Document:

Tax Receivable Agreement

 Exhibit 10.2 

 
  
 SILVERCREST ASSET MANAGEMENT GROUP INC. 
 TAX RECEIVABLE AGREEMENT

 Dated as of [            ], 2012 

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE 1
	  	    DEFINITIONS	  	 	1	  
			
	 1.1
	  	Definitions	  	 	1	  
			
	 1.2
	  	Other Definitional and Interpretative Provisions	  	 	8	  
			
	 ARTICLE 2
	  	    DETERMINATION OF CUMULATIVE REALIZED TAX BENEFIT	  	 	9	  
			
	 2.1
	  	Basis Adjustment	  	 	9	  
			
	 2.2
	  	Exchange Basis Schedule	  	 	9	  
			
	 2.3
	  	Tax Benefit Schedule	  	 	10	  
			
	 2.4
	  	Procedures, Amendments	  	 	10	  
			
	 ARTICLE 3
	  	    TAX BENEFIT PAYMENTS	  	 	11	  
			
	 3.1
	  	Payments	  	 	11	  
			
	 3.2
	  	No Duplicative Payments	  	 	12	  
			
	 3.3
	  	Pro Rata Payments	  	 	12	  
			
	 3.4
	  	Termination of Payments under Certain Circumstances	  	 	12	  
			
	 ARTICLE 4
	  	    TERMINATION	  	 	13	  
			
	 4.1
	  	Early Termination and Breach of Agreement	  	 	13	  
			
	 4.2
	  	Early Termination Notice	  	 	14	  
			
	 4.3
	  	Payment upon Early Termination	  	 	14	  
			
	 4.4
	  	Scheduled Termination	  	 	15	  
			
	 ARTICLE 5
	  	    SUBORDINATION AND LATE PAYMENTS	  	 	15	  
			
	 5.1
	  	Subordination	  	 	15	  
			
	 5.2
	  	Late Payments by the Company	  	 	15	  
			
	 ARTICLE 6
	  	    NO DISPUTES; CONSISTENCY; COOPERATION	  	 	15	  
			
	 6.1
	  	Limited Partner Participation in the Company and Silvercrest LP’s Tax Matters	  	 	15	  
			
	 6.2
	  	Consistency	  	 	16	  
			
	 6.3
	  	Cooperation	  	 	16	  
			
	 ARTICLE 7
	  	    MISCELLANEOUS	  	 	16	  
			
	 7.1
	  	Notices	  	 	16	  
			
	 7.2
	  	Counterparts	  	 	17	  
			
	 7.3
	  	Entire Agreement; No Third-Party Beneficiaries	  	 	17	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 7.4
	  	Governing Law	  	 	17	  
			
	 7.5
	  	Severability	  	 	17	  
			
	 7.6
	  	Successors; Assignment; Amendments; and Waivers	  	 	18	  
			
	 7.7
	  	Interpretation	  	 	19	  
			
	 7.8
	  	Resolution of Disputes	  	 	19	  
			
	 7.9
	  	Reconciliation	  	 	20	  
			
	 7.10
	  	Withholding	  	 	21	  
			
	 7.11
	  	Admission of the Company into a Consolidated Group; Transfers of Corporate Assets	  	 	21	  
			
	 7.12
	  	Confidentiality	  	 	22	  
			
	 7.13
	  	No Joint Venture	  	 	22	  
			
	 7.14
	  	Partnerships	  	 	23	  
			
	 7.15
	  	Construction	  	 	23	  
			
	 7.16
	  	Further Assurances	  	 	23	  

  
 -ii-

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (as amended from time to time, this “Agreement”), dated as of
            , 2012, is hereby entered into by and among Silvercrest Asset Management Group Inc., a Delaware corporation (the “Company”), Silvercrest L.P., a Delaware
limited partnership (“Silvercrest LP”), and each of the other undersigned parties hereto identified as “Limited Partners.” 
 RECITALS 
 WHEREAS, the Limited Partners hold Class B Units
(“Class B Units”) in Silvercrest LP, which is treated as a partnership for U.S. federal income tax purposes; 

WHEREAS, the Company is the general partner of, and holds Class A Units in, Silvercrest LP; 

WHEREAS, the Limited Partners shall from time to time transfer or sell their Class B Units to the Company (an
“Exchange”, and each such date an Exchange occurs, an “Exchange Date”) in connection with the initial public offering of Class A common stock, par value $.01 per share, of the Company (“Class A
Shares”) or pursuant to the Exchange Agreement (as defined below) in exchange in either case for cash or for Class A Shares; 
 WHEREAS, Silvercrest LP and its direct and indirect subsidiaries that are treated as partnerships or as disregarded entities for U.S. federal income tax purposes (Silvercrest LP and each such subsidiary,
each a “Partnership Subsidiary”) have or will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year (as defined below) in which an
Exchange occurs, which election is expected to result in an adjustment to the Tax basis of the assets owned by Silvercrest LP and such subsidiaries, solely with respect to the Company; and 

WHEREAS, the parties to this Agreement desire to make certain arrangements to treat a portion of any tax benefits realized by the Company
as a result of any Exchange as additional consideration for the Exchange; 
 NOW, THEREFORE, in consideration of the foregoing
and the respective covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 ARTICLE 1 

DEFINITIONS 
 1.1 Definitions. As used in this Agreement, the terms set forth in this Article 1 shall have the following meanings (such meanings to be equally applicable to
both the singular and plural forms of the terms defined): 

 “Advisory Firm” means an independent law or accounting firm that is
nationally recognized as being expert in Tax matters. 
 “Affiliate” means, (i) as to any Person who is an
individual, the Immediate Family of such Person and trusts, limited partnerships or other entities for the exclusive benefit of such Person or such Immediate Family and any entity (other than the Company or its Affiliates) that, directly or
indirectly, through one or more intermediaries is controlled by or is under common control with such Person, the Immediate Family of such Person, or trusts, limited partnerships or other entities for the exclusive benefit of such Person or such
Immediate Family, and (ii) as to any Person which is not an individual, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such Person. For the avoidance
of doubt, the Company’s Affiliates shall include its Control Affiliates. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreed Rate” means LIBOR plus 100 basis points. 

“Agreement” is defined in the preamble of this Agreement. 

“Amended Schedule” is defined in Section 2.4(b). 

“Applicable Limited Partner” means in respect of that portion of any Tax Benefit Payment that arises from an Exchange or
a deemed Exchange pursuant to clause (v) of the definition of “Valuation Assumptions”, the Exchanging Limited Partner or Limited Partner deemed to Exchange, as applicable. 

“Basis Adjustment” means the adjustment (which can be positive or negative) to the Tax basis of an Exchange Asset as a
result of an Exchange and the payments made pursuant to this Agreement, as calculated under Section 2.1, under Section 732(b) of the Code (in a situation where, as a result of one or more Exchanges, Silvercrest LP becomes an entity that is
disregarded as separate from its owner for Tax purposes), Section 1012, or Sections 743(b) and 754 of the Code (in situations where, following an Exchange, Silvercrest LP remains in existence as an entity for Tax purposes) or otherwise, as
applicable, and, in each case, comparable sections of state, local and foreign Tax laws. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Class B Units shall be
determined without regard to any Pre-Exchange Transfer of such Class B Units and as if any such Pre-Exchange Transfer had not occurred. 
 “Beneficial Owner” in respect of a security means a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares:
(i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The terms
“Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 
 “Board”
means the board of directors of the Company. 

  
 2 

 “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 shall not be regarded as a Business Day. 
 “Cause” shall have the meaning assigned to it in the LP Agreement. 
 “Change of Control” means the occurrence of any of the following events: 
 (i) any “person” or “group” (as such terms are defined in Sections 13(d) and 14(d) of the Exchange Act, or any successor provisions thereto) other than the Limited
Partners, their Affiliates and their Permitted Transferees: 
 (A) is or becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of 50% or more of the voting stock of the Company; 
 (B) in the context of a consolidation, merger or other corporate reorganization in which the Company is not the surviving entity, has 50% or more of the voting stock generally entitled to elect directors
of such surviving entity (or in the case of a triangular merger, of the parent entity of such surviving entity), calculated on a fully diluted basis; or 
 (C) has obtained the power (whether or not exercised) to elect a majority of the directors of the Company or its successors; 
 (ii) the Company or its successors, together with the Limited Partners and their respective Permitted Transferees, cease to own 50% or more of the equity interests of General Partner; or 

(iii) the sale of all or substantially all the assets of the Company or of General Partner. 

“Class A Shares” is defined in the recitals of this Agreement. 

“Class B Units” is defined in the recitals of this Agreement. 

“Code” is defined in the recitals of this Agreement. 

“Company” is defined in the preamble of this Agreement. 

“Company Return” means the U.S. federal, state, local and/or foreign Tax Return, as applicable, of the Company filed
with respect to Taxes for any Taxable Year. 
 “Cumulative Realized Tax Benefit” for a Taxable Year means the
cumulative amount of Realized Tax Benefits for all Taxable Years of the Company, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment
for each Taxable Year shall be determined 

  
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based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

“Default Rate” means LIBOR plus 300 basis points. 

“Deferrable Portion” is defined in Section 3.1(a). 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of
state, local and foreign Tax law, as applicable, or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. A Determination shall include the expiration of all periods
of limitations relating to the assessment of Tax for a Taxable Year. 
 “Dispute” is defined in
Section 7.8(a). 
 “Early Termination Conditions” means, with respect to an Early Termination Payment,
following: (i) an Early Termination Schedule becoming final and binding, and (ii) either (A) no Payment Condition is applicable or (B) a Payment Condition has been satisfied. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment. 
 “Early Termination Notice” is defined in Section 4.2. 

“Early Termination Schedule” is defined in Section 4.2. 

“Early Termination Payment” is defined in Section 4.3(b). 

“Early Termination Rate” means LIBOR in effect on the applicable date plus 100 basis points. 

“Exchange” is defined in the recitals of this Agreement; “Exchanged” and “Exchanging” shall have
correlative meanings. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Agreement” means the exchange agreement by and among the Company, Silvercrest LP and the Limited Partners
dated as of the date hereof, as the same may be amended from time to time in accordance with the terms thereof. 

“Exchange Assets” means each asset that is held by Silvercrest LP or by any Partnership Subsidiary at the time of an
Exchange. 
 “Exchange Basis Schedule” is defined in Section 2.2. 

“Exchange Date” is defined in the recitals of this Agreement. 

“Exchange Payment” is defined in Section 5.1. 

  
 4 

 “Expert” is defined in Section 7.9. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of the Company (or
Silvercrest LP or any of its Partnership Subsidiaries, but only with respect to income realized by Silvercrest LP or such Partnership Subsidiary the Tax liability for which is allocable to the Company for such Taxable Year using the same methods,
elections, conventions and similar practices used on the relevant Company Return) but using the Non-Stepped Up Tax Basis instead of the Tax basis of the Exchange Assets and excluding any deduction attributable to Imputed Interest. 

“Immediate Family” shall have the meaning assigned to it in the LP Agreement. 

“Imputed Interest” shall mean any interest imputed under Section 1272, 1274 or 483 or other provision of the Code
and any similar provision of state, local and foreign Tax law with respect to the Company’s payment obligations under this Agreement. 
 “Initiating Party” is defined in Section 7.8(a). 

“Interest Amount” is defined in Section 3.1(b). 

“LIBOR” means for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per
annum reported, on the date two days prior to the first day of such month, as published by Reuters (or other commercially available source providing quotations of LIBOR) for London interbank offered rates for U.S. dollar deposits for such month (or
portion thereof). 
 “Limited Partner” means any holder of Class B Units of Silvercrest LP and any person who
becomes a Limited Partner pursuant to the provisions of the LP Agreement. 
 “LP Agreement” means, with respect
to Silvercrest LP, the Second Amended and Restated Limited Partnership Agreement dated as of [            ], 2012, among the Company and the Limited Partners, as the same may be
amended from time to time in accordance with the terms thereof. 
 “Market Value” means, with respect to the
Class A Shares, on any given date: (i) if the Class A Shares are listed for trading on the Nasdaq Stock Market, the closing sale price per share of the Class A Shares on the Nasdaq Stock Market on that date (or, if no closing
sale price is reported, the last reported sale price), (ii) if the Class A Shares are not listed for trading on the Nasdaq Stock Market, the closing sale price (or, if no closing sale price is reported, the last reported sale price) as
reported on that date in composite transactions for the principal national securities exchange registered pursuant to Section 6(g) of the Exchange Act, on which the Class A Shares are listed, (iii) if the Class A Shares are not
so listed on a national securities exchange, the last quoted bid price for the Class A Shares on that date in the over-the-counter market as reported by Pink Sheets LLC or a similar organization, or (iv) if the Class A Shares are not
so quoted by Pink Sheets LLC or a similar organization such value as the Board, in its sole discretion, shall determine in good faith. 
 “Material Objection Notice” has the meaning set forth in Section 4.2. 

  
 5 

 “Non-Stepped Up Tax Basis” means, with respect to any asset at any time,
the Tax basis that such asset would have had at such time if no Basis Adjustment had been made. 
 “Notice” is
defined in Section 7.1. 
 “Objection Notice” is defined in Section 2.4(a). 

“Opt Out Notice” is defined in Section 3.4(a). 

“Panel” is defined in Section 7.8(a). 
 “Partnership Subsidiary” is defined in the Recitals of this Agreement. 
 “Payment Conditions” is defined in Section 3.1(c). 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Permitted Transferee” shall mean any of the Specified Permitted Transferees (as defined in the LP Agreement).

 “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company,
estate, trust, business association, organization, governmental entity or other entity. 
 “Pre-Exchange
Transfer” means any transfer (including upon the death of a Limited Partner) of one or more Class B Units (i) that occurs prior to an Exchange of such Class B Units and (ii) to which Section 743(b) of the Code applies.

