Document:

Amended and Restated Registration Rights Agreement, dated July 31, 2012

 Exhibit 4.1 
 Execution Version 
  

 
  

AMENDED AND RESTATED 
 REGISTRATION RIGHTS AGREEMENT 
 BY AND AMONG 

TPG REFINING, L.P., 
 ACON REFINING PARTNERS L.L.C., 
 NTI MANAGEMENT COMPANY, L.P.,

 NTR PARTNERS LLC, 
 NTR PARTNERS II LLC, 
 NORTHERN TIER INVESTORS, LLC, 

NORTHERN TIER HOLDINGS, LLC, 
 AND 
 NORTHERN TIER ENERGY LP 

DATED AS OF JULY 31, 2012 
  

 
  

 TABLE OF CONTENTS 

Page 
  

							
		
	 ARTICLE I
	  			
	 DEFINITIONS
	  			
			
	 SECTION 1.01.
	 	Defined Terms	  	 	1	  
	 SECTION 1.02.
	 	Other Interpretive Provisions	  	 	6	  
		
	 ARTICLE II
	  			
	 REGISTRATION RIGHTS
	  			
	 SECTION 2.01.
	 	Demand Registration	  	 	6	  
	 SECTION 2.02.
	 	Shelf Registration	  	 	9	  
	 SECTION 2.03.
	 	Piggyback Registration	  	 	11	  
	 SECTION 2.04.
	 	Black-out Periods	  	 	12	  
	 SECTION 2.05.
	 	Registration Procedures	  	 	13	  
	 SECTION 2.06.
	 	Underwritten Offerings	  	 	18	  
	 SECTION 2.07.
	 	No Inconsistent Agreements; Additional Rights	  	 	19	  
	 SECTION 2.08.
	 	Registration Expenses	  	 	19	  
	 SECTION 2.09.
	 	Indemnification	  	 	20	  
	 SECTION 2.10.
	 	Rules 144 and 144A and Regulation S	  	 	23	  
		
	 ARTICLE III
	  			
	 MISCELLANEOUS
	  			
			
	 SECTION 3.01.
	 	Term	  	 	23	  
	 SECTION 3.02.
	 	Injunctive Relief	  	 	23	  
	 SECTION 3.03.
	 	Attorneys’ Fees	  	 	23	  
	 SECTION 3.04.
	 	Amendment; Waivers	  	 	24	  
	 SECTION 3.05.
	 	Notices	  	 	24	  
	 SECTION 3.06.
	 	Successors, Assigns and Transferees	  	 	26	  
	 SECTION 3.07.
	 	Third Parties	  	 	26	  
	 SECTION 3.08.
	 	Governing Law; Jurisdiction	  	 	26	  
	 SECTION 3.09.
	 	WAIVER OF JURY TRIAL	  	 	26	  
	 SECTION 3.10.
	 	Entire Agreement	  	 	27	  
	 SECTION 3.11.
	 	Severability	  	 	27	  
	 SECTION 3.12.
	 	Counterparts	  	 	27	  
	 SECTION 3.13.
	 	Binding Effect	  	 	27	  
	 SECTION 3.14.
	 	Headings	  	 	27	  

  
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 AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 
 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (the “Agreement”), dated as of July 31, 2012, by and among Northern Tier Energy LP, a Delaware limited partnership (the
“Partnership”), Northern Tier Holdings, LLC, a Delaware limited liability company (“Holdings”), Northern Tier Investors, LLC, a Delaware limited liability company (“NTI”), TPG Refining, L.P., a
Delaware limited partnership (“TPG Refining”), ACON Refining Partners L.L.C., a Delaware limited liability company (“ACON Refining”), NTI Management Company, L.P., a Delaware limited partnership
(“ManageCo”), NTR Partners LLC, a Delaware limited liability company, and NTR Partners II LLC, a Delaware limited liability company. 
 WITNESSETH: 
 WHEREAS, NTI, TPG Refining, ACON Refining, ManageCo and certain
other parties hereto entered into that certain Registration Rights Agreement dated as of December 1, 2010 (the “Initial Registration Rights Agreement”); 
 WHEREAS, the Partnership intends to consummate an initial public offering (“IPO”) of limited partner interests in the Partnership designated as common units (“Common
Units”); 
 WHEREAS, upon consummation of the IPO, Holdings, an Affiliate of TPG Refining and ACON Refining, will own
Common Units and limited partner interests in the Partnership designated as PIK common units (“PIK Units”), all of which will be Registrable Securities (as defined below); 

WHEREAS, the parties desire to set forth certain registration rights applicable to the Registrable Securities following completion of the
IPO. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties
hereto, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that this Agreement amends and restates the Initial Registration Rights Agreement to provide as follows:

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01. Defined Terms. As used in this Agreement, the
following terms shall have the following meanings: 
 “ACON” means, collectively, ACON Refining and/or any of
its Affiliates that may hold Registrable Securities from time to time. 
 “ACON Refining” has the meaning set
forth in the preamble. 

  
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 “Adverse Disclosure” means public disclosure of material non-public
information that, in the Board of Directors’ good faith judgment, after consultation with independent outside counsel to the Partnership, (i) would be required to be made in any Registration Statement or report filed with the SEC by the
Partnership so that such Registration Statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing of such Registration Statement or report; and (iii) the Partnership has a bona fide
business purpose for not disclosing publicly. 
 “Agreement” has the meaning set forth in the preamble.

 “Affiliate” has the meaning specified in Rule 12b-2 under the Exchange Act; provided, that no Holder
shall be deemed an Affiliate of the Partnership or any of its subsidiaries for purposes of this Agreement. The term “Affiliated” has a correlative meaning. 
 “Board of Directors” means the board of directors of the general partner of the Partnership. 
 “Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks located in New York, New York, Washington, D.C. or Fort Worth, Texas are required or
authorized by law to be closed. 
 “Common Units” has the meaning set forth in the recitals. 

“Demand Notice” has the meaning set forth in Section 2.01(e). 

“Demand Period” has the meaning set forth in Section 2.01(d). 

“Demand Registration” has the meaning set forth in Section 2.01(a). 

“Demand Registration Statement” has the meaning set forth in Section 2.01(a). 

“Demand Right Holder” has the meaning set forth in Section 2.01(a). 

“Demand Shelf Registration Amount” has the meaning set forth in Section 2.02(a). 

“Demand Suspension” has the meaning set forth in Section 2.01(f). 

“Demanding Holder” has the meaning set forth in Section 2.01(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Effectiveness
Date” means the date on which the Sponsors are no longer subject to any underwriter’s lock-up or other contractual restriction on the sale of Registrable Securities in connection with an IPO. 

  
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 “FINRA” means the Financial Industry Regulatory Authority, Inc. (formerly
known as the National Association of Securities Dealers). 
 “Holder” means any Person who is a party hereto or
succeeds to rights hereunder pursuant to Section 3.06 and who is at the applicable time a holder of Registrable Securities. 
 “Holdings” has the meaning set forth in the preamble. 

“Initial Period” has the meaning set forth in Section 2.01(a). 

“Initial Registration Rights Agreement” has the meaning set forth in the recitals. 

“IPO” has the meaning set forth in the recitals. 

“Long-Form Registration Statement” has the meaning set forth in Section 2.01(a). 

“ManageCo” has the meaning set forth in the preamble. 

“Material Adverse Change” means (i) any general suspension of trading in, or limitation on prices for, securities
on any national securities exchange or in the over-the-counter market in the United States; (ii) the declaration of a banking moratorium or any suspension of payments in respect of banks in the United States; (iii) a material outbreak or
escalation of armed hostilities or other international or national calamity involving the United States or the declaration by the United States of a national emergency or war or a change in national or international financial, political or economic
conditions; and (iv) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the business, properties, assets, liabilities, condition (financial or otherwise), operations, results of operations or
prospects of the Partnership and its subsidiaries taken as a whole. 
 “NTI” has the meaning set forth in the
preamble. 
 “Participating Holder” means, with respect to any Registration, any Holder of Registrable
Securities covered by the applicable Registration Statement. 
 “Partnership” has the meaning set forth in the
preamble and shall include the Partnership’s successors by merger, acquisition, reorganization, conversion or otherwise. 

“Partnership Public Sale” has the meaning set forth in Section 2.03(a). 

“Person” means any individual, partnership, corporation, limited liability company, unincorporated organization, trust
or joint venture, or a governmental agency or political subdivision thereof. 
 “Piggyback Registration” has
the meaning set forth in Section 2.03(a). 
 “PIK Units” has the meaning set forth in the recitals.

 “Pro Ration Percentage” has the meaning set forth in Section 2.02(c). 

  
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 “Prospectus” means the prospectus included in any Registration Statement,
all amendments and supplements to such prospectus, including pre- and post-effective amendments to such Registration Statement, and all other material incorporated by reference in such prospectus. 

