Document:

Exhibit 4.2

 

REGISTRATION RIGHTS AGREEMENT

 

Dated OCTOBER 6, 2014

 

between

 

DPL INC.

 

and

 

MERRILL LYNCH, PIERCE, FENNER &
SMITH  

INCORPORATED

 

and

 

MORGAN STANLEY & CO. LLC

    	 

    	 

    

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
is made and entered into as of October 6, 2014, between DPL Inc., an Ohio corporation (the “Issuer”), Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and each of the other initial purchasers named in
Schedule A hereto (collectively, the “Initial Purchasers”) for whom Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. LLC are acting as the representatives (the “Representatives”).

 

This Agreement is made pursuant to the Purchase
Agreement dated September 25, 2014 among the Issuer and the Initial Purchasers (the “Purchase Agreement”), which
provides for the sale by the Issuer to the Initial Purchasers of $200,000,000 aggregate principal amount of the Issuer’s
6.75% Senior Notes Due 2019 (the “Securities”). In order to induce the Initial Purchasers to enter into the
Purchase Agreement, the Issuer has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration
rights set forth in this Agreement. The execution of this Agreement is a condition to the closing under the Purchase Agreement.

 

In consideration of the foregoing, the parties
hereto agree as follows:

 

1. Definitions.

 

As used in this Agreement, the following capitalized
defined terms shall have the following meanings:

 

“Closing Date”
shall mean the Closing Time as defined in the Purchase Agreement.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

“Exchange Offer”
shall mean the exchange offer by the Issuer of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof.

 

“Exchange Offer Registration”
shall mean a registration under the Securities Act effected pursuant to Section 2(a) hereof.

 

“Exchange Offer Registration
Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate
form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein,
all exhibits thereto and all material incorporated by reference therein.

 

“Exchange Securities”
shall mean securities issued by the Issuer under the Indenture containing terms identical to the Securities (except that the Exchange
Securities will not contain restrictions on transfer) and to be offered to Holders of Securities in exchange for Securities pursuant
to the Exchange Offer.

    	 

    	 

    

“Holder” shall
mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and direct
and indirect transferees who become registered owners of Registrable Securities under the Indenture; provided that for purposes
of Sections 4 and 5 of this Agreement, the term “Holder” shall include Participating Broker-Dealers (as defined
in Section 4(a)).

 

“Indenture”
shall mean the Indenture dated October 6, 2014, between the Issuer and U.S. Bank National Association (the “Trustee”),
as may be supplemented and amended from time to time in accordance with the terms thereof.

 

“Initial Purchasers”
shall have the meaning set forth in the preamble.

 

“Issuer” shall
have the meaning set forth in the preamble including its successors.

 

“Majority Holders”
shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable Securities; provided that
whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable
Securities held by the Issuer or any of its Affiliates (as such term is defined in Rule 405 under the Securities Act) (other
than the Initial Purchasers or subsequent Holders of Registrable Securities if such subsequent holders are deemed to be such affiliates
solely by reason of their holding of such Registrable Securities) shall not be counted in determining whether such consent or approval
was given by the Holders of such required percentage or amount.

 

“Person” shall
mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government
or agency or political subdivision thereof.

 

“Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering
of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements
to such prospectus, and in each case including all material incorporated by reference therein.

 

“Purchase Agreement”
shall have the meaning set forth in the preamble.

 

“Registrable Securities”
shall mean the Securities; provided, however, that the Securities shall cease to be Registrable Securities (i) when
a Registration Statement with respect to such Securities shall have been declared effective under the Securities Act and such Securities
shall have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Securities have been sold
to the public pursuant to Rule 144 or (iii) when such Securities shall have ceased to be outstanding.

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“Registration Expenses”
shall mean any and all expenses incident to performance of or compliance by the Issuer with this Agreement, including without limitation:
(i) all SEC, stock exchange or Financial Industry Regulatory Authority, Inc. (“FINRA”) registration and
filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including
reasonable fees and disbursements of counsel for the Initial Purchasers in connection with blue sky qualification of any of the
Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing,
word processing, printing and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any
underwriting agreements, securities sales agreements and other documents relating to the performance of and compliance with this
Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture
under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements
of counsel for the Issuer and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the
Holders (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for the Initial Purchasers)
and (viii) the fees and disbursements of the independent public accountants of the Issuer, including the expenses of any special
audits or “cold comfort” letters required by or incident to such performance and compliance, but excluding fees and
expenses of counsel to the underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting
discounts and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.

 

“Registration Statement”
shall mean any registration statement of the Issuer that covers any of the Exchange Securities or Registrable Securities pursuant
to the provisions of this Agreement and all amendments and supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference
therein.

 

“SEC” shall
mean the Securities and Exchange Commission.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2(b) hereof.

 

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“Shelf Registration Statement”
shall mean a “shelf” registration statement of the Issuer pursuant to the provisions of Section 2(b) of this Agreement
which covers all of the Registrable Securities (but no other securities unless approved by the Holders whose Registrable Securities
are covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the Securities Act, or any similar
rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference
therein.

 

“Trustee” shall
mean the trustee with respect to the Securities under the Indenture.

 

“Underwriter” shall have
the meaning set forth in Section 3 hereof.

 

“Underwritten Registration”
or “Underwritten Offering” shall mean a registration in which Registrable Securities are sold to an Underwriter
for reoffering to the public.

 

2. Registration Under the Securities Act.

 

(a) To the extent not prohibited by any applicable
law or applicable interpretation of the staff of the SEC (the “Staff”), the Issuer shall use its reasonable
best efforts to cause to be filed by the date that is 270 days after the date of issuance of the Securities, and cause to become
effective an Exchange Offer Registration Statement covering the offer by the Issuer to the Holders to exchange all of the Securities
for Exchange Securities and to have such Registration Statement remain effective until the closing of the Exchange Offer. The Issuer
shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement has been declared effective by the SEC,
and use its reasonable best efforts to have the Exchange Offer consummated on or prior to the date that is 390 days following the
issuance of the Securities (the “Exchange Offer Closing Deadline”). The Issuer shall commence the Exchange Offer
by mailing or electronically transmitting (through the facilities of The Depositary Trust Company) the related exchange offer Prospectus
and accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, including
statements to the effect that:

 

(i)the Exchange Offer is being
made pursuant to this Registration Rights Agreement and that all Securities validly tendered and not validly withdrawn will be
accepted for exchange;

 

(ii)the dates of acceptance
for exchange (which shall be a period of at least 20 business days from the date such notice is mailed) (the “Exchange
Dates”);

 

(iii)any Registrable Security
not tendered will remain outstanding and continue to accrue interest, but will not retain any rights pursuant to Section 2(a) of
this Registration Rights Agreement;

 

(iv)Holders electing to have
a Security exchanged pursuant to the Exchange Offer will be required to (a) surrender such Security, together with the enclosed
letters of transmittal, to the institution and at the address (located in the Borough of Manhattan, The City of New York) specified
in the notice prior to the close of business on the last Exchange Date and (b) represent to the Issuer, as a condition to participation
in the Exchange Offer, that (A) any Exchange Securities received by such Holder will be acquired in the ordinary course of its
business, (B) such Holder has no, and will not have, any arrangement or understanding with any person to participate in the distribution
of the Securities within the meaning of the Securities Act, (C) if the Holder is not a Broker-Dealer or is a Broker-Dealer but
will not receive Exchange Securities for its own account in exchange for Securities, neither the Holder nor any such other Person
is engaged in or intends to participate in a distribution of the Exchange Securities and (D) such Holder is not an Affiliate of
the Issuer. If the Holder is a Broker-Dealer that will receive Exchange Securities for its own account in exchange for Securities,
it will represent that the Securities to be exchanged for the Exchange Securities were acquired by it as a result of its market-making
activities or other trading activities, and will acknowledge that it will deliver a prospectus meeting the requirements of the
Securities Act in connection with any resale of such Exchange Securities. It is understood that, by acknowledging that it will
deliver, and by delivering, a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange
Securities, the Holder is not admitting that it is an “underwriter” within the meaning of the Securities Act; and

 

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(v)Holders will be entitled
to withdraw their election, not later than the close of business on the last Exchange Date, by sending to the institution and at
the address (located in the Borough of Manhattan, The City of New York) specified in the notice a telegram, telex, facsimile transmission
or letter setting forth the name of such Holder, the principal amount of Securities delivered for exchange and a statement that
such Holder is withdrawing his election to have such Securities exchanged.

 

As soon as practicable after the last Exchange
Date, the Issuer shall:

 

(i)accept for exchange Securities
or portions thereof validly tendered and not validly withdrawn pursuant to the Exchange Offer; and

 

(ii)deliver, or cause to be
delivered, to the Trustee for cancellation all Securities or portions thereof so accepted for exchange by the Issuer and issue,
and cause the Trustee to promptly authenticate and deliver to each Holder, an Exchange Security equal in principal amount to the
principal amount of the Securities surrendered by such Holder.

 

The Issuer shall use its reasonable best efforts to complete
the Exchange Offer as provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act
and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any
conditions, other than that the Exchange Offer does not violate applicable law or any applicable interpretation of the Staff.

 

(b)In the event that (i) the Issuer
determines that the Exchange Offer Registration provided for in Section 2(a) above is not available or that the Exchange Offer
may not be consummated by the Exchange Offer Closing Deadline because it would violate applicable law or the applicable interpretations
of the Staff, (ii) the Exchange Offer is not consummated by the Exchange Offer Closing Deadline or (iii) with respect
to any Holder of Registrable Securities (A) such Holder is prohibited by applicable law or SEC policy from participating in
the Exchange Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the
public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate
or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Securities acquired directly from
the Issuer or one of its Affiliates, then, upon such Holder’s written request, the Issuer shall use its reasonable best efforts
to cause to be filed as soon as practicable after such determination, date or notice is given to the Issuer, as the case may be
(the “Shelf Filing Obligation”), a Shelf Registration Statement providing for the sale by the Holders of all
of the Registrable Securities and to have such Shelf Registration Statement declared effective by the SEC. In the event the Issuer
is required to file a Shelf Registration Statement solely as a result of the matters referred to in clause (iii) of the preceding
sentence, the Issuer shall use its reasonable best efforts to file and have declared effective by the SEC both an Exchange Offer
Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement
(which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales
of Registrable Securities held by the Holders after completion of the Exchange Offer. The Issuer agrees to use its reasonable best
efforts to keep the Shelf Registration Statement continuously effective for a period of one year or such shorter period that will
terminate when all of the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement or are no longer outstanding. The Issuer further agrees to supplement or amend the Shelf Registration Statement
if required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration
Statement or by the Securities Act or by any other rules and regulations thereunder for shelf registration or if reasonably requested
by a Holder with respect to information relating to such Holder, and to use its reasonable best efforts to cause any such amendment
to become effective and such Shelf Registration Statement to become usable as soon as thereafter practicable. The Issuer agrees
to furnish to each Holder of Registrable Securities copies of any such supplement or amendment promptly after its being used or
filed with the SEC, to the extent requested by any such Holder.

 

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(c)The Issuer shall pay all Registration
Expenses in connection with the registration pursuant to Section 2(a) or Section 2(b). Each Holder shall pay all underwriting
discounts, commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities
pursuant to the Shelf Registration Statement.

 

(d)An Exchange Offer Registration Statement
pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have
become effective unless it has been declared effective by the SEC; provided, however, that, if, after it has been
declared effective, the offering of Registrable Securities pursuant to a Shelf Registration Statement is interfered with by any
stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such Registration Statement
will be deemed not to have been declared effective until the offering of Registrable Securities pursuant to such Registration Statement
may legally resume. In the event that (a) the Issuer does not consummate the Exchange Offer on or prior to the Exchange Offer Closing
Deadline or (b) a Shelf Registration Statement is not declared effective on or prior to 90 days after the Shelf Filing Obligation
arises (which shall in no event be earlier than the Exchange Offer Closing Deadline) (each such event referred to in clause (a)
and (b) a “Registration Default”), the interest rate on the Registrable Securities will be increased by 0.25%
per annum during the first 90-day period immediately following the occurrence of any Registration Default, and such increased rate
will further increase by 0.25% per annum beginning on the 91st day following the occurrence of such Registration Default,
but in no event shall such increases (such amounts “Additional Interest”) exceed in the aggregate 0.50% per
annum regardless of the number of Registration Defaults that have occurred and are continuing. Following the cure of all Registration
Defaults, the interest rate on the Registrable Securities will be reduced to the original interest rate; provided, however,
that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate on the Registrable
Securities shall again be increased pursuant to the foregoing provisions. If the Issuer requests Holders of Registrable
Securities to provide the information as described in Section 3(q), the Registrable Securities held by Holders who do not
deliver such information to the Issuer when so requested will not be entitled to Additional Interest. Additional Interest shall
be payable on the regular interest payment dates for the Registrable Securities.

 

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(e)Without limiting the remedies available
to the Initial Purchasers and the Holders, the Issuer acknowledges that any failure by the Issuer to comply with its obligations
under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders
for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that,
in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically
enforce the Issuer’s obligations under Section 2(a) and Section 2(b) hereof.

