Document:

EX-10.2

 EXHIBIT 10.2 
  

 
  

OMNIBUS AGREEMENT 

AMONG 
 HÖEGH LNG
HOLDINGS LTD., 
 HÖEGH LNG PARTNERS LP, 

HÖEGH LNG GP LLC 

AND 
 HÖEGH LNG
PARTNERS OPERATING LLC 
  
  

 

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	DEFINITIONS	  
			
	 Section 1.1.
	 	Definitions	  	 	2	  
	
	ARTICLE II	  
	FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES	  
			
	 Section 2.1.
	 	Five-Year Vessel Restricted Businesses	  	 	6	  
	 Section 2.2.
	 	Permitted Exceptions	  	 	6	  
	
	ARTICLE III	  
	NON-FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES	  
			
	 Section 3.1.
	 	Non-Five-Year Vessel Restricted Businesses	  	 	7	  
	 Section 3.2.
	 	Permitted Exceptions	  	 	8	  
	
	ARTICLE IV	  
	BUSINESS OPPORTUNITIES PROCEDURES	  
			
	 Section 4.1.
	 	Procedures	  	 	8	  
	 Section 4.2.
	 	Scope of Prohibition	  	 	10	  
	 Section 4.3.
	 	Enforcement	  	 	10	  
	
	ARTICLE V	  
	RIGHTS OF FIRST OFFER	  
			
	 Section 5.1.
	 	Rights of First Offer	  	 	11	  
	 Section 5.2.
	 	Procedures for Rights of First Offer	  	 	11	  
	
	ARTICLE VI	  
	INDEPENDENCE INTERESTS PURCHASE OPTION	  
			
	 Section 6.1.
	 	Option to Purchase the Independence Interests	  	 	12	  
	 Section 6.2.
	 	Procedures	  	 	13	  
	
	ARTICLE VII	  
	INDEMNIFICATION	  
			
	 Section 7.1.
	 	Höegh Indemnification	  	 	14	  
	 Section 7.2.
	 	Limitation Regarding Indemnification	  	 	15	  
	 Section 7.3.
	 	Indemnification Procedures	  	 	15	  
	
	ARTICLE VIII	  
	MISCELLANEOUS	  
			
	 Section 8.1.
	 	Choice of Law; Submission To Jurisdiction	  	 	16	  
	 Section 8.2.
	 	Notice	  	 	17	  
	 Section 8.3.
	 	Entire Agreement	  	 	17	  

  
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TABLE OF CONTENTS 
 (continued) 

 

							
		 		  	 	Page	  
			
	 Section 8.4.
	 	Termination	  	 	17	  
			
	 Section 8.5.
	 	Waiver; Effect of Waiver or Consent	  	 	17	  
			
	 Section 8.6.
	 	Amendment or Modification	  	 	17	  
			
	 Section 8.7.
	 	Assignment	  	 	18	  
			
	 Section 8.8.
	 	Counterparts	  	 	18	  
			
	 Section 8.9.
	 	Severability	  	 	18	  
			
	 Section 8.10.
	 	Gender, Parts, Articles and Sections	  	 	18	  
			
	 Section 8.11.
	 	Further Assurances	  	 	18	  
			
	 Section 8.12.
	 	Withholding or Granting of Consent	  	 	18	  
			
	 Section 8.13.
	 	Laws and Regulations	  	 	18	  
			
	 Section 8.14.
	 	Negotiation of Rights of Höegh, Limited Partners, Assignees and Third Parties	  	 	18	  

  
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 OMNIBUS AGREEMENT 

THIS OMNIBUS AGREEMENT is entered into on, and effective as of, the Closing Date (as defined herein), among Höegh LNG Holdings Ltd.,
a limited company organized under the laws of Bermuda (“Höegh”), Höegh LNG Partners LP, a Marshall Islands limited partnership (the “MLP”), Höegh LNG GP LLC, a Marshall Islands limited
liability company and the general partner of the MLP (including any permitted successors and assigns under the MLP Agreement (as defined herein)) (the “General Partner”), and Höegh LNG Partners Operating LLC, a Marshall
Islands limited liability company and wholly owned subsidiary of the MLP. 
 R E C I T A L S: 

 

	1.	The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles II and IV, with respect to (a) those business opportunities that the
Höegh Entities (as defined herein) shall not pursue during the term of this Agreement and (b) the procedures whereby such business opportunities are to be offered to the Partnership Group (as defined herein) and accepted or declined.

  

	2.	The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles III and IV, with respect to (a) those business opportunities that the
Partnership Group shall not pursue during the term of this Agreement and (b) the procedures whereby such business opportunities are to be offered to Höegh and accepted or declined. 

 

	3.	The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article V, with respect to (a) Höegh’s right of first offer relating to Five-Year
Vessels (as defined herein) or Non-Five-Year Vessels (as defined herein) owned by the MLP and (b) the MLP’s right of first offer relating to Five-Year Vessels that Höegh might own. 

 

	4.	The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article VI, with respect to the rights of the MLP to purchase the Independence Interests (as
defined herein) from Höegh. 

  

	5.	The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Section 6.2(c)(ii) and Article VII, with respect to certain indemnification
obligations of Höegh. 	 

  
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 In consideration of the premises and the covenants, conditions and agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1. Definitions. As used in this Agreement, the following terms have the respective meanings set forth below: 

“ABKN” means AB Klaipèdos Nafta, the charterer of the Independence after its delivery. 

“Acquiring Party” has the meaning given such term in Section 4.1. 

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

“Agreement” means this Omnibus Agreement, as it may be amended, modified or supplemented from time to time in
accordance with Section 8.6. 
 “Applicable Independence Interests” has the meaning given such term in
Section 6.1(a). 
 “Board” means the Board of Directors of the MLP. 

“Break-up Costs” means the aggregate amount of any and all additional taxes, flag administration, financing, legal and
other similar costs (except with respect to Section 2.2(b) where Break-up Costs are deemed to include only administrative costs associated with transfer and re-flagging, including related legal costs) to (a) the Höegh
Entities that would be required to transfer Five-Year Vessels acquired by the Höegh Entities as part of a larger transaction to a Partnership Group Member pursuant to Section 2.2(b) or 2.2(d)(i) or (b) the
Partnership Group that would be required to transfer Non-Five-Year Vessels acquired by the Partnership Group as part of a larger transaction to a Höegh Entity pursuant to Section 3.2(b)(i). 

“Change of Control” means, with respect to any Person (the “Applicable Person”),
any of the following events: (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other Person, unless immediately
following such sale, lease, exchange or other transfer such assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable Person with or into another Person pursuant to a transaction in
which the outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding Voting Securities of the Applicable Person are
changed into or exchanged for Voting Securities of the surviving Person or its parent and (ii) the holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than a
majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such transaction; and (c) a “person” or “group” (within the meaning of
Section 13(d) or 14(d)(2) of the Exchange Act), other than Höegh or its Affiliates with respect to the General Partner, being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act) of more than 50% of all of the then outstanding Voting Securities of the Applicable Person, except in a merger or consolidation that would not constitute a Change of Control under clause (b) above. 

  
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 “Closing Date” means
[—], 2014, the date of the closing of the initial public offering of common units representing limited partner interests in the MLP. 

“Conflicts Committee” means the Conflicts Committee of the Board. 

“Contribution Assets” has the meaning given such term in Section 7.1. 

“Covered Environmental Losses” means all Losses suffered or incurred by the Partnership Group by reason
of, arising out of or resulting directly from: 
 (i) any violation or correction of violation of
Environmental Laws; or 
 (ii) any event or condition relating to environmental or human health and safety matters, in each
case, associated with the ownership or operation by the Partnership Group or the Höegh Entities of the Contribution Assets (including, without limitation, the presence of Hazardous Substances on, under, about or migrating to or from the
Contribution Assets or the disposal or release of, or exposure to, Hazardous Substances generated by or otherwise related to operation of the Contribution Assets), including, without limitation, the reasonable and documented cost and expense of
(a) any investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation or other corrective action required or necessary under Environmental Laws, (b) the preparation and implementation of any
closure, remedial, corrective action or other plans required or necessary under Environmental Laws and (c) any environmental or toxic tort (including, without limitation, personal injury or property damage claims) pre-trial, trial or appellate
legal or litigation support work; 
 but only to the extent that such violation complained of under clause (i), or such events or conditions included
in clause (ii), occurred before the Closing Date; and, provided that, in no event will Losses to the extent arising from a change in any Environmental Law after the Closing Date be deemed “Covered Environmental
Losses.” 
 “Environmental Laws” means all international, federal, state, foreign and
local laws, statutes, rules, regulations, treaties, conventions, orders, judgments and ordinances having the force and effect of law and relating to protection of natural resources, health and safety and the environment, each in effect and as
amended through the Closing Date. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 “First Offer Negotiation Period” has the meaning given such term in
Section 5.2(c). 
 “Five-Year Vessel” means any LNG Carrier or FSRU that has
commenced operating under a charter for a remaining period, not including options, of five or more years, together with the related charter and any ancillary installations or equipment also covered by that charter. 

  
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 “FSRU” means a floating storage and regasification
unit. 
 “General Partner” has the meaning given such term in the introduction to this
Agreement. 
 “Hazardous Substances” means (a) each substance defined, designated
or classified as a hazardous waste, hazardous substance, hazardous material, solid waste, contaminant or toxic substance under Environmental Laws; (b) petroleum and petroleum products, including crude oil and any fractions thereof;
(c) natural gas, synthetic gas and any mixtures thereof; (d) any radioactive material; and (e) any asbestos-containing materials in a friable condition. 

“Höegh” has the meaning given such term in the introduction to this Agreement. 

