Document:

Document

Exhibit 10.2

TRANSITION AND SEPARATION AGREEMENT
This Transition and Separation Agreement (this “Agreement”) is entered into as of February 28, 2022 (the “Effective Date”) by and between William Livek (“Employee”) and comScore, Inc., a Delaware corporation (the “Company”).  
WHEREAS, the parties wish to enter into this Agreement to memorialize their agreement with respect to certain matters relating to, and arising from, the end of Employee’s employment with the Company;
WHEREAS, Employee is now an employee of the Company, and the Company seeks to retain Employee for a period of time prior to the Separation Date (as defined below) for the purpose of obtaining Employee’s assistance in transitioning his duties, and Employee wishes to provide such assistance;
WHEREAS, Employee’s employment will end as of the Separation Date such that, as of the Separation Date, Employee will no longer be employed by the Company or any other Company Party (as defined below), but the parties anticipate that Employee’s affiliation with the Company as Vice Chairman of its Board of Directors (the “Board”) will continue following the Separation Date; and
WHEREAS, the parties wish for Employee to receive separation benefits as set forth in this Agreement, which benefits are conditioned upon Employee’s timely execution of this Agreement and Employee’s compliance with the terms of this Agreement;
NOW, THEREFORE, in consideration of the promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:
1.Transition Services. 
(a)Employee promises that, between the Effective Date and the Separation Date (such period, the “Transition Period”), he will assist the Company in transitioning the duties of his position and will perform the services the Company may request, which services are expected to include performing those duties that Employee performed in the ordinary course of his employment prior to the Effective Date, and providing such other reasonable assistance as the Company may request from time to time.  Employee will provide full cooperation and complete and truthful information and will devote his full business time in the course of providing the services referenced in the previous sentence. Employee acknowledges and agrees that, as of the Effective Date, he shall no longer have the ability to resign from employment for Good Reason, as defined in that certain Change of Control and Severance Agreement by and between Employee and the Company executed on September 28, 2015 (the “Severance Agreement”). Except as otherwise specifically modified herein, (i) the At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement, by and between Employee and the Company and executed by Employee on September 28, 2015 (the “Confidentiality Agreement”), (ii) the Severance Agreement, (iii) that certain Letter Agreement by and between Employee and the Company dated November 4, 2019 (the “Letter Agreement”) and (iv) Employee’s Indemnification Agreement, dated April 28, 2021 (the “Indemnification Agreement”), shall remain in full force and effect throughout the Transition Period.
(b)During the Transition Period, Employee shall continue to be employed as Chief Executive Officer of the Company pursuant to the terms set forth in the Letter Agreement, and shall continue to occupy the physical office he currently occupies, provided, however, that notwithstanding anything to the contrary in the Company’s short-term incentive program, 
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Employee shall not be required to remain employed through the payment date in order to receive a short-term incentive award for the year in which the Separation Date occurs, and instead Employee’s short-term incentive award for the year in which the Separation Date occurs, if any, shall be prorated based on the number of days during such calendar year that Employee served as Chief Executive Officer of the Company and shall be payable based on actual performance (as determined by the Compensation Committee consistent with awards for other executive officers) at the same time such short-term incentive awards are payable to other executive officers of the Company (but, in no event later than March 15 of the immediately following calendar year); provided, further, that any long-term incentive award(s) granted to Employee under the comScore, Inc. 2018 Equity and Incentive Compensation Plan (as amended from time to time, the “Equity Plan”) during the year in which the Separation Date occurs shall become vested as of the Separation Date as to a pro-rata portion of such award(s) based on the number of days during such calendar year that Employee served as Chief Executive Officer of the Company. For the avoidance of doubt, any awards granted to Employee during the Transition Period under the Equity Plan shall be subject to the terms of the Equity Plan and the applicable award agreement thereunder. 
2.Separation from Employment.  Employee’s employment with the Company will end on the earliest to occur of: (i) the date on which a successor Chief Executive Officer begins his or her employment with the Company (such date, the “New CEO Start Date”); (ii) the date of Employee’s death or the termination of Employee’s employment by the Company; or (iii) the date that Employee resigns from his employment with the Company (such earliest date is referred to herein as the “Separation Date”). As of the Separation Date, Employee will not have any further employment relationship with the Company, or any other Company Party, and Employee will be deemed to have automatically resigned from all officer and other positions with the Company and all director, officer and other positions of each other Company Party (to the extent that Employee holds any such positions); provided, however, the parties agree that, as of the Separation Date, Employee shall continue to serve as a member of the Board and Vice Chairman of the Board, with such service subject to the terms set forth in the Company’s Amended and Restated Bylaws as in effect from time to time (the “Bylaws”). For the period of time following the Separation Date that Employee serves as a member of the Board, Employee shall be eligible to receive non-employee director compensation (including annual Board retainers and equity awards) payable on the same terms as applicable to the Company’s other non-employee directors. For the current director compensation term (July 2021 – June 2022), the annual cash Board retainer is $50,000 and the annual equity award value is $250,000, each prorated based on service during the term.
3.Separation Benefits.
(a)Provided that Employee (i) executes this Agreement and returns it to the Company, care of Sara Dunn, Chief People Officer, 11950 Democracy Drive, Suite 600, Reston, Virginia, 20190 (e-mail: sdunn@comscore.com) so that it is received by Ms. Dunn no later than 1:00 p.m. ET on February 28, 2022; (ii) provides the assistance and services described in Section 1 above, and does not resign his employment prior to the New CEO Start Date; (iii) timely executes and returns the Confirming Release (as defined below) to the Company as set forth in Section 8 below (and does not exercise his revocation right as described in the Confirming Release); (iv) abides by each of his commitments set forth herein; and (v) does not have his employment terminate due to his death or as a result of the Company’s termination for Cause (as defined in the Severance Agreement), then:
(1)The Company will provide Employee with a total severance payment equal to $1,300,000, less applicable taxes and withholdings (the “Separation Payment”), which Separation Payment will be paid in substantially equal installments on the Company’s regular payroll dates during the two-year period that follows the Separation Date; provided, however, the 
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first installment of the Separation Payment shall be made to Employee on the Company’s first payroll date after the expiration of the Confirming Release Revocation Period (as defined in the Confirming Release) and such first installment shall include (without interest) the number of installments of the Separation Payment that would have been paid to Employee had Employee received such payments on the Company’s payment dates between the Separation Date and such payment date.
(2)Pursuant to the terms of Equity Plan and that certain Restricted Stock Units Award Agreement by and between the Company and Employee made as of November 4, 2019 (the “2019 RSU Agreement”), 58,334 outstanding restricted stock units (“RSUs”) that are scheduled to vest on November 4, 2022 (the “Unvested 2019 RSUs”), shall remain outstanding and eligible to vest on such date, subject to Employee’s continued service as a member of the Board through such date, and shall be settled in accordance with the terms of the 2019 RSU Agreement. The 116,666 RSUs subject to the 2019 RSU Agreement that have already vested as of the Effective Date (the “Vested 2019 RSUs”) shall be settled in accordance with Sections 5(a) and 5(b) of the 2019 RSU Agreement, which generally provides for settlement on the earlier to occur of (A) Employee’s death and (B) the first payroll date that occurs on or after the date that is six months and one day following the Separation Date. To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection with the settlement of the Vested 2019 RSUs, the Company shall satisfy such requirement by withholding from the shares of common stock to be issued to Employee upon settlement the actual number of shares necessary to satisfy the Company’s tax withholding obligations; provided that the maximum number of shares that may be so withheld shall be the number that have an aggregate fair market value on the date of withholding equal to the aggregate amount of such tax liabilities determined based on the greatest statutory withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment with respect to the Vested 2019 RSUs, and neither the officers nor any other employee of the Company shall have the discretion to disallow such withholding with respect to such Vested 2019 RSUs. To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection with the settlement of the Unvested 2019 RSUs, the Company shall satisfy such requirement (i) through a “sell to cover” transaction through a bank or broker, or (ii) if Employee has or could have material nonpublic information at the time of settlement, by withholding from the shares of common stock to be issued to Employee upon settlement the actual number of shares necessary to satisfy the Company’s tax withholding obligations; provided that in the event of clause (ii), the maximum number of shares that may be so withheld shall be the number that have an aggregate fair market value on the date of withholding equal to the aggregate amount of such tax liabilities determined based on the greatest statutory withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment with respect to the Unvested 2019 RSUs, and neither the officers nor any other employee of the Company shall have the discretion to disallow such withholding with respect to such Unvested 2019 RSUs.
