Document:

EX-10.5

 Exhibit 10.5 

FORM OF AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

of 
 HOWARD MIDSTREAM OPCO, LP

 Dated Effective as of 

[●], 2017 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I Definitions and Construction	  	 	1	 
			
	 Section 1.1
	  	 Definitions
	  	 	1	 
	 Section 1.2
	  	 Construction
	  	 	10	 
		
	 ARTICLE II Business, Purpose and Term of Partnership
	  	 	11	 
	 Section 2.1
	  	 Formation
	  	 	11	 
	 Section 2.2
	  	 Name
	  	 	11	 
	 Section 2.3
	  	 Registered Office; Registered Agent; Principal Office; Other Offices
	  	 	11	 
	 Section 2.4
	  	 Purpose and Business
	  	 	11	 
	 Section 2.5
	  	 Powers
	  	 	12	 
	 Section 2.6
	  	 Term
	  	 	12	 
	 Section 2.7
	  	 Title to Partnership Assets
	  	 	12	 
		
	 ARTICLE III Partners
	  	 	13	 
			
	 Section 3.1
	  	 Partners; Percentage Interests
	  	 	13	 
	 Section 3.2
	  	 Adjustments in Percentage Interests
	  	 	13	 
	 Section 3.3
	  	 Limitation of Liability
	  	 	13	 
		
	 ARTICLE IV Capital Contributions
	  	 	13	 
			
	 Section 4.1
	  	 Capitalization of the Partnership
	  	 	13	 
	 Section 4.2
	  	 Capital Contributions
	  	 	13	 
	 Section 4.3
	  	 Withdrawal of Capital; Interest
	  	 	13	 
	 Section 4.4
	  	 Capital Contribution Events
	  	 	13	 
	 Section 4.5
	  	 Failure to Contribute
	  	 	14	 
		
	 ARTICLE V Allocations and Other Tax Matters
	  	 	15	 
			
	 Section 5.1
	  	 Profits
	  	 	15	 
	 Section 5.2
	  	 Losses
	  	 	15	 
	 Section 5.3
	  	 Special Allocations
	  	 	15	 
	 Section 5.4
	  	 Curative Allocations
	  	 	17	 
	 Section 5.5
	  	 Other Allocation Rules
	  	 	17	 
	 Section 5.6
	  	 Tax Allocations: Code Section 704(c)
	  	 	18	 
	 Section 5.7
	  	 Tax Elections
	  	 	18	 
	 Section 5.8
	  	 Tax Returns
	  	 	19	 
	 Section 5.9
	  	 Tax Matters Partner
	  			
	 Section 5.10
	  	 Duties of Tax Matters Partner
	  			
	 Section 5.11
	  	 Survival of Provisions
	  			
		
	 ARTICLE VI Distributions
	  	 	19	 
			
	 Section 6.1
	  	 Distributions of Distributable Cash
	  	 	19	 
	 Section 6.2
	  	 Liquidating Distributions
	  	 	19	 
	 Section 6.3
	  	 Distribution in Kind
	  	 	19	 
		
	 ARTICLE VII Books and Records
	  	 	19	 
			
	 Section 7.1
	  	 Books and Records; Examination
	  	 	19	 
	 Section 7.2
	  	 Reports
	  	 	20	 

							
		
	 ARTICLE VIII Management and Voting
	  	 	20	 
			
	 Section 8.1
	  	 Management
	  	 	20	 
	 Section 8.2
	  	 Matters Constituting Unanimous Approval Matters
	  	 	20	 
	 Section 8.3
	  	 Meetings and Voting
	  	 	21	 
	 Section 8.4
	  	 Reliance by Third Parties
	  	 	22	 
		
	 ARTICLE IX Transfer of Partnership Interests
	  	 	23	 
			
	 Section 9.1
	  	 Restrictions on Transfers
	  	 	23	 
	 Section 9.2
	  	 Conditions for Admission
	  	 	23	 
	 Section 9.3
	  	 Allocations and Distributions
	  	 	23	 
	 Section 9.4
	  	 Restriction on Resignation or Withdrawal
	  	 	23	 
		
	 ARTICLE X Liability, Exculpation and Indemnification
	  	 	24	 
			
	 Section 10.1
	  	 Liability for Partnership Obligations
	  	 	24	 
	 Section 10.2
	  	 Disclaimer of Duties and Exculpation
	  	 	24	 
	 Section 10.3
	  	 Indemnification
	  	 	25	 
		
	 ARTICLE XI Conflicts of Interest
	  	 	25	 
			
	 Section 11.1
	  	 Transactions with Affiliates
	  	 	25	 
	 Section 11.2
	  	 Outside Activities
	  	 	25	 
		
	 ARTICLE XII Dissolution and Termination
	  	 	26	 
			
	 Section 12.1
	  	 Dissolution
	  	 	26	 
	 Section 12.2
	  	 Winding Up of Partnership
	  	 	26	 
	 Section 12.3
	  	 Compliance with Certain Requirements of Regulations; Deficit Capital Accounts
	  	 	27	 
	 Section 12.4
	  	 Deemed Distribution and Recontribution
	  	 	27	 
	 Section 12.5
	  	 Distribution of Property
	  	 	27	 
	 Section 12.6
	  	 Termination of Partnership
	  	 	27	 
		
	 ARTICLE XIII Miscellaneous
	  	 	28	 
			
	 Section 13.1
	  	 Notices
	  	 	28	 
	 Section 13.2
	  	 Integration
	  	 	28	 
	 Section 13.3
	  	 Assignment
	  	 	28	 
	 Section 13.4
	  	 Parties in Interest
	  	 	28	 
	 Section 13.5
	  	 Counterparts
	  	 	28	 
	 Section 13.6
	  	 Amendment; Waiver
	  	 	28	 
	 Section 13.7
	  	 Severability
	  	 	28	 
	 Section 13.8
	  	 Governing Law
	  	 	29	 
	 Section 13.9
	  	 No Bill for Accounting
	  	 	29	 
	 Section 13.10
	  	 Waiver of Partition
	  	 	29	 
	 Section 13.11
	  	 Third Parties
	  	 	29	 

  
 ii 

 Amended and Restated Agreement of Limited Partnership 

of 
 Howard Midstream
OpCo, LP 
 This Amended and Restated Agreement of Limited Partnership of Howard Midstream OpCo, LP (the
“Partnership”), dated as of [●], 2017 and effective as of the time set forth in the Contribution Agreement (as defined herein) (the “Effective Date”), is entered into by and between Howard
Midstream OpCo GP, LLC, a Delaware limited liability company (the “OpCo GP”), as general partner, and Howard Midstream Operating, LLC, a Delaware limited liability company
(“Operating”), and Howard Midstream Energy Partners, LLC, a Delaware limited liability company (“HEP”), as limited partners. In consideration of the covenants, conditions and agreements contained
herein, the parties hereto hereby agree as follows: 
 RECITALS 

WHEREAS, the Partnership was formed on [●], 2017 under the Act (as defined below), pursuant to the filing of a certificate of limited
partnership and a Limited Partnership Agreement dated as of [●], 2017 (the “Original Agreement”) entered into by HEP, as limited partner, and OpCo GP, as general partner; 

WHEREAS, in accordance with the Contribution Agreement, HEP contributed a portion of its limited partner interests in the Partnership to
Howard Midstream Partners (as defined below), which was admitted as a limited partner of the Partnership and which further contributed such limited partner interests to Operating; 

WHEREAS, Operating has been admitted as a limited partner in accordance with the Contribution Agreement; 

WHEREAS, the General Partner and the Limited Partners (as defined below) now desire to amend and restate the Original Agreement in its
entirety upon the terms and conditions stated below; and 
 WHEREAS, for U.S. federal income tax purposes, (i) the General Partner is a
disregarded entity and the General Partner Interest is treated as owned by Howard Midstream Partners and (ii) Operating is a disregarded entity and the Limited Partner Interest owned by Operating is treated as owned by Howard Midstream
Partners. 
 ARTICLE I 

DEFINITIONS AND CONSTRUCTION 

Section 1.1 Definitions. The following terms have the following
meanings when used in this Agreement. 

 “Act” means the Delaware Revised Uniform Limited Partnership Act, 6 Del.
C. § 17-101 et seq., as amended, supplemented or restated from time to time, and any successor to such statute. 

“Adjusted Capital Account” means, with respect to any Partner, the balance in such Partner’s Capital Account as
of the end of the relevant Allocation Year, after giving effect to the following adjustments: 
 (i) Credit to such Capital
Account any amounts which such Partner is deemed obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

 (ii) Debit to such Capital Account the items described in Regulations Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). 

The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Regulations Section
1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Adjusted
Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Adjusted Capital Account as of the end of the relevant Allocation Year. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” means this Amended and Restated Agreement of Limited Partnership of Howard Midstream OpCo, LP, as amended
from time to time. 
 “Allocation Year” means (a) each calendar year ending on December 31st or (b) any
portion thereof for which the Partnership is required to allocate Profits, Losses and other items of Partnership income, gain, loss or deduction pursuant to Article V. 

“Annual Plan” means the annual operating and capital expenditure budget and business plan established by the General
Partner for the Partnership. 
 “Applicable Law” means any applicable statute, law, regulation, ordinance, rule,
judgment, rule of law, order, decree, permit, approval, concession, grant, franchise, license, agreement, requirement or other governmental restriction or any similar form of decision of, or any provision or condition of any permit, license or other
operating authorization issued under any of the foregoing by or any determination by any Governmental Authority having or asserting jurisdiction over the matter or matters in question, whether now or hereafter in effect and in each case as amended
(including all of the terms and provisions of the common law of such Governmental Authority), as interpreted and enforced at the time in question. 

  
 2 

 “Business Day” means Monday through Friday of each week, except that a
legal holiday recognized as such by the government of the United States of America or the State of Texas shall not be regarded as a Business Day. 

“Call Notice” has the meaning set forth in Section 4.4(a). 