“Höegh Entities” means Höegh and any Person controlled, directly or indirectly, by Höegh,
other than the Partnership Entities. 
 “Höegh Potential Transferee” has the
meaning given such term in Section 5.2(b). 
 “Höegh Sale Assets”
has the meaning given such term in Section 5.2(b). 
 “Höegh Transfer
Notice” has the meaning given such term in Section 5.2(b). 
 “Höegh
Transferring Party” has the meaning given such term in Section 5.2(b). 

“Independence” means the newbuild FSRU that, upon delivery, will operate under a time charter with
ABKN. 
 “Independence Interests” means all of Höegh’s rights, title and
interests in the Independence, including interests in any Höegh Entity holding interests in the Independence and any charters or other agreements relating to the operation of
the Independence then in effect. 
 “LNG Carrier”
means a liquefied natural gas carrier. 
 “Losses” means losses, damages, liabilities,
claims, demands, causes of action, judgments, settlements, fines, penalties, costs and expenses (including, without limitation, court costs and reasonable attorneys’ and experts’ fees) of any and every kind or character; provided, however,
that such term does not include any special, indirect, incidental or consequential damages. 

“MLP” has the meaning given such term in the introduction to this Agreement. 

“MLP Agreement” means the First Amended and Restated Agreement of Limited Partnership of the MLP, dated
as of [—], 2014, as such agreement is in effect on the Closing Date, to which reference is hereby made for all purposes of this Agreement. No amendment or modification to the MLP Agreement
subsequent to the Closing Date will be given effect for purposes of this Agreement unless consented to by each of the Parties. 

  
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 “Non-Five-Year Vessel” means any LNG Carrier or FSRU that
is not a Five-Year Vessel. 
 “Offer” has the meaning given such term in Section 4.1. 

“Offer Period” has the meaning given such term in Section 4.1. 

“Offered Assets” has the meaning given such term in Section 4.1. 

“Offeree” has the meaning given such term in Section 4.1. 

“Parties” means the parties to this Agreement and their successors and permitted assigns.

 “Partnership Entities” means the General Partner, the MLP and any Person controlled by any
such entity. 
 “Partnership Group” means the MLP and any Person controlled by any such
entity. 
 “Partnership Group Member” means any Person in the Partnership Group.

 “Partnership Potential Transferee” has the meaning given such term in Section
5.2(a). 
 “Partnership Sale Assets” has the meaning given such term in Section
5.2(a). 
 “Partnership Transfer Notice” has the meaning given such term in
Section 5.2(a). 
 “Partnership Transferring Party” has the meaning given such
term in Section 5.2(a). 
 “Person” means an individual, corporation,
partnership, joint venture, trust, limited liability company, unincorporated organization or any other entity. 

“PGN” means PT PGN LNG Indonesia, a limited liability company established under the laws of
Indonesia. 
 “PGN FSRU Lampung” means the floating storage and regasification unit
PGN FSRU Lampung.  
 “PGN FSRU LOM” means the
Amendment and Restatement Agreement of the Original Lease, Operation and Maintenance Agreement dated January 25, 2012, between PT Perusahaan Gas Negara (Persero) Tbk and Höegh LNG Ltd., dated October 17, 2012, as novated by the
Novation Agreement for Amended & Restated Lease, Operating & Maintenance Agreement, dated September 18, 2013, between PT Perusahaan Gas Negara (Persero) Tbk, Höegh LNG Ltd. and PT Hoegh LNG Lampung, as novated by the
Novation Agreement for Amended and Restated Lease, Operating & Maintenance Agreement, dated February 21, 2014, among PT Perusahaan Gas Negara (Persero) Tbk, PT PGN LNG Indonesia and PT Hoegh LNG Lampung, as further amended,
novated or modified from time to time. 

  
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 “Potential Transferee” has the meaning given such term in
Section 5.2(b). 
 “Sale Assets” has the meaning given such term in Section 5.2(b).

 “Transfer” means any transfer, assignment, sale or other disposition of any Non-Five-Year Vessel by a Höegh
Entity or of any Five-Year Vessel or Non-Five-Year Vessel by a Partnership Group Member; provided, however, that such term does not include: (a) transfers, assignments, sales or other dispositions from a Höegh Entity to
another Höegh Entity, or from a Partnership Group Member to another Partnership Group Member; (b) transfers, assignments, sales or other dispositions pursuant to the terms of any related charter or other agreement with a charter party;
(c) transfers, assignments, sales or other dispositions pursuant to Article II or III; or (d) grants of security interests in or mortgages or liens on such Five-Year Vessels or Non-Five-Year Vessels in favor of a bona fide
third-party lender and the foreclosing of any such security interest, mortgage or lien or other exercise of remedies by a bona fide third-party lender. 

“Transfer Notice” has the meaning given such term in Section 5.2(b). 

“Transferring Party” has the meaning given such term in Section 5.2(b). 

“Voting Securities” means securities of any class of Person entitling the holders thereof to vote in the
election of members of the board of directors or other similar governing body of the Person. 
 ARTICLE II 

FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES 

Section 2.1. Five-Year Vessel Restricted Businesses. Subject to Section 8.4 and except as permitted by
Section 2.2, each of the Höegh Entities shall be prohibited from acquiring, owning, operating or chartering Five-Year Vessels. 

Section 2.2. Permitted Exceptions. Notwithstanding any provision of Section 2.1 to the contrary, the restrictions in
this Agreement do not prevent any Höegh Entity from: 
 (a) acquiring, owning, operating or chartering any Non-Five-Year Vessel; 

(b) acquiring one or more Five-Year Vessels if such Höegh Entity offers to sell the vessel to the MLP for the acquisition price plus any
Break-up Costs in accordance with the procedures set forth in Section 4.1; 
 (c) delivering a Non-Five-Year Vessel under
charter for five or more years if such Höegh Entity offers to sell the vessel to the MLP for fair market value (x) after the time it becomes a Five-Year Vessel and (y) at each renewal or extension of that charter for five or more
years, in each case in accordance with the procedures set forth in Section 4.1; 

  
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 (d) acquiring one or more Five-Year Vessels as part of the acquisition of a controlling interest
in a business or package of assets and owning, operating or chartering such Five-Year Vessel(s); provided, however, that: 

(i) if less than a majority of the value of the business or assets acquired is attributable to Five-Year Vessels, as determined
in good faith by Höegh’s board of directors, the Höegh Entity must offer to sell such Five-Year Vessel(s) to the MLP for their fair market value plus any Break-up Costs in accordance with the procedures set forth in
Section 4.1; and 
 (ii) if a majority or more of the value of the business or assets acquired is attributable to
Five-Year Vessels, as determined in good faith by Höegh’s board of directors, Höegh shall notify the MLP of the proposed acquisition in writing. The MLP shall, not later than the
10th calendar day following receipt of such notice, notify Höegh if it or any other Partnership Group Member wishes to acquire any Five-Year Vessel forming part of that business or package of
assets in cooperation and simultaneously with the Höegh Entity acquiring the Non-Five-Year Vessels forming part of that business or package of assets. If the MLP does not notify Höegh of its intent to pursue the acquisition within such 10
calendar days, the Höegh Entity may proceed with the acquisition and then offer to sell such vessels to the MLP as provided in Section 2.2(d)(i); 

(e) acquiring a non-controlling interest in any company, business or pool of assets; 

(f) acquiring, owning, operating or chartering any Five-Year Vessel if the MLP does not fulfill its obligation to purchase such Five-Year
Vessel in accordance with the terms of any existing or future agreement; 
 (g) acquiring, owning, operating or chartering any Five-Year
Vessel that is subject to an offer to purchase by a Partnership Group Member as described in Sections 2.2(b), 2.2(c) and 2.2(d), in each case pending the offer of such Five-Year Vessel to the MLP and the MLP’s
determination pursuant to Section 4.1 whether to purchase the Five-Year Vessel and, if the MLP has determined to purchase or to cause any Partnership Group Member to purchase such Five-Year Vessel, pending the closing of such purchase;

 (h) providing ship management services relating to any vessel; 

(i) subject to Section 6.1, owning or operating any Five-Year Vessel that Höegh owns on the Closing Date and that is not part
of the Partnership Group’s initial fleet on the Closing Date; or 
 (j) acquiring, owning, operating or chartering any Five-Year Vessel
if the MLP has previously advised Höegh that it consents to such acquisition, operation or charter. 
 ARTICLE III 

NON-FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES 

Section 3.1. Non-Five-Year Vessel Restricted Businesses. Subject to Section 8.4 and except as permitted by
Section 3.2, each Partnership Group Member shall be prohibited from acquiring, owning, operating or chartering Non-Five-Year Vessels. 

  
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 Section 3.2. Permitted Exceptions. Notwithstanding any provision of
Section 3.1 to the contrary, the restrictions in this Agreement shall not prevent any Partnership Group Member from: 
 (a)
owning, operating or chartering any Non-Five-Year Vessel that was previously a Five-Year Vessel while owned by any Partnership Group Member; 

(b) acquiring one or more Non-Five-Year Vessels as part of the acquisition of a controlling interest in a business or package of assets and
owning, operating or chartering those Non-Five-Year Vessels; provided, however, that: 
 (i) if less than a majority of the
value of the business or assets acquired is attributable to Non-Five-Year Vessels, as determined in good faith by the Board, such Partnership Group Member must offer to sell such Non-Five-Year Vessels to Höegh for their fair market value plus
any applicable Break-up Costs in accordance with the procedures set forth in Section 4.1; and 
 (ii) if a
majority or more of the value of the business or assets acquired is attributable to Non-Five-Year Vessels, as determined in good faith by the Board, the MLP shall notify Höegh of the proposed acquisition in writing. Höegh shall, not later
than the 10th calendar day following receipt of such notice, notify the MLP if it or any other Höegh Entity wishes to acquire any Non-Five-Year Vessel forming part of that business or package
of assets in cooperation and simultaneously with the Partnership Group Member acquiring the Five-Year Vessels forming part of that business or package of assets. If Höegh does not notify the MLP of its intent to pursue the acquisition within
such 10 calendar days, the Partnership Group Member may proceed with the acquisition and then offer to sell such Non-Five-Year Vessels to Höegh as provided in Section 3.2(b)(i); 

(c) acquiring, owning, operating or chartering any Non-Five-Year Vessel that is subject to an offer to purchase by a Höegh Entity as
described in Section 3.2(b) pending the offer of such Non-Five-Year Vessel to Höegh and Höegh’s determination pursuant to Section 4.1 whether to purchase the Five-Year Vessel and, if Höegh has determined
to purchase or cause any Höegh Entity to purchase such Five-Year Vessel, pending the closing of such purchase; or 
 (d) acquiring,
owning, operating or chartering Non-Five-Year Vessels if Höegh has previously advised the MLP that it consents to such acquisition, ownership, operation or charter. 