(3)Pursuant to the terms of the Equity Plan and that certain Stock Option Grant Notice and Stock Option Agreement by and between the Company and Employee dated November 7, 2019 (the “2019 Option Agreement”), 100,000 outstanding stock options that are scheduled to vest on November 7, 2022 shall remain outstanding and eligible to vest on such date, subject to Employee’s continued service as a member of the Board through such date, and following vesting shall become exercisable pursuant to the terms of the 2019 Option Agreement. The 200,000 stock options subject to the 2019 Option Agreement that have already vested as of the Effective Date shall remain outstanding and eligible to be exercised pursuant to the terms of the 2019 Option Agreement. To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection with Employee’s exercise of stock options under the 2019 Option Agreement, the Company shall satisfy such requirement by 
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withholding from the shares of common stock to be issued to Employee upon exercise the actual number of shares necessary to satisfy the Company’s tax withholding obligations; provided that the maximum number of shares that may be so withheld shall be the number that have an aggregate fair market value on the date of withholding equal to the aggregate amount of such tax liabilities determined based on the greatest statutory withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment with respect to the stock options, and neither the officers nor any other employee of the Company shall have the discretion to disallow such withholding with respect to such stock options.
(4)Pursuant to the terms of the Equity Plan and that certain Performance Restricted Stock Units Award Agreement by and between the Company and Employee made as of November 4, 2019 (the “2019 PRSU Agreement”), 425,000 outstanding performance restricted stock units (“PRSUs”) that are scheduled to vest on certain “Vesting Dates” (as defined in the 2019 PRSU Agreement) shall remain outstanding and eligible to vest on the applicable Vesting Dates, subject to Employee’s continued service as a member of the Board through each such date and the Company’s attainment of certain performance goals as set forth in the 2019 PRSU Agreement on each such date; provided, however, that upon Employee’s termination of service as a member of the Board other than for Cause (as defined in the 2019 PRSU Agreement), all PRSUs that remain outstanding as of the date Employee ceases to serve on the Board, if any, shall become vested as of the date Employee ceases to serve on the Board and shall be settled in accordance with Section 6 of the 2019 PRSU Agreement. Notwithstanding anything to the contrary contained in the 2019 PRSU Agreement, effective upon the execution of this Agreement, Section 6 of the 2019 PRSU Agreement shall be amended to delete Section 6(a)(ii) in its entirety. To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection with the settlement of the PRSUs, the Company shall satisfy such requirement (i) through a “sell to cover” transaction through a bank or broker, or (ii) if Employee has or could have material nonpublic information at the time of settlement, by withholding from the shares of common stock to be issued to Employee upon settlement the actual number of shares necessary to satisfy the Company’s tax withholding obligations; provided that in the event of clause (ii), the maximum number of shares that may be so withheld shall be the number that have an aggregate fair market value on the date of withholding equal to the aggregate amount of such tax liabilities determined based on the greatest statutory withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment with respect to the PRSUs, and neither the officers nor any other employee of the Company shall have the discretion to disallow such withholding with respect to such PRSUs.
(5)Pursuant to that certain Restricted Stock Units Award Agreement by and between the Company and Employee dated March 10, 2021 (the “2021 RSU Agreement”), the holding period requirement set forth in Section 5(d) of the 2021 RSU Agreement applicable to the RSUs granted to Employee pursuant to the Equity Plan and the 2021 RSU Agreement (which, for the avoidance of doubt, have already vested and been settled as of the Effective Date) (the “2021 RSUs”) shall be deemed satisfied as of the Separation Date and, following the Separation Date, shall no longer apply to the 2021 RSUs.
(6)For the portion, if any, of the 24-month period following the Separation Date (the “COBRA Period”) that Employee elects to continue coverage for Employee and Employee’s spouse and eligible dependents, if any, under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall reimburse Employee, on a monthly basis, for the premiums for Employee to effect and continue such coverage (each such monthly premium, the “Monthly COBRA Premium”). Each payment of a Monthly COBRA Premium is dependent upon Employee’s timely election of COBRA continuation coverage and informing the Company in 
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writing, care of Sara Dunn, Chief People Officer (sdunn@comscore.com), of his election of such coverage for the applicable month during the COBRA Period at least five (5) days before such month begins.  Employee shall be eligible to receive Monthly COBRA Premiums until the earlier of: (A) the last day of the COBRA Period; and (B) the date on which Employee becomes eligible to receive coverage under a group health plan sponsored by another employer (and any such eligibility shall be promptly reported to the Company by Employee); provided, however, that the election of COBRA continuation coverage shall remain Employee’s sole responsibility. Notwithstanding the foregoing, if the provision of the benefits described in this paragraph cannot be provided in the manner described above without penalty, tax or other adverse impact on the Company, then the Company and Employee shall negotiate in good faith to determine an alternative manner in which the Company may provide substantially equivalent benefits to Employee without such adverse impact on the Company.
(b)The payments and benefits set forth in this Section 3 are referred to herein collectively as the “Separation Benefits.” 
4.Change of Control.  Provided that Employee (i) executes this Agreement and returns it to the Company as described in Section 3 above; (ii) provides the assistance and services described in Section 1 above, and does not resign his employment prior to the New CEO Start Date; (iii) timely executes and returns the Confirming Release (as defined below) to the Company as set forth in Section 8 below (and does not exercise his revocation right as described in the Confirming Release); (iv) abides by each of his commitments set forth herein; and (v) does not have his employment terminate due to his death or as a result of the Company’s termination for Cause (as defined in the Severance Agreement), then in the event of a Change of Control (as defined in the Severance Agreement) during the time that Employee is serving on the Board, (i) the stock options granted pursuant to the 2019 Option Agreement and the RSUs granted pursuant to the 2019 RSU Agreement shall remain outstanding and eligible to vest in accordance with the vesting provisions set forth in the 2019 Option Agreement and 2019 RSU Agreement, as applicable, subject to Employee’s continued service as a member of the Board through the applicable vesting dates, and shall become exercisable, if applicable, and settled in accordance with the terms of the 2019 Option Agreement and the 2019 RSU Agreement, as applicable, and (ii) with effect as of the date hereof, the 2019 PRSU Agreement shall hereby be amended to delete Section 5(c) thereof in its entirety.  In the event Employee’s service on the Board ceases for any reason within 12 months following a Change of Control, (A) all unvested stock options granted pursuant to the 2019 Option Agreement shall become vested and exercisable, if applicable, upon the date of such termination of service, and (B) all Unvested 2019 RSUs shall become vested and shall be settled in accordance with the terms of the 2019 RSU Agreement.
5.Satisfaction of All Leaves and Payment Amounts; Prior Rights and Obligations.  In entering into this Agreement, Employee expressly acknowledges and agrees he is not entitled to the Separation Benefits (or any portion thereof) but for his entry into this Agreement and satisfaction of the terms herein. Employee further acknowledges and agrees that, as of the date he signs this Agreement, Employee has received all leaves (paid and unpaid) to which Employee has been entitled during Employee’s employment with the Company or any other Company Party, and Employee has received all wages, bonuses and other compensation, been provided all benefits, and been afforded all rights and been paid all sums that Employee has been owed by the Company or any other Company Party, including all payments arising out of all incentive plans and any other bonus or contractual arrangements (other than Employee’s short-term incentive program award for the year ended December 31, 2021 (the “2021 STIP”), which shall be paid on or before March 15, 2022). Employee expressly acknowledges and agrees that Employee is not eligible to receive any severance pay or benefits other than as set forth herein, and (with the exception, if still unpaid, of any base salary for the pay period in which the Effective Date occurred and the 2021 STIP), the Company has fully and finally satisfied all payment obligations that it has had and that it may ever have to Employee. For the avoidance of 
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doubt, Employee expressly acknowledges and agrees that: (i) he has no entitlement to payments or benefits pursuant to the Severance Agreement; (ii) his separation from employment is not, and will not be, for “Good Reason” (as defined in the Severance Agreement); and (iii) in entering into this Agreement, Employee has knowingly and voluntarily waived any rights that he may have had or could ever have pursuant to the Severance Agreement, as he agrees that as of the Effective Date he has no further or future rights under the Severance Agreement, and the entirety of the severance pay and benefits for which he is eligible is set forth in this Agreement. Notwithstanding the foregoing, Employee remains entitled to receive: (i) Employee’s base salary and benefits for services performed during the Transition Period; (ii) the 2021 STIP; and (iii) reimbursement for those expenses properly incurred and subject to reimbursement pursuant to the Company’s applicable reimbursement policies. 

