Document:

Exhibit
10.22

AMENDED
EMPLOYMENT AGREEMENT

This AMENDED EMPLOYMENT AGREEMENT (this “Agreement”), effective as of April
18, 2007, is by and between VNR 
Holdings, LLC, a Delaware limited liability company (“VNR”), Vanguard
Natural Resources, LLC, a Delaware limited liability company (“Parent”)  and Richard A. Robert  (the “Executive”).

WHEREAS, effective on January 1, 2007, Nami Holding
Company, LLC (kba Vanguard Natural Gas, LLC) and Executive entered in an
employment agreement (“the Initial Agreement”);

WHEREAS, the parties hereby agree that the Initial
Agreement shall be terminated as of the date hereof and replaced with this
Amended Employment Agreement;

WHEREAS, VNR desires to employ Executive  and Executive desires to be employed by VNR
in said capacity;

WHEREAS,  the
parties desire to set forth in writing the terms and conditions of their
understandings and agreements;

NOW, THEREFORE, in consideration of the mutual
covenants and obligations contained herein, VNR hereby agrees to employ
Executive and Executive hereby accepts such employment upon the terms and
conditions set forth in this Agreement:

1.             Employment
Period.

(a)           Subject to Sections 8 and 9, VNR
hereby agrees to employ Executive, and Executive hereby agrees to be employed
by VNR, in accordance with the terms and provisions of this Agreement, for the
period commencing as of the date hereof (the “Effective Date”) and ending on December
31, 2009  (the “Employment Period”); provided, however,
that the Employment Period shall automatically be renewed and extended for a
period of 12 months commencing on December 31, 2009  and on each successive day thereafter  unless at least 90 days
prior to the ensuing expiration date (but no more than 12 months prior to such expiration date), VNR or
Executive shall have given ninety (90) days written notice to the other that it
or he, as applicable, does not wish to extend this Agreement (a “Non-Renewal Notice”).  The term “Employment
Period,” as utilized in this Agreement, shall refer to
the Employment Period as so automatically extended.

(b)           During the term of Executive’s employment with VNR,
Executive shall serve as the Executive Vice President  and Chief Financial  Officer of VNR and the Parent (together , the
“Company”) the Company  and in so doing,
shall report to the Chief Executive Officer and Board of Managers or Directors,
as applicable, of the Company.  (the “Board”).  Executive shall have supervision and control
over, and responsibility for, such management and operational functions of the
Company currently assigned to such positions, and shall have such other powers 

and duties (including holding officer
positions with the Company and one or more subsidiaries of the Company) as may
from time to time be prescribed by the Board, so long as such powers and duties
are reasonable and customary for the Executive Vice President and Chief
Financial  Officer of an enterprise
comparable to the Company.

(c)           During the term of Executive’s employment with VNR,
and excluding any periods of vacation and sick leave to which Executive is
entitled, Executive agrees to devote substantially all of his business time to
the business and affairs of VNR and, to the extent necessary to discharge the
responsibilities assigned to Executive hereunder, to use Executive’s reasonable
best efforts to perform faithfully, effectively and efficiently such
responsibilities.  During the term of
Executive’s employment with VNR, it shall not be a violation of this Agreement
for Executive to (i) serve on corporate, civic or charitable boards or committees,
(ii) deliver lectures or fulfill speaking engagements and (iii) manage
personal investments, so long as such activities do not materially interfere
with the performance of Executive’s responsibilities as an employee of the
Company in accordance with this Agreement.

(d)           The parties expressly acknowledge that any
performance of Executive’s responsibilities hereunder shall necessitate, and
the Company shall provide, access to or the disclosure of Confidential
Information (as defined in Section 14(a) below) to Executive and that
Executive’s responsibilities shall include the development of the Company’s
goodwill through Executive’s contacts with the Company’s customers and
suppliers.

2.             Compensation.

VNR shall pay
Executive a base salary (“Base
Salary”) at the rate of $200,000 per annum for the period
commencing on the Effective Date and ending on the Date of Termination.  Base Salary shall be payable in accordance
with the ordinary payroll practices of VNR. 
Any increase in Base Salary shall be in the discretion of the Board and,
as so increased, shall constitute “Base Salary” hereunder.

3.             Employee
Benefits.

(a)           During the Employment Period, VNR shall provide
Executive with coverage under all employee pension and welfare benefit
programs, plans and practices, which VNR makes available to its senior
executives (including, without limitation, participation in health, dental,
group life, disability, retirement and all other plans and fringe benefits to
the extent generally provided to such senior executives), commensurate with his
position in the Company,  to the extent
permitted under the employee benefit plan or program, and in accordance with
the terms of the program and/or plan.

(b)           Executive shall be entitled to vacation time
generally available to executive employees of VNR (but no less than 15 business
days paid vacation in each calendar year). 
Such vacation time shall accrue at a rate of 1.25 vacation days for each
calendar month worked; provided, however, that during any given calendar
year, Executive shall be able to take vacation days that will accrue during
that calendar year, even if such days have not yet accrued.  A maximum of five  business
days of accrued but unused vacation may be carried over from one calendar year
to the next.

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(c)           Executive is authorized to incur reasonable
expenses in carrying out his duties and responsibilities under this Agreement
and promoting the business of the Company, including, without limitation,
reasonable expenses for travel, lodgings, entertainment and similar items
related to such duties and responsibilities. 
VNR will reimburse Executive for all such expenses upon presentation by
Executive from time to time of appropriately itemized and approved (consistent
with VNR’s policy) accounts of such expenditures.

4.             Class
B Units, Unit Options and Phantom Option Grants.

As a matter of
separate inducement and not in lieu of any salary or other compensation for
Executive’s services:

(a)           Effective as of April       ,
2007 Executive shall be granted 125,000 Class B common units Parent, which
equates to 2.08% of the total outstanding common units. The Class B common
units will be entitled to all distributions and other rights as set forth in
the limited liability agreement for Parent (the “LLC Agreement”). The Class B
units are non-transferable until such time as they have become vested and
converted to common units of Parent at the election of the Executive.
Executive’s Class B common units will vest on the second anniversary date of
this Agreement, however in the event the death, disability or termination other
than for Cause by VNR, any unvested Class B common units will become fully
vested.

(b)           In
the event Parent, or its successors or assigns undertakes a successful IPO,
resulting in the establishment of  a
publicly traded company , the Executive will be granted options to purchase
100,000 common units of Parent at the IPO Price. Said options will expire five
(5) years after issuance.

(c)           In the event the
Parent, or its successors or assigns undertakes a successful IPO, resulting in
the establishment of  a publicly traded
company  the Executive will be granted a
Phantom Unit (the “Phantom Unit”) on the terms and conditions as set forth in
Appendix A hereto.

(d)           For purposes hereof:

(i)            “IPO” means a qualified public
offering of the Parent’s common units;

(ii)           “IPO Price” means the price of
the Parent’s common units at the offering price in the IPO; and

(iii)          The rights
hereunder to Executive’s Class B common units are not transferable and may not
be assigned, transferred, pledged or hypothecated in any way (whether by
operation of law or otherwise) and shall not be subject to execution,
attachment or similar proceeding.  Any
attempted assignment, transfer, pledge, hypothecation or other disposition of
such rights contrary to the provisions hereof, and the levy of any attachment
or similar proceeding upon such rights, shall be null and void and without
effect.

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5.             Acceleration
and Termination of Rights to Class B common units.

(a)           Acceleration
and Termination.

(i)            In
addition to the foregoing, Executive’s Class B common units shall immediately
and automatically become fully vested and unrestricted, upon the earlier of:

(ii)           the
time immediately prior to the consummation of a “Change of Control” (being
defined herein as such time as an offer to purchase the assets or the
securities of the Parent (“Offer”) has been approved by the Board and accepted
and approved by unitholders owning not less than 66 2/3% of the total
outstanding common units) of the Parent or its successors or assigns, that
results in net proceeds to each Member equal to or greater than the greater of
(A) the Fair Market Value (as such term is defined in the  LLC Agreement) of such Member’s Membership
Interests (as such term is defined in the 
LLC Agreement) and (B) the aggregate capital contributions made to the
Parent as of such date by the party making the Offer; or

(iii)          the
date Executive’s employment is terminated by VNR for reasons other than Cause;
or

(iv)          the
date Executive’s employment is terminated by Executive for Good Reason; or

(b)           Notwithstanding anything to the
contrary in this Agreement, Executive’s rights hereunder to the unvested Class
B units shall terminate automatically and without notice upon termination of
Executive’s employment by VNR prior to the second anniversary of this Agreement
if such termination is:

(i)            by
VNR for Cause pursuant to Section 8(b); or

(ii)           by
Executive for other than Good Reason pursuant to Section 8(e);  or

6.             Sale
of Parent or its Affiliates Prior to an IPO.

Notwithstanding
anything herein to the contrary, in the event of a sale of the Parent, or
substantially all of the assets of the Parent, occurs prior to an IPO, then
Executive shall be entitled to 1.0% of the net proceeds of such sale. Said net
proceeds shall consist of any cash or stock consideration paid for the assets
of the Parent in excess of any outstanding debt burdening such assets. In this
event, Executive shall be entitled to all other consideration as set forth
herein.

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7.             Sale
of Company or its Affiliates Subsequent to the IPO.

Notwithstanding anything herein to the
contrary, in the event of the consummation of a “Change of Control” of the
Parent, or its successors or assigns, after the IPO, then Executive shall be
entitled to (i) his Accrued Compensation and Reimbursements plus (ii) a
Severance Payment as defined in Section 8(a) to be paid within ten (10)
business days following consummation of the transaction.  This payment will be due and payable whether
or not Executive elects to continue employment with the successor.

8.             Termination
of Employment.

(a)           Either Executive or VNR, by action of the Board,
may terminate this Agreement, and Executive’s employment by VNR, for any reason
after providing thirty (30) days written notice to the non-terminating party.  If Executive terminates this Agreement
pursuant to this provision, VNR will pay Executive on the Date of Termination
(i) all accrued but unpaid Base Salary, (ii) a prorated amount of Executive’s
Base Salary for accrued but unused vacation days, and (iii) reimbursements for
any reasonable and necessary business expenses incurred by Executive prior to
the Date of Termination in connection with his duties hereunder (such amounts
collectively, “Accrued
Compensation and Reimbursements”).  Upon termination by VNR
of this Agreement pursuant to this Section 8(a), within ten business
days after the Date of Termination, VNR shall pay (i) Executive’s Accrued
Compensation and Reimbursements plus (ii) a payment (a “Severance Payment”)
equal to the greater of Executive’s Base Salary (at the rate in effect
hereunder at the Date of Termination) for (i) 36 months and (ii) the remaining
duration of the Employment Period plus (iii) Executive’s Phantom Units shall
vest as of the Date of Termination and shall be payable as set forth in
Appendix A hereto.