 

3. Registration Procedures.

 

In connection with the obligations of the
Issuer with respect to the Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the Issuer shall as expeditiously
as possible:

 

(a)prepare and file with the
SEC a Registration Statement on the appropriate form under the Securities Act, which form (x) shall be selected by the Issuer and
(y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the selling Holders
thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and include all financial
statements required by the SEC to be filed therewith, and use its reasonable best efforts to cause such Registration Statement
to become effective and remain effective in accordance with Section 2 hereof;

 

(b)prepare and file with the
SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration
Statement effective for the applicable period and cause each Prospectus to be supplemented by any required prospectus supplement
and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during
the period described under Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers
or dealers with respect to the Registrable Securities or Exchange Securities;

 

(c)in the case of a Shelf
Registration, furnish to each Holder of Registrable Securities, to the Initial Purchasers, to counsel for the Holders and to each
Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, including
each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or Underwriter may
reasonably request, in order to facilitate the public sale or other disposition of the Registrable Securities; and the Issuer consents
to the use of such Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the selling
Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities
covered by and in the manner described in such Prospectus or any amendment or supplement thereto in accordance with applicable
law;

 

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(d)use its reasonable best
efforts to register or qualify the Registrable Securities under all applicable state securities or “blue sky” laws
of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing
by the time the applicable Registration Statement is declared effective by the SEC, to cooperate with such Holders in connection
with any filings required to be made with FINRA and do any and all other acts and things which may be reasonably necessary or advisable
to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder;
provided, however, that the Issuer shall not be required to (i) qualify as a foreign corporation or as a dealer
in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (ii) file
any general consent to service of process or (iii) subject itself to taxation in any such jurisdiction if it is not so subject;

 

(e)in the case of a Shelf
Registration, notify each Holder of Registrable Securities, counsel for the Holders and counsel for the Initial Purchasers promptly
and, if requested by any such Holder or counsel, confirm such advice in writing (i) when a Registration Statement has become
effective and when any post-effective amendment thereto has been filed and becomes effective, (ii) of any request by the SEC
or any state securities authority for amendments and supplements to a Registration Statement and Prospectus or for additional information
after the Registration Statement has become effective, (iii) of the issuance by the SEC or any state securities authority
of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose,
(iv) if, between the effective date of a Registration Statement and the closing of any sale of Registrable Securities covered
thereby, the representations and warranties of the Issuer contained in any underwriting agreement, securities sales agreement or
other similar agreement, if any, relating to the offering cease to be true and correct in all material respects or if the Issuer
receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction
or the initiation of any proceeding for such purpose, (v) of the happening of any event during the period a Shelf Registration
Statement is effective which makes any statement made in such Registration Statement or the related Prospectus, in the case of
the Prospectus, in light of the circumstances under which they were made, untrue in any material respect or which requires the
making of any changes in such Registration Statement or Prospectus in order to make the statements therein, in the case of the
Prospectus, in light of the circumstances under which they were made, not misleading and (vi) of any determination by the
Issuer that a post-effective amendment to a Registration Statement would be appropriate;

 

(f)make every reasonable effort
to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the earliest possible moment
and provide immediate notice to each Holder of the withdrawal of any such order;

 

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(g)in the case of a Shelf
Registration, furnish to each Holder of Registrable Securities who so requests, without charge, at least one conformed copy of
each Registration Statement and any post-effective amendment thereto (without documents incorporated therein by reference or exhibits
thereto, unless requested);

 

(h)in the case of a Shelf
Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable
Securities to be in such denominations (consistent with the provisions of the Indenture) and registered in such names as the selling
Holders may reasonably request at least one business day prior to the closing of any sale of Registrable Securities;

 

(i)in the case of a Shelf
Registration, upon the occurrence of any event contemplated by Section 3(e)(v) hereof, use its reasonable best efforts to prepare
and file with the SEC a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the
Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Issuer
agrees to notify the Holders to suspend use of the Prospectus as promptly as reasonably practicable after the occurrence of such
an event, and the Holders hereby agree to suspend use of the Prospectus until the Issuer has amended or supplemented the Prospectus
to correct such misstatement or omission;

 

(j)a reasonable time prior
to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement
to a Prospectus or any document which is to be incorporated by reference into a Registration Statement or a Prospectus after initial
filing of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case
of a Shelf Registration Statement, the selling Holders and their counsel) and make such of the representatives of the Issuer as
shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the
Holders or their counsel) available for discussion of such document, and shall not at any time file or make any amendment to the
Registration Statement, any Prospectus or any amendment of or supplement to a Registration Statement or a Prospectus or any document
which is to be incorporated by reference into a Registration Statement or a Prospectus, of which the Initial Purchasers and their
counsel (and, in the case of a Shelf Registration Statement, the selling Holders and their counsel) shall not have previously been
advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement,
the selling Holders or their counsel) shall object, except for any amendment or supplement or document (a copy of which has been
previously furnished to the Initial Purchasers and its counsel (and, in the case of a Shelf Registration Statement, the selling
Holders and their counsel)) which counsel to the Issuer shall advise the Issuer in writing is required in order to comply with
applicable law;

 

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(k)obtain a CUSIP number for
all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of a Registration Statement;

 

(l)cause the Indenture to
be qualified under the Trust Indenture Act of 1939, as amended (the “TIA”), in connection with the registration
of the Exchange Securities or Registrable Securities, as the case may be, cooperate with the Trustee and the Holders to effect
such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the TIA and
execute, and use its reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes
and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

 

(m)in the case of a Shelf
Registration, make available for inspection by a representative of the selling Holders of the Registrable Securities, any Underwriter
participating in any disposition pursuant to such Shelf Registration Statement, and attorneys and accountants designated by the
selling Holders, at reasonable times and in a reasonable manner, all financial and other records, pertinent documents and properties
of the Issuer, and cause the respective officers, directors and employees of the Issuer to supply all information reasonably requested
by any such representative, Underwriter, attorney or accountant in connection with a Shelf Registration Statement;

 

(n)in the case of a Shelf
Registration, use its reasonable best efforts to cause all Registrable Securities to be listed on any securities exchange or any
automated quotation system on which similar securities issued by the Issuer are then listed if requested by the Majority Holders,
to the extent such Registrable Securities satisfy applicable listing requirements;

 

(o)use its reasonable best
efforts to cause the Exchange Securities to continue to be rated by two nationally recognized statistical rating organizations
(as such term is defined in Section 3(a)(62) of the Exchange Act), if the Registrable Securities have been rated;

 

(p)if reasonably requested
by any Holder of Registrable Securities covered by a Registration Statement, (i) promptly incorporate in a Prospectus supplement
or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein
and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as the Issuer has received
notification of the matters to be incorporated into such filing; and

 

(q)in the case of a Shelf
Registration, enter into such customary agreements and take all such other actions in connection therewith (including those requested
by the Holders of a majority of the Registrable Securities being sold) in order to expedite or facilitate the disposition of such
Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (i) to the extent possible,
make such representations and warranties to the selling Holders and any Underwriters of such Registrable Securities with respect
to the business of the Issuer and its subsidiaries, the Registration Statement, Prospectus and documents incorporated by reference
or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters
in underwritten offerings and confirm the same if and when requested, (ii) obtain opinions of counsel to the Issuer (which counsel
and opinions, in form, scope and substance, shall be reasonably satisfactory to the selling Holders and such Underwriters and their
respective counsel) addressed to each selling Holder and Underwriter of Registrable Securities, covering the matters customarily
covered in opinions requested in underwritten offerings, (iii) obtain “cold comfort” letters from the independent
certified public accountants of the Issuer (and, if necessary, any other certified public accountant of any subsidiary of the Issuer,
or of any business acquired by the Issuer for which financial statements and financial data are or are required to be included
in the Registration Statement) addressed to each selling Holder and Underwriter of Registrable Securities, such letters to be in
customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten
offerings, and (iv) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal
amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings,
to evidence the continued validity of the representations and warranties of the Issuer made pursuant to clause (i) above and
to evidence compliance with any customary conditions contained in an underwriting agreement.

 

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In the case of a Shelf Registration Statement,
the Issuer may require each Holder of Registrable Securities to furnish to the Issuer such information regarding the Holder and
the proposed distribution by such Holder of such Registrable Securities as the Issuer may from time to time reasonably request
in writing. The Issuer will not have any obligation to include in the Shelf Registration Statement any Holder that does not deliver
such information to the Issuer.

 

In the case of a Shelf Registration Statement,
each Holder agrees that, upon receipt of any notice from the Issuer of the happening of any event of the kind described in Section
3(e)(v) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(i) hereof,
and, if so directed by the Issuer, such Holder will deliver to the Issuer (at its expense) all copies in its possession, other
than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current
at the time of receipt of such notice. If the Issuer shall give any such notice to suspend the disposition of Registrable Securities
pursuant to a Registration Statement, the Issuer shall extend the period during which the Registration Statement shall be maintained
effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such
notice to and including the date when the Holders shall have received copies of the supplemented or amended Prospectus necessary
to resume such dispositions. The Issuer may give any such notice only twice during any 365 day period and any such suspensions
may not exceed 30 days for each suspension and there may not be more than two suspensions in effect during any 365 day
period.

 

The Holders of Registrable Securities covered
by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any
such Underwritten Offering, the investment bank or investment banks and manager or managers (the “Underwriters”)
that will administer the offering will be selected by the Majority Holders of the Registrable Securities included in such offering.

 

    	11

    	 

    
4.
Participation of Broker-Dealers in Exchange Offer.

 

(a)The Staff has taken the position that
any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were
acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating Broker-Dealer”),
may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting
the requirements of the Securities Act in connection with any resale of such Exchange Securities.

 

The Issuer understands that it is the Staff’s
position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing
a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without
naming the Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered
by Participating Broker-Dealers to satisfy their prospectus delivery obligation under the Securities Act in connection with resales
of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act.

 

(b)In light of the above, notwithstanding
the other provisions of this Agreement, the Issuer agrees that the provisions of this Agreement as they relate to a Shelf Registration
shall also apply to an Exchange Offer Registration to the extent, and with such reasonable modifications thereto as may be, reasonably
requested by the Initial Purchasers or by one or more Participating Broker-Dealers, in each case as provided in clause (ii)
below, in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent
with the positions of the Staff recited in Section 4(a) above; provided that:

 

(i)the Issuer shall not be
required to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement, as would otherwise be contemplated
by Section 3(i), for a period exceeding 180 days after the last Exchange Date (as such period may be extended pursuant to the penultimate
paragraph of Section 3 of this Agreement) and Participating Broker-Dealers shall not be authorized by the Issuer to deliver
and shall not deliver such Prospectus after such period in connection with the resales contemplated by this Section 4; and

 

(ii)the application of the
Shelf Registration procedures set forth in Section 3 of this Agreement to an Exchange Offer Registration, to the extent not
required by the positions of the Staff or the Securities Act and the rules and regulations thereunder, will be in conformity with
the reasonable request to the Issuer by the Initial Purchasers or with the reasonable request in writing to the Issuer by one or
more broker-dealers who certify to the Initial Purchasers and the Issuer in writing that they anticipate that they will be Participating
Broker-Dealers; and provided further that, in connection with such application of the Shelf Registration procedures
set forth in Section 3 to an Exchange Offer Registration, the Issuer shall be obligated (x) to deal only with the Representatives
as representatives of the Participating Broker-Dealers, (y) to pay the fees and expenses of only one counsel representing
the Participating Broker-Dealers, which shall be counsel to the Initial Purchasers unless such counsel elects not to so act and
(z) to cause to be delivered only one, if any, “cold comfort” letter with respect to the Prospectus in the form
existing on the last Exchange Date and with respect to each subsequent amendment or supplement, if any, effected during the period
specified in clause (i) above.

 

    	12

    	 

    

(c)The Initial Purchasers shall have no
liability to the Issuer or any Holder with respect to any request that it may make pursuant to Section 4(b) above.

 

5.Indemnification and Contribution.

 

(a)The Issuer agrees to indemnify and
hold harmless (i) the Initial Purchasers, each Holder, (ii) each Person, if any, who controls any Initial Purchaser or
any Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, or is under
common control with, or is controlled by, any Initial Purchaser or any Holder (any such persons being hereinafter referred to as
a “controlling person”) and (iii) the Affiliates and agents of any Initial Purchaser, Holder or any controlling
person (any person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”),
from and against all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably
incurred by an Indemnified Holder in connection with defending or investigating any such action or claim) incurred, arising out
of or caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or
any amendment thereto) pursuant to which Exchange Securities or Registrable Securities were registered under the Securities Act,
including all documents incorporated therein by reference, or incurred, arising out of or caused by any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or incurred,
arising out of or caused by any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (as
amended or supplemented if the Issuer shall have furnished any amendments or supplements thereto), or incurred, arising out of
or caused by any omission or alleged omission to state therein a material fact necessary to make the statements therein in light
of the circumstances under which they were made not misleading, except insofar as such losses, claims, damages or liabilities are
incurred, arising out of or caused by any such untrue statement or omission or alleged untrue statement or omission based upon
information relating to the Initial Purchasers or any Holder furnished to the Issuer in writing through Merrill Lynch, Pierce,
Fenner & Smith Incorporated or any selling Holder expressly for use therein. In connection with any Underwritten Offering permitted
by Section 3, the Issuer will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry
professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within
the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification
of the Holders, if requested in connection with any Registration Statement.

 

(b)Each Holder agrees, severally and not
jointly, to indemnify and hold harmless the Issuer, the Initial Purchasers and the other selling Holders, and each of their respective
directors, officers who sign the Registration Statement and each Person, if any, who controls the Issuer, any Initial Purchasers
and any other selling Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act to the same extent as the foregoing indemnity from the Issuer to the Initial Purchasers and the Holders, but only with reference
to information relating to such Holder furnished to the Issuer in writing by such Holder expressly for use in any Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto).

