Document:

EX-10.2

 Exhibit 10.2 

STONEMOR PARTNERS L.P. 

STONEMOR GP LLC 
 and 

THE PURCHASERS NAMED ON SCHEDULE A 

HERETO 
  

 
 REGISTRATION
RIGHTS AGREEMENT 
 Dated June 27, 2019 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Registrable Securities
	  	 	5	 
		
	 ARTICLE II. REGISTRATION RIGHTS
	  	 	5	 
			
	 Section 2.01
	 	 Shelf Registration
	  	 	5	 
	 Section 2.02
	 	 Piggyback Registration
	  	 	7	 
	 Section 2.03
	 	 Underwritten Offering
	  	 	9	 
	 Section 2.04
	 	 Further Obligations
	  	 	10	 
	 Section 2.05
	 	 Cooperation by Holders
	  	 	14	 
	 Section 2.06
	 	 Restrictions on Public Sale by Holders of Registrable Securities
	  	 	14	 
	 Section 2.07
	 	 Expenses
	  	 	15	 
	 Section 2.08
	 	 Indemnification
	  	 	15	 
	 Section 2.09
	 	 Rule 144 Reporting
	  	 	18	 
	 Section 2.10
	 	 Transfer or Assignment of Registration Rights
	  	 	18	 
	 Section 2.11
	 	 Limitation on Subsequent Registration Rights
	  	 	18	 
		
	 ARTICLE III. MISCELLANEOUS
	  	 	19	 
			
	 Section 3.01    
	 	 Communications
	  	 	19	 
	 Section 3.02
	 	 Binding Effect
	  	 	20	 
	 Section 3.03
	 	 Assignment of Rights
	  	 	20	 
	 Section 3.04
	 	 Recapitalization, Exchanges, Etc. Affecting Units
	  	 	20	 
	 Section 3.05
	 	 Aggregation of Registrable Securities
	  	 	20	 
	 Section 3.06
	 	 Specific Performance
	  	 	20	 
	 Section 3.07
	 	 Counterparts
	  	 	20	 
	 Section 3.08
	 	 Governing Law, Submission to Jurisdiction
	  	 	20	 
	 Section 3.09
	 	 Waiver of Jury Trial
	  	 	21	 
	 Section 3.10
	 	 Entire Agreement
	  	 	21	 
	 Section 3.11
	 	 Amendment
	  	 	21	 
	 Section 3.12
	 	 No Presumption
	  	 	21	 
	 Section 3.13
	 	 Obligations Limited to Parties to Agreement
	  	 	22	 
	 Section 3.14
	 	 Interpretation
	  	 	22	 

  

					
	 SCHEDULE A - Purchaser Name; Notice and Contact Information
	  	 	A-1	 
	 SCHEDULE B – Purchasers Deemed to have Delivered the Piggyback
Opt-out Notice
	  	 	B-1	 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of June 27, 2019 (this “Agreement”), is
entered into by and among STONEMOR PARTNERS L.P., a Delaware limited partnership (the “Partnership”), STONEMOR GP, LLC, a Delaware limited liability company (the “General Partner”), and
each of the Persons set forth on Schedule A hereto (the “Purchasers”). 
 WHEREAS, this
Agreement is made in connection with the closing of the issuance and sale of the Series A Preferred Units (the date of such closing, the “Closing Date”) pursuant to the Series A Preferred Unit Purchase Agreement, dated as of
the date hereof, by and among the Partnership and the Purchasers (the “Purchase Agreement”); and 

WHEREAS, the Partnership has agreed to provide the registration and other rights set forth in this Agreement for the benefit
of the Purchasers pursuant to the Purchase Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS

 Section 1.01    Definitions. As used in this Agreement,
the following terms have the meanings indicated: 
 “Affiliate” means, with respect to any Person,
any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” (including, with correlative meanings,
“controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities,
by contract or otherwise. For the avoidance of doubt, for purposes of this Agreement, any fund or account managed, advised or subadvised, directly or indirectly, by a Purchaser or its Affiliates, shall be considered an Affiliate of such Purchaser.

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

“Average VWAP” per Common Unit or per share of Common Stock, as applicable, over a certain period
shall mean the arithmetic average of the VWAP per Common Unit or per share of Common Stock for each Trading Day in such period. 

“Axar” means Axar Capital Management LP or its designee. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which
banking institutions in the State of New York or Commonwealth of Pennsylvania are authorized or required by law or other governmental action to close. 

  
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 “C-Corporation”
means a corporation to be called “StoneMor Inc.”, which immediately following the C-Corporation Conversion, is the direct or indirect holder of 100% of the partnership interests in the
Partnership, or, alternatively, substantially all of the assets and businesses owned and operated immediately prior to the C-Corporation Conversion. 

“C-Corporation Conversion” means the consummation of the
transactions contemplated by the Amended & Restated Merger and Reorganization Agreement, dated as of the date hereof, by and among the Partnership, the General Partner, StoneMor GP Holdings LLC and Hans Merger Sub, LLC, as such agreement
may be amended from time to time after the date hereof (it being understood that references to the Partnership herein shall refer, mutatis mutandis, to the C-Corporation from and after the C-Corporation Conversion and unless otherwise provided herein or the context otherwise requires). 

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

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

“Common Stock” means the common stock, par value $.01 per share, of the
C-Corporation to be issued upon the completion of the C-Corporation Conversion to Holders of Series A Preferred Units and Common Units. 

“Common Units” means the common units representing limited partner interests in the Partnership and
having the rights and obligations specified in the Partnership Agreement. 
 “Effective Date” means,
with respect to any Registration Statement, the date of effectiveness thereof. 
 “Effectiveness
Period” has the meaning specified in Section 2.01(a)(ii). 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 

“General Partner” has the meaning set forth in the preamble. 

“Holder” means the record holder of any Registrable Securities. 

“Holder Underwriter Registration Statement” has the meaning specified in
Section 2.04(q). 
 “Included Registrable Securities” has the meaning
specified in Section 2.02(a). 
 “Initiating Holder” has the meaning
specified in Section 2.03(b). 
 “Losses” has the meaning specified in
Section 2.08(a). 
 “Managing Underwriter” means, with respect to any
Underwritten Offering, the book running lead manager of such Underwritten Offering. 

  
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 “Mangrove Partners” means Mangrove Partners or its
designee. 
 “National Securities Exchange” means an exchange registered with the Commission under
Section 6(a) of the Exchange Act (or any successor to such Section) and any other securities exchange (whether or not registered with the Commission under Section 6(a) (or successor to such Section) of the Exchange Act) that the General
Partner, or the C-Corporation from and after the C-Corporation Conversion, shall designate as a National Securities Exchange for purposes of this Agreement. 

“Other Holder” has the meaning specified in Section 2.02(a). 

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

“Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of the
Partnership, dated as of the date hereof, as amended. 
 “Person” means any individual, corporation,
company, voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“Piggyback Notice” has the meaning specified in Section 2.02(a). 