“Capital Account” means, with respect to any Partner, the Capital Account established and maintained for such Partner
in accordance with the following provisions: 
 (i) To each Partner’s Capital Account there shall be credited
(A) such Partner’s Capital Contributions, (B) such Partner’s distributive share of Profits and any items in the nature of income or gain that are specially allocated to such Partner pursuant to
Section 5.3 or Section 5.4 and (C) the amount of any Liabilities of the Partnership assumed by such Partner or that are secured by any Property distributed to such Partner; 

(ii) To each Partner’s Capital Account there shall be debited (A) the amount of cash and the Gross Asset Value of any
Partnership Property distributed to such Partner pursuant to any provision of this Agreement, (B) such Partner’s distributive share of Losses and any items in the nature of deduction, expense or loss which are specially allocated to such
Partner pursuant to Section 5.3 or Section 5.4 and (C) the amount of any Liabilities of such Partner assumed by the Partnership or that are secured by any Property contributed by such Partner
to the Partnership; 
 (iii) In the event a Partnership Interest is transferred in accordance with the terms of this
Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest; and 

(iv) In determining the amount of any Liability for purposes of subparagraphs (i) and (ii) above there shall be taken into
account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 The foregoing provisions and the other provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Regulations. In the
event the Tax Matters Partner shall determine in good faith and on a commercially reasonable basis that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to comply with such
Regulations, the Tax Matters Partner may make such modification; provided that the Tax Matters Partner shall promptly give each other Partner written notice of such modification. The Tax Matters Partner also shall, in good faith and on a
commercially reasonable basis, (A) make any adjustments to the Capital Accounts that are necessary or appropriate to maintain equality between the aggregate Capital Accounts of the Partners and the amount of capital reflected on the
Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (B) make any appropriate modifications to the Capital Accounts in the event
unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b). 

  
 3 

 “Capital Contributions” means, with respect to any Partner, (i) the
amount of cash, cash equivalents or the initial Gross Asset Value of any Property (other than cash) contributed or deemed contributed to the Partnership by such Partner or (ii) current distributions that a Partner is entitled to receive but
otherwise waives. 
 “Capital Lease” means any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and accounted for as a capital lease on a consolidated balance sheet of the Partnership and its subsidiaries in accordance with GAAP. 

“Certificate” means the certificate of limited partnership of the Partnership filed in accordance with the Act, as
amended from time to time. 
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to
time. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 

“Contribution Agreement” means that certain Contribution, Conveyance and Assumption Agreement, dated as of [●],
2017, by and among Howard Midstream Energy Partners, LLC, PIP5 Skyline, LLC, Howard Midstream GP, LLC, Howard Midstream Partners, Operating, the OpCo GP and the Partnership. 

“Covered Person” means any Partner, any Affiliate of a Partner or any officers, directors, shareholders, members,
partners, employees, representatives or agents of a Partner or their respective Affiliates, any Representative, or any employee, officer or agent of the Partnership or its Subsidiaries. 

“Default Interest Amount” has the meaning set forth in Section 4.5(c). 

“Default Interest Rate” means the lesser of (a) eight percent (8%) per annum and (b) the maximum rate of
interest permitted by Applicable Law. 
 “Delinquent Partner” has the meaning set forth in Section 4.5(a).

 “Depreciation” means, for each Allocation Year, an amount equal to the depreciation, amortization or other cost
recovery deduction allowable with respect to an asset for such Allocation Year for federal income tax purposes, except that (i) if the Gross Asset Value of an asset differs from its adjusted tax basis for federal income tax purposes at the
beginning of such Allocation Year and such difference is being eliminated by use of the “remedial allocation method” as defined in Regulations Section 1.704-3(d), Depreciation for such Allocation
Year shall equal the amount of book basis recovered for such period under the rules prescribed in Regulations Section 1.704-3(d) and (ii) with respect to any other asset whose Gross Asset Value differs
from its adjusted tax basis for federal income tax purposes at the beginning of such Allocation Year, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization
or other cost recovery deduction for such Allocation Year bears to such beginning adjusted tax basis; provided, 

  
 4 

 
however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such Allocation Year is zero, Depreciation shall be determined with reference to such
beginning Gross Asset Value using any reasonable method selected by the General Partner. 
 “Distributable Cash”
means, with respect to any Quarter: (i) the sum of all cash and cash equivalents of the Partnership and its Subsidiaries on hand at the end of such Quarter; less (ii) the amount of any cash reserves established by the General Partner to
(A) provide for the proper conduct of the business of the Partnership and its Subsidiaries (including reserves for future capital or operating expenditures and for anticipated future credit needs of the Partnership and its Subsidiaries)
subsequent to such Quarter; or (B) comply with Applicable Law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which the Partnership or any of its Subsidiaries is a party or by which any
of them is bound or any of their respective assets are subject. 
 “Effective Date” has the meaning set forth in the
Preamble. 
 “Fiscal Year” means a calendar year. 

“GAAP” means generally accepted accounting principles in the United States. 

“General Partner” means OpCo GP and its successors and permitted assigns that are admitted to the Partnership as
general partner and any additional general partner of the Partnership, each in its capacity as general partner of the Partnership. 

“General Partner Interest” means the non-economic management interest of the
General Partner in the Partnership (in its capacity as a general partner without reference to any Limited Partner Interest held by it) and includes any and all rights, powers and benefits to which the General Partner is entitled as provided in this
Agreement, together with all obligations of the General Partner to comply with the terms and provisions of this Agreement. 

“Governmental Authority” means any federal, state, local or foreign government or any provincial, departmental or
other political subdivision thereof, or any entity, body or authority exercising executive, legislative, judicial, regulatory, administrative or other governmental functions or any court, department, commission, board, bureau, agency,
instrumentality or administrative body of any of the foregoing. 
 “Gross Asset Value” means, with respect to any
asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (i) The initial Gross Asset
Value of any Property contributed by a Partner to the Partnership shall be the gross fair market value of such asset as agreed to by each Partner or, in the absence of any such agreement, as determined by the General Partner; 

(ii) The Gross Asset Values of all items of Property shall be adjusted to equal their respective fair market values as
determined by the General Partner as of the following times: (A) the acquisition of an additional interest in the Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution, (B)

  
 5 

 
the distribution by the Partnership to a Partner of more than a de minimis amount of Property as consideration for an interest in the Partnership, (C) the issuance of additional
Partnership Interests as consideration for the provision of services, (D) the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (other than pursuant to Section
708(b)(1)(B) of the Code), (E) the issuance of a Noncompensatory Option, or (F) any other event to the extent determined by the Partners to be necessary to properly reflect the Gross Asset Values in accordance with the standards set forth in
Regulations Section 1.704-1(b)(2)(iv)(q); provided, however, that in the event of the issuance of an interest in the Partnership pursuant to the exercise of a Noncompensatory Option where
the right to share in Partnership capital represented by the Partnership interest differs from the consideration paid to acquire and exercise the Noncompensatory Option, the Gross Asset Value of each Partnership asset immediately after the issuance
of the Partnership interest shall be adjusted upward or downward to reflect any unrealized gain or unrealized loss attributable to the Partnership asset and the Capital Accounts of the Partners shall be adjusted in a manner consistent with
Regulations Section 1.704-1(b)(2)(iv)(s); and provided further, however, if any Noncompensatory Options are outstanding upon the occurrence of an event described in this paragraph (ii)(A) through
(ii)(F), the Partnership shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and
1.704-1(b)(2)(iv)(h)(2); 
 (iii) The Gross Asset Value of any item of Property
distributed to any Partner shall be adjusted to equal the fair market value of such item on the date of distribution as determined by the General Partner; and 

(iv) The Gross Asset Value of each item of Property shall be increased (or decreased) to reflect any adjustments to the
adjusted basis of such assets pursuant to Code Sections 734(b) or 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section
1.704-1(b)(2)(iv)(m) and subparagraph (vi) of the definition of Profits and Losses; provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph
(iv) to the extent that an adjustment pursuant to subparagraph (ii) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (iv). 

If the Gross Asset Value of an asset has been determined or adjusted pursuant to subparagraph (i), subparagraph (ii) or
subparagraph (iv), such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses. 

“Guarantees” by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Indebtedness or other obligation of any other Person or in any manner providing for the payment of any Indebtedness or other obligation of any other Person or otherwise protecting the holder of such Indebtedness or other obligations
against loss (whether arising by virtue of organizational agreements, by obtaining letters of credit, by agreement to keep-well, to take-or-pay or to purchase assets,
goods, securities or services, or otherwise); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. 

  
 6 

 “HEP” has the meaning set forth in the Preamble. 

“Howard Midstream Partners” means Howard Midstream Partners, LP, a Delaware limited partnership. 

“Indebtedness” of any Person means, without duplication, (i) all obligations of such Person for borrowed money or
with respect to deposits or advances of any kind, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person upon which interest charges are customarily paid,
(iv) all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such Person, (v) all obligations of such Person issued or assumed as the deferred purchase price of
property or services (excluding trade accounts payable, trade advertising and accrued obligations), (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (vii) all Guarantees by such Person of Indebtedness of others, (viii) all Capital Lease obligations of
such Person, (ix) all obligations of such Person in respect of interest rate protection agreements, foreign currency exchange agreements or other interest rate hedging arrangements and (x) all obligations of such Person as an account party
in respect of letters of credit and bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any partnership in which such Person is a general partner, other than to the extent that the instrument or agreement
evidencing such Indebtedness expressly limits the Liability of such Person in respect thereof. 
 “IPO Date” means
the date of the closing of the initial public offering of common units representing limited partner interests in Howard Midstream Partners. 

“Liability” means any Indebtedness, obligation or other liability, whether arising under Applicable Law, contract or
otherwise, known or unknown, fixed or contingent, real or potential, tangible or intangible, now existing or hereafter arising. 

“Limited Partner” means HEP, Operating and their successors and permitted assigns that are admitted as a limited
partner of the Partnership and each additional Person who becomes a limited partner of the Partnership pursuant to the terms of this Agreement, in each case, in such Person’s capacity as a limited partner of the Partnership. 

“Limited Partner Interest” means an equity interest of a Limited Partner in the Partnership (in its capacity as a
limited partner without reference to any General Partner Interest held by it) and includes any and all benefits to which such Limited Partner is entitled as provided in this Agreement, together with all obligations of such Limited Partner pursuant
to the terms and provisions of this Agreement. 
 “Make-Up Contribution” has
the meaning set forth in Section 4.5(c). 

  
 7 

 “Minimum Gain” has the meaning set forth in Regulations Sections 1.704-2(b)(2) and 1.704-2(d). 
 “NDP
Amount” has the meaning set forth in Section 4.5(b). 
 “Noncompensatory Option” has the meaning
set forth in Regulations Section 1.721-2(f). 
 “Nonrecourse Deductions” has
the meaning set forth in Regulations Section 1.704-2(b)(1) and 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Regulations Section
1.704-2(b)(3). 
 “OpCo GP” has the meaning set forth in the Preamble. 

“Operating” has the meaning set forth in the Preamble of this Agreement. 

“Original Agreement” has the meaning set forth in the Recitals of this Agreement. 

“Partner” means a General Partner or a Limited Partner. 

