Document:

First Supplemental Indenture

  
 Exhibit 10.5

  
  
 INERGY, L.P., 
 INERGY FINANCE CORP. 

and 
 THE
GUARANTORS NAMED ON THE SIGNATURE PAGE HEREOF 
  

 
 7.0% SENIOR
NOTES DUE 2018 
  
  

FIRST SUPPLEMENTAL INDENTURE 
 AND AMENDMENT — SUBSIDIARY GUARANTEE 
 Dated as of November 5, 2010

   

 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Trustee 
  

 
  

 

  
 A-1

  
 This FIRST
SUPPLEMENTAL INDENTURE, dated as of November 5, 2010, is among Inergy, L.P., a Delaware limited partnership (the “Company”), Inergy Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Company,
the “Issuers”), each of the parties identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”) and U.S. Bank National Association, a national banking association, as trustee (the
“Trustee”). 
 RECITALS 
 WHEREAS, the Issuers, the initial Guarantors and the Trustee entered into an Indenture, dated as of September 27, 2010 (the “Indenture”), pursuant to which the Issuers have issued
$600,000,000 aggregate principal amount of 7.0% Senior Notes due 2018 (the “Notes”); 
 WHEREAS, Section 9.01(g)
of the Indenture provides that the Issuers, the Guarantors and the Trustee may amend or supplement the Indenture in order to comply with Section 4.13 or 10.03 thereof, without the consent of the Holders of the Notes; 

WHEREAS, each of Tres Palacios Gas Storage, LLC, Inergy Partners, LLC and IPCH Acquisition Corp. are being added as additional Guarantors
of the Notes; and 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the Certificate of Incorporation
and the Bylaws (or comparable constituent documents) of the Issuers, of the Guarantors and of the Trustee necessary to make this First Supplemental Indenture a valid instrument legally binding on the Issuers, the Guarantors and the Trustee, in
accordance with its terms, have been duly done and performed; 
 NOW, THEREFORE, to comply with the provisions of the Indenture
and in consideration of the above premises, the Issuers, the Guarantors and the Trustee covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows: 

ARTICLE 1 

Section 1.01. This First Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and
shall be construed in connection with and as part of, the Indenture for any and all purposes. 
 Section 1.02. This First
Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Issuers, the Guarantors and the Trustee. 
 ARTICLE 2 
 From this date, in accordance with Section 4.13 or 10.03 and by
executing this First Supplemental Indenture, the Guarantors whose signatures appear below are subject to the provisions of the Indenture to the extent provided for in Article 10 thereunder. 

ARTICLE 3 

Section 3.01. Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed
(mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective meanings ascribed to them as in the Indenture. 

  
 A-2

  
 Section 3.02.
Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this First Supplemental Indenture. This First Supplemental Indenture is executed
and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto.

 Section 3.03. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 Section 3.04. The parties may sign any number of copies of this First Supplemental Indenture. Each
signed copy shall be an original, but all of such executed copies together shall represent the same agreement. 
 [NEXT PAGE IS
SIGNATURE PAGE] 

  
 A-3

  
 IN WITNESS WHEREOF,
the parties hereto have caused this First Supplemental Indenture to be duly executed, all as of the date first written above. 
  

			
	INERGY, L.P.
		
	By:	 	Inergy GP, LLC,
		 	its Managing General Partner
		
	By	 	 /s/ John J. Sherman

	Name:	 	John J. Sherman
	Title:	 	President and Chief Executive Officer
	
	INERGY FINANCE CORP.
		
	By:	 	 /s/ John J. Sherman

	Name:	 	John J. Sherman
	Title:	 	President and Chief Executive Officer

[SIGNATURE PAGE CONTINUED ON NEXT PAGE] 

  
 A-4

  
 
			
	GUARANTORS
	
	INERGY PROPANE, LLC
	INERGY MIDSTREAM, LLC
	L & L TRANSPORTATION, LLC
	INERGY TRANSPORTATION, LLC
	FINGER LAKES LPG STORAGE, LLC
	INERGY GAS MARKETING, LLC
	INERGY STORAGE, INC.
	STELLAR PROPANE SERVICE, LLC
	 CENTRAL NEW YORK OIL AND GAS
 COMPANY, L.L.C.