“Piggyback Opt-Out Notice” has the meaning specified in
Section 2.02(a). 
 “Piggyback Registration” has the meaning specified in
Section 2.02(a). 
 “Purchase Agreement” has the meaning set forth in the
Recitals of this Agreement. 
 “Purchasers” has the meaning set forth in the introductory paragraph
of this Agreement. 
 “Registrable Securities” means (i) the Common Units or Common Stock, as
the case may be, issuable upon conversion of the Series A Preferred Units, (ii) the Common Units and Common Stock otherwise owned by the Purchasers and their controlled Affiliates and (iii) any capital stock of the Partnership, or the C-Corporation from and after the C-Corporation Conversion, issued or issuable with respect to the securities set forth in the immediately preceding clause (i) or (ii), in
each case as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitations on conversions of the Series A Preferred Units, all of which are subject to the rights provided
herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02. 

“Registrable Securities Required Voting Percentage” means 60% of the outstanding Registrable
Securities voting together as a single class on an as-converted basis. 

“Registration” means any registration pursuant to this Agreement, including pursuant to a Registration
Statement or a Piggyback Registration. 
 “Registration Expenses” has the meaning specified in
Section 2.07(a). 

  
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 “Registration Statement” has the meaning specified in
Section 2.01(a)(i). 
 “SEC Guidance” means (i) any
publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission staff and (ii) the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and
regulations of the Commission promulgated thereunder. 
 “Selling Expenses” has the meaning
specified in Section 2.07(a). 
 “Selling Holder” means a Holder who is
selling Registrable Securities pursuant to a Registration Statement. 
 “Selling Holder Indemnified
Persons” has the meaning specified in Section 2.08(a). 
 “Series A
Preferred Units” means the Series A Preferred Units representing limited partner interests in the Partnership and having the rights and obligations specified in the Partnership Agreement to be issued and sold to the Purchasers pursuant
to the Purchase Agreement. 
 “Target Effective Date” means May 1, 2020, or, if earlier, thirty
(30) days after the consummation of the C-Corporation Conversion. 

“Trading Day” means a day on which the principal National Securities Exchange on which the Common
Units are listed or admitted to trading is open for the transaction of business or, if such Common Units are not listed or admitted to trading on any National Securities Exchange, a day on which banking institutions in New York City generally are
open. 
 “Underwriter” means, with respect to any Underwritten Offering, the underwriters of such
Underwritten Offering. 
 “Underwritten Offering” means an offering (including an offering pursuant
to a Registration Statement) in which Common Units or Common Stock are sold to an Underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“VWAP” per Common Unit or per share of Common Stock on any Trading Day shall mean the per Common Unit
or per share of Common Stock volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “DM <equity> AQR” (or its equivalent successor if such page is not available) in respect of the
period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the closing price of one Common Unit or share of Common Stock
on such Trading Day as reported on the New York Stock Exchange’s website or the website of the National Securities Exchange upon which the Common Units or Common Stock are listed). If the VWAP cannot be calculated for the Common Units or
Common Stock on a particular date on any of the foregoing bases, the VWAP of the Common Units or Common Stock on such date shall be the fair market value as mutually determined in 

  
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good faith by the Partnership and the Holders of the Registrable Securities Required Voting Percentage in a commercially reasonable manner. 

“WKSI” means a well-known seasoned issuer (as defined in the rules and regulations of the Commission).

 Section 1.02    Registrable Securities. Any Registrable
Security will cease to be a Registrable Security upon the earliest to occur of the following: (a) when a registration statement covering such Registrable Security (including the Form S-4 to be filed by
the General Partner (or an alternative registration in accordance with the terms of the C-Corporation Conversion) in connection with the C-Corporation Conversion)
becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement, (b) when such Registrable Security has been disposed of (excluding transfers
or assignments by a Holder to an Affiliate or to another Holder or any of its Affiliates or to any assignee or transferee to whom the rights under this Agreement have been transferred pursuant to Section 2.10) pursuant to
any section of Rule 144 (or any similar provision then in effect) under the Securities Act, (c) when such Registrable Security is held by the Partnership or one of its direct or indirect subsidiaries, (d) when such Registrable Security has
been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.10, and (e) when the
Holder of a Registrable Security (i) may sell without restriction pursuant to Rule 144 (including, without limitation, the public information requirement in Rule 144(c)) and (ii) holds, together with such Holder’s
Affiliates, less than $5.0 million of Common Units or Common Stock (determined by multiplying the number of Common Units or Common Stock owned by the Average VWAP for the preceding thirty (30) Trading Days), as applicable. For the
avoidance of doubt, the provisions of this Section 1.02 do not modify the transfer restrictions applicable to the Holders set forth in the Partnership Agreement. 

ARTICLE II. 

REGISTRATION RIGHTS 

Section 2.01    Shelf Registration. 

(a)        Shelf Registration Statements. 

(i)        The Partnership shall use its reasonable best efforts to
(i) prepare and file an initial registration statement under the Securities Act (or an amendment to the Registration Statement filed pursuant to Section 2.01(a)(i)) to permit the resale of the Registrable Securities
from time to time as permitted by Rule 415 (or any similar provision adopted by the Commission then in effect) of the Securities Act (a “Registration Statement”) and (ii) cause such initial Registration Statement or such
amendment to become effective no later than the Target Effective Date for the Registrable Securities. 

(ii)        The Partnership will use its reasonable best efforts to
cause the Registration Statements filed pursuant to Section 2.01(a) to be continuously effective under the Securities Act, with respect to any Holder, until the earlier to occur of the following: (A) the date as of
which the Holders may sell all of the Registrable Securities covered by such 

  
 5 

 
Registration Statement without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1) (or any successor thereto) promulgated under the
Securities Act and (B) the date on which the Holders shall have sold all of the Registrable Securities covered by such Registration Statement (the “Effectiveness Period”). A Registration Statement filed pursuant to
Section 2.01(a) shall be on such appropriate registration form of the Commission as shall be selected by the Partnership; provided that, if the Partnership is then eligible, it shall file such Registration
Statement on Form S-3; provided further that, in the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder,
the Partnership shall undertake to register the Registrable Securities on Form S-3 as soon as such form is available, provided that the Partnership shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission. A Registration Statement when declared
effective (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (and, in the case of any prospectus contained in such Registration Statement, in the light of the circumstances under
which a statement is made). As soon as practicable following the date that a Registration Statement becomes effective, but in any event within two (2) Business Days of such date, the Partnership shall provide the Holders with written notice of
the effectiveness of such Registration Statement. By 9:30 a.m. New York time on the second (2nd) Business Day following the Effective Date of any Registration Statement, the Partnership shall file
with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement. In no event shall the Partnership include any securities other than
Registrable Securities on any Registration Statement without the prior written consent of the Holders of at least the Registrable Securities Required Voting Percentage. 

