Document:

Membership Interest Purchase Agreement

 Exhibit 10.4 
 Execution Version 
 MEMBERSHIP INTEREST PURCHASE AGREEMENT

 This Membership Interest Purchase Agreement (this “Agreement”) is made and entered into as of
December 21, 2011, by and among Inergy, L.P., a Delaware limited partnership (“NRGY”) and Inergy Holdings GP, LLC , a Delaware limited liability company (“Holdings GP”). 

RECITALS: 

WHEREAS, NRGY owns 100% of the membership interests (the “MGP GP Interests”) in MGP GP, LLC, a Delaware limited
liability company (“MGP GP”); 
 WHEREAS, MGP GP owns the non-economic general partner interest in
Inergy Midstream Holdings, L.P., a Delaware limited partnership (“MGP”), and NRGY owns 100% of the limited partner interests in MGP; 
 WHEREAS, MGP owns 100% of the membership interests in NRGM GP, LLC, a Delaware limited liability company (“NRGM GP”); 

WHEREAS, NRGM GP owns the non-economic general partner interest in Inergy Midstream, L.P., a Delaware limited partnership
(“NRGM”); 
 WHEREAS, NRGY recognizes that the possibility of a change in control of NRGM could cause
uncertainty and adversely impact the value of the common units of NRGM to the detriment of NRGY and the other unitholders of NRGM; and 
 WHEREAS, the independent members of the board of directors of NRGY have determined it is in the best interests of NRGY and its unitholders to provide for the purchase by Holdings GP of MGP GP under
the circumstances described herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
in this Agreement and other good and valuable consideration, the parties hereto agree as follows: 
 AGREEMENT: 

Section 1. Definitions. Capitalized terms used in this Agreement but not defined in the body of this Agreement shall have the
respective meanings set forth below: 
 “1940 Act” means the Investment Company Act of 1940. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

 “less than 25% NRGM Owner” means any person who directly or indirectly owns
interests in NRGM that would be entitled to less than 25% of the aggregate amount of distributions to be paid by NRGM on its next succeeding quarterly distribution date, assuming the aggregate amount of distributions paid on such date were equal to
the average of the amounts paid in the immediately preceding two quarterly distributions. 
 “less than 50% NRGM
Owner” means any person who directly or indirectly owns interests in NRGM that would be entitled to less than 50% of the aggregate amount of distributions to be paid by NRGM on its next succeeding quarterly distribution date, assuming the
aggregate amount of distributions paid on such date were equal to the average of the amounts paid in the immediately preceding two quarterly distributions. 
 “NRGM Change of Control” means the occurrence of any of the following: 
 (i) any merger, reorganization, consolidation or other transaction pursuant to which more than 50% of the combined voting power of the equity interests in NRGM GP ceases to be controlled by Holdings GP;
or 
 (ii) any sale, lease, exchange or other transfer (in one or a series of related transactions) of all or
substantially all of the assets of NRGM GP or NRGM to any Person, other than NRGM GP, NRGM or any of their Affiliates. 

“NRGY Change of Control” means the occurrence of any of the following: 

(i) any merger, reorganization, consolidation or other transaction pursuant to which more than 50% of the combined voting
power of the equity interests in Inergy GP, LLC (“NRGY GP”) ceases to be controlled by Holdings GP; or 
 (ii) any sale, lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets of NRGY GP or NRGY to any Person, other than NRGY GP, NRGY or any of
their Affiliates. 
 “Person” means an individual or a corporation, firm, limited liability company,
partnership, joint venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other entity. 
 Section 2. Purchase of the MGP GP Interests. (a) On the Closing Date (as defined below), and subject to the terms and conditions and in reliance on the representations and warranties set forth
in this Agreement, upon the occurrence of an NRGY Change of Control at a time when NRGY is a less than 50% NRGM Owner, NRGY will sell, transfer and deliver to Holdings GP, and Holdings GP will purchase from NRGY, the MGP GP Interests for $1.00 (the
“Purchase Price”). 
 (b) If (i) NRGY effects a pro rata distribution to the NRGY common unitholders of
all or a portion of the equity interests in NRGM that NRGY directly or indirectly beneficially owns or (ii) NRGY’s ownership interest in NRGM is otherwise diluted, in either case so that NRGY becomes a less than 25% NRGM Owner, then NRGY
will sell, transfer and deliver to Holdings GP, and Holdings GP will purchase from NRGY, the MGP GP Interests for the Purchase Price. 

