Document:

Common Unit Purchase Agreement

 Exhibit 10.1 
 COMMON UNIT 
 PURCHASE AGREEMENT 

BY AND AMONG 
 ROSE ROCK MIDSTREAM, L.P. 
 AND 

THE PURCHASERS NAMED ON SCHEDULE A HERETO 

 Schedules and Exhibits 
  

					
			
	Schedule A	  	—	  	    List of Purchasers and Commitment Amounts
			
	Schedule 8.06	  	—  	  	    Notice and Contact Information
			
	Exhibit A	  	—  	  	    Form of Registration Rights Agreement
			
	Exhibit B	  	—  	  	    Form of Partnership Officer’s Certificate
			
	Exhibit C	  	—  	  	    Form of Purchaser’s Officer’s Certificate
			
	Exhibit D	  	—  	  	    Form of Andrews Kurth, LLP Legal Opinion

  
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 COMMON UNIT PURCHASE AGREEMENT 

COMMON UNIT PURCHASE AGREEMENT, dated as of January 8, 2013 (this “Agreement”), by and among Rose Rock Midstream,
L.P., a Delaware limited partnership (the “Partnership”), and each of the Purchasers listed in Schedule A attached hereto (each referred to herein as a “Purchaser” and collectively, the
“Purchasers”). 
 WHEREAS, the Partnership desires to issue and sell to the Purchasers, and each Purchaser
desires to purchase from the Partnership, certain common units representing limited partnership interests in the Partnership (“Common Units”) in accordance with the provisions of this Agreement; and 

WHEREAS, the Partnership and the Purchasers will enter into a registration rights agreement (the “Registration Rights
Agreement”), substantially in the form attached hereto as Exhibit A, pursuant to which the Partnership will provide the Purchasers with certain registration rights with respect to the Common Units to be issued and sold to the
Purchasers pursuant to this Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Partnership and each of the Purchasers, severally and not jointly, hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 SECTION 1.01 Definitions. 
 As used in this Agreement, and unless the
context requires a different meaning, the following terms have the meanings indicated: 
 “8-K Filing” has the
meaning specified in Section 5.04. 
 “Action” against a Person means any lawsuit, action,
proceeding, investigation or complaint before any Governmental Authority, mediator or arbitrator. 

“Acquisition” means the acquisition by the Partnership from the Contributing Parties of 33.33% of the outstanding
membership interests in SemCrude Pipeline, L.L.C. pursuant to the Acquisition Agreement. 
 “Acquisition
Agreement” means the Contribution Agreement dated as of January 8, 2013, by and among SemGroup Corporation, Rose Rock Midstream Holdings, LLC, the General Partner, the Partnership and the Operating Company in substantially the form
provided to the Purchasers. 
 “Affiliate” means, with respect to a specified Person, any other Person, whether
now in existence or hereafter created, directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control”

 
(including, with correlative meanings, “controlling,” “controlled by,” and “under common control with”) means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 
 “Aggregate Purchase Price” shall mean, with respect to each Purchaser, the dollar amount set forth opposite such Purchaser’s name under the heading “Purchase Price” on
Schedule A hereto. 
 “Agreement” shall have the meaning specified in the introductory paragraph.

 “Basic Documents” means, collectively, this Agreement and the Registration Rights Agreement and any
amendments, supplements, continuations or modifications thereto. 
 “Board of Directors” means the board of
directors of the General Partner. 
 “Business Day” means any day other than (i) a Saturday or Sunday or
(ii) a day on which banks located in New York, New York are authorized or obligated to close. 
 “Class A
Units” has the meaning specified for such term in the Acquisition Agreement. 
 “Closing” shall have
the meaning specified in Section 2.02. 
 “Closing Date” shall have the meaning specified in
Section 2.02. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

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

“Common Units” shall have the meaning specified in the recitals to this Agreement. 

“Contributing Parties” has the meaning specified for such term in the Acquisition Agreement. 

“Credit Agreement” shall mean the Credit Agreement, dated as of November 10, 2011, by, among others, the
Partnership, as the borrower, certain subsidiaries of the borrower, as guarantors, the lenders party thereto and The Royal Bank of Scotland plc, as administrative agent and collateral agent for the lenders, as amended to date. 

“Delaware LLC Act” means the Delaware Limited Liability Company Act. 

“Delaware LP Act” means the Delaware Revised Uniform Limited Partnership Act. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of
the Commission promulgated thereunder. 
 “GAAP” means generally accepted accounting principles in the United
States of America in effect from time to time. 

  
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 “General Partner” means Rose Rock Midstream GP, LLC, a Delaware limited
liability company, the general partner of the Partnership. 
 “Governmental Authority” shall include the
country, state, county, city and political subdivisions in which any Person or such Person’s Property is located or which exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department,
commission, board, bureau or instrumentality of any of them and any monetary authorities that exercise valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority
herein shall mean a Governmental Authority having jurisdiction over, where applicable, any of the Partnership Entities or their Properties. 
 “Incentive Distribution Rights” has the meaning specified for such term in the Partnership Agreement. 
 “Indemnified Party” shall have the meaning specified in Section 7.03. 
 “Indemnifying Party” shall have the meaning specified in Section 7.03. 
 “Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or regulation. 

“Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of
the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the lien or security interest arising from a mortgage, encumbrance, pledge, security
agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. 
 “Lock-Up
Date” means 90 days from the Closing Date. 
 “LTIP” shall have the meaning specified in
Section 3.02(d). 
 “NYSE” shall mean The New York Stock Exchange. 

“Operating Company” means Rose Rock Midstream Operating, LLC. 

“Outstanding” has the meaning set forth in the Partnership Agreement. 

“Partnership” shall have the meaning specified in the introductory paragraph. 

“Partnership Agreement” means the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated
as of December 14, 2011, as it may be further amended from time to time. 
 “Partnership Entities” means
the Partnership and its Subsidiaries. 
 “Partnership Material Adverse Effect” means any material and adverse
effect on (i) the financial condition, business, assets or results of operations of the Partnership and its Subsidiaries, taken as a whole or (ii) the ability of the Partnership and, to the extent party thereto,

  
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each of its Subsidiaries to perform their respective obligations under the Basic Documents on a timely basis. Notwithstanding the foregoing, a “Partnership Material Adverse Effect”
shall not include any effect resulting or arising from: (a) any change in general economic conditions in the industries or markets in which the Partnership or its Subsidiaries operate that do not have a disproportionate impact on the
Partnership and its Subsidiaries, taken as a whole; (b) any engagement in hostilities pursuant to a declaration of war, or the occurrence of any military or terrorist attack; (c) changes in GAAP or other accounting principles or
(d) the consummation of the transactions contemplated hereby. 
 “Partnership Related Parties” shall have
the meaning specified in Section 7.02. 
 “Party” or “Parties” means the
Partnership and the Purchasers party to this Agreement, individually or collectively, as the case may be. 
 “Per Unit
Price” means $29.63, as adjusted in accordance with Section 2.01(b) and Section 8.12, as applicable. 
 “Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization or government or any
agency, instrumentality or political subdivision thereof, or any other form of entity. 
 “Property” means any
interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 

“Purchased Units” shall mean, with respect to each Purchaser, the number of Common Units equal to
quotient determined by dividing (i) the Aggregate Purchase Price set forth opposite such Purchaser’s name under the heading “Purchase Price” on Schedule A hereto by (ii) the Per Unit Price. 

“Purchaser” and “Purchasers” shall have the meaning specified in the introductory paragraph.

 “Purchaser Material Adverse Effect” means any material and adverse effect on the ability of a Purchaser to
perform its obligations under this Agreement and the other Basic Documents to which it is a party on a timely basis. 

“Purchaser Related Parties” shall have the meaning specified in Section 7.01. 

“Purchasers” shall have the meaning specified in the introductory paragraph. 

“Registration Rights Agreement” shall have the meaning specified in the recitals to this Agreement. 

“Representatives” of any Person means the Affiliates, control persons, officers, directors, employees, agents, counsel,
investment bankers and other representatives of such Person. 
 “SEC Documents” shall have the meaning
specified in Section 3.04. 

  
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 “Securities Act” means the Securities Act of 1933, as amended from time to
time, and the rules and regulations of the Commission promulgated thereunder. 
 “SemGroup Credit Agreement”
means the Credit Agreement, dated as of June 17, 2011, among SemGroup Corporation, as borrower, certain subsidiaries of the borrower, as guarantors, the lenders party thereto and The Royal Bank of Scotland PLC, as administrative agent and
collateral agent for the lenders, as amended to date. 
 “Subordinated Units” has the meaning specified for
such term in the Partnership Agreement. 
 “Subsidiary” means, as to any Person, any corporation or other
entity of which at least a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation or other entity is at the time directly or indirectly owned or
controlled by such Person or one or more of its Subsidiaries. 
 “Unitholders” means the Unitholders of the
Partnership (within the meaning of the Partnership Agreement). 
 “Unrealized Gain” has the meaning set forth
in the Partnership Agreement. 
 SECTION 1.02 Accounting Procedures and Interpretation. Unless otherwise specified in
this Agreement, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters under this Agreement shall be made, and all financial statements and certificates and reports as to financial matters
required to be furnished to the Purchasers under this Agreement shall be prepared, in accordance with GAAP applied on a consistent basis during the periods involved (except, in the case of unaudited statements, as permitted by Form 10-Q promulgated
by the Commission) and in compliance as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto. 

ARTICLE II 

SALE AND PURCHASE 
 SECTION 2.01 Sale and Purchase. 
 (a) Subject to the terms
and conditions of this Agreement, on the Closing Date, the Partnership hereby agrees to issue and sell to each Purchaser, and each Purchaser hereby agrees, severally and not jointly, to purchase from the Partnership, its respective Purchased Units,
and each Purchaser agrees to pay the Partnership the Per Unit Price for each Purchased Unit, subject to Section 2.01(b). 
 (b) If the Closing Date is after the record date for the distribution to the Partnership’s holders of Common Units with respect to the quarter ending December 31, 2012, the Per Unit Price shall
be reduced by an amount equal to such per unit distribution and the number of Purchased Units to be issued to each Purchaser shall be adjusted accordingly and Schedule A shall be updated. 

  
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 SECTION 2.02 Closing. Subject to the terms and conditions hereof, the consummation of
the purchase and sale of the Purchased Units hereunder (the “Closing”) shall take place at the offices of Andrews Kurth LLP, 600 Travis, Suite 4200, Houston, Texas 77002 or such other location as mutually agreed to by the parties,
and upon the later to occur of (i) the first business day on which the satisfaction or waiver of the conditions set forth in Sections 6.01(a), (b) and (c) has occurred (other than those conditions that are by
their terms to be satisfied at the Closing) or (ii) the closing of the Acquisition; provided, that if such later event is the closing of the Acquisition, then the Closing shall occur concurrently therewith and; provided, further,
that the Closing shall not occur prior to January 14, 2013 without the consent of Harvest Fund Advisors LLC (the date of such Closing, the “Closing Date”). 

SECTION 2.03 Independent Nature of Purchasers’ Obligations and Rights. The respective obligations of each Purchaser under the
Basic Documents are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under any Basic Document. The failure or waiver of
performance under any Basic Documents by any Purchaser, or on its behalf, does not excuse performance by any other Purchaser. Nothing contained in any Basic Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to
constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by the Basic Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Basic Documents, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. The failure or waiver of performance by any Purchaser does not excuse performance by any other Purchaser. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP 
 The Partnership represents and warrants to the Purchasers as follows: 
 SECTION
3.01 Existence. The General Partner and each of the Partnership Entities has been duly formed and is validly existing and in good standing under the laws of the State or other jurisdiction of its organization and has the requisite power and
authority, and has all governmental licenses, authorizations, consents and approvals necessary, to own, lease, use or operate its Properties and carry on its business as now being conducted, except where the failure to obtain such licenses,
authorizations, consents and approvals would not be reasonably likely to have a Partnership Material Adverse Effect. The General Partner and each of the Partnership Entities is duly qualified or licensed and in good standing as a foreign limited
partnership or limited liability company, as applicable, and is authorized to do business in each jurisdiction in which the ownership or leasing of its Properties or the character of its operations makes such qualification necessary, except where
the failure to obtain such qualification, license, authorization or good standing would not be reasonably likely to have a Partnership Material Adverse Effect. 

  
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 SECTION 3.02 Capitalization. 

(a) The Purchased Units shall have those rights, preferences, privileges and restrictions governing the Common Units as reflected in the
Partnership Agreement. 
 (b) The General Partner is the sole general partner of the Partnership and owns a 2.0% general partner
interest in the Partnership; such general partner interest has been duly authorized and validly issued in accordance with the Partnership Agreement; and the General Partner owns such non-economic management interest free and clear of any Liens,
except for such Liens as may be imposed pursuant to the SemGroup Credit Agreement. 
 (c) As of the date of this Agreement and
prior to the sale of the Purchased Units contemplated by this Agreement and the issuance of Common Units and Class A Units pursuant to the Acquisition Agreement, the issued and outstanding limited partner interests of the Partnership consist of
8,389,709 Common Units, 8,389,709 Subordinated Units, and the Incentive Distribution Rights. Pursuant to the Acquisition Agreement, the Partnership will issue 1,500,000 Common Units and 1,250,000 Class A Units to Contributing Parties. All of
the outstanding limited partner interests have been duly authorized and validly issued in accordance with applicable Law and the Partnership Agreement and are fully paid (to the extent required under applicable Law and the Partnership Agreement) and
nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act). 

(d) Except as have been granted under the Rose Rock Midstream Incentive Plan (the “LTIP”), under the Acquisition
Agreement or under the Partnership Agreement, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, securities or ownership interests in
the Partnership are outstanding. 
 (e) The Partnership’s currently outstanding Common Units are quoted on the NYSE, and
the Partnership has not received any notice of delisting. 
 SECTION 3.03 Subsidiaries. 

(a) All of the issued and outstanding equity interests of each of the Partnership’s Subsidiaries are owned, directly or indirectly,
by the Partnership free and clear of any Liens (except for such restrictions as may exist under applicable Law and except for such Liens as may be imposed pursuant to the Credit Agreement), and all such ownership interests have been duly authorized,
validly issued and are fully paid (to the extent required by applicable Law and the organizational documents of such Subsidiaries) and non-assessable (except as nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware
LP Act and Sections 18-607 and 18-804 of the Delaware LLC Act, as applicable, or the organizational documents of such Subsidiaries). 
 (b) The Partnership has no Subsidiaries other than Rose Rock Midstream Operating, LLC, Rose Rock Midstream Energy GP, LLC and Rose Rock Midstream Crude, L.P. 

  
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 SECTION 3.04 SEC Documents. The Partnership has filed with the Commission on a timely
basis all forms, registration statements, reports, schedules and statements required to be filed by it under the Exchange Act or the Securities Act since December 14, 2011 (all such documents filed on or prior to the date of this Agreement,
collectively, the “SEC Documents”). The SEC Documents, including any audited or unaudited financial statements and any notes thereto or schedules included therein, at the time filed, (i) did not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) complied as to form in all
material respects with applicable requirements of the Exchange Act and the applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto, (iii) were prepared in accordance with GAAP
applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited statements, as permitted by Form 10-Q of the Commission) and (iv) fairly present (subject in the case of
unaudited statements to normal, recurring and year-end audit adjustments) in all material respects the consolidated financial position of the Partnership as of the dates thereof and the consolidated results of its operations and cash flows for the
periods then ended. BDO USA, LLP is an independent registered public accounting firm with respect to the Partnership and has not resigned or been dismissed. 
 SECTION 3.05 Internal Accounting Controls. The Partnership Entities maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. The Partnership is not aware of any failures of such internal accounting controls. 
 SECTION 3.06 Litigation. There are no legal or governmental proceedings pending to which any Partnership Entity is a party or to which any of their Properties is subject that could reasonably be
expected to have, individually or in the aggregate, a Partnership Material Adverse Effect or which challenges the validity of any of the Basic Documents or the Acquisition Agreement or the right of the Partnership and the Operating Company to enter
into the Basic Documents or the Acquisition Agreement or to consummate the transactions contemplated hereby and thereby and, to the knowledge of the Partnership, no such proceedings are threatened by Governmental Authorities or others. 