(iii)        Notwithstanding the registration obligations set forth in
Section 2.01(a), if the staff of the Commission informs the Partnership that all of the Registrable Securities cannot, as a result of the application of Rule 415 of the Securities Act, be registered for resale as a secondary offering on a
single registration statement, the Partnership shall promptly inform each of the Holders thereof and use its reasonable best efforts to file amendments to the Registration Statement as required by the staff of the Commission, covering the maximum
number of Registrable Securities permitted to be registered by the staff of the Commission, on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering;
provided, however, that prior to filing such amendment, the Partnership shall use diligent efforts to advocate with the staff of the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance,
including without limitation, Compliance and Disclosure Interpretation 612.09. Notwithstanding any other provision of this Agreement, if the staff of the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities
permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Partnership used diligent efforts to advocate with the staff of the Commission for the registration of all or a greater portion
of Registrable 

  
 6 

 
Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the Partnership shall reduce Registrable Securities on a pro rata basis based on the total number
of Registrable Securities held by such Holders. In the event of a cutback hereunder, the Partnership shall give the Holder at least five (5) Business Days prior written notice along with the calculations as to such Holder’s allotment. In
the event the Partnership amends the Registration Statement in accordance with the foregoing, the Partnership will use its reasonable best efforts to file with the Commission as soon as permitted by the SEC Guidance one or more additional
Registration Statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the initial (or prior additional) Registration
Statement and cause such registration statements to be declared effective on or prior to the ninetieth (90th) day immediately following the filing of such Registration Statement. 

(b)        Delay Rights. Notwithstanding anything to the contrary
contained herein, the Partnership may, upon written notice to any Selling Holder whose Registrable Securities are included in a Registration Statement (a “Delay Notice”), suspend such Selling Holder’s use of any
prospectus which is a part of such Registration Statement (in which event the Selling Holder shall suspend sales of the Registrable Securities pursuant to such Registration Statement) if (i) the Partnership is pursuing an acquisition, merger,
reorganization, disposition or other similar transaction and the Partnership determines in good faith and on the advice of counsel that the Partnership’s ability to pursue or consummate such a transaction would be materially and adversely
affected by any required disclosure of such transaction in such Registration Statement or (ii) the Partnership has experienced some other material non-public event, the disclosure of which at such time,
in the good faith judgment of the Partnership, would materially and adversely affect the Partnership (each, a “Grace Period”); provided, however, that in no event shall the Selling Holders be suspended from
selling Registrable Securities pursuant to such Registration Statement for a period that exceeds thirty (30) consecutive Trading Days or an aggregate of 75 Trading Days in any 365-day period. Each Delay
Notice will notify the Holders of the dates on which the Grace Period begins and the first day of any Grace Period must be at least five (5) Trading Days after the last day of any prior Grace Period. Upon the termination of the condition
described above, the Partnership shall provide prompt notice to the Selling Holders whose Registrable Securities are included in such Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take
such other actions necessary or appropriate to permit registered sales of Registrable Securities as contemplated in this Agreement. For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date
the Holders receive the Delay Notice and shall end on and include the later of the date the Holders receive a written notice of the end of such Grace Period pursuant to the immediately preceding sentence and the date referred to in such notice.
Notwithstanding anything to the contrary, the Partnership shall cause its transfer agent to deliver unlegended Common Units to a transferee of a Holder in connection with any sale of Registrable Securities with respect to which a Holder has entered
into a contract for sale, prior to such Holder’s receipt of the Delay Notice and for which such Purchaser has not yet settled, unless the Partnership and its counsel determine that such sale may violate the Securities Act. 

Section 2.02    Piggyback Registration. 

  
 7 

 (a)        Participation.
If at any time the Partnership proposes to file (i) a Registration Statement (other than a Registration Statement contemplated by Section 2.01(a)) on behalf of any other Holder who has registration rights related to an
Underwritten Offering undertaken pursuant to Section 2.03 (“Other Holder”), or (ii) a prospectus supplement relating to the sale of Common Units by any Other Holders to an effective
“automatic” registration statement, so long as the Partnership is a WKSI at such time or, whether or not the Partnership is a WKSI, so long as the Registrable Securities were previously included in the underlying shelf Registration
Statement or are included on an effective Registration Statement, or in any case in which Holders may participate in such offering without the filing of a post-effective amendment, in each case, for the sale of Common Units by Other Holders in an
Underwritten Offering undertaken pursuant to Section 2.03, then the Partnership shall give not less than six (6) Business Days’ notice (including notification by electronic mail) (the “Piggyback
Notice”) of such proposed Underwritten Offering to each Holder (together with its Affiliates) owning Registrable Securities and such Piggyback Notice shall offer such Holder the opportunity to include in such Underwritten Offering such
number of Registrable Securities (the “Included Registrable Securities”) as such Holder may request in writing (a “Piggyback Registration”); provided, however, that the Partnership shall
not be required to offer such opportunity (A) to such Holders if the Holders, together with their Affiliates, do not offer a minimum of $5 million of Registrable Securities, in the aggregate (determined by multiplying the number of
Registrable Securities owned by the Average VWAP for the thirty (30) Trading Days preceding the date of such notice), or such lesser amount if it constitutes the remaining holdings of the Holder and its Affiliates, or, (B) to such Holders
if the Partnership has been advised by the Managing Underwriter that the inclusion of Registrable Securities for sale for the benefit of such Holders will have an adverse effect on the price, timing or distribution of the Common Units in such
Underwritten Offering, in which case the amount of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of Section 2.02(b). Each Piggyback Notice shall be provided to
Holders on a Business Day in accordance with the notice provisions of Section 3.01 and receipt of such notice shall be confirmed and kept confidential by the Holders until either (x) such proposed Underwritten Offering
has been publicly announced by the Partnership or (y) the Holders have received notice from the Partnership that such proposed Underwritten Offering has been abandoned, which the Partnership shall provide to the Holders reasonably promptly
after the final decision to abandon a proposed Underwritten Offering has been made. Each such Holder will have five (5) Business Days (or two (2) Business Days in connection with any overnight or bought Underwritten Offering) after such
Piggyback Notice has been delivered to request in writing to the Partnership the inclusion of Registrable Securities in the Underwritten Offering. If no request for inclusion from a Holder is received by the Partnership within the specified time,
such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving written notice of the Partnership’s intention to undertake an Underwritten Offering and prior to the pricing of such Underwritten
Offering, such Underwritten Offering is terminated or delayed pursuant to the provisions of this Agreement, the Partnership may, at its election, give written notice of such determination to the Selling Holders and, (1) in the case of a
termination of such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (2) in the case of a determination to delay such
Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for
inclusion of such Selling Holder’s Registrable 

  
 8 

 
Securities in such Underwritten Offering by giving written notice to the Partnership of such withdrawal at least one Business Day prior to the time of pricing of such Underwritten Offering. Any
Holder may deliver written notice (a “Piggyback Opt-Out Notice”) to the Partnership requesting that such Holder not receive notice from the Partnership of any proposed Underwritten
Offering; provided, however, that such Holder may later revoke any such Piggyback Opt-Out Notice in writing. Following receipt of a Piggyback Opt-Out
Notice from a Holder (unless subsequently revoked), the Partnership shall not be required to deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled to participate in
Underwritten Offerings pursuant to this Section 2.02(a), unless such Piggyback Opt-Out Notice is revoked by such Holder. The Holders, if any, listed on Schedule B shall each be
deemed to have delivered a Piggyback Opt-Out Notice as of the date hereof. 