 

    	13

    	 

    

(c)In case any proceeding (including any
governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to either
paragraph (a) or paragraph (b) above, such Person (the “indemnified party”) shall promptly notify the Person
against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party,
upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel
related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and
the indemnified party shall have mutually agreed in writing to the retention of such counsel or (ii) the named parties to
any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood
that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable
for (a) the fees and expenses of more than one separate firm (in addition to any local counsel) for the Initial Purchasers,
all controlling persons of any Initial Purchaser and all Affiliates of any Initial Purchaser (b) the fees and expenses of
more than one separate firm (in addition to any local counsel) for the Issuer, its directors, its officers who sign the Registration
Statement and each Person, if any, who controls the Issuer within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act and (c) the fees and expenses of more than one separate firm (in addition to any local counsel) for
all Holders, all controlling persons of any Holders and all Affiliates of any Holder and that all such fees and expenses shall
be reimbursed as they are incurred. In such case involving the Initial Purchasers, controlling persons of any Initial Purchaser
and all Affiliates of any Initial Purchaser, such firm shall be designated in writing by Merrill Lynch, Pierce, Fenner & Smith
Incorporated. In such case involving the Holders and such controlling persons of Holders and Affiliates of any Holder, such firm
shall be designated in writing by the Majority Holders. In all other cases, such firm shall be designated by the Issuer. The indemnifying
party shall not be liable for any settlement of any proceeding effected without its written consent but, if settled with such consent
or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against
any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated
by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of
any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt
by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified
party for such fees and expenses of counsel in accordance with such request prior to the date of such settlement. No indemnifying
party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding
in respect of which such indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement (i) includes an unconditional release of such indemnified party from all liability
on claims that are the subject matter of such proceeding and (ii) does not include an admission of fault, culpability or a
failure to act by or on behalf of any indemnified party.

 

    	14

    	 

    

(d)If the indemnification provided for
in paragraph (a) or paragraph (b) of this Section 5 is unavailable to an indemnified party or insufficient in respect
of any losses, claims, damages or liabilities, then each indemnifying party under such paragraph, in lieu of indemnifying such
indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the indemnifying party or
parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative
fault of the Issuer and the Indemnified Holders shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Issuer or by the Indemnified Holders and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Holders’ respective obligations to contribute pursuant
to this Section 5(d) are several in proportion to the respective principal amount of Registrable Securities of such Holder
that were registered pursuant to a Registration Statement.

 

(e)The Issuer and each Holder agree that
it would not be just or equitable if contribution pursuant to this Section 5 were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above.
The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in paragraph (d)
above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of
this Section 5, no Holder (and its related Indemnified Holders) shall be required to indemnify or contribute any amount in
excess of the amount by which the total price at which Registrable Securities were sold by such Holder exceeds the amount of any
damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’
respective obligations to contribute pursuant to this Section 5(e) are several in proportion to the respective principal amount
of Registrable Securities of such Holder that were registered pursuant to a Registration Statement. The remedies provided for in
this Section 5 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified
party at law or in equity.

 

The indemnity and contribution provisions
contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this
Agreement, (ii) any investigation made by or on behalf of any Indemnified Holder, or by or on behalf of the Issuer, its officers
or directors or any Person controlling the Issuer, (iii) acceptance of any of the Exchange Securities and (iv) any sale of
Registrable Securities pursuant to a Shelf Registration Statement.

 

    	15

    	 

    

6.Miscellaneous.

 

(a)No Inconsistent Agreements.
The Issuer has not entered into, and on or after the date of this Agreement will not enter into, any agreement which is inconsistent
with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof.
The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to
the holders of the Issuer’s other issued and outstanding securities under any such agreements.

 

(b)Amendments and Waivers. The
provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers
or consents to departures from the provisions hereof may not be given unless the Issuer has obtained the written consent of the
Majority Holders of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent;
provided, however, that no amendment, modification, supplement, waiver or consent to any departure from the provisions
of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such
Holder.

 

(c)Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, telex,
telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder
to the Issuer by means of a notice given in accordance with the provisions of this Section 6(c), which address initially is,
with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; and (ii) if to the Issuer, initially
at the Issuer’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given
in accordance with the provisions of this Section 6(c).

 

All such notices and communications shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days after being deposited
in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the
next business day if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such notices, demands, or other
communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture.

 

(d)Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including,
without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall
be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase
Agreement. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such
Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their
capacity as Initial Purchasers) shall have no liability or obligation to the Issuer with respect to any failure by a Holder to
comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement.

 

    	16

    	 

    

(e)Purchases and Sales of Securities.
The Issuer shall not, and shall use its reasonable best efforts to cause its Affiliates not to, purchase and then resell or otherwise
transfer any Securities.

 

(f)Third Party Beneficiary. Each
Holder shall be a third party beneficiary to the agreements made hereunder between the Issuer, on the one hand, and the Initial
Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of Holders hereunder.

 

(g)Counterparts. This Agreement
may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(h)Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i)Governing Law. This Agreement
shall be governed by the laws of the State of New York.

 

(j)Severability. In the event that
any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	 	DPL INC.
	 	By:	/s/ Jeffrey K. MacKay
	 	 	Name:	Jeffrey K. MacKay
	 	 	Title:	Treasurer

 

 

 

[Signature Page to Registration Rights Agreement]

    	 

    	 

    

Confirmed and accepted as of 

  the date first above written:

 

MERRILL LYNCH, PIERCE, FENNER & SMITH

                              INCORPORATED 

MORGAN STANLEY &
CO. LLC 

U.S. Bancorp Investments,
Inc. 

PNC Capital Markets
LLC 

Fifth Third Securities,
Inc. 

The Huntington Investment
Company 

Regions Securities
LLC 

BMO Capital Markets
GKST Inc.

 

By: MERRILL LYNCH, PIERCE,
FENNER & SMITH

                                     INCORPORATED

 

	By: 	/s/ Sanjay Rijhwani	 
	 	Name: Sanjay Rijhwani	 
	 	Title: Director	 

By: MORGAN STANLEY &
CO. LLC

 

	By:	/s/ Henrik Z. Sandström	 
	 	Name: Henrik Z. Sandström	 
	 	Title: Authorized Signatory	 

 

[Signature Page to Registration Rights Agreement]

    	 

    	 

    

Schedule
A

 

Name of Initial Purchaser

 

Merrill Lynch, Pierce, Fenner &
Smith

                    
 Incorporated

Morgan Stanley & Co. LLC

U.S. Bancorp Investments, Inc.

PNC Capital Markets LLC

Fifth Third Securities, Inc.

The Huntington Investment Company

Regions Securities LLC

BMO Capital Markets GKST Inc.EX-10.1

 Exhibit 10.1 

Execution Version 

NATURAL RESOURCE PARTNERS L.P. 

NRP FINANCE CORPORATION 

$105,000,000 
 9.125% Senior Notes
due 2018 
 Purchase Agreement 

October 9, 2014 
 Wells Fargo Securities, LLC

 As Representative of the several Initial Purchasers 
 listed
in Schedule I hereto 
 c/o Wells Fargo Securities, LLC 

550 S. Tryon Street 
 Charlotte, North Carolina 28202 

Ladies and Gentlemen: 
 Natural Resource Partners
L.P., a limited partnership organized under the laws of Delaware (the “Partnership”), and NRP Finance Corporation, a corporation organized under the laws of Delaware (the “Co-Issuer” and, together with
the Partnership, the “Issuers”), propose to issue and sell to the several parties named in Schedule I hereto (the “Initial Purchasers”), for whom you are acting as representative (the
“Representative”), $105,000,000 principal amount of their 9.125% Senior Notes due 2018 (the “Securities”). The Securities are to be issued under an indenture (the “Indenture”),
dated September 18, 2013, between the Issuers and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Issuers have previously issued $300,000,000 in aggregate principal amount of their 9.125% Senior
Notes due 2018 (the “Existing Notes”) under the Indenture on September 18, 2013. The Securities constitute Additional Notes (as such term is defined in the Indenture) under the Indenture. Except as otherwise disclosed in
the Disclosure Package and the Final Memorandum (as such terms are defined below), the Securities will have terms identical to the Existing Notes and will be treated as a single series of debt securities for all purposes under the Indenture. 

The Securities will have the benefit of a registration rights agreement (the “Registration Rights
Agreement”) to be dated as of the Closing Date (as defined below), among the Issuers and the Initial Purchasers, pursuant to which the Issuers will agree to file with the Commission (as defined below) (i) a registration statement
under the Act (as defined below), relating to another series of debt securities of the Issuers with terms substantially identical to the Securities (the “Exchange Securities”) to be offered in exchange for the Securities (the
“Exchange Offer”), and (ii) to the extent required by the Registration Rights Agreement, a shelf registration statement pursuant to Rule 415 of the Act relating to the resale by certain holders of the Securities, and, in
each case, to use their commercially reasonable efforts to cause such registration statements to be declared effective. The use of the neuter in this purchase agreement (this “Agreement”) shall include the feminine and
masculine wherever appropriate. Certain terms used herein are defined in Section 22 hereof. 

 GP Natural Resource Partners LLC, a Delaware limited liability company (the
“Managing General Partner”), is the general partner of NRP (GP) LP, a Delaware limited partnership (the “General Partner”), which in turn is the general partner of the Partnership. The Partnership owns
its subsidiaries, other than the Co-Issuer and NRP Oil and Gas LLC, a Delaware limited liability company (“NRP Oil and Gas”), through a wholly owned operating company, NRP (Operating) LLC, a Delaware limited liability company
(the “Operating Company”). 
 On October 6, 2014, NRP Oil and Gas entered into a
definitive purchase and sale agreement to acquire certain non-operated working interests in oil and gas assets located in the Bakken/Three Forks play from an affiliate of Kaiser-Francis Oil Company in exchange for approximately $340.0 million in
cash, subject to customary purchase price adjustments (the “Kaiser-Francis Acquisition”). 
 The sale
of the Securities to the Initial Purchasers will be made without registration of the Securities under the Act in reliance upon exemptions from the registration requirements of the Act. 

In connection with the sale of the Securities, the Issuers have prepared a preliminary offering memorandum, dated
October 6, 2014 (as amended or supplemented at the date thereof, including any and all exhibits thereto and any information incorporated by reference therein, the “Preliminary Memorandum”), and a final offering
memorandum, dated October 9, 2014 (as amended or supplemented at the Execution Time (as defined below), including any and all exhibits thereto and any information incorporated by reference therein, the “Final
Memorandum”). Each of the Preliminary Memorandum and the Final Memorandum sets forth certain information concerning the Issuers and the Securities. Each of the Issuers hereby confirms that they have authorized the use of the Disclosure
Package, the Preliminary Memorandum and the Final Memorandum, and any amendment or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchasers. Unless stated to the contrary, any references herein to the
terms “amend,” “amendment” or “supplement” with respect to the Final Memorandum shall be deemed to refer to and include any information filed under the Exchange Act (as defined below) subsequent to the Execution Time
that is incorporated by reference therein.  
 This Agreement, the Indenture, the Securities, the Exchange
Securities and the Registration Rights Agreement are collectively referred to herein as the “Transaction Documents.” 

1. Representations and Warranties. The Issuers jointly and severally represent and warrant to, and agree with, each Initial Purchaser as
set forth below in this Section 1. 
 (a) The Preliminary Memorandum, at the date thereof, did not contain any untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. At the Execution Time and on the Closing Date, the Final Memorandum did not and
will not (and any amendment or supplement thereto, at the date thereof and at the Closing Date will not) contain any untrue statement of a material fact or omit to state any material fact 

  
 - 2 - 

 
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Issuers make no representation or
warranty as to the information contained in or omitted from the Preliminary Memorandum or the Final Memorandum, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Issuers by or on
behalf of the Initial Purchasers through the Representative specifically for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists of the information described as
such in Section 8(b) hereof. 
 (b) As of the Execution Time, (i) the Disclosure Package and (ii) each electronic road show,
when taken together as a whole with the Disclosure Package, does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package in reliance upon and in conformity with information furnished in writing to the Issuers by or on behalf of any Initial
Purchaser through the Representative specifically for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists of the information described as such in
Section 8(b) hereof. 
 (c) None of the Issuers, their Affiliates (as defined below), or any person acting on their behalf (other than
the Initial Purchasers, as to whom the Issuers make no representation or warranty) has, directly or indirectly, made offers or sales of any security or solicited offers to buy any security under circumstances that would require the registration of
the Securities under the Act. 
 (d) None of the Issuers, their Affiliates, or any person acting on their behalf has (i) engaged in any
form of general solicitation or general advertising (within the meaning of Regulation D (as defined below)) in connection with any offer or sale of the Securities or (ii) engaged in any directed selling efforts (within the meaning of
Regulation S (as defined below)) with respect to the Securities; and each of the Issuers, their Affiliates and each person acting on its or their behalf has complied with the offering restrictions requirement of Regulation S. 

(e) The Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 

(f) Subject to compliance by the Initial Purchasers with the representations, warranties and covenants set forth in Section 4 hereof, no
registration under the Act of the Securities is required for the offer and sale of the Securities to or by the Initial Purchasers in the manner contemplated herein, in the Disclosure Package and the Final Memorandum. 

(g) Neither Issuer is required and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof
as described in the Disclosure Package and the Final Memorandum, neither Issuer will be required, to register as an “investment company” as defined in the Investment Company Act (as defined below). 

  
 - 3 - 

 (h) The Issuers have not paid or agreed to pay to any person any compensation for soliciting
another to purchase any securities of the Issuers (except as described in the Preliminary Memorandum). 
 (i) The Issuers have not taken,
directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of the Issuers to
facilitate the sale or resale of the Securities. 
 (j) Each of the Managing General Partner, the General Partner, the Partnership, the
Co-Issuer, NRP Oil and Gas, the Operating Company and their respective subsidiaries listed on Annex A hereto (collectively, the “Partnership Group,” and the subsidiaries listed on Annex A hereto, the
“Operating Subsidiaries”) has been duly formed or incorporated, as applicable, and is validly existing in good standing under the laws of its jurisdiction of formation or incorporation, as applicable, with all limited
liability company, corporate or limited partnership power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged and to enter into and assume the liabilities and obligations assumed or to be
assumed by it pursuant to the Transaction Documents to which it is party, as described in each of the Disclosure Package and the Final Memorandum, and, in the case of the Managing General Partner, to act as the general partner of the General
Partner, and in the case of the General Partner, to act as the general partner of the Partnership, in each case in all material respects as described in the Disclosure Package and the Final Memorandum. Each member of the Partnership Group is duly
registered or qualified as a foreign limited liability company, corporation or limited partnership, as the case may be, for the transaction of business under the laws of each jurisdiction in which the ownership or lease of property or the character
of the business conducted by it makes such qualification or registration necessary, except where the failure so to register or qualify would not have a material adverse effect on the condition (financial or otherwise), business, prospects, assets or
results of operations of the Partnership Group, taken as a whole, whether or not arising from transactions in the ordinary course of business (a “Material Adverse Effect”). 