SECTION 3.07 No Material Adverse Change. Since September 30, 2012, (i) there has not occurred any material adverse
change in the condition (financial or other), results of operations, securityholders’ equity, Properties or business of the Partnership Entities, taken as a whole, and (ii) to the knowledge of the executive officers of the Partnership,
there is no event, liability, development or circumstance that has occurred or exists or is reasonably expected to occur or exist with respect to the Partnership Entities, taken as a whole, in each case, that is reasonably likely, with the passage
of time, to result in any material adverse change in the condition (financial or other), results of operations, securityholders’ equity, Properties or business of the Partnership Entities, taken as a whole, in each case. 

  
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 SECTION 3.08 No Conflicts. None of (i) the offering, issuance and sale by the
Partnership of the Purchased Units and the application of the proceeds therefrom, (ii) the execution, delivery and performance of the Basic Documents and the Acquisition Agreement by the Partnership and the Operating Company and (iii) the
consummation of the transactions contemplated hereby, (a) requires any consent, approval or notice under, or constitutes or will constitute a violation or breach of, the Partnership Agreement or the organizational documents of any of the
Partnership’s Subsidiaries, (b) constitutes or will constitute a violation or breach of, or a default (or an event that, with notice or lapse of time or both, would constitute such a default or give rise to any right of termination,
cancellation or acceleration) under, any note, bond, mortgage, lease, loan or credit agreement or other instrument, obligation or agreement to which any of the Partnership Entities is a party or by which any of them or any of their respective
Properties may be bound, (c) violates or will violate any provision of any Law or any order, judgment or decree of any court or Governmental Authority having jurisdiction over any of the Partnership Entities or their Properties or
(d) results or will result in the creation or imposition of any Lien upon any Properties of any of the Partnership Entities, except in the cases of clauses (b), (c) and (d) where such violation, breach, default or Lien, would not,
individually or in the aggregate, reasonably be expected to have a Partnership Material Adverse Effect. 
 SECTION 3.09
Authority. The Partnership has all necessary limited partnership power and authority to execute, deliver and perform its obligations under the Basic Documents and the Acquisition Agreement and to consummate the transactions contemplated
thereby; the execution, delivery and performance by the Partnership of the Basic Documents and the Acquisition Agreement and the consummation of the transactions contemplated thereby have been duly authorized by all necessary action on its part;
and, assuming the due authorization, execution and delivery by the other parties thereto, the Basic Documents and the Acquisition Agreement will constitute the legal, valid and binding obligations of such Partnership, enforceable in accordance with
their terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar Laws affecting creditors’ rights generally or by general principles of equity, including principles of commercial
reasonableness, fair dealing and good faith. No approval from the holders of outstanding Common Units is required under the Partnership Agreement or the rules of the NYSE in connection with the Partnership’s issuance and sale of the Purchased
Units to the Purchasers or the Special Units pursuant to the Acquisition Agreement. 
 SECTION 3.10 Approvals. Except as
required by the Commission in connection with the Partnership’s obligations under the Registration Rights Agreement, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration,
qualification or registration with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by Partnership of the Basic Documents or the issuance and sale of the Purchased Units, except
(i) as may be required under the state securities or “Blue Sky” Laws, or (ii) where the failure to receive such authorization, consent, approval, waiver, license, qualification or written exemption or to make such filing,
declaration, qualification or registration would not, individually or in the aggregate, reasonably be expected to have a Partnership Material Adverse Effect. 
 SECTION 3.11 Compliance with Law. None of the Partnership Entities is in violation of any Law applicable to such Partnership Entity, except as would not, individually or in the aggregate, have a
Partnership Material Adverse Effect. The Partnership Entities each possess all 

  
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certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates,
authorizations or permits would not, individually or in the aggregate, have a Partnership Material Adverse Effect, and none of the Partnership Entities has received any notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permit, except where such potential revocation or modification would not, individually or in the aggregate, have a Partnership Material Adverse Effect. 

SECTION 3.12 Valid Issuance. The offer and sale of the Purchased Units and the limited partner interests represented thereby have
been duly authorized by the Partnership pursuant to the Partnership Agreement and, when issued and delivered to the Purchasers against payment therefor in accordance with the terms of this Agreement, will be validly issued, fully paid (to the extent
required by applicable Law and the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act) and will be free of any and all Liens and restrictions on
transfer, other than restrictions on transfer under the Partnership Agreement and under applicable state and federal securities Laws. 
 SECTION 3.13 No Preemptive Rights; No Registration Rights. The holders of outstanding Common Units are not entitled to statutory, preemptive or other similar contractual rights to subscribe for
Common Units. Except as contemplated by this Agreement, the Partnership Agreement, the Acquisition Agreement, the Registration Rights Agreement, there are no contracts, agreements or understandings between the Partnership and any Person granting
such Person the right to require the Partnership to file a registration statement under the Securities Act with respect to any securities of the Partnership or to require the Partnership to include such securities in any securities registered or to
be registered pursuant to any registration statement filed by or required to be filed by the Partnership under the Securities Act. 
 SECTION 3.14 MLP Status. The Partnership is properly treated as a partnership for United States federal income tax purposes and has, for each taxable year beginning after December 31, 2010
during which the Partnership was in existence, met the gross income requirements of Section 7704(c)(2) of the Code. 

SECTION 3.15 Investment Company Status. The Partnership is not an “investment company” within the meaning of the
Investment Company Act of 1940, as amended. 
 SECTION 3.16 No Registration Required. Assuming the accuracy of the
representations and warranties of the Purchasers contained in this Agreement, the sale and issuance of the Purchased Units pursuant to this Agreement is exempt from the registration requirements of the Securities Act, and neither the Partnership
nor, to the Partnership’s knowledge, any authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 

SECTION 3.17 No Integration. Neither the Partnership nor any of its Affiliates has, directly or indirectly through any agent, made
any offers or sales of any security of the Partnership or solicited any offers to buy any security that is or will be integrated with the sale of the Purchased Units in a manner that would require such registration under the Securities Act.

  
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 SECTION 3.18 Certain Fees. Other than fees payable to Citigroup Global Markets, Inc.
for its service as placement agent, no fees or commissions are or will be payable by the Partnership to brokers, finders or investment bankers with respect to the sale of any of the Purchased Units or the consummation of the transactions
contemplated by this Agreement. The Partnership agrees that it will indemnify and hold harmless each Purchaser from and against any and all claims, demands, or liabilities for broker’s, finder’s, placement, or other similar fees or
commissions incurred by the Partnership in connection with the sale of the Purchased Units or the consummation of the transactions contemplated by this Agreement. 
 SECTION 3.19 No Side Agreements. Other than the Basic Documents, there are no other agreements by, among or between the Partnership or its Affiliates, on the one hand, and any of the Purchasers or
their Affiliates, on the other hand, with respect to the transactions contemplated hereby nor promises or inducements for future transactions between or among any of such parties. 

SECTION 3.20 Form S-3 Eligibility. The Partnership is eligible to register the Purchased Units for resale by the Purchasers on a
registration statement on Form S-3 under the Securities Act. 
 SECTION 3.21 Shell Company Status. The Partnership has
never been an issuer identified in, or subject to, Rule 144(i). 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER 
 Each Purchaser, severally and not jointly, represents and warrants to the Partnership with respect to itself as follows: 
 SECTION 4.01 Valid Existence. Such Purchaser (i) is duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization and (ii) has the
requisite power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its Properties and carry on its business as its business is now being conducted, except where the failure to obtain such licenses,
authorizations, consents and approvals would not reasonably be expected to have a Purchaser Material Adverse Effect. 
 SECTION
4.02 No Conflicts. The execution, delivery and performance of the Basic Documents by such Purchaser and the consummation of the transactions contemplated thereby will not (a) require any consent, approval or notice under, or constitute a
violation or breach of, the organizational documents of such Purchaser, (b) constitute a violation or breach of, or a default (or an event that, with notice or lapse of time or both, would constitute such a default or give rise to any right of
termination, cancellation or acceleration) under, any note, bond, mortgage, lease, loan or credit agreement or other material instrument, obligation or agreement to which such Purchaser is a party or by which such Purchaser or any of its Properties
may be bound, (c) violate any provision of any Law or any order, judgment or decree of any court or Governmental Authority having jurisdiction over such Purchaser or its Properties, except in the cases of clauses (b) and (c) where
such violation, breach or default, would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect 

  
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 SECTION 4.03 Investment. The Purchased Units are being acquired for such
Purchaser’s own account, or the accounts of clients for whom such Purchaser exercises discretionary investment authority, not as a nominee or agent, and with no present intention of distributing the Purchased Units or any part thereof, and such
Purchaser has no present intention of selling or granting any participation in or otherwise distributing the same in any transaction in violation of the securities Laws of the United States of America or any state, without prejudice, however, to
such Purchaser’s right at all times to sell or otherwise dispose of all or any part of the Purchased Units under a registration statement under the Securities Act and applicable state securities laws or under an exemption from such registration
available thereunder (including, without limitation, if available, Rule 144 promulgated thereunder). If such Purchaser should in the future decide to dispose of any of the Purchased Units, such Purchaser understands and agrees that it may do so only
(i) in compliance with the Securities Act and applicable state securities law, as then in effect, or (ii) in the manner contemplated by any registration statement pursuant to which such securities are being offered. 

SECTION 4.04 Nature of Purchaser. Such Purchaser represents and warrants to, and covenants and agrees with, the Partnership that,
(a) it is an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), (b) by reason of its business and financial experience it has such knowledge, sophistication and experience in business and
financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Units, is able to bear the economic risk of such investment and, at the present time, would be able to afford a complete loss of
such investment and (c) it is acquiring the Purchased Units purchased by it only for its own account and not for the account of others, for investment purposes and not on behalf of any other account or Person or with a view to, or for offer or
sale in connection with, any distribution thereof. Purchaser is not an entity formed for the specific purpose of acquiring the Purchased Units. 
 SECTION 4.05 Receipt of Information. Such Purchaser acknowledges that it (a) has access to the SEC Documents and (b) has been provided a reasonable opportunity to ask questions of and
receive answers from Representatives of the Partnership regarding such matters. 
 SECTION 4.06 Restricted Securities.
Such Purchaser understands that the Purchased Units it is purchasing are characterized as “restricted securities” under the federal securities Laws inasmuch as they are being acquired from the Partnership in a transaction not involving a
public offering and that under such Laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances. In this connection, such Purchaser represents that it is
knowledgeable with respect to Rule 144 of the Commission promulgated under the Securities Act. 
 SECTION 4.07 Certain
Fees. No fees or commissions will be payable by such Purchaser to brokers, finders, or investment bankers with respect to the sale of any of the Purchased Units or the consummation of the transactions contemplated by this Agreement. 

  
 12 

 SECTION 4.08 Legend. It is understood that the certificates evidencing the Purchased
Units will bear the following legend: 
 “These securities have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”), or the securities laws of any state or other jurisdiction. These securities may not be sold or offered for sale, pledged or hypothecated except pursuant to an effective registration statement under
the Securities Act or pursuant to an exemption from registration thereunder, in each case in accordance with all applicable securities laws of the states or other jurisdictions, and in the case of a transaction exempt from registration, such
securities may only be transferred if the transfer agent for such securities has received documentation satisfactory to it that such transaction does not require registration under the Securities Act.” 

SECTION 4.09 Reliance on Exemptions. Purchaser understands that the Purchased Units are being offered and sold to Purchaser in
reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Partnership is relying upon the truth and accuracy of, and Purchaser’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of Purchaser to acquire the Purchased Units. 

SECTION 4.10 Authority. Such Purchaser has all necessary power and authority to execute, deliver and perform its obligations under
the Basic Documents to which such Purchaser is a Party and to consummate the transactions contemplated thereby; the execution, delivery and performance by such Purchaser of the Basic Documents and the consummation of the transactions contemplated
thereby, have been duly authorized by all necessary action on its part; and, assuming the due authorization, execution and delivery by the other parties thereto, the Basic Documents to which it is a party constitute the legal, valid and binding
obligation of such Purchaser, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar Laws affecting creditors’ rights generally or by general principles
of equity, including principles of commercial reasonableness, fair dealing and good faith. 
 SECTION 4.11 Trading
Activities. Such Purchaser’s trading activities, if any, with respect to Seller’s Common Units will be in compliance with all applicable state and federal securities laws, rules and regulations and the rules and regulations of the
NYSE. 
 SECTION 4.12 No Side Agreements. Other than the Basic Documents, there are no other agreements by, among or
between such Purchaser or any of its Affiliates, on the one hand, and the Partnership or any of its Affiliates, on the other hand, with respect to the transactions contemplated hereby. 

ARTICLE V 

COVENANTS 
 SECTION 5.01 Taking of Necessary Action. Each of the Parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do or cause to be
done all things necessary, proper or advisable under applicable Law and 

  
 13 

 
regulations to consummate and make effective the transactions contemplated by this Agreement. Without limiting the foregoing, the Partnership and each Purchaser shall use its commercially
reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary or, in the reasonable opinion of the Purchasers or the Partnership, as the case may be, advisable for the consummation of the
transactions contemplated by the Basic Documents. 
 SECTION 5.02 Expenses. The Partnership hereby agrees to reimburse
the Purchasers, upon demand, for up to an aggregate amount of $75,000 in reasonable fees and expenses of Baker Botts L.L.P. incurred in connection with (i) the negotiation and execution of the Basic Documents, (ii) the issue, sale and
delivery of the Purchased Units, (iii) review of the Acquisition Agreement and (iv) the listing of the Purchased Units for quotation on the NYSE. Any legal fees of Baker Botts L.L.P. in excess of $75,000 shall be paid pro rata by all the
Purchasers in proportion to the aggregate number of Purchased Units purchased by each. 
 SECTION 5.03 Return of
Proceeds. The Partnership shall use all of the collective proceeds from the sale of the Purchased Units to partially fund the Acquisition. If the transactions contemplated by the Acquisition Agreement are not closed concurrently with the Closing
or within two Business Days thereafter or if any of the conditions set forth in Section 6.01 have not been satisfied and a Purchaser paid its Purchase Price in advance of the Closing, the Partnership shall return the Purchase Price paid
to the Partnership to the applicable Purchasers within two Business Days of receipt thereof and the transfer agent shall thereafter cancel the Purchased Units. 
 SECTION 5.04 Disclosure; Public Filings. The Partnership may, without prior written consent or notice, (i) file the Basic Documents as exhibits to Exchange Act reports and (ii) disclose
such information with respect to any Purchaser as required by applicable Law or the rules or regulations of the NYSE or other exchange on which securities of the Partnership are listed or traded. The Partnership shall, on or before the fourth
Business Day following the date hereof, file a Current Report on Form 8-K with the Commission (the “8-K Filing”) describing the terms of the transactions contemplated by the Basic Documents and the Acquisition Agreement and
including as exhibits to such 8-K Filing, the Basic Documents and the Acquisition Agreement in the form required by the Exchange Act. 
 SECTION 5.05 NYSE Listing Application. The Partnership shall, not later than immediately prior to the Closing, file a supplemental listing application with the NYSE to list the Purchased Units.

 SECTION 5.06 Purchaser Lock-Up. Without the prior written consent of the Partnership, each Purchaser agrees that from
and after the Closing until the Lock-Up Date, neither such Purchaser nor any of its Affiliates will offer, sell, pledge or otherwise transfer or dispose of any of its Purchased Units or enter into any transaction or device designed to do the same;
provided, however, that each Purchaser may transfer its Purchased Units to an Affiliate of such Purchaser or to any other Purchaser or an Affiliate of such other Purchaser provided that such Affiliate agrees to the restrictions in this
Section 5.06. 

  
 14 

 SECTION 5.07 Subsequent Offerings. Without the written consent of the holders of a
majority of the Purchased Units, taken as a whole, from and after the date of this Agreement until the Lock-Up Date, the Partnership shall not grant, issue or sell any Common Units, or take any other action that may result in the issuance of any of
the foregoing; provided, however, that no such consent shall be required in respect of (i) the issuance of Common Units upon the exercise of options to purchase Common Units granted pursuant to the LTIP or the issuance of Common Units upon the
vesting of phantom or restricted units granted pursuant to the LTIP, (ii) the issuance of 1,500,000 Common Units to the Contributing Parties to partially finance the Acquisition or (iii) the issuance of Common Units to the General Partner
or its Affiliates to finance future acquisitions. 
 SECTION 5.08 Certain Special Allocations of Book and Taxable Income.
To the extent that the Per Unit Price differs from the Per Unit Capital Amount (as defined in the Partnership Agreement) as of the Closing Date for a then Outstanding Common Unit after taking into account the issuance of the Purchased Units, the
General Partner intends to specially allocate Partnership items of book and taxable income, gain, loss or deduction to the Purchasers so that the Per Unit Capital Amount with respect to their Purchased Units are equal to the Per Unit Capital Amounts
with respect to other Common Units (and thus to assure fungibility of all Common Units). Such special allocations will occur upon the earlier to occur of any taxable period of the Partnership ending upon, or after, (a) an event described in
Section 5.5(d) of the Partnership Agreement or a sale of all or substantially all of the assets of the Partnership occurring after the date of the issuance of the Purchased Units, or (b) the transfer of the Purchased Units to a Person that
is not an Affiliate of the Purchaser, in which case, such allocation shall be made only with respect to the Purchased Units so transferred. To the maximum extent permissible under the Partnership Agreement or under applicable law, including under
the Treasury Regulations issued under Section 704(b) of the Code, the special allocations resulting from clause (a) will be made through allocations of Unrealized Gain. 