  
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 Section 3. Time and Place of Closing. The closing of the transactions contemplated by
this Agreement (the “Closing”) will take place at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002 on the second business day after all of the conditions set forth in
Section 7 (other than those conditions which by their terms are only capable of being satisfied at the Closing, but subject to the satisfaction or due waiver of those conditions) have been satisfied or waived by the party entitled to waive such
conditions, unless another time, date and place are agreed to in writing by the parties. The date of the Closing is referred to in this Agreement as the “Closing Date.” 

Section 4. Deliveries and Actions at Closing. 
 (a) At the Closing, NRGY shall deliver, or shall cause to be delivered, to Holdings GP a counterpart of an assignment (the “Assignment of Interests”), evidencing the assignment, transfer
and delivery to Holdings GP of the MGP GP Interests, duly executed by NRGY. 
 (b) At the Closing, Holdings GP shall deliver, or
shall cause to be delivered, to NRGY (i) a counterpart of the Assignment of Interests duly executed by Holdings GP; and (ii) the Purchase Price. 
 Section 5. Representations and Warranties of NRGY. NRGY hereby represents and warrants to, and agrees with Holdings GP, that: 

(a) Existence and Power. NRGY is a limited partnership duly organized, validly existing and in good standing under the laws of the
State of Delaware and has all requisite limited partnership power and authority to execute and deliver this Agreement, consummate the transactions and perform each of its obligations contemplated hereby. 

(b) Authority; Approvals. 
 (i) The execution and delivery of this Agreement by NRGY, the consummation by NRGY of each of the transactions and the performance by NRGY of each of its obligations contemplated hereby have been duly and
properly authorized by all necessary partnership action on the part of NRGY. This Agreement has been duly executed and delivered by NRGY and, assuming the accuracy of the representations and warranties of Holdings GP in Section 6 hereof,
constitutes the valid and legally binding obligation of NRGY, enforceable against it in accordance with its terms, subject, (A) as to enforceability, to bankruptcy, insolvency, reorganization, moratorium and other similar laws of general
applicability relating to or affecting creditors’ rights and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (B) to equitable principles of general
applicability relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

  
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 (ii) The execution and delivery of this Agreement by NRGY and the
consummation of each of the transactions and the performance of each of the obligations contemplated hereby (A) do not violate or breach (whether with or without notice or a lapse of time or both), require the consent of any Person to or
otherwise result in a material detriment to NRGY under, (x) its organizational documents or (y) any agreement to which it is a party or by which its assets or property is bound or any law or order applicable to it, in the case of clause
(y), which violations, breaches or material detriments could reasonably be expected to prevent the consummation of any of the transactions contemplated hereby or have a material adverse effect on the business, properties or condition (financial or
otherwise) of NRGY; and (B) do not impose any penalty or other onerous condition on NRGY that could reasonably be expected to prevent the consummation of any of the transactions contemplated hereby. 

(iii) No approval from any Governmental Entity is required with respect to NRGY in connection with the execution and
delivery by NRGY of this Agreement, the performance by NRGY of its obligations hereunder or the consummation by NRGY of the transactions contemplated hereby, except for any such approval the failure of which to be made or obtained (A) has not
impaired and could not reasonably be expected to impair the ability of NRGY to perform its obligations under this Agreement in any material respect and (B) could not reasonably be expected to delay, in any material respect, or prevent the
consummation of any of the transactions contemplated by this Agreement. As used in this Agreement, the term “Governmental Entity” means any agency, bureau, commission, authority, department, official, political subdivision, tribunal
or other instrumentality of any government, whether (i) regulatory, administrative or otherwise; (ii) federal, state or local; or (iii) domestic or foreign. 
 (c) Ownership of MGP GP Interests. Upon the consummation of the transactions contemplated by this Agreement, NRGY will assign, convey, transfer and deliver to Holdings GP good and valid title to
the MGP GP Interests free and clear of all liens other than (i) any transfer restrictions imposed by federal and state securities laws and (ii) any transfer restrictions contained in the organizational documents of MGP GP. 

Section 6. Representations and Warranties of Holdings GP. Holdings GP hereby represents and warrants to, and agrees with NRGY,
that: 
 (a) Existence and Power. Holdings GP is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Delaware and has all requisite limited liability company power and authority to execute and deliver this Agreement, consummate the transactions and perform each of its obligations contemplated hereby.