ARTICLE IV 
 BUSINESS
OPPORTUNITIES PROCEDURES 
 Section 4.1. Procedures. In the event that (a) a Partnership Group Member acquires,
operates or puts under charter Non-Five-Year Vessels in accordance with Section 3.2(b)(i), or (b) a Höegh Entity acquires, operates or puts under charter Five-Year Vessels in accordance with Section 2.2(b),
2.2(c) or 2.2(d)(i), then simultaneously or in any event not later than 30 calendar days after the consummation of the acquisition or the commencement of operations or charter, such acquiring Party (the “Acquiring
Party”) shall notify (a) Höegh, in the case of an acquisition 

  
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by a Partnership Group Member, or (b) the Board, in the case of an acquisition by a Höegh Entity, and offer such party to be notified (each an “Offeree”)
the opportunity for any Höegh Entity or Partnership Group Member, as applicable, to purchase such Non-Five-Year Vessels or Five-Year Vessels, as applicable (the “Offered Assets”), for their fair market value (or, in the
case of an acquisition in accordance with Section 2.2(b), the acquisition price) plus, in the case of an acquisition in accordance with Section 2.2(b), 2.2(d)(i) or 3.2(b)(i), any applicable Break-up Costs, in
each case on commercially reasonable terms in accordance with this Section 4.1 (the “Offer”). The Offer will set forth the Acquiring Party’s proposed terms relating to the purchase of the Offered Assets by
the applicable Höegh Entity or Partnership Group Member, including any liabilities to be assumed by the applicable Höegh Entity or Partnership Group Member as part of the Offer. As soon as practicable after the Offer is made, the Acquiring
Party shall deliver to the Offeree all information prepared by or on behalf of or in the possession of such Acquiring Party relating to the Offered Assets and reasonably requested by the Offeree. As soon as practicable, but in any event, within 30
calendar days after receipt of the Offer, the Offeree shall notify the Acquiring Party in writing that either: 
 (a)
Höegh has elected not to purchase (or not to cause any of its permitted Affiliates to purchase) or the Board has elected not to cause any Partnership Group Member to purchase, as applicable, such Offered Assets, in which event the Acquiring
Party and its Affiliates will, subject to the other terms of this Agreement (including Section 2.2(b)), be forever free, subject to the provisions of this Agreement, to continue to own, operate and charter such Offered Assets; or 

(b) Höegh has elected to purchase (or to cause any of its permitted Affiliates to purchase) or the Board has elected to cause any
Partnership Group Member to purchase, as applicable, such Offered Assets, in which event the following procedures will be followed: 

(i) After the receipt of the Offer by the Offeree, the Acquiring Party and the Offeree shall negotiate in good
faith regarding the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the other terms of the Offer on which the Offered Assets will be sold to the applicable Höegh Entity or
Partnership Group Member. If the Acquiring Party and the Offeree agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the other terms of the Offer during the 30-calendar-day
period (the “Offer Period”) after receipt by the Acquiring Party of Höegh’s election to purchase (or election to cause any of its permitted Affiliates to purchase) or of the Board’s election to cause any
Partnership Group Member to purchase, as applicable, the Offered Assets, Höegh shall purchase (or cause any of its permitted Affiliates to purchase) or the Board shall cause any Partnership Group Member to purchase, as applicable, the Offered
Assets on such terms as soon as commercially practicable after such agreement has been reached. 
 (ii) If the
Acquiring Party and the Offeree are unable to agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer or on any other terms of the Offer during the Offer Period, the Acquiring Party and
the Offeree shall engage a mutually-agreed-upon investment banking firm, ship broker or other expert advisor prior to the end of the Offer Period to determine the fair market value of the Offered Assets and/or the other terms on which the Acquiring
Party 

  
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and the Offeree are unable to agree. In determining the fair market value of the Offered Assets and other terms on which the Offered Assets are to be sold, the investment banking firm, ship
broker or other expert advisor, as applicable, will have access to the proposed sale and purchase values and terms for the Offer submitted by the Acquiring Party and the Offeree, respectively, and to all information prepared by or on behalf of the
Acquiring Party relating to the Offered Assets and reasonably requested by such investment banking firm, ship broker or other expert advisor. Such investment banking firm, ship broker or other expert advisor will determine the fair market value (and
any applicable Break-up Costs) of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree within 30 calendar days of its engagement and furnish the Acquiring Party and the Offeree its determination.
The fees and expenses of the investment banking firm, ship broker or other expert advisor, as applicable, will be divided equally between the Acquiring Party and the Offeree. Upon receipt of such determination, the Offeree will have the option, but
not the obligation: 
 (A) in the case that the Offeree is Höegh, to purchase or cause any of its permitted Affiliates
to purchase, or in the case that the Offeree is the Board, to cause any Partnership Group Member to purchase the Offered Assets for the fair market value (and any applicable Break-up Costs), and on the other terms determined by the ship broker or
investment banking firm, as soon as commercially practicable after determinations have been made; or 
 (B) in the case that
the Offeree is Höegh, to elect not to cause any of its permitted Affiliates to purchase, or in the case that the Offeree is the Board, not to cause any Partnership Group Member to purchase such Offered Assets, in which event the Acquiring Party
and its Affiliates will, subject to the other terms of this Agreement, be forever free to continue to own and operate such Offered Assets. 

Section 4.2. Scope of Prohibition. If any Party or its Affiliates engages in the ownership or operation of Five-Year Vessels in
the case of a Höegh Entity, or Non-Five-Year Vessels in the case of a Partnership Group Member, pursuant to any of the exceptions described in Section 2.2 or 3.2, as applicable, the Party and its Affiliates may not
subsequently expand that portion of their business other than pursuant to the exceptions contained in such Section 2.2 or 3.2. Except as otherwise provided in this Agreement or the MLP Agreement, each Party and its Affiliates will
be free to engage in any business activity whatsoever, including those that may be in direct competition with the Höegh Entities or the Partnership Group Members. 

Section 4.3. Enforcement. Each Party agrees and acknowledges that the other Parties do not have an adequate remedy at law for the
breach by any such Party of its covenants and agreements set forth in this Article IV, and that any breach by any such Party of its covenants and agreements set forth in this Article IV would result in irreparable injury to such other
Parties. Each Party further agrees and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of
injunctive relief to enforce the provisions of this Article IV. 

  
 10 

 ARTICLE V 

RIGHTS OF FIRST OFFER 

Section 5.1. Rights of First Offer. 

(a) The Partnership Group hereby grants Höegh a right of first offer on any proposed Transfer by any Partnership Group Member of any
Five-Year Vessels or any Non-Five-Year Vessels owned or acquired by any Partnership Group Member. With respect to any such proposed Transfer, the Partnership Group need not offer any particular Five-Year Vessel or Non-Five-Year Vessel to Höegh
if Höegh has previously advised the MLP that it does not wish to acquire such vessel. 
 (b) The Höegh Entities hereby grant the
MLP a right of first offer on any proposed Transfer of any Five-Year Vessels owned or acquired by any Höegh Entity. With respect to any such proposed Transfer, the Höegh Entities need not offer any particular Five-Year Vessel to the MLP if
the MLP has previously advised the Höegh Entities that it does not wish to acquire such vessel. 
 (c) The Parties acknowledge that all
potential Transfers of Five-Year Vessels or Non-Five-Year Vessels pursuant to this Article V are subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties (including, without
limitation, lenders and other providers of financing) and to the terms of all agreements (including, without limitation, debt and other financing arrangements) in respect of such Five-Year Vessels or Non-Five-Year Vessels, as applicable. 

Section 5.2. Procedures for Rights of First Offer. 

(a) In the event that a Partnership Group Member (a “Partnership Transferring Party”) proposes to
Transfer any Non-Five-Year Vessels (the “Partnership Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Partnership Sale Assets to
any non-affiliated third party, such Partnership Transferring Party shall give Höegh (a “Partnership Potential Transferee”), written notice setting forth all material terms and conditions (including, without limitation,
the purchase price or the terms of the charter agreement and a description of the Partnership Sale Asset(s) on which such Partnership Transferring Party desires to Transfer the Partnership Sale Assets) (a “Partnership Transfer
Notice”). 
 (b) In the event that a Höegh Entity (a “Höegh Transferring Party”
and, together with a Partnership Transferring Party, a “Transferring Party”) proposes to Transfer any Five-Year Vessels (the “Höegh Sale Assets” and, together with the Partnership Sale Assets, the
“Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Höegh Sale Assets to any non-affiliated third party, such Höegh
Transferring Party shall give the MLP (a “Höegh Potential Transferee” and, together with a Partnership Potential Transferee, a “Potential Transferee”), written notice setting forth all material
terms and conditions (including, without limitation, the purchase price or the terms of the charter agreement and a description of the Höegh Sale Asset(s) on which such Höegh Transferring Party desires to Transfer the Höegh Sale
Assets) (a “Höegh Transfer Notice” and, together with a Partnership Transfer Notice, each a “Transfer Notice”). 