“Partner Nonrecourse Debt” has the meaning set forth in Regulations Section
1.704-2(b)(4). 
 “Partner Nonrecourse Debt Minimum Gain” means an amount,
with respect to each Partner Nonrecourse Debt, equal to the Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section
1.704-2(i)(3). 
 “Partner Nonrecourse Deductions” has the meaning set forth
in Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

“Partnership” has the meaning set forth in the Preamble of this Agreement. 

“Partnership Interest” means any equity interest (or, in the case of the general Partner, management interest),
including any class or series of equity interest, in the Partnership, which shall include any Limited Partner Interests and the General Partner Interest. 

“Percentage Interests” has the meaning set forth in Section 3.1. 

“Person” means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust,
estate, unincorporated organization, association, Governmental Authority or political subdivision thereof or other entity. 

“Profits” and “Losses” mean, for each Allocation Year, an amount equal to the
Partnership’s taxable income or loss for such Allocation Year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1)
shall be included in taxable income or loss), with the following adjustments (without duplication): 

  
 8 

 (i) The Partnership shall be treated as owning directly its proportionate share
(as determined by the General Partner) of any other partnership, limited liability company, unincorporated business or other entity classified as a partnership or disregarded entity for U.S. federal income tax purposes of which the Partnership is,
directly or indirectly, a partner, member or other equity-holder; 
 (ii) Any income of the Partnership that is exempt from
federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition of Profits and Losses shall be added to such taxable income or loss; 

(iii) Any expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition of Profits and Losses, shall be subtracted
from such taxable income or loss; 
 (iv) In the event the Gross Asset Value of any item of Property is adjusted pursuant to
subparagraph (ii) or subparagraph (iii) of the definition of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the item of Property) or
an item of loss (if the adjustment decreases the Gross Asset Value of the item of Property) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; 

(v) Gain or loss resulting from any disposition of any Property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Gross Asset Value of the item of Property disposed of, notwithstanding that the adjusted tax basis of such Property differs from its Gross Asset Value; 

(vi) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such Allocation Year, computed in accordance with the definition of Depreciation; 

(vii) To the extent an adjustment to the adjusted tax basis of any item of Property pursuant to Code Sections 734(b) or 743(b)
is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Partner’s
Partnership Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the item of Property) or loss (if the adjustment decreases such basis) from the disposition of such item of Property
and shall be taken into account for purposes of computing Profits or Losses; and 
 (viii) Notwithstanding any other
provision of this definition, any items that are specially allocated pursuant to Section 5.3 or Section 5.4 shall not be taken into account in computing Profits or Losses. 

  
 9 

 The amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated
pursuant to Section 5.3 and Section 5.4 shall be determined by applying rules analogous to those set forth in subparagraph (i) through subparagraph (viii) above. For the
avoidance of doubt, any guaranteed payment that accrues with respect to an Allocation Year will be treated as an item of deduction of the Partnership for purposes of computing Profits and Losses in accordance with the provisions of Regulations
Section 1.707-1(c). 
 “Property” means all real and personal property
acquired by the Partnership, including cash, and any improvements thereto, and shall include both tangible and intangible property. 

“Quarter” means, unless the context requires otherwise, a fiscal quarter of the Partnership or, with respect to the
fiscal quarter of the Partnership which includes the IPO Date, the portion of such fiscal quarter from and after the IPO Date. 

“Regulations” means the Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as such
regulations are amended from time to time. 
 “Regulatory Allocations” has the meaning set forth in
Section 5.4. 
 “Representative” has the meaning set forth in Section 8.3(a). 

“Required Contribution” has the meaning set forth in Section 4.4(a). 

“Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of
shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at the date of determination, a general or limited partner of such partnership, but
only if more than 50% of the general partner interests of such partnership are owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person or a combination thereof or (c) any other
Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or
(ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person. 

“Tax Matters Partner” has the meaning set forth in Section 5.7(a). 

“Unanimous Approval Matter” has the meaning set forth in Section 8.2. 

Section 1.2 Construction. Unless the context requires
otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles
and Sections refer to Articles and Sections of this Agreement; (c) the terms “include,” “includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation” and
(d) the terms “hereof,” “herein” or “hereunder” refer to this 

  
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Agreement as a whole and not to any particular provision of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. The General Partner has the power to construe and interpret this Agreement and to act upon any such construction or interpretation. To the fullest extent permitted by law, any construction or interpretation of this
Agreement by the General Partner, any action taken pursuant thereto and any determination made by the General Partner in good faith shall, in each case, be conclusive and binding on all Limited Partners, each other Person who acquires an interest in
a Partnership Interest and all other Persons for all purposes. 
 ARTICLE II 

BUSINESS, PURPOSE AND TERM OF PARTNERSHIP 

Section 2.1 Formation. The Partnership was formed as a
limited partnership by the filing of the Certificate with the Secretary of State of the State of Delaware pursuant to the provisions of the Act and the execution of this Agreement. Except as expressly provided in this Agreement, the rights, duties,
liabilities and obligations of the Partners and the administration, dissolution and termination of the Partnership shall be governed by the Act. All Partnership Interests shall constitute personal property of the owner thereof for all purposes. 

Section 2.2 Name. The name of the Partnership shall be
“Howard Midstream OpCo, LP”. Subject to Applicable Law, the Partnership’s business may be conducted under any other name or names as determined by the General Partner, including the name of the General Partner. The words “Limited
Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purpose of complying with the laws of any jurisdiction that so requires. The General Partner
may, without the consent of any Limited Partner, amend this Agreement and the Certificate to change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next regular communication
to the Limited Partners. 
 Section 2.3 Registered Office; Registered
Agent; Principal Office; Other Offices. Unless and until changed by the General Partner in accordance with Applicable Law, the registered office of the Partnership in the State of Delaware shall be located at 1209 Orange Street,
Wilmington, New Castle County, Delaware 19801, and the registered agent for service of process on the Partnership in the State of Delaware at such registered office shall be The Corporation Trust Company. The principal office of the Partnership
shall be located at 17806 IH-10 West, Suite 210, San Antonio, Texas 78257, or such other place as the General Partner may from time to time designate by notice to the Limited Partners. The Partnership may
maintain offices at such other place or places within or outside the State of Delaware as the General Partner determines to be necessary or appropriate. The address of the General Partner shall be 17806 IH-10
West, Suite 210, San Antonio, Texas 78257, or such other place as the General Partner may from time to time designate by notice to the Limited Partners. 

Section 2.4 Purpose and Business. The purpose and nature
of the business to be conducted by the Partnership shall be to (a) engage directly in, or enter into or form, hold and dispose of any corporation, partnership, joint venture, limited liability company or other arrangement to engage indirectly
in, any business activity that is approved by the General Partner and that lawfully may be conducted by a limited partnership organized pursuant to the Act and, 

  
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in connection therewith, to exercise all of the rights and powers conferred upon the Partnership pursuant to the agreements relating to such business activity and (b) do anything necessary
or appropriate in furtherance of the foregoing; provided, however, that the General Partner shall not cause the Partnership to engage, directly or indirectly, in any business activity that the General Partner determines would be reasonably
likely to cause the Partnership to be treated as an association taxable as a corporation or otherwise taxable as an entity for federal income tax purposes. To the fullest extent permitted by law, the General Partner shall have no duty or obligation
to propose or approve the conduct by the Partnership of any business and may decline to do so free of any fiduciary duty or obligation whatsoever to the Partnership or any Limited Partner and, in declining to so propose or approve, shall not be
required to act in good faith or pursuant to any other standard imposed by this Agreement or any other law, rule or regulation or in equity, and the General Partner in determining whether to propose or approve the conduct by the Partnership of any
business shall be permitted to do so in its sole and absolute discretion. 

Section 2.5 Powers. The Partnership shall be empowered to do
any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described in Section 2.4 and for the protection and
benefit of the Partnership. 
 Section 2.6 Term. The
term of the Partnership commenced upon the filing of the Certificate in accordance with the Act and shall continue until the dissolution of the Partnership in accordance with the provisions of Article XII. The existence of the Partnership as
a separate legal entity shall continue until the cancellation of the Certificate as provided in the Act. 
 
Section 2.7 Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an
entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner,
one or more Affiliates of the General Partner or one or more nominees of the General Partner or its Affiliates, as the General Partner may determine. The General Partner hereby declares and warrants that any Partnership assets for which record title
is held in the name of the General Partner or one or more Affiliates of the General Partner or one or more nominees of the General Partner or its Affiliates shall be held by the General Partner or such Affiliate or nominee for the use and benefit of
the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use reasonable efforts to cause record title to such assets (other than those assets in respect of which the General
Partner determines that the expense and difficulty of conveyancing makes transfer of record title to the Partnership impracticable) to be vested in the Partnership or one or more of the Partnership’s designated Affiliates as soon as reasonably
practicable; provided, further, that, prior to the withdrawal or removal of the General Partner or as soon thereafter as practicable, the General Partner shall use reasonable efforts to effect the transfer of record title to the Partnership
and, prior to any such transfer, will provide for the use of such assets in a manner satisfactory to any successor General Partner. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of
the name in which record title to such Partnership assets is held. 

  
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 Section 2.8 Specific Authorization.
The Partnership is hereby authorized to execute, deliver and perform, and the General Partner on behalf of the Partnership is hereby authorized to execute and deliver, the Contribution Agreement, the Omnibus Agreement and all documents,
agreements, certificates, or financing statements contemplated thereby or related thereto, all without any further act, vote or approval of any other Person notwithstanding any other provision of this Agreement. The foregoing authorization shall not
be deemed a restriction on the powers of the Partnership or the General Partner to enter into other agreements on behalf of the Partnership. 

ARTICLE III 

PARTNERS 
 
Section 3.1 Partners; Percentage Interests. The names and addresses of the Partners, their respective percentage interests in the Partnership (“Percentage Interests”), and
type of Partnership Interest held by each Partner are set forth on Exhibit A to this Agreement. 
 
Section 3.2 Adjustments in Percentage Interests. The respective Percentage Interests of the Partners shall be adjusted (a) at the time of any transfer of all or a portion of such
Partner’s Partnership Interest pursuant to Section 9.1, (b) at the time of the issuance of additional Partnership Interests pursuant to Section 8.2(b) and (c) at the time of the admission of each new
Partner in accordance with this Agreement, in each case to take into account such transfer, issuance or admission of a new Partner. 

Section 3.3 Limitation of Liability. The Limited
Partners shall have no liability under this Agreement except as expressly provided in this Agreement or the Act. 
 
ARTICLE IV 
 CAPITAL CONTRIBUTIONS 

Section 4.1 Capitalization of the Partnership. Subject
to Section 8.2, the Partnership is authorized to issue two classes of Partnership Interests. The Partnership Interests shall be designated as General Partner Interests and Limited Partner Interests, each having such rights,
powers, preferences and designations as are set forth in this Agreement. 