(k) The General Partner is the sole general partner of the Partnership with a 2.0% general partner interest in the Partnership; such general
partner interest has been duly authorized and validly issued in accordance with the partnership agreement of the Partnership, as amended or restated to date (the “Partnership Agreement”); and the General Partner owns such
general partner interest free and clear of all liens, encumbrances, security interests, equities, charges or claims (“Liens”). 

(l) Robertson Coal Management LLC, a Delaware limited liability company (“RCM LLC”), owns 100% of the issued and
outstanding membership interests in the Managing General Partner; such membership interests have been duly authorized and validly issued in accordance with the limited liability company agreement of the Managing General Partner, as amended to date
(the “Managing General Partner LLC Agreement”), and are fully paid (to the extent required under the Managing General Partner LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections
18-607 and 18-804 of the Delaware Limited Liability Company Act (the “Delaware LLC Act”)); and RCM LLC owns such membership interests free and clear of all Liens. 

  
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 (m) The Managing General Partner is the sole general partner of the General Partner with a 0.001%
general partner interest in the General Partner; such general partner interest has been duly authorized and validly issued in accordance with the partnership agreement of the General Partner, as amended or restated to date (the “General
Partner Partnership Agreement”); and the Managing General Partner owns such general partner interest free and clear of all Liens. 

(n) Other than (i) the Partnership’s ownership of 100% of the outstanding capital stock of the Co-Issuer and a 100% membership
interest in each of NRP Oil and Gas and the Operating Company, (ii) the Operating Company’s ownership of a direct or indirect 100% membership interest in each of the Operating Subsidiaries and a 51.0% member interest in BRP LLC, a
Delaware limited liability company (“BRP”), (iii) BRP’s ownership of a 100% membership interest in CoVal Leasing Company, LLC, and (iv) the ownership of a 49% membership interest in OCI Wyoming LLC, a Delaware
limited liability company (“OCI LLC”), by NRP Trona LLC, a Delaware limited liability company, neither the Partnership nor the Operating Company owns, directly or indirectly, any equity or long-term debt securities of any
corporation, partnership, limited liability company, joint venture, association or other entity. Other than its ownership of its partnership interests in the Partnership, the General Partner does not own, directly or indirectly, any equity or
long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity. 
 (o) All
of the partnership interests of the Partnership have been duly authorized and validly issued in accordance with the Partnership Agreement and are fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such
nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”) and as otherwise set forth in the Disclosure Package and the Final
Memorandum). 
 (p) The statements in the Preliminary Memorandum and the Final Memorandum under the headings “Description of Other
Indebtedness,” “Description of Notes,” and “Certain United States Federal Income and Estate Tax Considerations” fairly summarize in all material respects the matters described therein. 

(q) (i) This Agreement has been duly authorized, executed and delivered by the Issuers; (ii) the Indenture has been duly authorized,
executed and delivered by the Issuers and, assuming due authorization, execution and delivery thereof by the Trustee, constitutes a legal, valid, binding instrument enforceable against the Issuers in accordance with its terms (subject, as to the
enforcement of remedies, to (A) applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity and (B) public policy,
applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing) (the exceptions described in clauses (A) and (B) of the immediately preceding parenthetical provision being referred to
herein as the “Enforceability Exceptions”); (iii) the Securities have been duly authorized, and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the
Initial Purchasers, will have been duly executed and delivered by the Issuers and will constitute the legal, valid and binding obligations of the Issuers entitled to the benefits of and be in the form contemplated by the Indenture (subject, as to

  
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the enforcement of remedies, to the Enforceability Exceptions); (iv) the Exchange Securities have been duly authorized, and, when executed, authenticated and delivered in accordance with the
provisions of the Indenture and as contemplated by the Registration Rights Agreement, will have been duly executed and delivered by the Issuers and will constitute the legal, valid and binding obligations of the Issuers entitled to the benefits of
and be in the form contemplated by the Indenture (subject, as to the enforcement of remedies, to the Enforceability Exceptions); and (v) the Registration Rights Agreement has been duly authorized by the Issuers and shall be executed and
delivered by the Issuers on the Closing Date and, assuming due authorization, execution and delivery thereof by the Initial Purchasers, will constitute a legal, valid, binding instrument enforceable against the Issuers in accordance with its terms
(subject, as to the enforcement of remedies, to the Enforceability Exceptions). 
 (r) No consent, approval, authorization, filing with or
order of any court or governmental agency or body is required for the execution, delivery and performance by the Issuers of each of the Transaction Documents to which each is a party, the issuance and sale of the Securities by the Issuers, and
compliance by the Issuers with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents, except (i) such as may be required under the blue sky laws of any jurisdiction in which the Securities are
offered and sold or (ii) with respect to the Exchange Securities and the Indenture, such as will be made or obtained under the Act and the Trust Indenture Act (as defined below). 

(s) None of the execution and delivery by the Issuers of the Transaction Documents to which it is a party, the issuance and sale of the
Securities, or the consummation of any other of the transactions contemplated herein, or the fulfillment of the terms hereof will conflict with, result in a breach or violation or imposition of any lien, charge or encumbrance upon any property or
assets of the Partnership or any of its subsidiaries pursuant to, (i) the charter or by-laws or comparable constituting documents of the Partnership or any of its subsidiaries; (ii) the terms of any indenture, contract, lease, mortgage,
deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Partnership or any of its subsidiaries is a party or bound or to which its or their property is subject; or (iii) any
statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Partnership or any of its subsidiaries or any of its or
their properties. 
 (t) The consolidated historical financial statements and schedules of the Partnership and its consolidated subsidiaries
and, to the Issuers’ knowledge, of OCI Wyoming Co., a Delaware corporation (“OCI Co”), OCI LLC and their consolidated subsidiaries, included or incorporated by reference in the Disclosure Package and the Final Memorandum
present fairly the financial condition, results of operations and cash flows of the Partnership as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of Regulation S-X (as defined below) and
have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods involved (except as otherwise noted therein). The selected financial data set forth under the
caption “Summary—Summary Historical Financial and Other Data” in the Preliminary Memorandum and the Final Memorandum fairly present, on the basis stated in the Preliminary Memorandum and the Final Memorandum, the information included
therein. The interactive data in eXtensible Business Reporting Language incorporated by reference in the Disclosure Package and the Final Memorandum fairly presents the information called for in all material respects and has been prepared in
accordance with the Commission’s rules and guidelines applicable thereto. 

  
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 (u) No action, suit or proceeding by or before any court or governmental agency, authority or
body or any arbitrator involving any member of the Partnership Group or any subsidiaries of the Partnership or its or their property is pending or, to the knowledge of the Issuers, threatened that (i) could reasonably be expected to have a
material adverse effect on the Partnership’s or the Co-Issuer’s performance of its obligations under this Agreement, the Indenture or the Registration Rights Agreement or the consummation of any of the transactions contemplated hereby or
thereby or (ii) could reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(v) The Operating Company and the Operating Subsidiaries have good and indefeasible title to all real property and good title to all personal
property described in the Disclosure Package and the Final Memorandum, free and clear of all Liens except (i) as described, and subject to the limitations contained, in the Disclosure Package and the Final Memorandum or (ii) such as do not
materially interfere with the use of such properties taken as a whole as they are currently used and are proposed to be used in the future as described in the Disclosure Package and the Final Memorandum; provided that, with respect to any
real property and buildings held under lease by the Operating Company and the Operating Subsidiaries, such real property and buildings are held under valid and subsisting and enforceable leases with such exceptions as do not materially interfere
with the use of such properties taken as a whole as they have been used in the past and are proposed to be used in the future as described in the Disclosure Package and the Final Memorandum. 

(w) No member of the Partnership Group is (i) in violation of its organizational documents, (ii) in violation of any law, statute,
ordinance, administrative or governmental rule or regulation applicable to it or of any order, judgment, decree or injunction of any court or governmental agency or body having jurisdiction over it, or (iii) in breach, default (and no event
that, with notice or lapse of time or both, would constitute such a default has occurred or is continuing) or violation in the performance of any obligation, agreement or condition contained in any bond, debenture, note or any other evidence of
indebtedness or in any agreement, indenture, lease or other instrument to which it is a party or by which it or any of its properties may be bound, which breach, default or violation, in the case of clause (ii) or (iii), would, if continued,
have a Material Adverse Effect, or would materially impair the ability of the Issuers to perform their obligations under this Agreement. To the knowledge of the Issuers, no third party to any indenture, mortgage, deed of trust, loan agreement, lease
or other agreement or instrument to which any member of the Partnership Group is a party or by which any of them are bound or to which any of their properties are subject, is in default under any such agreement, which breach, default or violation
would, if continued, have a Material Adverse Effect. 
 (x) Ernst & Young LLP, who have certified certain financial statements of
the Partnership and its consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules included or incorporated by reference in the Disclosure Package and the Final Memorandum, are
independent public accountants with respect to the Partnership within the meaning of the Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board. 

  
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 (y) There are no stamp or other issuance or transfer taxes or duties or other similar fees or
charges required to be paid in connection with the execution and delivery of this Agreement or the issuance or sale of the Securities. 
 (z)
Each member of the Partnership Group and, to the knowledge of the Partnership, OCI LLC, has filed (or has obtained extensions with respect to) all material federal, state and foreign income and franchise tax returns required to be filed through the
date of this Agreement, which returns are complete and correct in all material respects, and has timely paid all taxes shown to be due, if any, pursuant to such returns, other than those (i) that are being contested in good faith and for which
adequate reserves have been established in accordance with generally accepted accounting principles or (ii) that, if not paid, would not have a Material Adverse Effect. 

(aa) No dispute with the employees of any member of the Partnership Group exists or, to the knowledge of the Issuers, is threatened or imminent
and the Issuers are not aware of any existing or imminent labor disturbance by the employees of any of the lessees of the Partnership Group that would be reasonably likely to have a Material Adverse Effect. 

(bb) No subsidiary of the Partnership is currently prohibited, directly or indirectly, from paying any dividends to the Partnership, from
making any other distribution on such subsidiary’s capital stock, from repaying to the Partnership any loans or advances to such subsidiary from the Partnership or from transferring any of such subsidiary’s properties or assets to the
Partnership or any other subsidiary of the Partnership, except pursuant to the Operating Company’s term loan facility, revolving credit facility and existing senior notes, pursuant to NRP Oil and Gas’ revolving credit facility and as
described in or contemplated in the Disclosure Package or the Final Memorandum. 
 (cc) Each member of the Partnership Group and, to the
knowledge of the Partnership, OCI LLC, maintains insurance with insurers of recognized financial responsibility covering their properties, operations, personnel and businesses against such losses and risks and in such amounts as are reasonably
adequate to protect it and its businesses in a manner consistent with other businesses similarly situated, except, with respect to OCI LLC, such as would not have, individually or in the aggregate, a Material Adverse Effect. No member of the
Partnership Group or, to the knowledge of the Partnership, OCI LLC, has received notice from any insurer or agent of such insurer that substantial capital improvements or other expenditures will have to be made in order to continue such insurance
except, with respect to OCI LLC, such as would not have, individually or in the aggregate, a Material Adverse Effect. All such insurance is outstanding and duly in force on the date hereof and will be outstanding and duly in force on the Closing
Date. Each member of the Partnership Group and, to the knowledge of the Partnership, OCI LLC, is in compliance with the terms of such policies and instruments in all material respects except, with respect to OCI LLC, such as would not have,
individually or in the aggregate a Material Adverse Effect; and there are no material claims by any member of the Partnership Group or, to the knowledge of the Partnership, OCI LLC, under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause except, with respect to OCI LLC, such as would not have, individually or in the aggregate, a Material Adverse Effect. 

  
 - 8 - 

 (dd) Each member of the Partnership Group has such permits, consents, licenses, franchises,
certificates and authorizations of governmental or regulatory authorities (“permits”) as are necessary to own or lease its properties and to conduct its business in the manner described in the Disclosure Package and the Final
Memorandum, subject to such qualifications as may be set forth in the Disclosure Package and the Final Memorandum and except for such permits that, if not obtained, would not have, individually or in the aggregate, a Material Adverse Effect; each
member of the Partnership Group has fulfilled and performed all its material obligations with respect to such permits in the manner described, and subject to the limitations contained, in the Disclosure Package and the Final Memorandum and no event
has occurred that would prevent the permits from being renewed or reissued or that allows, or after notice or lapse of time would allow, revocation or termination thereof or results or would result in any impairment of the rights of the holder of
any such permit, except for such non-renewals, non-issues, revocations, terminations and impairments that would not, individually or in the aggregate, have a Material Adverse Effect. 

(ee) The Partnership (i) makes and keeps books, records and accounts that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of assets and (ii) maintains and has maintained effective internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act and a system of internal accounting controls
sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management’s general or specific authorization, (B) transactions are recorded as necessary to permit preparation of financial statements
in conformity with generally accepted accounting principles and to maintain accountability for assets, (C) access to assets is permitted only in accordance with management’s general or specific authorization, and (D) the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Partnership’s internal controls over financial reporting are effective and the Partnership
is not aware of any material weakness in its internal control over financial reporting. 
 (ff) (i) The Partnership has established and
maintains disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that the information required to be disclosed by
the Partnership in the reports it files or submits under the Exchange Act is accumulated and communicated to the management of the Partnership, including its principal executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure to be made and (iii) such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established. 