“Registrable Securities” means any Units (including any issuable or issued upon exercise, exchange or conversion of any
Unit Equivalents) and any securities that may be issued or distributed or be issuable in respect of any Units by way of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification or
similar transaction; provided, however, that any such Registrable Securities shall cease to be Registrable Securities to the extent (i) a Registration Statement with respect to the sale of such Registrable Securities has been
declared effective under the Securities Act and such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (ii) such Registrable Securities have been sold pursuant to
Rule 144 (or any similar or analogous rule promulgated under the Securities Act) under the Securities Act, (iii) such Registrable Securities shall have been otherwise transferred and new certificates for them not bearing a legend restricting
transfer under the Securities Act shall have been delivered by the Partnership and such securities may be publicly resold without Registration under the Securities Act or (iv) the Holder thereof, together with its Affiliates, beneficially owns
less than 2% (two percent) of the Registrable Securities that are outstanding at such time and such Holder and its Affiliates are able to dispose of all of their Registrable Securities in any 90 day period pursuant to Rule 144 (or any similar or
analogous rule promulgated under the Securities Act). 
 “Registration” means a registration with the SEC of
the Partnership’s securities for offer and sale to the public under a Registration Statement. The term “Register” shall have a correlative meaning. 
 “Registration Expenses” has the meaning set forth in Section 2.08. 
 “Registration Statement” means any registration statement of the Partnership filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act,
including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shelf Notice” has the meaning
set forth in Section 2.02(c). 

  
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 “Shelf Period” has the meaning set forth in Section 2.02(b).

 “Shelf Registration” means a Registration effected pursuant to Section 2.02. 

“Shelf Registration Statement” means a Registration Statement of the Partnership filed with the SEC on either
(i) Form S-3 (or any successor form or other appropriate form under the Securities Act) or (ii) if the Partnership is not permitted to file a Registration Statement on Form S-3, a Registration Statement on Form S-1 (or any successor form
or other appropriate form under the Securities Act), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by the SEC) covering the Registrable
Securities, as applicable. 
 “Shelf Suspension” has the meaning set forth in Section 2.02(d). 

“Short-Form Registration Statement” has the meaning set forth in Section 2.01(a). 

“Sponsors” means any of (i) TPG, (ii) ACON, (iii) any Person to which TPG or ACON shall have assigned,
pursuant to Section 3.06, the right to request a registration pursuant to Section 2.01 or 2.02 or (iv) if at any time following completion of the IPO, none of the Persons described in clauses (i) or (ii) of this definition
(either individually or collectively) beneficially own, directly or indirectly, Registrable Securities and none of the Persons described in clause (iii) of this definition (either individually or collectively) beneficially own, directly or
indirectly, the Registrable Securities transferred to any such Person by TPG or ACON for which the right to request a registration pursuant to Section 2.01 or 2.02 was assigned pursuant to Section 3.06, then NTR Partners LLC or NTR
Partners II LLC. 
 “Subsidiary” means, with respect to any Person, any other Person of which such Person,
directly or indirectly, owns at least 50% of the voting stock or other voting equity interests of such other Person. 

“TPG” means, collectively, TPG Refining and/or any of its Affiliates that may hold Registrable Securities from time to
time. 
 “TPG Refining” has the meaning set forth in the preamble. 

“Underwritten Offering” means a Registration in which securities of the Partnership are sold to an underwriter or
underwriters on a firm commitment basis for reoffering to the public. 
 “Unit Equivalents” means securities
(including, without limitation, warrants) exercisable, exchangeable or convertible into Units. 
 “Units” means
Common Units, PIK Units or any other limited partnership interests in the Partnership, issued or issuable with respect to such Common Units or PIK Units by way of a unit dividend or distribution payable thereon or unit split, reverse unit split,
recapitalization, reclassification, reorganization, exchange, subdivision or combination thereof. 

  
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 SECTION 1.02. Other Interpretive Provisions. (a) The meanings of defined terms
are equally applicable to the singular and plural forms thereof. 
 (b) The words “hereof,” “herein,”
“hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection, Section, Exhibit, Schedule and Annex references are to this Agreement unless otherwise specified.

 (c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or
neuter forms. 
 ARTICLE II 
 REGISTRATION RIGHTS 
 SECTION 2.01. Demand Registration. 

(a) Demand by Holdings or the Sponsors. If, after the Effectiveness Date, there is no currently effective Shelf Registration
Statement on file with the SEC, then (i) at any time, Holdings, (ii) for the two (2) year period following the closing of the IPO (the “Initial Period”), both Sponsors, acting unanimously, and (iii) at any time
after the Initial Period, a Sponsor beneficially owning, directly or indirectly, in the aggregate, not less than five percent (5%) of the Registrable Securities then outstanding, may make a written request to the Partnership for Registration of
all or part of the Registrable Securities held by, in the case of clause (i), Holdings or, in the case of clause (ii) or (iii), such Sponsors or Sponsor (together with Holdings and each individually, a “Demanding Holder”)
(i) on Form S-1 or any similar long-form registration statement (a “Long-Form Registration Statement”) or (ii) on Form S-3 or any similar short-form registration statement (a “Short-Form Registration
Statement”) if the Partnership is qualified to use such short form. Any such requested Long-Form Registration or Short-Form Registration shall hereinafter be referred to as a “Demand Registration.” Each request for a Demand
Registration shall specify the kind and aggregate amount of Registrable Securities to be Registered and the intended methods of disposition thereof. Within (i) ninety (90) days in the case of a request for a Long-Form Registration or
(ii) thirty (30) days in the case of a request for a Short-Form Registration, the Partnership shall file a Registration Statement relating to such Demand Registration (a “Demand Registration Statement”), and shall use its
reasonable best efforts to cause such Demand Registration Statement to promptly be declared effective under (x) the Securities Act and (y) the “Blue Sky” laws of such jurisdictions as any Participating Holder or any underwriter,
if any, reasonably requests. Holdings and each Sponsor shall be referred to in this Agreement as a “Demand Right Holder.” 

  
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 (b) Limitation on Demand Registrations. After the Initial Period, each Demand Right
Holder shall have the right to request up to three (3) Long-Form Registrations and an unlimited number of Short-Form Registrations. Notwithstanding the foregoing, (i) each Demand Right Holder may request no more than (A) two
(2) Demand Registrations in any twelve (12)—month period or (B) more than one (1) Demand Registration in any three (3) – month period and (ii) in no event shall the Partnership be required to effect more than three
(3) Demand Registrations in any twelve (12)—month period. 
 (c) Demand Withdrawal. A Demanding Holder and any
other Holder that has requested its Registrable Securities be included in a Demand Registration pursuant to Section 2.01(e) may withdraw all or any portion of its Registrable Securities from a Demand Registration at any time prior to the
effectiveness of the applicable Demand Registration Statement. Upon receipt of a notice to such effect from the Demanding Holder with respect to all of its Registrable Securities, the Partnership shall cease all efforts to secure effectiveness of
the applicable Demand Registration Statement and such Registration nonetheless shall be deemed a Demand Registration with respect to such Demanding Holder for purposes of Section 2.01(b) unless (i) the withdrawing Demanding Holder shall
have paid or reimbursed the Partnership for its pro rata share of all reasonable and documented out-of-pocket fees and expenses incurred by the Partnership in connection with the Registration of such Demanding Holder’s withdrawn Registrable
Securities (based on the number of securities the Demanding Holder sought to register, as compared to the total number of securities included on such Demand Registration Statement) or (ii) the withdrawal is made following the occurrence of a
Material Adverse Change or because the Registration would require the Partnership to make an Adverse Disclosure. 
 (d)
Effective Registration. The Partnership shall be deemed to have effected a Demand Registration if the Demand Registration Statement is declared effective by the SEC and remains effective for not less than one hundred eighty (180) days
(or such shorter period as shall terminate when all Registrable Securities covered by such Demand Registration Statement have been sold or withdrawn), or if such Registration Statement relates to an Underwritten Offering, such longer period as, in
the opinion of counsel for the underwriter or underwriters, a Prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer (the applicable period, the “Demand Period”).
No Demand Registration shall be deemed to have been effected if (i) during the Demand Period such Registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court or
(ii) the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such Registration are not satisfied other than by reason of a wrongful act, misrepresentation or breach of such applicable
underwriting agreement by the Demanding Holder. 
 (e) Demand Notice. Promptly upon receipt of any request for a Demand
Registration pursuant to Section 2.01(a) (but in no event more than five (5) Business Days thereafter), the Partnership shall deliver a written notice (a “Demand Notice”) of any such Registration request to all other
Holders, and the Partnership shall include in such Demand Registration all such Registrable Securities with respect to which the Partnership has received written requests for inclusion therein within ten (10) Business Days after the date that
the Demand Notice has been delivered. All requests made pursuant to this Section 2.01(e) shall specify the aggregate amount of Registrable Securities to be registered and the intended method of distribution of such securities. 