ARTICLE VI 

CLOSING CONDITIONS 
 SECTION 6.01 Conditions to the Closing. 
 (a) Mutual
Conditions. The respective obligation of each Party to consummate the purchase and issuance and sale of the Purchased Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of
which may be waived by a particular Party on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law): 
 (i) no Law shall have been enacted or promulgated, and no action shall have been taken, by any Governmental Authority of competent jurisdiction which temporarily, preliminarily or permanently restrains,
precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement illegal; 

  
 15 

 (ii) there shall not be pending any Action by any Governmental Authority
seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement; and 
 (iii)
the Purchased Units shall have been approved for listing on the NYSE, subject to notice of issuance. 
 (b)
Each Purchaser’s Conditions. The respective obligation of each Purchaser to consummate the purchase of its Purchased Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or
all of which may be waived by a particular Purchaser on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law): 
 (i) the Partnership shall have performed and complied with the covenants and agreements contained in this Agreement that are required to be performed and complied with by the Partnership on or prior to
the Closing Date; 
 (ii) the representations and warranties of the Partnership contained in this Agreement that
are qualified by materiality or Partnership Material Adverse Effect shall be true and correct when made and as of the Closing Date and all other representations and warranties of the Partnership shall be true and correct in all material respects
when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations made as of a specific date shall be required to be true and correct as of such date only); 

(iii) the NYSE shall have authorized, upon official notice of issuance, the listing of the Purchased Units and no notice
of delisting from the NYSE shall have been received by the Partnership with respect to the Common Units; 
 (iv)
the Partnership shall have (or shall have concurrently with Closing) closed the Acquisition on substantially the terms set forth in the Acquisition Agreement provided to the Purchasers with only such modifications or waivers as the General Partner
determines do not materially adversely affect the Purchasers (including in their capacity as unitholders following the Closing), but expressly without any waiver of the condition that the representation contained in Section 3.9 (No Adverse
Changes) of the Acquisition Agreement be true and correct on and as of the Closing Date; and 
 (v) the
Partnership shall have delivered, or caused to be delivered, to the Purchasers at the Closing, the Partnership’s closing deliveries described in Section 6.02. 

(c) The Partnership’s Conditions. The obligation of the Partnership to consummate the sale of the Purchased
Units to each of the Purchasers shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions with respect to each Purchaser individually and not the Purchasers jointly (any or all of which may be waived by
the Partnership in writing, in whole or in part, to the extent permitted by applicable Law): 

  
 16 

 (i) each Purchaser shall have performed and complied with the covenants and
agreements contained in this Agreement that are required to be performed and complied with by that Purchaser on or prior to the Closing Date; 
 (ii) the representations and warranties of each Purchaser contained in this Agreement that are qualified by materiality or Purchaser Material Adverse Effect shall be true and correct when made and as of
the Closing Date and all other representations and warranties of such Purchaser shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that
representations made as of a specific date shall be required to be true and correct as of such date only); and 

(iii) each Purchaser shall have delivered, or caused to be delivered, to the Partnership at the Closing, such
Purchaser’s closing deliveries described in Section 6.03. 
 SECTION 6.02 Partnership Deliveries. At the
Closing, subject to the terms and conditions of this Agreement, the Partnership will deliver, or cause to be delivered, to each Purchaser: 
 (a) Evidence of issuance of a certificate evidencing the Purchased Units or the Purchased Units credited to book-entry accounts maintained by the transfer agent, as the case may be, bearing the legend or
restrictive notation set forth in Section 4.8, and meeting the requirements of the Partnership Agreement, free and clear of any Liens, other than transfer restrictions under the Partnership Agreement and applicable federal and state
securities laws; 
 (b) A certificate of the Secretary of State of Delaware, dated a recent date, to the effect
that each of the General Partner and the Partnership is in good standing; 
 (c) An Officer’s Certificate
substantially in the form attached to this Agreement as Exhibit B; 
 (d) An opinion addressed to the
Purchasers from Andrews Kurth LLP, outside legal counsel to the Partnership dated the Closing Date, substantially similar in substance to the form of opinions attached to this Agreement as Exhibit D; 

(e) The Registration Rights Agreement in substantially the form attached to this Agreement as Exhibit A, which
shall have been duly executed by the Partnership; and 
 (f) A certificate of the Secretary or Assistant
Secretary of the General Partner, on behalf of the Partnership, certifying as to (i) the Partnership Agreement, (ii) board resolutions authorizing the execution and delivery of the Basic Documents and the consummation of the transactions
contemplated thereby and (iii) the incumbent officers authorized to execute the Basic Documents, setting forth the name and title and bearing the signatures of such officers. 

  
 17 

 SECTION 6.03 Purchaser Deliveries. At the Closing, subject to the terms and
conditions of this Agreement, each Purchaser will deliver, or cause to be delivered: 
 (a) Payment to the
Partnership of such Purchaser’s Allocated Purchase Amount by wire transfer(s) of immediately available funds to the account designated, as of the date hereof, by Partnership; 

(b) The Registration Rights Agreement in substantially the form attached to this Agreement as Exhibit A, which
shall have been duly executed by such Purchaser; 
 (c) An Officer’s Certificate substantially in the form
attached to this Agreement as Exhibit C; and 
 (d) A completed Internal Revenue Service Form W-9.

 ARTICLE VII 
 INDEMNIFICATION, COSTS AND EXPENSES 
 SECTION 7.01
Indemnification by the Partnership. The Partnership agrees to indemnify each Purchaser and its Representatives (collectively, “Purchaser Related Parties”) (a) from costs, losses, liabilities, damages, or expenses of any
kind or nature whatsoever, and (b) hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action as a result of, arising out of, or in any way
related to the breach of any of the representations, warranties or covenants of the Partnership contained herein, and in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or
expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter
that may be incurred by them or asserted against or involve any of them, provided that such claim for indemnification relating to a breach of the representations or warranties is made prior to the expiration of such representations or warranties to
the extent applicable; and provided further, that no Purchaser Related Party shall be entitled to recover special, consequential or punitive damages under this Section 7.01. Notwithstanding anything to the contrary, consequential damages shall
not be deemed to include diminution in value of the Purchased Units, which is specifically included in damages covered by Purchaser Related Parties’ indemnification. 
 SECTION 7.02 Indemnification by Purchasers. Each Purchaser agrees, severally and not jointly, to indemnify the Partnership, the General Partner and their respective Representatives (collectively,
“Partnership Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation, or inquiries), demands and causes of action and, in connection
therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all
other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way related to
the breach of any of the 

  
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representations, warranties or covenants of such Purchaser contained herein; provided, that such claim for indemnification relating to a breach of a representation or warranty is made prior to
the expiration of such representation or warranty; and provided further, that no Partnership Related Party shall be entitled to recover special, consequential (including lost profits) or punitive damages. 

SECTION 7.03 Indemnification Procedure. Promptly after any Partnership Related Party or Purchaser Related Party (hereinafter, the
“Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third party, which the Indemnified Party believes in good faith is an indemnifiable claim
under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of such action, suit or proceeding, but failure to so notify the
Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the
nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as
long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party shall
cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include furnishing the Indemnifying Party with any books, records and other
information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified
the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal
expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such
asserted liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any
such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from those available to
the Indemnifying Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and
other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the
Indemnified Party, unless the settlement thereof imposes no liability or obligation on, involves no admission of wrongdoing or malfeasance by, and includes a complete release from liability of, the Indemnified Party. 

  
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 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.01 Interpretation. Article,
Section, Schedule, and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts, and agreements are references to such instruments, documents, contracts, and agreements as the same may
be amended, supplemented, and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever a party has an obligation under the Basic Documents, the
expense of complying with such obligation shall be an expense of such party unless otherwise specified therein. Whenever any determination, consent or approval is to be made or given by a Purchaser under the Basic Documents, such action shall be in
such Purchaser’s sole discretion unless otherwise specified therein. If any provision in the Basic Documents is held to be illegal, invalid, not binding, or unenforceable, such provision shall be fully severable and the Basic Documents shall be
construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of the Basic Documents, and the remaining provisions shall remain in full force and effect. The Basic Documents have been reviewed
and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. 
 SECTION
8.02 Survival of Provisions. The representations and warranties set forth in Sections 3.01, 3.02, 3.09, 3.12, 3.16, 3.18, 4.01, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09 and 4.10 of this Agreement shall survive the execution and delivery of
this Agreement indefinitely, and the other representations and warranties set forth in this Agreement shall survive for a period of 12 months following the Closing Date regardless of any investigation made by or on behalf of the Partnership or any
Purchaser. The covenants made in this Agreement or any other Basic Document shall survive the closing of the transactions described herein and remain operative and in full force and effect regardless of acceptance of any of the Purchased Units and
payment therefor and repayment, conversion or repurchase thereof. All indemnification obligations of the Partnership and the Purchasers pursuant to this Agreement shall remain operative and in full force and effect unless such obligations are
expressly terminated in a writing by the Parties, regardless of any purported general termination of this Agreement. 
 SECTION
8.03 No Waiver; Modifications in Writing. 
 (a) Delay. No failure or delay on the part of any
Party in exercising any right, power, or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any right,
power, or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a Party at Law or in equity or otherwise. 

(b) Specific Waiver; Amendment. Except as otherwise provided herein, no amendment, waiver, consent, modification or
termination of any provision of this Agreement or any other Basic Document shall be effective unless signed by each of Parties or each of the original signatories thereto affected by such amendment, waiver, consent, modification or termination. Any
amendment, supplement or modification of or to any provision of any Basic Document, any waiver of any provision of any Basic 

  
 20 

 
Document and any consent to any departure by the Partnership from the terms of any provision of any Basic Document shall be effective only in the specific instance and for the specific purpose
for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on the Partnership in any case shall entitle the Partnership to any other or further notice or demand in similar or other circumstances.

 SECTION 8.04 Binding Effect; Assignment. 

(a) Binding Effect. This Agreement shall be binding upon the Partnership, each Purchaser and their respective
successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the Parties to this Agreement and as provided in Article VII, and
their respective successors and permitted assigns. 
 (b) Assignment of Rights. All or any portion of the
rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to any Affiliate of such Purchaser without the consent of the Partnership by delivery of an agreement to be bound and a revised Schedule A. No
portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to a non-Affiliate without the written consent of the Partnership (which consent shall not be unreasonably withheld by the Partnership).

 SECTION 8.05 [Reserved] 
 SECTION 8.06 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy, air courier
guaranteeing overnight delivery, electronic mail or personal delivery to the following addresses: 
 (a) If to
any Purchaser: 
 To the respective address listed on Schedule 8.06 hereof with a copy to (which shall not constitute notice):

 Baker Botts L.L.P. 
 98 San Jacinto Boulevard 
 Suite 1500 

Austin, Texas 78701 
 Attention: Laura L. Tyson 
 Facsimile: 512-322-8377 

Email: laura.tyson@bakerbotts.com 
 (b) If to the Partnership: 
 Two Warren Place 

6120 S. Yale Avenue, Suite 700 
 Tulsa, OK 74136 

  
 21 

 Attention: Candice L. Cheeseman 

Facsimile: 918-524-8687 
 Email: ccheeseman@semgroupcorp.com 
 With a copy to (which shall not constitute
notice): 
 Andrews Kurth LLP 
 1350 I Street, NW, Suite 1100 
 Washington, DC 20005 

Attention: Bill Cooper 
 Facsimile: 202-662-3044 
 Email: bcooper@andrewskurth.com 

or to such other address as the Partnership or such Purchaser may designate in writing. All notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; at the time of transmittal, if sent via electronic mail; upon actual receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged,
if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 
 SECTION 8.07
Removal of Legend. In connection with a sale of the Purchased Units by a Purchaser in reliance on Rule 144, the applicable Purchaser or its broker shall deliver to the transfer agent and the Partnership a customary broker representation
letter providing to the transfer agent and the Partnership any information the Partnership deems reasonably necessary to determine that the sale of the Purchased Units is made in compliance with Rule 144, including, as may be appropriate, a
certification that the Purchaser is not an Affiliate of the Partnership and regarding the length of time the Purchased Units have been held. Upon receipt of such representation letter, the Partnership shall promptly direct its transfer agent to
remove the notation of a restrictive legend in such Purchaser’s certificates evidencing the Purchased Units or the book-entry account maintained by the transfer agent, including the legend referred to in Section 4.08, and the
Partnership shall bear all costs associated therewith. After a registration statement under the Securities Act permitting the public resale of the Purchased Units has become effective or any Purchaser or its permitted assigns have held the Purchased
Units for one year, if the book-entry account of such Purchased Units still bears the notation of the restrictive legend referred to in Section 4.08, the Partnership agrees, upon request of the Purchaser or permitted assignee, to take
all steps necessary to promptly effect the removal of the legend described in Section 4.08 from the Purchased Units, and the Partnership shall bear all costs associated therewith, regardless of whether the request is made in connection
with a sale or otherwise, so long as such Purchaser or its permitted assigns provide to the Partnership any information the Partnership deems reasonably necessary to determine that the legend is no longer required under the Securities Act or
applicable state laws, including (if there is no such registration statement) a certification that the holder is not an Affiliate of the Partnership and regarding the length of time the Purchased Units have been held. 

SECTION 8.08 Entire Agreement. This Agreement and the other Basic Documents are intended by the Parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Parties hereto and thereto in 

  
 22 

 
respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein, with
respect to the rights granted by the Partnership or a Purchaser set forth herein and therein. This Agreement and the other Basic Documents supersede all prior agreements and understandings between the Parties with respect to such subject matter. The
Schedules and Exhibits referred to herein and attached hereto are incorporated herein by this reference, and unless the context expressly requires otherwise, are incorporated in the definition of “Agreement.” 

SECTION 8.09 Governing Law. This Agreement will be construed in accordance with and governed by the Laws of the State of New York
without regard to principles of conflicts of Laws thereof that would apply the laws of any other state. 
 SECTION 8.10
Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts, including facsimile or .pdf format counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 
 SECTION 8.11 Termination. 
 (a) Notwithstanding anything
herein to the contrary, this Agreement may be terminated at any time at or prior to the Closing by the mutual written consent of the Purchasers entitled to purchase a majority of the Purchased Units and the Partnership. 

(b) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any time at or prior to the
Closing by the written consent of the Purchasers entitled to purchase a majority of the Purchased Units upon a breach in any material respect by the Partnership of any covenant or agreement set forth in this Agreement. 

(c) Notwithstanding anything herein to the contrary, this Agreement shall automatically terminate at any time at or prior
to the Closing: 
 (i) if a statute, rule, order, decree or regulation shall have been enacted or promulgated, or
if any action shall have been taken by any Governmental Authority of competent jurisdiction which permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the
transactions contemplated by this Agreement illegal; or 
 (ii) if the Closing shall not have occurred on or
before January 25, 2013. 
 (d) In the event of the termination of this Agreement as provided in Sections
8.11(a) or 8.11(b), this Agreement shall forthwith become null and void. In the event of such termination, there shall be no liability on the part of any party hereto, except (i) as set forth in Article VII of this Agreement and
(ii) with respect to the requirement to comply with any confidentiality agreement in favor of the Partnership; provided, that nothing herein shall relieve any party from any liability or obligation with respect to any willful breach of
this Agreement. 

  
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 SECTION 8.12 Recapitalization, Exchanges, Etc. The provisions of this Agreement shall
apply to the full extent set forth herein with respect to any and all equity interests of the Partnership or any successor or assign of the Partnership (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of,
in exchange for or in substitution of, the Purchased Units, and shall be appropriately adjusted for combinations, unit splits, recapitalizations and the like occurring after the date of this Agreement. 