6.General Release of Claims.
(a)Employee hereby forever releases and discharges the Company, each of its predecessors, successors, subsidiaries, assigns, and affiliated entities, along with each of the foregoing entities’ respective past, present, and future owners, affiliates, subsidiaries, stockholders, partners, officers, directors, members, managers, employees, agents, attorneys, successors, administrators, fiduciaries, insurers and benefit plans (including the Severance Agreement) and the trustees, administrators and fiduciaries of such plans, in their personal and representative capacities (collectively, the “Company Parties” and each a “Company Party”) from, and  Employee hereby waives, any and all claims, demands, liabilities and causes of action of any kind that Employee has or could have, whether known or unknown, whether statutory or at common law or at law or in equity, including any claim for salary, benefits, payments, expenses, costs, liabilities, damages, penalties, compensation, remuneration, contractual entitlements, and all claims or causes of action relating to or arising from his employment or engagement with any Company Party, the termination of such employment or engagement, his status as an equityholder in any Company Party, or any other acts or omissions related to any matter occurring or existing on or prior to the date that Employee executed this Agreement, including (i) all claims arising under or for any alleged violation of: (A) Title VII of the Civil Rights Act of 1964; (B) the Civil Rights Act of 1991; (C) Sections 1981 through 1988 of Title 42 of the United States Code; (D) the Employee Retirement Income Security Act of 1974; (E) the Immigration Reform Control Act; (F) the Americans with Disabilities Act of 1990; (G) the National Labor Relations Act; HI) the Occupational Safety and Health Act; (I) the Family and Medical Leave Act of 1993; (J) the Securities Act of 1933, the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995, the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act; (K) the Virginians with Disabilities Act, the Virginia Human Rights Act, the Virginia Equal Pay Act, the Virginia Genetic Testing Law, the Virginia Occupational Safety and Health Act, the Virginia Minimum Wage Act, the Virginia Payment of Wage Law, the Virginia Right to Work Law, the Florida Civil Rights Act, the Florida Whistleblower Protection Act, the Florida Minimum Wage Act, and the Florida Fair Housing Act; (L) any other local, state or federal anti-discrimination or anti-retaliation law; and (M) any other local, state or federal law, regulation or ordinance; (ii) all claims arising from or for any alleged violation of any public policy, contract, tort, or common law, including any claim for defamation, slander, libel, negligence, emotional distress, fraud or misrepresentation of any kind, promissory estoppel, breach of implied duty of good faith and fair dealing, breach of implied or express contract, breach of fiduciary duty or wrongful discharge; (iii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in the matters referenced herein; (iv) all claims, whether direct or derivative, arising from Employee’s status as a shareholder in any Company Party; and (v) any and all claims Employee may have arising under the Severance Agreement, the Letter Agreement, or any other contract, incentive compensation plan (including the Equity Plan) or agreement, or other equity-based compensation plan or agreement with any Company Party not expressly set forth in this Agreement (collectively, the “Released Claims”).  This Agreement is not intended to indicate that any such 
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claims exist or that, if they do exist, they are meritorious. Rather, Employee is simply agreeing that, in exchange for the consideration received by him through this Agreement, any and all potential claims of this nature that Employee may have against the Company Parties, regardless of whether they actually exist, are expressly settled, compromised and waived. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.
(b)The Released Claims do not include any claim to the Separation Benefits, any claim that may first arise after the date that Employee executes this Agreement, any claim to enforce Employee’s rights under this Agreement, any claim which by law cannot be waived by signing this Agreement, or any claim for indemnification and defense for acts performed in the course and scope of Employee’s employment or as a member of the Board pursuant to the terms of the Indemnification Agreement. 
(c)Notwithstanding this release of liability, nothing in this Agreement prevents Employee from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or other federal, state or local governmental agency or commission (collectively “Governmental Agencies”) or participating in any investigation or proceeding conducted by any Governmental Agencies or communicating or cooperating with such an agency; however, Employee understands and agrees that, to the extent permitted by law, Employee is waiving any and all rights to recover any monetary or personal relief from any Company Party as a result of such Governmental Agency proceeding or subsequent legal actions. Nothing herein waives Employee’s right to receive an award from a Governmental Agency for information provided to a Governmental Agency.  Further, nothing herein waives Employee’s ability to seek unemployment insurance or workers’ compensation benefits; provided, however, the Company may provide truthful information in response to any application for such benefits.
(d)Employee hereby represents and warrants that, as of the time Employee executes this Agreement, Employee has not brought or joined any lawsuit or filed any charge or claim against any of the Company Parties in any court or before any government agency or arbitrator for or with respect to a matter, claim or incident that occurred or arose out of one or more occurrences that took place on or prior to the time at which Employee signs this Agreement.  Employee hereby further represents and warrants that Employee has not: (i) assigned, sold, delivered, transferred or conveyed any rights Employee has asserted or may have against any of the Company Parties to any person or entity, in each case, with respect to any Released Claims; or (ii) assisted or advised any employee, officer or agent of any Company Party with respect to his or her pursuit or evaluation of any claim or cause of action against a Company Party.
7.Employee’s Acknowledgements.  By executing and delivering this Agreement, Employee expressly acknowledges that:
(a)Employee has carefully read this Agreement;
(b)Employee is not otherwise entitled to the consideration set forth in this Agreement, but for his entry into this Agreement;
(c)Employee has had sufficient time to consider this Agreement before the execution and delivery to Company;
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(d)Employee has been advised, and hereby is advised in writing, to discuss this Agreement with an attorney of Employee’s choice before signing this Agreement, and Employee has had adequate opportunity to do so prior to executing this Agreement;
(e)Employee fully understands the final and binding effect of this Agreement; the only promises made to Employee to sign this Agreement are those stated within the four corners of this document; and Employee is signing this Agreement knowingly, voluntarily and of Employee’s own free will, and Employee understands and agrees to each of the terms of this Agreement; and
(f)No Company Party has provided any tax or legal advice regarding this Agreement and Employee has had an adequate opportunity to receive sufficient tax and legal advice from advisors of Employee’s own choosing such that Employee enters into this Agreement with full understanding of the tax and legal implications thereof.
8.Confirming Release.  On the Separation Date or within 21 days thereafter, Employee shall execute the Confirming Release Agreement that is attached as Exhibit A (the “Confirming Release”) and return the executed Confirming Release to the Company care of Sara Dunn, at the address or e-mail address set forth in Section 3 above such that it is received by Ms. Dunn no later than 21 days after the Separation Date.  
9.Affirmation of Restrictive Covenants.   Employee acknowledges that he has made certain commitments pursuant to the Confidentiality Agreement, including with respect to confidentiality and non-disclosure of Confidential Information (as defined in the Confidentiality Agreement), non-competition and non-solicitation.  Employee recognizes the continuing effectiveness and enforceability of the Confidentiality Agreement and reaffirms his promise to abide by the terms of the Confidentiality Agreement following both the Effective Date and the Separation Date; provided, however, that notwithstanding anything in the Confidentiality Agreement to the contrary, the restricted period for purposes of the non-competition and non-solicitation obligations set forth in Section 7 of the Confidentiality Agreement shall continue until the later of (i) the date which is 12 months after the Separation Date, and (ii) the date on which Employee is no longer serving as a member of the Board.  Employee acknowledges and understands that his entitlement to, and the Company’s payment or authorization of, the Separation Benefits (and any portion thereof) in Section 3 and the Change of Control benefits (and any portion thereof) in Section 4 is dependent upon Employee’s continuing compliance with the terms of the Confidentiality Agreement, as modified by this Agreement.
10.Permitted Disclosures.  Nothing in this Agreement (including in Sections 9 or 11 herein) shall prohibit or restrict Employee from lawfully (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any Governmental Agency regarding a possible violation of any law; (i) responding to any inquiry or legal process directed to Employee from any such Governmental Agency so long as Employee timely provides notice to the Company of such inquiry or legal process and provides the Company with the opportunity to seek relief that would prevent or limit such disclosure (and so long as Employee only discloses the minimum amount of information as required to be disclosed by such inquiry or legal process, after giving effect to the Company’s efforts to prevent or limit such disclosure); (iii) testifying, participating or otherwise assisting in any action or proceeding by any such Governmental Agency relating to a possible violation of law, or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law.  Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made (x) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (y) solely for the purpose of reporting or investigating a suspected violation of law; 
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or (2) is made to the individual’s attorney in relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law or (3) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal.    
11.Non-Disparagement.  As a material inducement for the Company to enter into this Agreement, Employee agrees to refrain from making any statements (or permitting any statements to be reported as being attributed to him) that are critical, disparaging or derogatory about, or which injure the reputation of, the Company or any other Company Party.  
12.Entire Agreement.  This Agreement, the Confidentiality Agreement (as modified by this Agreement) and the Indemnification Agreement constitute the entire agreement between the parties with respect to the subject matters herein and supersede all prior and contemporaneous agreements and understandings, oral or written, between Employee and the Company with regard to the subject matters herein; provided, however, that (i) the Equity Plan, the 2019 RSU Agreement, the 2021 RSU Agreement, the 2019 Option Agreement, the 2019 PRSU Agreement and any award agreements entered into under the Equity Plan during the Transition Period, as applicable, shall continue to govern the terms of the awards granted pursuant to such agreements to the extent that such agreements do not contradict the terms of this Agreement; (ii) Employee’s service on the Board shall remain, and be, subject to the terms of the Company’s Bylaws and applicable corporate governance policies, including policies governing non-employee director compensation and stock ownership; and (iii) this Agreement is in addition to and complements, and does not supersede or replace, any other agreement between Employee and any Company Party with respect to non-disclosure, confidentiality, and return of property. For the avoidance of doubt, to the extent the terms of the 2019 RSU Agreement, the 2019 Option Agreement, the 2019 PRSU Agreement, the 2021 RSU Agreement or any award agreement entered into under the Equity Plan during the Transition Period contradict the terms of this Agreement, this Agreement shall govern. No modifications or waiver of any provision hereof shall be effective unless in writing and signed by each party.
13.Governing Law; Dispute Resolution.  The validity, interpretation, construction, performance and enforcement of this Agreement shall be governed by the laws of the State of Delaware, without giving effect to the principles of conflicts of law. Any disputes or claims arising out of or relating to this Agreement shall be resolved pursuant to the arbitration and equitable relief provisions set forth in Section 13 of the Confidentiality Agreement. IN ENTERING INTO THIS AGREEMENT, EMPLOYEE AND THE COMPANY ARE KNOWINGLY WAIVING THEIR RIGHTS TO A JURY TRIAL.  The breach of any promise in this Agreement by any party shall not invalidate this Agreement and shall not be a defense to the enforcement of this Agreement against any party.
14.Further Assurances. Employee shall, and shall cause Employee’s affiliates, representatives, and agents to, from time to time at the request of the Company and without any additional consideration, furnish the Company with such further information or assurances, execute and deliver such additional documents, instruments, and conveyances, and take such other actions and do such other things, as may be reasonably necessary or desirable to carry out the provisions of this Agreement.
15.Headings; Interpretation.  Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof.  Unless the context requires otherwise, all references herein to laws, regulations, contracts, agreements, instruments and other documents shall be deemed to refer to such laws, regulations, agreements, instruments and other documents as they may be amended, supplemented, modified and restated from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law or regulation.  The word “or” as used herein is not exclusive and is deemed to have the meaning 
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“and/or.”  The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement, including all exhibits, and not to any particular provision hereof.  The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter.  Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise.  On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties.
16.Third Party Beneficiaries; Assignment; Successors.  Each Company Party that is not a signatory hereto shall be a third-party beneficiary of Employee’s covenants, warranties, representations, and release of claims set forth in this Agreement and entitled to enforce such provisions as if it was a party hereto. The Company has the right to assign this Agreement, including to any successor, but Employee does not. This Agreement inures to the benefit of and is enforceable by each Company Party and their respective successors, assigns and representatives.  
17.Return of Property.  Employee expressly represents and warrants that he has, or as of the Separation Date, he will have, returned to the Company all property belonging to the Company and any other Company Party, including all documents, computer files and other electronically stored information, electronically stored information and other materials provided to Employee by the Company or any other Company Party in the course of his employment or affiliation. Employee further represents and warrants that he has not maintained (or, after the Separation Date, he will not maintain) a copy of any such materials in any form; provided, however, that this representation shall not apply to materials provided to Employee in connection with his continuing service on the Board following the Separation Date.  
18.No Waiver.  No failure by any party at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
19.Severability and Modification.  To the extent permitted by applicable law, the parties agree that any term or provision of this Agreement (or part thereof) that renders such term or provision (or part thereof) or any other term or provision (or part thereof) of this Agreement invalid or unenforceable in any respect shall be severable and shall be modified or severed to the extent necessary to avoid rendering such term or provision (or part thereof) invalid or unenforceable, and such severance or modification shall be accomplished in the manner that most nearly preserves the benefit of the parties’ bargain hereunder.
20.Withholding of Taxes and Other Employee Deductions.  The Company may withhold from any payments made pursuant to this Agreement all federal, state, local, and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling.  Employee shall satisfy all of his tax obligations arising from his receipt of the consideration and benefits set forth herein and shall indemnify and hold harmless the Company and the other Company Parties for any costs, expenses or liabilities arising from his failure to do so.
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21.Counterparts.  This Agreement may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together will constitute one and the same agreement.
22.Section 409A.  This Agreement and the payments and benefits provided hereunder are intended to comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986 and the Treasury regulations and interpretive guidance issued thereunder (collectively, “Section 409A”), and this Agreement shall be construed and administered in accordance with such intent. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Notwithstanding the foregoing, the Company makes no representations that this Agreement or the payments or benefits provided under this Agreement complies with or is exempt from the requirements of Section 409A and in no event shall the Company or any other Company Party be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.  
23.Attorneys’ Fees.  Company shall reimburse Employee for the attorneys’ fees Employee incurred in connection with this Agreement up to $10,000.
[Signatures begin on the following page]
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date(s) set forth below with the intent to be legally bound.