(b)           VNR, by action of the Board may terminate this
Agreement at any time for Cause.  Upon
termination by VNR for Cause, Executive shall only be entitled to Accrued
Compensation and Reimbursements, which amount shall be paid within 10 business
days after the Date of Termination.  For
purposes hereof, “Cause”
means any of the following:

(i)            Executive’s
commission of theft, embezzlement, any other act of dishonesty relating to his
employment with VNR or any willful and material violation of any law, rules or
regulation applicable to the Company, including, but not limited to, those
laws, rules or regulations established by the Securities and Exchange
Commission, or any self-regulatory organization having jurisdiction or
authority over Executive or the Company; or

(ii)           Executive’s
conviction of, or Executive’s plea of guilty or nolo contendere to, any felony
or of any other crime involving fraud, dishonesty or moral turpitude; or

(iii)          A
determination by the Board that Executive has materially breached this
Agreement (other than during any period of disability as defined below) where
such breach is not remedied within 10 days after written demand by the Board
for substantial performance is actually received by Executive which specifically
identifies the manner in which the Board believes Executive has so breached; or

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(iv)          Executive’s
willful and continued failure to perform his reasonable and customary duties as
the Executive Vice President and Chief Financial Officer which such failure is
not remedied within 10 days after written demand by the Board for substantial
performance is actually received by Executive which specifically identifies the
nature of such failure.

(c)           For purposes of this provision, no act or failure
to act, on the part of Executive, shall be considered “willful” unless it is
done, or omitted to be done, by Executive in bad faith or without reasonable
belief that Executive’s action or omission was in, or not opposed to, the best
interests of the Company.  Any act, or
failure to act, based upon authority given by the Board or based upon the
advice of counsel for VNR shall be conclusively presumed to be done, or omitted
to be done, by Executive in good faith and in the best interests of the
Company.

(d)           VNR by action of the Board may terminate
Executive’s employment for Cause after: 
(i) providing written notice to Executive, which identifies the
Cause for Executive’s termination (which notice must be given within 90 days
after the actual discovery of the act(s) or omission(s) constituting such
Cause) and (ii) Executive has been given an opportunity, together with his
counsel, to be heard by the Board at a time and location reasonably designated
by the Board.

(e)           Executive may terminate this Agreement for Good
Reason, and thereby resign his employment, after providing 30 days’ written
notice to the Company (which notice must be given within 90 days after the
occurrence of the act(s) or omission(s) constituting Good Reason).  For purposes hereof, “Good Reason” means
any of the following reasons:

(i)            In the event
an assignment to Executive` assigned duties and responsibilities materially
inconsistent with those normally associated with his position excluding for
this purpose an isolated, insubstantial and inadvertent action not taken in bad
faith and which is remedied by VNR promptly after receipt of notice thereof
given by Executive; or

(ii)           A reduction
in Executive’s Base Salary; or

(iii)          Executive’s
removal from his position as Executive Vice President and Chief Financial Officer
of the Company, other than for Cause or by death or disability, as set forth in
Sections 8(d) and 8(e), during the Term of this Agreement; or

(iv)          Relocation of
Executive’s principal place of business to a location 50 or more miles from its
location as of the Effective Date without Executive’s written consent; or

(v)           A material
breach by VNRof this Agreement, which materially adversely affects Executive,
if the breach is not cured within 20 days after Executive provides written
notice to VNR which identifies in reasonable detail the nature of the breach;
or

(vi)          VNR’s failure
to make any payment to Executive required to be made under the terms of this
Agreement, if the breach is not cured within 20 days after 

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Executive provides written notice to the VNR which provides in
reasonable detail the nature of the payment.

(f)               In the event Executive terminates this
Agreement for Good Reason, within ten business days after the Date of
Termination VNR shall pay Executive (i) his Accrued Compensation and Reimbursements
plus (ii) a Severance Payment.

(g)              VNR, by action of the Board may terminate this
Agreement at any time if Executive shall be deemed in the reasonable judgment
of the Board to have sustained a “disability.” 
Executive shall be deemed to have sustained a “disability” if and only
if he shall have been unable to substantially perform his duties as an employee
of VNR as a result of sickness or injury, and shall have remained unable to
perform any such duties for a period of more than 180 consecutive days in any
12-month period.  Upon termination of
this Agreement for disability, VNR shall pay Executive (i) his Accrued
Compensation and Reimbursements plus (ii) a payment equal to Executive’s
Base Salary for 12 months.

(h)              This Agreement will terminate automatically upon
Executive’s death.  Upon termination of
this Agreement because of Executive’s death, VNR shall pay Executive’s estate
(i) Executive’s Accrued Compensation and Reimbursements, plus (ii) a payment
equal to Executive’s Base Salary for 12 months plus (iii) the Phantom Units
shall vest and shall be payable as set forth in Appendix A hereto.

(i)                As used in this Agreement, “Date of Termination”
means (i) if Executive’s employment is terminated by his death, the date of his
death; (ii) if Executive’s employment is terminated as a result of a disability
or by VNRfor Cause or without Cause, then the date specified in a notice
delivered to Executive by VNR of such termination, (iii) if Executive’s
employment is terminated by Executive for Good Reason, then the date specified
in the notice of such termination delivered to VNR by Executive, (iv) if
Executive’s employment terminates due to the giving of a Non-Renewal Notice,
the last day of the Employment Period, and (v) if Executive’s employment is
terminated for any other reason, the date specified therefore in the notice of
such termination.

9.             Early Termination Option.

Notwithstanding
the terms and conditions of Section 8 above, it is hereby agreed and understood
between VNR and the Executive that in the event an IPO of Parent has not
occurred prior to  September 1, 2007, VNR
can elect to terminate this Agreement in its entirety provided VNRwill make a
payment of one (1) year’s base salary upon said termination.  Should VNR elect this option, it will provide
Executive with written notice by August 1, 2007 and the termination will be
effective as of September  1, 2007.

10.           Repurchase and Forfeiture of Securities.

(a)           If
this Agreement is terminated pursuant to Sections 8(g) or 8(h),
the Company shall have the right, but not the obligation, for a period 90 days
after the date of such termination to redeem or repurchase, as the case may be,
or to assign to any other person the right to 

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purchase, all
or any number of the securities of Parent held by Executive at an aggregate
purchase price equal to the Fair Market Value thereof.  If Executive, or his heirs and assigns, and
the Company cannot agree within 10 business days of the Date of Termination,
the Company shall select an independent investment banking firm to determine
the fair market value, which determination shall be final and binding upon both
parties.

(b)           If this Agreement is terminated by
Executive pursuant to Section 8(a) at any time prior to the second
anniversary of the date of this Agreement, then any restricted securities or
rights to acquire securities of Parent will immediately and automatically and
without notice be forfeited or if this Agreement is terminated by VNR pursuant
to Section 8(b), all of Executive’s unvested rights, title and interest
in, under and to the Company, the LLC Agreement and securities of Parent shall
be forfeited.

(c)           The closing of a purchase and sale
under this Section 10 shall take place on the tenth business day
following the determination of fair market value at 10:00 a.m., local time, in
the offices of the Company, or on such other date and at such other time and
place as may be agreed upon by the Company and Executive (the “Closing Date”).  On the Closing Date (i) Executive shall
take all action necessary to convey the securities, free and clear of all Liens
(as defined in the LLC Agreement) and (ii) the Company shall tender the
purchase price to Executive in cash.

11.           Employment.

Upon
termination of this Agreement, Executive’s employment shall also terminate and
cease, and Executive shall be deemed to have voluntarily resigned from the
Board, if Executive is a member of the Board.

12.           Mitigation.

Upon
termination of this Agreement for any reason, amounts to be paid per the
express terms of this Agreement shall not be reduced whether or not Executive
obtains other employment.

13.           Release.

Notwithstanding
any other provision in this Agreement to the contrary, as a condition precedent
to receiving the Severance Payment set forth in this Agreement, Executive
agrees to execute (and not revoke) a customary severance and release agreement,
including a waiver of all claims, reasonably acceptable to the Company (the “Release”).  If Executive fails to execute and deliver the
Release, or revokes the Release, Executive agrees that he shall not be entitled
to receive the Severance Payment.  For
purposes of this Agreement, the Release shall be considered to have been
executed by Executive if it is signed by his legal representative in the case
of legal incompetence or on behalf of Executive’s estate in the case of his
death.

14.           Nondisclosure.

(a)           Executive shall, immediately upon executing this
Agreement, receive access to some or all of the Company’s various trade secrets
and confidential or proprietary information, 

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including information he has not received
before, consisting of, but not limited to, information relating to
(i) business operations and methods, (ii) existing and proposed
investments and investment strategies, (iii) financial performance,
(iv) compensation arrangements and amounts (whether relating to the
Company or to any of its employees), (v) contractual relationships,
(vi) business partners and relationships, and (vii) marketing
strategies (all of the forgoing, “Confidential Information”).  Confidential Information shall not include:
(A) information that Executive may furnish to third parties regarding his
obligations under this Section 14 and under Section 15
or (B) information that (1) is general knowledge of Executive or
information that becomes generally available to the public by means other than
Executive’s breach of this Section 14 (for example, not as a result
of Executive’s unauthorized release of marketing materials), (2) is in
Executive’s possession, or becomes available to Executive, on a non-confidential
basis, from a source other than the Company or (3) Executive is required
by law, regulation, court order or discovery demand to disclose; provided, however,
that in the case of clause (3), Executive gives the Company, to the extent
permitted by law, reasonable notice prior to the disclosure of the Confidential
Information and the reasons and circumstances surrounding such disclosure to
provide the Company an opportunity to seek a protective order or other
appropriate request for confidential treatment of the applicable Confidential
Information.

(b)           Executive agrees that all Confidential Information,
whether prepared by Executive or otherwise coming into his possession, shall
remain the exclusive property of the Company during Executive’s employment with
the Company.  Executive further agrees
that Executive shall not, except for the benefit of the Company pursuant to the
exercise of his duties in accordance with this Agreement or with the prior
written consent of the Company, use or disclose to any third party any of the
Confidential Information described herein, directly or indirectly, either
during Executive’s employment with the Company or at any time following the
termination of Executive’s employment with the Company.

(c)           Upon termination of this Agreement, Executive
agrees that all Confidential Information and other files, documents, materials,
records, notebooks, customer lists, business proposals, contracts, agreements
and other repositories containing information concerning the Company or the
business of the Company (including all copies thereof) in Executive’s
possession, custody or control, whether prepared by Executive or others, shall
remain with or be returned to the Company as soon as practicable after the Date
of Termination.

15.           Non-Competition and Non-solicitation.

(a)           As part of the consideration for the
compensation and benefits to be paid to Executive hereunder, to protect
Confidential Information of the Company and its customers and clients that have
been and will be entrusted to Executive, the business goodwill of the Company
and its subsidiaries that will be developed in and through Executive and the
business opportunities that will be disclosed or entrusted to Executive by the
Company and its subsidiaries, and as an additional incentive for the Company to
enter into this Agreement, if termination is (x) as a result of Executive’s
voluntary termination under Section 8(a) or (y) by the Company for Cause
under Section 8(b), from the date hereof through the first anniversary
of the Date of Termination (the “Restricted Period”), Executive will not
(other than for the benefit of the Company pursuant to this Agreement),
directly or indirectly:

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(i)            engage in,
or carry on or assist, individually or as a principal, owner, officer,
director, employee, shareholder, consultant, contractor, partner, member, joint
venturer, agent, equity owner or in any other capacity whatsoever (in any such
capacity, an “Investor”),
any (1) any business directly competitive with the business in which the
Company is engaged from time to time (“Competing
Business”) or (2) Business Enterprise (as defined below) that is
otherwise directly competitive with the Company within the States of Tennessee
and Kentucky;

(ii)           perform for
any corporation, partnership, limited liability company, sole proprietorship,
joint venture or other business association or entity (a “Business Enterprise”) engaged
in any Competing Business any duty Executive has performed for the Company that
involved Executive’s access to, or knowledge or application of, Confidential
Information;

(iii)          induce or
attempt to induce any customer, supplier, licensee or other business relation
of the Company to cease doing business with the Company or in any way interfere
with the relationship between any such customer, supplier, licensee or business
relation and the Company;

(iv)          induce or
attempt to induce any customer, supplier, licensee or other business relation
of the Company with whom Executive had direct business contact in dealings
during the Employment Period in the course of his employment with the Company
to cease doing business with the Company or in any way interfere with the
relationship between any such customer, supplier, licensee or business relation
and the Company; or

(v)           solicit with
the purpose of hiring or hire any person who is or, within 180 days after such
person ceased to be an employee of the Company, was an employee of the Company.

