Document:

Exhibit 10.5

 

FORM OF AMENDED AND RESTATED

 

DISPOSITION AGREEMENT

 

AMONG

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC,

 

MACQUARIE INFRASTRUCTURE CORPORATION,

 

MIC HAWAII HOLDINGS, LLC,

 

AND

 

MACQUARIE INFRASTRUCTURE MANAGEMENT (USA) INC.

 

Dated as of __________, 2021

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article I DEFINITIONS	 	1
	Section 1.1 Capitalized Terms	 	1
	Section 1.2 Definitions	 	1
	 	 	 
	Article II TERMINATION OF THE MANAGEMENT SERVICES AGREEMENT	 	6
	Section 2.1 Termination of the Management Services Agreement	 	6
	Section 2.2 Effect of Termination	 	6
	Section 2.3 Agreement to Bind Subsidiaries	 	6
	Section 2.4 Effect of Dispositions	 	6
	 	 	 
	Article III DISPOSITION PAYMENTS; OTHER PAYMENTS	 	7
	Section 3.1 Disposition Payments	 	7
	Section 3.2 Calculation of Disposition Payments	 	8
	Section 3.3 Transaction Structuring	 	8
	Section 3.4 Determination of Fair Market Value	 	8
	Section 3.5 Additional Payment	 	9
	Section 3.6 Make-Whole Amount	 	9
	Section 3.7 Consultation on Calculations	 	9
	Section 3.8 Payment of Accrued Fees and Costs in Cash	 	10
	 	 	 
	Article IV AUTHORITY OF THE COMPANY, THE MANAGED SUBSIDIARIES AND THE MANAGER	 	10
	 	 	 
	Article V SALES PROCESS; MANAGEMENT SERVICES AGREEMENT; PUBLIC ANNOUNCEMENTS; WAIVER LETTER	 	10
	Section 5.1 Sales Process	 	10
	Section 5.2 Management Services Agreement	 	10
	Section 5.3 Public Announcements	 	11
	Section 5.4 Waiver Letter	 	11
	 	 	 
	Article VI MISCELLANEOUS	 	11
	Section 6.1 Term	 	11
	Section 6.2 No Fiduciary Duties	 	11
	Section 6.3 Effect of Termination	 	11
	Section 6.4 Notices	 	11
	Section 6.5 Captions	 	12
	Section 6.6 Assignment	 	12
	Section 6.7 Applicable Law	 	12
	Section 6.8 Jurisdiction	 	12
	Section 6.9 Waiver of Jury Trial	 	13
	Section 6.10 Amendment	 	13
	Section 6.11 Severability	 	13
	Section 6.12 Entire Agreement	 	13
	Section 6.13 Interpretation	 	13
	 	 	 
	Exhibit A Disposition Payments	 	 

 

    

     

    

 

This AMENDED AND RESTATED
DISPOSITION AGREEMENT (this “Agreement”), dated as of __________, 2021, is among Macquarie Infrastructure Holdings,
LLC, a Delaware limited liability company (the “Company”), Macquarie Infrastructure Corporation, a Delaware
corporation (“MIC Corp.”), MIC Hawaii Holdings, LLC, a Delaware limited liability company (a “Managed
Subsidiary” and, together with MIC Corp. and any other directly owned Subsidiary of the Company as from time to time may
exist, and that has executed a counterpart of this Agreement in accordance with Section 2.3 herein, collectively, the “Managed
Subsidiaries”), and Macquarie Infrastructure Management (USA) Inc., a Delaware corporation (the “Manager”).
Individually, each party hereto shall be referred to as a “Party” and collectively as the “Parties.”

 

WHEREAS, MIC Corp., MIC Ohana
Corporation, a Delaware corporation (“MIC Ohana”) and the Manager are parties to that certain Disposition Agreement, dated
as of October 30, 2019 (the “Previous Agreement”);

 

WHEREAS, effective as of the
date hereof, (i) MIC Corp. merged with a subsidiary of the Company and survived the merger as a wholly owned subsidiary of the Company
(the “Merger”), MIC Corp.’s common stock, par value $0.001 per share (the “Common Stock”),
issued and outstanding immediately prior to the effective time of the Merger was converted into common units of the Company (the “Company
Common Units”) on a one for one basis, and the Company Common Units have been listed to trade on the New York Stock Exchange
Inc. and (ii) immediately following the Merger, MIC Corp. distributed to the Company all of the limited liability company interests
in MIC Hawaii Holdings, LLC (the “Hawaii Distribution and, together with the Merger, the “Reorganization”);

 

WHEREAS, following the Reorganization,
MIC Ohana is not a directly owned Subsidiary of the Company, and the Managed Subsidiary is a directly owned Subsidiary of the Company;

 

WHEREAS, in connection with
the Reorganization, the Company, MIC Corp., the Managed Subsidiary and the Manager entered into that certain Fourth Amended and Restated
Management Services Agreement, dated as of the date hereof (the “Management Services Agreement”); and

 

WHEREAS, in connection with
the Reorganization, the Company, MIC Corp., the Managed Subsidiary and the Manager wish to amend and restate the Previous Agreement as
set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the Parties agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.1
Capitalized Terms. Capitalized terms used and not otherwise defined herein shall for all purposes of this Agreement have
the respective meanings specified therefor in the Management Services Agreement.

 

Section 1.2
Definitions. For purposes of this Agreement, each of the following terms has the meaning specified in this Section 1.2:

 

“Accounting Firm”
means an independent accounting firm mutually selected by the Manager and the Independent Directors, which will be a nationally recognized
firm of certified public accountants which does not prepare the financial statements of the Company or any of its Subsidiaries or the
Manager.

 

“Additional Payment”
has the meaning set forth in Section 3.5 herein.

 

    

     

    

 

“Agreement”
means this Disposition Agreement, including all Exhibits and Schedules attached hereto, as amended and/or restated from time to time.
Words such as “herein,” “hereinafter,” “hereof,” “hereto”
and “hereunder” refer to this Agreement as a whole, unless the context otherwise requires.

 

“Appointed Bank”
has the meaning set forth in Section 3.4 herein.

 

“Atlantic Aviation
Business” means the business comprising the Atlantic Aviation segment of the Company.

 

“Base Amount”
means, with respect to any Disposition:

 

(a) to the extent the
consideration is in the form of cash, the cash consideration (expressed in USD) actually paid to the Company, its Subsidiaries or holders
of Company Common Units (without duplication) calculated as of the date of payment to the Company, its Subsidiaries or such holders, as
applicable;

 

(b) to the extent the
consideration is in the form of a note or other indebtedness payable to the Company, its Subsidiaries or holders of Company Common Units
(without duplication), the aggregate net present value of such note or other indebtedness estimated in good faith by the Company and agreed
to by the Manager and the Independent Directors using a 9.5% discount rate assuming payment of such note or other indebtedness in accordance
with its terms;

 

(c) to the extent the
consideration is in the form of publicly-traded securities to be issued or transferred to the Company, its Subsidiaries or holders of
Company Common Units (without duplication), the aggregate value of such securities calculated based on the volume weighted average price
of such securities on the applicable trading exchange or quotation system during the twenty (20) trading days ending on the last trading
day prior to the announcement of the Disposition transaction;

 

(d) with respect to a
Spin-Off, the sum of (i) the aggregate value of the equity consideration received by the holders of Company Common Units calculated
based on the volume weighted average price of such securities on the applicable trading exchange or quotation system during the twenty
(20) trading days immediately following the consummation of the Disposition transaction and (ii) the amount of cash proceeds (from
borrowings or otherwise) distributed to holders of Company Common Units or the Company or any of its Subsidiaries in the Disposition transaction;
and

 

(e) to the extent the
consideration is in a form other than as provided in clauses (a) through (d) above, the Fair Market Value of such consideration
as of the date of the consummation of the Disposition, as determined pursuant to Section 3.4 herein;

 

provided that, for the avoidance of doubt, in
the case of each of clauses (a) - (e), if any consideration in a Disposition is subject to payment at multiple closings or any hold
back, escrow, earn out or other provision providing for deferred release to the Company, its Subsidiaries or the holders of Company Common
Units, such consideration shall be included in the Base Amount at such time as such consideration is received by the Company, its Subsidiaries
or the holders of Company Common Units as applicable, at which time the Disposition Payment will be recalculated and any additional amounts
payable to the Manager will become due in accordance with the terms of Section 3.7.

 

“Code”
means the Internal Revenue Code of 1986, as amended, or any successor federal tax statute.

 

“Company”
has the meaning set forth in the first paragraph of this Agreement.

 

“Common Stock”
means the common stock, par value $0.001 per share, of MIC Corp.

 

“Company Common
Units” means the common units representing limited liability company interests in the Company.

 

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“Company Units
Issuance” means the issuance by the Company of any Company Common Units or any securities or rights convertible into, exchangeable
or exercisable for, or evidencing the right to subscribe for any Company Common Units, or any other rights to purchase or otherwise acquire,
any Company Common Units.

 

“Company Transaction
Costs” means, with respect to any Disposition, the sum of the following amounts, incurred or estimated in good faith by
the Company and agreed to by the Manager and the Independent Directors as of the consummation of the Disposition and without duplication:
(i) the collective amount payable by the Company and its Subsidiaries to outside legal counsel, accountants, financial, technical
and other transaction advisors, brokers and other third parties; and (ii) all other out-of-pocket costs and expenses incurred by
the Company and its Subsidiaries in connection with Disposition (but, for this purpose, excluding any payments due to the Manager under
this Agreement or under the Management Services Agreement).

 

“Cumulative Disposition
Payment Amount” has the meaning set forth in Section 3.2 herein.

 

“Cumulative Net
Proceeds” means the Cumulative Proceeds minus the Cumulative Disposition Payment Amount.

 

“Cumulative Proceeds”
means, as of any given date, the aggregate amount of Proceeds for all Dispositions from the Effective Date to such date.

 

“Disposition”
means any sale, merger, spin-off, distribution of equity interests or liquidation, as applicable, in one or a related series of transactions,
of (a) the Company and its Subsidiaries, taken as a whole, (b) individual or collections of assets or businesses owned by the
Company or any of its Subsidiaries, in each case comprising at least $250 million in aggregate value, or (c) the equity interests
of one or more of the Subsidiaries of the Company that own the assets or businesses of the Company or any of its Subsidiaries, in each
case compromising at least $250 million in aggregate value.

 

“Disposition Payments”
has the meaning set forth in Section 3.1 herein.

 

“Effective Date”
means October 30, 2019.

 

“Estimated Tax”
means, with respect to any Disposition, the estimated Tax payable by the Company or any of its Subsidiaries in connection with the Disposition,
as determined by the Accounting Firm as of the consummation of the Disposition; provided, that for purposes of this determination
any Disposition Payment payable in connection with such Disposition and the payment or accrual of Company Transaction Costs in connection
with such Disposition shall be treated as a reduction of gain recognized on the Disposition; provided, further that if the
Company or any of its Subsidiaries is estimated to recognize a loss in connection with the Disposition (taking into account the preceding
proviso), the amount of the Estimated Tax with respect to the Disposition shall be the estimated Tax benefit of such loss to the Company
or its Subsidiaries (which, for the avoidance of doubt, shall be a negative number in computing Proceeds).

 

“Fair Market Value”
means the price at which the applicable asset would change hands between a willing unaffiliated third-party buyer and a willing seller
when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, and both parties are able, as well
as willing, to trade and are well informed about the asset and the market for that asset.

 

“Fully Diluted
Shares” means the number of Company Common Units outstanding on a fully diluted basis as determined in accordance with U.S.
generally accepted accounting principles; on the Effective Date, “Fully Diluted Shares” equaled 86,599,870 shares of Common
Stock.

 

“Hawaii Distribution”
has the meaning set forth in the Preamble.

 

    3

     

    

 

“Hawaii Gas Business”
means the business comprising the MIC Hawaii segment of the Company.

 

“IMTT Business”
means the business that comprised the International-Matex Tank Terminals (IMTT) segment of the Company as of the date of the Previous
Agreement.

 

“Independent Bank”
has the meaning set forth in Section 3.4 herein.

 

“Independent Directors”
means, as of any given date, the independent directors of the Company (as directors and not in their individual capacities). Where this
Agreement refers to any action, decision or election to be taken by the Independent Directors, such action, decision or election shall
be deemed to be approved if at least a majority of the then-current Independent Directors so approves it or, if delegated the authority
by a majority of the Independent Directors, if the lead Independent Director approves any such action, decision or election to be taken
by the Independent Directors hereunder.