Section 4.2 Capital Contributions. The Partners shall make
Capital Contributions to the Partnership at such times and in such amounts as determined by the General Partner in accordance with Section 4.4. 

Section 4.3 Withdrawal of Capital; Interest. No Partner
may withdraw capital or receive any distributions from the Partnership except as specifically provided herein. No interest shall accrue or be payable by the Partnership on any Capital Contributions. 

Section 4.4 Capital Contribution Events. 

(a) Notwithstanding anything in Section 4.2 to the contrary, whenever the General Partner determines in good faith that additional
Capital Contributions in cash from the Partners are necessary to fund the Partnership’s Annual Plan or otherwise fund its operations, the General 

  
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Partner may issue a notice to each Partner (a “Call Notice”) for an additional Capital Contribution by each Partner (a “Required Contribution”) in
an amount equal to such Partner’s pro rata portion (based on the Percentage Interests of the Partners) of the aggregate additional Capital Contribution determined to be necessary by the General Partner not less than fifteen
(15) days prior to the date the General Partner determines such additional Capital Contributions shall be made by the Partners. 
 (b)
All Call Notices shall be expressed in U.S. dollars and shall state the date on which payment is due and the bank(s) or account(s) to which payment is to be made. Each Call Notice shall specify in reasonable detail the purpose(s) for which such
Required Contribution is required and the amount of the Required Contribution to be made by each Partner pursuant to such Call Notice. Each Partner shall contribute its Required Contribution within five (5) Business Days of the date of delivery
of the relevant Call Notice. The Partnership shall use the proceeds of such Required Contributions exclusively for the purpose specified in the relevant Call Notice. 

Section 4.5 Failure to Contribute. 

(a) If a Partner fails to contribute all or any portion of a Required Contribution that such Partner (a “Delinquent
Partner”) is required to make as provided in this Agreement, then, while such Partner is a Delinquent Partner, each non-Delinquent Partner may (but shall have no obligation to) elect to fund all
or any portion of the Delinquent Partner’s Required Contribution as a Capital Contribution pursuant to this Section 4.5. If a non-Delinquent Partner desires to fund such amount, such non-Delinquent Partner shall so notify each of the other non-Delinquent Partners, who shall have five (5) days thereafter to elect to participate in such funding. 

(b) The amount that each participating non-Delinquent Partner may fund as a Capital Contribution
pursuant to this Section 4.5 (the “NDP Amount”) shall be equal to the product of (x) the delinquent amount of such Required Contribution multiplied by (y) a fraction, the numerator of which shall be the
Percentage Interest then held by such participating non-Delinquent Partner and the denominator of which shall be the aggregate Percentage Interest held by all such participating
non-Delinquent Partners; provided, that if any participating non-Delinquent Partner elects to fund less than its full allocation of such amount, the fully
participating non-Delinquent Partners shall be entitled to take up such shortfall (allocated, as necessary, based on their respective Percentage Interests). Upon such funding as a Capital Contribution, the
Partnership Interest and Percentage Interest of each Partner shall be appropriately adjusted to reflect all such funding (based on total Capital Contributions). 

(c) Notwithstanding anything in this Section 4.5 to the contrary, the Delinquent Partner may cure such delinquency (i) by
contributing its Required Contribution prior to the Capital Contribution being made by another Partner or (ii) on or before the sixtieth (60th) day following the date that the participating non-Delinquent
Partner(s) satisfied the Required Contribution, by making a Capital Contribution to the Partnership in an amount equal to the delinquent amount of such Required Contribution (a “Make-Up
Contribution”) and paying to each participating non-Delinquent Partner an amount equal to its respective NDP Amount multiplied by the Default Interest Rate for the period from the date such
participating non-Delinquent Partner funded its NDP Amount to the date that the Delinquent Partner makes its 

  
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Make-Up Contribution (the “Default Interest Amount”). If a Delinquent Partner cures its delinquency pursuant to Section
4.5(c)(ii) by making a Make-Up Contribution and paying the Default Interest Amount, then subject to the Act and other applicable law, (A) first, the Partnership shall distribute to each existing
Partner that is a participating non-Delinquent Partner the NDP Amount that such participating non-Delinquent Partner funded pursuant to Section 4.5(b),
(B) second, the respective Capital Accounts and Percentage Interests of the Partners shall be adjusted with all necessary increases or decreases to return the Partners’ Capital Accounts and Percentage Interests status quo ante
application of Section 4.5(b) and (C) third, the Percentage Interest and Partnership Interests of each Partner shall be appropriately adjusted to reflect the Make-Up Contribution (based on total
Capital Contributions). If the delinquency is remedied (i) by the Delinquent Partner making its Required Contribution or Make-Up Contribution pursuant to this Section 4.5(c) or (ii) by funding
by the non-Delinquent Partner(s) as a Capital Contribution pursuant to Section 4.5(b), the Delinquent Partner shall no longer be deemed to be a Delinquent Partner with respect to the unfunded Required
Contribution. 
 ARTICLE V 

ALLOCATIONS AND OTHER TAX MATTERS 

Section 5.1 Profits. After giving effect to the special
allocations set forth in Section 5.3 and Section 5.4, and any allocation of Profits set forth in Section 5.2(b), Profits for any Allocation Year shall be allocated among the Partners in
proportion to their respective Percentage Interests. 
 Section 5.2
Losses. 
 (a) After giving effect to the special allocations set forth in Section 5.3 and Section 5.4,
Losses for any Allocation Year shall be allocated among the Partners in proportion to their respective Percentage Interests. 
 (b) The
Losses allocated pursuant to Section 5.2(a) shall not exceed the maximum amount of Losses that can be so allocated without causing any Partner to have an Adjusted Capital Account Deficit at the end of any Allocation Year. In the event some
but not all of the Partners would have Adjusted Capital Account Deficits as a result of an allocation of Losses pursuant to Section 5.2(a), Losses that would otherwise be allocated to a Partner pursuant to Section 5.2(a) but for the
limitation set forth in this Section 5.2(b) shall be allocated to the remaining Partners in proportion to their relative Percentage Interests. All remaining Losses in excess of the limitation set forth in this Section 5.2(b) shall be
allocated to the General Partner. Profits for any Allocation Year subsequent to an Allocation Year for which the limitation set forth in this Section 5.2(b) was applicable shall be allocated (i) first, to reverse any Losses allocated to
the General Partner pursuant to the third sentence of this Section 5.2(b) and (ii) second, to reverse any Losses allocated to the Partners pursuant to the second sentence of this Section 5.2(b) and in proportion to how such Losses
were allocated. 
 Section 5.3 Special Allocations.
The following special allocations shall be made in the following order: 

  
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 (a) Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding any other provision of this Article V, if there is a net decrease in Minimum Gain during any Allocation Year, each Partner shall be specially allocated items of Partnership income
and gain for such Allocation Year (and, if necessary, subsequent Allocation Years) in an amount equal to such Partner’s share of the net decrease in Minimum Gain, determined in accordance with Regulations Section
1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be
determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(g)(2). This Section 5.3(a) is intended to comply with the minimum gain chargeback
requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

(b) Partner Minimum Gain Chargeback. Except as otherwise provided in Regulations Section
1.704-2(i)(4), notwithstanding any other provision of this Article V, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any Allocation
Year, each Partner who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be
specially allocated items of Partnership income and gain for such Allocation Year (and, if necessary, subsequent Allocation Years) in an amount equal to such Partner’s share of the net decrease in Partner Nonrecourse Debt Minimum Gain
attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective
amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and
1.704-2(j)(2). This Section 5.3(b) is intended to comply with the minimum gain chargeback requirement in Regulations Section 1.704-2(i)(4) and shall be
interpreted consistently therewith. 
 (c) Qualified Income Offset. In the event that any Partner unexpectedly receives any
adjustments, allocations or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or
1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain shall be allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital
Account Deficit of such Partner as quickly as possible; provided that an allocation pursuant to this Section 5.3(c) shall be made only if and to the extent that such Partner would have an Adjusted Capital Account Deficit after all
other allocations provided for in this Article V have been tentatively made as if this Section 5.3(c) were not in this Agreement. 

(d) Gross Income Allocation. In the event that any Partner has an Adjusted Capital Account Deficit at the end of any Allocation Year,
each such Partner shall be allocated items of Partnership income and gain in the amount of such deficit as quickly as possible; provided that an allocation pursuant to this Section 5.3(d) shall be made only if and to the extent that
such Partner would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article V have been tentatively made as if Section 5.3(c) and this Section 5.3(d) were not in this Agreement. 

(e) Nonrecourse Deductions. Nonrecourse Deductions for any Allocation Year shall be allocated among the Partners in proportion to their
respective Percentage Interests. 

  
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 (f) Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any Allocation
Year shall be specially allocated to the Partner who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)(1). 
 (g) Nonrecourse Liabilities. Nonrecourse Liabilities of the Partnership described
in Regulations Section 1.752-3(a)(3) shall be allocated among the Partners in the manner chosen by the General Partner and consistent with such section of the Regulations. 

(h) Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership asset, pursuant to Code
Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in
determining Capital Accounts as the result of a distribution to a Partner in complete liquidation of such Partner’s Partnership Interest, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Partners in accordance with their interests in the Partnership in the event Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Partner to whom such distribution was made in the event Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

Section 5.4 Curative Allocations. The allocations set
forth in Section 5.3 (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. It is the intent of the Partners that, to the extent possible, the Regulatory
Allocations shall be offset either with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.4. Therefore, notwithstanding any other provision of this Article V
(other than the Regulatory Allocations), the Tax Matters Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations
are made, each Partner’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated
pursuant to Section 5.1, Section 5.2 and Section 5.3 (other than the Regulatory Allocations). In exercising its discretion under this
Section 5.4, the Tax Matters Partner shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made. 

Section 5.5 Other Allocation Rules. 

(a) Profits, Losses and any other items of income, gain, loss, or deduction shall be allocated to the Partners pursuant to this Article
V as of the last day of each Fiscal Year; provided that Profits, Losses and such other items shall also be allocated at such times as the Gross Asset Values of the Partnership’s assets are adjusted pursuant to subparagraph
(ii) of the definition of “Gross Asset Value” in Section 1.1. 
 (b) For purposes of determining the Profits,
Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily proration basis by the General Partner under Code Section 706 and the Regulations thereunder. 