  
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 (f) Delay in Filing; Suspension of Registration. If the filing, initial effectiveness
or continued use of a Demand Registration Statement at any time would require the Partnership to make an Adverse Disclosure, the Partnership may, upon giving prompt written notice of such action to the Holders, delay the filing or initial
effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided, however, that the Partnership shall not be permitted to exercise a Demand Suspension or Shelf Suspension (as
defined in Section 2.02(d)) (i) more than once during any twelve (12)-month period, or (ii) for a period exceeding thirty (30) days on any one occasion. In the case of a Demand Suspension, the Holders agree to suspend use of the
applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Partnership shall immediately notify the Holders upon the termination of any
Demand Suspension, amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may
reasonably request. The Partnership agrees, if necessary, to supplement or make amendments to the Demand Registration Statement, if required by the registration form used by the Partnership for the Demand Registration or by the instructions
applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Demanding Holder. 
 (g) Underwritten Offering. If a Demanding Holder so requests in connection with an offering with estimated gross proceeds of at least $50,000,000, an offering of Registrable Securities pursuant to
a Demand Registration shall be in the form of an Underwritten Offering, and all of the Demand Right Holders participating in such Demand Registration shall unanimously select the managing underwriter or underwriters to administer the offering.

 (h) Priority of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of
a proposed Underwritten Offering of the Registrable Securities included in a Demand Registration (or, in the case of a Demand Registration not being underwritten, the Demand Right Holders), advise the Board of Directors in writing that, in its or
their opinion, the number of securities requested to be included in such Demand Registration exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, the securities to be included in such Demand Registration (i) first, shall be allocated pro rata among the Holders (including the Demanding Holder) that have requested to participate
in such Demand Registration based on the relative number of Registrable Securities then held by each such Holder (provided that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the
remaining requesting Holders in like manner) and (ii) next, and only if all the securities referred to in clause (i) have been included, the number of securities that the Partnership and any other Holder that has a right to participate in
such registration proposes to include in such Registration that, in the opinion of the managing underwriter or underwriters (or the Demand Right Holders, as the case may be) can be sold without having such adverse effect. 

(i) In the event any Holder requests to participate in a registration pursuant to this Section 2.01 in connection with a distribution
of Registrable Securities to its partners or members, the registration shall provide for resale by such partners or members, if requested by the Holder. 

  
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 SECTION 2.02. Shelf Registration. 

(a) Filing. After the Effectiveness Date, as promptly as practicable following a request as may be made from time to time by,
(i) at any time, Holdings, (ii) during the Initial Period, both Sponsors, acting unanimously, and (iii) at any time after the Initial Period, one or more Sponsors beneficially owning, directly or indirectly, in the aggregate, not less
than five percent (5%) of the Registrable Securities then outstanding, the Partnership shall file with the SEC a Shelf Registration Statement relating to the offer and sale by Holders from time to time of the number of Registrable Securities
specified in the requests of the Demand Right Holder(s) pursuant to this Section 2.02(a) and the other Holders pursuant to Section 2.02(c) in accordance with the methods of distribution elected by the participating Demand Right Holder(s)
and set forth in the Shelf Registration Statement and, as promptly as practicable thereafter, shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective under the Securities Act; provided, that
any request to file a Shelf Registration Statement on Form S-1 (or any successor form thereto) must be made by Holdings or the Sponsors together. If a Demand Right Holder makes a request pursuant to this Section 2.02(a) to file a Shelf
Registration Statement and the other Demand Right Holders did not join in such request, the Partnership shall promptly (and, in any event, within five (5) Business Days) notify the other Demand Right Holders. No later than ten
(10) Business Days after the receipt of the initial request to file a Shelf Registration Statement pursuant to this Section 2.02(a), each Demand Right Holder shall notify the Partnership in writing of the number of its Registrable
Securities (if any) that such Demand Right Holder is requesting to be registered on such Shelf Registration Statement. At any time prior to or after the filing of a Shelf Registration Statement, any of the Demand Right Holders may request that the
number of its Registrable Securities (if any) previously requested to be registered on such Shelf Registration Statement be increased to a larger number of its Registrable Securities and the Partnership shall thereafter use its reasonable best
efforts to effect such increase for such Shelf Registration Statement as promptly as practicable thereafter. The aggregate number of Registrable Securities that the Demand Right Holders request to be so registered on such Shelf Registration
Statement (as increased from time to time at the election of any of the Demand Right Holders pursuant to the immediately foregoing sentence) shall be referred to in this Section 2.02 as the “Demand Shelf Registration Amount.”
If, on the date of any such request, the Partnership does not qualify to file a Shelf Registration Statement under the Securities Act, the provisions of this Section 2.02 shall not apply, and the provisions of Section 2.01 shall apply
instead. 
 (b) Continued Effectiveness. The Partnership shall use its reasonable best efforts to keep such Shelf
Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by Holders until the earlier of (i) the date as of which all Registrable Securities have been sold
pursuant to the Shelf Registration Statement or another registration statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(3) of the Securities Act and Rule 174 thereunder) and
(ii) the date as of which each of the Holders is permitted to sell its Registrable Securities without Registration pursuant to Rule 144 under the Securities Act without volume limitation or other restrictions on transfer thereunder (such period
of effectiveness, the “Shelf  

  
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Period”). Subject to Section 2.02(d), the Partnership shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the
Shelf Period if the Partnership voluntarily takes any action or omits to take any action that would result in Holders of Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf
Registration Statement during the Shelf Period, unless such action or omission is required by applicable law. 
 (c) Shelf
Notice. Promptly upon receipt of any request by a Demand Right Holder or Demand Right Holders to file a Shelf Registration Statement or any request by a Demand Right Holder to increase the number of its Registrable Securities registered on such
Shelf Registration Statement pursuant to Section 2.02(a) (but in no event more than five (5) Business Days thereafter), the Partnership shall deliver a written notice (a “Shelf Notice”) of any such request to all other
Holders specifying the Demand Shelf Registration Amount and the Pro Ration Percentage and the Partnership shall include in such registration the number of Registrable Securities with respect to which the Partnership has received written requests for
inclusion therein within ten (10) Business Days after the date that the Shelf Notice has been delivered; provided, that no such Holder may request the inclusion in such Registration a percentage of such Holder’s Registrable
Securities in excess of the Pro Ration Percentage. For purposes of this Section 2.02(c), the “Pro Ration Percentage” means, as of the date of determination with respect to any particular Shelf Registration, the percentage
determined by multiplying (i) 100 by (ii) a fraction, the numerator of which is the Demand Shelf Registration Amount in effect as of such date with respect to such Shelf Registration and the denominator of which is the aggregate number of
Registrable Securities beneficially owned by the Demand Right Holders and their Affiliates as of such date. 
 (d) Suspension
of Registration. If the continued use of such Shelf Registration Statement at any time would require the Partnership to make an Adverse Disclosure, the Partnership may, upon giving prompt written notice of such action to the Holders, suspend use
of the Shelf Registration Statement (a “Shelf Suspension”); provided that the Partnership shall not be permitted to exercise a Shelf Suspension or Demand Suspension (i) more than one time during any twelve (12)-month
period, or (ii) for a period exceeding thirty (30) days on any one occasion. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase of, or offer to sell or
purchase, Registrable Securities, upon receipt of the notice referred to above. The Partnership shall immediately notify the Holders upon the termination of any Shelf Suspension, amend or supplement the Prospectus, if necessary, so it does not
contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The Partnership agrees, if necessary, to supplement or make amendments
to the Shelf Registration Statement, if required by the registration form used by the Partnership for the Shelf Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated
thereunder or as may reasonably be requested by the Demand Right Holders. 
 (e) Underwritten Offering. If (i) at any
time, Holdings, (ii) during the Initial Period, both Sponsors, acting unanimously, and (iii) at any time after the Initial Period, a Sponsor holding, directly or indirectly, in the aggregate, not less than five percent (5%) of the
Registrable Securities then outstanding so elects in connection with an offering with estimated 

  
 10 

 
gross proceeds of at least $50,000,000, an offering of Registrable Securities pursuant to the Shelf Registration Statement shall be in the form of an Underwritten Offering, and the Partnership
shall amend or supplement the Shelf Registration Statement for such purpose, all Demand Right Holders participating in the Shelf Registration Statement shall unanimously select the managing underwriter or underwriters to administer such offering.
The provisions of Section 2.01(h) shall apply to any underwritten offering pursuant to this Section 2.02(e). 