 

“Make-Whole Amount”
means an amount equal to (a) if a QTE occurs prior to the second anniversary of the Effective Date, the sum of (i) the product
of $54,794.52 multiplied by the number of calendar days during that period commencing on and including the Effective Date and ending on
the date of the QTE minus (ii) the aggregate of the Base Management Fees and Performance Fees paid or due to be paid to the Manager
for the period commencing on and including the date hereof and ending on the date of the QTE (allocated pro rata for any partial Fiscal
Quarter) and (b) if a QTE occurs on or after the second anniversary of the Effective Date, the sum of (i) $40 million plus (ii) the
product of $27,397.26 multiplied by the number of calendar days during that period commencing on and including the second anniversary
of the Effective Date and ending on the date of the QTE minus (iii) the aggregate of the Base Management Fees and Performance Fees
paid or due to be paid to the Manager for the period commencing on and including the Effective Date and ending on the date of the QTE
(allocated pro rata for any partial Fiscal Quarter); provided that, in each case, if the Make-Whole Amount is a negative number, the Make-Whole
Amount shall be deemed to be $0.

 

“Managed Subsidiary”
and “Managed Subsidiaries” have the meanings set forth in the first paragraph of this Agreement.

 

“Management Services
Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Manager”
has the meaning set forth in the first paragraph of this Agreement.

 

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

 

“MIC Corp.”
has the meaning set forth in the first paragraph of this Agreement.

 

“Minimum Amount”
has the meaning set forth in Section 3.1 herein.

 

“Party”
has the meaning set forth in the first paragraph of this Agreement.

 

“Payment Report”
has the meaning set forth in Section 3.7 herein.

 

“Proceeds”
means

 

(a) with respect to each
Disposition other than a Whole-Company Transaction, the sum of

 

(i) the Base
Amount, minus

 

(ii) the Company
Transaction Costs, minus

 

(iii) the Estimated
Tax, minus

 

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(iv) the amount
of any indebtedness that is repaid by the Company or any of its Subsidiaries in connection with such Disposition (without duplication),
including, without limitation, amounts used or reserved (without duplication and provided, solely with respect to indebtedness that pursuant
to its terms may be redeemed or repaid at the Company’s option at the time of such Disposition, such reserved amounts are used to
repay indebtedness within 180 days, after which time any such excess reserved amounts will be added back to Proceeds) to pay MIC Corp.’s
2.00% Convertible Senior Notes due October 2023 or any amounts outstanding under the Revolving Credit Facility except to the extent
such amounts outstanding were incurred other than in the ordinary course to fund the business operations of the Company and its Subsidiaries,
or

 

(b) with respect to a
Whole-Company Transaction, the total consideration paid to Company shareholders (and to the extent any part of such consideration is in
the form of publicly-traded securities, the value of such portion of the consideration shall be the aggregate value of such securities
calculated based on the volume weighted average price of such securities on the applicable trading exchange or quotation system during
the twenty (20) days ending on the last trading day prior to the announcement of the Whole-Company Transaction);

 

provided, in the case of each of clause (a) and
clause (b) with respect to any Disposition after the initial Disposition, that such amount shall be increased by (x) the amount
of any distribution to shareholders of MIC Corp. after the Effective Date and prior to the date hereof or to Company Common Unit holders
after the date hereof (in each case, other than distributions of Proceeds of a Disposition) which in any case is (i) in excess of
$4.00 per share or Company Common Unit per year, (ii) not affirmatively determined by the Board of Directors to be sustainable on
a going forward basis from business activities of the Company or any of its Subsidiaries if such distribution is declared after a Disposition
or (iii) not affirmatively determined by the Board of Directors to be appropriate for the then-current capital structure of the Company
if such distribution is declared after a Disposition (in the case of each of clause (ii) and clause (iii), taking into account the
effect of any Dispositions) and (y) the amount of any repurchases of shares of Common Stock by MIC Corp. after the Effective Date
and prior to the date hereof and of Company Common Units by the Company after the date hereof (in each case, other than repurchases of
shares funded by the Proceeds of a Disposition).

 

“QTE”
has the meaning set forth in Section 2.1 herein.

 

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

 

“Revolving Credit
Facility” means the Amended and Restated Credit Agreement, dated as of January 3, 2018, among Macquarie Infrastructure
Corporation, as borrower, MIC Ohana Corporation, as guarantor, J.P. Morgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto (as amended, supplemented or otherwise modified from time to time).

 

“Spin-Off”
means a distribution of equity share capital of a Subsidiary of the Company (“SpinCo” and, such equity share
capital “SpinCo Stock”) to holders of Company Common Units as a class, including in connection with any “Reverse
Morris Trust” transaction.

 

“Termination Date”
has the meaning set forth in Section 2.1 herein.

 

“Valuation Process
Notice” has the meaning set forth in Section 3.4 herein.

 

“Waived Fees”
has the meaning set forth in Section 2.1 herein.

 

“Waiver Letter”
has the meaning set forth in Section 2.1 herein.

 

“Whole-Company
Transaction” means an acquisition of all of the outstanding equity securities of the Company by a third party or parties.

 

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Article II

 

TERMINATION OF THE MANAGEMENT SERVICES AGREEMENT

 

Section 2.1
Termination of the Management Services Agreement. The Parties hereby agree that the Management Services Agreement shall
automatically terminate, subject to the terms hereof and thereof (including Section 6.1 and 6.3 hereof), upon the occurrence of any
of the following qualifying termination events (each, a “QTE”):

 

(a) the consummation of
a Whole-Company Transaction;

 

(b) the consummation of
a transaction or series of transactions resulting in the acquisition by a third party or parties of all of the assets of the Company (i.e.,
sales of the Atlantic Aviation Business, the Hawaii Gas Business and the IMTT Business), such QTE being deemed to have occurred upon the
consummation of the disposition of the final asset or set of assets; or

 

(c) the mutual agreement
of the Parties;

 

provided that such termination shall be automatically
effective, without requirement of further action by the Company, the Manager or the Independent Directors (including any notice requirement
under Section 10 of the Management Services Agreement) upon the later to occur of (x) ten (10) calendar days following
the occurrence of the QTE and (y) payment to the Manager of all of the following: (i) all accrued and unpaid Base Management
Fees (including $8,500,000 of fees waived in accordance with that certain waiver letter issued by the Manager dated October 30, 2018
(as it may be amended, the “Waiver Letter”, and such amount, the “Waived Fees”)) and
Performance Fees for the period prior to the effectiveness of such termination; (ii) all applicable Disposition Payments, including,
if applicable, in respect of the Disposition that constituted the QTE; (iii) the Additional Payment, if any; and (iv) the Make-Whole
Amount, if any (such date on which such termination takes effect, the “Termination Date”). If the Management
Services Agreement is terminated in accordance with this Section 2.1, the Parties hereby agree that no Termination Fee shall be due
and payable, and the Manager hereby waives any right thereto under the Management Services Agreement. If the Management Services Agreement
has not been terminated prior to the sixth (6th) anniversary of the Effective Date, the Manager and the Independent Directors will engage
in reasonable, good faith discussions regarding a potential internalization or other framework for a termination of the Management Services
Agreement.

 

Section 2.2
Effect of Termination. In the event of a termination of the Management Services Agreement pursuant to this Agreement (as
opposed to a termination pursuant to Article X of the Management Services Agreement), the provisions of Sections 10.3, 10.4 and 10.5
of the Management Services Agreement shall be observed in all respects. For the avoidance of doubt, Section 10.1(b) of the Management
Services Agreement shall not apply in the event of a Delisting Event (as defined therein) during the term of this Agreement.

 

Section 2.3
Agreement to Bind Subsidiaries. The Company covenants and agrees to cause any Managed Subsidiary created or acquired after
the date hereof that execute a counterpart to the Management Services Agreement to execute a counterpart of this Agreement agreeing to
be bound by the terms hereunder simultaneously with its execution of the counterpart to the Management Services Agreement.

 

Section 2.4
Effect of Dispositions. Upon consummation of a Disposition, the Management Services Agreement shall no longer apply to the
equity interests or assets of the Company or its Subsidiaries that were disposed of in such Disposition.

 

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Article III

 

DISPOSITION PAYMENTS; OTHER PAYMENTS

 

Section 3.1
Disposition Payments. Upon any Disposition and upon the receipt of any delayed payments of consideration with respect to
any Disposition, the Company, MIC Corp. and the Managed Subsidiary shall pay to the Manager the applicable payment, if any, in connection
with such Disposition (each, a “Disposition Payment”) as set forth herein. Any such Disposition Payment shall
become due and payable, and the Company, MIC Corp. and the Managed Subsidiary shall pay any such Disposition Payment, to the Manager on
the third (3rd) Business Day following the consummation of the applicable Disposition transaction (or receipt of any delayed payment),
unless any Disposition Payment is in relation to Proceeds related to a Spin-Off in which case the Disposition Payment shall be due and
payable within thirty-five (35) trading days from such Disposition, and, in each case, subject to the completion of any valuation process
commenced in accordance with Section 3.4 and the resolution of any dispute with respect to the Payment Report delivered in accordance
with Section 3.7; provided further that no Disposition Payments shall be required to be paid to the Manager pursuant to this Section 3.1
until the consummation of the Disposition transaction after giving effect to which the Cumulative Proceeds exceed $750 million (the “Minimum
Amount”), at which time the Disposition Payment for such Disposition transaction and all prior Dispositions for which a
Disposition Payment was not paid pursuant this proviso shall become due and payable to the Manager in accordance with the terms of Sections
3.2, 3.7 and, if applicable, 3.4. All Disposition Payments shall be paid (i) in cash in any Disposition in which the Proceeds are
received directly by the Company shareholders in cash or in which the Proceeds are received directly by the Company or its Subsidiary
in cash and (ii) in the same form of consideration received (a) by the Company shareholders in any Disposition in which the
Proceeds are received directly by or distributed to the Company Shareholders in a form other than cash or (b) by the Company or its
Subsidiary in any Disposition in which the Proceeds are received directly by the Company or one of its Subsidiaries in a form other than
cash prior to distribution of any Proceeds to the Company shareholders (provided that the Independent Directors may elect to make any
such Disposition Payment in cash in lieu of the same form of consideration received by the Company or its Subsidiary by notice of such
election to the Manager at least thirteen (13) Business Days prior to the consummation of such Disposition); provided that, if the Company
or its Subsidiary receives consideration in the form of securities for which the Company or such Subsidiary receives registration rights
and the Company elects to make the Disposition Payment in the form of such securities, then the Manager shall receive registration rights
in respect of such securities comprising the Disposition Payment substantially similar to those received by the Company or its Subsidiary,
as applicable; provided further that, in the event of a Spin-Off, the Manager shall have the right to elect, by notice of such election
to the Company no later than the twenty-fifth (25th) trading day immediately following the consummation of the Spin-Off, to cause the
Disposition Payment to be made (A) in cash or (B) in the same form as the equity share capital distributed to the holders of
Company Common Units as a class, but, with respect to clause (B), only if payment of the Disposition Payment in such form would not cause
the Company’s nationally recognized external legal counsel to be unable to issue a “should” level of written opinion
with respect to the Spin-Off’s qualification as a tax-free distribution under Section 355 of the Code or otherwise result in
a tax liability to the Company that has a material adverse effect on the Company (provided that the Company shall use reasonable best
efforts to structure the Spin-Off such that payment of the Disposition Payment in such form would not cause the Company’s nationally
recognized external legal counsel to be unable to issue a “should” level of written opinion with respect to the Spin-Off’s
qualification as a tax-free distribution under Section 355 of the Code). In connection with a Spin-Off, the Company shall (x) cause
SpinCo to issue and transfer SpinCo Stock to the Manager to the extent and as contemplated by this Agreement, and to take all other actions
with respect to SpinCo Stock as contemplated by this Agreement, and (y) cause the agreements with SpinCo with respect to the Spin-Off
to contain provisions that (1) require SpinCo to issue and transfer SpinCo Stock to the Manager to the extent and as contemplated
by this Agreement, and to take all other actions with respect to SpinCo Stock as contemplated by this Agreement, and (2) provide
that the Manager is a third party beneficiary of such agreements with a right to enforce the provisions contemplated by clause (1).

 

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Section 3.2
Calculation of Disposition Payments. The Disposition Payment for any particular Disposition prior to a QTE shall be equal
to the difference between (a) the aggregate Disposition Payment Amount for all Dispositions inclusive of such Disposition as determined
under the calculations set forth on Exhibit A hereto (with respect to any such Disposition, the “Cumulative Disposition
Payment Amount”) and (b) the total Disposition Payments paid to the Manager prior to such Disposition pursuant to this
Agreement. Notwithstanding the foregoing, in the event of a QTE, the Cumulative Disposition Payment Amount shall be deemed to be equal
to the greater of (x) the amount determined under the calculations set forth on Exhibit A hereto, and (y) the sum of (i) $50
million plus (ii) 1.5% multiplied by Cumulative Proceeds in excess of $500 million.