  
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 Section 5.6 Tax
Allocations: Code Section 704(c). 
 (a) Except as otherwise provided in this Section 5.6, each item of income, gain,
loss and deduction of the Partnership for federal income tax purposes shall be allocated among the Partners in the same manner as such items are allocated for book purposes under this Article V. In accordance with Code Section 704(c) and the
Regulations thereunder, income, gain, loss and deduction with respect to any Property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the
adjusted basis of such Property to the Partnership for federal income tax purposes and its initial Gross Asset Value (computed in accordance with the definition of Gross Asset Value). Such allocation shall be made in accordance with the
“remedial method” described by Regulations Section 1.704-3(d). 
 (b) In the event the
Gross Asset Value of any Property is adjusted pursuant to subparagraph (ii) of the definition of Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to such Property shall take account of any variation
between the adjusted basis of such Property for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder. Such allocation shall be made in accordance with the “remedial
method” described by Regulations Section 1.704-3(d). 
 (c) In accordance with Regulations
Sections 1.1245-1(e) and 1.250-1(f), any gain allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall, to the extent
possible, after taking into account other required allocations of gain pursuant to this Section 5.6(c), be characterized as “recapture income” in the same proportions and to the same extent as such Partners (or their predecessors in
interest) have been allocated any deductions directly or indirectly giving rise to the treatment of such gains as “recapture income.” 

(d) Any elections or other decisions relating to such allocations shall be made by the General Partner in any manner that reasonably reflects
the purpose and intention of this Agreement. Allocations pursuant to this Section 5.6 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Partner’s
Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement. 
 
Section 5.7 Tax Matters. 
 (a) Tax Matters Partner. The General Partner shall be the
“tax matters partner” of the Company pursuant to Section 6231(a)(7) of the Code (as in effect prior to the enactment of the Bipartisan Budget Act of 2015) and is designated as the “partnership representative” within the meaning
of Section 6223 of the Code (as in effect following the enactment of the Bipartisan Budget Act of 2015) and in a similar capacity under any applicable state, local or non-U.S. law (in each such capacity,
the “Tax Matters Partner”). The Tax Matters Partner shall have the power to manage and control, on behalf of the Partnership, any administrative proceeding at the Partnership level with the Internal Revenue Service relating
to the determination of any item of Partnership income, gain, loss, deduction or credit for federal income tax purposes. 

  
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 (b) Tax Returns. The Tax Matters Partner shall prepare and file, or cause to be prepared
and filed, all U.S. federal, state, local or non-U.S. income and other tax returns that the Partnership is required to file. 

(c) Elections. 

(i) The Tax Matters Partner shall make, on behalf of the Partnership, an election in accordance with Section 754 of the
Code, so as to adjust the basis of Partnership property in the case of a distribution of property within the meaning of Section 734 of the Code, and in the case of a transfer of interests within the meaning of Section 743 of the Code. 

(ii) The Tax Matters Partner may make, on behalf of the Partnership, all other elections for federal income and all other tax
purposes. 
 Section 5.8 Survival of Provisions. The
provisions of this Agreement regarding the Partnership’s tax returns and Tax Matters Partner shall survive the termination of the Partnership and the transfer of any Partner’s interest in the Partnership and shall remain in effect for the
period of time necessary to resolve any and all matters regarding the federal, state, local and foreign taxation of the Partnership and items of Partnership income, gain, loss, deduction and credit. 

ARTICLE VI 

DISTRIBUTIONS 
 
Section 6.1 Distributions of Distributable Cash. Within 45 days following the end of each Quarter commencing with the Quarter that includes the IPO Date, the Partnership shall distribute to the
Partners pro rata in accordance with their respective Percentage Interests an amount equal to 100% of Distributable Cash. Notwithstanding any other provision of this Agreement, the Partnership shall not make a distribution to the Partners on account
of their interests in the Partnership if such distribution would violate the Act or other Applicable Law. 
 
Section 6.2 Liquidating Distributions. Notwithstanding any other provision of this Article VI, distributions with respect to the Quarter in which a dissolution of the Partnership occurs
shall be made in accordance with Article XII. 
 Section 6.3
Distribution in Kind. The Partnership shall not distribute to the Partners any assets in kind unless approved by the Partners in accordance with this Agreement. If cash and property in kind are to be distributed simultaneously, the
Partnership shall distribute such cash and property in kind in the same proportion to each Partner, unless otherwise approved by the Partners in accordance with this Agreement. 

ARTICLE VII 

BOOKS AND RECORDS 
 
Section 7.1 Books and Records; Examination. The General Partner shall keep or cause to be kept such books of account and records with respect to the Partnership’s business as

  
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it may deem necessary and appropriate. Each Partner and its duly authorized representatives shall have the right, for any purpose reasonably related to such Partner’s interest in the
Partnership, at any time to examine, or to appoint independent certified public accountants (the fees of which shall be paid by such Partner) to examine, the books, records and accounts of the Partnership and its Subsidiaries, their operations and
all other matters that such Partner may wish to examine, including all documentation relating to actual or proposed transactions between the Partnership and any Partner or any Affiliate of a Partner. The Partnership’s books of account shall be
kept using the method of accounting determined by the General Partner in its sole discretion. 

Section 7.2 Reports. The General Partner shall prepare
and send to each Partner (at the same time) promptly such financial information of the Partnership as a Partner shall from time to time reasonably request, for any purpose reasonably related to its interest in the Partnership. The General Partner
shall, for any purpose reasonably related to a Partner’s interest in the Partnership, permit examination and audit of the Partnership’s books and records by both the internal and independent auditors of its Partners. 

ARTICLE VIII 

MANAGEMENT AND VOTING 

Section 8.1 Management. The General Partner shall
conduct, direct and manage the business of the Partnership. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership shall be exclusively vested in the General Partner, and no
Limited Partner shall have any management power over the business and affairs of the Partnership. In addition to the powers now or hereafter granted a general partner of a limited partnership under the Act or which are granted to the General Partner
under any other provision of this Agreement, the General Partner, subject to Section 8.2, shall have full power and authority to do all things on such terms as it, in its sole discretion, may deem necessary or appropriate
to conduct the business of the Partnership and to effectuate the purposes set forth in Section 2.4. The Partnership shall reimburse the General Partner, on a monthly basis or such other basis as the General Partner may
determine, for all direct and indirect costs and expenses incurred by the General Partner or payments made by the General Partner, in its capacity as the general partner of the Partnership, for and on behalf of the Partnership. 

Section 8.2 Matters Constituting Unanimous Approval
Matters. Notwithstanding anything in this Agreement or the Act to the contrary, and subject to the provisions of Section 8.3(c), each of the following matters, and only the following matters, shall constitute a
“Unanimous Approval Matter” which requires the prior approval of all of the Partners pursuant to Section 8.3(c): 

(a) any merger, consolidation, reorganization or similar transaction between or among the Partnership and any Person (other than a transaction
between the Partnership and a direct or indirect wholly owned Subsidiary of the Partnership) or any sale or lease of all or substantially all of the Partnership’s assets to any Person (other than a direct or indirect wholly owned Subsidiary of
the Partnership); 

  
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 (b) the creation of any new class of Partnership Interests, the issuance of any additional
Partnership Interests or the issuance of any security that is convertible into or exchangeable for a Partnership Interest; 
 (c) the
admission or withdrawal of any Person as a Partner other than pursuant to (i) the third sentence of Section 9.2, (ii) Section 9.4 or (iii) any transfer of Partnership Interests pursuant to Section 9.1(b), as
applicable; 
 (d) the commencement of a voluntary case with respect to the Partnership or any of its Subsidiaries under any applicable
bankruptcy, insolvency or other similar Applicable Law now or hereafter in effect, or the consent to the entry of an order for relief in an involuntary case under any such Applicable Law, or the consent to the appointment of or the taking possession
by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Partnership or any of its Subsidiaries or for any substantial part of the Partnership’s or any of its Subsidiaries’ property, or the
making of any general assignment by the Partnership or any of its Subsidiaries for the benefit of such Person’s creditors; 
 (e) the
modification, alteration or amendment of the amount, timing, frequency or method of calculation of distributions to the Partners from that provided in Article VI; 

(f) (i) the approval of any distribution by the Partnership to the Partners of any assets in kind (other than cash or cash equivalents),
(ii) the approval of any distribution by the Partnership to the Partners of cash or property in kind on a non-pro rata basis and (iii) the determination of the value assigned to distributions of property
in kind; 
 (g) other than pursuant to Section 4.4 and Section 4.5, the making of any additional Capital
Contributions to the Partnership; and 
 (h) any other provision of this Agreement expressly requiring the approval, consent or other form
of authorization of all of the Partners. 
 Section 8.3 Meetings and Voting. 

(a) Representatives. For purposes of this Article VIII, each Partner shall be represented by a designated representative (each,
a “Representative”), who shall be appointed by, and may be removed with or without cause by, the Partner that designated such Person. Each Representative shall have the full authority to act on behalf of the Partner who
designated such Representative. To the fullest extent permitted by Applicable Law, each Representative shall be deemed the agent of the Partner that appointed him, and each Representative shall not be an agent of the Partnership or the other
Partners. The action of a Representative at a meeting of the Partners (or through a written consent) shall bind the Partner that designated that Representative, and the other Partners shall be entitled to rely upon such action without further
inquiry or investigation as to the actual authority (or lack thereof) of such Representative. 
 (b) Meetings and Voting. Meetings of
Partners shall be at such times and locations as the General Partner shall determine in its sole discretion. The General Partner shall provide notice to the Limited Partners of any meetings of Partners in any manner that it deems reasonable

  
 21 

 
and appropriate under the circumstances. The holders of a majority, by Percentage Interest, of Partnership Interests for which a meeting has been called (including Partnership Interests owned by
the General Partner) represented in person or by proxy shall constitute a quorum at a meeting of Partners unless any such action by the Partners requires approval by holders of a greater Percentage Interest, in which case the quorum shall be such
greater Percentage Interest. At any meeting of the Partners duly called and held in accordance with this Agreement at which a quorum is present, the act of Partners holding Partnership Interests that, in the aggregate, represent a majority of the
Percentage Interest of those present in person or by proxy at such meeting shall be deemed to constitute the act of all Partners, unless a greater or different percentage is required with respect to such action under the provisions of this
Agreement, in which case the act of the Partners holding Partnership Interests that in the aggregate represent at least such greater or different percentage shall be required; provided, however, that if, as a matter of law or amendment to
this Agreement, approval by plurality vote of Partners is required to approve any action, no minimum quorum shall be required. The Partners present at a duly called or held meeting at which a quorum is present may continue to transact business until
adjournment, notwithstanding the withdrawal of enough Partners to leave less than a quorum, if any action taken (other than adjournment) is approved by Partners holding the required Percentage Interest specified in this Agreement. In the absence of
a quorum, any meeting of Partners may be adjourned from time to time by the affirmative vote of Partners with at least a majority, by Percentage Interest, of the Partnership Interests entitled to vote at such meeting (including Partnership Interests
owned by the General Partner) represented either in person or by proxy, but, subject to this Section 8.3(b), no other business may be transacted. 