WILLIAM P. LIVEK

By:      /s/ William P. Livek
    
Name:  William P. Livek 

Date:    February 28, 2022    

comScore, Inc. 

By:      /s/ Sara Dunn
    
Name:  Sara Dunn

Title:    Chief People Officer 

Date:    February 28, 2022

Signature Page to
Transition and Separation Agreement 

EXHIBIT A

CONFIRMING RELEASE AGREEMENT

This Confirming Release Agreement (this “Confirming Release”) is that certain Confirming Release referenced in Section 8 of the Transition and Separation Agreement (the “Separation Agreement”) entered into by and between William Livek (“Employee”) and comScore, Inc. (the “Company”).  Capitalized terms used herein that are not otherwise defined have the meanings assigned to them in the Separation Agreement.
1.General Release of Claims.
(a)For good and valuable consideration, including Employee’s receipt of the consideration described in Section 3 of the Separation Agreement (and any portion thereof), Employee hereby forever releases and discharges the Company, each of its predecessors, successors, subsidiaries, assigns, and affiliated entities, along with each of the foregoing entities’ respective past, present, and future owners, affiliates, subsidiaries, stockholders, partners, officers, directors, members, managers, employees, agents, attorneys, successors, administrators, fiduciaries, insurers and benefit plans (including the Severance Agreement) and the trustees, administrators and fiduciaries of such plans, in their personal and representative capacities (collectively, the “Confirming Release Company Parties” and each a “Confirming Release Company Party”) from, and  Employee hereby waives, any and all claims, demands, liabilities and causes of action of any kind that Employee has or could have, whether known or unknown, whether statutory or at common law or at law or in equity, including any claim for salary, benefits, payments, expenses, costs, liabilities, damages, penalties, compensation, remuneration, contractual entitlements, and all claims or causes of action relating to or arising from his employment or engagement with any Company Party, the termination of such employment or engagement, his status as an equityholder in any Company Party, or any other acts or omissions related to any matter occurring or existing on or prior to the date that Employee executed this Agreement, including (i) all claims arising under or for any alleged violation of: (A) the Age Discrimination in Employment Act of 1967 (including as amended by the Older Workers Benefit Protection Act); (B) Title VII of the Civil Rights Act of 1964; (C) the Civil Rights Act of 1991; (D) Sections 1981 through 1988 of Title 42 of the United States Code; (E) the Employee Retirement Income Security Act of 1974; (F) the Immigration Reform Control Act; (G) the Americans with Disabilities Act of 1990; (H) the National Labor Relations Act; (I) the Occupational Safety and Health Act; (J) the Family and Medical Leave Act of 1993; (K) the Securities Act of 1933, the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995, the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act; (L) the Virginians with Disabilities Act, the Virginia Human Rights Act, the Virginia Equal Pay Act, the Virginia Genetic Testing Law, the Virginia Occupational Safety and Health Act, the Virginia Minimum Wage Act, the Virginia Payment of Wage Law, the Virginia Right to Work Law, the Florida Civil Rights Act, the Florida Whistleblower Protection Act, the Florida Minimum Wage Act, and the Florida Fair Housing Act; (M) any other local, state or federal anti-discrimination or anti-retaliation law; and (N) any other local, state or federal law, regulation or ordinance; (ii) all claims arising from or for any alleged violation of any public policy, contract, tort, or common law, including any claim for defamation, slander, libel, negligence, emotional distress, fraud or misrepresentation of any kind, promissory estoppel, breach of implied duty of good faith and fair dealing, breach of implied or express contract, breach of fiduciary duty or wrongful discharge; (iii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in the matters referenced herein; (iv) all claims, whether direct or derivative, arising from Employee’s status as a shareholder in any Company Party; and (v) any and all claims Employee may have arising under the Severance Agreement, the Letter Agreement, or any other contract, incentive compensation plan (including the Equity Plan) or agreement, or other equity-based compensation plan or agreement with any 
Exhibit A-1

Company Party not expressly set forth in the Separation Agreement (collectively, the “Confirming Released Claims”).  This Confirming Release is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, Employee is simply agreeing that, in exchange for the consideration received by him as a result of his execution of this Confirming Release, including the consideration described in Section 3 of the Separation Agreement, any and all potential claims of this nature that Employee may have against the Confirming Release Company Parties, regardless of whether they actually exist, are expressly settled, compromised and waived. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE CONFIRMING RELEASE COMPANY PARTIES.
(b)The Confirming Released Claims do not include any claim to the Separation Benefits, any claim that may first arise after the date that Employee executes this Confirming Release, any claim which by law cannot be waived by signing this Confirming Release, or any claim for indemnification and defense for acts performed in the course and scope of Employee’s employment or as a member of the Board pursuant to the terms of the Indemnification Agreement.
(c)Further notwithstanding this release of liability, nothing in this Confirming Release prevents Employee from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with a Governmental Agency or participating in any investigation or proceeding conducted by any Governmental Agencies or communicating or cooperating with such agency; however, Employee understands and agrees that, to the extent permitted by law, Employee is waiving any and all rights to recover any monetary or personal relief from any Confirming Release Company Party as a result of such Governmental Agency proceeding or subsequent legal actions. Nothing herein waives Employee’s right to receive an award from a Governmental Agency for information provided to a Governmental Agency. Further, nothing herein waives Employee’s ability to seek unemployment insurance or workers’ compensation benefits; provided, however, the Company may provide truthful information in response to any application for such benefits.
(d)Employee hereby represents and warrants that, as of the time Employee executes this Confirming Release, Employee has not brought or joined any lawsuit or filed any charge or claim against any of the Confirming Release Company Parties in any court or before any government agency or arbitrator for or with respect to a matter, claim or incident that occurred or arose out of one or more occurrences that took place on or prior to the time at which Employee signs this Confirming Release.  Employee hereby further represents and warrants that Employee has not: (i) assigned, sold, delivered, transferred or conveyed any rights Employee has asserted or may have against any of the Confirming Release Company Parties to any person or entity, in each case, with respect to any Confirming Released Claims; or (ii) assisted or advised any employee, officer or agent of any Confirming Release Company Party with respect to his or her pursuit or evaluation of any claim or cause of action against a Confirming Release Company Party.
2.Satisfaction of All Leaves and Payment Amounts; Prior Rights and Obligations.  In signing this Confirming Release, Employee expressly acknowledges and agrees that Employee has received all leaves (paid and unpaid) to which Employee has been entitled during Employee’s employment with the Company or any other Confirming Release Company Party, and Employee has received all wages, bonuses and other compensation, been provided all benefits and been afforded all rights and been paid all sums that Employee is owed or has been owed or ever could be owed by the Company or any other Confirming Release Company Party (with the exception of the consideration set forth in Section 3 of the Separation Agreement), including all payments arising out of all incentive plans and any other bonus arrangements.  
Exhibit A-2