 

Section 3.3
Transaction Structuring. The Company agrees that neither it nor its Subsidiaries shall take (or omit to take) any action
with the intent of avoiding or reducing the payment of a Disposition Payment in connection with a Disposition. A Disposition Payment will
be payable, based on the same calculations described above (as equitably applied to the subject transaction or event), with respect to
the proceeds of any other transaction or event pursuant to which cash is distributed to holders of Company Common Units which is structured
with the intent of avoiding or reducing the payment of a Disposition Payment hereunder.

 

Section 3.4
Determination of Fair Market Value. To the extent the consideration in a Disposition is in a form other than as provided
in clauses (a) - (d) of the definition of “Base Amount”, the Fair Market Value of such consideration shall be determined
pursuant to this Section 3.4. The Manager and the Independent Directors shall negotiate in good faith to determine the Fair Market
Value of such consideration prior to the consummation of the applicable Disposition. If they are unable to agree on such Fair Market Value
by the date of consummation of such Disposition, then the Manager or the Independent Directors may commence the valuation process described
in this Section 3.4 by providing written notice to the other Parties no later than ten (10) Business Days after the consummation
of the applicable Disposition (such notice, a “Valuation Process Notice”). In the event a Valuation Process
Notice is delivered, then within ten (10) Business Days of the delivery of the Valuation Process Notice, each of the Manager, on
the one hand, and the Independent Directors, on the other hand, shall appoint an internationally recognized valuation firm (an “Appointed
Bank”). Each of the Manager, on the one hand, and the Company and the Managed Subsidiaries, on the other hand, shall instruct
its Appointed Bank to determine, by no later than twenty (20) Business Days after being appointed, its best estimate of the Fair Market
Value of such consideration, based on the customary methodologies that such Appointed Bank in its professional experience deems relevant
to such a determination. On the forty-fifth (45th) Business Day following delivery of the Valuation Process Notice or such earlier date
as agreed to by the Parties, each Appointed Bank shall present to the Parties and the other Appointed Bank its determination of the Fair
Market Value of such consideration. In the event the Fair Market Values determined by the two Appointed Banks are within ten percent (10%)
of one another (determined by reference to the higher of the two), the Fair Market Value shall be the average of those two estimates and
such determination of the Fair Market Value of the consideration shall be final and binding on the Parties. In the event the Fair Market
Values determined by the two Appointed Banks are not within ten percent (10%) of one another (determined by reference to the higher of
the two), the Appointed Banks shall mutually select a third internationally recognized valuation firm (the “Independent Bank”)
to determine, by no later than twenty (20) Business Days after being appointed, which of the two estimates of the Fair Market Value of
the consideration prepared by the Appointed Banks most closely approximates the Fair Market Value of the consideration based on the customary
methodologies that such Independent Bank in its professional experience deems relevant to such a determination, which estimate shall be
deemed to be the Fair Market Value of the consideration and shall be final and binding on the Parties. The fees and expenses of the Appointed
Banks and the Independent Bank shall be borne by the Party (either the Company or the Manager) whose calculation of the applicable Fair
Market Value is furthest from the amount determined pursuant to this Section 3.4 (and, for the avoidance of doubt, in no case shall
any such fees borne by the Company be included in the calculation of Company Transaction Costs). Within five (5) Business Days of
the final determination of the Fair Market Value of such consideration, the Disposition Payment with respect to such Disposition shall
be calculated and, subject to Section 3.7, the Company, MIC Corp. and the Managed Subsidiary shall pay to the Manager the amount
of the Disposition Payment payable with respect to such Disposition.

 

    8

     

    

 

Section 3.5
Additional Payment. If a QTE contemplated by Section 2.1(a) or Section 2.1(b) herein occurs on or prior
to January 1, 2022, the Company shall pay the Manager $25 million in cash concurrently with payment of the Disposition Payment in
respect of the Disposition that resulted in the QTE (such payment, the “Additional Payment”); provided that
for purposes of this Section 3.5, if on January 1, 2022, one or more definitive agreements with respect to a QTE have been executed,
or a regulatory application with respect to a QTE has been filed, but the transactions effecting such QTE are pending and have not yet
been consummated, such date shall be extended to July 1, 2022.

 

Section 3.6
Make-Whole Amount. The Company shall pay the Manager the Make-Whole Amount, if any, in cash concurrently with the consummation
of the Disposition that resulted in a QTE contemplated by Section 2.1(a) or Section 2.1(b) herein.

 

Section 3.7
Consultation on Calculations. No later than the later of ten (10) Business Days prior to (x) the consummation
of a Disposition and (y) the date on which a Disposition Payment under this Agreement is due, the Manager will prepare and furnish
to the Independent Directors, a report detailing the calculation of the applicable Disposition Payment (the “Payment Report”).
If the Independent Directors, in good faith and after consultation with legal and financial advisors as necessary or appropriate, asserts
that the Payment Report does not accurately reflect the information and calculations required pursuant to this Agreement or that the underlying
information used by the Manager to produce, or that is reflected on or subsumed in, the Payment Report is inaccurate or incomplete, then
the Independent Directors shall notify the Manager not more than twenty (20) Business Days after the Independent Directors have received
the applicable Payment Report from the Manager (provided that, for the avoidance of doubt, if the Independent Directors fail to notify
the Manager in writing within such twenty (20) Business Day period, the Company shall be obligated to make the payment due on the twenty-first
(21st) Business Day after the Independent Directors have received the applicable Payment Report from the Manager), and, in such event,
the Company, the Independent Directors and the Manager shall consider the issues raised or in dispute and discuss such issues with each
other and attempt to reach a mutually satisfactory agreement. Until the payment of any Disposition Fee with respect to a Disposition,
the Company shall, on the date of the consummation of the applicable Disposition transaction (or, with respect to a Spin-Off, on the date
that is five (5) trading days after the Manager makes its election contemplated by the last sentence of Section 3.1 and, in
any event, no later than the thirtieth (30th) trading day after the consummation of the Spin-Off), place consideration equal to any unpaid
Disposition Fee shown as due in the applicable Payment Report in escrow with a nationally recognized financial institution mutually agreed
upon by the Manager and the Independent Directors pursuant to an escrow agreement on customary market terms (with such escrow agreement
as reasonably acceptable to the Manager and the Independent Directors), with such amounts to be released to the Company or the Manager
only upon determination of the Disposition Fee in accordance with this Section 3.7. Thereafter, the Independent Directors and the
Manager shall promptly, and in any event no later than thirty (30) days after the date of the Independent Directors’ notification
to the Manager, select the Accounting Firm and instruct the Accounting Firm to recalculate the amounts or otherwise determine the information
reflected or subsumed in the Payment Report which is disputed. The Accounting Firm shall resolve the dispute promptly, but in no event
more than thirty (30) days after having the dispute submitted to it, unless the Accounting Firm provides notice to the Manager, the Company
and the Independent Directors, in writing, that in its reasonable opinion resolution of the disputed issue or issues shall require additional
time. The Accounting Firm will make a determination as to each of the items in dispute, which determination must be (i) in writing,
(ii) furnished to each of the Manager, the Company and the Independent Directors and (iii) made in accordance with this Agreement,
and which determination will be conclusive and binding on Manager and the Company, absent manifest error, and may be enforced in the courts
specified in Section 6.8. The fees and expenses of the Accounting Firm shall be borne by the Party (either the Company or the Manager)
whose calculation of the applicable Disposition Payment is furthest from the amount determined by the Accounting Firm (and, for the avoidance
of doubt, in no case shall such fees and expenses be included in the calculation of Company Transaction Costs). Each of the Manager and
the Company shall use reasonable efforts to cause the Accounting Firm to render its decision as soon as reasonably practicable, including
by promptly complying with all reasonable requests by the Accounting Firm for information, books, records and similar items. Within five
(5) Business Days of the final determination of each of the items contained in the Payment Report that were in dispute, the Disposition
Payment with respect to such Disposition shall be calculated and the Company, MIC Corp. and the Managed Subsidiary shall pay to the Manager
(from the escrowed amounts or otherwise) the amount of the Disposition Payment payable with respect to such Disposition.

 

    9

     

    

 

Section 3.8
Payment of Accrued Fees and Costs in Cash. In connection with the termination of the Management Services Agreement in accordance
with Section 2.1, the Parties hereby agree that (a) any accrued and unpaid Base Management Fees (including the Waived Fees)
and Performance Fees at the time of such termination for the period prior to the termination shall be paid to the Manager in cash, and
the Manager hereby waives its rights under Section 7.2(e) of the Management Services Agreement (with respect to the Base Management
Fee) and Section 7.3(d) of the Management Services Agreement (with respect to the Performance Fee) to invest all or a portion
of such accrued and unpaid Base Management Fees and Performance Fees in shares of Company Common Units and (b) any unreimbursed Costs
at the time of such termination that are described in Section 9.1 of the Management Services Agreement shall be paid to the Manager
in cash.

 

Article IV

 

AUTHORITY OF THE COMPANY, THE MANAGED SUBSIDIARIES
AND THE MANAGER

 

Each Party represents to the
others that it is duly authorized with full power and authority to execute, deliver and perform this Agreement. The Company and each Managed
Subsidiary represents that the execution and performance of this Agreement has been duly authorized by the Company and each Managed Subsidiary
and is in accordance with all governing documents of the Company and each Managed Subsidiary.

 

Article V

 

SALES PROCESS; MANAGEMENT SERVICES AGREEMENT;
PUBLIC ANNOUNCEMENTS; WAIVER LETTER

 

Section 5.1
Sales Process. In the event the Company determines to explore or execute any strategic alternatives, subject to the oversight
of, and at the request and the direction of, the Company Board of Directors, the Manager shall exercise its duties and responsibilities
under the Management Services Agreement to assist with any sale process, including with respect to recommending strategy, evaluating proposed
structures, preparing for due diligence and related processes, recommending advisors to the Company, preparing financial models and analysis
of valuation, assisting in negotiations, and preparing for closing.

 

Section 5.2
Management Services Agreement. Prior to any termination of the Management Services Agreement (including with respect to
any assets, Subsidiaries or segments that are the subject of a Disposition), the Management Services Agreement shall remain in full force
and effect and the Manager shall continue to perform its duties as Manager, as set forth therein, receiving Base Management Fees and Performance
Fees, as applicable.

 

    10

     

    

 

Section 5.3
Public Announcements. The Company and the Manager shall cooperate in making required and appropriate public announcements
regarding execution of this Agreement, including by providing each other an opportunity to review and comment on draft public announcements.
No Party shall make any public announcements about this Agreement without the consent of all other Parties (following an opportunity to
review and comment), except as may be reasonably required by law.

 

Section 5.4
Waiver Letter. The Manager hereby agrees that it will not exercise its right set forth in the Waiver Letter to retract the
Limited Waiver (as defined in the Waiver Letter) with an effective date of such retraction prior to the date of termination of this Agreement.
For the avoidance of doubt, any retraction of the Limited Waiver with an effective date on or after termination of this Agreement will
not trigger a recapture of previously waived fees.

 

Article VI

 

MISCELLANEOUS

 

Section 6.1
Term. Subject to Section 6.3 hereof, this Agreement shall terminate on the earlier to occur of (a) the Termination
Date and (b) the sixth (6th) anniversary of the Effective Date, or such earlier date as agreed by the Parties; provided that if on
the sixth (6th) anniversary of the Effective Date, one or more definitive agreements with respect to one or more Dispositions (which would,
if consummated, result in Cumulative Proceeds exceeding the Minimum Amount if the Minimum Amount has not already been exceeded) or a QTE
have been executed, or a regulatory application with respect to one or more such Dispositions or a QTE have been filed, but the transactions
effecting such Disposition or QTE are pending and have not yet been consummated, the term shall be extended and shall terminate immediately
after the consummation or termination of the last of all such transactions that were pending on the sixth anniversary of the Effective
Date.

 

Section 6.2
No Fiduciary Duties. The relationship of the Manager to the Company and the Managed Subsidiaries is as an independent contractor
and nothing in this Agreement shall be construed to impose on the Manager an express or implied fiduciary duty. Nothing in this Agreement
shall limit the Manager’s obligation to perform its duties in accordance with Section 14.1 of the Management Services Agreement.

 

Section 6.3
Effect of Termination. Termination of this Agreement shall not affect the right of the Manager to receive any unpaid amounts
or consideration due under this Agreement earned prior to such termination, subject to applicable law.