(gg) Except as described in the Disclosure Package and the Final Memorandum, each of the entities comprising the Partnership Group and, to the
knowledge of the Partnership, OCI LLC, (i) is in compliance with any and all applicable federal, state and local laws and regulations relating to the protection of human health and safety and the environment or imposing liability or standards
of conduct concerning any Hazardous Materials (as defined 

  
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below) (“Environmental Laws”), (ii) has received all permits required of them under applicable Environmental Laws to conduct their respective businesses,
(iii) is in compliance with all terms and conditions of any such permits and (iv) does not have any liability in connection with the release into the environment of any Hazardous Material, except where such noncompliance with Environmental
Laws, failure to receive required permits, failure to comply with the terms and conditions of such permits or liability in connection with such releases would not, individually or in the aggregate, have a Material Adverse Effect. The term
“Hazardous Material” means (A) any “hazardous substance” as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, (B) any “hazardous waste” as
defined in the Resource Conservation and Recovery Act, as amended, (C) any petroleum or petroleum product, (D) any polychlorinated biphenyl and (E) any pollutant or contaminant or hazardous, dangerous or toxic chemical, material,
waste or substance regulated under or within the meaning of any other Environmental Law. 
 (hh) No member of the Partnership Group or any
ERISA Affiliate (as defined below) has, or is reasonably expected to incur, any material liability under Title IV of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations and published
interpretations thereunder with respect to any employee benefit plan (within the meaning of Section 3(3) of ERISA). “ERISA Affiliates” means the General Partner and each of its subsidiaries. 

(ii) The operations of each member of the Partnership Group and, to the knowledge of the Issuers at the Execution Time, OCI LLC are and have
been conducted at all times in compliance with all applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving any member of the Partnership Group or, to the knowledge of the Issuers at the Execution Time, OCI LLC with respect to the Money Laundering Laws is pending or, to the knowledge of the Issuers, threatened. 

(jj) No member of the Partnership Group nor, to the knowledge of the Issuers, OCI LLC or any director, officer, agent or employee of any member
of the Partnership Group (i) is, or is controlled or 50% or more owned by or is acting on behalf of, an individual or entity that is currently subject to any sanctions administered or enforced by the United States (including any administered or
enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union or
the United Kingdom (including sanctions administered or enforced by Her Majesty’s Treasury) (collectively, “Sanctions” and such persons, “Sanctioned Persons”), (ii) is located, organized or
resident in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory (collectively, “Sanctioned Countries” and each, a
“Sanctioned Country”) or (iii) will, directly or indirectly, use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other individual
or entity in any manner that would result in a violation of any Sanctions by, or could result in the imposition of Sanctions against, any individual or entity (including any individual or entity participating in the offering, whether as underwriter,
advisor, investor or otherwise). 

  
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 (kk) Except as has been disclosed to the Initial Purchasers or is not material to the analysis
under any Sanctions, no member of the Partnership Group or, to the knowledge of the Partnership, OCI LLC has engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, in the preceding
three years, nor does any member of the Partnership Group or, to the knowledge of the Partnership, OCI LLC have any plans to increase its dealings or transactions with Sanctioned Persons, or with or in Sanctioned Countries. 

(ll) There is and has been no failure on the part of the Partnership and any of the Managing General Partner’s directors or officers,
acting on behalf of the Partnership, to comply in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley
Act”), including Section 402 relating to loans and Sections 302 and 906 relating to certifications. 
 (mm) No member of
the Partnership Group nor, to the knowledge of the Partnership, OCI LLC or any director, officer, agent or employee of any member of the Partnership Group is aware of or has taken any action, directly or indirectly, that could result in a violation
or a sanction for violation by such persons of the Foreign Corrupt Practices Act of 1977 or the U.K Bribery Act 2010, each as may be amended, or the rules or regulations thereunder; and each member of the Partnership Group and, to the knowledge of
the Partnership, OCI LLC, have instituted and maintain policies and procedures to ensure compliance therewith. No part of the proceeds of the offering will be used, directly or indirectly, in violation of the Foreign Corrupt Practices Act of 1977 or
the U.K. Bribery Act 2010, each as may be amended, or the rules and regulations thereunder. 
 (nn) All information related to the coal
reserves of the Partnership Group (including, without limitation, information related to (x) proven, probable and total recoverable coal reserves in the aggregate and by region and mining complex location, (y) underground and surface coal
reserves, and (z) sulfur quality (including with respect to compliance coal), typical quality and type of coal) (the “Coal Reserve Information”) included in the Disclosure Package as of the Execution Time and the Final
Memorandum as of its date and the Closing Date, was and is accurate in all material respects as of the date with respect to which such information was given. The Coal Reserve Information has been calculated in accordance with standard mining or
reserve engineering procedures, as applicable, used in the coal industry and applicable government reporting requirements and applicable law. All information underlying the estimates of oil, natural gas and natural gas liquids reserves attributable
to the properties to be acquired by the Partnership in the Kaiser-Francis Acquisition and has been supplied and prepared in accordance with industry standards and the estimates of such reserves (the “Oil and Gas Reserve
Information”) included in the Disclosure Package as of the Execution Time and the Final Memorandum as of its date and the Closing Date, was and is accurate in all material respects as of the date with respect to which such information
was given. All assumptions used in the calculation of the Coal Reserve Information and the Oil and Gas Reserve Information were reasonable in all material respects when made. Netherland, Sewell & Associates, Inc., which prepared an
oversight review letter with respect to the estimates prepared by Kaiser-Francis Oil Company of the proved reserves of the Kaiser-Francis Acquisition, was, as of the date of such letter, and is, as of the date hereof, an independent petroleum
engineer with respect to each of the members of the Partnership Group. 

  
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 (oo) Any certificate signed by any officer of the Managing General Partner and delivered to the
Representative or counsel for the Initial Purchasers in connection with the offering of the Securities shall be deemed a representation and warranty by the Partnership, as to matters covered thereby, to each Initial Purchaser. 

2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the
Issuers agree to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Issuers, at a purchase price of 97.75% of the principal amount thereof, plus accrued interest thereon from
October 1, 2014 to the Closing Date, the principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule I hereto. 

3. Delivery and Payment. Delivery of and payment for the Securities shall be made at 10:00 A.M., New York City time, on October 17,
2014, or at such time on such later date not more than three Business Days (as defined below) after the foregoing date as the Representative shall designate, which date and time may be postponed by agreement between the Representative and the
Issuers or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the Securities shall be made to the Representative for the
respective accounts of the several Initial Purchasers against payment by the several Initial Purchasers through the Representative of the purchase price thereof by wire transfer payable in same-day funds to the account specified by the Issuers.
Delivery of the Securities shall be made through the facilities of The Depository Trust Company for the account of the Initial Purchasers, unless the Representative shall otherwise instruct. Any global note will be made available for inspection by
the Representative not later than 10:00 a.m., New York City time, on the Business Day prior to the Closing Date. 
 4. Offering by Initial
Purchasers. (a) Each Initial Purchaser acknowledges that the Securities have not been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons,
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act. 
 (b) Each Initial
Purchaser, severally and not jointly, represents and warrants to and agrees with the Issuers that: 
 (i) it has not offered
or sold, and will not offer or sell, any Securities within the United States or to, or for the account or benefit of, U.S. persons (x) as part of their distribution at any time or (y) otherwise until 40 days after the later of the
commencement of the offering and the date of the closing of the offering except: 
  

	 	(A)	to those it reasonably believes to be “qualified institutional buyers” (as defined in Rule 144A under the Act) or 

  

	 	(B)	in accordance with Rule 903 of Regulation S; 

  
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 (ii) neither it nor any person acting on its behalf has made or will make offers
or sales of the Securities in the United States by means of any form of general solicitation or general advertising (within the meaning of Regulation D) in the United States; 

(iii) in connection with each sale pursuant to Section 4(b)(i)(A) hereof, it has taken or will take reasonable steps to
ensure that the purchaser of such Securities is aware that such sale may be made in reliance on Rule 144A; 
 (iv)
neither it nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities; 

(v) it is an “accredited investor” (as defined in Rule 501(a) of Regulation D); 

(vi) it has complied and will comply with the offering restrictions requirement of Regulation S; and 

(vii) at or prior to the confirmation of sale of Securities (other than a sale of Securities pursuant to
Section 4(b)(i)(A) hereof), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period (within the meaning of
Regulation S) a confirmation or notice to substantially the following effect: 
 “The Securities covered hereby have not been
registered under the U.S. Securities Act of 1933, as amended (the “Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or
(ii) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the offering, except in either case in accordance with Regulation S or Rule 144A under the Act. Terms used in this paragraph have the
meanings given to them by Regulation S.” 
 5. Agreements. The Issuers agree with each Initial Purchaser that: 

(a) The Issuers will furnish to each Initial Purchaser and to counsel for the Initial Purchasers, without charge, during the period referred to
in Section 5(d) hereof, as many copies of the materials contained in the Disclosure Package and the Final Memorandum and any amendments and supplements thereto as they may reasonably request. 

(b) The Issuers will prepare a final term sheet, containing a description of final terms of the Securities and the offering thereof, in the
form approved by you and attached as Schedule II hereto. 
 (c) The Issuers will not amend or supplement the Disclosure Package or the
Final Memorandum without the prior written consent of the Representative. 

  
 - 13 - 

 (d) If at any time prior to the completion of the sale of the Securities by the Initial
Purchasers (as determined by the Representative), any event occurs as a result of which the Disclosure Package or the Final Memorandum, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the circumstances under which they were made or the circumstances then prevailing, not misleading, or if it should be necessary to amend or supplement the Disclosure Package or
the Final Memorandum to comply with applicable law, the Issuers will promptly (i) notify the Representative of any such event; (ii) subject to the requirements of Section 5(c) hereof, prepare an amendment or supplement that will
correct such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Disclosure Package or Final Memorandum to the several Initial Purchasers and counsel for the Initial Purchasers without charge in such
quantities as they may reasonably request. 
 (e) Without the prior written consent of the Representative, the Issuers have not given and
will not give to any prospective purchaser of the Securities any written information concerning the offering of the Securities other than materials contained in the Disclosure Package, the Final Memorandum or any other offering materials prepared by
or with the prior written consent of the Representative. 
 (f) The Issuers will arrange, if necessary, for the qualification of the
Securities for sale by the Initial Purchasers under the laws of such jurisdictions as the Representative may designate (including certain provinces of Canada) and will maintain such qualifications in effect so long as required for the sale of the
Securities; provided that in no event shall the Issuers be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those
arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject. The Issuers will promptly advise the Representative of the receipt by the Issuers of any notification with respect to the suspension of the
qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 
 (g) The
Issuers will not, and will not permit any of their Affiliates to, resell any Securities that have been acquired by any of them. 
 (h) None
of the Issuers, their Affiliates, or any person acting on the Issuers’ or their Affiliates’ behalf (other than the Initial Purchasers, as to whom no covenant is given) will, directly or indirectly, make offers or sales of any security, or
solicit offers to buy any security, under circumstances that would require the registration of the Securities under the Act. 
 (i) None of
the Issuers, their Affiliates, or any person acting on the Issuers’ or their Affiliates’ behalf (other than the Initial Purchasers, as to whom no covenant is given) will engage in any directed selling efforts (within the meaning of
Regulation S) with respect to the Securities; and each of them will comply with the offering restrictions requirement of Regulation S. 
 (j)
None of the Issuers, their Affiliates, or any person acting on the Issuers’ or their Affiliates’ behalf (other than the Initial Purchasers, as to whom no covenant is given) will engage in any form of general solicitation or general
advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities in the United States. 

  
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 (k) For so long as any of the Securities are outstanding and are “restricted
securities” within the meaning of Rule 144(a)(3) under the Act, the Partnership, during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act or it is not exempt from such reporting
requirements pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act, will provide to each holder of such restricted securities and to each prospective purchaser (as designated by such holder)
of such restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act. This covenant is intended to be for the benefit of the holders, and the prospective
purchasers designated by such holders, from time to time of such restricted securities. 
 (l) The Issuers will cooperate with the
Representative and use its best efforts to permit the Securities to be eligible for clearance and settlement through The Depository Trust Company. 

(m) Each of the Securities will bear the legend contained in “Notice to Investors” in the Preliminary Memorandum and the Final
Memorandum for the time period and upon the other terms stated therein. 
 (n) Other than the $20.0 million principal amount of
contemporaneously issued notes of the same series, the Issuers will not for a period of 60 days following the Execution Time, without the prior written consent of the Representative, offer, sell, contract to sell, pledge, otherwise dispose of, or
enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Issuers or any person in
privity with the Issuers, directly or indirectly, or announce the offering, of any debt securities issued or guaranteed by either of the Issuers (other than the Securities and the Exchange Securities). 

(o) The Issuers will not take, directly or indirectly, any action designed to, or that has constituted or that might reasonably be expected to,
cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of either the Partnership or the Co-Issuer to facilitate the sale or resale of the Securities. 

(p) The Partnership will, for a period of twelve months following the Execution Time, furnish to the Representative (i) all reports or
other communications (financial or other) generally made available to its shareholders, and deliver such reports and communications to the Representative as soon as they are available, unless such documents are furnished to or filed with the
Commission or any securities exchange on which any class of securities of the Partnership is listed and generally made available to the public and (ii) such additional information concerning the business and financial condition of the
Partnership as the Representative may from time to time reasonably request (such statements to be on a consolidated basis to the extent the accounts of the Partnership and its subsidiaries are consolidated in reports furnished to its shareholders).

