual rate of 10.000% (at all times when the Class D Variable Rate
is not in effect pursuant to Section 5.13(b)(ii)) or (b) the Class D Variable Rate (at all times when the
Class D Variable Rate is in effect pursuant to Section 5.13(b)(ii)).

 

“Class D
Selectable Rate Period” means with respect to each Outstanding Class D Preferred Unit, the period beginning
on and including the first day of the twentieth full Quarter following the Class D Initial Issuance Date and ending on the
date of redemption of such Class D Preferred Unit in accordance with the provisions of this Agreement.

 

     

     

    

 

“Class D
Senior Securities” means any class or series of Partnership Interests established after the Class D Initial
Issuance Date that has (a) designations, preferences or rights with respect to distributions or rights upon a liquidation,
dissolution or winding up of the Partnership, in any case that are senior to the Class D Preferred Units, (b) requirements
that the Partnership pay distributions that will have priority to distributions to the Class D Preferred Units or (c) requirements
that the Partnership redeem such Units prior to the full redemption of all outstanding Class D Preferred Units in accordance
with the terms of this Agreement.

 

“Class D
Stated Value” means, with respect to a Class D Preferred Unit, an amount initially equal to the sum of (a) $1,000.00,
plus (b) the aggregate Class D Accretion Amount, if any, attributable to such Class D Preferred Unit pursuant
to Section 5.13(b)(v), plus (c) without duplication of any amounts included in the foregoing clause (b), all
Class D Unpaid Distributions with respect to such Class D Preferred Unit outstanding as of the date of determination.

 

“Class D
Three-Month LIBOR” means the following rate determined by the Partnership or the Class D Calculation Agent,
as applicable, as of the applicable Class D LIBOR Determination Date in accordance with the following provisions:

 

(a)       the
rate (expressed as a percentage per year) for deposits in U.S. dollars for a three-month period commencing on the first day of
the applicable Quarter that appears on Reuters Page LIBOR01 as of 11:00 a.m. (London time) on the Class D LIBOR Determination
Date determined by the Partnership; or

 

(b)       if
the rate described in the immediately preceding clause (a) is not so published, the Class D Calculation Agent shall
select four major banks in the London interbank market and request that the principal London offices of those four selected banks
provide their offered quotations for deposits in U.S. dollars for a period of three months, commencing on the first day of the
applicable Quarter, to prime banks in the London interbank market at approximately 11:00 a.m. (London time) on the Class D
LIBOR Determination Date for such Quarter. Offered quotations must be based on a principal amount equal to an amount that, in the
Class D Calculation Agent’s judgment, is representative of a single transaction in U.S. dollars in the London interbank
market at the time. If two or more quotations are provided, Class D Three-Month LIBOR for such Quarter will be the arithmetic
mean of the quotations. If fewer than two quotations are provided, Class D Three-Month LIBOR for such Quarter will be the
arithmetic mean of the rates quoted on the Class D LIBOR Determination Date for such Quarter by three major banks in New York
City selected by the Class D Calculation Agent, for loans in U.S. dollars to leading European banks for a three-month period
commencing on the first day of such Quarter. The rates quoted must be based on an amount that, in the Class D Calculation
Agent’s judgment, is representative of a single transaction in U.S. dollars in that market at the time. If fewer than three
New York City banks selected by the Class D Calculation Agent are quoting rates in the manner described above, the Class D
Calculation Agent, after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or
any such source as it deems reasonable from which to estimate Class D Three-Month LIBOR or any of the foregoing lending rates,
will determine Class D Three-Month LIBOR for the applicable Quarter in its sole discretion.

 

     

     

    

 

All percentages resulting
from any of the calculations described in the immediately preceding clauses (a) and (b) will be rounded, if necessary,
to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards and
all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded
upwards).

 

“Class D
Transfer Agent” is defined in Section 5.13(a).

 

“Class D
Unpaid Distributions” is defined in Section 5.13(b)(viii).

 

“Class D
Variable Rate” means an annual rate equal to a percentage of the Class D Stated Value equal to the sum of (a)
Class D Three-Month LIBOR, as calculated on each applicable Class D LIBOR Determination Date plus (b) 7.000%.
Notwithstanding the foregoing: (a) if the Class D Calculation Agent determines on the relevant Class D LIBOR Determination
Date that the Class D Three-Month LIBOR base rate has been discontinued, then the Class D Calculation Agent will use
a substitute or successor base rate that it has determined in its sole discretion is most comparable to the Class D Three-Month
LIBOR base rate; provided that if the Class D Calculation Agent determines there is an industry-accepted substitute
or successor base rate, then the Class D Calculation Agent shall use such substitute or successor base rate and (b) if
the Class D Calculation Agent has determined a substitute or successor base rate in accordance with clause (a) above,
the Class D Calculation Agent, in its sole discretion, may determine what business day convention to use, the definition of
business day, the distribution determination date to be used and any other relevant methodology for calculating such substitute
or successor base rate.

 

“Closing
Date” means the first date on which Common Units were sold by the Partnership to the Underwriters pursuant to the
provisions of the Underwriting Agreement.

 

“Closing
Price” means, in respect of any class of Limited Partner Interests, as of the date of determination, the last sale
price on such day, regular way, or in case no such sale takes place on such day, the average of the closing bid and asked prices
on such day, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to
securities listed or admitted to trading on the principal National Securities Exchange on which the respective Limited Partner
Interests are listed or admitted to trading or, if such Limited Partner Interests are not listed or admitted to trading on any
National Securities Exchange, the last quoted price on such day or, if not so quoted, the average of the high bid and low asked
prices on such day in the over-the-counter market, as reported by the primary reporting system then in use in relation to such
Limited Partner Interests of such class, or, if on any such day such Limited Partner Interests of such class are not quoted by
any such organization, the average of the closing bid and asked prices on such day as furnished by a professional market maker
making a market in such Limited Partner Interests of such class selected by the General Partner, or if on any such day no market
maker is making a market in such Limited Partner Interests of such class, the fair value of such Limited Partner Interests on such
day as determined by the General Partner.

 

     

     

    

 

“Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific section
or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law.

 

“Combined
Interest” is defined in Section 11.3(a).

 

“Commences
Commercial Service” means the date a Capital Improvement is first put into commercial service following completion
of construction, acquisition, development and testing, as applicable.

 

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

 

“Common
Unit” means a Partnership Interest representing a fractional part of the Partnership Interests of all Limited Partners
and assignees, and having the rights and obligations specified with respect to the Common Units in this Agreement. The term “Common
Unit” refers to Class A Deemed Warrant Units to the extent provided in Section 6.11(a) but does not refer
to or include any Preferred Unit prior to its conversion into a Common Unit pursuant to the terms of this Agreement.

 

“Common
Unit Price” means (a) the amount of cash consideration per Common Unit, if the consideration to be received in the
Class B Change of Control or the Class C Change of Control, as applicable, by the holders of Common Units is solely cash;
and (b) the average of the closing prices for the Common Units on the New York Stock Exchange for the ten (10) consecutive trading
days immediately preceding, but not including, the Class B Change of Control Conversion Date or the Class C Change of
Control Conversion Date, as applicable, if the consideration to be received in the Class B Change of Control or the Class C
Change of Control, as applicable, by the holders of Common Units is other than solely cash.

 

“Competitor”
means a Person that (a) (i) is an operating company (and not a financial institution, private equity fund or infrastructure fund)
and (ii) is engaged in any of the following: (1) the transportation, storage, blending or marketing of crude oil or natural gas
liquids, (2) the transportation, storage, terminaling or marketing of refined products, renewables or retail propane, (3) the treatment
or disposal of wastewater, solids, tank bottoms, drilling fluids or muds generated from or used in connection with crude oil or
natural gas production and (4) services associated with any of the foregoing or (b) is the general partner of a “publicly
traded partnership” within the meaning of Section 7704(b) of the Code, which “publicly traded partnership” is
engaged in any of the activities described in the foregoing clause (a)(i).

 

“Conflicts
Committee” means a committee of the Board of Directors of the General Partner composed entirely of two or more directors,
each of whom (a) is not an officer or employee of the General Partner, (b) is not an officer, director or employee of any Affiliate
of the General Partner, (c) is not a holder of any ownership interest in the General Partner or its Affiliates or the Partnership
Group, other than Common Units or Preferred Units and other awards that are granted to such director under the LTIP and (d) meets
the independence standards required of directors who serve on an audit committee of a board of directors established by the Securities
Exchange Act and the rules and regulations of the Commission thereunder and by the National Securities Exchange on which any class
of Partnership Interests is listed or admitted to trading.

 

     

     

    

 

“Consolidated
EBITDA” has the meaning assigned to such term in the Principal Credit Facility in effect as of the relevant date
of determination; provided that if such Principal Credit Facility does not have a substantially equivalent definition for
such term as the definition set forth in the Credit Agreement as of the Class D Initial Issuance Date, then such term shall
have the meaning assigned to such term in the Credit Agreement as of the Class D Initial Issuance Date.

 

“Contributed
Property” means each property or other asset, in such form as may be permitted by the Delaware Act, but excluding
cash, contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to Section 5.5(d),
such property shall no longer constitute a Contributed Property, but shall be deemed an Adjusted Property.

 

“Contribution,
Purchase and Sale Agreement” means that certain Contribution, Purchase and Sale Agreement, dated as of September
30, 2010, by and among the Hicks Entities, Hicksgas Gifford, Inc., NGL Supply, Inc., NGL Holdings, Inc., the other stockholders
of NGL Supply, Inc., Krim2010, LLC, Infrastructure Capital Management, LLC, Atkinson Investors, LLC, NGL Energy Holdings
LLC (formerly known as Silverthorne Energy Holdings LLC) and the Partnership.

 

“Conversion
Date” means either a (a) Class B Change of Control Conversion Date or (b) Class C Change of Control
Conversion Date.

 

“Credit
Agreement” means the Amended and Restated Credit Agreement, dated as of February 14, 2017, by and among
the Partnership, NGL Operating LLC, the guarantors party thereto, Deutsche Bank Trust Company Americas, Deutsche Bank AG, New York
Branch and the other financial institutions party thereto, as amended by Amendment Nos. 1 through 7 thereto, as amended,
restated, modified, renewed or replaced in any manner (whether upon or after termination or otherwise) in whole or in part from
time to time.

 

“Curative
Allocation” means any allocation of an item of income, gain, deduction, loss or credit pursuant to the provisions
of Section 6.1(d)(xi).

 

“Current
Market Price” means, in respect of any class of Limited Partner Interests, as of the date of determination, the average
of the daily Closing Prices per Limited Partner Interest of such class for the 20 consecutive Trading Days immediately prior to
such date.

 

“Delaware
Act” means the Delaware Revised Uniform Limited Partnership Act, 6 Del C. Section 17-101, et seq., as amended, supplemented
or restated from time to time, and any successor to such statute.

 

“Departing
General Partner” means a former General Partner from and after the effective date of any withdrawal or removal of
such former General Partner pursuant to Section 11.1 or Section 11.2.

 

“Depositary”
means, with respect to any Units issued in global form, The Depository Trust Company and its successors and permitted assigns.

 

     

     

    

 

“Disposed
of Adjusted Property” is defined in Section 6.1(d)(xii)(B).

 

“Economic
Risk of Loss” has the meaning set forth in Treasury Regulation Section 1.752-2(a).

 

“EIG”
means EIG Management Company, LLC, a Delaware limited liability company.

 

“EIG Neptune”
means EIG Neptune Equity Aggregator, L.P., a Delaware limited partnership.

 

“Eligibility
Certificate” is defined in Section 4.9(b).

 

“Eligible
Holder” means a Limited Partner whose (a) federal income tax status would not, in the determination of the General
Partner, have the material adverse effect described in Section 4.9(a)(i) or (b) nationality, citizenship or other related
status would not, in the determination of the General Partner, create a substantial risk of cancellation or forfeiture as described
in Section 4.9(a)(ii). The Partnership acknowledges that each of the Class D Purchasers are Eligible Holders.

 

“Estimated
Incremental Quarterly Tax Amount” is defined in Section 6.9.

 

“Event
of Withdrawal” is defined in Section 11.1(a).

 

“Excess
Additional Book Basis” is defined in the definition of “Additional Book Basis Derivative Items.”

 

“Excess
Distribution” is defined in Section 6.1(d)(iii)(A).

 

“Excess
Distribution Unit” is defined in Section 6.1(d)(iii)(A).

 

“Expansion
Capital Expenditures” means cash expenditures for Acquisitions or Capital Improvements, and shall not include Maintenance
Capital Expenditures or Investment Capital Expenditures. Expansion Capital Expenditures shall include interest (and related fees)
on debt incurred to finance the construction of a Capital Improvement and paid in respect of the period beginning on the date that
a Group Member enters into a binding obligation to commence construction of a Capital Improvement and ending on the earlier to
occur of the date that such Capital Improvement Commences Commercial Service and the date that such Capital Improvement is abandoned
or disposed of. Debt incurred to fund such construction period interest payments or to fund distributions on equity issued (including
incremental Incentive Distributions related thereto) to fund the construction of a Capital Improvement as described in clause (a)(iv)
of the definition of Operating Surplus shall also be deemed to be debt incurred to finance the construction of a Capital Improvement.
Where capital expenditures are made in part for Expansion Capital Expenditures and in part for other purposes, the General Partner
shall determine the allocation between the amounts paid for each.

 

“First
Amended and Restated Partnership Agreement” shall mean the First Amended and Restated Partnership Agreement of Silverthorne
Energy Partners LP (now known as NGL Energy Partners LP).

 

     

     

    

 

“First
Liquidation Target Amount” has the meaning set forth in Section 6.1(c)(i)(C).

 

“First
Target Distribution” means 115% of the Minimum Quarterly Distribution.

 

“Funded
Indebtedness” means, with respect to any Person, all indebtedness for borrowed money of such Person that by its terms
or by the terms of any instrument or agreement relating thereto matures, or which is otherwise payable or unpaid, one year or more
from, or is directly or indirectly renewable or extendible at the option of the obligor in respect thereof to a date one year or
more (including, without limitation, an option of such obligor under a revolving credit or similar agreement obligating the lender
or lenders to extend credit over a period of one year or more) from, the date of the creation thereof.

 

“General
Partner” means NGL Energy Holdings LLC, a Delaware limited liability company, and its successors and permitted assigns
that are admitted to the Partnership as general partner of the Partnership, in its capacity as general partner of the Partnership
(except as the context otherwise requires).

 

“General
Partner Interest” means the ownership interest of the General Partner in the Partnership (in its capacity as a general
partner without reference to any Limited Partner Interest held by it), and includes any and all benefits to which the General Partner
is entitled as provided in this Agreement, together with all obligations of the General Partner to comply with the terms and provisions
of this Agreement.

 

“GP LLC
Agreement” means the Third Amended and Restated Limited Liability Company Agreement of the General Partner, as may
be amended or restated from time to time.

 

“Gross
Liability Value” means, with respect to any Liability of the Partnership described in Treasury Regulation Section
1.752-7(b)(3)(i), the amount of cash that a willing assignor would pay to a willing assignee to assume such Liability in an arm’s-length
transaction.

 

“Group”
means a Person that with or through any of its Affiliates or Associates has any contract, arrangement, understanding or relationship
for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent given to such Person in response
to a proxy or consent solicitation made to 10 or more Persons), exercising investment power or disposing of any Partnership Interests
with any other Person that beneficially owns, or whose Affiliates or Associates beneficially own, directly or indirectly, Partnership
Interests.

 

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

 

“Group
Member Agreement” means the partnership agreement of any Group Member, other than the Partnership, that is a limited
or general partnership, the limited liability company agreement of any Group Member that is a limited liability company, the certificate
of incorporation and bylaws or similar organizational documents of any Group Member that is a corporation, the joint venture agreement
or similar governing document of any Group Member that is a joint venture and the governing or organizational or similar documents
of any other Group Member that is a Person other than a limited or general partnership, limited liability company, corporation
or joint venture, as such may be amended, supplemented or restated from time to time.

 

     

     

    

 

“Hedge
Contract” means any exchange, swap, forward, cap, floor, collar, option or other similar agreement or arrangement
entered into for the purpose of reducing the exposure of the Partnership Group to fluctuations in interest rates or the price of
hydrocarbons, other than for speculative purposes.

 

“Hicks
Entities” means Hicks Oils & Hicksgas, Incorporated, an Indiana corporation, and Gifford Holdings, Inc., an Indiana
corporation.

 

“IDR Reset
Common Unit” is defined in Section 5.10(a).

 

“IDR Reset
Election” is defined in Section 5.10(a).

 

“Incentive
Distribution Right” means a non-voting Limited Partner Interest that will confer upon the holder thereof only the
rights and obligations specifically provided in this Agreement with respect to Incentive Distribution Rights (and no other rights
otherwise available to or other obligations of a holder of a Partnership Interest). Notwithstanding anything in this Agreement
to the contrary, the holder of an Incentive Distribution Right shall not be entitled to vote such Incentive Distribution Right
on any Partnership matter except as may otherwise be required by law.

 

“Incentive
Distributions” means any amount of cash distributed to the holders of the Incentive Distribution Rights pursuant
to Section 6.4.

 

“Incremental
Income Taxes” is defined in Section 6.9.

 

“Indebtedness”
has the meaning assigned to such term in the Principal Credit Facility in effect as of the relevant date of determination; provided
that if such Principal Credit Facility does not have a substantially equivalent definition for such term as the definition set
forth in the Credit Agreement as of the Class D Initial Issuance Date, then such term shall have the meaning assigned to such
term in the Credit Agreement as of the Class D Initial Issuance Date.

 

“Indemnitee”
means (a) any General Partner, (b) any Departing General Partner, (c) any Person who is or was an Affiliate of the General Partner
or any Departing General Partner, (d) any Person who is or was a manager, managing member, director, officer, fiduciary or trustee
of any Group Member, a General Partner, any Departing General Partner or any of their respective Affiliates, (e) any Person who
is or was serving at the request of a General Partner, any Departing General Partner or any of their respective Affiliates as an
officer, director, manager, managing member, fiduciary or trustee of another Person owing a fiduciary duty to any Group Member;
provided that a Person shall not be an Indemnitee by reason of providing, on a fee-for- services basis, trustee, fiduciary or custodial
services, (f) any Person who controls a General Partner or Departing General Partner and (g) any Person the General Partner designates
as an “Indemnitee” for purposes of this Agreement because such Person’s service, status or relationship exposes
such Person to potential claims, demands, actions, suits or proceedings relating to the Partnership Group’s business and
affairs.

 

     

     

    

 

“Indentures”
means (a) the Indenture, dated as of October 24, 2016, by and among the Partnership, NGL Energy Finance Corp., the guarantors party
thereto and U.S. Bank National Association, as trustee, (b) the Indenture, dated as of February 22, 2017, by and among the Partnership,
NGL Energy Finance Corp., the guarantors party thereto and U.S. Bank National Association, as trustee, and (c) the Indenture,
dated as of April 9, 2019, by and among the Partnership, NGL Energy Finance Corp., the guarantors party thereto and U.S.
Bank National Association, as trustee, in each case, without giving effect to any amendment or supplement thereto after the Class D
Initial Issuance Date and regardless of whether any such indenture remains in effect.

 

“Ineligible
Holder” is defined in Section 4.9(c).

 

“Initial
Common Units” means the Common Units sold in the Initial Public Offering.

 

“Initial
Limited Partners” means the persons identified as “Limited Partners” on the signature pages of the First
Amended and Restated Partnership Agreement and the General Partner (with respect to the Incentive Distribution Rights).

 

“Initial
Public Offering” means the initial offering and sale of Common Units to the public, as described in the Registration
Statement.

 

“Initial
Unit Price” means (a) with respect to the Common Units, the initial public offering price per Common Unit at which
the Underwriters in the Initial Public Offering agreed to offer the Common Units to the public for sale as set forth on the cover
page of the final prospectus filed pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities
Act with respect to the Initial Public Offering or (b) with respect to any other class or series of Units, the price per Unit at
which such class or series of Units is initially sold by the Partnership, as determined by the General Partner, in each case adjusted
as the General Partner determines to be appropriate to give effect to any distribution, subdivision or combination of Units.

 

“Interim
Capital Transactions” means the following transactions if they occur prior to the Liquidation Date: (a) borrowings,
refinancings or refundings of indebtedness (other than Working Capital Borrowings and other than for items purchased on open account
or for a deferred purchase price in the ordinary course of business) by any Group Member and sales of debt securities of any Group
Member; (b) sales of equity interests of any Group Member (including in the Initial Public Offering); (c) sales or other voluntary
or involuntary dispositions of any assets of any Group Member other than (i) sales or other dispositions of inventory, accounts
receivable and other assets in the ordinary course of business, and (ii) sales or other dispositions of assets as part of normal
retirements or replacements; and (d) capital contributions received.

 

“Investment
Capital Expenditures” means capital expenditures other than Maintenance Capital Expenditures and Expansion Capital
Expenditures.

 

“Leverage
Ratio” has the meaning assigned to such term in the Principal Credit Facility in effect as of the relevant date of
determination; provided that if such Principal Credit Facility does not have a substantially equivalent definition for such
term as the definition set forth in the Credit Agreement as of the Class D Initial Issuance Date, then such term shall have
the meaning assigned to such term in the Credit Agreement as of the Class D Initial Issuance Date.

 

     

     

    

 

 

“Liability”
means any liability or obligation of any nature, whether accrued, contingent or otherwise.

 

“Limited
Partner” means, unless the context otherwise requires, each Initial Limited Partner, each additional Person that
becomes a Limited Partner pursuant to the terms of this Agreement and any Departing General Partner upon the change of its status
from General Partner to Limited Partner pursuant to Section 11.3, in each case, in such Person’s capacity as
a limited partner of the Partnership; provided, however, that when the term “Limited Partner” is used
herein in the context of any vote or other approval, including Article XIII and Article XIV, such term shall not,
solely for such purpose, include any holder of an Incentive Distribution Right (solely with respect to its Incentive Distribution
Rights and not with respect to any other Limited Partner Interest held by such Person) except as may otherwise be required by law.

 

“Limited
Partner Interest” means the ownership interest of a Limited Partner in the Partnership, which may be evidenced by
Common Units, Incentive Distribution Rights or other Partnership Interests or a combination thereof or interest therein, and includes
any and all benefits to which such Limited Partner is entitled as provided in this Agreement, together with all obligations of
such Limited Partner to comply with the terms and provisions of this Agreement; provided, however, that when the
term “Limited Partner Interest” is used herein in the context of any vote or other approval, including Article XIII
and Article XIV, such term shall not, solely for such purpose, include any Incentive Distribution Right except as may otherwise
be required by law.

 

“Liquidation
Date” means (a) in the case of an event giving rise to the dissolution of the Partnership of the type described in
clauses (a) and (b) of the first sentence of Section 12.2, the date on which the applicable time period during which
the holders of Outstanding Units have the right to elect to continue the business of the Partnership has expired without such an
election being made, and (b) in the case of any other event giving rise to the dissolution of the Partnership, the date on which
such event occurs.

 

“Liquidation
Preference” means the Class B Stated Liquidation Preference, the Class C Stated Liquidation Preference or the Class D
Liquidation Preference, as applicable.

 

“Liquidator”
means one or more Persons selected by the General Partner to perform the functions described in Section 12.4 as liquidating
trustee of the Partnership within the meaning of the Delaware Act.

 

“London
Business Day” means any day on which dealings in deposits in U.S. dollars are transacted in the London interbank
market.

 

“LTIP”
means the Long-Term Incentive Plan of the General Partner, as may be amended, or any equity compensation plan successor thereto.

 

“Maintenance
Capital Expenditures” means cash expenditures (including expenditures for the addition or improvement to or replacement
of the capital assets owned by any Group Member or for the acquisition of existing, or the construction or development of new,
capital assets, including, without limitation, propane assets and other related or similar midstream assets) if such expenditures
are made to maintain, including over the long-term, the operating capacity and/or operating income of the Partnership Group. Maintenance
Capital Expenditures shall not include (a) Expansion Capital Expenditures or (b) Investment Capital Expenditures. Maintenance Capital
Expenditures shall include interest (and related fees) on debt incurred and distributions on equity issued, other than equity issued
in the Initial Public Offering, in each case, to finance the construction or development of a replacement asset and paid during
the period beginning on the date that a Group Member enters into a binding obligation to commence constructing or developing a
replacement asset and ending on the earlier to occur of the date that such replacement asset Commences Commercial Service and the
date that such replacement asset is abandoned or disposed of. Debt incurred to pay or equity issued to fund construction or development
period interest payments, or such construction or development period distributions on equity, shall also be deemed to be debt or
equity, as the case may be, incurred to finance the construction or development of a replacement asset and the incremental Incentive
Distributions paid relating to newly issued equity shall be deemed to be distributions paid on equity issued to finance the construction
or development of a replacement asset. For purposes of this definition, “long-term” generally refers to a period exceeding
12 months.

 

     

     

    

 

“Merger
Agreement” is defined in Section 14.1.

 

“Mesquite
Purchase Agreement” means the Asset Purchase and Sale Agreement dated as of May 13, 2019 by and between NGL Water
Solutions LLC, a Colorado limited liability company and a subsidiary of the Partnership, Mesquite, solely for the purpose of Section
5.4 thereof, the “Restricted Persons” (as defined therein) and, solely for the purposes of Section 3.23, Section 5.4,
Section 5.10 and Section 8.5 thereof, Precious Lady Holdings, L.L.C., a New Mexico limited liability company, as amended by that
certain Letter Agreement, dated as of the Class D Initial Issuance Date, by and among NGL Water Solutions LLC, a Colorado
limited liability company and a subsidiary of the Partnership, and Mesquite.

 

“Minimum
Portion” means, with respect to a redemption of Class D Preferred Units, a number of Outstanding Class D
Preferred Units immediately prior to such redemption having an aggregate Class D Stated Value of not less than $50.0 million.

 

“Minimum
Quarterly Distribution” means $0.3375 per Unit per Quarter (or with respect to the period from the Closing Date to
the end of the quarter in which the Closing Date occurred, it means the product of such amount multiplied by a fraction of which
the numerator is the number of days in such period and the denominator is the total number of days in such quarter), subject to
adjustment in accordance with Section 5.10, Section 6.6 and Section 6.9.

 

“National
Securities Exchange” means an exchange registered with the Commission under Section 6(a) of the Securities Exchange
Act (or any successor to such Section) and any other securities exchange (whether or not registered with the Commission under Section
6(a) (or successor to such Section) of the Securities Exchange Act) that the General Partner shall designate as a National Securities
Exchange for purposes of this Agreement.

 

“Net Agreed
Value” means, (a) in the case of any Contributed Property, the Agreed Value of such property reduced by any Liabilities
either assumed by the Partnership upon such contribution or to which such property is subject when contributed and (b) in the case
of any property distributed to a Partner by the Partnership, the Partnership’s Carrying Value of such property (as adjusted
pursuant to Section 5.5(d)(ii)) at the time such property is distributed, reduced by any Liability either assumed by
such Partner upon such distribution or to which such property is subject at the time of distribution, in either case as determined
and required by the Treasury Regulations promulgated under Section 704(b) of the Code.

 

     

     

    

 

“Net Income”
means, for any taxable period, the excess, if any, of the Partnership’s items of income and gain (other than those items
taken into account in the computation of Net Termination Gain or Net Termination Loss) for such taxable period over the Partnership’s
items of loss and deduction (other than those items taken into account in the computation of Net Termination Gain or Net Termination
Loss) for such taxable period. The items included in the calculation of Net Income shall be determined in accordance with Section 5.5(b)
and shall not include any items specially allocated under Section 6.1(d); provided, that the determination of
the items that have been specially allocated under Section 6.1(d) shall be made without regard to any reversal of such
items under Section 6.1(d)(xii).

 

“Net Loss”
means, for any taxable period, the excess, if any, of the Partnership’s items of loss and deduction (other than those items
taken into account in the computation of Net Termination Gain or Net Termination Loss) for such taxable period over the Partnership’s
items of income and gain (other than those items taken into account in the computation of Net Termination Gain or Net Termination
Loss) for such taxable period. The items included in the calculation of Net Loss shall be determined in accordance with Section 5.5(b)
and shall not include any items specially allocated under Section 6.1(d); provided, that the determination of
the items that have been specially allocated under Section 6.1(d) shall be made without regard to any reversal of such
items under Section 6.1(d)(xii).

 

“Net Positive
Adjustments” means, with respect to any Partner, the excess, if any, of the total positive adjustments over the total
negative adjustments made to the Capital Account of such Partner pursuant to Book-Up Events and Book-Down Events.

 

“Net Termination
Gain” means, for any taxable period, the sum, if positive, of all items of income, gain, loss or deduction (determined
in accordance with Section 5.5(b)) that are (a) recognized (i) after the Liquidation Date or (ii) upon the sale, exchange
or other disposition of all or substantially all of the assets of the Partnership Group, taken as a whole, in a single transaction
or a series of related transactions (excluding any disposition to a member of the Partnership Group), or (b) deemed recognized
by the Partnership pursuant to Section 5.5(d); provided, however, the items included in the determination
of Net Termination Gain shall not include any items of income, gain or loss specially allocated under Section 6.1(d).

 

“Net Termination
Loss” means, for any taxable period, the sum, if negative, of all items of income, gain, loss or deduction (determined
in accordance with Section 5.5(b)) that are (a) recognized (i) after the Liquidation Date or (ii) upon the sale,
exchange or other disposition of all or substantially all of the assets of the Partnership Group, taken as a whole, in a single
transaction or a series of related transactions (excluding any disposition to a member of the Partnership Group), or (b) deemed
recognized by the Partnership pursuant to Section 5.5(d); provided, however, items included in the determination
of Net Termination Loss shall not include any items of income, gain or loss specially allocated under Section 6.1(d).

 

     

     

    

 

“Noncompensatory
Option” has the meaning set forth in Treasury Regulation Section 1.721-2(f).

 

“Nonrecourse
Built-in Gain” means with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage
or pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to
Section 6.2(b) if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities
and for no other consideration.

 

“Nonrecourse
Deductions” means any and all items of loss, deduction or expenditure (including any expenditure described in Section
705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(b), are attributable to
a Nonrecourse Liability.

 

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

 

“Notice
of Election to Purchase” is defined in Section 15.1(b).

 

“Notional
General Partner Units” means notional units used solely to calculate the General Partner’s Percentage Interest.
Notional General Partner Units shall not constitute “Units” for any purpose of this Agreement. If the General Partner
makes additional Capital Contributions pursuant to Section 5.2 to maintain its Percentage Interest, the number of Notional
General Partner Units shall be increased proportionally to reflect the maintenance of such Percentage Interest.

 

“Operating
Expenditures” means all Partnership Group cash expenditures (or the Partnership’s proportionate share of expenditures
in the case of Subsidiaries that are not wholly owned), including, but not limited to, taxes, reimbursements of expenses of the
General Partner and its Affiliates, payments made in the ordinary course of business under any Hedge Contracts (provided
that (x) with respect to amounts paid in connection with the initial purchase of a Hedge Contract, such amounts shall be amortized
over the life of such Hedge Contract and (y) payments made in connection with the termination of any Hedge Contract prior
to the expiration of its stipulated settlement or termination date shall be included in equal quarterly installments over the remaining
scheduled life of such Hedge Contract), officer and other employee compensation, repayment of Working Capital Borrowings, debt
service payments and Maintenance Capital Expenditures, subject to the following:

 

(a)       repayments
of Working Capital Borrowings deducted from Operating Surplus pursuant to clause (b)(iii) of the definition of “Operating
Surplus” shall not constitute Operating Expenditures when actually repaid;

 

(b)       payments
(including prepayments and prepayment penalties) of principal of and premium on indebtedness other than Working Capital Borrowings
shall not constitute Operating Expenditures; and

 

(c)       Operating
Expenditures shall not include (i) Expansion Capital Expenditures, (ii) Investment Capital Expenditures, (iii) payment of
transaction expenses (including taxes) relating to Interim Capital Transactions, (iv) distributions to Partners, or (v) repurchases
of Partnership Interests, other than repurchases of Partnership Interests to satisfy obligations under employee benefit plans,
or reimbursements of expenses of the General Partner for such purchases. Where capital expenditures are made in part for Maintenance
Capital Expenditures and in part for other purposes, the General Partner shall determine the allocation between the amounts paid
for each.

 

     

     

    

 

“Operating
Surplus” means, with respect to any period after the Closing Date and ending prior to the Liquidation Date, on a
cumulative basis and without duplication,

 

(a)       the
sum of (i) $20.0 million, (ii) all cash receipts of the Partnership Group (or the Partnership’s proportionate share of cash
receipts in the case of Subsidiaries that are not wholly owned) for the period beginning on the Closing Date and ending on the
last day of such period, but excluding cash receipts from Interim Capital Transactions and provided that cash receipts from the
termination of any Hedge Contract prior to the expiration of its stipulated settlement or termination date shall be included in
equal quarterly installments over the remaining scheduled life of such Hedge Contract, (iii) all cash receipts of the Partnership
Group (or the Partnership’s proportionate share of cash receipts in the case of Subsidiaries that are not wholly owned) after
the end of such period but on or before the date of determination of Operating Surplus with respect to such period resulting from
Working Capital Borrowings, and (iv) the amount of cash distributions paid (including incremental Incentive Distributions)
on equity issued, other than equity issued in the Initial Public Offering, to finance all or a portion of the construction, acquisition
or improvement of a Capital Improvement or replacement of a capital asset and paid in respect of the period beginning on the date
that the Group Member enters into a binding obligation to commence the construction, acquisition or improvement of a Capital Improvement
or replacement of a capital asset and ending on the earlier to occur of the date the Capital Improvement or replacement capital
asset Commences Commercial Service and the date that it is abandoned or disposed of (equity issued, other than equity issued in
the Initial Public Offering, to fund the construction period interest payments on debt incurred, or construction period distributions
on equity issued, to finance the construction, acquisition or improvement of a Capital Improvement or replacement of a capital
asset shall also be deemed to be equity issued to finance the construction, acquisition or improvement of a Capital Improvement
or replacement of a capital asset for purposes of this clause (iv)), less

 

(b)       the
sum of (i) Operating Expenditures for the period beginning on the Closing Date and ending on the last day of such period; (ii) the
amount of cash reserves established by the General Partner (or the Partnership’s proportionate share of cash reserves in
the case of Subsidiaries that are not wholly owned) to provide funds for future Operating Expenditures; (iii) all Working
Capital Borrowings not repaid within twelve months after having been incurred; and (iv) any cash loss realized on disposition
of an Investment Capital Expenditure; provided, however, that disbursements made (including contributions to a Group
Member or disbursements on behalf of a Group Member) or cash reserves established, increased or reduced after the end of such period
but on or before the date of determination of Available Cash with respect to such period shall be deemed to have been made, established,
increased or reduced, for purposes of determining Operating Surplus, within such period if the General Partner so determines.

 

     

     

    

 

Notwithstanding the
foregoing, “Operating Surplus” with respect to the Quarter in which the Liquidation Date occurs and any
subsequent Quarter shall equal zero. Cash receipts from an Investment Capital Expenditure shall be treated as cash receipts only
to the extent they are a return on principal, but in no event shall a return of principal be treated as cash receipts.

 

“Opinion
of Counsel” means a written opinion of counsel (who may be regular counsel to the Partnership or the General Partner
or any of its Affiliates) acceptable to the General Partner.

 

“Outstanding”
means, with respect to Partnership Interests, all Partnership Interests that are issued by the Partnership and reflected as outstanding
on the Partnership’s books and records as of the date of determination; provided, however, that if at
any time any Person or Group (other than the General Partner or its Affiliates) would, pursuant to this definition, beneficially
own 20% or more of any Outstanding Partnership Interests of any class then Outstanding, all Partnership Interests owned by such
Person or Group shall not be voted on any matter and shall not be considered to be Outstanding when sending notices of a meeting
of Limited Partners to vote on any matter (unless otherwise required by law), calculating required votes, determining the presence
of a quorum or for other similar purposes under this Agreement (such Partnership Interests shall not, however, be treated as a
separate class of Partnership Interests for purposes of this Agreement); provided, further, that the foregoing
limitation shall not apply (a) to any Outstanding Partnership Interests of any class then Outstanding acquired directly from the
General Partner or its Affiliates, (b) to any Person or Group who acquired 20% or more of any then Outstanding Partnership
Interests of any class then Outstanding directly or indirectly from a Person or Group described in clause (a) provided that
the General Partner shall have notified such Person or Group in writing that such limitation shall not apply, (c) to any Person
or Group who acquired 20% or more of any then Outstanding Partnership Interests of any class then Outstanding with the prior approval
of the General Partner, (d) to the Class D Purchasers or their respective Affiliates with respect to their ownership
(beneficial or of record) of the Class D Preferred Units issued pursuant to the Class D Initial Preferred Unit Purchase
Agreement or Class D Additional Preferred Unit Purchase Agreement, as applicable (or the Class D Redemption Common Units
issued upon redemption thereof), or the 2016 Warrants (or the Common Units issued on exercise thereof) or the 2019 Warrants (or
the Common Units issued on exercise thereof), (e) any holder of Class B Preferred Units in connection with any vote, consent
or approval of the holders of the Class B Preferred Units as a separate class, (f) any holder of Class C Preferred Units
in connection with any vote, consent or approval of the holders of the Class C Preferred Units as a separate class, (g) any
holder of Class D Preferred Units in connection with any vote, consent or approval of the holders of the Class D Preferred
Units as a separate class, or (h) any holder of Class B Preferred Units, Class C Preferred Units, Class D Preferred
Units or any other Parity Securities upon which like voting rights have been conferred and are exercisable in connection with any
vote, consent or approval of the holders of Class B Preferred Units, Class C Preferred Units, Class D Preferred
Units and such other Parity Securities as a single class.

 

“Parity
Securities” means Class B Parity Securities, Class C Parity Securities and Class D Parity Securities,
collectively.

 

“Partner
Nonrecourse Debt” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4).

 

     

     

    

 

“Partner
Nonrecourse Debt Minimum Gain” has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).

 

“Partner
Nonrecourse Deductions” means any and all items of loss, deduction or expenditure (including any expenditure described
in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(i), are attributable
to a Partner Nonrecourse Debt.

 

“Partners”
means the General Partner and the Limited Partners.

 

“Partnership”
means NGL Energy Partners LP, a Delaware limited partnership.

 

“Partnership
Group” means the Partnership and its Subsidiaries treated as a single consolidated entity.

 

“Partnership
Interest” means any class or series of equity interest in the Partnership, which shall include the General Partner
Interest and any Limited Partner Interest (including, for the avoidance of doubt, any Common Unit, Class B Preferred Unit,
Class C Preferred Unit, Class D Preferred Unit and Incentive Distribution Right), but shall exclude any options, rights,
warrants and appreciation rights relating to an equity interest in the Partnership.

 

“Partnership
Minimum Gain” means that amount determined in accordance with the principles of Treasury Regulation Sections 1.704-2(b)(2)
and 1.704-2(d).

 

“Partnership
Restructuring Event” means any restructuring, simplification or similar transaction or series of transactions that
modifies, eliminates or otherwise restructures the General Partner Interest, the Incentive Distribution Rights or the equity interests
of the General Partner or its Affiliates; provided that (a) the principal parties thereto are the Partnership, Class D
Permitted Holders and/or their respective Affiliates and (b) the common equity interests of the Partnership or its successor entity
remain listed on a National Securities Exchange following such transaction.

 

“Paying
Agent” means the Transfer Agent, acting in its capacity as paying agent for the Preferred Units, and its respective
successors and assigns or any other paying agent appointed by the General Partner; provided, however, that if no
Paying Agent is specifically designated for any class or series of Preferred Units, the General Partner shall act in such capacity.

 

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

 

“Percentage
Interest” means as of any date of determination (a) as to the General Partner, with respect to the General Partner
Interest (calculated based upon a number of Notional General Partner Units), and as to any Unitholder with respect to Units, the
product obtained by multiplying (i) 100% less the percentage applicable to clause (b) below by (ii) the quotient obtained by dividing
(x) the number of Notional General Partner Units deemed held by the General Partner or the number of Units held by such Unitholder,
as the case may be, by (y) the total number of Outstanding Units and Notional General Partner Units and (b) as to the holders of
other Partnership Interests issued by the Partnership in accordance with Section 5.6, the percentage established as
part of such issuance. The Percentage Interest with respect to an Incentive Distribution Right, a Class B Preferred Unit,
a Class C Preferred Unit, a Class D Preferred Unit or a Parity Security shall at all times be zero.

 

     

     

    

 

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

 

“Plan of
Conversion” is defined in Section 14.1.

 

“Preferred
Distributions” means Class B Preferred Unit Distributions, Class C Preferred Unit Distributions or Class D
Preferred Unit Distributions, as applicable.

 

“Preferred
Holder” means (a) with respect to a class or series of Preferred Units, a Record Holder of such class or series of
Preferred Units, and (b) with respect to Preferred Units, generally, a Record Holder of Preferred Units.

 

“Preferred
Units” means any class or series of Partnership Interests that, with respect to distributions on such Partnership
Interests of cash or property and distributions upon liquidation of the Partnership (taking into account the intended effects of
the allocation of gains and losses as provided in this Agreement), ranks senior to the Common Units, including the Class B
Preferred Units, the Class C Preferred Units and the Class D Preferred Units.

 

“Principal
Credit Facility” means (a) as of the date of this Agreement and until the Credit Agreement is Replaced, the Credit
Agreement and (b) once the Credit Agreement is Replaced and thereafter, the then-applicable Replacement Credit Agreement; provided,
that, after the date of this Agreement in the case of clauses (a) and (b), (i) the administrative agent and each of the lenders
thereunder are commercial banks, the majority of which are regulated by the Office of Comptroller of the Currency (or successor
agency thereto) and are engaged in working capital and general corporate purpose lending to diversified midstream providers in
the ordinary course of their respective businesses, (ii) at least $500,000,000 in commitments are available thereunder and (iii)
such Credit Agreement or Replacement Credit Agreement, as applicable, contains covenants, events of default, guarantees and other
terms that (other than “market” interest rate, fees, funding discounts and redemption or prepayment premiums as
determined at the time of the Partnership entered into the Credit Agreement or later enters into such Replacement Credit Agreement,
as applicable) are “market” terms as determined on the date of issuance or incurrence.

 

“Pro Rata”
means (a) when used with respect to Units or any class thereof, apportioned equally among all designated Units in accordance
with their relative Percentage Interests, (b) when used with respect to Partners or Record Holders, apportioned among all
Partners or Record Holders in accordance with their relative Percentage Interests, (c) when used with respect to holders of Incentive
Distribution Rights, apportioned equally among all holders of Incentive Distribution Rights in accordance with the relative number
or percentage of Incentive Distribution Rights held by each such holder, (d) when used with respect to Class B Preferred
Holders, apportioned equally among all Class B Preferred Holders in accordance with the relative number or percentage of Class B
Preferred Units held by each such Class B Preferred Holder, (e) when used with respect to Class C Preferred Holders,
apportioned equally among all Class C Preferred Holders in accordance with the relative number or percentage of Class C
Preferred Units held by each such Class C Preferred Holder, (f) when used with respect to Class D Preferred Unit
Holders, apportioned equally among all Class D Preferred Unit Holders in accordance with the relative number or percentage
of Class D Preferred Units held by each such Class D Preferred Unit Holder and (g) when used with respect to Preferred
Holders, apportioned equally among all Preferred Holders in accordance with the relative number or percentage of Preferred Units
held by each such Preferred Holder.

 

     

     

    

 

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

 

“Quarter”
means, unless the context requires otherwise, a fiscal quarter of the Partnership, or, with respect to the fiscal quarter of the
Partnership that includes the Closing Date, the portion of such fiscal quarter after the Closing Date.

 

“Rate Eligibility
Trigger” is defined in Section 4.9(a)(i).

 

“Recapture
Income” means any gain recognized by the Partnership (computed without regard to any adjustment required by Section
734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as
ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset.

 

“Record
Date” means the date established by the General Partner or otherwise in accordance with this Agreement for determining
(a) the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Limited Partners or entitled to vote
by ballot or give approval of Partnership action in writing without a meeting or entitled to exercise rights in respect of any
lawful action of Limited Partners or (b) the identity of Record Holders entitled to receive any report or distribution or to participate
in any offer.

 

“Record
Holder” means (a) with respect to Partnership Interests of any class of Partnership Interests for which a Transfer
Agent has been appointed, the Person in whose name a Partnership Interest of such class is registered on the books of the Transfer
Agent as of the opening of business on a particular Business Day, or (b) with respect to other classes of Partnership Interests,
the Person in whose name any such other Partnership Interest is registered on the books that the General Partner has caused to
be kept as of the opening of business on such Business Day.

 

“Redeemable
Interests” means any Partnership Interests for which a redemption notice has been given, and has not been withdrawn,
pursuant to Section 4.10.

 

“Registration
Statement” means the Registration Statement on Form S-1 (Registration No. 333-172186) as it has
been or as it may be amended or supplemented from time to time, filed by the Partnership with the Commission under the Securities
Act to register the offering and sale of the Common Units in the Initial Public Offering.

 

     

     

    

 

“Remaining
Net Positive Adjustments” means as of the end of any taxable period, (a) with respect to the Unitholders holding
Common Units, the excess of (i) the Net Positive Adjustments of the Unitholders holding Common Units as of the end of such period
over (ii) the sum of those Partners’ Share of Additional Book Basis Derivative Items for each prior taxable period, (b) with
respect to the General Partner (as holder of the General Partner Interest), the excess of (i) the Net Positive Adjustments of the
General Partner as of the end of such period over (ii) the sum of the General Partner’s Share of Additional Book Basis Derivative
Items with respect to the General Partner Interest for each prior taxable period, and (c) with respect to the holders of Incentive
Distribution Rights, the excess of (i) the Net Positive Adjustments of the holders of Incentive Distribution Rights as of the end
of such period over (ii) the sum of the Share of Additional Book Basis Derivative Items of the holders of the Incentive Distribution
Rights for each prior taxable period.

 

“Replacement”
means, in respect of the Credit Agreement or any Replacement Credit Agreement, any amendment, amendment and restatement, modification,
supplement, refinancing, replacement or restructuring thereof from time to time. “Replaced” shall have
the correlative meaning.

 

“Replacement
Credit Agreement” means the principal senior credit facility of the Partnership that Replaces the Credit Agreement
or the immediately preceding existing Replacement Credit Agreement, as the case may be.

 

“Required
Allocations” means any allocation of an item of income, gain, loss or deduction pursuant to Section 6.1(d)(i),
Section 6.1(d)(ii), Section 6.1(d)(iv), Section 6.1(d)(v), Section 6.1(d)(vi),
Section 6.1(d)(vii) or Section 6.1(d)(ix).

 

“Reset
MQD” is defined in Section 5.10(a).

 

“Reset
Notice” is defined in Section 5.10(b).

 

“Retail
Preferred Securities” means a class or series of Class D Parity Securities (a) that is initially issued with
an initial liquidation preference of $25.00 pursuant to an underwritten offering, (b) is listed for trading on a National Securities
Exchange, (c) is not convertible or redeemable at the election of the holders thereof other than in connection with a change of
control and (d) the holders of which are not issued warrants to acquire Common Units in connection with the issuance of such Class D
Parity Securities.

 

“Reuters
Page LIBOR01” means the display so designated on the Reuters 3000 Xtra (or such other page as may replace the LIBOR01
page on that service, or such other service as may be nominated by the British Bankers' Association for the purpose of displaying
London interbank offered rates for U.S. dollar deposits).

 

“Second
Liquidation Target Amount” has the meaning set forth in Section 6.1(c)(i)(D).

 

“Second
Target Distribution” means 125% of the Minimum Quarterly Distribution.

 

     

     

    

 

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

 

“Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and
any successor to such statute.

 

“Share
of Additional Book Basis Derivative Items” means in connection with any allocation of Additional Book Basis Derivative
Items for any taxable period, (a) with respect to the Unitholders holding Common Units, the amount that bears the same ratio to
such Additional Book Basis Derivative Items as the Unitholders’ Remaining Net Positive Adjustments as of the end of such
taxable period bears to the Aggregate Remaining Net Positive Adjustments as of that time, (b) with respect to the General Partner
(in respect of the General Partner Interest), the amount that bears the same ratio to such Additional Book Basis Derivative Items
as the General Partner’s Remaining Net Positive Adjustments as of the end of such taxable period bears to the Aggregate Remaining
Net Positive Adjustment as of that time, and (c) with respect to the Partners holding Incentive Distribution Rights, the amount
that bears the same ratio to such Additional Book Basis Derivative Items as the Remaining Net Positive Adjustments of the Partners
holding the Incentive Distribution Rights as of the end of such period bears to the Aggregate Remaining Net Positive Adjustments
as of that time.

 

“Special
Approval” means approval by a majority of the members of the Conflicts Committee acting in good faith.

 

“Subordinated
Unit” means the Subordinated Units outstanding at the time of and immediately following the Initial Public Offering.
The Subordinated Units converted into Common Units on August 15, 2014.

 

“Subsidiary”
means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without regard
to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned,
directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person or a combination
thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at the date of
determination, a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such
partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly or indirectly,
at the date of determination, by such Person, by one or more Subsidiaries of such Person, or a combination thereof, or (c) any
other Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination
thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the
power to elect or direct the election of a majority of the directors or other governing body of such Person.

 

“Subsidiary
Preferred Securities” is defined in Section 5.13(c)(iv)(C).

 

“Surviving
Business Entity” is defined in Section 14.2(b)(ii).

 

“Target
Distribution” means, collectively, the First Target Distribution, Second Target Distribution and Third Target Distribution.

 

     

     

    

 

“Third
Target Distribution” means 150% of the Minimum Quarterly Distribution.

 

“Total
Leverage Indebtedness” has the meaning assigned to such term in the Principal Credit Facility in effect as of the
relevant date of determination; provided that if such Principal Credit Facility does not have a substantially equivalent
definition for such term as the definition set forth in the Credit Agreement as of the Class D Initial Issuance Date, then
such term shall have the meaning assigned to such term in the Credit Agreement as of the Class D Initial Issuance Date.

 

“Total
Leverage Indebtedness Ratio” has the meaning assigned to such term in the Principal Credit Facility in effect as
of the relevant date of determination; provided that if such Principal Credit Facility does not have a substantially equivalent
definition for such term as the definition set forth in the Credit Agreement as of the Class D Initial Issuance Date, then
such term shall have the meaning assigned to such term in the Credit Agreement as of the Class D Initial Issuance Date.

 

“Trading
Day” means, for the purpose of determining the Current Market Price of any class of Limited Partner Interests, a
day on which the principal National Securities Exchange on which such class of Limited Partner Interests is listed or admitted
to trading is open for the transaction of business or, if Limited Partner Interests of a class are not listed or admitted to trading
on any National Securities Exchange, a day on which banking institutions in New York City generally are open.

 

“Transfer”
is defined in Section 4.4(a).

 

“Transfer
Agent” means such bank, trust company or other Person (including the General Partner or one of its Affiliates) as
may be appointed from time to time by the Partnership to act as registrar and transfer agent for any class of Partnership Interests;
provided, that if no Transfer Agent is specifically designated for any class of Partnership Interests, the General Partner
shall act in such capacity.

 

“Transferee”
means a Person who has received Partnership Interests by means of a transfer.

 

“U.S. GAAP”
means United States generally accepted accounting principles, as in effect from time to time, consistently applied.

 

“Underwriter”
means each Person named as an underwriter in Schedule I to the Underwriting Agreement who purchased Common Units pursuant thereto.

 

“Underwriting
Agreement” means that certain Underwriting Agreement, dated as of May 11, 2011, among the Underwriters,
the Partnership, the General Partner and other parties thereto, providing for the purchase of Common Units by the Underwriters.

 

“Unit”
means a Partnership Interest that is designated as a “Unit” and shall include Common Units (including Class A
Deemed Warrant Units to the extent they are treated as Common Units pursuant to Section 6.11(a)), Class B Preferred
Units, Class C Preferred Units, Class D Preferred Units and any Parity Security but shall not include the General Partner
Interest or Incentive Distribution Rights.

 

     

     

    

 

“Unit Majority”
means at least a majority of the Outstanding Common Units, voting as a single class.

 

“Unitholders”
means the holders of Units.

 

“Unpaid
MQD” is defined in Section 6.1(c)(i)(B).

 

“Unrealized
Gain” attributable to any item of Partnership property means, as of any date of determination, the excess, if any,
of (a) the fair market value of such property as of such date (as determined under Section 5.5(d)) over (b) the Carrying
Value of such property as of such date (prior to any adjustment to be made pursuant to Section 5.5(d) as of such date).

 

“Unrealized
Loss” attributable to any item of Partnership property means, as of any date of determination, the excess, if any,
of (a) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to Section 5.5(d)
as of such date) over (b) the fair market value of such property as of such date (as determined under Section 5.5(d)).

 

“Unrecovered
Initial Unit Price” means at any time, with respect to a Unit, the Initial Unit Price less the sum of all distributions
constituting Capital Surplus theretofore made in respect of an Initial Common Unit and any distributions of cash (or the Net Agreed
Value of any distributions in kind) in connection with the dissolution and liquidation of the Partnership theretofore made in respect
of an Initial Common Unit, adjusted as the General Partner determines to be appropriate to give effect to any distribution, subdivision,
combination or reorganization of such Units.

 

“Vesting
Date” means with respect to any Class A Deemed Warrant Unit, the first date on which the Common Unit corresponding
to such Class A Deemed Warrant Unit may be issued pursuant to exercise of a 2016 Warrant in accordance with the terms thereof.

 

“VWAP Price”
means, as of any date of determination, the volume-weighted average trading price, as adjusted for splits, combinations and other
similar transactions, of a Common Unit on the principal National Securities Exchange on which the Common Units are then listed
or admitted to trading.

 

“Warrants”
means warrants to purchase Common Units, including the 2016 Warrants and the 2019 Warrants.

 

“Withdrawal
Opinion of Counsel” is defined in Section 11.1(b)(i).

 

“Working
Capital Borrowings” means borrowings used solely for working capital purposes or to pay distributions to Partners,
made pursuant to a credit facility, commercial paper facility or other similar financing arrangement; provided that when
such borrowings are incurred it is the intent of the borrower to repay such borrowings within 12 months from sources other than
additional Working Capital Borrowings.

 

     

     

    

 

Section 1.2         Construction.
Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine
or neuter forms; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) the terms “include”,
“includes”, “including” or words of like import shall be deemed to be followed by the words “without
limitation”; and (d) the terms “hereof”, “herein” or “hereunder” refer to this Agreement
as a whole and not to any particular provision of this Agreement. The headings contained in this Agreement are for reference purposes
only, and shall not affect in any way the meaning or interpretation of this Agreement.

 

ARTICLE
II

ORGANIZATION

 

Section 2.1          Formation.
The General Partner hereby amends and restates the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership
in its entirety. This amendment and restatement shall become effective on the date of this Agreement. Except as expressly provided
to the contrary in this Agreement, the rights, duties (including fiduciary duties), liabilities and obligations of the Partners
and the administration, dissolution and termination of the Partnership shall be governed by the Delaware Act. All Partnership Interests
shall constitute personal property of the owner thereof for all purposes.

 

Section 2.2          Name.
The name of the Partnership shall be “NGL Energy Partners LP”. The Partnership’s business may be conducted under
any other name or names as determined by the General Partner, including the name of the General Partner. The words “Limited
Partnership,” “LP,” “L.P.,” “Ltd.” or similar words or letters shall be included in the
Partnership’s name where necessary for the purpose of complying with the laws of any jurisdiction that so requires. The General
Partner may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such
change in the next regular communication to the Limited Partners.

 

Section 2.3          Registered
Office; Registered Agent; Principal Office; Other Offices. Unless and until changed by the General Partner, the
registered office of the Partnership in the State of Delaware shall be located at 1209 Orange Street, Wilmington, New Castle County,
Delaware 19801, and the registered agent for service of process on the Partnership in the State of Delaware at such registered
office shall be The Corporation Trust Company. The principal office of the Partnership shall be located at 6120 S. Yale, Suite
805, Tulsa, OK 74136, or such other place as the General Partner may from time to time designate by notice to the Limited Partners.
The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner
determines to be necessary or appropriate. The address of the General Partner shall be 6120 S. Yale, Suite 805, Tulsa, OK 74136,
or such other place as the General Partner may from time to time designate by notice to the Limited Partners.

 

Section 2.4          Purpose
and Business. The purpose and nature of the business to be conducted by the Partnership shall be to (a) engage directly
in, or enter into or form, hold and dispose of any corporation, partnership, joint venture, limited liability company or other
arrangement to engage indirectly in, any business activity that is approved by the General Partner, in its sole discretion, and
that lawfully may be conducted by a limited partnership organized pursuant to the Delaware Act and, in connection therewith, to
exercise all of the rights and powers conferred upon the Partnership pursuant to the agreements relating to such business activity,
and (b) do anything necessary or appropriate to the foregoing, including the making of capital contributions or loans to a Group
Member; provided, however, that the General Partner shall not cause the Partnership to engage, directly or indirectly, in any business
activity that the General Partner determines would be reasonably likely to cause the Partnership to be treated as an association
taxable as a corporation or otherwise taxable as an entity for federal income tax purposes. To the fullest extent permitted by
law, the General Partner shall have no duty or obligation to propose or approve, and may, in its sole discretion, decline to propose
or approve, the conduct by the Partnership of any business.

 

     

     

    

 

Section 2.5          Powers.
The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or
convenient for the furtherance and accomplishment of the purposes and business described in Section 2.4 and for the
protection and benefit of the Partnership.

 

Section 2.6          Term.
The term of the Partnership commenced upon the filing of the Certificate of Limited Partnership in accordance with the Delaware
Act and shall continue in existence until the dissolution of the Partnership in accordance with the provisions of Article XII.
The existence of the Partnership as a separate legal entity shall continue until the cancellation of the Certificate of Limited
Partnership as provided in the Delaware Act.

 

Section 2.7          Title
to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible,
shall be deemed to be owned by the Partnership as an entity and/or its Subsidiaries, and no Partner, individually or collectively,
shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets
may be held in the name of the Partnership, the General Partner, one or more of its Affiliates or one or more nominees, as the
General Partner may determine. The General Partner hereby declares and warrants that any Partnership assets for which record title
is held in the name of the General Partner or one or more of its Affiliates or one or more nominees shall be held by the General
Partner or such Affiliate or nominee for the use and benefit of the Partnership in accordance with the provisions of this Agreement;
provided, however, that the General Partner shall use reasonable efforts to cause record title to such assets (other than those
assets in respect of which the General Partner determines that the expense and difficulty of conveyancing makes transfer of record
title to the Partnership impracticable) to be vested in the Partnership as soon as reasonably practicable; provided, further, that,
prior to the withdrawal or removal of the General Partner or as soon thereafter as practicable, the General Partner shall use reasonable
efforts to effect the transfer of record title to the Partnership and, prior to any such transfer, will provide for the use of
such assets in a manner satisfactory to the General Partner. All Partnership assets shall be recorded as the property of the Partnership
in its books and records, irrespective of the name in which record title to such Partnership assets is held.

 

     

     

    

 

Article
III

RIGHTS OF LIMITED PARTNERS

 

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

 

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

 

Section 3.3         Outside
Activities of the Limited Partners. Subject to the provisions of Section 7.5, which shall continue to
be applicable to the Persons referred to therein, regardless of whether such Persons shall also be Limited Partners, any Limited
Partner shall be entitled to and may have business interests and engage in business activities outside of and in addition to those
relating to the Partnership, including business interests and activities in direct competition with the Partnership Group. Neither
the Partnership nor any of the other Partners shall have any rights by virtue of this Agreement in any outside business ventures
of any Limited Partner.

 

Section 3.4         Rights
of Limited Partners.

 

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

 

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

 

(ii)        promptly
after its becoming available, to obtain a copy of the Partnership’s federal, state and local income tax returns for each
year;

 

(iii)       to
obtain a current list of the name and last known business, residence or mailing address of each Partner;

 

(iv)       to
obtain a copy of this Agreement and the Certificate of Limited Partnership and all amendments hereto and thereto, together with
copies of the executed copies of all powers of attorney pursuant to which this Agreement, the Certificate of Limited Partnership
and all amendments hereto and thereto have been executed;

 

(v)        to
obtain true and full information regarding the amount of cash and a description and statement of the Net Agreed Value of any other
Capital Contribution by each Partner and that each Partner has agreed to contribute in the future, and the date on which each became
a Partner; and

 

     

     

    

 

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

 

(b)       The
General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner deems reasonable,
(i) any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii) other information
the disclosure of which the General Partner believes (A) is not in the best interests of the Partnership Group, (B) could damage
the Partnership Group or its business or (C) that any Group Member is required by law or by agreement with any third party to keep
confidential (other than agreements with Affiliates of the Partnership where the primary purpose is to circumvent the obligations
set forth in this Section 3.4).