SECTION 2.03. Piggyback Registration. 
 (a) Participation. If the Partnership at any time proposes to file a Registration Statement under the Securities Act with respect to any offering of its equity securities for its own account or for
the account of any other Persons (other than (i) a Registration on Form S-4 or S-8 or any successor form to such Forms or (ii) a Registration of securities solely relating to an offering and sale to employees or directors of the
Partnership or its general partner or any of their Subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement) (a “Partnership Public Sale”), then, as soon as reasonably practicable, the Partnership
shall give written notice of such proposed filing to the Holders, and such notice shall offer the Holders the opportunity to Register under such Registration Statement such number of Registrable Securities as each such Holder may request in writing
(a “Piggyback Registration”); provided, however, that a Piggyback Registration shall not be offered to the Holders in connection with the IPO. Subject to Section 2.03(b), the Partnership shall include in such
Registration Statement all such Registrable Securities that are requested to be included therein within fifteen (15) days after the receipt by such Holders of any such notice; provided that if at any time after giving written notice of
its intention to Register any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, the Partnership shall determine for any reason not to Register or to delay Registration of such
securities, the Partnership shall give written notice of such determination to each Holder and, thereupon, (i) in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in
connection with such Registration (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of the Demand Right Holders to request that such Registration be effected as a Demand
Registration under Section 2.01, and (ii) in the case of a determination to delay Registering, in the absence of a request for a Demand Registration, shall be permitted to delay Registering any Registrable Securities, for the same period
as the delay in Registering such other securities. If the offering pursuant to such Registration Statement is to be underwritten, then each Holder making a request for a Piggyback Registration pursuant to this Section 2.03(a) must, and the
Partnership shall make such arrangements with the managing underwriter or underwriters so that each such Holder may, participate in such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any other basis, then
each Holder making a request for a Piggyback Registration pursuant to this Section 2.03(a) must, and the Partnership shall make such arrangements so that each such Holder may, participate in such offering on such basis. Each Holder shall be
permitted to withdraw all or part of its Registrable Securities from a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. 

  
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 (b) Priority of Piggyback Registration. If the managing underwriter or underwriters
of any proposed Underwritten Offering of Registrable Securities included in a Piggyback Registration informs the Partnership and the Holders of Registrable Securities in writing that, in its or their opinion, the number of securities which such
Holders and any other Persons intend to include in such offering exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the
market for the securities offered, then the securities to be included in such Registration shall be (i) first, 100% of the securities proposed to be sold in such Registration by the Partnership or (subject to Section 2.07) any Person
(other than a Holder) exercising a contractual right to demand Registration, as the case may be, proposes to sell, and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable
Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated pro rata among the Holders that have requested to participate in such Registration based
on the relative number of Registrable Securities then held by each such Holder (provided that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Holders in like
manner) and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration. 

(c) No Effect on Demand Registrations. No Registration of Registrable Securities effected pursuant to a request under this
Section 2.03 shall be deemed to have been effected pursuant to Sections 2.01 and 2.02 or shall relieve the Partnership of its obligations under Sections 2.01 or 2.02. 

SECTION 2.04. Black-out Periods. 
 (a) Black-out Periods for Holders. In the event of a Partnership Public Sale of the Partnership’s equity securities in an Underwritten Offering, the Holders agree, if requested by the managing
underwriter or underwriters in such Underwritten Offering and agreed to by both Sponsors, not to effect any public sale or distribution of any securities (except, in each case, as part of the applicable Registration, if permitted) that are the same
as or similar to those being Registered in connection with such Partnership Public Sale, or any securities convertible into or exchangeable or exercisable for such securities, during the period beginning seven (7) days before and ending one
hundred eighty (180) days (in the event of the Partnership’s IPO) or ninety (90) days (in the event of any other Partnership Public Sale) (or, in either case, such lesser period as may be permitted by the Partnership or such managing
underwriter or underwriters) after, the effective date of the Registration Statement filed in connection with such Registration, to the extent timely notified in writing by the Partnership or the managing underwriter or underwriters;
provided, however, such restrictions shall not apply to (i) securities acquired in the public market subsequent to the IPO, (ii) distributions-in-kind to a Holder’s partners or members and (iii) transfers to
Affiliates but only if such Affiliates agree to be bound by the restrictions herein. 
 (b) Black-out Period for the
Partnership and Others. In the case of a Registration of Registrable Securities pursuant to Section 2.01 or 2.02 for an Underwritten Offering, the Partnership and the Holders agree, if requested by the participating Demand Right Holders or
the managing underwriter or underwriters with respect to such Registration, not to effect any public sale or distribution of any securities that are the same as or similar to those being Registered, or any securities convertible into or exchangeable
or exercisable for such 

  
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securities, during the period beginning seven (7) days before, and ending ninety (90) days (or such lesser period as may be permitted by the participating Demand Right Holders or such
managing underwriter or underwriters) after, the effective date of the Registration Statement filed in connection with such Registration (or, in the case of an offering under a Shelf Registration Statement, the date of the closing under the
underwriting agreement in connection therewith), to the extent timely notified in writing by the Demand Right Holders or the managing underwriter or underwriters. Notwithstanding the foregoing, the Partnership may effect a public sale or
distribution of securities of the type described above and during the periods described above if such sale or distribution is made as part of any Registration of securities for offering and sale to employees or directors of the Partnership pursuant
to any employee stock plan or other employee benefit plan arrangement. The Partnership agrees to use its reasonable best efforts to obtain from each holder of restricted securities of the Partnership which securities are the same as or similar to
the Registrable Securities being Registered, or any restricted securities convertible into or exchangeable or exercisable for any of such securities, an agreement not to effect any public sale or distribution of such securities during any such
period referred to in this paragraph, except as part of any such Registration, if permitted. Without limiting the foregoing (but subject to Section 2.07), if after the date hereof the Partnership grants any Person (other than a Holder) any
rights to demand or participate in a Registration, the Partnership agrees that the agreement with respect thereto shall include such Person’s agreement to comply with any black-out period required by this Section as if it were a Holder
hereunder. 
 SECTION 2.05. Registration Procedures. 

(a) In connection with the Partnership’s Registration obligations under Sections 2.01, 2.02 and 2.03, the Partnership shall use
its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection
therewith the Partnership shall: 
 (i) prepare the required Registration Statement including all exhibits and
financial statements required under the Securities Act to be filed therewith, and before filing a Registration Statement or Prospectus, or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to Participating
Holders, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel and (y) except in the case of a Registration under Section 2.03, not
file any Registration Statement or Prospectus or amendments or supplements thereto to which the Demand Right Holders or the underwriters, if any, shall reasonably object; 

(ii) as soon as reasonably practicable (in the case of a Demand Registration or Shelf Registration, no later than thirty
(30) days after a request for a Demand Registration or Shelf Registration on Form S-3 or ninety (90) days after a request for a Demand Registration or Shelf Registration on Form S-1) file with the SEC a Registration Statement relating to
the Registrable Securities including all exhibits and financial statements required by the SEC to be filed therewith, and use its reasonable best efforts to cause such Registration Statement to become effective under the Securities Act as soon as
practicable; 

  
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 (iii) prepare and file with the SEC such pre- and post-effective amendments
to such Registration Statement and supplements to the Prospectus as may be (x) reasonably requested by a Demand Right Holder, (y) reasonably requested by any other Participating Holder (to the extent such request relates to information
relating to such Holder), or (z) necessary to keep such Registration effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all
securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement; 

(iv) notify the Participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm
such advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Partnership (a) when the applicable Registration Statement or any amendment thereto has been filed or
becomes effective, and when the applicable Prospectus or any amendment or supplement to such Prospectus has been filed, (b) of any written comments by the SEC or any request by the SEC or any other federal or state governmental authority for
amendments or supplements to such Registration Statement or such Prospectus or for additional information, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or
any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the
Partnership in any applicable underwriting agreement cease to be true and correct in all material respects, and (e) of the receipt by the Partnership of any notification with respect to the suspension of the qualification of the Registrable
Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 
 (v) promptly notify the Participating Holders and the managing underwriter or underwriters, if any, when the Partnership becomes aware of the happening of any event as a result of which the applicable
Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such
Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made) not misleading or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or
Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the Participating Holders and the managing underwriter or
underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus which shall correct such misstatement or omission or effect such compliance; 

(vi) use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order suspending the
use of any preliminary or final Prospectus; 

  
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 (vii) promptly incorporate in a Prospectus supplement or post-effective
amendment such information as the managing underwriter or underwriters and the Demand Right Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of
such Prospectus supplement or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(viii) furnish to each Participating Holder and each underwriter, if any, without charge, as many conformed copies as such
Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all
exhibits (including those incorporated by reference); 
 (ix) deliver to each Participating Holder and each
underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Holder or underwriter may reasonably request (it being understood that the
Partnership consents to the use of such Prospectus or any amendment or supplement thereto by such Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment
or supplement thereto) and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter; 

(x) on or prior to the date on which the applicable Registration Statement is declared effective, use its reasonable best
efforts to register or qualify, and cooperate with the Participating Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the registration or qualification of such Registrable Securities for
offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction of the United States as any Participating Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in
writing and do any and all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for such period as required by Section 2.01(d) or Section 2.02(b), whichever is applicable, provided
that the Partnership shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction
where it is not then so subject; 
 (xi) cooperate with the Participating Holders and the managing underwriter or
underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and
registered in such names as the managing underwriters may request at least two business days prior to any sale of Registrable Securities to the underwriters; 