  
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 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	 ROSE ROCK MIDSTREAM, L.P.

	
	 By: Rose Rock Midstream GP, LLC, its
 General Partner

		
	By:	 	 /s/ Norman J. Szydlowski

	Name:	 	Norman J. Szydlowski
	Title:	 	President and Chief Executive Officer

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 
			
	CLEARBRIDGE ENERGY MLP OPPORTUNITY FUND INC.
		
	 By:
	 	 ClearBridge Investments, LLC,
 as its Discretionary Investment Adviser

		
	By:	 	 /s/ Barbara Brooke Manning

	Name:	 	Barbara Brooke Manning
	Title:	 	Managing Director
	
	CLEARBRIDGE ENERGY MLP TOTAL RETURN FUND INC.
		
	 By:
	 	 ClearBridge Investments, LLC,
 as its Discretionary Investment Adviser

		
	By:	 	 /s/ Barbara Brooke Manning

	Name:	 	Barbara Brooke Manning
	Title:	 	Managing Director
	
	LEGG MASON PARTNERS CAPITAL & INCOME FUND
		
	 By:
	 	 ClearBridge Investments, LLC,
 as its Discretionary Investment Adviser

		
	By:	 	 /s/ Barbara Brooke Manning

	Name:	 	Barbara Brooke Manning
	Title:	 	Managing Director

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 
			
	 COHEN & STEERS GLOBAL
 INFRASTRUCTURE FUND, INC.

		
	By:	 	 /s/ Robert Becker

	Name:	 	Robert Becker
	Title:	 	Vice President
	
	 COHEN & STEERS INFRASTRUCTURE FUND,
 INC.

		
	By:	 	 /s/ Robert Becker

	Name:	 	Robert Becker
	Title:	 	Vice President

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 
			
	THE CUSHING FUND, LP
		
	By:	 	 Cushing MLP Asset Management, L.P.,
 its General Partner

		
	By:	 	 Swank Capital, LLC

its General Partner

		
	By:	 	 /s/ Jerry V. Swank

		 	 Jerry V. Swank
 Managing
Member

	
	THE CUSHING GP STRATEGIES FUND, LP
		
	By:	 	 Carbon County Partners I, LP,
 its General Partner

		
	By:	 	 Carbon County GP I, LLC
 its General Partner

		
	By:	 	 Cushing MLP Asset Management, L.P.,
 its Member

		
	By:	 	 Swank Capital, LLC

its General Partner

		
	By:	 	 /s/ Jerry V. Swank

		 	Jerry V. Swank
		 	Managing Member
	
	THE CUSHING MLP TOTAL RETURN FUND
		
	By:	 	 Cushing MLP Asset Management, L.P.,
 its Investment Advisor

		
	By:	 	 Swank Capital, LLC

its General Partner

		
	By:	 	 /s/ Jerry V. Swank

		 	 Jerry V. Swank
 Managing
Member

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 
			
	THE CUSHING MLP INFRASTRUCTURE FUND
		
	By:	 	 Cushing MLP Asset Management, L.P.,
 its Investment Advisor

		
	By:	 	 Swank Capital, LLC

its General Partner

		
	By:	 	 /s/ Jerry V. Swank

		 	 Jerry V. Swank
 Managing
Member

	
	SWANK MLP CONVERGENCE FUND, LP
		
	By:	 	 Cushing MLP Asset Management, L.P.,
 its General Partner

		
	By:	 	 Swank Capital, LLC

its General Partner

		
	By:	 	 /s/ Jerry V. Swank

		 	 Jerry V. Swank
 Managing
Member

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 
			
	PSERS HARVEST MLP PARTNERS II
		
	By:	 	 /s/ Anthony Merhige

	Name:	 	Anthony Merhige
	Title:	 	COO & GC of Harvest Fund Advisors LLC as Investment Advisor
	
	IPERS HARVEST FUND ADVISORS LLC
		
	By:	 	 /s/ Anthony Merhige

	Name:	 	Anthony Merhige
	Title:	 	COO & GC of Harvest Fund Advisors LLC as Investment Advisor
	
	HARVEST MSRA
		
	By:	 	 /s/ Anthony Merhige

	Name:	 	Anthony Merhige
	Title:	 	COO & GC of Harvest Fund Advisors LLC as Investment Advisor
	
	HARVEST MLP INCOME FUND LLC
		
	By:	 	 /s/ Anthony Merhige

	Name:	 	Anthony Merhige
	Title:	 	Managing Member
	
	HARVEST MLP INCOME FUND III LLC
		
	By:	 	 /s/ Anthony Merhige

	Name:	 	Anthony Merhige
	Title:	 	Managing Member

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 
			
	HARVEST ENERGY FUND LLC
		
	By:	 	 /s/ Anthony Merhige

	Name:	 	Anthony Merhige
	Title:	 	Managing Member

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 
			
	SALIENT MLP FUND, L.P.
		
	By:	 	Salient Capital Advisors, LLC
		
	By:	 	 /s/ Gregory A. Reid

	Name:	 	Gregory A. Reid
	Title:	 	Managing Director
	
	SALIENT MLP TE FUND, L.P.
		
	By:	 	Salient Capital Advisors, LLC
		
	By:	 	 /s/ Gregory A. Reid

	Name:	 	Gregory A. Reid
	Title:	 	Managing Director
	
	HEB BRAND SAVINGS AND RETIREMENT PLAN TRUST
		
	By:	 	Salient Capital Advisors, LLC
		
	By:	 	 /s/ Gregory A. Reid

	Name:	 	Gregory A. Reid
	Title:	 	Managing Director
	
	SALIENT MLP & ENERGY INFRASTRUCTURE FUND
		
	By:	 	Salient Capital Advisors, LLC
		
	By:	 	 /s/ Gregory A. Reid

	Name:	 	Gregory A. Reid
	Title:	 	Managing Director
	
	SALIENT MLP & ENERGY INFRASTRUCTURE FUND II
		
	By:	 	Salient Capital Advisors, LLC
		
	By:	 	 /s/ Gregory A. Reid

	Name:	 	Gregory A. Reid
	Title:	 	Managing Director

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 
			
	TORTOISE ENERGY CAPITAL CORPORATION
		
	By:	 	 /s/ Terry Matlack

		 	Terry Matlack
		 	Chief Executive Officer
	
	TORTOISE ENERGY INDEPENDENCE FUND, INC
		
	By:	 	 /s/ Terry Matlack

		 	Terry Matlack
		 	Chief Executive Officer
	
	TORTOISE ENERGY INFRASTRUCTURE CORPORATION
		
	By:	 	 /s/ Terry Matlack

		 	Terry Matlack
		 	Chief Executive Officer
	
	TORTOISE NORTH AMERICAN ENERGY CORPORATION
		
	By:	 	 /s/ Terry Matlack

		 	Terry Matlack
		 	Chief Executive Officer
	
	TORTOISE MLP FUND, INC.
		
	By:	 	 /s/ Terry Matlack

		 	Terry Matlack
		 	Chief Executive Officer
	
	TORTOISE PIPELINE & ENERGY FUND, INC.
		
	By:	 	 /s/ Terry Matlack

		 	Terry Matlack
		 	Chief Executive Officer

  
 Signature Page
to 
 Common Unit Purchase Agreement 

 Schedule A 

 

									
	 Purchaser
	  	Common Units	 	  	Purchase Price	 
	 ClearBridge Energy MLP Opportunity Fund Inc.
	  	 	207,559	  	  	$	6,149,973.17	  
	 ClearBridge Energy MLP Total Return Fund Inc.
	  	 	207,559	  	  	$	6,149,973.17	  
	 Legg Mason Partners Capital and Income Fund Inc.
	  	 	91,126	  	  	$	2,700,063.38	  
	 Cohen & Steers Global Infrastructure Fund, Inc.
	  	 	6,400	  	  	$	189,632.00	  
	 Cohen & Steers Infrastructure Fund, Inc.
	  	 	120,161	  	  	$	3,560,370.43	  
	 The Cushing GP Strategies Fund LP
	  	 	29,700	  	  	$	880,011.00	  
	 The Cushing MLP Total Return Fund
	  	 	36,247	  	  	$	1,073,998.61	  
	 The Cushing MLP Infrastructure Fund
	  	 	10,294	  	  	$	305,011.22	  
	 The Cushing Fund LP
	  	 	4,927	  	  	$	145,987.01	  
	 Swank MLP Convergence Fund LP
	  	 	3,206	  	  	$	94,993.78	  
	 PA PSERS Harvest MLP Partners II
	  	 	220,382	  	  	$	6,529,918.66	  
	 IPERS Harvest Fund Advisors LLC
	  	 	90,953	  	  	$	2,694,937.39	  
	 Harvest MSRA
	  	 	57,368	  	  	$	1,699,813.84	  
	 Harvest MLP Income Fund LLC
	  	 	36,347	  	  	$	1,076,961.61	  
	 Harvest MLP Income Fund III LLC
	  	 	8,185	  	  	$	242,521.55	  
	 Harvest Energy Fund LLC
	  	 	8,803	  	  	$	260,832.89	  
	 Salient MLP Fund LP
	  	 	152,800	  	  	$	4,527,464.00	  
	 Salient MLP TE Fund LP
	  	 	37,800	  	  	$	1,120,014.00	  
	 HEB Brand Savings and Retirement Trust
	  	 	29,200	  	  	$	865,196.00	  
	 Salient MLP & Energy Infrastructure Fund
	  	 	136,300	  	  	$	4,038,569.00	  
	 Salient MLP & Energy Infrastructure Fund II
	  	 	65,938	  	  	$	1,953,742.94	  
	 Tortoise Energy Infrastructure Corporation
	  	 	146,157	  	  	$	4,330,631.91	  
	 Tortoise Energy Capital Corporation
	  	 	75,312	  	  	$	2,231,494.56	  
	 Tortoise North American Energy Corporation
	  	 	19,042	  	  	$	564,214.46	  
	 Tortoise MLP Fund, Inc.
	  	 	137,031	  	  	$	4,060,228.53	  
	 Tortoise Pipeline & Energy Fund, Inc.
	  	 	28,714	  	  	$	850,795.82	  
	 Tortoise Energy Independence Fund, Inc.
	  	 	32,489	  	  	$	962,649.07	  
		  	  
	  
	 	  	  
	  
	 
		  	 	2,000,000	  	  	$	59,260,000.00	  

  

 EXHIBIT A 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made and entered into as of [•], 2013, by and among Rose Rock Midstream, L.P., a Delaware limited partnership (the “Partnership”), and the Purchasers set forth on Schedule A to this
Agreement (each, a “Purchaser” and collectively, the “Purchasers”). 
 WHEREAS, this Agreement
is made in connection with the Closing of the issuance and sale of the Purchased Units pursuant to the Common Unit Purchase Agreement, dated as of January 8, 2013 by and among the Partnership and the Purchasers (the “Purchase
Agreement”); 
 WHEREAS, the Partnership has agreed to provide the registration and other rights set forth in this
Agreement for the benefit of the Purchasers pursuant to the Purchase Agreement; and 
 WHEREAS, it is a condition to the
obligations of each Purchaser and the Partnership under the Purchase Agreement that this Agreement be executed and delivered. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 
 ARTICLE
I 
 DEFINITIONS 
 SECTION 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the Purchase Agreement. The terms set forth below are used herein as so defined:

 “Affiliate” means, with respect to a specified Person, any other Person, whether now in existence or
hereafter created, directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings,
“controlling,” “controlled by,” and “under common control with”) means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise. 
 “Agreement” has the meaning specified therefor in the
introductory paragraph. 
 “Commission” means the United States Securities and Exchange Commission. 

“Common Units” means the Common Units of the Partnership representing limited partner interests therein. 

“Effectiveness Period” has the meaning specified therefor in Section 2.01(a) of this Agreement. 

  

 “General Partner” means Rose Rock Midstream GP, LLC, a Delaware limited
partnership, the general partner of the Partnership. 
 “Holder” means the record holder of any Registrable
Securities. 
 “Included Registrable Securities” has the meaning specified therefor in
Section 2.02(a) of this Agreement. 
 “Liquidated Damages” has the meaning specified therefor in
Section 2.01(b) of this Agreement. 
 “Liquidated Damages Multiplier” means the product of the Per
Unit Price times the number of Common Units purchased by such Purchaser that may not be disposed of without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision then in effect)
under the Securities Act. 
 “Losses” has the meaning specified therefor in Section 2.08(a) of this
Agreement. 
 “Managing Underwriter” means, with respect to any Underwritten Offering, the book-running lead
manager of such Underwritten Offering. 
 “NYSE” means The New York Stock Exchange, Inc. 

“Opt Out Notice” has the meaning specified therefor in Section 2.02(a) of this Agreement. 

“Other Holders” has the meaning specified therefor in Section 2.02(b) of this Agreement. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited
liability company, unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 
 “Purchase Agreement” has the meaning specified therefor in the Recitals of this Agreement. 
 “Purchaser” and “Purchasers” have the meanings specified therefor in the introductory paragraph of this Agreement. 

“Registrable Securities” means: (i) the Common Units comprising the Purchased Units and (ii) any Common Units
issued as Liquidated Damages pursuant to Section 2.01 of this Agreement, if any, all of which Registrable Securities are subject to the rights provided herein until such rights terminate pursuant to the provisions hereof. 

“Registration Expenses” has the meaning specified therefor in Section 2.07(b) of this Agreement. 

“Selling Expenses” has the meaning specified therefor in Section 2.07(b) of this Agreement. 

  
 2 

 “Selling Holder” means a Holder who is selling Registrable Securities
pursuant to a registration statement. 
 “Underwritten Offering” means an offering (including an offering
pursuant to a Registration Statement) in which Common Units are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

SECTION 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security when (a) a registration
statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) such Registrable Security
has been disposed of pursuant to any section of Rule 144 (or any similar provision then in force) under the Securities Act; (c) such Registrable Security is held by the Partnership or one of its subsidiaries or Affiliates; (d) such
Registrable Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.11 hereof; or (e) such
Registrable Security becomes eligible for resale without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act, assuming the Holder of
such Registrable Security is not an affiliate (as defined in Rule 144(a)(1)) of the Partnership. 
 ARTICLE II 

REGISTRATION RIGHTS 
 SECTION 2.01 Registration. 
 (a) Effectiveness
Deadline. No later than 30 days following the Closing Date, the Partnership shall prepare and file a registration statement under the Securities Act to permit the public resale of Registrable Securities then outstanding from time to time as
permitted by Rule 415 of the Securities Act with respect to all of the Registrable Securities (the “Registration Statement”). The Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate
registration form of the Commission as shall be selected by the Partnership so long as it permits the continuous offering of the Registrable Securities pursuant to Rule 415 of the Securities Act or such other rule as is then applicable at the then
prevailing market prices. The Partnership shall use its commercially reasonable efforts to cause the Registration Statement to become effective on or as soon as practicable after the Closing Date. Any Registration Statement shall provide for the
resale pursuant to any method or combination of methods legally available to, and requested by, the Holders of any and all Registrable Securities covered by such Registration Statement. The Partnership shall use its commercially reasonable efforts
to cause the Registration Statement filed pursuant to this Section 2.01(a) to be effective, supplemented and amended to the extent necessary to ensure that it is available for the resale of all Registrable Securities by the Holders until
all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”). The Registration Statement when effective (including the documents incorporated therein by
reference) will comply as to form in all material 

  
 3 

 
respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following
the date that the Registration Statement becomes effective, but in any event within two (2) Business Days of such date, the Partnership shall provide the Holders with written notice of the effectiveness of the Registration Statement.