 

Article
IV

CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP

INTERESTS; REDEMPTION OF PARTNERSHIP INTERESTS

 

Section 4.1        Certificates.
Notwithstanding anything otherwise to the contrary herein, unless the General Partner shall determine otherwise in respect of some
or all of any or all classes of Partnership Interests, Partnership Interests shall not be evidenced by certificates. Certificates
that may be issued shall be executed on behalf of the Partnership by the Chairman of the Board, Chief Executive Officer, President
or any Executive Vice President or Vice President and the Chief Financial Officer or the Secretary or any Assistant Secretary of
the General Partner. If a Transfer Agent has been appointed for a class of Partnership Interests, no Certificate for such class
of Partnership Interests shall be valid for any purpose until it has been countersigned by the Transfer Agent; provided,
however, that if the General Partner elects to cause the Partnership to issue Partnership Interests of such class in global
form, the Certificate shall be valid upon receipt of a certificate from the Transfer Agent certifying that the Partnership Interests
have been duly registered in accordance with the directions of the Partnership.

 

Section 4.2         Mutilated,
Destroyed, Lost or Stolen Certificates.

 

(a)       If
any mutilated Certificate is surrendered to the Transfer Agent, the appropriate officers of the General Partner on behalf of the
Partnership shall execute, and the Transfer Agent shall countersign and deliver in exchange therefor, a new Certificate evidencing
the same number and type of Partnership Interests as the Certificate so surrendered.

 

(b)       The
appropriate officers of the General Partner on behalf of the Partnership shall execute and deliver, and the Transfer Agent shall
countersign, a new Certificate in place of any Certificate previously issued if the Record Holder of the Certificate:

 

(i)          makes
proof by affidavit, in form and substance satisfactory to the General Partner, that a previously issued Certificate has been lost,
destroyed or stolen;

 

     

     

    

 

(ii)         requests
the issuance of a new Certificate before the General Partner has notice that the Certificate has been acquired by a purchaser for
value in good faith and without notice of an adverse claim;

 

(iii)        if
requested by the General Partner, delivers to the General Partner a bond, in form and substance satisfactory to the General Partner,
with surety or sureties and with fixed or open penalty as the General Partner may direct to indemnify the Partnership, the Partners,
the General Partner and the Transfer Agent against any claim that may be made on account of the alleged loss, destruction or theft
of the Certificate; and

 

(iv)       satisfies
any other reasonable requirements imposed by the General Partner.

 

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

 

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

 

Section 4.3         Record
Holders. The Partnership shall be entitled to recognize the Record Holder as the Partner with respect to any Partnership
Interest and, accordingly, shall not be bound to recognize any equitable or other claim to, or interest in, such Partnership Interest
on the part of any other Person, regardless of whether the Partnership shall have actual or other notice thereof, except as otherwise
provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange on which such
Partnership Interests are listed or admitted to trading. Without limiting the foregoing, when a Person (such as a broker, dealer,
bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative
capacity for another Person in acquiring and/or holding Partnership Interests, as between the Partnership on the one hand, and
such other Persons on the other, such representative Person shall be (a) the Record Holder of such Partnership Interest and (b)
bound by this Agreement and shall have the rights and obligations of a Partner hereunder as, and to the extent, provided herein.

 

Section 4.4          Transfer
Generally.

 

(a)       The
term “transfer,” when used in this Agreement with respect to a Partnership Interest, shall mean a transaction (i) by
which the General Partner assigns its General Partner Interest to another Person or by which a holder of Incentive Distribution
Rights assigns its Incentive Distribution Rights to another Person, and includes a sale, assignment, gift, pledge, encumbrance,
hypothecation, mortgage, exchange or any other disposition by law or otherwise or (ii) by which the holder of a Limited Partner
Interest (other than an Incentive Distribution Right) makes any direct or indirect transfer, sale, assignment, gift, pledge, encumbrance,
hypothecation, mortgage, exchange or any other disposition by law or otherwise and, without limiting the generality of the foregoing,
with respect to any Person that is not a natural person, any distribution, transfer, assignment or other disposition of any Limited
Partner Interest, whether voluntary, involuntary or pursuant to any dissolution, liquidation or termination of such Person, to
such Person’s members, shareholders, partners or other interestholders shall constitute a “transfer” of a Limited
Partner Interest (for the avoidance of doubt, with respect to a Limited Partner that is not a natural person, any transfer, sale,
assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or other disposition of any interest in such Limited Partner,
by such Limited Partner or any interestholder of such Limited Partner shall be deemed to be an indirect transfer of a Limited Partner
Interest hereunder).

 

     

     

    

 

(b)       No
Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article IV. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article
IV shall be, to the fullest extent permitted by law, null and void. Except as provided in Section 4.8(b) below,
but notwithstanding the other provisions of this Article IV, no transfer of any Partnership Interests shall be made if such
transfer would (i) violate the then applicable federal or state securities laws or rules and regulations of the Commission, any
state securities commission or any other governmental authority with jurisdiction over such transfer, (ii) terminate the existence
or qualification of the Partnership under the laws of the jurisdiction of its formation, (iii) cause the Partnership to be treated
as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent
not already so treated or taxed), or (iv) constitute a breach or violation of, or a change of control or event of default under,
any credit agreement, loan agreement, indenture, mortgage, deed of trust or other similar instrument or document governing indebtedness
for borrowed money of the Partnership or any Group Member.

 

(c)       Nothing
contained in this Agreement shall be construed to prevent a disposition by any stockholder, member, partner or other owner of the
General Partner of any or all of the shares of stock, membership interests, partnership interests or other ownership interests
in the General Partner, and the term “transfer” shall not mean any such disposition.

 

Section 4.5         Registration
and Transfer of Limited Partner Interests.

 

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

 

(b)       The
Partnership shall not recognize any transfer of Limited Partner Interests evidenced by Certificates until the Certificates evidencing
such Limited Partner Interests are surrendered for registration of transfer. No charge shall be imposed by the General Partner
for such transfer; provided, that as a condition to the issuance of any new Certificate under this Section 4.5,
the General Partner may require the Record Holder to pay a sum sufficient to cover any tax or other governmental charge that may
be imposed with respect thereto. Upon surrender of a Certificate for registration of transfer of any Limited Partner Interests
evidenced by a Certificate, and subject to the provisions hereof, the appropriate officers of the General Partner on behalf of
the Partnership shall execute and deliver, and in the case of Certificates evidencing Limited Partner Interests for which a Transfer
Agent has been appointed, the Transfer Agent shall countersign and deliver, in the name of the holder or the designated transferee
or transferees, as required pursuant to the holder’s instructions, one or more new Certificates evidencing the same aggregate
number and type of Limited Partner Interests as was evidenced by the Certificate so surrendered.

 

     

     

    

 

(c)       By
acceptance of the transfer of any Limited Partner Interests in accordance with this Section 4.5 and except as provided
in Section 4.9, each transferee of a Limited Partner Interest (including any nominee holder or an agent or representative
acquiring such Limited Partner Interests for the account of another Person) (i) shall be admitted to the Partnership as a Limited
Partner with respect to the Limited Partner Interests so transferred to such Person when any such transfer or admission is reflected
in the books and records of the Partnership and such Limited Partner becomes the Record Holder of the Limited Partner Interests
so transferred, (ii) shall become bound, and shall be deemed to have agreed to be bound, by the terms of this Agreement, (iii)
represents that the transferee has the capacity, power and authority to enter into this Agreement and (iv) makes the consents,
acknowledgements and waivers contained in this Agreement, all with or without execution of this Agreement by such Person. The transfer
of any Limited Partner Interests and the admission of any new Limited Partner shall not constitute an amendment to this Agreement.

 

(d)       Subject
to (i) the foregoing provisions of this Section 4.5, (ii) Section 4.3, (iii) Section 4.8,
(iv) with respect to any class or series of Limited Partner Interests, the provisions of any statement of designations or an amendment
to this Agreement establishing such class or series, (v) any contractual provisions binding on any Limited Partner and (vi) provisions
of applicable law including the Securities Act, Limited Partner Interests (other than the Incentive Distribution Rights) shall
be freely transferable.

 

(e)       The
General Partner shall have the right at any time to transfer its Common Units to one or more Persons.

 

Section 4.6         Transfer
of the General Partner’s General Partner Interest.

 

(a)       Subject
to Section 4.6(c) below, prior to the first day of the first Quarter beginning after the tenth anniversary of the Closing
Date, the General Partner shall not transfer all or any part of its General Partner Interest to a Person unless such transfer (i)
has been approved by the prior written consent or vote of the holders of at least a majority of the Outstanding Common Units (excluding
Common Units held by the General Partner and its Affiliates) or (ii) is of all, but not less than all, of its General Partner Interest
to (A) an Affiliate of the General Partner (other than an individual) or (B) another Person (other than an individual) in connection
with the merger or consolidation of the General Partner with or into such other Person or the transfer by the General Partner of
all or substantially all of its assets to such other Person.

 

(b)       Subject
to Section 4.6(c) below, on or after the first day of the first Quarter beginning after the tenth anniversary of the
Closing Date, the General Partner may at its option transfer all or any part of its General Partner Interest without Unitholder
approval.

 

     

     

    

 

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

 

Section 4.7         Transfer
of Incentive Distribution Rights. Prior to the first day of the first Quarter beginning after the tenth anniversary
of the Closing Date, a holder of Incentive Distribution Rights may only transfer any or all of the Incentive Distribution Rights
held by such holder without any consent of the Unitholders to (a) an Affiliate of such holder (other than an individual), or (b) another
Person (other than an individual) in connection with (i) the merger or consolidation of such holder of Incentive Distribution Rights
with or into such other Person, (ii) the transfer by such holder of all or substantially all of its assets to such other Person,
(iii) the sale of all the ownership interests in such holder or (iv) the pledge, encumbrance, hypothecation or mortgage of the
Incentive Distribution Rights in favor a Person providing bona fide debt financing to such holder as security or collateral for
such debt financing and the transfer of Incentive Distribution Rights in connection with the exercise of any remedy of such Person
in connection therewith, provided, that such holder entered into such debt financing transaction in good faith for a valid
purpose other than the intent to circumvent the restrictions on transfer of Incentive Distribution Rights that would otherwise
have applied. Any other transfer of the Incentive Distribution Rights prior to the first day of the first Quarter beginning after
the tenth anniversary of the Closing Date shall require the prior approval of holders of at least a majority of the Outstanding
Common Units (excluding Common Units held by the General Partner and its Affiliates). On or after the first day of the first Quarter
beginning after the tenth anniversary of the Closing Date, the General Partner or any other holder of Incentive Distribution Rights
may transfer any or all of its Incentive Distribution Rights without Unitholder approval. Notwithstanding anything herein to the
contrary, (i) the transfer of Common Units issued pursuant to Section 5.10 shall not be treated as a transfer of all
or any part of the Incentive Distribution Rights and (ii) no transfer of Incentive Distribution Rights to another Person shall
be permitted unless the transferee agrees to be bound by the provisions of this Agreement; provided, that no such agreement
shall be required for the pledge, encumbrance, hypothecation or mortgage of the Incentive Distribution Rights.

 

Section 4.8          Restrictions
on Transfers of Limited Partner Interests.

 

(a)       The
General Partner may impose restrictions on the transfer of Partnership Interests if it determines, with the advice of counsel,
that such restrictions are necessary or advisable to (i) avoid a significant risk of the Partnership becoming taxable as a corporation
or otherwise becoming taxable as an entity for federal income tax purposes or (ii) preserve the uniformity of the Limited Partner
Interests (or any class or classes thereof). The General Partner may impose such restrictions by amending this Agreement pursuant
to Section 13.1; provided, however, that any amendment that would result in the delisting or suspension
of trading of any class of Limited Partner Interests on the principal National Securities Exchange on which such class of Limited
Partner Interests is then listed or admitted to trading must be approved, prior to such amendment being effected, by the holders
of at least a majority of the Outstanding Limited Partner Interests of such class.

 

     

     

    

 

(b)       Nothing
contained in this Article IV, or elsewhere in this Agreement, shall preclude the settlement of any transactions involving
Partnership Interests entered into through the facilities of any National Securities Exchange on which such Partnership Interests
are listed or admitted to trading.

 

(c)       Each
certificate evidencing Partnership Interests shall bear a conspicuous legend in substantially the following form:

 

THE HOLDER OF THIS
SECURITY ACKNOWLEDGES FOR THE BENEFIT OF NGL ENERGY PARTNERS LP THAT THIS SECURITY MAY NOT BE SOLD, OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED IF SUCH TRANSFER WOULD (A) VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS
OF THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY WITH JURISDICTION
OVER SUCH TRANSFER, (B) TERMINATE THE EXISTENCE OR QUALIFICATION OF NGL ENERGY PARTNERS LP UNDER THE LAWS OF THE STATE OF DELAWARE,
OR (C) CAUSE NGL ENERGY PARTNERS LP, TO BE TREATED AS AN ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY
FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). NGL ENERGY HOLDINGS LLC, THE GENERAL PARTNER OF
NGL ENERGY PARTNERS LP, MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL
THAT SUCH RESTRICTIONS ARE NECESSARY TO (A) AVOID A SIGNIFICANT RISK OF NGL ENERGY PARTNERS LP BECOMING TAXABLE AS A CORPORATION
OR OTHERWISE BECOMING TAXABLE AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES OR (B) IN THE CASE OF LIMITED PARTNER INTERESTS, TO
PRESERVE THE UNIFORMITY THEREOF (OR ANY CLASS OR CLASSES OF LIMITED PARTNER INTERESTS). THE RESTRICTIONS SET FORTH ABOVE SHALL
NOT PRECLUDE THE SETTLEMENT OF ANY TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY NATIONAL SECURITIES
EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED TO TRADING.

 

     

     

    

 

Section 4.9         Eligibility
Certificates; Ineligible Holders.

 

(a)       If
at any time the General Partner determines, with the advice of counsel, that

 

(i)         the
Partnership’s status other than as an association taxable as a corporation for U.S. federal income tax purposes or the failure
of the Partnership otherwise to be subject to an entity-level tax for U.S. federal, state or local income tax purposes, coupled
with the tax status (or lack of proof of the federal income tax status) of one or more Limited Partners, has or will reasonably
likely have a material adverse effect on the maximum applicable rate that can be charged to customers by Subsidiaries of the Partnership
(a “Rate Eligibility Trigger”), or

 

(ii)        any
Group Member is subject to any federal, state or local law or regulation that would create a substantial risk of cancellation or
forfeiture of any property in which the Group Member has an interest based on the nationality, citizenship or other related status
of a Limited Partner (a “Citizenship Eligibility Trigger”);

 

then, the General Partner may adopt such
amendments to this Agreement as it determines to be necessary or advisable to (x) in the case of a Rate Eligibility Trigger, obtain
such proof of the federal income tax status of the Limited Partners and, to the extent relevant, their beneficial owners, as the
General Partner determines to be necessary to establish those Limited Partners whose federal income tax status does not or would
not have a material adverse effect on the maximum applicable rate that can be charged to customers by Subsidiaries of the Partnership
or (y) in the case of a Citizenship Eligibility Trigger, obtain such proof of the nationality, citizenship or other related status
(or, if the General Partner is a nominee holding for the account of another Person, the nationality, citizenship or other related
status of such Person) of the Limited Partner as the General Partner determines to be necessary to establish those Limited Partners
whose status as a Limited Partner does not or would not subject any Group Member to a significant risk of cancellation or forfeiture
of any of its properties or interests therein.

 

(b)       Such
amendments may include provisions requiring all Limited Partners to certify as to their (and their beneficial owners’) status
as Eligible Holders upon demand and on a regular basis, as determined by the General Partner, and may require transferees of Units
to so certify prior to being admitted to the Partnership as a Limited Partner (any such required certificate, an “Eligibility
Certificate”).

 

(c)       Such
amendments may provide that any Limited Partner who fails to furnish to the General Partner within a reasonable period requested
proof of its (and its beneficial owners’) status as an Eligible Holder or if upon receipt of such Eligibility Certificate
or other requested information the General Partner determines that a Limited Partner is not an Eligible Holder (such a Limited
Partner an “Ineligible Holder”), the Limited Partner Interests owned by such Limited Partner shall be
subject to redemption in accordance with the provisions of Section 4.10. In addition, the General Partner shall be
substituted for all Limited Partners that are Ineligible Holder as the Limited Partner in respect of the Ineligible Holder’s
Limited Partner Interests.

 

(d)       The
General Partner shall, in exercising voting rights in respect of Limited Partner Interests held by it on behalf of Ineligible Holders,
distribute the votes in the same ratios as the votes of Limited Partners (including the General Partner and its Affiliates) in
respect of Limited Partner Interests other than those of Ineligible Holders are cast, either for, against or abstaining as to the
matter.

 

     

     

    

 

(e)       Upon
dissolution of the Partnership, an Ineligible Holder shall have no right to receive a distribution in kind pursuant to Section 12.4
but shall be entitled to the cash equivalent thereof, and the Partnership shall provide cash in exchange for an assignment of the
Ineligible Holder’s share of any distribution in kind. Such payment and assignment shall be treated for Partnership purposes
as a purchase by the Partnership from the Ineligible Holder of his Limited Partner Interest (representing his right to receive
his share of such distribution in kind).

 

(f)       At
any time after an Ineligible Holder can and does certify that he has become an Eligible Holder, an Ineligible Holder may, upon
application to the General Partner, request that with respect to any Limited Partner Interests of such Ineligible Holder not redeemed
pursuant to Section 4.10, such Ineligible Holder be admitted as a Limited Partner, and upon approval of the General
Partner, such Ineligible Holder shall be admitted as a Limited Partner and shall no longer constitute an Ineligible Holder and
the General Partner shall cease to be deemed to be the Limited Partner in respect of the Ineligible Holder’s Limited Partner
Interests.

 

Section 4.10       Redemption
of Partnership Interests of Ineligible Holders.

 

(a)       If
at any time a Limited Partner fails to furnish an Eligibility Certificate or other information requested within a reasonable period
of time specified in amendments adopted pursuant to Section 4.9, or if upon receipt of such Eligibility Certificate
or other information the General Partner determines, with the advice of counsel, that a Limited Partner is an Ineligible Holder,
the Partnership may, unless the Limited Partner establishes to the satisfaction of the General Partner that such Limited Partner
is not an Ineligible Holder or has transferred his Limited Partner Interests to a Person who is an Eligible Holder and who furnishes
an Eligibility Certificate to the General Partner prior to the date fixed for redemption as provided below, redeem the Limited
Partner Interest of such Limited Partner as follows:

 

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

 

(ii)        The
aggregate redemption price for Redeemable Interests shall be an amount equal to the Current Market Price (the date of determination
of which shall be the date fixed for redemption) of Limited Partner Interests of the class to be so redeemed multiplied by the
number of Limited Partner Interests of each such class included among the Redeemable Interests. The redemption price shall be paid,
as determined by the General Partner, in cash or by delivery of a promissory note of the Partnership in the principal amount of
the redemption price, bearing interest at the rate of 5% annually and payable in three equal annual installments of principal together
with accrued interest, commencing one year after the redemption date.

 

     

     

    

 

(iii)       The
Limited Partner or his duly authorized representative shall be entitled to receive the payment for the Redeemable Interests at
the place of payment specified in the notice of redemption on the redemption date (or, if later in the case of Redeemable Interests
evidenced by Certificates, upon surrender by or on behalf of the Limited Partner or transferee at the place specified in the notice
of redemption, of the Certificate evidencing the Redeemable Interests, duly endorsed in blank or accompanied by an assignment duly
executed in blank).

 

(iv)       After
the redemption date, Redeemable Interests shall no longer constitute issued and Outstanding Limited Partner Interests.

 

(b)       The
provisions of this Section 4.10 shall also be applicable to Limited Partner Interests held by a Limited Partner as
nominee of a Person determined to be other than an Eligible Holder.

 

(c)       Nothing
in this Section 4.10 shall prevent the recipient of a notice of redemption from transferring his Limited Partner Interest
before the redemption date if such transfer is otherwise permitted under this Agreement. Upon receipt of notice of such a transfer,
the General Partner shall withdraw the notice of redemption, provided the transferee of such Limited Partner Interest certifies
to the satisfaction of the General Partner that he is an Eligible Holder. If the transferee fails to make such certification, such
redemption shall be effected from the transferee on the original redemption date.

 

Section 4.11       Restrictions
on Transfer of Class D Preferred Units.

 

(a)       Without
the prior written consent of the Partnership, each Class D Preferred Unit Holder shall not

 

(i)         during
the period commencing on the Class D Initial Issuance Date and ending on the first anniversary of the Class D Initial
Issuance Date, (1) offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, (each
of the foregoing being referred to in this Section 4.11 as “transfer”) any of its Class D Preferred Units
or (2) directly or indirectly engage in any short sales or other derivative or hedging transactions with respect to Common
Units;

 

(ii)        at
any time, transfer any Class D Preferred Units to any Person classified for U.S. federal income tax purposes as a non-U.S.
resident individual, non-U.S. corporation, non-U.S. partnership, or any other non-U.S. entity, including any foreign governmental
entity, including by means of any swap or other transaction or arrangement that transfers or that is designed to, or that might
reasonably be expected to, result in the transfer of economic ownership to another, in whole or in part, any of the Class D
Preferred Units, regardless of whether any such transaction is to be settled by delivery of Class D Preferred Units, Common
Units or other securities, in cash or otherwise; provided that direct and indirect owners of each Class D Preferred
Unit Holder that is a U.S. partnership or other U.S. entity that is not a disregarded entity for U.S. tax purposes may transfer
direct and indirect ownership interests of such Class D Preferred Unit Holder without restriction; or

 

     

     

    

 

(iii)       at
any time, transfer any Class D Preferred Units to any Person that is a Competitor; provided, however, that
this restriction shall not apply to any transfer of Class D Preferred Units on any National Securities Exchange on which the
Class D Preferred Units are then-listed or admitted for trading; provided, further, that there shall be
no obligation to list or admit the Class D Preferred Units for trading on any National Securities Exchange.

 

(b)       Subject
to applicable law and to Section 4.11(a), after the first anniversary of the Class D Initial Issuance Date, each
Class D Purchaser may freely transfer Class D Preferred Units; provided that any transferee receiving any Class D
Preferred Units shall by its acceptance thereof be deemed to have agreed to the restrictions set forth in this Section 4.11.

 

(c)       Notwithstanding
anything to the contrary contained herein, at any time, any Class D Purchaser shall be permitted to transfer any Class D
Preferred Units held by such Class D Purchaser to any Person that is an Affiliate of such Class D Purchaser or to another
Class D Purchaser or its Affiliates, and any Class D Preferred Unit Holder may pledge all or any portion of its Class D
Preferred Units to any holders of obligations owed by such Class D Preferred Unit Holder, including to the trustee for, or
representative of, such holder; provided that any transferee receiving any Class D Preferred Units and any such pledgee
shall by its acceptance of Class D Preferred Units or the pledge thereof be deemed to have agreed to the restrictions set
forth in this Section 4.11.

 

(d)       Notwithstanding
anything to the contrary contained herein, in no event shall this Section 4.11 or any other provision of this Agreement
limit or restrict indirect transfers of Class D Preferred Units by the direct and indirect owners of a Class D Preferred
Unit Holder.

 

(e)       This
Section 4.11 sets forth all the restrictions on transfer of the Class D Preferred Units set forth in this Agreement.

 

Article
V

CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS

 

Section 5.1        Contributions
by the General Partner and the Initial Limited Partners. In connection with the execution of and as set forth in
the First Amended and Restated Partnership Agreement, (i) the General Partner made a capital contribution to the Partnership in
exchange for a continuation of its General Partner Interest equal to a 0.1% Percentage Interest and the Incentive Distribution
Rights and (ii) the Initial Limited Partners made capital contributions to the Partnership in exchange for an aggregate Limited
Partnership Interest equal to a 99.9% Percentage Interest.

 

Section 5.2        Maintenance
of General Partner’s Percentage Interest. Upon the issuance of any additional Limited Partner Interests by
the Partnership (other than any Common Units issued pursuant to Section 5.10), the General Partner may, in order to
maintain its Percentage Interest, make additional Capital Contributions in an amount equal to the product obtained by multiplying
(i) the quotient determined by dividing (A) the General Partner’s Percentage Interest by (B) 100 less the General Partner’s
Percentage Interest times (ii) the amount contributed to the Partnership by the Limited Partners in exchange for such additional
Limited Partner Interests. Except as set forth in Section 12.8, the General Partner shall not be obligated to make
any additional Capital Contributions to the Partnership.

 

     

     

    

 

Section 5.3        Contributions
by Limited Partners. No Limited Partner will be required to make any additional Capital Contribution to the Partnership
pursuant to this Agreement.

 

Section 5.4        Interest
and Withdrawal. No interest shall be paid by the Partnership on Capital Contributions. No Partner shall be entitled
to the withdrawal or return of its Capital Contribution, except to the extent, if any, that distributions made pursuant to this
Agreement or upon liquidation of the Partnership may be considered as such by law and then only to the extent provided for in this
Agreement. Except to the extent expressly provided in this Agreement, no Partner shall have priority over any other Partner either
as to the return of Capital Contributions or as to profits, losses or distributions. Any such return shall be a compromise to which
all Partners agree within the meaning of Section 17-502(b) of the Delaware Act.

 

Section 5.5        Capital
Accounts.

 

(a)       The
Partnership shall maintain for each Partner (or a beneficial owner of Partnership Interests held by a nominee in any case in which
the nominee has furnished the identity of such owner to the Partnership in accordance with Section 6031(c) of the Code or any other
method acceptable to the General Partner in its sole discretion) owning a Partnership Interest a separate Capital Account with
respect to such Partnership Interest in accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). Such Capital
Account shall be increased by (i) the amount of all Capital Contributions made to the Partnership with respect to such Partnership
Interest pursuant to this Agreement and (ii) all items of Partnership income and gain (including, without limitation, income and
gain exempt from tax) computed in accordance with Section 5.5(b) and allocated with respect to such Partnership Interest
pursuant to Section 6.1, and decreased by (x) the amount of cash or Net Agreed Value of all distributions of cash or
property made with respect to such Partnership Interest pursuant to this Agreement; provided that the Capital Account attributable
to a Class B Preferred Unit, a Class C Preferred Unit or a Class D Preferred Unit, as applicable, shall not be reduced
by the amount of Class B Preferred Unit Distributions, Class C Preferred Unit Distributions or Class D Preferred
Unit Distributions, as applicable, made with respect to such Class B Preferred Unit, Class C Preferred Unit or Class D
Preferred Unit, as applicable; and (y) all items of Partnership deduction and loss computed in accordance with Section 5.5(b)
and allocated with respect to such Partnership Interest pursuant to Section 6.1. The initial Capital Account with respect
to the Class A Deemed Warrant Units shall be determined pursuant to the Class A Unit Purchase Agreement. The initial Capital Account
attributable to a Class B Preferred Unit shall be the Class B Stated Liquidation Preference, irrespective of the amount
paid by the holder of such Class B Preferred Unit for such Unit. The initial Capital Account attributable to a Class C
Preferred Unit shall be the Class C Stated Liquidation Preference, irrespective of the amount paid by the holder of such Class C
Preferred Unit for such Unit. The initial Capital Account attributable to each Class D Preferred Unit shall be determined
pursuant to the Class D Initial Preferred Unit Purchase Agreement or Class D Additional Preferred Unit Purchase Agreement,
as applicable. In connection with the foregoing, the Partnership shall adopt the methodology set forth in the noncompensatory option
regulations under Treasury Regulation Sections 1.704-1 and 1.721-2 with respect to the issuance and any conversion of Class B
Preferred Units or Class C Preferred Unit, the issuance of the Class D Preferred Units and the Class D Redemption
Common Units, and the issuance and exercise of the 2019 Warrants, unless otherwise required by applicable law.

 

     

     

    

 

(b)       For
purposes of computing the amount of any item of income, gain, loss or deduction that is to be allocated pursuant to Article
VI and is to be reflected in the Partners’ Capital Accounts, the determination, recognition and classification of any
such item shall be the same as its determination, recognition and classification for federal income tax purposes (including any
method of depreciation, cost recovery or amortization used for that purpose), provided, that:

 

(i)         Solely
for purposes of this Section 5.5, the Partnership shall be treated as owning directly its proportionate share (as determined
by the General Partner based upon the provisions of the applicable Group Member Agreement) of all property owned by (x) any other
Group Member that is classified as a partnership for federal income tax purposes and (y) any other partnership, limited liability
company, unincorporated business or other entity classified as a partnership for federal income tax purposes of which a Group Member
is, directly or indirectly, a partner, member or other equity holder.

 

(ii)        All
fees and other expenses incurred by the Partnership to promote the sale of (or to sell) a Partnership Interest that can neither
be deducted nor amortized under Section 709 of the Code, if any, shall, for purposes of Capital Account maintenance, be treated
as an item of deduction at the time such fees and other expenses are incurred and shall be allocated among the Partners pursuant
to Section 6.1.

 

(iii)       Except
as otherwise provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss
and deduction shall be made without regard to any election under Section 754 of the Code that may be made by the Partnership and,
as to those items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the Code, without regard to the fact that such
items are not includable in gross income or are neither currently deductible nor capitalized for federal income tax purposes. To
the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is
required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts,
the amount of such adjustment in the Capital Accounts shall be treated as an item of gain or loss.

 

(iv)       Any
income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the adjusted
basis of such property as of such date of disposition were equal in amount to the Partnership’s Carrying Value with respect
to such property as of such date.

 

     

     

    

 

(v)        In
accordance with the requirements of Section 704(b) of the Code, any deductions for depreciation, cost recovery or amortization
attributable to any Contributed Property shall be determined as if the adjusted basis of such property on the date it was acquired
by the Partnership were equal to the Agreed Value of such property. Upon an adjustment pursuant to Section 5.5(d) to
the Carrying Value of any Partnership property subject to depreciation, cost recovery or amortization, any further deductions for
such depreciation, cost recovery or amortization attributable to such property shall be determined under the rules prescribed by
Treasury Regulation Section 1.704-3(d)(2) as if the adjusted basis of such property were equal to the Carrying Value of such property
immediately following such adjustment.

 

(vi)       The
Gross Liability Value of each Liability of the Partnership described in Treasury Regulation Section 1.752-7(b)(3)(i) shall be adjusted
at such times as provided in this Agreement for an adjustment to Carrying Values. The amount of any such adjustment shall be treated
for purposes hereof as an item of loss (if the adjustment increases the Carrying Value of such Liability of the Partnership) or
an item of gain (if the adjustment decreases the Carrying Value of such Liability of the Partnership).

 

(c)           (i)       
A transferee of a Partnership Interest shall succeed to a pro rata portion of the Capital Account of the transferor relating to
the Partnership Interest so transferred.

 

(ii)        Subject
to Section 6.7(c), immediately prior to the transfer of a converted Subordinated Unit by a holder thereof (other than
a transfer to an Affiliate unless the General Partner elects to have this subparagraph 5.5(c)(ii) apply), the Capital Account
maintained for such Person with respect to its converted Subordinated Units will (A) first, be allocated to the converted Subordinated
Units to be transferred in an amount equal to the product of (x) the number of such converted Subordinated Units to be transferred
and (y) the Per Unit Capital Amount for a Common Unit, and (B) second, any remaining balance in such Capital Account will be retained
by the transferor, regardless of whether it has retained converted Subordinated Units. Following any such allocation, the transferor’s
Capital Account, if any, maintained with respect to the retained converted Subordinated Units, if any, will have a balance equal
to the amount allocated under clause (B) hereinabove, and the transferee’s Capital Account established with respect to the
transferred converted Subordinated Units will have a balance equal to the amount allocated under clause (A) hereinabove.

 

(iii)       Subject
to Section 6.11(b), immediately prior to the transfer of a Class A Deemed Warrant Unit that has been exercised
for a Common Unit by a holder thereof (other than a transfer to an Affiliate of the assignor unless the General Partner elects
to have this Section 5.5(c)(iii) apply), the Capital Account maintained for such Person with respect to Class A
Deemed Warrant Units or Common Units granted upon exercise of such Class A Deemed Warrant Units will (A) first, be allocated
to the Class A Deemed Warrant Units or Common Units into which such Class A Deemed Warrant Units have been exercised
in an amount equal to the product of (x) the number of such Common Units to be transferred and (y) the Per Unit Capital Amount
for a Common Unit, and (B) second, any remaining balance in such Capital Account will be retained by the transferor, regardless
of whether it has retained any such Class A Deemed Warrant Units. Following any such allocation, the transferor’s Capital
Account, if any, maintained with respect to the retained applicable Class A Deemed Warrant Units, if any, will have a balance
equal to the amount allocated under clause (B) hereinabove, and the transferee’s Capital Account established with respect
to the transferred Class A Deemed Warrant Units or Common Units granted on exercise of such Class A Deemed Warrant Units
will have a balance equal to the amount allocated under clause (A) hereinabove.

 

     

     

    

 

(d)           (i)        
Consistent with Treasury Regulation Sections 1.704-1(b)(2)(iv)(f) and 1.704-1(b)(2)(iv)(h)(2), on an issuance of additional Partnership
Interests for cash or Contributed Property, the issuance of a Noncompensatory Option, the issuance of Partnership Interests as
consideration for the provision of services, the conversion of a Class B Preferred Unit in accordance with Section 5.11(e),
the conversion of a Class C Preferred Unit in accordance with Section 5.12(e), or the issuance of Class D
Redemption Common Units in accordance with Section 5.13(d)(iii), the Capital Accounts of all Partners and the Carrying Value
of each Partnership property immediately prior to such issuance (or, in the case of a Conversion Date or redemption date, immediately
after such date) shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership
property, as if such Unrealized Gain or Unrealized Loss had been recognized on an actual sale of each such property for an amount
equal to its fair market value immediately prior to such issuance; provided, however, that in the event of the issuance
of a Partnership Interest pursuant to the exercise of a Noncompensatory Option where the right to share in Partnership capital
represented by such Partnership Interest differs from the consideration paid to acquire and exercise such option, the Carrying
Value of each Partnership property immediately after the issuance of such Partnership Interest shall be adjusted upward or downward
to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property and the Capital Accounts of the Partners
shall be adjusted in a manner consistent with Treasury Regulation Section 1.704-1(b)(2)(iv)(s); provided, further,
that in the event of an issuance of Partnership Interests for a de minimis amount of cash or Contributed Property, in the event
of an issuance of a Noncompensatory Option to acquire a de minimis Partnership Interest, or in the event of an issuance of a de
minimis amount of Partnership Interests as consideration for the provision of services, the General Partner may determine that
such adjustments are unnecessary for the proper administration of the Partnership. Any such Unrealized Gain or Unrealized Loss
(or items thereof) shall be allocated (A) if the operation of this sentence is triggered by the conversion of a Class B Preferred
Unit or a Class C Preferred Unit, or issuance of a Class D Redemption Common Unit or the exercise of a 2019 Warrant,
first among the Partners holding Common Units as may be necessary to cause the Capital Account attributable to each Common Unit
to be the same, and (B) any remaining Unrealized Gain or Unrealized Loss shall be allocated among the Partners pursuant to Section 6.1
in the same manner as any item of gain or loss actually recognized would have been allocated. If the Unrealized Gain or Unrealized
Loss allocated as a result of such occurrence is not sufficient to cause the Capital Account attributable to each Common Unit to
be the same, then Capital Account balances shall be reallocated between the Partners holding such Units so as to cause the Capital
Account attributable to each Common Unit to be the same, in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(s)(3).
In determining Unrealized Gain or Unrealized Loss in connection with the issuance of additional Partnership Interests or a Conversion
Date, the aggregate cash amount and fair market value of all Partnership assets (including cash or cash equivalents) immediately
prior to the issuance of additional Partnership Interests (or, in the case of an adjustment to the Carrying Value of Partnership
property resulting from the exercise of a Noncompensatory Option (including conversion of a Class B Preferred Unit or Class C
Preferred Unit, issuance of a Class D Redemption Common Unit or the exercise of a 2019 Warrant) immediately after the issuance
of the Partnership Interest acquired pursuant to the exercise of the Noncompensatory Option) shall be determined by the General
Partner using such method of valuation as it may adopt in its sole discretion. For this purpose, the General Partner may determine
that it is appropriate to first determine an aggregate value for the Partnership, based on the current trading price of the Common
Units, the fair market value of all other Partnership Interests (on a fully converted basis) of all Partners at such time, and
the amount of Partnership liabilities; and, if before the Conversion Date or redemption date of any Class B Preferred
Units, Class C Preferred Units, Class D Preferred Units or other Noncompensatory Options or the exercise of a 2019 Warrant,
may adjust the fair market value of all Partnership assets to reflect the difference, if any, between the fair market value of
any Class B Preferred Units, Class C Preferred Units, Class D Preferred Units or other Noncompensatory Options for
which the Conversion Date or the exercise date has not occurred and the aggregate Capital Accounts (which will be zero with respect
to Noncompensatory Options that are not treated as exercised for federal income tax purposes) attributable to such Class B
Preferred Units, Class C Preferred Units and Class D Preferred Units or other Noncompensatory Options (including, without
limitation, the 2019 Warrants) to the extent of any Unrealized Gain or Unrealized Loss that has not been reflected in the Partners’
Capital Accounts previously, consistent with the methodology of Treasury Regulation Section 1.704-1(b)(2)(iv)(h)(2). The General
Partner shall allocate such aggregate value among the assets of the Partnership (in such manner as it determines) to arrive at
a fair market value for individual properties.

 

(ii)        In
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), immediately prior to any actual or deemed distribution to
a Partner of any Partnership property (other than a distribution of cash that is not in redemption or retirement of a Partnership
Interest), the Capital Accounts of all Partners and the Carrying Value of all Partnership property shall be adjusted upward or
downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, and any such Unrealized Gain
or Unrealized Loss shall be treated, for purposes of maintaining Capital Accounts, as if it had been recognized on an actual sale
of each such property immediately prior to such distribution for an amount equal to its fair market value, and had been allocated
among the Partners, at such time, pursuant to Section 6.1(c) and Section 6.1(d) in the same manner as any
item of gain or loss actually recognized following an event giving rise to the dissolution of the Partnership would have been allocated.
In determining such Unrealized Gain or Unrealized Loss the aggregate fair market value of all Partnership property (including cash
or cash equivalents) immediately prior to a distribution shall (A) in the case of an actual distribution that is not made pursuant
to Section 12.4 or in the case of a deemed distribution, be determined in the same manner as that provided in Section 5.5(d)(i)
or (ii) in the case of a liquidating distribution pursuant to Section 12.4, be determined by the Liquidator using
such method of valuation as it may adopt.

 

     

     

    

 

 

Section 5.6            Issuances
of Additional Partnership Interests.

 

(a)       Subject
to the restrictions set forth in Section 5.11, Section 5.12 and Section 5.13, the Partnership
may issue additional Partnership Interests and options, rights, warrants and appreciation rights relating to the Partnership Interests
(including as described in Section 7.4(c)) for any Partnership purpose at any time and from time to time to such Persons
for such consideration and on such terms and conditions as the General Partner shall determine, all without the approval of any
Limited Partners.

 

(b)       Each
additional Partnership Interest authorized to be issued by the Partnership pursuant to Section 5.6(a) may be issued
in one or more classes, or one or more series of any such classes, with such designations, preferences, rights, powers and duties
(which may be senior to existing classes and series of Partnership Interests), as shall be fixed by the General Partner, including
(i) the right to share in Partnership profits and losses or items thereof; (ii) the right to share in Partnership distributions;
(iii) the rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions upon which, the
Partnership may or shall be required to redeem the Partnership Interest (including sinking fund provisions); (v) whether such
Partnership Interest is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion
or exchange; (vi) the terms and conditions upon which each Partnership Interest will be issued, evidenced by certificates and assigned
or transferred; (vii) the method for determining the Percentage Interest as to such Partnership Interest; and (viii) the right,
if any, of each such Partnership Interest to vote on Partnership matters, including matters relating to the relative rights, preferences
and privileges of such Partnership Interest.

 

(c)       The
General Partner shall take all actions that it determines to be necessary or appropriate in connection with (i) each issuance of
Partnership Interests and options, rights, warrants and appreciation rights relating to Partnership Interests pursuant to this
Section 5.6, (ii) the conversion of the Combined Interest into Units pursuant to the terms of this Agreement, (iii)
the issuance of Common Units pursuant to Section 5.10, (iv) reflecting admission of such additional Limited Partners
in the books and records of the Partnership as the Record Holder of such Limited Partner Interest and (v) all additional issuances
of Partnership Interests. The General Partner shall determine the relative rights, powers and duties of the holders of the Units
or other Partnership Interests being so issued. The General Partner shall do all things necessary to comply with the Delaware Act
and is authorized and directed to do all things that it determines to be necessary or appropriate in connection with any future
issuance of Partnership Interests or in connection with the conversion of the Combined Interest into Units pursuant to the terms
of this Agreement, including compliance with any statute, rule, regulation or guideline of any federal, state or other governmental
agency or any National Securities Exchange on which the Units or other Partnership Interests are listed or admitted to trading.

 

(d)       No
fractional Units shall be issued by the Partnership.

 

Section 5.7            Limited
Preemptive Right. Except as provided in this Section 5.7, in Section 5.2, in Section 5.11,
in Section 5.12, in Section 5.13 or as otherwise provided in a separate agreement by the Partnership, no
Person shall have any preemptive, preferential or other similar right with respect to the issuance of any Partnership Interest,
whether unissued or hereafter created. The General Partner shall have the right, which it may from time to time assign in whole
or in part to any of its Affiliates or the beneficial owners thereof or any of their respective Affiliates, to purchase Partnership
Interests from the Partnership whenever, and on the same terms that, the Partnership issues Partnership Interests to Persons other
than the General Partner and its Affiliates or such beneficial owners or any of their respective Affiliates, to the extent necessary
to maintain the Percentage Interests of the General Partner and its Affiliates and such beneficial owners or any of their respective
Affiliates equal to that which existed immediately prior to the issuance of such Partnership Interests.

 

     

     

    

 

Section 5.8            Splits
and Combinations.

 

(a)       Subject
to Section 5.8(d), Section 6.6 and Section 6.9 (dealing with adjustments of distribution levels),
the Partnership may make a Pro Rata distribution of Partnership Interests (other than Preferred Units) to all Record Holders or
may effect a subdivision or combination of Partnership Interests so long as, after any such event, each Partner shall have the
same Percentage Interest in the Partnership as before such event, and any amounts calculated on a per Unit basis or stated as a
number of Units are proportionately adjusted retroactive to the beginning of the Partnership.

 

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

 

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

 

(d)       The
Partnership shall not issue fractional Units upon any distribution, subdivision or combination of Units. If a distribution, subdivision
or combination of Units would result in the issuance of fractional Units but for the provisions of Section 5.6(d) and
this Section 5.8(d), each fractional Unit shall be rounded to the nearest whole Unit (and a 0.5 Unit shall be rounded
to the next higher Unit).

 

Section 5.9            Fully
Paid and Non-Assessable Nature of Limited Partner Interests. All Limited Partner Interests issued pursuant to, and
in accordance with the requirements of, this Article V shall be fully paid and non-assessable Limited Partner Interests
in the Partnership, except as such non-assessability may be affected by Section 17-303, 17-607 or 17-804 of the Delaware Act.

 

     

     

    

 

Section 5.10            Issuance
of Common Units in Connection with Reset of Incentive Distribution Rights.

 

(a)       Subject
to the provisions of this Section 5.10, the holder of the Incentive Distribution Rights (or, if there is more than
one holder of the Incentive Distribution Rights, the holders of a majority in interest of the Incentive Distribution Rights) shall
have the right, at any time when the Partnership has made a distribution pursuant to Section 6.4(d) for each of the
four most recently completed Quarters and the amount of each such distribution did not exceed Adjusted Operating Surplus for such
Quarter, to make an election (the “IDR Reset Election”) to cause the Minimum Quarterly Distribution and
the Target Distributions to be reset in accordance with the provisions of Section 5.10(e) and, in connection therewith,
the holder or holders of the Incentive Distribution Rights will become entitled to receive their respective proportionate share
of a number of Common Units (the “IDR Reset Common Units”) derived by dividing (i) the average amount
of cash distributions made by the Partnership for the two full Quarters immediately preceding the giving of the Reset Notice (as
defined in Section 5.10(b)) in respect of the Incentive Distribution Rights by (ii) the average of the cash distributions
made by the Partnership in respect of each Common Unit for the two full Quarters immediately preceding the giving of the Reset
Notice (the “Reset MQD”) (the number of Common Units determined by such quotient is referred to herein
as the “Aggregate Quantity of IDR Reset Common Units”). The Percentage Interest of the General Partner
after the issuance of the Aggregate Quantity of IDR Reset Common Units shall equal the Percentage Interest of the General Partner
prior to the issuance of the Aggregate Quantity of IDR Reset Common Units and the General Partner shall not be obligated to make
any additional Capital Contribution to the Partnership in order to maintain its Percentage Interest in connection therewith. The
making of the IDR Reset Election in the manner specified in Section 5.10(b) shall cause the Minimum Quarterly Distribution
and the Target Distributions to be reset in accordance with the provisions of Section 5.10(e) and, in connection therewith,
the holder or holders of the Incentive Distribution Rights will become entitled to receive Common Units on the basis specified
above, without any further approval required by the General Partner or the Unitholders, at the time specified in Section 5.10(c)
unless the IDR Reset Election is rescinded pursuant to Section 5.10(d).

 

(b)       To
exercise the right specified in Section 5.10(a), the holder of the Incentive Distribution Rights (or, if there is more
than one holder of the Incentive Distribution Rights, the holders of a majority in interest of the Incentive Distribution Rights)
shall deliver a written notice (the “Reset Notice”) to the Partnership. Within 10 Business Days after
the receipt by the Partnership of such Reset Notice, as the case may be, the Partnership shall deliver a written notice to the
holder or holders of the Incentive Distribution Rights of the Partnership’s determination of the aggregate number of Common
Units which each holder of Incentive Distribution Rights will be entitled to receive.

 

(c)       The
holder or holders of the Incentive Distribution Rights will be entitled to receive the Aggregate Quantity of IDR Reset Common Units
on the fifteenth Business Day after receipt by the Partnership of the Reset Notice; provided, however, that the issuance
of Common Units to the holder or holders of the Incentive Distribution Rights shall not occur prior to the approval of the listing
or admission for trading of such Common Units by the principal National Securities Exchange upon which the Common Units are then
listed or admitted for trading if any such approval is required pursuant to the rules and regulations of such National Securities
Exchange.

 

     

     

    

 

(d)       If
the principal National Securities Exchange upon which the Common Units are then traded has not approved the listing or admission
for trading of the Common Units to be issued pursuant to this Section 5.10 on or before the 30th calendar day following
the Partnership’s receipt of the Reset Notice and such approval is required by the rules and regulations of such National
Securities Exchange, then the holder of the Incentive Distribution Rights (or, if there is more than one holder of the Incentive
Distribution Rights, the holders of a majority in interest of the Incentive Distribution Rights) shall have the right to either
rescind the IDR Reset Election or elect to receive other Partnership Interests having such terms as the General Partner may approve,
with the approval of the Conflicts Committee, that will provide (i) the same economic value, in the aggregate, as the Aggregate
Quantity of IDR Reset Common Units would have had at the time of the Partnership’s receipt of the Reset Notice, as determined
by the General Partner, and (ii) for the subsequent conversion of such Partnership Interests into Common Units within not more
than 12 months following the Partnership’s receipt of the Reset Notice upon the satisfaction of one or more conditions that
are reasonably acceptable to the holder of the Incentive Distribution Rights (or, if there is more than one holder of the Incentive
Distribution Rights, the holders of a majority in interest of the Incentive Distribution Rights).

 

(e)       The
Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution shall be adjusted
at the time of the issuance of Common Units or other Partnership Interests pursuant to this Section 5.10 such that
(i) the Minimum Quarterly Distribution shall be reset to equal the Reset MQD, (ii) the First Target Distribution shall be reset
to equal 115% of the Reset MQD, (iii) the Second Target Distribution shall be reset to equal to 125% of the Reset MQD and (iv)
the Third Target Distribution shall be reset to equal 150% of the Reset MQD.

 

(f)       Upon
the issuance of IDR Reset Common Units pursuant to Section 5.10(a), the Capital Account maintained with respect to
the Incentive Distribution Rights shall (A) first, be allocated to IDR Reset Common Units in an amount equal to the product of
(x) the Aggregate Quantity of IDR Reset Common Units and (y) the Per Unit Capital Amount for an Initial Common Unit, and (B) second,
any remaining balance in such Capital Account will be retained by the holder of the Incentive Distribution Rights. In the event
that there is not a sufficient Capital Account associated with the Incentive Distribution Rights to allocate the full Per Unit
Capital Amount for an Initial Common Unit to the IDR Reset Common Units in accordance with clause (A) of this Section 5.10(f),
the IDR Reset Common Units shall be subject to Section 6.1(d)(x)(A) and Section 6.1(d)(x)(B).

 

Section 5.11            Establishment
of Class B Preferred Units.

 

(a)       General.
The General Partner hereby designates and creates a series of Units to be designated as “9.00% Class B Fixed-to-Floating
Rate Cumulative Redeemable Perpetual Preferred Units,” having the terms and conditions set forth herein.

 

(i)       Each
Class B Preferred Unit shall be identical in all respects to every other Class B Preferred Unit, except as to the respective
dates from which Class B Preferred Unit Distributions may begin accumulating, to the extent such dates may differ. The Class B
Preferred Units represent perpetual equity interests in the Partnership and, except as set forth in Section 5.11(d)
and Section 5.11(e), shall not give rise to a claim by the Partnership or a Class B Preferred Holder for redemption
or the conversion thereof, as applicable, at a particular date.

 

     

     

    

 

(ii)       The
authorized number of Class B Preferred Units shall be unlimited. Class B Preferred Units that are purchased or otherwise
acquired by the Partnership shall be cancelled.

 

(iii)       The
Class B Preferred Units shall be represented by one or more global Certificates registered in the name of the Class B
Securities Depositary or its nominee, and no Class B Preferred Holder shall be entitled to receive a definitive Certificate
evidencing its Class B Preferred Units, unless otherwise required by law or the Class B Securities Depositary gives notice
of its intention to resign or is no longer eligible to act as such with respect to the Class B Preferred Units and the Partnership
shall have not selected a substitute Class B Securities Depositary within 60 calendar days thereafter. So long as the Class B
Securities Depositary shall have been appointed and is serving with respect to the Class B Preferred Units, payments and communications
made by the Partnership to Class B Preferred Holders shall be made by making payments to, and communicating with, the Class B
Securities Depositary.

 

(b)       Distributions.

 

(i)       Distributions
on each Outstanding Class B Preferred Unit (“Class B Preferred Unit Distributions”) shall be
cumulative and shall accumulate at the applicable Class B Distribution Rate from and including the Class B Original Issue
Date (or, for any subsequently issued and newly Outstanding Class B Preferred Units, from and including the Class B Distribution
Payment Date immediately preceding the issue date of such Class B Preferred Units) until such time as the Partnership pays
the applicable Class B Preferred Unit Distribution or redeems such Class B Preferred Unit in accordance with Section 5.11(d)
or such Class B Preferred Unit is converted in accordance with Section 5.11(e), regardless of whether such Class B
Preferred Unit Distributions shall have been declared.

 

(ii)       Unless
otherwise determined by the General Partner, Class B Preferred Unit Distributions shall be deemed to have been paid out of
Available Cash with respect to the Quarter ended immediately preceding the Quarter in which the Class B Preferred Unit Distribution
is made; provided, however, that for purposes of this Section 5.11(b), Available Cash shall not include
any deduction to provide funds for distributions under Section 6.4 or Section 6.5 in respect of any one
or more of the next four Quarters. Class B Preferred Unit Distributions will be paid on an equal priority basis with distributions
on any Outstanding Class B Parity Securities, including the Class C Preferred Units and the Class D Preferred Units.

 

     

     

    

 

(iii)       Class B
Preferred Unit Distributions, to the extent declared by the General Partner to be paid by the Partnership in accordance with this
Section 5.11(b), shall be paid quarterly, in arrears, on each Class B Distribution Payment Date. Class B
Preferred Unit Distributions shall accumulate in each Class B Distribution Period from and including the first day of such
Class B Distribution Period, to and including the last day of such Class B Distribution Period (other than the initial
Class B Preferred Unit Distribution, which shall accumulate from and including the Class B Original Issue Date, to and
including September 30, 2017); provided, however, that if the Partnership fails to pay in full in cash any Class B
Preferred Unit Distribution on a Class B Distribution Payment Date, then the amount of such accumulated but unpaid Class B
Preferred Unit Distribution shall increase at the then-applicable Class B Distribution Rate, until all accumulated and unpaid
distributions on the Class B Preferred Units have been paid in full in cash.

 

(iv)       Class B
Preferred Unit Distributions shall be payable based on a 360-day year consisting of four 90-day periods. All Class B Preferred
Unit Distributions payable by the Partnership pursuant to this Section 5.11(b) shall be payable without regard to income
of the Partnership and shall be treated for federal income tax purposes as guaranteed payments for the use of capital under Section
707(c) of the Code. The guaranteed payment with respect to any Class B Distribution Period shall be for the account of the
holders of Class B Preferred Units as of the applicable Class B Distribution Record Date.

 

(v)       Not
later than 5:00 p.m. (New York City time) on each Class B Distribution Payment Date, the Partnership shall pay those
Class B Preferred Unit Distributions, if any, that shall have been declared by the General Partner to Class B Preferred
Holders as such holders’ names appear on the Partnership’s unit transfer books maintained by the registrar and Transfer
Agent for the Class B Preferred Units on the Class B Distribution Record Date for the applicable Class B Preferred
Unit Distribution.

 

(vi)       So
long as any Class B Preferred Units are Outstanding, no distribution shall be declared or paid or set aside for payment on
any Class B Junior Securities (other than a distribution payable solely in Class B Junior Securities) unless full cumulative
Class B Preferred Unit Distributions and full cumulative distributions on any Class B Parity Securities have been or
contemporaneously are being paid or set aside for payment on all Outstanding Class B Preferred Units and any such Class B
Parity Securities, respectively, through the most recent Class B Distribution Payment Date, with respect to Outstanding Class B
Preferred Units, and the most recent distribution payment date, with respect to any such Class B Parity Securities. Accumulated
Class B Preferred Unit Distributions in arrears for any past Class B Distribution Period may be declared by the General
Partner and paid on any date fixed by the General Partner, regardless of whether a Class B Distribution Payment Date, to Class B
Preferred Holders on the Record Date for such payment, which may not be less than 10 days before such payment date. Subject to
the next succeeding sentence, if all accumulated Class B Preferred Unit Distributions in arrears on all Outstanding Class B
Preferred Units and all accumulated distributions in arrears on any Class B Parity Securities shall not have been declared
and paid, or if sufficient funds for the payment thereof shall not have been set aside, payment of accumulated Class B Preferred
Unit Distributions in arrears on the Class B Preferred Units and accumulated distributions in arrears on any such Class B
Parity Securities shall be made in order of their respective distribution payment dates, commencing with the earliest distribution
payment date. If less than all Class B Preferred Unit Distributions payable with respect to all Outstanding Class B Preferred
Units and all distributions payable with respect to any Class B Parity Securities are paid, then such partial payment shall
be declared and paid pro rata such that the amounts of Class B Preferred Unit Distributions declared and paid per Class B
Preferred Unit and the amounts of distributions declared and paid per unit of such Class B Parity Securities shall in all
cases bear to each other the same ratio that unpaid and accumulated Class B Preferred Unit Distributions per Class B
Preferred Unit and unpaid and accumulated distributions per unit of such Class B Parity Securities bear to one another.

 

     

     

    

 

(vii)       Subject
to Section 12.4 and Section 5.11(d), Class B Preferred Holders shall not be entitled to any distribution,
whether payable in cash, property or Partnership Interests, in excess of full cumulative Class B Preferred Unit Distributions.
Except insofar as distributions accumulate on the amount of any accumulated and unpaid Class B Preferred Unit Distributions
as described in Section 5.11(b)(iii), no interest or sum of money in lieu of interest shall be payable in respect of
any distribution payment that may be in arrears on the Class B Preferred Units.

 

(viii)       So
long as the Class B Preferred Units are held of record by the Class B Securities Depositary or its nominee, declared
Class B Preferred Unit Distributions shall be paid to the Class B Securities Depositary in same-day funds on each Class B
Distribution Payment Date or other distribution payment date in the case of payments for Class B Preferred Unit Distributions
in arrears.

 

(c)       Voting
Rights.

 

(i)       Notwithstanding
anything to the contrary in this Agreement, the Class B Preferred Units shall have no voting rights and no rights to consent
or approve any action or matter, except as set forth in this Section 5.11(c), Section 13.3, or as otherwise
required by Delaware law.

 

(ii)       Without
the affirmative vote or consent of the holders of at least two-thirds of the Outstanding Class B Preferred Units, voting as
a separate class, the General Partner shall not adopt any amendment to this Agreement that would have a material adverse effect
on the terms of the Class B Preferred Units; provided, however, that (x) subject to Section 5.11(c)(iii),
the issuance of additional Partnership Interests shall not be deemed to constitute such a material adverse effect for purposes
of this Section 5.11(c)(ii) and (y) for purposes of this Section 5.11(c)(ii), no amendment of this
Agreement in connection with a merger or other transaction in which the Partnership is the surviving entity and the Class B
Preferred Units remain Outstanding with the terms thereof materially unchanged in any respect adverse to the Class B Preferred
Holders shall be deemed to materially and adversely affect the powers, preferences, duties or special rights of the Class B
Preferred Units.

 

(iii)       Without
the affirmative vote or consent of the holders of at least two-thirds of the Outstanding Class B Preferred Units, voting as
a single class with holders of any Class B Parity Securities created after the Class B Original Issue Date and upon which
like voting rights have been conferred and are exercisable, the Partnership shall not (x) create or issue any additional Class B
Parity Securities if the cumulative distributions payable on the then-Outstanding Class B Preferred Units or Class B
Parity Securities are in arrears or (y) create or issue any Class B Senior Securities.

 

     

     

    

 

(iv)       For
any matter described in this Section 5.11(c) in which the Class B Preferred Holders are entitled to vote as a
class (whether separately or together with the holders of any Class B Parity Securities), such Class B Preferred Holders
shall be entitled to one vote per Class B Preferred Unit. Any Class B Preferred Units held by the Partnership or any
of its Subsidiaries or their controlled Affiliates shall not be entitled to vote.

 

(d)       Optional
Redemption.

 

(i)       The
Partnership shall have the right (A) at any time, and from time to time, on or after July 1, 2022, or (B) at any
time within 120 days after the first date on which a Class B Change of Control occurs (the “Class B Change
of Control Redemption Period”), in each case, to redeem the Class B Preferred Units, which redemption may be
in whole or in part, using any source of funds legally available for such purpose. Any such redemption shall occur on a date set
by the General Partner (the “Class B Redemption Date”). The Partnership shall effect any such redemption
by paying cash for each Class B Preferred Unit to be redeemed equal to the Class B Redemption Price, plus an amount equal
to all accumulated and unpaid distributions thereon to, but not including, the applicable Class B Redemption Date. So long
as the Class B Preferred Units to be redeemed are held of record by the nominee of the Class B Securities Depositary,
the Class B Redemption Price, plus an amount equal to all accumulated and unpaid distributions thereon to, but not including,
the applicable Class B Redemption Date shall be paid by the Paying Agent to the Class B Securities Depositary on the
Class B Redemption Date.

 

(ii)       The
Partnership shall give written notice of any redemption by mail, postage prepaid, not less than 30 days and not more than 60 days
before the scheduled Class B Redemption Date, to the Class B Preferred Holders (as of 5:00 p.m. (New York City time)
on the Business Day next preceding the day on which notice is given) of any Class B Preferred Units to be redeemed as such
Class B Preferred Holders’ names appear on the Partnership’s unit transfer books maintained by the registrar and
Transfer Agent and at the address of such Class B Preferred Holders shown therein. Such notice (the “Class B
Redemption Notice”) shall state, as applicable: (A) the Class B Redemption Date, (B) the number of
Class B Preferred Units to be redeemed and, if less than all Outstanding Class B Preferred Units are to be redeemed,
the number (and, in the case of Class B Preferred Units in certificated form, the identification) of Class B Preferred
Units to be redeemed from such Class B Preferred Holder, (C) the Class B Redemption Price, plus an amount equal
to all accumulated and unpaid distributions thereon to, but not including, the applicable Class B Redemption Date, (D) the
place where any Class B Preferred Units in certificated form are to be redeemed and shall be presented and surrendered for
payment of the Class B Redemption Price, plus an amount equal to all accumulated and unpaid distributions thereon to, but
not including, the applicable Class B Redemption Date, therefor and (E) that Class B Preferred Unit Distributions
on the Class B Preferred Units to be redeemed shall cease to accumulate from and after such Class B Redemption Date.