  
 11 

 (c) After delivery of a Transfer Notice, the Transferring Party then shall be obligated to
negotiate in good faith for a 30-calendar-day period following the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation Period”) to reach an agreement for the Transfer of such Sale Assets to
the Potential Transferee or any of its Affiliates on the terms and conditions set forth in the Transfer Notice. If no such agreement with respect to the Sale Assets is reached during the First Offer Negotiation Period, and the Transferring Party has
not Transferred, or agreed in writing to Transfer, such Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable to the Transferring Party than those included in
the Transfer Notice, then the Transferring Party shall not thereafter Transfer any of the Sale Assets without first offering such assets to the applicable Potential Transferee in the manner provided above. 

ARTICLE VI 
 INDEPENDENCE
INTERESTS PURCHASE OPTION 
 Section 6.1. Option to Purchase the Independence Interests. 

(a) Subject to ABKN’s purchase option rights under the existing charter for the Independence, Höegh hereby grants to the
Partnership Group the right and option to purchase, in one or more transactions and subject to no condition other than as set forth in Section 6.1(b), for fair market value at any time within 24 months after Höegh notifies the Board
pursuant to Section 6.2(a) that the Independence has been accepted by ABKN, all or a portion of the Independence Interests (such interests, the “Applicable Independence Interests”). For the avoidance of
doubt, if the Partnership Group purchases a portion, but not all, of the Independence Interests in accordance with this Article VI, the Partnership Group has the right and option to purchase, in one or more transactions and subject to no
condition other than as set forth in Section 6.1(b), for fair market value at any time within 24 months after Höegh notifies the Board pursuant to Section 6.2(a) that the Independence has been accepted by ABKN,
all or a portion of the remaining Independence Interests. 
 (b) The Parties acknowledge that the potential transfer of the Applicable
Independence Interests pursuant to this Article VI is subject to obtaining any and all written consents of governmental authorities and other third parties, including providers of financing and other holders of security interests in the
Applicable Independence Interests, and to the terms of all agreements existing as of the date hereof in respect of the Applicable Independence Interests including, without limitation, (i) any rights of first refusal of the parties to such
agreements to purchase the Applicable Independence Interests and (ii) any rights of lenders or other providers of financing. Höegh hereby covenants and agrees to use its reasonable efforts to obtain any such consents required to be
obtained by it in connection with the transfer of the Applicable Independence Interests pursuant to this Article VI. 

  
 12 

 Section 6.2. Procedures. 

(a) Not later than 30 calendar days after the date of acceptance of the Independence by ABKN, Höegh shall notify the Board and
offer the Board the opportunity to cause any Partnership Group Member to purchase the Applicable Independence Interests for fair market value pursuant to Section 6.1(a). 

(b) If a Partnership Group Member decides to exercise the option to purchase the Applicable Independence Interests, it shall provide written
notice to Höegh of such exercise, the fair market value it proposes to pay for the Applicable Independence Interests, and the other material terms of the purchase. The decision to purchase the Applicable Independence Interests, the fair market
value to be paid for the Applicable Independence Interests, and the other terms of the purchase will be approved by the Conflicts Committee. If the Partnership Group Member and Höegh are unable to agree on the fair market value of the
Applicable Independence Interests and/or the other material terms, the Partnership Group Member and Höegh shall engage a mutually-agreed-upon investment banking firm, ship broker or other expert advisor to determine the fair market value of the
Applicable Independence Interests and/or the other material terms on which the Partnership Group Member and Höegh are unable to agree. In determining the fair market value of the Applicable Independence Interests and/or the other material terms
on which the Applicable Independence Interests are to be sold, the investment banking firm, ship broker or other expert advisor, as applicable, will have access to the proposed sale and purchase values and terms for the offer submitted by the
Partnership Group Member and Höegh, respectively, and to all information prepared by or on behalf of the Partnership Group Member and Höegh with respect to the Applicable Independence Interests and reasonably requested by such investment
banking firm, ship broker or other expert advisor. Such investment banking firm, ship broker or other expert advisor will determine the fair market value of the Applicable Independence Interests and/or the other terms on which the Partnership Group
Member and Höegh are unable to agree within 30 calendar days of its engagement and furnish the Partnership Group Member and Höegh its determination. The fees and expenses of the investment banking firm, ship broker or other expert advisor,
as applicable, will be divided equally between the Partnership Group Member and Höegh. Upon receipt of such determination, the Partnership Group Member will have the option, but not the obligation, to purchase the Applicable Independence
Interests for the fair market value and on the other terms, which includes those specified in Section 6.2(c)(i) through Section 6.2(c)(vi), as determined by the investment banking firm, ship broker or other expert advisor, as
soon as commercially practicable after determinations have been made. 
 (c) If a Partnership Group Member chooses to exercise its option to
purchase the Applicable Independence Interests under Section 6.2(a), the applicable parties shall enter into a purchase and sale agreement for the purchase and sale of the Applicable Independence Interests pursuant to which Höegh
shall be obligated to sell the Applicable Independence Interests to the Partnership Group Member and the Partnership Group Member shall be obligated to purchase the Applicable Independence Interests from Höegh. The terms of the purchase and
sale agreement will include the following: 
 (i) the Partnership Group Member shall deliver a cash purchase price (unless
the Partnership Group Member and Höegh agree that the consideration will be paid by means of equity of the MLP, an interest-bearing promissory note or other form of consideration); 

  
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 (ii) the Partnership Group will be entitled to the benefit of the indemnification
contained in Article VII for the remaining term of such indemnification with respect to events or conditions associated with the operation of the Independence and occurring before the date of acquisition of the Applicable Independence
Interests by the Partnership Group Member; 
 (iii) Höegh shall provide customary representations and warranties with
respect to title to the Applicable Independence Interests and any other such matters as the Partnership Group Member may approve, which approval will not be unreasonably withheld; 

(iv) Höegh shall grant to the Partnership Group Member the right, exercisable at the Partnership Group Member’s risk
and expense, to make such surveys, tests and inspections of the Independence as the Partnership Group Member may deem desirable, so long as such surveys, tests or inspections do not damage the Independence or interfere with the
activities of the Höegh Entities or ABKN thereon and so long as the Partnership Group Member has furnished Höegh with evidence that adequate liability insurance is in full force and effect; 

(v) the Partnership Group Member will have the right to terminate its obligation to purchase the Applicable Independence
Interests under this Article VI and the related purchase and sale agreement if the results of any searches, surveys, tests or inspections conducted pursuant to Section 6.2(c)(iv) are, in the reasonable opinion of the Partnership
Group, unsatisfactory; and 
 (vi) neither Höegh nor the applicable Partnership Group Member will have any obligation to
sell or buy the Applicable Independence Interests if any of the consents referred to in Section 6.1(b) have not been obtained. 

(d) If the Board, on behalf of a Partnership Group Member, chooses or is deemed to have chosen not to exercise its option to purchase all of
the Independence Interests within 24 months after Höegh notifies the Board pursuant to Section 6.2(a) that the Independence has been accepted by ABKN, all future rights to purchase any of the Independence Interests by
the Partnership Group will be extinguished. 
 ARTICLE VII 

INDEMNIFICATION 

Section 7.1. Höegh Indemnification. Subject to the provisions of Section 7.2 and Section 7.3, Höegh shall indemnify,
defend and hold harmless the Partnership Group from and against: (a) any Covered Environmental Losses relating to the assets contributed by the Höegh Entities to the Partnership Group prior to or on the Closing Date (the
“Contribution Assets”) to the extent that Höegh is notified by the MLP of any such Covered Environmental Losses within five years after the Closing Date; (b) Losses to the Partnership Group arising from (i) the
failure 

  
 14 

 
of the Partnership Group, immediately after the Closing Date, to be the owner of such valid leasehold interests or fee ownership interests in and to the Contribution Assets as are necessary to
enable the Partnership Entities to own and operate the Contribution Assets in substantially the same manner that the Contribution Assets were owned and operated by the Höegh Entities immediately prior to the respective dates on which each such
Contribution Asset was acquired by the Partnership Entities or (ii) the failure of the Partnership Entities to have by the Closing Date any governmental or third-party consent or governmental permit necessary to allow the Partnership Entities
to own or operate the Contribution Assets from the Closing Date in substantially the same manner that the Contribution Assets were owned and operated by the Höegh Entities immediately prior to the respective dates on which each such
Contribution Asset was acquired by the Partnership Entities, in each of clauses (i) and (ii) above, to the extent that Höegh is notified by the MLP of such Losses within three years after the Closing Date; (c) all
federal, state, foreign and local income tax liabilities attributable to the operation of the Contribution Assets prior to the Closing Date, including any such income tax liabilities of the Höegh Entities that may result from the consummation
of the formation transactions for the Partnership Group and the MLP, but excluding any federal, state, foreign and local income taxes reserved on the books of the Partnership Group on the Closing Date; and (d) Losses (i) in the event hire
rate payments under the PGN FSRU LOM are not received from PGN with respect to the period commencing on the Closing Date through the earlier of (x) the date of acceptance of the PGN FSRU Lampung pursuant to the PGN FSRU LOM and
(y) termination of the PGN FSRU LOM for failure to receive PGN’s acceptance of the PGN FSRU Lampung and (ii) with respect to the obligation to pay Delay Liquidated Damages (as defined in the PGN FSRU LOM) to PGN pursuant to
Section 6.4 of the PGN FSRU LOM. 
 Section 7.2. Limitation Regarding Indemnification. The aggregate liability of
Höegh under Section 7.1(a) will not exceed $5,000,000. Furthermore, no claim may be made against Höegh for indemnification pursuant to Section 7.1(a), unless the aggregate dollar amount of all claims for
indemnification pursuant to such section exceeds $500,000, in which case Höegh shall be liable for claims for indemnification only to the extent such aggregate amount exceeds $500,000. 