(b)        Priority of Piggyback Registration. If the Managing
Underwriter or Underwriters of any proposed Underwritten Offering for Other Holders advise the Partnership that the total amount of Registrable Securities that Holders intend to include in such offering exceeds the number that can be sold in such
offering without being likely to have an adverse effect on the price, timing or distribution of the Common Units or Common Stock offered or the market for the Common Units or Common Stock, then the Partnership shall include the number of Common
Units or Common Stock that such Managing Underwriter or Underwriters advise the Partnership can be sold without having such adverse effect, with such number to be allocated (i) first, to the Common Units or Common Stock requested to be included
therein by the Initiating Holder and (ii) second, pro rata among the Holders who are exercising piggyback registration rights pursuant to this Section 2.02 related to such offering (based, for each such Holder, on the
percentage derived by dividing (x) the number of Common Units or Common Stock proposed to be sold by such Holder in such Underwritten Offering by (y) the aggregate number of Common Units or Common Stock proposed to be sold by all Holders
in such Underwritten Offering). 
 Section 2.03    Underwritten Offering. 

(a)        Purchaser Demand Rights. From and after the Target
Effective Date, if Axar or Mangrove Partners or any of their respective Affiliates elect to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten Offering and either (i) reasonably expect gross proceeds of
at least $10 million from such Underwritten Offering (together with any Registrable Securities to be disposed of by a Selling Holder who has elected to participate in such Underwritten Offering pursuant to
Section 2.02) or (ii) reasonably expect gross proceeds of at least $5 million from such Underwritten Offering (together with any Registrable Securities to be disposed of by a Selling Holder who has elected to
participate in such Underwritten Offering pursuant to Section 2.02) and such Registrable Securities represent 100% of the then-outstanding Registrable Securities held by the applicable Selling Holder and its Affiliates, the
Partnership shall, at the written request of such Selling Holder(s), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by the Partnership with the Managing Underwriter or Underwriters selected by
such Selling Holder (and reasonably approved by the Partnership, such approval not to be unreasonably withheld, delayed or conditioned), which shall include, among other provisions, indemnities to the effect and to the extent provided in
Section 2.08, and shall take all such other reasonable actions as are requested by the Managing Underwriter or Underwriters in order to expedite or facilitate the disposition of such Registrable Securities; provided,
however, that the Partnership shall have no obligation to facilitate or participate in, 

  
 9 

 
including entering into any underwriting agreement for more than (i) three (3) Underwritten Offerings requested by Axar and (ii) two (2) Underwritten Offerings requested by Mangrove
Partners (which shall not occur within 180 days of each other). 

(b)        General Procedures. In connection with any Underwritten
Offering contemplated by Section 2.02 or Section 2.03(a), the underwriting agreement into which each Selling Holder and the Partnership shall enter shall contain such representations, covenants,
indemnities (subject to Section 2.08) and other rights and obligations as are customary in Underwritten Offerings of securities by the Partnership. No Selling Holder shall be required to make any representations or
warranties to or agreements with the Partnership or the Underwriters other than representations, warranties or agreements regarding such Selling Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the
securities being registered on its behalf, its intended method of distribution and any other representation required by law. If any Selling Holder disapproves of the terms of an Underwritten Offering contemplated by this
Section 2.03, such Selling Holder may elect to withdraw therefrom by notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal must be made at least one Business Day prior
to the time of pricing of such Underwritten Offering to be effective; provided, further, that in the event the Managing Underwriter or Underwriters of any proposed Underwritten Offering advise the Partnership that the total amount of
Registrable Securities that Holders intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the Registrable Securities offered or
the market for the Common Units, and the amount of Registrable Securities requested to be included in such Underwritten Offering by the Holder that initiated such Underwritten Offering pursuant to Section 2.03(a) (the
“Initiating Holder”) is reduced by 30% or more, the Initiating Holder will have the right to withdraw from such Underwritten Offering by delivering notice to the Partnership at least one Business Day prior to the time of
pricing of such Underwritten Offering, in which case the Partnership will have no obligation to proceed with such Underwritten Offering and such Underwritten Offering, whether or not completed, will not decrease the number of Underwritten Offerings
the Initiating Holder shall have the right and option to request under this Section 2.03. No such withdrawal or abandonment shall affect the Partnership’s obligation to pay Registration Expenses. 

Section 2.04    Further Obligations. In connection with its
obligations under this Article II, the Partnership will: 

(a)        promptly prepare and file with the Commission such amendments and
supplements to a Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective at all times during the Effectiveness Period and as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement; 

(b)        if a prospectus supplement will be used in connection with the marketing
of an Underwritten Offering under a Registration Statement and the Managing Underwriter at any time shall notify the Partnership in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed information to be used in such
prospectus supplement is of material importance to the success of such Underwritten Offering, the Partnership shall use its reasonable best efforts to include such information in such prospectus supplement; 

  
 10 

 (c)        furnish to each Selling
Holder (i) as far in advance as reasonably practicable, but in any event at least five (5) Business Days, before filing a Registration Statement or any other registration statement contemplated by this Agreement or any supplement or
amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the
Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and, to the extent timely received, make the corrections
reasonably requested by such Selling Holder with respect to such information prior to filing such Registration Statement or such other registration statement and the prospectus included therein or any supplement or amendment thereto, and
(ii) such number of copies of such Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to facilitate the
resale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 

(d)        if applicable, use its reasonable best efforts to promptly register or
qualify the Registrable Securities covered by any Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an
Underwritten Offering, the Managing Underwriter, shall reasonably request; provided, however, that the Partnership will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so
qualify or to take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject; 

(e)        promptly notify each Selling Holder, at any time when a prospectus
relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to
be used in connection therewith, or any amendment or supplement thereto, and, with respect to a Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the
receipt of any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to any such Registration Statement or any other registration
statement or any prospectus or prospectus supplement thereto; 

(f)        promptly notify each Selling Holder, at any time when a prospectus
relating thereto is required to be delivered by any of them under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any other registration
statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of
any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or any other
registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Partnership of any notification with respect to the suspension of the qualification of any

  
 11 

 
Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Partnership agrees to, as promptly as
practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and to take such other action as is reasonably necessary to remove a stop order, suspension, threat thereof or
proceedings related thereto; 
 (g)        upon request and subject to appropriate
confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including
any domestic or foreign securities exchange) relating to such offering of Registrable Securities; 

(h)        in the case of an Underwritten Offering, furnish, or use its reasonable
efforts to cause to be furnished, upon request, (i) an opinion of counsel for the Partnership addressed to the Underwriters, dated the date of the closing under the applicable underwriting agreement and (ii) a “comfort letter”
addressed to the Underwriters, dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the applicable underwriting agreement, in each case, signed by the independent public accountants who
have certified the Partnership’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion and the “comfort letter” shall be in customary form and covering
substantially the same matters with respect to such registration statement (and the prospectus and any prospectus supplement) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the
Underwriters in Underwritten Offerings of securities by the Partnership and such other matters as such Underwriters may reasonably request; 