 

     

     

    

 

(iii)       If
the Partnership elects to redeem fewer than all of the Outstanding Class B Preferred Units, the number of Class B Preferred
Units to be redeemed shall be determined by the General Partner, and such Class B Preferred Units shall be redeemed by such
method of selection as the Class B Securities Depositary shall determine, either Pro Rata or by lot, with adjustments to avoid
redemption of fractional Class B Preferred Units. The aggregate Class B Redemption Price, plus an amount equal to all
accumulated and unpaid distributions thereon to, but not including, the applicable Class B Redemption Date for any such partial
redemption of the Outstanding Class B Preferred Units shall be allocated correspondingly among the redeemed Class B Preferred
Units. The Class B Preferred Units not redeemed shall remain Outstanding and entitled to all the rights and preferences provided
in this Section 5.11.

 

(iv)       If
the Partnership gives or causes to be given a Class B Redemption Notice, then the Partnership shall deposit with the Paying
Agent funds sufficient to redeem the Class B Preferred Units as to which such Class B Redemption Notice shall have been
given by no later than 10:00 a.m. (New York City time) on the Class B Redemption Date, and shall give the Paying Agent irrevocable
instructions and authority to pay the Class B Redemption Price, plus an amount equal to all accumulated and unpaid distributions
thereon to, but not including, the applicable Class B Redemption Date, to the Class B Preferred Holders whose Class B
Preferred Units are to be redeemed upon surrender or deemed surrender (which shall occur automatically if the Certificate representing
such Class B Preferred Units is issued in the name of the Class B Securities Depositary or its nominee) of the Certificates
therefor as set forth in the Class B Redemption Notice. If the Class B Redemption Notice shall have been given, then
from and after the Class B Redemption Date, unless the Partnership defaults in providing funds sufficient for such redemption
at the time and place specified for payment pursuant to the Class B Redemption Notice, all Class B Preferred Unit Distributions
on such Class B Preferred Units to be redeemed shall cease to accumulate and all rights of Class B Preferred Holders
of such Class B Preferred Units as Limited Partners with respect to such Class B Preferred Units shall cease, except
the right to receive the Class B Redemption Price, plus an amount equal to all accumulated and unpaid distributions thereon
to, but not including, the applicable Class B Redemption Date, regardless of whether declared, and such Class B Preferred
Units shall not thereafter be transferred on the Partnership’s unit transfer books maintained by the registrar and Transfer
Agent or be deemed to be Outstanding for any purpose whatsoever. The Class B Preferred Holders shall have no claim to the
interest income, if any, earned on such funds deposited with the Paying Agent. Any funds deposited with the Paying Agent hereunder
by the Partnership for any reason, including, but not limited to, redemption of Class B Preferred Units, that remain unclaimed
or unpaid one year after the applicable Class B Redemption Date or other payment date, as applicable, shall be, to the extent
permitted by law, repaid to the Partnership upon its written request, after which repayment, the Class B Preferred Holders
entitled to such redemption or other payment shall have recourse only to the Partnership. Notwithstanding any Class B Redemption
Notice, there shall be no redemption of any Class B Preferred Units called for redemption until funds sufficient to pay the
full Class B Redemption Price of such Class B Preferred Units, plus all accumulated and unpaid Class B Preferred
Unit Distributions to, but not including, the applicable Class B Redemption Date, regardless of whether declared, shall have
been deposited by the Partnership with the Paying Agent.

 

     

     

    

 

(v)       Any
Class B Preferred Units that are redeemed or otherwise acquired by the Partnership shall be cancelled. If only a portion of
the Class B Preferred Units represented by a Certificate shall have been called for redemption, upon surrender of the Certificate
to the Paying Agent (which shall occur automatically if the Certificate representing such Class B Preferred Units is registered
in the name of the Class B Securities Depositary or its nominee), the Partnership shall issue and the Paying Agent shall deliver
to such Class B Preferred Holder a new Certificate (or adjust the applicable book-entry account) representing the number of
Class B Preferred Units represented by the surrendered Certificate that have not been called for redemption.

 

(vi)       Notwithstanding
anything to the contrary in this Section 5.11, in the event that full cumulative distributions on the Class B
Preferred Units and any Class B Parity Securities shall not have been paid or declared and set aside for payment, the Partnership
shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Class B Preferred Units or Class B
Parity Securities except pursuant to a purchase or exchange offer made on the same relative terms to all Class B Preferred
Holders and holders of any Class B Parity Securities. Subject to Section 4.10, so long as any Class B Preferred
Units are Outstanding, the Partnership shall not be permitted to redeem, repurchase or otherwise acquire any Common Units or any
other Class B Junior Securities unless full cumulative distributions on the Class B Preferred Units and any Class B
Parity Securities for all prior and the then-ending Class B Distribution Periods, with respect to the Class B Preferred
Units, and all prior and then-ending distribution periods, with respect to such Class B Parity Securities, shall have been
paid or declared and set aside for payment.

 

(e)       Change
of Control Conversion.

 

(i)       Upon
the occurrence of a Class B Change of Control, each Class B Preferred Holder shall have the right (“Class B
Change of Control Conversion Right”) to convert some or all of the Class B Preferred Units held by such Class B
Preferred Holder on the Class B Change of Control Conversion Date into a number of Common Units per Class B Preferred
Unit to be converted that is equal to the Class B Conversion Rate (such number of Common Units, the “Class B
Common Unit Conversion Consideration”), unless the Partnership provides notice of its election to redeem Class B
Preferred Units pursuant to Section 5.11(d)(i)(B) prior to the expiration of the Class B Change of Control Redemption
Period.

 

(ii)       Within
five days following the expiration of the Class B Change of Control Redemption Period or, if earlier waived, the date of the
Partnership’s waiver of its redemption right set forth in Section 5.11(d)(i)(B), the Partnership will provide
to the Class B Preferred Holders written notice (the “Class B Conversion Notice”) of the occurrence
of the Class B Change of Control that describes the Class B Change of Control Conversion Right and states: (A) the events
constituting the Class B Change of Control; (B) the date of the Class B Change of Control; (C) the date on which the
Class B Change of Control Redemption Period expired or was waived; (D) the Class B Change of Control Conversion Date;
(E) the last date on which the Class B Preferred Holders may exercise their Class B Change of Control Conversion Right;
(F) the method and period for calculating the Common Unit Price with respect to the Class B Preferred Units; (G) if applicable,
the type and amount of Class B Alternative Conversion Consideration entitled to be received per Class B Preferred Unit;
(H) the name and address of the Paying Agent; and (I) the procedure that the Class B Preferred Holders must follow to exercise
the Class B Change of Control Conversion Right.

 

     

     

    

 

(iii)       In
the case of a Class B Change of Control pursuant to which Common Units will be converted into cash, securities or other property
or assets (including any combination thereof) (“Class B Alternative Conversion Consideration”),
each Class B Preferred Holder electing to exercise its Class B Change of Control Conversion Right will receive upon conversion
of the Class B Preferred Units elected by such Class B Preferred Holder the kind and amount of such Class B Alternative
Conversion Consideration on a per Class B Preferred Unit basis that such Class B Preferred Holder would have owned or
been entitled to receive upon the Class B Change of Control had such Class B Preferred Holder held a number of Common
Units equal to the Class B Common Unit Conversion Consideration immediately prior to the effective time of the Class B
Change of Control; provided, however, that, if the holders of Common Units have the opportunity to elect the form
of consideration to be received in such Class B Change of Control, the consideration that the Class B Preferred Holders
electing to exercise their Class B Change of Control Conversion Right will receive will be the form and proportion of the
aggregate consideration elected by the holders of Common Units who participate in the determination (based on the weighted average
of elections) and will be subject to any limitations to which all holders of Common Units are subject, including, without limitation,
pro rata reductions applicable to any portion of the consideration payable in the Class B Change of Control. The Partnership
shall pay the cash value in lieu of issuing any fractional Common Units upon the conversion of the Class B Preferred Units.

 

(iv)       Notwithstanding
anything to the contrary in this Agreement, if prior to the expiration of the Class B Change of Control Redemption Period,
the Partnership provides notice of its election to redeem Class B Preferred Units pursuant to Section 5.11(d)(i),
Class B Preferred Holders shall not have any right to convert (including pursuant to the Class B Change of Control Conversion
Right) the Class B Preferred Units that the Partnership has elected to redeem, and any Class B Preferred Units subsequently
selected for redemption that have been tendered for conversion pursuant to the Class B Change of Control Conversion Right
shall be redeemed on the applicable Class B Redemption Date instead of converted on the Class B Change of Control Conversion
Date.

 

(v)       Notwithstanding
anything to the contrary in this Agreement, if prior to the Class B Change of Control Conversion Date, the Partnership provides
notice of its election to redeem Class B Preferred Units pursuant to Section 5.11(d)(i), Class B Preferred
Holders of such Class B Preferred Units shall not have any right to convert (including pursuant to the Class B Change
of Control Conversion Right) the Class B Preferred Units that the Partnership has elected to redeem, and any Class B
Preferred Units subsequently selected for redemption that have been tendered for conversion pursuant to the Class B Change
of Control Conversion Right shall be redeemed on the applicable Class B Redemption Date instead of converted on the Class B
Change of Control Conversion Date.

 

     

     

    

 

(vi)       The
Partnership shall issue a press release for publication through a news or press organization as is reasonably expected to broadly
disseminate the relevant information to the public, or post notice on the website of the Partnership, in any event prior to the
opening of business on the first Business Day following any date on which the Partnership provides the Class B Conversion
Notice to the Class B Preferred Holders.

 

(vii)       Each
Class B Preferred Holder electing to exercise its Class B Change of Control Conversion Right will be required prior to
the close of business on the third Business Day preceding the Class B Change of Control Conversion Date, to notify the Partnership
of the number of Class B Preferred Units to be converted pursuant to the Class B Change of Control Conversion Right and
otherwise to comply with any applicable procedures contained in the Class B Conversion Notice or otherwise required by the
Class B Securities Depositary for effecting the conversion.

 

(viii)       Upon
conversion, the rights of each participating Class B Preferred Holder, as a holder of the Class B Preferred Units, shall
cease with respect to such converted Class B Preferred Units, and each such Person shall continue to be a Partner and have
the rights of a holder of Common Units under this Agreement in respect of the Common Units constituting the Class B Conversion
Common Units to be issued to such Person in respect of the converted Class B Preferred Units. Each Class B Preferred
Unit shall, upon its Class B Change of Control Conversion Date, be deemed to be transferred to, and cancelled by, the Partnership
in exchange for the issuance of the Class B Conversion Common Units.

 

(ix)       The
Partnership shall pay any documentary, stamp or similar issue or transfer taxes or duties relating to the issuance or delivery
of Class B Conversion Common Units. However, the participating Class B Preferred Holder shall pay any tax or duty that
may be payable relating to any transfer involving the issuance or delivery of Class B Conversion Common Units in a name other
than such Class B Preferred Holder’s name. The Transfer Agent may refuse to reflect the notation of book entry (or the
issuance of a Certificate) for Common Units being issued in a name other than the Class B Preferred Holder’s name until
the Transfer Agent receives a sum sufficient to pay any tax or duties that will be due because the Common Units are to be issued
in a name other than the Class B Preferred Holder’s name. Nothing herein shall preclude any tax withholding required
by law or regulation.

 

(x)       The
Partnership shall comply with all applicable securities laws regulating the offer and delivery of any Class B Conversion Common
Units and, if the Common Units are then listed or quoted on a National Securities Exchange or other market, shall list or cause
to have quoted and keep listed and quoted the Class B Conversion Common Units to the extent permitted or required by the rules
of such exchange or market.

 

     

     

    

 

(xi)       Notwithstanding
anything herein to the contrary, nothing herein shall give to any Class B Preferred Holder any rights as a creditor in respect
of its right to conversion of Class B Preferred Units.

 

(f)       Record
Holders. To the fullest extent permitted by applicable law, the General Partner, the Partnership, the Transfer Agent and the
Paying Agent may deem and treat any Class B Preferred Holder as the true, lawful and absolute owner of the applicable Class B
Preferred Units for all purposes, and neither the General Partner, the Partnership nor the Transfer Agent or the Paying Agent shall
be affected by any notice to the contrary, except as otherwise provided by law or any applicable rule, regulation, guideline or
requirement of any National Securities Exchange on which the Class B Preferred Units are listed or admitted to trading.

 

(g)       Notices.
All notices or communications in respect of the Class B Preferred Units shall be sufficiently given if given in writing and
delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Section 5.11,
this Agreement or by applicable law.

 

(h)       Other
Rights; Fiduciary Duties. The Class B Preferred Units and the Class B Preferred Holders shall not have any designations,
preferences, rights, powers or duties, other than as set forth in this Agreement or as provided by applicable law. Notwithstanding
anything to the contrary in this Agreement or any duty existing at law, in equity or otherwise, to the fullest extent permitted
by applicable law, neither the General Partner nor any other Indemnitee shall owe any duties, including fiduciary duties, or have
any liabilities to Class B Preferred Holders, other than the implied contractual covenant of good faith and fair dealing.

 

Section 5.12            Establishment
of Class C Preferred Units.

 

(a)       General.
The General Partner hereby designates and creates a series of Units to be designated as “9.625% Class C Fixed-to-Floating
Rate Cumulative Redeemable Perpetual Preferred Units,” having the terms and conditions set forth herein.

 

(i)       Each
Class C Preferred Unit shall be identical in all respects to every other Class C Preferred Unit, except as to the respective
dates from which Class C Preferred Unit Distributions may begin accumulating, to the extent such dates may differ. The Class C
Preferred Units represent perpetual equity interests in the Partnership and, except as set forth in Section 5.12(d)
and Section 5.12(e), shall not give rise to a claim by the Partnership or a Class C Preferred Holder for redemption
or the conversion thereof, as applicable, at a particular date.

 

(ii)       The
authorized number of Class C Preferred Units shall be unlimited. Class C Preferred Units that are purchased or otherwise
acquired by the Partnership shall be cancelled.

 

     

     

    

 

(iii)       The
Class C Preferred Units shall be represented by one or more global Certificates registered in the name of the Class C
Securities Depositary or its nominee, and no Class C Preferred Holder shall be entitled to receive a definitive Certificate
evidencing its Class C Preferred Units, unless otherwise required by law or the Class C Securities Depositary gives notice
of its intention to resign or is no longer eligible to act as such with respect to the Class C Preferred Units and the Partnership
shall have not selected a substitute Class C Securities Depositary within 60 calendar days thereafter. So long as the Class C
Securities Depositary shall have been appointed and is serving with respect to the Class C Preferred Units, payments and communications
made by the Partnership to Class C Preferred Holders shall be made by making payments to, and communicating with, the Class C
Securities Depositary.

 

(b)       Distributions.

 

(i)       Distributions
on each Outstanding Class C Preferred Unit (“Class C Preferred Unit Distributions”) shall be
cumulative and shall accumulate at the applicable Class C Distribution Rate from and including the Class C Original Issue
Date (or, for any subsequently issued and newly Outstanding Class C Preferred Units, from and including the Class C Distribution
Payment Date immediately preceding the issue date of such Class C Preferred Units) until such time as the Partnership pays
the applicable Class C Preferred Unit Distribution or redeems such Class C Preferred Unit in accordance with Section 5.12(d)
or such Class C Preferred Unit is converted in accordance with Section 5.12(e), regardless of whether such Class C
Preferred Unit Distributions shall have been declared.

 

(ii)       Unless
otherwise determined by the General Partner, Class C Preferred Unit Distributions shall be deemed to have been paid out of
Available Cash with respect to the Quarter ended immediately preceding the Quarter in which the Class C Preferred Unit Distribution
is made; provided, however, that for purposes of this Section 5.12(b), Available Cash shall not include
any deduction to provide funds for distributions under Section 6.4 or Section 6.5 in respect of any one
or more of the next four Quarters. Class C Preferred Unit Distributions will be paid on an equal priority basis with distributions
on any Outstanding Class C Parity Securities, including the Class B Preferred Units and the Class D Preferred Units.

 

(iii)       Class C
Preferred Unit Distributions, to the extent declared by the General Partner to be paid by the Partnership in accordance with this
Section 5.12(b), shall be paid quarterly, in arrears, on each Class C Distribution Payment Date. Class C
Preferred Unit Distributions shall accumulate in each Class C Distribution Period from and including the first day of such
Class C Distribution Period, to and including the last day of such Class C Distribution Period (other than the initial
Class C Preferred Unit Distribution, which shall accumulate from and including the Class C Original Issue Date, to and
including June 30, 2019); provided, however, that if the Partnership fails to pay in full in cash any Class C
Preferred Unit Distribution on a Class C Distribution Payment Date, then the amount of such accumulated but unpaid Class C
Preferred Unit Distribution shall increase at the then-applicable Class C Distribution Rate, until all accumulated and unpaid
distributions on the Class C Preferred Units have been paid in full in cash.

 

     

     

    

 

(iv)       Class C
Preferred Unit Distributions shall be payable based on a 360-day year consisting of four 90-day periods. All Class C Preferred
Unit Distributions payable by the Partnership pursuant to this Section 5.12(b) shall be payable without regard to income
of the Partnership and shall be treated for federal income tax purposes as guaranteed payments for the use of capital under Section
707(c) of the Code. The guaranteed payment with respect to any Class C Distribution Period shall be for the account of the
holders of Class C Preferred Units as of the applicable Class C Distribution Record Date.

 

(v)       Not
later than 5:00 p.m. (New York City time) on each Class C Distribution Payment Date, the Partnership shall pay those Class C
Preferred Unit Distributions, if any, that shall have been declared by the General Partner to Class C Preferred Holders as
such holders’ names appear on the Partnership’s unit transfer books maintained by the registrar and Transfer Agent
for the Class C Preferred Units on the Class C Distribution Record Date for the applicable Class C Preferred Unit
Distribution.

 

(vi)       So
long as any Class C Preferred Units are Outstanding, no distribution shall be declared or paid or set aside for payment on
any Class C Junior Securities (other than a distribution payable solely in Class C Junior Securities) unless full cumulative
Class C Preferred Unit Distributions and full cumulative distributions on any Class C Parity Securities have been or
contemporaneously are being paid or set aside for payment on all Outstanding Class C Preferred Units and any such Class C
Parity Securities, respectively, through the most recent Class C Distribution Payment Date, with respect to Outstanding Class C
Preferred Units, and the most recent distribution payment date, with respect to any such Class C Parity Securities. Accumulated
Class C Preferred Unit Distributions in arrears for any past Class C Distribution Period may be declared by the General
Partner and paid on any date fixed by the General Partner, regardless of whether a Class C Distribution Payment Date, to Class C
Preferred Holders on the Record Date for such payment, which may not be less than 10 days before such payment date. Subject to
the next succeeding sentence, if all accumulated Class C Preferred Unit Distributions in arrears on all Outstanding Class C
Preferred Units and all accumulated distributions in arrears on any Class C Parity Securities shall not have been declared
and paid, or if sufficient funds for the payment thereof shall not have been set aside, payment of accumulated Class C Preferred
Unit Distributions in arrears on the Class C Preferred Units and accumulated distributions in arrears on any such Class C
Parity Securities shall be made in order of their respective distribution payment dates, commencing with the earliest distribution
payment date. If less than all Class C Preferred Unit Distributions payable with respect to all Outstanding Class C Preferred
Units and all distributions payable with respect to any Class C Parity Securities are paid, then such partial payment shall
be declared and paid pro rata such that the amounts of Class C Preferred Unit Distributions declared and paid per Class C
Preferred Unit and the amounts of distributions declared and paid per unit of such Class C Parity Securities shall in all
cases bear to each other the same ratio that unpaid and accumulated Class C Preferred Unit Distributions per Class C
Preferred Unit and unpaid and accumulated distributions per unit of such Class C Parity Securities bear to one another.

 

     

     

    

 

(vii)       Subject
to Section 12.4 and Section 5.12(d), Class C Preferred Holders shall not be entitled to any distribution,
whether payable in cash, property or Partnership Interests, in excess of full cumulative Class C Preferred Unit Distributions.
Except insofar as distributions accumulate on the amount of any accumulated and unpaid Class C Preferred Unit Distributions
as described in Section 5.12(b)(iii), no interest or sum of money in lieu of interest shall be payable in respect of
any distribution payment that may be in arrears on the Class C Preferred Units.

 

(viii)       So
long as the Class C Preferred Units are held of record by the Class C Securities Depositary or its nominee, declared
Class C Preferred Unit Distributions shall be paid to the Class C Securities Depositary in same-day funds on each Class C
Distribution Payment Date or other distribution payment date in the case of payments for Class C Preferred Unit Distributions
in arrears.

 

(c)       Voting
Rights.

 

(i)       Notwithstanding
anything to the contrary in this Agreement, the Class C Preferred Units shall have no voting rights and no rights to consent
or approve any action or matter, except as set forth in this Section 5.12(c), Section 13.3, or as otherwise
required by Delaware law.

 

(ii)       Without
the affirmative vote or consent of the holders of at least two-thirds of the Outstanding Class C Preferred Units, voting as
a separate class, the General Partner shall not adopt any amendment to this Agreement that would have a material adverse effect
on the terms of the Class C Preferred Units; provided, however, that (x) subject to Section 5.12(c)(iii),
the issuance of additional Partnership Interests shall not be deemed to constitute such a material adverse effect for purposes
of this Section 5.12(c)(ii) and (y) for purposes of this Section 5.12(c)(ii), no amendment of this
Agreement in connection with a merger or other transaction in which the Partnership is the surviving entity and the Class C
Preferred Units remain Outstanding with the terms thereof materially unchanged in any respect adverse to the Class C Preferred
Holders shall be deemed to materially and adversely affect the powers, preferences, duties or special rights of the Class C
Preferred Units.

 

(iii)       Without
the affirmative vote or consent of the holders of at least two-thirds of the Outstanding Class C Preferred Units, voting as
a single class with holders of the Class B Preferred Units and any Class C Parity Securities created after the Class C
Original Issue Date and upon which like voting rights have been conferred and are exercisable, the Partnership shall not (x) create
or issue any additional Class C Parity Securities (including any additional Class B Preferred Units or Class D Preferred
Units) if the cumulative distributions payable on the then-Outstanding Class C Preferred Units or Class C Parity Securities
are in arrears or (y) create or issue any Class C Senior Securities.

 

     

     

    

 

(iv)       For
any matter described in this Section 5.12(c) in which the Class C Preferred Holders are entitled to vote as a
class (whether separately or together with the holders of any Class C Parity Securities), such Class C Preferred Holders
shall be entitled to one vote per Class C Preferred Unit. Any Class C Preferred Units held by the Partnership or any
of its Subsidiaries or their controlled Affiliates shall not be entitled to vote.

 

(d)       Optional
Redemption.

 

(i)       The
Partnership shall have the right (A) at any time, and from time to time, on or after April 15, 2024, or (B) at any time
within 120 days after the first date on which a Class C Change of Control occurs (the “Class C Change of
Control Redemption Period”), in each case, to redeem the Class C Preferred Units, which redemption may be in
whole or in part, using any source of funds legally available for such purpose. Any such redemption shall occur on a date set by
the General Partner (the “Class C Redemption Date”). The Partnership shall effect any such redemption
by paying cash for each Class C Preferred Unit to be redeemed equal to the Class C Redemption Price, plus an amount equal
to all accumulated and unpaid distributions thereon to, but not including, the applicable Class C Redemption Date. So long
as the Class C Preferred Units to be redeemed are held of record by the nominee of the Class C Securities Depositary,
the Class C Redemption Price, plus an amount equal to all accumulated and unpaid distributions thereon to, but not including,
the applicable Class C Redemption Date shall be paid by the Paying Agent to the Class C Securities Depositary on the
Class C Redemption Date.

 

(ii)       The
Partnership shall give written notice of any redemption by mail, postage prepaid, not less than 30 days and not more than 60 days
before the scheduled Class C Redemption Date, to the Class C Preferred Holders (as of 5:00 p.m. (New York City time)
on the Business Day next preceding the day on which notice is given) of any Class C Preferred Units to be redeemed as such
Class C Preferred Holders’ names appear on the Partnership’s unit transfer books maintained by the registrar and
Transfer Agent and at the address of such Class C Preferred Holders shown therein. Such notice (the “Class C
Redemption Notice”) shall state, as applicable: (A) the Class C Redemption Date, (B) the number of
Class C Preferred Units to be redeemed and, if less than all Outstanding Class C Preferred Units are to be redeemed,
the number (and, in the case of Class C Preferred Units in certificated form, the identification) of Class C Preferred
Units to be redeemed from such Class C Preferred Holder, (C) the Class C Redemption Price, plus an amount equal
to all accumulated and unpaid distributions thereon to, but not including, the applicable Class C Redemption Date, (D) the
place where any Class C Preferred Units in certificated form are to be redeemed and shall be presented and surrendered for
payment of the Class C Redemption Price, plus an amount equal to all accumulated and unpaid distributions thereon to, but
not including, the applicable Class C Redemption Date, therefor and (E) that Class C Preferred Unit Distributions
on the Class C Preferred Units to be redeemed shall cease to accumulate from and after such Class C Redemption Date.

 

     

     

    

 

(iii)       If
the Partnership elects to redeem fewer than all of the Outstanding Class C Preferred Units, the number of Class C Preferred
Units to be redeemed shall be determined by the General Partner, and such Class C Preferred Units shall be redeemed by such
method of selection as the Class C Securities Depositary shall determine, either Pro Rata or by lot, with adjustments to avoid
redemption of fractional Class C Preferred Units. The aggregate Class C Redemption Price, plus an amount equal to all
accumulated and unpaid distributions thereon to, but not including, the applicable Class C Redemption Date for any such partial
redemption of the Outstanding Class C Preferred Units shall be allocated correspondingly among the redeemed Class C Preferred
Units. The Class C Preferred Units not redeemed shall remain Outstanding and entitled to all the rights and preferences provided
in this Section 5.12.

 

(iv)       If
the Partnership gives or causes to be given a Class C Redemption Notice, then the Partnership shall deposit with the Paying
Agent funds sufficient to redeem the Class C Preferred Units as to which such Class C Redemption Notice shall have been
given by no later than 10:00 a.m. (New York City time) on the Class C Redemption Date, and shall give the Paying Agent irrevocable
instructions and authority to pay the Class C Redemption Price, plus an amount equal to all accumulated and unpaid distributions
thereon to, but not including, the applicable Class C Redemption Date, to the Class C Preferred Holders whose Class C
Preferred Units are to be redeemed upon surrender or deemed surrender (which shall occur automatically if the Certificate representing
such Class C Preferred Units is issued in the name of the Class C Securities Depositary or its nominee) of the Certificates
therefor as set forth in the Class C Redemption Notice. If the Class C Redemption Notice shall have been given, then
from and after the Class C Redemption Date, unless the Partnership defaults in providing funds sufficient for such redemption
at the time and place specified for payment pursuant to the Class C Redemption Notice, all Class C Preferred Unit Distributions
on such Class C Preferred Units to be redeemed shall cease to accumulate and all rights of Class C Preferred Holders
of such Class C Preferred Units as Limited Partners with respect to such Class C Preferred Units shall cease, except
the right to receive the Class C Redemption Price, plus an amount equal to all accumulated and unpaid distributions thereon
to, but not including, the applicable Class C Redemption Date, regardless of whether declared, and such Class C Preferred
Units shall not thereafter be transferred on the Partnership’s unit transfer books maintained by the registrar and Transfer
Agent or be deemed to be Outstanding for any purpose whatsoever. The Class C Preferred Holders shall have no claim to the
interest income, if any, earned on such funds deposited with the Paying Agent. Any funds deposited with the Paying Agent hereunder
by the Partnership for any reason, including, but not limited to, redemption of Class C Preferred Units, that remain unclaimed
or unpaid one year after the applicable Class C Redemption Date or other payment date, as applicable, shall be, to the extent
permitted by law, repaid to the Partnership upon its written request, after which repayment, the Class C Preferred Holders
entitled to such redemption or other payment shall have recourse only to the Partnership. Notwithstanding any Class C Redemption
Notice, there shall be no redemption of any Class C Preferred Units called for redemption until funds sufficient to pay the
full Class C Redemption Price of such Class C Preferred Units, plus all accumulated and unpaid Class C Preferred
Unit Distributions to, but not including, the applicable Class C Redemption Date, regardless of whether declared, shall have
been deposited by the Partnership with the Paying Agent.

 

     

     

    

 

(v)       Any
Class C Preferred Units that are redeemed or otherwise acquired by the Partnership shall be cancelled. If only a portion of
the Class C Preferred Units represented by a Certificate shall have been called for redemption, upon surrender of the Certificate
to the Paying Agent (which shall occur automatically if the Certificate representing such Class C Preferred Units is registered
in the name of the Class C Securities Depositary or its nominee), the Partnership shall issue and the Paying Agent shall deliver
to such Class C Preferred Holder a new Certificate (or adjust the applicable book-entry account) representing the number of
Class C Preferred Units represented by the surrendered Certificate that have not been called for redemption.

 

(vi)       Notwithstanding
anything to the contrary in this Section 5.12, in the event that full cumulative distributions on the Class C
Preferred Units and any Class C Parity Securities shall not have been paid or declared and set aside for payment, the Partnership
shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Class C Preferred Units or Class C
Parity Securities except pursuant to a purchase or exchange offer made on the same relative terms to all Class C Preferred
Holders and holders of any Class C Parity Securities. Subject to Section 4.10, so long as any Class C Preferred
Units are Outstanding, the Partnership shall not be permitted to redeem, repurchase or otherwise acquire any Common Units or any
other Class C Junior Securities unless full cumulative distributions on the Class C Preferred Units and any Class C
Parity Securities for all prior and the then-ending Class C Distribution Periods, with respect to the Class C Preferred
Units, and all prior and then-ending distribution periods, with respect to such Class C Parity Securities, shall have been
paid or declared and set aside for payment.

 

(e)       Change
of Control Conversion.

 

(i)       Upon
the occurrence of a Class C Change of Control, each Class C Preferred Holder shall have the right (“Class C
Change of Control Conversion Right”) to convert some or all of the Class C Preferred Units held by such Class C
Preferred Holder on the Class C Change of Control Conversion Date into a number of Common Units per Class C Preferred
Unit to be converted that is equal to the Class C Conversion Rate (such number of Common Units, the “Class C
Common Unit Conversion Consideration”), unless the Partnership provides notice of its election to redeem Class C
Preferred Units pursuant to Section 5.12(d)(i)(B) prior to the expiration of the Class C Change of Control Redemption
Period.

 

(ii)       Within
five days following the expiration of the Class C Change of Control Redemption Period or, if earlier waived, the date of the
Partnership’s waiver of its redemption right set forth in Section 5.12(d)(i)(B), the Partnership will provide
to the Class C Preferred Holders written notice (the “Class C Conversion Notice”) of the occurrence
of the Class C Change of Control that describes the Class C Change of Control Conversion Right and states: (A) the events
constituting the Class C Change of Control; (B) the date of the Class C Change of Control; (C) the date on which the
Class C Change of Control Redemption Period expired or was waived; (D) the Class C Change of Control Conversion Date;
(E) the last date on which the Class C Preferred Holders may exercise their Class C Change of Control Conversion Right;
(F) the method and period for calculating the Common Unit Price with respect to the Class C Preferred Units; (G) if applicable,
the type and amount of Class C Alternative Conversion Consideration entitled to be received per Class C Preferred Unit;
(H) the name and address of the Paying Agent; and (I) the procedure that the Class C Preferred Holders must follow to exercise
the Class C Change of Control Conversion Right.

 

     

     

    

 

(iii)       In
the case of a Class C Change of Control pursuant to which Common Units will be converted into cash, securities or other property
or assets (including any combination thereof) (“Class C Alternative Conversion Consideration”),
each Class C Preferred Holder electing to exercise its Class C Change of Control Conversion Right will receive upon conversion
of the Class C Preferred Units elected by such Class C Preferred Holder the kind and amount of such Class C Alternative
Conversion Consideration on a per Class C Preferred Unit basis that such Class C Preferred Holder would have owned or
been entitled to receive upon the Class C Change of Control had such Class C Preferred Holder held a number of Common
Units equal to the Class C Common Unit Conversion Consideration immediately prior to the effective time of the Class C
Change of Control; provided, however, that, if the holders of Common Units have the opportunity to elect the form
of consideration to be received in such Class C Change of Control, the consideration that the Class C Preferred Holders
electing to exercise their Class C Change of Control Conversion Right will receive will be the form and proportion of the
aggregate consideration elected by the holders of Common Units who participate in the determination (based on the weighted average
of elections) and will be subject to any limitations to which all holders of Common Units are subject, including, without limitation,
pro rata reductions applicable to any portion of the consideration payable in the Class C Change of Control. The Partnership
shall pay the cash value in lieu of issuing any fractional Common Units upon the conversion of the Class C Preferred Units.

 

(iv)       Notwithstanding
anything to the contrary in this Agreement, if prior to the expiration of the Class C Change of Control Redemption Period,
the Partnership provides notice of its election to redeem Class C Preferred Units pursuant to Section 5.12(d)(i),
Class C Preferred Holders shall not have any right to convert (including pursuant to the Class C Change of Control Conversion
Right) the Class C Preferred Units that the Partnership has elected to redeem, and any Class C Preferred Units subsequently
selected for redemption that have been tendered for conversion pursuant to the Class C Change of Control Conversion Right
shall be redeemed on the applicable Class C Redemption Date instead of converted on the Class C Change of Control Conversion
Date.

 

(v)       Notwithstanding
anything to the contrary in this Agreement, if prior to the Class C Change of Control Conversion Date, the Partnership provides
notice of its election to redeem Class C Preferred Units pursuant to Section 5.12(d)(i), Class C Preferred
Holders of such Class C Preferred Units shall not have any right to convert (including pursuant to the Class C Change
of Control Conversion Right) the Class C Preferred Units that the Partnership has elected to redeem, and any Class C
Preferred Units subsequently selected for redemption that have been tendered for conversion pursuant to the Class C Change
of Control Conversion Right shall be redeemed on the applicable Class C Redemption Date instead of converted on the Class C
Change of Control Conversion Date.

 

     

     

    

 

(vi)       The
Partnership shall issue a press release for publication through a news or press organization as is reasonably expected to broadly
disseminate the relevant information to the public, or post notice on the website of the Partnership, in any event prior to the
opening of business on the first Business Day following any date on which the Partnership provides the Class C Conversion
Notice to the Class C Preferred Holders.

 

(vii)       Each
Class C Preferred Holder electing to exercise its Class C Change of Control Conversion Right will be required prior to
the close of business on the third Business Day preceding the Class C Change of Control Conversion Date, to notify the Partnership
of the number of Class C Preferred Units to be converted pursuant to the Class C Change of Control Conversion Right and
otherwise to comply with any applicable procedures contained in the Class C Conversion Notice or otherwise required by the
Class C Securities Depositary for effecting the conversion.

 

(viii)       Upon
conversion, the rights of each participating Class C Preferred Holder, as a holder of the Class C Preferred Units, shall
cease with respect to such converted Class C Preferred Units, and each such Person shall continue to be a Partner and have
the rights of a holder of Common Units under this Agreement in respect of the Common Units constituting the Class C Conversion
Common Units to be issued to such Person in respect of the converted Class C Preferred Units. Each Class C Preferred
Unit shall, upon its Class C Change of Control Conversion Date, be deemed to be transferred to, and cancelled by, the Partnership
in exchange for the issuance of the Class C Conversion Common Units.

 

(ix)       The
Partnership shall pay any documentary, stamp or similar issue or transfer taxes or duties relating to the issuance or delivery
of Class C Conversion Common Units. However, the participating Class C Preferred Holder shall pay any tax or duty that
may be payable relating to any transfer involving the issuance or delivery of Class C Conversion Common Units in a name other
than such Class C Preferred Holder’s name. The Transfer Agent may refuse to reflect the notation of book entry (or the
issuance of a Certificate) for Common Units being issued in a name other than the Class C Preferred Holder’s name until
the Transfer Agent receives a sum sufficient to pay any tax or duties that will be due because the Common Units are to be issued
in a name other than the Class C Preferred Holder’s name. Nothing herein shall preclude any tax withholding required
by law or regulation.

 

(x)       The
Partnership shall comply with all applicable securities laws regulating the offer and delivery of any Class C Conversion Common
Units and, if the Common Units are then listed or quoted on a National Securities Exchange or other market, shall list or cause
to have quoted and keep listed and quoted the Class C Conversion Common Units to the extent permitted or required by the rules
of such exchange or market.

 

     

     

    

 

(xi)       Notwithstanding
anything herein to the contrary, nothing herein shall give to any Class C Preferred Holder any rights as a creditor in respect
of its right to conversion of Class C Preferred Units.

 

(f)       Record
Holders. To the fullest extent permitted by applicable law, the General Partner, the Partnership, the Transfer Agent and the
Paying Agent may deem and treat any Class C Preferred Holder as the true, lawful and absolute owner of the applicable Class C
Preferred Units for all purposes, and neither the General Partner, the Partnership nor the Transfer Agent or the Paying Agent shall
be affected by any notice to the contrary, except as otherwise provided by law or any applicable rule, regulation, guideline or
requirement of any National Securities Exchange on which the Class C Preferred Units are listed or admitted to trading.

 

(g)       Notices.
All notices or communications in respect of the Class C Preferred Units shall be sufficiently given if given in writing and
delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Section 5.12,
this Agreement or by applicable law.

 

(h)       Other
Rights; Fiduciary Duties. The Class C Preferred Units and the Class C Preferred Holders shall not have any designations,
preferences, rights, powers or duties, other than as set forth in this Agreement or as provided by applicable law. Notwithstanding
anything to the contrary in this Agreement or any duty existing at law, in equity or otherwise, to the fullest extent permitted
by applicable law, neither the General Partner nor any other Indemnitee shall owe any duties, including fiduciary duties, or have
any liabilities to Class C Preferred Holders, other than the implied contractual covenant of good faith and fair dealing.

 

Section 5.13            Establishment
of Class D Preferred Units.

 

(a)       General.
The General Partner hereby designates and creates a series of Units to be designated as the “Class D Preferred Units,”
having the designations, preferences and relative or other special rights, privileges, powers, duties and obligations as set forth
in this Section 5.13 and elsewhere in this Agreement. A total of (i) 400,000 Class D Preferred Units were issued by
the Partnership on the Class D Initial Issuance Date (the “Class D Initial Preferred Units”)
to the Class D Initial Purchasers in exchange for Capital Contributions equal to $1,000 per Class D Preferred Unit, in
each case pursuant to the terms and conditions of the Class D Initial Preferred Unit Purchase Agreement and (ii) 200,000 Class D
Preferred Units were issued by the Partnership on the Class D Additional Issuance Date (the “Class D Additional
Preferred Units”) to the Class D Additional Purchasers in exchange for Capital Contributions equal to $1,000
per Class D Preferred Unit, in each case pursuant to the terms and conditions of the Class D Additional Preferred Unit
Purchase Agreement. Accordingly, each of the Class D Purchasers was admitted to the Partnership as a Limited Partner and a
Class D Preferred Unit Holder on the date that it first purchased Class D Preferred Units. Each Class D Preferred
Unit shall constitute a “security” within the meaning of, and governed by, (i) Article 8 of the Uniform Commercial
Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) the corresponding
provisions of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the
1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners
on Uniform State Laws and approved by the American Bar Association on February 14, 1995. The Transfer Agent for all the
Class D Preferred Units (the “Class D Transfer Agent”) may be appointed from time to time only
by the General Partner, and shall not be the General Partner, the Partnership or any of their respective Affiliates. The initial
Class D Transfer Agent so appointed by the General Partner on the Class D Initial Issuance Date is Equiniti Trust Company.

 

     

     

    

 

(b)       Distributions.

 

(i)       Commencing
with the Quarter ending on September 30, 2019, each Class D Preferred Unit Holder shall be entitled to receive,
in respect of each Class D Preferred Unit held by such Class D Preferred Unit Holder, cumulative distributions (to the
extent declared by the General Partner as described in Section 5.13(b)(iv)) in respect of such Quarter (or portion thereof
for which a Class D Preferred Unit Distribution is due), in cash (subject to the remaining provisions of this Section 5.13(b)),
equal to the sum of (A) the Class D Distribution Amount for such Quarter, which Class D Distribution Amount shall accumulate
on a daily basis at the then applicable Class D Distribution Rate (assuming a 360-day year composed of twelve, 30-day months)
from and including (i) the Class D Initial Issuance Date with respect to the Class D Initial Preferred Units and
(ii) the Class D Additional Issuance Date with respect to the Class D Additional Preferred Units, in each case,
until such time as the Partnership redeems such Class D Preferred Unit in accordance with Section 5.13(d) and
(B) any Class D Unpaid Distributions with respect to such Class D Preferred Unit (collectively, “Class D
Preferred Unit Distributions”), regardless of whether such Class D Preferred Unit Distributions shall have been
declared.

 

(ii)       At
any time and from time to time during the Class D Selectable Rate Period, the Class D Preferred Unit Representative,
acting on behalf of a Class D Preferred Unit Majority, may elect, pursuant to an irrevocable written notice (a “Class D
Variable Rate Election Notice”) delivered to the Partnership, to cause the Class D Variable Rate to be in effect
and applicable unless and until the Class D Preferred Unit Representative, acting on behalf of a Class D Preferred Majority,
delivers an irrevocable written notice to the Partnership of their election to cause the Class D Variable Rate to no longer
be in effect, which election shall become effective as of the first day of the Quarter immediately succeeding the Quarter in which
such notice is delivered; provided that such notice must be delivered no later than 60 days prior to the end of such immediately
succeeding Quarter. Notwithstanding anything to the contrary contained herein, each election to cause the Class D Variable
Rate to be in effect or not in effect, as applicable, shall be effective for at least four Quarters following such election, and
the Class D Preferred Unit Representative, acting on behalf of a Class D Preferred Majority, may make an election to
cause the Class D Variable Rate to be in effect or not in effect with respect to each four Quarter period during the Class D
Selectable Rate Period.

 

(iii)       The
aggregate Class D Distribution Amount shall be deemed to have been paid out of Available Cash with respect to the Quarter
ended immediately preceding the Quarter in which such Class D Preferred Unit Distribution is made; provided, however,
that for purposes of this Section 5.13(b), Available Cash shall not include any deduction to provide funds for distributions
under Section 6.4 or Section 6.5 in respect of any one or more of the next four Quarters. Class D
Preferred Unit Distributions shall be paid on an equal priority basis with distributions on any Outstanding Class D Parity
Securities, including the Class B Preferred Units and the Class C Preferred Units.

 

     

     

    

 

(iv)       Each
Class D Preferred Unit Distribution that shall have been declared by the General Partner to Class D Preferred Unit Holders
with respect to a Quarter (or portion thereof for which a Class D Preferred Unit Distribution is due) shall be paid in arrears
after such Quarter, in cash, to the Class D Preferred Unit Holders as such holders’ names appear on the register maintained
by the Class D Preferred Units Registrar for the Class D Preferred Units on the Record Date for such Class D Preferred
Unit Distribution on the date that is the earlier of: (A) the date that distributions are made on the Common Units pursuant
to Section 6.3(a) or Class D Parity Securities in respect of such Quarter or such earlier date after the end of
such Quarter as the General Partner may determine, and (B) the date that is forty-five (45) days after the end of such Quarter
(the “Class D Distribution Due Date”); provided, however, that if any Class D
Distribution Due Date would otherwise occur on a day that is not a Business Day, then such Class D Distribution Due Date shall
instead be the immediately succeeding Business Day.

 

(v)       On
each Class D Distribution Due Date during each Class D Accretion Option Period, if the Partnership has not on or prior
to such date paid 100% of the Class D Distribution Amount in respect of such Class D Accretion Option Period in cash,
then the Class D Stated Value of such Class D Preferred Unit shall increase automatically effective as of the day immediately
following the last day of such Class D Accretion Option Period, by the amount (the “Class D Accretion Amount”)
equal to the lesser of (a) 50% of the amount of the Class D Distribution Amount due and payable on such Class D
Distribution Due Date in respect of such Class D Preferred Unit for such Class D Accretion Option Period and (b) the
excess, if any of (A) the total amount of the Class D Distribution Amount due and payable on such Class D Distribution
Due Date in respect of such Class D Preferred Unit for such Class D Accretion Option Period over (B) the amount
of the Class D Distribution Amount in respect of such Class D Preferred Unit for such Class D Accretion Option Period
paid in cash on or prior to such Class D Distribution Due Date. The full Class D Distribution Amount payable with respect
to each Class D Accretion Option Period shall be deemed to have been paid in full on the applicable Class D Distribution
Due Date therefor for all purposes if at least 50% of the full cumulative Class D Distribution Amount with respect to such
Class D Accretion Option Period shall have been paid in cash (the “Class D Required Cash Amount”).
After giving effect to the preceding provisions of this Section 5.13(b)(v), the accumulated and unpaid Class D
Distribution Amount in respect of each Class D Preferred Unit in arrears in respect of such Class D Accretion Option
Period shall be the amount, if any, equal to the excess of (a) the amount of the Class D Distribution Amount due and
payable on such Class D Distribution Due Date in respect of such Class D Preferred Unit for such Class D Accretion
Option Period over (b) the sum of (i) the Class D Accretion Amount and (ii) the amount of the Class D
Distribution Amount in respect of such Class D Preferred Unit for such Class D Accretion Option Period paid in cash on
or prior to the applicable Class D Distribution Due Date. Notwithstanding anything to the contrary contained herein, (A) to
the extent declared by the General Partner as described in Section 5.13(b)(iv), the Partnership shall pay in cash at least
the Class D Required Cash Amount of the Class D Distribution Amount in respect of each Class D Accretion Option
Period on or before the Class D Distribution Due Date for such Class D Accretion Option Period, (B) if the Partnership
fails to pay the Class D Required Cash Amount in cash in respect of a Class D Accretion Period, then such unpaid portion
of the Class D Required Cash Amount shall constitute a Class D Unpaid Distribution and shall accumulate in accordance
with Section 5.13(b)(viii), (C) the Class D Distribution Amount payable in respect of any Quarter that is
not a Class D Accretion Option Period shall be paid entirely in cash (to the extent declared by the General Partner as described
in Section 5.13(b)(iv)) and (D) no portion of any Class D Accretion Amount shall decrease the amount of Class D
Unpaid Distributions that are accumulated and unpaid on the Class D Distribution Due Date attributable to a Class D Accretion
Option Period.

 

     

     

    

 

(vi)       So
long as any Class D Preferred Units are Outstanding, no distribution shall be declared or paid or set aside for payment on
any Class D Junior Securities (other than a distribution payable solely in Class D Junior Securities), unless full cumulative
Class D Preferred Unit Distributions and full cumulative distributions on any Class D Parity Securities have been or
contemporaneously are being paid or set aside for payment on all Outstanding Class D Preferred Units and any such Class D
Parity Securities, respectively, through the most recent Class D Distribution Due Date, with respect to Outstanding Class D
Preferred Units, and the most recent distribution payment date, with respect to any such Class D Parity Securities. Accumulated
Class D Preferred Unit Distributions in arrears for any past Quarter may be declared by the General Partner and paid on any
date fixed by the General Partner, regardless of whether such fixed date is a Class D Distribution Due Date, to Class D
Preferred Unit Holders on the Record Date for such payment, which may not be less than 10 days before such payment date. Subject
to the next succeeding sentence, if all Class D Unpaid Distributions and all accumulated distributions in arrears on any Class D
Parity Securities shall not have been declared and paid, or if sufficient funds for the payment thereof shall not have been set
aside, payment of Class D Unpaid Distributions and accumulated distributions in arrears on any such Class D Parity Securities
shall be made in order of their respective distribution payment dates, commencing with the earliest distribution payment date (subject
to Section 5.13(b)(iv)). If less than all Class D Preferred Unit Distributions payable with respect to all Outstanding
Class D Preferred Units and all distributions payable with respect to any Class D Parity Securities are paid, then such
partial payment shall be declared and paid Pro Rata such that the amounts of Class D Preferred Unit Distributions declared
and paid per Class D Preferred Unit and the amounts of distributions declared and paid per unit of such Class D Parity
Securities shall in all cases bear to each other the same ratio that unpaid and accumulated Class D Preferred Unit Distributions
per Class D Preferred Unit and unpaid and accumulated distributions per unit of such Class D Parity Securities bear to
one another.

 

(vii)       Subject
to Section 12.4, Class D Preferred Unit Holders shall not be entitled to any distribution, whether payable in
cash, property or Partnership Interests, in excess of full cumulative Class D Preferred Unit Distributions.

 

     

     

    

 

(viii)       If
the Partnership fails to pay in full in accordance with this Section 5.13(b) (A) the Class D Distribution Amount of
any Class D Preferred Unit Distributions with respect to a Quarter that is not a Class D Accretion Option Period or (B)
at least the Class D Required Cash Amount of the Class D Distribution Amount of any Class D Preferred Unit Distributions
with respect to a Quarter that is a Class D Accretion Option Period, in each case on the Class D Distribution Due Date
for such Quarter (such failure being referred to herein as a “Class D Distribution Payment Default”),
whether any such failure is a result of the failure by the Board to declare a Class D Preferred Unit Distribution or otherwise,
then (1) the amount of accumulated and unpaid cash distributions (on a per Outstanding Class D Preferred Unit basis,
the “Class D Unpaid Distributions”) will constitute arrearages and will accumulate on a daily basis
at the Class D Distribution Rate plus the Class D Payment Default Rate from and including the first day of the
Quarter immediately following the Quarter in respect of which such payment was due (the “Class D Default Effective
Date,” and the period from and after such Class D Default Effective Date to and including the date on which
all Class D Unpaid Distributions on all Outstanding Class D Preferred Units with respect to such Quarter are paid in
full in cash being referred to herein as a “Class D Distribution Payment Default Period”), assuming
a 360-day year composed of twelve, 30-day months, and (2) commencing on the Class D Default Effective Date until the termination
of the Class D Distribution Payment Default Period, the Class D Distribution Rate shall equal the Class D Distribution
Rate plus the Class D Payment Default Rate and shall accumulate on a daily basis at such increased rate (assuming a
360-day year composed of twelve, 30-day months). Each Class D Distribution Payment Default with respect to the payment of
the Class D Distribution Amount for a Quarter shall be deemed to be cured upon payment in full in cash of such Class D
Distribution Amount (regardless of the date of such payment), and accordingly, such Class D Distribution Payment Default shall
be deemed to be continuing only during the Class D Distribution Payment Default Period that begins on the Class D Default
Effective Date.

 

(ix)       All
Class D Preferred Unit Distributions payable by the Partnership pursuant to this Section 5.13(b) (including any
Class D Accretion Amount) shall be payable without regard to income of the Partnership and shall be treated for federal income
tax purposes as guaranteed payments for the use of capital under Section 707(c) of the Code. The guaranteed payment with respect
to any Class D Distribution Period shall be for the account of the holders of Class D Preferred Units as of the applicable
Class D Distribution Due Date. For purposes of determining the Capital Account attributable to each Class D Preferred
Unit, each holder of Class D Preferred Units shall be treated as having subsequently contributed to the Partnership as a Capital
Contribution any amount treated as a guaranteed payment with respect to the Class D Accretion Amount.

 

(c)       Voting
Rights.

 

(i)       Notwithstanding
anything to the contrary in this Agreement, the Class D Preferred Units shall have no voting rights and no rights to consent
or approve any action or matter, except as set forth in this Section 5.13(c), Section 13.3, or as otherwise
required by Delaware law.

 

     

     

    

 

(ii)       Notwithstanding
anything to the contrary in this Agreement, in addition to all other requirements imposed by Delaware law and all other voting
rights granted under this Agreement, the prior written consent of the Class D Preferred Unit Representative, acting on behalf
of the Class D Preferred Unit Majority, shall be required for (A) any matter that adversely affects the rights, powers, privileges
or preferences of the Class D Preferred Units in relation to other classes of Partnership Interests and, (B) to the extent
not included in the approval rights set forth in the foregoing clause (A), any amendment to this Agreement or the Certificate
of Limited Partnership (including by merger or otherwise) that is adverse (other than in a de minimis manner) to any of
the rights, preferences and privileges of the Class D Preferred Units. Without limiting the generality of the preceding sentence,
any amendment shall be deemed to have such an adverse effect that is not de minimis if such amendment would:

 

(A)       reduce
the Class D Distribution Amount, change the form of payment of distributions on the Class D Preferred Units, defer the
date from which distributions on the Class D Preferred Units will accumulate, cancel any accumulated and unpaid distributions
on the Class D Preferred Units or any distributions accumulated thereon (including any Class D Unpaid Distributions and
any distributions accumulations in respect of the Class D Payment Default Rate or the Class D Adjusted Total Leverage
Ratio Default Rate), or change the seniority rights of the Class D Preferred Unit Holders as to the payment of distributions
in relation to the holders of any other class or series of Partnership Interests;

 

(B)       reduce
the amount payable or change the form of payment to the Record Holders of the Class D Preferred Units upon the voluntary or
involuntary liquidation, dissolution or winding up, or sale of all or substantially all of the assets, of the Partnership, or change
the seniority of the liquidation preferences of the Record Holders of the Class D Preferred Units in relation to the rights
of the holders of any other class or series of Partnership Interests upon the liquidation, dissolution and winding up of the Partnership;
or

 

(C)       make
the Class D Preferred Units redeemable or convertible at the option of the Partnership other than as set forth herein.

 

(iii)       The
approval of the Class D Preferred Unit Representative, acting on behalf of the Class D Preferred Unit Majority, shall
be required to approve any matter for which the Class D Preferred Unit Holders are entitled to vote as a separate class.

 

(iv)       Notwithstanding
any other provision of this Agreement, in addition to all other voting rights granted under this Agreement, without the approval
of the Class D Preferred Unit Representative, acting on behalf of a Class D Preferred Unit Majority, the Partnership
will not, and the Partnership will cause each of its Subsidiaries not to:

 

(A)       (1)
create (by reclassification or otherwise), authorize, sell or issue any Units or other Partnership Interests, including any securities
convertible into or exercisable or exchangeable for Units or other Partnership Interests, other than the creation, authorization,
sale or issuance of Units or other Partnership Interests that are not Class D Senior Securities or Class D Parity Securities
(other than Class D Exempt Parity Securities), or (2) amend the provisions of any existing class of Units or other Partnership
Interests to make any such Units or other Partnership Interests Class D Senior Securities or Class D Parity Securities;

 

     

     

    

 

(B)       issue
additional Class D Preferred Units after the Class D Initial Issuance Date (other than the Class D Additional Preferred
Units issued on the Class D Additional Issuance Date);

 

(C)       cause
or permit any Subsidiary of the Partnership to create, authorize, sell or issue any capital stock (or other equity interests) of
such Subsidiary that has preferential rights to any other capital stock (or other equity interests) of such Subsidiary with respect
to dividends or redemptions or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of
such Subsidiary (“Subsidiary Preferred Securities”), other than Subsidiary Preferred Securities issued
to the Partnership or any of its wholly-owned Subsidiaries; provided that the Partnership may cause its Subsidiaries to
issue Subsidiary Preferred Securities with an aggregate liquidation preference less than or equal to $25.0 million to Persons other
than the Partnership or any of its wholly-owned Subsidiaries without the consent of the Class D Preferred Unit Representative;

 

(D)       incur,
create, issue, assume or guarantee, directly or indirectly, any Indebtedness on any date, if both (i) on such date of incurrence,
creation, issuance, assumption or guarantee, the Principal Credit Facility contains a restrictive covenant based on compliance
with the Leverage Ratio (or a substantially equivalent ratio that is defined in the Principal Credit Facility to have a substantially
similar meaning as Leverage Ratio, including in respect of definitions for each defined term referenced in, related to or necessary
for the calculation of, the Leverage Ratio) and a restrictive covenant based on compliance with the Total Leverage Indebtedness
Ratio (or a substantially equivalent ratio that is defined in the Principal Credit Facility to have a substantially similar meaning
as Total Leverage Indebtedness Ratio, including in respect of definitions for each defined term referenced in, related to or necessary
for the calculation of, the Total Leverage Indebtedness Ratio) and (ii) after giving pro forma effect to such incurrence,
creation, issuance, assumption or guarantee and the simultaneous application of the proceeds therefrom, on such date of incurrence,
creation, issuance, assumption or guarantee (1) the Leverage Ratio would exceed 4.5 or (2) the Total Leverage Indebtedness
Ratio would exceed (x) 6.5 (if such date of incurrence, creation, issuance, assumption or guarantee is on or prior to September
30, 2019), (y) 6.25 (if such date of incurrence, creation, issuance, assumption or guarantee is after September 30, 2019 and on
or prior to March 31, 2020) or (z) 6.0 (if such date of incurrence, creation, issuance, assumption or guarantee is after March
31, 2020);

 

     

     

    

 

(E)       incur,
create, issue, assume or guarantee, directly or indirectly, any Indebtedness on any date, if both (i) on such date of incurrence,
creation, issuance, assumption or guarantee, the Principal Credit Facility does not contain a restrictive covenant based on compliance
with the Leverage Ratio (or a substantially equivalent ratio that is defined in the Principal Credit Facility to have a substantially
similar meaning as Leverage Ratio, including in respect of definitions for each defined term referenced in, related to or necessary
for the calculation of, the Leverage Ratio) and (ii) after giving pro forma effect to such incurrence, creation, issuance,
assumption or guarantee and the simultaneous application of the proceeds therefrom, on such date of incurrence, creation, issuance,
assumption or guarantee the Total Leverage Indebtedness Ratio would exceed the Total Leverage Indebtedness Ratio Limit. “Total
Leverage Indebtedness Ratio Limit” means, (a) if the Principal Credit Facility contains a restrictive covenant
based on compliance with the Total Leverage Indebtedness Ratio (or a substantially equivalent ratio that is defined in the Principal
Credit Facility to have a substantially similar meaning as Total Leverage Indebtedness Ratio, including in respect of definitions
for each defined term referenced in, related to or necessary for the calculation of, the Total Leverage Indebtedness Ratio), the
lesser of (i) 5.5 and (ii) the sum of 0.25 plus the limit on the Total Leverage Indebtedness Ratio (or a substantially
equivalent ratio that is defined in the Principal Credit Facility to have a substantially similar meaning as Total Leverage Indebtedness
Ratio, including in respect of definitions for each defined term referenced in, related to or necessary for the calculation of,
the Total Leverage Indebtedness Ratio) set forth in the Principal Credit Facility, and (b) in all other instances (including
during any times when there is no Principal Credit Facility), 5.5;

 

(F)       redeem
or repurchase any Class D Junior Securities or Class D Parity Securities unless, at the time of such redemption or repurchase,
no Class D Unpaid Distributions are outstanding;

 

(G)       engage
in or agree (or allow any of its Subsidiaries to engage in or agree) to any of the following (pursuant to or within the meaning
of Bankruptcy Law): (1) commence a voluntary case, action or proceeding, or file a voluntary petition, in each case seeking
relief under any laws relating to bankruptcy, insolvency, conservatorship or relief of debtors, (2) consent to the entry of
an order for relief against it in an involuntary case, (3) consent to the appointment of a custodian of it or for all or substantially
all of its property or (4) make a general assignment for the benefit of its creditors, or admit in writing its inability or
failure generally to pay its debts as they become due (5) file an answer or other pleading or failing to contest the material allegations
of a petition filed against the Partnership or any of its Subsidiaries in any U.S. federal or state or non-U.S. bankruptcy or insolvency
proceedings or (6) adopt any plan or proposal for a complete or partial liquidation, reorganization or recapitalization of the
Partnership or any of its Subsidiaries, in each case, unless each Class D Preferred Unit is redeemed in full in cash at the
Class D Redemption Price of such Class D Preferred Unit prior to taking any of the foregoing actions;

 

     

     

    

 

(H)       enter
into an agreement to effect, or consummate, a Class D Change of Control, unless at the time of entering into such agreement
or such consummation, as applicable, the Partnership has access to sufficient cash to redeem all the Outstanding Class D Preferred
Units as and when required pursuant to Section 5.13(d)(i) as a consequence of such Class D Change of Control;

 

(I)       take
any action that would cause the Partnership to be treated as a corporation for U.S. federal income tax purposes;

 

(J)       enter
into, amend or terminate any agreement between, or engage in any transaction between, the Partnership or any of its Subsidiaries,
on the one hand, and the General Partner, any Affiliate of the General Partner (that is not the Partnership or any of its Subsidiaries)
or any officer or director of the General Partner or any Group Member, on the other hand, in each case except for (x) Class D
Permitted Affiliate Transactions and (y) agreements or transactions entered into on an arm’s length basis and approved
by Special Approval;

 

(K)       enter
into, adopt, agree to, create or permit to become effective any direct consensual encumbrance, restriction or prohibition (including
with respect to any “restricted payment” or similar provisions under any agreement, document or instrument governing
or evidencing the Partnership’s or any of its Subsidiaries’ Funded Indebtedness) on the ability of the Partnership
to repurchase or redeem the Class D Preferred Units, or to pay distributions on the Class D Preferred Units, other than
any such encumbrance, restriction or prohibition that is either (1) in effect on the Class D Initial Issuance Date or (2) not
more restrictive than any such encumbrance, restriction or prohibition existing as of the Class D Initial Issuance Date;

 

(L)       enter
into a merger or other similar transaction (other than a Class D Change of Control) if the Class D Preferred Units will
cease to be outstanding and are exchanged for other consideration in such merger or other similar transaction, and such consideration
is less than the amount the Class D Preferred Units would receive if the merger or similar transaction were a Class D
Change of Control;

 

(M)       declare
or pay any distribution from Capital Surplus (other than on account of the Class D Distribution Amount); or

 

(N)       enter
into any agreement or otherwise commit to do any of the foregoing.