(c) Unanimous Approval Matters. All Unanimous Approval Matters shall be approved by the unanimous affirmative vote of all of the
Partners. Each Partner acknowledges and agrees that all references in this Agreement to any approval, consent or other form of authorization by “all Partners,” “each of the Partners” or similar phrases shall be deemed to mean
that such approval, consent or other form of authorization shall constitute a Unanimous Approval Matter that requires the unanimous approval of all of the Partners in accordance with this Section 8.3(c). 

(d) Action Without a Meeting. If authorized by the General Partner, any action that may be taken at a meeting of the Partners may be
taken without a meeting if an approval in writing setting forth the action so taken is signed by the Partners owning not less than the minimum Percentage Interests of the Partnership Interests that would be necessary to authorize or take such action
at a meeting at which all of the Partners were present and voted. Prompt notice of the taking of action without a meeting shall be given to the Partners who have not approved such action in writing. 

Section 8.4 Reliance by Third Parties. Persons dealing
with the Partnership are entitled to rely conclusively upon the power and authority of the General Partner set forth in this Agreement. Neither a Limited Partner nor its Representative shall have the authority to bind the Partnership or any of its
Subsidiaries. 

  
 22 

 ARTICLE IX 

TRANSFER OF PARTNERSHIP INTERESTS 

Section 9.1 Restrictions on Transfers. 

(a) General. Except as expressly provided by this Article IX, no Partner shall transfer all or any part of its Partnership
Interests to any Person without first obtaining the written approval of each of the other Partners, which approval may be granted or withheld in their sole discretion. 

(b) Transfer by Operation of Law. In the event a Partner shall be party to a merger, consolidation or similar business combination
transaction with another Person or sell all or substantially all its assets to another Person, such Partner may transfer all or part of its Partnership Interests to such other Person without the approval of any other Partner. 

(c) Consequences of an Unpermitted Transfer. Any transfer of a Partner’s Partnership Interest in violation of the applicable
provisions of this Agreement shall be void. 
 Section 9.2
Conditions for Admission. No transferee of all or a portion of the Partnership Interests of any Partner shall be admitted as a Partner hereunder unless such Partnership Interests are transferred in compliance with the applicable
provisions of this Agreement. Each such transferee shall have executed and delivered to the Partnership such instruments as the General Partner deems necessary or appropriate in its sole discretion to effectuate the admission of such transferee as a
Partner and to confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement. The admission of a transferee shall be effective immediately prior to such transfer and, immediately following such admission, the
transferor shall cease to be a Partner (to the extent it transferred its entire Partnership Interest). If the General Partner transfers its entire General Partner Interest in the Partnership, the transferee General Partner, to the extent admitted as
a substitute General Partner, shall be deemed to be admitted immediately prior to the transfer and is hereby authorized to, and shall, continue the Partnership without dissolution. 

Section 9.3 Allocations and Distributions. Subject to
applicable Regulations, upon the transfer of all the Partnership Interests of a Partner as herein provided, the Profit or Loss of the Partnership attributable to the Partnership Interests so transferred for the Fiscal Year in which such transfer
occurs shall be allocated between the transferor and transferee as of the effective date of the assignment, and such allocation shall be based upon any permissible method agreed to by the Partners that is provided for in Code Section 706 and
the Regulations issued thereunder. 
 Section 9.4 Restriction on
Resignation or Withdrawal. Except in connection with a transfer permitted pursuant to Section 9.1 or as contemplated by Section 12.1, no Partner shall withdraw from the
Partnership without the consent of each of the other Partners. To the extent permitted by law, any purported withdrawal from the Partnership in violation of this Section 9.4 shall be null and void. 

  
 23 

 ARTICLE X 

LIABILITY, EXCULPATION AND INDEMNIFICATION 

Section 10.1 Liability for Partnership Obligations.
Except as otherwise required by the Act, the Liabilities of the Partnership shall be solely the Liabilities of the Partnership, and no Covered Person (other than the General Partner) shall be obligated personally for any such Liability of the
Partnership solely by reason of being a Covered Person. 

Section 10.2 Disclaimer of Duties and
Exculpation. 
 (a) Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law,
no Covered Person shall have any duty (fiduciary or otherwise) or obligation to the Partnership, the Partners or to any other Person bound by this Agreement, and in taking, or refraining from taking, any action required or permitted under this
Agreement or under Applicable Law, each Covered Person shall be entitled to consider only such interests and factors as such Covered Person deems advisable, including its own interests, and need not consider any interest of or factors affecting, any
other Covered Person or the Partnership notwithstanding any duty otherwise existing at law or in equity. To the extent that a Covered Person is required or permitted under this Agreement to act in “good faith” or under another express
standard, such Covered Person shall act under such express standard and shall not be subject to any other or different standard under this Agreement or otherwise existing under Applicable Law or in equity. 

(b) The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and Liabilities of
a Covered Person otherwise existing under Applicable Law or in equity, are agreed by the Partners to replace such other duties and Liabilities of such Covered Person in their entirety, and no Covered Person shall be liable to the Partnership, the
Partners or any other Person bound by this Agreement for its good faith reliance on the provisions of this Agreement. 
 (c) To the fullest
extent permitted by law, no Covered Person shall be liable to the Partnership, the Partners or any other Person bound by this Agreement for any cost, expense, loss, damage, claim or Liability incurred by reason of any act or omission performed or
omitted by such Covered Person in such capacity, whether or not such Person continues to be a Covered Person at the time of such cost, expense, loss, damage, claim or Liability is incurred or imposed, if the Covered Person acted in good faith, and,
with respect to any criminal action or proceeding, such Covered Person had no reasonable cause to believe its conduct was unlawful. 
 (d) A
Covered Person shall be fully protected from liability to the Partnership, the Partners and any other Person bound by this Agreement in acting or refraining from acting in good faith reliance upon the records of the Partnership and such other
information, opinions, reports or statements presented to the Partnership by any Person as to any matters the Covered Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of the Partnership, including information, opinions, reports or statements as to the value and amount of the assets, Liabilities, Profits and Losses of the Partnership. 

  
 24 

 Section 10.3
Indemnification. 
 (a) To the fullest extent permitted by law but subject to the limitations expressly provided in
this Agreement, all Covered Persons shall be indemnified and held harmless by the Partnership from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines,
penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and
including appeals, in which any Covered Person may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as a Covered Person and acting (or refraining to act) in such capacity on behalf of or for the benefit
of the Partnership; provided, that the Covered Person shall not be indemnified and held harmless pursuant to this Agreement if there has been a final and non-appealable judgment entered by a court of competent
jurisdiction determining that, in respect of the matter for which the Covered Person is seeking indemnification pursuant to this Agreement, the Covered Person acted in bad faith or engaged in intentional fraud, willful misconduct or, in the case of
a criminal matter, acted with knowledge that the Covered Person’s conduct was unlawful. Any indemnification pursuant to this Section 10.3 shall be made only out of the assets of the Partnership, it being agreed that the General
Partner shall not be personally liable for such indemnification and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate such indemnification. 

(b) To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by a Covered Person who is indemnified
pursuant to Section 10.3(a) in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Partnership prior to a final and non-appealable judgment entered by a
court of competent jurisdiction determining that, in respect of the matter for which the Covered Person is seeking indemnification pursuant to this Section 10.3, the Covered Person is not entitled to be indemnified upon receipt by the
Partnership of any undertaking by or on behalf of the Covered Person to repay such amount if it shall be ultimately determined that the Covered Person is not entitled to be indemnified as authorized by this Section 10.3. 

(c) The indemnification provided by this Section 10.3 shall be in addition to any other rights to which a Covered Person may be
entitled under any agreement, as a matter of law, in equity or otherwise, both as to actions in the Covered Person’s capacity as a Covered Person and as to actions in any other capacity, and shall continue as to a Covered Person who has ceased
to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Covered Person. 
 
ARTICLE XI 
 CONFLICTS OF INTEREST 

Section 11.1 Transactions with Affiliates. The
Partnership and its Subsidiaries shall be permitted to enter into or renew or extend the term of any agreement or transaction with a Partner or an Affiliate of a Partner on such terms and conditions as the General Partner shall approve in its sole
discretion, without the approval of any Limited Partner. 

Section 11.2 Outside Activities. Notwithstanding
anything to the contrary in this Agreement or any duty otherwise existing at law or in equity, (a) the engaging in activities by 

  
 25 

 
any Covered Person that are competitive with the business of the Partnership is hereby approved by all Partners, (b) it shall be deemed not to be a breach of any fiduciary duty or any other
duty or obligation of a Partner under this Agreement or otherwise existing under Applicable Law or in equity for such Covered Person to engage in such activities in preference to or to the exclusion of the Partnership, (c) a Covered Person
shall have no obligation under this Agreement or as a result of any duty (including any fiduciary duty) otherwise existing under Applicable Law or in equity, to present business opportunities to the Partnership and (d) the doctrine of corporate
opportunity, or any analogous doctrine, shall not apply to any Covered Person; provided such Covered Person does not engage in such activity as a result of or using confidential or proprietary information provided by or on behalf of the
Partnership to such Covered Person. 
 ARTICLE XII 

DISSOLUTION AND TERMINATION 

Section 12.1 Dissolution. The Partnership shall be
dissolved and its business and affairs wound up upon the earliest to occur of any one of the following events: 
 (a) at any time there are
no Limited Partners of the Partnership, unless the business of the Partnership is continued in accordance with the Act; 
 (b) the written
consent of all the Partners; 
 (c) an “event of withdrawal” (as defined in the Act) of the General Partner; or 

(d) the entry of a decree of judicial dissolution of the Partnership pursuant to Section 17-802
of the Act. 
 The bankruptcy, involuntary liquidation or dissolution of a Partner shall cause that Partner to cease to be a partner of the Partnership.
Notwithstanding the foregoing, the Partnership shall not be dissolved and its business and affairs shall not be wound up upon the occurrence of any event specified in clause (c) above if, at the time of occurrence of such event, there is at
least one remaining General Partner (who is hereby authorized to, and shall, carry on the business of the Partnership) and at least one Limited Partner, or if within ninety (90) days after the date on which such event occurs, the remaining
Partners elect in writing to continue the business of the Partnership and to the appointment, effective as of the date of such event, if required, of one or more additional General Partners of the Partnership. Except as provided in this paragraph,
and to the fullest extent permitted by the Act, the occurrence of an event that causes a Partner to cease to be a Partner of the Partnership shall not, in and of itself, cause the Partnership to be dissolved or its business or affairs to be wound
up, and upon the occurrence of such an event, the business of the Partnership shall, to the extent permitted by the Act, continue without dissolution. 