(i)        otherwise use its reasonable best efforts to comply with all applicable
rules and regulations of the Commission; 
 (j)        make available to the
appropriate representatives of the Managing Underwriter during normal business hours access to such information and Partnership personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities
Act; provided, however, that the Partnership need not disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality
agreement with the Partnership; 
 (k)        use its reasonable best efforts to
cause all Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by the Partnership are then listed; 

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

  
 12 

 (m)        provide a transfer agent and
registrar for all Registrable Securities covered by any Registration Statement not later than the Effective Date of such Registration Statement; 

(n)        enter into customary agreements and take such other actions as are
reasonably requested by the Selling Holders or the Underwriters, if any, in order to expedite or facilitate the disposition of Registrable Securities (including making appropriate officers of the Partnership and the General Partner available to
participate in customary marketing activities); 
 (o)        if reasonably
requested by a Selling Holder, (i) incorporate in a prospectus supplement or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable
Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and
(ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

(p)        if reasonably required by the Partnership’s transfer agent, the
Partnership shall promptly deliver any authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to transfer Registrable Securities without legend upon sale by the Holder of such
Registrable Securities under a Registration Statement; and 
 (q)        if any
Holder could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with a Registration Statement and any amendment or supplement thereof (a “Holder Underwriter
Registration Statement”), then the Partnership will reasonably cooperate with such Holder in allowing such Holder to conduct customary “underwriter’s due diligence” with respect to the Partnership and satisfy its
obligations in respect thereof. In addition, at any Holder’s request, the Partnership will furnish to such Holder, on the date of the effectiveness of the Holder Underwriter Registration Statement and thereafter from time to time on such dates
as such Holder may reasonably request (provided that such request shall not be more frequently than on an annual basis unless such Holder is offering Registrable Securities pursuant to a Holder Underwriter Registration Statement), (i) a
“comfort letter”, dated such date, from the Partnership’s independent certified public accountants in form and substance as has been customarily given by independent certified public accountants to underwriters in Underwritten
Offerings of securities by the Partnership, addressed to such Holder, (ii) an opinion, dated as of such date, of counsel representing the Partnership for purposes of the Holder Underwriter Registration Statement, in form, scope and substance as
has been customarily given in Underwritten Offerings of securities by the Partnership, accompanied by standard “10b-5” negative assurance for such offerings, addressed to such Holder and (iii) a
standard officer’s certificate from the chief executive officer or chief financial officer, or other officers serving such functions, of the General Partner addressed to the Holder, as has been customarily given by such officers in Underwritten
Offerings of securities by the Partnership. The Partnership will also use its reasonable efforts to provide such Holder with an opportunity to review and comment upon any such Holder Underwriter Registration Statement, and any amendments and
supplements thereto, prior to its filing with the Commission. 

  
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 (r)        make generally available to
its security holders as soon as practical, but not later than ninety (90) days after the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under the
Securities Act) covering a twelve-month period beginning not later than the first day of the Partnership’s fiscal quarter next following the applicable Effective Date of a Registration Statement. 

Notwithstanding anything to the contrary in this Section 2.04, the Partnership will not name a
Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act) in any Registration Statement or Holder Underwriter Registration Statement, as applicable, without such Holder’s prior written consent. If the staff of the
Commission requires the Partnership to name any Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act), and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on
the applicable Registration Statement, and the Partnership shall have no further obligations hereunder with respect to Registrable Securities held by such Holder, unless such Holder has not had an opportunity to conduct customary underwriter’s
due diligence as set forth in subsection (q) of this Section 2.04 with respect to the Partnership at the time such Holder’s consent is sought. 

Each Selling Holder, upon receipt of notice from the Partnership of the happening of any event of the kind described in
subsection (f) of this Section 2.04, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the
copies of the supplemented or amended prospectus contemplated by subsection (f) of this Section 2.04 or until it is advised in writing by the Partnership that the use of the prospectus may be resumed and has
received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Partnership, such Selling Holder will, or will request the Managing Underwriter or Managing Underwriters, if any, to
deliver to the Partnership (at the Partnership’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current
at the time of receipt of such notice. 
 From and after the C-Corp Conversion, the
General Partner shall assume all of the obligations of the Partnership set forth in this Agreement. 

Section 2.05    Cooperation by Holders. The Partnership shall have
no obligation to include Registrable Securities of a Holder in a Registration Statement or in an Underwritten Offering pursuant to Section 2.03(a) if such Holder has failed to timely furnish such information that the
Partnership determines, after consultation with its counsel, is reasonably required in order for any registration statement or prospectus supplement, as applicable, to comply with the Securities Act. To the extent the Partnership requires any
information from any Holder for inclusion in a Registration Statement, it shall deliver a written notice to such Holder requesting such Holder to deliver such information within five (5) Business Days of the receipt by such Holder of such
written notice. 
 Section 2.06    Restrictions on Public Sale by
Holders of Registrable Securities. Each Holder of Registrable Securities who is participating in an Underwritten Offering and is included in a Registration Statement agrees to enter into a customary letter agreement with underwriters
providing that such Holder will not effect any public sale or distribution of Registrable Securities 

  
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during the 45 calendar day period beginning on the date of a prospectus or prospectus supplement filed with the Commission with respect to the pricing of such Underwritten Offering;
provided, however, that, notwithstanding the foregoing, (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction imposed by the Underwriters on the Partnership or the
officers, directors or any other Affiliate of the Partnership on whom a restriction is imposed (and in any event, no more than 45 calendar days), (ii) any release shall be made pro rata to all Holders subject to similar lock-up agreements and (iii) the restrictions set forth in this Section 2.06 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such
Holder. 
 Section 2.07    Expenses. 

(a)        Certain Definitions. “Registration
Expenses” shall not include Selling Expenses but otherwise means all expenses incident to the Partnership’s performance under or compliance with this Agreement to effect the Registration of Registrable Securities on a Registration
Statement pursuant to Section 2.01, a Piggyback Registration pursuant to Section 2.02, or an Underwritten Offering pursuant to Section 2.03, and the disposition of such
Registrable Securities, including, without limitation, all costs and expenses related to any roadshows conducted in connection with the marketing of any Underwritten Offering, all registration, filing, securities exchange listing and National
Securities Exchange fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word
processing, duplicating and printing expenses, and the fees and disbursements of counsel and independent public accountants for the Partnership, including the expenses of any special audits or “cold comfort” letters required by or incident
to such performance and compliance. Registration Expenses shall also include the reasonable fees and expenses of one outside legal counsel to the Selling Holders. “Selling Expenses” means all underwriting fees, discounts and
selling commissions and transfer taxes allocable to the sale of the Registrable Securities. 