 

     

     

    

 

 

 

(v)       In
addition to all of the other voting rights granted pursuant to this Agreement, upon the occurrence of a third Class D Distribution
Payment Default (regardless of whether any of such three Class D Distribution Payment Defaults occurred in consecutive Quarters)
and continuing until the termination of the Class D Distribution Payment Default Period attributable to all then-continuing
Class D Distribution Payment Defaults, the Partnership will not, and will cause each of its Subsidiaries not to, in each case
without the approval of the Class D Preferred Unit Representative, acting on behalf of a Class D Preferred Unit Majority:

 

(A)       incur
any Indebtedness;

 

(B)       (1)
acquire any assets in a single transaction or a series of related transactions with a purchase price greater than $10.0 million
or in the aggregate during any Quarter with aggregate purchase prices in excess of $25.0 million or sell any assets in a single
transaction or a series of related transactions with a purchase price greater than $10.0 million or in the aggregate during
any Quarter with aggregate purchase prices in excess of $25.0 million, or (2) enter into any agreement with respect to a merger,
consolidation or other business combination involving the Partnership or any of its Subsidiaries;

 

(C)       cause
or permit a Subsidiary to issue any equity interests (unless such equity interests are issued solely to the Partnership or to one
or more of its wholly-owned Subsidiaries);

 

(D)       (1)
create (by reclassification or otherwise), authorize, sell or issue, (x) any Class D Parity Securities (or any securities
convertible into or exercisable or exchangeable for Class D Parity Securities) or (y) any Class D Other Preferred Securities
(or any securities convertible into or exercisable or exchangeable for Class D Other Preferred Securities), or (2) redeem
or repurchase any of the foregoing;

 

(E)       make
any Investment Capital Expenditures or Expansion Capital Expenditures in excess of $5.0 million in a single expenditure or
in excess of $25.0 million in the aggregate; or

 

(F)       enter
into any agreement or otherwise commit to do any of the foregoing.

 

(vi)      In
addition to all of the other voting rights granted pursuant to this Agreement, at any time during a Class D Redemption Default
Period, the Partnership will not, and will cause each of its Subsidiaries not to, in each case without the approval of the Class D
Preferred Unit Representative, acting on behalf of a Class D Preferred Unit Majority:

 

(A)       take
any action set forth in clauses (A) - (F) of Section 5.13(c)(v);

 

(B)       pay
any distribution on any Class D Junior Security;

 

(C)       enter
into, consensually terminate or amend or grant a waiver under any contract involving aggregate consideration in excess of $25.0 million;
or

 

(D)       enter
into any agreement or otherwise commit to do any of the foregoing.

 

     

     

    

 

(vii)     In
addition to all of the other voting rights granted pursuant to this Agreement, if either (a) on March 31, 2020, the Adjusted
Total Leverage Ratio exceeds 7.0 or (b) on June 30, 2020 the Adjusted Total Leverage Ratio exceeds 6.5, then until the first
date on which the Adjusted Total Leverage Ratio is less than or equal to 7.0 (at any time prior to June 30, 2020) or 6.5 (at any
time on or after June 30, 2020) (such period of time, the “Adjusted Total Leverage Ratio Default Period”),
the Partnership will not, and will cause each of its Subsidiaries not to, in each case without the approval of the Class D
Preferred Unit Representative, acting on behalf of a Class D Preferred Unit Majority:

 

(A)      
acquire any assets in a single transaction or a series of related transactions with a purchase price greater than $10.0 million
or in the aggregate during any Quarter with aggregate purchase prices in excess of $25.0 million or sell any assets in a single
transaction or a series of related transactions with a purchase price greater than $10.0 million or in the aggregate during
any Quarter with aggregate purchase prices in excess of $25.0 million; or

 

(B)       increase
the Quarterly distribution amount on the Common Units.

 

(viii)    Notwithstanding
anything herein to the contrary, the Partnership may, without the approval of the Class D Preferred Unit Representative, acting
on behalf of a Class D Preferred Unit Majority:

 

(A)       create
(by reclassification or otherwise) and issue Class D Junior Securities (including by amending the provisions of any existing
class of Partnership Interest (other than the Class D Preferred Units), to make such class of Partnership Interests a class
of Class D Junior Securities); and

 

(B)       create
(by reclassification or otherwise) and issue Class D Exempt Parity Securities (including by amending the provisions of any
existing class of Partnership Interest (other than the Class D Preferred Units), to make such class of Partnership Interests
a class of Class D Exempt Parity Securities).

 

(ix)       For
the avoidance of doubt, the Partnership or the General Partner, as applicable, shall deliver each request for approval of the Class
D Preferred Unit Representative, acting on behalf of a Class D Preferred Majority (and any documentation or other materials distributable
by the Partnership or the General Partner, as applicable, in connection with such request), pursuant to this Section 5.13(c)
to each Class D Preferred Unit Holder; provided that the foregoing shall not limit the ability of the Class D Preferred
Unit Representative to act on behalf of the Class D Preferred Majority as set forth in this Agreement,

 

     

     

    

 

(d)           Redemption.

 

(i)       Upon
the occurrence of a Class D Change of Control, each Class D Preferred Unit Holder shall have the option, exercisable
at its sole election, but only during the period beginning upon the occurrence of such Class D Change of Control and ending
at the end of the 90th day following such occurrence, to require the Partnership to redeem all, or any Minimum Portion, of the
Class D Preferred Units held by such Class D Preferred Unit Holder for an amount of cash in respect of each Class D
Preferred Unit to be redeemed equal to the Class D Redemption Price of such Class D Preferred Unit. The Partnership shall
deliver to all Class D Preferred Unit Holders a written notice of the expected occurrence of a Class D Change of Control
(a “Class D CoC Notice”) within five Business Days following execution of definitive agreements
relating to a Class D Change of Control, and at least fifteen Business Days prior to consummating such Class D Change
of Control (or, if such advance notice is not practicable based on the event that resulted in a Class D Change of Control,
as soon as reasonably practicable upon the Partnership becoming aware of such Class D Change of Control), which Class D
CoC Notice shall include the material terms of the event constituting a Class D Change of Control and any definitive agreements
executed by the Partnership or the General Partner in connection therewith. To exercise its right to redemption pursuant to this
Section 5.13(d)(i), a Class D Preferred Unit Holder must deliver a written notice of such exercise (a “Class D
CoC Redemption Election Notice”) to the Partnership prior to the 90th day following the occurrence of such Class D
Change of Control, which Class D CoC Redemption Election Notice shall set forth the number of Class D Preferred Units
such Class D Preferred Unit Holder elects to have redeemed by the Partnership pursuant to this Section 5.13(d)(i).
No later than five Business Days following the later of the occurrence of such Change of Control or the delivery of a Class D
CoC Redemption Election Notice by a Class D Preferred Unit Holder to the Partnership, the Partnership shall redeem the Class D
Preferred Units set forth in such Class D CoC Redemption Election Notice by paying such Class D Preferred Unit Holder
an amount in cash in same-day funds in respect of each such Class D Preferred Unit equal to the Class D Redemption Price
of such Class D Preferred Unit. Notwithstanding the foregoing, if a redemption pursuant to this Section 5.13(d)(i)
would cause the Class D Preferred Units to be characterized as “disqualified stock,” “disqualified capital
stock” or any similar concept pursuant to the terms of any agreement, document or instrument governing or evidencing any
Funded Indebtedness of the Partnership or its Subsidiaries that is, or was originally issued or incurred, in excess of $10,000,000,
the redemption obligation of the Partnership set forth in this Section 5.13(d)(i) shall be tolled until the earlier
of the date (A) such redemption would comply with a “Restricted Payments” covenant or similar covenant contained
in any such agreement, document or instrument, or (B) the applicable loans and other debt obligations under such agreement,
document or instrument are, to the extent required, repaid (and, if applicable, any commitments will be terminated and any obligations
to offer to redeem, repay or repurchase such loans or other debt obligations as a result of the Class D Change of Control
will have expired) prior to such redemption of the Class D Preferred Units and the Partnership will timely comply with any
“change of control offer” or similar requirements under the terms of any such agreement, document or instrument, if
applicable. The preceding sentence shall not be deemed to be a waiver by any Class D Preferred Unit Holder of its right to
receive from the Partnership and/or its successor the cash payment required by this Section 5.13(d)(i) in connection
with such Class D Change of Control and redemption.

 

     

     

    

 

(ii)       At
any time, and from time to time, the Partnership shall have the option, exercisable at its sole election, to redeem all, or any
Minimum Portion, of the Outstanding Class D Preferred Units at a price per Class D Preferred Unit equal to the Class D
Redemption Price of such Class D Preferred Unit. To exercise such option to redeem Class D Preferred Units, the Partnership
must deliver a written notice thereof (which notice shall be irrevocable) (the “Class D Optional Redemption Notice”)
to each Class D Preferred Unit Holder, which notice shall set forth (A) the date on which the Partnership intends to consummate
the redemption of Class D Preferred Units pursuant to this Section 5.13(d)(ii), which date shall be no more than
five Business Days following the date of the Class D Optional Redemption Notice, (B) the number of Class D Preferred
Units to be redeemed from such Class D Preferred Unit Holder and (C) the aggregate Class D Redemption Price payable
to such Class D Preferred Unit Holder in exchange for such Class D Preferred Units. Upon and after delivery of a Class D
Optional Redemption Notice to each Class D Preferred Unit Holder, the Partnership shall be irrevocably obligated to redeem
the number of Class D Preferred Units set forth on the relevant Class D Optional Redemption Notice on the date of redemption
set forth in such notice. On such redemption date, the Partnership shall redeem each such Class D Preferred Unit held by a
Class D Preferred Unit Holder that is to be redeemed pursuant to this Section 5.13(d)(ii) by paying such Class D
Preferred Unit Holder an amount in cash in same-day funds in respect of each such Class D Preferred Unit equal to the Class D
Redemption Price of such Class D Preferred Unit. If the Partnership elects to redeem less than all of the Outstanding Class D
Preferred Units pursuant to this Section 5.13(d)(ii), then such redemption will be made on a pro rata basis
based on the number of Class D Preferred Units held by each Class D Preferred Unit Holder immediately prior to such redemption.

 

(iii)      The
following rights and obligations shall apply only at any time after the eighth anniversary of the Class D Initial Issuance
Date:

 

(A)       At
any time on or after such eighth anniversary, each Class D Preferred Unit Holder shall have the option, exercisable at its
sole election, to initiate the requirement of the Partnership to redeem all or a portion of such Class D Preferred Unit Holder’s
Outstanding Class D Preferred Units in exchange for an amount of cash in respect of each Class D Preferred Unit equal
to the Class D Redemption Price of such Class D Preferred Unit. To elect such redemption, a Class D Preferred Unit
Holder must deliver a written notice thereof (a “Class D Forced Redemption Notice”) to the Partnership
on or after such eighth anniversary, which Class D Forced Redemption Notice shall set forth the number of Class D Preferred
Units held by such Class D Preferred Unit Holder to be redeemed by the Partnership pursuant to this Section 5.13(d)(iii)
and specify a date such redemption is to occur, which date shall be no earlier than 180 days after such eighth anniversary.

 

     

     

    

 

(B)       On
such redemption date set forth in such Class D Forced Redemption Notice, the Partnership shall redeem the Class D Preferred
Units set forth in such Class D Forced Redemption Notice by paying such Class D Preferred Unit Holder an amount in cash
in same-day funds in respect of each such Class D Preferred Unit being redeemed equal to the applicable Class D Redemption
Price in respect of such Class D Preferred Unit; provided, however, if all of the Class D Common Unit Conditions
are satisfied as of the date of such redemption, the Partnership may, at the option of the Partnership, exercisable in its sole
discretion, satisfy any portion not exceeding one-half of the aggregate Class D Redemption Price payable in respect of such
redemption (such portion of the aggregate Class D Redemption Price the Partnership elects to satisfy in the form of Common
Units, the “Class D Common Unit Redemption Amount”) by issuing to the relevant Class D Unit
Holder a number of Common Units as determined pursuant to Section 5.13(d)(iii)(C),which issuance of Common Units shall be
consummated immediately prior to the redemption of the Class D Preferred Units on such date of redemption.

 

(C)       If
the Partnership so elects to satisfy a portion of the aggregate Class D Redemption Price payable to a Class D Preferred
Unit Holder in connection with a redemption of Class D Preferred Units pursuant to this Section 5.13(d)(iii) by issuing
Common Units in accordance with Section 5.13(d)(iii)(B), the number of Common Units issuable to such Class D Preferred
Unit Holder on the date of redemption shall equal a whole number of newly issued Common Units (“Class D Redemption
Common Units”) most nearly equal to the quotient of (1) the applicable Class D Common Unit Redemption Amount
divided by (2) 93% of the VWAP Price of Common Units for the 30 trading days immediately preceding the second Business
Day preceding such date of redemption. Notwithstanding anything contained herein to the contrary, in no event shall the Partnership
be permitted to issue Class D Redemption Common Units in satisfaction of any portion of the aggregate Class D Redemption
Price payable to a Class D Preferred Unit Holder pursuant to Section 5.13(d)(iii)(B) that is attributable to Class D
Unpaid Distributions, and such portion of such aggregate Class D Redemption Price shall be satisfied solely in cash.

 

(D)       The
Partnership shall pay any documentary, stamp or similar issue or transfer taxes or duties relating to the issuance or delivery
of Common Units upon redemption of Class D Preferred Units pursuant to this Section 5.13(d)(iii). However, a Class D
Preferred Unit Holder who receives Class D Redemption Common Units pursuant to this Section 5.13(d)(iii) shall pay
any tax or duty that may be payable relating to any transfer involving the issuance or delivery of any such Class D Redemption
Common Units in a name other than the holder’s name. The Transfer Agent may refuse to deliver the Certificate representing
Common Units (or notation of book entry) being issued in a name other than the Class D Preferred Unit Holder’s name
until the Transfer Agent receives a sum sufficient to pay any tax or duties due because the Class D Redemption Common Units
are to be issued in a name other than such holder’s name. Nothing herein shall preclude any tax withholding required by law
or regulation.

 

(E)       In
the event the Partnership fails to redeem a Class D Preferred Unit Holder’s Class D Preferred Units when required
pursuant to this Section 5.13(d)(iii) (a “Class D Redemption Default”), then, notwithstanding
anything contained in this Agreement to the contrary, until the termination of the applicable Class D Redemption Default Period,
the Class D Distribution Amount will accumulate at the Class D Distribution Rate plus the Class D Payment
Default Rate.

 

     

     

    

 

(iv)      Immediately
upon payment of the applicable Class D Redemption Price or the issuance of the applicable number of Class D Redemption
Common Units, if any, for the redemption of any Class D Preferred Units redeemed pursuant to this Section 5.13(d),
such Class D Preferred Units shall cease to be Outstanding.

 

(e)           Certificates,
Registrar and Transfer Agent.

 

(i)       The
Class D Transfer Agent and the Class D Preferred Units Registrar shall each maintain a register of the Class D Preferred
Units and the transfer of ownership thereof. The register maintained by the Class D Transfer Agent shall be the definitive
record of ownership of all Class D Preferred Units, and no Person shall be deemed an owner of a Class D Preferred Unit
for any purpose, unless and until such Class D Preferred Unit is recorded in such register as owned by such Person. The register
maintained by the Class D Preferred Units Registrar will contain a schedule with respect to the Class D Accretion Amounts,
if any, and the applicable Class D Stated Value.

 

(ii)       Beginning
on the Class D Initial Issuance Date, the General Partner shall act as the Class D Preferred Units Registrar and the
Class D Transfer Agent shall act as the Transfer Agent for the Class D Preferred Units. Thereafter, (A) the General Partner,
on behalf of the Partnership, may appoint one or more agents to act as the Class D Preferred Units Registrar, and (B) the
General Partner, on behalf of the Partnership, and the Class D Preferred Unit Representative, on behalf of the Class D
Preferred Unit Majority, may mutually agree to replace the Transfer Agent for the Class D Preferred Units.

 

(iii)      If
requested by a Class D Preferred Unit Holder, the Class D Preferred Units shall be evidenced by certificates in such
form as the General Partner may approve and, subject to the provisions of this Agreement and the satisfaction of any applicable
legal, regulatory and contractual requirements, may be assigned or transferred in a manner identical to the assignment and transfer
of other Units.

 

(iv)      The
certificate(s) representing the Class D Preferred Units may be imprinted with a legend in substantially the following form:

 

“THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE
SECURITIES UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER AND, IN THE CASE OF A TRANSACTION EXEMPT FROM
REGISTRATION, UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT OR THE ISSUER HAS RECEIVED DOCUMENTATION REASONABLY SATISFACTORY
TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER SUCH ACT. THIS SECURITY IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER
SET FORTH IN (i) THE SEVENTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF THE PARTNERSHIP, DATED AS OF JULY 2, 2019,
AS AMENDED OR RESTATED FROM TIME TO TIME, AND (ii) EITHER THE CLASS D PREFERRED UNIT PURCHASE AGREEMENT, DATED AS OF JULY 2, 2019,
BY AND BETWEEN THE PARTNERSHIP AND THE PURCHASERS PARTY THERETO OR THE CLASS D PREFERRED UNIT PURCHASE AGREEMENT, DATED AS
OF SEPTEMBER 25, 2019, BY AND BETWEEN THE PARTNERSHIP AND THE PURCHASERS PARTY THERETO, AS APPLICABLE, IN EACH CASE,
COPIES OF WHICH MAY BE OBTAINED FROM THE PARTNERSHIP AT ITS PRINCIPAL EXECUTIVE OFFICES.”

 

     

     

    

 

In connection
with a sale of Class D Preferred Units pursuant to an effective registration statement or in reliance on Rule 144 of the rules
and regulations promulgated under the Securities Act, upon receipt by the Partnership of such information as the Partnership reasonably
deems necessary to determine that the sale of the Class D Preferred Units is made in compliance with Rule 144, the Partnership
shall remove or cause to be removed the restrictive legend from the certificate(s) representing such Class D Preferred Units
(or the book-entry account, if any, maintained by the Class D Transfer Agent), and the Partnership shall bear all costs associated
therewith.

 

(v)       From
and after the first date on which the rate described in clause (a) of the definition of Class D Three-Month LIBOR is no longer
published as contemplated by such clause, the Calculation Agent with respect to the Class D Preferred Units shall be mutually
agreed between the Partnership and the Class D Preferred Unit Representative, acting on behalf of a Class D Preferred
Unit Majority.

 

(f)            Class D
Preferred Unit Representative.

 

(i)        The
Class D Preferred Unit Representative shall have such powers and authority as are necessary to carry out the functions assigned
to it under this Agreement; provided, however, that the Class D Preferred Unit Representative shall have no obligation
to act, except as expressly provided herein. Without limiting the generality of the foregoing, the Class D Preferred Unit Representative
shall have the full power of substitution, and full power of authority and discretion, to act in the name, place and stead of the
Class D Preferred Majority with respect to the performance on behalf of the Class D Preferred Majority under the terms and provisions
of this Agreement (as it may be amended or otherwise modified from time to time in accordance with its terms), and to do or refrain
from doing all such further acts and things, and to execute all such documents on behalf of the Class D Preferred Majority, if
any, as the Class D Preferred Unit Representative will deem necessary or appropriate in connection with the exercise of its authority
pursuant to the terms of this Agreement. The Class D Preferred Unit Representative, solely in its capacity as the Class D
Preferred Unit Representative, shall have no liability (whether in contract or in tort, in law or in equity, or granted by statute)
for any claims, causes of action, obligations or liabilities arising under, out of, in connection with, or related in any manner
to, this Agreement, including with respect to any action (or inaction) taken (or not taken) by the Class D Preferred Unit Representative
on behalf of the Class D Preferred Majority in accordance with the terms of this Agreement. The Partnership shall be entitled to
rely conclusively and without any inquiry on any and all instructions of, decisions of or actions taken or omitted to be taken
by the Class D Preferred Unit Representative under this Agreement without any liability to any Class D Preferred Unit
Holder or obligation to inquire as to such instructions, decisions of, or actions or omissions including the authority or validity
thereof, all of which instructions, decisions, actions or omissions shall be legally binding on the Class D Preferred Unit
Holders and their respective assigns as if expressly confirmed and ratified in writing by each of them, and no Class D Preferred
Unit Holder shall have the right to object, dissent, protest or otherwise contest the same.

 

     

     

    

 

(ii)       Notwithstanding
anything contained to the contrary herein, in the event the Partnership desires to take (or fail to take) an action that is subject
to the consent of the Class D Preferred Unit Representative pursuant to this Agreement and, at the time the Partnership seeks
such consent, the Class D Preferred Unit Holders have not validly appointed a Class D Preferred Unit Representative in
accordance with this Agreement, then the Partnership shall be permitted to take (or not take) such action with the consent of a
Class D Preferred Unit Majority.

 

Article
VI

ALLOCATIONS AND DISTRIBUTIONS

 

Section 6.1       Allocations
for Capital Account Purposes. For purposes of maintaining the Capital Accounts and in determining the rights of
the Partners among themselves, the Partnership’s items of income, gain, loss and deduction (computed in accordance with
Section 5.5(b)) for each taxable period shall be allocated among the Partners as provided herein below.

 

(a)           Net
Income. Net Income for each taxable period (including a Pro Rata part of each item of income, gain, loss and deduction taken
into account in computing Net Income for such taxable period) shall be allocated:

 

(i)        First,
to the General Partner until the Net Income allocated to the General Partner pursuant to this Section 6.1(a)(i) for
the current and all previous taxable periods is equal to the aggregate of the Net Loss allocated to the General Partner pursuant
to Section 6.1(b)(iii) for all previous taxable periods; and

 

(ii)       The
balance, if any, to the General Partner and the Unitholders (other than the Preferred Holders with respect to their Preferred
Units), Pro Rata.

 

     

     

    

 

(b)           Net
Loss. Net Loss for each taxable period (including a Pro Rata part of each item of income, gain, loss and deduction taken into
account in computing Net Loss for such taxable period) shall be allocated:

 

(i)        First,
to the General Partner and the Unitholders (other than Preferred Holders with respect to their Preferred Units) Pro Rata;
provided that Net Loss shall not be allocated pursuant to this Section 6.1(b)(i) to the extent that such allocation
would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the end of such taxable period (or increase
any existing deficit balance in its Adjusted Capital Account) as such Adjusted Capital Account would be determined without regard
to any Preferred Units then held by such Unitholder;

 

(ii)       Second,
to all Preferred Holders in proportion to their respective positive Adjusted Capital Account balances, until the Adjusted Capital
Account in respect of each Preferred Unit then Outstanding is reduced to zero; and

 

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

 

(c)           Net
Termination Gains and Losses. Net Termination Gain or Net Termination Loss for each taxable period shall be allocated in the
manner set forth in this Section 6.1(c). All allocations under this Section 6.1(c) shall be made after
Capital Account balances have been adjusted by all other allocations provided under this Section 6.1 and after all
distributions of Available Cash provided under Section 5.13, Section 6.4 and Section 6.5 have
been made; provided, however, that solely for purposes of this Section 6.1(c), Capital Accounts
shall not be adjusted for distributions made pursuant to Section 12.4.

 

(i)        Net
Termination Gain (including a Pro Rata part of each item of income, gain, loss, and deduction taken into account in computing Net
Termination Gain) shall be allocated:

 

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

 

(B)       Second,
to the General Partner and the Unitholders (other than Preferred Holders with respect to their Preferred Units), Pro Rata, until
the Capital Account in respect of each Common Unit then Outstanding is equal to the sum of (1) its Unrecovered Initial Unit Price
and (2) the Minimum Quarterly Distribution for the Quarter during which the Liquidation Date occurs, reduced by any distribution
pursuant to Section 6.4(a) with respect to such Common Unit for such Quarter (the amount determined pursuant to this
clause (2) is hereinafter referred to as the “Unpaid MQD”) ;

 

(C)       Third,
100% to the General Partner and the Unitholders (other than Preferred Holders with respect to their Preferred Units), Pro Rata,
until the Capital Account in respect of each Common Unit then Outstanding is equal to the sum of (1) its Unrecovered Initial Unit
Price, (2) the Unpaid MQD and (3) the excess of (a) the First Target Distribution less the Minimum Quarterly Distribution for each
Quarter of the Partnership’s existence over (b) the cumulative per Unit amount of any distributions of Available Cash that
is deemed to be Operating Surplus made pursuant to Section 6.4(b) (the sum of (1), (2) and (3) is hereinafter to as
the “First Liquidation Target Amount”);

 

     

     

    

 

(D)       Fourth,
(x) to the General Partner in accordance with its Percentage Interest, (y) 13% to the holders of the Incentive Distribution Rights,
Pro Rata, and (z) to all Unitholders (other than Preferred Holders with respect to their Preferred Units), Pro Rata, a percentage
equal to 100% less the sum of the percentages applicable to subclauses (x) and (y) of this clause (D), until the Capital
Account in respect of each Common Unit then Outstanding is equal to the sum of (1) the First Liquidation Target Amount and (2)
the excess of (a) the Second Target Distribution less the First Target Distribution for each Quarter of the Partnership’s
existence over (b) the cumulative per Unit amount of any distributions of Available Cash that is deemed to be Operating Surplus
made pursuant to Section 6.4(c) (the sum of (1) and (2) is hereinafter referred to as the “Second Liquidation
Target Amount”);

 

(E)       Fifth,
(x) to the General Partner in accordance with its Percentage Interest, (y) 23% to the holders of the Incentive Distribution Rights,
Pro Rata, and (z) to all Unitholders (other than Preferred Holders with respect to their Preferred Units), Pro Rata, a percentage
equal to 100% less the sum of the percentages applicable to subclauses (x) and (y) of this clause (E), until the Capital Account
in respect of each Common Unit then Outstanding is equal to the sum of (1) the Second Liquidation Target Amount, and (2) the excess
of (a) the Third Target Distribution less the Second Target Distribution for each Quarter of the Partnership’s existence
over (b) the cumulative per Unit amount of any distributions of Available Cash that is deemed to be Operating Surplus made pursuant
to Section 6.4(d); and

 

(F)       Finally,
(x) to the General Partner in accordance with its Percentage Interest, (y) 48% to the holders of the Incentive Distribution Rights,
Pro Rata, and (z) to all Unitholders (other than Preferred Holders with respect to their Preferred Units), Pro Rata, a percentage
equal to 100% less the sum of the percentages applicable to subclauses (x) and (y) of this clause (G).

 

(ii)       Net
Termination Loss (including a Pro Rata part of each item of income, gain, loss, and deduction taken into account in computing Net
Termination Loss) shall be allocated:

 

(A)       First,
to the General Partner and the Unitholders (other than Preferred Holders with respect to their Preferred Units), Pro Rata, until
the Adjusted Capital Account in respect of each Common Unit then Outstanding has been reduced to zero;

 

     

     

    

 

(B)       Second,
to all Preferred Holders, in proportion to their respective positive Adjusted Capital Account balances, until the Adjusted Capital
Account in respect of each Preferred Unit then Outstanding has been reduced to zero;

 

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

 

(d)           Special
Allocations. Notwithstanding any other provision of this Section 6.1, the following special allocations shall be
made for such taxable period:

 

(i)        Partnership
Minimum Gain Chargeback. Notwithstanding any other provision of this Section 6.1, if there is a net decrease in
Partnership Minimum Gain during any Partnership taxable period, each Partner shall be allocated items of Partnership income and
gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections
1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor provision. For purposes of this Section 6.1(d),
each Partner’s Adjusted Capital Account balance shall be determined, and the allocation of income or gain required hereunder
shall be effected, prior to the application of any other allocations pursuant to this Section 6.1(d) with respect to
such taxable period (other than an allocation pursuant to Section 6.1(d)(vi) and Section 6.1(d)(vii)).
This Section 6.1(d)(i) is intended to comply with the Partnership Minimum Gain chargeback requirement in Treasury Regulation
Section 1.704-2(f) and shall be interpreted consistently therewith.

 

(ii)       Chargeback
of Partner Nonrecourse Debt Minimum Gain. Notwithstanding the other provisions of this Section 6.1 (other than
Section 6.1(d)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in
Partner Nonrecourse Debt Minimum Gain during any Partnership taxable period, any Partner with a share of Partner Nonrecourse Debt
Minimum Gain at the beginning of such taxable period shall be allocated items of Partnership income and gain for such period (and,
if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii),
or any successor provisions. For purposes of this Section 6.1(d), each Partner’s Adjusted Capital Account balance
shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any
other allocations pursuant to this Section 6.1(d), other than Section 6.1(d)(i) and other than an allocation
pursuant to Section 6.1(d)(vi) and Section 6.1(d)(vii), with respect to such taxable period. This Section 6.1(d)(ii)
is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4)
and shall be interpreted consistently therewith.

 

     

     

    

 

(iii)      Priority
Allocations.

 

(A)      If
the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant to Section 12.4)
with respect to a Unit exceeds the amount of cash or the Net Agreed Value of property distributed with respect to another Unit
(the amount of the excess, an “Excess Distribution” and the Unit with respect to which the greater distribution
is paid, an “Excess Distribution Unit”), then (1) there shall be allocated gross income and gain to each
Unitholder receiving an Excess Distribution with respect to the Excess Distribution Unit until the aggregate amount of such items
allocated with respect to such Excess Distribution Unit pursuant to this Section 6.1(d)(iii)(A) for the current taxable
period and all previous taxable periods is equal to the amount of the Excess Distribution; and (2) the General Partner shall be
allocated gross income and gain with respect to each such Excess Distribution in an amount equal to the product obtained by multiplying
(x) the quotient determined by dividing (aa) the General Partner’s Percentage Interest at the time when the Excess Distribution
occurs by (bb) a percentage equal to 100% less the General Partner’s Percentage Interest at the time when the Excess Distribution
occurs, times (y) the total amount allocated in clause (1) above with respect to such Excess Distribution; provided, however,
this Section 6.1(d)(iii)(A) shall not apply to any Excess Distribution in respect to or measured by a distribution
with respect to a Preferred Unit and shall not apply to the extent distributions are not made with respect to a Class A Deemed
Warrant Unit with respect to any Record Date prior to the Vesting Date of such Class A Deemed Warrant Unit.

 

(B)       After
the application of Section 6.1(d)(iii)(A), all or any portion of the remaining items of Partnership gross income or
gain for the taxable period, if any, shall be allocated (1) to the holders of Incentive Distribution Rights, Pro Rata, until the
aggregate amount of such items allocated to the holders of Incentive Distribution Rights pursuant to this Section 6.1(d)(iii)(B)
for the current taxable period and all previous taxable periods is equal to the cumulative amount of all Incentive Distributions
made to the holders of Incentive Distribution Rights from the Closing Date to a date 45 days after the end of the current taxable
period; and (2) to the General Partner an amount equal to the product of (x) an amount equal to the quotient determined by dividing
(aa) the General Partner’s Percentage Interest by (bb) the sum of 100 less the General Partner’s Percentage Interest
times (y) the sum of the amounts allocated in clause (1) above.

 

(iv)      Qualified
Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations or distributions described in Treasury
Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of Partnership gross income
and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by
the Treasury Regulations promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted Capital Account
created by such adjustments, allocations or distributions as quickly as possible; provided, that an allocation pursuant
to this Section 6.1(d)(iv) shall be made only if and to the extent that such Partner would have a deficit balance in
its Adjusted Capital Account as adjusted after all other allocations provided for in this Section 6.1 have been tentatively
made as if this Section 6.1(d)(iv) were not in this Agreement.

 

(v)       Gross
Income Allocation. In the event any Partner has a deficit balance in its Capital Account at the end of any taxable period in
excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B) the
amount such Partner is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such
Partner shall be specially allocated items of Partnership gross income and gain in the amount of such excess as quickly as possible;
provided, that an allocation pursuant to this Section 6.1(d)(v) shall be made only if and to the extent that
such Partner would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this Section 6.1
have been tentatively made as if Section 6.1(d)(iv) and this Section 6.1(d)(v) were not in this Agreement.

 

     

     

    

 

(vi)      Nonrecourse
Deductions. Nonrecourse Deductions for any taxable period shall be allocated to the Partners Pro Rata. If the General Partner
determines that the Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe harbor
requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the General Partner is authorized,
upon notice to the other Partners, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements.

 

(vii)     Partner
Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated 100% to the Partner that bears
the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable
in accordance with Treasury Regulation Section 1.704-2(i). If more than one Partner bears the Economic Risk of Loss with respect
to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be allocated between or among such
Partners in accordance with the ratios in which they share such Economic Risk of Loss.

 

(viii)    Nonrecourse
Liabilities. For purposes of Treasury Regulation Section 1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities
of the Partnership in excess of the sum of (A) the amount of Partnership Minimum Gain and (B) the total amount of Nonrecourse Built-in
Gain shall be allocated among the Partners Pro Rata.

 

(ix)      Code
Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section
734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account
in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if
the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss
shall be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required
to be adjusted pursuant to such Section of the Treasury Regulations.

 

(x)       Economic
Uniformity; Changes in Law.

 

(A)       With
respect to an event triggering an adjustment to the Carrying Value of Partnership property pursuant to Section 5.5(d)
during any taxable period of the Partnership ending upon, or after, the issuance of IDR Reset Common Units pursuant to Section 5.10,
any Unrealized Gains and Unrealized Losses shall be allocated among the Partners in a manner that to the nearest extent possible
results in the Capital Accounts maintained with respect to such IDR Reset Common Units issued pursuant to Section 5.10
equaling the product of (1) the Aggregate Quantity of IDR Reset Common Units and (2) the Per Unit Capital Amount for an Initial
Common Unit.

 

     

     

    

 

(B)       With
respect to any taxable period during which an IDR Reset Common Unit is transferred to any Person who is not an Affiliate of the
transferor, all or a portion of the remaining items of Partnership gross income or gain for such taxable period shall be allocated
100% to the transferor Partner of such transferred IDR Reset Common Unit until such transferor Partner has been allocated
an amount of gross income or gain that increases the Capital Account maintained with respect to such transferred IDR Reset Common
Unit to an amount equal to the Per Unit Capital Amount for an Initial Common Unit.

 

(C)       For
the proper administration of the Partnership and for the preservation of uniformity of the Limited Partner Interests (or any class
or classes thereof), the General Partner shall (1) adopt such conventions as it deems appropriate in determining the amount of
depreciation, amortization and cost recovery deductions; (2) make special allocations of income, gain, loss, deduction, Unrealized
Gain or Unrealized Loss; and (3) amend the provisions of this Agreement as appropriate (x) to reflect the proposal or promulgation
of Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve uniformity of
the Limited Partner Interests (or any class or classes thereof). The General Partner may adopt such conventions, make such allocations
and make such amendments to this Agreement as provided in this Section 6.1(d)(x)(C) only if such conventions, allocations
or amendments would not have a material adverse effect on the Partners, the holders of any class or classes of Limited Partner
Interests issued and Outstanding or the Partnership, and if such allocations are consistent with the principles of Section 704
of the Code.

 

(xi)       Curative
Allocation.

 

(A)      Notwithstanding
any other provision of this Section 6.1, other than the Required Allocations, the Required Allocations shall be taken
into account in making the Agreed Allocations so that, to the extent possible, the net amount of items of gross income, gain, loss
and deduction allocated to each Partner pursuant to the Required Allocations and the Agreed Allocations, together, shall be equal
to the net amount of such items that would have been allocated to each such Partner under the Agreed Allocations had the Required
Allocations and the related Curative Allocation not otherwise been provided in this Section 6.1. In exercising its
discretion under this Section 6.1(d)(xi)(A), the General Partner may take into account future Required Allocations
that, although not yet made, are likely to offset other Required Allocations previously made. Allocations pursuant to this Section 6.1(d)(xi)(A)
shall only be made with respect to Required Allocations to the extent the General Partner determines that such allocations will
otherwise be inconsistent with the economic agreement among the Partners.

 

     

     

    

 

(B)       The
General Partner shall, with respect to each taxable period, (1) apply the provisions of Section 6.1(d)(xi)(A) in whatever
order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide
all allocations pursuant to Section 6.1(d)(xi)(A) among the Partners in a manner that is likely to minimize such economic
distortions.

 

(xii)      Corrective
and Other Allocations. In the event of any allocation of Additional Book Basis Derivative Items or any Book-Down Event or any
recognition of a Net Termination Loss, the following rules shall apply:

 

(A)       Except
as provided in Section 6.1(d)(xii)(B), in the case of any allocation of Additional Book Basis Derivative Items (other
than an allocation of Unrealized Gain or Unrealized Loss under Section 5.5(d) hereof), the General Partner shall allocate
such Additional Book Basis Derivative Items to (1) the holders of Incentive Distribution Rights and the General Partner to the
same extent that the Unrealized Gain or Unrealized Loss giving rise to such Additional Book Basis Derivative Items was allocated
to them pursuant to Section 5.5(d) and (2) all Unitholders, Pro Rata, to the extent that the Unrealized Gain or Unrealized
Loss giving rise to such Additional Book Basis Derivative Items was allocated to any Unitholders pursuant to Section 5.5(d).

 

(B)       In
the case of any allocation of Additional Book Basis Derivative Items (other than an allocation of Unrealized Gain or Unrealized
Loss under Section 5.5(d) hereof or an allocation of Net Termination Gain or Net Termination Loss pursuant to Section 6.1(c)
hereof) as a result of a sale or other taxable disposition of any Partnership asset that is an Adjusted Property (“Disposed
of Adjusted Property”), the General Partner shall allocate (1) additional items of gross income and gain (x) away
from the holders of Incentive Distribution Rights and (y) to the Unitholders, or (2) additional items of deduction and loss (x)
away from the Unitholders and (y) to the holders of Incentive Distribution Rights, to the extent that the Additional Book Basis
Derivative Items allocated to the Unitholders exceed their Share of Additional Book Basis Derivative Items with respect to such
Disposed of Adjusted Property. Any allocation made pursuant to this Section 6.1(d)(xii)(B) shall be made after all
of the other Agreed Allocations have been made as if this Section 6.1(d)(xii) were not in this Agreement and, to the
extent necessary, shall require the reallocation of items that have been allocated pursuant to such other Agreed Allocations.

 

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

 

     

     

    

 

(D)       For
purposes of this Section 6.1(d)(xii), the Unitholders shall be treated as being allocated Additional Book Basis Derivative
Items to the extent that such Additional Book Basis Derivative Items have reduced the amount of income that would otherwise have
been allocated to the Unitholders under this Agreement. In making the allocations required under this Section 6.1(d)(xii),
the General Partner may apply whatever conventions or other methodology it determines will satisfy the purpose of this Section 6.1(d)(xii).
Without limiting the foregoing, if an Adjusted Property is contributed by the Partnership to another entity classified as a partnership
for federal income tax purposes (the “lower tier partnership”), the General Partner may make allocations
similar to those described in Section 6.1(d)(xii)(A) – Section 6.1(d)(xii)(C) to the extent the General
Partner determines such allocations are necessary to account for the Partnership’s allocable share of income, gain, loss
and deduction of the lower tier partnership that relate to the contributed Adjusted Property in a manner that is consistent with
the purpose of this Section 6.1(d)(xii).

 

(E)       Notwithstanding
any other provision of this Section 6.1(d)(xii), (1) no allocations shall be made pursuant to this Section 6.1(d)(xii)
with respect to any taxable period (or portion thereof) ending on or prior to the Closing Date and (2) for taxable periods (or
portions thereof) ending after the Closing Date, the determinations of Additional Book Basis (and items derived therefrom) and
Net Positive Adjustments (and items derived therefrom) shall be made without regard to any Book-Up Event or Book-Down Event that
occurred on or prior to the Closing Date.

 

(xiii)    Class A
Deemed Warrant Units. Following each applicable Vesting Date, to the extent the Per Unit Capital Amount attributable to any
Class A Deemed Warrant Unit for which a Vesting Date has occurred is less than the Per Unit Capital Amount of a Common Unit:

 

(A)      Items
of Partnership gross income, gain, loss and deduction resulting from a Book-Up Event or a Book-Down Event shall be allocated to
the holders of Class A Deemed Warrant Units and Common Units as necessary, to cause, to the extent possible, the Per Unit
Capital Amount attributable to any Class A Deemed Warrant Units for which a Vesting Date has occurred to equal the Per Unit
Capital Amount of a Common Unit.

 

(B)       With
respect to any taxable period in which the Vesting Date occurs (and if necessary subsequent tax periods), to the extent the Per
Unit Capital Amount of the Class A Deemed Warrant Unit for which a Vesting Date occurs is not equivalent to the Per Unit Capital
Amount of a Common Unit after application of Section 6.1(d)(xiii)(A), items of Partnership gross income, gain, deduction
or loss for the taxable period shall be allocated 100% to each holder of Class A Deemed Warrant Units for which a Vesting
Date occurs in the proportion that the respective number of Class A Deemed Warrant Units for which a Vesting Date occurs held
by such holder bears to the total number of Class A Deemed Warrant Units for which a Vesting Date occurs, until each such
holder has been allocated an amount of gross income, gain, deduction or loss with respect to such Class A Deemed Warrant Units
for which a Vesting Date has occurred that causes the Capital Account attributable to each Class A Deemed Warrant Unit, on
a per Unit basis, to equal the Per Unit Capital Amount for a Common Unit on the Vesting Date. The purpose for this allocation is
to establish uniformity between the Capital Accounts underlying Class A Deemed Warrant Units for which a Vesting Date occurs
and the Capital Accounts underlying Common Units immediately prior to the Vesting Date.

 

     

     

    

 

(C)       If
a holder of Class A Deemed Warrant Units or Common Units granted upon exercise of the Class A Deemed Warrant Units has
a remaining Capital Account remaining after the disposing of all such Class A Deemed Warrant Units or Common Units pursuant
to Section 5.5(c)(iii) or in the event a Class A Deemed Warrant Unit is not exercised, such holder shall be allocated
items of loss and deduction equal to such remaining balance.

 

(xiv)    Allocations
with Respect to Class B Preferred Units.

 

(A)      Items
of income or gain for each taxable period shall be allocated to each holder of Class B Preferred Units, in proportion to,
and to the extent of, an amount equal to the excess, if any, of (1) the Class B Stated Liquidation Preference with respect
to such holder’s Class B Preferred Units, over (2) such holder’s existing Capital Account balance in respect of
such Class B Preferred Units, until the Capital Account balance of each such holder in respect of its Class B Preferred
Units is equal to the Class B Stated Liquidation Preference with respect to such holder’s Class B Preferred Units.

 

(B)       Notwithstanding
any other provision of this Section 6.1 (other than the Required Allocations), if (1) the Liquidation Date occurs prior
to the conversion of the last Outstanding Class B Preferred Unit and (2) after having made all other allocations provided
for in this Section 6.1 (other than the allocations provided for in Section 6.1(d)(xv)(B) and Section 6.1(d)(xvi)(C),
if any, which shall be made simultaneously with the allocations in this Section 6.1(d)(xiv)(B)) for the taxable period
in which the Liquidation Date occurs, the Per Unit Capital Amount of each Class B Preferred Unit does not equal the Class B
Stated Liquidation Preference, then items of income, gain, loss and deduction for such taxable period shall be allocated among
the Partners in a manner determined appropriate by the General Partner so as to cause, to the maximum extent possible, the Per
Unit Capital Amount in respect of each Class B Preferred Unit to equal the Class B Stated Liquidation Preference. For
the avoidance of doubt, the reallocation of items set forth in the immediately preceding sentence provides that, to the extent
necessary to achieve the Per Unit Capital Amount balances described above, items of income and gain that would otherwise be included
in Net Income or Net Loss, as the case may be, for the taxable period in which the Liquidation Date occurs, shall be reallocated
from the Unitholders holding Units other than Class B Preferred Units to Unitholders holding Class B Preferred Units.
In the event that (1) the Liquidation Date occurs on or before the date (not including any extension of time) prescribed by law
for the filing of the Partnership’s federal income tax return for the taxable period immediately prior to the taxable period
in which the Liquidation Date occurs and (2) the reallocation of items for the taxable period in which the Liquidation Date occurs
as set forth above in this Section 6.1(d)(xiv)(B) fails to achieve the Per Unit Capital Amounts described above, items
of income, gain, loss and deduction that would otherwise be included in the Net Income or Net Loss, as the case may be, for such
prior taxable period shall be reallocated among all Partners in a manner that will, to the maximum extent possible and after taking
into account all other allocations made pursuant to this Section 6.1(d)(xiv)(B), cause the Per Unit Capital Amount
in respect of each Class B Preferred Unit to equal the Class B Stated Liquidation Preference.

 

     

     

    

 

(xv)     Allocations
with Respect to Class C Preferred Units.

 

(A)      Items
of income or gain for each taxable period shall be allocated to each holder of Class C Preferred Units, in proportion to,
and to the extent of, an amount equal to the excess, if any, of (1) the Class C Stated Liquidation Preference with respect
to such holder’s Class C Preferred Units, over (2) such holder’s existing Capital Account balance in respect of
such Class C Preferred Units, until the Capital Account balance of each such holder in respect of its Class C Preferred
Units is equal to the Class C Stated Liquidation Preference with respect to such holder’s Class C Preferred Units.

 

(B)       Notwithstanding
any other provision of this Section 6.1 (other than the Required Allocations), if (1) the Liquidation Date occurs prior
to the conversion of the last Outstanding Class C Preferred Unit and (2) after having made all other allocations provided
for in this Section 6.1 (other than the allocations provided for in Section 6.1(d)(xiv)(B) and Section 6.1(d)(xvi)(C),
if any, which shall be made simultaneously with the allocations in this Section 6.1(d)(xv)(B)) for the taxable period
in which the Liquidation Date occurs, the Per Unit Capital Amount of each Class C Preferred Unit does not equal the Class C
Stated Liquidation Preference, then items of income, gain, loss and deduction for such taxable period shall be allocated among
the Partners in a manner determined appropriate by the General Partner so as to cause, to the maximum extent possible, the Per
Unit Capital Amount in respect of each Class C Preferred Unit to equal the Class C Stated Liquidation Preference. For
the avoidance of doubt, the reallocation of items set forth in the immediately preceding sentence provides that, to the extent
necessary to achieve the Per Unit Capital Amount balances described above, items of income and gain that would otherwise be included
in Net Income or Net Loss, as the case may be, for the taxable period in which the Liquidation Date occurs, shall be reallocated
from the Unitholders holding Units other than Class C Preferred Units to Unitholders holding Class C Preferred Units.
In the event that (1) the Liquidation Date occurs on or before the date (not including any extension of time) prescribed by law
for the filing of the Partnership’s federal income tax return for the taxable period immediately prior to the taxable period
in which the Liquidation Date occurs and (2) the reallocation of items for the taxable period in which the Liquidation Date occurs
as set forth above in this Section 6.1(d)(xv)(B) fails to achieve the Per Unit Capital Amounts described above, items
of income, gain, loss and deduction that would otherwise be included in the Net Income or Net Loss, as the case may be, for such
prior taxable period shall be reallocated among all Partners in a manner that will, to the maximum extent possible and after taking
into account all other allocations made pursuant to this Section 6.1(d)(xv)(B), cause the Per Unit Capital Amount in
respect of each Class C Preferred Unit to equal the Class C Stated Liquidation Preference.

 

     

     

    

 

(xvi)    Allocations
with respect to Class D Preferred Units.

 

(A)      Items
of Partnership gross income shall be allocated to the Class D Preferred Unit Holders, Pro Rata, until the aggregate amount
of gross income allocated to each Class D Preferred Unit Holder pursuant hereto for the current and all prior taxable periods
is equal to the cumulative amount of all Net Losses allocated to such Class D Preferred Unit Holder pursuant to Section 6.1(b)(ii)
for all previous taxable periods; provided that gross income shall not be allocated pursuant to this Section 6.1(d)(xvi)(A)
to the extent such allocation would cause the Per Unit Capital Amount of a Class D Preferred Unit to exceed the Class D
Liquidation Preference.

 

(B)       To
the extent the Per Unit Capital Amount of each Class D Preferred Unit is less than the Class D Liquidation Preference,
income and gain resulting from a Book-up Event shall be allocated to the holders of Class D Preferred Units, until the Per
Unit Capital Amount of each Class D Preferred Unit is equal to the Class D Liquidation Preference.

 

(C)       Notwithstanding
any other provision of this Section 6.1 (other than the Required Allocations), if (1) the Liquidation Date occurs prior
to the redemption of the last Outstanding Class D Preferred Unit and (2) after having made all other allocations provided
for in this Section 6.1 (other than the allocations provided for in Section 6.1(d)(xiv)(B) and Section 6.1(d)(xv)(B),
if any, which shall be made simultaneously with the allocations in this Section 6.1(d)(xvi)(C)) for the taxable period
in which the Liquidation Date occurs, the Per Unit Capital Amount of each Class D Preferred Unit does not equal the Class D
Liquidation Preference, then items of income, gain, loss and deduction for such taxable period shall be allocated among the Partners
in a manner determined appropriate by the General Partner so as to cause, to the maximum extent possible, the Per Unit Capital
Amount in respect of each Class D Preferred Unit to equal the Class D Liquidation Preference. For the avoidance of doubt,
the reallocation of items set forth in the immediately preceding sentence provides that, to the extent necessary to achieve the
Per Unit Capital Amount balances described above, items of income and gain that would otherwise be included in Net Income, Net
Loss, Net Termination Gain or Net Termination Loss, as the case may be, for the taxable period in which the Liquidation Date occurs,
shall be reallocated from the Unitholders holding Units other than Class D Preferred Units to Unitholders holding Class D
Preferred Units. In the event that (1) the Liquidation Date occurs on or before the date (not including any extension of time)
prescribed by law for the filing of the Partnership’s federal income tax return for the taxable period immediately prior
to the taxable period in which the Liquidation Date occurs and (2) the reallocation of items for the taxable period in which the
Liquidation Date occurs as set forth above in this Section 6.1(d)(xvi)(C) fails to achieve the Per Unit Capital Amounts
described above, items of income, gain, loss and deduction that would otherwise be included in the Net Income or Net Loss, as the
case may be, for such prior taxable period shall be reallocated among all Partners in a manner that will, to the maximum extent
possible and after taking into account all other allocations made pursuant to this Section 6.1(d)(xvi)(C), cause the
Per Unit Capital Amount in respect of each Class D Preferred Unit to equal the Class D Liquidation Preference. If, after
making such allocations, the Per Unit Capital Amount of each Class D Preferred Unit does not equal the Class D Liquidation
Preference, then to the extent the Class D Liquidation Preference exceeds such Capital Account balance, the Partnership will
make a guaranteed payment to the Class D Preferred Unit Holders, Pro Rata, in an aggregate amount equal to the amount of such
excess for all Class D Preferred Units; provided, however, that such guaranteed payment shall not be made unless,
after making the allocations described in Section 6.1(d)(xiv) (if applicable), the Per Unit Capital Amount in respect of
each Class B Preferred Unit equals the Class B Stated Liquidation Preference and, after making the allocations described in Section
6.1(d)(xv) (if applicable), the Per Unit Capital Amount in respect of each Class C Preferred Unit equals the Class C Stated
Liquidation Preference.

 

     

     

    

 

Section 6.2        Allocations
for Tax Purposes.

 

(a)           Except
as otherwise provided herein, for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated
among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated
pursuant to Section 6.1.

 

(b)           In
an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain,
loss, depreciation, amortization and cost recovery deductions shall be allocated for federal income tax purposes among the Partners
in the manner provided under Section 704(c) of the Code, and the Treasury Regulations promulgated under Section 704(b) and 704(c)
of the Code, as determined appropriate by the General Partner (taking into account the General Partner’s discretion under
Section 6.1(d)(x)(C)); provided, that the General Partner shall apply the principles of Treasury Regulation
Section 1.704-3(d) in all events.

 

(c)           The
General Partner may determine to depreciate or amortize the portion of an adjustment under Section 743(b) of the Code attributable
to unrealized appreciation in any Adjusted Property (to the extent of the unamortized Book-Tax Disparity) using a predetermined
rate derived from the depreciation or amortization method and useful life applied to the unamortized Book-Tax Disparity of such
property, despite any inconsistency of such approach with Treasury Regulation Section 1.167(c)-l(a)(6) or any successor regulations
thereto. If the General Partner determines that such reporting position cannot reasonably be taken, the General Partner may adopt
depreciation and amortization conventions under which all purchasers acquiring Limited Partner Interests in the same month would
receive depreciation and amortization deductions, based upon the same applicable rate as if they had purchased a direct interest
in the Partnership’s property. If the General Partner chooses not to utilize such aggregate method, the General Partner may
use any other depreciation and amortization conventions to preserve the uniformity of the intrinsic tax characteristics of any
Limited Partner Interests, so long as such conventions would not have a material adverse effect on the Limited Partners or the
Record Holders of any class or classes of Limited Partner Interests.

 

     

     

    

 

(d)           In
accordance with Treasury Regulation Sections 1.1245-1(e) and 1.1250-1(f), any gain allocated to the Partners upon the sale or other
taxable disposition of any Partnership asset shall, to the extent possible, after taking into account other required allocations
of gain pursuant to this Section 6.2, be characterized as Recapture Income in the same proportions and to the same
extent as such Partners (or their predecessors in interest) have been allocated any deductions directly or indirectly giving rise
to the treatment of such gains as Recapture Income.

 

(e)           All
items of income, gain, loss, deduction and credit recognized by the Partnership for federal income tax purposes and allocated to
the Partners in accordance with the provisions hereof shall be determined without regard to any election under Section 754 of the
Code that may be made by the Partnership; provided, however, that such allocations, once made, shall be adjusted
(in the manner determined by the General Partner) to take into account those adjustments permitted or required by Sections 734
and 743 of the Code.

 

(f)            Each
item of Partnership income, gain, loss and deduction shall, for federal income tax purposes, be determined for each taxable period
and prorated on a monthly basis and shall be allocated to the Partners as of the opening of the National Securities Exchange on
which the Partnership Interests are listed or admitted to trading on the first Business Day of each month; provided, however,
that gain or loss on a sale or other disposition of any assets of the Partnership or any other extraordinary item of income, gain,
loss or deduction as determined by the General Partner, shall be allocated to the Partners as of the opening of the National Securities
Exchange on which the Partnership Interests are listed or admitted to trading on the first Business Day of the month in which such
item is recognized for federal income tax purposes. The General Partner may revise, alter or otherwise modify such methods of allocation
to the extent permitted or required by Section 706 of the Code and the regulations or rulings promulgated thereunder.

 

(g)          Allocations
that would otherwise be made to a Limited Partner under the provisions of this Article VI shall instead be made to the beneficial
owner of Limited Partner Interests held by a nominee in any case in which the nominee has furnished the identity of such owner
to the Partnership in accordance with Section 6031(c) of the Code or any other method determined by the General Partner.

 

     

     

    

 

(h)           If,
as a result of an exercise of a Noncompensatory Option, a Capital Account reallocation is required under Treasury Regulation Section
1.704-1(b)(2)(iv)(s)(3), the General Partner shall make corrective allocations pursuant to Treasury Regulation Section 1.704-1(b)(4)(x).

 

Section 6.3        Requirement
and Characterization of Distributions; Distributions to Record Holders.

 

(a)           Subject
to Section 6.3(b), within 45 days following the end of each Quarter commencing with the Quarter in which the Closing
Date occurred an amount equal to 100% of Available Cash with respect to such Quarter shall be distributed in accordance with this
Article VI by the Partnership to Partners as of the Record Date selected by the General Partner. All amounts of Available
Cash distributed by the Partnership on any date after the Closing Date from any source shall be deemed to be Operating Surplus
until the sum of all amounts of Available Cash theretofore distributed by the Partnership to the Partners pursuant to Section 6.4
equals the Operating Surplus from the Closing Date through the close of the immediately preceding Quarter. Any remaining amounts
of Available Cash distributed by the Partnership on such date shall, except as otherwise provided in Section 6.5, be
deemed to be “Capital Surplus.”

 

(b)          With
respect to the distribution for the Quarter in which the Closing Date occurred, the amount of Available Cash distributed to the
Partners in accordance with Section 6.3(a) shall equal 100% of the Available Cash with respect to such Quarter multiplied
by a fraction of which the numerator is the number of days in the period commencing on the Closing Date and ending on the last
day of the Quarter in which the Closing Date occurred and of which the denominator is the number of days in such Quarter.

 

(c)           Notwithstanding
Section 6.3(a), in the event of the dissolution and liquidation of the Partnership, all cash received during or after
the Quarter in which the Liquidation Date occurs, other than from Working Capital Borrowings, shall be applied and distributed
solely in accordance with, and subject to the terms and conditions of, Section 12.4.

 

(d)           Each
distribution in respect of a Partnership Interest shall be paid by the Partnership, directly or through any Transfer Agent or through
any other Person or agent, only to the Record Holder of such Partnership Interest as of the Record Date set for such distribution.
Such payment shall constitute full payment and satisfaction of the Partnership’s liability in respect of such payment, regardless
of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.

 

Section 6.4        Distributions
of Available Cash from Operating Surplus.

 

Available Cash that is
deemed to be Operating Surplus pursuant to the provisions of Section 6.3 or Section 6.5 shall be distributed
as follows, except as otherwise contemplated by Section 5.6(b) in respect of additional Partnership Interests issued
pursuant thereto (including pursuant to Article V with respect to the Preferred Units):

 

(a)           First,
100% to the General Partner and the Unitholders, Pro Rata, until there has been distributed in respect of each Unit then Outstanding
an amount equal to the Minimum Quarterly Distribution for such Quarter;

 

     

     

    

 

(b)          Second,
100% to the General Partner and the Unitholders, Pro Rata, until there has been distributed in respect of each Unit then Outstanding
an amount equal to the excess of the First Target Distribution over the Minimum Quarterly Distribution for such Quarter;

 

(c)          Third,
(i) to the General Partner in accordance with its Percentage Interest; (ii) 13% to the holders of the Incentive Distribution Rights,
Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses
(i) and (ii) of this clause (c), until there has been distributed in respect of each Unit then Outstanding an amount equal to the
excess of the Second Target Distribution over the First Target Distribution for such Quarter;

 

(d)          Fourth,
(i) to the General Partner in accordance with its Percentage Interest; (ii) 23% to the holders of the Incentive Distribution Rights,
Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses
(i) and (ii) of this clause (d), until there has been distributed in respect of each Unit then Outstanding an amount equal to the
excess of the Third Target Distribution over the Second Target Distribution for such Quarter; and

 

(e)          Thereafter,
(i) to the General Partner in accordance with its Percentage Interest; (ii) 48% to the holders of the Incentive Distribution Rights,
Pro Rata; and (iii) to all Unitholders, Pro Rata, a percentage equal to 100% less the sum of the percentages applicable to subclauses
(i) and (ii) of this clause (e);

 

provided, however, if the Minimum
Quarterly Distribution, the First Target Distribution, the Second Target Distribution and the Third Target Distribution have been
reduced to zero pursuant to the second sentence of Section 6.6(a), the distribution of Available Cash that is deemed
to be Operating Surplus with respect to any Quarter will be made solely in accordance with Section 6.4(e).

 

Section 6.5       Distributions
of Available Cash from Capital Surplus. Available Cash that is deemed to be Capital Surplus pursuant to the provisions
of Section 6.3(a) shall be distributed, unless the provisions of Section 6.3 require otherwise and subject
to Article V with respect to the Preferred Units, 100% to the General Partner and the Unitholders, Pro Rata, until the
Minimum Quarterly Distribution has been reduced to zero pursuant to the second sentence of Section 6.6(a). Available
Cash that is deemed to be Capital Surplus shall then be distributed to the General Partner in accordance with its Percentage Interest.
Thereafter, all Available Cash shall be distributed as if it were Operating Surplus and shall be distributed in accordance with
Section 6.4.

 

Section 6.6        Adjustment
of Minimum Quarterly Distribution and Target Distribution Levels.

 

(a)           The
Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution shall be proportionately
adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise)
of Units or other Partnership Interests in accordance with Section 5.8. In the event of a distribution of Available
Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution,
Second Target Distribution and Third Target Distribution, shall be reduced in the same proportion that the distribution had to
the fair market value of the Common Units immediately prior to the announcement of the distribution. If the Common Units are publicly
traded on a National Securities Exchange, the fair market value will be the Current Market Price before the ex-dividend date. If
the Common Units are not publicly traded, the fair market value will be determined by the Board of Directors.

 

     

     

    

 

(b)          The
Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also
be subject to adjustment pursuant to Section 5.10 and Section 6.9.

 

Section 6.7       Special
Provisions Relating to the Holders of Converted Subordinated Units.