Section 12.2 Winding Up of Partnership. Upon
dissolution, the Partnership’s business shall be wound up in an orderly manner. The General Partner shall (unless the General Partner (or, if no General Partner, the remaining Limited Partners) elects to appoint a liquidating trustee) wind up
the affairs of the Partnership pursuant to this Agreement. In performing its duties, the General Partner or liquidating trustee is authorized to sell, distribute, exchange or otherwise dispose of the assets of the Partnership in accordance with the
Act and in any reasonable manner 

  
 26 

 
that the General Partner or liquidating trustee shall determine to be in the best interest of the Partners or their
successors-in-interest. The General Partner or liquidating trustee shall take full account of the Partnership’s Liabilities and Property and shall cause the
Property or the proceeds from the sale thereof, to the extent sufficient therefor, to be applied and distributed, to the maximum extent permitted by Applicable Law, in the following order: 

(a) First, to creditors, including Partners who are creditors, to the extent permitted by law, in satisfaction of all of the Partnership’s
Liabilities (whether by payment or the making of reasonable provision for payment thereof to the extent required by Section 17-804 of the Act), other than Liabilities for distribution to Partners under Section 17-601 or 17-604 of the Act; 
 (b) Second, to the
Partners and former partners of the Partnership in satisfaction of Liabilities for distributions under Sections 17-601 or 17-604 of the Act; and 

(c) The balance, if any, to the Partners in accordance with the positive balance in their respective Capital Accounts, after giving effect to
all contributions, distributions and allocations for all periods. 

Section 12.3 Compliance with Certain Requirements of Regulations;
Deficit Capital Accounts. In the event the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to
this Article XII to the Partners who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Partner has a deficit balance in its Capital Account (after
giving effect to all contributions, distributions and allocations for all Allocation Years, including the Allocation Year during which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the
Partnership with respect to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. 

Section 12.4 Deemed Distribution and Recontribution.
Notwithstanding any other provision of this Article XII, in the event the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but no actual dissolution and
winding up under the Act has occurred, the Property shall not be liquidated, the Partnership’s debts and other Liabilities shall not be paid or discharged, and the Partnership’s affairs shall not be wound up. Instead, solely for federal
income tax purposes, the Partnership shall be deemed to have contributed all its Property and Liabilities to a new limited partnership in exchange for an interest in such new limited partnership and, immediately thereafter, the Partnership will be
deemed to liquidate by distributing interests in the new limited partnership to the Partners. 

Section 12.5 Distribution of Property. Subject to
Sections 6.3 and 8.2, in the event the General Partner determines that it is necessary in connection with the winding up of the Partnership to make a distribution of property in kind, such property shall be transferred and
conveyed to the Partners so as to vest in each of them as a tenant in common an undivided interest in the whole of such property, but otherwise in accordance with Section 12.3. 

Section 12.6 Termination of Partnership. The
Partnership shall terminate when all assets of the Partnership, after payment of or due provision for all Liabilities of the Partnership, shall have been distributed to the Partners in the manner provided for in this Agreement, and the Certificate
shall have been canceled in the manner provided by the Act. 

  
 27 

 ARTICLE XIII 

MISCELLANEOUS 
 
Section 13.1 Notices. Any notice, consent or approval to be given under this Agreement shall be in writing and shall be deemed to have been given if delivered: (a) personally by a reputable
courier service that requires a signature upon delivery; (b) by mailing the same via registered or certified first-class mail, postage prepaid, return receipt requested; or (c) by telecopying or transmitting by electronic mail the same
with receipt confirmation to the intended recipient. Any such writing will be deemed to have been given: (i) as of the date of personal delivery via courier as described above; (ii) as of the third calendar day after depositing the same
into the custody of the postal service as evidenced by the date-stamped receipt issued upon deposit of the same into the mails as described above; and (iii) as of the date and time electronically transmitted in the case of telecopy or
electronic mail delivery as described above, in each case addressed to the intended party at the address set forth on Exhibit A. Any Partner may designate different addresses or telephone numbers by notice to the other Partners. 

Section 13.2 Integration. This Agreement constitutes
the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

Section 13.3 Assignment. A Partner shall not assign all
or any of its rights, obligations or benefits under this Agreement to any other Person otherwise than (i) in connection with a transfer of its Partnership Interests pursuant to Article IX or (ii) with the prior written consent of
each of the other Partners, which consent may be withheld in such Partner’s sole discretion, and any attempted assignment not in compliance with Article IX or this Section 13.3 shall be void. 

Section 13.4 Parties in Interest. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 13.5 Counterparts. This Agreement may be
executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. 

Section 13.6 Amendment; Waiver. Subject to
Section 2.2, this Agreement may not be amended except in a written instrument signed by each of the Partners and expressly stating it is an amendment to this Agreement. Any failure or delay on the part of any Partner in
exercising any power or right hereunder shall not operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any other or further exercise thereof or the exercise of any other right or power hereunder
or otherwise available under Applicable Law or in equity. 

Section 13.7 Severability. If any term, provision,
covenant, or restriction in this Agreement or the application thereof to any Person or circumstance, at any time or to any extent, is held by a court of competent jurisdiction or other Governmental Authority to be invalid, void

  
 28 

 
or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement (or the application of such provision in other jurisdictions or to Persons or circumstances
other than those to which it was held invalid or unenforceable) shall in no way be affected, impaired or invalidated, and to the extent permitted by Applicable Law, any such term, provision, covenant or restriction shall be restricted in
applicability or reformed to the minimum extent required for such to be enforceable. This provision shall be interpreted and enforced to give effect to the original written intent of the Partners prior to the determination of such invalidity or
unenforceability. 
 Section 13.8 Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR PROCEEDING RELATED TO OR
ARISING OUT OF THIS AGREEMENT, OR ANY TRANSACTION OR CONDUCT IN CONNECTION HEREWITH, IS HEREBY WAIVED BY EACH OF THE PARTNERS. 
 
Section 13.9 No Bill for Accounting. To the fullest extent permitted by law, in no event shall any Partner have any right to file a bill for an accounting or any similar proceeding. 

Section 13.10 Waiver of Partition. To the fullest
extent permitted by law, each Partner hereby waives any right to partition of the Partnership property. 
 
Section 13.11 Third Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any Person (other than Covered Persons) other than the Partners and their
respective successors, legal representatives and permitted assigns any rights, remedies or basis for reliance upon, under or by reason of this Agreement. 

[Signature page follows.] 

  
 29 

 IN WITNESS WHEREOF, the parties have signed this Agreement as of the Effective Date. 

 

			
	GENERAL PARTNER:
	
	Howard Midstream OpCo GP, LLC

 
			
	By:	 	  

 

 
			
	Name:	 	
	Title:	 	
	
	LIMITED PARTNERS:
	
	Howard Midstream Energy Partners, LLC

 
			
	By:	 	  

 

 
			
	Name:	 	
	Title:	 	
	
	Howard Midstream Operating, LLC

 
			
	By:	 	  

 

 
			
	Name:	 	
	Title:	 	

  
 Signature page to Agreement of
Limited Partnership of Howard Midstream OpCo, LP 

 Exhibit A 
  

					
	 Partner
	  	 Percentage Interest
	  	 Type of Partnership Interest

	 Howard Midstream OpCo GP, LLC

17806 IH-10 West, Suite 210

San Antonio, Texas 78257

Attention: [●]

Email: [●]
  

with a copy to:
  

Howard Midstream OpCo GP, LLC

17806 IH-10 West, Suite 210

San Antonio, Texas 78257

Attention: General Counsel

Email: bbraden@howardep.com
	  	—  	  	 Non-Economic General

Partner Interest

			
	 Howard Midstream Energy Partners, LLC

17806 IH-10 West, Suite 210

San Antonio, Texas 78257

Attention: [●]

Email: [●]
  

with a copy to:
  

Howard Midstream Energy Partners, LLC

17806 IH-10 West, Suite 210

San Antonio, Texas 78257

Attention: General Counsel

Email: bbraden@howardep.com
	  	[●]%	  	Limited Partner Interest
			
	 Howard Midstream Operating, LLC

17806 IH-10 West, Suite 210

San Antonio, Texas 78257

Attention: [●]

Email: [●]
  

with a copy to:
  

Howard Midstream GP, LLC

17806 IH-10 West, Suite 210

San Antonio, Texas 78257

Attention: General Counsel

Email: bbraden@howardep.com
	  	[●]%	  	Limited Partner InterestExhibit 10.1

              

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated September 11, 2017, is by and among GOOD TIMES RESTAURANTS INC., a Nevada corporation (the “Borrower”), the Guarantors, the Lenders and CADENCE BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”).

W I T N E S S E T H

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated September 8, 2016 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement);

WHEREAS, the Loan Parties have requested that the Lenders make certain amendments to the Credit Agreement as set forth herein; and

WHEREAS, the Lenders have agreed to amend the Credit Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

1.1          Amendment to Preliminary Statements.  The first Preliminary Statement of the Credit Agreement is hereby amended and restated in its entirety as follows:

WHEREAS, the Loan Parties (as hereinafter defined) have requested that the Lenders and the L/C Issuer make loans and other financial accommodations to the Loan Parties in an aggregate amount of up to $12,000,000.

1.2          Amendments to Section 1.01.

(a)          The last sentence of the definition of “Commitment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

The Commitments of all of the Lenders on the First Amendment Effective Date shall be $12,000,000.