 

Section 6.4
Notices. Any notice under this Agreement shall be sufficient in all respects if given in writing and delivered in person
or by commercial courier providing proof of delivery and addressed as follows or addressed to such other person or address as such Party
may designate in writing for receipt of such notice.

 

If to the Company or the Managed Subsidiaries:

 

125 West 55th Street

15th Floor

New York, New York, 10019

Attention: Norman Brown, Lead Independent Director

 

    11

     

    

 

With a copy to:

 

White & Case LLP

1221 Avenue of the Americas

New York, NY 10020

Attention: Morton Pierce, Esq.; Michelle Rutta, Esq.

 

If to the Manager:

 

Macquarie Infrastructure Management (USA) Inc.

125 West 55th Street

15th Floor

New York, New York, 10019

Attention: David Fass, President

 

With a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

1440 New York Avenue, NW

Washington, DC 20005

Attention: Katherine D. Ashley, Esq.

 

Section 6.5
Captions. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect.

 

Section 6.6
Assignment. This Agreement may not be assigned by any Party without the prior written consent of the other Parties; provided
that, if any Party assigns the Management Services Agreement to an assignee, such Party shall simultaneously assign this Agreement to
the same assignee (and the assignment hereof in such case shall not require the prior written consent of any other Party). This Agreement
will be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns.

 

Section 6.7
Applicable Law. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to
conflict of law principles.

 

Section 6.8
Jurisdiction. Each Party irrevocably submits to the exclusive jurisdiction of the Delaware Court of Chancery and any state
appellate court therefrom within the State of Delaware (or, only if the Delaware Court of Chancery lacks jurisdiction over a particular
matter, any state or federal court within the State of Delaware, and any appellate courts thereof), for the purposes of any dispute arising
out of this Agreement or the transactions contemplated hereby (and each such party agrees that no such dispute relating to this Agreement
or the transactions contemplated hereby shall be brought by it except in such courts). Each Party irrevocably and unconditionally waives
(and agrees not to plead or claim) any objection to the laying of venue of any proceeding arising out of this Agreement or the transactions
contemplated hereby in the Delaware Court of Chancery or any state appellate court therefrom within the State of Delaware (or, only if
the Delaware Court of Chancery lacks jurisdiction over a particular matter, any state or federal court within the State of Delaware, and
any appellate courts thereof) or that any such proceeding brought in any such court has been brought in an inconvenient forum. Each Party
further agrees that any final and non-appealable judgment against a party in connection with any proceeding shall be conclusive and binding
on such Party and that such award or judgment may be enforced in any court of competent jurisdiction, either within or outside of the
United States. A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award
or judgment.

 

    12

     

    

 

Section 6.9
Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE
OR IN PART UNDER, RELATED TO, BASED ON OR IN CONNECTION WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY IN CONNECTION WITH ANY SUCH AGREEMENTS, WHETHER NOW
EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION 6.9 WITH THE COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL
BY JURY.

 

Section 6.10
Amendment. This Agreement may only be amended, or its provisions modified or waived, in a writing signed by the Party against
which such amendment, modification or waiver is sought to be enforced.

 

Section 6.11
Severability. Each provision of this Agreement is intended to be severable from the others so that if, any provision or
term hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remaining
provisions and terms hereof; provided, however, that the provisions governing payment of the Disposition Payments described in Article III
hereof (and any other provisions referenced therein) are not severable.

 

Section 6.12
Entire Agreement. This Agreement constitutes the sole and entire agreement of the Parties with regard to the subject matter
of this Agreement, and any written or oral agreements, statements, promises, negotiations or representations not expressly set forth in
this Agreement are of no force and effect. In the event of a conflict between the terms of this Agreement and the Management Services
Agreement, the terms of this Agreement shall control.

 

Section 6.13
Interpretation. To the extent this Agreement refers or relates to events occurring prior to the date hereof, references
to the “Company” shall be deemed to be references to MIC Corp. as the context so requires.

 

[Remainder of Page Left Intentionally]

 

    13

     

    

 

IN WITNESS WHEREOF, the Company,
the Managed Subsidiaries and the Manager have caused this Agreement to be executed as of the day and year first above written.

 

	MACQUARIE INFRASTRUCTURE 

HOLDINGS, LLC	 	MACQUARIE INFRASTRUCTURE

MANAGEMENT (USA) INC.
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:  Norman Brown	 	 	Name:  David Fass
	 	Title:Lead Independent Director	 	 	Title:President
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:  Christopher Frost	 	 	Name:  Raul Narciso
	 	Title:Chief Executive Officer	 	 	Title:Vice President
	 	 	 	 
	 	 	 	 
	MACQUARIE INFRASTRUCTURE CORPORATION	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	 	 	 
	 	 	 	 
	MIC HAWAII HOLDINGS, LLC	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Name: 	 	 	 
	 	Title:	 	 	 

 

     

     

    

 

EXHIBIT A

 

	Disposition Payments
	 
	TABLE A-l
	 	Cumulative Proceeds (in USD$)	Cumulative Disposition Payment Amount
	1.	Up to and including $3,389.5 million	2.91% of Cumulative Proceeds
	2.	Above $3,389.5 million and up to $4,611.4 million	Cumulative Proceeds interpolated based on the following schedule

(see Hypothetical Example for further detail)
	 	 	 
	 	 	Cumulative

 Proceeds	Cumulative

 Disposition 

Payment 

Amount	Cumulative

 Disposition 

Payment % of

 Cumulative 

Proceeds	Cumulative 

Net Proceeds	Cumulative 

Net Proceeds 

($ per Fully 

Diluted 

Share)
	 	 	$3,389.5	$98.6	2.91%	$3,290.9	$38.0
	 	 	3,488.6	111.3	3.19%	3,377.3	39.0
	 	 	3,588.1	124.1	3.46%	3,464.0	40.0
	 	 	3,688.2 	137.6 	3.73% 	3,550.6 	41.0
	 	 	3,788.7	151.5	4.00%	3,637.2	42.0
	 	 	3,889.8	166.1	4.27%	3,723.7	43.0
	 	 	3,991.4	180.8	4.53%	3,810.6	44.0
	 	 	4,093.5	196.5	4.80%	3,897.0	45.0
	 	 	4,196.1	212.3	5.06%	3,983.8	46.0
	 	 	4,299.1	229.1	5.33%	4,070.0	47.0
	 	 	4,402.7	246.1	5.59%	4,156.6	48.0
	 	 	4,506.8	263.6	5.85%	4,243.2	49.0
	 	 	4,611.4	281.3	6.10%	4,330.1	50.0
	3.	$4,611.4 million and above	6.10% of Cumulative Proceeds

 

     

     

    

 

If at any time during the period between the Effective
Date and the occurrence of a QTE, any change in the number of the Fully Diluted Shares shall occur as a result of any cancellation or
forfeiture of the right to receive shares of Common Stock (prior to the date hereof) or of Company Common Units (from and after the date
hereof) under the Company’s (or, prior to the date hereof, MIC Corp.’s) equity incentive plans or issuance of shares of Common
Stock (prior to the date hereof) or of Company Common Units (after the date hereof) (in any case, other than in connection with any buy
back, reclassification, recapitalization, stock split (including reverse stock split) or any stock dividend thereon with a record date
during such period) (any such reduction or issuance, an “Adjusting Event”), including, without limitation, (a) in
connection with the refinancing of MIC Corp.’s 2.00% Convertible Senior Notes due October 2023 or the refinancing of indebtedness
of the Company, (b) in connection with the bona fide acquisition by the Company or any of its Subsidiaries of assets or an entity,
(c) to the Manager pursuant to the Management Agreement or (d) to employees of the Company or its Subsidiaries in connection
with the Company’s (or, prior to the date hereof, MIC Corp.’s) equity incentive plans, the values set forth under “Cumulative
Proceeds,” “Cumulative Disposition Payment Amount” and “Cumulative Net Proceeds” in Table A-1 above shall
be adjusted by multiplying such value by the ratio as determined by dividing the Fully Diluted Shares at the time of the calculation of
the Disposition Payment by the Fully Diluted Shares as of the Effective Date. For example, Table A-2 immediately below sets forth the
adjusted values for “Cumulative Proceeds,” “Cumulative Disposition Payment Amount” and “Cumulative Net Proceeds”
based on a 10% increase in the Fully Diluted Shares as a result of an Adjusting Event. The Proceeds for each Disposition shall be equitably
adjusted to account for changes in the number of Fully Diluted Shares after such Disposition for purposes of the Cumulative Proceeds calculations
for subsequent Dispositions. For example, if there is a Disposition with Proceeds of $1,000,000,000 and then a 10% increase in Fully Diluted
Shares occurs due to a subsequent Adjusting Event, the Proceeds for such prior Disposition shall be deemed to be $1,100,000,000 when incorporated
into the Cumulative Proceeds calculations for a subsequent Disposition. This Proceeds adjustment shall be updated at each subsequent Disposition
to reflect all Adjusting Events up to that point.

 

Furthermore, if at any time during the period
between the Effective Date and the occurrence of a QTE, any change in the number of the Fully Diluted Shares occurs as a result of an
event other than an Adjusting Event (in any case, a “Non-Adjusting Event”), and thereafter there is an Adjusting
Event, the Fully Diluted Shares at the time of the calculation will be adjusted as necessary to provide to the Parties the same economic
effect as contemplated by this Agreement as if the Non-Adjusting Event had not occurred. For example, if there is a 100% increase in Fully
Diluted Shares subsequent to a Disposition (from 86,599,870 to 173,199,740) due to a Non-Adjusting Event, and then a further 10% increase
in Fully Diluted Shares to 190,519,714 occurs due to a subsequent Adjusting Event, the Fully Diluted Shares for the purposes of these
calculations will be assumed to be 95,259,857 (i.e. a 10% adjustment to the original 86,599,870 before the Non-Adjusting Event occurred).

 

    2 

     

    

 

	TABLE A-2
	 	 	 	 	 	 	 
	 	Cumulative Proceeds (in USD$)	Cumulative Disposition Payment Amount
	1.	Up to and including $3,728.5 million	2.91% of Cumulative Proceeds
	2.	Above $3,728.5 million and up to $5,072.5 million	Cumulative Proceeds interpolated
based on the following schedule 

(see Hypothetical Example for further detail)
	 	 	 
	 	 	Cumulative

 Proceeds	Cumulative

 Disposition

 Payment 

Amount	Cumulative 

Disposition 

Payment % of

 Cumulative 

Proceeds	Cumulative

 Net Proceeds	Cumulative 

Net Proceeds 

($ per Fully 

Diluted 

Share)
	 	 	$3,728.5	$108.5	2.91%	$3,620.0	$38.0
	 	 	3,837.5	122.4	3.19%	3,715.0	39.0
	 	 	3,946.9	136.6	3.46%	3,810.3	40.0
	 	 	4,057.0	151.3	3.73%	3,905.7	41.0
	 	 	4,167.6	166.7	4.00%	4,000.9	42.0
	 	 	4,278.8	182.7	4.27%	4,096.1	43.0
	 	 	4,390.5	198.9	4.53%	4,191.6	44.0
	 	 	4,502.9	216.1	4.80%	4,286.7	45.0
	 	 	4,615.7	233.6	5.06%	4,382.2	46.0
	 	 	4,729.0	252.1	5.33%	4,477.0	47.0
	 	 	4,843.0	270.7	5.59%	4,572.2	48.0
	 	 	4,957.5	290.0	5.85%	4.667.5	49.0
	 	 	5,072.5	309.4	6.10%	4,763.1	50.0
	3.	$5,072.5 million and above	6.10% of Cumulative Proceeds

 

Hypothetical Example (in USD$)

 

This example assumes that the fully diluted shares
outstanding for each Disposition below is equal to Fully Diluted Shares.

 

First, the Company receives Proceeds of $2,000
million from the sale of assets.

 

	●	In that case, a Disposition Payment of $58.2 million ($2,000 million x 0.0291) would be payable.

 

    3 

     

    

 

Second, the Company receives Proceeds of $1,500
million from the sale of assets (for a total Cumulative Proceeds of $3,500 million).

 

	●	The Cumulative Disposition Payment would increase to $112.7 million, which is interpolated based on the range of Cumulative Proceeds and Disposition Payment % of Cumulative Proceeds provided, as follows:

	 	o	$3,500 million less $3,488.6 million or $11.4 million, divided by
	 	o	$3,588.1 million less $3,488.6 million or $99.5 million, multiplied by
	 	o	3.46% less 3.19% or 0.27%, plus
	 	o	3.19%, multiplied by
	 	o	$3,500

 

	●	The Disposition Payment payable for the second Disposition would be $54.5 million (the difference between $112.7 million and the $58.2 million already paid).