 (b) Authority; Approvals. 
 (i) The execution and delivery of this Agreement by Holdings GP, the consummation by Holdings GP of each of the transactions and the performance by Holdings GP of each of its obligations contemplated
hereby have been duly and properly authorized by all necessary limited liability company action on the part of Holdings GP. This Agreement has been duly executed and delivered by Holdings GP 

  
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and, assuming the accuracy of the representations and warranties of NRGY in Section 5 hereof, constitutes the valid and legally binding obligation of Holdings GP, enforceable against it in
accordance with its terms, subject, (A) as to enforceability, to bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditors’ rights and to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (B) to equitable principles of general applicability relating to the availability of specific performance, injunctive relief, or other
equitable remedies. 
 (ii) The execution and delivery of this Agreement by Holdings GP and the consummation of
each of the transactions and the performance of each of the obligations contemplated hereby (A) do not violate or breach (whether with or without notice or a lapse of time or both), require the consent of any Person to or otherwise result in a
material detriment to Holdings GP under, (x) its organizational documents or (y) any agreement to which it is a party or by which its assets or property is bound or any law or order applicable to it, in the case of clause (y), which
violations, breaches or material detriments could reasonably be expected to prevent the consummation of any of the transactions contemplated hereby or have a material adverse effect on the business, properties or condition (financial or otherwise)
of Holdings GP; and (B) do not impose any penalty or other onerous condition on Holdings GP that could reasonably be expected to prevent the consummation of any of the transactions contemplated hereby. 

(iii) No approval from any Governmental Entity is required with respect to Holdings GP in connection with the execution
and delivery by Holdings GP of this Agreement, the performance by Holdings GP of its obligations hereunder or the consummation by Holdings GP of the transactions contemplated hereby, except for any such approval the failure of which to be made or
obtained (A) has not impaired and could not reasonably be expected to impair the ability of Holdings GP to perform its obligations under this Agreement in any material respect and (B) could not reasonably be expected to delay, in any
material respect, or prevent the consummation of any of the transactions contemplated by this Agreement. 
 Section 7.
Conditions to Closing. 
 (a) Conditions to Obligations of NRGY. The obligation of NRGY to sell the MGP GP
Interests on the Closing Date is subject to the satisfaction of the following conditions: 
 (i) Holdings GP
shall have performed in all material respects all of its obligations under this Agreement required to be performed by it on or prior to the Closing Date; 
 (ii) No action, claim, suit, hearing, complaint, demand, injunction, litigation, judgment, arbitration, order, decree, ruling or governmental investigation or proceeding is then pending or threatened by
any court or Governmental Entity, and no such court or Governmental Entity shall have issued any injunction, judgment or order, which shall remain in effect, that would prevent consummation of the transactions contemplated hereby; provided, however,
that the parties hereto shall use their reasonable best efforts to have any such injunction, judgment or order vacated or reversed; 

  
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 (iii) The representations and warranties of Holdings GP contained in this
Agreement and in any certificate or other writing delivered by Holdings GP pursuant hereto shall be true in all material respects (except for such representations and warranties as shall be qualified by a materiality standard, which shall be true
and correct in all respects) at and as of the Closing Date, as if made at and as of such date; 
 (iv) No
applicable law, regulation or agreement then in effect and to which either NRGY or NRGM is a party (including any credit or debt agreements) prevents or prohibits consummation of the transactions contemplated hereby; and 

(v) Consummation of the transactions contemplated hereby shall not require NRGY to register as an investment company under
the 1940 Act. 
 (b) Conditions of Obligations of Holdings GP. The obligation of Holdings GP to consummate the
transactions contemplated on the Closing Date is subject to the satisfaction of the following conditions: 
 (i)
NRGY shall have performed in all material respects all of its obligations under this Agreement required to be performed by it on or prior to the Closing Date; 
 (ii) No action, claim, suit, hearing, complaint, demand, injunction, litigation, judgment, arbitration, order, decree, ruling or governmental investigation or proceeding is then pending or threatened by
any court or Governmental Entity, and no such court or Governmental Entity shall have issued any injunction, judgment or order, which shall remain in effect, that would prevent consummation of the transactions contemplated hereby; provided, however,
that the parties hereto shall use their reasonable best efforts to have any such injunction, judgment or order vacated or reversed; 
 (iii) The representations and warranties of NRGY contained in this Agreement and in any certificate or other writing delivered by NRGY pursuant hereto shall be true in all material respects (except for
such representations and warranties as shall be qualified by a materiality standard, which shall be true and correct in all respects) at and as of the Closing Date, as if made at and as of such date; and 

(iv) No applicable law, regulation or agreement then in effect and to which either NRGY or NRGM is a party (including any
credit or debt agreements) prevents or prohibits consummation of the transactions contemplated hereby. 
 Section 8. Termination.