	INERGY SALES & SERVICE, INC.
	ARLINGTON STORAGE COMPANY, LLC
	US SALT, LLC
	LIBERTY PROPANE GP, LLC
	 LIBERTY PROPANE, LP, BY LIBERTY
 PROPANE GP, LLC, ITS GENERAL PARTNER

	LIBERTY PROPANE OPERATIONS, LLC
	INERGY PIPELINE EAST, LLC
	TRES PALACIOS GAS STORAGE, LLC
	INERGY PARTNERS, LLC
	IPCH ACQUISITION CORP.
		
	By:	 	 /s/ John J. Sherman

	Name:	 	John J. Sherman
	Title:	 	President and Chief Executive Officer

[SIGNATURE PAGE CONTINUED ON NEXT PAGE] 

  
 A-5

  
 
			
	U.S. BANK NATIONAL ASSOCIATION,
	 as Trustee

		
	By	 	 /s/ Raymond S. Haverstock

	Name:	 	 Raymond S. Haverstock

	Title:	 	 Vice President

  
 A-6First Amendment to Unitholder Agreement, dated November 4, 2010.

  
 Exhibit 10.1

 FIRST AMENDMENT TO UNITHOLDER AGREEMENT 
 This First Amendment to Unitholder Agreement (this “Amendment”), dated November 4, 2010, is among Inergy Holdings, L.P., a Delaware limited partnership previously known as Inergy Holdings,
LLC (“Inergy Holdings”) and Unitholders owning 75% or more of the Original Common Units outstanding on the date hereof. 
 On April 14, 2005, Inergy Holdings and all of the Unitholders entered into a Unitholder Agreement (the “Original Unitholder Agreement”). 

On August 7, 2010, Inergy, L.P. (“NRGY”), Inergy GP, LLC, Inergy Holdings, Inergy Holdings GP, LLC
(“Holdings GP”), NRGP Limited Partner, LLC (“New NRGP LP”) and NRGP MS, LLC (“MergerCo”) entered into an Agreement and Plan of Merger, as further amended and restated by a First Amended and Restated
Agreement and Plan of Merger, dated as of September 3, 2010 (the “Merger Agreement”), pursuant to which, at the Effective Time (as defined in the Merger Agreement), MergerCo will merge with an into Inergy Holdings, the separate
existence of MergerCo will cease and Inergy Holdings will survive and continue to exist as a Delaware limited partnership (the “Merger”), such that immediately following the consummation of the Merger, Holdings GP will continue as
the sole general partner of Inergy Holdings, and Holdings GP and New NRGP LP will remain as the only holders of limited partner interests in Inergy Holdings. Pursuant to the Merger Agreement, each Common Unit issued and outstanding immediately prior
to the Effective Time (as defined in the Merger Agreement) will be converted into the right to receive 0.77 common units representing limited partner interests in NRGY upon consummation of the Merger and the transactions contemplated by the Merger
Agreement (the “Merger Closing Date”), resulting in a conversion of the Original Common Units from an aggregate of 38,986,661 common units representing limited partner interests in Inergy Holdings into an aggregate of
(a) 18,451,161 common units representing limited partner interests in NRGY and (b) 11,568,560 Class B units representing limited partner interests in NRGY. 
 The parties desire to amend the Original Unitholder Agreement to eliminate certain restrictions on transfer and to eliminate registration rights. 

Accordingly, the parties agree as follows: 
 1. Capitalized Terms. Capitalized terms used in this Amendment and not otherwise defined have the meanings assigned to such terms in the Original Unitholder Agreement. 

2. Transfer Restrictions. Effective as of the Merger Closing Date, ARTICLE IV of the Original Unitholder Agreement is hereby
deleted. 