 

(a)           Holders
of converted Subordinated Units shall possess all of the rights and obligations of a Unitholder holding Common Units hereunder
with respect to such converted Subordinated Units, including the right to vote as a Common Unitholder and the right to participate
in allocations of income, gain, loss and deduction and distributions made with respect to Common Units; provided, however,
that such converted Subordinated Units shall remain subject to the provisions of Section 5.5(c)(ii), Section 6.1(d)(x),
Section 6.7(b) and Section 6.7(c).

 

(b)          A
Unitholder shall not be permitted to transfer a converted Subordinated Unit (other than a transfer to an Affiliate) if the remaining
balance in the transferring Unitholder’s Capital Account with respect to the retained converted Subordinated Units would
be negative after giving effect to the allocation under Section 5.5(c)(ii).

 

(c)           The
Unitholder holding a converted Subordinated Unit shall not be issued a Common Unit Certificate pursuant to Section 4.1,
if the Common Units are evidenced by Certificates, and shall not be permitted to transfer such Common Unit to a Person that is
not an Affiliate of the holder until such time as the General Partner determines, based on advice of counsel, that each such Common
Unit should have, as a substantive matter, like intrinsic economic and federal income tax characteristics, in all material respects,
to the intrinsic economic and federal income tax characteristics of an Initial Common Unit. In connection with the condition imposed
by this Section 6.7(c), the General Partner may take whatever steps are required to provide economic uniformity to
such Common Units in preparation for a transfer of such Common Units, including the application of Section 5.5(c)(ii),
Section 6.1(d)(x) and Section 6.7(b); provided, however, that no such steps may be taken
that would have a material adverse effect on the Unitholders holding Common Units.

 

Section 6.8       Special
Provisions Relating to the Holders of Incentive Distribution Rights. Notwithstanding anything to the contrary set
forth in this Agreement, the holders of the Incentive Distribution Rights (a) shall (i) possess the rights and obligations provided
in this Agreement with respect to a Limited Partner pursuant to Article III and Article VII and (ii) have a Capital
Account as a Partner pursuant to Section 5.5 and all other provisions related thereto and (b) shall not (i) be entitled
to vote on any matters requiring the approval or vote of the holders of Outstanding Units, except as provided by law, (ii) be
entitled to any distributions other than as provided in Section 6.4 and Section 12.4 or (iii) be allocated
items of income, gain, loss or deduction other than as specified in this Article VI.

 

     

     

    

 

Section 6.9       Entity-Level
Taxation. If legislation is enacted or the official interpretation of existing legislation is modified by a governmental
authority, which after giving effect to such enactment or modification, results in a Group Member becoming subject to federal,
state or local or non-U.S. income or withholding taxes in excess of the amount of such taxes due from the Group Member prior to
such enactment or modification (including, for the avoidance of doubt, any increase in the rate of such taxation applicable to
the Group Member), then the General Partner may, in its sole discretion, reduce the Minimum Quarterly Distribution, First Target
Distribution, Second Target Distribution and Third Target Distribution by the amount of income or withholding taxes that are payable
by reason of any such new legislation or interpretation (the “Incremental Income Taxes”), or any portion thereof
selected by the General Partner, in the manner provided in this Section 6.9. If the General Partner elects to reduce
the Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution for any
Quarter with respect to all or a portion of any Incremental Income Taxes, the General Partner shall estimate for such Quarter
the Partnership Group’s aggregate liability (the “Estimated Incremental Quarterly Tax Amount”) for all (or the
relevant portion of) such Incremental Income Taxes; provided that any difference between such estimate and the actual liability
for Incremental Income Taxes (or the relevant portion thereof) for such Quarter may, to the extent determined by the General Partner,
be taken into account in determining the Estimated Incremental Quarterly Tax Amount with respect to each Quarter in which any
such difference can be determined. For each such Quarter, the Minimum Quarterly Distribution, First Target Distribution, Second
Target Distribution and Third Target Distribution, shall be the product obtained by multiplying (a) the amounts therefor that
are set out herein prior to the application of this Section 6.9 times (b) the quotient obtained by dividing (i) Available
Cash with respect to such Quarter by (ii) the sum of Available Cash with respect to such Quarter and the Estimated Incremental
Quarterly Tax Amount for such Quarter, as determined by the General Partner. For purposes of the foregoing, Available Cash with
respect to a Quarter will be deemed reduced by the Estimated Incremental Quarterly Tax Amount for that Quarter.

 

Section 6.10      Special
Provisions Relating to the Preferred Holders.

 

(a)           Except
as otherwise provided herein, a Preferred Holder shall not have all of the rights and obligations of a Unitholder holding Common
Units hereunder.

 

(b)           Immediately
upon the conversion of a Preferred Unit into Common Units pursuant to Section 5.11(e), Section 5.12(e)
or Section 5.13(d)(iii), as applicable, the Unitholder holding a Preferred Unit that is converted shall possess all of the
rights and obligations of a Unitholder holding Common Units hereunder, including the right to vote as a Common Unitholder and the
right to participate in allocations of income, gain, loss and deduction and distributions made with respect to Common Units;
provided, however, that a converted Preferred Unit shall remain subject to the provisions of Section 6.10(c).

 

(c)           A
Unitholder holding a Class B Preferred Unit that has converted into a Common Unit pursuant to Section 5.11(e),
a Class C Preferred Unit that has converted into a Common Unit pursuant to Section 5.12(e) or a Class D Preferred
Unit that has converted into a Common Unit pursuant to Section 5.13(d)(iii), shall not be issued a Common Unit Certificate
pursuant to Section 4.1 and shall not be permitted to transfer its converted Class B Preferred Units, its converted
Class C Preferred Unit or converted Class D Preferred Units to a Person that is not an Affiliate of the holder until
such time as the General Partner determines, based on advice of counsel, that upon transfer, each such converted Class B Preferred
Unit, converted Class C Preferred Unit or converted Class D Preferred Unit should have intrinsic economic and U.S. federal
income tax characteristics to the transferee, in all material respects, that are the same as the intrinsic economic and U.S. federal
income tax characteristics that a Common Unit (other than a converted Class B Preferred Unit, converted Class C Preferred
Unit or converted Class D Preferred Unit) would have to such transferee upon transfer, provided that in all events
such determination shall be made within 5 Business Days of the date of conversion or receipt by the Partnership of the notice of
transfer, as applicable. The General Partner shall act in good faith and shall make the determinations set forth in this Section 6.10(c)
as soon as practicable following a Conversion Date or as earlier provided herein.

 

(d)           Except
as expressly set forth herein, all payments and distributions to holders of Preferred Units shall be made ratably to them in accordance
with the Preferred Units held by them.

 

     

     

    

 

Section 6.11     Special
Provisions Relating to Warrants.

 

(a)           For
purposes of maintaining Capital Accounts and for purposes of Section 6.1 and Section 6.2, the 2016 Warrants
shall be treated as exercised for Common Units that are not entitled to any distributions (each such Common Unit being referred
to herein as a “Class A Deemed Warrant Unit”).

 

(b)          A
Unitholder holding a Common Unit that has resulted from the exercise of a Warrant shall not be issued a Common Unit Certificate
pursuant to Section 4.1, if the Common Units are evidenced by Certificates, and shall not be permitted to transfer
such Common Unit to a Person that is not an Affiliate of the holder until such time as the General Partner determines, based on
advice of counsel, that each such Common Unit should have, as a substantive matter, like intrinsic economic and federal income
tax characteristics, in all material respects, to the intrinsic economic and federal income tax characteristics of an Initial Common
Unit. In connection with the condition imposed by this Section 6.11(b), the General Partner may take whatever steps
are required to provide economic uniformity to such Common Units in preparation for a transfer of such Common Units, including
the application of Section 5.5(c)(iii), Section 6.1(d)(xiii) and Section 6.11(b); provided,
however, that no such steps may be taken that would have a material adverse effect on the Unitholders holding Common Units.

 

Article
VII

MANAGEMENT AND OPERATION OF BUSINESS

 

Section 7.1       Management.

 

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

 

     

     

    

 

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

 

(ii)       the
making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having
jurisdiction over the business or assets of the Partnership;

 

(iii)       the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership
or the merger or other combination of the Partnership with or into another Person (the matters described in this clause (iii) being
subject, however, to any prior approval that may be required by Section 7.3 or Article XIV);

 

(iv)       the
use of the assets of the Partnership (including cash on hand) for any purpose consistent with the terms of this Agreement, including
the financing of the conduct of the operations of the Partnership Group; subject to Section 7.6(a), the lending of
funds to other Persons (including other Group Members); the repayment or guarantee of obligations of any Group Member; and the
making of capital contributions to any Group Member;

 

(v)       the
negotiation, execution and performance of any contracts, conveyances or other instruments (including instruments that limit the
liability of the Partnership under contractual arrangements to all or particular assets of the Partnership, with the other party
to the contract to have no recourse against the General Partner or its assets other than its interest in the Partnership, even
if same results in the terms of the transaction being less favorable to the Partnership than would otherwise be the case);

 

(vi)       the
distribution of Partnership cash;

 

(vii)      the
selection and dismissal of employees (including employees having titles such as “president,” “vice president,”
“secretary” and “treasurer”) and agents, outside attorneys, accountants, consultants and contractors and
the determination of their compensation and other terms of employment or hiring;

 

(viii)    the
maintenance of insurance for the benefit of the Partnership Group, the Partners and Indemnitees;

 

     

     

    

 

(ix)       the
formation of, or acquisition of an interest in, and the contribution of property and the making of loans to, any further limited
or general partnerships, joint ventures, corporations, limited liability companies or other Persons (including the acquisition
of interests in, and the contributions of property to, any Group Member from time to time) subject to the restrictions set forth
in Section 2.4;

 

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

 

(xi)       the
indemnification of any Person against liabilities and contingencies to the extent permitted by law;

 

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

 

(xiii)     the
purchase, sale or other acquisition or disposition of Partnership Interests, or the issuance of options, rights, warrants and appreciation
rights relating to Partnership Interests;

 

(xiv)    the
undertaking of any action in connection with the Partnership’s participation in any Group Member; and

 

(xv)     the
entering into of agreements with any of its Affiliates to render services to a Group Member or to itself in the discharge of its
duties as General Partner of the Partnership.

 

(b)           Notwithstanding
any other provision of this Agreement, any Group Member Agreement, the Delaware Act or any applicable law, rule or regulation,
each of the Partners and each other Person who may acquire an interest in Partnership Interests or is otherwise bound by this Agreement
hereby (i) approves, ratifies and confirms the execution, delivery and performance by the parties thereto of this Agreement, any
Group Member Agreement of any other Group Member, the Contribution, Purchase and Sale Agreement, Underwriting Agreement and the
other agreements described in or filed as exhibits to the Registration Statement that are related to the transactions contemplated
by the Registration Statement (in each case other than this Agreement, without giving effect to any amendments, supplements or
restatements after the date hereof); (ii) agrees that the General Partner (on its own or on behalf of the Partnership) is authorized
to execute, deliver and perform the agreements referred to in clause (i) of this sentence and the other agreements, acts, transactions
and matters described in or contemplated by the Registration Statement and the Contribution, Purchase and Sale Agreement on behalf
of the Partnership without any further act, approval or vote of the Partners or the other Persons who may acquire an interest in
Partnership Interests or is otherwise bound by this Agreement; and (iii) agrees that the execution, delivery or performance by
the General Partner, any Group Member or any Affiliate of any of them of this Agreement or any agreement authorized or permitted
under this Agreement (including the exercise by the General Partner or any Affiliate of the General Partner of the rights accorded
pursuant to Article XV) shall not constitute a breach by the General Partner of any duty that the General Partner may owe
the Partnership or the Limited Partners or any other Persons under this Agreement (or any other agreements) or of any duty existing
at law, in equity or otherwise.

 

     

     

    

 

Section 7.2       Certificate
of Limited Partnership. The General Partner has caused the Certificate of Limited Partnership to be filed with
the Secretary of State of the State of Delaware as required by the Delaware Act. The General Partner shall use all reasonable
efforts to cause to be filed such other certificates or documents that the General Partner determines to be necessary or appropriate
for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners
have limited liability) in the State of Delaware or any other state in which the Partnership may elect to do business or own property.
To the extent the General Partner determines such action to be necessary or appropriate, the General Partner shall file amendments
to and restatements of the Certificate of Limited Partnership and do all things to maintain the Partnership as a limited partnership
(or a partnership or other entity in which the limited partners have limited liability) under the laws of the State of Delaware
or of any other state in which the Partnership may elect to do business or own property. Subject to the terms of Section 3.4(a),
the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Limited Partnership,
any qualification document or any amendment thereto to any Limited Partner.

 

Section 7.3        Restrictions
on the General Partner’s Authority. Except as provided in Article XII and Article XIV, the
General Partner may not sell, exchange or otherwise dispose of all or substantially all of the assets of the Partnership Group,
taken as a whole, in a single transaction or a series of related transactions without the approval of holders of a Unit Majority;
provided, however, that this provision shall not preclude or limit the General Partner’s ability to, in the best interest
of the Partnership Group, mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the assets
of the Partnership Group and shall not apply to any forced sale of any or all of the assets of the Partnership Group pursuant
to the foreclosure of, or other realization upon, any such encumbrance.

 

Section 7.4        Reimbursement
of the General Partner.

 

(a)           Except
as provided in this Section 7.4 and elsewhere in this Agreement, the General Partner shall not be compensated for its
services as a general partner or managing member of any Group Member.

 

(b)           The
General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine, for (i) all direct
and indirect expenses it incurs or payments it makes on behalf of the Partnership Group (including salary, bonus, incentive compensation
and other amounts paid to any Person, including Affiliates of the General Partner, to perform services for the Partnership Group
or for the General Partner in the discharge of its duties to the Partnership Group), and (ii) all other expenses allocable to the
Partnership Group or otherwise incurred by the General Partner in connection with operating the Partnership Group’s business
(including expenses allocated to the General Partner by its Affiliates). The General Partner shall determine the expenses that
are allocable to the General Partner or the Partnership Group. Reimbursements pursuant to this Section 7.4 shall be
in addition to any reimbursement to the General Partner as a result of indemnification pursuant to Section 7.7.

 

     

     

    

 

(c)           The
General Partner, without the approval of the Limited Partners (who shall have no right to vote in respect thereof), may propose
and adopt on behalf of the Partnership benefit plans, programs and practices (including plans, programs and practices involving
the issuance of Partnership Interests or options to purchase or rights, warrants or appreciation rights or phantom or tracking
interests relating to Partnership Interests), or cause the Partnership to issue Partnership Interests in connection with, or pursuant
to, any benefit plan, program or practice maintained or sponsored by the General Partner or any of its Affiliates, in each case
for the benefit of employees and directors of the General Partner or any of its Affiliates, in respect of services performed, directly
or indirectly, for the benefit of the Partnership Group. The Partnership agrees to issue and sell to the General Partner or any
of its Affiliates any Partnership Interests that the General Partner or such Affiliates are obligated to provide to any employees
and directors pursuant to any such benefit plans, programs or practices. Expenses incurred by the General Partner in connection
with any such plans, programs and practices (including the net cost to the General Partner or such Affiliates of Partnership Interests
purchased by the General Partner or such Affiliates, from the Partnership, to fulfill options or awards under such plans, programs
and practices) shall be reimbursed in accordance with Section 7.4(b). Any and all obligations of the General Partner
under any benefit plans, programs or practices adopted by the General Partner as permitted by this Section 7.4(c) shall
constitute obligations of the General Partner hereunder and shall be assumed by any successor General Partner approved pursuant
to Section 11.1 or Section 11.2 or the transferee of or successor to all of the General Partner’s
General Partner Interest pursuant to Section 4.6.

 

(d)          The
General Partner and its Affiliates may charge any member of the Partnership Group a management fee to the extent necessary to allow
the Partnership Group to reduce the amount of any state franchise or income tax or any tax based upon the revenues or gross margin
of any member of the Partnership Group if the tax benefit produced by the payment of such management fee or fees exceeds the amount
of such fee or fees.

 

Section 7.5       Outside
Activities.

 

(a)           The
General Partner, for so long as it is the General Partner of the Partnership (i) agrees that its sole business will be to act as
a general partner or managing member, as the case may be, of the Partnership and any other partnership or limited liability company
of which the Partnership is, directly or indirectly, a partner or member and to undertake activities that are ancillary or related
thereto (including being a Limited Partner in the Partnership) and (ii) shall not engage in any business or activity or incur any
debts or liabilities except in connection with or incidental to (A) its performance as general partner or managing member, if any,
of one or more Group Members as described and contemplated by this Agreement or the Registration Statement, or (B) the acquiring,
owning or disposing of debt securities or equity interests in any Group Member.

 

     

     

    

 

 

(b)       Each
Indemnitee (other than the General Partner) shall have the right to engage in businesses of every type and description and other
activities for profit and to engage in and possess an interest in other business ventures of any and every type or description,
whether in businesses engaged in or anticipated to be engaged in by any Group Member, independently or with others, including business
interests and activities in direct competition with the business and activities of any Group Member, and none of the same shall
constitute a breach of this Agreement or any duty otherwise existing at law, in equity or otherwise, to any Group Member or any
Partner. None of any Group Member, any Limited Partner or any other Person shall have any rights by virtue of this Agreement, any
Group Member Agreement, or the partnership relationship established hereby in any outside business ventures of any Indemnitee.

 

(c)       Subject
to the terms of the limited liability company agreement of the General Partner, as may be amended from time to time, Section 7.5(a)
and (b), but otherwise notwithstanding anything to the contrary in this Agreement, (i) the engaging in competitive activities by
any Indemnitee (other than the General Partner) in accordance with the provisions of this Section 7.5 is hereby approved
by the Partnership and all Partners, (ii) it shall be deemed not to be a breach of any fiduciary duty or any other obligation of
any type whatsoever of the General Partner or any other Indemnitee for the Indemnitees (other than the General Partner) to engage
in such business interests and activities in preference to or to the exclusion of the Partnership and (iii) the Indemnitees shall
have no obligation hereunder or as a result of any duty otherwise existing at law, in equity or otherwise, to present business
opportunities to the Partnership. Notwithstanding anything to the contrary in this Agreement, the doctrine of corporate opportunity,
or any analogous doctrine, shall not apply to any Indemnitee (including the General Partner). No Indemnitee (including the General
Partner) who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for
the Partnership shall have any duty to communicate or offer such opportunity to the Partnership, and such Indemnitee (including
the General Partner) shall not be liable to the Partnership, to any Limited Partner or any other Person for breach of any fiduciary
or other duty by reason of the fact that such Indemnitee (including the General Partner) pursues or acquires for itself, directs
such opportunity to another Person or does not communicate such opportunity or information to the Partnership; provided such Indemnitee
does not engage in such business or activity as a result of or using confidential or proprietary information provided by or on
behalf of the Partnership to such Indemnitee.

 

(d)       The
General Partner and each of its Affiliates may acquire Units or other Partnership Interests in addition to those acquired on the
Closing Date and, except as otherwise provided in this Agreement, shall be entitled to exercise, at their option, all rights relating
to all Units and/or other Partnership Interests acquired by them. The term “Affiliates” when used in this Section 7.5(d)
with respect to the General Partner shall not include any Group Member.

 

(e)       Notwithstanding
anything to the contrary in this Agreement, (i) to the extent that any provision of this Agreement purports or is interpreted to
have the effect of restricting the fiduciary duties that might otherwise, as a result of Delaware or other applicable law, be owed
by the General Partner to the Partnership and its Limited Partners, or to constitute a waiver or consent by the Limited Partners
to any such restriction, such provisions shall be deemed to have been approved by the Partners and (ii) nothing in this Agreement
shall limit or otherwise affect any separate contractual obligations outside of this Agreement of any Person (including any Indemnitee)
to the Partnership or any of its Affiliates.

 

     

     

    

 

Section 7.6            Loans
from the General Partner; Loans or Contributions from the Partnership or Group Members.

 

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

 

(b)       The
Partnership may lend or contribute to any Group Member, and any Group Member may borrow from the Partnership, funds on terms and
conditions determined by the General Partner. No Group Member may lend funds to the General Partner or any of its Affiliates (other
than another Group Member).

 

(c)       No
borrowing by any Group Member or the approval thereof by the General Partner shall be deemed to constitute a breach of any duty
hereunder or otherwise existing at law, in equity or otherwise, of the General Partner or its Affiliates to the Partnership or
the Limited Partners by reason of the fact that the purpose or effect of such borrowing is directly or indirectly to enable distributions
to the General Partner or its Affiliates (including in their capacities as Limited Partners) to exceed the General Partner’s
Percentage Interest of the total amount distributed to all Partners.

 

Section 7.7           Indemnification.

 

(a)       To
the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, all Indemnitees shall
be indemnified and held harmless by the Partnership from and against any and all losses, claims, damages, liabilities, joint or
several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising
from any and all threatened, pending or completed claims, demands, actions, suits or proceedings, whether civil, criminal, administrative
or investigative, and whether formal or informal and including appeals, in which any Indemnitee may be involved, or is threatened
to be involved, as a party or otherwise, by reason of its status as an Indemnitee and acting (or refraining to act) in such capacity;
provided, that an Indemnitee shall not be indemnified and held harmless pursuant to this Agreement if there has been a final
and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which the
Indemnitee is seeking indemnification pursuant to this Agreement, the Indemnitee acted in bad faith or engaged in fraud, willful
misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct was unlawful. Any indemnification
pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, it being agreed that the General
Partner shall not be personally liable for such indemnification and shall have no obligation to contribute or loan any monies or
property to the Partnership to enable it to effectuate such indemnification.

 

     

     

    

 

(b)       To
the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an Indemnitee who is indemnified
pursuant to Section 7.7(a) in defending any claim, demand, action, suit or proceeding shall, upon receipt by the Partnership
of any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be ultimately determined that the Indemnitee
is not entitled to be indemnified as authorized by this Section 7.7, be advanced by the Partnership, from time to time,
prior to a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter
for which the Indemnitee is seeking indemnification pursuant to this Section 7.7, the Indemnitee is not entitled to
be indemnified.

 

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

 

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

 

(e)       For
purposes of this Section 7.7, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary
of an employee benefit plan whenever the performance by an Indemnitee of its duties to the Partnership also imposes duties on,
or otherwise involves services by, the Indemnitee to the plan or participants or beneficiaries of the plan; excise taxes assessed
on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” within
the meaning of Section 7.7(a); and action taken or omitted by it with respect to any employee benefit plan in the performance
of its duties for a purpose reasonably believed by it to be in the best interest of the participants and beneficiaries of the plan
shall be deemed to be for a purpose that is in the best interests of the Partnership.

 

(f)        In
no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth
in this Agreement.

 

(g)       An
Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the Indemnitee had
an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by
the terms of this Agreement.

 

     

     

    

 

(h)       The
provisions of this Section 7.7 are for the benefit of the Indemnitees and their heirs, successors, assigns, executors
and administrators and shall not be deemed to create any rights for the benefit of any other Persons.

 

(i)        No
amendment, modification or repeal of this Section 7.7 or any provision hereof shall in any manner terminate, reduce
or impair the right of any past, present or future Indemnitee to be indemnified by the Partnership, nor the obligations of the
Partnership to indemnify any such Indemnitee under and in accordance with the provisions of this Section 7.7 as in
effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring,
in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

Section 7.8            Liability
of Indemnitees.

 

(a)       Notwithstanding
anything to the contrary set forth in this Agreement, no Indemnitee shall be liable for monetary damages to the Partnership, the
Limited Partners, or any other Persons who have acquired interests in the Partnership Interests, for losses sustained or liabilities
incurred as a result of any act or omission of an Indemnitee unless there has been a final and non-appealable judgment entered
by a court of competent jurisdiction determining that, in respect of the matter in question, the Indemnitee acted in bad faith
or engaged in fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s
conduct was criminal.

 

(b)       Subject
to its obligations and duties as General Partner set forth in Section 7.1(a), the General Partner may exercise any
of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or
through its agents, and the General Partner shall not be responsible for any misconduct or negligence on the part of any such agent
appointed by the General Partner in good faith.

 

(c)       To
the extent that, at law or in equity, an Indemnitee has duties (including fiduciary duties) and liabilities relating thereto to
the Partnership or to the Partners, the General Partner and any other Indemnitee acting in connection with the Partnership’s
business or affairs shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this
Agreement.

 

(d)       Any
amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not
in any way affect the limitations on the liability of the Indemnitees under this Section 7.8 as in effect immediately
prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole
or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

     

     

    

 

Section 7.9           Resolution
of Conflicts of Interest; Standards of Conduct and Modification of Duties.

 

(a)       Unless
otherwise expressly provided in this Agreement or any Group Member Agreement, whenever a potential conflict of interest exists
or arises between the General Partner or any of its Affiliates, on the one hand, and the Partnership, any Group Member or any Partner,
on the other, any resolution or course of action by the General Partner or its Affiliates in respect of such conflict of interest
shall be permitted and deemed approved by all Partners, and shall not constitute a breach of this Agreement, of any Group Member
Agreement, of any agreement contemplated herein or therein, or of any duty stated or implied by law or equity, if the resolution
or course of action in respect of such conflict of interest is (i) approved by Special Approval, (ii) approved by the vote of a
majority of the Common Units (excluding Common Units owned by the General Partner and its Affiliates), (iii) on terms no less favorable
to the Partnership than those generally being provided to or available from unrelated third parties or (iv) fair and reasonable
to the Partnership, taking into account the totality of the relationships between the parties involved (including other transactions
that may be particularly favorable or advantageous to the Partnership). The General Partner shall be authorized but not required
in connection with its resolution of such conflict of interest to seek Special Approval or Unitholder approval of such resolution,
and the General Partner may also adopt a resolution or course of action that has not received Special Approval or Unitholder approval.
If Special Approval is sought, then it shall be presumed that, in making its decision, the Conflicts Committee acted in good faith,
and if neither Special Approval nor Unitholder approval is sought and the Board of Directors determines that the resolution or
course of action taken with respect to a conflict of interest satisfies either of the standards set forth in clauses (iii) or (iv)
above, then it shall be presumed that, in making its decision, the Board of Directors acted in good faith, and in any proceeding
brought by any Limited Partner or by or on behalf of such Limited Partner or any other Limited Partner or the Partnership challenging
such approval, the Person bringing or prosecuting such proceeding shall have the burden of overcoming such presumption. Notwithstanding
anything to the contrary in this Agreement or any duty otherwise existing at law or equity, the existence of the conflicts of interest
described in the Registration Statement are hereby approved by all Partners and shall not constitute a breach of this Agreement
or of any duty hereunder or existing at law, in equity or otherwise.

 

(b)       Whenever
the General Partner, or any committee of the Board of Directors (including the Conflicts Committee), makes a determination or takes
or declines to take any other action, or any of its Affiliates causes the General Partner to do so, in its capacity as the general
partner of the Partnership as opposed to in its individual capacity, whether under this Agreement, any Group Member Agreement or
any other agreement contemplated hereby or otherwise, then, unless another express standard is provided for in this Agreement,
the General Partner, such committee or such Affiliates causing the General Partner to do so, shall make such determination or take
or decline to take such other action in good faith and shall not be subject to any other or different standards (including fiduciary
standards) imposed by this Agreement, any Group Member Agreement, any other agreement contemplated hereby or under the Delaware
Act or any other law, rule or regulation or at equity. In order for a determination or other action to be in “good faith”
for purposes of this Agreement, the Person or Persons making such determination or taking or declining to take such other action
must believe that the determination or other action is in the best interests of the Partnership.

 

     

     

    

 

(c)       Whenever
the General Partner makes a determination or takes or declines to take any other action, or any of its Affiliates causes it to
do so, in its individual capacity as opposed to in its capacity as the general partner of the Partnership, whether under this Agreement,
any Group Member Agreement or any other agreement contemplated hereby or otherwise, then the General Partner, or such Affiliates
causing it to do so, are entitled, to the fullest extent permitted by law, to make such determination or to take or decline to
take such other action free of any duty (including any fiduciary duty) or obligation whatsoever to the Partnership, any Limited
Partner, and any other Person bound by this Agreement, and the General Partner, or such Affiliates causing it to do so, shall not,
to the fullest extent permitted by law, be required to act in good faith or pursuant to any other standard imposed by this Agreement,
any Group Member Agreement, any other agreement contemplated hereby or under the Delaware Act or any other law, rule or regulation
or at equity. By way of illustration and not of limitation, whenever the phrases, “at the option of the General Partner,”
“in its sole discretion” or some variation of those phrases, are used in this Agreement, it indicates that the General
Partner is acting in its individual capacity. For the avoidance of doubt, whenever the General Partner votes or transfers its Partnership
Interests, or refrains from voting or transferring its Partnership Interests, it shall be acting in its individual capacity.

 

(d)       The
General Partner’s organizational documents may provide that determinations to take or decline to take any action in its individual,
rather than representative, capacity may or shall be determined by its members, if the General Partner is a limited liability company,
stockholders, if the General Partner is a corporation, or the members or stockholders of the General Partner’s general partner,
if the General Partner is a partnership.

 

(e)       Notwithstanding
anything to the contrary in this Agreement, the General Partner and its Affiliates shall have no duty or obligation, express or
implied, to (i) sell or otherwise dispose of any asset of the Partnership Group other than in the ordinary course of business or
(ii) permit any Group Member to use any facilities or assets of the General Partner and its Affiliates, except as may be provided
in contracts entered into from time to time specifically dealing with such use. Any determination by the General Partner or any
of its Affiliates to enter into such contracts shall be in its sole discretion.

 

(f)       Except
as expressly set forth in this Agreement or the Delaware Act, neither the General Partner nor any other Indemnitee shall have any
duties or liabilities, including fiduciary duties, to the Partnership or any Limited Partner and the provisions of this Agreement,
to the extent that they restrict, eliminate or otherwise modify the duties and liabilities, including fiduciary duties, of the
General Partner or any other Indemnitee otherwise existing at law or in equity, are agreed by the Partners to replace such other
duties and liabilities of the General Partner or such other Indemnitee.

 

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

 

Section 7.10         Other
Matters Concerning the General Partner.

 

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

 

     

     

    

 

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

 

(c)       The
General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers, a duly appointed attorney or attorneys-in-fact or the duly authorized officers of the Partnership.

 

Section 7.11        Purchase
or Sale of Partnership Interests. Subject to Section 5.11(d), Section 5.12(d) and Section 5.13(d),
the General Partner may cause the Partnership to purchase or otherwise acquire Partnership Interests. As long as Partnership Interests
are held by any Group Member, such Partnership Interests shall not be considered Outstanding for any purpose, except as otherwise
provided herein. The General Partner or any Affiliate of the General Partner may also purchase or otherwise acquire and sell or
otherwise dispose of Partnership Interests for its own account, subject to the provisions of Article IV and Article X.

 

Section 7.12          Reliance
by Third Parties. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership
shall be entitled to assume that the General Partner and any officer of the General Partner authorized by the General Partner to
act on behalf of and in the name of the Partnership has full power and authority to encumber, sell or otherwise use in any manner
any and all assets of the Partnership and to enter into any authorized contracts on behalf of the Partnership, and such Person
shall be entitled to deal with the General Partner or any such officer as if it were the Partnership’s sole party in interest,
both legally and beneficially. Each Limited Partner hereby waives, to the fullest extent permitted by law, any and all defenses
or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner or
any such officer in connection with any such dealing. In no event shall any Person dealing with the General Partner or any such
officer or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire
into the necessity or expedience of any act or action of the General Partner or any such officer or its representatives. Each and
every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives
shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the
execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (b) the Person
executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf
of the Partnership and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms
and provisions of this Agreement and is binding upon the Partnership.

 

     

     

    

 

Article
VIII

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

Section 8.1          Records
and Accounting. The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate
books and records with respect to the Partnership’s business, including all books and records necessary to provide to the
Limited Partners any information required to be provided pursuant to Section 3.4(a). Any books and records maintained
by or on behalf of the Partnership in the regular course of its business, including the record of the Record Holders of Units
or other Partnership Interests, books of account and records of Partnership proceedings, may be kept on, or be in the form of,
computer disks, hard drives, magnetic tape, photographs, micrographics or any other information storage device; provided,
that the books and records so maintained are convertible into clearly legible written form within a reasonable period of time.
The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with U.S.
GAAP. The Partnership shall not be required to keep books maintained on a cash basis and the General Partner shall be permitted
to calculate cash-based measures, including Operating Surplus and Adjusted Operating Surplus, by making such adjustments to its
accrual basis books to account for non-cash items and other adjustments as the General Partner determines to be necessary or appropriate.

 

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

 

Section 8.3            Reports.

 

(a)       As
soon as practicable, but in no event later than 90 days after the close of each fiscal year of the Partnership, the General Partner
shall cause to be mailed or made available, by any reasonable means, to each Record Holder of a Unit as of a date selected by the
General Partner, an annual report containing financial statements of the Partnership for such fiscal year of the Partnership, presented
in accordance with U.S. GAAP, including a balance sheet and statements of operations, Partnership equity and cash flows, such statements
to be audited by a firm of independent public accountants selected by the General Partner.

 

(b)       As
soon as practicable, but in no event later than 45 days after the close of each Quarter except the last Quarter of each fiscal
year, the General Partner shall cause to be mailed or made available, by any reasonable means to each Record Holder of a Unit,
as of a date selected by the General Partner, a report containing unaudited financial statements of the Partnership and such other
information as may be required by applicable law, regulation or rule of any National Securities Exchange on which the Units are
listed or admitted to trading, or as the General Partner determines to be necessary or appropriate.

 

(c)       The
General Partner shall be deemed to have made a report available to each Record Holder as required by this Section 8.3
if it has either (i) filed such report with the Commission via its Electronic Data Gathering, Analysis and Retrieval system and
such report is publicly available on such system or (ii) made such report available on any publicly available website maintained
by the Partnership.

 

     

     

    

 

Article
IX

TAX MATTERS

 

Section 9.1          Tax
Returns and Information. The Partnership shall timely file all returns of the Partnership that are required for
federal, state and local income tax purposes on the basis of the accrual method and the taxable period or years that it is required
by law to adopt, from time to time, as determined by the General Partner. In the event the Partnership is required to use a taxable
period other than a year ending on December 31, the General Partner shall use reasonable efforts to change the taxable period
of the Partnership to a year ending on December 31. The tax information (including any information necessary for unrelated business
tax income calculations) reasonably required by Record Holders for federal and state income tax reporting purposes with respect
to a taxable period shall be furnished to them within 90 days of the close of the calendar year in which the Partnership’s
taxable period ends. The classification, realization and recognition of income, gain, losses and deductions and other items shall
be on the accrual method of accounting for federal income tax purposes.

 

Section 9.2            Tax
Elections.

 

(a)       The
Partnership shall make the election under Section 754 of the Code in accordance with applicable regulations thereunder, subject
to the reservation of the right to seek to revoke any such election upon the General Partner’s determination that such revocation
is in the best interests of the Limited Partners. Notwithstanding any other provision herein contained, for the purposes of computing
the adjustments under Section 743(b) of the Code, the General Partner shall be authorized (but not required) to adopt a convention
whereby the price paid by a transferee of a Limited Partner Interest will be deemed to be the lowest quoted closing price of the
Limited Partner Interests on any National Securities Exchange on which such Limited Partner Interests are listed or admitted to
trading during the calendar month in which such transfer is deemed to occur pursuant to Section 6.2(f) without regard
to the actual price paid by such transferee.

 

(b)       Except
as otherwise provided herein, the General Partner shall determine whether the Partnership should make any other elections permitted
by the Code.

 

Section 9.3           Tax
Controversies.

 

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

 

(b)       With
respect to tax returns filed for taxable years beginning on or after December 31, 2017, the General Partner (or its designee) will
be designated as the “partnership representative” in accordance with the rules prescribed pursuant to Section 6223
of the Code and shall have the sole authority to act on behalf of the Partnership in connection with all examinations of the Partnership’s
affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional
services and costs associated therewith. The General Partner (or its designee) shall exercise, in its sole discretion, any and
all authority of the “partnership representative” under the Code, including, without limitation, (i) binding the Partnership
and its Partners with respect to tax matters and (ii) determining whether to make any available election under Section 6226 of
the Code.

 

     

     

    

 

Section 9.4           Withholding;
Tax Payments.

 

(a)       The
General Partner may treat taxes paid by the Partnership on behalf of all or less than all of the Partners, either as a distribution
of cash to such Partners or as a general expense of the Partnership, as determined appropriate under the circumstances by the General
Partner.

 

(b)       Notwithstanding
any other provision of this Agreement, the General Partner is authorized to take any action that may be required to cause the Partnership
and other Group Members to comply with any withholding requirements established under the Code or any other federal, state or local
law including pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required or elects
to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner
(including by reason of Section 1446 of the Code), the General Partner may treat the amount withheld as a distribution of cash
pursuant to Article VI or Section 12.4(c) in the amount of such withholding from such Partner.

 

Article
X

ADMISSION OF PARTNERS

 

Section 10.1         Admission
of Limited Partners.

 

(a)       Upon
the issuance by the Partnership of Common Units to the Underwriters as described in Article V in connection with the Initial
Public Offering, such parties were automatically admitted to the Partnership as Limited Partners in respect of the Common Units
issued to them.

 

(b)       By
acceptance of the transfer of any Limited Partner Interests in accordance with Article IV or the acceptance of any Limited
Partner Interests issued pursuant to Article V or pursuant to a merger or consolidation or conversion pursuant to Article
XIV, and except as provided in Section 4.9, each transferee of, or other such Person acquiring, a Limited Partner
Interest (including any nominee holder or an agent or representative acquiring such Limited Partner Interests for the account of
another Person) (i) shall be admitted to the Partnership as a Limited Partner with respect to the Limited Partner Interests so
transferred or issued to such Person when any such transfer or admission is reflected in the books and records of the Partnership
and such Limited Partner becomes the Record Holder of the Limited Partner Interests so transferred, (ii) shall become bound, and
shall be deemed to have agreed to be bound, by the terms of this Agreement, (iii) represents that the transferee or other recipient
has the capacity, power and authority to enter into this Agreement and (iv) makes the consents, acknowledgements and waivers contained
in this Agreement, all with or without execution of this Agreement by such Person. The transfer of any Limited Partner Interests
and the admission of any new Limited Partner shall not constitute an amendment to this Agreement. A Person may become a Limited
Partner or Record Holder of a Limited Partner Interest without the consent or approval of any of the Partners. A Person may not
become a Limited Partner without acquiring a Limited Partner Interest and until such Person is reflected in the books and records
of the Partnership as the Record Holder of such Limited Partner Interest. The rights and obligations of a Person who is an Ineligible
Holder shall be determined in accordance with Section 4.9.

 

     

     

    

 

(c)       The
name and mailing address of each Limited Partner shall be listed on the books and records of the Partnership maintained for such
purpose by the Partnership or the Transfer Agent. The General Partner shall update the books and records of the Partnership from
time to time as necessary to reflect accurately the information therein (or shall cause the Transfer Agent to do so, as applicable).
A Limited Partner Interest may be represented by a Certificate, as provided in Section 4.1.

 

(d)       Any
transfer of a Limited Partner Interest shall not entitle the transferee to share in the profits and losses, to receive distributions,
to receive allocations of income, gain, loss, deduction or credit or any similar item or to any other rights to which the transferor
was entitled until the transferee becomes a Limited Partner pursuant to Section 10.1(b).

 

Section 10.2        Admission
of Successor General Partner. A successor General Partner approved pursuant to Section 11.1 or Section 11.2
or the transferee of or successor to all of the General Partner Interest pursuant to Section 4.6 who is proposed
to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately
prior to the withdrawal or removal of the predecessor or transferring General Partner, pursuant to Section 11.1 or
Section 11.2 or the transfer of the General Partner Interest pursuant to Section 4.6, provided,
however, that no such successor shall be admitted to the Partnership until compliance with the terms of Section 4.6
has occurred and such successor has executed and delivered such other documents or instruments as may be required to effect
such admission. Any such successor shall, subject to the terms hereof, carry on the business of the members of the Partnership
Group without dissolution.

 

Section 10.3         Amendment
of Agreement and Certificate of Limited Partnership. To effect the admission to the Partnership of any Partner,
the General Partner shall take all steps necessary or appropriate under the Delaware Act to amend the records of the Partnership
to reflect such admission and, if necessary, to prepare as soon as practicable an amendment to this Agreement and, if required
by law, the General Partner shall prepare and file an amendment to the Certificate of Limited Partnership.

 

Article
XI

WITHDRAWAL OR REMOVAL OF PARTNERS

 

Section 11.1         Withdrawal
of the General Partner.

 

(a)       The
General Partner shall be deemed to have withdrawn from the Partnership upon the occurrence of any one of the following events (each
such event herein referred to as an “Event of Withdrawal”);

 

     

     

    

 

(i)          The
General Partner voluntarily withdraws from the Partnership by giving written notice to the other Partners;

 

(ii)         The
General Partner transfers all of its General Partner Interest pursuant to Section 4.6;

 

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

 

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

 

(v)         A
final and non-appealable order of relief under Chapter 7 of the United States Bankruptcy Code is entered by a court with appropriate
jurisdiction pursuant to a voluntary or involuntary petition by or against the General Partner; or

 

(vi)        (A)
In the event the General Partner is a corporation, a certificate of dissolution or its equivalent is filed for the General Partner,
or 90 days expire after the date of notice to the General Partner of revocation of its charter without a reinstatement of its charter,
under the laws of its state of incorporation; (B) in the event the General Partner is a partnership or a limited liability company,
the dissolution and commencement of winding up of the General Partner; (C) in the event the General Partner is acting in such capacity
by virtue of being a trustee of a trust, the termination of the trust; (D) in the event the General Partner is a natural person,
his death or adjudication of incompetency; and (E) otherwise in the event of the termination of the General Partner.

 

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

 

(b)       Withdrawal
of the General Partner from the Partnership upon the occurrence of an Event of Withdrawal shall not constitute a breach of this
Agreement under the following circumstances:

 

(i)           at
any time during the period beginning on the Closing Date and ending at 11:59 p.m., prevailing Central Time, on the first day of
the first Quarter beginning after the tenth anniversary of the Closing Date, the General Partner voluntarily withdraws by giving
at least 90 days’ advance written notice of its intention to withdraw to the Limited Partners; provided, that prior
to the effective date of such withdrawal, the withdrawal is approved by Unitholders holding at least a majority of the Outstanding
Common Units (excluding Common Units held by the General Partner and its Affiliates) and the General Partner delivers to the Partnership
an Opinion of Counsel (“Withdrawal Opinion of Counsel”) that such withdrawal (following the selection
of the successor General Partner) would not result in the loss of the limited liability under the Delaware Act of any Limited Partner
or cause any Group Member to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal
income tax purposes (to the extent not already so treated or taxed);

 

     

     

    

 

(ii)          at
any time after 11:59 p.m., prevailing Central Time, on the first day of the first Quarter beginning after the tenth anniversary
of the Closing Date, the General Partner voluntarily withdraws by giving at least 90 days’ advance written notice to the
Unitholders, such withdrawal to take effect on the date specified in such notice;

 

(iii)         at
any time that the General Partner ceases to be the General Partner pursuant to Section 11.1(a)(ii) or is removed pursuant
to Section 11.2; or

 

(iv)         notwithstanding
clause (i) of this sentence, at any time that the General Partner voluntarily withdraws by giving at least 90 days’ advance
written notice of its intention to withdraw to the Limited Partners, such withdrawal to take effect on the date specified in the
notice, if at the time such notice is given one Person and its Affiliates (other than the General Partner and its Affiliates) own
beneficially or of record or control at least 50% of the Outstanding Units. The withdrawal of the General Partner from the Partnership
upon the occurrence of an Event of Withdrawal shall also constitute the withdrawal of the General Partner as general partner or
managing member, if any, to the extent applicable, of the other Group Members. If the General Partner gives a notice of withdrawal
pursuant to Section 11.1(a)(i), the holders of a Unit Majority, may, prior to the effective date of such withdrawal,
elect a successor General Partner. The Person so elected as successor General Partner shall automatically become the successor
general partner or managing member, to the extent applicable, of the other Group Members of which the General Partner is a general
partner or a managing member. If, prior to the effective date of the General Partner’s withdrawal pursuant to Section 11.1(a)(i),
a successor is not selected by the Unitholders as provided herein or the Partnership does not receive a Withdrawal Opinion of Counsel,
the Partnership shall be dissolved in accordance with Section 12.1 unless the business of the Partnership is continued
pursuant to Section 12.2. Any successor General Partner elected in accordance with the terms of this Section 11.1
shall be subject to the provisions of Section 10.2.

 

Section 11.2        Removal
of the General Partner. The General Partner may be removed if such removal is approved by the Unitholders holding
at least 66 2/3% of the Outstanding Units (including Units held by the General Partner and its Affiliates) voting as a single class.
Any such action by such holders for removal of the General Partner must also provide for the election of a successor General Partner
by the Unitholders holding a majority of the Outstanding Common Units, voting as a class (including, in each case, Units held by
the General Partner and its Affiliates). Such removal shall be effective immediately following the admission of a successor General
Partner pursuant to Section 10.2. The removal of the General Partner shall also automatically constitute the removal
of the General Partner as general partner or managing member, to the extent applicable, of the other Group Members of which the
General Partner is a general partner or a managing member. If a Person is elected as a successor General Partner in accordance
with the terms of this Section 11.2, such Person shall, upon admission pursuant to Section 10.2, automatically
become a successor general partner or managing member, to the extent applicable, of the other Group Members of which the General
Partner is a general partner or a managing member. The right of the holders of Outstanding Units to remove the General Partner
shall not exist or be exercised unless the Partnership has received an opinion opining as to the matters covered by a Withdrawal
Opinion of Counsel. Any successor General Partner elected in accordance with the terms of this Section 11.2 shall be
subject to the provisions of Section 10.2.

 

     

     

    

 

Section 11.3           Interest
of Departing General Partner and Successor General Partner.

 

(a)       In
the event of (i) withdrawal of the General Partner under circumstances where such withdrawal does not violate this Agreement or
(ii) removal of the General Partner by the holders of Outstanding Units under circumstances where Cause does not exist, if the
successor General Partner is elected in accordance with the terms of Section 11.1 or Section 11.2, the
Departing General Partner shall have the option, exercisable prior to the effective date of the withdrawal or removal of such Departing
General Partner, to require its successor to purchase its General Partner Interest and its or its Affiliates’ or beneficial
owners’ general partner interest (or equivalent interest), if any, in the other Group Members and all of its or its Affiliates’
Incentive Distribution Rights (collectively, the “Combined Interest”) in exchange for an amount in cash
equal to the fair market value of such Combined Interest, such amount to be determined and payable as of the effective date of
its withdrawal or removal. If the General Partner is removed by the Unitholders under circumstances where Cause exists or if the
General Partner withdraws under circumstances where such withdrawal violates this Agreement, and if a successor General Partner
is elected in accordance with the terms of Section 11.1 or Section 11.2 (or if the business of the Partnership
is continued pursuant to Section 12.2 and the successor General Partner is not the former General Partner), such successor
shall have the option, exercisable prior to the effective date of the withdrawal or removal of such Departing General Partner (or,
in the event the business of the Partnership is continued, prior to the date the business of the Partnership is continued), to
purchase the Combined Interest for such fair market value of such Combined Interest. In either event, the Departing General Partner
shall be entitled to receive all reimbursements due such Departing General Partner pursuant to Section 7.4, including
any employee-related liabilities (including severance liabilities), incurred in connection with the termination of any employees
employed by the Departing General Partner or its Affiliates (other than any Group Member) for the benefit of the Partnership or
the other Group Members.

 

For purposes of this
Section 11.3(a), the fair market value of the Combined Interest shall be determined by agreement between the Departing
General Partner and its successor or, failing agreement within 30 days after the effective date of such Departing General Partner’s
withdrawal or removal, by an independent investment banking firm or other independent expert selected by the Departing General
Partner and its successor as General Partner, which, in turn, may rely on other experts, and the determination of which shall be
conclusive as to such matter. If such parties cannot agree upon one independent investment banking firm or other independent expert
within 45 days after the effective date of such withdrawal or removal, then the Departing General Partner shall designate an independent
investment banking firm or other independent expert, the Departing General Partner’s successor as General Partner shall designate
an independent investment banking firm or other independent expert, and such firms or experts shall mutually select a third independent
investment banking firm or independent expert, which third independent investment banking firm or other independent expert shall
determine the fair market value of the Combined Interest. In making its determination, such third independent investment banking
firm or other independent expert shall consider the value of the Units, including the then current trading price of Units on any
National Securities Exchange on which Units are then listed or admitted to trading, the value of the Partnership’s assets,
the rights and obligations of the Departing General Partner (including an appropriate “control premium”), the value
of the Incentive Distribution Rights and the General Partner Interest and other factors it may deem relevant.

 

     

     

    

 

(b)       If
the Combined Interest is not purchased in the manner set forth in Section 11.3(a), the Departing General Partner (or
its transferee) shall become a Limited Partner and the Combined Interest shall be converted into Common Units pursuant to a valuation
made by an investment banking firm or other independent expert selected pursuant to Section 11.3(a), without reduction
in such Partnership Interest (but subject to proportionate dilution by reason of the admission of its successor). Any successor
General Partner shall indemnify the Departing General Partner (or its transferee) as to all debts and liabilities of the Partnership
arising on or after the date on which the Departing General Partner (or its transferee) becomes a Limited Partner. For purposes
of this Agreement, conversion of the Combined Interest to Common Units will be characterized as if the Departing General Partner
(or its transferee) contributed the Combined Interest to the Partnership in exchange for the newly issued Common Units.

 

(c)       If
a successor General Partner is elected in accordance with the terms of Section 11.1 or Section 11.2 (or
if the business of the Partnership is continued pursuant to Section 12.2 and the successor General Partner is not the
former General Partner) and the option described in Section 11.3(a) is not exercised by the party entitled to do so,
the successor General Partner shall, at the effective date of its admission to the Partnership, contribute to the Partnership cash
in the amount equal to the product of (x) the quotient obtained by dividing (A) the Percentage Interest of the General Partner
Interest of the Departing General Partner by (B) a percentage equal to 100% less the Percentage Interest of the General Partner
Interest of the Departing General Partner and (y) the Net Agreed Value of the Partnership’s assets on such date. In such
event, such successor General Partner shall, subject to the following sentence, be entitled to its Percentage Interest of all Partnership
allocations and distributions to which the Departing General Partner was entitled. In addition, the successor General Partner shall
cause this Agreement to be amended to reflect that, from and after the date of such successor General Partner’s admission,
the successor General Partner’s interest in all Partnership distributions and allocations shall be its Percentage Interest.

 

Section 11.4         Withdrawal
of Limited Partners. No Limited Partner shall have any right to withdraw from the Partnership; provided,
however, that when a transferee of a Limited Partner’s Limited Partner Interest becomes a Record Holder of the Limited
Partner Interest so transferred, such transferring Limited Partner shall cease to be a Limited Partner with respect to the Limited
Partner Interest so transferred.

 

     

     

    

 

Article
XII

DISSOLUTION AND LIQUIDATION

 

Section 12.1        Dissolution.
The Partnership shall not be dissolved by the admission of additional Limited Partners or by the admission of a successor General
Partner in accordance with the terms of this Agreement. Upon the removal or withdrawal of the General Partner, if a successor
General Partner is elected pursuant to Section 10.2, Section 11.1, Section 11.2 or Section 12.2,
the Partnership shall not be dissolved and such successor General Partner is hereby authorized to, and shall, continue the business
of the Partnership. Subject to Section 12.2, the Partnership shall dissolve, and its affairs shall be wound up, upon:

 

(a)       an
Event of Withdrawal of the General Partner as provided in Section 11.1(a) (other than Section 11.1(a)(ii)),
unless a successor is elected and such successor is admitted to the Partnership pursuant to this Agreement;

 

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

 

(c)       the
entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Delaware Act; or

 

(d)       at
any time there are no Limited Partners, unless the Partnership is continued without dissolution in accordance with the Delaware
Act.

 

Section 12.2        Continuation
of the Business of the Partnership After Dissolution. Upon (a) an Event of Withdrawal caused by the withdrawal
or removal of the General Partner as provided in Section 11.1(a)(i) or Section 11.1(a)(iii) and the failure
of the Partners to select a successor to such Departing General Partner pursuant to Section 11.1 or Section 11.2,
then within 90 days thereafter, or (b) an event constituting an Event of Withdrawal as defined in Section 11.1(a)(iv),
Section 11.1(a)(v) or Section 11.1(a)(vi), then, to the maximum extent permitted by law, within 180 days
thereafter, the holders of a Unit Majority may elect to continue the business of the Partnership on the same terms and conditions
set forth in this Agreement by appointing as a successor General Partner a Person approved by the holders of a Unit Majority.
Unless such an election is made within the applicable time period as set forth above, the Partnership shall conduct only activities
necessary to wind up its affairs. If such an election is so made, then:

 

(i)          the
Partnership shall continue without dissolution unless earlier dissolved in accordance with this Article XII;

 

(ii)         if
the successor General Partner is not the former General Partner, then the interest of the former General Partner shall be treated
in the manner provided in Section 11.3; and

 

(iii)        the
successor General Partner shall be admitted to the Partnership as General Partner, effective as of the Event of Withdrawal, by
agreeing in writing to be bound by this Agreement; provided, that the right of the holders of a Unit Majority to approve
a successor General Partner and to continue the business of the Partnership shall not exist and may not be exercised unless the
Partnership has received an Opinion of Counsel that (x) the exercise of the right would not result in the loss of limited liability
under the Delaware Act of any Limited Partner and (y) neither the Partnership nor any Group Member would be treated as an association
taxable as a corporation or otherwise be taxable as an entity for federal income tax purposes upon the exercise of such right to
continue (to the extent not already so treated or taxed).

 

     

     

    

 

Section 12.3         Liquidator.
Upon dissolution of the Partnership, unless the business of the Partnership is continued pursuant to Section 12.2,
the General Partner shall select one or more Persons to act as Liquidator. The Liquidator (if other than the General Partner)
shall be entitled to receive such compensation for its services as may be approved by holders of at least a majority of the Outstanding
Common Units. The Liquidator (if other than the General Partner) shall agree not to resign at any time without 15 days’
prior notice and may be removed at any time, with or without cause, by notice of removal approved by holders of at least a majority
of the Outstanding Common Units. Upon dissolution, removal or resignation of the Liquidator, a successor and substitute Liquidator
(who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved
by holders of at least a majority of the Outstanding Common Units. The right to approve a successor or substitute Liquidator in
the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner
herein provided. Except as expressly provided in this Article XII, the Liquidator approved in the manner provided herein
shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred
upon the General Partner under the terms of this Agreement (but subject to all of the applicable limitations, contractual and
otherwise, upon the exercise of such powers, other than the limitation on sale set forth in Section 7.3) necessary
or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the period of time required to
complete the winding up and liquidation of the Partnership as provided for herein.

 

Section 12.4          Liquidation.
The Liquidator shall proceed to dispose of the assets of the Partnership, discharge its liabilities, and otherwise wind up its
affairs in such manner and over such period as determined by the Liquidator, subject to Section 17-804 of the Delaware Act and
the following:

 

(a)       The
assets may be disposed of by public or private sale or by distribution in kind to one or more Partners on such terms as the Liquidator
and such Partner or Partners may agree. If any property is distributed in kind, the Partner receiving the property shall be deemed
for purposes of Section 12.4(c) to have received cash equal to its fair market value; and contemporaneously therewith,
appropriate cash distributions must be made to the other Partners. The Liquidator may defer liquidation or distribution of the
Partnership’s assets for a reasonable time if it determines that an immediate sale or distribution of all or some of the
Partnership’s assets would be impractical or would cause undue loss to the Partners. The Liquidator may distribute the Partnership’s
assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause undue loss to the Partners.

 

(b)       Liabilities
of the Partnership include amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of
Section 12.3) and amounts to Partners otherwise than in respect of their distribution rights under Article VI.
With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator
shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide
for its payment. When paid, any unused portion of the reserve shall be distributed as additional liquidation proceeds.

 

     

     

    

 

(c)       All
property and all cash in excess of that required to discharge liabilities as provided in Section 12.4(b) shall be distributed
to the Partners in accordance with, and to the extent of, the positive balances in their respective Capital Accounts, as determined
after taking into account all Capital Account adjustments (other than those made by reason of distributions pursuant to this Section 12.4(c))
for the taxable period of the Partnership during which the liquidation of the Partnership occurs (with such date of occurrence
being determined pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(g)), and such distribution shall be made by the end
of such taxable period (or, if later, within 90 days after said date of such occurrence); provided that any property or
cash (including cash equivalents) available for distribution under this Section 12.4(c) shall be distributed (i) first in
respect of the Liquidation Preference (to the extent of the positive balances in the associated Capital Accounts) and then (ii)
in respect of any accumulated and unpaid Class B Preferred Unit Distributions, Class C Preferred Unit Distributions and Class D
Preferred Unit Distributions (without duplication) prior to the making of any distributions of property or cash (including cash
equivalents) with respect to the Class D Junior Securities.

 

Section 12.5        Cancellation
of Certificate of Limited Partnership. Upon the completion of the distribution of Partnership cash and property
as provided in Section 12.4 in connection with the liquidation of the Partnership, the Certificate of Limited Partnership
and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware shall
be canceled and such other actions as may be necessary to terminate the Partnership shall be taken.

 

Section 12.6        Return
of Contributions. The General Partner shall not be personally liable for, and shall have no obligation to contribute
or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited
Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from
Partnership assets.

 

Section 12.7        Waiver
of Partition. To the maximum extent permitted by law, each Partner hereby waives any right to partition of the
Partnership property.

 

Section 12.8        Capital
Account Restoration. No Limited Partner shall have any obligation to restore any negative balance in its Capital
Account upon liquidation of the Partnership. The General Partner shall be obligated to restore any negative balance in its Capital
Account upon liquidation of its interest in the Partnership by the end of the taxable period of the Partnership during which such
liquidation occurs, or, if later, within 90 days after the date of such liquidation.

 

     

     

    

 

Article
XIII

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE

 

Section 13.1        Amendments
to be Adopted Solely by the General Partner. Each Partner agrees that the General Partner, without the approval
of any Partner, may amend any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever
documents may be required in connection therewith, to reflect:

 

(a)       a
change in the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent
of the Partnership or the registered office of the Partnership;

 

(b)       admission,
substitution, withdrawal or removal of Partners in accordance with this Agreement;

 

(c)       a
change that the General Partner determines to be necessary or appropriate to qualify or continue the qualification of the Partnership
as a limited partnership or a partnership in which the Limited Partners have limited liability under the laws of any state or to
ensure that the Group Members will not be treated as associations taxable as corporations or otherwise taxed as entities for federal
income tax purposes;

 

(d)       subject
to Section 5.11(c), Section 5.12(c) and Section 5.13(c), a change that the General Partner
determines (i) does not adversely affect the Limited Partners (including any particular class of Partnership Interests as compared
to other classes of Partnership Interests) in any material respect, (ii) to be necessary or appropriate to (A) satisfy any requirements,
conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial
authority or contained in any federal or state statute (including the Delaware Act) or (B) facilitate the trading of the Units
(including the division of any class or classes of Outstanding Units into different classes to facilitate uniformity of tax consequences
within such classes of Units) or comply with any rule, regulation, guideline or requirement of any National Securities Exchange
on which the Units are or will be listed or admitted to trading, (iii) to be necessary or appropriate in connection with action
taken by the General Partner pursuant to Section 5.8 or (iv) is required to effect the intent expressed in the Registration
Statement or the intent of the provisions of this Agreement or the Contribution, Purchase and Sale Agreement or is otherwise contemplated
by this Agreement or the Contribution, Purchase and Sale Agreement;

 

(e)       a
change in the fiscal year or taxable period of the Partnership and any other changes that the General Partner determines to be
necessary or appropriate as a result of a change in the fiscal year or taxable period of the Partnership including, if the General
Partner shall so determine, a change in the definition of “Quarter” and the dates on which distributions (other than
Preferred Distributions) are to be made by the Partnership;

 

(f)       an
amendment that is necessary, in the Opinion of Counsel, to prevent the Partnership, or the General Partner or its directors, officers,
trustees or agents from in any manner being subjected to the provisions of the Investment Company Act of 1940, as amended, the
Investment Advisers Act of 1940, as amended, or “plan asset” regulations adopted under the Employee Retirement Income
Security Act of 1974, as amended, regardless of whether such are substantially similar to plan asset regulations currently applied
or proposed by the United States Department of Labor;

 

     

     

    

 

(g)       an
amendment that the General Partner determines to be necessary or appropriate in connection with the creation, authorization or
issuance of any class or series of Partnership Interests and options, rights, warrants and appreciation rights relating to the
Partnership Interests pursuant to Section 5.6;

 

(h)       any
amendment expressly permitted in this Agreement to be made by the General Partner acting alone;

 

(i)        an
amendment effected, necessitated or contemplated by a Merger Agreement approved in accordance with Section 14.3;

 

(j)        an
amendment that the General Partner determines to be necessary or appropriate to reflect and account for the formation by the Partnership
of, or investment by the Partnership in, any corporation, partnership, joint venture, limited liability company or other entity,
in connection with the conduct by the Partnership of activities permitted by the terms of Section 2.4 or Section 7.1(a);

 

(k)       a
merger, conveyance or conversion pursuant to Section 14.3(d); or

 

(l)        any
other amendments substantially similar to the foregoing.