(b)           Notwithstanding the foregoing
restrictions of this Section 15, nothing in this Section 15 shall
prohibit (A) any investment by Executive, directly or indirectly, in securities
which are issued by a Business Enterprise involved in or conducting a Competing
Business, provided that Executive, directly or indirectly, does not own more
than 5% of the outstanding equity or voting securities of such Business
Enterprise or (B) Executive, directly or indirectly, from owning any interest
in any Business Enterprise which conducts a Competing Business if such interest
in such Business Enterprise is owned as of the date of this Agreement and
Executive does not have the right, in the case of (A) or (B), through the
ownership of a voting interest or otherwise, to direct the activities of or
associated with the business of such Business Enterprise.

(c)           Executive acknowledges that each of
the covenants of Section 15(a) are in addition to, and shall not be
construed as a limitation upon, any other covenant provided in Section 15(a).  Executive agrees that the geographic
boundaries, scope of prohibited activities, and time duration of each of the
covenants set forth in Section 15(a) are reasonable in nature and are no
broader than are necessary to maintain the confidentiality and the goodwill of
the Company’s proprietary and Confidential Information, plans and services and
to protect the other 

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legitimate business interests of the Company,
including without limitation the goodwill developed by Executive with Company’s
customers, suppliers, licensees and business relations.

(d)           If, during any portion of the
Restricted Period, Executive is not in compliance with the terms of Section
15(a), the Company shall be entitled to, among other remedies, compliance
by Executive with the terms of Section 15(a) for an additional period of
time (i.e., in addition to the Restricted Period) that shall equal the
period(s) over which such noncompliance occurred.

(e)           The parties hereto intend that the
covenants contained in Section 15(a) be construed as a series of
separate covenants, one for each defined province in each geographic area in
which Executive on behalf of the Company conducts business.  Except for geographic coverage, each such
separate covenant shall be deemed identical in terms to the applicable covenant
contained in Section 15(a). 
Furthermore, each of the covenants in Section 14(a) shall be deemed
a separate and independent covenant, each being enforceable irrespective of the
enforceability (with or without reformation) of the other covenants contained
in Section 15(a).

16.           Survival
of Covenants.

Sections
14 and 15 shall survive the expiration or termination
of this Agreement for any reason, except that the restrictions of Section 15
shall not apply in the event Executive’s employment is terminated as a result
of (i) the winding up, dissolution, or liquidation of the Company, (ii) the
merger, consolidation or sale of substantially all of the assets of the
Company, or (iii) the sale, transfer or other disposition of all of the equity
securities of the Company, other than, in the case of clauses (ii) and (iii),
in connection with a Permitted Transfer (as such term is defined in the LLC
Agreement).  Executive further agrees to
notify all future persons, funds or businesses, with which he becomes
affiliated with or employed by during the Restricted Period, of the
restrictions set forth in Sections 14 and 15, prior to the
commencement of any such affiliation or employment.

17.           Notices.

All
notices and other communications required or permitted to be given hereunder
shall be in writing and shall be deemed to have been duly given if delivered
personally, mailed by certified mail (return receipt requested) or sent by
overnight delivery service to the parties at the following addresses or at such
other addresses as shall be specified by the parties by like notice, in order
of preference of the recipient:

	
  

  	
  To VNR:

  	
  To the Executive:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  7700 San Felipe,
  Suite 485

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Richard A. Robert

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  11639 Versailles Lakes Ln

  	
   

  	
   

  	
   

  
	
   

  	
  Houston, Texas
  77063

  	
  Houston, TX 77082

  	
   

  	
   

  
	
  

  	
  Facsimile: (832)
  327-2260

  	
  Facsimile: (281) 679-6274

  	
   

  	
   

  
							

 

 11
 

 

 

Notice so given shall, in the case of mail, be deemed
to be given and received on the fifth calendar day after posting, and in the
case overnight delivery service, on the date of actual delivery.

 12
 

18.           Severability
and Reformation.

If
any one or more of the terms, provisions, covenants or restrictions of this
Agreement shall be determined by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions shall remain in full force and effect, and the
invalid, void or unenforceable provisions shall be deemed severable.  Moreover, if any one or more of the
provisions contained in this Agreement shall for any reason be held to be
excessively broad as to duration, geographical scope, activity or subject, it
shall be reformed by limiting and reducing it to the minimum extent necessary,
so as to be enforceable to the extent compatible with the applicable law as it
shall then appear.

19.           Assignment.

This Agreement
shall be binding upon and inure to the benefit of the heirs and legal
representatives of Executive and the permitted assigns and successors of VNR,
but neither this Agreement nor any rights or obligations hereunder shall be
assignable or otherwise subject to hypothecation by Executive (except by will
or by operation of the laws of intestate succession) or by VNR, except that VNR
may assign this Agreement to any successor (whether by merger, purchase or
otherwise) to all or substantially all of the stock assets or businesses of
VNR, if such successor expressly agrees to assume 

20.

21.           Amendment.

This
Agreement may be amended only by writing signed by Executive and by a duly
authorized representative of VNR (other than Executive).

22.           Assistance
in Litigation.

Executive
shall reasonably cooperate with the Company in the defense or prosecution of
any claims or actions now in existence or that may be brought in the future
against or on behalf of the Company that relate to events or occurrences that
transpired while Executive was employed by the Company.  Executive’s cooperation in connection with
such claims or actions shall include, but not be limited to, being available to
meet with counsel to prepare for discovery or trial and to act as a witness on
behalf of the Company at mutually convenient times.  Executive also shall cooperate fully with the
Company in connection with any investigation or review by any federal, state,
or local regulatory authority as any such investigation or review relates, to
events or occurrences that transpired while Executive was employed by the
Company.  The Company will pay Executive
an agreed upon reasonably hourly rate for Executive’s cooperation pursuant to
this Section 22.

 13

23.           Beneficiaries;
References.

Executive
shall be entitled to select (and change, to the extent permitted under any
applicable law) a beneficiary or beneficiaries to receive any compensation or
benefit payable hereunder following Executive’s death, and may change such
election, in either case by giving the Company written notice thereof.  In the event of Executive’s death or a
judicial determination of his incompetence, reference in this Agreement to
Executive shall be deemed, where appropriate, to refer to his beneficiary,
estate or other legal representative. 
Any reference to the masculine gender in this Agreement shall include,
where appropriate, the feminine.

24.           Use of Name, Likeness and
Biography.

The
Company shall have the right (but not the obligation) to use, publish and
broadcast, and to authorize others to do so, the name, approved likeness and
approved biographical material of Executive to advertise, publicize and promote
the business of the Company and its affiliates, but not for the purposes of
direct endorsement without Executive’s consent. 
This right shall terminate upon the termination of this Agreement.  An “approved likeness” and “approved
biographical material” shall be, respectively, any photograph or other
depiction of Executive, or any biographical information or life story
concerning the professional career of Executive.

25.          Governing Law.

THIS
AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF TEXAS WITHOUT REFERENCE TO RULES RELATING TO CONFLICTS OF
LAW.

26.           Entire
Agreement.

This
Agreement and the LLC Agreement contain the entire understanding between the
parties hereto with respect to the subject matter hereof and supersede in all
respects any prior or other agreement or understanding, written or oral,
between the Company or any affiliate of the Company and Executive with respect
to such subject matter.

27.           Withholding.

The
Company shall be entitled to withhold from payment to the Executive of any
amount of withholding required by law.

28.           Counterparts.

This
Agreement may be executed in two or more counterparts, each of which will be
deemed an original.

29.           Remedies.

The
parties recognize and affirm that in the event of a breach of Sections 14
or 15 of this Agreement, money damages would be inadequate and VNR would
not have an adequate remedy 

 14
 

at law.  Accordingly, the parties agree that in the
event of a breach or a threatened breach of Sections 14 or 15,
VNR may, in addition and supplementary to other rights and remedies existing in
its favor, apply to any court of law or equity of competent jurisdiction for
specific performance and/or injunctive or other relief in order to enforce or
prevent any violations of the provisions hereof (without posting a bond or
other security).  In addition, Executive
agrees that in the event a court of competent jurisdiction or an arbitrator
finds that Executive violated Section 14 or 15, the time periods
set forth in those Sections shall be tolled until such breach or violation has
been cured.  Executive further agrees
that VNR shall have the right to offset the amount of any damages resulting
from a breach by Executive of Section 14 or 15 against any
payments due Executive under this Agreement. 
The parties agree that if one of the parties is found to have breached
this Agreement by a court of competent jurisdiction or arbitrator, the
breaching party will be required to pay the non-breaching party’s attorneys’
fees reasonably incurred in prosecuting the non-breaching party’s claim of
breach.

30.           Non-Waiver.

The
failure by either party to insist upon the performance of any one or more
terms, covenants or conditions of this Agreement shall not be construed as a
waiver or relinquishment of any right granted hereunder or of any future
performance of any such term, covenant or condition, and the obligation of
either party with respect hereto shall continue in full force and effect,
unless such waiver shall be in writing signed by VNR (other than Executive) and
Executive.

31.           Announcement.

The
Company shall have the right to make public announcements concerning the
execution of this Agreement and the terms contained herein, at the Company’s
discretion.

32.           Construction.

The
headings and captions of this Agreement are provided for convenience only and
are intended to have no effect in construing or interpreting this
Agreement.  The language in all parts of
this Agreement shall be in all cases construed in accordance to its fair
meaning and not strictly for or against the Company or Executive.

33.           Right
to Insure.

The
Company shall have the right to secure, in its own name or otherwise, and at
its own expense, life, health, accident or other insurance covering Executive,
and Executive shall have no right, title or interest in and to such insurance.  Executive shall assist the Company in
procuring such insurance by submitting to examinations and by signing such
applications and other instruments as may be required by the insurance carriers
to which application is made for any such insurance.

34.           No
Inconsistent Obligations.

Executive
represents and warrants that to his knowledge he has no obligations, legal, in
contract, or otherwise, inconsistent with the terms of this Agreement or with
his undertaking 

 15
 

employment with
the Company to perform the duties described herein.  Executive will not disclose to the Company,
or use, or induce the Company to use, any confidential, proprietary, or trade
secret information of others. Executive represents and warrants that to his
knowledge he has returned all property and confidential information belonging
to all prior employers, if he is obligated to do so.

35.           Binding Agreement.

This Agreement
shall inure to the benefit of and be binding upon Executive, his heirs and
personal representatives, and the Company, its successors and assigns.