  
 3. Legend.
Effective as of the Merger Closing Date, ARTICLE V of the Original Unitholder Agreement is hereby amended by deleting the previous ARTICLE V in its entirety and by substituting the following new ARTICLE V in lieu thereof: 

ARTICLE V 
 LEGEND

 Commencing on the Merger Closing Date, any Unitholder may require Inergy Holdings to remove all legends
previously endorsed pursuant to this Agreement. 
 4. Registration Rights. Effective as of the Merger Closing Date,
ARTICLE VI of the Original Unitholder Agreement is hereby deleted. 
 5. Notices. The addresses for Fox, Dehaemers and
the Dehaemers GRAT are amended as follows: 
 If to Fox: 

Michael D. Fox 
 6504 Turnberry Ct. 
 Parkville, MO 64152-3135 

If to Dehaemers or the Dehaemers GRAT: 

David G. Dehaemers, Jr. 
 14747 Mission Road 
 Leawood, KS 66224-9506 

6. Amendment. Except as expressly amended hereby, the Original Unitholder Agreement remains unamended and in full force and effect
in accordance with its terms, and the Original Unitholder Agreement, as amended hereby, is hereby ratified and confirmed. The amendments provided herein are to be limited precisely as drafted and do not constitute an amendment of any other term,
condition or provision of the Original Unitholder Agreement. 
 7. References. References in the Original Unitholder
Agreement to “Agreement”, “hereof”, “herein” and words of similar impact are deemed to be references to the Original Unitholder Agreement as amended by this Amendment. 

8. Counterparts. This Amendment may be executed in one or more counterparts, each of which will for all purposes be deemed an
original and all of which will constitute the same instrument. 
 9. Governing Law. This Amendment is governed by and is
to be construed, interpreted and enforced in accordance with the laws of the State of Delaware applicable to agreements made and to be performed entirely within such state, including all matters of enforcement, validity and performance. 

  
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 10. Amendment
Effectiveness. This Amendment will become effective at the time executed by Unitholders owning 75% or more of the Original Common Units outstanding notwithstanding the fact that not all Unitholders have executed this Amendment. 

[End of Page.] 

  
 3 

  
 The parties have
entered into this First Amendment to Unitholder Agreement as of the date set forth in the introductory clause. 
  

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

		 		 	Name: John J. Sherman
		 		 	Title: President and CEO
	
	 /s/ John J. Sherman

	JOHN J. SHERMAN, TRUSTEE OF THE JOHN J. SHERMAN REVOCABLE TRUST DATED MAY 4, 1994
	
	 /s/ John J. Sherman

	JOHN J. SHERMAN, CO-TRUSTEE OF THE JOHN J. SHERMAN 2005 GRANTOR RETAINED ANNUITY TRUST I UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Mary N. Sherman

	MARY N. SHERMAN, CO-TRUSTEE OF THE JOHN J. SHERMAN 2005 GRANTOR RETAINED ANNUITY TRUST I UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ William C. Gautreaux

	WILLIAM C. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2008 GRANTOR RETAINED ANNUITY TRUST I UNDER TRUST INDENTURE DATED MAY 20,
2008

  
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	 /s/ Christena A. Gautreaux

	CHRISTENA A. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2008 GRANTOR RETAINED ANNUITY TRUST I UNDER TRUST INDENTURE DATED MAY 20, 2008
	
	 /s/ William C. Gautreaux

	WILLIAM C. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2008 GRANTOR RETAINED ANNUITY TRUST II UNDER TRUST INDENTURE DATED MAY 20, 2008
	
	 /s/ Christena A. Gautreaux

	CHRISTENA A. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2008 GRANTOR RETAINED ANNUITY TRUST II UNDER TRUST INDENTURE DATED MAY 20, 2008
	
	 /s/ William C. Gautreaux

	WILLIAM C. GAUTREAUX, TRUSTEE OF THE WILLIAM C. GAUTREAUX REVOCABLE TRUST UNDER TRUST INDENTURE DATED MARCH 8, 2004
	
	 /s/ William C. Gautreaux

	WILLIAM C. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Christena A. Gautreaux

	CHRISTENA A. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  
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	 /s/ William C. Gautreaux