 (a) This Agreement may be terminated at any time prior to the Closing as follows: 

(i) By mutual written consent of the parties; or 

  
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 (ii) By either NRGY or Holdings GP if any Governmental Entity of competent
jurisdiction shall have issued a final and non-appealable order, decree or judgment prohibiting the consummation of the transactions contemplated by this Agreement. 
 (b) This Agreement shall automatically terminate and lapse without any action by either party: 
 (i) upon the occurrence of an NRGY Change of Control, which occurs prior to the time that NRGY is a less than 50% NRGM Owner; or 

(ii) upon the occurrence of an NRGM Change of Control, which occurs prior to the time that NRGY is a less than 25% NRGM
Owner. 
 Section 9. Further Assurances. Promptly following the occurrence of a purchase event in Section 2(a) or
2(b), each of the parties shall take all actions necessary or appropriate under applicable laws to enable Holdings GP to purchase the MGP GP Interests being sold and purchased pursuant to the terms of this Agreement. 

Section 10. Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed
duly given, effective (a) three business days later, if sent by registered or certified mail, return receipt requested, postage prepaid, (b) when sent by telecopier or fax, provided that the telecopy or fax is promptly confirmed by
telephone confirmation thereof, (c) when delivered, if delivered personally to the intended recipient, and (d) one business day later, if sent by overnight delivery via a national courier service, and in each case, addressed, 

if to NRGY, to: 
 Inergy, L.P. 
 Two Brush Creek Boulevard, Suite 200 

Kansas City, Missouri 64112 
 Attention: General Counsel 
 Facsimile: (816) 531-4680

 with a copy to: 
 Vinson & Elkins LLP 
 1001 Fannin, Suite 2500 

Houston, TX 77002 
 Attention: Gillian A. Hobson 
 Facsimile: (713) 615-5794

  
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 if to Holdings GP, to: 

Inergy Holdings GP, LLC 
 Two Brush Creek Boulevard, Suite 200 
 Kansas City, Missouri 64112

 Attention: General Counsel 

Facsimile: (816) 531-4680 
 Any party may change the address to which notices or other communications hereunder are to be delivered by giving notice in the manner herein set forth. 

Section 11. Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such amendment or
waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 12. Binding Effect; Assignment. All the terms and provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and to their respective successors and permitted assigns. Neither this Agreement nor any rights or obligations of Holdings GP hereunder may be assigned or delegated by Holdings GP without the prior written consent of
NRGY. Neither this Agreement nor any rights or obligations of NRGY hereunder may be assigned or delegated without the prior written consent of Holdings GP. 
 Section 13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

 Section 14. Counterparts; Third Party Beneficiaries. This Agreement may be executed and delivered (including by
facsimile transmission) in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall
have received a counterpart hereof signed by the other parties hereto. This Agreement is not intended to be for the benefit of, and shall not be enforceable by, any person or entity who or which is not a party hereto other than the heirs, personal
representatives, successors and permitted assigns of the parties hereto. 
 Section 15. Entire Agreement. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof. 

  
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 Section 16. Construction. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. This Agreement has been fully negotiated by the parties through their legal counsel. Accordingly, in interpreting this Agreement, the rule of interpretation requiring
that documents be construed against the draftsman shall be inapplicable. Further, all additions or deletions of provisions from any and all drafts of this Agreement shall be of no force or effect in interpreting the terms of this Agreement or the
intentions of the parties hereto. 
 Section 17. Severability. The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or
unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of
this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such
provision, or the application thereof, in any other jurisdiction. 
 Section 18. Specific Performance. The parties hereto
agree that the remedy at law for any breach of this Agreement will be inadequate and that any party by whom this Agreement is enforceable shall be entitled to specific performance in addition to any other appropriate relief or remedy. Such party
may, in its sole discretion, apply to any court of competent jurisdiction for specific performance or injunctive or such other relief as such court may deem just and proper in order to enforce this Agreement or prevent any violation hereof and, to
the extent permitted by applicable law, each party waives any objection to the imposition of such relief. 
 Section 19.
Remedies Cumulative. All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of any thereof by any party shall not
preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 
 [SIGNATURE PAGE
FOLLOWS] 

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

			
	INERGY, L.P.
		