 “Realized Tax Benefit” means, for a Taxable Year and for all Taxes collectively, the net excess, if any, of
the Hypothetical Tax Liability over the actual liability for Taxes of the Company (or a Partnership Subsidiary, but only with respect to income realized by the Partnership Subsidiary the Tax liability for which is allocable to the Company for such
Taxable Year using the same methods, elections, conventions and similar practices used on the relevant Company Return), determined, for the avoidance of doubt, using the “with or without” methodology. If all or a portion of the actual tax
liability of the Company (or a Partnership Subsidiary, but only with respect to income realized by the Partnership Subsidiary the Tax liability for which is allocable to the Company for such Taxable Year using the same methods, elections,
conventions and similar practices used on the relevant Company Return) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless
and until there has been a Determination. If there is a Determination with respect to the Taxable Year to which such assertion relates or any subsequent taxable year, for all purposes under this Agreement, the Net Tax Benefit for such years shall be
recalculated to properly reflect the difference, if any, between the amount of liability fixed by such Determination and liability taken into account in calculating the Realized Tax Benefit for the year. For the avoidance of doubt, if such
recalculation results in an increased Net Tax Benefit for any year, the Interest Amount of any corresponding Tax Benefit Payment shall accrue from date specified in Section 3.01(b) for such Tax Benefit Payment. 

  
 6 

 “Realized Tax Detriment” means, for a Taxable Year and for all Taxes
collectively, the net excess, if any, of the actual liability for Taxes of the Company (or a Partnership Subsidiary, but only with respect to income realized by the Partnership Subsidiary the Tax liability for which is allocable to the Company for
such Taxable Year using the same methods, elections, conventions and similar practices used on the relevant Company Return) over the Hypothetical Tax Liability for such Taxable Year determined, for the avoidance of doubt, using the “with or
without” methodology. If all or a portion of the actual tax liability of the Company (or a Partnership Subsidiary, but only with respect to income realized by the Partnership Subsidiary the Tax liability for which is allocable to the Company
for such Taxable Year using the same methods, elections, conventions and similar practices used on the relevant Company Return) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not
be included in determining the Realized Tax Detriment unless and until there has been a Determination. If there is a Determination with respect to the Taxable Year to which such assertion relates or any subsequent taxable year, for all purposes
under this Agreement, the Net Tax Detriment for such years shall be recalculated to properly reflect the difference, if any, between the amount of liability fixed by such Determination and liability taken into account in calculating the Realized Tax
Detriment for the year. For the avoidance of doubt, if such recalculation results in an increased Net Tax Benefit for any year, the Interest Amount of any corresponding Tax Benefit Payment shall accrue from date specified in Section 3.1(b) for
such Tax Benefit Payment. 
 “Reconciliation Dispute” has the meaning set forth in Section 7.9.

 “Reconciliation Procedures” means those procedures set forth in Section 7.9. 

“Responding Party” is defined in Section 7.8(a). 

“Retires” shall have the meaning assigned to it in the LP Agreement. 

“Schedule” means any Exchange Basis Schedule or Tax Benefit Schedule and the Early Termination Schedule. 

“Scheduled Termination Date” is defined in Section 4.4. 

“Senior Obligations” is defined in Section 5.1. 

“Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to which such
Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting shares or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 

“Tax or Taxes” means any and all U.S. federal, state, local and foreign tax, assessments or similar charges that are
based on or measured with respect to net income or profits, whether as an exclusive or on an alternative basis, and any interest or penalties related to such tax. 
 “Tax Benefit Payment” is defined in Section 3.1(b). 

“Tax Benefit Schedule” is defined in Section 2.3. 

  
 7 

 “Tax Return” means any return, declaration, report or similar statement
required to be filed with respect to Taxes (including any attached schedules), including any information return, claim for refund, amended return and declaration of estimated Tax. 

“Tax Ruling” means a binding ruling by a Taxing Authority with respect to Taxes. 

“Taxable Year” means a Taxable year of the Company as defined in Section 441(b) of the Code or comparable section
of state, local or foreign Tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is prepared), in which there is a Basis Adjustment or increased depreciation,
amortization or interest deductions attributable to an Exchange. 
 “Taxing Authority” means any domestic,
foreign, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any Taxing authority or any other authority exercising Tax
regulatory authority. 
 “Treasury Regulations” means the final, temporary and proposed regulations under the
Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable period. 
 “Valuation Assumptions” means, as of an Early Termination Date, or following a Change of Control, as applicable, the assumptions that (i) in each Taxable Year ending on or after such
Early Termination Date, the Company will have sufficient Taxable income to fully offset the deductions and losses in such Taxable Year attributable to any Basis Adjustment, increased depreciation or amortization deductions attributable to an
Exchange, and Imputed Interest, (ii) the U.S. federal income Tax rates and state, local and foreign income Tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law
as in effect on the Early Termination Date, (iii) any loss carryovers generated by any Basis Adjustment or Imputed Interest and available as of the date of the Early Termination Schedule will be used by the Company on a pro rata basis from the
date of the Early Termination Schedule through the scheduled expiration date of such loss carryovers, (iv) any non-amortizable assets will be disposed of on the fifteenth anniversary of the Early Termination Date, provided,
however, that, in the event of a Change of Control, non-amortizable assets shall be deemed disposed of at the earlier of (A) the time of sale of the relevant asset or (B) as generally provided in this Valuation Assumption (iv), and
(v) if, at the Early Termination Date, there are Class B Units that have not been Exchanged, then each such Unit shall be deemed to be Exchanged for the Market Value of the Class A Shares and the amount of cash that would be transferred if
the Exchange occurred on the Early Termination Date. 
 1.2 Other Definitional and
Interpretative Provisions. The words “hereof’, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning

  
 8 

 
as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import.
“Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as
amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified,
from and including or through and including, respectively. 
 ARTICLE 2 

DETERMINATION OF CUMULATIVE REALIZED TAX BENEFIT 
 2.1 Basis Adjustment. 
 (a)
Exchange Assets. For purposes of this Agreement, as a result of an Exchange, the Company will be entitled to a Basis Adjustment with respect to each Exchange Asset held by Silvercrest LP (and each direct and indirect Subsidiary of Silvercrest
LP that is treated as a partnership for U.S. federal income tax purposes), the amount of which Basis Adjustment will generally be determined as the excess (whether positive or negative) of (i) the sum of (x) the Market Value of the
Class A Shares, cash or the amount of any other consideration transferred to the Applicable Limited Partner pursuant to the Exchange as payment for the exchanged Class B Units, to the extent attributable to such Exchange Assets, (y) the
amount of the payments to be made pursuant to this Agreement with respect to such Exchange, to the extent attributable to such Exchange Assets, and (z) the amount of debt and other liabilities allocated to the Class B Units acquired pursuant to
such Exchange, to the extent attributable to such Exchange Assets; over (ii) the Company’s share of Silvercrest LP’s (or such subsidiary partnership’s) basis in such Exchange Assets immediately after the Exchange, attributable to
the Class B Units exchanged, determined as if (x) Silvercrest LP (or such subsidiary partnership) remained in existence as an entity for Tax purposes and (y) Silvercrest LP (or such subsidiary partnership) had not made the election
provided by Section 754 of the Code. 
 (b) Imputed Interest. For the avoidance of doubt, payments made under this
Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 

2.2 Exchange Basis Schedule. Within 60 calendar days after the filing of the U.S. federal
income Tax return of the Company for each Taxable Year, the Company shall deliver to each Limited Partner a schedule (the “Exchange Basis Schedule”) that shows, in reasonable detail, for purposes of federal income Taxes,
(a) the actual unadjusted Tax basis of the Exchange Assets as of each applicable Exchange Date, (b) the Basis Adjustment with respect to the Exchange Assets as a result of the Exchanges effected in such Taxable Year, calculated in the
aggregate, (c) the period or periods, if any, over which the Exchange Assets are amortizable and/or depreciable, (d) the period or periods, if any, over which each Basis Adjustment is amortizable and/or depreciable, and (e) the amount
of the payments to be made pursuant to this 

  
 9 

 
Agreement with respect to the Exchanges in such Taxable Year, determined in the Company’s reasonable discretion. 
 2.3 Tax Benefit Schedule. Within 60 calendar days after the filing of the U.S. federal income Tax return of the Company for any Taxable Year in which there is
a Realized Tax Benefit or Realized Tax Detriment, the Company shall provide to each Limited Partner a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year (a “Tax
Benefit Schedule”). The Tax Benefit Schedule will become final as provided in Section 2.4(a) and may be amended as provided in Section 2.4(b) (subject to the procedures set forth in Section 2.4(b)). 

2.4 Procedures, Amendments. 

(a) Procedure. Every time the Company delivers to the Applicable Limited Partner an applicable Schedule under this Agreement,
including any Amended Schedule delivered pursuant to Section 2.4(b), but excluding any Early Termination Schedule or amended Early Termination Schedule, the Company shall also (i) deliver to the Applicable Limited Partner schedules and
work papers providing reasonable detail regarding the preparation of such Schedule and (ii) allow the Applicable Limited Partner reasonable access, at no cost to the Applicable Limited Partner, to the appropriate representatives at the Company
and the Advisory Firm in connection with a review of such Schedule. The applicable Schedule shall become final and binding on all parties unless the Applicable Limited Partner, within 30 calendar days after receiving an Exchange Basis Schedule or
amendment thereto or a Tax Benefit Schedule or amendment thereto, provides the Company with notice of a material objection to such Schedule (“Objection Notice”) made in good faith. If the parties, for any reason, are unable to
successfully resolve the issues raised in such notice within 30 calendar days of receipt by the Company of an Objection Notice with respect to such Exchange Basis Schedule or Tax Benefit Schedule, the Company and the Applicable Limited Partner shall
employ the reconciliation procedures as described in Section 7.9 (the “Reconciliation Procedures”). 
 (b)
Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Company (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule
identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to the Applicable Limited Partner, (iii) to comply with the Expert’s determination under the
Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carry forward of a loss or other Tax item to such Taxable Year, (v) to
reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange Basis Schedule to take into account payments
made pursuant to this Agreement (such Schedule, an “Amended Schedule”). 

  
 10 

 ARTICLE 3 

TAX BENEFIT PAYMENTS 
 3.1 Payments. 
 (a) Within ten
business days of a Tax Benefit Schedule that was delivered to an Applicable Limited Partner becoming final in accordance with Section 2.4(a), the Company shall pay to the Applicable Limited Partner for such Taxable Year the portion, if any, of
the Tax Benefit Payment with respect thereto determined pursuant to Section 3.1(b) with respect to which the Payment Conditions have been satisfied. Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to
a bank account of the Applicable Limited Partner previously designated by such Limited Partner to the Company. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including U.S. federal income Tax
payments. Notwithstanding anything to the contrary herein, the Company shall not be obligated to pay any portion of a Tax Benefit Payment, and the payment of such amount shall not be considered due for any purpose under this Agreement, unless and
until the Payment Conditions have been satisfied with respect to such portion (any portion with respect to which the Payment Conditions have not been satisfied, a “Deferrable Portion”). 

(b) A “Tax Benefit Payment” means an amount, not less than zero, equal to 85% of the sum of the Net Tax Benefit and the
Interest Amount. The “Net Tax Benefit” for each Taxable Year shall be an amount equal to the excess, if any, of the Cumulative Realized Tax Benefit as of the end of such Taxable Year over the total amount of payments previously made
under this Section 3.1, excluding payments attributable to the Interest Amount; provided, however, that for the avoidance of doubt, no Limited Partner shall be required to return any portion of any previously received Tax Benefit Payment under
any circumstances. The “Interest Amount” for a given Taxable Year shall equal the interest on the Net Tax Benefit for such Taxable Year calculated at the Agreed Rate from the due date (without regard to extensions) for filing the
Company Return with respect to Taxes for the most recently ended Taxable Year until the Payment Date of the portion of the Net Tax Benefit to which such Interest Amount relates. For the avoidance of doubt, and without duplication, the Interest
Amount with respect to a Deferrable Portion of a Tax Benefit Payment shall accrue from the due date of the relevant Tax Return until such Deferrable Portion is paid to the Applicable Limited Partner. The Net Tax Benefit and the Interest Amount shall
be determined separately with respect to each separate Exchange. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control, all Tax Benefit Payments, whether paid with respect to Class B Units that were
Exchanged (i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by utilizing the assumptions in clauses (i), (iii) and (iv) of the definition of Valuation
Assumptions, substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date.” 
 (c) The “Payment Conditions” shall be satisfied with respect to any portion of a Tax Benefit Payment upon the earliest to occur of: 

  
 11 

 (i) the receipt by the Company of a Tax Ruling that, in the reasonable judgment of the
Company, after consultation with the Advisory Firm and the Company’s auditors, confirms that the Realized Tax Benefit to which the portion of such Tax Benefit Payment relates is available for the applicable Taxable Year; 

(ii) the receipt by the Company of (a) a written opinion issued by the Advisory Firm identifying any Exchange Assets that are
amortizable without regard to the anti-churning rules of Section 1.197-2(h) of the Treasury Regulations, together with (if the opinion relates to less than all of the Exchange Assets) (b) a valuation report prepared by a nationally
recognized appraiser or valuation expert setting forth the fair market value, as of the date of the relevant Exchange, of the Exchange Assets identified in such opinion, but only if the opinion and report are satisfactory in form and substance to
the Company’s auditors and/or tax preparers, as applicable, to conclude that the Realized Tax Benefit to which the portion of such Tax Benefit Payment relates is available for the applicable Taxable Year without the filing of a Schedule UTP
(with respect to such Realized Tax Benefit) with the Company’s Tax Returns and without taking any tax reserve for financial statement purposes (with respect to such Realized Tax Benefit); or 

(iii) a final Determination with respect to the Company’s liability for Taxes for the relevant Taxable Year that conclusively
determines the amount of Realized Tax Benefit. 
 Notwithstanding anything to the contrary contained herein, Exchange Assets that are not, in
the reasonable judgment of the Company, after consultation with the Advisory Firm and the Company’s auditors, section 197 intangibles within the meaning of section 197(d)(1) of the Code, shall be treated as satisfying the requirement of
Section 3.01(c)(ii)(a). The Company shall make reasonable efforts to determine whether the Payment Conditions are satisfied with respect to an amount of any Tax Benefit Payment before delivering the Tax Benefit Schedule for a Taxable Year, and
in any event as soon as reasonably practicable thereafter. 
 3.2 No Duplicative
Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in
85% of the Company’s Cumulative Realized Tax Benefit, and the Interest Amount thereon, being paid to the Limited Partners pursuant to this Agreement upon and subject to the satisfaction of the Payment Conditions. 