  
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 (xii) use its reasonable best efforts to cause the Registrable Securities
covered by the applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to
consummate the disposition of such Registrable Securities; 
 (xiii) not later than the effective date of the
applicable Registration Statement, provide a CUSIP number for all Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository
Trust Company; 
 (xiv) make such representations and warranties to the Participating Holders and the
underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in secondary underwritten public offerings; 
 (xv) enter into such customary agreements (including underwriting and indemnification agreements) and take all such other actions as the Demand Right Holders or the managing underwriter or underwriters,
if any, reasonably request in order to expedite or facilitate the registration and disposition of such Registrable Securities; 
 (xvi) obtain for delivery to the Participating Holders and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Partnership dated the effective date of the Registration
Statement or, in the event of an Underwritten Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case
may be, and their respective counsel; 
 (xvii) in the case of an Underwritten Offering, obtain for delivery to
the Partnership and the managing underwriter or underwriters, with copies to the Participating Holders, a cold comfort letter from the Partnership’s independent certified public accountants in customary form and covering such matters of the
type customarily covered by cold comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement; 

(xviii) cooperate with each Participating Holder and each underwriter, if any, participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA; 
 (xix) use its reasonable best efforts to comply with all applicable securities laws and make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(xx) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

  
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 (xxi) use its best efforts to cause all Registrable Securities covered by
the applicable Registration Statement to be listed on each securities exchange on which any of the Partnership’s securities are then listed or quoted and on each inter-dealer quotation system on which any of the Partnership’s securities
are then quoted; 
 (xxii) make available upon reasonable notice at reasonable times and for reasonable periods
for inspection by the Demand Right Holders, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by the Demand Right Holders or any such
underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Partnership, and cause all of the Partnership’s officers, directors and employees and the independent public accountants who have
certified its financial statements to make themselves available to discuss the business of the Partnership and to supply all information reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to
enable them to exercise their due diligence responsibility; provided that any such Person gaining access to information regarding the Partnership pursuant to this Section 2.05(a)(xxii) shall agree to hold in strict confidence and shall
not make any disclosure or use any information regarding the Partnership that the Partnership determines in good faith to be confidential, and of which determination such Person is notified, unless (w) the release of such information is
requested or required (by deposition, interrogatory, requests for information or documents by a governmental entity, subpoena or similar process), (x) such information is or becomes publicly known other than through a breach of this or any
other agreement of which such Person has knowledge, (y) such information is or becomes available to such Person on a non-confidential basis from a source other than the Partnership or (z) such information is independently developed by such
Person; and 
 (xxiii) in the case of an Underwritten Offering, cause the senior executive officers of the
Partnership to participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such Underwritten Offering and otherwise to facilitate, cooperate with, and
participate in each proposed offering contemplated herein and customary selling efforts related thereto. 
 (b) The Partnership
may require each Participating Holder to furnish to the Partnership such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of Registrable Securities as the Partnership may
from time to time reasonably request in writing. Each Participating Holder agrees to furnish such information to the Partnership and to cooperate with the Partnership as reasonably necessary to enable the Partnership to comply with the provisions of
this Agreement. 
 (c) Each Participating Holder agrees that, upon receipt of any notice from the Partnership of the happening of
any event of the kind described in Section 2.05(a)(v), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 2.05(a)(v), or until such Holder is advised in writing by the Partnership that the use of the Prospectus may be resumed, and if so directed by the Partnership, such Holder shall deliver to the
Partnership (at the Partnership’s expense) all copies, other than 

  
 17 

 
permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Partnership
shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to
and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 2.05(a)(v) or is advised in writing by the
Partnership that the use of the Prospectus may be resumed. 
 SECTION 2.06. Underwritten Offerings. 

(a) Demand and Shelf Registrations. If requested by the underwriters for any Underwritten Offering requested by the Demand Right
Holders pursuant to a Registration under Section 2.01 or Section 2.02, the Partnership shall enter into an underwriting agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form
to the Partnership, the Demand Right Holders and the underwriters, and to contain such representations and warranties by the Partnership and such other terms as are generally prevailing in agreements of that type, including indemnities no less
favorable to the recipient thereof than those provided in Section 2.09. The Participating Holders shall cooperate with the Partnership in the negotiation of such underwriting agreement and shall give consideration to the reasonable suggestions
of the Partnership regarding the form thereof. Such Holders shall be parties to such underwriting agreement, which underwriting agreement shall (i) contain such representations and warranties by, and the other agreements on the part of, the
Partnership to and for the benefit of such Holders as are customarily made by issuers to selling stockholders in secondary underwritten public offerings and (ii) provide that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Partnership or the
underwriters other than representations, warranties or agreements regarding such Holders, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations required to be made by
such Holder under applicable law, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s net proceeds from such Underwritten Offering. 
 (b) Piggyback Registrations. If the Partnership proposes to register any of its securities under the Securities Act as contemplated by Section 2.03 and such securities are to be distributed in
an Underwritten Offering through one or more underwriters, the Partnership shall, if requested by any Holder pursuant to Section 2.03 and subject to the provisions of Section 2.03(b), use its reasonable best efforts to arrange for such
underwriters to include on the same terms and conditions that apply to the other sellers in such Registration all the Registrable Securities to be offered and sold by such Holder among the securities of the Partnership to be distributed by such
underwriters in such Registration. The Participating Holders shall be parties to the underwriting agreement between the Partnership and such underwriters, which underwriting agreement shall (i) contain such representations and warranties by,
and the other agreements on the part of, the Partnership to and for the benefit of such Holders as are customarily made by issuers to selling stockholders in secondary underwritten public offerings and (ii) provide that any or all of the
conditions precedent to the obligations of such underwriters 

  
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under such underwriting agreement also shall be conditions precedent to the obligations of such Holders. Any such Holder shall not be required to make any representations or warranties to, or
agreements with the Partnership or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities and such Holder’s intended method of distribution or any
other representations required to be made by such Holder under applicable law, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s net proceeds from such Underwritten Offering. 

(c) Participation in Underwritten Registrations. Subject to provisions of Sections 2.06(a) and (b) above, no Person may
participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

(d) Price and Underwriting Discounts. In the case of an Underwritten Offering under Section 2.01 or 2.02, the price,
underwriting discount and other financial terms for the Registrable Securities shall be determined by the Demanding Holder(s) (or, in the case of a Shelf Registration, the Demand Right Holder(s) selling Registrable Securities under the Shelf
Registration Statement). In addition, in the case of any Underwritten Offering, each of the Holders may withdraw their request to participate in the registration pursuant to Section 2.01, 2.02 or 2.03 after being advised of such price, discount
and other terms and shall not be required to enter into any agreements or documentation that would require otherwise. 
 SECTION
2.07. No Inconsistent Agreements; Additional Rights. The Partnership shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by
this Agreement. Without the consent of the Demand Right Holders, the Partnership shall not enter into any agreement granting registration or similar rights to any Person. 
 SECTION 2.08. Registration Expenses. All expenses incident to the Partnership’s performance of or compliance with this Agreement shall be paid by the Partnership, including (i) all
registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or the FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws,
(iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company
and of printing prospectuses), (iv) all fees and disbursements of counsel for the Partnership and of all independent certified public accountants of the Partnership (including the expenses of any special audit and cold comfort letters required
by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Partnership so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and
expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all applicable rating agency fees with respect to
the Registrable Securities, (viii) all reasonable fees and disbursements of legal counsel for each Demand Right Holder participating in such Registration (or, in the case of a Shelf Registration, each Demand Right Holder selling

  
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Registrable Securities under the Shelf Registration Statement), (ix) all fees and expenses of accountants selected by the Demanding Holder (or, in the case of a Shelf Registration, the
Holder selling Registrable Securities under the Shelf Registration Statement), (x) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xi) all fees and expenses of any special
experts or other Persons retained by the Partnership in connection with any Registration, (xii) all of the Partnership’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting
duties) and (xiii) all expenses related to the “road-show” for any underwritten offering, including all travel, meals and lodging. All such expenses are referred to herein as “Registration Expenses.” The Partnership
shall not be required to pay underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 
 SECTION 2.09. Indemnification. 
 (a) Indemnification by the
Partnership. The Partnership agrees to indemnify and hold harmless, to the full extent permitted by law, each Holder, each member, limited or general partner thereof, each member, limited or general partner of each such member, limited or
general partner, each of their respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their
respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a
“Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities were
Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or any other disclosure document
produced by or on behalf of the Partnership or any of its subsidiaries including, without limitation, reports and other documents filed under the Exchange Act, (ii) any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading or (iii) any actions or inactions or proceedings in
respect of the foregoing whether or not such indemnified party is a party thereto; provided, that the Partnership shall not be liable to any particular indemnified party (A) to the extent that any such Loss arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged omission made in any such Registration Statement or other document in reliance upon and in conformity with written information furnished to the Partnership by such indemnified
party expressly for use in the preparation thereof or (B) to the extent that any such Loss arises out of or is based upon an untrue statement or omission in a preliminary Prospectus relating to Registrable Securities, if a Prospectus (as then
amended or supplemented) that would have cured the defect was furnished to the indemnified party from whom the Person asserting the claim giving rise to such Loss purchased Registrable Securities at least five (5) days prior to the written
confirmation of the sale of the Registrable Securities to such Person and a copy of such Prospectus (as amended and supplemented) was not sent or given by or on behalf of such indemnified party to such Person at or prior to the written confirmation
of the sale of the Registrable Securities to such Person. This indemnity shall be in addition to any liability the Partnership may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on

  
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behalf of such Holder or any indemnified party and shall survive the transfer of such securities by such Holder. The Partnership shall also indemnify underwriters, selling brokers, dealer
managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as
provided above with respect to the indemnification of the indemnified parties. 
 (b) Indemnification by the Participating
Holders. Each Participating Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Partnership, its directors and officers and each Person who controls the Partnership (within the
meaning of the Securities Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were Registered under the Securities
Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or (ii) any omission to state therein a material fact required to
be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case, to the extent, but only to the extent, that
such untrue statement or omission is contained in any information furnished in writing by such Holder to the Partnership specifically for inclusion in such Registration Statement and has not been corrected in a subsequent writing prior to or
concurrently with the sale of the Registrable Securities to the Person asserting the claim. In no event shall the liability of such Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder under the
sale of Registrable Securities giving rise to such indemnification obligation. The Partnership shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating
in the distribution, to the same extent as provided above (with appropriate modification) with respect to information furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement. 