	By:	 	Inergy GP, LLC, its general partner
		
	By:	 	/s/ John J. Sherman
	Name:	 	John J. Sherman
	Title:	 	President and Chief Executive Officer

  

			
	INERGY HOLDINGS GP, LLC
		
	By:	 	/s/ John J. Sherman
	Name:	 	John J. Sherman
	Title:	 	 Trustee of The John J. Sherman Revocable Trust Dated May 4, 1994
 (Sole Voting Member)

 Signature Page to 
 Membership Interest Purchase AgreementPromissory Note

 Exhibit 10.5 
 PROMISSORY NOTE 
 (the “Note”) 

 

			
	 $255,000,000.00
	  	Date: December 21, 2011

 FOR VALUE RECEIVED, INERGY, L.P. (the “Borrower”), HEREBY PROMISES TO
PAY to the order of JPMORGAN CHASE BANK, N.A. (the “Bank”), at its offices located at 10 South Dearborn Street, Chicago, Illinois 60603 or at such other place as the Bank or any holder hereof may from time to time
designate, the principal sum of TWO HUNDRED FIFTY-FIVE MILLION AND 00/100 DOLLARS ($255,000,000.00), or such lesser amount as may constitute the outstanding balance hereof (the “Loan”), in lawful money of the United States,
on the Maturity Date (as hereinafter defined) set forth on the Bank’s books and records, which may be electronic in nature (or earlier as hereinafter referred to), and to pay interest in like money at such office or place from the date hereof
on the unpaid principal balance of the Loan made hereunder at a rate equal to the Interest Rate (as hereinafter defined and computed on the basis of the actual number of days elapsed on the basis of a 360-day year) for the Loan, which shall be
payable on the Maturity Date. Interest on any past due amount, whether at the due date thereof or by acceleration or upon default, shall be payable at a rate three percent (3%) per annum above the Interest Rate being charged on the Loan, which
rate shall be computed for actual number of days elapsed on the basis of a 360-day year and shall be adjusted as of the date of each such change, but in no event higher than the maximum permitted under applicable law. The Bank is authorized (but not
obligated) to debit any deposit account of the Borrower now or hereafter maintained by the Borrower with the Bank (a “Deposit Account”) for any amounts not paid when due hereunder. 

Interest 
 The Bank is authorized to enter on its books and records, which may be electronic in nature, (i) the amount of the Loan made from time to time hereunder, (ii) the date on which the Loan is made,
(iii) the Maturity Date, it being understood and agreed that the Loan shall be due and payable no later than 5:00 p.m. (Chicago time) on the date hereof (the “Maturity Date”), (iv) the interest rate agreed between the
Borrower and the Bank as the interest rate to be paid to the Bank on the Loan (such rate, the “Interest Rate”), which rate shall be the Prime Rate plus five percent (5%), (v) the amount of each payment made hereunder, and
(vi) the outstanding principal balance of the Loan hereunder from time to time. The date, amount, rate of interest and maturity date of the Loan and payment(s) (if any) of principal, the Loan to which such payment(s) will be applied (which
shall be at the discretion of the Bank) and the outstanding principal balance of Loan shall be recorded by the Bank on its books and records (which may be electronic in nature) and at any time and from time to time may be, and shall be prior to any
transfer by the Bank and delivery of this Note, entered by the Bank on a schedule to be attached to this Note by the Bank (at the discretion of the Bank). Any such entries shall be conclusive in the absence of manifest error. The failure by the Bank
to make any or all such entries shall not relieve the Borrower from its obligation to pay any and all amounts due hereunder. 

Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to the Loan, together with all fees, charges
and other amounts which are treated as interest on the Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,
received or reserved by the Bank in accordance with applicable law, the rate of interest payable in respect of the Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate. 

 Prepayment 

The Borrower shall have the right to prepay the Loan prior to the Maturity Date without premium or penalty. 