 

Section 13.2        Amendment
Procedures. Amendments to this Agreement may be proposed only by the General Partner. To the fullest extent permitted
by law, the General Partner shall have no duty or obligation to propose or approve any amendment to this Agreement and may decline
to do so in its sole discretion, and, in declining to propose or approve an amendment, to the fullest extent permitted by law
shall not be required to act in good faith or pursuant to any other standard imposed by this Agreement, any Group Member Agreement,
any other agreement contemplated hereby or under the Delaware Act or any other law, rule or regulation or at equity. An amendment
shall be effective upon its approval by the General Partner and, except as otherwise provided by Section 5.11(c),
Section 5.12(c), Section 5.13(c), Section 13.1 or Section 13.3, the holders of
a Unit Majority, unless a greater or different percentage is required under this Agreement or by Delaware law. Each proposed amendment
that requires the approval of the holders of a specified percentage of Outstanding Units shall be set forth in a writing that
contains the text of the proposed amendment. If such an amendment is proposed, the General Partner shall seek the written approval
of the requisite percentage of Outstanding Units or call a meeting of the Unitholders to consider and vote on such proposed amendment.
The General Partner shall notify all Record Holders upon final adoption of any amendments. The General Partner shall be deemed
to have notified all Record Holders as required by this Section 13.2 if it has either (i) filed such amendment with
the Commission via its Electronic Data Gathering, Analysis and Retrieval system and such amendment is publicly available on such
system or (ii) made such amendment available on any publicly available website maintained by the Partnership.

 

     

     

    

 

Section 13.3          Amendment
Requirements.

 

(a)       Notwithstanding
the provisions of Section 13.1 and Section 13.2, no provision of this Agreement that establishes a percentage
of Outstanding Units (including Units deemed owned by the General Partner) required to take any action shall be amended, altered,
changed, repealed or rescinded in any respect that would have the effect of (i) in the case of any provision of this Agreement
other than Section 11.2 or Section 13.4, reducing such percentage or (ii) in the case of Section 11.2
or Section 13.4, increasing such percentage, unless such amendment is approved by the written consent or the affirmative
vote of holders of Outstanding Units whose aggregate Outstanding Units constitute not less than the voting requirement sought to
be reduced or increased, as applicable.

 

(b)       Notwithstanding
the provisions of Section 13.1 and Section 13.2, no amendment to this Agreement may (i) enlarge the obligations
of (including requiring any holder of a class of Partnership Interests to make additional Capital Contributions to the Partnership)
any Limited Partner without its consent, unless such shall be deemed to have occurred as a result of an amendment approved pursuant
to Section 13.3(c), or (ii) enlarge the obligations of, restrict, change or modify in any way any action by or rights
of, or reduce in any way the amounts distributable, reimbursable or otherwise payable to, the General Partner or any of its Affiliates
without its consent, which consent may be given or withheld at its option.

 

(c)       Except
as provided in Section 14.3 or Section 13.1, any amendment that would have a material adverse effect on
the rights or preferences of any class of Partnership Interests in relation to other classes of Partnership Interests must be approved
by the holders of not less than a majority of the Outstanding Partnership Interests of the class affected. If the General Partner
determines an amendment does not satisfy the requirements of Section 13.1(d) because it adversely affects one or more
classes of Partnership Interests, as compared to other classes of Partnership Interests, in any material respect, such amendment
shall only be required to be approved by the adversely affected class or classes.

 

(d)       Notwithstanding
any other provision of this Agreement, except for amendments pursuant to Section 13.1 and except as otherwise provided
by Section 14.3(b), no amendments shall become effective without the approval of the holders of at least 90% of the
Outstanding Units voting as a single class unless the Partnership obtains an Opinion of Counsel to the effect that such amendment
will not affect the limited liability of any Limited Partner under applicable partnership law of the state under whose laws the
Partnership is organized.

 

(e)       Except
as provided in Section 13.1, this Section 13.3 shall only be amended with the approval of the holders of
at least 90% of the Outstanding Units.

 

     

     

    

 

Section 13.4         Special
Meetings. All acts of Limited Partners to be taken pursuant to this Agreement shall be taken in the manner provided
in this Article XIII. Special meetings of the Limited Partners may be called by the General Partner or by Limited Partners
owning 20% or more of the Outstanding Units of the class or classes for which a meeting is proposed. Limited Partners shall call
a special meeting by delivering to the General Partner one or more requests in writing stating that the signing Limited Partners
wish to call a special meeting and indicating the general or specific purposes for which the special meeting is to be called.
Within 60 days after receipt of such a call from Limited Partners or within such greater time as may be reasonably necessary for
the Partnership to comply with any statutes, rules, regulations, listing agreements or similar requirements governing the holding
of a meeting or the solicitation of proxies for use at such a meeting, the General Partner shall send a notice of the meeting
to the Limited Partners either directly or indirectly through the Transfer Agent. A meeting shall be held at a time and place
determined by the General Partner on a date not less than 10 days nor more than 60 days after the time notice of the meeting is
given as provided in Section 16.1. Limited Partners shall not vote on matters that would cause the Limited Partners
to be deemed to be taking part in the management and control of the business and affairs of the Partnership so as to jeopardize
the Limited Partners’ limited liability under the Delaware Act or the law of any other state in which the Partnership is
qualified to do business.

 

Section 13.5          Notice
of a Meeting. Notice of a meeting called pursuant to Section 13.4 shall be given to the Record Holders
of the class or classes of Units for which a meeting is proposed in writing by mail or other means of written communication in
accordance with Section 16.1. The notice shall be deemed to have been given at the time when deposited in the mail
or sent by other means of written communication.

 

Section 13.6          Record
Date. For purposes of determining the Limited Partners entitled to notice of or to vote at a meeting of the Limited
Partners or to give approvals without a meeting as provided in Section 13.11 the General Partner may set a Record
Date, which shall not be less than 10 nor more than 60 days before (a) the date of the meeting (unless such requirement conflicts
with any rule, regulation, guideline or requirement of any National Securities Exchange on which the Units are listed or admitted
to trading or U.S. federal securities laws, in which case the rule, regulation, guideline or requirement of such National Securities
Exchange or U.S. federal securities laws shall govern) or (b) in the event that approvals are sought without a meeting, the date
by which Limited Partners are requested in writing by the General Partner to give such approvals. If the General Partner does
not set a Record Date, then (a) the Record Date for determining the Limited Partners entitled to notice of or to vote at a meeting
of the Limited Partners shall be the close of business on the day next preceding the day on which notice is given, and (b) the
Record Date for determining the Limited Partners entitled to give approvals without a meeting shall be the date the first written
approval is deposited with the Partnership in care of the General Partner in accordance with Section 13.11.

 

Section 13.7          Adjournment.
When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting and a new Record Date need
not be fixed, if the time and place thereof are announced at the meeting at which the adjournment is taken, unless such adjournment
shall be for more than 45 days. At the adjourned meeting, the Partnership may transact any business which might have been transacted
at the original meeting. If the adjournment is for more than 45 days or if a new Record Date is fixed for the adjourned meeting,
a notice of the adjourned meeting shall be given in accordance with this Article XIII.

 

Section 13.8          Waiver
of Notice; Approval of Meeting; Approval of Minutes. The transactions of any meeting of Limited Partners, however
called and noticed, and whenever held, shall be as valid as if it had occurred at a meeting duly held after regular call and notice,
if a quorum is present either in person or by proxy. Attendance of a Limited Partner at a meeting shall constitute a waiver of
notice of the meeting, except when the Limited Partner attends the meeting for the express purpose of objecting, at the beginning
of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and except that attendance
at a meeting is not a waiver of any right to disapprove the consideration of matters required to be included in the notice of
the meeting, but not so included, if the disapproval is expressly made at the meeting.

 

     

     

    

 

Section 13.9          Quorum
and Voting. The holders of a majority of the Outstanding Units of the class or classes for which a meeting has been
called (including Outstanding Units deemed owned by the General Partner) represented in person or by proxy shall constitute a quorum
at a meeting of Limited Partners of such class or classes unless any such action by the Limited Partners requires approval by holders
of a greater percentage of such Units, in which case the quorum shall be such greater percentage. At any meeting of the Limited
Partners duly called and held in accordance with this Agreement at which a quorum is present, the act of Limited Partners holding
Outstanding Units that in the aggregate represent a majority of the Outstanding Units entitled to vote and be present in person
or by proxy at such meeting shall be deemed to constitute the act of all Limited Partners, unless a greater or different percentage
is required with respect to such action under the provisions of this Agreement, in which case the act of the Limited Partners holding
Outstanding Units that in the aggregate represent at least such greater or different percentage shall be required. The Limited
Partners present at a duly called or held meeting at which a quorum is present may continue to transact business until adjournment,
notwithstanding the withdrawal of enough Limited Partners to leave less than a quorum, if any action taken (other than adjournment)
is approved by the required percentage of Outstanding Units specified in this Agreement (including Outstanding Units deemed owned
by the General Partner). In the absence of a quorum any meeting of Limited Partners may be adjourned from time to time by the affirmative
vote of holders of at least a majority of the Outstanding Units entitled to vote at such meeting (including Outstanding Units deemed
owned by the General Partner) represented either in person or by proxy, but no other business may be transacted, except as provided
in Section 13.7.

 

Section 13.10         Conduct
of a Meeting. The General Partner shall have full power and authority concerning the manner of conducting any meeting
of the Limited Partners or solicitation of approvals in writing, including the determination of Persons entitled to vote, the
existence of a quorum, the satisfaction of the requirements of Section 13.4, the conduct of voting, the validity and
effect of any proxies and the determination of any controversies, votes or challenges arising in connection with or during the
meeting or voting. The General Partner shall designate a Person to serve as chairman of any meeting and shall further designate
a Person to take the minutes of any meeting. All minutes shall be kept with the records of the Partnership maintained by the General
Partner. The General Partner may make such other regulations consistent with applicable law and this Agreement as it may deem
advisable concerning the conduct of any meeting of the Limited Partners or solicitation of approvals in writing, including regulations
in regard to the appointment of proxies, the appointment and duties of inspectors of votes and approvals, the submission and examination
of proxies and other evidence of the right to vote, and the revocation of approvals in writing.

 

     

     

    

 

Section 13.11        Action
Without a Meeting. If authorized by the General Partner, any action that may be taken at a meeting of the Limited
Partners may be taken without a meeting without a vote and without prior notice, if an approval in writing setting forth the action
so taken is signed by Limited Partners owning not less than the minimum percentage of the Outstanding Units (including Outstanding
Units deemed owned by the General Partner) that would be necessary to authorize or take such action at a meeting at which all
the Limited Partners were present and voted (unless such provision conflicts with any rule, regulation, guideline or requirement
of any National Securities Exchange on which the Units are listed or admitted to trading, in which case the rule, regulation,
guideline or requirement of such National Securities Exchange shall govern). Prompt notice of the taking of action without a meeting
shall be given to the Limited Partners who have not approved in writing. The General Partner may specify that any written ballot,
if any, submitted to Limited Partners for the purpose of taking any action without a meeting shall be returned to the Partnership
within the time period, which shall be not less than 20 days, specified by the General Partner. If a ballot returned to the Partnership
does not vote all of the Units held by the Limited Partners, the Partnership shall be deemed to have failed to receive a ballot
for the Units that were not voted. If approval of the taking of any action by the Limited Partners is solicited by any Person
other than by or on behalf of the General Partner, the written approvals shall have no force and effect unless and until (a) they
are deposited with the Partnership in care of the General Partner, (b) approvals sufficient to take the action proposed are dated
as of a date not more than 90 days prior to the date such sufficient approvals are deposited with the Partnership and (c) an Opinion
of Counsel is delivered to the General Partner to the effect that the exercise of such right and the action proposed to be taken
with respect to any particular matter (i) will not cause the Limited Partners to be deemed to be taking part in the management
and control of the business and affairs of the Partnership so as to jeopardize the Limited Partners’ limited liability,
and (ii) is otherwise permissible under the state statutes then governing the rights, duties and liabilities of the Partnership
and the Partners. Nothing contained in this Section 13.11 shall be deemed to require the General Partner to solicit
all Limited Partners in connection with a matter approved by the holders of the requisite percentage of Units acting by written
consent without a meeting.

 

Section 13.12         Right
to Vote and Related Matters.

 

(a)       Only
those Record Holders of the Outstanding Units on the Record Date set pursuant to Section 13.6 (and also subject to
the limitations contained in the definition of “Outstanding”) shall be entitled to notice of, and to
vote at, a meeting of Limited Partners or to act with respect to matters as to which the holders of the Outstanding Units have
the right to vote or to act. All references in this Agreement to votes of, or other acts that may be taken by, the Outstanding
Units shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding Units.

 

(b)       Only
those Record Holders of the Class B Preferred Units on the Record Date set pursuant to Section 13.6 (and subject
to the limitations contained in the definition of “Outstanding”) shall be entitled to notice of, and
to vote at, a meeting of Class B Preferred Holders or to act with respect to matters as to which the holders of the Outstanding
Class B Preferred Units have the right to vote or to act. All references in this Agreement to votes of, or other acts that
may be taken by, the Outstanding Class B Preferred Units shall be deemed to be references to the votes or acts of the Record
Holders of such Outstanding Class B Preferred Units.

 

     

     

    

 

(c)       Only
those Record Holders of the Class C Preferred Units on the Record Date set pursuant to Section 13.6 (and subject
to the limitations contained in the definition of “Outstanding”) shall be entitled to notice of, and
to vote at, a meeting of Class C Preferred Holders or to act with respect to matters as to which the holders of the Outstanding
Class C Preferred Units have the right to vote or to act. All references in this Agreement to votes of, or other acts that
may be taken by, the Outstanding Class C Preferred Units shall be deemed to be references to the votes or acts of the Record
Holders of such Outstanding Class C Preferred Units.

 

(d)       Only
those Record Holders of the Class D Preferred Units on the Record Date set pursuant to Section 13.6 (and subject
to the limitations contained in the definition of “Outstanding”) shall be entitled to notice of, and
to vote at, a meeting of Class D Preferred Unit Holders or to act with respect to matters as to which the holders of the Outstanding
Class D Preferred Units have the right to vote or to act. All references in this Agreement to votes of, or other acts that
may be taken by, the Outstanding Class D Preferred Units shall be deemed to be references to the votes or acts of the Record
Holders of such Outstanding Class D Preferred Units.

 

(e)       With
respect to Units that are held for a Person’s account by another Person (such as a broker, dealer, bank, trust company or
clearing corporation, or an agent of any of the foregoing), in whose name such Units are registered, such other Person shall, in
exercising the voting rights in respect of such Units on any matter, and unless the arrangement between such Persons provides otherwise,
vote such Units in favor of, and at the direction of, the Person who is the beneficial owner, and the Partnership shall be entitled
to assume it is so acting without further inquiry. The provisions of this Section 13.12(e) (as well as all other provisions
of this Agreement) are subject to the provisions of Section 4.3.

 

Article
XIV

MERGER, CONSOLIDATION OR CONVERSION

 

Section 14.1         Authority.
The Partnership may merge or consolidate with or into one or more corporations, limited liability companies, statutory trusts
or associations, real estate investment trusts, common law trusts or unincorporated businesses, including a partnership (whether
general or limited (including a limited liability partnership)) or convert into any such entity, whether such entity is formed
under the laws of the State of Delaware or any other state of the United States of America, pursuant to a written plan of merger
or consolidation (“Merger Agreement”) or a written plan of conversion (“Plan of Conversion”),
as the case may be, in accordance with this Article XIV.

 

Section 14.2           Procedure
for Merger, Consolidation or Conversion.

 

(a)       Merger,
consolidation or conversion of the Partnership pursuant to this Article XIV requires the prior consent of the General Partner,
provided, however, that, to the fullest extent permitted by law, the General Partner shall have no duty or obligation
to consent to any merger, consolidation or conversion of the Partnership and may decline to do so free of any fiduciary duty or
obligation whatsoever to the Partnership, any Limited Partner and, in declining to consent to a merger, consolidation or conversion,
shall not be required to act in good faith or pursuant to any other standard imposed by this Agreement, any other agreement contemplated
hereby or under the Delaware Act or any other law, rule or regulation or at equity.

 

     

     

    

 

(b)       If
the General Partner shall determine to consent to the merger or consolidation, the General Partner shall approve the Merger Agreement,
which shall set forth:

 

(i)          the
name and jurisdiction of formation or organization of each of the business entities proposing to merge or consolidate;

 

(ii)         the
name and jurisdiction of formation or organization of the business entity that is to survive the proposed merger or consolidation
(the “Surviving Business Entity”);

 

(iii)        the
terms and conditions of the proposed merger or consolidation;

 

(iv)        the
manner and basis of exchanging or converting the equity interests of each constituent business entity for, or into, cash, property
or interests, rights, securities or obligations of the Surviving Business Entity; and (i) if any interests, securities or rights
of any constituent business entity are not to be exchanged or converted solely for, or into, cash, property or interests, rights,
securities or obligations of the Surviving Business Entity, then the cash, property or interests, rights, securities or obligations
of any general or limited partnership, corporation, trust, limited liability company, unincorporated business or other entity (other
than the Surviving Business Entity) which the holders of such interests, securities or rights are to receive in exchange for, or
upon conversion of their interests, securities or rights, and (ii) in the case of equity interests represented by certificates,
upon the surrender of such certificates, which cash, property or interests, rights, securities or obligations of the Surviving
Business Entity or any general or limited partnership, corporation, trust, limited liability company, unincorporated business or
other entity (other than the Surviving Business Entity), or evidences thereof, are to be delivered;

 

(v)         a
statement of any changes in the constituent documents or the adoption of new constituent documents (the articles or certificate
of incorporation, articles of trust, declaration of trust, certificate or agreement of limited partnership, certificate of formation
or limited liability company agreement or other similar charter or governing document) of the Surviving Business Entity to be effected
by such merger or consolidation;

 

(vi)        the
effective time of the merger, which may be the date of the filing of the certificate of merger pursuant to Section 14.4
or a later date specified in or determinable in accordance with the Merger Agreement (provided, that if the effective time
of the merger is to be later than the date of the filing of such certificate of merger, the effective time shall be fixed at a
date or time certain and stated in the certificate of merger); and

 

(vii)       such
other provisions with respect to the proposed merger or consolidation that the General Partner determines to be necessary or appropriate.

 

     

     

    

 

(c)       If
the General Partner shall determine to consent to the conversion, the General Partner shall approve the Plan of Conversion, which
shall set forth:

 

(i)           the
name of the converting entity and the converted entity;

 

(ii)          a
statement that the Partnership is continuing its existence in the organizational form of the converted entity;

 

(iii)         a
statement as to the type of entity that the converted entity is to be and the state or country under the laws of which the converted
entity is to be incorporated, formed or organized;

 

(iv)         the
manner and basis of exchanging or converting the equity securities of each constituent business entity for, or into, cash, property
or interests, rights, securities or obligations of the converted entity or another entity, or for the cancellation of such equity
securities;

 

(v)          in
an attachment or exhibit, the Certificate of Limited Partnership of the Partnership; and

 

(vi)         in
an attachment or exhibit, the certificate of limited partnership, articles of incorporation, or other organizational documents
of the converted entity;

 

(vii)        the
effective time of the conversion, which may be the date of the filing of the articles of conversion or a later date specified in
or determinable in accordance with the Plan of Conversion (provided, that if the effective time of the conversion is to
be later than the date of the filing of such articles of conversion, the effective time shall be fixed at a date or time certain
and stated in such articles of conversion); and

 

(viii)       such
other provisions with respect to the proposed conversion that the General Partner determines to be necessary or appropriate.

 

Section 14.3         Approval
by Limited Partners.

 

(a)       Except
as provided in Section 14.3(d), the General Partner, upon its approval of the Merger Agreement or the Plan of Conversion,
as the case may be, shall direct that the Merger Agreement or the Plan of Conversion and the merger, consolidation or conversion
contemplated thereby, as applicable, be submitted to a vote of Limited Partners, whether at a special meeting or by written consent,
in either case in accordance with the requirements of Article XIII. A copy or a summary of the Merger Agreement or the Plan
of Conversion, as the case may be, shall be included in or enclosed with the notice of a special meeting or the written consent.

 

(b)       Except
as provided in Section 14.3(d) and Section 14.3(e), the Merger Agreement or Plan of Conversion, as the
case may be, shall be approved upon receiving the affirmative vote or consent of the holders of a Unit Majority unless the Merger
Agreement or Plan of Conversion, as the case may be, contains any provision that, if contained in an amendment to this Agreement,
the provisions of this Agreement or the Delaware Act would require for its approval the vote or consent of a greater percentage
of the Outstanding Units or of any class of Limited Partners, in which case such greater percentage vote or consent shall be required
for approval of the Merger Agreement or the Plan of Conversion, as the case may be.

 

     

     

    

 

(c)       Except
as provided in Section 14.3(d) and Section 14.3(e), after such approval by vote or consent of the Limited
Partners, and at any time prior to the filing of the certificate of merger or certificate of conversion pursuant to Section 14.4,
the merger, consolidation or conversion may be abandoned pursuant to provisions therefor, if any, set forth in the Merger Agreement
or Plan of Conversion, as the case may be.

 

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

 

(e)       Additionally,
notwithstanding anything else contained in this Article XIV or in this Agreement, the General Partner is permitted, without
Limited Partner approval, to merge or consolidate the Partnership with or into another entity if (A) the General Partner has received
an Opinion of Counsel that the merger or consolidation, as the case may be, would not result in the loss of the limited liability
under the Delaware Act of any Limited Partner or cause the Partnership or any Group Member to be treated as an association taxable
as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not already treated as such),
(B) the merger or consolidation would not result in an amendment to this Agreement, other than any amendments that could be adopted
pursuant to Section 13.1, (C) the Partnership is the Surviving Business Entity in such merger or consolidation, (D)
each Unit outstanding immediately prior to the effective date of the merger or consolidation is to be an identical Unit of the
Partnership after the effective date of the merger or consolidation, and (E) the number of Partnership Interests to be issued by
the Partnership in such merger or consolidation does not exceed 20% of the Partnership Interests (other than Incentive Distribution
Rights) Outstanding immediately prior to the effective date of such merger or consolidation.

 

(f)       Pursuant
to Section 17-211(g) of the Delaware Act, an agreement of merger or consolidation approved in accordance with this Article XIV
may (a) effect any amendment to this Agreement or (b) effect the adoption of a new partnership agreement for the Partnership if
it is the Surviving Business Entity. Any such amendment or adoption made pursuant to this Section 14.3 shall be effective
at the effective time or date of the merger or consolidation.

 

     

     

    

 

Section 14.4         Certificate
of Merger. Upon the required approval by the General Partner and the Unitholders of a Merger Agreement or the Plan
of Conversion, as the case may be, a certificate of merger or certificate of conversion, as applicable, shall be executed and filed
with the Secretary of State of the State of Delaware in conformity with the requirements of the Delaware Act.

 

Section 14.5         Effect
of Merger, Consolidation or Conversion.

 

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

 

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

 

(ii)          the
title to any real property vested by deed or otherwise in any of those constituent business entities shall not revert and is not
in any way impaired because of the merger or consolidation;

 

(iii)         all
rights of creditors and all liens on or security interests in property of any of those constituent business entities shall be preserved
unimpaired; and

 

(iv)         all
debts, liabilities and duties of those constituent business entities shall attach to the Surviving Business Entity and may be enforced
against it to the same extent as if the debts, liabilities and duties had been incurred or contracted by it.

 

(b)       At
the effective time of the certificate of conversion, for all purposes of the laws of the State of Delaware:

 

(i)           the
Partnership shall continue to exist, without interruption, but in the organizational form of the converted entity rather than in
its prior organizational form;

 

(ii)          all
rights, title, and interests to all real estate and other property owned by the Partnership shall remain vested in the converted
entity in its new organizational form without reversion or impairment, without further act or deed, and without any transfer or
assignment having occurred, but subject to any existing liens or other encumbrances thereon;

 

(iii)         all
liabilities and obligations of the Partnership shall continue to be liabilities and obligations of the converted entity in its
new organizational form without impairment or diminution by reason of the conversion;

 

(iv)         all
rights of creditors or other parties with respect to or against the prior interest holders or other owners of the Partnership in
their capacities as such in existence as of the effective time of the conversion will continue in existence as to those liabilities
and obligations and are enforceable against the converted entity by such creditors and obligees to the same extent as if the liabilities
and obligations had originally been incurred or contracted by the converted entity;

 

     

     

    

 

(v)          the
Partnership Interests that are to be converted into partnership interests, shares, evidences of ownership, or other rights or securities
in the converted entity or cash as provided in the Plan of Conversion shall be so converted, and Partners shall be entitled only
to the rights provided in the Plan of Conversion.

  

Article
XV

RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS

 

Section 15.1         Right
to Acquire Limited Partner Interests.

 

(a)       Notwithstanding
any other provision of this Agreement, if at any time after the Closing Date the General Partner and its Affiliates hold more than
80% of the total Limited Partner Interests of any class then Outstanding, the General Partner shall then have the right, which
right it may assign and transfer in whole or in part to the Partnership or any Affiliate of the General Partner, exercisable in
its sole discretion, to purchase for cash all, but not less than all, of such Limited Partner Interests of such class then Outstanding
held by Persons other than the General Partner and its Affiliates, at the greater of (x) the Current Market Price as of the date
three days prior to the date that the notice described in Section 15.1(b) is mailed and (y) the highest price paid
by the General Partner or any of its Affiliates for any such Limited Partner Interest of such class purchased during the 90-day
period preceding the date that the notice described in Section 15.1(b) is mailed.

 

(b)       If
the General Partner, any Affiliate of the General Partner or the Partnership elects to exercise the right to purchase Limited Partner
Interests granted pursuant to Section 15.1(a), the General Partner shall deliver to the Transfer Agent notice of such
election to purchase (the “Notice of Election to Purchase”) and shall cause the Transfer Agent to mail
a copy of such Notice of Election to Purchase to the Record Holders of Limited Partner Interests of such class (as of a Record
Date selected by the General Partner) at least 10, but not more than 60, days prior to the Purchase Date. Such Notice of Election
to Purchase shall also be published for a period of at least three consecutive days in at least two daily newspapers of general
circulation printed in the English language and published in the Borough of Manhattan, New York. The Notice of Election to Purchase
shall specify the Purchase Date and the price (determined in accordance with Section 15.1(a)) at which Limited Partner
Interests will be purchased and state that the General Partner, its Affiliate or the Partnership, as the case may be, elects to
purchase such Limited Partner Interests, upon surrender of Certificates representing such Limited Partner Interests in the case
of Limited Partner Interests evidenced by Certificates, in exchange for payment, at such office or offices of the Transfer Agent
as the Transfer Agent may specify, or as may be required by any National Securities Exchange on which such Limited Partner Interests
are listed or admitted to trading. Any such Notice of Election to Purchase mailed to a Record Holder of Limited Partner Interests
at his address as reflected in the records of the Transfer Agent shall be conclusively presumed to have been given regardless of
whether the owner receives such notice. On or prior to the Purchase Date, the General Partner, its Affiliate or the Partnership,
as the case may be, shall deposit with the Transfer Agent cash in an amount sufficient to pay the aggregate purchase price of all
of such Limited Partner Interests to be purchased in accordance with this Section 15.1. If the Notice of Election to
Purchase shall have been duly given as aforesaid at least 10 days prior to the Purchase Date, and if on or prior to the Purchase
Date the deposit described in the preceding sentence has been made for the benefit of the holders of Limited Partner Interests
subject to purchase as provided herein, then from and after the Purchase Date, notwithstanding that any Certificate shall not have
been surrendered for purchase, all rights of the holders of such Limited Partner Interests (including any rights pursuant to Article
III, Article IV, Article V, Article VI, and Article XII) shall thereupon cease, except the right
to receive the purchase price (determined in accordance with Section 15.1(a)) for Limited Partner Interests therefor,
without interest, upon surrender to the Transfer Agent of the Certificates representing such Limited Partner Interests in the case
of Limited Partner Interests evidenced by Certificates, and such Limited Partner Interests shall thereupon be deemed to be transferred
to the General Partner, its Affiliate or the Partnership, as the case may be, on the record books of the Transfer Agent and the
Partnership, and the General Partner or any Affiliate of the General Partner, or the Partnership, as the case may be, shall be
deemed to be the owner of all such Limited Partner Interests from and after the Purchase Date and shall have all rights as the
owner of such Limited Partner Interests (including all rights as owner of such Limited Partner Interests pursuant to Article
III, Article IV, Article V, Article VI and Article XII).

 

     

     

    

 

(c)       In
the case of Limited Partner Interests evidenced by Certificates, at any time from and after the Purchase Date, a holder of an Outstanding
Limited Partner Interest subject to purchase as provided in this Section 15.1 may surrender his Certificate evidencing
such Limited Partner Interest to the Transfer Agent in exchange for payment of the amount described in Section 15.1(a),
therefor, without interest thereon.

 

(d)       Notwithstanding
anything in this Article XV to the contrary, the repurchase right described in this Article XV shall not apply to
Preferred Units.

 

Article
XVI

GENERAL PROVISIONS

 

Section 16.1         Addresses
and Notices; Written Communications.

 

(a)       Any
notice, demand, request, report or proxy materials required or permitted to be given or made to a Partner under this Agreement
shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or
by other means of written communication to the Partner at the address described below. Any notice, payment or report to be given
or made to a Partner hereunder shall be deemed conclusively to have been given or made, and the obligation to give such notice
or report or to make such payment shall be deemed conclusively to have been fully satisfied, upon sending of such notice, payment
or report to the Record Holder of such Partnership Interests at his address as shown on the records of the Transfer Agent or as
otherwise shown on the records of the Partnership, regardless of any claim of any Person who may have an interest in such Partnership
Interests by reason of any assignment or otherwise. Notwithstanding the foregoing, if (i) a Partner shall consent to receiving
notices, demands, requests, reports or proxy materials via electronic mail or by the Internet or (ii) the rules of the Commission
shall permit any report or proxy materials to be delivered electronically or made available via the Internet, any such notice,
demand, request, report or proxy materials shall be deemed given or made when delivered or made available via such mode of delivery.
An affidavit or certificate of making of any notice, payment or report in accordance with the provisions of this Section 16.1
executed by the General Partner, the Transfer Agent or the mailing organization shall be prima facie evidence of the giving or
making of such notice, payment or report. If any notice, payment or report given or made in accordance with the provisions of this
Section 16.1 is returned marked to indicate that such notice, payment or report was unable to be delivered, such notice,
payment or report and, in the case of notices, payments or reports returned by the United States Postal Service (or other physical
mail delivery mail service outside the United States of America), any subsequent notices, payments and reports shall be deemed
to have been duly given or made without further mailing (until such time as such Record Holder or another Person notifies the Transfer
Agent or the Partnership of a change in his address) or other delivery if they are available for the Partner at the principal office
of the Partnership for a period of one year from the date of the giving or making of such notice, payment or report to the other
Partners. Any notice to the Partnership shall be deemed given if received by the General Partner at the principal office of the
Partnership designated pursuant to Section 2.3. The General Partner may rely and shall be protected in relying on any
notice or other document from a Partner or other Person if believed by it to be genuine.

 

     

     

    

 

 

(b)       The
terms “in writing”, “written communications,” “written notice” and words of similar import
shall be deemed satisfied under this Agreement by use of e-mail and other forms of electronic communication subject to the provisions
of Section 16.1(a).

 

Section 16.2       Further
Action. The parties shall execute and deliver all documents, provide all information and take or refrain from
taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

 

Section 16.3       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

Section 16.4       Integration.
Except for agreements with Affiliates of the General Partner, this Agreement constitutes the entire agreement among the parties
hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

 

Section 16.5       Creditors.
None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership.

 

Section 16.6       Waiver.
No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or
to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant,
duty, agreement or condition.

 

Section 16.7       Third-Party
Beneficiaries. Each Partner agrees that any Indemnitee shall be entitled to assert rights and remedies hereunder
as a third-party beneficiary hereto with respect to those provisions of this Agreement affording a right, benefit or privilege
to such Indemnitee.

 

     

     

    

 

Section 16.8          Counterparts.
This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties
hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become
bound by this Agreement (a) immediately upon affixing its signature hereto or, (b) in the case of the General Partner and the
holders of Limited Partner Interests which were outstanding immediately prior to the effectiveness of the Registration Statement
filed in connection with the Initial Public Offering, immediately prior to the effectiveness of the Registration Statement filed
in connection with the Initial Public Offering, or (c) in the case of a Person acquiring a Limited Partner Interest, pursuant
to Section 10.1(a) immediately upon the acquisition of such Limited Partner Interests, without execution hereof.

 

Section 16.9          Applicable
Law; Forum, Venue and Jurisdiction.

 

(a)       This
Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to the principles
of conflicts of law.

 

(b)       Each
of the Partners and each Person holding any beneficial interest in the Partnership (whether through a broker, dealer, bank, trust
company or clearing corporation or an agent of any of the foregoing or otherwise):

 

(i)       irrevocably
agrees that any claims, suits, actions or proceedings (A) arising out of or relating in any way to this Agreement (including any
claims, suits or actions to interpret, apply or enforce the provisions of this Agreement or the duties, obligations or liabilities
among Partners or of Partners to the Partnership, or the rights or powers of, or restrictions on, the Partners or the Partnership),
(B) brought in a derivative manner on behalf of the Partnership, (C) asserting a claim of breach of a fiduciary duty owed by any
director, officer, or other employee of the Partnership or the General Partner, or owed by the General Partner, to the Partnership
or the Partners, (D) asserting a claim arising pursuant to any provision of the Delaware Act or (E) asserting a claim governed
by the internal affairs doctrine shall be exclusively brought in the Court of Chancery of the State of Delaware, in each case regardless
of whether such claims, suits, actions or proceedings sound in contract, tort, fraud or otherwise, are based on common law, statutory,
equitable, legal or other grounds, or are derivative or direct claims;

 

(ii)      irrevocably
submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware in connection with any such claim, suit,
action or proceeding;

 

(iii)     agrees
not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to
the jurisdiction of the Court of Chancery of the State of Delaware or of any other court to which proceedings in the Court of Chancery
of the State of Delaware may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C)
the venue of such claim, suit, action or proceeding is improper;

 

(iv)     expressly
waives any requirement for the posting of a bond by a party bringing such claim, suit, action or proceeding; and

 

(v)      consents
to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy
thereof to such party at the address in effect for notices hereunder, and agrees that such services shall constitute good and sufficient
service of process and notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to
serve process in any other manner permitted by law.

 

     

     

    

 

Section 16.10       Invalidity
of Provisions. If any provision or part of a provision of this Agreement is or becomes for any reason, invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions and part thereof
contained herein shall not be affected thereby and this Agreement shall, to the fullest extent permitted by law, be reformed and
construed as if such invalid, illegal or unenforceable provision, or part of a provision, had never been contained herein, and
such provision or part reformed so that it would be valid, legal and enforceable to the maximum extent possible.

 

Section 16.11        Consent
of Partners. Each Partner hereby expressly consents and agrees that, whenever in this Agreement it is specified
that an action may be taken upon the affirmative vote or consent of less than all of the Partners, such action may be so taken
upon the concurrence of less than all of the Partners and each Partner shall be bound by the results of such action.

 

Section 16.12         Facsimile
Signatures. The use of facsimile signatures affixed in the name and on behalf of the Transfer Agent of the Partnership
on Certificates representing Units is expressly permitted by this Agreement.

 

(Signature Pages Follow)

 

     

     

    

 

IN WITNESS WHEREOF,
the General Partner has executed this Agreement as of the date first written above.

 

	 	General Partner:
	 	 
	 	NGL ENERGY HOLDINGS LLC
	 	 
	 	 
	 	By:	 
	 	 
	 	Name:	 H. Michael Krimbill
	 	 
	 	Title:	 Chief Executive Officer

  

Signature Page to the Seventh Amended
and Restated Agreement of Limited Partnership

 

     

     

    

 

EXHIBIT A

(to the Seventh Amended and Restated
Agreement of Limited Partnership of NGL Energy Partners LP)

 

Certificate Evidencing Common Units
Representing Limited Partner Interests in NGL Energy Partners LP

 

	No.______________	 _________ Common Units

 

In accordance with
Section 4.1 of the Seventh Amended and Restated Agreement of Limited Partnership of NGL Energy Partners LP, as amended,
supplemented or restated from time to time (the “Partnership Agreement”), NGL Energy Partners LP, a Delaware
limited partnership (the “Partnership”), hereby certifies that _______________________________________________
(the “Holder”) is the registered owner of ______________ Common Units representing limited partner interests
in the Partnership (the “Common Units”) transferable on the books of the Partnership, in person or by
duly authorized attorney, upon surrender of this Certificate properly endorsed. The rights, preferences and limitations of the
Common Units are set forth in, and this Certificate and the Common Units represented hereby are issued and shall in all respects
be subject to the terms and provisions of, the Partnership Agreement. Copies of the Partnership Agreement are on file at, and will
be furnished without charge on delivery of written request to the Partnership at, the principal office of the Partnership located
at 6120 S. Yale, Suite 805, Tulsa, OK 74136. Capitalized terms used herein but not defined shall have the meanings given them in
the Partnership Agreement.

 

THE HOLDER OF THIS
SECURITY ACKNOWLEDGES FOR THE BENEFIT OF NGL ENERGY PARTNERS LP THAT THIS SECURITY MAY NOT BE SOLD, OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED IF SUCH TRANSFER WOULD (A) VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS
OF THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY WITH JURISDICTION
OVER SUCH TRANSFER, (B) TERMINATE THE EXISTENCE OR QUALIFICATION OF NGL ENERGY PARTNERS LP UNDER THE LAWS OF THE STATE OF DELAWARE,
OR (C) CAUSE NGL ENERGY PARTNERS LP TO BE TREATED AS AN ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY
FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). NGL ENERGY HOLDINGS LLC, THE GENERAL PARTNER OF
NGL ENERGY PARTNERS LP, MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL
THAT SUCH RESTRICTIONS ARE NECESSARY TO (A) AVOID A SIGNIFICANT RISK OF NGL ENERGY PARTNERS LP BECOMING TAXABLE AS A CORPORATION
OR OTHERWISE BECOMING TAXABLE AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES OR (B) IN THE CASE OF LIMITED PARTNER INTERESTS, TO
PRESERVE THE UNIFORMITY THEREOF (OR ANY CLASS OR CLASSES OF LIMITED PARTNER INTERESTS). THE RESTRICTIONS SET FORTH ABOVE SHALL
NOT PRECLUDE THE SETTLEMENT OF ANY TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY NATIONAL SECURITIES
EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED TO TRADING.

 

    	 	A-1	 

     

    

 

The Holder, by accepting
this Certificate, is deemed to have (i) requested admission as, and agreed to become, a Limited Partner and to have agreed to comply
with and be bound by and to have executed the Partnership Agreement, (ii) represented and warranted that the Holder has all
right, power and authority and, if an individual, the capacity necessary to enter into the Partnership Agreement and (iii) made
the waivers and given the consents and approvals contained in the Partnership Agreement.

 

This Certificate shall
not be valid for any purpose unless it has been countersigned and registered by the Transfer Agent and Registrar. This Certificate
shall be governed by and construed in accordance with the laws of the State of Delaware.

 

	Dated: ___________	NGL Energy Partners LP
	 	 
	Countersigned and Registered by:	By:	NGL Energy Holdings LLC
	 	 	 
	[Name of Transfer Agent and Registrar]	By:	 
	Transfer Agent and Registrar	 	Chief Executive Officer
	 	 	 
	By:	 	By:	 
	 	Authorized Signature	 	Chief Financial Officer

 

    	 	A-2	 

     

    

 

[Reverse of Certificate]

 

ABBREVIATIONS

 

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

 

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

 

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

 

ASSIGNMENT OF COMMON UNITS OF
NGL ENERGY PARTNERS LP

 

FOR VALUE RECEIVED,
_______ hereby assigns, conveys, sells and transfers unto

 

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

 

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

 

	Dated: ___________	 	NOTE: The signature to any endorsement hereon must correspond
    with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or
    change.
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15	 	 
	(Signature)
	(Signature)
	SIGNATURE(S) GUARANTEED	 

 

	
        No transfer of the Common Units evidenced
hereby will be registered on the books of the Partnership, unless the Certificate evidencing the Common Units to be transferred
is surrendered for registration or transfer.

 

    	 	A-3	 

     

    

 

Exhibit C

 

Form of Hunton Andrews Kurth LLP Legal Opinion

 

(See Attached)

 

     

     

    

 

[________] [__], 2019

 

To each of the Purchasers
named

in the Class D Preferred Unit and Warrant Purchase Agreement referenced herein

 

	Re:	Class D Preferred Units and Warrants issued by NGL Energy
                                 Partners LP.

 

Ladies and
Gentlemen:

 

We have acted as special
counsel to NGL Energy Partners LP, a Delaware limited partnership (the “Issuer”), in connection with the Class
D Preferred Unit and Warrant Purchase Agreement dated September 25, 2019 (the “Purchase Agreement”), by and
among the Issuer and each of the Purchasers listed in Schedule A attached thereto (each, a “Purchaser” and collectively,
the “Purchasers”), relating to the sale by the Issuer to the Purchasers of (i) an aggregate of 200,000
Class D Preferred Units representing limited partner interests in the Issuer (the “Preferred Units”)
and (ii) warrants (the “Warrants”) to purchase an aggregate of 8,500,000 common units representing limited
partner interests in the Issuer. The Preferred Units and the Warrants are referred to herein collectively as the “Securities.”

 

The Preferred Units
are being issued pursuant to the Partnership Agreement (as defined below). Pursuant to the Purchase Agreement, the Issuer and the
Purchasers have entered into an Amended and Restated Registration Rights Agreement dated as of [________] [__], 2019
(the “Registration Rights Agreement”), pursuant to which the Issuer has agreed to file, under certain conditions,
with the United States Securities and Exchange Commission (the “SEC”), a registration statement under the Securities
Act of 1933, as amended (the “Securities Act”), with respect to offers and sales of the Preferred Units,
the Common Units issuable upon exercise of the Warrants (the “Warrant Common Units”) and the common units representing
limited partner interests in the Issuer that under certain circumstances set forth in the Partnership Agreement may be issued by
the Issuer as payment of a portion of the price to redeem Preferred Units (the “Redemption Common Units”).

 

We are furnishing this
opinion letter to you pursuant to [Section 6.01(c)] of the Purchase Agreement.

 

In rendering the opinions
set forth herein, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of
the following:

 

(a)       the
Purchase Agreement;

 

(b)       the
Warrants each dated as of [________] [__], 2019 issued by the Issuer to the Purchasers;

 

(c)       the
Registration Rights Agreement;

 

(d)       the
Amended Certificate of Formation of the General Partner, certified by the Secretary of State of the State of Delaware as of [________] [__], 2019,
and certified by the Secretary of the General Partner as in effect on each of the dates of the adoption of the resolutions specified
in paragraph (h) below, the date of the Purchase Agreement and the date hereof (the “General Partner Certificate
of Formation”);

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 9

    

 

(e)       the
Third Amended and Restated Limited Liability Company Agreement of NGL Energy Holdings LLC (the “General Partner”)
dated as of February 25, 2013, as amended by Amendment No. 1 to the Third Amended and Restated Limited Liability
Company Agreement, Amendment No. 2 to the Third Amended and Restated Limited Liability Company Agreement, Amendment No. 3
to the Third Amended and Restated Limited Liability Company Agreement and Amendment No. 4 to the Third Amended and Restated Limited
Liability Company Agreement, certified by the Secretary of the General Partner as in effect on each of the dates of the adoption
of the resolutions specified in paragraph (h) below, the date of the Purchase Agreement and the date hereof (such Third Amended
and Restated Limited Liability Company Agreement, as so amended, and as so certified, being referred to herein as the “General
Partner LLC Agreement”);

 

(f)       the
Amended Certificate of Limited Partnership of the Issuer, certified by the Secretary of State of the State of Delaware as of [________] [__], 2019,
and certified by the Secretary of the General Partner as in effect on each of the dates of the adoption of the resolutions specified
in paragraph (h) below, the date of the Purchase Agreement and the date hereof (the “Certificate of Limited Partnership”);

 

(g)       (1)
the Sixth Amended and Restated Agreement of Limited Partnership of the Issuer, certified by the Secretary of the General Partner
as in effect on each of the dates of the adoption of the resolutions specified in paragraph (h) below, the date of the Purchase
Agreement and the date hereof (such Sixth Amended and Restated Agreement of Limited Partnership being referred to herein as the
“Pre-Closing Partnership Agreement”); and (2) the Seventh Amended and Restated Agreement of Limited Partnership
of the Partnership, dated as of [________] [__], 2019, certified by the Secretary of the General Partner as in effect
on the date hereof (such Seventh Amended and Restated Agreement of Limited Partnership being referred to herein as the “Partnership
Agreement”);

 

(h)       resolutions
of the Board of Directors of the General Partner dated [________] [__], 2019, certified by the Secretary of the General
Partner;

 

(i)        a
certificate from the Secretary of State of the State of Delaware dated [________] [__], 2019, as to the good standing
and legal existence under the laws of the State of Delaware of the General Partner;

 

(j)        a
certificate from the Secretary of State of the State of Delaware dated [________] [__], 2019, as to the good standing
and legal existence under the laws of the State of Delaware of the Issuer;

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 10

    

 

(k)       a
certificate dated the date hereof (the “Opinion Support Certificate”), executed by the Chief Executive Officer
and by the Executive Vice President and Chief Financial Officer of the General Partner, a copy of which is attached hereto as Exhibit A;

 

(l)        a
letter dated [________] [__], 2019 (the “Placement Agent Representation Letter”) from Barclays Capital
Inc. (“Barclays”) to the Issuer, counsel to the Purchasers, and us, regarding actions taken by Barclays, as
placement agent, in connection with its services as placement agent with respect to the Securities, a copy of which is attached
hereto as Exhibit B; and

 

(m)      each
of the Applicable Agreements (as defined below).

 

We have also examined
originals or copies, certified or otherwise identified to our satisfaction, of such records of the General Partner and the Issuer
and such agreements, certificates of public officials, certificates of officers or other representatives of the General Partner
and the Issuer and others, and such other documents, certificates and records, as we have deemed necessary or appropriate as a
basis for the opinions set forth herein. In our examination, we have assumed the legal capacity of all natural persons, the genuineness
of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to authentic original documents
of all documents submitted to us as certified or photostatic copies. As to any facts material to the opinions and statements expressed
herein that we did not independently establish or verify, we have relied, to the extent we deem appropriate, upon (i) oral
or written statements and representations of officers and other representatives of the General Partner and the Issuer (including,
without limitation, the facts certified in the Opinion Support Certificate), (ii) representations made by the Issuer and representations
made by the Purchasers in the Purchase Agreement, (iv) statements of Barclays (including, without limitation, its written
statements in the Placement Agent Representation Letter) and (iv) statements and certifications of public officials and others.

 

As used herein the
following terms have the respective meanings set forth below:

 

“Applicable
Agreements” means those agreements and other instruments identified on Schedule 1 to the Opinion Support Certificate,
which have been certified by officers of the General Partner as being every indenture, mortgage, deed of trust, loan, purchase
or credit agreement, lease or other agreement that is material in relation to the business, operations, affairs, financial condition,
assets, or properties of the Issuer and its subsidiaries, considered as a single enterprise.

 

“Applicable
Orders” means those orders or decrees of governmental authorities identified on Schedule 2 to the Opinion Support
Certificate, which have been certified by officers of the General Partner as being every order or decree of any governmental authority
by which the Issuer or any of its subsidiaries or any of their respective properties is bound, that is material in relation to
the business, operations, affairs, financial condition, assets, or properties of the Issuer and its subsidiaries, considered as
a single enterprise. However, officers of the General Partner have certified in the Opinion Support Certificate that there are
no Applicable Orders.

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 11

    

 

“Issuer Equity
Interests” means collectively the Common Units (as defined in the Partnership Agreement), the Class B Preferred
Units (as defined in the Partnership Agreement) and the Class C Preferred Units (as defined in the Partnership Agreement).

 

“Organizational
Documents” means, collectively, the following instruments, each in the form reviewed by us, as indicated above: (i) the
General Partner Certificate of Formation; (ii) the General Partner LLC Agreement; (iii) the Certificate of Limited Partnership;
and (iv) the Partnership Agreement.

 

“Person”
means a natural person or a legal entity organized under the laws of any jurisdiction.

 

“Transaction
Documents” means collectively, the Purchase Agreement, the Warrants, the Partnership Agreement and the Registration Rights
Agreement.

 

Based upon the foregoing
and subject to the limitations, qualifications, exceptions and assumptions set forth herein, we are of the opinion that:

 

1.       The
General Partner is validly existing as a limited liability company and in good standing under the laws of the State of Delaware.
The Issuer is validly existing as a limited partnership and in good standing under the laws of the State of Delaware.

 

2.       The
General Partner has the limited liability company power and authority under the Organizational Documents and the laws of the State
of Delaware to (i) act as the general partner of the Issuer, (ii) execute and deliver, on behalf of the Issuer, each
of the Purchase Agreement, the Warrants and the Registration Rights Agreement, and (iii) execute and deliver the Partnership
Agreement. The Issuer has the limited partnership power and authority under the Organizational Documents and the laws of the State
of Delaware to (i) execute and deliver, and incur and perform all of its obligations under, the Purchase Agreement, the Warrants
and the Registration Rights Agreement and (ii) carry on its business and own its properties as described in the Issuer’s
Annual Report on Form 10-K for the fiscal year ended March 31, 2019, filed with the SEC on May 30, 2019.

 

3.       Each
of the Purchase Agreement, the Warrants and the Registration Rights Agreement has been duly authorized, executed and delivered
by the General Partner on behalf of the Issuer. The Partnership Agreement has been duly authorized, executed and delivered by the
General Partner.

 

4.       The
issuance and sale of the Securities pursuant to the Purchase Agreement, the issuance of Warrant Common Units upon exercise of the
Warrants, and the issuance of the Redemption Common Units upon redemption of Preferred Units pursuant to the terms of the Preferred
Units set forth in the Partnership Agreement, have been duly authorized pursuant to the Partnership Agreement, by all necessary
limited liability company action of the General Partner.

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 12

    

 

5.       The
holders of outstanding Issuer Equity Interests are not entitled by virtue of their ownership of Issuer Equity Interests to any
preemptive rights to purchase the Securities being sold pursuant to the Purchase Agreement, or the Warrant Common Units issuable
upon the exercise of the Warrants, or the Redemption Common Units issuable upon the redemption of Preferred Units pursuant to the
terms of the Preferred Units set forth in the Partnership Agreement, in each case, under the Certificate of Limited Partnership,
the Partnership Agreement, the Delaware Revised Uniform Limited Partnership Act or any Applicable Agreement.

 

6.       When
delivered to and paid for by the Purchasers in accordance with the terms of the Purchase Agreement, (i) the Preferred Units
will be validly issued in accordance with the terms of the Partnership Agreement and (ii) purchasers of such Preferred Units
will have no obligation, solely by reason of their ownership of such Preferred Units, to make any contributions to the Issuer or
any further payments for their purchase of such Preferred Units, and such purchasers will have no personal liability, solely by
reason of their ownership of such Preferred Units, to creditors of the Issuer for any of its debts, liabilities or other obligations.
Upon issuance of Warrant Common Units issuable upon exercise of the Warrants in accordance with the terms thereof (i) such
Warrant Common Units will be validly issued in accordance with the terms of the Partnership Agreement and (ii) owners of such
Warrant Common Units will have no obligation, solely by reason of their ownership of such Warrant Common Units, to make any contributions
to the Issuer or any further payments in respect of such Warrant Common Units, and such owners will have no personal liability,
solely by reason of their ownership of such Warrant Common Units, to creditors of the Issuer for any of its debts, liabilities
or other obligations. Upon issuance of Redemption Common Units issuable upon the redemption of Preferred Units pursuant to the
terms of the Preferred Units set forth in the Partnership Agreement (i) such Redemption Common Units will be validly issued
in accordance with the terms of the Partnership Agreement and (ii) owners of such Redemption Common Units will have no obligation,
solely by reason of their ownership of such Redemption Common Units, to make any contributions to the Issuer or any further payments
in respect of such Redemption Common Units, and such owners will have no personal liability, solely by reason of their ownership
of such Redemption Common Units, to creditors of the Issuer for any of its debts, liabilities or other obligations.

 

7.       The
Purchase Agreement constitutes a valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with
its terms, under applicable laws of the State of New York.

 

8.       Each
of the Warrants constitutes a valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its
terms, under applicable laws of the State of New York.

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 13

    

 

9.       The
Registration Rights Agreement constitutes a valid and binding obligation of the Issuer, enforceable against the Issuer in accordance
with its terms, under applicable laws of the State of New York.

 

10.     None
of (i) the execution and delivery of the Purchase Agreement, the Warrants and the Registration Rights Agreement by the General
Partner on behalf of the Issuer, (ii) the execution and delivery of the Partnership Agreement by the General Partner and (iii) the
consummation by the Issuer of the issuance and sale of the Securities pursuant to the Purchase Agreement, (A) constituted,
constitutes or will constitute a violation of the Pre-Closing Partnership Agreement or the Organizational Documents, (B) constituted,
constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both,
would constitute such a default) under, any Applicable Agreement, (C) resulted, results or will result in the creation of
any security interest in, or lien upon, any of the property or assets of the Issuer, in each case, pursuant to any Applicable Agreement,
(D) resulted, results or will result in any violation of (1) applicable laws of the State of New York, (2) applicable
laws of the United States of America, (3) the Delaware Limited Liability Company Act or (4) the Delaware Revised Uniform
Limited Partnership Act, or (E) resulted, results or will result in the contravention of any Applicable Order.

 

11.     No
Governmental Approval or Filing, which has not been obtained or made and is not in full force and effect, is required to authorize,
or is required for, the execution and delivery of the Purchase Agreement, the Warrants and the Registration Rights Agreement by
the General Partner on behalf of the Issuer, the execution and delivery of the Partnership Agreement by the General Partner, the
consummation of the issuance and sale of the Securities pursuant to the Purchase Agreement, the issuance of the Warrant Common
Units upon the exercise of the Warrants, or the issuance of the Redemption Common Units upon the redemption of Preferred Units
pursuant to the terms of the Preferred Units set forth in the Partnership Agreement. As used in this paragraph, “Governmental
Approval or Filing” means any consent, approval, license, authorization or validation of, or filing, recording or registration
with, any executive, legislative, judicial, administrative or regulatory body of the State of New York, the State of Delaware or
the United States of America, pursuant to (i) applicable laws of the State of New York, (ii) applicable laws of the United
States of America, (iii) the Delaware Limited Liability Company Act or (iv) the Delaware Revised Uniform Limited Partnership
Act.

 

12.     The
offer, issue, sale and delivery of the Securities to the Purchasers pursuant to and in the manner contemplated by the Purchase
Agreement, the issuance of Common Units to holders of the Warrants upon exercise thereof in accordance with the terms thereof,
and the issuance of the Redemption Common Units upon the redemption of Preferred Units pursuant to the terms of the Preferred Units
set forth in the Partnership Agreement, do not require registration under the Securities Act; provided, however,
that we express no opinion as to any subsequent resale or other transfer of any Security or any Warrant Common Unit issued upon
exercise of a Warrant or any Redemption Common Unit issued upon redemption of Preferred Units.

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 14

    

 

13.     The
Issuer is not and, immediately after giving effect to the issuance and sale of the Securities occurring today and the application
of proceeds therefrom as described in the Purchase Agreement, will not be, an “investment company” within the meaning
of said term as used in the Investment Company Act of 1940, as amended.

 

We express no opinion
as to the laws of any jurisdiction other than (i) applicable laws of the State of New York, (ii) applicable laws of the
United States of America, (iii) certain other specified laws of the United States of America to the extent referred to specifically
herein, (iv) the Delaware Limited Liability Company Act and (v) the Delaware Revised Uniform Limited Partnership Act.
References herein to “applicable laws” mean those laws, rules and regulations that, in our experience, are normally
applicable to transactions of the type contemplated by the Transaction Documents, without our having made any special investigation
as to the applicability of any specific law, rule or regulation, and that are not the subject of a specific opinion herein referring
expressly to a particular law or laws; provided, however, that such references (including, without limitation, those appearing
in paragraphs 10 and 11 above) do not include any municipal or other local laws, rules or regulations, or any antifraud, environmental,
labor, securities, tax, insurance or antitrust laws, rules or regulations.

 

Our opinions expressed
herein are subject to the following additional assumptions and qualifications:

 

(i)     The
opinions set forth in paragraph 1 above as to the valid existence and good standing of the entities mentioned in such paragraph
are based solely upon our review of certificates and other communications from the appropriate public officials. In rendering such
opinions with respect to any partnership or limited liability company, we have assumed that such entity has not dissolved.

 

(ii)    In
rendering the opinions set forth in paragraph 10 above regarding Applicable Agreements, we do not express any opinion, however,
as to whether the execution or delivery of any of the Transaction Documents by any party, or the incurrence or performance by any
party of its obligations thereunder, will constitute a violation of, or a default under or as a result of, any covenant, restriction
or provision with respect to any financial ratio or test or any aspect of the financial condition or results of operations of the
Issuer or the General Partner.

 

(iii)   Our
opinion in paragraphs 7, 8 and 9 above may be:

 

 (1)       limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or other similar laws relating
to or affecting the rights of creditors generally; and

 

 (2)       subject
to the application of general principles of equity (regardless of whether considered in a proceeding in equity or at law), including,
without limitation, the possible unavailability of specific performance, injunctive relief or any other equitable remedy and concepts
of materiality, reasonableness, good faith and fair dealing.

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 15

    

 

(iv)  Each
of our opinions expressed in paragraphs 7, 8 and 9 above insofar as it pertains to the choice of law provision of the instrument
referred to in such paragraph, is rendered solely in reliance upon New York General Obligations Law Section 5-1401, and is
expressly conditioned upon the assumption that the legality, validity, binding effect and enforceability of said provision will
be determined by a court of the State of New York or a United States federal court sitting in New York and applying New York choice
of law rules, including said Section 5-1401. We express no opinion as to such provision if such legality, validity, binding
effect or enforceability is determined by any other court, and we call your attention to the decision of the United States District
Court for the Southern District of New York in Lehman Brothers Commercial Corp. v. Minmetals Int’l Non-Ferrous Metals
Trading Co., 179 F. Supp. 2d 119 (S.D.N.Y. 2000), which, among other things, contains dicta relating to possible constitutional
limitations upon said Section 5-1401. We express no opinion as to any such constitutional limitations upon said Section 5-1401
or their effect, if any, upon any opinion herein expressed.

 

(v)   We
express no opinion as to the validity, effect or enforceability of any provisions:

 

(1)       purporting
to establish particular notice periods or actions as “reasonable,” to modify rules of construction, to establish evidentiary
standards or limitations periods for suits or proceedings to enforce such documents or otherwise, to establish certain determinations
(including determinations of contracting parties and judgments of courts) as conclusive or conclusive absent manifest error, to
commit the same to the discretion of any Person or permit any Person to act in its sole judgment or to waive rights to notice;

 

(2)       providing
that the assertion or employment of any right or remedy shall not prevent the concurrent assertion or employment of any other right
or remedy, or that each and every remedy shall be cumulative and in addition to every other remedy or that any delay or omission
to exercise any right or remedy shall not impair any other right or remedy or constitute a waiver thereof;

 

(3)       relating
to severability or separability;

 

(4)       purporting
to limit the liability of, or to exculpate, any Person, including, without limitation, any provision that purports to waive liability
for violation of securities laws;

 

(5)       purporting
to waive damages;

 

(6)       that
constitute an agreement to agree in the future on any matter;

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 16

    

 

(7)       that
relate to indemnification, contribution or reimbursement obligations to the extent any such provisions (i) would purport to
require any Person to provide indemnification, contribution or reimbursement in respect of the negligence, recklessness, willful
misconduct or unlawful behavior of any Person, (ii) violate any law, rule or regulation (including any federal or state securities
law, rule or regulation) or (iii) are determined to be contrary to public policy;

 

(8)       purporting
to establish any obligation of any party as absolute or unconditional regardless of the occurrence or non-occurrence or existence
or non-existence of any event or other state of facts;

 

(9)       purporting
to obligate any party to conform to a standard that may not be objectively determinable or employing items that are vague or have
no commonly accepted meaning in the context in which used;

 

(10)     purporting
to require the payment of liquidated damages for failure timely to comply with obligations under the Registration Rights Agreement;

 

(11)     purporting
to require that all amendments, waivers and terminations be in writing or the disregard of any course of dealing or usage of trade;

 

(12)     purporting
to provide for the submission to the jurisdiction of any court that lacks jurisdiction or relating to waiver of inconvenient forum;
or

 

(13)     purporting
to require disregard of mandatory choice of law principles that could require application of a law other than the law expressly
chosen to govern the instrument in which such provisions appear.