 (q) The Issuers agree to pay the costs and expenses relating to the following matters: (i) the preparation of the Registration Rights
Agreement and the issuance of the Securities, the Exchange Securities and the fees and expenses of the Trustee and any paying agent (including related fees and expenses of any counsel to such parties); (ii) the preparation,

  
 - 15 - 

 
printing or reproduction of the materials contained in the Disclosure Package and the Final Memorandum and each amendment or supplement to either of them; (iii) the printing (or
reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the materials contained in the Disclosure Package and the Final Memorandum, and all amendments or supplements to either of
them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iv) the issuance and delivery of the Securities or the Exchange Securities; (v) any stamp or transfer taxes in
connection with the original issuance and sale of the Securities; (vi) the printing (or reproduction) and delivery of the Transaction Documents, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered
in connection with the offering of the Securities or Exchange Securities; (vii) any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states, the provinces of Canada and any
other jurisdictions specified pursuant to Section 5(f) (including filing fees and the reasonable fees and expenses of counsel for the Initial Purchasers relating to such registration and qualification); (viii) the transportation and other
expenses incurred by or on behalf of representatives of the Issuers in connection with presentations to prospective purchasers of the Securities; and (ix) all other costs and expenses incident to the performance by the Issuers of their
obligations hereunder. 
 6. Conditions to the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to
purchase the Securities shall be subject to the accuracy of the representations and warranties of the Issuers contained herein at the Execution Time and the Closing Date, to the accuracy of the statements of the Issuers made in any certificates
pursuant to the provisions hereof, to the performance by the Issuers of their obligations hereunder and to the following additional conditions: 

(a) The Issuers shall have requested and caused (i) Vinson & Elkins LLP, counsel for the Issuers, to furnish to the
Representative its opinion and negative assurance letter, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers, to the effect set forth in Annex B hereto
and (ii) Kathryn S. Wilson, general counsel for the Issuers, to furnish to the Representative her opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers,
to the effect set forth in Annex C hereto. 
 (b) The Representative shall have received from Andrews Kurth LLP, counsel for the
Initial Purchasers, such opinion and negative assurance letter, dated the Closing Date and addressed to the Initial Purchasers, with respect to the issuance and sale of the Securities, the Indenture, the Registration Rights Agreement, the Disclosure
Package, the Final Memorandum (as amended or supplemented at the Closing Date) and other related matters as the Representative may reasonably require, and the Issuers shall have furnished to such counsel such documents as they request for the
purpose of enabling them to pass upon such matters. 
 (c) The Managing General Partner shall have furnished to the Representative a
certificate of the Managing General Partner, signed by (x) the Chairman of the Board or the President and (y) the principal financial or accounting officer of the Managing General Partner, dated the Closing Date, to the effect that the
signers of such certificate have carefully examined the Disclosure Package and the Final Memorandum and any supplements or amendments thereto, and this Agreement and that: 

  
 - 16 - 

 (i) the representations and warranties of the Issuers in this Agreement are true
and correct on and as of the Closing Date with the same effect as if made on the Closing Date, and the Issuers have complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to
the Closing Date; and 
 (ii) since the date of the most recent financial statements included in the Disclosure Package and
the Final Memorandum (exclusive of any amendment or supplement thereto), there has been no material adverse change in the condition (financial or otherwise), prospects, earnings, business or properties of the Partnership and its subsidiaries, taken
as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(d) At the Execution Time and at the Closing Date, the Issuers shall have requested and caused Ernst & Young LLP to furnish to the
Representative a “comfort letter,” dated as of the Execution Time, and a bring down comfort letter, dated as of the Closing Date, in form and substance satisfactory to the Representative, confirming that they are independent accountants
within the meaning of the Exchange Act and the applicable published rules and regulations thereunder and confirming certain matters with respect to the audited and unaudited financial statements and other financial and accounting information of the
Partnership and its consolidated subsidiaries contained in or incorporated by reference in the Disclosure Package and Final Memorandum, including any amendment or supplement thereto as of the date of the applicable letter. 

All references in this Section 6(d) to the Preliminary Memorandum and the Final Memorandum include any amendment or supplement thereto at
the date of the applicable letter. 
 (e) At the time of execution of this Agreement, the Initial Purchasers shall have received from the
Partnership a copy of an oversight review letter from Netherland, Sewell & Associates, Inc., independent petroleum engineers, prepared on behalf of the Partnership, with respect to the estimates prepared by Kaiser-Francis Oil Company of the
proved reserves of the Kaiser-Francis Acquisition. 
 (f) Subsequent to the Execution Time or, if earlier, the dates as of which information
is given in the Disclosure Package (exclusive of any amendment or supplement thereto) and the Final Memorandum (exclusive of any amendment or supplement thereto), there shall not have been (i) any material change or decrease specified in the
letter or letters referred to in paragraph (d) of this Section 6; or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects, earnings, business or
properties of the Partnership and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of
any amendment or supplement 

  
 - 17 - 

 
thereto), the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Representative, so material and adverse as to make it impractical or
inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(g) The Securities shall be eligible for clearance and settlement through The Depository Trust Company. 

(h) Prior to the Closing Date, the Issuers shall have furnished to the Representative such further information, certificates and documents as
the Representative may reasonably request. 
 (i) At the Closing Date, the Issuers and the Trustee shall have entered into the Indenture and
the Representative shall have received an executed copy thereof. 
 (j) At the Closing Date, the Issuers and the Representative shall have
entered into the Registration Rights Agreement and the Representative shall have received an executed copy thereof. 
 If any of the
conditions specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form
and substance to the Representative and counsel for the Initial Purchasers, this Agreement and all obligations of the Initial Purchasers hereunder may be cancelled at, or at any time prior to, the Closing Date by the Representative. Notice of such
cancellation shall be given to the Issuers in writing or by telephone or facsimile confirmed in writing. 
 The documents required to be
delivered by this Section 6 will be delivered at the office of Andrews Kurth LLP, counsel for the Initial Purchasers, at 600 Travis Street, Suite 4200, Houston, Texas, 77002 on the Closing Date. 

7. Reimbursement of Expenses. Subject to Section 5(q) hereof, if the sale of the Securities provided for herein is not consummated
because any condition to the obligations of the Initial Purchasers set forth in Section 6 hereof is not satisfied or because of any refusal, inability or failure on the part of the Issuers to perform any agreement herein or comply with any
provision hereof other than by reason of a default by any of the Initial Purchasers, the Issuers will reimburse the Initial Purchasers severally through Wells Fargo on demand for all expenses (including reasonable fees and disbursements of counsel)
that shall have been incurred by them in connection with the proposed purchase and sale of the Securities. 
 8. Indemnification and
Contribution. (a) The Issuers agree to indemnify and hold harmless each Initial Purchaser, the directors, officers, employees, Affiliates and agents of each Initial Purchaser and each person who controls any Initial Purchaser within the
meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other U.S. federal or state statutory law
or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities or actions in respect thereof arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the

  
 - 18 - 

 
Preliminary Memorandum, the Final Memorandum, any Issuer Written Information (as defined below) or any other written information used by or on behalf of the Issuers in connection with the offer
or sale of the Securities or any contemporaneously issued notes of the same series, or in any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred
by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Issuers will not be liable in any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary Memorandum or the Final Memorandum, or in any amendment thereof or supplement thereto, in reliance upon and
in conformity with written information furnished to the Issuers by or on behalf of any Initial Purchaser through the Representative specifically for inclusion therein. This indemnity agreement will be in addition to any liability that the Issuers
may otherwise have. 
 (b) Each Initial Purchaser severally, and not jointly, agrees to indemnify and hold harmless the Issuers, each of
their directors, each of their officers, and each person who controls the Issuers within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity to each Initial Purchaser, but only with reference to written
information relating to such Initial Purchaser furnished to the Issuers by or on behalf of such Initial Purchaser through the Representative specifically for inclusion in the Preliminary Memorandum or the Final Memorandum (or in any amendment or
supplement thereto). This indemnity agreement will be in addition to any liability that any Initial Purchaser may otherwise have. The Issuers acknowledge that the statements set forth under the heading “Plan of Distribution” in the second
and third sentences of the sixth paragraph and the seventh paragraph in the Preliminary Memorandum and the Final Memorandum constitute the only information furnished in writing by or on behalf of the Initial Purchasers for inclusion in the
Preliminary Memorandum or the Final Memorandum or in any amendment or supplement thereto. 
 (c) Promptly after receipt by an indemnified
party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing
of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such
failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the
indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the
indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to
appoint counsel (including local counsel) to represent the indemnified party in an action, the 

  
 - 19 - 

 
indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of not more than one
such counsel (plus separate local counsel) if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or
targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different
from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the
institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not
the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or
proceeding. 
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to or
insufficient to hold harmless an indemnified party for any reason, the Issuers and the Initial Purchasers severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred
in connection with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which the Issuers and one or more of the Initial Purchasers may be subject in such proportion as is
appropriate to reflect the relative benefits received by the Issuers on the one hand and by the Initial Purchasers on the other from the offering of the Securities and any contemporaneously issued notes of the same series; provided,
however, that in no case shall any Initial Purchaser be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the allocation provided by the
immediately preceding sentence is unavailable for any reason, the Issuers and the Initial Purchasers severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the
Issuers on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Issuers shall be deemed to
be equal to the total net proceeds from the offering (before deducting expenses) received by them, and benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions. Relative fault shall be
determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Issuers on the one hand or the
Initial Purchasers on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Issuers and the Initial Purchasers agree that it would not be
just and equitable if contribution were determined by pro rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was 

  
 - 20 - 

 
not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls an Initial Purchaser within the meaning of either the Act or the Exchange Act and
each director, officer, employee, Affiliate and agent of an Initial Purchaser shall have the same rights to contribution as such Initial Purchaser, and each person who controls the Issuers within the meaning of either the Act or the Exchange Act and
each officer and director of the Issuers shall have the same rights to contribution as the Issuers, subject in each case to the applicable terms and conditions of this paragraph (d). 

9. Default by an Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of the Securities
agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to
take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the
remaining Initial Purchasers) the Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities which the
defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Initial Purchasers shall have the right to
purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such nondefaulting Initial Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any nondefaulting Initial
Purchaser or the Issuers. In the event of a default by any Initial Purchaser as set forth in this Section 9 the Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representative shall determine in order
that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Initial Purchaser of its liability, if any, to the Issuers or any
nondefaulting Initial Purchaser for damages occasioned by its default hereunder. 
 10. Termination. This Agreement shall be subject
to termination in the absolute discretion of the Representative, by notice given to the Issuers prior to delivery of and payment for the Securities, if at any time prior to such time (a) trading in securities generally on the New York Stock
Exchange shall have been suspended or limited or minimum prices shall have been established on such exchange; (b) a banking moratorium shall have been declared either by U.S. federal or New York State authorities; or (c) there shall have
occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the
Representative, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements
of the Issuers or its officers and of the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or the Issuers or any
of the indemnified persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 

  
 - 21 - 

 12. Notices. All communications hereunder will be in writing and effective only on
receipt, and, if sent to the Representative, will be mailed, delivered or telefaxed (with the receipt of any such fax to be confirmed by telephone) to the Representative at Wells Fargo Securities, LLC, 550 S. Tryon Street, 5th Floor, Charlotte, North Carolina 28202, Attention: High Yield Syndicate, fax no. (704) 410-4874 (with such fax to be confirmed by telephone to (704) 383-0550); or, if sent to the
Partnership, will be mailed, delivered or telefaxed to Kathryn S. Wilson, Natural Resource Partners L.P., 601 Jefferson Street, Suite 3600, Houston, Texas 77002 (fax no.: (713) 751-7563). 

13. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and
the indemnified persons referred to in Section 8 hereof and their respective successors, and, except as expressly set forth in Section 5(k) hereof, no other person will have any right or obligation hereunder. 

14. Jurisdiction. The Issuers agree that any suit, action or proceeding against the Issuers brought by any Initial Purchaser, the
directors, officers, employees and agents of any Initial Purchaser, or any person who controls any Initial Purchaser, arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any state or U.S. federal
court in The City of New York and County of New York, and waives any objection which they may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such courts in any suit, action or
proceeding. 
 15. Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) among the
Issuers and the Initial Purchasers, or any of them, with respect to the subject matter hereof. 
 16. Applicable Law. This Agreement
will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. 

17. Waiver of Jury Trial. The Issuers hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
 18. No
Fiduciary Duty. The Issuers hereby acknowledge that (a) the purchase and sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Issuers, on the one hand, and the Initial Purchasers and
any Affiliate through which it may be acting, on the other, (b) the Initial Purchasers are acting as principal and not as an agent or fiduciary of the Issuers and (c) the Issuers’ engagement of the Initial Purchasers in connection
with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Issuers agree that they are solely responsible for making their own judgments in connection with the offering
(irrespective of whether any of the Initial Purchasers has advised or is currently advising the Issuers on related or other matters). The Issuers agree that they will not claim that the Initial Purchasers have rendered advisory services of any
nature or respect, or owe an agency, fiduciary or similar duty to the Issuers, in connection with such transaction or the process leading thereto. 

  
 - 22 - 

 19. Waiver of Tax Confidentiality. Notwithstanding anything herein to the contrary,
purchasers of the Securities (and each employee, representative or other agent of a purchaser) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any transaction contemplated herein
and all materials of any kind (including opinions or other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is
reasonably necessary in order to comply with applicable securities laws. 
 20. Counterparts. This Agreement may be signed in two or
more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 
 21.
Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
 22.
Definitions. The terms that follow, when used in this Agreement, shall have the meanings indicated. 

“Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Affiliate” shall have the meaning specified in
Rule 501(b) of Regulation D. 
 “Business Day” shall mean any day other than a
Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in The City of New York. 

“Commission” shall mean the Securities and Exchange Commission. 

“Disclosure Package” shall mean (i) the Preliminary Memorandum, as amended or supplemented at the
Execution Time, (ii) the final term sheet prepared pursuant to Section 5(b) hereto and in the form attached as Schedule II hereto and (iii) any Issuer Written Information. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder. 
 “Execution Time” shall mean the date and
time that this Agreement is executed and delivered by the parties hereto. 
 “Investment Company
Act” shall mean the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder. 

  
 - 23 - 

 “Issuer Written Information” shall mean any writings in
addition to the Preliminary Memorandum that the parties expressly agree in writing to treat as part of the Disclosure Package. 

“Regulation D” shall mean Regulation D under the Act. 