 (b) Failure To Go Effective. If the Registration Statement required by Section 2.01(a) is
not declared effective within 90 days after Closing, then each Purchaser shall be entitled to a payment (with respect to the Purchased Units of each such Purchaser), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages
Multiplier per 30-day period, which shall accrue daily, for the first 60 days following the 90th day, increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day period, which shall accrue daily, for each subsequent 60 days
(i.e., 0.5% for 61-120 days, 0.75% for 121-180 days and 1.0% thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier per 30-day period (the “Liquidated Damages”). The Liquidated Damages payable pursuant to the
immediately preceding sentence shall be payable within ten Business Days after the end of each such 30-day period. Any Liquidated Damages shall be paid to each Purchaser in immediately available funds; provided, however, if the Partnership
certifies that it is unable to pay Liquidated Damages in cash because such payment would result in a breach under a credit facility or other debt instrument filed as exhibits to the SEC Documents, then the Partnership shall pay such Liquidated
Damages using as much cash as permitted without breaching any such credit facility or other debt instrument and shall pay the balance of any such Liquidated Damages in kind in the form of the issuance of additional Common Units. Upon any issuance of
Common Units as Liquidated Damages, the Partnership shall promptly (i) prepare and file an amendment to the Registration Statement prior to its effectiveness adding such Common Units to such Registration Statement as additional Registrable
Securities and (ii) prepare and file a supplemental listing application with the NYSE (or such other market on which the Registrable Securities are then listed and traded) to list such additional Common Units. The determination of the number of
Common Units to be issued as Liquidated Damages shall be equal to the amount of Liquidated Damages divided by the volume weighted average price of the Common Units on the NYSE for the ten trading days immediately preceding the date on which the
Liquidated Damages payment is due. The accrual of Liquidated Damages to a Holder shall cease at the earlier of (i) the Registration Statement becoming effective or (ii) when such Holder no longer holds Registrable Securities, and any
payment of Liquidated Damages shall be prorated for any period of less than 30 days in which the payment of Liquidated Damages ceases. If the Partnership is unable to cause a Registration Statement to go effective within 90 days after the Closing
Date as a result of an acquisition, merger, reorganization, disposition or other similar transaction, then the Partnership may request a waiver of the Liquidated Damages, and each Holder may individually grant or withhold its consent to such request
in its discretion. 

  
 4 

 (c) Termination of Purchaser’s Rights. A Purchaser’s rights
(and any transferee’s rights pursuant to Section 2.11) under this Section 2.01 shall terminate upon the termination of the Effectiveness Period. 
 SECTION 2.02 Piggyback Rights. 
 (a) Participation.
If the Partnership proposes to file (i) a shelf registration statement other than the Registration Statement contemplated by Section 2.01(a), (ii) a prospectus supplement to an effective shelf registration statement, other than
the Registration Statement contemplated by Section 2.01(a) of this Agreement and Holders may be included without the filing of a post-effective amendment thereto, or (iii) a registration statement, other than a shelf registration
statement, in each case, for the sale of Common Units in an Underwritten Offering for its own account and/or another Person, then as soon as practicable following the engagement of counsel by the Partnership to prepare the documents to be used in
connection with an Underwritten Offering, the Partnership shall give notice (including, but not limited to, notification by electronic mail) of such proposed Underwritten Offering to each Holder (together with its Affiliates) holding at least $10.0
million of the then-outstanding Registrable Securities (based on the Purchase Price per Common Unit under the Purchase Agreement) and such notice shall offer such Holders the opportunity to include in such Underwritten Offering such number of
Registrable Securities (the “Included Registrable Securities”) as each such Holder may request in writing; provided, however, that if the Partnership has been advised by the Managing Underwriter that the inclusion of
Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution of the Common Units in the Underwritten Offering, then (A) if no Registrable Securities can be included in the
Underwritten Offering in the opinion of the Managing Underwriter, the Partnership shall not be required to offer such opportunity to the Holders or (B) if any Registrable Securities can be included in the Underwritten Offering in the opinion of
the Managing Underwriter, then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of Section 2.02(b). Any notice required to be provided in this
Section 2.02(a) to Holders shall be provided on a Business Day pursuant to Section 3.01 hereof. Each such Holder shall then have two (2) Business Days (or one (1) Business Day in connection with any overnight or
bought Underwritten Offering) after notice has been delivered to request in writing the inclusion of Registrable Securities in the Underwritten Offering. If no written request for inclusion from a Holder is received within the specified time, each
such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, the
Partnership shall determine for any reason not to undertake or to delay such Underwritten Offering, the Partnership may, at its election, give written notice of such determination to the Selling Holders and, (x) in the case of a determination
not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (y) in the case of a determination to delay such
Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right

  
 5 

 
to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Partnership of such
withdrawal at or prior to the time of pricing of such Underwritten Offering. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Partnership requesting that such Holder not receive notice from the Partnership of any
proposed Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the Partnership shall not be required
to deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled to participate in Underwritten Offerings by the Partnership pursuant to this Section 2.02(a). The Holders
indicated on Schedule A hereto as having opted out shall each be deemed to have delivered an Opt-Out Notice as of the date hereof. 
 (b) Priority. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering of Common Units included in an Underwritten Offering involving Included Registrable Securities
advises the Partnership that the total amount of Common Units that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on
the price, timing or distribution of the Common Units offered or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number of Registrable Securities that such Managing Underwriter or
Underwriters advises the Partnership can be sold without having such adverse effect, with such number to be allocated (i) first, to the Partnership and (ii) second, pro rata among the Selling Holders who have requested participation in
such Underwritten Offering and any other holder of securities of the Partnership having rights of registration that are neither expressly senior nor subordinated to the Registrable Securities (the “Parity Securities”). The pro rata
allocations for each Selling Holder who has requested participation in such Underwritten Offering shall be the product of (a) the aggregate number of Registrable Securities proposed to be sold in such Underwritten Offering multiplied by
(b) the fraction derived by dividing (x) the number of Registrable Securities owned on the Closing Date by such Selling Holder by (y) the aggregate number of Registrable Securities owned on the Closing Date by all Selling Holders plus
the aggregate number of Parity Securities owned on the Closing Date by all holders of Parity Securities that are participating in the Underwritten Offering. 
 (c) Termination of Piggyback Registration Rights. Each Holder’s rights under Section 2.02 shall terminate upon such Holder (together with its Affiliates) ceasing to hold at least
$10.0 million of Registrable Securities (based on the Purchase Price per Common Unit under the Purchase Agreement). 
 SECTION
2.03 Delay Rights. 
 (a) Delay Rights. Notwithstanding anything to the contrary contained herein,
the Partnership may, upon written notice to any Selling Holder whose Registrable Securities are included in the Registration Statement or other registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any
prospectus which is a part of the Registration Statement or other registration statement contemplated 

  
 6 

 
by this Agreement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Registration Statement or other registration statement contemplated by
this Agreement) if (i) the Partnership is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Partnership determines in good faith that the Partnership’s ability to pursue or consummate such a
transaction would be materially adversely affected by any required disclosure of such transaction in the Registration Statement or other registration statement contemplated by this Agreement or (ii) the Partnership has experienced some other
material non-public event, the disclosure of which at such time, in the good faith judgment of the Partnership, would materially adversely affect the Partnership; provided, however, in no event shall the Purchasers be suspended for a period
that exceeds an aggregate of 60 days in any 180-day period or 105 days in any 365-day period, in each case, exclusive of days covered by any lock-up agreement executed by a Purchaser in connection with any Underwritten Offering. Upon disclosure of
such information or the termination of the condition described above, the Partnership shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the Registration Statement or other registration statement
contemplated by this Agreement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement.

 (b) Additional Rights to Liquidated Damages. If (i) the Holders shall be prohibited from selling
their Registrable Securities under the Registration Statement as a result of a suspension pursuant to Section 2.01(e) of this Agreement in excess of the periods permitted therein or (ii) the Registration Statement is filed and
declared effective but, during the Effectiveness Period, shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment to the Registration Statement, a supplement to the
prospectus or a report filed with the Commission pursuant to Sections 13(a), 13(c), 14 or l5(d) of the Exchange Act, then, until the suspension is lifted or a post-effective amendment, supplement or report is filed with the Commission, but not
including any day on which a suspension is lifted or such amendment, supplement or report is filed and declared effective, if applicable, the Partnership shall owe the Holders an amount equal to the Liquidated Damages, following (x) the date on
which the suspension period exceeded the permitted period under Section 2.01(e) of this Agreement or (y) the day after the Registration Statement ceased to be effective or failed to be useable for its intended purposes, as
liquidated damages and not as a penalty. For purposes of this paragraph, a suspension shall be deemed lifted on the date that notice that the suspension has been terminated is delivered to the Selling Holders. Liquidated Damages shall cease to
accrue pursuant to this paragraph upon the Purchased Units of such Holder becoming eligible for resale without restriction and without the need for current public information under any section of Rule 144 (or any similar provision then in effect)
under the Securities Act, assuming that each Holder is not an Affiliate of the Partnership, and any payment of Liquidated Damages shall be prorated for any period of less than 30 days in which the payment of Liquidated Damages ceases. 

  
 7 

 SECTION 2.04 Underwritten Offerings. 

(a) General Procedures. In connection with any Underwritten Offering under this Agreement, the Partnership shall be
entitled to select the Managing Underwriter or Underwriters. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates, each Selling Holder and the Partnership shall be obligated to enter into
an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents
reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part of, the Partnership to and for the
benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also be conditions precedent to its
obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with the Partnership or the underwriters other than representations, warranties or agreements regarding such Selling Holder, its authority to
enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other representation required by Law. If any Selling Holder disapproves of the terms
of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal must be made up to and including the time of pricing of such
Underwritten Offering. No such withdrawal or abandonment shall affect the Partnership’s obligation to pay Registration Expenses. The Partnership’s management may but shall not be required to participate in a roadshow or similar marketing
effort in connection with any Underwritten Offering. 
 (b) No Demand Rights. Notwithstanding any other
provision of this Agreement, no Holder shall be entitled to any “demand” rights or similar rights that would require the Partnership to effect an Underwritten Offering solely on behalf of the Holders. 

SECTION 2.05 Sale Procedures. In connection with its obligations under this Article II, the Partnership will, as expeditiously as
possible: 
 (a) prepare and file with the Commission such amendments and supplements to the Registration
Statement and the prospectus used in connection therewith as may be necessary to keep the Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by the Registration Statement; 
 (b) if a prospectus supplement will be
used in connection with the marketing of an Underwritten Offering from the Registration Statement and the Managing Underwriter at any time shall notify the Partnership in writing that, in the sole judgment of such Managing Underwriter, inclusion of
detailed information to be used in such 

  
 8 

 
prospectus supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, the Partnership shall use its commercially reasonable efforts to
include such information in such prospectus supplement; 
 (c) furnish to each Selling Holder (i) as far in
advance as reasonably practicable before filing the Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such
documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any
information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing the Registration Statement or
such other registration statement or supplement or amendment thereto, and (ii) such number of copies of the Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments
thereto as such Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 

(d) if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by
the Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter,
shall reasonably request; provided, however, that the Partnership will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general
service of process in any such jurisdiction where it is not then so subject; 
 (e) promptly notify each Selling
Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the filing of the Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or
prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement contemplated by this Agreement or any post-effective amendment
thereto, when the same has become effective; and (ii) any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to the Registration
Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement thereto; 
 (f) immediately notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which
the prospectus or prospectus supplement contained in the Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements 

  
 9 

 
therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which such statement is made); (ii) the issuance or threat of issuance by the
Commission of any stop order suspending the effectiveness of the Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the
Partnership of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Partnership
agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove a stop
order, suspension, threat thereof or proceedings related thereto; 
 (g) upon request and subject to appropriate
confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including
any domestic or foreign securities exchange) relating to such offering of Registrable Securities; 
 (h) in the
case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for the Partnership, and a letter of like kind dated the date of the closing under the underwriting agreement, and (ii) a “cold comfort” letter,
dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Partnership’s
financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion and the “cold comfort” letter shall be in customary form and covering substantially the same matters with
respect to such registration statement (and the prospectus and any prospectus supplement included therein) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in
Underwritten Offerings of securities by the Partnership and such other matters as such underwriters and Selling Holders may reasonably request; 
 (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable,
an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (j) make available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and Partnership personnel as is reasonable and customary to enable such
parties to establish a due diligence defense under the Securities Act; provided, that the Partnership need not disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality
agreement with the Partnership; 

  
 10 

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

(l) use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such
other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Partnership to enable the Selling Holders to consummate the disposition of such Registrable Securities; 

(m) provide a transfer agent and registrar for all Registrable Securities covered by such registration statement not later
than the effective date of such registration statement; 
 (n) enter into customary agreements and take such
other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities; and 

(o) if requested by a Selling Holder, (i) incorporate in a prospectus supplement or post-effective amendment such
information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the
purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering and (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified
of the matters to be incorporated in such prospectus supplement or post-effective amendment. 
 The Partnership will not name a
Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Registration Statement without such Holder’s consent. If the staff of the Commission requires the Partnership to name any Holder as an underwriter as
defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on the Registration Statement, such Holder shall no longer be entitled to receive
Liquidated Damages under this Agreement with respect thereto and the Partnership shall have no further obligations hereunder with respect to Registrable Securities held by such Holder. 

Each Selling Holder, upon receipt of notice from the Partnership of the happening of any event of the kind described in subsection
(f) of this Section 2.05, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by subsection (f) of this Section 2.05 or until it is advised in writing by the Partnership that the use of the prospectus may be resumed, and has received copies of any additional or supplemental
filings incorporated by reference in the prospectus, and, if so directed by the Partnership, such Selling Holder will, or will request the managing underwriter or 

  
 11 

 
underwriters, if any, to deliver to the Partnership (at the Partnership’s expense) all copies in their possession or control, other than permanent file copies then in such Selling
Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

SECTION 2.06 Cooperation by Holders. The Partnership shall have no obligation to include in the Registration Statement, or in an
Underwritten Offering pursuant to Section 2.02(a) or Section 2.03(a), Common Units of a Selling Holder who has failed to timely furnish such information that the Partnership determines, after consultation with counsel, is
reasonably required in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 
 SECTION 2.07 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities agrees to enter into a customary letter agreement with underwriters providing
such Holder will not effect any public sale or distribution of Registrable Securities during the 60 calendar day period beginning on the date of a prospectus or prospectus supplement filed with the Commission with respect to the pricing of any
Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the Partnership or the officers, directors or any
other Affiliate of the Partnership on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.07 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such
Holder. In addition, this Section 2.07 shall not apply to any Holder that is not entitled to participate in such Underwritten Offering, whether because such Holder delivered an Opt-Out Notice prior to receiving notice of the Underwritten
Offering or because such Holder holds less than $10.0 million of the then-outstanding Registrable Securities. 
 SECTION 2.08
Expenses. 
 (a) Expenses. The Partnership will pay all reasonable Registration Expenses as
determined in good faith, including, in the case of an Underwritten Offering, whether or not any sale is made pursuant to such Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any
sale of its Registrable Securities hereunder. In addition, except as otherwise provided in Section 2.09 hereof, the Partnership shall not be responsible for legal fees incurred by Holders in connection with the exercise of such
Holders’ rights hereunder. 
 (b) Certain Definitions. “Registration Expenses” means
all expenses incident to the Partnership’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on the Registration Statement pursuant to Section 2.01 or an Underwritten Offering
covered under this Agreement, and the disposition of such securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of
complying with securities or blue sky laws (other than fees and expenses of counsel to the Managing Underwriter in connection with an Underwritten Offering), fees of the FINRA, fees of transfer agents and registrars, all word processing, duplicating
and printing expenses, any transfer taxes and the fees and disbursements of counsel and 

  
 12 

 
independent public accountants for the Partnership, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance.
“Selling Expenses” means all underwriting fees, discounts and selling commissions or similar fees or arrangements allocable to the sale of the Registrable Securities. 