3.3 Pro Rata Payments. For the avoidance of doubt, to the extent that (i) the
Company’s deductions with respect to any Basis Adjustment are limited in a particular Taxable Year or (ii) the Company lacks sufficient funds to satisfy or is prevented under any credit agreement or other arrangement from satisfying its
obligations to make all Tax Benefit Payments due in a particular Taxable Year, the limitation on the deduction, or the Tax Benefit Payments that may be made, as the case may be, shall be taken into account or made for the Applicable Limited Partner
in the same proportion as Tax Benefit Payments would have been made absent the limitations in clauses (i) and (ii) of this Section 3.3, as applicable. 
 3.4 Termination of Payments under Certain Circumstances. Notwithstanding anything to the contrary set forth in this Agreement, to the extent that a Limited
Partner (i)

  
 12 

 
breaches the restrictive covenants applicable to such Limited Partner as set forth in Section 5.5 of the LP Agreement, (ii) breaches the restrictive covenants applicable to such Limited
Partner as set forth in Section 11.7 of the LP Agreement, (iii) is terminated for Cause by the Company, Silvercrest LP or its Affiliates, or (iv) voluntarily resigns or Retires from the Company, Silvercrest LP or its Affiliates and
directly or indirectly, owns, manages, operates, controls, is employed by, advised or in any manner participates or engages in any business that is competitive with any business in which Silvercrest LP, the Company or their respective Affiliates are
engaged or have been engaged at any time during the twelve (12) months following such Limited Partner’s termination of employment, then all Tax Benefit Payments to such Limited Partner shall cease and the Company shall have no obligations
under this Agreement, including the obligation to make Tax Benefit Payments, to such Limited Partner. 
 
ARTICLE 4 
 TERMINATION 
 4.1 Early Termination and Breach of Agreement. 
 (a) The Company may terminate this Agreement with respect to all of the Class B Units held (or previously held and Exchanged) by all Limited Partners at any time by paying to the Limited Partners the
Early Termination Payment; provided, however, that this Agreement shall terminate only upon the receipt of the Early Termination Payment by all Limited Partners, and provided, further, that the Company may withdraw any notice to execute its
termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by the Company, neither the Limited Partners nor the Company shall have any
further payment obligations under this Agreement, other than for any (i) Tax Benefit Payment agreed by the Company acting in good faith and the Applicable Limited Partner to be due and payable but unpaid as of the Early Termination Notice and
(ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (ii) is included in the Early Termination Payment). For the
avoidance of doubt, if an Exchange occurs after the Company makes the Early Termination Payments with respect to all Limited Partners, the Company shall have no obligations under this Agreement with respect to such Exchange, and its only obligations
under this Agreement in such case shall be its obligations to all Limited Partners under Section 4.3(a). 
 (b) In the
event that the Company breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result
of the rejection of this Agreement in a case commenced under the Bankruptcy Code, Title 11, U.S.C., or otherwise, then all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been
delivered on the date of such breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment
agreed by the Company acting in good faith and any Applicable Limited Partner to be due and payable but unpaid as of the date of a breach, and (iii) any Tax Benefit Payment due for the Taxable Year ending with or including the date of a breach.
Notwithstanding the foregoing, in the event that 

  
 13 

 
the Company breaches this Agreement, the Limited Partners shall be entitled to elect to receive the amounts set forth in clauses (i), (ii) and (iii) above or to seek specific
performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement
for all purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three months of the date such payment is due. 

(c) The Company, Silvercrest LP and each of the Limited Partners hereby acknowledge that, as of the date of this Agreement, the aggregate
value of the Tax Benefit Payments cannot reasonably be ascertained for U.S. federal income Tax or other applicable Tax purposes. 
 4.2 Early Termination Notice. If the Company chooses to exercise its right of early termination under Section 4.1 above, the Company shall deliver to
each present or former Limited Partner a notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying the Company’s intention to
exercise such right and showing in reasonable detail the calculation of the Early Termination Payment including that portion of the Early Termination Payment that has satisfied the Payment Conditions and that portion of the Early Termination Payment
that has not, as of the Early Termination Date, satisfied a Payment Condition. The Early Termination Schedule shall become final and binding on all parties unless an Applicable Limited Partner, within 30 calendar days after receiving the Early
Termination Schedule, provides the Company with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”). If the parties, for any reason, are unable to successfully resolve the issues raised
in such notice within 30 calendar days after receipt by the Company of the Material Objection Notice, the Company and the relevant Limited Partner shall employ the Reconciliation Procedures as described in Section 7.9 of this Agreement.

 4.3 Payment upon Early Termination. 

(a) Within 30 calendar days of the Early Termination Conditions being satisfied with respect to an Early Termination Payment (or a
portion thereof), the Company shall pay to each Applicable Limited Partner an amount equal to the Early Termination Payment (or the portion thereof for which the Early Termination Conditions have been satisfied), plus interest calculated at the
Agreed Rate from the Early Termination Date until the Payment Date of such Early Termination Payment. Such payment shall be made by wire transfer of immediately available funds to a bank account designated by the Applicable Limited Partner. For the
avoidance of doubt, after the initial Early Termination Payment, the Company will be required to make additional payments to the Limited Partner with respect to the Deferrable Portion of the Early Termination Payment if and when a Payment Conditions
has been satisfied with respect to such Deferrable Portion. In addition, the Company shall pay the Limited Partner an amount equal to the Realized Tax Benefit resulting from the sale of a non-amortizable asset. Such payment shall be due 30 calendar
days after such sale has closed. 
 (b) The “Early Termination Payment” as of the date of the delivery of an
Early Termination Schedule shall equal with respect to the Applicable Limited Partner the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that

  
 14 

 
would be required to be paid by the Company to the Applicable Limited Partner beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. 

4.4 Scheduled Termination. No Tax Benefit Payment shall accrue, or shall become due or
payable with respect to any Exchange after the sixtieth anniversary (the “Scheduled Termination Date”) of the effective date of such Exchange. For avoidance of doubt, this Agreement shall continue to be in effect in periods after
the Scheduled Termination Date with respect to Tax Benefit Payments that arise on or before such date, or any adjustment thereto, and shall terminate upon such time as when all Tax Benefit Payment due and payable hereunder have been paid and the
Determinations have been made with respect to all such payments. 
 ARTICLE 5

 SUBORDINATION AND LATE PAYMENTS 
 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required to be
made by the Company to the Limited Partners under this Agreement (an “Exchange Payment”) shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations
in respect of indebtedness for borrowed money of the Company and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of the Company that are not Senior Obligations.

 5.2 Late Payments by the Company. The amount of all or any portion of any
Exchange Payment not made to any Limited Partner when due (without regard to Section 5.1) under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which
such Exchange Payment was due and payable. 
 ARTICLE 6 

NO DISPUTES; CONSISTENCY; COOPERATION 
 6.1 Limited Partner Participation in the Company and Silvercrest LP’s Tax Matters. Except as otherwise provided herein, the Company shall have full
responsibility for, and sole discretion over, all Tax matters concerning the Company and Silvercrest LP, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes.
Notwithstanding the foregoing, the Company shall notify each relevant Limited Partner of, and keep such Limited Partner reasonably informed with respect to the portion of any audit of the Company and Silvercrest LP by a Taxing Authority the outcome
of which is reasonably expected to affect such Limited Partner’s rights and obligations under this Agreement, and shall provide to such Limited Partner reasonable opportunity to provide information and other input to the Company, Silvercrest LP
and their respective advisors concerning the conduct of any such portion of such audit; provided, however, that the Company and Silvercrest LP shall not be required to take any action that is inconsistent with any provision of the LP Agreement.

  
 15 

 6.2 Consistency. The Company and the
Applicable Limited Partner agree to report and cause to be reported for all purposes, including U.S. federal, state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items (including the Basis Adjustment and each Tax
Benefit Payment) in a manner consistent with that specified by the Company in any Schedule required to be provided by or on behalf of the Company under this Agreement. In this regard, the Company and the Applicable Limited Partner agree to report
any gain of the Limited Partner resulting from an Exchange as capital gain unless the Company is advised otherwise by an Advisory Firm. Any Dispute concerning such advice shall be subject to the terms of Section 7.9. In the event that an
Advisory Firm is replaced, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures and methodologies consistent with the previous Advisory Firm, unless (a) otherwise required by law or
(b) 
the Company and the Applicable Limited Partner agree to the use of other procedures and methodologies. 
 
6.3 Cooperation. The Applicable Limited Partner shall (a) furnish to the Company in a timely manner such information, documents and other materials, or make such representations, as the Company may reasonably request for
purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to
the Company and its representatives to provide explanations of documents and materials and such other information as the Company or its representatives may reasonably request in connection with any of the matters described in clause (a) above,
and (c) reasonably cooperate in connection with any such matter described in clause (a) above. The Company shall reimburse the Applicable Limited Partner for any reasonable third-party costs and expenses incurred pursuant to this
Section 6.03. 
 ARTICLE 7 

MISCELLANEOUS 
 7.1 Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written
instrument delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 7.1) or nationally recognized overnight courier, addressed to such party at the address or facsimile number set
forth below or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties:. 
 If to the Company, to: 
 Silvercrest Asset Management Group Inc. 

1330 Avenue of the Americas 
 38th Floor

 New York, NY 10019 
 (T) (212) 649-0600 
 (F) (212) 212-649-0625

Attention: General Counsel 
 with a copy to: 

  
 16 

 Bingham McCutchen LLP 

399 Park Avenue 

New York, New York 10022 
 (T) (212) 705-7000 
 (F) (212) 752-5378 

Attention: Floyd I. Wittlin, Esq. 
 if to Silvercrest LP, to: 
 Silvercrest L.P. 

1330 Avenue of the Americas 
 38th Floor

 New York, NY 10019 
 (T) (212) 649-0600 
 (F) (212) 212-649-0625

Attention: General Counsel 
 with a copy to: 
 Bingham McCutchen LLP 

399 Park Avenue 

New York, New York 10022 
 (T) (212) 705-7000 
 (F) (212) 752-5378 

Attention: Floyd I. Wittlin, Esq. 
 If to Limited Partners: 
 the address and facsimile number set forth in the
records of Silvercrest LP. 
 7.2 Counterparts. This Agreement may be executed in
any number of counterparts, including electronic counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument, it being understood that both parties need not sign the
same counterpart. 
 7.3 Entire Agreement; No Third-Party Beneficiaries. This
Agreement constitutes the entire agreement among the parties hereto and supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, Nothing in this Agreement, express
or implied, is intended to or shall confer upon any Person other than the parties hereto and their respective heirs, successors, legal representatives and permitted assigns, any rights or remedies hereunder. 

7.4 Governing Law. This Agreement shall be governed by, construed and enforced in
accordance with, the laws of the State of New York, without regard to the conflict of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

7.5 Severability. If the final determination of a court of competent jurisdiction
declares, after the expiration of the time within which judicial review (if permitted) of such 

  
 17 

 
determination may be perfected, that any term or provision hereof is invalid or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired and (b) the invalid or
unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision. 

7.6 Successors; Assignment; Amendments; and Waivers. 

(a) No Limited Partner may assign this Agreement to any person without the prior written consent of the Company; provided, however, that
(i) to the extent Class B Units are transferred in accordance with the terms of the LP Agreement, the transferring Limited Partner shall have the option to assign to the transferee of such Class B Units the transferring Limited Partner’s
rights under this Agreement with respect to such transferred Class B Units, as long as such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance
substantially similar to Exhibit A to this Agreement, agreeing to become a “Limited Partner” for all purposes of this Agreement, except as otherwise provided in such joinder, and (ii) once an Exchange has occurred, any and all
payments that may become payable to a Limited Partner pursuant to this Agreement with respect to the Exchanged Class B Units may be assigned to any Person or Persons as long as any such Person has executed and delivered, or, in connection with such
assignment, executes and delivers, a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement, agreeing to be bound by Section 7.12 and acknowledging specifically the terms of Section 7.6(b).
For the avoidance of doubt, if a Limited Partner transfers Class B Units but does not assign to the transferee of such Class B Units such Limited Partner’s rights under this Agreement with respect to such transferred Class B Units, such Limited
Partner shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Class B Units. 
 (b) No provision of this Agreement may be amended unless such amendment is approved in writing by each of the Company and Silvercrest LP and by Limited Partners who would be entitled to receive at least
fifty one percent (51%) of the Early Termination Payments payable to all Limited Partners hereunder if the Company had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for
purposes of this sentence, all payments made to any Limited pursuant to this Agreement since the date of such most recent Exchange); provided, however, that no such amendment shall be effective if such amendment would have a disproportionate effect
on the payments certain Limited Partners will or may receive under this Agreement unless all such Limited Partners disproportionately affected consent in writing to such amendment. No provision of this Agreement may be waived unless such waiver is
in writing and signed by the party against whom the waiver is to be effective. 
 (c) Except as otherwise specifically provided
herein, all of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, permitted assigns, heirs, executors, administrators and
legal representatives. The Company shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement,
expressly to 

  
 18 

 
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

7.7 Interpretation. 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. Whenever the words “included”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation. 
 7.8 Resolution of Disputes. 