(b)        Expenses. The Partnership will pay all reasonable
Registration Expenses, as determined in good faith, in connection with a Shelf Registration, a Piggyback Registration or an Underwritten Offering, whether or not any sale is made pursuant to such Shelf Registration, Piggyback Registration or
Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. In addition, except as otherwise provided in
Section 2.07(a) and Section 2.08, the Partnership shall not be responsible for professional fees (including legal fees) incurred by Holders in connection with the exercise of such Holders’
rights hereunder. 
 Section 2.08    Indemnification. 

(a)        By the Partnership. In the event of a Registration of any
Registrable Securities under the Securities Act pursuant to this Agreement, the Partnership will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners, employees, members, representatives and agents
and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the Exchange Act, and their respective directors, officers, managers, partners, employees, members, representatives or agents (collectively, the
“Selling Holder Indemnified Persons”), against any losses, claims, damages, 

  
 15 

 
expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified
Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue statement
or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) the
applicable Registration Statement or other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing
prospectus relating thereto, or any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not
misleading or (ii) any violation or alleged violation by the Partnership of this Agreement, the Securities Act or the Exchange Act, and will reimburse such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by
them, as incurred, in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the Partnership will not be liable in any such case if and to the extent that any such Loss arises
out of or is based solely upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Selling Holder Indemnified Person in writing specifically for use in the
applicable Registration Statement or other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder Indemnified
Person, and shall survive the transfer of such securities by such Selling Holder. 

(b)        By Each Selling Holder. Each Selling Holder agrees severally
and not jointly or jointly and severally to indemnify and hold harmless the Partnership, the General Partner and the General Partner’s directors, officers, employees and agents and each Person, who, directly or indirectly, controls the
Partnership within the meaning of the Securities Act or of the Exchange Act to the same extent as the foregoing indemnity from the Partnership to the Selling Holders, but only with respect to Losses incurred solely and to the extent of information
regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in a Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus
supplement or final prospectus contained therein, or any amendment or supplement thereto or any free writing prospectus relating thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the
dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 

(c)        Notice. Promptly after receipt by an indemnified party
hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so
notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.08(c), except to the extent that the indemnifying party is materially
prejudiced by such failure. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The 

  
 16 

 
indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party
and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this
Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected;
provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably satisfactory to the indemnified party or (ii) if the defendants in any such action include both the
indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the
indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal
defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred.
Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party may be entitled to indemnification hereunder without the prior
written consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, includes a complete and unconditional release from liability of, and does not contain any admission of wrongdoing by, the indemnified
party. 
 (d)        Contribution. If the indemnification provided
for in this Section 2.08 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such
indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and of the indemnified party, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided,
however, that in no event shall any Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities
giving rise to such indemnification. The relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party in writing, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses
reasonably incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) 

  
 17 

 
shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(e)        Other Indemnification. The provisions of this
Section 2.08 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

Section 2.09    Rule 144 Reporting. With a view to making
available the benefits of certain rules and regulations of the Commission that may permit the resale of the Registrable Securities without registration, the Partnership agrees to use its reasonable best efforts to: 

(a)        make and keep public information regarding the Partnership available, as
those terms are understood and defined in Rule 144 under the Securities Act (or any similar provision then in effect), at all times from and after the date hereof; 

(b)    file with the Commission in a timely manner all reports and other documents required of the
Partnership under the Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) so long
as a Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement of the Partnership that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any
similar provision then in effect), the Securities Act and the Exchange Act and (ii) unless otherwise available via the Commission’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent annual or quarterly
report of the Partnership, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 

Section 2.10    Transfer or Assignment of Registration Rights. The
rights to cause the Partnership to register Registrable Securities under this Article II may be transferred or assigned by each Holder to one or more transferees or assignees of Registrable Securities or securities convertible into
Registrable Securities; provided, however, that (a) unless any such transferee or assignee is an Affiliate of, and after such transfer or assignment continues to be an Affiliate of, such Holder, the amount of Registrable
Securities or securities convertible into Registrable Securities transferred or assigned to such transferee or assignee shall represent at least $5 million of Registrable Securities (on an as-converted
basis where applicable (determined by multiplying the number of Registrable Securities (on an as-converted basis) owned by the Average VWAP for the ten (10) Trading Days preceding the date of such
transfer or assignment)), or such lesser amount if it constitutes the remaining holdings of the Holder and its Affiliates, (b) the Partnership is given written notice prior to any said transfer or assignment, stating the name and address of
each such transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned and (c) each such transferee or assignee assumes in writing responsibility for its portion of the
obligations of such transferring Holder under this Agreement. 

Section 2.11    Limitation on Subsequent Registration Rights. From
and after the date hereof, the Partnership shall not, without the prior written consent of the Holders of at least the 

  
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Registrable Securities Required Voting Percentage, enter into any agreement with any current or future holder of any securities of the Partnership that would allow such current or future holder
to require the Partnership to include securities in any Registration Statement filed by the Partnership for Other Holders on a basis other than pari passu with, or expressly subordinate to, the piggyback rights of the Holders of Registrable
Securities hereunder; provided, that in no event shall the Partnership enter into any agreement that would permit another holder of securities of the Partnership to participate on a pari passu basis (in terms of priority of cut-back based on advice of underwriters) with a Purchaser requesting registration or takedown in an Underwritten Offering pursuant to Section 2.03(a). 

ARTICLE III. 

MISCELLANEOUS 

Section 3.01    Communications. All notices, demands and other
communications provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery, personal delivery or (in the case of any notice given by
the Partnership to the Purchasers) email to the following addresses: 
  

	 	(a)	 If to the Purchasers, to the addresses set forth on Schedule A. 

 

	 	(b)	 If to the Partnership or the General Partner: 

StoneMor Partners L.P. 

3600 Horizon Blvd. 

Trevose, PA 19053 

Attention: General Counsel 

Email: aso@stonemor.com 

with a copy to (which shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin Street 

Suite 2500 

Houston TX 77002-6760 

Attention: David Oelman 

Facsimile: (713) 615-5620 

Email: doelman@velaw.com 

or to such other address as the Partnership or the Purchasers may designate to each other in writing from time to time or, if to a transferee
or assignee of the Purchasers or any transferee or assignee thereof, to such transferee or assignee at the address provided pursuant to Section 2.10. All notices and communications shall be deemed to have been duly given:
at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt requested, or regular mail, if mailed; upon actual receipt of the facsimile or email copy, if sent via facsimile or
email; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

  
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 Section 3.02    Binding
Effect. This Agreement shall be binding upon the Partnership, each of the Purchasers and their respective successors and permitted assigns, including subsequent Holders of Registrable Securities to the extent permitted herein. Except as
expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns. 

Section 3.03    Assignment of Rights. Except as provided in
Section 2.10, neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or otherwise, by any party hereto without the prior written consent of the
other party. 
 Section 3.04    Recapitalization, Exchanges, Etc.
Affecting Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of the Partnership or any successor or assign of the Partnership (whether by merger, acquisition,
consolidation, reorganization, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations,
pro rata distributions of units and the like occurring after the date of this Agreement. 