SECTION 2.09 Indemnification. 
 (a) By the Partnership. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Partnership will indemnify and hold harmless each
Selling Holder thereunder, its directors, officers, employees and agents, and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the Exchange Act, and its directors, officers, employees or agents
(collectively, the “Selling Holder Indemnified Persons”, against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or
several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of
or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances in which such statement is made) contained in the Registration Statement or any other registration
statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus contained therein, or any amendment or supplement thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse
each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings; provided, however, that the Partnership will not be liable
in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Selling Holder
Indemnified Person in writing specifically for use in the Registration Statement or such other registration statement contemplated by this Agreement, or any preliminary prospectus, free writing prospectus or final prospectus contained therein, or
any amendment or supplement thereto, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such
securities by such Selling Holder. 
 (b) By Each Selling Holder. Each Selling Holder agrees severally and
not jointly to indemnify and hold harmless the Partnership, the General Partner, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the meaning of the Securities Act or of the Exchange Act, and
its directors, officers, employees and agents, to the same extent as the foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such
Selling Holder expressly for 

  
 13 

 
inclusion in the Registration Statement or any other registration statement contemplated by this Agreements, or any preliminary prospectus, free writing prospectus or final prospectus contained
therein, or any amendment or supplement thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from
the sale of the Registrable Securities giving rise to such indemnification. 
 (c) Notice. Promptly after
receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing
thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.08. In any action brought against any indemnified party, it
shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such
indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this
Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that,
(i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and
counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified
party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of
such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no
indemnifying party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and
includes a complete and unconditional release from all liability of, the indemnified party. 
 (d)
Contribution. If the indemnification provided for in this Section 2.08 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in
respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations;
provided, however, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds 

  
 14 

 
(net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party on the one hand
and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or
relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The amount paid by an indemnified
party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating or defending any Loss that is
the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent
misrepresentation. 
 (e) Other Indemnification. The provisions of this Section 2.08 shall be
in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 
 SECTION 2.10 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public
without registration, the Partnership agrees to use its commercially reasonable efforts to: 
 (a) Make and keep
public information regarding the Partnership available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times from and after the date hereof; 

(b) File with the Commission in a timely manner all reports and other documents required of the Partnership under the
Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) So long as a Holder
owns any Registrable Securities, furnish, unless otherwise available on EDGAR, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Partnership, and such other reports and documents so filed as such
Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 
 SECTION 2.11 Transfer or Assignment of Registration Rights. The rights to cause the Partnership to register Registrable Securities granted to the Purchasers by the Partnership under this Article II
may be transferred or assigned by any Purchaser to one or more transferee(s) or assignee(s) of such Registrable Securities; provided, however, that (a) unless such transferee is an Affiliate of such Purchaser, each such transferee or assignee
holds Registrable Securities 

  
 15 

 
representing at least $10.0 million of the Purchased Units, based on the Purchase Price per Common Unit under the Purchase Agreement, (b) the Partnership is given written notice prior to any
said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned, and (c) each such transferee assumes
in writing responsibility for its portion of the obligations of such Purchaser under this Agreement. 
 SECTION 2.12
Limitation on Subsequent Registration Rights. From and after the date hereof, the Partnership shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with
any current or future holder of any securities of the Partnership that would allow such current or future holder to require the Partnership to include securities in any registration statement filed by the Partnership on a basis that is superior in
any way to the piggyback rights granted to the Purchasers hereunder. 
 ARTICLE III 

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

 (a) if to Purchaser, to the address set forth in Schedule 8.06 to the Purchase Agreement; 

(b) if to a transferee of Purchaser, to such Holder at the address provided pursuant to Section 2.10 above; and 

(c) if to the Partnership at Two Warren Place, 6120 S. Yale Avenue, Suite 700, Tulsa, Oklahoma 74136 (facsimile:
[            ]). 
 All such notices and communications shall be
deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged, if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by courier service or any other means.

 SECTION 3.02 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors
and permitted assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 SECTION 3.03 Assignment of Rights. All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred or assigned by such Purchaser in accordance with
Section 2.11 hereof. 
 SECTION 3.04 Recapitalization, Exchanges, Etc. Affecting the Common Units. The
provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of the Partnership or any successor or assign of the Partnership (whether by merger, consolidation, sale of assets or otherwise) that may
be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date
of this Agreement. 

  
 16 

 SECTION 3.05 Specific Performance. Damages in the event of breach of this Agreement
by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable
relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction
or competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. 

SECTION 3.06 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, including facsimile or .pdf counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same
Agreement. 
 SECTION 3.07 Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
 SECTION 3.08 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD APPLY THE LAWS OF ANY OTHER STATE. 
 SECTION 3.09 Severability of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. 

SECTION 3.10 Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to
be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein with respect to the rights granted by the Partnership set forth herein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings between the parties with respect to such subject matter. 

SECTION 3.11 Amendment. This Agreement may be amended only by means of a written amendment signed by the Partnership and the
Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 

SECTION 3.12 No Presumption. If any claim is made by a party relating to any conflict, omission, or ambiguity in this Agreement,
no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

  
 17 

 SECTION 3.13 Aggregation of Purchased Units. All Purchased Units held or acquired by
Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 SECTION 3.14 Interpretation. Article and Section references to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such
instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.”
Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement, such action shall be in such Purchaser’s sole discretion unless otherwise specified. 

SECTION 3.15 Independent Nature of Purchaser’s Obligations. The obligations of each Purchaser under this Agreement are
several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained herein, and no action taken by
any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement, and
it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 

SECTION 3.16 Obligations Limited to Parties to Agreement. Each of the Parties hereto covenants, agrees and acknowledges that no
Person other than the Purchasers shall have any obligation hereunder and that, notwithstanding that one or more of the Purchasers may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents
or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchaser or any
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by
virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise by incurred by any former, current or future director, officer, employee, agent, general or
limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing,
as such, for any obligations of the Purchasers under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in
each case for any transferee or assignee of a Purchaser hereunder. 
 [Signature pages to follow] 

  
 18 

 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	ROSE ROCK MIDSTREAM, L.P.
		
	By:	 	 Rose Rock Midstream GP, LLC, its
 General Partner

		
	By:	 	  

	Name:	 	
	Title:	 	

 [PURCHASERS] 

 EXHIBIT B 
 ROSE ROCK MIDSTREAM GP, LLC 
 Officer’s Certificate 

[—], 2013 
 Pursuant to Section 6.02(b) of the Common Unit Purchase Agreement by and among Rose Rock Midstream, L.P., a Delaware limited partnership (the “Partnership”), and each of the
Purchasers party thereto, dated as of January 8, 2013 (the “Agreement”), the undersigned, being the President and Chief Executive Officer of Rose Rock Midstream GP, LLC, a Delaware limited liability company, acting in its
capacity as the general partner of Partnership, hereby certifies as follows: 
  

	1.	The Partnership has performed and complied with the covenants and agreements contained in the Agreement that are required to be performed and complied with by the
Partnership on or prior to the Closing Date. 

  

	2.	The representations and warranties of the Partnership contained in the Agreement that are qualified by materiality or Partnership Material Adverse Effect were true and
correct when made and are true and correct on the date hereof, and all other representations and warranties were true and correct in all material respects when made and are true and correct as of the date hereof, in each case as though made at and
as of the date hereof (other than those which expressly relate to a different date, in which case, they are correct in all material respects as of such date). 

 

	3.	The Partnership has (or shall concurrently with Closing) closed the Acquisition on substantially the terms set forth in the Acquisition Agreement provided to the
Purchasers. 

  

	4.	Andrews Kurth LLP is entitled to rely on this certificate in connection with the legal opinions that they are rendering on the date hereof. 

Any capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Agreement).

 [Signature page follows] 

 The undersigned has executed this Officer’s Certificate as of the date first written
above. 
  

	
	  

	Norman J. Szydlowski
	President and Chief Executive Officer
	Rose Rock Midstream GP, LLC

 EXHIBIT C 
 PURCHASER 
 Officer’s Certificate 

[—], 2013 
 Pursuant to Sections 6.03(c) of the Common Unit Purchase Agreement by and among Rose Rock Midstream, L.P. and each of the Purchasers party thereto, dated as of January 8, 2013 (the
“Agreement”), the undersigned, being the President, Chief Executive Officer or other authorized officer of the Purchaser set forth on the signature page hereto, hereby certifies in his or her capacity as such, solely with respect to
such Purchaser as follows: 
  

	1.	The Purchaser has performed and complied with the covenants and agreements contained in the Agreement that are required to be performed and complied with by the
Purchaser on or prior to the Closing Date. 

  

	2.	The representations and warranties of the Purchaser contained in the Agreement that are qualified by materiality or Purchaser Material Adverse Effect were true and
correct when made and are true and correct as of the date hereof and all other representations and warranties were true and correct in all material respects when made and are true and correct as of the date hereof, in each case as though made at and
as of the date hereof (other than those which expressly relate to a different date, in which case, they are correct in all material respects as of such date). 

 Any capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Agreement 
 The undersigned has executed this Officer’s Certificate as of the date first written above. 

 EXHIBIT D 
 EXHIBIT D 
 Form of Opinion of Andrews Kurth LLP 

Capitalized terms used but not defined herein have the meaning assigned to such terms in the Common Unit Purchase Agreement, dated as of
January 8, 2013 (the “Purchase Agreement”). 
  

	(a)	The Partnership is validly existing in good standing as a limited partnership under the Delaware Limited Partnership Act, is duly registered or qualified to do business
and is in good standing as a foreign limited partnership under the laws of the jurisdictions set forth opposite its name on Annex A. 

  

	(b)	The Purchased Units, and the limited partner interests represented thereby, have been duly authorized by the Partnership pursuant to the Partnership Agreement and, when
issued and delivered to the Purchasers against payment therefor in accordance with the terms of the Purchase Agreement, will be validly issued, fully paid (to the extent required by applicable law and the Partnership Agreement) and nonassessable
(except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act). 	 

  

	(c)	 None of the offering, issuance and sale by the Partnership of the Purchased Units or the execution and delivery by the Partnership of, and performance
by the Partnership of its obligations under, the Basic Documents (A) constitutes or will constitute a violation of the Partnership’s certificate of limited partnership or the Partnership Agreement, (B) constitutes or will constitute a
breach or violation of, or a default under (or an event that, with notice or lapse of time or both, would constitute such a default), any Applicable Agreement1, or (C) results or will result in any material violation of the Delaware LP Act, the Delaware LLC Act, the
applicable laws of the State of New York or applicable laws of the United States of America. 

  

	(d)	Each of the Basic Documents has been duly authorized and has been validly executed and delivered on behalf of the Partnership, and each of the Basic Documents
constitutes a valid and binding obligation of the Partnership, enforceable against the Partnership in accordance with its terms under the applicable laws of the State of New York. 

 

	(e)	 Except as required by the Commission in connection with the Partnership’s obligations under the Registration Rights Agreement, no Governmental
Approval is required in connection with the execution and delivery by the Partnership of, or the performance by the Partnership of its obligations under, the Basic Documents, except those that have been obtained or may be required under the federal
securities laws or state securities or “Blue Sky” laws, as to which we do not express any opinion. As used in this paragraph, “Governmental Approval” means any consent, approval, license, authorization or validation of, or
filing, recording or registration with, any executive, legislative, judicial, administrative or regulatory bodies of 

  
  

	1 	 Agmts. filed as exhibits to Rose Rock’s 2011 10K and 2012 10Qs 

	 	
the State of Delaware, the State of New York or the United States of America, pursuant to (i) the Delaware LP Act, (ii) the Delaware LLC Act, (iii) the applicable laws of the State
of New York or (iv) applicable laws of the United States of America. 

  

	(f)	The Partnership is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

 

	(g)	Assuming the accuracy of the representations and warranties of the Partnership and each Purchaser contained in the Purchase Agreement, the issuance and sale of the
Purchased Units pursuant to the Purchase Agreement is exempt from registration requirements of the Securities Act of 1933, as amended. 

 Such opinion shall not address any laws other than (i) the Delaware LP Act, (ii) the Delaware LLC Act, (iii) for purposes of paragraphs (c), (d) and (e) only, the applicable laws
of the State of New York, (iv) applicable laws of the United States of America and (v) certain other specified laws of the United States of America to the extent referred to specifically herein. References to “applicable laws”
mean those laws that, in our experience, are normally applicable to transactions of the type contemplated by the Purchase Agreement, without our having made any special investigation as to the applicability of any specific law, rule or regulation,
and that are not the subject of a specific opinion herein referring expressly to a particular law or laws; provided however, that such references do not include any municipal or other local laws, rules or regulations, or any antifraud,
environmental, labor, securities, tax, insurance or antitrust laws, rules or regulations. 

  
 6Participant Agreement

 Exhibit 4.4 

CURRENCYSHARESSM BRITISH POUND STERLING TRUST 
 PARTICIPANT AGREEMENT 
 This Participant Agreement (this “Agreement”),
dated as of March 25, 2010, is entered into by and between Knight Clearing Services, LLC (with respect to this Agreement, the “Authorized Participant”, and with respect to the Trust Agreement referred to below, an
“Authorized Participant”), The Bank of New York, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee”) of the CurrencyShares British Pound Sterling Trust (the
“Trust”), and Rydex Specialized Products LLC, d/b/a Rydex Investments, as sponsor (the “Sponsor”) of the Trust. 
 SUMMARY 
 The Trustee serves as the trustee of the Trust pursuant to the Depositary Trust
Agreement dated as of June 8, 2006, among the Sponsor, the Trustee, the registered owners and beneficial owners from time to time of British Pound Shares issued thereunder and all depositors (the “Trust Agreement”). As provided
in the Trust Agreement and described in the Prospectus (defined below), units of fractional undivided beneficial interests in and ownership of the Trust (the “Shares”) may be created or redeemed by the Trustee for an Authorized
Participant in aggregations of fifty thousand (50,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the registration statement of the Trust on Form S-1, as amended (Registration No: 333-132361),
as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter (collectively, the “Registration Statement”) together with the prospectus of the
Trust in the form first filed with the SEC pursuant to Rule 424 (the “Prospectus”) adopted under the Securities Act of 1933, as amended (the “1933 Act”). Under the Trust Agreement, the Trustee is authorized to issue
Baskets to, and redeem Baskets from, Authorized Participants under the Trust Agreement, only through the facilities of The Depository Trust Company (“DTC”) or a successor depository, and only in exchange for an amount of British
Pounds that is transferred between such Authorized Participant and the Trust. Under the Trust Agreement, the Trustee issues Baskets in exchange for British Pounds which are transferred by an Authorized Participant to the London Branch of JPMorgan
Chase Bank, N.A. (the “Depository”), and when the Trustee redeems Baskets tendered for redemption by an Authorized Participant in exchange for British Pounds, the British Pounds held in the Trust Account are transferred to the
Authorized Participant by the Depository. The foregoing British Pound transfers are also governed by the Deposit Account Agreement the Trust has entered into with the Depository (the “Deposit Account Agreement”). This Agreement sets
forth the specific procedures by which an Authorized Participant may create or redeem Baskets. 
 Because new Shares can be created and issued
on an ongoing basis, at any point during the life of the Trust, a “distribution,” as such term is used in the 1933 Act, may be occurring. The Authorized Participant is cautioned that some of its activities may result in its being deemed a
participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Participant should review the “Plan of Distribution”
portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined below). 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To the extent there is a conflict between any provision of this Agreement
and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. 
 To give effect to the foregoing premises and
in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows: 
 Section 1. Order
Placement. To place orders for the Trustee to create or redeem one or more Baskets, Authorized Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in
Attachment A hereto (the “Procedures”), as each may be amended, modified or supplemented from time to time. 

 Section 2. Status, Representations and Warranties of the Parties. 

(a) The Authorized Participant represents and warrants and covenants the following on the date hereof and at each time of purchase by the
Authorized Participant of a Basket from the Trust (each such time, the “Time of Purchase”), that: 
 (i) The Authorized
Participant is a participant of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Trustee of such event, and
this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant. 
 (ii)
Unless Section 2(a)(iii) applies, the Authorized Participant either (A) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of the National
Association of Securities Dealers, Inc. (the “NASD”), or (B) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of the NASD, and in either case is qualified to act as a broker or
dealer in the states or other jurisdictions where the nature of its business so requires. In connection with the purchase or redemption of Baskets and any related offers or sales of Shares, the Authorized Participant will maintain any such
registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of the NASD (if it is a NASD member), and will not offer or sell Shares in any state or jurisdiction where they may not lawfully be
offered and/or sold. 
 (iii) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several
states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of the NASD as set forth in Section 2(a)(ii) above, the Authorized Participant will, in connection with such offers
and sales, (A) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (B) comply with the prospectus delivery and other requirements of the 1933 Act, and the regulations promulgated thereunder, and
(C) conduct its business in accordance with the NASD Conduct Rules. 
 (iv) The Authorized Participant is in compliance with
the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and the regulations promulgated thereunder, if the Authorized
Participant is subject to the requirements of the USA PATRIOT Act. 
 (v) The Authorized Participant has the capability to send
and receive communications via authenticated telecommunication facility to and from the Trustee. The Authorized Participant shall confirm such capability to the satisfaction of the Trustee by the end of the Business Day before placing its first
order with the Trustee (whether such order is to create or to redeem Baskets). 