(a) Any and all claims, disputes and other disagreements arising hereunder (each, a “Dispute”) which are not governed by
Section 7.9, including any ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non- performance of this Agreement (including the validity, scope
and enforceability of this Section 7.8 and Section 7.9) shall be governed by this Section 7.8. The parties hereto shall attempt in good faith to resolve all Disputes by negotiation. If a Dispute between the parties hereto cannot be
resolved in such manner, such Dispute shall, at the request of any party, after providing written notice to the other party or parties to the Dispute, be submitted to arbitration in New York in accordance with the Commercial Arbitration Rules of the
American Arbitration Association then in effect. The proceeding shall be confidential. The party initially asserting the Dispute (the “Initiating Party”) shall notify the other party (the “Responding Party”) of the
name and address of the arbitrator chosen by the Initiating Party and shall specifically describe the Dispute in issue to be submitted to arbitration. Within 30 days of receipt of such notification, the Responding Party shall notify the Initiating
Party of its answer to the Dispute, any counterclaim which it wishes to assert in the arbitration and the name and address of the arbitrator chosen by the Responding Party. If the Responding Party does not appoint an arbitrator during such 30-day
period, appointment of the second arbitrator shall be made by the American Arbitration Association upon request of the Initiating Party. The two arbitrators so chosen or appointed shall choose a third arbitrator, who shall serve as president of the
panel of arbitrators (the “Panel”) thus composed. If the two arbitrators so chosen or appointed fail to agree upon the choice of a third arbitrator within 30 days from the appointment of the second arbitrator, the third arbitrator
will be appointed by the American Arbitration Association upon the request of the arbitrators or either of the parties. In all cases, the arbitrators must be persons who have substantial experience in tax matters. The arbitrators will act by
majority decisions. Any decision of the arbitrators shall (i) be rendered in writing and shall bear the signatures of at least two arbitrators, and (ii) identify the members of the Panel, and the time and place of the award granted. Absent
fraud or manifest error, any such decision of the Panel shall be final, conclusive and binding on the parties to the arbitration and enforceable by a court of competent jurisdiction. The expenses of the arbitration shall be borne equally by the
parties to the arbitration; provided, however, that each party shall pay for and bear the costs of its own experts, evidence and legal counsel, unless the arbitrator rules otherwise in the arbitration. The parties shall complete all discovery within
30 days after the Panel is composed, shall complete the presentation of evidence to the Panel within 15 days after the completion of discovery, and a final decision with respect to the matter submitted to arbitration shall be rendered within 15 days
after the completion of presentation of evidence. The parties hereto shall cause to be kept a record of the proceedings of any matter submitted to arbitration hereunder. Performance under this Agreement shall continue if reasonably possible during
any arbitration proceedings. In 

  
 19 

 
addition to monetary damages, the arbitrator shall be empowered to award equitable relief, including an injunction and specific performance of any obligation under this Agreement. The arbitrator
is not empowered to award damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. The award shall be the sole and exclusive remedy
between the parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over a party or any of its assets. 

(b) Notwithstanding the provisions of Section 7.8(a), the Company may bring an action or special proceeding in any court of
competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this Section 7.8(b), each
Limited Partner (i) expressly consents to the application of Section 7.8(c) to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be
difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Company as such Limited Partner’s agent for service of process in connection with any such action or proceeding and agrees that service
of process upon such agent, who shall promptly advise such Limited Partner in writing of any such service of process, shall be deemed in every respect effective service of process upon the Limited Partner in any such action or proceeding.

 (c) The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter
arising out of or in connection with, this Agreement or the transactions contemplated hereby that is brought in accordance with Section 7.8(b) shall be brought and maintained exclusively in the United States District Court for the Southern
District of New York or the Supreme Court of the State of New York located in the County of New York. Each of the parties irrevocably consents to submit to the personal jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding. Process in any such suit, action or proceeding in such courts may be served, and shall be effective, on any party anywhere in the world, whether within or without the jurisdiction of any such court, by any of
the methods specified for the giving of Notices pursuant to Section 7.01. Each of the parties irrevocably waives, to the fullest extent permitted by law, any objection or defense that it may now or hereafter have based on venue, inconvenience
of forum, the lack of personal jurisdiction and the adequacy of service of process (as long as the party was provided Notice in accordance with the methods specified in Section 7.01) in any suit action or proceeding brought in such courts. EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. 
 7.9 Reconciliation. In the event that the Company and the
relevant Limited Partner are unable to resolve a disagreement with respect to the matters governed by Sections 2.4, 4.2 and 6.2 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation
Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert

  
 20 

 
shall be a partner in a nationally recognized accounting firm or a law firm (other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall not, have any
material relationship with either the Company or the relevant Limited Partner or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within 15 days of receipt by the respondent(s) of written notice of a
Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination
Schedule or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each case after the
matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax
Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid on such date and such Tax Return may be filed as prepared by the Company, subject to adjustment or amendment upon resolution. In the event that this
reconciliation provision is utilized, the fees of the Expert shall be paid in proportion to the manner in which the dispute is resolved, such that, for example, if the entire dispute is resolved in favor of the Company, the relevant Limited Partner
shall pay all of the fees, or if the items in dispute are resolved 50% in favor of the Company and 50% in favor of the relevant Limited Partner, each of the Company and the relevant Limited Partner shall pay 50% of the fees of the Expert. Any
Dispute as to whether a Dispute is a Reconciliation Dispute within the meaning of this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to
this Section 7.9 shall be binding on the Company and the relevant Limited Partner and may be entered and enforced in any court having jurisdiction. 
 7.10 Withholding. The Company shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Company is
required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the
Company, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Applicable Limited Partner. 
 7.11 Admission of the Company into a Consolidated Group; Transfers of Corporate Assets. 

(a) If the Company becomes a member of an affiliated or consolidated group of corporations that files a consolidated income Tax return
pursuant to Sections 1501, et seq. of the Code or any corresponding provisions of state, local or foreign law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments,
Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated Taxable income of the group as a whole. 
 (b) If any entity that is obligated to make an Exchange Payment hereunder transfers one or more assets to a corporation with which such entity does not file a consolidated Tax return pursuant to
Section 1501 of the Code, such entity, for purposes of calculating the amount of any Exchange Payment (e.g., calculating the gross income of the entity and determining the Realized 

  
 21 

 
Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully Taxable transaction on the date of such contribution. The consideration deemed to be
received by such entity shall be equal to the fair market value of the contributed asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered asset or (ii) the amount of debt allocated
to such asset, in the case of a contribution of a partnership interest. 
 7.12
Confidentiality. 
 (a) Each Limited Partner and assignee acknowledges and agrees that the information of the
Company and of its Affiliates is confidential and, except in the course of performing any duties as necessary for the Company and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall keep
and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Company and its Affiliates and successors, concerning Silvercrest LP and its Affiliates and successors or the
other Limited Partners, learned by the Limited Partner heretofore or hereafter. This Section 7.12(a) shall not apply to (i) any information that has been made publicly available by the Company or any of its Affiliates, becomes public
knowledge (except as a result of an act of such Limited Partner in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for a Limited Partner to prepare and
file his or her Tax returns, to respond to any inquiries regarding the same from any Taxing authority or to prosecute or defend any action, proceeding or audit by any Taxing authority with respect to such returns. Notwithstanding anything to the
contrary herein, each Limited Partner and assignee (and each employee, representative or other agent of such Limited Partner or assignee, as applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax
structure of the Company, Silvercrest LP, the Limited Partners and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the Limited Partners relating to such
Tax treatment and Tax structure. 
 (b) If a Limited Partner or assignee commits a breach, or threatens to commit a breach, of
any of the provisions of Section 7.12(a), the Company shall have the right and remedy to have the provisions of Section 7.12(a) specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need
to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Company or any of its Subsidiaries or the other Limited Partners and the accounts and funds managed
by the Company and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

7.13 No Joint Venture. Parties hereto intend that the relationships created hereunder and
under the Exchange Agreement be solely that of transferor and transferee of the Class B Units as determined herein. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship
between or among the parties nor to grant the exchanging Limited Partners any interest in the exchanged Class B Units other than that of a transferor. 

  
 22 

 7.14 Partnerships. The Company hereby agrees
that, to the extent it acquires a general partnership interest, managing member interest or similar interest in any Person after the date hereof, it shall cause such Person to execute and deliver a joinder to this Agreement and such Person shall be
treated as a “Partnership Subsidiary” for all purposes of this Agreement. 
 7.15
Construction. This Agreement shall be decided by a court of law and shall not be construed in favor of the drafters of this Agreement. 
 7.16 Further Assurances. Each party shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably
requested from time to time by the other party hereto to give effect to and carry out the transactions contemplated herein. 

[Signature page follows.] 

  
 23 

 IN WITNESS WHEREOF, the Company, Silvercrest LP and each Limited Partner have duly executed
this Agreement as of the date first written above. 
  

			
	Silvercrest Asset Management Group Inc.
		
	 By:
	 	  

	 Name:
	 	G. Moffett Cochran
	 Title:
	 	Chairman, Chief Executive Officer
	
	Silvercrest L.P.
		
	 By:
	 	Silvercrest Asset Management Group Inc.
	 Title:
	 	General Partner of Silvercrest L.P.
		
	 By:
	 	  

	 Name:
	 	G. Moffett Cochran
	 Title:
	 	Chairman, Chief Executive Officer

 Signature Page to Tax Receivable Agreement 

 
			
	CLASS B PARTNERS:
	
	  

	Jeffrey C. Allen
	
	  

	Edward F. Appel
	
	  

	Matthew Arpano
	
	  

	Patrick A. Bittner
	 James J. Bleakley, Jr. Revocable Trust dated
 May 15, 2002

		
	By:	 	  

	 Name:
	 	James J. Bleakley, Jr.
	 Title:
	 	Trustee
	
	  

	Jeremiah M. Bogert
	  
 The Margot C. Bogert and

Jeremiah M. Bogert Family Trust

		
	 By:
	 	  

	 Name:
	 	Jeremiah M. Bogert
	 Title:
	 	Trustee
	
	  

	Ben Brewster

 Signature Page to Tax Receivable Agreement 

 
			
	 Brewster 1966 Trust

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	  

	 Russell Brown

	
	  

	 David J. Campbell

	
	  

	 Kim Campione

	
	  

	 G. Moffett Cochran

	
	 The Moffett Cochran GRAT 2010

		
	 By:
	 	  

	 Name:
	 	G. Moffett Cochran
	 Title:
	 	Trustee
	
	 The Peyton Cochran Trust

		
	 By:
	 	  

	 Name:
	 	G. Moffett Cochran
	 Title:
	 	Trustee
	
	 The Lee Cochran Trust

		
	 By:
	 	  

	 Name:
	 	G. Moffett Cochran
	 Title:
	 	Trustee
	
	  

	 Anthony Fiore

	
	  

	 Scott A. Gerard

 Signature Page to Tax Receivable Agreement 

 
			
	  

	J. Allen Gray
	
	Hamar Capital Limited
	
	  

	G. David Hamar, Jr.
	
	George David Hamar Trust DDD 2/3/2006 for Katherine Anne Phelps Hamar
		
	By:	 	  

	Name:	 	G. David Hamar, Jr.
	Title:	 	Trustee
	
	  

	G. David Hamar, Jr.
	
	  

	Burnett Hansen
	
	The Linda M. Hartley Revocable Lifetime Trust
		
	By:	 	  

	Name:	 	Linda M. Hartley
	Title:	 	Trustee
	
	  

	Robert F. Hill
	
	  

	Richard R. Hough
	
	Investor Records Holdings, LLC
		
	By:	 	  

	Name:	 	Benjamin Brewster
	Title:	 	
	
	  

	Martin Jaffe

 Signature Page to Tax Receivable Agreement 

			
	
	  

	Cathy A. Jameson
	
	  

	Bart A. Johnston
	
	  

	Todd Kanter
	
	Kanter Marathon Holding LLC
		
	 By:
	 	  

	 Name:
	 	Todd Kanter
	 Title:
	 	Member
	
	 Lanark Holdings LLC

		
	 By:
	 	  

	 Name:
	 	Benjamin Brewster
	 Title:
	 	Member
	
	  

	Allen J. Laufer
	
	  

	David B. MacNeil
	
	  

	Paul McCrann
	
	  

	Sally Megear
	
	  

	Albert S. Messina

 Signature Page to Tax Receivable Agreement 

	
	
	  

	Jeremiah Milbank
	
	  

	Stanley H. Reese
	
	  

	Ian W. Smith
	
	  

	Douglas M. Stevenson
	
	  

	John B. Stevenson
	
	  

	David Taylor
	
	  

	Peter Tobeason
	
	  

	Roger W. Vogel
	
	  

	Carter Whisnand

 Signature Page to Tax Receivable Agreement 

 EXHIBIT A 
 JOINDER 
 This JOINDER (this “Joinder”) to the Tax
Receivable Agreement (as defined below), dated as of [                    ] by and among Silvercrest Asset Management Group, Inc., a Delaware
corporation (the “Company”), Silvercrest L.P., a Delaware limited partnership (“Silvercrest LP”),
                    (the “Transferor”), and
[                    ] (“Permitted Transferee”). 
 WHEREAS, on [                    ] the Permitted Transferee acquired (the “Acquisition”) Class
B Units in Silvercrest LP and, together with all other Class B Units hereinafter acquired by the Permitted Transferee from Transferor and its Permitted Transferees (as defined in the Tax Receivable Agreement dated as of
[                    ] 2012 (as the same may be amended from time to time, the “Tax Receivable Agreement”), among the Company,
Silvercrest LP and the other parties thereto), the “Acquired Interests”) from Transferor and 
 WHEREAS,
Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.6 of the Tax Receivable Agreement; 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, Permitted Transferee hereby agrees as follows: 
 1.1 Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set forth in the Tax Receivable Agreement.

 1.2 Joinder. Permitted Transferee hereby acknowledges and agrees to become a “Limited Partner” (as defined
in the Tax Receivable Agreement) for all purposes of the Tax Receivable Agreement, including but not limited to, being bound by Sections 2.4, 4.2, 6.1, 6.2 and 7.12 of the Tax Receivable Agreement, with respect to the Acquired Interests, and any
other Acquired Interests Permitted Transferee acquires hereafter. Permitted Transferee hereby acknowledges the terms of Section 7.6(b) of the Tax Receivable Agreement. 
 1.3 Notice. Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered or sent to Permitted Transferee at the address
set forth on the signature page hereto in accordance with Section 7.01 of the Tax Receivable Agreement. 
 1.4 Governing
Law. THIS JOINDER SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS 

  
 A-1

 
PRINCIPLES THEREOF THAT WOULD MANDATE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 [Signature page follows.] 

  
 A-2

 IN WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted
Transferee as of the date first above written. 
  