(c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the
extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party;
provided that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of
such Person unless (A) the indemnifying party has agreed in writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such
claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (C) the indemnified party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses
available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (D) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may
exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the 

  
 21 

 
indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of
such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of
any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation
without the prior written consent of such indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such
consent may not be unreasonably withheld. It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 2.09(c), in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in
writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the
other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the
indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 
 (d)
Contribution. If for any reason the indemnification provided for in paragraphs (a) and (b) of this Section 2.09 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein, then the
indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the
indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the
SEC by the Partnership, the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 2.09(d) were determined by pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to in this Section 2.09(d). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 2.09(a) and 2.09(b) shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.09(d), in connection with any
Registration Statement filed by the Partnership, a Participating Holder shall not be required to 

  
 22 

 
contribute any amount in excess of the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such contribution obligation less any
amounts paid by such Holder pursuant to Section 2.09(b). If indemnification is available under this Section 2.09, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 2.09(a) and
2.09(b) hereof without regard to the provisions of this Section 2.09(d). The remedies provided for in this Section 2.09 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party
at law or in equity. 
 SECTION 2.10. Rules 144 and 144A and Regulation S. The Partnership covenants that it will file
the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Partnership is not required to file such reports, it will, upon the reasonable request of
the Demand Right Holders, make publicly available such necessary information for so long as necessary to permit sales pursuant to Rules 144, 144A or Regulation S under the Securities Act), and it will take such further action as the Demand Right
Holders may reasonably request, all to the extent required from time to time to enable the Demand Right Holders to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions provided by
(i) Rules 144, 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of a Holder, the Partnership
will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 
 ARTICLE III 
 MISCELLANEOUS 

SECTION 3.01. Term. This Agreement shall terminate upon the later of the expiration of the Shelf Period and such time as there are
no Registrable Securities, except for the provisions of Sections 2.09 and 2.10 and all of this Article III, which shall survive any such termination. 
 SECTION 3.02. Injunctive Relief. It is hereby agreed and acknowledged that it will be impossible to measure in money the damage that would be suffered if the parties fail to comply with any of the
obligations herein imposed on them and that in the event of any such failure, an aggrieved Person will be irreparably damaged and will not have an adequate remedy at law. Any such Person shall, therefore, be entitled (in addition to any other remedy
to which it may be entitled in law or in equity) to injunctive relief, including specific performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties
hereto shall raise the defense that there is an adequate remedy at law. 
 SECTION 3.03. Attorneys’ Fees. In any
action or proceeding brought to enforce any provision of this Agreement or where any provision hereof is validly asserted as a defense, the successful party shall, to the extent permitted by applicable law, be entitled to recover reasonable
attorneys’ fees in addition to any other available remedy. 

  
 23 

 SECTION 3.04. Amendment; Waivers. No amendment or waiver of any term, provision or
condition of this Agreement will be effective, unless in writing and executed by the Demand Right Holders; provided that (a) any amendment that would have a material adverse effect on a Holder relative to the Demand Right Holders shall
require the written consent of that Holder and (b) this Section 3.04 may not be amended without the prior written consent of the Holders (other than the Demand Right Holders) holding a majority of the outstanding Registrable Securities of
such Holders. No amendment, modification, supplement, discharge, or waiver hereof or hereunder shall require the consent of any person not a party to this Agreement. No waiver of any provision hereof shall be deemed a waiver of any other provision
nor shall any such waiver by any party be deemed a continuing waiver of any matter. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or
otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof, or the exercise of
any other right, power or remedy. 
 SECTION 3.05. Notices. Unless otherwise specified herein, all notices and other
communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by personal hand-delivery, by facsimile transmission, by
electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, sent to the Person at the address given for such Person below or
such other address as such Person may specify by notice to the Partnership: 
 If to the Partnership: 

Northern Tier Energy LP 
 38C Grove Street, Suite 100 
 Ridgefield, Connecticut 06899 

Attention: Peter T. Gelfman 
 Telephone: 203.244.6550 
 Fax: 203.431.7672 

If to NTI: 

Northern Tier Investors LLC 
 c/o Acon Investments LLC 
 1133 Connecticut Avenue, NW, Suite 700 

Washington, DC 20036 
 Attention: Andre Bhatia 
 Telephone: 202.454.1118 

Fax: 202.454.1101 

  
 24 

 If to TPG Refining: 

TPG Refining, L.P 
 c/o Texas Pacific Group 
 345 California Street, Suite 3300 

San Francisco, CA 94104 
 Attention: Ron Cami, TPG General Counsel 
 Telephone: 415.743.1532 

Fax: 415.438.1349 
 If to ACON Refining: 
 ACON Refining Partners, L.L.C. 

c/o Acon Investments LLC 
 1133 Connecticut Avenue, NW, Suite 700 
 Washington, DC 20036 

Attention: Barry Johnson, Chief Financial Officer 
 Telephone: 202.454.1135 
 Fax: 202.605.0065 

If to ManageCo: 

NTI Management Company, L.P. 
 c/o NTR Partners LLC 
 38C Grove Street, Suite 100 

Ridgefield, CT 06877 
 Attention: Mario Rodriguez 
 Telephone: 203.244.6550 

Fax: 203.431.7672 
 If to NTR Partners LLC or NTR Partners II LLC: 
 NTR Partners LLC 

38C Grove Street, Suite 100 
 Ridgefield, CT 06877 
 Attention: Mario Rodriguez 

Telephone: 203.244.6550 
 Fax: 203.431.7672 
 If to any of the Demand Right Holders, copies shall be
delivered to (which shall not constitute notice): 
 Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 

New York, New York 10006 
 Attention: Benet O’Reilly, Esq. 
 Telephone: 212.225.2000 

Fax: 212.225.3999 
 And 

  
 25 

 Vinson & Elkins LLP 

First City Tower 

1001 Fannin Street, Suite 2500 
 Houston, TX 77002-6760 
 Attn: Keith R. Fullenweider, Esq. 

Telephone: 713.758.2222 
 Fax: 713.615.5085 
 If to any other Holder who becomes party to this Agreement
after the date hereof, to the address on the counterpart signature page to this Agreement executed by such holder 
 SECTION
3.06. Successors, Assigns and Transferees. Each party may assign all or a portion of its rights hereunder to any Person to which such party transfers its ownership of all or any of its Registrable Securities. Such Persons (other than
Affiliates of any such Persons) shall execute a counterpart to this Agreement and become a party hereto and such Person’s Registrable Securities shall be subject to the terms of this Agreement. 

SECTION 3.07. Third Parties. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon any
Person not a party hereto (other than each other Person entitled to indemnity or contribution under Section 2.09) any right, remedy or claim under or by virtue of this Agreement. 

SECTION 3.08. Governing Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT AND ENFORCED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR (TO THE
EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN MANHATTAN, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING. 
 SECTION 3.09. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES
HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.09. 

  
 26 

 SECTION 3.10. Entire Agreement. This Agreement contains the entire understanding of
the parties with respect to the subject matter hereof and supersedes any prior communication or agreement with respect thereto. 