Section 3.05    Aggregation of Registrable Securities. All
Registrable Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 3.06    Specific Performance. Damages in the event of
breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to seek an
injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the
ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such
Person may have. 
 Section 3.07    Counterparts. This Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together,
shall constitute but one and the same agreement. 

Section 3.08    Governing Law, Submission to Jurisdiction. This
Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based
upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflicts of
laws. Any action against any party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby

  
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irrevocably submit to the non-exclusive jurisdiction of any federal or state court located within the State of Delaware over any such action. The parties
hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance
of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

Section 3.09    Waiver of Jury Trial. THE PARTIES TO THIS
AGREEMENT EACH HEREBY WAIVE, AND AGREE TO CAUSE THEIR AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY
WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY
OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

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

Section 3.11    Amendment. This Agreement may be amended only by
means of a written amendment signed by the Partnership and the Holders of at least the Registrable Securities Required Voting Percentage; provided, however, that no such amendment shall adversely affect the rights of any Holder hereunder without the
consent of such Holder. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the Partnership or any Holder from the terms of any
provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which such amendment, supplement, modification, waiver or consent has been made or given. 

Section 3.12    No Presumption. This Agreement has been reviewed
and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. 

  
 21 

 Section 3.13    Obligations
Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that, other than as set forth herein, no Person other than the Purchasers, the Holders, their respective permitted assignees and the Partnership
shall have any obligation hereunder and that, notwithstanding that one or more of such Persons may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in
connection herewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or their respective permitted assignees, or any
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by
virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or
limited partner, manager, member, stockholder or Affiliate of any of such Persons or any of their respective assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or
Affiliate of any of the foregoing, as such, for any obligations of such Persons or their respective permitted assignees under this Agreement or any documents or instruments delivered in connection herewith or for any claim based on, in respect of or
by reason of such obligation or its creation, except, in each case, for any assignee of any Purchaser or a Holder hereunder. 

Section 3.14    Interpretation. Article, Section and Schedule
references in this Agreement are references to the corresponding Article, Section or Schedule to this Agreement, unless otherwise specified. All Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full
herein and are an integral part of this Agreement. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise
modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to” and shall not be construed to limit any general statement that it follows to the specific or similar items or
matters immediately following it. Whenever the Partnership has an obligation under this Agreement, the expense of complying with that obligation shall be an expense of the Partnership unless otherwise specified. Any reference in this Agreement to
“$” shall mean U.S. dollars. Whenever any determination, consent or approval is to be made or given by a Holder, such action shall be in such Holder’s sole discretion, unless otherwise specified in this Agreement. If any provision in
this Agreement is held to be illegal, invalid, not binding or unenforceable, (a) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had
never comprised a part of this Agreement, and the remaining provisions shall remain in full force and effect, and (b) the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties
as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When calculating the period of time before which, within which or following
which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the
period in question shall end on the next succeeding Business Day. The words such as “herein,” “hereinafter,” “hereof’ and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which
such words appear unless the context otherwise requires. The 

  
 22 

 
provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not
affect or be utilized in construing or interpreting this Agreement. 
 [Remainder of Page Left Intentionally Blank] 

  
 23 

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

			
	 STONEMOR PARTNERS L.P.
  

By: STONEMOR GP, LLC, its general partner

  

			
		
	By:	 	 /s/ Joseph M. Redling

	 Name: Joseph M. Redling

Title: President and Chief Executive Officer

  

			
	
	 STONEMOR GP, LLC
  

By: STONEMOR GP HOLDINGS, LLC, its sole member

  

			
		
	By:	 	 /s/ Joseph M. Redling

	 Name: Joseph M. Redling

Title: President and Chief Executive Officer

 [Signature page to Registration Rights Agreement] 

 
	
	PURCHASERS
	
	AXAR
	
	SMP SPV LLC
	
	By: Axar Capital Management LP, its Investment Manager
	
	By:  /s/ Andrew
Axelrod                                
	Name: Andrew Axelrod
	Title: Authorized Signatory
	
	STAR V PARTNERS LLC
	
	By: Axar Capital Management LP, its Investment Manager
	
	By:  /s/ Andrew
Axelrod                                
	Name: Andrew Axelrod
	Title: Authorized Signatory
	
	BLACKWELL PARTNERS LLC – SERIES E, solely with respect to the assets for which Axar Capital Management LP acts as its Investment Manager
	
	By: Axar Capital Management LP, its Investment Manager
	
	By:  /s/ Andrew
Axelrod                                
	Name: Andrew Axelrod
	Title: Authorized Signatory

 [Signature page to Registration Rights Agreement] 

  

 
	
	/s/ David Miller
	  
 David Miller

 [Signature page to Registration Rights Agreement] 

  

 
	
	MANGROVE PARTNERS
	
	MPF INVESTCO 6, LLC
	
	By: The Mangrove Partners Fund (Cayman Drawdown), L.P., its sole member
	
	By: Mangrove Partners, its investment manager
	
	By:  /s/ Ward
Dietrich                                    
	Name: Ward Dietrich
	Title: Authorized Person
	
	MPF INVESTCO 7, LLC
	
	By: The Mangrove Partners i-Feeder 1, Ltd., its sole member
	
	By: Mangrove Partners, its investment manager
	
	By:  /s/ Ward
Dietrich                                    
	Name: Ward Dietrich
	Title: Authorized Person
	
	MPF INVESTCO 8, LLC
	
	By: The Mangrove Partners Fund (Cayman), Ltd., its sole member
	
	By: Mangrove Partners, its investment manager
	
	By:  /s/ Ward
Dietrich                                    
	Name: Ward Dietrich
	Title: Authorized Person

 [Signature page to Registration Rights Agreement] 

  

 
	
	THE MANGROVE PARTNERS FUND, L.P.
	
	By: Mangrove Partners, its investment manager
	
	By:  /s/ Ward
Dietrich                                    
	Name: Ward Dietrich
	Title: Authorized Person
	
	 THE MANGROVE PARTNERS FUND

(CAYMAN PARTNERSHIP), L.P.

	
	By: Mangrove Partners, its investment manager
	
	By:  /s/ Ward
Dietrich                                    
	Name: Ward Dietrich
	Title: Authorized Person

 [Signature page to Registration Rights Agreement] 

  

 SCHEDULE A 

Purchaser Name; Notice and Contact Information 
  

			
	Purchaser	  	Contact Information
	 SMP SPV LLC
	  	 c/o
Axar Capital Management, LP
 1330 Avenue of the Americas, 30th Floor

New York, NY 10019
 Attention:
Andrew Axelrod
 E-mail: aaxelrod@axarcapital.com

	 Star V Partners LLC
	  	 c/o
Axar Capital Management, LP
 1330 Avenue of the Americas, 30th Floor

New York, NY 10019
 Attention:
Andrew Axelrod
 E-mail: aaxelrod@axarcapital.com

	 Blackwell Partners LLC – Series E
	  	 c/o
Axar Capital Management, LP
 1330 Avenue of the Americas, 30th Floor