	
	[PERMITTED TRANSFEREE]
	
	  

	Name:
	Address:
	
	Address for Notices:

  
 A-3Form of Omnibus Agreement

 Exhibit 10.2 
 FORM OF OMNIBUS AGREEMENT 

 TABLE OF CONTENTS 

ARTICLE 1 

DEFINITIONS 
  

							
	 Section 1.1
	 	Definitions	  	 	2	  
	
	 ARTICLE 2
 INTELLECTION PROPERTY LICENSE
	   

  

			
	 Section 2.1
	 	License Grant	  	 	9	  
	 Section 2.2
	 	Restrictions and Additional Agreements with Respect to License	  	 	9	  
	 Section 2.3
	 	Covenants of Licensor and Licensees	  	 	10	  
	 Section 2.4
	 	Intellectual Property Indemnification	  	 	10	  
	
	 ARTICLE 3

INDEMNIFICATION
	   

  

			
	 Section 3.1
	 	Sponsor’s Environmental Indemnification Obligations	  	 	11	  
	 Section 3.2
	 	Partnership Group’s Indemnification Obligations	  	 	11	  
	 Section 3.3
	 	Additional Indemnification	  	 	11	  
	 Section 3.4
	 	Limitations Regarding Indemnification	  	 	12	  
	 Section 3.5
	 	Indemnification Procedures	  	 	13	  
	 Section 3.6
	 	In the Event of Termination	  	 	14	  
	
	 ARTICLE 4

AGREEMENT WITH RESPECT TO CUSTOMER CONTRACTS
	   
   

			
	 Section 4.1
	 	Assumption of Customer Obligations by Sponsor	  	 	14	  
	 Section 4.2
	 	Allocation of Amounts Recovered under Coke Sales Agreements	  	 	15	  
	 Section 4.3
	 	Term of Agreement with Respect to Customer Contracts	  	 	15	  
	
	 ARTICLE 5

BUSINESS OPPORTUNITIES
	   

  

			
	Section 5.1	 	Preferential Rights	  	 	16	  
	Section 5.2	 	Permitted Exceptions	  	 	16	  
	Section 5.3	 	Business Opportunities Procedures	  	 	16	  
	
	 ARTICLE 6

RIGHT OF FIRST OFFER
	   

  

			
	Section 6.1	 	Right of First Offer to Purchase Certain Assets	  	 	18	  
	Section 6.2	 	Procedures	  	 	18	  
	
	 ARTICLE 7

REIMBURSEMENT OBLIGATIONS
	   

  

			
	Section 7.1	 	Provision of Operating and Administrative Services	  	 	19	  
	Section 7.2	 	Reimbursement and Allocation	  	 	19	  

  
 i 

 ARTICLE 8 
 MISCELLANEOUS 
  

							
	 Section 8.1
	 	Choice of Law; Submission to Jurisdiction	  	 	19	  
	 Section 8.2
	 	Notice	  	 	19	  
	 Section 8.3
	 	Entire Agreement	  	 	20	  
	 Section 8.4
	 	Termination	  	 	20	  
	 Section 8.5
	 	Effect of Waiver or Consent	  	 	20	  
	 Section 8.6
	 	Amendment or Modification	  	 	21	  
	 Section 8.7
	 	Assignment; Third Party Beneficiaries	  	 	21	  
	 Section 8.8
	 	Counterparts	  	 	21	  
	 Section 8.9
	 	Severability	  	 	21	  
	 Section 8.10
	 	Gender, Parts, Articles and Sections	  	 	21	  
	 Section 8.11
	 	Further Assurances	  	 	21	  
	 Section 8.12
	 	Withholding or Granting of Consent	  	 	21	  
	 Section 8.13
	 	Laws and Regulations	  	 	22	  
	 Section 8.14
	 	Negation of Rights of Limited Partners, Assignees and Third Parties	  	 	22	  
	 Section 8.15
	 	No Recourse Against Officers and Directors	  	 	22	  
	 Section 8.16
	 	Arbitration	  	 	22	  
	 Section 8.17
	 	Dispute Resolution	  	 	22	  
	
	SCHEDULES	  
			
	Schedule 2(a)	 	Mark Intellectual Property	  			
	Schedule 2(b)	 	Patent Rights	  			
	Schedule 3.1	 	Known Remediation Losses	  			
	Schedule 4.2	 	Coke Sales Agreements	  			
	Schedule 7.2	 	Allocation of Selling, General and Administrative Expenses	  			

  
 ii 

 FORM OF OMNIBUS AGREEMENT 

THIS OMNIBUS AGREEMENT (this “Agreement”), as it may be amended, modified or supplemented from time to time in
accordance with the terms hereof, is entered into effective as of                     , 2012 (the “Effective Date”), and is by and
among SUNCOKE ENERGY PARTNERS, L.P., a Delaware limited partnership (the “Partnership”), SUNCOKE ENERGY PARTNERS GP LLC, a Delaware limited liability company and the general partner of the Partnership (the “General
Partner”), and SUNCOKE ENERGY, INC., a Delaware corporation (the “Sponsor”). The above-named entities are sometimes referred to in this Agreement each as a “Party” and collectively as the
“Parties.” 
 RECITALS: 
 WHEREAS, pursuant to the Contribution Agreement in connection with the Initial Public Offering, the Sponsor will cause Sun Coal & Coke LLC (“SC&C”) to contribute to the
Partnership a 65% interest in each of Haverhill Coke Company LLC, a Delaware limited liability company (“Haverhill”) and Middletown Coke Company, LLC, a Delaware limited liability company (“Middletown”) (the
“Sun Coal & Coke Contribution”), and in exchange (1) the General Partner will receive a 2.0% General Partner Interest (as defined herein) and the Incentive Distribution Rights (as defined herein), (2) SC&C will
receive Common Units (as defined herein), Subordinated Units (as defined herein) and the right to receive the Deferred Issuance and Distribution (as defined herein), (3) the Partnership will assume and promptly repay, with the net proceeds of
the Initial Public Offering and the Senior Notes Offering, $225.0 million of debt under the Sponsor’s term loan, and (4) the Partnership will pay, with the net proceeds of the Initial Public Offering, 100% of (A) an aggregate of $67.0
million of environmental capital expenditures of Haverhill and Middletown, (B) an aggregate of approximately $12.4 million sale discounts related to tax credits owed to customers of Haverhill and Middletown, and (C) $23.8 million to
replenish the Partnership’s working capital (the transactions described in clauses (1)-(4) and the Sun Coal & Coke Contribution, the “IPO Transactions”); and 

WHEREAS, in connection with the IPO Transactions, the Parties desire by their execution of this Agreement to evidence their understanding
as more fully set forth in this Agreement, with respect to (1) the Partnership’s and its Subsidiaries’ rights to use certain intellectual property pursuant to a license granted by the Sponsor; (2) specified indemnification
obligations of the Sponsor and the Partnership; (3) the rights and obligations of the Parties in the event that a customer’s purchase and payment obligations under a Coke Sales Agreement (as defined herein) are reduced or if a customer
fails to satisfy such obligations; (4) those business opportunities (A) that the Sponsor Entities (as defined herein) will not engage in, directly or indirectly, during the term of this Agreement unless the Partnership declines to engage
in such business opportunities for its own account or on behalf of its Subsidiaries, and (B) that no Group Member will engage in, directly or indirectly, during the term of this Agreement unless the Sponsor declines to engage in such business
opportunities for its own account or on behalf of its controlled Affiliates; (5) the Parties’ right of first offer with respect to the ROFO Assets (as defined herein); and (6) the allocation of certain selling, general and
administrative expenses as between the Partnership and the Sponsor. 

 NOW, THEREFORE, in consideration of the premises and the covenants, conditions and
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 

Section 1.1 Definitions As used in this Agreement, the following terms have the respective meanings set forth below:

 “Affiliate” means, with respect to any Person, any other Person who directly or indirectly controls, is
controlled by, or is under direct or indirect common control with, such Person, and includes any Person in like relation to an Affiliate. A Person shall be deemed to “control” another Person if such Person possesses, directly or
indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise; and the term “controlled” shall have a similar
meaning. Without limiting the generality of the foregoing, it is agreed that any Person that owns or controls, directly or indirectly, 50% or more of the voting securities of another Person shall be deemed for purposes of this Agreement to control
such other Person. 
 “Agreement” has the meaning given such term in the introduction to this Agreement.

 “AK Steel” means AK Steel Corporation, a Delaware corporation, its successors and assigns. 

“AK Steel Coke Agreement” means the Coke Purchase Agreement, dated as of August 31, 2009, by and between Haverhill
and AK Steel, as amended by Amendment No. 1 to Coke Purchase Agreement, dated as of May 8, 2012, as may be amended from time to time. 
 “AK Steel Obligations” means the obligations of AK Steel under the AK Steel Coke Agreement as in effect on the Closing Date, including but not limited to the obligations to purchase and
pay for coke. 
 “Arbitration Award” has the meaning given such term in Section 8.16. 

“Business Opportunity Notice” has the meaning given such term in Section 5.3(a). 

“Cause” has the meaning given such term in the Partnership Agreement. 

“Change of Control” means, with respect to any Person (the “Applicable Person”), any of the following
events: 
 (a) any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the Applicable Person’s assets to any other Person, unless immediately following such sale, lease, exchange or other transfer such assets are owned, directly or indirectly, by the Applicable Person;

 (b) the dissolution or liquidation of the Applicable Person; 

  
 2 

 (c) the consolidation or merger of the Applicable Person with or into
another Person, other than any such transaction where: 
 (i) the outstanding Voting Securities of the Applicable
Person are changed into or exchanged for Voting Securities of the surviving Person or its parent; and 
 (ii) the
holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than a majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such
transaction; or 
 (d) a “person” or “group” (within the meaning of Sections 13(d) or
14(d)(2) of the Exchange Act) being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then outstanding Voting Securities of the Applicable Person, except in a
merger or consolidation that would not constitute a Change of Control under clause (c) above. 
 “Closing
Date” means the date of the closing of the Initial Public Offering. 
 “Coke Sales Agreements” means
the agreements identified on Schedule 4.2 hereto, as the same may be amended from time to time. 
 “Commercial
Operations Notice” has the meaning given such term in Section 5.3(b) 
 “Common Units” has the
meaning given such term in the Partnership Agreement. 
 “Conflicts Committee” has the meaning given such term
in the Partnership Agreement. 
 “Contribution Agreement” means that certain Contribution, Conveyance and
Assumption Agreement, dated as of            , 2012, among the General Partner, the Partnership, SC&C and certain other parties, together with the additional conveyance documents and
instruments contemplated or referenced thereunder, as such may be amended, supplemented or restated from time to time. 

“Deferred Issuance and Distribution” has the meaning given such term in the Partnership Agreement. 

“Discussion Date” has the meaning given such term in Section 8.17. 

“Domestic Cokemaking Asset” means a cokemaking facility in the United States or Canada or an interest in a business that
is primarily engaged in cokemaking operations in the United States and/or Canada. “Domestic Cokemaking Asset” shall not include an interest in a business that is engaged in cokemaking operations if the Sponsor determines in good
faith that such cokemaking operations represent a minority of the value of the business. 
 “Effective Date”
has the meaning given such term in the introduction to this Agreement. 

  
 3 

 “Environmental Laws” means all applicable federal, regional, state, and
local laws, statutes, rules, regulations, orders, ordinances, judgments, codes, injunctions, decrees, permits and other legally enforceable requirements and rules of common law relating to (i) pollution or protection of human health, the
environment or natural resources; (ii) any Release or threatened Release of, or exposure to, Hazardous Substances; (iii) greenhouse gas emissions or (iv) the generation, manufacture, processing, distribution, use, treatment, storage,
disposal, transport, arrangement for disposal or transport, handling or Release of any Hazardous Substances. Without limiting the foregoing, “Environmental Laws” include, without limitation, the federal Comprehensive Environmental
Response, Compensation, and Liability Act, the Resource Conservation and Recovery Act, the Clean Air Act, the Clean Water Act, the Safe Drinking Water Act, the Endangered Species Act, the Toxic Substances Control Act, the Occupational Safety and
Health Act and other environmental conservation and protection laws, each as amended through the Closing Date. 

“Environmental Losses” means any Loss suffered or incurred by reason of or arising out of (i) any violation or
correction of violation of Environmental Laws; or (ii) any event, circumstance, action, omission, condition or environmental matter (including, without limitation, the exposure to, presence of, Release or threatened Release of Hazardous
Substances) including, without limitation, (A) the cost and expense of any investigation, assessment, evaluation, response, abatement, monitoring, containment, cleanup, repair, restoration, remediation, or other corrective action required or
necessary under Environmental Laws or to satisfy any applicable Voluntary Cleanup Program, (B) the performance of a supplemental environmental project authorized or consented to by a Governmental Authority in partial or whole mitigation of a
fine or penalty, (C) the cost or expense of the preparation and implementation of any investigatory closure, remedial or corrective action or other plans required or necessary under Environmental Laws or to satisfy any applicable Voluntary
Cleanup Program and (D) the cost and expense for any environmental or toxic tort pre-trial, trial, or appellate legal or litigation support work. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “General Partner” has the meaning given such term in the introduction to this Agreement. 
 “General Partner Interest” has the meaning given such term in the Partnership Agreement. 
 “Governmental Authority” means: 
 (a) any domestic
or foreign government, whether national, federal, state provincial, territorial, municipal or local (whether administrative, legislative, executive or otherwise); 

(b) any agency, authority, ministry, department, regulatory body, court, central bank, bureau, board or other
instrumentality having legislative, judicial, taxing, regulatory, prosecutorial or administrative powers or functions of, or pertaining to, government; 

  
 4 

 (c) any court, tribunal, commission, individual, arbitrator, arbitration
panel or other body having adjudicative, regulatory, judicial, quasi-judicial, administrative or similar functions; and 
 (d) any other body or entity created under the authority of or otherwise subject to the jurisdiction of any of the foregoing, including any stock or other securities exchange or professional association.

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

“Haverhill” has the meaning set forth in the Recitals to this Agreement. 