Notwithstanding the foregoing, Employee remains entitled to receive (if still unpaid): (i) Employee’s base salary for services performed in the pay period in which the Separation Date occurred; and (ii) reimbursement for any unpaid expenses properly incurred and subject to reimbursement pursuant to the Company’s applicable reimbursement policies.  For the avoidance of doubt, Employee acknowledges and agrees that he has no right to severance pay or benefits pursuant to the Severance Agreement. 
3.Employee’s Acknowledgments; Binding Effect.  Employee has been advised, and hereby is advised in writing, to consult with an attorney of his choice regarding the form and content of this Confirming Release before signing this Confirming Release, and he represents that he has had a sufficient opportunity (and a full 21 days) to review and consider this Confirming Release before its execution and return, and that he has read this Confirming Release and enters into it voluntarily and of his own free will.  This Confirming Release and the releases and covenants contained herein shall be binding upon Employee, his heirs, executors, administrators, assigns, agents, attorneys in fact, attorneys at law, and representatives. This Confirming Release and the releases and covenants contained herein shall inure to the benefit of all Confirming Release Company Parties and each of their respective predecessors, successors, and assigns.
4.Revocation Right.  Notwithstanding the initial effectiveness of this Confirming Release, Employee may revoke the delivery (and therefore the effectiveness) of this Confirming Release within the seven-day period beginning on the date Employee executes this Confirming Release (such seven-day period being referred to herein as the “Confirming Release Revocation Period”).  To be effective, such revocation must be in writing signed by Employee and must be received by the Company, care of Sara Dunn, Chief People Officer, at the address (or e-mail address) set forth in Section 3 of the Separation Agreement such that it is received by Ms. Dunn no later than 11:59 p.m. Reston, Virginia time, on the last day of the Confirming Release Revocation Period.  In the event Employee exercises his revocation right as set forth herein, this Confirming Release will be of no force or effect, Employee will not be entitled to receive the consideration set forth in Section 3 of the Separation Agreement, and all other provisions of the Separation Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, Employee has executed this Confirming Release with the intent to be legally bound.
WILLIAM P. LIVEK

    
______________________
William P. Livek 

Date:  _________________    

Exhibit A-3Document

Exhibit 4.23

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
The following description of the common and preferred units representing limited partner interests in Crestwood Equity Partners LP, a Delaware limited partnership (the “Partnership,” “we,” “us,” and “our”), is based on our Fifth Amended and Restated Agreement of Limited Partnership, as amended, which we refer to as our “partnership agreement,” and applicable provisions of law. The following summary does not purport to be complete and is qualified in its entirety by reference to the provisions of applicable law and to our partnership agreement. References to our “general partner” refer to Crestwood Equity GP LLC, a Delaware limited liability company. 
The Common Units
The common units represent limited partner interests in us. The holders of common units are entitled to participate in partnership distributions and exercise the rights or privileges available to limited partners under our partnership agreement. For a description of the relative rights and preferences of holders of common units in and to partnership distributions, please read this section and “Provisions of Our Partnership Agreement Relating to Cash Distributions.” For a description of voting rights, rights of distribution upon liquidation and other rights and privileges of limited partners, including our common units under our partnership agreement, please read “Our Partnership Agreement.”
Transfers of Common Units
Upon the transfer of a common unit in accordance with our partnership agreement, the transferee of the common unit will be admitted as a limited partner with respect to the common units transferred when such transfer and admission are reflected in our books and records. Each transferee:
•represents that the transferee has the capacity, power and authority to become bound by our partnership agreement;
•automatically becomes bound by the terms and conditions of, and is deemed to have executed, our partnership agreement; and
•gives the consents, waivers and approvals contained in our partnership agreement.
In addition to other rights acquired upon transfer, the transferor gives the transferee the right to become a substituted limited partner in our partnership for the transferred common units. A transferee will become a substituted limited partner of our partnership for the transferred common units automatically upon the recording of the transfer on our books and records. Our general partner will cause any transfers to be recorded on our books and records no less frequently than quarterly.
Until a common unit has been transferred on our books, we and the transfer agent may treat the record holder of the common unit as the absolute owner for all purposes, except as otherwise required by law or stock exchange regulations.
We may, at our discretion, treat the nominee holder of a common unit as the absolute owner. In that case, the beneficial holder’s rights are limited solely to those that it has against the nominee holder as a result of any agreement between the beneficial owner and the nominee holder.
Common units are securities, and any transfers of common units are subject to the laws governing the transfer of securities.
The Preferred Units
The preferred units represent a separate class of our limited partnership interests. For a description of the relative rights and preferences of holders of preferred units in and to partnership distributions, please read this section and “Provisions of Our Partnership Agreement Relating to Cash Distributions.” For a description of voting rights, rights of distribution upon liquidation and other rights and privileges of limited partners, including our preferred units under our partnership agreement, please read “Our Partnership Agreement.”
Conversion
One or more preferred unitholders may elect, each in its own discretion, (i) to convert all or any portion of the preferred units held by such preferred unitholders, in an aggregate amount equaling or exceeding the Minimum Conversion Amount (as 
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defined in Amendment No. 1 to our partnership agreement (the “Partnership Agreement Amendment”)), into common units, at the then applicable Conversion Ratio (as defined in the Partnership Agreement Amendment), subject to payment of any accrued but unpaid distributions to the date of conversion and (ii) in the event of  our voluntary liquidation, dissolution or winding up, to convert all or any portion of their preferred units into common units, at the then applicable Conversion Ratio, subject to payment of any accrued but unpaid distributions to the date of conversion. 
At any time, subject to certain liquidity requirements set forth in the Partnership Agreement Amendment, if the volume-weighted average trading price of the common units on the national securities exchange on which the common units are then listed (the “VWAP Price”) for 20 trading days over the 30-trading day period ending on the close of trading on the day immediately preceding the date notice is given by us of election of our conversion right is greater than the quotient of (i) $13.69095 divided by (ii) the then applicable Conversion Ratio, our general partner, in its sole discretion, may convert all or a portion of the outstanding preferred units into common units, at the then applicable Conversion Ratio, subject to the payment of any accrued but unpaid distributions to the date of conversion. Also, subject to certain liquidity requirements set forth in the Partnership Agreement Amendment, if the VWAP Price of the common units for 20 trading days over the 30-trading day period ending on the close of trading on the day immediately preceding the date notice is given by us of the exercise of our conversion right is greater than the quotient of (i) $9.1273 divided by (ii) the then applicable Conversion Ratio, our general partner, in its sole discretion, may convert all, but not less than all, of the outstanding preferred units into a number of common units equal to the Adjusted Conversion Amount.
Rights upon a Change of Control
In the event of a Cash COC Event (as defined in the Partnership Agreement Amendment), the preferred unitholders shall convert the outstanding preferred units into common units immediately prior to the closing of such Cash COC Event at a conversion ratio equal to the greater of (i) the then applicable Conversion Ratio and (ii) the quotient of (1) the product of (a) $9.1273 multiplied by (b) the Cash COC Conversion Premium (as defined in the Partnership Agreement Amendment), divided by (2) the VWAP Price of the common units for the 10 consecutive trading days ending immediately prior to the date of closing of the Cash COC Event, subject to a $10.00 per unit floor on common units received, subject to the payment of any accrued but unpaid distributions to the date of conversion.
If a Change of Control (as defined in the Partnership Agreement Amendment) (other than a Cash COC Event) occurs, then each preferred unitholder shall, at its sole discretion:
(i) convert its preferred units into common units, at the then applicable Conversion Ratio, subject to the payment of any accrued but unpaid distributions to the date of conversion;
(ii) if (1) either (x) we are not the surviving entity or (y) we are the surviving entity but the common units are no longer listed on the New York Stock Exchange or another national securities exchange and (2) the consideration per common unit exceeds $10.00, require us to use our best efforts to deliver to such preferred unitholders a mirror security to the preferred units in the surviving entity, which security shall have substantially similar terms, including with respect to economics and structural protections, as the preferred units, provided, that if we are not able to deliver such a mirror security, such preferred unitholders shall be entitled to (a) take any action otherwise permitted by clause (i) above or clauses (iii) or (iv) below or (b) convert the preferred units held by such preferred unitholders into a number of common units based on a conversion ratio described in the Partnership Agreement Amendment;
(iii) if we are the surviving entity and the consideration per common unit exceeds $10.00, continue to hold its preferred units; or
(iv) require us to redeem its preferred units at a price of $9.218573 per preferred unit, plus accrued and unpaid distributions to the date of such redemption (which redemption may be paid, in the sole discretion of the general partner, in cash or in common units, in accordance with the terms of the Partnership Agreement Amendment).
Class A Units
Class A units represent limited partner interests in us (the “Class A units”). The rights and obligations of Class A units are identical to the rights and obligations of common units except that the Class A units generally do not have voting rights and do not share in certain distributions.  For a description of the relative rights and preferences of holders of Class A units in and to partnership distributions, please read “Provisions of Our Partnership Agreement Relating to Cash Distributions.” For a description of voting rights, rights of distribution upon liquidation and other rights and privileges of limited partners, including our Class A units under our partnership agreement, please read “Our Partnership Agreement.”
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Subordinated Units
The subordinated units represent limited partner interests in us. In connection with Crestwood Holdings’ acquisition of our general partner, and prior to the reverse unit split, we issued 4,387,889 subordinated units to Crestwood Gas Services Holdings LLC. The rights and obligations of the subordinated units are identical to the rights and obligations of common units except that the subordinated units are subordinate to common units with respect to distribution. Please read “Provisions of Our Partnership Agreement Relating to Cash Distributions—Subordinated Units.”