36.           Voluntary Agreement.

Each
party to this Agreement has read and fully understands the terms and provisions
hereof, has had an opportunity to review this Agreement with legal counsel, has
executed this Agreement based upon such party’s own judgment and advice of
counsel (if any), and knowingly, voluntarily, and without duress, agrees to all
of the terms set forth in this Agreement. 
The parties have participated jointly in the negotiation and drafting of
this Agreement.  If an ambiguity or
question of intent or interpretation arises, this Agreement will be construed
as if drafted jointly by the parties and no presumption or burden of proof will
arise favoring or disfavoring any party because of authorship of any provision
of this Agreement.  Except as expressly
set forth in this Agreement, neither the parties nor their affiliates, advisors
and/or their attorneys have made any representation or warranty, express or
implied, at law or in equity with respect of the subject matter contained
herein.  Without limiting the generality
of the previous sentence, the Companies, their affiliates, advisors, and/or
attorneys have made no representation or warranty to Executive concerning the
state or federal tax consequences to Executive regarding the transactions contemplated
by this Agreement.

IN
WITNESS WHEREOF, the parties hereto have executed this Employment Agreement
between VNR and Richard A. Robert  as of
the day and year first above written.

	
  

  	
  “EXECUTIVE”

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Richard Robert

  	
   

  
	
   

  	
  Richard Robert

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VNR HOLDINGS,
  LLC

  
	
   

  	
   

  
	
   

  	
  “COMPANY”

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Lasse Wagene

  	
   

  
					

 

 16
 

 

	
  

  	
  VANGUARD NATURAL
  RESOURCES, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s Majeed S.
  Nami 

  

 

APPENDIX A

A.           Post IPO Date

1. Pursuant to Section 4 (c) of the Agreement, the
Company shall grant or cause to the grant of Phantom Units (as defined below)
to the Executive on the following terms and conditions.

2. Effective as of the first (1st) day of each fiscal year of
the Company (currently the calendar year) after the IPO Date during the term of
this Agreement (the “Grant Date”), the Company shall grant or cause the grant
to the Executive of one Phantom Unit, as such term is defined below.

3. A “Phantom Unit” shall mean a hypothetical,
nonexistent unit of the Parent equal to one percent (1%) of the total
outstanding common units (“Units”)of the Parent as of the Grant Date

4.                     Each Phantom
Unit shall represent the right to receive a 
payment (the “Phantom Unit Payment”) equal to the difference
between  (a) the sum of (i) the Value of
the Phantom Unit (as defined below) as of the Determination Date (as defined
below) and (ii) the amount of distributions of cash or property (with respect
to a property distribution, valued by the Board of Directors of the Parent)
made by the Parent to its unit holders during the period beginning on the Grant
Date and ending on the Determination Date that the Executive would have been
entitled to receive during the Option Period if he had actually owned the
Parent units represented by the Phantom Unit during the entire Option Period,
and (b) one hundred and eight percent (108%) of the Value of the Phantom Unit
as of the Grant Date. In no event shall the amount of a Phantom Unit Payment be
a negative number or in any way affect the amount of the Executive’s other
compensation under the Agreement or any subsequent Phantom Unit granted
hereunder.

5.                     The “Value of
the Phantom Unit” as of any date shall be equal to the value of the Units
underlying the Phantom Unit as set forth in Paragraph 3 above, based upon the
closing 

 17
 

sales price of
Units on the Determination Date as reported by such reporting service as the
Board may choose.

6.                     The
“Determination Date” with respect to a Phantom Unit shall be the last day of
the Parent’s fiscal year (currently December 31), except in the event of the
termination of the Executive’s employment with the Company prior to the end of
the Parent’s fiscal year, in which case the Determination Date shall be the
Date of Termination..

7.                     The Phantom
Unit Payment shall be made in cash; however Executive may elect to receive such
Phantom Unit Payment all in Units, in cash or in any combination thereof. The
Phantom Unit Payment shall be made to the Executive, or to his beneficiaries,
heirs or estate in the event of his death, as soon as practicable but in no
event more than sixty (60) days after the Determination Date.

8.                     Subject to
Section 9 below, the Executive shall acquire a vested and non-forfeitable
interest in the Phantom Unit as of the last day of the Parent’s fiscal year if
the Executive is employed by the Company on such day.

9.                     In the event
of the termination of the Executive’s employment by the Company without Cause,
by the Executive for Good Reason, or by reason of the Executive’s death or
Disability, (a) the Executive shall acquire a vested and non-forfeitable
interest in the Phantom Unit as of the Date of Termination and (b) the Phantom
Unit Payment shall be made as soon as practicable, but in no event more than
sixty (60) days after the Date of Termination. In the event of the termination
of the Executive’s employment with the Company by the Company for Cause or by
the Executive without Good Reason, the Executive shall forfeit the Phantom Unit
as of the Date of Termination and the Company shall have no further obligations
to the Executive with respect to such Phantom Unit.

10.               Upon Payment of the
Phantom Unit Payment with respect to a Phantom Unit, such Phantom Unit shall
automatically terminate and be of no further force or effect.

11.               The Company shall
withhold or shall cause to be withheld all applicable income and employment
taxes from the Phantom Unit Payment as may be required by law.

12.               The Phantom Unit,
or any interest in it, shall not be assignable by the Executive and shall not
be subject to attachment, lien, levy or other creditor’s rights under state or
Federal law. The Phantom Unit Payments shall be payable from the general assets
of the Company or pursuant to such other means as they deem appropriate, and
the Executive shall not be entitled to look to any source for payment of such
benefits other than the general assets of the Company.

 18Exhibit
10.23

REGISTRATION RIGHTS AGREEMENT

by and among

VANGUARD
NATURAL RESOURCES, LLC

and

LEHMAN
BROTHERS MLP OPPORTUNITY FUND L.P.,

THIRD
POINT PARTNERS LP,

THIRD
POINT PARTNERS QUALIFIED LP

and

BLRTQS
Partners

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE I

  	
   

  	
   

  
	
   

  	
   

  	
  DEFINITIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.01

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.02

  	
   

  	
  Registrable Securities

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE II

  	
   

  	
   

  
	
   

  	
   

  	
  REGISTRATION
  RIGHTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01

  	
   

  	
  Shelf Registration.

  	
   

  	
  4

  
	
  Section 2.02

  	
   

  	
  Piggyback Registration.

  	
   

  	
  8

  
	
  Section 2.03

  	
   

  	
  Underwritten Offering.

  	
   

  	
  10

  
	
  Section 2.04

  	
   

  	
  Registration Procedures

  	
   

  	
  11

  
	
  Section 2.05

  	
   

  	
  Cooperation by Holders

  	
   

  	
  13

  
	
  Section 2.06

  	
   

  	
  Restrictions on Public Sale by Holders of
  Registrable Securities.

  	
   

  	
  14

  
	
  Section 2.07

  	
   

  	
  Expenses.

  	
   

  	
  14

  
	
  Section 2.08

  	
   

  	
  Indemnification.

  	
   

  	
  15

  
	
  Section 2.09

  	
   

  	
  Rule 144 Reporting

  	
   

  	
  17

  
	
  Section 2.10

  	
   

  	
  Limitation on Subsequent Registration Rights

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE III

  	
   

  	
   

  
	
   

  	
   

  	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01

  	
   

  	
  Communications

  	
   

  	
  18

  
	
  Section 3.02

  	
   

  	
  Successor and Assigns

  	
   

  	
  18

  
	
  Section 3.03

  	
   

  	
  Transfer or Assignment of Registration Rights

  	
   

  	
  18

  
	
  Section 3.04

  	
   

  	
  Aggregation of Registrable Securities

  	
   

  	
  19

  
	
  Section 3.05

  	
   

  	
  Recapitalization, Exchanges, etc. Affecting the
  Common Units

  	
   

  	
  19

  
	
  Section 3.06

  	
   

  	
  Change of Control

  	
   

  	
  19

  
	
  Section 3.07

  	
   

  	
  Specific Performance

  	
   

  	
  19

  
	
  Section 3.08

  	
   

  	
  Counterparts

  	
   

  	
  19

  
	
  Section 3.09

  	
   

  	
  Headings

  	
   

  	
  19

  
	
  Section 3.10

  	
   

  	
  Governing Law

  	
   

  	
  19

  
	
  Section 3.11

  	
   

  	
  Severability of Provisions

  	
   

  	
  19

  
	
  Section 3.12

  	
   

  	
  Entire Agreement

  	
   

  	
  20

  
	
  Section 3.13

  	
   

  	
  Amendment

  	
   

  	
  20

  
	
  Section 3.14

  	
   

  	
  No Presumption

  	
   

  	
  20

  

 

 i

REGISTRATION RIGHTS
AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is made and entered into as of April 18, 2007 (the “Effective Date”), by
and among VANGUARD NATURAL RESOURCES, LLC, a Delaware limited liability company
(the
“Company”), and LEHMAN BROTHERS MLP OPPORTUNITY
FUND L.P., a Delaware limited partnership, and THIRD POINT PARTNERS LP, a
Delaware limited partnership, THIRD POINT PARTNERS QUALIFIED LP, a Delaware
limited partnership, and BLRTQS Partners, a general partnership (collectively, the “Purchasers”).  Capitalized terms used herein without
definition shall have the meanings given to them in the Purchase Agreement, as
defined below.

RECITALS

WHEREAS, as of the
date hereof, the Company and the Purchasers entered into a Purchase Agreement
dated as of April 18, 2007 (the “Purchase Agreement”), pursuant to which
the Company agreed to issue and sell to each Purchaser, and each Purchaser
agreed to purchase from the Company, Common Units; and

WHEREAS, to induce
the Purchasers to enter into the Purchase Agreement and to consummate the
transactions contemplated therein, the Company has agreed to provide the
registration and other rights set forth in this Agreement for the benefit of
the Purchasers.

NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by each party hereto, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.01           Definitions.  The terms set forth below are used herein as
so defined:

“Affiliate” means, with respect to a specified
Person, any other Person, directly or indirectly controlling, controlled by or
under direct or indirect common control with such specified Person.  For purposes of this definition, “control”
(including, with correlative meanings, “controlling,” “controlled by” and “under
common control with”) means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise.

“Affiliate Transfer” means any transfer of
Registrable Securities (and/or the rights granted to the Purchasers by the
Company under this Agreement) from any Purchaser to an Affiliate of such
Purchaser and any successive Affiliate Transfers.

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

“Business Day” means any day other than a
Saturday, Sunday, or a legal holiday for commercial banks in New York, New
York.

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

“Common Units” has the meaning assigned to such
term in the Company LLC Agreement.

“Company” has the meaning specified therefor in
the introductory paragraph.

“Company LLC Agreement” means that Amended and
Restated Limited Liability Company Agreement of the Company, dated April 18,
2007.

“Effective Date” has the meaning specified
therefor in the introductory paragraph.

“Effectiveness Period” has the meaning
specified in Section 2.01(a).

“Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder.

“Excluded Registrable Securities” has the
meaning specified in Section 2.01(a).

“Excluded Registrable Securities Registration
Statement” means a resale registration statement on Form S-1 or S-3, as
available, registering the Excluded Registrable Securities.

“Excluded Registrable Securities Registration
Statement Effective Date” has the meaning specified in Section
2.01(b)(iii).

“Excluded Registrable
Securities Registration Statement Filing Date” has the meaning specified in
Section 2.01(b)(i).

“Holder” means the record holder of any
Registrable Securities.

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

“IPO” means the initial public offering of
Common Units by the Company that results in the Common Units being listed for
trading on the New York Stock Exchange or the Nasdaq Global Market or any
affiliate of the New York Stock Exchange or the Nasdaq Global Market.