 

Third, the remainder of the Company is sold for
Proceeds of $1,500 million (for a total Cumulative Proceeds of $5,000 million).

 

	●	The Cumulative Disposition Payment would increase to $305.0 million (the product of $5,000 million and 0.061).

 

The Disposition Payment payable would be $192.3
million (the difference between $305.0 million and the $112.7 million already paid).

 

    4Exhibit 10.7

 

FORM OF SECOND AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT

 

BETWEEN

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC

 

AND

 

MACQUARIE INFRASTRUCTURE MANAGEMENT (USA) INC.

 

Dated as of ___________, 2021

 

This SECOND AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of __________, 2021, is between Macquarie Infrastructure Holdings,
LLC, a Delaware limited liability company (the “Company”) and Macquarie Infrastructure Management (USA) Inc., a Delaware corporation
(the “Manager”).

 

RECITALS

 

WHEREAS, Macquarie Infrastructure
Corporation, a Delaware corporation and a wholly owned subsidiary of the Company (“Predecessor”) and the Manager are party
to an Amended and Restated Registration Rights Agreement, dated as of May 21, 2015 (the “Previous Agreement”);

 

WHEREAS, effective as of the
date hereof, (i) Predecessor merged with a subsidiary of the Company and survived the merger as a wholly owned subsidiary of the
Company (the “Merger”), Predecessor’s common stock, par value $0.001 per share (the “Predecessor Common Stock”)
issued and outstanding immediately prior to the effective time of the Merger was converted into Common Units on a one for one basis, and
the Common Units have been listed to trade on the New York Stock Exchange, Inc. and (ii) immediately following the Merger, Predecessor
distributed to the Company all of the limited liability company interests in MIC Hawaii Holdings, LLC (the “Hawaii Distribution”
and, together with the Merger, the “Reorganization”);

 

WHEREAS, pursuant to the terms
of the Fourth Amended and Restated Management Services Agreement (the “Management Services Agreement”) dated as of the date
hereof among the Manager, the Company, Predecessor, and MIC Hawaii Holdings, LLC and each Managed Subsidiary (as defined therein) have
agreed to appoint the Manager to manage their respective businesses and affairs as therein described;

 

WHEREAS, pursuant to the terms
of the Management Services Agreement, the Manager has the right but not the obligation to invest all or a portion of the management fees
it receives from the Company and the Managed Subsidiaries, from time to time, in Common Units in accordance with the terms therein (each,
a “Management Fee Investment”; together, the “Management Fee Investments”); and

 

WHEREAS, the parties hereto
desire to revise the Previous Agreement in connection with the Reorganization.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the foregoing and the covenants contained herein, the parties agree as follows:

 

Section 1

 

DEFINITIONS

 

1.1 Definitions.

 

The following terms, when
used in this Agreement, shall, except where the context otherwise requires, have the following meanings (such definitions to be equally
applicable to the singular and plural forms thereof):

 

“Additional Initial
Investment” means the 600,000 shares of Trust Stock comprising 30% of the Manager’s initial investment in the trust that was
a predecessor entity of the Company.

 

“Automatically Effective
Shelf” means any Registration Statement of the Company on Form S-3ASR that is currently effective and on file with the Commission
that can be used for the registration and sale of the Company’s Common Units.

 

“Business Day”
means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in The City of New York are
authorized or obligated by law or executive order to close.

 

“Commission” means
the Securities and Exchange Commission.

 

“Common Units”
means the common units representing limited liability company interests in the Company.

 

“Company Registration
Statement” shall have the meaning set forth in Section 3.1.

 

“Deferral Notice”
shall have the meaning set forth in Section 4.2.

 

“Effective Period”
means, with respect to a Shelf Registration Statement, the period commencing from the time such Shelf Registration Statement becomes or
is declared effective until all Registrable Shares registered under such Registration Statement shall have been sold pursuant thereto
or shall have otherwise ceased to be Registrable Shares.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“FINRA” means
the Financial Industry Regulatory Authority, Inc.

 

“Hawaii Distribution”
has the meaning set forth in the Recitals hereto.

 

“Initial Investment”
means the 1,400,000 shares of Trust Stock comprising 70% of the Manager’s initial investment in the trust that was a predecessor
entity of Predecessor.

 

“Management Fee Investment”
shall have the meaning set forth in the Recitals hereto.

 

“Management Services
Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Material Event”
shall have the meaning set forth in Section 4.1(iv).

 

“Merger” has the
meaning set forth in the Recitals hereto.

 

“Notice and Questionnaire”
shall have the meaning set forth in Section 2.3.

 

    2

     

    

 

“Person” means
any natural person, corporation, firm, partnership, association, government, governmental agency or other entity, whether acting in an
individual, fiduciary or other capacity.

 

“Predecessor”
has the meaning set forth in the Recitals hereto.

 

“Predecessor Common
Stock” has the meaning set forth in the Recitals hereto.

 

“Previous Agreement” shall have the meaning set forth in
the Recitals hereto.

 

“Prospectus” means
the prospectus included in any Shelf Registration Statement filed in accordance with Section 2 or a Company Registration Statement
described in Section 3, as amended or supplemented by any amendment or prospectus supplement, including post-effective amendments,
and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus.

 

“Prospectus Supplement”
shall have the meaning set forth in Section 2.1.

 

“Registrable Shares”
means the Common Units that were purchased by the Manager as the Initial Investment or the Additional Initial Investment or in connection
with Management Fee Investments, plus the Common Units purchased by the Manager in connection with Management Fee Investments after the
date hereof; provided, however, that Registrable Shares shall not include any shares of Predecessor Common Stock or Common Units that
have been sold to the public either pursuant to a registration statement or Rule 144 or that have been sold in a private transaction
in which the transferor’s rights under this Agreement were not assigned.

 

“Registration Expenses”
shall have the meaning set forth in Section 6.

 

“Registration Statement”
means any Shelf Registration Statement or any Company Registration Statement.

 

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

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Shelf Registration
Statement” means any of the shelf registration statements referred to in Section 2.1, including the Prospectus included therein,
as amended or supplemented by any amendment or supplement, including post-effective amendments, and all materials incorporated by reference
or explicitly deemed to be incorporated by reference in each such Shelf Registration Statement.

 

“Trust Stock”
means shares of stock in the trust that was a predecessor entity of Predecessor; it being understood that the shares of Trust Stock were
exchanged for limited liability company interests and that such limited liability company interests converted into shares of Predecessor
Common Stock, and that the shares of Predecessor Common Stock converted into Common Units pursuant to the Merger.

 

Other terms defined herein
shall have the meanings assigned to them herein, and capitalized terms used herein without definition shall have the meanings ascribed
thereto in the Management Services Agreement.

 

    3

     

    

 

Section 2

 

DEMAND REGISTRATION

 

2.1 So long as the Manager
holds Registrable Shares or can be reasonably foreseen to acquire Registrable Shares pursuant to future Management Fee Investments that
have not been previously registered pursuant hereto, the Company agrees, upon request of the Manager, to use its best efforts to either
(a) if there is no Automatically Effective Shelf, file one or more Shelf Registration Statements (which may include Registrable Shares
covered by a prior Shelf Registration Statement) providing for the registration, and the sale on a continuous or delayed basis (including
through brokers and dealers) by the Manager, of all such Registrable Shares, pursuant to Rule 415 or any similar rule that may
be adopted by the Commission or (b) if there is an Automatically Effective Shelf, file one or more prospectus supplements (each,
a “Prospectus Supplement”) with the Commission for the sale and distribution of all or such portion of the Manager’s
Registrable Shares as are specified in such request; provided, however, that the Company shall not be obligated to file more than four
(4) such Shelf Registration Statements or Prospectus Supplements in any twelve-month period. Each such request from the Manager shall
indicate whether the Manager wishes to sell the Registrable Shares pursuant to an underwritten offering.

 

The Manager shall be named
as a selling security holder in such Shelf Registration Statement or Prospectus Supplement, in such a manner as to permit the Manager
to deliver such Shelf Registration Statement or Prospectus Supplement to purchasers of Registrable Shares in accordance with applicable
law.

 

2.2 The Company further agrees
that it shall cause each Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective
date of such Shelf Registration Statement or the date of any such amendment or supplement, and each Prospectus Supplement, as of the date
of such Prospectus Supplement, (i) to comply in all material respects with the applicable requirements of the Securities Act; and
(ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein (in light of the circumstances under which they were made) not misleading. If any Shelf Registration
Statement, as amended or supplemented from time to time, ceases to be effective for any reason at any time during an Effective Period
(other than because all Registrable Shares registered thereunder shall have been sold pursuant thereto or shall have otherwise ceased
to be Registrable Shares), the Company shall use its best efforts to obtain the prompt withdrawal of any order suspending the effectiveness
thereof.

 

2.3 The Manager agrees that
if it wishes to sell Registrable Shares pursuant to a Shelf Registration Statement or Prospectus Supplement, it will do so only in accordance
with this Section 2.3. The Manager agrees to deliver a Notice and Questionnaire, a form of which is attached as Schedule 1 to this
Agreement (the “Notice and Questionnaire”), to the Company at least ten (10) Business Days prior to the filing of any
Shelf Registration Statement or Prospectus Supplement.

 

Section 3

 

PIGGYBACK REGISTRATION

 

3.1 Right to Piggyback.

 

(a) Subject to the terms
and conditions hereof, whenever the Company proposes (i) to register, either for its own account or the account of a security holder
or holders, any Common Units under the Securities Act and the form of registration statement (the “Company Registration Statement”)
to be used may be used for the registration of Registrable Shares or (ii) to sell Common Units pursuant to a Prospectus Supplement
to an Automatically Effective Shelf and Registrable Shares can be included in such Prospectus Supplement (each, a “Piggyback Registration”),
the Company shall give prompt written notice to the Manager of the Company’s intention to effect such a registration and shall include
in the Company Registration Statement or Prospectus Supplement all Registrable Shares with respect to which the Manager has provided the
Company with a written request for inclusion therein within twenty (20) calendar days after the receipt of the Company’s notice
to the extent reasonably practicable, but shall include all such shares to which the Manager has provided the Company with a written request
for inclusion therein within three (3) business days after the Company’s notice.

 

    4

     

    

 

(b) Notwithstanding the
foregoing, the Company shall not be required to notify the Manager or include Registrable Shares in any registration on (i) Form S-1,
S-3 or S-8, or their successor forms, under the Securities Act, or a Prospectus Supplement thereto, relating solely to stock purchase
or other equity plans or an equity distribution program, including without limitation, the Company’s direct stock purchase and dividend
reinvestment program, (ii) Form S-4 or successor forms relating solely to a transaction within the scope of Rule 145, or
(iii) any other form (other than Form S-1, S-3 or SB-1, or their successor forms), or a Prospectus Supplement thereto, that
does not include substantially the same information as would be required to be included in a Company Registration Statement or Prospectus
Supplement pursuant to Section 2 above.

 

(c) The Company shall
have the right to abandon, terminate and/or withdraw any Company Registration Statement initiated by it under this Section 3 prior
to the effectiveness of such Company Registration Statement and/or any Prospectus Supplement at any time prior to the consummation of
an offering pursuant thereto, whether or not the Manager has elected to include securities in such Company Registration Statement or Prospectus
Supplement.

 

3.2 If the Piggyback Registration
with respect to which the Company gives notice is for a public offering involving an underwriting, the Company shall so advise the Manager
as a part of the written notice given pursuant to Section 3.1(a). In such event, the right of the Manager to be named selling security
holder in a Company Registration Statement or Prospectus Supplement pursuant to Section 3 shall be conditioned upon the Manager’s
participation in such underwriting and the inclusion of the Manager’s Registrable Shares in the underwriting to the extent provided
herein. The Company and the Manager shall enter into an underwriting agreement in customary form, with the underwriters selected by the
Company.

 

3.3 Cutback.

 

Notwithstanding any other
provision of this Section 3 to the contrary, if the representative of the underwriters determines that marketing factors require
a limitation of the number of shares to be underwritten, the underwriters and the Company may limit the number of Registrable Shares to
be included in the Company Registration Statement or Prospectus Supplement and underwriting. In the event of any such limitation of the
number of Common Units to be underwritten, the Company shall so advise the Manager, and the number of shares included in such Company
Registration Statement or Prospectus Supplement and underwriting shall be allocated first to the Company for securities being sold for
its own account and thereafter to the Manager. If the Manager disapproves of the terms of any such underwriting, it may elect to withdraw
therefrom by written notice to the Company and the underwriter, and such Registrable Shares shall be withdrawn from such Company Registration
Statement or Prospectus Supplement.