“Regulation S” shall mean Regulation S under the Act. 

“Regulation S-X” shall mean Regulation S-X under the Act. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and
regulations of the Commission promulgated thereunder. 
 “Wells Fargo” shall mean Wells
Fargo Securities, LLC. 

  
 - 24 - 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Partnership and the several Initial Purchasers. 

 

					
	Very truly yours,
	
	NATURAL RESOURCE PARTNERS L.P.
	
	By: NRP (GP) LP, its general partner
		
		 	By: GP Natural Resource Partners LLC, its general partner
			
		 	By:	 	 /s/ Kathryn S. Wilson

		 	Name:	 	Kathryn S. Wilson
		 	Title:	 	Vice President, General Counsel and Secretary
	
	NRP FINANCE CORPORATION
		
	By:	 	 /s/ Kathryn S. Wilson

	Name:	 	Kathryn S. Wilson
	Title:	 	 Vice President, General Counsel and Secretary

 Signature Page to Purchase Agreement 

					
	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
	
	For itself and the other several Initial Purchasers named in Schedule I to the foregoing Agreement.
	
	WELLS FARGO SECURITIES, LLC
		
	By:	 	 /s/ Todd Schanzlin

		 	Name:	 	Todd Schanzlin
		 	Title:	 	Managing Director

 Signature Page to Purchase Agreement 

 SCHEDULE I 
  

					
	 Initial Purchasers
	  	Principal
Amount of
Securities to be
Purchased	 
	 Wells Fargo Securities, LLC
	  	$	44,146,000	  
	 Citigroup Global Markets Inc.
	  	 	39,210,000	  
	 BB&T Capital Markets, a division of BB&T Securities, LLC
	  	 	4,738,000	  
	 BBVA Securities Inc.
	  	 	4,738,000	  
	 Comerica Securities, Inc.
	  	 	4,738,000	  
	 The Huntington Investment Company
	  	 	4,738,000	  
	 Mitsubishi UFJ Securities (USA), Inc.
	  	 	2,692,000	  
		  	  
	  
	 
	 Total
	  	$	105,000,000	  

 SCHEDULE II 

[See attached] 

 ANNEX A 
  

			
	 Entity
	  	 State of Formation

	 GP Natural Resource Partners LLC
	  	Delaware
	 NRP (GP) LP
	  	Delaware
	 Natural Resource Partners L.P.
	  	Delaware
	 NRP (Operating) LLC
	  	Delaware
	 NRP Oil and Gas LLC
	  	Delaware
	 NRP Finance Corporation
	  	Delaware
	 BRP LLC
	  	Delaware
	 CoVal Leasing Company, LLC
	  	Delaware
	 WPP LLC
	  	Delaware
	 ACIN LLC
	  	Delaware
	 WBRD LLC
	  	Delaware
	 HOD LLC
	  	Delaware
	 Shepard Boone Coal Company LLC
	  	Delaware
	 Gatling Mineral, LLC
	  	Delaware
	 Independence Land Company, LLC
	  	Delaware
	 Williamson Transport, LLC
	  	Delaware
	 Little River Transport, LLC
	  	Delaware
	 Rivervista Mining, LLC
	  	Delaware
	 Deepwater Transportation, LLC
	  	Delaware
	 NRP Trona LLC
	  	Delaware
	 VantaCore Partners LP
	  	Delaware
	 Winn Marine, LLC
	  	Delaware
	 McIntosh Construction Company, LLC
	  	Delaware
	 McAsphalt, LLC
	  	Delaware
	 Southern Aggregates, LLC
	  	Delaware
	 Winn Materials of Kentucky LLC
	  	Delaware
	 Laurel Aggregates of Delaware, LLC
	  	Delaware
	 Utica Resources LLC
	  	Delaware
	 Laurel Aggregates Terminal Services of Delaware, LLC
	  	Delaware
	 Laurel Aggregates of PA (Delaware), LLC
	  	Delaware
	 Winn Materials, LLC
	  	Delaware

 ANNEX B 

LEGAL OPINION OF VINSON & ELKINS LLP 

WELLS FARGO SECURITIES, LLC 

As representatives of the 
 several Initial
Purchasers named 
 in Schedule I to the 

Purchase Agreement 
 c/o WELLS
FARGO SECURITIES, LLC 
 550 S. Tryon Street 

Charlotte, North Carolina 28202 
 Ladies and Gentlemen: 

This letter is provided to you pursuant to Section 6(a)(i) of the Purchase Agreement, dated October 9, 2014 (the
“Purchase Agreement”), by and among Natural Resource Partners L.P., a Delaware limited partnership (the “Partnership”), and NRP Finance Corporation, a Delaware corporation (the “Co-Issuer,” and
together with the Partnership, the “Issuers”), and Wells Fargo Securities, LLC, as representative of the several initial purchasers named in Schedule I thereto (the “Initial Purchasers”), pursuant to which the
Issuers have agreed to issue and sell to the Initial Purchasers, and the Initial Purchasers have agreed to purchase from the Issuers, $105,000,000 in aggregate principal amount of 9.125% Senior Notes due 2018 (the “Securities”). The
Securities are to be issued under an indenture (the “Indenture”), dated September 18, 2013, between the Issuers and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Issuers have
previously issued $300,000,000 in aggregate principal amount of their 9.125% Senior Notes due 2018 under the Indenture on September 18, 2013. Any capitalized term used in this letter and not defined herein shall have the meaning assigned to
such term in the Purchase Agreement. 
 We have acted as counsel to the Issuers in connection with the offer and sale by the Issuers of the
Securities. In connection with the matters set forth below, we have examined and relied upon the following: 
 (i) executed
originals or counterparts of the Purchase Agreement, the Indenture, the Registration Rights Agreement, the Managing General Partner LLC Agreement, the General Partner Partnership Agreement, the Partnership Agreement, the bylaws of the Co-Issuer, the
Operating Company LLC Agreement, the Operating Subsidiaries’ LLC Agreements and the NRP Oil and Gas LLC Agreement; 

(ii) copies of the Certificates of Limited Partnership of the Partnership and the General Partner, as filed with the Secretary
of State of the State of Delaware; 
 (iii) a copy of the Certificate of Formation of the Managing General Partner, as filed
with the Secretary of State of the State of Delaware; 

 (iv) a copy of the Certificate of Incorporation of the Co-Issuer, as filed with
the Secretary of State of the State of Delaware; 
 (v) a copy of the Certificate of Formation of each of the Operating
Company, the Operating Subsidiaries and NRP Oil and Gas, as filed with the Secretary of State of the State of Delaware; 

(vi) copies of resolutions of the Board of Directors of the Co-Issuer, the Board of Directors of the Managing General Partner
and the pricing committee of the Managing General Partner; 
 (vii) copies of letters or certificates of recent dates
received by us from public officials in the State of Delaware as to the due formation or organization and valid existence and good standing of the members of the Partnership Group; 

(viii) reports, dated as of recent dates, purporting to describe all financing statements on file as of the dates specified
therein in the office of the Secretary of State of the State of Delaware naming the Managing General Partner, the General Partner, the Partnership, the Co-Issuer, the Operating Company, Adena Minerals LLC (“Adena Minerals”), Western
Pocahontas Properties Limited Partnership (“WPP”), Great Northern Properties Limited Partnership (“Great Northern”) or Robertson Coal Management LLC (“RCM”) as debtor; 

(ix) the preliminary offering memorandum, dated October 6, 2014 (the “Preliminary Memorandum”); 

(x) the pricing supplement to the Preliminary Memorandum, dated October 9, 2014 (the “Pricing
Supplement,” and together with the Preliminary Memorandum, the “Disclosure Package”); 
 (xi) the
offering memorandum, dated October 9, 2014 (the “Final Memorandum”); 
 (xii) the Indenture, including
the form of global note attached thereto; 
 (xiii) the Registration Rights Agreement; and 

(xiv) such other certificates, documents, records and statutes as we have deemed necessary or advisable for purposes of the
statements expressed below. 
 Based on the foregoing, and subject to the qualifications and limitations set forth herein, we are of the
opinion that: 
 (a) Assuming the accuracy of the representations and warranties and compliance with the agreements contained
in the Purchase Agreement (without regard to the representation found in Section 1(f) of the Purchase Agreement), prior to commencement of the Exchange Offer, no registration under the Act of the offering of the Securities, and no qualification
of an indenture under the Trust Indenture Act, are required for the sale and delivery of the Securities by the Issuers to the Initial Purchasers or the initial resale by the Initial Purchasers of the Securities in the manner contemplated by the
Purchase Agreement, in the Disclosure Package and in the Final Memorandum. 

  
 B-2 

 (b) Neither the Partnership nor the Co-Issuer is, and after giving effect to the
offering and sale of the Securities and the application of the proceeds therefrom as described in the Disclosure Package and the Final Memorandum, will be, an “investment company” as defined in the Investment Company Act. 

(c) The Purchase Agreement has been duly authorized, executed and delivered by each of the Issuers. 

(d) Each of the Indenture and the Registration Rights Agreement has been duly authorized, executed and delivered, and (assuming
due authorization, execution and delivery of the Indenture by the Trustee) constitutes a legal, valid and binding instrument enforceable against each of the Issuers in accordance with its terms (as may be limited by (i) bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law) and (ii) public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing); the Securities and the Exchange Securities have been duly authorized and, when executed and
authenticated in accordance with the provisions of the Indenture and, with respect to the Securities, delivered to and paid for by the Initial Purchasers under the Purchase Agreement, and with respect to the Exchange Securities, delivered in
exchange for a like principal amount of Securities pursuant to an exchange offer conducted in accordance with the Indenture and the Registration Rights Agreement, will constitute legal, valid, binding and enforceable obligations of each of the
Issuers entitled to the benefits of the Indenture (as may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (ii) public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and
fair dealing). 
 (e) Each of the Partnership and the General Partner has been duly formed and is validly existing in good
standing as a limited partnership under the Delaware LP Act with all necessary limited partnership power and authority to own or lease its properties and to conduct its business, and, in the case of the General Partner, to act as the general partner
of the Partnership, in each case as described in the Disclosure Package and the Final Memorandum and, in the case of the Partnership, to perform its obligations under the Purchase Agreement, Indenture, Registration Rights Agreement, Securities and
Exchange Securities. 
 (f) The Co-Issuer has been duly incorporated and is validly existing in good standing as a
corporation under the Delaware General Corporation Law (“DGCL”) with all necessary corporate power and authority to conduct its business as described in the Disclosure Package and the Final Memorandum and to perform its
obligations under the Purchase Agreement, Indenture, Registration Rights Agreement, Securities and Exchange Securities. 

  
 B-3 

 (g) The Partnership owns 100% of the outstanding common stock of the Co-Issuer;
such common stock has been duly authorized and validly issued in accordance with the Co-Issuer’s certificate of incorporation and bylaws and is fully paid and nonassessable and the Partnership owns such common stock free and clear of all Liens
(i) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming the Partnership as debtor is on file with the office of the Secretary of State of the State of Delaware as of a recent date or
(ii) otherwise known to us, without independent investigation, other than those created or arising under the DGCL. 

(h) Each of the Managing General Partner, the Operating Company, the Operating Subsidiaries and NRP Oil and Gas has been duly
formed and is validly existing in good standing as a limited liability company under the Delaware LLC Act with all necessary limited liability company power and authority to own or lease its properties, to conduct its business and, in the case of
the Managing General Partner, to act as a general partner of the General Partner, in all material respects as described in the Disclosure Package and the Final Memorandum. 

(i) The General Partner is the sole general partner of the Partnership with a 2.0% general partner interest in the Partnership;
such general partner interest has been duly authorized and validly issued in accordance with the Partnership Agreement; and the General Partner owns its general partner interest free and clear of all Liens (i) in respect of which a financing
statement under the Uniform Commercial Code of the State of Delaware naming the General Partner as debtor is on file in the office of the Secretary of State of the State of Delaware as of a recent date or (ii) otherwise known to us, without
independent investigation, other than those created by or arising under the Delaware LP Act. 
 (j) RCM owns 100% of the
issued and outstanding membership interests in the Managing General Partner; such membership interests have been duly authorized and validly issued in accordance with the Managing General Partner LLC Agreement and are fully paid (to the extent
required under the Managing General Partner LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act) and RCM owns such membership interests free and clear of all Liens
(i) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming RCM as debtor is on file with the office of the Secretary of State of the State of Delaware as of a recent date or
(ii) otherwise known to us, without independent investigation, other than those created or arising under the Delaware LLC Act. 

(k) The Managing General Partner is the sole general partner of the General Partner with a 0.001% general partner interest in
the General Partner; such general partner interest has been duly authorized and validly issued in accordance with the General Partner Partnership Agreement; and the Managing General Partner owns such general partner interest free and clear of all
Liens (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming the Managing General Partner as debtor is on file in the office of the Secretary of State of the State of Delaware as of a
recent date or (ii) otherwise known to us, without independent investigation, other than those created by or arising under the Delaware LP Act. 

  
 B-4 

 (l) Adena Minerals, WPP and Great Northern own all of the limited partner
interests in the General Partner; each such limited partner interest has been duly authorized and validly issued in accordance with the General Partner Partnership Agreement and is fully paid (to the extent required under the General Partner
Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act); and Adena Minerals, WPP and Great Northern own such limited partner interests free and clear of
all Liens (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming Adena Minerals, WPP or Great Northern, respectively, as debtor is on file in the office of the Secretary of State of the
State of Delaware as of a recent date, or (ii) otherwise known to us, without independent investigation, other than those created by or arising under the Delaware LP Act. 