Section 7.3. Indemnification Procedures. 

(a) The Partnership Group Members agree that within a reasonable period of time after they become aware of facts giving rise to a claim for
indemnification pursuant to Section 7.1, they shall provide notice thereof in writing to Höegh specifying the nature of and specific basis for such claim. 

(b) Höegh will have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims brought against
the Partnership Group that are covered by the indemnification set forth in Section 7.1, including, without limitation, the selection of counsel, determination of whether to appeal any decision of any court and the settling of any such
matter or any issues relating thereto; provided, however, that no such settlement will be entered into without the consent (which consent will not be unreasonably withheld) of the Partnership Group unless it includes a full release of
the Partnership Group from such matter or issues, as the case may be. 

  
 15 

 (c) The Partnership Group Members agree to cooperate fully with Höegh with respect to all
aspects of the defense of any claims covered by the indemnification set forth in Section 7.1, including, without limitation, the prompt furnishing to Höegh of any correspondence or other notice relating thereto that the Partnership
Group may receive, permitting the names of the members of the Partnership Group to be utilized in connection with such defense, the making available to Höegh of any files, records or other information of the Partnership Group that Höegh
considers relevant to such defense and the making available to Höegh of any employees of the Partnership Group; provided, however, that in connection therewith Höegh agrees to use reasonable efforts to minimize the impact
thereof on the operations of the Partnership Group and further agrees to maintain the confidentiality of all files, records and other information furnished by a Partnership Group Member pursuant to this Section 7.3. In no event will the
obligation of the Partnership Group to cooperate with Höegh as set forth in the immediately preceding sentence be construed as imposing upon the Partnership Group an obligation to hire and pay for counsel in connection with the defense of any
claims covered by the indemnification set forth in this Article VII; provided, however, that the Partnership Group Members may, at their own option, cost and expense, hire and pay for counsel in connection with any such defense.
Höegh agrees to keep any such counsel hired by the Partnership Group reasonably informed as to the status of any such defense (including providing such counsel with such information related to any such defense as such counsel may reasonably
request), but Höegh will have the right to retain sole control over such defense. 
 In determining the amount of any Loss for which
any of the members of the Partnership Group is entitled to indemnification under this Agreement, the gross amount of the indemnification will be reduced by (i) any insurance proceeds realized by the Partnership Group, and such correlative
insurance benefit will be net of any incremental insurance premium that becomes due and payable by the Partnership Group as a result of such claim, (ii) all amounts recovered by the Partnership Group under contractual indemnities from third
Persons and (iii) in the case of Losses pursuant to Section 7.1(d), all amounts recovered by the Partnership Group from PGN or third parties in respect of hire rate or Delay Liquidated Damages pursuant to Section 7.1(d).
The Partnership Group hereby agrees to use commercially reasonable efforts to realize any applicable insurance proceeds or amounts recoverable under such contractual indemnities; provided, however, that the costs and expenses (including, without
limitation, court costs and reasonable attorneys’ fees) of the Partnership Group in connection with such efforts will be promptly reimbursed by Höegh in advance of any determination of whether such insurance proceeds or other amounts will
be recoverable. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.1. Choice of Law; Submission To Jurisdiction. This Agreement is subject to and governed by the laws of the State of New
York. Each Party hereby submits to the jurisdiction of the state and federal courts located in the State of New York and to venue in New York, New York. 

  
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 Section 8.2. Notice. All notices, requests or consents provided for or permitted to
be given pursuant to this Agreement must be in writing and must be given by depositing the same in the mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in
person or by private-courier, prepaid, or by telecopier to such Party. Notice given by personal delivery or mail is effective upon actual receipt. Couriered notices are deemed delivered on the date the courier represents that delivery will occur.
Notice given by telecopier is effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal
business hours. All notices to be sent to a Party pursuant to this Agreement will be sent to or made at the address set forth below such Party’s signature to this Agreement, or at such other address as such party may stipulate to the other
Parties in the manner provided in this Section 8.2. 
 Section 8.3. Entire Agreement. This Agreement constitutes the
entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. 

Section 8.4. Termination. Upon a Change of Control of the General Partner or of the MLP, the provisions of Articles II,
III, IV and V (but not less than all of such Articles) terminate immediately. Upon a Change of Control of Höegh, the provisions of Articles II, III, IV and V applicable to Höegh (but not less than
all of such Articles) terminate at the time that is the later of (a) the date on which all of the MLP’s outstanding subordinated units have converted to common units of the MLP and (b) the date of the Change of Control of Höegh.
On the date on which a majority of the members of the Board ceases to consist of members of the Board that were (a) appointed by the General Partner prior to the 2014 annual meeting of unitholders and (b) recommended for election to the
Board by a majority of the Appointed Directors (as defined in the MLP Agreement), the provisions of Articles II and VI and, to the extent applicable to any Höegh Entity, Section 5.1(b) and Section 5.2(b)
shall terminate immediately. 
 Section 8.5. Waiver; Effect of Waiver or Consent. Any Party may (a) extend the time for the
performance of any obligation or other act of any other Party or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver is valid only if set forth in
a written instrument duly executed by the Party or Parties to be bound thereby; provided, however, that the MLP may not, without the prior approval of the Conflicts Committee, agree to any extension or waiver of this Agreement that, in
the reasonable discretion of the Board, will adversely affect the holders of common units of the MLP. No waiver or consent, express or implied, by any Party of or to any breach or default by any Person in the performance by such Person of its
obligations hereunder will be deemed or construed to be a waiver or consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a Party to
complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, does not constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations period has run.

 Section 8.6. Amendment or Modification. This Agreement may be amended or modified from time to time only by the written
agreement of all the Parties; provided, however, that the MLP may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification of this Agreement that, in the reasonable discretion of the Board, will adversely
affect the holders of common units of the MLP. 

  
 17 

 Section 8.7. Assignment. No Party has the right to assign its rights or obligations
under this Agreement without the consent of the other Parties. 
 Section 8.8. Counterparts. This Agreement may be executed in
any number of counterparts with the same effect as if all signatory Parties had signed the same document. All counterparts are to be construed together and constitute one and the same instrument. 

Section 8.9. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is held
invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances will not be affected thereby and will be enforced to the greatest extent permitted by law. 

Section 8.10. Gender, Parts, Articles and Sections. Whenever the context requires, the gender of all words used in this Agreement
includes the masculine, feminine and neuter, and the number of all words includes the singular and plural. All references to Article numbers and Section numbers refer to Articles and Sections of this Agreement. 

Section 8.11. Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each
signatory Party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of
this Agreement and all such transactions. 
 Section 8.12. Withholding or Granting of Consent. Each Party may, with respect to
any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it deems appropriate. 

Section 8.13. Laws and Regulations. Notwithstanding any provision of this Agreement to the contrary, no Party is required to take
any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any applicable law, statute, rule or regulation. 

Section 8.14. Negotiation of Rights of Höegh, Limited Partners, Assignees and Third Parties. The provisions of this Agreement
are enforceable solely by the Parties, and no shareholder of Höegh and no limited partner, member, assignee or other Person of the MLP has the right, separate and apart from Höegh or the MLP, as applicable, to enforce any provision of this
Agreement or to compel any Party to comply with the terms of this Agreement. Höegh is entitled to enforce the rights on behalf of any Höegh Entity, and the MLP is entitled to enforce the rights on behalf of any Partnership Group Member.

 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Closing
Date. 
  

			
	HÖEGH LNG HOLDINGS LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Address for Notice:

	
	  

	  

	  

	 Phone:
	 	  

	 Fax:
	 	  

	 Attention:
	 	  

	
	 HÖEGH LNG PARTNERS LP

	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Address for Notice:

	
	  

	  

	  

	 Phone:
	 	  

	 Fax:
	 	  

	 Attention:
	 	  

	
	 HÖEGH LNG GP LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Address for Notice:

	
	  

	  

	  

	 Phone:
	 	  

	 Fax:
	 	  

	 Attention:
	 	  

 [Signature Page to Omnibus Agreement] 

 
			
	HÖEGH LNG PARTNERS OPERATING LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for Notice:
	
	  

	  

	  

	Phone:	 	  

	Fax:	 	  

	Attention:	 	  

 [Signature Page to Omnibus Agreement]EX-10.3

 EXHIBIT 10.3 

2014 HÖEGH LNG PARTNERS LP LONG-TERM INCENTIVE PLAN 

Section 1. Purpose of the Plan. The 2014 Höegh LNG Partners LP Long-Term Incentive Plan (the
“Plan”) has been adopted on [—] (the “Effective Date”) by Höegh LNG Partners LP, a Marshall Islands limited partnership (the
“Partnership”). The Plan is intended to promote the interests of the Partnership and its Affiliates by providing to Employees, Consultants and Directors who perform services for the Partnership and its subsidiaries incentive
compensation awards based on Units to encourage superior performance. The Plan is also contemplated to enhance the ability of the Partnership and its Affiliates to attract and retain the services of individuals who are essential for the growth and
profitability of the Partnership and to encourage them to devote their best efforts to advancing the business of the Partnership. 

Section 2. Definitions. For purposes of the Plan, capitalized terms used but not otherwise defined herein shall have the
meanings set forth below. In interpreting any terms defined in this Plan, the term shall, where it appears appropriate to do so, be taken to include in each case the equivalent in any other jurisdiction. 