 

Section 4

 

REGISTRATION PROCEDURES

 

The following provisions shall
apply to any Registration Statement or Prospectus Supplement filed pursuant to Sections 2 and 3 hereof.

 

4.1 The Company shall:

 

(i) prepare and file
with the Commission a Registration Statement on any form that may be utilized by the Company or a Prospectus Supplement that shall permit
the disposition of the Registrable Shares in accordance with the intended method or methods thereof, as specified in writing by the Manager;

 

    5

     

    

 

(ii) before filing any
Registration Statement or related Prospectus or any Prospectus Supplement or any amendments or supplements thereto with the Commission,
furnish to the Manager copies of all such documents proposed to be filed and reflect in each such document, when so filed with the Commission,
such comments as the Manager reasonably shall propose within five (5) Business Days of the delivery of such copies to the Manager;

 

(iii) (A) prepare
and file with the Commission such amendments and post-effective amendments, if any, to any Registration Statement and file with the Commission
any other required document that may be necessary to keep such Registration Statement continuously effective until the expiration of the
Effective Period, subject to Section 4.2, (B) cause the related Prospectus to be supplemented by any required Prospectus supplement
and, as so supplemented, to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act and
cause any required Prospectus Supplement to be filed pursuant to Rule 424 (or any similar provisions then in force), and (C) comply
with the provisions of the Securities Act applicable to it with respect to the disposition of all Registrable Shares covered by a Registration
Statement or Prospectus Supplement during the Effective Period in accordance with the intended methods of disposition by the Manager set
forth in a Registration Statement as so amended or such Prospectus as so supplemented or any Prospectus Supplement;

 

(iv) promptly notify
the Manager (A) when each Registration Statement or the Prospectus included therein, or any amendment or supplement to the Prospectus
or post-effective amendment, or any Prospectus Supplement has been filed with the Commission, and, with respect to each Registration Statement
or any post effective amendment, when the same has become effective, (B) of any request, following the effectiveness of any Registration
Statement or the filing of any Prospectus Supplement, by the Commission or any other federal or state governmental authority for amendments
or supplements thereto or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness
of any Registration Statement or the initiation or written threat of any proceedings for that purpose, (D) of the receipt by the
Company of any notification with respect to the suspension of the qualification of the Registrable Shares for sale in any jurisdiction
or the initiation or written threat of any proceeding for such purpose, (E) of the occurrence of (but not the nature of or details
concerning) any event or the existence of any fact (a “Material Event”) as a result of which any Registration Statement shall
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading or any Prospectus or Prospectus Supplement shall contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading (provided, however, that no notice by the Company shall be required pursuant to this clause
(E) in the event that the Company either promptly files a supplement to update the Prospectus or a Prospectus Supplement or a Form 8-K
or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement or Prospectus Supplement, which,
in either case, contains the requisite information with respect to such Material Event that results in such Registration Statement or
Prospectus or Prospectus Supplement no longer containing any untrue statement of material fact or omitting to state a material fact necessary
to make the statements contained therein not misleading), (F) of the determination by the Company that a post-effective amendment
to a Registration Statement will be filed with the Commission, which notice may, at the discretion of the Company (or as required pursuant
to Section 4.2), state that it constitutes a Deferral Notice, in which event the provisions of Section 4.2 shall apply or (G) at
any time during which a Prospectus or Prospectus Supplement is required to be delivered under the Securities Act, that a Registration
Statement, Prospectus or Prospectus Supplement, or amendment or supplement or post-effective amendment thereto, does not conform in all
material respects to the applicable requirements of the Securities Act and the rules and regulations of the Commission thereunder;

 

(v) prior to any public
offering of the Registrable Shares pursuant to a Registration Statement or Prospectus Supplement, use its best efforts to register or
qualify or cooperate with the Manager in connection with the registration or qualification (or exemption from such registration or qualification)
of such Registrable Shares for offer and sale under the securities or “blue sky” laws of such jurisdictions within the United
States as the Manager reasonably requests in writing (which request may be included in the Notice and Questionnaire);

 

    6

     

    

 

(vi) prior to any public
offering of the Registrable Shares pursuant to a Registration Statement or Prospectus Supplement, use its best efforts to keep each such
registration or qualification (or exemption therefrom) effective during the Effective Period in connection with the Manager’s offer
and sale of Registrable Shares pursuant to such registration or qualification (or exemption therefrom) and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of such Registrable Shares in the manner set forth in the
Registration Statement and the related Prospectus or Prospectus Supplement; provided that the Company will not be required to (A) qualify
as a foreign entity or as a dealer in securities in any jurisdiction in which it would not otherwise be required to qualify but for this
Agreement, (B) take any action that would subject it to general service of process in suits or to taxation in any such jurisdiction
in which it is not then so subject, or (C) become subject to the reporting requirements of such jurisdiction;

 

(vii) use its best efforts
to prevent the issuance of and, if issued, to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement,
or any post-effective amendment thereto, and to lift any suspension of the qualification of any of the Registrable Shares for sale in
any jurisdiction in which they have been qualified for sale, in each case at the earliest practicable date;

 

(viii) upon reasonable
notice, for a reasonable period prior to the filing of any Registration Statement or Prospectus Supplement, and throughout the applicable
Effective Period, make available at reasonable times at the Company’s principal place of business or such other reasonable place
for inspection by a representative of any underwriter, placement agent or counsel appointed by the Manager in connection with an underwritten
offering, such financial and other information and books and records of the Company, and cause the officers, directors, trustees and independent
certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary, in the judgment of the counsel
to the Manager, to conduct a reasonable “due diligence” investigation; provided, however, that each such representative appointed
by the Manager in connection with an underwritten offering shall be required to maintain in confidence and not to disclose to any other
person any information or records reasonably designated by the Company in writing as being confidential, subject to customary exceptions;

 

(ix) if reasonably requested
by the Manager, promptly incorporate in a supplement or post-effective amendment to a Registration Statement or Prospectus Supplement
such information as the Manager shall, on the basis of a written opinion of nationally recognized counsel experienced in such matters,
determine to be required to be included therein by applicable law and make any required filings of such supplement to the Prospectus or
such post-effective amendment; provided that the Company shall not be required to take any actions under this Section 4.1(viii) that
are not, in the reasonable opinion of counsel for the Company, in compliance with applicable law;

 

(x) promptly furnish
to the Manager, upon its request and without charge, at least one (1) conformed copy of each Registration Statement or Prospectus
Supplement, and any amendments thereto, including financial statements but excluding schedules, all documents incorporated or deemed to
be incorporated therein by reference and all exhibits (unless requested in writing to the Company by the Manager); and

 

(xi) during each Effective
Period, deliver to the Manager in connection with any sale of Registrable Shares pursuant to a Registration Statement or Prospectus Supplement,
without charge, as many copies of the Prospectus or Prospectus Supplement relating to such Registrable Shares including any Preliminary
Prospectus or preliminary Prospectus Supplement and any amendment or supplement thereto as the Manager may reasonably request; and the
Company hereby consents (except during such periods in which a Deferral Notice is outstanding and has not been revoked or during any period
that is not a “trading window” as defined in the Company’s Insider Trading Policy) to the use of such Prospectus, Prospectus
Supplement or each amendment or supplement thereto by the Manager in connection with any offering and sale of the Registrable Shares covered
by such Prospectus, Prospectus Supplement or any amendment or supplement thereto in the manner set forth therein.

 

    7

     

    

 

4.2 Upon (i) the issuance
by the Commission of a stop order suspending the effectiveness of a Registration Statement or the initiation of proceedings with respect
to a Registration Statement under Section 8(d) or 8(e) of the Securities Act or (ii) the occurrence of any event or
the existence of any Material Event as a result of which a Registration Statement shall contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or any Prospectus
or Prospectus Supplement shall contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the Company
will (A) in the case of clause (ii) above, subject to the third sentence of this provision, as promptly as practicable, prepare
and file a post-effective amendment to such Registration Statement or an amendment or supplement to the related Prospectus or any Prospectus
Supplement or any document incorporated therein by reference or file any other required document that would be incorporated by reference
into such Registration Statement or Prospectus Supplement so that such Registration Statement does not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
and such Prospectus or Prospectus Supplement does not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading, as thereafter delivered to the purchasers of the Registrable Shares being sold thereunder, and, in the case of a post-effective
amendment to a Registration Statement, use best efforts to cause it to be declared effective as promptly as practicable, and (B) in
the case of clauses (i) and (ii) above, give notice to the Manager that the availability of any Registration Statement or Prospectus
Supplement is suspended (a “Deferral Notice”). Upon receipt of any Deferral Notice, the Manager agrees not to sell any Registrable
Shares pursuant to a Registration Statement or Prospectus Supplement until the Manager’s receipt of copies of the supplemented or
amended Prospectus or Prospectus Supplement provided for in clause (A) above, or until it is advised in writing by the Company that
the Prospectus or Prospectus Supplement may be used, and has received copies of any additional or supplemental filings that are incorporated
or deemed incorporated by reference in such Prospectus or Prospectus Supplement. The Company will use its best efforts to ensure that
the use of the Prospectus or Prospectus Supplement may be resumed (x) in the case of clause (i) above, as promptly as practicable,
(y) in the case of clause (ii) above, as soon as, in the sole judgment of the Company, public disclosure of such Material Event
would not be prejudicial to or contrary to the interests of the Company or, if necessary to avoid unreasonable burden or expense, as soon
as practicable thereafter.

 

4.3 The Manager agrees that,
upon receipt of any Deferral Notice from the Company, the Manager shall forthwith discontinue (and cause any placement or sales agent
or underwriters acting on their behalf to discontinue) the disposition of Registrable Shares pursuant to the Registration Statement or
Prospectus Supplement applicable to such Registrable Shares until the Manager (i) shall have received copies of such amended or supplemented
Prospectus or Prospectus Supplement and, if so directed by the Company, deliver to the Company (at the Company’s expense) all copies,
other than permanent file copies, then in the Manager’s possession of the Prospectus or Prospectus Supplement covering such Registrable
Shares at the time of receipt of such notice or (ii) shall have received notice from the Company that the disposition of Registrable
Shares pursuant to the Registration Statement or Prospectus Supplement may continue.

 

    8

     

    

 

4.4 The Company may require
the Manager in connection with the Registrable Shares as to which any offering pursuant to Section 2.1 or 3 is being effected to
furnish to the Company such information regarding the Manager and the Manager’s intended method of distribution of such Registrable
Shares as the Company may from time to time reasonably request in writing, but only to the extent that such information is required in
order to comply with the Securities Act. The Manager agrees to notify the Company as promptly as practicable of any inaccuracy or change
in information previously furnished by the Manager to the Company or of the occurrence of any event in either case as a result of which
any Prospectus or Prospectus Supplement relating to such offering contains or would contain an untrue statement of a material fact regarding
the Manager or the Manager’s intended method of disposition of such Registrable Shares or omits to state any material fact regarding
the Manager or the Manager’s intended method of disposition of such Registrable Shares required to be stated therein or necessary
to make the statements therein not misleading, and promptly to furnish to the Company any additional information required to correct and
update any previously furnished information or required so that such Prospectus or Prospectus Supplement shall not contain, with respect
to the Manager or the disposition of such Registrable Shares, an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading.

 

4.5 The Company shall comply
with all applicable rules and regulations of the Commission and timely file such reports pursuant to the Exchange Act as are necessary
in order to make generally available to its security holders as soon as practicable an earnings statement for the purposes of, and to
provide the benefits contemplated by, the last paragraph of Section 11(a) of the Securities Act.

 

4.6 The Company shall provide
CUSIP numbers for all Registrable Shares covered by an offering no later than the effective date of the Registration Statement or the
filing date of any Prospectus Supplement, as the case may be.

 

4.7 The Company and the Manager
shall provide such information as is required for any filings required to be made with FINRA.

 

4.8 From the period beginning
with the termination of the Management Services Agreement and ending six months after the last Management Fee Investment, the Company
will not, and will not permit any of its “affiliates” (as defined in Rule 144) to, resell any of the Securities that
have been reacquired by any of them except pursuant to an effective registration statement under the Securities Act.

 

4.9 The Company shall enter
into such customary agreements and take all such other necessary and lawful actions in connection therewith in order to expedite or facilitate
disposition of such Registrable Shares.