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PROVISIONS OF OUR PARTNERSHIP AGREEMENT RELATING TO CASH DISTRIBUTIONS
Set forth below is a summary of the significant provisions of our partnership agreement that relate to cash distributions.
Distributions to Preferred Units
The preferred units are entitled to a cumulative distribution (the “Preferred Distribution”) of $0.2111 per quarter in respect of each preferred unit, subject to certain adjustments described in the Partnership Agreement Amendment. For each quarter beginning with the first quarter ending after the effective time of the Merger through and including the quarter ending September 30, 2017 (the “Initial Distribution Period”), the Preferred Distribution was paid, in the sole discretion of our general partner, in additional preferred units, in cash, or in a combination of additional preferred units and cash (any such distributions paid in additional preferred units (“PIK Distributions”)).
Following the Initial Distribution Period, each Preferred Distribution is paid in cash at the Preferred Distribution Amount unless, subject to certain exceptions, (i) there is no distribution being paid on Parity Securities and Junior Securities (including the common units) (each as defined in the Partnership Agreement Amendment) and (ii) the Partnership’s Available Cash (as defined in our partnership agreement), excluding any deductions to provide funds for distributions of Available Cash to our common unitholders in respect of any one or more of the next four quarters, is insufficient to pay the Preferred Distribution. If we fail to pay the Preferred Distribution in full in cash for any quarter after the Initial Distribution Period, then until such time as all accrued and unpaid Preferred Distributions are paid in full in cash (i) the Distribution Amount will increase to $0.2567 per quarter, (ii) we will not be permitted to declare or make (a) any distributions in respect of any Junior Securities (including the common units) and (b) subject to certain exceptions, any distributions in respect of any Parity Securities, and (iii) certain preferred unitholders shall receive the right to designate a person to serve on the board of directors of our general partner.
If we fail to pay in full any Preferred Distribution, the amount of such unpaid distribution will accrue and accumulate from the last day of the quarter for which such distribution is due until paid in full. Any accrued and unpaid distributions will increase at a rate of 2.8125% per quarter.
Distributions of Available Cash
General
Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to unitholders of record on the applicable record date.
Definition of Available Cash
Available cash, for any quarter, consists of all cash and cash equivalents on hand at the end of that quarter:
•less, the amount of cash reserves that is necessary or appropriate in the reasonable discretion of our general partner to:
•provide for the proper conduct of our business;
•    comply with applicable law, any of our debt instruments or other agreements; or
•    provide funds for future distributions to our partners for any one or more of the next four quarters;
•plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made subsequent to the end of the quarter. Working capital borrowings are generally borrowings that are made under our revolving credit facility and, in all cases, are used solely for working capital purposes or to pay distributions to our partners;
provided, however, that available cash does not include any IPCH/Crestwood Partners Available Cash (as defined in our partnership agreement).
General Partner Interest
Our general partner is not entitled to distributions on its non-economic interest.
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Class A Units
Class A units generally share in distributions of available cash, except Class A units do not share in (i) any income, gains, losses, deductions and credits which are attributable to our ownership of, or sale or other disposition of, the shares of common stock of IPCH and the membership interests of Crestwood Partners or (ii) any cash and cash equivalents on hand derived from or attributable to our ownership of, or sale or other disposition of, the shares of common stock of IPCH and the membership interests of Crestwood Partners. For each of the first ten quarters ending on or after March 31, 2014 after the end of the subordination period, Class A Units are entitled to a distribution equal to $10.00 per Class A unit prior to the quarterly distributions of available cash to all unitholders.
Subordinated Units
The subordinated units are entitled to receive distributions of available cash for a particular quarter only after each of our common units has received a distribution of at least $1.30 for that quarter. Our subordinated units convert to common units after our common units have received a cumulative distribution in excess of $5.20 during a consecutive four quarter period and its Adjusted Operating Surplus (as defined in the partnership agreement) exceeds the distribution on a fully dilutive basis.
Distributions of Cash Upon Liquidation
If we dissolve in accordance with the partnership agreement, we will sell or otherwise dispose of our assets in a process called liquidation. We will first apply the proceeds of liquidation to the payment of our creditors. We will distribute any remaining proceeds to our unitholders, in accordance with their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of our assets in liquidation.
If the sale of our assets in liquidation would be impracticable or would cause undue loss, the sale may be deferred for a reasonable amount of time or the assets (except those necessary to satisfy liabilities) may be distributed to our limited partners in lieu of cash in the same manner as cash or proceeds of a sale would have been distributed.