Additional Costs 
 If (a) any applicable domestic or foreign law, treaty, government rule or regulation now or later in effect (whether or not it now applies to the Bank), (b) the interpretation, application or
administration thereof by a governmental authority charged with such interpretation, application or administration or (c) compliance by the Bank with any guideline, request, rules, requirement or directive of such an authority (whether or not
having the force of law), including, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued
in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, regardless of the date enacted, adopted, issued or implemented, shall (A) affect the basis of taxation of payments to the Bank of any
amounts payable by the Borrower under this Note (other than taxes imposed on the overall net income of the Bank by the jurisdiction or by any political subdivision or taxing authority of the jurisdiction in which the Bank has its principal office),
or (B) impose, modify or deem applicable any reserve, special deposit or similar requirement (including, without limitation, Federal Deposit Insurance Corporation deposit insurance premiums or assessments) against assets of, deposits with or
for the account of, or credit extended by the Bank, or (C) impose any other condition with respect to this Note and the result of any of the foregoing is to increase the cost to the Bank of extending, maintaining or funding the Loan or to
reduce the amount of any sum receivable by the Bank on the Loan, or (D) affect the amount of capital required or expected to be maintained by the Bank (or any corporation controlling the Bank) and the Bank determines that the amount of such
capital is increased by or based upon the existence of the Bank’s obligations under this Note and the increase has the effect of reducing the rate of return on the Bank’s (or its controlling corporation’s) capital as a consequence of
the obligations under this Note to a level below that which the Bank (or its controlling corporation) could have achieved but for such circumstances (taking into consideration its policies with respect to capital adequacy) by an amount deemed by the
Bank to be material, then the Borrower shall pay to the Bank, from time to time, upon request by the Bank, additional amounts sufficient to compensate the Bank for the increased cost or reduced sum receivable. Whenever the Bank shall learn of
circumstances described in this section which are likely to result in additional costs to the Borrower, the Bank shall give prompt written notice to the Borrower of the basis for and the estimated amount of any such anticipated additional costs. A
statement as to the amount of the increased cost or reduced sum receivable, prepared in good faith and in reasonable detail by the Bank and submitted by the Bank to the Borrower, shall be conclusive and binding for all purposes absent manifest error
in computation. 
 Indemnity 
 The Borrower shall indemnify the Bank, and the Bank’s affiliates and the respective directors, officers, employees, agents and advisors of such person and such person’s affiliates (each such
person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, incremental taxes, liabilities and related expenses, including the fees, charges and disbursements
of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee 

 
arising out of, in connection with, or as a result of (i) the execution or delivery of this Note, the performance by the parties hereto of their respective obligations thereunder or the
consummation of other transactions contemplated hereby, (ii) the Loan or the use of the proceeds therefrom or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities
or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 

Events of Default 
 In the event of: default in the prompt payment of this Note and all other liabilities and obligations now or hereafter owed by Borrower to the Bank hereunder (collectively,
“Liabilities”); complete or partial liquidation or suspension of any business of the undersigned; dissolution, merger, consolidation or reorganization of the undersigned; general assignment for the benefit of creditors or insolvency
of the undersigned; appointment of a receiver, conservator, rehabilitator or similar officer for the undersigned, or for any property of the undersigned; the taking of possession of, or assumption of control over, all or any substantial part of the
property of the undersigned by the United States government, or any state or political subdivision thereof, foreign government (de facto or de jure) or any agency of any thereof; calling of a meeting of creditors, assignment for the benefit of
creditors or bulk sale or notice thereof; then and in any such event, in addition to all rights and remedies of the Bank under applicable law and otherwise, all such rights and remedies cumulative, not exclusive and enforceable
alternatively, successively and concurrently, the Bank may, at its option, declare any and all of the amounts owing under this Note to be due and payable, whereupon the maturity of the then unpaid balance hereof shall be accelerated and the same,
together with all interest accrued hereon, shall forthwith become due and payable provided, however, that if a bankruptcy event specified above shall have occurred, all amounts owing under this Note shall be immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower. Further, acceptance of any payments shall not waive or affect any prior demand or acceleration of amounts due hereunder, and each
such payment made shall be applied first to the payment of accrued interest, then to the aggregate unpaid principal or otherwise as determined by the Bank in its sole discretion. 

Definitions 
 Business Day 
 A “Business Day” shall mean a day other than
Saturday, Sunday or any other day in which national banking associations are authorized to be closed. 
 Prime Rate

 “Prime Rate” shall mean the rate of interest as is publicly announced by the Bank from time to time as its
Prime Rate. The Prime Rate is a variable rate and each change in the Prime Rate is effective from and including the date this change is announced as being effective. THE PRIME RATE IS A REFERENCE RATE AND MAY NOT BE THE BANK’S LOWEST
RATE. 