 

Section 5

 

MANAGER’S OBLIGATIONS

 

The Manager agrees, by acquisition
of the Registrable Shares, that it shall not be entitled to sell any of such Registrable Shares pursuant to a Registration Statement or
Prospectus Supplement or to receive a Prospectus or Prospectus Supplement relating thereto, unless it has furnished the Company with a
Notice and Questionnaire as required pursuant to Section 2.3 hereof (including the information required to be included in such Notice
and Questionnaire) and the information set forth in the next sentence. The Manager agrees promptly to furnish to the Company all information
required to be disclosed in order to make the information previously furnished by it to the Company not misleading and any other information
regarding the Manager and the distribution of the Registrable Shares that may be required to be disclosed in a Registration Statement
or Prospectus Supplement under applicable law or pursuant to Commission comments. The Manager agrees, so long as the Management Services
Agreement is in effect, to comply with the Company’s Insider Trading Policy. The Manager further agrees not to sell any Registrable
Shares pursuant to a Registration Statement or Prospectus Supplement without delivering, or causing to be delivered, a Prospectus or Prospectus
Supplement to the purchaser thereof and, within ten (10) Business Days of a request by the Company confirm the amount of Registrable
Shares sold pursuant to any Registration Statement or Prospectus Supplement. In the absence of a response, the Company may assume that
all of the Manager’s Registrable Shares were so sold.

 

    9

     

    

 

Section 6

 

REGISTRATION EXPENSES

 

The Company agrees to bear
and to pay or cause to be paid promptly upon request being made therefor all expenses incident to the Company’s performance of or
compliance with this Agreement, including (i) all Commission and any FINRA registration and filing fees and expenses, (ii) all
fees and expenses in connection with the qualification of the Registrable Shares for offering and sale under the state securities and
blue sky laws referred to in Section 4.1(v) hereof, including reasonable fees and disbursements of one counsel for the placement
agent or underwriters, if any, in connection with such qualifications, (iii) all expenses relating to the preparation, printing,
distribution and reproduction of the Registration Statement, including any related Prospectus, or Prospectus Supplement, each amendment
or supplement to each of the foregoing, the certificates representing the Registrable Shares and all other documents relating hereto,
(iv) fees and expenses of the registrar and transfer agent for the Common Units, (v) fees, disbursements and expenses of counsel
and independent certified public accountants of the Company (including the expenses of any opinions or “cold comfort” letters
required by or incident to such performance and compliance) and (f) reasonable fees, disbursements and expenses of one counsel for
the Manager retained in connection with any underwritten offering of the Registrable Shares pursuant to a Registration Statement or Prospectus,
as selected by the Manager and reasonably acceptable to the Company (including the expenses of any opinion), and fees, expenses and disbursements
of any other persons, including special experts, retained by the Company in connection with such registration (collectively, the “Registration
Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by the Manager or any placement agent therefor
or underwriter thereof, the Company shall promptly after receipt of a documented request therefor reimburse such person for the full amount
of the Registration Expenses so incurred, assumed or paid. Notwithstanding the foregoing, the Manager shall pay all placement agent fees
and commissions and underwriting discounts and commissions attributable to the sale of the Registrable Shares being registered and the
fees and disbursements of any counsel or other advisors or experts retained by the Manager, other than the counsel and experts specifically
referred to above.

 

    10

     

    

 

Section 7

 

INDEMNIFICATION

 

7.1 Indemnification by the
Company.

 

The Company will indemnify
the Manager, each of its officers, directors and partners, each person controlling the Manager within the meaning of either the Securities
Act of the Exchange Act, each underwriter of public offerings effected pursuant to this Agreement, if any, and each person who controls
any such underwriter within the meaning of either the Securities Act and the Exchange Act against all claims, losses, expenses, damages
and liabilities (or actions, proceedings or settlements with respect thereto) arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any Registration Statement as originally filed or in any amendment thereto, or in any
preliminary Prospectus or the Prospectus, or in any amendment or supplement thereto or in any Prospectus Supplement, or based on any omission
(or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statement therein not misleading
(in the case of any preliminary Prospectus or the Prospectus or any Prospectus Supplement, in the light of the circumstances under which
they were made), or any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities
law applicable to the Company or any rule or regulation promulgated under the Securities Act, the Exchange Act or any such state
law and relating to action or inaction required of the Company in connection with any such Registration Statement as originally filed
or any amendment thereto, preliminary Prospectus, Prospectus or Prospectus Supplement. The Company will reimburse the Manager, each of
its officers, directors and partners, and each person controlling the Manager, each such underwriter and each person who controls any
such underwriter for any reasonable legal and any other expenses incurred in connection with investigating, defending or settling any
such claim, loss, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 7.1 shall
not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such settlement is effected without the
consent of the Company (which consent shall not be unreasonably withheld); and provided further that the Company will not be liable in
any such case to the extent that any such claim, loss, damage or liability arises out of or is based on any untrue statement or omission
based upon written information furnished to the Company by the Manager or underwriter specifically for use therein. The foregoing indemnity
agreement with respect to any preliminary Prospectus shall not inure to the benefit of the Manager or underwriter, or any person controlling
the Manager, or underwriter, from whom the persons asserting any such losses, claims, damages or liabilities purchased shares in the offering,
if a copy of the Prospectus (as then amended or supplemented if the Company shall have furnished any amendments or supplements thereto)
was not sent or given by or on behalf of the Manager or underwriter to such person at or prior to the written confirmation of the sale
of the shares to such person, and if the Prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss,
claim, damage or liability.

 

7.2 Indemnification by the
Manager.

 

The Manager will, as to each
registration in which the Manager participates, indemnify the Company, each of its directors and officers, each underwriter and each person
who controls the Company or such underwriter within the meaning of either the Securities Act or the Exchange Act, and the Manager, each
of its officers, directors and partners and each person controlling the Manager, against all claims, losses, expenses, damages and liabilities
(or actions, proceedings or settlements in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement)
of a material fact contained in any Registration Statement as originally filed or in any amendment thereto, or in any preliminary Prospectus,
Prospectus or Prospectus Supplement, or any omission (or alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading (in the case of any preliminary Prospectus or the Prospectus or any Prospectus
Supplement, in the light of the circumstances under which they were made), and will reimburse the Company, and each of its directors,
officers, partners, underwriters and controlling persons for any reasonable legal and any other expenses incurred in connection with investigating,
defending or settling any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such
untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in any such Registration Statement as originally
filed or any amendment thereto, preliminary Prospectus, Prospectus or Prospectus Supplement, in reliance upon and in conformity with written
information furnished to the Company by the Manager specifically for use therein; provided, however, that (i) the indemnity agreement
contained in this Section 7.2 shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action
if such settlement is effected without the consent of the Manager (which consent shall not be unreasonably withheld) and (ii) that
the total amount for which the Manager shall be liable under this Section 7.2. shall not in any event exceed the aggregate net proceeds
received by the Manager from the sale of Registrable Shares held by the Manager in such registration.

 

    11

     

    

 

7.3 Indemnification Procedures.

 

Each party entitled to indemnification
under this Section 7 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the
 “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided
that counsel for the Indemnifying Party proposed to conduct the defense of such claim or litigation shall be approved by the Indemnified
Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such Indemnified
Party’s election and expense; provided further, that the failure of any Indemnified Party to give notice as provided herein shall
not relieve the Indemnifying Party of its obligations hereunder, unless such failure resulted in prejudice to the Indemnifying Party;
and provided further, that an Indemnified Party (together with all other Indemnified Parties which may be represented without conflict
by one counsel) shall have the right to retain one separate counsel, with the fees and expenses of such counsel to be paid by the Indemnifying
Party, if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to actual
or potential differing interests between such Indemnified Party and any other party represented by counsel for the Indemnifying Party
in such proceeding. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified
Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to all Indemnified Parties of a release from all liability in respect to such claim or litigation.

 

7.4 Survival; Contribution.

 

(a) The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified
Party or any officer, director or controlling person of such Indemnified Party and shall survive the transfer of securities. If the indemnification
provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect
to any losses, claims, damages or liabilities referred to herein, the Indemnifying Party, in lieu of indemnifying such Indemnified Party
hereunder, shall, to the extent permitted by applicable law, contribute to the amount paid or payable by such Indemnified Party as a result
of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party
on the one hand, and of the Indemnified Party, on the other, in connection with the circumstances that resulted in such loss, claim, damage
or liability, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified
Party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

(b) Notwithstanding anything
in this Section 7 to the contrary, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions
of the underwriting agreement shall control.

 

Section 8

 

PARTICIPATION IN UNDERWRITTEN REGISTRATIONS

 

8.1 No person may participate
in any registration hereunder which is underwritten unless the person (i) agrees to accept the terms of the underwriting agreement
as agreed upon by the Company and the underwriters selected in accordance with this Agreement, and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting
arrangements.

 

    12

     

    

 

Section 9

 

REPORTS UNDER THE SECURITIES LAWS

 

9.1 With a view to making
available to the Manager the benefits of Rule 144 and any other rule or regulation of the Commission that may at any time permit
the Manager to sell Common Units to the public without registration, the Company agrees to use its commercially reasonable efforts to:

 

(a) make and keep public
information available, as those terms are understood and defined in Rule 144, at all times subsequent to ninety (90) days after the
effective date of any registration statement covering an underwritten public offering filed under the Securities Act by the Company;

 

(b) file with the Commission
in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at any time after
it is subject to the reporting requirements thereof; and

 

(c) furnish to the Manager
upon request a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after
ninety (90) days after the effective date of the registration statement filed by the Company), and of the Securities Act and the Exchange
Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of
the Company, and such other reports and documents so filed by the Company as may be reasonably requested by the Manager in availing itself
of any rule or regulation of the Commission permitting the selling of any of the securities without registration.

 

Section 10

 

TRANSFER OF REGISTRATION RIGHTS

 

Provided that the Company
is given written notice by the Manager at the time of any transfer of Registrable Shares by the Manager stating the name and address of
the transferee of such Registrable Shares and identifying the securities with respect to which the rights under this Agreement are being
assigned, the rights of the Manager under Sections 2 and 3 of this Agreement may be assigned to a transferee or assignee who (i) receives
at least 600,000 Common Units (as adjusted for dividends, splits, recapitalizations and the like that occur after the date of this Agreement)
or (ii) is a subsidiary, affiliate, parent, general partner, limited partner or retired partner of the Manager, so long as such transfer
of securities is in accordance with the Company’s organizational documents and any other agreements with the Company regarding transfer
of Registrable Shares and all applicable state and federal securities laws and regulations, and provided further that the transferee or
assignee of such rights assumes in writing the obligations of the Manager under this Agreement. The Company may prohibit the transfer
of the Manager’s rights under this Section to any proposed transferee or assignee who the Company reasonably believes is a
competitor of the Company.

 

Section 11

 

INFORMATION FURNISHED BY THE MANAGER

 

The Manager shall furnish
to the Company such information regarding the Manager and the distribution proposed by the Manager as the Company may reasonably request
in writing and as shall be reasonably required in connection with any registration, offering, qualification or compliance referred to
in this Agreement.

 

    13

     

    

 

Section 12

 

MISCELLANEOUS

 

12.1 Representations.

 

Each of the parties hereto
represents that this Agreement has been duly authorized, executed and delivered by such party and constitutes a legal, valid and binding
obligation of such party, enforceable against it in accordance with the terms of this Agreement, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies
and (iii) to the extent that the indemnification provisions contained in this Agreement may be limited by applicable laws.

 

12.2 Expenses.

 

Except as provided in Section 6,
the Company and the Manager shall each bear their own expenses incurred with respect to this Agreement.

 

12.3 Notices.

 

All notices and other communications
required or permitted under this Agreement shall be deemed to have been duly given and made if in writing and if served by personal delivery
to the party for whom intended, by facsimile transmission, by telegram or telex or by registered or certified mail (postage prepaid, return
receipt requested), sent to the following addresses (or such other address for a party as shall be specified by like notice):

 

(a) If to the Company:

 

Macquarie Infrastructure
Holdings, LLC

125 West 55th Street

New York, New York 10019

Facsimile: (212) 231-1828

Attention: Michael Kernan

 

(b) If to the Manager:

 

Macquarie Infrastructure
Management (USA) Inc.

125 West 55th Street

New York, New York 10019

Facsimile: (212) 231-1000

Attention:

 

12.4 Waiver.

 

No delay on the part of any
party hereto with respect to the exercise of any right, power, privilege or remedy under this Agreement shall operate as a waiver thereof,
nor shall any exercise or partial exercise of any such right, power, privilege or remedy preclude any further exercise thereof or the
exercise of any other right, power, privilege or remedy. No modification or waiver by either party hereto of any provision of this Agreement,
or consent to any departure by the other party therefrom, shall be effective in any event unless in writing as set forth in Section 12.12
hereof, and then only in the specific instance and for the purpose for which given. Notwithstanding the foregoing, each party hereto shall
have the right to waive compliance by the other party with any of the provisions hereof, or to modify such provisions to a less restrictive
obligation of the other party on such terms as such party shall determine, with or without prior notice to the other party.