 

(vi)  We
express no opinion as to (1) Sections 3.06 or 3.13 of the Registration Rights Agreement, (2) Sections 14 or 25 of
each Warrant or (3) the last sentence of Section 8.01, Section 8.03, Section 8.11, or Section 8.12 of
the Purchase Agreement.

 

(vii) In
making our examination of executed documents, we have assumed (except to the extent that we expressly opine above) (1) the
valid existence and good standing of each of the parties thereto, (2) that such parties had the power and authority, corporate,
partnership, limited liability company or other, to enter into and to incur and perform all their obligations thereunder, (3) that
any such party that is a partnership or a limited liability company has not dissolved, (4) the due authorization by all requisite
action, corporate, partnership, limited liability company or other, and the due execution and delivery by such parties of such
documents and (5) to the extent such documents purport to constitute agreements, that each of such documents constitutes the
legal, valid and binding obligation of each party thereto, enforceable against such party in accordance with its terms. In this
paragraph (vii), all references to parties to documents shall be deemed to mean and include each of such parties, and each
other person (if any) directly or indirectly acting on its behalf.

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 17

    

 

(viii)  Except
to the extent that we expressly opine above, we have assumed that the execution and delivery of the Transaction Documents, and
the incurrence and performance of the obligations thereunder of the parties thereto, do not and will not contravene, breach, violate
or constitute a default under (with the giving of notice, the passage of time or otherwise) (1) the certificate or articles
of incorporation, certificate of formation, charter, bylaws, limited liability company agreement, limited partnership agreement
or similar organic document of any such party, (2) any contract, indenture, mortgage, loan agreement, note, lease or other
agreement or instrument, (3) any statute, law, rule, or regulation, (4) any judicial or administrative order or decree
of any governmental authority, or (5) any consent, approval, license, authorization or validation of, or filing, recording
or registration with, any governmental authority, in each case, to which any party to the Transaction Documents or any of its subsidiaries
or any of their respective properties may be subject, or by which any of them may be bound or affected. Further, we have assumed
the compliance by each such party, other than the Issuer and the General Partner, with all laws, rules and regulations applicable
to it, as well as the compliance by each of the Issuer and the General Partner, and each other person (if any) directly or indirectly
acting on its behalf, with all laws, rules and regulations that may be applicable to it by virtue of the particular nature of the
business conducted by it or any goods or services produced or rendered by it or property owned, operated or leased by it, or any
other facts pertaining specifically to it. In this paragraph (viii), all references to parties to the Transaction Documents,
other than the first such reference, shall be deemed to mean and include each of such parties, and each other person (if any) directly
or indirectly acting on its behalf.

 

(ix)   Except
to the extent that we expressly opine above, we have assumed that no authorization, consent or other approval of, notice to or
registration, recording or filing with any court, governmental authority or regulatory body (other than routine informational filings,
filings under the Securities Act and filings under the Securities Exchange Act of 1934, as amended) is required to authorize, or
is required in connection with the transactions contemplated by the Transaction Documents, the execution or delivery thereof by
or on behalf of any party thereto or the incurrence or performance by any of the parties thereto of its obligations thereunder.

 

(x)    We
point out that the submissions to the jurisdiction of a federal court and the waivers of objection to venue contained in the Transaction
Documents cannot supersede a federal court’s discretion in determining whether to transfer an action to another court.

 

(xi)   In
rendering the opinion expressed in paragraph 12 above, we have taken into consideration not only the number of Purchasers,
but also statements to us regarding their financial standing and investment experience, their past investment practices, the nature
of the written information provided to them concerning the Issuer and statements to us regarding their respective business and
proposed business and the ability and intention of the several Purchasers to honor their respective investment representations,
and to the extent that the foregoing matters of fact are not within our personal knowledge, we have assumed the accuracy of the
representations and warranties of the Purchasers set forth in the Purchase Agreement, and the due performance by the Purchasers
of their respective covenants and agreements set forth in the Purchase Agreement. Furthermore, in rendering such opinion we have
relied upon certifications made to us in the Opinion Support Certificate and have assumed (i) the accuracy of the statements
and representations made to us by Barclays in the Placement Agent Representation Letter, (ii) the accuracy of the representation
made by the Issuer in Section 3.27 of the Purchase Agreement (and the completeness and correctness of its knowledge expressed
in such provision) and (iii) that the Issuer or Barclays had a preexisting relationship with each prospective purchaser of
the Securities prior to its solicitation of any offer in connection with the issuance and sale of the Securities, and prior to
any public announcement of the proposed issuance and sale of the Securities.

 

     

    Each of the Purchasers named
 in the Purchase Agreement
 [___] [__], 2019
 Page 18

    

 

This opinion is being
furnished only to you in connection with the sale of the Securities under the Purchase Agreement occurring today and is solely
for your benefit and is not to be used, circulated, quoted or otherwise referred to for any other purpose or relied upon by any
other Person, including any purchaser of any Security (or any Warrant Common Unit issuable upon exercise of any Warrant or any
Redemption Common Unit issuable upon redemption of Preferred Units) from you and any subsequent purchaser of any Security (or any
Warrant Common Unit issuable upon exercise of any Warrant or any Redemption Common Unit issuable upon redemption of Preferred Units),
without our express written permission. Notwithstanding the foregoing, a copy of this opinion may be furnished solely for informational
purposes to an assignee of the Securities and to your counsel, accountants, auditors and any regulatory agency or body with jurisdiction
over you; provided that none of such persons, agencies or bodies may rely on this opinion, and we disclaim any responsibility
to all such persons in respect of this opinion. The opinions expressed herein are as of the date hereof only and are based on laws,
orders, contract terms and provisions, and facts as of such date, and we disclaim any obligation to update this opinion letter
after such date or to advise you of changes of facts stated or assumed herein or any subsequent changes in law.

 

	 	 	Very truly
    yours,
	 	 	 
	 	 	 
	[_____]	 	 

 

     

     

    

 

 

Exhibit A

 

NGL Energy Holdings LLC

Officers’ Certificate

 

[____] [__], 2019

Reference is made to
the Class D Preferred Unit and Warrant Purchase Agreement dated September 25, 2019 (the “Purchase Agreement”),
by and among NGL Energy Partners LP, a Delaware limited partnership (the “Issuer”), and each of the Purchasers
listed in Schedule A attached thereto (each, a “Purchaser” and collectively, the “Purchasers”),
relating to the sale by the Issuer to the Purchasers of (i) an aggregate of 200,000 Class D Preferred Units representing limited
partner interests in the Issuer and (ii) warrants to purchase an aggregate of 8,500,000 Common Units representing limited partner
interests in the Issuer. The undersigned, H. Michael Krimbill and Robert W. Karlovich III, hereby certify that they are (i) the
Chief Executive Officer and (ii) the Executive Vice President and Chief Financial Officer, respectively, of NGL Energy Holdings
LLC, a Delaware limited liability company and the general partner of the Issuer.

 

Such officers understand
that pursuant to the Purchase Agreement, Hunton Andrews Kurth LLP (“HAK”), special counsel to the
Issuer, is delivering to each of the Purchasers an opinion letter dated as of the date hereof (the “Opinion Letter”).
Such officers further understand that HAK is relying on this certificate and the statements made herein in rendering certain of
the opinions expressed in the Opinion Letter. With regard to the foregoing, the undersigned certify that they have made due inquiry
of all persons necessary or appropriate to verify or confirm the statements contained herein and they further certify the following:

 

1.             Attached
as Schedule 1 to this Officers’ Certificate is a true, accurate and complete list of every indenture, mortgage, deed
of trust, loan, purchase or credit agreement, lease or other agreement (collectively, “Applicable Agreements”)
that is both (i) material in relation to the business, operations, affairs, financial condition, assets or properties of the
Issuer and its subsidiaries, considered as a single enterprise, and (ii) an instrument by which the Issuer or any of its subsidiaries
is bound or by which the Issuer or any of its subsidiaries or any of their respective properties may be bound or affected.

 

2.              Attached
as Schedule 2 to this Officers’ Certificate is a true, accurate and complete list of every order or decree (collectively,
“Applicable Orders”) of any governmental authority by which the Issuer or any of its subsidiaries or any of
their respective properties is bound, that is material in relation to the business, operations, affairs, financial condition, assets,
or properties of the Issuer and its subsidiaries, considered as a single enterprise.

 

3.             The
Issuer and its subsidiaries are engaged in businesses other than that of investing, reinvesting, owning, holding or trading in
Securities. Furthermore, the Issuer and its subsidiaries:

 

(a)            are
not engaged primarily, nor does any of them hold itself out as being engaged primarily, nor does any of them propose to engage
primarily, in the business of investing, reinvesting, or trading in Securities;

 

(b)            are
not engaged, nor do any of them propose to engage, in the business of issuing Face-Amount Certificates of the Installment Type,
nor has any of them been engaged in such business and has any such certificates outstanding;

 

    1

     

    

 

(c)            are
not engaged, nor do any of them propose to engage, in the business of investing, reinvesting, owning, holding or trading in Securities
(other than Securities of its respective subsidiaries); and

 

(d)           do
not own, nor does any of them propose to acquire, Investment Securities having a value exceeding 40 percent of the value of
its total assets (exclusive of Government Securities and cash items) on an unconsolidated basis.

 

In addition, none of
the Issuer and its subsidiaries will use proceeds from the offering of securities contemplated by the Purchase Agreement to acquire
Investment Securities having a value exceeding 40 percent of the value of its total assets (exclusive of Government Securities
and cash items) on an unconsolidated basis.

 

As used in paragraph 3
of this certificate:

 

“Face-Amount
Certificate of the Installment Type” means any certificate, investment contract or other Security which represents an
obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more
than twenty-four months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable
amount;

 

“Government
Security” means any Security issued or guaranteed as to principal or interest by the United States, or by an entity controlled
or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress
of the United States; or any certificate of deposit for any of the foregoing;

 

“Investment
Securities” means all Securities except (i) Government Securities and (ii) Securities issued by majority-owned
subsidiaries of the owner, which subsidiaries: (A) are not themselves engaged in any activity described in clauses (a)-(c)
of paragraph 3 of this certificate; and (B) do not own or propose to acquire Investment Securities having a value exceeding
40 percent of the value of each such subsidiary’s total assets (exclusive of Government Securities and cash items) on
an unconsolidated basis; and

 

“Security”
means any note, stock, treasury stock, security feature, bond, debenture, evidence of indebtedness, certificate of interest or
participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable
share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil,
gas or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit)
or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle,
option or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or
instrument commonly known as a “security,” or any certificate of interest or participation in, temporary or interim
certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

 

4.             No
form of general solicitation or general advertising was used by the Issuer in connection with the offer and sale of its limited
partner interests pursuant to the Purchase Agreement, including, without limitation, advertisements, articles, notices or other
communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or
meeting whose attendees have been invited by any general solicitation or general advertising.

 

(Signature page follows)

 

    2

     

    

 

IN WITNESS WHEREOF
the undersigned have executed this Officers’ Certificate as of the date first written above.

 

	 	 
	 	H. Michael Krimbill,
	 	Chief Executive Officer
	 	 
	 	 
	 	 
	 	 
	 	Robert W. Karlovich III,
	 	Executive Vice President and
    Chief Financial Officer

 

Signature Page to Officers’ Certificate
(HAK Opinion)

 

    3

     

    

 

Schedule 1

 

[Applicable Agreements]1

 

		1.	First Amended and Restated Registration Rights Agreement, dated October 3, 2011, by and among NGL
Energy Partners LP, Hicks Oils & Hicksgas, Incorporated, NGL Holdings, Inc., Krim2010, LLC, Infrastructure Capital Management,
LLC, Atkinson Investors, LLC, E. Osterman Propane, Inc. and the other holders party thereto.

 

		2.	Amendment No. 1 and Joinder to First Amended and Restated Registration Rights Agreement dated as
of November 1, 2011 by and between NGL Energy Partners LP and SemStream.

 

		3.	Amendment No. 2 and Joinder to First Amended and Restated Registration Rights Agreement, dated
January 3, 2012, by and among NGL Energy Holdings LLC, Liberty Propane, L.L.C., Pacer-Enviro Propane, L.L.C., Pacer-Pittman Propane,
L.L.C., Pacer-Portland Propane, L.L.C., Pacer Propane (Washington), L.L.C., Pacer-Salida Propane, L.L.C. and Pacer-Utah Propane, L.L.C.

 

		4.	Amendment No. 3 and Joinder to First Amended and Restated Registration Rights Agreement, dated
May 1, 2012, by and between NGL Energy Holdings LLC and Downeast Energy Corp.

 

		5.	Amendment No. 4 and Joinder to First Amended and Restated Registration Rights Agreement, dated
June 19, 2012, by and between NGL Energy Holdings LLC and NGP M&R HS LP LLC.

 

		6.	Amendment No. 5 and Joinder to First Amended and Restated Registration Rights Agreement, dated
October 1, 2012, by and between NGL Energy Holdings LLC and Enstone, LLC.

 

		7.	Amendment No. 6 and Joinder to First Amended and Restated Registration Rights Agreement, dated
November 13, 2012, by and among NGL Energy Holdings LLC, Gerald L. Jensen, Thrift Opportunity Holdings, LP, Jenco Petroleum Corporation,
Caritas Trust, Animosus Trust and Nitor Trust.

 

		8.	Amendment No. 7 and Joinder to First Amended and Restated Registration Rights Agreement, dated
as of August 1, 2013, by and among NGL Holdings LLC, Oilfield Water Lines, LP and Terry G. Bailey.

 

		9.	Amendment No. 8 and Joinder to First Amended and Restated Registration Rights Agreement, dated
as of February 17, 2015, by and among NGL Energy Holdings LLC and Magnum Energy Holdco LLC.

 

		10.	Amendment No. 9 and Joinder to First Amended and Restated Registration Rights Agreement, dated
as of February 25, 2016, by and among NGL Energy Holdings LLC and Magnum NGL Holdco LLC.

 

 

1 NTD:
Subject to updates in between signing and closing.

 

    Amex I - 1

     

    

 

		11.	Letter Agreement by and among Silverthorne Energy Holdings LLC, Shawn W. Coady and Todd M. Coady
dated October 14, 2010.

 

		12.	LLC Interest Transfer Agreement, dated as of August 1, 2013, by and among Oilfield Water Lines,
LP, as the Representative, OWL Pearsall SWD, LLC, OWL Pearsall Holdings, LLC, NGL Energy Partners, LP and High Sierra Water-Eagle
Ford, LLC.

 

		13.	LLC Interest Transfer Agreement, dated as of August 1, 2013, by and among Oilfield Water Lines,
LP, as the Representative, OWL Karnes SWD, LLC, OWL Karnes Holdings, LLC, NGL Energy Partners, LP and High Sierra Water-Eagle Ford,
LLC.

 

		14.	LLC Interest Transfer Agreement, dated as of August 1, 2013, by and among Oilfield Water Lines,
LP, OWL Cotulla SWD, LLC, Terry Bailey, as trustee of the PJB Irrevocable Trust, NGL Energy Partners, LP and High Sierra Water-Eagle
Ford, LLC.

 

		15.	LLC Interest Transfer Agreement, dated as of August 1, 2013, by and among Oilfield Water Lines,
LP, OWL Nixon SWD, LLC, Terry Bailey, as trustee of the PJB Irrevocable Trust, NGL Energy Partners, LP and High Sierra Water-Eagle
Ford, LLC.

 

		16.	LLC Interest Transfer Agreement, dated as of August 1, 2013, by and among Oilfield Water Lines,
LP, HR OWL, LLC, OWL Operating, LLC, Lotus Oilfield Services, L.L.C., OWL Lotus, LLC, NGL Energy Partners LP, High Sierra Water-Eagle
Ford, LLC and High Sierra Transportation, LLC.

 

		17.	Equity Interest Purchase Agreement, dated November 5, 2013, by and among NGL Energy Partners LP,
High Sierra Energy, LP, Gavilon, LLC and Gavilon Energy Intermediate, LLC.

 

		18.	Common Unit Purchase Agreement, dated November 5, 2013, by and among NGL Energy Partners LP and
the purchasers listed on Schedule A thereto.

 

		19.	Purchase Agreement, dated January 7, 2016, by and among the NGL Energy Partners LP,
TransMontaigne Services LLC, Gulf TLP Holdings, LLC and Arclight Energy Partners VI, L.P.

 

		20.	Equity Distribution Agreement, dated August 24, 2016, by and among NGL Energy Partners
LP, Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey, Inc.

 

		21.	Purchase Agreement, dated October 19, 2016, by and among NGL Energy Partners LP, NGL Energy Finance
Corp. and the several initial purchasers listed therein.

 

		22.	Indenture, dated as of October 24, 2016 (the “October 2016 Indenture”), by and
among NGL Energy Partners LP, NGL Energy Finance Corp., the guarantors party thereto and U.S. Bank National Association, as trustee.

 

		23.	First Supplemental Indenture to the October 2016 Indenture, dated as of February 21, 2017, among
NGL Energy Partners LP, NGL Energy Finance Corp., the subsidiaries of NGL Energy Partners LP named therein as parties thereto and
as guarantors, and U.S. Bank National Association, as trustee.

 

    Amex I -2

     

    

 

		24.	Second Supplemental Indenture to the October 2016 Indenture, dated as of July 18, 2018, among NGL
Energy Partners LP, NGL Energy Finance Corp., the subsidiaries of NGL Energy Partners LP named therein as parties thereto and as
guarantors, and U.S. Bank National Association, as trustee.

 

		25.	Third Supplemental Indenture to the October 2016 Indenture, dated as of January 25, 2019, among
NGL Energy Partners LP, NGL Energy Finance Corp., the subsidiaries of NGL Energy Partners LP named therein as parties thereto and
as guarantors, and U.S. Bank National Association, as trustee.

 

		26.	Registration Rights Agreement, dated as of October 24, 2016, by and among NGL Energy Partners LP,
NGL Energy Finance Corp., the guarantors party thereto and Barclays Capital Inc. as representative of the several initial purchasers.

 

		27.	Amended and Restated Credit Agreement, dated as of February 14, 2017, by and among NGL
Energy Partners LP, NGL Energy Operating LLC, as borrowers’ agent, the subsidiary borrowers party thereto, the subsidiary
guarantors party thereto, the lenders party thereto, Deutsche Bank AG, New York Branch, as technical agent, and Deutsche Bank Trust
Company Americas, as administrative agent and as collateral agent.

 

		28.	Amendment No. 1 to Amended and Restated Credit Agreement, dated as of March 31, 2017,
among the NGL Energy Partners LP, NGL Energy Operating LLC, the other subsidiary borrowers party thereto, Deutsche Bank Trust Company
Americas, and the other financial institutions party thereto.

 

		29.	Amendment No. 2 to Amended and Restated Credit Agreement, dated as of June 2, 2017,
among the NGL Energy Partners LP, NGL Energy Operating LLC, the other subsidiary borrowers party thereto, Deutsche Bank Trust Company
Americas, and the other financial institutions party thereto.

 

		30.	Amendment No. 3 to Amended and Restated Credit Agreement, dated as of February 5, 2018,
among the NGL Energy Partners LP, NGL Energy Operating LLC, the other subsidiary borrowers party thereto, Deutsche Bank Trust Company
Americas, and the other financial institutions party thereto.

 

		31.	Amendment No. 4 to Amended and Restated Credit Agreement, dated as of March 6, 2018,
among the NGL Energy Partners LP, NGL Energy Operating LLC, the other subsidiary borrowers party thereto, Deutsche Bank Trust Company
Americas, and the other financial institutions party thereto.

 

		32.	Amendment No. 5 to Amended and Restated Credit Agreement, dated as of May 24, 2018, among
the NGL Energy Partners LP, NGL Energy Operating LLC, the other subsidiary borrowers party thereto, Deutsche Bank Trust Company
Americas, and the other financial institutions party thereto.

 

    Amex I - 3

     

    

 

		33.	Amendment No. 6 to Amended and Restated Credit Agreement, dated as of July 5, 2018, among
the NGL Energy Partners LP, NGL Energy Operating LLC, the other subsidiary borrowers party thereto, Deutsche Bank Trust Company
Americas, and the other financial institutions party thereto.

 

		34.	Amendment No. 7 to Amended and Restated Credit Agreement, dated as of February 6, 2019, among
the NGL Energy Partners LP, NGL Energy Operating LLC, the other subsidiary borrowers party thereto, Deutsche Bank Trust Company
Americas, and the other financial institutions party thereto.

 

		35.	Amendment No. 8 to Amended and Restated Credit Agreement, dated as of June 26, 2019, among NGL
Energy Partners LP, NGL Energy Operating LLC, the other subsidiary borrowers party thereto, Deutsche Bank Trust Company Americas,
and the other financial institutions party thereto.

 

		36.	Amended and Restated Guaranty Agreement, dated as of March 31, 2017 and effective as of December
31, 2016, among NGL Energy Partners LP and the purchasers named therein.

 

		37.	Indenture, dated as of February 22, 2017 (the “February 2017 Indenture”),
by and among NGL Energy Partners LP, NGL Energy Finance Corp., the guarantors party thereto and U.S. Bank National Association,
as trustee.

 

		38.	First Supplemental Indenture to the February 2017 Indenture, dated as of July 18, 2018, among NGL
Energy Partners LP, NGL Energy Finance Corp., the subsidiaries of NGL Energy Partners LP named therein as parties thereto and as
guarantors, and U.S. Bank National Association, as trustee.

 

		39.	Second Supplemental Indenture to the February 2017 Indenture, dated as of January 25, 2019, among
NGL Energy Partners LP, NGL Energy Finance Corp., the subsidiaries of NGL Energy Partners LP named therein as parties thereto and
as guarantors, and U.S. Bank National Association, as trustee.

 

		40.	Purchase Agreement, dated February 16, 2017, by and among NGL Energy Partners LP, NGL
Energy Finance Corp. and the several initial purchasers listed therein.

 

		41.	Registration Rights Agreement, dated as of February 22, 2017, by and among NGL Energy
Partners LP, NGL Energy Finance Corp., the guarantors party thereto and RBC Capital Markets, LLC and Deutsche Bank Securities Inc.,
as representative of the several initial purchasers.

 

		42.	Membership Interest Purchase Agreement, dated as of May 30, 2018, by and among NGL Energy Operating,
LLC, NGL Energy Partners LP, and Superior Plus Energy Services Inc.

 

		43.	Indenture, dated as of April 9, 2019, by and among NGL Energy Partners LP, NGL Energy Finance Corp.,
the guarantors party thereto and U.S. Bank National Association, as trustee.

 

    Amex I - 4

     

    

 

		44.	Purchase Agreement, dated April 4, 2019, by and among NGL Energy Partners LP, NGL Energy Finance
Corp., the guarantors party thereto and RBC Capital Markets, LLC and Mizuho Securities USA LLC, as representatives of the initial
purchasers named therein.

 

		45.	Registration Rights Agreement, dated as of April 9, 2019, by and among NGL Energy Partners LP,
NGL Energy Finance Corp., the guarantors listed therein on Exhibit A and RBC Capital Markets, LLC and Mizuho Securities USA LLC,
as representatives of the several initial purchasers.

 

		46.	Asset Purchase and Sale Agreement, dated as of May 13, 2019, by and among Mesquite Disposals Unlimited,
LLC, Mesquite SWD, Inc. and NGL Water Solutions, LLC, as amended by that certain Letter Agreement dated as of July 2, 2019, by
and among Mesquite Disposals Unlimited, LLC, Mesquite SWD, Inc. and NGL Water Solutions, LLC.

 

		47.	Class D Preferred Unit and Warrant Purchase Agreement, dated July 2, 2019, by and among the NGL
Energy Partners LP, EIG Neptune Equity Aggregator, L.P. and FS Energy and Power Fund.

 

		48.	Registration Rights Agreement, dated July 2, 2019, by and among NGL Energy Partners LP, EIG Neptune
Equity Aggregator, L.P. and FS Energy and Power Fund.

 

		49.	Warrant to Purchase Common Units, dated July 2, 2019, by and among NGL Energy Partners LP and EIG
Neptune Equity Aggregator, L.P.

 

		50.	Warrant to Purchase Common Units, dated July 2, 2019, by and among NGL Energy Partners LP and FS
Energy and Power Fund.

 

		51.	Term Credit Agreement, dated July 2, 2019, by and among NGL Energy Operating LLC, as Borrower,
NGL Energy Partners LP, the lenders thereto and TD Dominion (Texas LLC), as the administrative agent.

 

		52.	[Hillstone Purchase Agreement]

 

(Remainder of Page
Intentionally Left Blank)

 

    Amex I - 5

     

    

 

Schedule 2

 

Applicable Orders

 

None.

 

    Amex I -6

     

    

 

Exhibit B

 

Placement Agent Letter

 

(See Attached)

 

    	 	Annex II-1	 

     

    

 

Exhibit D

Form of General Partner Waiver

 

[Date]

 

NGL Energy Holdings
LLC (the “General Partner”), a Delaware limited liability company and the general partner of NGL Energy Partners
LP (the “Partnership”), in its own capacity and in its capacity as the general partner of the Partnership, hereby
waives any preemptive rights it may hold pursuant to Section 5.8 of the Sixth Amended and Restated Agreement of Limited Partnership
of the Partnership, dated as of July 2, 2019, with respect to the Partnership’s privately negotiated Class D Preferred Unit
and Warrant Purchase Agreement, dated as of September 25, 2019, by and among the Partnership and each of the Purchasers set forth
in Schedule A thereto (the “Purchase Agreement”), to issue and sell an aggregate of 200,000 Class D Preferred
Units representing limited partner interests of the Partnership (and any Redemption Units issuable upon redemption of any Class
D Preferred Units) and Warrants to purchase Common Units representing limited partner interests of the Partnership for a cash purchase
price of $200,000,000 (and Warrant Exercise Units upon any exercise of Warrants).

 

Capitalized terms used
but not defined in this General Partner Waiver shall have the respective meanings ascribed to them in the Purchase Agreement.

 

IN WITNESS WHEREOF,
the undersigned executes this General Partner Waiver, effective as of the date first above written.

 

	 	NGL ENERGY HOLDINGS LLC
	 	 
	 	By:	 
	 	Name:	H. Michael Krimbill
	 	Title: 	Chief Executive Officer

 

    

     

    

 

Exhibit E

Form of General Partner Officer’s Certificate

 

[Closing Date]

 

Pursuant to Section
6.02(f) of the Class D Convertible Preferred Unit and Warrant Purchase Agreement by and among NGL Energy Partners LP, a Delaware
limited partnership (the “Partnership”), and each of the Purchasers party thereto, dated September 25, 2019
(the “Purchase Agreement”), the undersigned, being the Chief Executive Officer of NGL Energy Holdings LLC, a
Delaware limited liability company, acting in its capacity as the general partner of Partnership, hereby certifies as follows:

 

1.             The
Partnership has performed and complied with the covenants and agreements contained in the Purchase Agreement that are required
to be performed and complied with by the Partnership on or prior to the Closing Date.

 

2.             The
representations and warranties of the Partnership contained in the Purchase Agreement that are qualified by materiality or Partnership
Material Adverse Effect were true and correct when made and are true and correct on the date hereof (as though made at and as of
the date hereof), and all other representations and warranties were true and correct in all material respects when made and are
true and correct in all material respects as of the date hereof (as though made at and as of the date hereof), other than those
representations and warranties of the Partnership contained in the Purchase Agreement that expressly relate to a different date,
in which case, they are correct in all material respects as of such date.

 

3.             The
Partnership has consummated (or shall have concurrently with the Closing consummated) the Acquisition on substantially the terms
set forth in the Acquisition Agreement, with only such modifications or waivers as the General Partner has reasonably determined
do not materially adversely affect the Purchasers in their capacity as unitholders following the Closing.

 

4.             Hunton
Andrews Kurth LLP is entitled to rely on this certificate in connection with the legal opinions that they are rendering on the
date hereof.

 

Capitalized terms used
but not defined in this Officer’s Certificate shall have the respective meanings ascribed to them in the Purchase Agreement.

 

(Signature page follows)

 

    

     

    

 

The undersigned has
executed this Officer’s Certificate as of the date first written above, in his capacity as Chief Executive Officer of NGL
Energy Holdings LLC, a Delaware limited liability company, acting in its capacity as the general partner of the Partnership.

 

	 	NGL ENERGY HOLDINGS LLC
	 	 
	 	By:	 
	 	Name:	H. Michael Krimbill
	 	Title:	Chief Executive Officer

 

    

     

    

 

Exhibit F

Form of Purchaser’s Officer’s Certificate

 

[Closing Date]

 

Pursuant to Section
6.03(c) of the Class D Redeemable Preferred Unit and Warrant Purchase Agreement by and among NGL Energy Partners LP, a Delaware
limited partnership, and each of the Purchasers party thereto, dated September 25, 2019 (the “Purchase Agreement”),
the undersigned, being the President, Chief Executive Officer or other authorized officer of the Purchaser set forth on the signature
page hereto, hereby certifies in his or her capacity as such, and not in his or her individual capacity, solely with respect to
such Purchaser as follows:

 

1.             The
Purchaser has performed and complied with the covenants and agreements contained in the Purchase Agreement that are required to
be performed and complied with by the Purchaser on or prior to the Closing Date.

 

2.             The
representations and warranties of the Purchaser contained in the Purchase Agreement that are qualified by materiality or Purchaser
Material Adverse Effect were true and correct when made and are true and correct as of the date hereof (as though made at and as
of the date hereof), and all other representations and warranties were true and correct in all material respects when made and
are true and correct in all material respects as of the date hereof (as though made at and as of the date hereof), other than those
representations and warranties of the Purchaser contained in the Purchase Agreement that expressly relate to a different date,
in which case, they are correct in all material respects as of such date.

 

Capitalized terms used
but not defined in this Officer’s Certificate shall have the respective meanings ascribed to them in the Purchase Agreement.

 

(Signature page follows)

 

    

     

    

 

The undersigned has
executed this Officer’s Certificate as of the date first written above.

 

	 	By:	 
	 	Name:
	 	Title:

 

    

     

    

 

Exhibit G

Form of Par Warrant

 

(See Attached)

 

    

     

    

 

NGL ENERGY PARTNERS LP

 

SERIES C 2019 WARRANT TO PURCHASE COMMON
UNITS

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT
MAY NOT BE SOLD OR OFFERED FOR SALE, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
THE STATES OR OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, SUCH WARRANTS AND THE SECURITIES
ISSUABLE UPON EXERCISE OF SUCH WARRANTS MAY ONLY BE TRANSFERRED IF THE TRANSFER AGENT FOR SUCH WARRANTS AND THE SECURITIES ISSUABLE
UPON EXERCISE OF SUCH WARRANTS HAS RECEIVED DOCUMENTATION SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION
UNDER THE SECURITIES ACT.

 

	Original
    Issue Date: [____] [__], 2019	Warrant Certificate
	No.: [●]	 

 

FOR VALUE RECEIVED,
NGL Energy Partners LP, a Delaware limited partnership (the “Partnership”), hereby certifies that                                                                      ,
a                                                                  ,
or its registered assigns (the “Holder”) is entitled to purchase from the Partnership                      
Common Units at a purchase price per Common Unit of $13.56 (the “Exercise Price”), all subject to the
terms, conditions and adjustments set forth below in this Warrant. Certain capitalized terms used herein are defined in Section 1
hereof. This Warrant is one of a series of like tenor issued by the Partnership pursuant to the terms of the Class D Preferred
Unit and Warrant Purchase Agreement dated as of September 25, 2019 (the “Purchase Agreement”) between
the Partnership and the Purchasers named on Schedule A thereto.

 

1.             Definitions.
As used in this Warrant, the following terms have the respective meanings set forth below:

 

“Aggregate
Exercise Price” means an amount equal to the product of (a) the number of Warrant Units in respect of which
this Warrant is being exercised pursuant to Section 3 hereof, multiplied by (b) the Exercise Price.

 

“Board”
means the board of directors of the General Partner.

 

“Business
Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the cities of New
York, New York or Tulsa, Oklahoma are authorized or obligated by law or executive order to close.

 

     

     

    

 

“Buy-In”
has the meaning set forth in Section 3(h).

 

“Buy-In
Price” has the meaning set forth in Section 3(h).

 

“Class D
Change of Control” has the meaning set forth in the Partnership Agreement as in effect on the date hereof.

 

“Common
Units” means common units representing limited partner interests in the Partnership, the terms of which are set forth
in the Partnership Agreement.

 

“Common
Units Deemed Outstanding” means, at any given time, the sum of (a) the number of Common Units actually outstanding
at such time, plus (b) the number of Common Units issuable upon conversion, exercise or exchange of Convertible Securities
actually outstanding at such time, including without limitation Warrants in the series issued by the Partnership pursuant to the
Purchase Agreement, in each case, regardless of whether the Convertible Securities are actually convertible, exercisable or exchangeable
at such time; provided, that Common Units Deemed Outstanding at any given time shall not include units owned or held by
or for the account of the Partnership.

 

“Convertible
Securities” means any warrants or other rights exercisable to subscribe for or to purchase Common Units, or any security
convertible into or exchangeable for Common Units, regardless of whether the right to exercise, convert or exchange any such Convertible
Securities is immediately exercisable, including without limitation Warrants in the series issued by the Partnership pursuant to
the Purchase Agreement.

 

“Delaware
LP Act” means the Delaware Revised Uniform Limited Partnership Act.

 

“Exercise
Agreement” has the meaning set forth in Section 3(a)(i).

 

“Exercise
Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth
in Section 3 shall have been satisfied at or prior to 5:00 p.m., Central Time, on a Business Day, including, without
limitation, the receipt by the Partnership of the Exercise Agreement, the Warrant and the Aggregate Exercise Price.

 

“Exercise
Period” has the meaning set forth in Section 2.

 

“Exercise
Price” has the meaning set forth in the preamble of this Warrant.

 

“Fair Market
Value” means, as of the Business Day (the “Reference Date”) immediately preceding the date
of determination or, if resulting in a greater amount, for a period (the “Reference Period”) measured
over the three consecutive Business Days ending on the Reference Date: (a) the average closing sale price of the Common Units
on the Reference Date or the VWAP Price for the Reference Period, as applicable, on all domestic securities exchanges on which
the Common Units may at the time be listed; (b) if there have been no sales of the Common Units on any such exchange on the
Reference Date or over the Reference Period, as applicable, the average of the highest bid and lowest asked prices for the Common
Units on all such exchanges at the end of the Reference Date or the Reference Period, as applicable; (c) if on the Reference
Date or over the Reference Period, as applicable, the Common Units are not listed on a domestic securities exchange, the closing
sales price of the Common Units as quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association
for the Reference Date or the Reference Period, as applicable; or (d) if there have been no sales of the Common Units on the
OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on the Reference Date or over the Reference
Period, as applicable, the average of the highest bid and lowest asked prices for Common Units quoted on the OTC Bulletin Board,
the Pink OTC Markets or similar quotation system or association at the end of the Reference Date or the Reference Period, as applicable;
provided, that if the Common Units are listed on any domestic securities exchange, the term “Business Day”
as used in this sentence means Business Days on which such exchange is open for trading. If at any time the Common Units are not
listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system
or association, the “Fair Market Value” of the Common Units shall be the fair market value per unit as
determined in good faith by the Board.

 

    2

     

    

 

“General
Partner” means NGL Energy Holdings LLC, a Delaware limited liability company and the general partner of the Partnership.

 

“Holder”
has the meaning set forth in the preamble of this Warrant.

 

“Original
Issue Date” means [____] [__], 2019, the date on which this Warrant was issued to the first Holder by the Partnership
pursuant to the Purchase Agreement.

 

“OTC Bulletin
Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation system.

 

“Other
Warrants” has the meaning set forth in Section 19.

 

“Partnership”
has the meaning set forth in the preamble of this Warrant.

 

“Partnership
Agreement” means the Seventh Amended and Restated Agreement of Limited Partnership of the Partnership, as amended
from time to time.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated
organization or government or department or agency thereof.

 

“Pink OTC
Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and OTC
Pink.

 

“Preferred
Units” means the Class D Preferred Units representing limited partner interests in the Partnership, the terms
of which are to be set forth in the Partnership Agreement.

 

“Purchase
Agreement” has the meaning set forth in the preamble of this Warrant.

 

“VWAP Price”
as of a particular date means the volume-weighted average trading price, as adjusted for splits, combinations and other similar
transactions, of a Common Unit.

 

“Warrant”
means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.

 

“Warrant
Unit Adjustment” has the meaning set forth in Section 4(e).

 

“Warrant
Units” means the Common Units purchasable upon exercise of this Warrant in accordance with the terms of this Warrant
(without taking into account any limitations or restrictions on the exercisability of this Warrant, other than with respect to
Section 2 or Section 3 of this Warrant).

 

    3

     

    

 

2.       Term
of Warrant. Subject to the terms and conditions hereof, at any time or from time to time during the period beginning on
the first anniversary of the Original Issue Date and ending at 5:00 p.m., Central Time, on the tenth anniversary of the Original
Issue Date or, if such day is not a Business Day, on the next Business Day (the “Exercise Period”), the
Holder of this Warrant may exercise this Warrant for the Warrant Units purchasable hereunder (subject to adjustment as provided
herein) as provided in Section 3. Holders may not exercise this Warrant except during the Exercise Period.

 

3.       Exercise
of Warrant.

 

(a)     Vesting
and Exercise Procedure. Notwithstanding anything to the contrary herein, including the vesting provisions of Section
2, the Holder may purchase all or any part of the Warrant Units purchasable upon exercise of this Warrant beginning on the
earlier of (i) the first anniversary of the Original Issue Date, (ii) the consummation of a Class D Change of Control and
(iii) the voluntary or involuntary dissolution, liquidation or winding-up of the Partnership. The Holder may exercise this Warrant
only upon:

 

(i)       surrender
of this Warrant to the Partnership at its then principal executive offices (or an indemnification undertaking with respect to this
Warrant in the case of its loss, theft or destruction), together with an Exercise Agreement in the form attached hereto as Exhibit A
(each, an “Exercise Agreement”), duly completed (including specifying the number of Warrant Units to
be purchased) and executed; and

 

(ii)      payment
to the Partnership of the Aggregate Exercise Price in accordance with Section 3(b).

 

(b)     Payment
of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as
expressed in the Exercise Agreement, only by the following methods:

 

(i)       by
delivery to the Partnership of a certified or official bank check payable to the order of the Partnership or by wire transfer of
immediately available funds to an account designated in writing by the Partnership, in the amount of such Aggregate Exercise Price;

 

(ii)      by
instructing the Partnership to withhold a number of Warrant Units in an amount equal to the quotient of (A) the Aggregate Exercise
Price and (B) the Fair Market Value of one Warrant Unit as of the Exercise Date; or

 

    4

     

    

 

(iii)     any
combination of the foregoing.

 

In the event of any withholding of Warrant
Units pursuant to clause (ii) or (iii) above where the number of units whose value is equal to the Aggregate Exercise Price
is not a whole number, the number of units withheld by or surrendered to the Partnership shall be rounded up to the nearest whole
unit and the Partnership shall make a cash payment to the Holder (by delivery of a certified or official bank check or by wire
transfer of immediately available funds) based on the incremental fraction of a unit being so withheld by or surrendered to the
Partnership in an amount equal to the product of (x) such incremental fraction of a Warrant Unit being so withheld or surrendered
multiplied by (y) the Fair Market Value per Warrant Unit as of the Exercise Date.

 

(c)      Delivery
of Certificates. Upon receipt by the Partnership of the Exercise Agreement, surrender of this Warrant and payment of the
Aggregate Exercise Price (in accordance with Section 3(a) hereof), the Partnership shall, within three Business Days
thereafter, execute (or cause to be executed) and deliver (or cause to be delivered) to the Holder a certificate or certificates
representing the Warrant Units issuable upon such exercise, together with cash in lieu of any fraction of a unit, as provided in
Section 3(d) hereof. Certificates shall be transmitted by the Partnership’s transfer agent by crediting
the account of the Holder’s prime broker with The Depository Trust Company through its Deposit / Withdrawal At Custodian
system if the Holder is a participant in such system, and otherwise by physical delivery to the address specified by the Holder
in the Exercise Agreement. The certificate or certificates so delivered shall be, to the extent possible, in such denomination
or denominations as the exercising Holder shall reasonably request in the Exercise Agreement and shall be registered in the name
of the Holder or, subject to compliance with Section 6 below, such other Person’s name as shall be designated
in the Exercise Agreement. This Warrant shall be deemed to have been exercised and such certificate or certificates of Warrant
Units shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall be deemed
to have become a holder of record of such Warrant Units for all purposes, as of the Exercise Date.

 

(d)      Fractional
Units. The Partnership shall not be required to issue a fractional Warrant Unit upon exercise of any Warrant. As to any
fraction of a Warrant Unit that the Holder would otherwise be entitled to purchase upon such exercise, the Partnership shall pay
to such Holder an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available
funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Unit on the
Exercise Date.

 

(e)      Delivery
of New Warrant. Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised,
the Partnership shall, at the time of delivery of the certificate or certificates representing the Warrant Units being issued in
accordance with Section 3(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase
the unexpired and unexercised Warrant Units called for by this Warrant. Such new Warrant shall in all other respects be identical
to this Warrant.

 

    5

     

    

 

(f)     Valid
Issuance of Warrant and Warrant Units; Payment of Taxes. With respect to the exercise of this Warrant, the Partnership
hereby represents, covenants and agrees:

 

(i)      This
Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized
and validly issued.

 

(ii)     All
Warrant Units issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Partnership
shall take all such actions as may be necessary or appropriate in order that such Warrant Units are, validly issued, fully paid
(to the extent required under applicable law and the Partnership Agreement) and non-assessable (except as such nonassessability
may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act), issued without violation of any preemptive or similar
rights of any unitholder of the Partnership and free and clear of all taxes, liens and charges.

 

(iii)    The
Partnership shall take all such actions as may be necessary to ensure that all such Warrant Units are issued without violation
by the Partnership of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon
which Common Units or other securities constituting Warrant Units may be listed at the time of such exercise (except for official
notice of issuance which shall be immediately delivered by the Partnership upon each such issuance).

 

(iv)    The
Partnership shall use its reasonable best efforts to cause the Warrant Units, immediately upon such exercise, to be listed on any
domestic securities exchange upon which Common Units or other securities constituting Warrant Units are listed at the time of such
exercise.

 

(v)     The
Partnership shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect
to, the issuance or delivery of Warrant Units upon exercise of this Warrant; provided, that the Partnership shall not be
required to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or
delivery of the Warrant Units to any Person other than the Holder, and no such issuance or delivery shall be made unless and until
the Person requesting such issuance has paid to the Partnership the amount of any such tax, or has established to the satisfaction
of the Partnership that such tax has been paid.

 

(g)      Conditional
Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection
with (i) a sale of the Partnership (pursuant to a merger, sale of units, or otherwise), (ii) a sale of Common Units pursuant to
a registered offering under the Securities Act or (iii) a Class D Change of Control, such exercise may at the election of the Holder
be conditioned upon the consummation of such transaction, registered offering or Class D Change of Control, in which case such
exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction, registered offering
or Class D Change of Control.

 

    6

     

    

 

(h)      Buy-In.
In addition to any other rights available to the Holder,
if the Partnership fails to deliver to the Holder a certificate or certificates representing the Warrant Units in accordance with
Section 3(c) hereof within seven Business Days of receipt by the Partnership of the Exercise Agreement and surrender of
this Warrant (in accordance with Section 3(a) hereof) and payment of the Aggregate Exercise Price, and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) Common Units to deliver in satisfaction
of a sale by the Holder of the Warrant Units which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Partnership shall, at the Holder’s option, either (i) pay cash to the Holder in an amount equal to the Holder’s
total purchase price (including brokerage commissions, if any) for the Common Units so purchased (the “Buy-In Price”),
at which point the Partnership’s obligation to deliver such certificate (and to issue such Common Units) shall terminate,
or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Common Units
and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number
of Common Units, times (B) the closing bid price on the date of exercise. The Holder shall provide the Partnership written
notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and other
evidence reasonably requested by the Partnership. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Partnership’s failure to timely deliver certificates representing Common Units upon exercise of
this Warrant as required pursuant to the terms hereof.

 

4.       Adjustment
to Number of Warrant Units. The number of Warrant Units issuable upon exercise of this Warrant shall be subject to adjustment
from time to time as provided in this Section 4 (in each case, after taking into consideration any prior adjustments
pursuant to this Section 4).

 

(a)      Adjustment
to Number of Warrant Units Upon Dividend, Distribution, Subdivision or Combination of Common Units. If the Partnership
shall, at any time or from time to time after the Original Issue Date, (i) pay a dividend or make any other distribution upon
the Common Units or any other limited partner interests of the Partnership payable in Common Units or Convertible Securities, or
(ii) subdivide (by any split, recapitalization or otherwise) its outstanding Common Units into a greater number of units,
the number of Warrant Units issuable upon exercise of this Warrant immediately prior to any such dividend, distribution or subdivision
shall be proportionately increased. If the Partnership at any time combines (by combination, reverse split or otherwise) its outstanding
Common Units into a smaller number of units, the number of Warrant Units issuable upon exercise of this Warrant immediately prior
to such combination shall be proportionately decreased. Any adjustment under this Section 4(a) shall become effective
at the close of business on the date the dividend, distribution, subdivision or combination becomes effective.

 

(b)     Adjustment
to Number of Warrant Units Upon a Class D Change of Control. In the event of any Class D Change of Control, each Warrant
shall, immediately after such Class D Change of Control, remain outstanding and shall thereafter, in lieu of or in addition to
(as the case may be) the number of Warrant Units then exercisable under this Warrant, be exercisable for the kind and number of
other securities or assets of the Partnership or of the successor Person resulting from such Class D Change of Control, with appropriate
adjustment made to the number of Warrant Units and Exercise Price as required by reference to the applicable exchange ratio or
other similar mechanic that provides for the allocation of consideration, if any, to the holders of Common Units in such Class
D Change of Control; and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made
with respect to the Holder’s rights under this Warrant to ensure that the provisions of this Section 4(b) shall
thereafter be applicable, as nearly as possible, to this Warrant in relation to any securities or assets thereafter acquirable
upon exercise of this Warrant. The provisions of this Section 4(b) shall similarly apply to successive Class D Changes
of Control. The Partnership shall not effect any such Class D Change of Control unless, prior to the consummation thereof, the
successor Person (if other than the Partnership) resulting from such Class D Change of Control, shall assume, by written instrument
substantially similar in form and substance to this Warrant and satisfactory to the Holder, the obligation to deliver to the Holder
such securities or assets which, in accordance with the foregoing provisions, such Holder shall be entitled to receive upon exercise
of this Warrant. Notwithstanding anything to the contrary contained herein, including the vesting provisions of Section 2,
with respect to any Class D Change of Control or other transaction contemplated by the provisions of this Section 4(b),
the Holder shall have the right to elect prior to the consummation of such event or transaction, to give effect to the exercise
rights contained in Section 3 instead of giving effect to the provisions contained in this Section 4(b)
with respect to this Warrant.

 

    7

     

    

 

(c)      Certain
Events. If any event of the type contemplated by the provisions of this Section 4 but not expressly provided
for by such provisions (including, without limitation, the granting of unit appreciation rights, phantom unit rights or other rights
with equity features) occurs, then the Board shall make an appropriate adjustment in the number of Warrant Units issuable upon
exercise of this Warrant so as to protect the rights of the Holder in a manner consistent with the provisions of this Section 4;
provided, that no such adjustment pursuant to this Section 4(c) shall decrease the number of Warrant Units issuable
as otherwise determined pursuant to this Section 4.

 

(d)     Certificate
as to Adjustment.

 

 (i)       As
promptly as reasonably practicable following any adjustment of the number of Warrant Units pursuant to the provisions of this Section 4,
but in any event not later than five Business Days thereafter, the Partnership shall furnish to the Holder a certificate of an
executive officer setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation
thereof.

 

 (ii)      As
promptly as reasonably practicable following the receipt by the Partnership of a written request by the Holder, but in any event
not later than five Business Days thereafter, the Partnership shall furnish to the Holder a certificate of an executive officer
certifying the number of Warrant Units or the amount, if any, of other, securities or assets then issuable upon exercise of the
Warrant.

 

(e)      Adjustment
in Exercise Price. Upon any adjustment to the number of Warrant Units issuable upon exercise of this Warrant pursuant to
this Section 4 (each, a “Warrant Unit Adjustment”), the Aggregate Exercise Price upon the exercise
of this Warrant thereafter shall be adjusted by multiplying the Aggregate Exercise Price applicable prior to such Warrant Unit
Adjustment by a fraction: the numerator of which shall be the number of Warrants Units issuable upon exercise of this Warrant immediately
prior to such Warrant Unit Adjustment and the denominator of which shall be the number of Warrant Units issuable upon exercise
of this Warrant immediately after such Warrant Unit Adjustment.

 

    8

     

    

 

(f)      Notices.
In the event:

 

 (i)       that
the Partnership shall take a record of the holders of its Common Units (or other securities at the time issuable upon exercise
of the Warrant) for the purpose of entitling or enabling them to receive any dividend or any other distribution, to vote at a meeting
(or by written consent), to receive any right to subscribe for or purchase any class or any other securities, or to receive any
other security; or

 

 (ii)     of
the voluntary or involuntary dissolution, liquidation or winding-up of the Partnership; or

 

 (iii)    of
any Class D Change of Control;

 

then, and in each such case, the Partnership
shall send or cause to be sent to the Holder at least 10 days prior to the applicable record date or the applicable expected effective
date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such dividend,
distribution, meeting or consent or other right or action, and a description of such dividend, distribution or other right or action
to be taken at such meeting or by written consent, or (B) the effective date on which such Class D Change of Control or dissolution,
liquidation or winding-up is proposed to take place, and the date, if any is to be fixed, as of which the books of the Partnership
shall close or a record shall be taken with respect to which the holders of record of Common Units (or securities at the time issuable
upon exercise of the Warrant) shall be entitled to exchange their Common Units (or such other securities) for securities or other
property deliverable upon such Class D Change of Control or dissolution, liquidation or winding-up, and the amount per unit and
character of such exchange applicable to the Warrant and the Warrant Units.

 

5.       Purchase
Rights. In addition to any adjustments pursuant to Section 4 above, if at any time the Partnership grants,
issues or sells any Common Units, Convertible Securities or rights to purchase units, warrants, securities or other property exclusively
pro rata to the record holders of Common Units (the “Purchase Rights”), then the Holder shall be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder would have acquired
if the Holder had held the number of Warrant Units acquirable upon complete exercise of this Warrant immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of Common Units are to be determined for the grant, issue or sale of such Purchase Rights.

 

6.       Transfer
of Warrant. Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all rights hereunder
are transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to the Partnership
at its then principal executive offices with a properly completed and duly executed Assignment in the form attached hereto as Exhibit B,
together with funds sufficient to pay any transfer taxes described in Section 3(f)(v) in connection with the making
of such transfer. Upon such compliance, surrender and delivery and, if required, such payment, the Partnership shall execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and
this Warrant shall promptly be cancelled. Warrants may be transferred separately from Preferred Units.

 

    9

     

    

 

7.       Holder
Not Deemed a Unitholder; Limitations on Liability. Prior to the issuance to the Holder of the Warrant Units to which the
Holder is then entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to vote or receive dividends
or any other distribution or be deemed the holder of limited partner interests of the Partnership for any purpose, nor shall anything
contained in this Warrant be construed to confer upon the Holder, as such, any of the rights of a unitholder of the Partnership
or any right to vote, give or withhold consent to any partnership action (whether any reorganization, issue of limited partner
interests, reclassification of limited partner interests, consolidation, merger, conveyance or otherwise), receive notice of meetings,
receive dividends, distributions or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be
construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or
as a unitholder of the Partnership, whether such liabilities are asserted by the Partnership or by creditors of the Partnership.
Notwithstanding this Section 7, (i) the Partnership shall provide the Holder with copies of the same notices and
other information given to the unitholders of the Partnership generally, contemporaneously with the giving thereof to the unitholders
and (ii) the Partnership shall not amend or modify its Partnership Agreement in a manner adverse to any rights or benefits
applicable to the Warrant Units thereunder.

 

8.       Replacement
on Loss; Division and Combination.

 

(a)      Replacement
of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Partnership of the loss, theft, destruction
or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written
indemnification agreement with an affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation,
upon surrender of such Warrant for cancellation to the Partnership, the Partnership at its own expense shall execute and deliver
to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Units as the Warrant
so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this
Warrant in identifiable form is surrendered to the Partnership for cancellation.

 

(b)      Division
and Combination of Warrant. Subject to compliance with the applicable provisions of this Warrant as to any transfer or
other assignment which may be involved in such division or combination, this Warrant may be divided or, following any such division
of this Warrant, subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the Partnership at
its then principal executive offices, together with a written notice specifying the names and denominations in which new Warrants
are to be issued, signed by the respective Holders or their agents or attorneys. Subject to compliance with the applicable provisions
of this Warrant as to any transfer or assignment which may be involved in such division or combination, the Partnership shall at
its own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered in accordance
with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall be exercisable
in the aggregate for an equivalent number of Warrant Units as the Warrant or Warrants so surrendered in accordance with such notice.

 

    10

     

    

 

9.       No
Impairment. The Partnership shall not, by amendment of its Certificate of Formation or Partnership Agreement, or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but
shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such
action as may reasonably be requested by the Holder in order to protect the exercise rights of the Holder against dilution or other
impairment, consistent with the tenor and purpose of this Warrant. 

 

10.      Agreement
to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply in all respects
with the provisions of this Section 10 and the restrictive legend requirements set forth on the face of this Warrant
and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Units to be issued
upon exercise hereof except under circumstances that will not result in a violation of the Securities Act. All Warrant Units issued
upon exercise of this Warrant (unless registered under the Securities Act or the conditions for the removal of the legend set forth
in Section 8.06 of the Partnership Agreement are otherwise satisfied) shall be stamped or imprinted with a legend in substantially
the following form:

 

“These securities have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws
of any state or other jurisdiction. These securities may not be sold or offered for sale, pledged or hypothecated except pursuant
to an effective registration statement under the Securities Act or pursuant to an exemption from registration thereunder, in each
case in accordance with all applicable securities laws of the states or other jurisdictions, and in the case of a transaction exempt
from registration, such securities may only be transferred if the transfer agent for such securities has received documentation
satisfactory to it that such transaction does not require registration under the Securities Act.”

 

11.       Warrant
Register. The Partnership (or the General Partner on its behalf) shall keep and properly maintain at its principal executive
offices books for the registration of the Warrant and any transfers thereof. The Partnership may deem and treat the Person in whose
name the Warrant is registered on such register as the Holder thereof for all purposes, and the Partnership shall not be affected
by any notice to the contrary, except any assignment, division, combination or other transfer of the Warrant effected in accordance
with the provisions of this Warrant.

 

12.       Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a
portable document format (pdf) document (with confirmation of transmission) if sent during normal business hours of the recipient,
and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date
mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective
parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance
with this Section 12).

 

    11

     

    

 

	If to the Partnership:	NGL Energy
    Partners LP
	 	6120 South Yale Avenue
	 	Suite 805
	 	Tulsa, Oklahoma 74316
	 	Attention: Kurston P.
    McMurray, General Counsel
	 	Facsimile: (918) 481-5896
	 	Email: Kurston.McMurray@nglep.com
	 	 
	with a copy to (which shall not constitute notice):
	 
	 	Hunton Andrews Kurth
    LLP
	 	600 Travis St., Suite
    4200
	 	Houston, Texas 77002
	 	Attention: G. Michael
    O’Leary and Henry Havre
	 	Facsimile: (713) 220-4285
	 	Email: gmoleary@huntonak.com
	 	Email: henryhavre@huntonak.com
	 	 
	If to the Holder:	[●]
	 	 
	with a copy to (which shall not constitute notice):
	 	 
	 	Kirkland & Ellis
    LLP
	 	609 Main Street
	 	Houston, TX 77002
	 	Attention: John Pitts
    and Julian Seiguer
	 	Facsimile: (713) 835-3601
	 	Email:john.pitts@kirkland.com
	 	Email: julian.seiguer@kirkland.com

 

13.      Cumulative
Remedies. Except to the extent expressly provided in Section 7 to the contrary, the rights and remedies provided
in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights
or remedies available at law, in equity or otherwise.

 

    12

     

    

 

14.      Equitable
Relief. Each of the Partnership and the Holder acknowledges that a breach or threatened breach by such party of any of
its obligations under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would
not be an adequate remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations,
the other party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such
breach, be entitled to equitable relief, including a restraining order, an injunction, specific performance and any other relief
that may be available from a court of competent jurisdiction.

 

15.      Entire
Agreement. This Warrant, together with the Purchase Agreement, constitutes the sole and entire agreement of the parties
to this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements
in the body of this Warrant and the Purchase Agreement, the statements in the body of this Warrant shall control.

 

16.      Successor
and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties
hereto and the successors of the Partnership and the successors and permitted assigns of the Holder. Such successors and/or permitted
assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.

 

17.      No
Third-Party Beneficiaries. This Warrant is for the sole benefit of the Partnership and the Holder and their respective
successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer
upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.

 

18.      Headings.
The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

 

19.      Amendment
and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented
by an agreement in writing signed by each party hereto. No waiver by the Partnership or the Holder of any of the provisions hereof
shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate
or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether
of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The Partnership shall not amend, modify or supplement, or waive any
provision of, any other warrant issued concurrently with this Warrant under the Purchase Agreement (the “Other Warrants”),
unless the Partnership has (i) provided 10 Business Days’ prior written notice to the Holder of any such amendment, modification,
supplement or waiver of any Other Warrants and (ii) if elected by the Holder, amended, modified, supplemented or waived the corresponding
provision or provisions of this Warrant.

 

    13

     

    

 

20.      Severability.
If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

21.      Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York.

 

22.      Submission
to Jurisdiction. The parties hereby submit to the exclusive jurisdiction of any U.S. federal or state court located in
the Borough of Manhattan, the City and County of New York in any legal suit, action or proceeding arising out of or based upon
this Warrant or the transactions contemplated hereby, and each party irrevocably submits to the exclusive jurisdiction of such
courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified or registered
mail to such party’s address for receipt of notices pursuant to Section 12 shall be effective service of process
for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection
to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim
in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

23.      WAIVER
OF JURY TRIAL. Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to
involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may
have to a trial by jury in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated
hereby.

 

24.      Counterparts.
This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

 

25.      No
Strict Construction. This Warrant shall be construed without regard to any presumption or rule requiring construction or
interpretation against the party drafting an instrument or causing any instrument to be drafted.

 

(SIGNATURE PAGE FOLLOWS)

 

    14

     

    

 

IN WITNESS WHEREOF, the Partnership has duly
executed this Warrant on the Original Issue Date.

 

		NGL ENERGY PARTNERS LP
	 	 
		By:	NGL Energy Holdings LLC,
	 	 	its general partner

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	Accepted and agreed,	 

 

[HOLDER NAME]

 

 

	By:	 	 
		Name:	 
		Title:	 

 

Signature Page

to

Warrant Agreement

 

     

     

    

 

Exhibit A

NGL ENERGY PARTNERS LP

EXERCISE AGREEMENT

 

To [Name]:

 

The undersigned hereby
irrevocably elects to exercise the right of purchase represented by the Warrant to which this Exercise Agreement is attached (the
“Warrant”) for, and to purchase thereunder by the payment of the Aggregate Exercise Price and surrender
of the Warrant, Common Units (“Warrant Units”) provided for therein, and requests that certificates for
the Warrant Units be issued as follows:

 

	Name
	 
	 	 
	 
	 
	Address
	 
	 	 
	 
	 
	 	 
	 
	 
	 
	Federal Tax or Social Security No.
	 
	 	 
	 

 

    	 	A-1	 

     

    

 

	and delivered by	(certified mail to the above address), or
	 	 
	 	(electronically           (provide DWAC 
	 	Instructions:_______________)), or
	 	 
	 	(other _______________) (specify):.

 

and, if the number of Warrant Units shall
not be all the Warrant Units purchasable upon exercise of this Warrant, that a new Warrant for the balance of the Warrant Units
purchasable upon exercise of this Warrant be registered in the name of the undersigned Holder or the undersigned’s Assignee
as below indicated and delivered to the address stated below.

 

Dated:          ________________, _____

 

Note:            The signature must correspond with

 

	Signature:	
	 	

	 	 	 
	 	 	 
	the name of the Holder as written on the first page of this Warrant in every particular, without alteration or enlargement or any change whatever, unless this Warrant has been assigned.	 	Name (please print)
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	

	 	 	Address
	 	 	 
	 	 	 
	 	 	

	 	 	 
	 	 	Federal Identification or Social Security No.
	 	 	 