(a) “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 (b) “Award”
means an Option, Unit Appreciation Right, Restricted Unit, Phantom Unit, Unit Award, Substitute Award, Other Unit Based Award, Cash Award, Distribution Equivalent Rights (whether granted alone or in tandem with respect to another Award, other than a
Restricted Unit or Unit Award), or Performance Award, in each case, granted under the Plan. 
 (c) “Award Agreement”
means the written or electronic agreement by which an Award shall be evidenced. 
 (d) “Board” means the Board of
Directors of the Partnership. 
 (e) “Cash Award” means an award denominated in cash. 

(f) “Change of Control” means, and shall be deemed to have occurred upon one or more of the following events: 

(i) any “person” or “group” within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the
United States Securities Exchange Act of 1934, as amended from time to time, other than members, limited partners or other owners (as applicable) of the General Partner, the Partnership, or an Affiliate of either the General Partner or the
Partnership, shall become the beneficial owner, by way of merger, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the voting power of the voting securities of the General Partner or the Partnership; 

 (ii) the members or limited partners (as applicable) of the General Partner or
the Partnership approve, in one transaction or a series of transactions, a plan of complete liquidation of the General Partner or the Partnership; 

(iii) the sale or other disposition by either the General Partner or the Partnership of all or substantially all of its assets
in one or more transactions to any Person other than an Affiliate; 
 (iv) the General Partner or an Affiliate of the General
Partner or of the Partnership ceases to be the general partner of the Partnership; or 
 (v) any other event specified as a
“Change of Control” in an applicable Award Agreement. 
 (g) “Committee” means the Board or
such committee as may be appointed by the Board to administer the Plan, which alternative committee may be the board of directors or managers of any Affiliate or a committee thereof. 

(h) “Consultant” means an individual who renders consulting or advisory services to the General Partner, the
Partnership or an Affiliate of either. 
 (i) “Director” means a member of the Board who is not an Employee or a
Consultant (other than in that individual’s capacity as a Director). 
 (j) “Distribution Equivalent Right” or
“DER” means a contingent right, granted alone or in tandem with a specific Award (other than a Restricted Unit or Unit Award), to receive with respect to each Unit subject to the Award an amount in cash, Units and/or Phantom
Units, as determined by the Committee in its sole discretion, equal in value to the distributions made by the Partnership with respect to a Unit during the period such Award is outstanding. 

(k) “Employee” means an employee of the Partnership, the General Partner or an Affiliate of the General Partner or the
Partnership. 
 (l) “Fair Market Value” means, on any relevant date, the closing sales price of a Unit on the
principal national securities exchange or other market in which trading in Units occurs on the last market trading day prior to the applicable day (or, if there is no trading in the Units on such date, on the next preceding day on which there was
trading) as reported in The Wall Street Journal (or other reporting service approved by the Committee). If Units are not traded on a national securities exchange or other market at the time a determination of Fair Market Value is required to be made
hereunder, the determination of Fair Market Value shall be made by the Committee in good faith. 
 (m) “General
Partner” means Höegh LNG GP LLC, a Marshall Islands limited liability company and the general partner of the Partnership. 

(n) “Option” means an option to purchase Units. 

(o) “Other Unit Based Award” means an Award granted pursuant to Section 6(f). 

(p) “Participant” means an Employee, Consultant or Director who has been granted an Award under the Plan. 

  
 2 

 (q) “Performance Award” means a right granted pursuant to
Section 6(i) to receive an Award based upon performance conditions specified by the Committee. 
 (r) “Person”
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, governmental agency or political subdivision thereof or other entity. 

(s) “Phantom Unit” means a notional Unit that, upon vesting, entitles the Participant to receive, at the time of
settlement, a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its sole discretion. 

(t) “Restricted Period” means the period established by the Committee with respect to an Award during which the Award
remains subject to forfeiture and is not exercisable by or payable to the Participant, as the case may be. 
 (u) “Restricted
Unit” means a Unit that is subject to a Restricted Period. 
 (v) “SEC” means the United States
Securities and Exchange Commission, or any successor thereto. 
 (w) “Substitute Award” means an award granted
pursuant to Section 6(h). 
 (x) “Unit Distribution Right” or “UDR” means a distribution
made by the Partnership with respect to a Restricted Unit. 
 (y) “Unit” means a common unit of the Partnership.

 (z) “Unit Appreciation Right” or “UAR” means a contingent right that entitles the holder
to receive, in cash or Units, as determined by the Committee in its sole discretion, an amount equal to the excess of the Fair Market Value of a Unit on the exercise date of the Unit Appreciation Right (or another specified date) over the exercise
price of the Unit Appreciation Right. 
 (aa) “Unit Award” means a grant of a Unit that is not subject to a
Restricted Period. 
 Section 3. Administration. 

(a) Authority of the Committee. The Plan shall be administered by the Committee. A majority of the Committee shall constitute a quorum,
and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in writing, shall be the acts of the Committee. Subject to the terms of
the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Employees, Consultants and Directors as
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award, consistent with the terms of
the Plan, which terms may include any provision regarding the acceleration of vesting or waiver of forfeiture restrictions or any other condition or limitation regarding an Award, based on such factors as the Committee shall determine, in its sole
discretion; (v) determine whether, to what extent, and under what circumstances Awards may be vested, settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award
made under the Plan; (vii) establish, amend, suspend, or waive such rules 

  
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and regulations and delegate to and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (viii) adopt sub-plans, not inconsistent with the Plan, in
jurisdictions where it appears appropriate to do so; and (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or
supply any omission or reconcile any inconsistency in the Plan or an Award Agreement in such manner and to such extent as the Committee deems necessary or appropriate. Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons. 

(b) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or
other information furnished to him or her by any officer or employee of the Partnership, the General Partner or their Affiliates, the General Partner’s or the Partnership’s legal counsel, independent auditors, consultants or any other
agents assisting in the administration of the Plan. Members of the Committee and any officer or employee of the Partnership, the General Partner or any of their Affiliates acting at the direction or on behalf of the Committee shall not be personally
liable for any action or determination taken or made in good faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless with respect to any such action or determination. 

Section 4. Units. 

(a) Limits on Units Deliverable. Subject to adjustment as provided in Section 4(c) and Section 7, the number of Units that may
be delivered with respect to Awards under the Plan will not exceed [—]. Units withheld from an Award or surrendered by a Participant to satisfy the Partnership’s or an Affiliate’s tax
withholding obligations (including the withholding of Units with respect to Restricted Units) or to satisfy the payment of any exercise price with respect to the Award shall not be considered to be Units delivered under the Plan for this purpose. If
any Award is forfeited, cancelled, exercised, settled in cash, or otherwise terminates or expires without the actual delivery of Units pursuant to such Award (the grant of Restricted Units is not a delivery of Units for this purpose), the Units
subject to such Award shall again be available for Awards under the Plan (including Units not delivered in connection with the exercise of an Option or Unit Appreciation Right). There shall not be any limitation on the number of Awards that may be
granted and paid in cash. 
 (b) Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award may consist, in
whole or in part, of newly issued Units, Units acquired in the open market, from any Affiliate, the Partnership or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion. 

(c) Anti-dilution Adjustments. Notwithstanding anything contained in Section 7, with respect to any “equity
restructuring” event that could result in an additional compensation expense to the General Partner or the Partnership pursuant to the provisions of the Financial Accounting Standards Board, Accounting Standards Codification, Topic
718—Stock Compensation (“ASC Topic 718”) if adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units covered by each outstanding Award and the
terms and conditions, including the exercise price and performance criteria (if any), of such Award to equitably reflect such restructuring event and shall adjust the number and type of Units (or other securities or property) with respect to which
Awards may be granted after such event. With respect to any other similar event that would not result in an accounting charge under ASC Topic 718 if the adjustment to Awards with respect 

  
 4 

 
to such event were subject to discretionary action, the Committee shall have complete discretion to adjust Awards in such manner as it deems appropriate with respect to such other event. In the
event the Committee makes any adjustment pursuant to the foregoing provisions of this Section 4(c), the Committee shall make a corresponding and proportionate adjustment with respect to the maximum number of Units that may be delivered with
respect to Awards under the Plan as provided in Section 4(a) and the kind of Units or other securities available for grant under the Plan. 

Section 5. Eligibility. Any Employee, Consultant or Director, in each case, who provides services to the Partnership and/or
its subsidiaries shall be eligible to be designated a Participant and receive an Award under the Plan. If the Units issuable pursuant to an Award are intended to be registered with the SEC on Form S-8, then only “employees,”
“directors,” or “consultants” of the Partnership or a parent or subsidiary of the Partnership (within the meaning of General Instruction A.1(a) to Form S-8) will be eligible to receive such an Award. 

Section 6. Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose
on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 7(a)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of termination of employment or service, and terms permitting a Participant to make elections relating to his or her Award. Subject to Section 7(a), the Committee shall retain full power and
discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan. 
 (b)
Options. The Committee may grant Options to any eligible Employee, Consultant or Director. The Committee shall have the authority to determine the number of Units to be covered by each Option, the purchase price therefor and the Restricted
Period and other conditions and limitations applicable to the exercise of the Option, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the
provisions of the Plan. 
 (i) Exercise Price. The exercise price per Unit purchasable under an Option shall be
determined by the Committee at the time the Option is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of grant of the Option. For purposes of this Section 6(b)(i), the
Fair Market Value of a Unit shall be determined as of the date of grant. 
 (ii) Time and Method of Exercise. The
Committee shall determine the exercise terms and the Restricted Period with respect to an Option grant, which may include, without limitation, a provision for accelerated vesting upon the achievement of specified performance conditions or other
events, and the method or methods by which payment of the exercise price with respect thereto may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Partnership, withholding Units from an Award,
a “cashless-broker” exercise through procedures approved by the Committee, or any combination of the above methods, having a Fair Market Value on the exercise date equal to the relevant exercise price. 