“Hazardous Substance” means (i) any substance that is designated, defined or classified as a hazardous waste, solid
waste, hazardous material, pollutant, contaminant or toxic or hazardous substance, or terms of similar meaning, or that is otherwise regulated by, or as to which liability may attach under any Environmental Law, including, without limitation, any
hazardous substance as such term is defined under the federal Comprehensive Environmental Response, Compensation, and Liability Act, as amended through the Closing Date, (ii) radioactive materials, asbestos or asbestos containing materials,
polychlorinated biphenyls, urea formaldehyde insulation, toxic mold or radon and (iii) oil as defined in the OPA of 1990, as amended, including oil, gasoline, fuel oil, motor oil, waste oil, diesel fuel, jet fuel, other refined petroleum
hydrocarbon and petroleum products. 
 “Implemented Improvements” has the meaning given such term in
Section 2.2(c). 
 “Improvements” means any technical development, improvement, refinement, advancement or
optimization made to the Non-Mark Intellectual Property made on or after the Effective Date. 
 “Incentive Distribution
Rights” has the meaning given such term in the Partnership Agreement. 
 “Indemnified Party” means
either the Partnership Group or the Sponsor, as the case may be, each in its capacity as a party entitled to indemnification in accordance with Article 3 hereof. 
 “Indemnifying Party” means either the Partnership Group or the Sponsor, as the case may be, each in its capacity as a party from whom indemnification may be required in accordance with
Article 3 hereof. 
 “Initial Public Offering” means the initial public offering of Common Units of the
Partnership. 
 “Intellectual Property” means, collectively, the Mark Intellectual Property, the Non-Mark
Intellectual Property and the Improvements. 
 “IPO Transactions” has the meaning set forth in the Recitals to
this Agreement. 

  
 5 

 “Kentucky Facility” means the opportunity to develop a new heat recovery
cokemaking facility in Kentucky with respect to which, as of the Effective Date, the Sponsor is in discussions with steelmakers and certain Governmental Authorities. 
 “Known Remediation Losses” has the meaning given such term in Section 3.1(a). 
 “Licensees” means, collectively, the Partnership Entities. 

“Licensed Uses” means the production and sale of coke and by-products of the heat-recovery cokemaking process.

 “Licensor” means the Sponsor. 
 “Losses” means all losses, damages, liabilities (including, without limitation, tax liabilities), claims, demands, causes of action, judgments, settlements, fines, penalties, costs and
expenses (including, without limitation, court costs and reasonable attorney’s and experts’ fees) of any and every kind or character, known or unknown, fixed or contingent. 

“Mark Intellectual Property” means the names and trademarks listed on Schedule 2(a) and any names and trademarks
confusingly similar thereto. 
 “Middletown” has the meaning set forth in the Recitals to this Agreement.

 “Non-Mark Intellectual Property” means all foreign and domestic intellectual property and proprietary rights
owned or controlled by Licensor, including, without limitation: (a) all Patent Rights; (b) all copyrights and registrations and applications for registrations thereof; and (c) all trade secret and other confidential or proprietary
information, including all rights in confidential computer programs, improvements, methods, processes, routines, data, manuals, systems, procedures, practices, operations, modes of operation, apparatus, equipment, business opportunities, customer
and supplier lists, process design, financial information, equipment drawings, technical specifications, processes, process measurements, technical reports, analyses, plans, drawings, models, ideas, and correspondence. 

“Organizational Documents” means certificates or articles of incorporation, by-laws, certificates of formation, limited
liability company operating agreements, certificates of limited partnership, limited partnership agreements or other formation or governing documents of a particular entity. 
 “Partnership” has the meaning given such term in the introduction to this Agreement. 
 “Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Partnership, as it may be amended from time to time. 

“Partnership Assets” means all assets of the Partnership Group as of the Closing Date. 

“Partnership Covered Environmental Losses” has the meaning given such term in Section 3.2. 

  
 6 

 “Partnership Entities” means the General Partner and each entity that is
or becomes a member of the Partnership Group for so long as it is a member of the Partnership Group; and “Partnership Entity” means any of the Partnership Entities. 

“Partnership Group” means the Partnership and its Subsidiaries. 

“Partnership ROFO Assets” has the meaning given such term in Section 6.2(a). 

“Party” or “Parties” have the meaning given such term in the introduction to this Agreement.

 “Patent Rights” means any and all patents and patent applications, including, without limitation, those
listed on Schedule 2(b), certificates of invention, or applications for certificates of invention and any supplemental protection certificates, together with any extensions, registrations, confirmations, reissues, substitutions, divisions,
continuations or continuations-in-part, reexaminations or renewals thereof, whenever and wherever submitted, filed, issued, received, or granted claiming priority to any patent or patent application listed on Schedule 2(b). 

“Person” is to be construed broadly and includes an individual, partnership, limited partnership, corporation, business
trust, limited liability company, limited liability partnership, joint stock company, trust, unincorporated association, joint venture or other entity or a Governmental Authority. 

“Proposed Transaction” has the meaning given such term in Section 6.2(a). 

“Release” or “Releasing” means depositing, spilling, leaking, pumping, pouring, placing, emitting,
discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaking, dumping or disposing into the environment, including, without limitation, the abandonment or disposal of any barrels, containers or other closed receptacles
containing any Hazardous Substance. 
 “Representatives” means the directors, officers, employees, advisors,
consultants, contractors or agents employed or otherwise retained by Licensees. 
 “Retained Assets” means the
assets and investments owned by Sponsor or any of its Affiliates that were not conveyed, contributed or otherwise transferred to the Partnership Group pursuant the Contribution Agreement. 

“ROFO Assets” has the meaning given such term in Section 6.2(a). 

“ROFO Notice” has the meaning given such term in Section 6.2(a). 

“ROFO Party” has the meaning given such term in Section 6.2(a). 

“ROFO Response” has the meaning given such term in Section 6.2(a). 

“SC&C” has the meaning given such term in the introduction to this Agreement. 

  
 7 

 “Seller” has the meaning given such term in Section 6.2(a).

 “Senior Notes Offering” means the Partnership’s offering, concurrent with the Initial Public Offering,
of senior notes. 
 “Sponsor” has the meaning given such term in the introduction to this Agreement.

 “Sponsor Covered Environmental Losses” means, collectively, the Known Remediation Losses and the Unknown
Remediation Losses. 
 “Sponsor Entities” means the Sponsor and any Subsidiary of the Sponsor other than the
Partnership Entities; and “Sponsor Entity” means any of the Sponsor Entities. 
 “Sponsor ROFO
Assets” has the meaning given such term in Section 6.2(a). 
 “Subordinated Units” has the
meaning given such term in the Partnership Agreement. 
 “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 partner of such partnership, but only if such Person, directly or by one or more Subsidiaries of such Person, or a combination thereof, controls such partnership on the date of determination or (c) any other Person 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. 
 “Sun Coal & Coke Contribution”
has the meaning given such term in the Recitals of this Agreement. 
 “SunCoke Name” has the meaning given such
term in Section 2.2(b). 
 “Transfer” means to, directly or indirectly, sell, assign, lease, convey,
transfer or otherwise dispose of, whether in one or a series of transactions; provided, however, that in no event shall a Change of Control of Sponsor be deemed a Transfer. 
 “Unknown Remediation Losses” means Environmental Losses other than Known Remediation Losses, occurring or existing on or before the Closing Date, whether discovered before or after the
Closing Date, and identified after the Closing Date as requiring remediation. 
 “Voluntary Cleanup Program”
means a program of the United States or a state of the United States enacted pursuant to Environmental Laws that provides for a mechanism for the written approval of, or authorization to conduct, voluntary investigatory and remedial action for the
clean-up, removal or remediation of Hazardous Substances that exceeds actionable levels established pursuant to Environmental Laws. 

  
 8 

 “Voting Securities” of a Person means securities of any class of such
Person entitling the holders thereof to vote in the election of, or to appoint, members of the board of directors or other similar governing body of the Person; provided that, if such Person is a limited partnership, Voting Securities of such Person
shall be the general partner interest in such Person. 
 ARTICLE 2 

INTELLECTION PROPERTY LICENSE 
 Section 2.1 License Grant. 
 (a) Licensor hereby grants
Licensees, who hereby accept, a royalty-free, fully paid up, nonexclusive and nontransferable right and license to use the Intellectual Property, solely in connection with the Licensed Uses and solely in the United States and Canada. Except for such
license, all other rights in the Intellectual Property are hereby reserved to Licensor. Licensees shall not grant any sublicenses or assign, delegate or otherwise transfer their rights or obligations hereunder or any interest herein (including any
assignment or transfer occurring by operation of law) without the prior written consent of Licensor. 
 Section 2.2
Restrictions and Additional Agreements with Respect to License. 
 (a) Licensor, and its other licensees,
shall have the right to use the Intellectual Property simultaneously with the use of the Intellectual Property by Licensees. Licensor does not warrant or represent that Licensees will have the sole and exclusive right to use the
Intellectual Property. Other than as set forth in Section 2.3(b) and Section 2.4 herein, Licensor is not obliged to indemnify or reimburse Licensees for any expenses by Licensees in connection with Licensees’ use of the
Intellectual Property. 
 (b) Licensees’ license to use the Mark Intellectual Property shall terminate upon
the earlier to occur of (i) in the event of a Change of Control, six months after receipt by the General Partner, on behalf of the Licensees, of written notice of termination from Licensor and (ii) termination of this Agreement. Licensees
shall not thereafter use or otherwise exploit the Mark Intellectual Property and shall not use any name incorporating the “SunCoke” name or any derivation thereof that would reasonably be expected to be confused therewith (the
“SunCoke Name”), or any other trade names, domain name, trade dress, trademark or service mark confusingly similar thereto, and each Licensee shall promptly assign and transfer its rights in any ownership of the trade names
incorporating the SunCoke Name to Licensor and each Licensee shall adopt a new trade name that does not use any SunCoke Name. 
 (c) Licensees’ license to use the Improvements shall terminate upon termination of this Agreement, provided, however that Licensees’ license shall survive any termination with respect to any
Improvements (i) that have been materially implemented by Licensees prior to such termination or (ii) with respect to which Licensees have incurred material implementation expenses prior to such termination (the Improvements described in
subclauses (i) and (ii), the “Implemented Improvements”). 

  
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 (d) Licensees’ right to use the Non-Mark Intellectual Property and the
Implemented Improvements shall be perpetual and irrevocable and shall survive any termination or expiration of this Agreement and shall remain in full force and effect. 
 Section 2.3 Covenants of Licensor and Licensees. 
 (a)
Licensees shall: 
 (i) upon Licensor’s request and at Licensor’s expense, place a notice (reasonably
acceptable to Licensor) in connection with Licensees’ external uses of the Mark Intellectual Property conveying to the public that the Mark Intellectual Property is owned by Licensor and used by Licensees under license; 

(ii) upon Licensor’s request and at Licensor’s expense, cooperate with Licensor in facilitating Licensor’s
control of the nature and quality of the Licensed Uses, and all materials that bear the Mark Intellectual Property; 
 (iii) upon Licensor’s request and at Licensor’s expense, cooperate with Licensor in connection with Licensor’s efforts to protect the Intellectual Property; 

(iv) maintain in strictest confidence all confidential or nonpublic information or material disclosed by Licensor and in
the materials supplied hereunder in connection with the licenses granted herein, whether in writing or orally and whether or not marked as confidential, including but not limited to any algorithms, inventions, ideas, processes, computer system
architecture and design, operator interfaces, operational systems, technical information, technical specifications, training and instruction manuals, and the like (except to the extent such information becomes publically available); and 

(v) limit disclosure of such confidential information to Licensees’ Representatives having a need to access the
confidential information for the purpose of exercising rights granted hereunder and cause all of its Representatives having access to confidential information to agree to hold such in the strictest of confidence. 

(b) Licensor shall promptly reimburse Licensees for all costs and expenses incurred by Licensees in connection with
Licensees’ obligations pursuant to Section 2.30(i)-(iii). Licensor’s reimbursement obligation pursuant to this Section 2.3(b) shall survive any termination of this Agreement and shall remain in full force and effect. 

Section 2.4 Intellectual Property Indemnification. 

(a) Licensees shall defend, indemnify, and hold harmless Licensor from and against any Losses suffered or incurred by
Licensor arising out of any failure by Licensees or their Representatives to maintain confidentiality as required by Section 2.3(a)(iv) and Section 2.3(a)(v) hereof. 

  
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 (b) Licensor shall defend, indemnify, and hold harmless Licensees from and
against any Losses suffered or incurred by Licensees arising from (i) claims or causes of action brought by any third party alleging that any Licensee’s use of Intellectual Property, as permitted under this Agreement, violates any law,
statute or rule, or infringes, dilutes, misappropriates or otherwise violates the intellectual property rights of such third party; (ii) invalidity or unenforceability of any right with respect to the Intellectual Property; (iii) premature
expiration of Patent Rights; and (iv) Licensor’s failure to timely file or pay any application, registration, maintenance or renewal fees in respect of the Intellectual Property. 

(c) The indemnification obligations under this Section 2.4 shall survive any termination of this Agreement and shall
remain in full force and effect; provided however that following a termination of this Agreement, Licensor shall not be obligated to indemnify Licensees for losses related to any Improvements; provided further that Licensor shall, upon
Licensees’ request and at Licensees’ expense, take action to protect Licensees’ rights hereunder with respect to Improvements. 
 ARTICLE 3 
 INDEMNIFICATION 

Section 3.1 Sponsor’s Environmental Indemnification Obligations. 