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OUR PARTNERSHIP AGREEMENT
The following is a summary of certain material provisions of our partnership agreement that relate to ownership of our common units. 
Capital Contributions
Our unitholders are not obligated to make additional capital contributions, except as described below under “—Limited Liability.”
Limited Voting Rights
Common Units and Preferred Units
The following is a summary of the unitholder vote required for each of the matters specified below. Matters that require the approval of a “unit majority” require the approval of a majority of the common units and preferred units voting on an as-if converted basis.
In voting their common units, our general partner and its affiliates will have no fiduciary duty or obligation whatsoever to us or the limited partners, including any duty to act in good faith or in the best interests of us or the limited partners.
Issuance of additional units    Creation of any class of Senior Securities (as defined in the Partnership Agreement Amendment) requires super-majority approval of the preferred unitholders. Please read “—Issuance of Additional Interests.”
Amendment of the partnership agreement    Certain amendments may be made by our general partner without the approval of the unitholders. Other amendments generally require the approval of a majority of outstanding units. Certain other amendments require the approval of a super-majority of outstanding units. Certain amendments that impact the preferred units require approval of a super-majority of the preferred unitholders. Please read “—Amendment of the Partnership Agreement.”
Merger of our partnership or the sale of
all or substantially all of our assets    Majority of outstanding units. A Change of Control in which consideration to be received by the common unitholders has a value of less than $10.00 per common unit requires approval of the majority of the outstanding preferred units (the “Voting Threshold”). Please read “—Merger, Sale or Other Disposition of Assets.”
Dissolution of our partnership    Majority of outstanding units. Please read “—Termination and Dissolution.”
Continuation of our business upon dissolution    Majority of outstanding units. Please read “—Termination and Dissolution.”
Election to be treated as a corporation
for U.S. federal tax law    Super-majority approval of the holders of the preferred units. Please read “—Amendment of the Partnership Agreement—Opinion of Counsel and Unitholder Approval.”
Withdrawal of our general partner    No approval right. Please read “—Withdrawal or Removal of Our General Partner.”
Removal of our general partner    Not less than 66 2∕3% of the outstanding common units, including common units held by our general partner and its affiliates. Please read “—Withdrawal or Removal of Our General Partner.”
Transfer of our general partner interest    No approval right. 
If any person or group other than our general partner and its affiliates acquires beneficial ownership of 20% or more of any class of units, that person or group loses voting rights on all of its units. This loss of voting rights does not apply to (i) (A) any person or group that acquires the units from our general partner or its affiliates and (B) any transferees of that person or group approved by our general partner or to (C) any person or group who acquires the units with the specific prior approval of our 
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general partner, or (ii) (A) with respect to matters as to which the preferred units vote as a separate class and (B) with respect to matters as to which the preferred units vote together with the common units as a single class, provided that, such preferred unitholder would not beneficially own 20% or more of the common units, determined on an as-converted basis at the then-applicable Conversion Ratio. Notwithstanding anything to the contrary, with respect to any matter as to which the preferred units vote as a separate class, if at any time First Reserve Management, L.P. and its affiliates (“First Reserve”) acquires beneficial ownership of 20% or more the then outstanding preferred units, then none of such preferred units beneficially owned by First Reserve may be voted on such matter or be considered outstanding when calculating required votes or determining presence for a quorum.  
Class A Units
Holders of Class A units do not have the right to vote on, approve or disapprove, or otherwise consent or not consent with respect to any matter (including mergers, share exchanges and similar statutory authorizations) except as otherwise required by any non-waivable provision of law.
Limited Liability
Assuming that a limited partner does not participate in the control of our business within the meaning of the Delaware Revised Uniform Limited Partnership Act, as amended (the “Delaware Act”), and that it otherwise acts in conformity with the provisions of our partnership agreement, such limited partner’s liability under the Delaware Act will be limited, subject to possible exceptions, to the amount of capital such limited partner is obligated to contribute to us for its common units plus its share of any undistributed profits and assets. If it were determined, however, that the right, or exercise of the right, by our limited partners as a group:
•to remove or replace our general partner;
•to approve some amendments to our partnership agreement; or
•to take other action under our partnership agreement;
constituted “participation in the control” of our business for the purposes of the Delaware Act, then our limited partners could be held personally liable for our obligations under the laws of Delaware, to the same extent as our general partner. This liability would extend to persons who transact business with us under the reasonable belief that the limited partner is a general partner. Neither our partnership agreement nor the Delaware Act specifically provides for legal recourse against our general partner if a limited partner were to lose limited liability through any fault of our general partner. While this does not mean that a limited partner could not seek legal recourse, we know of no precedent for this type of a claim in Delaware case law.
Under the Delaware Act, a limited partnership may not make a distribution to a partner if, after the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests and liabilities for which the recourse of creditors is limited to specific property of the partnership, would exceed the fair value of the assets of the limited partnership. For the purpose of determining the fair value of the assets of a limited partnership, the Delaware Act provides that the fair value of property subject to liability for which recourse of creditors is limited shall be included in the assets of the limited partnership only to the extent that the fair value of that property exceeds the nonrecourse liability. The Delaware Act provides that a limited partner who receives a distribution and knew at the time of the distribution that the distribution was in violation of the Delaware Act shall be liable to the limited partnership for the amount of the distribution for three years.
Limitations on the liability of members or limited partners for the obligations of a limited liability company or limited partnership have not been clearly established in many jurisdictions. If, by virtue of our ownership interest in our subsidiaries or otherwise, it were determined that we were conducting business in any jurisdiction without compliance with the applicable limited liability company or limited partnership statute, or that the right or exercise of the right by our limited partners as a group to remove or replace our general partner, to approve some amendments to our partnership agreement, or to take other action under our partnership agreement constituted “participation in the control” of our business for purposes of the statutes of any relevant jurisdiction, then our limited partners could be held personally liable for our obligations under the law of that jurisdiction to the same extent as our general partner under the circumstances. We will operate in a manner that our general partner considers reasonable and necessary or appropriate to preserve the limited liability of our limited partners.
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Issuance of Additional Interests
Our partnership agreement authorizes us to issue an unlimited number of additional partnership interests for the consideration and on the terms and conditions determined by our general partner without the approval of the common unitholders. However, the affirmative vote of a super-majority of the preferred unitholders is required prior to the creation of any class of Senior Securities.
It is possible that we will fund acquisitions through the issuance of additional common units or other partnership interests. Holders of any additional common units we issue will be entitled to share equally with the then-existing common unitholders in our distributions of available cash. In addition, the issuance of additional common units or other partnership interests may dilute the value of the interests of the then-existing common unitholders in our net assets.
In accordance with Delaware law and the provisions of our partnership agreement, we may also issue additional partnership interests that, as determined by our general partner, may have special voting rights to which the common units are not entitled. In addition, our partnership agreement does not prohibit our subsidiaries from issuing equity interests, which may effectively rank senior to the common units.
The common unitholders will not have preemptive rights under our partnership agreement to acquire additional common units or other partnership interests. The preferred unitholders, however, do have preemptive rights with respect to any Parity Securities (as defined in the Partnership Agreement Amendment).
Amendment of the Partnership Agreement
General
Amendments to our partnership agreement may be proposed only by or with the consent our general partner, which consent may be given or withheld in its sole discretion. To adopt a proposed amendment, other than certain amendments discussed below, our general partner must seek written approval of the holders of the number of units required to approve the amendment or call a meeting of the limited partners to consider and vote upon the proposed amendment. Except as otherwise described below, an amendment must be approved by a unit majority. In addition, the affirmative vote of a super-majority of the preferred unitholders is required prior to amending the partnership agreement in any manner that (i) alters or changes the rights, powers, privileges or preferences or duties and obligations of the preferred units in any material respect, (ii) subject to certain exceptions, increases or decreases the authorized number of preferred units, or (iii) otherwise adversely affects the preferred units, including the creation of any class of Senior Securities.
No Unitholder Approval
Our general partner may generally make amendments to our partnership agreement without the approval of any limited partner to reflect:
•a change in our name, the location of our principal place of business, our registered agent or our registered office;
•the admission, substitution, withdrawal or removal of partners in accordance with our partnership agreement;
•a change that, in the sole discretion of our general partner, is necessary or advisable to qualify or continue our qualification as a limited partnership or a partnership in which the limited partners have limited liability under the laws of any state or to ensure that we will not be treated as an association taxable as a corporation or otherwise taxed as an entity for U.S. federal income tax purposes;
•an amendment that is necessary, in the opinion of our counsel, to prevent us or our general partner or its directors, officers, agents or trustees from in any manner being subjected to the provisions of the Investment Company Act of 1940, the Investment Advisers Act of 1940 or “plan asset” regulations adopted under the Employee Retirement Income Security Act of 1974, or ERISA, whether or not substantially similar to plan asset regulations currently applied or proposed;
•an amendment that, in the discretion of our general partner, is necessary or advisable in connection with the authorization of issuance of any class or series of partnership interests;
•any amendment expressly permitted in our partnership agreement to be made by our general partner acting alone;
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•an amendment effected, necessitated or contemplated by a merger agreement that has been approved under the terms of our partnership agreement;
•any amendment that, in the discretion of our general partner, is necessary or advisable to reflect, account for and deal with appropriately the formation by us of, or our investment in, any corporation, partnership, joint venture, limited liability company or other entity, as otherwise permitted by our partnership agreement;
•a change in our fiscal year or taxable year and any changes that, in the discretion of our general partner, are necessary or advisable as a result of a change in our fiscal year or taxable year including, if our general partner shall so determine, a change in the definition of “Quarter” and the dates on which distributions are to be made by us;
•a merger or conveyance pursuant to which (i) our general partner has received an opinion of counsel that the merger or conveyance would not result in the loss of the limited liability of any limited partner or cause our partnership to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not previously treated as such), (ii) the sole purpose of such merger or conveyance is to effect a mere change in the legal form of our partnership into another limited liability entity and (iii) the governing instruments of the new entity provide the limited partners and our general partner with the same rights and obligations as are contained in the partnership agreement; or
•any other amendments substantially similar to any of the matters described in the clauses above.
In addition, our general partner may make amendments to our partnership agreement, without the approval of any limited partner, if our general partner determines that those amendments:
•do not adversely affect the limited partners (including any particular class of partnership interests as compared to other classes of partnership interests) in any material respect;
•are necessary or advisable to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute;
•are necessary or advisable to facilitate the trading of limited partner interests (including the division of any class or classes of outstanding limited partner interests into different classes to facilitate uniformity of tax consequences within such classes of limited partner interests) or to comply with any rule, regulation, guideline or requirement of any national securities exchange on which the limited partner interests are or will be listed for trading , compliance with any of which our general partner determines in its discretion to be in the best interests of our partnership and our limited partners;
•are necessary or advisable in connection with any action taken by our general partner relating to a split, distribution, subdivision or combination of partnership securities; or
•are required to effect the intent of the provisions of our partnership agreement or are otherwise contemplated by our partnership agreement.
No Reduction of Voting Percentage Required to Take Action
Any amendment to the partnership agreement that reduces the voting percentage required to take any action must be approved by the affirmative vote of our limited partners constituting not less than the voting requirement sought to be reduced.
No Enlargement of Obligations