	WILLIAM C. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2007 GRANTOR RETAINED ANNUITY TRUST II UNDER TRUST INDENTURE DATED AUGUST 30, 2007
	
	 /s/ Christena A. Gautreaux

	CHRISTENA A. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2007 GRANTOR RETAINED ANNUITY TRUST II UNDER TRUST INDENTURE DATED AUGUST 30, 2007
	
	 /s/ Carl A. Hughes

	CARL A. HUGHES, TRUSTEE OF THE CARL A. HUGHES REVOCABLE TRUST UNDER TRUST INDENTURE DATED SEPTEMBER 13, 2002
	
	 /s/ Carl A. Hughes

	CARL A. HUGHES, CO-TRUSTEE OF THE CARL A. HUGHES 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Cheryl L. Hughes

	CHERYL L. HUGHES, CO-TRUSTEE OF THE CARL A. HUGHES 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	  

	MICHAEL D. FOX, CO-TRUSTEE OF THE MICHAEL D. FOX REVOCABLE TRUST DATED AUGUST 12, 2003
	
	  

	ELIZABETH L. FOX, CO-TRUSTEE OF THE MICHAEL D. FOX REVOCABLE TRUST DATED AUGUST 12, 2003

  
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	 /s/ Paul E. Mclaughlin

	PAUL E. MCLAUGHLIN, CO-TRUSTEE OF THE PAUL E. MCLAUGHLIN 2008 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED NOVEMBER 20, 2008
	
	 /s/ Jonalee Y. Mclaughlin

	JONALEE Y. MCLAUGHLIN, CO-TRUSTEE OF THE PAUL E. MCLAUGHLIN 2008 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED NOVEMBER 20, 2008
	
	 /s/ Paul E. Mclaughlin

	PAUL E. MCLAUGHLIN, CO-TRUSTEE OF THE PAUL E. MCLAUGHLIN 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Jonalee Y. Mclaughlin

	JONALEE Y. MCLAUGHLIN, CO-TRUSTEE OF THE PAUL E. MCLAUGHLIN 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Paul E. Mclaughlin

	PAUL E. MCLAUGHLIN, CO-TRUSTEE OF THE PAUL E. MCLAUGHLIN REVOCABLE TRUST UNDER TRUST INDENTURE DATED APRIL 24, 2003
	
	 /s/ Jonalee Y. Mclaughlin

	JONALEE Y. MCLAUGHLIN, CO-TRUSTEE OF THE PAUL E. MCLAUGHLIN REVOCABLE TRUST UNDER TRUST INDENTURE DATED APRIL 24, 2003
	
	 /s/ Andrew Atterbury

	ANDREW ATTERBURY

  
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	DAVID G. DEHAEMERS, JR.
	
	 /s/ Phillip L. Elbert

	PHILLIP L. ELBERT, CO-TRUSTEE OF THE PHILLIP L. ELBERT 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Kristin O. Elbert

	KRISTIN O. ELBERT, CO-TRUSTEE OF THE PHILLIP L. ELBERT 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Phillip L. Elbert

	PHILLIP L. ELBERT, CO-TRUSTEE OF THE CHARLES W. ELBERT TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Kristin O. Elbert

	KRISTIN O. ELBERT, CO-TRUSTEE OF THE CHARLES W. ELBERT TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Phillip L. Elbert

	PHILLIP L. ELBERT, CO-TRUSTEE OF THE LAUREN E. ELBERT TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
	
	 /s/ Kristin O. Elbert

	KRISTIN O. ELBERT, CO-TRUSTEE OF THE LAUREN E. ELBERT TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  
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	 /s/ Phillip L. Elbert

	PHILLIP L. ELBERT, TRUSTEE OF THE PHILLIP L. ELBERT REVOCABLE TRUST UNDER TRUST INDENTURE DATED MAY 17, 2001
	
	 /s/ R. Brooks Sherman, Jr.

	R. BROOKS SHERMAN, JR., TRUSTEE OF THE R. BROOKS SHERMAN, JR. REVOCABLE TRUST DATED JANUARY 15, 2008

  
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