 Set-Off 

The Borrower hereby gives to the Bank a right of set-off against all moneys, securities and other property of the Borrower and the
proceeds thereof, now or hereafter delivered to, remaining with or in transit in any manner to the Bank, its correspondents, affiliates (including J.P. Morgan Securities LLC) or its agents from or for the Borrower, whether for safekeeping, custody,
pledge, transmission, collection or otherwise or coming into possession, control or custody of the Bank in any way, and also in addition to set-off rights, a lien on and security interest in any balance of any Deposit Accounts and credits of the
Borrower with, and any and all claims of the Borrower against the Bank at any time existing, hereby authorizing the Bank at any time or times, without prior notice, to apply such balances, credits or claims, or any part thereof, to the obligations
of the Borrower under this Note in such amounts as it may select, whether contingent, unmatured or otherwise. 

Assignment 
 The Borrower may assign or otherwise transfer its rights or obligations hereunder pursuant to the Assignment and Assumption Agreement attached hereto as Exhibit A. 

Miscellaneous 
 The Borrower hereby waives diligence, demand, presentment, protest and notice of any kind, and assents to extensions of the time of payment, release, surrender or substitution of security, or forbearance
or other indulgence, without notice. 
 All payments under this Note shall be made without set-off or counterclaim in lawful
money of the United States of America and in immediately available funds for the Bank’s account at such place as shall be designated by the Bank for such purpose. 
 Should any payment of principal or interest become due and payable on any day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and interest shall
continue to accrue at the applicable rate until such payment is made. 
 This Note may not be changed, modified or terminated
orally, but only by an agreement in writing signed by the party to be charged and consented to in writing by the party hereof. 

The Bank reserves the right to assign or sell participations in the Loan or the Note to any entity (including to any Federal Reserve Bank
in accordance with applicable law) and to provide any assignee or participant or prospective assignee or participant with information of the Borrower previously received by the Bank, subject to confidentiality requirements. The Borrower’s
consent to such assignment or participation is hereby deemed granted. 
 The Borrower hereby authorizes the Bank and any other
holder of an interest in this Note (a “Holder”) to disclose confidential information relating to the financial condition or operations of the Borrower (i) to any director, officer, employee or affiliate of the Bank or any
Holder, (ii) to any purchaser or prospective purchaser of an interest in the Loan, (iii) to legal counsel, accountants, and other professional advisors to the Bank or any Holder, (iv) to regulatory officials, (v) as requested or
required by law, regulation, or legal process or (vi) in connection with any legal proceeding to which the Bank or any other Holder is a party. 
 The Borrower shall reimburse the Bank on demand for all costs, expenses and charges (including, without limitation, fees and charges of external legal counsel for the Bank and costs allocated by its
internal legal department) in connection with the preparation, performance or enforcement of this Note. In the event the Bank or any holder hereof shall refer this Note to an attorney for collection, the Borrower agrees to pay, in addition to unpaid
principal and interest, all the costs and expenses incurred in attempting or effecting collection hereunder, including reasonable attorney’s fees of internal or outside counsel, whether or not suit is instituted. 

 In the event of any litigation with respect to this Note, THE BORROWER WAIVES THE RIGHT
TO A TRIAL BY JURY and all rights of setoff and rights to interpose counter-claims and cross-claims. The Borrower hereby irrevocably consents to the jurisdiction of the courts of the State of New York and of any Federal court located in such
State in connection with any action or proceeding arising out of or relating to this Note. The execution and delivery of this Note has been authorized by the board of directors of the Borrower. The Borrower hereby authorizes the Bank to complete
this Note in any particulars according to the terms of the Loan. This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to contract made and to be performed in such State, and shall be binding
upon the successors and assigns of the Borrower and inure to the benefit of the Bank, its successors, endorsees and assigns. 

[Signature Page Follows] 

 If any term or provision of this Note shall be held invalid, illegal or unenforceable the
validity of all other terms and provisions hereof shall in no way be affected thereby. 
  

			
	INERGY, L.P., as the Borrower
	
	 By: INERGY GP, LLC,

its managing general partner

		
	By	 	/s/ R. Brooks Sherman, Jr.
		 	Name: R. Brooks Sherman, Jr.
		 	Title: Executive Vice President, Chief Financial Officer

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