(m) The Partnership owns 100% of the issued and outstanding membership interests in the Operating Company; such membership
interests have been duly authorized and validly issued in accordance with the Operating Company LLC Agreement and are fully paid (to the extent required under the Operating Company LLC Agreement) and nonassessable (except as such nonassessability
may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act); and the Partnership owns such membership interest free and clear of all Liens (i) in respect of which a financing statement under the Uniform Commercial Code of the State
of Delaware naming the Partnership as debtor is on file in the office of the Secretary of State of the State of Delaware as of a recent date or (ii) otherwise known to us, without independent investigation, other than those created by or
arising under the Delaware LLC Act and those arising in connection with the Credit Facility. 
 (n) The Partnership has all
requisite limited partnership power and authority, and the Co-Issuer has all requisite corporate power and authority, to issue, sell and deliver the Securities and Exchange Securities in accordance with and upon the terms and conditions set forth in
the Purchase Agreement, the Partnership Agreement, the bylaws of the Co-Issuer, the Disclosure Package and the Final Memorandum. All limited partnership and corporate action, as the case may be, required to be taken by the Partnership or the
Co-Issuer or any of their partners or shareholders pursuant to the Delaware LP Act or the DGCL, respectively, for the authorization, issuance, sale and delivery by the Partnership and the Co-Issuer of the Securities and Exchange Securities has been
validly taken. 
 (o) None of the execution, delivery and performance of the Purchase Agreement, the Registration Rights
Agreement or the Indenture, the issuance, sale and delivery of the Securities on the Closing Date, the issuance, sale and delivery of the Exchange Securities pursuant to the Registration Rights Agreement and the Indenture or the consummation of any
other transactions contemplated by the Purchase Agreement, the Registration Rights Agreement, the Indenture, the Securities or the Exchange Securities, or the fulfillment of the terms thereof, conflict with, result in a breach or violation or
imposition of any lien, charge, or encumbrance upon any property or asset of the Partnership or any of its subsidiaries pursuant to (i) the charter or bylaws or comparable constituting documents of the Partnership

  
 B-5 

 
and its subsidiaries, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition covenant or
instrument which is filed or incorporated by reference as an exhibit to the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, the Quarterly Report for the fiscal quarter ended June 30, 2014, and any
Current Report on Form 8-K filed subsequent to the latest filed Form 10-K to which the Partnership or any of its subsidiaries is a party or bound or to which its or their property is subject, or (iii) the Delaware LP Act, the DGCL, federal law
or the laws of the State of New York or any order, judgment, decree or injunction known to us of any U.S. Federal or Delaware court or governmental body, agency or court having jurisdiction over the Partnership or Co-Issuer or any of its or their
properties or assets in a proceeding to which any of its or their respective property is a party, excluding in the case of clauses (ii) and (iii) any such breach or violation or imposition of a lien, charge or encumbrance that would,
individually or in the aggregate, have a Material Adverse Effect on the Issuers, taken as a whole, and, in the case of clause (iii), excluding with respect to any federal or state securities laws, blue sky laws, federal or state antifraud laws,
rules or regulations. 
 (p) No permit, consent, approval, authorization, order, registration, filing or qualification
(“consent”) under the Delaware LP Act, the DGCL, federal law or the laws of the State of New York is required in connection with the transactions contemplated in the Purchase Agreement, the Indenture, the Securities, the Exchange
Securities or the Registration Rights Agreement, except for such consents (i) required under federal or state securities laws or blue sky laws, as to which we do not express any opinion, or (ii) that, if not obtained, would not,
individually or in the aggregate, have a Material Adverse Effect. 
 (q) The statements in the Disclosure Package and the
Final Memorandum under the captions “Description of Notes,” insofar as they constitute descriptions of agreements, constitute accurate summaries of the portions of the agreements addressed thereby, and insofar as they purport to constitute
summaries of law or legal conclusions, constitute accurate summaries of the portions of the statutes and regulations addressed thereby; the Indenture, the Securities and the Registration Rights Agreement conform in all material respects to the
descriptions thereof in the Disclosure Package and the Final Memorandum; and the statements in the Disclosure Package and the Final Memorandum under the heading “Certain United States Federal Income and Estate Tax Considerations” and
“Certain ERISA Considerations”, insofar as such statements purport to constitute summaries of United States federal income tax law and regulations or legal concussions with respect thereto, constitute accurate summaries of the materials
described therein in all material respects. 
 (r) The Partnership Agreement has been duly authorized and validly executed by
the General Partner, and is a valid and legally binding agreement, enforceable against the General Partner and the Partnership in accordance with its terms; provided that, the enforceability thereof may be limited by (i) applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law) and (ii) public policy, applicable law relating to fiduciary duties and indemnification and contribution and an implied covenant of good faith and fair dealing. 

  
 B-6 

 In rendering the statements expressed herein, we have: 

(A) relied, without independent investigation or verification, with respect to matters of fact upon the representations of the
Partnership contained in the Purchase Agreement, certificates of officers and employees of the Partnership Group and upon information obtained from public officials; 

(B) assumed that all documents submitted to us as originals are authentic, that all copies submitted to us conform to the
originals thereof, and that the signatures on all documents examined by us are genuine; and 
 (C) assumed that each
certificate from government officials reviewed by us is accurate. 
 Our opinions expressed above are limited to federal laws of the United
States, the DGCL, the Delaware LP Act, the Delaware LLC Act and the laws of the State of New York. 
 With respect to the opinions expressed
in paragraphs (c) and (k) through (o) above, we have relied on reports, dated as of recent dates, prepared by [CT Corporation], purporting to describe all financing statements on file as of the dates specified
therein in the office of the Secretary of State of the State of Delaware, naming the Managing General Partner, the General Partner, the Partnership, the Operating Company, Adena Minerals, WPP, Great Northern or RCM, or any of them, as debtors. 

We have not expressed any opinion with respect to (i) any permits to own or operate any real or personal property or (ii) state or
local taxes or tax statutes to which any of the limited partners of the Partnership or any member of the Partnership Group may be subject. 

In addition, we have participated in conferences with officers and other representatives of the Partnership Group, the independent public
accountants of the Partnership and your representatives, at which the contents of the Preliminary Memorandum, the Disclosure Package and the Final Memorandum and related matters were discussed, and although we have not independently verified, are
not passing on, and are not assuming any responsibility for, the accuracy, completeness or fairness of the statements contained in the Preliminary Memorandum, the Disclosure Package and the Final Memorandum (except to the extent specified in
paragraph (q) of the foregoing opinions), based on the foregoing, no facts have come to our attention that lead us to believe that the Disclosure Package (other than (i) the financial statements included therein, including the notes
and schedules thereto and the auditors’ reports thereon, (ii) the other financial and related accounting information included therein or omitted therefrom and (iii) the information pertaining to coal or hydrocarbon reserves included
therein, as to which we express no opinion), as of the Execution Time, contained an untrue statement of material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, or that the Final Memorandum (other than (i) the financial statements included therein, including the notes and schedules thereto and the auditors’ reports thereon, (ii) the other financial and
related accounting information included therein or omitted therefrom and (iii) information pertaining to coal or hydrocarbon reserves included therein, as to which we express no opinion), as of its date and the Closing Date, contained or
contains an untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  
 B-7 

 The Trustee may rely upon our opinions in paragraphs (d), (e) and
(f) above as if this letter had been addressed to it. Otherwise, the opinions expressed and the statements made herein are solely for the benefit of the Initial Purchasers in connection with the closing of the offering of the Securities
scheduled to occur today and may not be relied upon by any other person or by the Initial Purchasers for any other purpose without prior written consent. This letter and the opinions expressed and the statements made herein may not be used or relied
upon by the Initial Purchasers for any other purpose and may not be used or relied upon for any purpose by any other person or entity without our prior written consent. Except for the use permitted herein, this letter is not to be quoted or
reproduced in whole or in part or otherwise referred to in any manner nor is it to be filed with any governmental agency or delivered to any other person without our prior written consent. This letter speaks as of its date, and we undertake no (and
hereby disclaim any) obligation to update this letter or the opinions expressed or the statements made herein. 
 Very
truly yours, 

  
 B-8 

 ANNEX C 

LEGAL OPINION OF KATHRYN S. WILSON 

WELLS FARGO SECURITIES, LLC 

As representative of the 
 several Initial
Purchasers named 
 in Schedule I to the 

Purchase Agreement 
 c/o WELLS
FARGO SECURITIES, LLC 
 550 S. Tryon Street 

Charlotte, North Carolina 28202 
 Ladies and Gentlemen: 

I am the Vice President, General Counsel and Secretary of GP Natural Resource Partners LLC, a Delaware limited liability company, the general
partner of NRP (GP) LP, a Delaware limited partnership, the general partner of Natural Resource Partners L.P., a Delaware limited partnership (the “Partnership”). I am furnishing this letter to you pursuant to Section 6(a)(ii)
of the Purchase Agreement, dated October 9, 2014 (the “Purchase Agreement”), by and among the Partnership, NRP Finance Corporation, a Delaware corporation (the “Co-Issuer,” and together with the Partnership,
the “Issuers”), and Wells Fargo Securities, LLC, as representative of the several initial purchasers named in Schedule I thereto (the “Initial Purchasers”), pursuant to which the Issuers have agreed to issue and
sell to the Initial Purchasers, and the Initial Purchasers have agreed to purchase from the Issuers, $105,000,000 in aggregate principal amount of 9.125% Senior Notes due 2018 (the “Securities”). The Securities are to be issued
under an indenture (the “Indenture”), dated September 18, 2013, between the Issuers and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Issuers have previously issued $300,000,000 in
aggregate principal amount of their 9.125% Senior Notes due 2018 under the Indenture on September 18, 2013. Any capitalized term used in this opinion and not defined herein shall have the meaning assigned to such term in the Purchase Agreement.

 In connection with the opinions and statements set forth below, I or members of my staff or others under my supervision have examined and
relied upon the following: 
 (i) executed originals or counterparts of the Purchase Agreement, the Indenture, the
Registration Rights Agreement, the Managing General Partner LLC Agreement, the General Partner Partnership Agreement, the Partnership Agreement, the bylaws of the Co-Issuer, the Operating Company LLC Agreement, the Operating Subsidiaries LLC
Agreements; 

 (ii) copies of letters or certificates of recent dates received by me from public
officials in those jurisdictions for each member of the Partnership Group, as set forth in Annex I attached hereto, as to the due qualification to do business as a foreign entity and good standing; 

(iii) the preliminary offering memorandum, dated October 6, 2014 (the “Preliminary Memorandum”);

 (iv) the pricing supplement to the Preliminary Memorandum, dated October 9, 2014, the (“Pricing
Supplement,” and together with the Preliminary Memorandum, the “Disclosure Package”); 
 (v) the
offering memorandum, dated October 9, 2014 (the “Final Memorandum”); 
 (vi) such other documents
and records as I have deemed necessary or advisable for purposes of the opinions expressed and statements set forth below. 
 Also, in
connection with this letter, I, or other attorneys under my supervision, have (i) investigated such questions of law, (ii) examined such corporate documents and records of certain members of the Partnership Group and certificates of public
officials, and (iii) received such information from officers and representatives of certain members of the Partnership Group and made such investigations as I, or other attorneys under my supervision, have deemed necessary or appropriate for
the purposes of this letter. Except as otherwise expressly stated below, I have not, nor have other attorneys under my supervision, conducted independent investigations or inquiries to determine the existence of matters, actions, proceedings, items,
documents, facts, judgments, decrees, franchises, certificates, permits or the like and have made no independent search of the records of any court, arbitrator, or governmental authority affecting any person, and no inference as to my knowledge
thereof shall be drawn from the fact of my representation of any party or otherwise. 
 Based on the foregoing and subject to the
qualifications and limitations set forth herein, I am of the opinion that: 
 (a) Each member of the Partnership Group is
duly registered or qualified as a foreign limited liability company, corporation or limited partnership, as the case may be, for the transaction of business under the laws of each jurisdiction in which the ownership or lease of property or the
character of the business conducted by it makes such qualification or registration necessary, except where the failure so to register or qualify would not have a Material Adverse Effect. 

(b) To my knowledge, (i) there are no legal or governmental proceedings pending or threatened against any member of the
Partnership Group or to which any member of the Partnership Group is a party or to which any of their respective properties is subject that are required to be described in the Final Memorandum but are not so described as required and (ii) there
are no agreements, contracts, indentures, leases or other instruments that are required to be described in the Disclosure Package or the Final Memorandum that are not described but are required to be described in the Partnership’s periodic
reports. 

  
 C-2 

 In rendering the opinions expressed and statements set forth herein, I have: 

(A) relied, without independent investigation or verification, in respect of matters of fact upon certificates of officers and
employees of the Partnership Group and upon information obtained from public officials; and 
 (B) assumed that all documents
submitted to me as originals are authentic, that all copies submitted to me conform to the originals thereof, and that the signatures on all documents examined by me are genuine. 

I am licensed to practice law in the State of Texas, and the opinions set forth herein are limited to matters governed by the laws of the
State of Texas, applicable federal law, the Delaware LP Act, the Delaware General Corporation Law and the Delaware LLC Act, in each case as currently in effect, and I express no opinion as to the law of any other jurisdiction. I do not express any
opinion with respect to state or local taxes or tax statutes to which any of the limited partners of the Partnership or any of the members of the Partnership Group may be subject. 

Qualification of any statement or opinion herein by use of the words “to my knowledge” means that no information has come to my
attention, or to the attention of attorneys reporting to me, that would give me or such attorneys actual knowledge of facts contrary to the existence or absence of facts or matters indicated. 

This letter is furnished to you solely for the benefit of the Initial Purchasers pursuant to Section 6(a)(ii) of the Purchase Agreement.
This letter and the opinions expressed and statements made herein may not be used or relied upon by the Initial Purchasers for any other purpose and may not be used or relied upon for any purpose by any other person or entity, without my prior
written consent. Except for the use permitted herein, this letter is not to be quoted or reproduced in whole or in part or otherwise referred to in any manner nor is it to be filed with any governmental agency or delivered to any other person
without my prior written consent. This letter speaks as of its date, and I undertake no (and hereby disclaim any) obligation to update this letter or the opinions expressed or the statements made herein. 

Very truly yours, 

  
 C-3

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