 

    14

     

    

 

12.5 Remedies.

 

The rights, powers, privileges
and remedies hereunder are cumulative and not exclusive of any other right, power, privilege or remedy the parties hereto would otherwise
have.

 

12.6 Entire Agreement.

 

This Agreement constitutes
the entire agreement and understanding between the Manager and the Company, and supersedes all prior agreements and understandings relating
to the subject matter hereof.

 

12.7 Governing Law.

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of New York.

 

12.8 Counterparts.

 

This Agreement may be executed
in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. The
execution and delivery of this Agreement by facsimile shall have the same force and effect as delivery of original signatures and each
party may use such facsimile signatures as evidence of the execution and delivery of this Agreement by all parties to the same extent
that an original signature could be used.

 

12.9 Severability.

 

Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

 

12.10 Headings.

 

The various headings of this
Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof.

 

12.11 Amendment and Waiver.

 

Except as otherwise provided
herein, no modification, amendment or waiver of any provision of this Agreement will be effective unless such modification, amendment
or waiver is approved in writing by the Company and the Manager and any such amendment, waiver, discharge or termination shall be binding
on the Company and the Manager. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company
and the written consent of the Manager. Any amendment or waiver effected in accordance with this Section 12.11 shall be binding upon
the Company and the Manager, and each of their respective successors and permitted assigns.

 

12.12 Succession and Assignment.

 

Except as otherwise expressly
provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors
and administrators of the parties hereto. Except as otherwise expressly provided to the contrary, the provisions of this Agreement and
the rights and obligations of the parties hereunder shall inure to the benefit of, and be binding upon, the Company and its successors
and assigns and be binding upon the Manager and each of the Manager’s legal representatives, heirs, legatees, distributees, permitted
assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing
to join herein and to be bound by the terms, conditions and restrictions hereof, and shall not otherwise be for the benefit of any third
party.

 

    15

     

    

 

12.13 Information Confidential.

 

Each party hereto acknowledges
that the information received pursuant hereto may be confidential and for its use only, and it will not use such confidential information
in violation of the Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees
or agents having a need to know the contents of such information and its attorneys), except in connection with the exercise of rights
under this Agreement, unless such information is available to the public generally or such party is required by a governmental body to
disclose such information.

 

12.14 Right to Enforcement.

 

The Manager shall have the
right to directly enforce the agreements made hereunder by the Company, to the extent it deems such enforcement necessary or advisable
to protect its rights.

 

12.15 Interpretation.

 

To the extent this Agreement
refers or relates to events occurring prior to the date hereof, references to the “Company” shall be deemed to be references
to Predecessor as the context so requires.

 

    16

     

    

 

IN WITNESS WHEREOF, the parties
hereto have each executed this Second Amended and Restated Registration Rights Agreement as of the date first written above.

 

	 	THE COMPANY:
	 	MACQUARIE INFRASTRUCTURE HOLDINGS, LLC 
	 	 	 	 
	 	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	THE MANAGER:
	 	MACQUARIE INFRASTRUCTURE MANAGEMENT
	 	(USA) INC.
	 	 	 	 
	 	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

[Signature Page to Second Amended and Restated
Registration Rights Agreement]

 

     

     

    

 

SCHEDULE 1

 

FORM OF NOTICE AND QUESTIONNAIRE

 

COMMON UNITS OF

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC

 

Macquarie Infrastructure Management
(USA) Inc. (the “Manager”), beneficial holder of [_______] Common Units (the “Registrable Shares”) of Macquarie
Infrastructure Holdings, LLC (the “Company”) hereby requests that the Company file with the Securities and Exchange Commission
(the “Commission”) a [prospectus supplement (the “Prospectus Supplement”) relating to a proposed public offering
by the Manager pursuant to the Company’s registration statement on Form S-3][shelf registration statement (the “Shelf
Registration Statement”)] for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of [●] of the Manager’s Registrable Securities. This notice is being made pursuant to the Manager’s rights
under Section 2 of the Second Amended and Restated Registration Rights Agreement, dated [●], 2021 (the “Registration
Rights Agreement”). [The proposed offering shall be an underwritten public offering.] All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

The Manager, as a beneficial
owner of Registrable Shares, is entitled to the benefits of the Registration Rights Agreement. In order to sell or otherwise dispose of
any Registrable Shares pursuant to the [Prospectus Supplement][Shelf Registration Statement], the Manager generally will be required to
be named as a selling security holder in the [Prospectus Supplement][related Prospectus] and to deliver [the Prospectus Supplement][a
Prospectus] to purchasers of Registrable Shares. If the Manager does not complete this Notice and Questionnaire and deliver it to the
Company as provided below, the Manager will not be named as a selling security holder in the [Prospectus Supplement][Prospectus] and therefore
will not be permitted to sell any Registrable Shares pursuant to the [Prospectus Supplement][Shelf Registration Statement]. Upon receipt
of a completed Notice and Questionnaire from the Manager, following the effectiveness of any Shelf Registration Statement, if applicable,
the Company will, as promptly as practicable but in any event within five Business Days of such receipt, file such [Prospectus Supplement][amendments
to the Shelf Registration Statement or supplements to the related Prospectus] as are necessary to permit the Manager to deliver such [Prospectus
Supplement][Prospectus] to purchasers of Registrable Shares.

 

Certain legal consequences
arise from being named as a selling security holder in the [Prospectus Supplement][Shelf Registration Statement and the related Prospectus].
Accordingly, the Manager, as a holder and beneficial owner of Registrable Shares, is advised to consult its own securities law counsel
regarding the consequences of being named or not being named as a selling security holder in the [Prospectus Supplement][Shelf Registration
Statement and the related Prospectus].

 

     

     

    

 

NOTICE

 

The Manager hereby gives notice
to the Company of its intention to sell or otherwise dispose of Registrable Shares beneficially owned by it and listed below in Item 3
(unless otherwise specified under Item 3) pursuant to the [Prospectus Supplement][Shelf Registration Statement]. The Manager, by signing
and returning this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire
and the Registration Rights Agreement.

 

Pursuant to the Registration
Rights Agreement, the Manager has agreed to indemnify and hold harmless the Company’s directors and officers and each person, if
any, who controls the Company within the meaning of either the Securities Act or the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”), from and against certain losses arising in connection with statements concerning the undersigned made in
the [Prospectus Supplement][Shelf Registration Statement or the related Prospectus] in reliance upon the information provided in this
Notice and Questionnaire.

 

QUESTIONNAIRE

 

COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE
SHOULD BE

 

RETURNED TO THE COMPANY AS FOLLOWS:

 

1 COPY BY FACSIMILE TO [________], FAX: [________]

 

WITH THE ORIGINAL COPY TO FOLLOW TO:

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC AT:

 

125 West 55th Street

 

New York, New York 10019

 

Attention: Jay Davis

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate and complete.

 

1.      Full legal name of the Manager, as a selling security holder:

 

Macquarie Infrastructure
Management (USA) Inc.

 

(a) Full legal name
of The Depository Trust Company Participant (if applicable) through which Registrable Shares listed in (3) below are held:

 

	 	Name:	 
	 	DTC No.:	 
	 	Contact Person:	 
	 	Telephone No.:	 

 

(b) Are you a broker-dealer
registered pursuant to Section 15 of the Exchange Act?

	 	 

 

(c) If your response
to Item 1(b) above is no, are you an “affiliate” of a broker-dealer registered pursuant to Section 15 of the Exchange
Act?

	 	 

 

For the purposes of this Item 1(c),
an “affiliate” of a registered broker-dealer shall include any company that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, such broker-dealer, and does not include any individuals employed by such
broker-dealer or its affiliates.

 

     

     

    

 

2.     Address for notices to Manager:

 

[●]

 

Telephone, including area code: [________]

 

Fax, including area code: [●]

 

Contact Person:

 

3.     Beneficial ownership of Registrable Shares:

 

(a) Number of Registrable
Shares beneficially owned:

 

_____ Common Units of Macquarie Infrastructure
Holdings, LLC

 

(b) CUSIP No(s). of
such Registrable Shares beneficially owned:

 

4.      Beneficial Ownership of the Company’s securities (other than Registrable Securities) owned by the Manager:

 

EXCEPT AS SET FORTH BELOW IN THIS ITEM
(4), THE UNDERSIGNED IS NOT THE BENEFICIAL OR REGISTERED OWNER OF ANY COMMON UNITS OTHER THAN THE REGISTRABLE SHARES LISTED ABOVE IN ITEM
(3).

 

(a) Type and Amount
of other Common Units beneficially owned by the Manager:

 

(b) CUSIP No(s). of
such other Common Units beneficially owned:

 

5.     Nature of Beneficial Ownership:

 

(a) Full legal name
of Manager’s controlling stockholders who have sole or shared voting or dispositive power over the Registrable Shares:

 

(b) Business address
(including street address)(or residence if no business address), telephone number and facsimile number of such person(s):

 

	 	Address:	 
	 	 	 
	 	 	 
	 	Telephone:	 
	 	Fax:	 

 

6.     Plan of Distribution:

 

Except as set forth below, the Manager
(including its donees or pledgees) intends to distribute the Registrable Shares listed above in Item (3) pursuant to the [Prospectus
Supplement][Shelf Registration Statement] only as follows (if at all): Such Registrable Shares may be sold from time to time directly
by the Manager or alternatively through underwriters or broker-dealers or agents. If the Registrable Shares are sold through underwriters
or broker-dealers, the Manager will be responsible for underwriting discounts or commissions or agents’ commissions. Such Registrable
Shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined
at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve block transactions) (i) on
any national securities exchange or quotation service on which the Registrable Shares may be listed or quoted at the time of sale, (ii) in
the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market
or (iv) through the writing of options. In connection with sales of the Registrable Shares or otherwise, the undersigned may enter
into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Shares, and deliver Registrable
Shares to close out such short positions, or loan or pledge Registrable Shares to broker-dealers that in turn may sell such securities.

 

    2

     

    

 

State any exceptions here:

 

Note: In no event will such method(s) of
distribution take the form of an underwritten offering of the Registrable Shares without the prior agreement of the Company.

 

The Manager acknowledges that it understands
its obligation to comply with the provisions of the Exchange Act, and the rules thereunder relating to stock manipulation, particularly
Regulation M thereunder (or any successor rules or regulations), and the provisions of the Securities Act relating to Prospectus
delivery, in connection with any offering of Registrable Shares pursuant to the [Prospectus Supplement][Shelf Registration Statement].
The Manager agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions.

 

The Manager hereby acknowledges its
obligations under the Registration Rights Agreement to indemnify and hold harmless certain persons set forth therein.

 

Pursuant to the Registration Rights
Agreement, the Company has agreed under certain circumstances to indemnify the Manager against certain liabilities.

 

In accordance with the Manager’s
obligation under the Registration Rights Agreement to provide such information as may be required by law for inclusion in a [Prospectus
Supplement][Shelf Registration Statement], the Manager agrees to promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof at any time [prior to the consummation of the offering pursuant to the Prospectus
Supplement][while the Shelf Registration Statement remains effective]. All notices to the Manager hereunder and pursuant to the Registration
Rights Agreement shall be made in writing to the Manager at the address set forth in Item 1(a) of this Notice and Questionnaire.

 

By signing below, the Manager acknowledges
that it is the beneficial owner of the Registrable Shares set forth herein, represents that the information herein is accurate and consents
to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion of such
information in the [Prospectus Supplement][Shelf Registration Statement and the related Prospectus]. The undersigned understands that
such information will be relied upon by the Company in connection with the preparation or amendment of the [Prospectus Supplement][Shelf
Registration Statement and the related Prospectus].

 

Once this Notice
and Questionnaire is executed by the undersigned beneficial owner and received by the Company, the terms of this Notice and Questionnaire,
and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by
the respective successors, heirs, personal representatives and assigns of the Company and the Manager. This Agreement shall be governed
in all respects by the laws of the State of New York.

 

    3

     

    

 

IN WITNESS WHEREOF, the Manager, by
authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized
agent.

 

	 	THE MANAGER:	 
	 	MACQUARIE INFRASTRUCTURE MANAGEMENT
	 	(USA) INC.	 
	 	 	 
	 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	Name:	 
	 	Title:	 
	 	Dated:	 

 

    4

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