(a) Subject to Section 3.4, the Sponsor shall indemnify, defend and hold harmless the Partnership Group from and
against all Environmental Losses that occurred or existed on or before the Closing Date as described on Schedule 3.1 (collectively, “Known Remediation Losses”), but only to the extent such Environmental Losses occurred or existed on
or before the Closing Date, even if such Environmental Losses do not accrue until after the Closing Date. 
 (b)
Subject to Section 3.1(c) and Section 3.4, the Sponsor shall indemnify, defend and hold harmless the Partnership Group from and against any Unknown Remediation Losses; 

(c) Except for obligations with respect to claims made in accordance with Section 3.5 prior to the fifth anniversary
of the Closing Date, which shall not terminate, all indemnification obligations pursuant to Section 3.1(b) shall terminate on the fifth anniversary of the Closing Date. 
 Section 3.2 Partnership Group’s Indemnification Obligations. The Partnership Group shall indemnify, defend and hold harmless the Sponsor Entities from and against any Environmental Losses
suffered or incurred by the Sponsor Entities relating to the ownership or operation of the Partnership Assets to the extent occurring after the Closing Date (“Partnership Covered Environmental Losses”), except to the extent that the
Partnership Group is indemnified with respect to any of such Environmental Losses that are Sponsor Covered Environmental Losses under Sections 3.1 (a) and 3.1(b). 
 Section 3.3 Additional Indemnification. In addition to and not in limitation of the indemnification provided under Section 3.1(a) and Section 3.1(b), Sponsor shall either cure, as
applicable, or fully indemnify, defend and hold harmless the Partnership Group from and against any and all: 

  
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 (a) tax liabilities arising prior to the Closing Date or in connection with
the closing of the Initial Public Offering; and 
 (b) Losses of any and every kind or character, known or
unknown, fixed or contingent, suffered or incurred by the Partnership Group by reason of or arising out of any: 

(i) failure of the Partnership Group to be the owner on the Closing Date of (x) valid and indefeasible title to the
Partnership Assets, (y) valid and indefeasible easement rights, rights-of-way, leasehold and/or fee ownership interests in and to the lands on which are located any Partnership Assets and (z) valid title to the equity interests in
Haverhill and Middletown contributed to the Partnership by SC&C as part of the Sun Coal & Coke Contribution, in each case to the extent that such failure renders the Partnership Group liable or unable to use or operate the Partnership
Assets in substantially the same manner as they were operated immediately prior to the Closing Date; 
 (ii)
failure of the Partnership Group to have on the Closing Date any consent or governmental permit to the extent that such failure renders the Partnership unable to use or operate the Partnership Assets in substantially the same manner as they were
operated immediately prior to the Closing Date; or 
 (iii) events or conditions associated with the Retained
Assets whether occurring before or after the Closing Date. 
 Section 3.4 Limitations Regarding Indemnification.

 (a) No claims may be made against the Sponsor for indemnification pursuant to (i) Section 3.1(a)
unless and until the aggregate dollar amount of the Known Remediation Losses suffered or incurred by the Partnership Group exceeds $67 million, and the Sponsor shall have no liability in respect of the first $67 million of Known Remediation Losses
and (ii) Section 3.1(b) unless and until the aggregate dollar amount of the Unknown Remediation Losses suffered or incurred by the Partnership Group exceeds $5 million, and the Sponsor shall have no liability in respect of this first $5
million of Unknown Remediation Losses. 
 (b) The aggregate liability of the Sponsor under Section 3.1(b)
shall not exceed $50 million. 
 (c) Notwithstanding anything herein to the contrary, in no event shall the
Sponsor Entities have any indemnification obligations under Section 3.1(a) or Section 3.1(b) for Losses that arise solely as a result of additions to or modifications of Environmental Laws promulgated after the Closing Date. 

  
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 Section 3.5 Indemnification Procedures. 

(a) The Indemnified Party agrees that within a reasonable period of time after it becomes aware of facts giving rise to a
claim for indemnification under this Article 3, it will provide notice thereof in writing to the Indemnifying Party, specifying the nature of and specific basis for such claim; provided, that failure to timely provide such notice shall not affect
the right of the Indemnified Party’s indemnification hereunder, except in the event and only to the extent the Indemnifying Party is materially prejudiced by such delay or omission. 

(b) The Indemnifying Party shall have the right to control all aspects of the defense of (and any counterclaims with
respect to) any claims brought against the Indemnified Party that are covered by the indemnification under this Article 3, including, without limitation, the selection of counsel, determination of whether to appeal any decision of any court and the
settling of any such matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without the consent of the Indemnified Party (with the concurrence of the Conflicts Committee in the case of the Partnership
Group) unless it includes a full release of the Indemnified Party from such matter or issues, as the case may be, and does not include the admission of fault, culpability or a failure to act, by or on behalf of such Indemnified Party. 

(c) The Indemnified Party agrees to cooperate fully with the Indemnifying Party, with respect to all aspects of the
defense of any claims covered by the indemnification under this Article 3, including, without limitation, the prompt furnishing to the Indemnifying Party of any correspondence or other notice relating thereto that the Indemnified Party may receive,
permitting the name of the Indemnified Party to be utilized in connection with such defense, the making available to the Indemnifying Party of any files, records or other information of the Indemnified Party that the Indemnifying Party reasonably
considers relevant to such defense and the making available to the Indemnifying Party, at no cost to the Indemnifying Party, of any directors, officers or employees of the Indemnified Party; provided, however, that in connection therewith the
Indemnifying Party agrees to use reasonable efforts to minimize the impact thereof on the operations of the Indemnified Party and further agrees to endeavor to maintain the confidentiality of all files, records and other information furnished by the
Indemnified Party pursuant to this Section 3.5. In no event shall the obligation of the Indemnified Party to cooperate with the Indemnifying Party as set forth in the immediately preceding sentence be construed as imposing upon the Indemnified
Party an obligation to hire and pay for counsel in connection with the defense of any claims covered by the indemnification set forth in this Article 3; provided, however, that the Indemnified Party may, at its own option, cost and expense, hire and
pay for counsel in connection with any such defense. The Indemnifying Party agrees to keep any such counsel hired by the Indemnified Party reasonably informed as to the status of any such defense, but the Indemnifying Party shall have the right to
retain sole control over such defense. 
 (d) An Indemnified Party shall take all commercially reasonable steps
to mitigate damages with respect to any claim for which it is seeking indemnification and shall use commercially reasonable efforts to avoid any costs or expenses associated with such claim and, if such costs and expenses cannot be avoided, to
minimize the amount thereof. 

  
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 (e) In determining the amount of any Losses for which the Indemnified Party
is entitled to indemnification under this Agreement, the gross amount of the indemnification will be reduced by (i) any insurance proceeds realized by the Indemnified Party, and such correlative insurance benefit shall be net of any incremental
insurance premium that becomes due and payable by the Indemnified Party as a result of such claim and (ii) all amounts recovered by the Indemnified Party under contractual indemnities from third parties. The Indemnified Party hereby agrees to
use reasonable efforts to realize any applicable insurance proceeds or amounts recoverable under such contractual indemnities, provided, however, that the costs and expenses of the Indemnified Party in connection with such efforts shall be promptly
reimbursed by the Indemnifying Party. 
 (f) The date on which the Indemnifying Party receives notification of a
claim in accordance with Section 3.5(a) for indemnification shall determine whether such claim is timely made. 
 (g) NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IN NO EVENT SHALL ANY PARTY’S INDEMNIFICATION OBLIGATION HEREUNDER COVER OR INCLUDE CONSEQUENTIAL, INDIRECT, INCIDENTAL, PUNITIVE, EXEMPLARY,
SPECIAL OR SIMILAR DAMAGES OR LOST PROFITS SUFFERED BY ANY OTHER PARTY ENTITLED TO INDEMNIFICATION UNDER THIS AGREEMENT. 

Section 3.6 In the Event of Termination. Except as provided by Section 3.1(c), all indemnification obligations under
this Article 3 shall survive any termination of this Agreement, and shall remain in full force and effect. 
 ARTICLE 4

 AGREEMENT WITH RESPECT TO CUSTOMER CONTRACTS 

Section 4.1 Assumption of Customer Obligations by Sponsor. 

(a) If AK Steel exercises its early termination right under Section 11.6 of the AK Steel Coke Agreement, then upon
receipt of written notice from the Partnership of effectiveness of such termination, the Sponsor will be obligated to make the Partnership Group whole to the extent of the AK Steel Obligations for the remainder of the term of the AK Steel Coke
Agreement, either by purchasing and paying for coke or otherwise, pursuant to an agreement the terms of which are reasonably acceptable to the Partnership. 
 (b) If, other than as a result of the exercise of the termination right described in Section 4.1(a), a Force Majeure Event (as defined in the relevant Coke Sales Agreement) or a Seller Event of
Default (as defined in the relevant Coke Sales Agreement), (i) a customer fails to fully satisfy its purchase and payment obligations pursuant to the terms of a Coke Sales Agreement to which such customer is a party, or (ii) a Coke Sales
Agreement is amended to reduce a customer’s purchase or payment 

  
 14 

 
obligations as a result of the customer’s financial distress, whether or not the customer or an affiliate of the customer has filed a petition in bankruptcy, then upon written notice from
the Partnership, the Sponsor will be obligated to make the Partnership Group whole to the extent of the customer’s failure to satisfy its obligations or to the extent the customer’s obligations are reduced, as applicable, either by
purchasing and paying for coke or otherwise, pursuant to an agreement the terms of which are reasonably acceptable to the Partnership (but, for the avoidance of doubt, without relieving such customer of its coke purchase obligations under the
relevant Coke Sales Agreement). 
 (c) Notwithstanding any provision of this agreement to the contrary, the
Sponsor’s obligations pursuant to Section 4.1(a) and (b), will be determined based on the customer’s obligations under the relevant Coke Sales Agreement as in effect on the Closing Date. Further, for the avoidance of doubt, the
Partnership Group’s obligation to produce coke under such Coke Sales Agreement will not exceed the volume required under such Coke Sales Agreement as of the Closing Date. 

(d) In the case of any amendment to a Coke Sales Agreement referred to in Section 4.1(b)(ii), the Partnership will
use its reasonable commercial efforts to structure the amendment to minimize the Sponsor’s payment obligations pursuant to this Section 4.1. 
 Section 4.2 Allocation of Amounts Recovered under Coke Sales Agreements. 
 (a) The Partnership, on behalf of the Partnership Group, and the Sponsor, on behalf of the Sponsor Entities, will share in any damages and other amounts recovered from third parties in connection with the
occurrence of any of the events described in Section 4.1(a) or Section 4.1(b) (including any damages, settlements, insurance proceeds, termination fees and amounts recovered pursuant to contractual indemnities) in such proportion as is
appropriate to reflect the relative loss and/or prospective loss suffered by the Partnership Group, on the one hand, and the Sponsor Entities, on the other. 
 (b) The Partnership and the Sponsor shall each use its reasonable commercial efforts to pursue damages and/or recover amounts payable by customers or other third parties as a result of any of the events
described in Section 4.1(a) or Section 4.1(b), and any related costs and expenses will be shared by the Partnership and the Sponsor in the same proportion as would apply to amounts collected pursuant to Section 4.2(a). 

Section 4.3 Term of Agreement with Respect to Customer Contracts. The Sponsor’s obligations pursuant to this Article 4,
as well as any obligations assumed by the Sponsor hereunder, shall terminate on the fifth anniversary of the Closing Date. 

  
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 ARTICLE 5 
 BUSINESS OPPORTUNITIES 
 Section 5.1 Preferential Rights.

 (a) Except as permitted by Section 5.2, the Sponsor Entities shall be prohibited from investing in,
constructing, or acquiring an interest in any Domestic Cokemaking Asset. 
 (b) The Partnership Entities shall be
prohibited from pursuing any business opportunity other than investments in, construction of, or acquisitions of Domestic Cokemaking Assets, except upon the written consent of the Sponsor, which consent shall be given or withheld at the sole
discretion of the Sponsor and which shall be limited by such conditions as Sponsor may require at its sole discretion. 

Section 5.2 Permitted Exceptions. The Sponsor Entities may engage in the following activities under the following
circumstances: 
 (a) Any investment in, construction of, or acquisition of assets or an interest in any assets
or business other than Domestic Cokemaking Assets. 
 (b) Subject to Section 5.3, any investment in,
construction of, or acquisition of an interest in any Domestic Cokemaking Asset if: 
 (i) in accordance with the
procedures set forth in Section 5.3(a), the Sponsor Entities have offered the Partnership the opportunity to pursue such investment, construction or acquisition opportunity and the Partnership has elected in writing not to pursue such
opportunity; or 
 (ii) the Sponsor Entities, as of the Closing Date, are actively pursuing such an opportunity,
including without limitation the Kentucky Facility. 
 Section 5.3 Business Opportunities Procedures. 