 

 

(b)          The definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Consolidated EBITDA” means, for any period, the sum of the following determined on a consolidated basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP: (a) Consolidated Net Income for such period plus (b)  the following to the extent deducted in calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable for such period, (iii) depreciation and amortization expense for such period, (iv) any fees, expenses, costs or charges (including fees, costs and expenses of any counsel of the Administrative Agent) related to or in connection with the closing of this Agreement or any amendment. modification, waiver or consent with respect thereto in an aggregate amount not to exceed $150,000 in any four fiscal quarter period, (v) the excess of consolidated rent expense, including non-cash rent expense included in pre-opening expenses, as determined for GAAP purposes over Consolidated Cash Rent Expense, (vi) non-cash expenses, charges and losses for such period (including, without limitation, any non-cash impairment or store closure expenses and any non-cash compensation or stock option expenses for such period, but excluding any non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting periods or (B) there is a reasonable expectation that there will be cash charges with respect to such charges and losses in future accounting periods), and (vi) pre-opening expenses, excluding non-cash rent expense included in pre-opening expenses as determined for GAAP purposes, related to new restaurant location openings owned or operated by the Borrower and its Subsidiaries during such period as follows:  (A) with respect to any “Good Times Burgers & Frozen Custard” restaurant, in an aggregate amount not to exceed $150,000 per such restaurant location and (B) with respect to any “Bad Daddy’s Burger Bar” restaurant, in an aggregate amount not to exceed $275,000 per such restaurant location, or in the case of any “Bad Daddy’s Burger Bar” restaurant location more than 50 miles from any existing company-owned restaurant, in an aggregate amount not to exceed $350,000 per such restaurant location, minus (c) the following to the extent reflected as a gain or otherwise included in calculating such Consolidated Net Income: (i) federal, state, local and foreign income tax benefit or credits for such period and (ii) non-cash gains for such period (excluding any such non-cash gains to the extent (A) there were cash gains with respect to such gains in past accounting periods or (B) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods) and (iii) the excess of Consolidated Cash Rent Expense over consolidated rent expense as determined for GAAP purposes.

(c)          The definition of “Consolidated Leverage Ratio” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Adjusted Indebtedness as of such date minus the New Restaurant Adjustment, if any, as of such date to (b) Consolidated EBITDAR for the period of four fiscal quarters of the Borrower most recently ended.

 

(d)          The definition of “Maturity Date” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Maturity Date” means December 31, 2020; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

 

2

 

(e)          The following definitions are hereby added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

 

“First Amendment Effective Date” means September [__], 2017.

 

“New Restaurant” means, as of any date of determination, any Restaurant that has not yet been in operation, that has been in operation for less than twelve (12) consecutive months, or that has been owned or leased by the Borrower or any Subsidiary for less than twelve (12) consecutive months.

 

“New Restaurant Adjustment” means, with respect to any New Restaurant, (a) one minus (the number of full months that such New Restaurant has been open for business while owned or leased by the Borrower or any Subsidiary thereof divided by twelve) times (b) Consolidated Funded Indebtedness incurred to finance the acquisition or development of such New Restaurant.

 

1.3          Amendment to Section 2.15(a)(i). Section 2.15(a)(i) of the Credit Agreement is hereby amended and restated in its entirety as follows:

(i)          such increase shall be in an amount not exceeding $5,000,000;

1.4          Amendment to Schedule 1.01(b). Schedule 1.01(b) of the Credit Agreement is hereby amended and restated in its entirety as set forth on Exhibit A hereto.

ARTICLE II

CONDITIONS

2.1          Closing Conditions.  This Amendment shall be deemed effective as of the date set forth above upon receipt by the Administrative Agent of:

(a)          a copy of this Amendment duly executed by each of the Borrower, the Guarantors, the Administrative Agent and the Lenders;

(b)          an officer’s certificate dated the date hereof, executed by a Responsible Officer of each Loan Party, certifying as to (i) the Organization Documents of each Loan Party which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority or, with respect to any Organization Document of such Loan Party  delivered to the Administrative Agent on the Closing Date that has not been amended, supplemented or otherwise modified, and that remains in full force and effect on the date hereof, certification by a Responsible Officer that such Organization Document has not been amended, supplemented or otherwise modified since the Closing Date and remains in full force and effect on the date hereof, and (ii) the resolutions of the governing body of each Loan Party; and

(c)          any fees and expenses owing to the Administrative Agent in connection with this Amendment.

 

3

 

ARTICLE III

 MISCELLANEOUS

3.1          Amended Terms.  On and after the date hereof, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

3.2          Representations and Warranties of the Loan Parties.  Each of the Loan Parties represents and warrants as follows:

(a)          Each Loan Party has all requisite power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Amendment in accordance with its terms.

(b)          The execution, delivery and performance by each Loan Party of this Amendment been duly authorized by all necessary corporate or other organizational action and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms.

(c)          No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Loan Parties of this Amendment.

(d)          The representations and warranties set forth in the Loan Documents are true and correct in all material respects as of the date hereof (except for those that are qualified by materiality, which are true and correct in all respects).

(e)          No event has occurred and is continuing which constitutes a Default or an Event of Default.

(f)          The Collateral Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to all Liens other than Permitted Liens.

(g)          The Obligations of the Loan Parties are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

3.3          Reaffirmation of Obligations.  Each Loan Party hereby ratifies the Credit Agreement and each other Loan Document and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and each other Loan Document and (b) that it is responsible for the observance and full performance of its respective obligations under the Loan Documents.

3.4          Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

 

4

 

3.5          Expenses.  The Loan Parties agree to pay all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel.

3.6          Entirety.  This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

3.7          Counterparts; Telecopy.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.

3.8          GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

3.9          Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

3.10          Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, services of process and waiver of jury trial provisions set forth in Sections 11.14 and 11.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

 

[SIGNATURE PAGES FOLLOW]

 

5

 

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.

	
BORROWER:

	
GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	
Name:

	
Boyd E. Hoback

	 
	 	
Title:

	
President and CEO

	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
GUARANTORS:

	
GOOD TIMES DRIVE THRU INC.,

	 
	 	
a Colorado corporation

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	
Name:

	
Boyd E. Hoback

	 
	 	
Title:

	
President

	 
	 	 	 	 
	 	 	 	 
	 	
BD OF COLORADO LLC,

	 
	 	
a Colorado limited liability company

	 
	 	 	 	 	 
	 	 	By: GOOD TIMES RESTAURANTS INC.,  	 
	 	
a Nevada corporation, its manager 

	 
	 	 	 	 
	 	 	 	 
	 	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	 	
Name:

	
Boyd E. Hoback

	 
	 	 	
Title:

	
President and CEO

	 

 

GOOD TIMES RESTAURANTS INC.

FIRST AMENDMENT

 

 

	 	
BAD DADDY’S FRANCHISE DEVELOPMENT,

LLC,

	 
	 	a North Carolina limited liability company	 
	 	 	 
	 	
By: BAD DADDY’S INTERNATIONAL, LLC,

	 
	 	
a North Carolina limited liability company, its

member

	 
	 	 	 
	 	
By: GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation, its sole member

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	
Name:

	
Boyd E. Hoback

	 
	 	
Title:

	
President and CEO

	 
	 	 	 	 
	 	 	 	 
	 	
By: GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation, its member

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	
Name:

	
Boyd E. Hoback

	 
	 	
Title:

	
President and CEO

	 
	 	 	 	 
	 	BAD DADDY’S INTERNATIONAL, LLC,	 
	 	a North Carolina limited liability company	 
	 	 	 
	 	
By: GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation, its sole member

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	
Name:

	
Boyd E. Hoback

	 
	 	
Title:

	
President and CEO

	 

 

GOOD TIMES RESTAURANTS INC.

FIRST AMENDMENT

 

 

	 	BAD DADDY’S BURGER BAR, LLC,	 
	 	a North Carolina limited liability company	 
	 	 	 
	 	
By: BAD DADDY’S INTERNATIONAL, LLC,

	 
	 	
a North Carolina limited liability company, its sole member

	 
	 	 	 
	 	
By: GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation, its sole member

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	
Name:

	
Boyd E. Hoback

	 
	 	
Title:

	
President and CEO

	 
	 	 	 	 
	 	
BAD DADDY’S BURGER BAR OF BALLANTYNE,

LLC,

	 
	 	a North Carolina limited liability company	 
	 	 	 
	 	
By: BAD DADDY’S INTERNATIONAL, LLC,

	 
	 	
a North Carolina limited liability company, its sole member

	 
	 	 	 
	 	
By: GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation, its sole member

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	
Name:

	
Boyd E. Hoback

	 
	 	
Title:

	
President and CEO

	 
	 	 	 	 
	 	
BAD DADDY’S BURGER BAR OF BIRKDALE,

LLC,

	 
	 	a North Carolina limited liability company	 
	 	 	 
	 	
By: BAD DADDY’S INTERNATIONAL, LLC,

	 
	 	
a North Carolina limited liability company, its sole

member

	 
	 	 	 
	 	
By: GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation, its sole member

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback

	 
	 	
Name:

	
Boyd E. Hoback

	 
	 	
Title:

	
President and CEO

	 

 

GOOD TIMES RESTAURANTS INC.

FIRST AMENDMENT

 

 

	 	
BAD DADDY’S BURGER BAR OF MOORESVILLE,

LLC,

	 
	 	a North Carolina limited liability company	 
	 	 	 
	 	
By: BAD DADDY’S INTERNATIONAL, LLC,

	 
	 	
a North Carolina limited liability company, its sole

member

	 
	 	 	 
	 	
By: GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation, its sole member

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback          

	 
	 	
Name:

	
Boyd E. Hoback          

	 
	 	
Title:

	
President and CEO          

	 
	 	 	 	 
	 	BAD DADDY’S BURGER BAR OF WAVERLY, LLC,	 
	 	a North Carolina limited liability company	 
	 	 	 
	 	
By: BAD DADDY’S INTERNATIONAL, LLC,

	 
	 	
a North Carolina limited liability company, its sole

member

	 
	 	 	 
	 	
By: GOOD TIMES RESTAURANTS INC.,

	 
	 	
a Nevada corporation, its sole member

	 
	 	 	 
	 	 	 
	 	
By:

	
/s/ Boyd E. Hoback          

	 
	 	
Name:

	
Boyd E. Hoback          

	 
	 	
Title:

	
President and CEO          

	 

 

GOOD TIMES RESTAURANTS INC.

FIRST AMENDMENT

 

 

	
ADMINISTRATIVE

	 	 
	AGENT:	
CADENCE BANK, NATIONAL ASSOCIATION,

	 
		as Administrative Agent	 
	 	 	 	 
	 	
By:

	
/s/ Charles M. Joye III

	 
	 	
Name:

	
Charles M. Joye III

	 
	 	
Title:

	
Senior Vice President

	 
	 	 	 	 
	 	 	 	 
	
LENDERS:

	
CADENCE BANK, NATIONAL ASSOCIATION

	 
	 	as a Lender	 
	 	 	 	 
	 	
By:

	
/s/ Charles M. Joye III

	 
	 	
Name:

	
Charles M. Joye III

	 
	 	
Title:

	
Senior Vice President

	 

 

GOOD TIMES RESTAURANTS INC.

FIRST AMENDMENT

 

 

Exhibit A

Schedule 1.01(b)

Initial Commitments and Applicable Percentages

	
Lender

	
Commitment

	
Applicable

Percentage of

Commitment

	
Cadence Bank, National

Association

	
$12,000,000.00

	
100.000000000%

	
TOTAL

	
$12,000,000.00

	
100.000000000%

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