SECTION 3.11. Severability. If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable in any
jurisdiction by reason of the scope, extent or duration of its coverage, then such provision will be deemed amended to the extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended
without materially altering the intention of the parties, then such provision will be stricken and the remainder of this Agreement will continue in full force and effect. Should there ever occur any conflict between any provision contained in this
Agreement and any present or future statute, law, ordinance or regulation contrary to which the parties have no legal right to contract, the latter will prevail, but the provision of this Agreement affected thereby may be curtailed and limited only
to the extent necessary to bring it into compliance with the law. All the other terms and provisions of this Agreement will continue in full force and effect without impairment or limitation 

SECTION 3.12. Counterparts. This Agreement may be executed in any number of counterparts and by each of the parties hereto in
separate counterparts, each of which when so executed will be deemed to be an original and all of which together will constitute one and the same agreement. 
 SECTION 3.13. Binding Effect. Except as otherwise provided in this Agreement to the contrary, this Agreement shall be binding upon and inure to the benefit of each of the parties hereto, their
distributees, heirs, legal representatives, executors, administrators, successors and permitted assigns. 
 SECTION 3.14.
Headings. The heading references herein and in the table of contents hereto are for convenience purposes only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

[SIGNATURE PAGES TO FOLLOW] 

  
 27 

 
			
	 NORTHERN TIER INVESTORS LLC

		
	 By:
	 	/s/ Peter T. Gelfman
		 	  

	 Name:
	 	Peter T. Gelfman
	 Title:
	 	Secretary
	
	 TPG REFINING, L.P.

		
	 By:
	 	TPG VI API SLP SD, L.P., its General Partner
		
	 By:
	 	TPG GenPar VI, L.P., its General Partner
		
	 By:
	 	TPG GenPar VI Advisors, LLC, its General Partner
		
	 By:
	 	/s/ Ronald Cami
		 	  

	 Name:
	 	Ronald Cami
	 Title:
	 	Authorized Person
	
	 ACON REFINING PARNTERS, L.L.C.

		
	 By:
	 	/s/ Barry Johnson
		 	  

	 Name:
	 	Barry Johnson
	 Title:
	 	Authorized Person
	
	 NTI MANAGEMENT COMPANY, L.P.

		
	 By:
	 	NTI GenPar LLC, its General Partner
		
	 By:
	 	/s/ Barry Johnson
		 	  

	 Name:
	 	Barry Johnson
	 Title:
	 	Authorized Person

 [Signature Page to Amended and Restated Registration Rights Agreement] 

 
			
	 NTR PARTNERS LLC

		
	 By:
	 	/s/ Mario E. Rodriguez
		 	  

	 Name:
	 	Mario E. Rodriguez
	 Title:
	 	President
	
	 NTR PARTNERS II LLC

		
	 By:
	 	/s/ Mario E. Rodriguez
		 	  

	 Name:
	 	Mario E. Rodriguez
	 Title:
	 	President
	
	 NORTHERN TIER HOLDINGS, LLC

		
	 By:
	 	/s/ Peter T. Gelfman
		 	  

	 Name:
	 	Peter T. Gelfman
	 Title:
	 	Secretary
	
	 NORTHERN TIER ENERGY LP

		
	 By:
	 	Northern Tier Energy GP LLC
		
	 By:
	 	/s/ Peter T. Gelfman
		 	  

	 Name:
	 	Peter T. Gelfman
	 Title:
	 	Vice President, General Counsel & Secretary

 [Signature Page to Amended and Restated Registration Rights Agreement]2007 Omnibus Equity Compensation Plan 2012 Form of Stock Unit Grant Agreement

 Exhibit 10.1 
 AMERICAN WATER WORKS COMPANY, INC. 
 2007 OMNIBUS EQUITY COMPENSATION PLAN

 STOCK UNIT GRANT 
 This STOCK UNIT GRANT, dated as of May 11, 2012 (the “Date of Grant”), is delivered by American Water Works Company, Inc. (the “Company”) to
                     (the “Participant”). 
 RECITALS 
 WHEREAS, the Committee (as defined in the American Water Works
Company, Inc. 2007 Omnibus Equity Compensation Plan) has determined to grant each non-employee member of the Board of Directors of the Company (the “Board”) who is a non-employee director of the Company immediately following the
Company’s 2012 Annual Stockholder meeting a stock unit grant that will be converted to shares of common stock of the Company, par value $0.01 per share, (the “Company Stock”) at a later date; 

WHEREAS, the Participant is a non-employee director on the Board; and 

WHEREAS, the Committee has determined that the stock unit grant granted to the Participant shall be issued under the American Water Works
Company, Inc. 2007 Omnibus Equity Compensation Plan (the “Plan”) and the terms and conditions of such stock unit shall be memorialized in this grant (the “Grant”). 

NOW, THEREFORE, the parties to this Grant, intending to be legally bound hereby, agree as follows: 

1. Grant of Stock Units. Subject to the terms and conditions set forth in this Grant and the Plan, the Company hereby grants to the Participant
                     units (the “Stock Units”). Each Stock Unit shall be a phantom right and shall be equivalent to one share
of Company Stock on the applicable distribution date, as described in Paragraph 4 below. 
 2. Stock Unit Account. The Company shall
establish and maintain a Stock Unit account as a bookkeeping account on its records (the “Stock Unit Account”) for the Participant and shall record in such Stock Unit Account the number of Stock Units granted to the Participant. The
Participant shall not have any interest in any fund or specific assets of the Company by reason of this grant or the Stock Unit Account established for the Participant. 
 3. Vesting. The Participant shall be fully vested in the Stock Units credited to the Participant’s Stock Unit Account pursuant to this Grant on the Date of Grant. 

4. Distribution. The Stock Units shall be converted to shares of Company Stock and distributed by the Company within thirty (30) days
following the earlier of (i) August 9, 2013 (the “Specified Date”) (or, if applicable, the Deferred Date, as defined in Paragraph 5 below), (ii) the Participant’s separation from service (within the meaning of
section 409A of the Internal 

 
Revenue Code of 1986, as amended (the “Code”)) with the Company (the “Separation from Service Date”), or (iii) the date of a Change of Control (as defined
below) (the “Change of Control Date”). At the time of distribution, all Stock Units shall be converted to an equivalent number of shares of Company Stock, and the Participant shall receive a single sum distribution of such shares of
Company Stock, which shall be issued under the Plan. For purposes of this Grant, the term “Change of Control” shall have the same meaning as such term is defined in the Plan, except that a Change of Control shall not be deemed to have
occurred for purposes of this Grant unless the event constituting the Change of Control constitutes a change in ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the
meaning of section 409A of the Code and its corresponding regulations. 
 5. Deferrals. The Participant may make an irrevocable
election to defer the Specified Date (or further defer the Deferred Date (as defined below), if applicable) of all of the Stock Units, plus dividend equivalents earned on such Stock Units as described in Paragraph 6 below, to a later date, provided
that (i) the election shall not take effect until at least twelve (12) months after the date on which the election is made, (ii) the deferred Specified Date cannot be earlier than five (5) years from the original Specified Date
under Paragraph 4 (or five (5) years from the applicable Deferred Date, if a subsequent deferral of a Deferred Date is being made), and (iii) the election must be made no less than twelve (12) months prior to the date of the Specified
Date (or twelve (12) months prior to the previously applicable Deferred Date, if a subsequent deferral of a Deferred Date is being made). To defer the Specified Date, the Participant must elect to defer 100% of the Stock Units, including
corresponding dividend equivalents, granted to the Participant under this Grant and complete the deferral election form provided to the Participant by the Committee, in the form attached hereto as Exhibit A or as may subsequently modified in
the discretion of the Committee. If the Participant desires to make a further deferral, the Participant must make such election on a separate form provided by the Committee for such purpose. Any such election shall be made in accordance with section
409A of the Code and any corresponding guidance and regulations issued under section 409A of the Code. Notwithstanding a Participant’s election pursuant to this Paragraph, if the Separation from Service Date or Change of Control Date occurs
prior to the Deferred Date, the distribution of the Participant’s Stock Units, plus corresponding dividend equivalents, will be made as a result of the occurrence of the Separation from Service Date or Change of Control Date, whichever is
earlier. If a Specified Date is delayed one or more times pursuant to this Paragraph 5, the new Specified Date shall be referred to as the “Deferred Date.” 
 6. Dividend Equivalents. Until the earlier of the Specified Date (or the Deferred Date, if elected), Separation from Service Date or Change of Control Date, if any dividends are declared with
respect to the shares of Company Stock, the Company shall credit to a dividend equivalent account (the “Dividend Equivalent Account”) the value of the dividends that would have been distributed if the Stock Units credited to the
Participant’s Stock Unit Account at the time of the declaration of the dividend were shares of Company Stock. At the same time that the Stock Units are converted to shares of Company Stock and distributed to the Participant, the Company shall
pay to the Participant a lump sum cash payment equal to the value of the dividends credited to the Participant’s Dividend Equivalent Account. No interest shall accrue on any dividend equivalents credited to the Participant’s Dividend
Equivalent Account. 