(a) As contemplated by Section 5.2(b)(i), in the event that the Sponsor or any other Sponsor Entity becomes aware of
an opportunity to invest in, construct or acquire an interest in a Domestic Cokemaking Asset, then as soon as practicable, the Sponsor or other Sponsor Entity shall notify the General Partner in writing of such opportunity and deliver to the General
Partner, or provide the General Partner access to, all information prepared by or on behalf of, or material information submitted or delivered to, the Sponsor or such Sponsor Entity related to such potential transaction. As soon as practicable, but
in any event within 30 days after receipt of such notification and information, the General Partner, on behalf of the Partnership, having determined whether to pursue such opportunity in consultation with the Conflicts Committee, shall give notice
in writing (the “Business Opportunity Notice”) to the Sponsor or other Sponsor Entity that either (i) the General Partner, on behalf of the Partnership, has elected not to cause the Partnership Group to pursue such investment,
acquisition or construction opportunity, or (ii) the General Partner, on behalf of the Partnership, has elected to cause 

  
 16 

 
the Partnership Group to pursue such investment, acquisition or construction opportunity. If no Business Opportunity Notice is delivered by the General Partner within the 30-day period, then the
General Partner, on behalf of the Partnership shall be deemed to have elected not to pursue such opportunity. If, after delivering a Business Opportunity Notice electing to pursue an opportunity, the General Partner abandons such opportunity (as
evidenced in writing by the General Partner following the written request of the Sponsor) or fails to endeavor in good faith to pursue such opportunity, the Sponsor or any other Sponsor Entity may pursue the opportunity. With respect to any
opportunity to invest in, acquire or construct Domestic Cokemaking Assets that the Sponsor Entities pursue, (x) the Sponsor Entities must endeavor in good faith to pursue the opportunity and (y) any such investment, construction or
acquisition must be on terms not materially more favorable to the Sponsor Entities than were offered to the Partnership. If at any time either of the conditions set forth in subclauses (x) and (y) are not satisfied, the opportunity must be
reoffered to the Partnership in accordance with this Section 5.3(a). For the avoidance of doubt, any Domestic Cokemaking Asset acquired by the Sponsor Entities in accordance with this Section 5.3(a) will be subject to the Right of First
Offer pursuant to Article 6. 
 (b) In the event that any of the Sponsor Entities constructs a new cokemaking
facility in the United States or Canada pursuant to the exception provided in Section 5.2(b) in compliance with the procedures set forth in Section 5.3(a), then upon commencement of commercial operations, the Partnership shall have the
option to acquire or to cause another Group Member to acquire such facility at a price sufficient to provide the Sponsor with an internal rate of return on invested capital equal to the sum of the Sponsor Entities’ weighted average cost of
capital (as determined in good faith by the Sponsor) and %. The Sponsor shall promptly provide the General Partner with, or provide the General Partner access to, all information related to such cokemaking facility as the General Partner reasonably
requests. The Sponsor shall promptly provide written notice (the “Commercial Operations Notice”) to the General Partner upon commencement of commercial operations at the newly constructed cokemaking facility. Within 90 days of
receipt of a Commercial Operations Notice, the General Partner, following consultation with the Conflicts Committee, shall notify the Sponsor in writing as to whether or not it will exercise its option to acquire such facility. For the avoidance of
doubt, (i) if the Sponsor Entities construct the Kentucky Facility, the Partnership’s option to purchase newly constructed cokemaking facilities set forth in this Section 5.3(b) shall apply to the Kentucky Facility, and (ii) if
the Partnership Group does not exercise the option outlined in this Section 5.3(b) to acquire any particular newly constructed cokemaking facility upon commencement of commercial operations (including the Kentucky Facility), such cokemaking
facility will be subject to the Right of First Offer pursuant to Article 6. 

  
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 ARTICLE 6 
 RIGHT OF FIRST OFFER 
 Section 6.1 Right of First Offer to Purchase
Certain Assets. 
 (a) The Sponsor hereby grants to the Partnership a right of first offer on any Domestic
Cokemaking Asset to the extent that any Sponsor Entity proposes to Transfer any such Domestic Cokemaking Asset, or any interest therein (other than to another wholly owned Sponsor Entity). 

(b) The Partnership hereby grants to the Sponsor a right of first offer on any cokemaking facility or interest therein or
interest in any business engaged in cokemaking, to the extent that any Group Member proposes to Transfer any such asset or interest (other than to another wholly owned Group Member). 

(c) The Parties acknowledge that any Transfer of assets or interests pursuant to the Partnership’s or Sponsor’s
right of first offer is subject to the terms of all existing agreements with respect to such assets and interests and shall be subject to and conditioned on the obtaining of any and all necessary consents of security holders, governmental
authorities, lenders or other third parties. 
 Section 6.2 Procedures. 

(a) If a Sponsor Entity or a Group Member (the “Seller”) proposes to Transfer, in the case of a Sponsor
Entity, any Domestic Cokemaking Asset or an interest therein (the “Sponsor ROFO Assets”) or in the case of a Partnership Party, any cokemaking facility or interest therein or interest in any business engaged in cokemaking (the
“Partnership ROFO Assets”, and together with the Sponsor ROFO Assets, the “ROFO Assets”) other than to, in the case of a Sponsor Entity, another Sponsor Entity as described in Section 6.1(a) or, in the case of
a Group Member, another Group Member as described in Section 6.1(b) (a “Proposed Transaction”), the Sponsor, in the case of a proposed Transfer by any Sponsor Entity, or the General Partner, in the case of a proposed Transfer
by any Group Member, shall, prior to entering into any such Proposed Transaction, first give notice in writing (the “ROFO Notice”) to the other party (the “ROFO Party”) of its intention to enter into such Proposed
Transaction. The ROFO Notice shall include any material terms, conditions and other details as would be reasonably necessary for the ROFO Party to make a responsive offer to enter into the Proposed Transaction with the Seller, which terms,
conditions and details shall include any material terms, conditions or other details that the Seller would propose to provide to non-Affiliates in connection with the Proposed Transaction. The ROFO Party shall have 30 days following receipt of the
ROFO Notice to propose an offer to enter into the Proposed Transaction with the Seller (the “ROFO Response”). The ROFO Response shall set forth the terms and conditions (including, without limitation, the purchase price the ROFO
Party proposes to pay for the ROFO Asset and the other material terms of the purchase) pursuant to which the ROFO Party would be willing to enter into a binding agreement for the Proposed Transaction. If no ROFO Response is delivered by the ROFO
Party within such 30 day period, then the ROFO Party shall be deemed to have waived its 

  
 18 

 
right of first offer with respect to such ROFO Asset, and the Seller shall be free to enter into a Proposed Transaction with any third party on terms and conditions determined in the sole
discretion of the Seller. If the Seller fails to complete such a transaction within 270 days of the last day of the aforementioned 30-day period, then any future Transfer of such ROFO Asset by the Seller will be subject to the provisions of this
Article 6 in full. 
 (b) If the ROFO Party submits a ROFO Response, the ROFO Party and the Seller shall
negotiate, in good faith, the terms of the purchase and sale of the ROFO Asset for 30 days following the Seller’s receipt of the ROFO Response. If the Seller and the ROFO Party are unable to agree on such terms during such 30-day period, the
Seller may Transfer the ROFO Asset to any third party on terms not materially more favorable to the Seller than the last written offer proposed during negotiations with the ROFO Party pursuant to this Section 6.2(b). If the Seller fails to
complete such a transaction within 270 days of the last day of the aforementioned 30-day negotiation period, then any future Transfer of such ROFO Asset by the Seller will be subject to the provisions of this Article 6 in full. 

ARTICLE 7 

REIMBURSEMENT OBLIGATIONS 
 Section 7.1 Provision of Operating and Administrative Services. The Sponsor hereby agrees to continue to provide, or cause to be provided, the Partnership Group with general and administrative
services, including, without limitation, legal, accounting, treasury, insurance administration and claims processing, risk management, safety, environmental, information technology, human resources, credit, payroll, compensation, internal audit and
taxes, that are substantially identical in nature and quality to the services provided by the Sponsor in connection with its management and operations of the Partnership Assets prior to the Closing Date. 

Section 7.2 Reimbursement and Allocation. The Partnership hereby agrees to reimburse the Sponsor and its Affiliates for all
expenses they incur or payments they make on behalf of the Partnership Group pursuant to Section 7.1in accordance with Schedule 7.2 as in effect from time to time. 
 ARTICLE 8 
 MISCELLANEOUS 

Section 8.1 Choice of Law; Submission to Jurisdiction. This Agreement shall be subject to and governed by the laws of the
State of New York, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state. Each Party hereby submits to the jurisdiction of the state and federal courts in
the State of New York and to venue in New York, New York. 
 Section 8.2 Notice. All notices, requests or consents
provided for or permitted to be given pursuant to this Agreement must be in writing and must be given by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt
requested or by delivering such notice in person or by overnight courier, telecopier or telegram to such Party. Notice given by personal delivery or mail shall be effective 

  
 19 

 
upon actual receipt. Notice given by overnight courier, telegram or telecopier shall be effective upon actual receipt. All notices to be sent to a Party pursuant to this Agreement shall be sent
to or made at the address set forth below or at such other address as such Party may stipulate to the other Parties in the manner provided in this Section 8.2. 
 For notices to any of the Sponsor Entities: 
 SunCoke Energy, Inc.

 1011 Warrenville Road, Suite 600 
 Lisle, Illinois 60532 
 Fax: (630) 824-1004 

Attention: General Counsel 
 For notices to any of the Partnership Entities: 
 SunCoke Energy Partners,
L.P. 
 1011 Warrenville Road, Suite 600 
 Lisle, Illinois 60532 
 Fax: (630) 824-1004 

Attention: General Counsel 
 Section 8.3 Entire Agreement. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether
oral or written, relating to the matters contained herein, other than the Contribution Agreement and the Partnership Agreement. 

Section 8.4 Termination. Except as provided in Section 2.2(b), Section 2.2(c), Section 2.2(d),
Section 2.3(b), Section 2.4(c), Section 3.1(c), Section 3.6 and Section 4.3, this Agreement shall terminate upon a Change of Control of the General Partner or the Partnership, other than any Change of Control of the General
Partner or the Partnership deemed to have occurred pursuant to clause (d) of the definition of Change of Control solely as a result of a Change of Control of the Sponsor. Notwithstanding any other provision of this Agreement, except as provided
in Section 2.2(b), Section 2.2(c), Section 2.2(d), Section 2.3(b), Section 2.4(c), Section 3.1(c), Section 3.6 and Section 4.3, if the General Partner is removed as general partner of the Partnership under
circumstances where Cause does not exist and the Common Units held by the General Partner and its Affiliates are not voted in favor of such removal, this Agreement may immediately thereupon be terminated by the Sponsor. 

Section 8.5 Effect of Waiver or Consent. No waiver or consent, express or implied, by any Party to or of any breach or
default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such Person of the same or any other obligations
of such Person hereunder. Failure on the part of a Party to complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights hereunder
until the applicable statute of limitations period has run. 

  
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 Section 8.6 Amendment or Modification. This Agreement may be amended or
modified from time to time only by the written agreement of all the Parties; provided, however, that the Partnership may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification of this Agreement that will
adversely affect the holders of Common Units. Each such instrument shall be reduced to writing and shall be designated on its face an “Amendment” or an “Addendum” to this Agreement. Notwithstanding the first sentence of this
Section 8.6, Schedule 7.2 may be amended or modified from time to time only by the written agreement of the Partnership and the Sponsor. 
 Section 8.7 Assignment; Third Party Beneficiaries. Except as set forth in Section 2.1(a), any Party shall have the right to assign its rights under this Agreement without the consent of
any other Party, but no Party shall have the right to assign its obligations under this Agreement without the written consent of the other Parties. Each of the Parties hereto specifically intends that each entity comprising the Sponsor Entities and
each entity comprising the Partnership Entities, as applicable, whether or not a Party to this Agreement, shall be entitled to assert rights and remedies hereunder as third-party beneficiaries hereto with respect to those provisions of this
Agreement affording a right, benefit or privilege to any such entity, and that no other Person shall be entitled to assert any rights or remedies hereunder as third-party beneficiaries. 

Section 8.8 Counterparts. This Agreement may be executed in two or more counterparts, and by facsimile, each of which shall
be deemed to be an original, but all of which shall constitute one and the same agreement. 
 Section 8.9
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated
hereby are fulfilled to the extent possible. 
 Section 8.10 Gender, Parts, Articles and Sections. Whenever the
context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Article numbers and Section numbers refer to
Articles and Sections of this Agreement. 
 Section 8.11 Further Assurances. In connection with this Agreement and
all transactions contemplated by this Agreement, each Party agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of
the terms, provisions and conditions of this Agreement and all such transactions. 
 Section 8.12 Withholding or
Granting of Consent. Except as otherwise expressly provided in this Agreement, each Party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such consent or approval in its
sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate. 

  
 21 

 Section 8.13 Laws and Regulations. Notwithstanding any provision of this
Agreement to the contrary, no Party shall be required to take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any applicable law, statute, rule or regulation.

 Section 8.14 Negation of Rights of Limited Partners, Assignees and Third Parties. Except as set forth in
Section 8.7, the provisions of this Agreement are enforceable solely by the Parties, and no shareholder, limited partner, general partner, member, or assignee of the Sponsor, the General Partner, the Partnership or other Person shall have the
right, separate and apart from the Sponsor, the General Partner or the Partnership, to enforce any provision of this Agreement or to compel any Party to comply with the terms of this Agreement. 

Section 8.15 No Recourse Against Officers and Directors. For the avoidance of doubt, the provisions of this Agreement shall
not give rise to any right of recourse against any officer or director of any Sponsor Entity or any Group Member. 

Section 8.16 Arbitration. Any dispute, controversy or claim arising out of or in connection with this Agreement shall be
settled by final and binding arbitration conducted in Chicago, Illinois in accordance with the Commercial Arbitration Rules of the American Arbitration Association by one or more arbitrators designated in accordance with said Rules. The Parties
agree that the award of the arbitral tribunal (the “Arbitration Award”) shall be: (a) conclusive, final and binding upon the Parties; and (b) the sole and exclusive remedy between the Parties regarding any and all claims
and counterclaims presented to the arbitral tribunal. All notices to be given in connection with the arbitration shall be as provided in Section 8.2. The Arbitration Award shall include interest, at a rate determined as appropriate by the
arbitrators, from the date of any breach or other violation of this Agreement to the date when the Arbitration Award is paid in full. The Arbitration Award shall also include the fixing of the expense of the arbitration and the assessment of the
same, as is appropriate in the opinion of the arbitrators, against either or both Parties hereto. Each Party shall otherwise bear its cost for its respective legal fees, witnesses, depositions and other out-of-pocket expenses incurred in the course
of the arbitration. 
 Section 8.17 Dispute Resolution. If the Parties are unable to resolve any service or
performance issues or if there is a material breach of this Agreement that has not been corrected within thirty (30) days of receipt of notice of such breach, representatives of each of the Parties in dispute shall meet promptly to review and
resolve such issues and breaches in good faith (the date on which such Persons first so meet, the “Discussion Date”). If such Persons are unable to fully resolve any such issues and breaches in good faith promptly after the
Discussion Date, any remaining disputes shall be resolved in accordance with Section 8.16. 
 [Signature pages
follow.] 

  
 22 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the
Effective Date. 
  

					
	SUNCOKE ENERGY PARTNERS, L.P.
		
	 By:
	 	 SunCoke Energy Partners GP LLC,

its general partner

			
		 	 By:
	 	 
		 		 	 Name:

Title:

	
	SUNCOKE ENERGY PARTNERS GP LLC 
			
	By:	 	 	 	 
		 	 Name:

Title:

	
	SUNCOKE ENERGY, INC. 
			
	By:	 	 	 	 
		 	 Name:

Title:

 Signature Page – Omnibus Agreement

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