 (b) The Sponsor represents and warrants that: 

(i) on the effective date of the Registration Statement and at each Time of Purchase, the Trust’s Registration Statement shall be
effective and no stop order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted or, to the Sponsor’s knowledge, will then be contemplated by the SEC; the Registration Statement
complies in all material respects with the requirements of the 1933 Act, and the Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of the 1933 Act; and the conditions to the use
of Form S-1 have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, the
Prospectus will not, as of its date and at the Time of Purchase, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading and, as of              a.m./p.m. on the date of this Agreement (the “Time of Sale”), the documents
comprising the Disclosure Package (as defined below) did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in the Registration Statement, the Prospectus or the Disclosure Package in
reliance upon and in conformity with information concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to the Sponsor expressly for use therein. The “Disclosure Package” is the
Prospectus and any amendments and supplements thereto at the Time of Sale and any free writing prospectus as defined in Rule 405 of the 1933 Act (a “FWP”) prepared by, for or on behalf of the Sponsor before the Time of Sale and
intended for general distribution; 
 (ii) the Shares, when issued and delivered against payment of consideration therefor, as
provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 

(iii) the Sponsor has been duly organized and, on the effective date of the Registration Statement and at each Time of Purchase, will be
validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to act as the sponsor of the Trust as described in the Registration Statement and the Prospectus, and has all
requisite power and authority to execute and deliver this Agreement; and 
 (iv) at the time the Sponsor makes an offer of Shares
following the filing of the Registration Statement, neither the Trust nor the Sponsor will be an “ineligible issuer” as defined in Rule 405 of the 1933 Act. 
 Section 3. Orders. 
 (a) All orders to create or redeem Baskets shall
be made in accordance with the terms of the Trust Agreement, the Deposit Account Agreement, this Agreement and the Procedures. Each 

 
party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such
use is reflected in the Procedures. The Trustee and Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant
will comply with such procedures of which it has received notice in accordance with Section 18(c). 
 (b) The Authorized
Participant acknowledges and agrees that each order to create a Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order”, and each Purchase Order and Redemption Order, an
“Order”) may not be revoked by the Authorized Participant upon its delivery to the Trustee. A form of Purchase Order is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as Exhibit C. 

(c) The delivery of the Shares against deposits of British Pounds may be suspended generally, or refused with respect to particular
requested deliveries, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. Except as otherwise
provided in the Trust Agreement, the surrender of Shares for purposes of withdrawing British Pounds may not be suspended. 
 Section 4.
British Pounds Transfers. Any British Pounds to be transferred in connection with any Order shall be transferred between the Authorized Participant’s account and the Trust’s deposit accounts established for such transfers pursuant to
the Deposit Account Agreement (the “Deposit Accounts”) in accordance with the Procedures. The Authorized Participant shall be responsible for all costs and expenses relating to or connected with any transfer of British Pounds
between its account and the Deposit Accounts, including any late fees and other charges, if any, for which the Trustee becomes responsible in the event that British Pounds are not transferred from the Authorized Participant’s account in
accordance with the Procedures. 
 Section 5. Fees. In connection with each Order by an Authorized Participant to create or redeem
one or more Baskets, the Trustee shall charge, and the Authorized Participant shall pay to the Trustee, the transaction fee prescribed in the Trust Agreement applicable to such creation or redemption. The initial transaction fee shall be five
hundred dollars ($500). The transaction fee may be waived or otherwise adjusted from time to time as set forth in the Prospectus. 

Section 6. Authorized Persons. Concurrently with the execution of this Agreement and from time to time thereafter, the Authorized Participant
shall deliver to the Trustee notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the names and signatures of all persons authorized to give instructions
relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Trustee may accept and rely upon such certificate as
conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Trustee receives a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of
any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee. The Trustee shall issue to each
Authorized Person a unique personal identification number (the “PIN”) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The PIN shall
be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN is changed, the new PIN shall become effective on a date mutually agreed upon by the
Authorized Participant and the Trustee. 
 Section 7. Redemption. The Authorized Participant represents and warrants that it will
not obtain an Order Number (as described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it owns outright or has full legal authority and legal and beneficial right to tender for
redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such 

 
Baskets have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement or any other arrangement which would preclude the delivery
of such Baskets to the Trustee on the third Business Day following the date of the Redemption Order. 
 Section 8. Role of Authorized
Participant. 
 (a) The Authorized Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement,
the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the Sponsor, the Trustee or the Depository, in any matter or in any respect. 

(b) The Authorized Participant will make itself and its employees available, upon request, during normal business hours to consult with
the Trustee, the Depository or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 
 (c) The Authorized Participant will maintain records of all sales of Shares made by or through it as required by law and will furnish copies of such records to the Sponsor upon the reasonable request of
the Sponsor, subject to any privacy or confidentiality obligations it may have to its customers arising under federal or state securities laws or the applicable rules of any self regulatory organization. The Sponsor will not use any information
provided by the Authorized Participant pursuant to this paragraph or disclose such information to others except in connection with the performance of its duties and responsibilities hereunder, including making servicing and informational mailings
related to the Trust, or except as may be required by applicable law. 
 Section 9. Indemnification. 

(a) The Authorized Participant hereby indemnifies and holds harmless the Trustee, the Depository, the Trust, the Sponsor, their respective
direct or indirect affiliates (as defined below) and their respective directors, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including
attorney’s fees and the reasonable cost of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provision of this Agreement, including any of its
representations, warranties or covenants; (ii) any failure on the part of the Authorized Participant to perform any of its other obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with
applicable laws and the rules and regulations of any governmental entity or any self-regulatory organization; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably
believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares,
any AP Indemnified Party or the Trust that is not consistent with the Trust’s Prospectus as then-supplemented made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged
untrue statement of a material fact (1) contained in any research report, marketing material or sales literature described in Section 13(b) or in any FWP prepared by the Authorized Participant or (2) furnished by the Authorized
Participant for use in a FWP prepared by, for or on behalf of the Sponsor, or any alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading to the extent that
such statement or omission relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Sponsor or
is based upon any omission or alleged omission by the Sponsor to state a material fact in connection with such representation, statement or omission necessary in order to make such representation, statement or omission not misleading. 

(b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates,
directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a 

 
“Sponsor Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including attorneys’ fees and the reasonable cost of investigation)
incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of this Agreement that relates to the Sponsor, including its representations, warranties and covenants; (ii) any failure on the part
of the Sponsor to perform any other obligation of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable laws; or (iv) any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement or in any amendment thereof, or in the Prospectus, or in any amendment thereof or supplement thereto, or in the Disclosure Package, or in any FWP prepared by, for or on behalf of the Sponsor, or arising out of
or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, except those statements based on information furnished in writing by
or on behalf of the Authorized Participant expressly for use in the Registration Statement, amendment thereof, Prospectus, amendment thereof or supplement thereto, Disclosure Package or FWP. 

(c) (i) This Section 9 shall not apply to any AP Indemnified Party or any Sponsor Indemnified Party (each, an
“Indemnified Party”) to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of, or in connection with, any action or failure to act that constitutes gross negligence, bad faith or willful
misconduct on the part of the such Indemnified Party. (ii) The term “affiliate” in this Section 9 shall include, with respect to any person, entity or organization, any other person, entity or organization which directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 
 (d) If the indemnification provided for in this Section 9 is unavailable to an indemnified party under Sections 9(a) or 9(b) or insufficient to hold an indemnified party harmless in respect of any
losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and
expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor and the Trust, on the one hand, and by the Authorized Participant, on the other hand, from the services provided hereunder or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Sponsor and the Trust, on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as well
as any other relevant equitable considerations. The relative benefits received by the Sponsor and the Trust, on the one hand, and the Authorized Participant, on the other hand, shall be deemed to be in the same respective proportions as the amount
of British Pounds transferred to the Trust under this Agreement on the one hand (expressed in dollars) bears to the amount of economic benefit received by the Authorized Participant in connection with this Agreement on the other hand. To the extent
applicable, the relative fault of the Sponsor on the one hand and of the Authorized Participant on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or
omission or alleged omission relates to information supplied by the Sponsor or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, liabilities, damages, costs and expenses referred to in this Section 9(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in
connection with investigating, preparing to defend or defending any action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 

(e) The Sponsor and the Authorized Participant agree that it would not be just and equitable if contribution pursuant to this
Section 9 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 Section 9(d) above. The Authorized Participant shall not be required to
contribute any amount in 

 
excess of the amount by which the total price at which the Shares created by the Authorized Participant and distributed to the public were offered to the public exceeds the amount of any damage
which the Authorized Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (f) The indemnity and contribution agreements contained in this Section 9 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its
partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Participant within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, directors, officers, employees or any person who controls the Sponsor within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding against it and, in the case
of the Sponsor, against any of the Sponsor’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the Prospectus. 

Section 10. Liability. 
 (a) Limitation of Liability. None of the Sponsor, the Trustee, the Authorized Participant, and the Depository shall be liable to each other or to any other person, including any party claiming by, through
or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption
or delay in the electronic means of communications used by them. 
 (b) Tax Liability. The Authorized Participant shall be
responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement,
regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly
indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 
 Section 11.
Acknowledgment. The Authorized Participant acknowledges receipt of a (i) copy of the Trust Agreement and (ii) the current Prospectus of the Trust, and represents that it has reviewed and understands such documents. 

Section 12. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective
in this form as of the Time of Sale, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a)(i); (ii) upon
notice to the Authorized Participant by the Trustee in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately in the circumstances described in
Section 18(j); or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. 
 Section 13. Marketing
Materials; Representations Regarding Shares; Identification in Registration Statement. 
 (a) The Authorized Participant
represents, warrants and covenants that (i), without the written consent of the Sponsor, the Authorized Participant will not (A) make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified
Party other than representations contained (1) in the Prospectus of the Trust, as then amended and 

 
supplemented, (2) in printed information approved by the Sponsor as information supplemental to such Prospectus or (3) in any promotional materials or sales literature furnished to the
Authorized Participant by the Sponsor, or (B) issue any FWP pursuant to Rules 164 and 433 of the 1933 Act and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or
material relating to the Shares, any AP Indemnified Person or the Trust that are not consistent with the Prospectus, as then amended and supplemented. Copies of the Prospectus of the Trust, as then amended and supplemented, and any such printed
supplemental information will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. 

(b) Notwithstanding the foregoing, the Authorized Participant may without the written approval of the Sponsor prepare and circulate in the
regular course of its business research reports, marketing material and sales literature, but in no event FWPs, that include information, opinions or recommendations relating to the Shares (i) for public dissemination, provided that such
research reports, marketing material or sales literature is prepared in accordance with applicable rules and regulations of the 1933 Act, any applicable state securities laws and NASD rules; or (ii) for internal use by the Authorized
Participant. The Authorized Participant will file all such research reports, marketing material and sales literature related to the Shares with the NASD to the extent required by the NASD Conduct Rules. 

(c) The Authorized Participant and its affiliates may prepare and circulate in the regular course of their businesses, without having to
refer to the Shares or the Prospectus, as then amended and supplemented, data and information relating to the price of British Pounds. 
 (d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the Prospectus, and any supplements or amendments thereto or recirculation thereof, to the
Authorized Participant in Portable Document Format (“PDF”) via electronic mail in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written
notice to the Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form
from the Sponsor. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in
paper form. The Sponsor will, when requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus.

 (e) For as long as this Agreement is effective, the Authorized Participant agrees to be identified as an authorized
participant of the Trust (i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares” (including identifying the Authorized Participant in such section by a supplement to
the Prospectus) and in any other section as may be required by the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, (i) during the period prior to when the Sponsor qualifies and elects to file on Form S-3,
the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the Sponsor qualifies and elects to
file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of the Trust and (ii) the Sponsor will promptly update the Trust’s website
to remove any identification of the Authorized Participant as an authorized participant of the Trust. 
 Section 14. Title To British
Pounds. The Authorized Participant represents and warrants that upon delivery of the Basket British Pound Amount (as defined in the Trust Agreement) to the Trustee in accordance with the terms of the Trust Agreement and this Agreement, the Trust
will acquire good and unencumbered title to the British Pounds which are the subject of such Basket British Pound Amount, free 

 
and clear of all pledges, security interests, liens, charges, taxes, assessments, encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not
subject to any adverse claims, including any restriction upon the sale or transfer of all or any part of such British Pounds which is imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which it is
acting in connection with a Purchase Order. 
 Section 15. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is
not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized
Participant in its own name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 
 Section 16. Force Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by
reason of any act of God or war or terrorism, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any
reason, to perform its obligations, or any cause beyond its reasonable control, including, without limitation, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer
facilities, any transport, port or airport disruption, or any industrial action. 
 Section 17. Ambiguous Instructions. If a
Purchase Order Form or a Redemption Order Form otherwise in good form contains order terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Trustee will attempt to contact
one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized
Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Trustee. If the Trustee is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance
with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not complete or are illegible, the Order will be deemed invalid and the Trustee will attempt to contact
one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. 
 Section 18. Miscellaneous.

 (a) Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be
amended, modified or supplemented by the Trustee and the Sponsor, without consent of any Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Trustee will mail a
copy of the proposed amendment, modification or supplement to the Authorized Participant. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into
the United States postal system. Within ten (10) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its
terms. If at any time there is any material amendment, modification or supplement of any Participant Agreement (other than this Agreement), the Trustee will promptly mail a copy of such amendment, modification or supplement to the Authorized
Participant. 
 (b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or
condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation,
covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

 (c) Notices. Except as otherwise specifically provided in this Agreement, all notices
required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized
overnight courier (delivery confirmation received) or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mailed, postage prepaid. For avoidance of
doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Trustee. All notices shall be directed to the address or telephone or facsimile numbers
indicated below the signature line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and
all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 
 (e) Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any
entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or
substantially all of the business of the party, shall be the successor of the party under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any
purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor Trustee or Sponsor at such time such successor qualifies as a successor
Trustee or Sponsor under the terms of the Trust Agreement. 
 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction,
effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or
other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non convenient and any objections as to laying of venue. Each party further waives personal service of any summons,
complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of
any claim arising under or in connection with this Agreement. 
 (g) Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to
any party hereto to produce or account for more than one such counterpart executed and delivered by such party. 
 (h)
Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

 (i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant
to this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to
be a party to the Trust Agreement. 

 (j) Severance. If any provision of this Agreement is held by any court or any act,
regulation, rule or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to
the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein,
unless the Sponsor determines in its discretion, after consulting with the Trustee, that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other
provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Sponsor’s notification of the Trustee of such a determination, this
Agreement shall immediately terminate and the Trustee will so notify the Authorized Participant immediately. 
 (k) No Strict
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(l) Survival. Sections 9 (Indemnification) and 15 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement.

 (m) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or
quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited
to.” 
 * * * * * * * 

 IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the Trustee, on behalf of the Trust, have
caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

													
	 THE BANK OF NEW YORK,
 not in its individual capacity,
 but solely as Trustee of the CurrencyShares British

Pound Sterling Trust
	 	KNIGHT CLEARING SERVICES, LLC
					
	By:	 	 /s/ Andrew Pfeifer
	 		 	By:        	 	 /s/ Christopher Pento

		 	        Name:	 		 		 		 	Name:	 	Christopher Pento
		 	        Title  Vice President	 		 		 	Title	 	President

  

									
	Address:	 	         One Wall Street
         New York, NY 10286
	 		 	 Address: 545 Washington Blvd., 2nd Fl.
  Jersey City, NJ 07310

	Telephone:	 	        (212) 635-6314	 		 	Telephone:	 	        201-356-4232
					
	Facsimile:	 		 		 	Facsimile:	 	        201-356-4297

  

					
	RYDEX SPECIALIZED PRODUCTS LLC,
	Sponsor of the CurrencyShares British Pound Sterling Trust
		
	 /s/ Nick Bonos
	 	
	Name:	 	Nick Bonos
	Title:	 	CEO

  

			
	Address:	 	9601 Blackwell Rd., Ste 500
		 	Rockville, MD 20850

  

			
	Telephone:	 	301-296-5125

  

			
	Facsimile:	 	301-296-5104

  
 

 
 Exhibit A 

CURRENCYSHARESSM BRITISH POUND STERLING TRUST 
 FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following are the names,
titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the
Authorized Participant pursuant to the CurrencyShares British Pound Trust Participant Agreement. 
 Authorized Participant:  Knight
Clearing Services LLC. 
  