“Liquidated Damages” shall mean an amount equal
to 0.25% of the product of $18.00 (subject to appropriate adjustments for any
subdivision or combination of Registrable Securities after the date hereof)
times the number of Registrable Securities or Excluded Registrable Securities,
as applicable in context of the specific provision, held by such Holder per
30-day period for the first 60 days, with such amount increasing by an
additional 0.25% of the product of $18.00 (subject to appropriate adjustments
for any subdivision or combination of Registrable Securities after the date
hereof) times the number of Registrable Securities held by such Holder per
30-day period for each subsequent 60 days, up to a maximum per 30-day
period of 1.00% of the product of $18.00 (subject to appropriate adjustments
for any subdivision or combination of Registrable Securities after the date
hereof) times the number of Registrable Securities held by such Holder.  Liquidated Damages for any period of less
than 30-days shall be prorated by multiplying Liquidated Damages to be paid in
a full 30-day period by a fraction, the numerator of which is the number of
days for which Liquidated Damages are owed, and the denominator of which is 30.

 2
 

“Liquidated Damages Cap” has the meaning
specified in Section 2.01(f).

“Losses” has the meaning specified in Section
2.08(a).

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

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

“Piggyback Registration” has the meaning
specified in Section 2.02(a).

“Purchase Agreement” has the meaning specified
in the recitals.

“Purchased Securities” means the Common Units
issued and sold by the Company pursuant to the Purchase Agreement.

“Purchasers” has the meaning specified in the
introductory paragraph hereto.

“Registrable Securities” means the Common Units
comprising the Purchased Securities and any units or other equity securities issued
in exchange therefor in connection with any merger, consolidation or other
business combination involving the Company, until such time as such securities
cease to be Registrable Securities pursuant to Section 1.02.

“Registration Expenses” has the meaning
specified therefor in Section 2.07(a).

“Required Effective Date” has the meaning
specified in Section 2.01(a).

“S-3 Shelf Registration Statement” has the
meaning specified in Section 2.01(c).

“Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations of the Commission promulgated
thereunder.

“Selling Expenses” has the meaning specified in
Section 2.07(a).

“Selling Holder” means a Holder who is selling
Registrable Securities pursuant to a registration statement.

“Selling Holder Indemnified Persons” has the
meaning specified in Section 2.08(a).

“Shelf Registration Filing Date” has the
meaning specified in Section 2.01(a).

 “Shelf
Registration Statement” has the meaning specified in Section 2.01(a).

“Underwritten Offering” means an offering
(including an offering pursuant to a Shelf Registration Statement) in which
Common Units are sold to an underwriter on a firm commitment basis for
reoffering to the public.

 3
 

Section 1.02           Registrable Securities.  Any Registrable Security will cease to be a
Registrable Security when (a) a registration statement covering such
Registrable Security has been declared effective by the Commission and such
Registrable Security has been sold or disposed of pursuant to such effective
registration statement; (b) such Registrable Security has been disposed of
pursuant to any section of Rule 144 (or any similar provision then in force
under the Securities Act) or is eligible for sale without registration,
pursuant to Rule 144(k) promulgated by the Commission pursuant to the
Securities Act, in the opinion of counsel to the Company; (c) such Registrable
Security is held by the Company or one of its subsidiaries; (d) such
Registrable Security has been sold in a private transaction in which the transferor’s
rights under this Agreement are not assigned to the transferee of such
securities or (e) two years from the effective date of the Shelf Registration
Statement.

ARTICLE II

REGISTRATION
RIGHTS

Section 2.01           Shelf Registration.

(a)         Shelf
Registration.  The Company
shall use its commercially reasonable efforts to prepare and file with the
Commission a registration statement under the Securities Act within 90 days of the closing of the IPO (the “Shelf
Registration Filing Date”) to permit the public resale by the Holders of
the Registrable Securities from time to time as permitted by Rule 415 of the
Securities Act (the “Shelf Registration Statement”), and the Company
shall use its commercially reasonable efforts to cause the Shelf Registration
Statement to become effective no later than 180 days
(the “Required Effective Date”) after the closing of the IPO (the “Shelf
Registration”); provided, however, that in the event (i) the
Company is pursuing a material acquisition, merger, reorganization, disposition
or other similar transaction and the Company determines in good faith that the
Company’s ability to pursue or consummate such a transaction would be
materially adversely affected by any required disclosure of such transaction in
the Shelf Registration Statement or (ii) the Company has experienced some other
material non-public event or is in possession of material non-public
information concerning the Company, the disclosure of which at such time, in
the good faith judgment of the Company, would materially adversely affect the
Company, and in the events specified in clause (i) or (ii) makes it
inadvisable, in the good faith judgment of the Company, to proceed to obtain
effectiveness of the Shelf Registration Statement, then the Required Effective
Date shall be extended for a period no greater than 90 days; provided, further,
however, that the Required Effective Date may be further modified or
waived by means of a written amendment signed by the Company and the Holders of
a majority of the then outstanding Registrable Securities.  A Shelf Registration Statement filed pursuant
to this Section 2.01(a) shall be on such appropriate registration form of the
Commission as shall be selected by the Company; provided, however,
that if a prospectus supplement will be used in connection with the marketing
of an Underwritten Offering from the Shelf Registration Statement and the
Managing Underwriter at any time shall notify the Company in writing that, in
the sole judgment of such Managing Underwriter, inclusion of detailed information
to be used in such prospectus supplement is of material importance to the
success of the Underwritten Offering of such Registrable Securities, the
Company shall use its commercially reasonable efforts to include such
information in the prospectus.  The Company
shall cause the Shelf Registration Statement filed pursuant to this Section
2.01(a) to be continuously effective, supplemented and amended to the extent
necessary to ensure that it is available for resale of all

 4
 

Registrable Securities by
the Holders and that it conforms in all material respects with the requirements
of the Securities Act during the entire period beginning on the date the Shelf
Registration Statement first is declared effective under the Securities Act and
ending on the earlier to occur of (i) the date all Registrable Securities
covered by such Shelf Registration Statement have been distributed in the
manner set forth and as contemplated in the Shelf Registration Statement and
(ii) the date on which all Registrable Securities covered by the Shelf
Registration Statement have ceased to be Registrable Securities hereunder in
accordance with Section 1.02 (the “Effectiveness Period”).  The Shelf Registration Statement when
declared effective will comply as to form in all material respects with all
applicable requirements of the Securities Act and the Exchange Act and will not
contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading.  If the Company is required
to exclude any of the Registrable Securities from a Shelf Registration
Statement by the Commission in order for the Commission to declare the Shelf
Registration Statement effective (the “Excluded Registrable Securities”),
such Excluded Registrable Securities shall be registered on the Excluded
Registrable Securities Registration Statement as provided in Section
2.01(b).  The Holder shall be entitled to
Liquidated Damages with respect to such Excluded Registrable Securities held by
the Holder, and not then included in an effective Piggyback Registration
Statement, for the period beginning on the Shelf Registration Effective Date
and lasting to but excluding the Excluded Registrable Securities Registration
Effective Date.

(b)         Excluded Registrable Securities
Registration.

(i)            As
soon as the Company is able to file an Excluded Registrable Securities
Registration Statement to cover the Excluded Registrable Securities, the
Company shall prepare and file such registration statement within 30 days of
becoming eligible to do so (the “Excluded Registrable Securities
Registration Statement Filing Date”). 
The Company shall use its commercially reasonable efforts to cause the
Excluded Registrable Securities Registration Statement to become effective no
later than 90 days after the Excluded Registrable Securities Registration
Statement Filing Date.  The Company will
use its commercially reasonable efforts to cause the Excluded Registrable
Securities Registration Statement filed pursuant to this Section 2.01(b)
to be continuously effective under the Securities Act during the Effectiveness
Period.  The Excluded Registrable
Securities Registration Statement when declared effective (including the
documents incorporated therein by reference) will comply as to form in all
material respects with all applicable requirements of the Securities Act and
the Exchange Act and will not contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading.

(ii)           If
the Excluded Registrable Securities Registration Statement is not filed before
the Excluded Registrable Securities Registration Statement Filing Date, then
the Holder shall be entitled to Liquidated Damages with respect to the Excluded
Registrable Securities held by the Holder and not then included in an effective
Piggyback Registration Statement, for the period beginning on the day after
Excluded Registrable Securities Registration Statement Filing Date and

 5
 

lasting to but excluding the day the Excluded Registrable Securities
Registration Statement is filed.

(iii)          If
the Excluded Registrable Securities Registration Statement is not declared
effective within 90 days after the Excluded Registrable Securities Registration
Statement Filing Date (the “Excluded Registrable Securities Statement
Effective Date”), then the Holder shall be entitled to Liquidated Damages
with respect to the Excluded Registrable Securities held by the Holder and not
then included in an effective Piggyback Registration Statement, for the period
beginning on the 120th day after the Excluded Registrable Securities
Registration Statement Filing Date and lasting to but excluding the day the
Excluded Registrable Securities Registration Statement is declared effective.

(c)           S-3 Registration Statement.  The Company may, at any time it is eligible
to do so, file a post-effective amendment on Form S-3 to the Shelf Registration
Statement on Form S-1 and the Excluded Registrable Securities Registration
Statement on Form S-1, if any, (the “S-3 Shelf Registration Statement”)
for the resale of any then existing Registrable Securities or any Excluded
Registrable Securities or in any such other manner as is preferred or permitted
by the Commission to convert the Shelf Registration Statement and the Excluded
Registrable Securities Registration Statement to an S-3 Shelf Registration
Statement.  Upon the effectiveness of the
S-3 Shelf Registration Statement, all references to the Shelf Registration
Statement and the Excluded Registrable Securities Registration Statement in
this Agreement shall then automatically be deemed to be a reference to the S-3
Shelf Registration Statement.

(d)         Delay Rights.  Notwithstanding anything to the contrary
contained herein, the Company may, upon written notice to any Selling Holder
whose Registrable Securities are included in the Shelf Registration Statement
or the Excluded Registrable Securities Registration Statement, from time to
time suspend such Selling Holder’s use of any prospectus which is a part of the
Shelf Registration Statement or the Excluded Registrable Securities
Registration Statement (in which event the Selling Holder shall discontinue
sales of the Registrable Securities pursuant to the Shelf Registration Statement
or the Excluded Registrable Securities Registration Statement), for a period or
periods not to exceed (X) an aggregate of 90 days in any 365-day period; provided,
however, that such 90 days shall be decreased by the number of days of
delay that have occurred in such 365-day period pursuant to
Section 2.01(a),  if (i) the Company is pursuing a
material acquisition, merger, reorganization, disposition or other similar
transaction and the Company determines in good faith that the Company’s ability
to pursue or consummate such a transaction would be materially adversely
affected by any required disclosure of such transaction in the Shelf
Registration Statement or in the Excluded Registrable Securities Registration
Statement, (ii) the Company has experienced some other material non-public
event or is in possession of material non-public information concerning the
Company, the disclosure of which at such time, in the good faith judgment of
the Company, would materially adversely affect the Company or (iii) at any
time prior to the time when the Company is eligible to utilize the S-3 Shelf
Registration Statement, the Company has prepared and filed with the Commission
a post-effective amendment for the purpose of updating financial information or
other information therein and such post-effective amendment has not been
declared effective by the Commission or (Y) a period specified by means of a
written amendment signed by the Company and the Holders of a majority of the
then outstanding Registrable Securities. 
Upon disclosure of

 6
 

such information or the
termination of the condition or expiration of the period described above, as
applicable, the Company shall provide prompt notice within 2 Business Days to
each Selling Holder whose Registrable Securities are included in the Shelf
Registration Statement or the Excluded Registrable Securities Registration
Statement, and shall promptly terminate any suspension of sales it has put into
effect and shall take such other actions to permit registered sales of
Registrable Securities as contemplated in this Agreement.