	 	 	 
	 	 	Assignee:
	 	 	 
	 	 	

	 	 	 
	 	 	

	 	 	 
	 	 	

 

 

    	 	A-2	 

     

    

 

Exhibit B

NGL ENERGY PARTNERS LP

ASSIGNMENT

 

For value received                                   
hereby sells, assigns and transfers unto                                         
the within Warrant2, together with all right, title
and interest therein, and does hereby irrevocably constitute and appoint attorney, to transfer said Warrant on the books of the
within-named Partnership, with full power of substitution in the premises.

 

	Date:	 	 

 

	Signature:	 	 

 

Note: The above signature must correspond
with the name as written upon the face of this Warrant in every particular, without alteration or enlargement or any change whatever.

 

 

2
For partial assignment, indicate portion assigned.

 

    	 	B-1	 

     

    

 

Exhibit H

Form of Premium Warrant

 

(See Attached)

 

    

     

    

 

 

NGL ENERGY PARTNERS LP

 

SERIES D 2019 WARRANT TO PURCHASE COMMON
UNITS

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT
MAY NOT BE SOLD OR OFFERED FOR SALE, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
THE STATES OR OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, SUCH WARRANTS AND THE SECURITIES
ISSUABLE UPON EXERCISE OF SUCH WARRANTS MAY ONLY BE TRANSFERRED IF THE TRANSFER AGENT FOR SUCH WARRANTS AND THE SECURITIES ISSUABLE
UPON EXERCISE OF SUCH WARRANTS HAS RECEIVED DOCUMENTATION SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION
UNDER THE SECURITIES ACT.

 

		Original	  Issue Date: [____] [__], 2019	Warrant Certificate

 No.:
[●]

FOR VALUE RECEIVED,
NGL Energy Partners LP, a Delaware limited partnership (the “Partnership”), hereby certifies that                                                                      ,
a                                                                  ,
or its registered assigns (the “Holder”) is entitled to purchase from the Partnership                      
Common Units at a purchase price per Common Unit of $16.28 (the “Exercise Price”), all subject to the
terms, conditions and adjustments set forth below in this Warrant. Certain capitalized terms used herein are defined in Section 1
hereof. This Warrant is one of a series of like tenor issued by the Partnership pursuant to the terms of the Class D Preferred
Unit and Warrant Purchase Agreement dated as of September 25, 2019 (the “Purchase Agreement”) between
the Partnership and the Purchasers named on Schedule A thereto.

 

1.            Definitions.
As used in this Warrant, the following terms have the respective meanings set forth below:

 

“Aggregate
Exercise Price” means an amount equal to the product of (a) the number of Warrant Units in respect of which
this Warrant is being exercised pursuant to Section 3 hereof, multiplied by (b) the Exercise Price.

 

“Board”
means the board of directors of the General Partner.

 

“Business
Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the cities of New
York, New York or Tulsa, Oklahoma are authorized or obligated by law or executive order to close.

 

     

     

    

 

“Buy-In”
has the meaning set forth in Section 3(h).

 

“Buy-In
Price” has the meaning set forth in Section 3(h).

 

“Class D
Change of Control” has the meaning set forth in the Partnership Agreement as in effect on the date hereof.

 

“Common
Units” means common units representing limited partner interests in the Partnership, the terms of which are set forth
in the Partnership Agreement.

 

“Common
Units Deemed Outstanding” means, at any given time, the sum of (a) the number of Common Units actually outstanding
at such time, plus (b) the number of Common Units issuable upon conversion, exercise or exchange of Convertible Securities
actually outstanding at such time, including without limitation Warrants in the series issued by the Partnership pursuant to the
Purchase Agreement, in each case, regardless of whether the Convertible Securities are actually convertible, exercisable or exchangeable
at such time; provided, that Common Units Deemed Outstanding at any given time shall not include units owned or held by
or for the account of the Partnership.

 

“Convertible
Securities” means any warrants or other rights exercisable to subscribe for or to purchase Common Units, or any security
convertible into or exchangeable for Common Units, regardless of whether the right to exercise, convert or exchange any such Convertible
Securities is immediately exercisable, including without limitation Warrants in the series issued by the Partnership pursuant to
the Purchase Agreement.

 

“Delaware
LP Act” means the Delaware Revised Uniform Limited Partnership Act.

 

“Exercise
Agreement” has the meaning set forth in Section 3(a)(i).

 

“Exercise
Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth
in Section 3 shall have been satisfied at or prior to 5:00 p.m., Central Time, on a Business Day, including, without
limitation, the receipt by the Partnership of the Exercise Agreement, the Warrant and the Aggregate Exercise Price.

 

“Exercise
Period” has the meaning set forth in Section 2.

 

“Exercise
Price” has the meaning set forth in the preamble of this Warrant.

 

“Fair Market
Value” means, as of the Business Day (the “Reference Date”) immediately preceding the date
of determination or, if resulting in a greater amount, for a period (the “Reference Period”) measured
over the three consecutive Business Days ending on the Reference Date: (a) the average closing sale price of the Common Units
on the Reference Date or the VWAP Price for the Reference Period, as applicable, on all domestic securities exchanges on which
the Common Units may at the time be listed; (b) if there have been no sales of the Common Units on any such exchange on the
Reference Date or over the Reference Period, as applicable, the average of the highest bid and lowest asked prices for the Common
Units on all such exchanges at the end of the Reference Date or the Reference Period, as applicable; (c) if on the Reference
Date or over the Reference Period, as applicable, the Common Units are not listed on a domestic securities exchange, the closing
sales price of the Common Units as quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association
for the Reference Date or the Reference Period, as applicable; or (d) if there have been no sales of the Common Units on the
OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on the Reference Date or over the Reference
Period, as applicable, the average of the highest bid and lowest asked prices for Common Units quoted on the OTC Bulletin Board,
the Pink OTC Markets or similar quotation system or association at the end of the Reference Date or the Reference Period, as applicable;
provided, that if the Common Units are listed on any domestic securities exchange, the term “Business Day”
as used in this sentence means Business Days on which such exchange is open for trading. If at any time the Common Units are not
listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system
or association, the “Fair Market Value” of the Common Units shall be the fair market value per unit as
determined in good faith by the Board.

 

    	 	2	 

     

    

 

“General
Partner” means NGL Energy Holdings LLC, a Delaware limited liability company and the general partner of the Partnership.

 

“Holder”
has the meaning set forth in the preamble of this Warrant.

 

“Original
Issue Date” means [____] [__], 2019, the date on which this Warrant was issued to the first Holder by the Partnership
pursuant to the Purchase Agreement.

 

“OTC Bulletin
Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation system.

 

“Other
Warrants” has the meaning set forth in Section 19.

 

“Partnership”
has the meaning set forth in the preamble of this Warrant.

 

“Partnership
Agreement” means the Seventh Amended and Restated Agreement of Limited Partnership of the Partnership, as amended
from time to time.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated
organization or government or department or agency thereof.

 

“Pink OTC
Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and OTC
Pink.

 

“Preferred
Units” means the Class D Preferred Units representing limited partner interests in the Partnership, the terms
of which are to be set forth in the Partnership Agreement.

 

“Purchase
Agreement” has the meaning set forth in the preamble of this Warrant.

 

“VWAP Price”
as of a particular date means the volume-weighted average trading price, as adjusted for splits, combinations and other similar
transactions, of a Common Unit.

 

    	 	3	 

     

    

 

“Warrant”
means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.

 

“Warrant
Unit Adjustment” has the meaning set forth in Section 4(e).

 

“Warrant
Units” means the Common Units purchasable upon exercise of this Warrant in accordance with the terms of this Warrant
(without taking into account any limitations or restrictions on the exercisability of this Warrant, other than with respect to
Section 2 or Section 3 of this Warrant).

 

2.            Term
of Warrant. Subject to the terms and conditions hereof, at any time or from time to time during the period beginning on
the first anniversary of the Original Issue Date and ending at 5:00 p.m., Central Time, on the tenth anniversary of the Original
Issue Date or, if such day is not a Business Day, on the next Business Day (the “Exercise Period”), the
Holder of this Warrant may exercise this Warrant for the Warrant Units purchasable hereunder (subject to adjustment as provided
herein) as provided in Section 3. Holders may not exercise this Warrant except during the Exercise Period.

 

3.            Exercise
of Warrant.

 

(a)           Vesting
and Exercise Procedure. Notwithstanding anything to the contrary herein, including the vesting provisions of Section
2, the Holder may purchase all or any part of the Warrant Units purchasable upon exercise of this Warrant beginning on the
earlier of (i) the first anniversary of the Original Issue Date, (ii) the consummation of a Class D Change of Control and
(iii) the voluntary or involuntary dissolution, liquidation or winding-up of the Partnership. The Holder may exercise this Warrant
only upon:

 

(i)         surrender
of this Warrant to the Partnership at its then principal executive offices (or an indemnification undertaking with respect to this
Warrant in the case of its loss, theft or destruction), together with an Exercise Agreement in the form attached hereto as Exhibit A
(each, an “Exercise Agreement”), duly completed (including specifying the number of Warrant Units to
be purchased) and executed; and

 

(ii)        payment
to the Partnership of the Aggregate Exercise Price in accordance with Section 3(b).

 

(b)          Payment
of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as
expressed in the Exercise Agreement, only by the following methods:

 

(i)         by
delivery to the Partnership of a certified or official bank check payable to the order of the Partnership or by wire transfer of
immediately available funds to an account designated in writing by the Partnership, in the amount of such Aggregate Exercise Price;

 

(ii)        by
instructing the Partnership to withhold a number of Warrant Units in an amount equal to the quotient of (A) the Aggregate Exercise
Price and (B) the Fair Market Value of one Warrant Unit as of the Exercise Date; or

 

    	 	4	 

     

    

 

(iii)       any
combination of the foregoing.

 

In the event of any withholding of Warrant
Units pursuant to clause (ii) or (iii) above where the number of units whose value is equal to the Aggregate Exercise Price
is not a whole number, the number of units withheld by or surrendered to the Partnership shall be rounded up to the nearest whole
unit and the Partnership shall make a cash payment to the Holder (by delivery of a certified or official bank check or by wire
transfer of immediately available funds) based on the incremental fraction of a unit being so withheld by or surrendered to the
Partnership in an amount equal to the product of (x) such incremental fraction of a Warrant Unit being so withheld or surrendered
multiplied by (y) the Fair Market Value per Warrant Unit as of the Exercise Date.

 

(c)          Delivery
of Certificates. Upon receipt by the Partnership of the Exercise Agreement, surrender of this Warrant and payment of the
Aggregate Exercise Price (in accordance with Section 3(a) hereof), the Partnership shall, within three Business Days
thereafter, execute (or cause to be executed) and deliver (or cause to be delivered) to the Holder a certificate or certificates
representing the Warrant Units issuable upon such exercise, together with cash in lieu of any fraction of a unit, as provided in
Section 3(d) hereof. Certificates shall be transmitted by the Partnership’s transfer agent by crediting
the account of the Holder’s prime broker with The Depository Trust Company through its Deposit / Withdrawal At Custodian
system if the Holder is a participant in such system, and otherwise by physical delivery to the address specified by the Holder
in the Exercise Agreement. The certificate or certificates so delivered shall be, to the extent possible, in such denomination
or denominations as the exercising Holder shall reasonably request in the Exercise Agreement and shall be registered in the name
of the Holder or, subject to compliance with Section 6 below, such other Person’s name as shall be designated
in the Exercise Agreement. This Warrant shall be deemed to have been exercised and such certificate or certificates of Warrant
Units shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall be deemed
to have become a holder of record of such Warrant Units for all purposes, as of the Exercise Date.

 

(d)          Fractional
Units. The Partnership shall not be required to issue a fractional Warrant Unit upon exercise of any Warrant. As to any
fraction of a Warrant Unit that the Holder would otherwise be entitled to purchase upon such exercise, the Partnership shall pay
to such Holder an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available
funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Unit on the
Exercise Date.

 

(e)          Delivery
of New Warrant. Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised,
the Partnership shall, at the time of delivery of the certificate or certificates representing the Warrant Units being issued in
accordance with Section 3(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase
the unexpired and unexercised Warrant Units called for by this Warrant. Such new Warrant shall in all other respects be identical
to this Warrant.

 

(f)           Valid
Issuance of Warrant and Warrant Units; Payment of Taxes. With respect to the exercise of this Warrant, the Partnership
hereby represents, covenants and agrees:

 

    	 	5	 

     

    

 

(i)         This
Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized
and validly issued.

 

(ii)        All
Warrant Units issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Partnership
shall take all such actions as may be necessary or appropriate in order that such Warrant Units are, validly issued, fully paid
(to the extent required under applicable law and the Partnership Agreement) and non-assessable (except as such nonassessability
may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act), issued without violation of any preemptive or similar
rights of any unitholder of the Partnership and free and clear of all taxes, liens and charges.

 

(iii)       The
Partnership shall take all such actions as may be necessary to ensure that all such Warrant Units are issued without violation
by the Partnership of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon
which Common Units or other securities constituting Warrant Units may be listed at the time of such exercise (except for official
notice of issuance which shall be immediately delivered by the Partnership upon each such issuance).

 

(iv)       The
Partnership shall use its reasonable best efforts to cause the Warrant Units, immediately upon such exercise, to be listed on any
domestic securities exchange upon which Common Units or other securities constituting Warrant Units are listed at the time of such
exercise.

 

(v)        The
Partnership shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect
to, the issuance or delivery of Warrant Units upon exercise of this Warrant; provided, that the Partnership shall not be
required to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or
delivery of the Warrant Units to any Person other than the Holder, and no such issuance or delivery shall be made unless and until
the Person requesting such issuance has paid to the Partnership the amount of any such tax, or has established to the satisfaction
of the Partnership that such tax has been paid.

 

(g)          Conditional
Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection
with (i) a sale of the Partnership (pursuant to a merger, sale of units, or otherwise), (ii) a sale of Common Units pursuant to
a registered offering under the Securities Act or (iii) a Class D Change of Control, such exercise may at the election of the Holder
be conditioned upon the consummation of such transaction, registered offering or Class D Change of Control, in which case such
exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction, registered offering
or Class D Change of Control.

 

(h)          Buy-In.
In addition to any other rights available to the Holder,
if the Partnership fails to deliver to the Holder a certificate or certificates representing the Warrant Units in accordance with
Section 3(c) hereof within seven Business Days of receipt by the Partnership of the Exercise Agreement and surrender of
this Warrant (in accordance with Section 3(a) hereof) and payment of the Aggregate Exercise Price, and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) Common Units to deliver in satisfaction
of a sale by the Holder of the Warrant Units which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Partnership shall, at the Holder’s option, either (i) pay cash to the Holder in an amount equal to the Holder’s
total purchase price (including brokerage commissions, if any) for the Common Units so purchased (the “Buy-In Price”),
at which point the Partnership’s obligation to deliver such certificate (and to issue such Common Units) shall terminate,
or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Common Units
and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number
of Common Units, times (B) the closing bid price on the date of exercise. The Holder shall provide the Partnership written
notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and other
evidence reasonably requested by the Partnership. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Partnership’s failure to timely deliver certificates representing Common Units upon exercise
of this Warrant as required pursuant to the terms hereof.

 

    	 	6	 

     

    

 

4.            Adjustment
to Number of Warrant Units. The number of Warrant Units issuable upon exercise of this Warrant shall be subject to adjustment
from time to time as provided in this Section 4 (in each case, after taking into consideration any prior adjustments
pursuant to this Section 4).

 

(a)          Adjustment
to Number of Warrant Units Upon Dividend, Distribution, Subdivision or Combination of Common Units. If the Partnership
shall, at any time or from time to time after the Original Issue Date, (i) pay a dividend or make any other distribution upon
the Common Units or any other limited partner interests of the Partnership payable in Common Units or Convertible Securities, or
(ii) subdivide (by any split, recapitalization or otherwise) its outstanding Common Units into a greater number of units,
the number of Warrant Units issuable upon exercise of this Warrant immediately prior to any such dividend, distribution or subdivision
shall be proportionately increased. If the Partnership at any time combines (by combination, reverse split or otherwise) its outstanding
Common Units into a smaller number of units, the number of Warrant Units issuable upon exercise of this Warrant immediately prior
to such combination shall be proportionately decreased. Any adjustment under this Section 4(a) shall become effective
at the close of business on the date the dividend, distribution, subdivision or combination becomes effective.

 

(b)          Adjustment
to Number of Warrant Units Upon a Class D Change of Control. In the event of any Class D Change of Control, each Warrant
shall, immediately after such Class D Change of Control, remain outstanding and shall thereafter, in lieu of or in addition to
(as the case may be) the number of Warrant Units then exercisable under this Warrant, be exercisable for the kind and number of
other securities or assets of the Partnership or of the successor Person resulting from such Class D Change of Control, with appropriate
adjustment made to the number of Warrant Units and Exercise Price as required by reference to the applicable exchange ratio or
other similar mechanic that provides for the allocation of consideration, if any, to the holders of Common Units in such Class
D Change of Control; and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made
with respect to the Holder’s rights under this Warrant to ensure that the provisions of this Section 4(b) shall
thereafter be applicable, as nearly as possible, to this Warrant in relation to any securities or assets thereafter acquirable
upon exercise of this Warrant. The provisions of this Section 4(b) shall similarly apply to successive Class D Changes
of Control. The Partnership shall not effect any such Class D Change of Control unless, prior to the consummation thereof, the
successor Person (if other than the Partnership) resulting from such Class D Change of Control, shall assume, by written instrument
substantially similar in form and substance to this Warrant and satisfactory to the Holder, the obligation to deliver to the Holder
such securities or assets which, in accordance with the foregoing provisions, such Holder shall be entitled to receive upon exercise
of this Warrant. Notwithstanding anything to the contrary contained herein, including the vesting provisions of Section 2,
with respect to any Class D Change of Control or other transaction contemplated by the provisions of this Section 4(b),
the Holder shall have the right to elect prior to the consummation of such event or transaction, to give effect to the exercise
rights contained in Section 3 instead of giving effect to the provisions contained in this Section 4(b)
with respect to this Warrant.

 

    	 	7	 

     

    

 

(c)          Certain
Events. If any event of the type contemplated by the provisions of this Section 4 but not expressly provided
for by such provisions (including, without limitation, the granting of unit appreciation rights, phantom unit rights or other rights
with equity features) occurs, then the Board shall make an appropriate adjustment in the number of Warrant Units issuable upon
exercise of this Warrant so as to protect the rights of the Holder in a manner consistent with the provisions of this Section 4;
provided, that no such adjustment pursuant to this Section 4(c) shall decrease the number of Warrant Units issuable
as otherwise determined pursuant to this Section 4.

 

(d)          Certificate
as to Adjustment.

 

(i)         As
promptly as reasonably practicable following any adjustment of the number of Warrant Units pursuant to the provisions of this Section 4,
but in any event not later than five Business Days thereafter, the Partnership shall furnish to the Holder a certificate of an
executive officer setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation
thereof.

 

(ii)        As
promptly as reasonably practicable following the receipt by the Partnership of a written request by the Holder, but in any event
not later than five Business Days thereafter, the Partnership shall furnish to the Holder a certificate of an executive officer
certifying the number of Warrant Units or the amount, if any, of other, securities or assets then issuable upon exercise of the
Warrant.

 

(e)          Adjustment
in Exercise Price. Upon any adjustment to the number of Warrant Units issuable upon exercise of this Warrant pursuant to
this Section 4 (each, a “Warrant Unit Adjustment”), the Aggregate Exercise Price upon the exercise
of this Warrant thereafter shall be adjusted by multiplying the Aggregate Exercise Price applicable prior to such Warrant Unit
Adjustment by a fraction: the numerator of which shall be the number of Warrants Units issuable upon exercise of this Warrant immediately
prior to such Warrant Unit Adjustment and the denominator of which shall be the number of Warrant Units issuable upon exercise
of this Warrant immediately after such Warrant Unit Adjustment.

 

    	 	8	 

     

    

 

(f)           Notices.
In the event:

 

(i)         that
the Partnership shall take a record of the holders of its Common Units (or other securities at the time issuable upon exercise
of the Warrant) for the purpose of entitling or enabling them to receive any dividend or any other distribution, to vote at a meeting
(or by written consent), to receive any right to subscribe for or purchase any class or any other securities, or to receive any
other security; or

 

(ii)       of
the voluntary or involuntary dissolution, liquidation or winding-up of the Partnership; or

 

(iii)      of
any Class D Change of Control;

 

then, and in each such case, the Partnership
shall send or cause to be sent to the Holder at least 10 days prior to the applicable record date or the applicable expected effective
date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such dividend,
distribution, meeting or consent or other right or action, and a description of such dividend, distribution or other right or action
to be taken at such meeting or by written consent, or (B) the effective date on which such Class D Change of Control or dissolution,
liquidation or winding-up is proposed to take place, and the date, if any is to be fixed, as of which the books of the Partnership
shall close or a record shall be taken with respect to which the holders of record of Common Units (or securities at the time issuable
upon exercise of the Warrant) shall be entitled to exchange their Common Units (or such other securities) for securities or other
property deliverable upon such Class D Change of Control or dissolution, liquidation or winding-up, and the amount per unit and
character of such exchange applicable to the Warrant and the Warrant Units.

 

5.            Purchase
Rights. In addition to any adjustments pursuant to Section 4 above, if at any time the Partnership grants,
issues or sells any Common Units, Convertible Securities or rights to purchase units, warrants, securities or other property exclusively
pro rata to the record holders of Common Units (the “Purchase Rights”), then the Holder shall be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder would have acquired
if the Holder had held the number of Warrant Units acquirable upon complete exercise of this Warrant immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of Common Units are to be determined for the grant, issue or sale of such Purchase Rights.

 

6.           Transfer
of Warrant. Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all rights hereunder
are transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to the Partnership
at its then principal executive offices with a properly completed and duly executed Assignment in the form attached hereto as Exhibit B,
together with funds sufficient to pay any transfer taxes described in Section 3(f)(v) in connection with the making
of such transfer. Upon such compliance, surrender and delivery and, if required, such payment, the Partnership shall execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and
this Warrant shall promptly be cancelled. Warrants may be transferred separately from Preferred Units.

 

    	 	9	 

     

    

 

7.            Holder
Not Deemed a Unitholder; Limitations on Liability. Prior to the issuance to the Holder of the Warrant Units to which the
Holder is then entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to vote or receive dividends
or any other distribution or be deemed the holder of limited partner interests of the Partnership for any purpose, nor shall anything
contained in this Warrant be construed to confer upon the Holder, as such, any of the rights of a unitholder of the Partnership
or any right to vote, give or withhold consent to any partnership action (whether any reorganization, issue of limited partner
interests, reclassification of limited partner interests, consolidation, merger, conveyance or otherwise), receive notice of meetings,
receive dividends, distributions or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be
construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or
as a unitholder of the Partnership, whether such liabilities are asserted by the Partnership or by creditors of the Partnership.
Notwithstanding this Section 7, (i) the Partnership shall provide the Holder with copies of the same notices and
other information given to the unitholders of the Partnership generally, contemporaneously with the giving thereof to the unitholders
and (ii) the Partnership shall not amend or modify its Partnership Agreement in a manner adverse to any rights or benefits
applicable to the Warrant Units thereunder.

 

8.            Replacement
on Loss; Division and Combination.

 

(a)          Replacement
of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Partnership of the loss, theft, destruction
or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written
indemnification agreement with an affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation,
upon surrender of such Warrant for cancellation to the Partnership, the Partnership at its own expense shall execute and deliver
to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Units as the Warrant
so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this
Warrant in identifiable form is surrendered to the Partnership for cancellation.

 

(b)          Division
and Combination of Warrant. Subject to compliance with the applicable provisions of this Warrant as to any transfer or
other assignment which may be involved in such division or combination, this Warrant may be divided or, following any such division
of this Warrant, subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the Partnership at
its then principal executive offices, together with a written notice specifying the names and denominations in which new Warrants
are to be issued, signed by the respective Holders or their agents or attorneys. Subject to compliance with the applicable provisions
of this Warrant as to any transfer or assignment which may be involved in such division or combination, the Partnership shall at
its own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered in accordance
with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall be exercisable
in the aggregate for an equivalent number of Warrant Units as the Warrant or Warrants so surrendered in accordance with such notice.

 

    	 	10	 

     

    

 

9.            No
Impairment. The Partnership shall not, by amendment of its Certificate of Formation or Partnership Agreement, or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but
shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such
action as may reasonably be requested by the Holder in order to protect the exercise rights of the Holder against dilution or other
impairment, consistent with the tenor and purpose of this Warrant. 

 

10.          Agreement
to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply in all respects
with the provisions of this Section 10 and the restrictive legend requirements set forth on the face of this Warrant
and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Units to be issued
upon exercise hereof except under circumstances that will not result in a violation of the Securities Act. All Warrant Units issued
upon exercise of this Warrant (unless registered under the Securities Act or the conditions for the removal of the legend set forth
in Section 8.06 of the Partnership Agreement are otherwise satisfied) shall be stamped or imprinted with a legend in substantially
the following form:

 

“These securities have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws
of any state or other jurisdiction. These securities may not be sold or offered for sale, pledged or hypothecated except pursuant
to an effective registration statement under the Securities Act or pursuant to an exemption from registration thereunder, in each
case in accordance with all applicable securities laws of the states or other jurisdictions, and in the case of a transaction exempt
from registration, such securities may only be transferred if the transfer agent for such securities has received documentation
satisfactory to it that such transaction does not require registration under the Securities Act.”

 

11.          Warrant
Register. The Partnership (or the General Partner on its behalf) shall keep and properly maintain at its principal executive
offices books for the registration of the Warrant and any transfers thereof. The Partnership may deem and treat the Person in whose
name the Warrant is registered on such register as the Holder thereof for all purposes, and the Partnership shall not be affected
by any notice to the contrary, except any assignment, division, combination or other transfer of the Warrant effected in accordance
with the provisions of this Warrant.

 

12.          Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a
portable document format (pdf) document (with confirmation of transmission) if sent during normal business hours of the recipient,
and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date
mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective
parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance
with this Section 12).

 

    	 	11	 

     

    

 

	If to the Partnership:	 	NGL Energy Partners LP

6120 South Yale Avenue

Suite 805

Tulsa, Oklahoma 74316

Attention: Kurston P. McMurray, General Counsel

Facsimile: (918) 481-5896

Email: Kurston.McMurray@nglep.com
	with a copy to (which shall not constitute notice):

                                     
	 	 
	 	 	Hunton Andrews Kurth LLP

600 Travis St., Suite 4200

Houston, Texas 77002

Attention: G. Michael O’Leary and Henry Havre

Facsimile: (713) 220-4285

Email: gmoleary@huntonak.com

Email: henryhavre@huntonak.com
	 	 	 
	If to the Holder:	 	[●]
	 	 	 
	with a copy to (which shall not constitute notice):	 	 
	 	 	 
	 	 	Kirkland & Ellis LLP
	 	 	609 Main Street
	 	 	Houston, TX 77002
	 	 	Attention: John Pitts and Julian Seiguer
	 	 	Facsimile: (713) 835-3601
	 	 	Email: john.pitts@kirkland.com
	 	 	Email: julian.seiguer@kirkland.com

 

13.          Cumulative
Remedies. Except to the extent expressly provided in Section 7 to the contrary, the rights and remedies provided
in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights
or remedies available at law, in equity or otherwise.

 

    	 	12	 

     

    

 

14.          Equitable
Relief. Each of the Partnership and the Holder acknowledges that a breach or threatened breach by such party of any of
its obligations under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would
not be an adequate remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations,
the other party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such
breach, be entitled to equitable relief, including a restraining order, an injunction, specific performance and any other relief
that may be available from a court of competent jurisdiction.

 

15.          Entire
Agreement. This Warrant, together with the Purchase Agreement, constitutes the sole and entire agreement of the parties
to this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements
in the body of this Warrant and the Purchase Agreement, the statements in the body of this Warrant shall control.

 

16.          Successor
and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties
hereto and the successors of the Partnership and the successors and permitted assigns of the Holder. Such successors and/or permitted
assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.

 

17.          No
Third-Party Beneficiaries. This Warrant is for the sole benefit of the Partnership and the Holder and their respective
successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer
upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.

 

18.          Headings.
The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

 

19.          Amendment
and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented
by an agreement in writing signed by each party hereto. No waiver by the Partnership or the Holder of any of the provisions hereof
shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate
or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether
of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The Partnership shall not amend, modify or supplement, or waive any
provision of, any other warrant issued concurrently with this Warrant under the Purchase Agreement (the “Other Warrants”),
unless the Partnership has (i) provided 10 Business Days’ prior written notice to the Holder of any such amendment, modification,
supplement or waiver of any Other Warrants and (ii) if elected by the Holder, amended, modified, supplemented or waived the corresponding
provision or provisions of this Warrant.

 

    	 	13	 

     

    

 

20.          Severability.
If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

21.          Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York.

 

22.          Submission
to Jurisdiction. The parties hereby submit to the exclusive jurisdiction of any U.S. federal or state court located in
the Borough of Manhattan, the City and County of New York in any legal suit, action or proceeding arising out of or based upon
this Warrant or the transactions contemplated hereby, and each party irrevocably submits to the exclusive jurisdiction of such
courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified or registered
mail to such party’s address for receipt of notices pursuant to Section 12 shall be effective service of process
for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection
to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim
in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

23.          WAIVER
OF JURY TRIAL. Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to
involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may
have to a trial by jury in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated
hereby.

 

24.          Counterparts.
This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

 

25.          No
Strict Construction. This Warrant shall be construed without regard to any presumption or rule requiring construction or
interpretation against the party drafting an instrument or causing any instrument to be drafted.

 

(SIGNATURE PAGE FOLLOWS)

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF, the Partnership has duly
executed this Warrant on the Original Issue Date.

 

		NGL ENERGY PARTNERS LP
	 	 	 
		By:	NGL Energy Holdings LLC,
		 	its general partner
	 	 	 
	 	 	 
		 	By:	 
		 		Name:
		 		Title:

 

Accepted and agreed,

 

[HOLDER NAME]

 

	By:	 	 
		Name:
		Title:

 

Signature Page

to

Warrant Agreement

 

    

     

    

 

Exhibit A

NGL ENERGY PARTNERS LP

EXERCISE AGREEMENT

 

To [Name]:

 

The undersigned hereby
irrevocably elects to exercise the right of purchase represented by the Warrant to which this Exercise Agreement is attached (the
“Warrant”) for, and to purchase thereunder by the payment of the Aggregate Exercise Price and surrender
of the Warrant, Common Units (“Warrant Units”) provided for therein, and requests that certificates for
the Warrant Units be issued as follows:

 

	Name
	 
	 	 
	 
	 
	Address
	 
	 	 
	 
	 
	 	 
	 
	 
	 
	Federal Tax or Social Security No.
	 
	 	 
	 

 

    	 	A-1	 

     

    

 

	and delivered by	(certified mail to the above address), or
	 	 
	 	(electronically           (provide DWAC 
	 	Instructions:_______________)), or
	 	 
	 	(other _______________) (specify):.

 

and, if the number of Warrant Units shall
not be all the Warrant Units purchasable upon exercise of this Warrant, that a new Warrant for the balance of the Warrant Units
purchasable upon exercise of this Warrant be registered in the name of the undersigned Holder or the undersigned’s Assignee
as below indicated and delivered to the address stated below.

 

Dated:          ________________, _____

 

Note:            The signature must correspond with

 

	Signature:	
	 	

	 	 	 
	 	 	 
	the name of the Holder as written on the first page of this Warrant in every particular, without alteration or enlargement or any change whatever, unless this Warrant has been assigned.	 	Name (please print)
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	

	 	 	Address
	 	 	 
	 	 	 
	 	 	

	 	 	 
	 	 	Federal Identification or Social Security No.
	 	 	 
	 	 	 
	 	 	Assignee:
	 	 	 
	 	 	

	 	 	 
	 	 	

	 	 	 
	 	 	

 

    	 	A-2	 

     

    

 

Exhibit B

NGL ENERGY PARTNERS LP

ASSIGNMENT

 

For value received                                   
hereby sells, assigns and transfers unto                                         
the within Warrant3, together with all right, title
and interest therein, and does hereby irrevocably constitute and appoint attorney, to transfer said Warrant on the books of the
within-named Partnership, with full power of substitution in the premises.

 

	Date:	 	 

 

	Signature:	 	 

 

Note: The above signature must correspond
with the name as written upon the face of this Warrant in every particular, without alteration or enlargement or any change whatever.

 

 

3
For partial assignment, indicate portion assigned.

 

    

     

    

 

Exhibit I

Form of Class D Preferred Unit Representative Consent

 

[Date]

 

[EIG Neptune Equity
Aggregator, L.P.]4, a Delaware partnership,
in its capacity as the Class D Preferred Unit Representative, as such term is defined in the Sixth Amended and Restated Agreement
of Limited Partnership of NGL Energy Partners LP, a Delaware limited partnership (the “Partnership”), dated
as of July 2, 2019 (the “Partnership Agreement”), hereby consents to (i) the issuance and sale of Class D Preferred
Units of the Partnership pursuant to the Partnership’s privately negotiated Class D Preferred Unit and Warrant Purchase Agreement,
dated as of September 25, 2019, by and among the Partnership and each of the Purchasers set forth on Schedule A thereto
(the “Purchase Agreement”), and (ii) the amendment and restatement of the Partnership Agreement pursuant to
the Purchase Agreement, in satisfaction of the Class D Preferred Unit Representative consent requirements contained in the Partnership
Agreement.

 

IN WITNESS WHEREOF,
the undersigned executes this Class D Preferred Unit Representative Consent, effective as of the date first above written.

 

		[EIG
                                         NEPTUNE EQUITY AGGREGATOR, L.P.
	 	 	 
	
	By:	EIG Neptune Equity GP, LLC,

    its general partner
	 	 	 
	
	By: 	EIG Asset Management, LLC,

    its managing member
	 	 	 
	 	By:	 
	
	Name:	Brian Boland
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	 	 
		By:	 
	 	Name:	 
	 	Title:	]

 

 

4
[NTD: To be updated if Class D Preferred Unit Representative has changed.]EX-4.2

 Exhibit 4.2 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 2nd day of January, 2019, by
and among Cabaletta Bio, Inc., a Delaware corporation (the “Company”) and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor” along with any
additional investors that become a party to this Agreement in accordance with Section 6.9 hereof. 
 RECITALS

 WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A
Preferred Stock, Series A-1 Preferred Stock or Series A-2 Preferred Stock and/or shares of Common Stock issued upon conversion thereof and possess registration rights,
information rights, rights of first offer, and other rights pursuant to that certain Investors’ Rights Agreement, dated as of October 10, 2018, by and among the Company and such Existing Investors (the “Prior Agreement”);

 WHEREAS, the Company and the Investors are parties to the Series B Preferred Stock Purchase Agreement of even date herewith (as
the same may be amended from time to time, the “Purchase Agreement”); 
 WHEREAS, in order to induce the Company to
enter into the Purchase Agreement and to induce the Investors to invest funds in the Company pursuant to the Purchase Agreement, the undersigned, constituting the required votes pursuant to Section 6.6 of the Prior Agreement, desire to amend
and restate the Prior Agreement; and 
 WHEREAS, the Existing Investors are holders of a majority of the Registrable Securities of
the Company (as defined in the Prior Agreement), and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement. 

NOW, THEREFORE, the parties hereby agree that the Prior Agreement shall be amended and restated, and the parties to this Agreement
further agree as follows: 
 1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer, or director or trustee of such Person, or any venture capital fund or other investment fund or account or
registered investment company now or hereafter existing that is controlled by one or more general partners, or managing members or investment advisors of, or shares the same management company or investment adviser with, such Person. 

1.2 “Board of Directors” means the board of directors of the Company. 

1.3 “Common Stock” means shares of the Company’s common stock, par value $0.00001 per share. 

  
 1 

 1.4 “Competitor” means a Person engaged, directly or indirectly (including
through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in a business that competes with the Company’s business (a “Competing
Activity”), but shall not include any Investor that, together with its Affiliates, holds less than twenty percent (20%) of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any
members of the board of directors of any Competitor. 
 1.5 “Damages” means any loss, damage, claim or liability (joint or
several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon:
(i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto;
(ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any
of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.6 “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case,
directly or indirectly), Common Stock, including options and warrants. 
 1.7 “Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 1.8 “Excluded Registration” means
(i) a registration relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145
transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration
in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

1.9 “Form S-1” means such form under the Securities Act as in effect on the date
hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 1.10 “Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of
substantial information by reference to other documents filed by the Company with the SEC. 
 1.11 “GAAP” means generally
accepted accounting principles in the United States as in effect from time to time. 

  
 2 

 1.12 “Holder” means any holder of Registrable Securities who is a party to
this Agreement. 
 1.13 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.14 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement. 

1.15 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act. 

1.16 “Key Employee” means any executive-level employee (including, division director and vice president-level positions) as
well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement). 

1.17 “Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least
49,561 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). 

1.18 “New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

1.19 “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 1.20 “Preferred Director” has the meaning set forth in the Restated Certificate. 

1.21 “Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock, Series A-1 Preferred Stock, Series A-2 Preferred Stock and Series B Preferred Stock. 

1.22 “Restated Certificate” means the Company’s Second Amended and Restated Certificate of Incorporation (as it may be
amended and/or restated from time to time). 
 1.23 “Registrable Securities” means (i) the Common Stock issuable or
issued upon conversion of the Preferred Stock, (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after
the Initial Closing Date (as defined in the Purchase Agreement) (the “Effective Date”), and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is
issued as) a dividend or 

  
 3 

 
other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable
Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1 and excluding for purposes of Section 2 any shares for which registration rights have
terminated pursuant to Subsection 2.13 of this Agreement. 
 1.24 “Registrable Securities then outstanding” means the
number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible
securities that are Registrable Securities. 
 1.25 “Restricted Securities” means the securities of the Company required to
be notated with the legend set forth in Subsection 2.12(b) hereof. 
 1.26 “SEC” means the Securities and Exchange
Commission. 
 1.27 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.28 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.29 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

1.30 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale
of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

1.31 “Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.00001 per share.

 1.32 “Series A-1 Preferred Stock” means shares of the Company’s Series A-1 Preferred Stock, par value $0.00001 per share. 
 1.33 “Series
A-2 Preferred Stock” means shares of the Company’s Series A-2 Preferred Stock, par value $0.00001 per share. 

1.34 “Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.00001 per share.

  
 4 

 2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the date
of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least forty percent (40%) of the Registrable
Securities then outstanding that the Company file a Form S-1 registration statement with respect to at least twenty-five percent (25%) of the Registrable Securities then outstanding, then the Company shall
(x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in
any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities
that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty
(20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(b) Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders (i) who are then deemed to be an “affiliate” (as such term is defined in Rule 405 of the Securities Act) of the Company or
(ii) who hold at least twenty percent (20%) of the Registrable Securities then outstanding, that the Company file a Form S-3 registration statement with respect to outstanding Registrable
Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5,000,000, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand
Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the
Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to
either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization,
or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company
unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be
tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve
(12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety-day (90) period
other than an Excluded Registration. 

  
 5 

 (d) The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Subsection 2.1(a)(i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after
the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the
Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request
made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days
before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing
in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month
period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared
effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in
which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d), provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to
Subsection 2.1(c), then the Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give
each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all
of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective
date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with
Subsection 2.6. 
 2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by
means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Board of
Directors and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in 

  
 6 

 
such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent
provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s)
selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if the underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be
underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be
allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed
to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the
underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 

(b) In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2,
the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such
quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such
offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than
all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable
to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the
Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the
offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below
twenty-five percent (25%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other
stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the
partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, 

  
 7 

 
or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to
be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,”
as defined in this sentence. 
 (c) For purposes of Section 2.1, a registration shall not be counted as “effected” if,
as a result of an exercise of the underwriter’s cutback provisions in Section 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration
statement are actually included. 
 2.4 Obligations of the Company. Whenever required under this Section 2 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC
a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed;
provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other
securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis,
subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to ninety (90) days, if necessary, to keep the registration statement effective until all such Registrable
Securities are sold; 
 (b) prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus
used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

  
 8 

 (e) in the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering; 
 (f) use its commercially
reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities
issued by the Company are then listed; 
 (g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to
this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h) promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause
the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the
accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 
 (i) notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

 (j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any registration statement covering
a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule
10b5-1 of the Exchange Act. 
 2.5 Furnish Information. It shall be a condition precedent to
the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $30,000,
of one counsel for the selling Holders (“Holder Counsel”), shall be borne and 

  
 9 

 
paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the
registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable
Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case
may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their
request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to
Section 2.1(a) or Section 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable
Securities registered on their behalf. 
 2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a registration statement under this Section 2: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in
connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply
to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that
they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use
in connection with such registration. 
 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify
and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the
Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other 

  
 10 

 
Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information
furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred
thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b)
shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the
aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in
the case of fraud or willful misconduct by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Subsection
2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying
party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially
prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection
2.8. 
 (d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either:
(i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such
case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable 

  
 11 

 
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement
of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable
Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or
payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

 2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 

(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after
the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially reasonable efforts to file with
the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a
written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the
Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold 

  
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pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC
that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use
such form). 
 2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of at least a majority the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would (i) allow
such holder or prospective holder to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion
of such securities will not reduce the number of the Registrable Securities of the Holders that are included; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective
holder; provided that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in accordance with Subsection 6.9. 

2.11 “Market Stand-off’ Agreement. Each Holder hereby agrees that it will not, without
the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s IPO, and ending on the date specified by the Company and the managing underwriter (such period not
to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and
(2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), or such other period as may be
requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to,
the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto, (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option
or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly)
for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection
2.11, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, the purchase of shares pursuant to an IPO, the purchase of shares after the closing of the IPO, the purchase of shares or the transfer of
any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided
further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to
obtain a similar agreement from all stockholders individually owning more than one 

  
 13 

 
percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such
registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such
agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of
the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. 

2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate, instrument, or book entry representing (i) the
Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization,
merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

  
 14 

 (c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to
comply in all respects with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed
transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in
sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to
the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action’ letter from the SEC to the effect that the proposed sale, pledge, or
transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the
effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such
Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action’ letter (x) in any transaction in compliance with SEC Rule 144; or
(y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate,
instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection
2.12(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with
any provisions of the Securities Act. 
 2.13 Termination of Registration Rights. The right of any Holder to request registration or
inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a) the closing of a Deemed Liquidation Event, as such term is defined in the Restated Certificate, unless such Holder is deemed to be an
“affiliate’ (as such term is defined in Rule 405 of the Securities Act) of the surviving entity following the consummation of such Deemed Liquidation Event; 

(b) other than in the case of an “affiliate” (as such term is defined in Rule 405 of the Securities Act), such time after
consummation of the IPO as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; 

(c) the tenth anniversary of the IPO. 

  
 15 

 3. Information and Observer Rights. 

3.1 Delivery of Financial Statements. The Company shall, upon request, deliver to each Major Investor, provided that the Board of
Directors has not reasonably determined that such Major Investor is a Competitor: 
 (a) as soon as practicable, but in any event within one
hundred twenty (120) days after the end of each fiscal year of the Company (i) an unaudited balance sheet as of the end of such year, (ii) unaudited statements of income and of cash flows for such year; 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters
of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance
with GAAP, other than with respect to accounting for certain equity and convertible debt instruments, including the University of Pennsylvania license, which have not been accounted for in accordance with GAAP, (except that such financial statements
may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c) as soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited income statement for such
month, and an unaudited balance sheet as of the end of such month, all prepared in accordance with GAAP, other than with respect to accounting for certain equity and convertible debt instruments, including the University of Pennsylvania license,
which have not been accounted for in accordance with GAAP, (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in
accordance with GAAP); 
 (d) as soon as practicable, but in any event fifteen (15) days before the end of each fiscal year, a budget
and business plan for the next fiscal year, approved by the Board of Directors, including the approval of at least one of the Preferred Directors who are serving as members of the Board of Directors at that time and prepared on a monthly basis,
including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 

(e) as soon as practicable, but in any event within forty-five (45) days after the end of each quarter of each fiscal year of the Company,
a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise
of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if
any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company; and 

(f) such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor
may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information (i) that the Company reasonably determines in good faith to be a trade
secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the
Company and its counsel. 

  
 16 

 If the Company has audited records of any of the foregoing, it shall provide those in lieu
of unaudited versions. If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the
consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 
 Notwithstanding anything
herein to the contrary, in the event that the Board of Directors has reasonably determined that any Major Investor is a Competitor, the Company shall promptly notify such Major Investor of such determination and shall provide the information
required to be provided under this Section 3 solely to the extent that such information does not relate, directly or indirectly, to a Competing Activity. 

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this
Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules
applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially
reasonable efforts to cause such registration statement to become effective. 
 3.2 Inspection. The Company shall permit each Major
Investor (provided that the Board of Directors has not reasonably determined that such Major Investor is a Competitor), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account
and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall
not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality
agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3 Observer Rights. 
 (a)
As long as Adage Capital Partners, LP (“Adage”) (i) owns not less than twenty-five percent (25%) of the shares of the Preferred Stock purchased by it under the Series A / A-1 / A-2 Preferred Stock Purchase Agreement, dated as of October 10, 2018, by and among the Company and such Existing Investors (the “Series A Purchase Agreement”) and the Purchase Agreement
(or an equivalent amount of Common Stock issued upon conversion thereof) and (ii) does not have a representative serving on the Company’s Board of Directors as a Preferred Director at such time, the Company shall invite a
representative of Adage to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its
directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information
so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from 

  
 17 

 
any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in
disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the Company. 
 (b) As
long as 667, L.P. and Baker Brothers Life Sciences, L.P. acting together (collectively, “Baker Brothers”) (i) owns not less than twenty-five percent (25%) of the shares of the Preferred Stock purchased by it under the Series A
Purchase Agreement and the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof) and (ii) does not have a representative serving on the Company’s Board of Directors as a Preferred Director at
such time, the Company shall invite a representative of Baker Brothers to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents,
and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a
fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such
information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a
Competitor of the Company. 
 (c) As long as 5AM VENTURES V, L.P. (“5AM”) owns not less than twenty-five percent (25%) of
the shares of the Preferred Stock purchased by it under the Series A Purchase Agreement and the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of 5AM to attend
all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the
same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided
further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the
attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the Company. 

3.4 Termination of Information and Observer Rights. The covenants set forth in Subsection 3.1, Subsection 3.2 and
Subsection 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act, or (iii) upon the closing of a Deemed Liquidation Event, as such term is defined in the Restated Certificate, whichever event occurs first. Notwithstanding the foregoing, with
respect to Penn, the covenants set forth in Subsections 3.1, 3.2 and 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company
first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, (iii) upon the closing of a Deemed Liquidation Event, as such term is defined in the Restated Certificate,
(iv) on the eighteen (18) month anniversary of the date of this Agreement, or (v) upon the first date on which Penn sells or otherwise transfers or disposes of any shares of Preferred Stock or Common Stock, whichever
event occurs first. 

  
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 3.5 Confidentiality. Each Investor agrees that such Investor will keep confidential
and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company by virtue of such Investor’s status as a stockholder or pursuant to the terms of
this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this
Subsection 3.5 by such Investor), (b) is or has been independently developed or conceived by such Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to such Investor
by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants,
consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if
such prospective purchaser agrees to be bound by the provisions of this Subsection 3.5; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of
business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, regulation,
rule, court order or subpoena, provided that such Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. 

4. Rights to Future Stock Issuances. 

4.1 Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the
Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it
deems appropriate, among (i) itself and (ii) its Affiliates; provided, that the Company’s Board of Directors has not reasonably determined any such Affiliate is a Competitor. 

(a) The Company shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention
to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to
purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common
Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other vested Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then
outstanding (assuming 

  
 19 

 
full conversion and/or exercise, as applicable, of all Preferred Stock and any other Derivative Securities then outstanding). At the expiration of such twenty (20) day period, the Company shall
promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period
commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for
which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as
applicable, of Preferred Stock and any other vested Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of
the Preferred Stock and any other vested Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later
of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b),
the Company may, during the 90 day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and
upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty
(30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this Subsection 4.1. 

(d) The right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the
Restated Certificate); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Preferred Stock pursuant to the Purchase Agreement, as may be amended from time to time. 

4.2 Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect
(i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, (iii) upon a Deemed
Liquidation Event, as such term is defined in the Restated Certificate, whichever event occurs first. 
 5. Additional Covenants.

 5.1 Insurance. The Company shall obtain, within ninety (90) days of the Effective Date, from financially sound and
reputable insurers Directors and Officers liability insurance in an amount and on terms and conditions satisfactory to the Board of Directors, including at least one of the Preferred Directors who are members of the Board of Directors at such time,
and will use commercially reasonable efforts to cause such insurance policy to be maintained until such time as the Board of Directors, including at least one of the Preferred Directors who are members of the Board of Directors at such time,
determines that such insurance should be discontinued. 

  
 20 

 5.2 Employee Agreements. The Company will cause (i) each Person now or
hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights
assignment agreement; and (ii) each Key Employee to enter into a one (1) year noncompetition and nonsolicitation agreement, substantially in the form approved by the Board of Directors. In addition, the Company shall not
amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of the Board of Directors, including at
least one of the Preferred Directors. 
 5.3 Matters Requiring Investor Director Approval. So long as the holders of Preferred Stock
are entitled to elect the Preferred Directors, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval must include the affirmative vote of at least one of the
Preferred Directors who are members of the Board of Directors at such time: 
 (a) make, or permit any subsidiary to make, any loan or
advance to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company; 

(b) make, or permit any subsidiary to make, any loan or advance to any Person, including, without limitation, any employee or director of the
Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board of Directors; 

(c) guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness except for trade
accounts of the Company or any subsidiary arising in the ordinary course of business; 
 (d) make any investment inconsistent with any
investment policy approved by the Board of Directors; 
 (e) incur any aggregate indebtedness in excess of $500,000 that is not already
included in a budget approved by the Board of Directors, other than trade credit incurred in the ordinary course of business; 
 (f)
otherwise enter into or be a party to any transaction with any director, officer, or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, except for transactions
contemplated by this Agreement, the Purchase Agreement, or transactions made in the ordinary course of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms that are approved by a majority
of the Board of Directors; 

  
 21 

 (g) hire, terminate, or change the compensation of the executive officers, including
approving any option grants or stock awards to executive officers; 
 (h) change the principal business of the Company, enter new lines of
business, or exit the current line of business; 
 (i) sell, assign, license, pledge, or encumber material technology or intellectual
property, other than licenses granted in the ordinary course of business; or 
 (j) enter into any corporate strategic relationship involving
the payment, contribution, or assignment by the Company or to the Company of money or assets greater than $500,000. 
 5.4 Employee
Stock. Unless otherwise approved by the Board of Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the Effective Date
shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following
twelve (12) months of continued employment or service from service provider’s start date, and the remaining shares vesting in equal monthly installments over the following thirty-six
(36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. Without the prior approval by the Board of Directors, the Company shall not
amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock purchase, stock restriction or option agreement with any existing employee or service provider if such amendment would cause it to be inconsistent with this
Subsection 5.5. In addition, unless otherwise approved by the Board of Directors, the Company shall retain (and not waive or otherwise let lapse) a “right of first refusal” on employee transfers until the Company’s IPO and
shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 
 5.5 Board
Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board of Directors shall meet in person or by video conference or teleconference at least quarterly in accordance with an agreed-upon schedule.
The Company shall reimburse the directors for all reasonable and actual out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors. The Company shall
cause to be established, as soon as practicable after the request of the Preferred Directors, and will maintain, an audit and compensation committee, each of which shall consist solely of non-management directors. Each Preferred Director shall be
entitled in such persons’ discretion to be a member of any Board of Directors committee established from time to time. 
 5.6
Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent
necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such
transaction, whether such obligations are contained in the Company’s Bylaws, its Restated Certificate, or elsewhere, as the case may be. 

  
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 5.7 Indemnification Matters. The Company hereby acknowledges that one
(1) or more of the directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or
more of the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund
Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full
amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as
required by the Restated Certificate or Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it
irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no
advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a
right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. The Fund Directors and Fund Indemnitors are intended third party beneficiaries of
this Subsection 5.8 and shall have the right, power and authority to enforce the provisions of this Subsection 5.8. 
 5.8
Right to Conduct Activities. The Company hereby agrees and acknowledges that each of 5AM, Adage, Baker Brothers, Deerfield Private Design Fund IV. L.P., Deerfield Special Situations Fund, L.P., Redmile Biopharma Investments I, L.P., RAF,
L.P., Cormorant Private Healthcare Fund II, LP, Cormorant Global Healthcare Master Fund, LP, CRMA SPV, LP, Boxer Capital, LLC, and MVA Investors, LLC (together with their respective Affiliates) (each, a “VC Fund”) is a professional
investment manager and/or fund or venture investment arm of its Affiliates, and as such invests in and reviews the business plans and related proprietary information of many enterprises, some of which may compete directly or indirectly with the
Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, no VC Fund shall be liable to the Company for any claim arising out of, or based
upon, (i) the investment by any VC Fund in any entity competitive with the Company, (ii) the activities of any VC Fund’s Affiliates or (iii) actions taken by any advisor, partner, officer or other
representative of any VC Fund to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the
Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or
(y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

  
 23 

 5.9 Termination of Covenants. The covenants set forth in this Section 5,
except for Subsection 5.7, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate, whichever event occurs first. 

6. Miscellaneous. 
 6.1
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a
Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least twenty percent (20%) of such Holder’s
shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after
such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument
delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable Securities held by a
transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such
Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall, as a condition to the
applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon
the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 
 6.2 Governing Law.
The law, including the statutes of limitation, of the State of Delaware shall govern this Agreement, the interpretation and enforcement of its terms and any claim or cause of action (in law or equity), controversy or dispute arising out of or
related to it or its negotiation, execution or performance, whether based on contract, tort, statutory or other law, in each case without giving effect to any conflicts-of-law or other principle requiring the
application of the law of any other jurisdiction. 
 6.3 Counterparts. This Agreement may be executed in two (2) or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with
the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

  
 24 

 6.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for
convenience only and are not to be considered in construing or interpreting this Agreement. 
 6.5 Notices. 

(a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal
business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business
day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the Investors at their addresses as set forth on Schedule
A hereto, or, in the case of any parties to the Agreement, to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, it
shall be sent to 501 Northwick Lane, Villanova, PA 19805, Attention: Steven Nichtberger; and a copy (which shall not constitute notice) shall also be sent to Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210, Attention: Mitchell S.
Bloom; if notice is given to Deerfield Private Design Fund IV, L.P. or Deerfield Special Situations Fund, L.P., a copy shall also be given to Paul Hastings LLP, 200 Park Avenue, New York, NY 10166, Attention: Samuel Waxman; and if notice is given to
5AM Ventures V, L.P., a copy shall also be given to Cooley LLP, 500 Boylston Street, Boston, MA 02116, Attention: Nicole Brookshire and Ryan S. Sansom. 

(b) Consent to Electronic Notice. Each Investor consents to the delivery of any stockholder notice pursuant to the Delaware General
Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address or the facsimile number
as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail
address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each Investor agrees to promptly notify the Company of any change in such stockholder’s electronic mail address, and that
failure to do so shall not affect the foregoing. 
 6.6 Amendments and Waivers. Any term of this Agreement may be amended, modified or
terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least a majority
of the Registrable Securities held by the then outstanding shares of Preferred Stock, voting together as a single class and on an as-converted basis, provided that the Company may in its sole discretion waive compliance with Subsection
2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that the rights of
any VC Fund under Section 3.3 may be waived only with the written consent of such VC Fund, for so long as such VC Fund holds any Registrable Securities; and provided further that any provision hereof may be waived

  
 25 

 
by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, (a) this Agreement may not be amended, modified or
terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, modification, termination, or waiver applies to all Investors in the same fashion
(it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that
certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction) and (b) Subsections 3.1 and 3.2, Section 4 and any other section of this Agreement applicable to the
Major Investors (including this clause (b) of this Subsection 6.6) may not be amended, modified, terminated or waived without the written consent of the holders of at least a majority of the Registrable Securities held by the then
outstanding shares of Preferred Stock, voting together as a single class and on an as-converted basis, held by the Major Investors. The Company shall give prompt notice of any amendment, modification or
termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification termination, or waiver. Any amendment, modification, termination, or waiver effected in accordance with this Subsection
6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or
construed as a further or continuing waiver of any such term, condition, or provision. 
 6.7 Severability. In case any one or more of
the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid,
illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

6.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

6.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the
Company’s Preferred Stock after the Effective Date, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter
shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to
be bound by all of the obligations as an “Investor” hereunder. 
 6.10 Entire Agreement. This Agreement constitutes the full
and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the
effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect. 

  
 26 

 6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally
submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and
(c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property
is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 The
prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. 

6.12 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or
to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law
or otherwise afforded to any party, shall be cumulative and not alternative. 
 6.13 Non-Compete. Nothing in this Agreement,
including the receipt of confidential information, shall preclude, create an obligation or duty, or in any way restrict a VC Fund from evaluating or purchasing securities, including publicly traded securities, of a particular enterprise, or
investing or participating in any particular enterprise, whether or not such services compete with those of the Company. 
 [Remainder of
Page Intentionally Left Blank] 

  
 27 

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

			
	CABALETTA BIO, INC.
		
	By:	 	/s/ Steven Nichtberger
	Name: Steven Nichtberger
	Title: President and Chief Executive Officer

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	REDMILE BIOPHARMA INVESTMENTS I, L.P.
	
	By: /s/ Jeremy Green
	Name: Jeremy Green
	Title: Managing Member of the General Partner and the Management Company
	
	RAF, L.P.
	
	By: /s/ Jeremy Green
	Name: Jeremy Green
	Title: Managing Member of the General Partner and the Management Company

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	2017 FAN PIER FUND A, LLC
	
	By: /s/ David Henken
	Name: David Henken
	Title: Managing Member

  

			
	2017 FAN PIER FUND B, LLC
	
	By: /s/ David Henken
	Name: David Henken
	Title: Managing Member

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	ADAGE CAPITAL PARTNERS, LP
	By: Adage Capital Partners, GP, LLC
	Its: General Partner
	
	By: Adage Capital Advisors, LLC
	Its: Managing Member

  

			
	By:	 	/s/ Joseph Lehan
		 	Name: Joseph Lehan
		 	Title: Chief Compliance Officer

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	5AM VENTURES V, L.P.
	By:	 	5AM Partners V, LLC, its general partner
		
	By:	 	/s/ Kush Parmar
		 	Name: Kush Parmar
		 	Title: Managing Member

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

	
	/s/ Steven Nichtberger
	Name: Steven Nichtberger

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

	
	/s/ Daniel Geffken
	Name: Daniel Geffken

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

	
	/s/ Mitchell S. Bloom
	Name: Mitchell S. Bloom

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA
		
	By:	 	/s/ Kevin B. Mahoney
		 	Name: Kevin B Mahoney
		 	Title: Executive Vice President

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	Cormorant Private Healthcare Fund II, LP
	By:	 	Cormorant Private Healthcare GP II, LLC
		
	By:	 	/s/ Bihua Chen
		 	Name: Bihua Chen
		 	Title: Managing Member

  

			
	Cormorant Global Healthcare Master Fund, LP
	By:	 	Cormorant Global Healthcare GP, LLC
		
	By:	 	/s/ Bihua Chen
		 	Name: Bihua Chen
		 	Title: Managing Member

  

			
	CRMA SPV, LP
	By:	 	Cormorant Asset Management, LLC
	Its:	 	Attorney-In-Fact
		
	By:	 	/s/ Bihua Chen
		 	Name: Bihua Chen
		 	Title: CEO/Managing Member

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	BOXER CAPITAL, LLC
		
	By:	 	/s/ Aaron Davis
		 	Name: Aaron Davis
		 	Title: Chief Executive Officer

  

			
	MVA INVESTORS, LLC
		
	By:	 	/s/ Aaron Davis
		 	Name: Aaron Davis
		 	Title: Chief Executive Officer

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	DEERFIELD PRIVATE DESIGN FUND IV., L.P.
		
	By:	 	Deerfield Mgmt IV, L.P. General Partner
	By:	 	J. E. Flynn Capital IV, 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 A&R INVESTORS’ RIGHTS AGREEMENT 

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

			
	667, L.P.
	
	By: BAKER BROS. ADVISORS LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner to 667, L.P., and not as the general
partner.
		
	By:	 	/s/ Scott Lessing
		 	Name: Scott Lessing
		 	Title: President

  

			
	BAKER BROTHERS LIFE SCIENCES, L.P.
	
	By: BAKER BROS. ADVISORS LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner to 667, L.P., and not as the general
partner.
		
	By:	 	/s/ Scott Lessing
		 	Name: Scott Lessing
		 	Title: President

 SIGNATURE PAGE TO A&R INVESTORS’ RIGHTS AGREEMENT

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