(iii) Forfeitures. Except as otherwise provided in the terms of the Award Agreement, upon termination of a
Participant’s employment or service, whichever is applicable, 

  
 5 

 
for any reason during the applicable Restricted Period, all unvested Options shall be forfeited by the Participant. The Committee may, in its discretion, waive in whole or in part such forfeiture
with respect to a Participant’s Options. 
 (c) Unit Appreciation Rights. The Committee may grant Unit Appreciation Rights to
any eligible Employee, Consultant or Director. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Unit Appreciation Rights shall be granted, the number of Units to be covered by each grant, whether
Units or cash shall be delivered upon exercise, the exercise price therefor and the conditions and limitations applicable to the exercise of the Unit Appreciation Rights, including the following terms and conditions and such additional terms and
conditions as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
 (i) Exercise
Price. The exercise price per Unit Appreciation Right shall be determined by the Committee at the time the Unit Appreciation Right is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as
of the date of grant of the Unit Appreciation Right. For purposes of this Section 6(c)(i), the Fair Market Value of a Unit shall be determined as of the date of grant. 

(ii) Time of Exercise. The Committee shall determine the Restricted Period and the time or times at which a Unit
Appreciation Right may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement of specified performance conditions or other events. 

(iii) Forfeitures. Except as otherwise provided in the terms of the Award Agreement, upon termination of a
Participant’s employment or service, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding Unit Appreciation Rights awarded to the Participant shall be automatically forfeited on such termination. The
Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Unit Appreciation Rights. 

(d) Restricted Units and Phantom Units. The Committee shall have the authority to determine the Employees, Consultants and Directors to
whom Restricted Units or Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each such Participant, the Restricted Period, the conditions under which the Restricted Units or Phantom Units may become
vested or forfeited and such other terms and conditions as the Committee may establish with respect to such Awards. 
 (i)
UDRs. To the extent provided by the Committee, in its discretion, a grant of Restricted Units may provide that the distributions made by the Partnership with respect to the Restricted Units shall be subject to the same forfeiture and other
restrictions as the Restricted Unit and, if restricted, such distributions shall be held, without interest, until the Restricted Unit vests or is forfeited with the UDR being paid or forfeited at the same time, as the case may be. In addition, the
Committee may provide that such distributions be used to acquire additional Restricted Units for the Participant. Such additional Restricted Units may be subject to such vesting and other terms as the Committee may prescribe. Absent such a
restriction on the UDRs in the Award Agreement, UDRs shall be paid to the holder of the Restricted Unit without restriction at the same time as cash distributions are paid by the Partnership to its unitholders. 

(ii) Forfeitures. Except as otherwise provided in the terms of the applicable Award Agreement, upon termination of a
Participant’s employment or service, whichever is 

  
 6 

 
applicable, for any reason during the applicable Restricted Period, all outstanding, unvested Restricted Units and Phantom Units awarded to the Participant shall be automatically forfeited on
such termination. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Restricted Units and/or Phantom Units. 

(iii) Lapse of Restrictions. 

(A) Phantom Units. Following the vesting of and at the time of settlement specified for each Phantom Unit, subject to
the provisions of Section 8(b), the Participant shall be entitled to payment of such Phantom Unit and shall receive one Unit or an amount in cash equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion. 

(B) Restricted Units. Upon the vesting of each Restricted Unit, subject to satisfying the tax withholding obligations
of Section 8(b), the Participant shall be entitled to have the restrictions removed from his or her Award so that the Participant then holds an unrestricted Unit. 

(e) Unit Awards. The Committee shall have the authority to grant a Unit Award under the Plan to any Employee, Consultant or Director in
a number determined by the Committee in its discretion, as a bonus or additional compensation or in lieu of cash compensation the individual is otherwise entitled to receive, in such amounts as the Committee determines to be appropriate. 

(f) Other Unit Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Employees,
Consultants and Directors such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Units, as deemed by the Committee to be consistent with the purposes of this Plan,
including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Units, purchase rights for Units, Awards with value and payment contingent upon performance of the Partnership or any other
factors designated by the Committee, and Awards valued by reference to the book value of Units or the value of securities of or the performance of specified Affiliates of the General Partner or the Partnership. The Committee shall determine the
terms and conditions of such Other Unit Based Awards. Units delivered pursuant to an Other Unit Based Award in the nature of a purchase right granted under this Section 6(f) shall be purchased for such consideration, paid for at such times, by
such methods, and in such forms, including, without limitation, cash, Units, other Awards, or other property, as the Committee shall determine. Cash Awards, as an element of or supplement to, or independent of any other Award under this Plan, may
also be granted pursuant to this Section 6(f). 
 (g) DERs. To the extent provided by the Committee, in its discretion, an
Employee, Consultant or Director may be granted a stand-alone DER or another Award (other than a Restricted Unit or Unit Award) granted to an Employee, Consultant or Director may include a tandem DER grant, in either case, which may provide that
such DERs shall be paid directly to the Participant, be reinvested into additional Awards, be credited to a bookkeeping account (with or without interest in the discretion of the Committee) subject to the same vesting restrictions as the tandem
Award (if any), or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Absent a contrary provision in the Award Agreement, DERs shall be paid to the Participant without restriction at the same time
as ordinary cash distributions are paid by the Partnership to its unitholders. 
 (h) Substitute Awards. Awards may be granted under
the Plan in substitution for similar awards held by individuals who become Employees, Consultants or Directors as a result of a 

  
 7 

 
merger, consolidation or acquisition by the Partnership or an Affiliate of another entity, including an acquisition of the assets of another entity. Such Substitute Awards that are Options or
Unit Appreciation Rights may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with applicable laws and exchange rules. 

(i) Performance Awards. The right of an Employee, Consultant or Director to exercise or receive a grant or settlement of any Award, and
the vesting or timing thereof, may be subject to such performance conditions as may be specified by the Committee. 
 (i)
Performance Conditions Generally. The performance conditions for such Performance Awards shall consist of one or more business criteria or individual performance criteria and a targeted level or levels of performance with respect to each of
such criteria, as specified by the Committee in its sole discretion. The Committee may determine that such Performance Awards shall be granted, exercised, vested and/or settled upon achievement of any one performance condition or that two or more
performance conditions must be achieved as a condition to grant, exercise, vesting and/or settlement of such Performance Awards. Performance conditions may differ for Performance Awards granted to any one Participant or to different Participants.

 (ii) Performance Periods. Achievement of performance conditions in respect of such Performance Awards shall be
measured over a performance period of up to ten years, as specified by the Committee. 
 (iii) Settlement. At the end
of the applicable performance period, the Committee shall determine the amount, if any, of the potential Performance Award that will be granted or will become vested, exercised and/or settled. Settlement of such Performance Awards shall be in cash,
Units, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce or increase the amount of a settlement otherwise to be made in connection with such Performance Awards. 

(j) Certain Provisions Applicable to Awards. 

(i) Stand-Alone, Additional, Tandem and Substitute Awards. Awards may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Partnership or any Affiliate. Awards granted in addition to, in substitution for, or in
tandem with other Awards or awards granted under any other plan of the Partnership or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. If an Award is granted in
substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award. Awards under the Plan may be granted in lieu of cash compensation, including in lieu of cash
amounts payable under other plans of the General Partner, the Partnership, or any Affiliate, in which the value of Units subject to the Award is equivalent in value to the cash compensation, or in which the exercise price, grant price, or purchase
price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Units minus the value of the cash compensation surrendered. 

  
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 (ii) Limits on Transfer of Awards. 

(A) Except as provided in Section 6(j)(ii)(C) below, each Option and Unit Appreciation Right shall be exercisable only by
the Participant during the Participant’s lifetime, or by the Person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 

(B) Except as provided in Section 6(j)(ii)(C) below, no Award and no right under any such Award may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the General Partner,
the Partnership or any Affiliate. 
 (C) To the extent specifically provided by the Committee with respect to an Option or
Unit Appreciation Right, an Option or Unit Appreciation Right may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as
the Committee may from time to time establish. 
 (iii) Term of Awards. The term of each Award shall be for such
period as may be determined by the Committee. 
 (iv) Form and Timing of Payment under Awards; Deferrals. Subject to
the terms of the Plan, any applicable Award Agreement and applicable law, payments to be made by the General Partner, the Partnership, or any Affiliate upon the exercise of an Option or other Award or settlement of an Award may be made in such forms
as the Committee shall determine, including without limitation cash, Units, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. Except as otherwise provided herein, the settlement
of any Award may be accelerated, and cash paid in lieu of Units in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change of Control). Payments may include,
without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of DERs or other amounts in respect of installment or deferred payments denominated in Units. This Plan
shall not constitute an “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 

(v) Evidencing Units. The Units or other securities of the Partnership delivered pursuant to an Award may be evidenced
in any manner deemed appropriate by the Committee in its sole discretion, including, but not limited to, in the form of a certificate issued in the name of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop
transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable
federal, state or other laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. 

(vi) Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee shall
determine. 
 (vii) Delivery of Units or other Securities and Payment by Participant. Notwithstanding anything in the
Plan or any Award Agreement to the contrary, delivery of Units pursuant to the exercise, vesting and/or settlement of an Award may be deferred for any period 

  
 9 

 
during which, in the good faith determination of the Committee, the Partnership is not reasonably able to obtain Units to deliver pursuant to such Award without violating applicable law or the
applicable rules or regulations of any governmental agency or authority or securities exchange. No Units or other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the
applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the Partnership. 

(viii) Additional Agreements. Each Employee, Consultant or Director to whom an Award is granted under this Plan may be
required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Person’s termination of services with the General Partner, the Partnership or their Affiliates
to a general release of claims and/or a noncompetition agreement in favor of the General Partner, the Partnership, and their Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee. 