No amendment to our partnership agreement may (i) enlarge the obligations of any limited partner without its consent, unless such is deemed to have occurred as a result of an amendment approved by the holders of not less than a majority of the outstanding partnership interests of the class affected, (ii) enlarge the obligations of, restrict in any way any action by or rights of, or reduce in any way the amounts distributable, reimbursable or otherwise payable to, our general partner or any of its affiliates without the consent of general partner, which consent may be given or withheld in its sole discretion, (iii) change the provision of the partnership agreement that provides for the dissolution of our partnership upon the election to dissolve our partnership by our general partner that is approved by the holders of a unit majority (the “Elective Dissolution Provision”) or (iv) change the term of our partnership or, except as set forth in the Elective Dissolution Provision, give any person the right to dissolve our partnership.
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No Material Adverse Effect on Rights and Preferences
Except for certain amendments in connection with the merger or consolidation of our partnership and except for those amendments that may be effected by our general partner without the consent of limited partners as described above, any amendment that would have a material adverse effect on the rights or preferences of any class of partnership interests in relation to other classes of partnership interests must be approved by the holders of not less than a majority of the outstanding partnership interests of the class affected, and to the extent such amendment would adversely affect any preferred unitholder in a disproportionate manner, consent of such preferred unitholder would also be required.
Opinion of Counsel and Unitholder Approval
Except as for those amendments that may be effected by our general partner without the consent of limited partners as described above, no amendments shall become effective without the approval of the holders of at least 90% of the outstanding units voting as a single class unless we obtain an opinion of counsel to the effect that such amendment will not affect the limited liability of any limited partner under applicable law. However, unanimous approval of the holders of the preferred units is required prior to our making an election to be treated as a taxable entity for federal income tax purposes.
Further Restrictions on Amendments.
Except as for those amendments that may be effected by our general partner without the consent of limited partners as described above, the foregoing provisions described above relating to the amendment of our partnership agreement may only be amended with the approval of the holders of at least 90% of the outstanding units (provided that the approval rights of the preferred unitholders may only be amended with the super-majority approval of the preferred unitholders).
Merger, Sale or Other Disposition of Assets
Our partnership agreement generally prohibits our general partner, without the prior approval of a unit majority, from causing us to, among other things, sell, exchange or otherwise dispose of all or substantially all of the consolidated assets we and our operating subsidiaries own in a single transaction or a series of related transactions (including by way of merger, consolidation or other combination). Our general partner may, however, mortgage, pledge, hypothecate or grant a security interest in all or substantially all of our consolidated assets without the approval of a unit majority. Our partnership agreement generally prohibits our general partner from causing us to merge or consolidate with another entity without the approval of a unit majority.
If certain conditions specified in the partnership agreement are satisfied, our general partner may merge our partnership or any of our subsidiaries into, or convey some or all of our assets to, a newly formed entity if the sole purpose of that merger or conveyance is to change our legal form into another limited liability entity.
A Change of Control in which consideration to be received by the common unitholders has a value of less than $10.00 per common unit requires approval of the preferred unitholders at the then-applicable Voting Threshold.
Termination and Dissolution
We will continue as a limited partnership until dissolved under our partnership agreement. We will dissolve upon:
•the election of our general partner to dissolve us, if approved by the holders of units representing a unit majority;
•the sale of all or substantially all of the assets and properties of our partnership and its subsidiaries, treated as a single consolidated entity;
•the entry of a decree of judicial dissolution of our partnership pursuant to the provisions of the Delaware Act; or
•the withdrawal, removal, bankruptcy or dissolution of our general partner, unless a successor general partner is elected prior to or on the effective date of such withdrawal, removal, bankruptcy or dissolution and we receive a withdrawal opinion of counsel.
Upon (a) dissolution of our partnership following the withdrawal or removal of our general partner and the failure of the partners to select a successor general partner, then within 90 days thereafter, or (b) dissolution of our partnership upon the bankruptcy or dissolution of our general partner, then, to the maximum extent permitted by law, within 180 days thereafter, the holders of a unit majority may elect to reconstitute our partnership and continue its business on the same terms and conditions set forth in our partnership agreement by forming a new limited partnership on terms identical to those set forth in our 
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partnership agreement and having as the successor general partner a person approved by the holders of a unit majority. Unless such an election is made within the applicable time period as set forth above, we shall conduct only activities necessary to wind up its affairs.
Liquidation and Distribution of Proceeds
Upon our dissolution, unless our business is continued, the liquidator authorized to wind up our affairs will, acting with all of the powers of our general partner that are necessary or appropriate, liquidate our assets and apply the proceeds of the liquidation as described in “Provisions of Our Partnership Agreement Relating to Cash Distributions—Distributions of Cash Upon Liquidation.” The liquidator may defer liquidation or distribution of our assets for a reasonable period of time or distribute assets to partners in kind if it determines that a sale would be impractical or would cause undue loss to our partners.
Withdrawal or Removal of Our General Partner
Our general partner may withdraw as our general partner by giving at least 90 days’ advance notice to the unitholders, such withdrawal to take effect on the date specified in such notice. Our general partner may voluntarily withdraw at any time by giving at least 90 days’ advance notice of its intention to withdraw to the limited partners, such withdrawal to take effect on the date specified in the notice, if at the time such notice is given one person and its affiliates (other than our general partner and its affiliates) own beneficially or of record or control at least 50% of the outstanding units.
If our general partner gives a notice of withdrawal, the holders of a unit majority may, prior to the effective date of such withdrawal, elect a successor general partner. The person so elected as successor general partner will automatically become the successor general partner. If, prior to the effective date of our general partner’s withdrawal, a successor is not selected by the unitholders or we do not receive a withdrawal opinion of counsel, we will be dissolved in accordance with our partnership agreement.
Our general partner may be removed if such removal is approved by the unitholders holding at least 66 2∕3% of the outstanding units (including units held by our general partner and its affiliates). Any such action by such holders for removal of our general partner must also provide for the election of a successor general partner by the unitholders holding a unit majority (including units held by our general partner and its affiliates). Such removal will be effective immediately following the admission of a successor general partner pursuant to our partnership agreement. The right of the holders of outstanding units to remove the general partner will not exist or be exercised unless we have received a withdrawal opinion of counsel.
If our general partner withdraws or is removed, we are required to reimburse the departing general partner for all amounts due the departing general partner.
Change of Management Provisions
Our partnership agreement contains specific provisions that are intended to discourage a person or group from attempting to remove CEQP GP as our general partner or from otherwise changing our management. Please read “—Withdrawal or Removal of Our General Partner” for a discussion of certain consequences of the removal of our general partner. If any person or group, other than our general partner and its affiliates, acquires beneficial ownership of 20% or more of any class of units, that person or group loses voting rights on all of its units. This loss of voting rights does not apply in certain circumstances. Please read “—Meetings; Voting.”
Limited Call Right
If at any time our general partner and its affiliates own more than 80% of our then-issued and outstanding limited partner interests of any class, our general partner will have the right, but not the obligation, to purchase all, but not less than all, of the remaining limited partners interests of the class at a price not less than the then current market price.
As a result of our general partner’s right to purchase outstanding limited partner interests, a holder of limited partner interests may have its limited partner interests purchased at an undesirable time or at a price that may be lower than market prices at various times prior to such purchase or lower than a unitholder may anticipate the market price to be in the future. The U.S. federal income tax consequences to a common unitholder of the exercise of this call right are the same as a sale by that unitholder of its common units in the market. Please read “Material U.S. Federal Income Tax Consequences—Disposition of Units.” In the event that our general partner or any affiliate of our general partner exercises its right to purchase all of the outstanding common units, it will result in the occurrence of a Cash COC Event (as defined in the Partnership Agreement Amendment).
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Meetings; Voting
For purposes of determining the limited partners entitled to notice of or to vote at a meeting of limited partners or to give approvals without a meeting, our general partner may set a record date, which shall not be less than 10 nor more than 60 days before (i) the date of the meeting (unless such requirement conflicts with any rule, regulation, guideline or requirement of any national securities exchange on which the limited partner interests are listed for trading, in which case the rule, regulation, guideline or requirement of such exchange shall govern) or (ii) in the event that approvals are sought without a meeting, the date by which limited partners are requested in writing by our general partner to give such approvals. Except as described below regarding a person or group owning 20% or more of any class of units then outstanding, record holders of units on the record date will be entitled to notice of, and to vote at, meetings of our limited partners and to act upon matters for which approvals may be solicited.
If authorized by our general partner, any action that may be taken at a meeting of the limited partners may be taken without a meeting if an approval in writing setting forth the action so taken is signed by limited partners owning not less than the minimum percentage of the outstanding limited partner interests (including limited partner interests deemed owned by our general partner) that would be necessary to authorize or take such action at a meeting at which all the limited partners were present and voted (unless such provision conflicts with any rule, regulation, guideline or requirement of any national securities exchange on which the limited partner interests are listed for trading, in which case the rule, regulation, guideline or requirement of such exchange shall govern). Special meetings of limited partners may be called by our general partner or by limited partners owning at least 20% of the outstanding partnership securities of the class or classes for which a meeting is proposed. Limited partners may vote either in person or by proxy at meetings. The holders of a majority of the outstanding partnership securities of the class or classes for which a meeting has been called (including limited partner interests deemed owned by our general partner), represented in person or by proxy, will constitute a quorum.
Each record holder of a unit has a vote according to its percentage interest in us, although additional limited partner interests having special voting rights could be issued. Please read “—Issuance of Additional Interests.” For a description of the voting rights of the Class A units, please read “—Limited Voting Rights.” However, if at any time any person or group, other than our general partner and its affiliates, or a direct or subsequently approved transferee of our general partner or its affiliates and purchasers specifically approved by our general partner, acquires, in the aggregate, beneficial ownership of 20% or more of any class of units then outstanding, that person or group will lose voting rights on all of its units and the units may not be voted on any matter and will not be considered to be outstanding when sending notices of a meeting of common unitholders, calculating required votes, determining the presence of a quorum or for other similar purposes. Units held in nominee or street name account will be voted by the broker or other nominee in accordance with the instruction of the beneficial owner unless the arrangement between the beneficial owner and its nominee provides otherwise. This loss of voting rights does not apply (i) (A) to any person or group that acquires the units directly from our general partner or its affiliates, (B) to any transferees of that person or group approved by our general partner or (C) to any person or group who acquires the units with the specific prior approval of our general partner, or (ii) (A) with respect to matters as to which the preferred units vote as a separate class and (B) with respect to matters as to which the preferred units vote together with the common units as a single class, provided that, such preferred unitholder would not beneficially own 20% or more of the common units, determined on an as-converted basis at the then-applicable Conversion Ratio. Notwithstanding anything to the contrary, with respect to any matter as to which the preferred units vote as a separate class, if at any time First Reserve acquires beneficial ownership of 20% or more the then outstanding preferred units, then none of such preferred units beneficially owned by First Reserve may be voted on such matter or be considered outstanding when calculating required votes or determining presence for a quorum; provided, however, that such restrictions shall no longer apply when First Reserve ceases to directly or indirectly, control our general partner.  
Any notice, demand, request, report or proxy material required or permitted to be given or made to record common unitholders under our partnership agreement will be delivered to the record holder by us or by the transfer agent.
Status as Limited Partner
By transfer of common units in accordance with our partnership agreement, each transferee of common units shall be admitted as a limited partner with respect to the common units transferred when such transfer and admission are reflected in our books and records. Except as described above under “—Limited Liability,” the common units and preferred units will be fully paid, and common unitholders and preferred unitholders will not be required to make additional contributions.

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