(e)         Delay in
Effectiveness of Shelf Registration Statement; Certain Suspensions.

(i)            If the Shelf Registration Statement
is not declared effective by the Commission by the Required Effective Date (or
such extension thereof pursuant to Section 2.01(a), as the case may be), then
following the Required Effective Date (or such extension thereof pursuant to
Section 2.01(a), as the case may be), until such time as the Shelf Registration
Statement is declared effective or there are no longer any Registrable
Securities outstanding, the Company shall pay each Holder with respect to any
such failure Liquidated Damages with respect to the Registrable Securities
registered thereon, as liquidated damages and not as a penalty; provided,
however, that this Section 2.01(e) shall not apply with respect to
Excluded Registrable Securities, if any, and liquidated damages shall be paid
with respect to any such Excluded Registrable Securities as set forth in
Section 2.01(a) and 2.01(b).

(ii)           If (i) the Holders shall be
prohibited from selling their Registrable Securities included under the Shelf
Registration Statement as a result of a suspension pursuant to Section 2.01(d)
in excess of the periods permitted therein or (ii) the Shelf Registration
Statement is filed and declared effective but, during the Effectiveness Period,
shall thereafter cease to be effective or fail to be usable for its intended
purpose (other than in connection with a suspension pursuant to Section
2.01(d)) without being succeeded within 10 Business Days by a post-effective
amendment to the Shelf Registration Statement, a supplement to the prospectus
or a report filed with the Commission pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act, then until the suspension is lifted or a
post-effective amendment, supplement or report is filed with the Commission,
but not including any day on which a suspension is lifted or such amendment,
supplement or report is filed, the Company shall pay the Holders Liquidated Damages
with respect to the Registrable Securities registered thereon, following
(x) the date on which the suspension period exceeded the permitted period,
if applicable, or (y) the eleventh Business Day after the Shelf
Registration Statement ceased to be effective or failed to be useable for its
intended purposes, if applicable, as liquidated damages and not as a
penalty.  For purposes of this Section
2.01(e), a suspension shall be deemed lifted on the date that notice that the
suspension has been lifted is delivered to the Purchasers pursuant to Section
3.01 of this Agreement.

 7
 

(f)          Liquidated Damages.

(i)            General.  Liquidated Damages shall be paid to each
Holder in cash within ten Business Days of the end of each such 30-day
period.  The Holders’ rights under this
Section 2.01 shall terminate when such Registrable Securities cease to be
Registrable Securities.  Any payments
made pursuant to Section 2.01 shall constitute the Holders’ exclusive remedy
for such events.  Liquidated Damages
shall be paid to the Holders in immediately available funds.

(ii)           Contingent Cap.  The aggregate amount of Liquidated Damages
payable to any Holder under this Agreement shall not exceed ten percent (10%)
of the amount of the Holder’s initial investment in Registrable Securities (“Liquidated
Damages Cap”), provided that the Liquidated Damages Cap shall be
automatically increased or eliminated without further action by the parties
hereto to the extent that such increase or elimination does not, under the then
published statements of the Fair Accounting Standards Board (to the extent not
challenged or disputed by the Commission), result in (A) the Liquidated Damages
payment obligation being accounted for as a derivative instrument rather than a
contingent payment obligation under generally accepted accounting principles
and the rules and regulations of the Commission or (B) any of the Registrable
Securities (whether or not deemed to include the Liquidated Damages payment
obligation) being accounted for as interests other than equity interests under
generally accepted accounting principles and the rules and regulations of the
Commission.

Section 2.02           Piggyback Registration.

(a)           IPO Participation.  In the event that the IPO has not been
consummated on or before October 1, 2007 and if the Company proposes at any
time thereafter to register any Common Units for sale to the public in the IPO,
then, as soon as practicable the Company shall offer the Holders the
opportunity to include in such IPO such number of Registrable Securities as
each such Holder may request in writing. 
Subject to Section 2.02(c), the Company shall include in such IPO all
such Registrable Securities (“Included Registrable Securities”) with
respect to which the Company has received requests within ten Business Days
after the Company’s notice has been delivered in accordance with Section
3.01.  If no request for inclusion from a
Holder is received within the specified time, such Holder shall have no further
right to participate in the IPO.  If, at
any time after giving written notice of its intention to undertake an IPO and
prior to the closing of such IPO, the Company shall determine for any reason
not to undertake or to delay such IPO, the Company may, at its election, give
written notice of such determination to the Selling Holders and, (i) in the
case of a determination not to undertake such IPO, shall be relieved of its
obligation to sell any Included Registrable Securities in connection with such
terminated IPO, and (ii) in the case of a determination to delay such IPO, shall
be permitted to delay offering any Included Registrable Securities for the same
period as the delay in the IPO.  If any
Holder disapproves of the terms of such IPO, such Holder may elect to withdraw
therefrom by written notice to the Company and the Managing Underwriter
delivered (i) prior to the commencement of any marketing efforts for the
Underwritten Offering or (ii) at any time up to and including the time of
pricing of the Underwritten Offering if the price to the public at which

 8
 

the Registrable
Securities are proposed to be sold is not within the price range stated on the
front cover of the preliminary prospectus for the IPO.  The Company will provide notice to the
Holders on the second trading day prior to the date of commencement of
marketing efforts and the applicable price or price range determined under the
immediately preceding sentence. The Holder may agree to waive this right to
withdraw with the Company, the underwriters or any custodial agent in any
custody agreement and/or power of attorney executed by such Holder in
connection with the underwriting.  Any
Registrable Securities excluded or withdrawn from such IPO shall be excluded
and withdrawn from such Registration Statement. 
No such withdrawal shall affect the Company’s obligation to pay all
Registration Expenses.

(b)         Underwritten
Offering Participation.  If at
any time after the closing of an IPO, the Company proposes to file (i) a shelf
registration statement or (ii) a registration statement, other than a shelf
registration statement, in either case, for the sale of Common Units in an
Underwritten Offering for its own account and/or another Person (each a “Piggyback
Registration”), then as soon as practicable but not less than ten Business
Days prior to the filing of (x) any preliminary prospectus supplement to a
prospectus that includes the Registrable Securities, relating to such
Underwritten Offering pursuant to Rule 424(b), (y) the prospectus supplement to
a prospectus that includes the Registrable Securities, relating to such Underwritten
Offering pursuant to Rule 424(b) (if no preliminary prospectus supplement is
used) or (z) such registration statement as the case may be, the Company shall
give notice of such proposed Underwritten Offering to the Holders and such
notice shall offer the Holders the opportunity to include in such Underwritten
Offering such number of Registrable Securities as each such Holder may request
in writing.  Subject to
Section 2.02(c), the Company shall include in such Underwritten Offering
all such Registrable Securities with respect to which the Company has received
requests within five Business Days after the Company’s notice has been
delivered in accordance with Section 3.01. 
If no request for inclusion from a Holder is received within the
specified time, such Holder shall have no further right to participate in such
Underwritten Offering.  If, at any time
after giving written notice of its intention to undertake an Underwritten
Offering and prior to the closing of such Underwritten Offering, the Company
shall determine for any reason not to undertake or to delay such Underwritten
Offering, the Company may, at its election, give written notice of such
determination to the Selling Holders and, (i) in the case of a
determination not to undertake such Underwritten Offering, shall be relieved of
its obligation to sell any Included Registrable Securities in connection with
such terminated Underwritten Offering, and (ii) in the case of a
determination to delay such Underwritten Offering, shall be permitted to delay
offering any Included Registrable Securities for the same period as the delay
in the Underwritten Offering.  If any
Holder disapproves of the terms of an Underwritten Offering, such Holder may
elect to withdraw therefrom by written notice to the Company and the Managing
Underwriter delivered (i) prior to the commencement of any marketing efforts
for the Underwritten Offering or (ii) at any time up to and including the time
of pricing of the Underwritten Offering if the price to the public at which the
Registrable Securities are proposed to sold is (A) less than 95% of average
closing price of the Units during the 10 trading days preceding the fourth
trading day prior to commencement of the marketing efforts for the Underwritten
Offering, if the Units are then publicly traded or (B) less than the lowest
price in the initial price range set forth on the cover of the preliminary
prospectus for the Underwritten Offering, if the Units are not then publicly
traded. The Company will provide notice to the Holders on the second trading
day prior to the date of commencement of marketing efforts and

 9
 

the applicable price or
price range determined under the immediately preceding sentence. The Holder may
agree to waive this right to withdraw with the Company, the underwriters or any
custodial agent in any custody agreement and/or power of attorney executed by
such Holder in connection with the underwriting.  Any Registrable Securities excluded or
withdrawn from such underwriting shall be excluded and withdrawn from such
Registration Statement.  No such
withdrawal shall affect the Company’s obligation to pay all Registration
Expenses.

(c)         Priority of
Registration.  If the Managing
Underwriter or Underwriters of any proposed Underwritten Offering of Common
Units advises the Company in writing that the total amount of Common Units
which the Selling Holders and any other Persons intend to include in such
offering pursuant to Sections 2.02(a) and (b) exceeds the number which can
be sold in such offering without being likely to have an adverse effect in any
material respect on the price, timing or distribution of the Common Units
offered or the market for the Common Units, then the Common Units to be
included in such Underwritten Offering shall include the number of Registrable
Securities that such Managing Underwriter or Underwriters advises the Company
can be sold without having such adverse effect, with such number to be first,
allocated to the Company; and second, if there remains availability for
additional Common Units to be included in such Underwritten Offering, pro
rata among the Selling Holders and other holders of securities of the
Company who have requested participation in the Underwritten Offering.

Section 2.03           Underwritten Offering.

(a)         Underwritten
Offering.  Any one or more
Holders may deliver written notice to the Company that such Holders wish to
dispose of Registrable Securities under the Shelf Registration Statement in an
Underwritten Offering if the Holders reasonably anticipate selling at least $15
million of Common Units (based on the fair market value of such Common Units).
Upon receipt of such written request, the Company shall use commercially
reasonable efforts to retain underwriters and effect such sale through an
Underwritten Offering and take all commercially reasonable actions as are
requested by the Managing Underwriter or underwriters to expedite or facilitate
the disposition of such Registrable Securities, including the participation by
the Company’s management in a “road show” or similar marketing effort; provided,
however, that the Company shall not be required to cause its management
to participate in a “road show” or similar marketing effort if the Managing
Underwriter or underwriters of any such proposed Underwritten Offering advise
the Company that (i) the failure of the Company’s management to participate in
such road show would not adversely effect the price, timing or distribution of
the Common Units and (ii) a “bought deal” or “overnight transaction” is
contemplated.  The Company may elect to
include primary Common Units in any Underwritten Offering undertaken pursuant
to this Section 2.03(a).  In addition,
any Underwritten Offering undertaken pursuant to this Section 2.03 will be
subject to the provisions of Section 2.02(c).