(ix) Termination of Employment or Service. Except as provided herein, the treatment of an Award upon a termination of
employment or any other service relationship by and between a Participant and the General Partner, the Partnership, or any Affiliate shall be specified in the Award Agreement controlling such Award. 

Section 7. Amendment and Termination. Except to the extent prohibited by applicable law: 

(a) Amendments to the Plan and Awards. Except as required by applicable law or the rules of the principal securities exchange, if any,
on which the Units are traded, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, including increasing the number of Units available for Awards under the Plan, without the consent of any partner,
Participant, other holder or beneficiary of an Award, or any other Person. Notwithstanding the foregoing, the Committee may waive any conditions or rights under, amend any terms of, or alter any Award theretofore granted, provided that no change,
other than pursuant to Section 7(b), 7(c), 7(d), 7(e), or 7(g) below, in any Award shall materially reduce the rights or benefits of a Participant with respect to an Award without the consent of such Participant. 

(b) Subdivision or Consolidation of Units. The terms of an Award and the number of Units authorized for issuance under the Plan
pursuant to Section 4(a) shall be subject to adjustment from time to time, in accordance with the following provisions: 

(i) If at any time, or from time to time, the Partnership shall subdivide as a whole (by reclassification, by a Unit split, by
the issuance of a distribution on Units payable in Units, or otherwise) the number of Units then outstanding into a greater number of Units, or in the event the Partnership distributes an extraordinary cash dividend, then, as appropriate,
(A) the maximum number of Units available for the Plan or in connection with Awards as provided in Section 4(a) shall be increased proportionately, and the kind of Units or other securities available for the Plan shall be appropriately
adjusted, (B) the number of Units (or other kind of securities) that may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the exercise price) for each Unit (or other kind of
securities) subject to then outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

  
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 (ii) If at any time, or from time to time, the Partnership shall consolidate as a
whole (by reclassification, by reverse Unit split, or otherwise) the number of Units then outstanding into a lesser number of Units, then, as appropriate, (A) the maximum number of Units for the Plan or available in connection with Awards as
provided in Section 4(a) shall be decreased proportionately, and the kind of Units or other securities available for the Plan shall be appropriately adjusted, (B) the number of Units (or other kind of securities) that may be acquired under
any then outstanding Award shall be decreased proportionately, and (C) the price (including the exercise price) for each Unit (or other kind of securities) subject to then outstanding Awards shall be increased proportionately, without changing
the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 
 (iii)
Whenever the number of Units subject to outstanding Awards and the price for each Unit subject to outstanding Awards are required to be adjusted as provided in this Section 7(b), the Committee shall promptly prepare a notice setting forth, in
reasonable detail, the event requiring adjustment, the amount of the adjustment, the method by which such adjustment was calculated, the change in price and the change in the number of Units, other securities, cash, or property subject to each Award
after giving effect to the adjustments. The Committee shall promptly provide each affected Participant with such notice. 

(iv) Adjustments under Sections 7(b)(i) and (ii) shall be made by the Committee, and its determination as to what
adjustments shall be made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of any such adjustments. 

(c) Recapitalizations. If the Partnership recapitalizes, reclassifies its equity securities, or otherwise changes its capital structure
(a “recapitalization”) without a Change of Control, the number and class of Units covered by an Award theretofore granted shall be adjusted so that such Award shall thereafter cover the number and class of Units or other
securities to which the holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had been the holder of record of the number of Units then covered by such Award and the
Unit limitation provided in Section 4(a) shall be adjusted in a manner consistent with the recapitalization. 
 (d) Additional
Issuances. Except as expressly provided herein, the issuance by the Partnership of units of any class or securities convertible into units of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or
warrants to subscribe therefor, or upon conversion of units or obligations of the Partnership convertible into such units or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall
be made with respect to, the number of Units subject to Awards theretofore granted or the purchase price per Unit, if applicable. 
 (e)
Change of Control. Notwithstanding any other provisions of the Plan or any Award Agreement to the contrary, upon a Change of Control, the Committee, acting in its sole discretion without the consent or approval of any holder, may affect one
or more of the following alternatives, which may vary among individual holders and which may vary among Awards: (i) remove any applicable forfeiture restrictions on any Award; (ii) accelerate the time of exercisability or the time at which
the Restricted Period shall lapse to a specific date, before or after such Change of Control, specified by the Committee; (iii) require the mandatory surrender to the General Partner or the Partnership by selected holders of some or all of the
outstanding Awards held by such holders (irrespective of whether such Awards are then subject to a Restricted Period or other restrictions pursuant to the Plan) as of a date, 

  
 11 

 
before or after such Change of Control, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to each holder an amount of cash per Unit equal to the
amount calculated in Section 7(f) (the “Change of Control Price”) less the exercise price, if any, applicable to such Awards; provided, however, that to the extent the exercise price of an Option or a Unit
Appreciation Right exceeds the Change of Control Price, no consideration will be paid with respect to that Award; (iv) cancel Awards that remain subject to a Restricted Period as of the date of a Change of Control without payment of any
consideration to the Participant for such Awards; or (v) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change of Control (including, but not limited to, the substitution of Awards for new
awards); provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding. 

(f) Change of Control Price. The “Change of Control Price” shall equal the amount determined in clause (i),
(ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the per Unit price offered to unitholders in any merger or consolidation, (ii) the per Unit value of the Units immediately before the Change of Control without regard
to assets sold in the Change of Control and assuming the General Partner or the Partnership, as applicable, has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per Unit in a
dissolution transaction, (iv) the price per Unit offered to unitholders in any tender offer or exchange offer whereby a Change of Control takes place, or (v) if such Change of Control occurs other than pursuant to a transaction described
in clauses (i), (ii), (iii), or (iv) of this Section 7(f), the Fair Market Value per Unit of the Units that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of the date
determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to unitholders of the Partnership in any transaction described in this Section 7(f) or Section 7(e)
consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash. 

(g) Impact of Events on Awards Generally. In the event of changes in the outstanding Units by reason of a recapitalization,
reorganization, merger, consolidation, combination, exchange or other relevant change in capitalization occurring after the date of the grant of any Award and not otherwise provided for by this Section 7, any outstanding Awards and any Award
Agreements evidencing such Awards shall be subject to adjustment by the Committee at its discretion, which adjustment may, in the Committee’s discretion, be described in the Award Agreement and may include, but not be limited to, adjustments as
to the number and price of Units or other consideration subject to such Awards, accelerated vesting (in full or in part) of such Awards, conversion of such Awards into awards denominated in the securities or other interests of any successor Person,
or the cash settlement of such Awards in exchange for the cancellation thereof. In the event of any such change in the outstanding Units, the aggregate number of Units available under this Plan may be appropriately adjusted by the Committee, whose
determination shall be conclusive. 
 Section 8. General Provisions. 

(a) No Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity
of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 
 (b) Tax
Withholding. Unless other arrangements have been made that are acceptable to the Partnership, the Partnership, the General Partner or an Affiliate is authorized to deduct, withhold, or cause to be deducted or withheld, from any Award, from any
payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount (in cash, Units, 

  
 12 

 
Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the grant or settlement of an Award, its exercise, the lapse of
restrictions thereon, or any other payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Partnership or Affiliate to satisfy its withholding obligations for the payment of such
taxes. 
 (c) No Right to Employment or Services. The grant of an Award shall not be construed as giving a Participant the right to
continue to be employed, to continue providing consulting services, or to remain on the Board, as applicable. Furthermore, the Partnership, the General Partner or an Affiliate may at any time dismiss a Participant from employment or his or her
service relationship free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other agreement. 

(d) Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be
determined in accordance with the laws of the State of New York without regard to its conflicts of laws principles. 
 (e)
Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the
Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

(f) Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole
discretion, it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation or the rules of the principal securities exchange on which the Units are then traded, and any payment
tendered to the Partnership by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. 

(g) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Partnership or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Partnership or any Affiliate pursuant to an Award, such
right shall be no greater than the right of any general unsecured creditor of the Partnership or such Affiliate. 
 (h) No Fractional
Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any
fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated with or without consideration. 

(i) Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such
headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

(j) Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the
Committee, is unable to manage properly his financial affairs, 

  
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may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the Partnership shall be relieved
of any further liability for payment of such amounts. 
 (k) Allocation of Costs. Nothing herein shall be deemed to override, amend,
or modify any cost sharing arrangement, omnibus agreement, or other arrangement between the General Partner, the Partnership, and any Affiliate regarding the sharing of costs between those entities. 

(l) Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the
singular shall include the plural. 
 (m) No Guarantee of Tax Consequences. The Committee will attempt to structure Awards with terms
and conditions and to exercise its powers and authority under the Plan in a manner that will not result in adverse tax consequences to Participants under any applicable laws; however, none of the Board, the Committee, the Partnership nor the General
Partner makes any commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to any Participant. 

(n) Clawback. To the extent required by (i) applicable law, including without limitation the requirements of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010, any SEC rule or any applicable securities exchange listing standards and/or (ii) any policy that may be adopted by the Board, Awards and amounts paid, payable or realized pursuant to or with
respect to Awards shall be subject to clawback to the extent necessary to comply with such law(s), rules, standards, and/or policy, which clawback may include forfeiture, repurchase and/or recoupment of Awards and amounts paid, payable or realized
pursuant to or with respect to Awards. 
 Section 9. Term of the Plan. The Plan shall be effective on the date
immediately preceding the close of the initial public offering of Units and shall continue until the earliest of (i) the date terminated by the Board, (ii) all Units available under the Plan have been delivered to Participants, or
(iii) the 10th anniversary of the date the Plan is adopted by the Board. However, any Award granted prior to such termination, and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such
Award or to waive any conditions or rights under such Award in accordance with the terms of the Plan shall extend beyond such termination date until the final disposition of such Award. 

  
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