  
 2 

 7. Change of Control. Except as set forth above, the provisions set forth in the Plan applicable to a
Change of Control (as defined in the Plan) shall apply to the Stock Units, and, in the event of a Change of Control, the Committee may take such actions as it deems appropriate pursuant to the Plan and is consistent with the requirements of section
409A of the Code. 
 8. Acknowledgment by Participant. By accepting this Grant, the Participant acknowledges that with respect to any
right to distribution pursuant to this Grant, the Participant is and shall be an unsecured general creditor of the Company without any preference as against other unsecured general creditors of the Company, and the Participant hereby covenants for
himself or herself, and anyone at any time claiming through or under the Participant, not to claim any such preference, and hereby disclaims and waives any such preference which may at any time be at issue, to the fullest extent permitted by
applicable law. The Participant also hereby agrees to be bound by the terms and conditions of the Plan and this Grant. The Participant further agrees to be bound by the determinations and decisions of the Committee with respect to this Grant and the
Plan and the Participant’s rights to benefits under this Grant and the Plan, and agrees that all such determinations and decisions of the Committee shall be binding on the Participant, his or her beneficiaries and any other person having or
claiming an interest under this Grant and the Plan on behalf of the Participant. 
 9. Restrictions on Issuance or Transfer of Shares of
Company Stock. 
 (a) The obligation of the Company to deliver shares of Company Stock upon the distribution of the Stock
Units shall be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the shares of Company Stock upon any securities exchange or under any state or federal
law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of shares of Company Stock, the shares of Company Stock may not be issued in whole or in part unless
such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of shares of Company Stock and the payment of cash to the Participant pursuant
to this Grant is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof. 
 (b) As a condition to receive any shares of Company Stock upon conversion of the Stock Units, the Participant agrees: 

(i) to be bound by the Company’s policies regarding the limitations on the transfer of such shares, and understands
that there may be certain times during the year that the Participant will be prohibited from selling, transferring, pledging, donating, assigning, mortgaging, hypothecating or otherwise encumbering the shares; and 

(ii) that the shares of Company Stock obtained by the Participant upon the distribution of the Stock Units shall not be
tradable until the Participant owns enough shares of Company Stock outright, as stock units convertible into shares of Company Stock, and time-based restricted Company Stock, to meet or exceed four (4) times the Participant’s annual cash
retainer, which ownership requirement must be satisfied by the later of February 2015, or the fifth anniversary of the Participant’s commencement of service as a director on the Board. 

  
 3 

 10. Grant Subject to Plan Provisions. This Grant is made pursuant to the Plan, the terms of which are
incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. In the event of any contradiction, distinction or difference between this Grant and the terms of the Plan, the terms of the Plan will control.
Except as otherwise defined in this Grant, capitalized terms used in this Grant shall have the meanings set forth in the Plan. This Grant is subject to the interpretations, regulations and determinations concerning the Plan established from time to
time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of
the shares of Company Stock, (iii) changes in capitalization of the Company, and (iv) other requirements of applicable law. The Committee shall have the authority to interpret and construe this Grant pursuant to the terms of the Plan, its
decisions shall be conclusive as to any questions arising hereunder and the Participant’s acceptance of this Grant is the Participant’s agreement to be bound by the interpretations and decisions of the Committee with respect to this Grant
and the Plan. 
 11. No Rights as Stockholder. The Participant shall not have any rights as a stockholder of the Company, including the
right to any cash dividends (except as provided in Paragraph 6), or the right to vote, with respect to any Stock Units. 
 12. No Rights to
Continued Employment or Service. This Grant shall not confer upon the Participant any right to be retained in the employment or service of the Employer (as defined in the Plan) and shall not interfere in any way with the right to terminate the
Participant’s employment or service at any time. The right to terminate at will the Participant’s employment or service at any time for any reason is specifically reserved. 
 13. Assignment and Transfers. No Stock Units or dividend equivalents awarded to the Participant under this Grant may be transferred, assigned, pledged, or encumbered by the Participant and the
Stock Units and dividend equivalents shall be distributed during the lifetime of the Participant only for the benefit of the Participant. Any attempt to transfer, assign, pledge, or encumber the Stock Units or dividend equivalents under this Grant
by the Participant shall be null, void and without effect. The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company. This Grant may be assigned by the Company without the Participant’s
consent. 
 14. Withholding. To the extent required by applicable law, the Participant shall be required to pay to the Company, or make
other arrangements satisfactory to the Company to provide for the payment of, any federal, state, local or other taxes that the Company is required to withhold with respect to the Grant, vesting or distribution of the Stock Units and dividend
equivalents. 
 15. Effect on Other Benefits. The value of shares of Company Stock and dividend equivalents distributed with respect to
the Stock Units shall not be considered eligible earnings for purposes of any other plans maintained by the Employer. Neither shall such value be considered part of the Participant’s compensation for purposes of determining or calculating other
benefits that are based on compensation, such as life insurance. 

  
 4 

 16. Applicable Law. The validity, construction, interpretation and effect of this Grant shall be
governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions thereof. 
 17. Notice. Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the General Counsel at the Company’s corporate headquarters, and any notice
to the Participant shall be addressed to such Participant at the current address shown on the records of the Company, or to such other address as the Participant may designate to the Company in writing. Any notice shall be delivered by hand, sent by
telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 

18. Section 409A of the Code. 
 (a) This Grant is intended to comply with the requirements of section 409A of the Code and shall be interpreted and administered to avoid any penalty sanctions under section 409A of the Code. If any
distribution cannot be provided or made at the time specified herein or as elected by the Participant, then such distribution shall be provided in full at the earliest time thereafter when such sanctions cannot be imposed. Unless a valid election is
made pursuant to Paragraph 5 above, in no event may the Participant designate the calendar year of distribution. 
 (b)
Notwithstanding any provision to the contrary in this Grant, if any of the distributions under this Grant are payable to the Participant upon separation from service (within the meaning of section 409A of the Code) from the Employer, then if at the
time of the Participant’s separation from service the Participant is a “specified employee” (as such term is defined in section 409A(2)(B)(i) of the Code and its corresponding regulations) as determined by the Company (or any
successor thereto) in its sole discretion in accordance with its specified employee determination policy, then all distributions to the Participant pursuant to this Grant shall be postponed for a period of six (6) months following the
Participant’s separation from service from the Employer. The postponed amounts shall be distributed to the Participant in a lump sum within thirty (30) days after the date that is six (6) months following the Participant’s
separation from service from the Employer. If the Participant dies during such six-month period and prior to the distribution of the postponed amounts hereunder, the amounts delayed on account of section 409A of the Code shall be distributed to the
personal representative of the Participant’s estate within sixty (60) days after the date of the Participant’s death, and any amounts not delayed shall be distributed to the personal representative of the Participant’s estate in
accordance with the terms of this Grant. 
 [SIGNATURE PAGE FOLLOWS] 

  
 5 

 IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this
Grant, effective as of the Date of Grant. 
  

			
	AMERICAN WATER WORKS COMPANY, INC.
		
	By:	 	Jeffry E. Sterba

  
 

 
 Its: President and CEO 

 EXHIBIT A 
 SUBSEQUENT DEFERRAL ELECTION FORM 
 PART A. TIME OF DISTRIBUTION 

I,                     , (the
“Participant”) hereby irrevocably elect to have all of the Stock Units, plus corresponding dividend equivalents, (the “Deferred Units”) granted to me pursuant to the Stock Unit Grant, dated as of May 11, 2012,
(the “Grant”) under the American Water Works Company, Inc. 2007 Omnibus Equity Compensation Plan (the “Plan”) that would have been distributed by American Water Works Company, Inc. to me on the Specified Date (as
defined in the Grant), instead be distributed to me on the deferred date designated below (the “Deferred Date”), which date must be at least five (5) years later than the Specified Date, and this election is at least twelve
(12) months prior to the Specified Date (to make this deferral election you must defer all of the Stock Units, plus corresponding dividend equivalents, granted to you pursuant the Grant, meaning there is no partial deferral): 

 

					
	
Number of Stock
Units, and Dividend
Equivalents, to be
Further Deferred
(All
Must Be
Deferred)
	 	Original Specified Date
(Election Must Be Made at
Least 12 Months 
Prior to the
Specified Date)	 	Deferred Date
(Must be a date that is at least
five years later than
the
Original Specified Date)
	100%	 	August 9, 2013	 	

 PART B. ACKNOWLEDGMENT 
 I understand and expressly agree that (i) the Deferred Date for the Deferred Units shall be the date I specified in Part A above (which is a date that is at least five (5) years later than the
original Specified Date), and (ii) I will not be entitled to receive distribution of the Deferred Units on an earlier date, except in the event that the Separation from Service Date (as defined in the Grant) or the Change of Control Date (as
defined in the Grant) occurs prior to the Deferred Date. I also understand and expressly agree that this deferral election is irrevocable, is being made at least twelve (12) months prior to the original Specified Date, and shall not take effect
until twelve (12) months after the date on which I make this election. I further understand and agree that the terms and conditions of the Grant and the Plan are hereby incorporated into this form. Lastly, I understand and agree that this
deferral election applies to 100% of the Stock Units, and corresponding dividend equivalents, granted to me pursuant to the Grant. 
  

									
	PARTICIPANT SIGNATURE	 		 	
					
	Participant:	 	 	 		 	Date:	 	 
			
	Receipt Acknowledged:	 		 	

									
					
	By:	 	 	 		 		 	

									
					
	Title:	 	 	 		 	Date:	 	 

  
 A-1

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