(b)         General Procedures.  In connection with an Underwritten Offering,
each Selling Holder and the Company shall be obligated to enter into an
underwriting agreement which contains such representations, covenants,
indemnities and other rights and obligations as are customary in underwriting
agreements for firm commitment offerings of securities.  No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities, securities
escrow agreements

 10
 

and other documents
reasonably required under the terms of such underwriting agreement, and furnish
to the Company such information as the Company may reasonably request in
writing for inclusion in the Piggyback Registration or Shelf Registration
Statement, as the case may be.  Each
Selling Holder may, at its option, require that any or all of the representations
and warranties by, and the other agreements on the part of, the Company to and
for the benefit of such underwriters also be made to and for such Selling
Holder’s benefit and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement also be
conditions precedent to its obligations. No Selling Holder shall be required to
make any representations or warranties to or agreements with the Company or the
underwriters other than representations, warranties or agreements regarding such
Selling Holder and its ownership of the securities being registered on its
behalf and its intended method of distribution and any other representation
required by law.  If any Selling Holder
disapproves of the terms of the Offering contemplated by this Section 2.03,
such Selling Holder may elect to withdraw therefrom by notice to the Company
and the Managing Underwriter and such withdrawal may be made up to and
including the time of pricing of the Underwritten Offering.  No such withdrawal or abandonment shall
affect the Company’s obligation to pay Registration Expenses.

(c)         Appointment of Underwriters.  In connection with an Underwritten Offering,
the Company shall have the sole right to appoint the Managing Underwriters.

Section 2.04           Registration Procedures.  In connection with its obligations contained
in Sections 2.01 and 2.02 hereof, the Company will, as promptly as reasonably
practicable:

(a)         subject to Section 2.01(d), prepare and
file with the Commission the Shelf Registration Statement or the Excluded
Registrable Securities Registration Statement, and any amendments and
supplements thereto and the prospectus used in connection therewith or reports
filed with the Commission pursuant to Section 13(a), 13(c), 14 of 15(d) of the
Exchange Act as may be necessary to keep the Shelf Registration Statement or
the Excluded Registrable Securities Registration Statement effective for the
Effectiveness Period and as may be necessary to comply with the provisions of
the Securities Act with respect to the disposition of all Registrable
Securities included in the Shelf Registration Statement or the Excluded
Registrable Securities included in Excluded Registrable Securities Registration
Statement;

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

 11
 

order to facilitate the
public sale or other disposition of the Registrable Securities covered by such
Shelf Registration Statement, or the Excluded Registrable Securities included
in Excluded Registrable Securities Registration Statement or other registration
statement;

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

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

(e)         in the case of an Underwritten Offering
under Sections 2.02 and 2.03 hereof, use its commercially reasonable
efforts to furnish upon request, (i) an opinion of counsel for the Company,
dated the effective date of the applicable registration statement or the date
of any amendment or supplement thereto, and an opinion in customary form dated the date of the
closing of the Underwritten Offering, and (ii) a “cold comfort” letter
or letters, dated the date of execution
of the underwriting agreement and a letter or letters of like kind dated the
date of the closing of the Underwritten Offering, in each case, signed
by the independent public accountants who have certified the financial
statements included or incorporated by reference into the applicable
registration statement, and each of the opinion and the “cold comfort” letter
or letters shall be in customary form and covering substantially the same
matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) and as are customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to

 12
 

the underwriters in Underwritten
Offerings of securities, such other matters as such underwriters may reasonably
request;

(f)          furnish to each Selling Holder copies
of any and all transmittal letters or other written correspondence with the
Commission or any other governmental agency or self-regulatory body or other
body having jurisdiction (including any domestic or foreign securities
exchange) relating to such offering of Registrable Securities;

(g)         otherwise use its commercially
reasonable efforts to comply with all applicable rules and regulations of the
Commission, and make generally available to its security holders (or otherwise
provide in accordance with Section 11(a) of the Securities Act) an earnings
statement satisfying the provisions of Section 11(a) of the Securities Act in
accordance with Rule 158 thereunder (or any similar rule promulgated under the
Securities Act) or otherwise;

(h)         make available to the appropriate
representatives of the Managing Underwriter and each Selling Holder access to
such information and personnel as is reasonable and customary to enable such
parties to establish a due diligence defense under the Securities Act; provided
that the Company need not disclose any information to any such representative
unless and until such representative has entered into a confidentiality
agreement with the Company;

(i)          cause all such Registrable Securities
registered pursuant to this Agreement to be listed on each securities exchange
or nationally recognized quotation system on which similar securities issued by
the Company are then listed;

(j)          provide a transfer agent and registrar
for all Registrable Securities covered by such registration statement not later
than the effective date of such registration statement; and

(k)         enter into customary agreements and
take such other actions as are reasonably requested by any Selling Holder or
the underwriters, if any, in order to expedite or facilitate the disposition of
such Registrable Securities.

Each Selling Holder, upon receipt of notice from the
Company of the happening of any event of the kind described in subsection (d)
of this Section 2.04, shall forthwith discontinue disposition of the
Registrable Securities until such Selling Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by subsection (e) of this
Section 2.04 or until it is advised in writing by the Company that the use of
the prospectus may be resumed, and has received copies of any additional or
supplemental filings incorporated by reference in the prospectus, and, if so directed
by the Company, such Selling Holder will, or will request the Managing
Underwriter or underwriters, if any, to deliver to the Company (at the Company’s
expense) all copies in their possession or control, other than permanent file
copies then in such Selling Holder’s possession, of the prospectus and any
prospectus supplement covering such Registrable Securities current at the time
of receipt of such notice.

Section 2.05           Cooperation by Holders.  The Company shall have no obligation to
include in the Shelf Registration Statement units of a Holder or in any
Piggyback Registration units of a Selling Holder who has failed to timely
furnish such information which, in the opinion

 13
 

of counsel to the
Company, is reasonably required in order for the registration statement or
prospectus supplement, as applicable, to comply with the Securities Act.

Section 2.06           Restrictions on Public Sale by
Holders of Registrable Securities.   

(a)         IPO.  Each Holder of Registrable Securities will be
required, upon request of the Managing Underwriters in the IPO, to enter into a
standard lock-up agreement covering Registrable Securities for a period of up
to 180 days beginning on the date of a prospectus or prospectus supplement
filed with the Commission with respect to the pricing of the IPO, provided
that the duration of the foregoing restrictions shall be no longer than the
duration of the shortest restriction generally imposed by the Managing
Underwriters on the Company or the officers, directors or any other unitholder
of the Company on whom a restriction is imposed.  In the event that either (x) during the last
17 days of the 180-day period referred to in this Section 2.06(a), the
Company issues an earnings release or material news or a material event
relating to the Company occurs or (y) prior to the expiration of the 180-day
restricted period, the Company announces that it will release earnings results
or becomes aware that material news or a material event will occur during the
16-day period beginning on the last day of the 180-day restricted period, the
lock-up restrictions described in this Section 2.06(a) shall continue to apply
until the expiration of the 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event.

(b)         Underwritten Offering.  Each Holder who, along with its Affiliates,
holds at least $15 million
of Registrable Securities (determined by multiplying the number of Registrable
Securities offered by the average of the closing price for Common Units for the
ten trading days preceding the date of such notice) shall agree not to effect
any public sale or distribution of the Registrable Securities during the 60 calendar day period beginning on the date of a
prospectus or prospectus supplement filed with the Commission with respect to
the pricing of an Underwritten Offering that is not the IPO, provided
that (i) the duration of the foregoing restrictions shall be no longer
than the duration of the shortest restriction generally imposed by the
underwriters on the Company or the officers, directors or any other unitholder
of the Company on whom a restriction is imposed and (ii) such restrictions
shall not apply on or after the first anniversary of the IPO.  In the event that either (x) during the last
17 days of the 60-day period referred to in this Section 2.06(b), the Company
issues an earnings release or material news or a material event relating to the
Company occurs or (y) prior to the expiration of the 60-day restricted period,
the Company announces that it will release earnings results or becomes aware
that material news or a material event will occur during the 16-day period
beginning on the last day of the 60-day restricted period, the lock-up
restrictions described in this Section 2.06(b) shall continue to apply until
the expiration of the 18-day period beginning on the issuance of the earnings
release or the occurrence of the material news or material event.

Section 2.07           Expenses.

(a)         Certain Definitions.  “Registration Expenses” means all
expenses incident to the Company’s performance under or compliance with this
Agreement to effect the registration of Registrable Securities in a Shelf
Registration pursuant to Section 2.01, a Piggyback Registration pursuant to
Section 2.02 or an Underwritten Offering pursuant to Section 2.03, and the
disposition of such securities, including, without limitation, all
registration, filing, securities

 14
 

exchange listing and
quotation system fees, all registration, filing, qualification and other fees
and expenses of complying with securities or blue sky laws, fees of the
National Association of Securities Dealers, Inc., transfer taxes and fees of
transfer agents and registrars, all word processing, duplicating and printing
expenses, the fees and disbursements of counsel and independent public
accountants for the Company, including the expenses of any special audits or “cold
comfort” letters required by or incident to such performance and
compliance.  Except as otherwise provided
in Section 2.08 hereof, the Company shall not be responsible for legal fees or
other costs incurred by Holders in connection with the exercise of such Holders’
rights hereunder.  In addition, the
Company shall not be responsible for any “Selling Expenses,” which means
all underwriting fees, discounts and selling commissions allocable to the sale
of the Registrable Securities.

(b)         Expenses.  The Company will pay all Registration
Expenses in connection with the Shelf Registration Statement filed pursuant to
Section 2.01(a) of this Agreement, a Piggyback Registration pursuant to Section
2.02 or an Underwritten Offering pursuant to Section 2.03, whether or not the
applicable registration statement becomes effective or any sale is made
pursuant to the Shelf Registration Statement, a Piggyback Registration or an Underwritten
Offering. Each Selling Holder shall pay all Selling Expenses in connection with
any sale of its Registrable Securities hereunder.

Section 2.08           Indemnification.

(a)         By the Company.  In the event of a registration of any
Registrable Securities under the Securities Act pursuant to this Agreement, the
Company will indemnify and hold harmless each Selling Holder thereunder, its
Affiliates and their respective directors and officers, and each underwriter,
pursuant to the applicable underwriting agreement with such underwriter, of
Registrable Securities thereunder and each Person, if any, who controls such
Selling Holder or underwriter within the meaning of the Securities Act and the
Exchange Act (collectively, the “Selling Holder Indemnified Persons”),
against any losses, claims, damages, expenses or liabilities (including
reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint
or several, to which such Selling Holder Indemnified Person may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such Losses
(or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the Shelf Registration Statement,
the Excluded Registrable Securities Registration Statement or any other
registration statement contemplated by this Agreement, any preliminary
prospectus or final prospectus contained therein, or any amendment or
supplement thereof, or any “free writing prospectus” (as defined in Rule 405
under the Securities Act), arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein (in the case of a prospectus, in
the light of the circumstances under which they were made) not misleading, and
will reimburse each such Selling Holder Indemnified Person for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such Loss or actions or proceedings within a reasonable time
after such expenses are incurred and the Selling Holder Indemnified Person
notifies the Company of such expenses; provided, however, that
the Company will not be liable in any such case if and to the extent that any
such Loss arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with
information furnished by

 15
 

such Selling Holder
Indemnified Person in writing specifically for use in the Shelf Registration
Statement, the Excluded Registrable Securities Registration Statement or such
other registration statement, or prospectus supplement, as applicable. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Selling Holder Indemnified Person, and shall
survive the transfer of such securities by such Selling Holder.

(b)         By Each Selling Holder.  Each Selling Holder agrees severally and not
jointly to indemnify and hold harmless the Company, its Affiliates and their
respective directors and officers, and each Person, if any, who controls the
Company within the meaning of the Securities Act or of the Exchange Act to the
same extent as the foregoing indemnity from the Company to the Selling Holders,
but only with respect to information regarding such Selling Holder furnished in
writing by or on behalf of such Selling Holder expressly for inclusion in the
Shelf Registration Statement or prospectus supplement relating to the
Registrable Securities, or any amendment or supplement thereto; provided,
however, that the liability of each Selling Holder shall not be greater
in amount than the dollar amount of the proceeds (net of any Selling Expenses)
received by such Selling Holder from the sale of the Registrable Securities
giving rise to such indemnification.