									
	Name:	 	Stacey Boss	 		 	Name:	 	Robert Moseman III
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Stacey Boss
	 		 	Signature:	 	 /s/ Robert Moseman III

  

									
	Name:	 	Eric Malpica	 		 	Name:	 	Sean Siri
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Eric Malpica
	 		 	Signature:	 	 /s/ Sean Siri

  

									
	Name:	 	Erma McClain	 		 	Name:	 	Wayne Solano
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Erma McClain
	 		 	Signature:	 	 /s/ Wayne Solano

 The undersigned, Andrew M. Greenstein, Managing Director, Deputy General Counsel and Secretary of Knight Clearing
Services LLC does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to
the CurrencyShares British Pound Trust Participant Agreement by and between Knight Clearing Services LLC and the Trustee and the Sponsor of the CurrencyShares British Pound Trust, dated March 25, 2010, and that their signatures set forth above
are their own true and genuine signatures. 
 In Witness Whereof, the undersigned has hereby set his hand and the seal of Knight Clearing
Services LLC on the date set forth below. 
  

							
		 		 	Knight Clearing Services LLC
				
		 		 	By:	 	 /s/ Andrew M. Greenstein

		 		 	Name:	 	Andrew M. Greenstein
		 		 	Title:	 	Managing Director, Deputy General
	Subscribed and sworn to before me	 		 	Counsel & Secretary
	This 15th day of April, 2010	 		 	Date:	 	April 15, 2010
				
	 /s/ Maria Corona S. Bugarin
	 		 		 	
	Maria Corona S. Bugarin	 		 		 	
	Notary Public of New Jersey	 		 		 	
	My Comm. Expires Sept. 26, 2013	 		 		 	

 EXHIBIT B 

CURRENCYSHARESSM BRITISH POUND STERLING TRUST 
 PURCHASE ORDER FORM 
 THE BANK OF NEW YORK, TRUSTEE 

 
  
 CONTACT INFORMATION FOR ORDER EXECUTION: 

			
	Telephone order number:	  	(718) 315-4970 or 4967
	Fax order number:	  	(718) 315-4881
	Depository Instructions	  	(000-000-0000)/SWIFT [            ]

  
  
 Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in complete form. 

 

	I.	TO BE COMPLETED BY PARTICIPANT:

			
	Date:	 	  

			
	Broker Name:	 	  

			
	DTC Participant Number:	 	  

			
	Telephone Number:	 	  

 

					
		 	Time:	 	  

					
		 	Firm Name:	 	  

					
		 	Fax Number:	 	  

		
		 	(One Basket = 50,000 [FXB] Shares)

 
 

 

 

			
	Number of Baskets Transacted:	  	  

 
 

 

			
	Order #	 	  

 

					
		 	Number written out:	 	  

 
 

  
 This Purchase Order is subject to
the terms and conditions of the Depositary Trust Agreement of the CurrencyShares British Pound Sterling Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein.
All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket British Pound Amount disseminated the previous business day and
recognizes the final Basket British Pound Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket British
Pound Amount required for the Purchase Order entered into on this day will be finalized and this Purchase Order will serve as a legally binding contract for settlement in 3 business days. 

 

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                   
 
Declined-Reason:                                      
                                         
                                      

 

									
	Final # of BRITISH Pounds	 	  
	 		 	  Final # of [FXB] Shares	 	  

  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee

 EXHIBIT C 
 CURRENCYSHARES BRITISH POUND STERLING TRUST 
 REDEMPTION ORDER FORM

 THE BANK OF NEW YORK, TRUSTEE 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 

			
	Telephone order number:	  	(718) 315-4970 or 4967
	Fax order number:	  	(718) 315-4881
	Depository Instructions	  	(000-000-0000)/SWIFT [            ]

  
  
 Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in complete form. 

 

	I.	TO BE COMPLETED BY PARTICIPANT:

			
	Date:	 	  

			
	Broker Name:	 	  

			
	DTC Participant Number:	 	  

			
	Telephone Number:	 	  

 

					
		 	Time:	 	  

					
		 	Firm Name:	 	  

					
		 	Fax Number:	 	  

		
		 	(One Basket = 50,000 [FXB] Shares)

 
 

	

 

 

			
	Number of Baskets Surrendered:	  	  

 
 

 

			
	Order #	  	  

 

					
		 	Number written out:	 	  

 
 

  
 This Redemption Order is subject to
the terms and conditions of the Depositary Trust Agreement of the CurrencyShares British Pound Sterling Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein.
All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket British Pound Amount disseminated the previous business day and
recognizes the final Basket British Pound Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket British
Pound Amount required for the Redemption Order entered into on this day will be finalized and this Redemption Order will serve as a legally binding contract for settlement in 3 business days. 

 

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                   
 
Declined-Reason:                                      
                                         
                                         

  

									
	Final # of British Pounds	 	  
	 		 	    Final # of [FXB] Shares	 	  

  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee

 ATTACHMENT A 
 CREATION AND REDEMPTION OF BRITISH POUND SHARES AND 
 RELATED BRITISH
POUNDS TRANSACTIONS 
 Scope of Procedures and Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of British Pound Sterling Trust shares (the “Shares”) issuable by The Bank of
New York, as trustee (the “Trustee”) of the CurrencyShares British Pound Sterling Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be
created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of British Pounds between the Authorized Participant and the Trust, certain
processes relating to the underlying transfers of British Pounds also are described. 
 Under these Procedures, Baskets may be issued only in
consideration for British Pounds transferred to and held in the Trust’s accounts maintained in London, England by London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these
Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of [            ], 2006, between Rydex Specialized Products LLC
(the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each
Authorized Participant with the Sponsor and the Trustee. 
 For purposes of these Procedures, a “Business Day” is defined as
any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time. 

The Prospectus describes the creation and redemption process and the Trust; it will be delivered by the Sponsor to each Authorized Participant prior to
its execution of the Participant Agreement. Baskets are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for British Pounds,
which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee
(the “Transaction Fee”). 
 Authorized Participants and the Trust Transfer British Pounds and Baskets of Shares

 Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (and “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption
Order(s) (together, “Orders”) for Baskets. 
 Important Notes: 

 

	•	 	 Any Purchase Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

 

	•	 	 All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

 CREATION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets of Shares is
placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 9:30 a.m.
NYC time (usually 3:30 p.m. Central European Time (“CET”)) on the third Business Day following CREATION T (“CREATION T+3”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the
Trust British Pounds and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the British Pounds the Participant has transferred to the Trust.

  

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized
Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets of Shares (a “Purchase Order”) in accordance with the following process. 

C1.1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls
the Trustee at 718-315-4970 or 4967, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets of Shares and requesting that the Trustee provide an order number.
The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.2 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.3 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected. 
 C1.1.4 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase
Order. 
 C1.1.5 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the
Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 
 C1.1.6 The
Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fee by (DTC SPO Charge)
prior to delivery of the Baskets on CREATION T+3. 
 C1.1.7 If the Trustee has not received the Purchase Order Form from the
Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not
fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fee.

  
 A-2

 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on
time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fee
prior to delivery of Baskets on CREATION T+3” and indicating, on a preliminary basis subject to confirmation, the number of British Pounds the Participant must transfer in exchange for the Basket(s). 

C1.3 The Participant ensures that by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on CREATION T+3 that sufficient British Pounds are wire
transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer British Pounds via (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC – CHASGB2L.

 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for British Pounds
transfers with its sending financial institution. 
 C1.4.5 By 3:30 p.m. CET on CREATION T+3, British Pounds in the amount
needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+3. 
 C1.4.6 An Authorized Participant may only deliver British Pounds for credit to the Depository in the following ways (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC – CHASGB2L. 

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+3, the Authorized Participant must accept a DTC SPO Charge for
the applicable Transaction Fee from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fee will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized
Participant will remain obligated to the Trustee for the Transaction Fee. 
 C1.5 NOTES FOR TRUSTEE (CREATION T) 

C1.5.1 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to
the Depository (by T+1) indicating the approximate total amount of British Pounds that the Depository will receive from the Authorized Participant on CREATION T+3. 
  

	C2	CREATION T+1 

 C2.1 The Purchase
Orders and instructions given on CREATION T are all pending with the Trustee. 
 C2.2 The Depository receives the Trustee’s
message (SWIFT MT210) about the approximate total amount of British Pounds the Authorized Participant is required to transfer not later than 3:30 p.m. CET on CREATION T+3. 

  
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	C3	CREATION T+2 

 On CREATION T+2
the Trustee notifies the Authorized Participant of the final amount of British Pounds that must be deposited in the Deposit Account (the “Basket British Pounds Amount”) not later than 3:30 p.m. CET on CREATION T+3 for creation of the
Baskets on that day. 
  

	C4	CREATION T+3 

 C4.1 By 3:30 p.m.
CET (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Amount in the Deposit Account. 
 C4.2 As of 3:30 p.m. CET time, the Depository notifies the Trustee that the Basket British Pounds Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

 C4.3 Prior to the delivery of the Baskets on CREATION T+3, the Trustee must have received the Transaction Fee from the
Authorized Participant (SPO/DTC Charge). 
 C4.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository
confirming the transfer of the Basket British Pounds Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation
from the Depository of receipt of the Basket British Pounds Amount. 
 C4.5 By 11:00 a.m. NYC time, following receipt of the
notice from the Depository confirming the transfer of the Basket British Pounds Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified,
and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer
agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s
instructions. 
 C4.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk
that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive
Baskets on CREATION T+3 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Amount has been received into the Deposit Account. 
 C4.7 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. 

C4.8 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository British Pounds system updates account
records, recording the movements of British Pounds in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 3:30 p.m. CET time) on CREATION T+3. 

C4.9 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository British Pounds system automatically
generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee). 

C4.10 If the Authorized Participant fails to deliver British Pounds by 3:30 p.m. CET on CREATION T+3, (a) the Trustee will apply a
late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices pursuant to The European Interbank Compensation
Guidelines, as follows: 
 (Principal Amount) x
(            +25bps) x (# calendar days that the funds are late) divided by 360 x 100. 

  
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 In the event any such late fees are assessed, the Trustee will coordinate with the
Authorized Participant to arrange payment of such fees. 
 REDEMPTION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets of Shares is placed
by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on the
third Business Day following REDEMPTION T (“REDEMPTION T+3”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the
Authorized Participant British Pounds corresponding to the Shares delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets of
Shares (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 By the Order Cut-Off Time or
the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-4970 or 4967, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to
redeem an identified number of Baskets of Shares and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.2 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s)
if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the
Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 R1.1.3 Redemption Orders initiated after the Order Cut-Off
Time or the Early Order Cut-Off Time are rejected. 
 R1.1.4 During the phone call from the Authorized Person of the Authorized
Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 
 R1.1.5 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of
the Participant Agreement. 
 R1.1.6 The Redemption Order Form provides, among other things, for the number of Baskets that the
Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fee by SPO/DTC Charge prior to the delivery of the British Pounds to the Authorized Participant on REDEMPTION
T+3. 
 R1.1.7 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after
the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized 

  
 A-5

 
Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized
Participant will remain liable to the Trustee for the Transaction Fee. 
 R1.2 If the Trustee has received the Authorized
Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking
it “Affirmed subject to receipt of Transaction Fee prior to delivery of the British Pounds on REDEMPTION T+3” and indicating, on a preliminary basis subject to confirmation, the number of British Pounds the Participant will receive upon
redemption of the indicated Basket(s) of Shares. 
 R1.3 For each Redemption Order, the Trustee sends an authenticated
electronic message (SWIFT MT202 or MT103plus) to the Depository indicating the amount of British Pounds to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1 or TARGET) to the Authorized Participant’s designated account by 3:30 p.m.
CET (usually 9:30 a.m. NYC time) on REDEMPTION T+3. 
 R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.4.1 The Trustee will prepare an authenticated electronic message (SWIFT MT202 or MT103plus) containing instructions on REDEMPTION T
specifying REDEMPTION T+3 as the date on which the instructions will be executed. 
 R1.4.2 The Trustee will only deliver the
authenticated electronic message (SWIFT MT202 or MT103plus) to the Depository on T+3 after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC. 

 

	R2	REDEMPTION T+1 

 R2.1 Redemption
Orders and related instructions are in process. 
 R2.2 The Depository receives the authenticated electronic message (SWIFT) or
e-mail from the Trustee notifying the Depository of the approximate amount of British Pounds needed to be remitted to each Authorized Participant that has placed a Redemption Order on REDEMPTION T+3. 

 

	R3	REDEMPTION T+2 

 On REDEMPTION
T+2 the Trustee notifies the Authorized Participant of the final amount of British Pounds the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+3 (the “Basket British Pounds Amount”). 

 

	R4	REDEMPTION T+3 

 R4.1 Prior to
the delivery of the Basket British Pounds Amount on REDEMPTION T+3, the Trustee must have received the Transaction Fee from the Authorized Participant (SPO/DTC) Charge. 
 R4.2 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Authorized Participant delivers free to the Trustee’s participant account at DTC
(#                    ) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718)
315-4970 or 4967) to expect the Authorized Participant’s Shares through DTC. 
 R4.2.1 By 3:30 p.m. CET (usually 9:30 a.m.
NYC time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

  
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 R4.2.2 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), if the Shares being redeemed by the
Authorized Participant have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized
Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received. 
 R4.2.3 By 3:30
p.m. CET (usually 9:30 a.m. NYC time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not
received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received. 
 R4.3 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Trustee sends an authenticated electronic message (SWIFT MT202 or MT103plus) to the Depository directing the Depository to transfer the Basket
British Pounds Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The British Pounds will be sent to the designated accounts by wire (RTGSplus, EBA EURO1 or TARGET). 

R4.4 As of 3:30 p.m. CET time(usually 9:30 a.m. NYC time), following the receipt of the authenticated confirmatory electronic message
from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket British Pounds Amount from the Trust Account and to transfer the Basket British Pounds Amount to the Authorized Participant’s designated account.

 R4.4.1 By DTC free delivery cut-off time (usually 2:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the
Trustee’s transfer agent services desk to cancel Shares received for redemption. 
 R4.4.2 By DTC free delivery cut-off
time (usually 2:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R4.5 Following the close of business (usually 3:30 p.m. CET) on REDEMPTION T+3, the Depository makes the appropriate entries in its books
and records to reflect the redemptions. 
 R4.6 Following the close of business (usually 3:30 p.m. CET) on REDEMPTION T+3, the
Depository British Pounds system updates its account records, recording the movements of British Pounds in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 3:30 p.m. CET) on REDEMPTION
T+3. 
 R4.7 Following the close of business (usually 3:30 p.m. CET) on REDEMPTION T+3, the Depository British Pounds system
automatically generates an authenticated electronic message (SWIFT MT140 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

  
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 Schedule to Exhibit 4.4 
 The following parties have each executed a separate Participation Agreement with The Bank of New York, as trustee, and Rydex Specialized Products LLC, as sponsor, which is substantially identical in all
material respects to the Participation Agreement filed herewith as Exhibit 4.4 and is dated as of the date listed opposite its name below. 
  

			
	 Name of Party
	  	 Date of Agreement

		
	Goldman Sachs Execution & Clearing LP	  	June 19, 2006
		
	Goldman Sachs & Co.	  	June 22, 2006
		
	Merrill Lynch Professional Clearing Corp.	  	June 26, 2006
		
	Credit Suisse Securities (USA) LLC	  	January 19, 2007
		
	Timber Hill LLC	  	May 21, 2007
		
	JPMorgan Securities, Inc. (as assigned by Bear, Stearns & Co. Inc.)	  	December 12, 2007
		
	EWT, LLC	  	July 14, 2008
		
	Newedge USA, LLC	  	August 26, 2008
		
	ABN AMRO Clearing Chicago LLC (f/k/a Fortis Clearing Americas LLC, f/k/a O’Connor & Co. LLC)	  	November 3, 2008
		
	Citadel Securities LLC (f/k/a Citadel Derivatives Group, LLC and Citadel Trading Group, LLC)	  	November 13, 2008
		
	Knight Clearing Services, LLC	  	March 25, 2010
		
	Nomura Securities International Inc.	  	June 14, 2010
		
	Morgan Stanley & Co. Inc.	  	August 26, 2010
		
	Virtu Financial BD LLC	  	December 3, 2010
		
	RBC Capital Markets, LLC	  	April 15, 2011
		
	CitiGroup Global Markets, Inc.	  	August 26, 2011
		
	Deutsche Bank Securities Inc.	  	March 9, 2012
		
	SG Americas Securities, LLC	  	November 30, 2012

 Except as noted above, there are no material details in which the above Participation Agreements differ from the
Participation Agreement filed herewith as Exhibit 4.4.

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