(c)         Notice.  Promptly after receipt by an indemnified
party hereunder of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the
indemnifying party hereunder, notify the indemnifying party in writing thereof;
provided, however, that the failure to notify the indemnifying
party shall not relieve it from any liability that it may have under this
Section 2.08 except to the extent that it has been materially prejudiced by
such failure and shall not relieve it from any liability which it may have to
any indemnified party other than under this Section 2.08.  The indemnifying party shall be entitled to
participate in and, to the extent it shall wish, to assume and undertake the
defense thereof with counsel reasonably satisfactory to such indemnified party
and, after notice from the indemnifying party to such indemnified party of its
election so to assume and undertake the defense thereof, the indemnifying party
shall not be liable to such indemnified party under this Section 2.08 for any
legal expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation and of
liaison with counsel so selected; provided, however, that, (i) if
the indemnifying party has failed to assume the defense and employ counsel or
(ii) if the defendants in any such action include both the indemnified party
and the indemnifying party and counsel to the indemnified party shall have
concluded that there may be reasonable defenses available to the indemnified
party that are different from or additional to those available to the
indemnifying party, or if the interests of the indemnified party reasonably may
be deemed to conflict with the interests of the indemnifying party, then the
indemnified party shall have the right to select a separate counsel and to
assume such legal defense and otherwise to participate in the defense of such
action, with the reasonable expenses and fees of such separate counsel and
other reasonable expenses related to such participation to be reimbursed by the
indemnifying party as incurred. 
Notwithstanding any other provision of this Agreement, no indemnifying
party shall settle any action brought against any indemnified party without the
consent of the indemnified party, unless the settlement thereof imposes no
liability or obligation on, and includes a complete and unconditional release
from all liability of, the indemnified party and does not contain any admission
of wrongdoing or illegal activity by the indemnified party.

 16
 

(d)         Contribution.  If the indemnification provided for in this
Section 2.08 is held by a court or government agency of competent jurisdiction
to be unavailable to the Company or any Selling Holder or is insufficient to
hold them harmless in respect of any Losses, then each such indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount
paid or payable by such indemnified party as a result of such Losses, in such
proportion as is appropriate to reflect the relative fault of the Company on
the one hand and of such Selling Holder on the other in connection with the
statements or omissions which resulted in such Losses, as well as any other
relevant equitable considerations; provided, however, that in no
event shall such Selling Holder be required to contribute an aggregate amount
in excess of the dollar amount of proceeds (net of Selling Expenses) received
by such Selling Holder from the sale of Registrable Securities giving rise to
such indemnification.  The relative fault
of the Company on the one hand and each Selling Holder on the other shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact has been made by, or relates to, information supplied by
such party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.  The parties hereto agree that it would not be
just and equitable if contributions pursuant to this paragraph were to be
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to above.  The amount paid by an indemnified party as a
result of the Losses referred to in the first sentence of this paragraph shall
be deemed to include any legal and other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any Loss which
is the subject of this paragraph. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who is not guilty of such
fraudulent misrepresentation.

(e)         Other Indemnification.  The provisions of this Section 2.08 shall be
in addition to any other rights to indemnification or contribution which an
indemnified party may have pursuant to law, equity, contract or otherwise.

Section 2.09           Rule 144 Reporting.  With a view to making available the benefits
of certain rules and regulations of the Commission that may permit the sale of
the Registrable Securities to the public without registration, the Company
agrees to use its commercially reasonable efforts to:

(a)         Make and keep public information
regarding the Company available, as those terms are understood and defined in
Rule 144 of the Securities Act, at all times after the effective date of the
first registration statement filed by the Company for an offering of its
securities to the general public;

(b)         File with the Commission in a timely
manner all reports and other documents required to be filed by the Company
under the Securities Act and the Exchange Act (at any time that it is subject
to such reporting); and

(c)         So long as a Holder owns any
Registrable Securities, to furnish to such Holder forthwith upon request a copy
of the most recent annual or quarterly report of the Company, if any, filed
with the Commission, and such other reports and documents filed with the
Commission as such Holder may reasonably request in availing itself of any rule
or regulation of

 17
 

the Commission allowing
such Holder to sell any such Registrable Securities without registration.

Section 2.10           Limitation on Subsequent
Registration Rights.  From and after
the date hereof, the Company shall not, without the prior written consent of
the Holders of not less than two-thirds (2⁄3) of the outstanding
Registrable Securities, enter into any agreement with any current or future
holder of any securities of the Company that would allow such current or future
holder to require the Company to include securities in any registration statement
filed by the Company on a basis that is senior in any way to the piggyback
rights granted to the Purchasers hereunder.

ARTICLE III

MISCELLANEOUS

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

(a)         if to any Purchaser, at the most
current address given by such Purchaser to the Company in accordance with the
provisions of this Section 3.01, which address initially is, with respect to
the Purchasers, the addresses set forth in the Purchase Agreement,

(b)         if to a permitted transferee of a
Purchaser, to such Holder at the address furnished by such permitted
transferee, and

(c)         if to the Company, at 7700 San Felipe,
Suite 485, Houston, Texas 77063, or such other address notice of which is given
in accordance with the provisions of this Section 3.01.

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

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

Section 3.03           Transfer
or Assignment of Registration Rights. 
The rights granted to the Purchasers by the Company under this Agreement
may be transferred or assigned by any Holder to one or more transferee(s) or
assignee(s) of such Registrable Securities so long as:  (a) following such transfer or
assignment such transferee or assignee holds Registrable Securities representing
at least $15 million of the Purchased
Securities sold pursuant to the terms of the Purchase Agreement, or (b) any
transferee or assignee of such Registrable Securities is already a party to
this Agreement; provided that in any case, (x) the Company is given
written notice to any said transfer or assignment, stating the name and address
of each such transferee and identifying the securities with respect to which
such registration rights are being transferred or assigned, and (y) each
such transferee assumes in writing responsibility for its portion of the
obligations of such Purchaser under this Agreement (unless it is already a
party to this

 18
 

Agreement);
and provided  further, that the requirements in this Section
3.03(a) and (b) shall not apply to an Affiliate Transfer.

Section 3.04           Aggregation of Registrable
Securities.  All Registrable
Securities held or acquired by Persons who are Affiliates of one another shall
be aggregated together for the purpose of determining the availability of any
rights under this Agreement.

Section 3.05           Recapitalization, Exchanges, etc.
Affecting the Common Units.  The
provisions of this Agreement shall apply to the full extent set forth herein
with respect to any and all Common Units or other member interests of the
Company or any successor or assign of the Company (whether by merger,
consolidation, sale of assets or otherwise) which may be issued in respect of,
in exchange for or in substitution of, the Registrable Securities, including
any Common Units or other equity securities that may be issued in exchange for
Registrable Securities in connection with any merger, consolidation or other
business combination involving the Company or any of its subsidiaries, and
shall be appropriately adjusted for combinations, recapitalizations and the
like occurring after the date of this Agreement.

Section 3.06           Change of Control.  The Company shall not merge, consolidate or
combine with any other Person unless the agreement providing for such merger,
consolidation or combination expressly provides for the continuation of the
registration rights specified in this Agreement with respect to the Common
Units or other equity securities issued pursuant to such merger, consolidation
or combination.

Section 3.07           Specific Performance.  Damages in the event of breach of this
Agreement by a party hereto may be difficult, if not impossible, to ascertain,
and it is therefore agreed that each such Person, in addition to and without
limiting any other remedy or right it may have, will have the right to an
injunction or other equitable relief, including specific performance, in any
court of competent jurisdiction, enjoining any such breach, and enforcing
specifically the terms and provisions hereof, and each of the parties hereto
hereby waives any and all defenses it may have on the ground of lack of jurisdiction
or competence of the court to grant such an injunction or other equitable
relief.  The existence of this right will
not preclude any such Person from pursuing any other rights and remedies at law
or in equity which such Person may have.

Section 3.08           Counterparts.  This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which counterparts, when so executed and delivered, shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but
one and the same Agreement.

Section 3.09           Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

Section 3.10           Governing Law.  The laws of the State of New York shall
govern this Agreement without regard to principles of conflict of laws.

Section 3.11           Severability of Provisions.  Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions

 19
 

hereof or affecting or
impairing the validity or enforceability of such provision in any other
jurisdiction.

Section 3.12           Entire Agreement.  This Agreement is intended by the parties as
a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein. 
There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein with respect to the rights granted
by the Company set forth herein.  This
Agreement supersedes all prior agreements and understandings between the
parties with respect to such subject matter.

Section 3.13           Amendment.  This Agreement may be amended only by means
of a written amendment signed by the Company and the Holders of a majority of
the then outstanding Registrable Securities; provided, however,
that no such amendment shall materially and adversely affect the rights of any
Holder hereunder, relative to any other Holder, without the consent of such
Holder; and provided, further, however, that the immediately
preceding proviso shall not apply to, and thus shall not prevent or impair the
ability of the Company and the Holders of a majority of the then outstanding
Registrable Securities to effect, a modification or waiver under Section
2.01(d)(i) of this Agreement.

Section 3.14           No
Presumption.  In the event any claim is made by
a party relating to any conflict, omission, or ambiguity in this Agreement, no
presumption or burden of proof or persuasion shall be implied by virtue of the
fact that this Agreement was prepared by or at the request of a particular
party or its counsel.

[The remainder of this page is intentionally left blank.]

 20

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

	
  

  	
  VANGUARD NATURAL RESOURCES, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott W. Smith

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Scott W. Smith

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
					

 

[Signature Page to
Registration Rights Agreement]

 

	
   

  	
  LEHMAN BROTHERS MLP OPPORTUNITY

  
	
   

  	
    FUND L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Lehman Brothers MLP Opportunity Associates

  	
   

  
	
   

  	
   

  	
    L.P., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Lehman Brothers MLP Opportunity Associates

  	
   

  
	
   

  	
   

  	
    L.L.C., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeff P. Wood

  	
   

  
	
   

  	
   

  	
  Name: Jeff P. Wood

  
	
   

  	
   

  	
  Title: Vice President

  
					

 

[Signature Page to
Registration Rights Agreement]

 

	
  

  	
  THIRD POINT PARTNERS LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Third Point LLC, its investment manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Justin Nadler

  	
   

  
	
   

  	
   

  	
  Name: Justin Nadler

  
	
   

  	
   

  	
  Title: Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THIRD POINT PARTNERS QUALIFIED LP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Third Point LLC, its investment manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Justin Nadler

  	
   

  
	
   

  	
   

  	
  Name: Justin Nadler

  
	
   

  	
   

  	
  Title: Chief Operating Officer

  
					

 

[Signature Page to
Registration Rights Agreement]

 

	
  

  	
  BLRTQS Partners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Todd Q. Swanson

  	
   

  
	
   

  	
   

  	
  Name: Todd Q. Swanson

  
	
   

  	
   

  	
  Title: Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bradley L. Radoff

  	
   

  
	
   

  	
   

  	
  Name: Bradley L. Radoff

  
	
   

  	
   

  	
  Title: Partner

  
					

 

[Signature Page to
Registration Rights Agreement]

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