New York, NY 10019
 Attention:
Andrew Axelrod
 E-mail: aaxelrod@axarcapital.com

	 David Miller
	  	 1451
Brandywine lane
 Wayne, PA 19087

Email: david@chesterbrookfinancial.com

	 MPF InvestCo 6, LLC
	  	 c/o
Mangrove Partners
 645 Madison Avenue, 14th Floor

New York, NY 10022
 Attention:
Ward Dietrich
 Email: WDietrich@MangrovePartners.com

	 MPF InvestCo 7, LLC
	  	 c/o
Mangrove Partners
 645 Madison Avenue, 14th Floor

New York, NY 10022
 Attention:
Ward Dietrich
 Email: WDietrich@MangrovePartners.com

	 MPF InvestCo 8, LLC
	  	 c/o
Mangrove Partners
 645 Madison Avenue, 14th Floor

New York, NY 10022
 Attention:
Ward Dietrich
 Email: WDietrich@MangrovePartners.com

	 The Mangrove Partners Fund, L.P.
	  	 c/o
Mangrove Partners
 645 Madison Avenue, 14th Floor

New York, NY 10022
 Attention:
Ward Dietrich
 Email: WDietrich@MangrovePartners.com

  
 A-1 

			
	 The Mangrove Partners Fund (Cayman

Partnership), L.P.
	  	 c/o
Mangrove Partners
 645 Madison Avenue, 14th Floor

New York, NY 10022
 Attention:
Ward Dietrich
 Email: WDietrich@MangrovePartners.com

  
 A-2 

 SCHEDULE B 

PURCHASERS DEEMED TO HAVE DELIVERED THE PIGGYBACK OPT-OUT 

NOTICE 
 None. 

  
 B-1EX-10.3

 Exhibit 10.3 

SECOND AMENDMENT TO 

MERGER AND REORGANIZATION AGREEMENT 

THIS SECOND AMENDMENT, dated as of June 27, 2019 (this “Amendment”), to the Merger
Agreement (as defined below) is entered into by and among StoneMor Partners L.P., a Delaware limited partnership (the “Partnership”), StoneMor GP LLC, a Delaware limited liability company and the general partner of the
Partnership (“GP”), StoneMor GP Holdings LLC, a Delaware limited liability company and the sole member of GP (“GP Holdings”), and Hans Merger Sub, LLC, a Delaware limited liability company and wholly
owned subsidiary of GP (“Merger Sub,” and together with the Partnership, GP and GP Holdings, the “Parties”). 

RECITALS 

WHEREAS, the Parties have previously entered into that certain Merger and Reorganization Agreement, dated as of
September 27, 2018, as amended by that certain First Amendment to Merger and Reorganization Agreement, dated as of April 30, 2019 (collectively, the “Merger Agreement”); 

WHEREAS, pursuant to Section 8.1 of the Merger Agreement, the Parties now desire to amend the Merger Agreement in
the respects, but only in the respects, hereinafter set forth; and 
 WHEREAS, capitalized terms used herein shall
have the respective meanings ascribed thereto in the Merger Agreement, as amended by this Amendment, unless herein defined or the context shall otherwise require. 

AGREEMENT 

NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement, and intending to
be legally bound, the Parties agree as follows: 
 ARTICLE I 

AMENDMENTS 

Section 1.1    Amendment to Recitals. The recitals to the Merger
Agreement shall be amended and restated in their entirety as follows: 
 WHEREAS, the Conflicts Committee (the
“Conflicts Committee”) of the board of directors of GP (the “GP Board”) by unanimous vote (a) determined that this Agreement and the transactions contemplated hereby are fair to, and in the best
interests of, the Partnership and the holders of common units representing limited partner interests (the “Common Units”) and Series A Preferred Units (the “Preferred Units”) in the Partnership (the
“Unitholders”) (other than GP and Unitholders affiliated with GP), (b) approved this Agreement and the transactions contemplated hereby, including the Merger (the foregoing constituting Special Approval), (c) directed that
this Agreement be submitted to a vote of the Unitholders, and (d) resolved its recommendation of adoption of this Agreement by the Unitholders; 

 WHEREAS, each of (i) the Board of Directors of GP Holdings, on behalf
of GP Holdings, in its individual capacity and in its capacity as the sole member of GP, and immediately following the Conversion (as hereinafter defined), as the sole stockholder of the Company, and (ii) the GP Board on behalf of GP and in its
capacity as the sole member of Merger Sub, has approved this Agreement and the transactions contemplated hereby; 

WHEREAS, the parties intend that, as more particularly described herein, (1) GP Holdings shall contribute the
2,332,878 Common Units owned by it (the “GP Holdings’ Common Units”) to GP and immediately following receipt thereof, GP shall contribute the GP Holdings’ Common Units to StoneMor LP
Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary of GP (“LP Sub”), (2) GP shall convert into a Delaware corporation (the “Conversion”) to be named “StoneMor
Inc.” (following the Conversion, GP is referred to herein as the “Company”) and all of the limited liability company interests of GP held by GP Holdings prior to the Conversion shall be cancelled in accordance with this
Agreement and (iii) Merger Sub shall be merged with and into the Partnership (the “Merger”) with the Partnership surviving and with the Company as its sole general partner and LP Sub as its sole holder of Common Units
and each Outstanding (as defined below) Common Unit (other than those held by LP Sub) and Preferred Unit being converted into the right to receive one share of common stock, par value $0.01 per share, of the Company (the “Company
Shares”); and 
 WHEREAS, concurrently with the execution and delivery of this Agreement, as a condition
and inducement to the parties’ willingness to enter into this Agreement, the Partnership, GP and certain Unitholders (the “Supporting Unitholders”) are entering into a voting and support agreement, pursuant to which,
among other things, the Supporting Unitholders have agreed, subject to the terms and conditions set forth therein, to vote (or cause the vote of, as applicable) all of the Common Units and Preferred Units owned by them in favor of the approval and
adoption of this Agreement and the transactions contemplated hereby. 
 NOW, THEREFORE, in consideration of the
representations, warranties, covenants and agreements contained in this Agreement, and intending to be legally bound, the parties hereto agree as follows: 

Section 1.2    Amendment to Certain Definitions. 

(a)    Section 1.1 of the Merger Agreement shall be amended to include the following defined terms: 

“Blocker Corp” has the meaning set forth in Section 5.13. 

“Equity Offering” means the Partnership’s offering of Preferred Units to be consummated on
June 27, 2019. 
 “Preferred Units” has the meaning set forth in the recitals to this
Agreement. 
 “Purchaser” has the meaning set forth in Section 5.13. 

(b)    The defined term “Partnership Agreement” in Section 1.1 of the Merger Agreement
shall be amended and restated in its entirety as follows: 

  
 2 

 “Partnership Agreement” means the Third Amended and
Restated Agreement of Limited Partnership of the Partnership, dated as of June 27, 2019, as such agreement may be amended, amended and restated or supplemented from time to time. 

(c)    The defined term “Partnership SEC Documents” in Section 1.1 of the Merger Agreement
shall be amended and restated in its entirety as follows: 
 “Partnership SEC Documents” means all
reports, schedules, forms, certifications, prospectuses and registration, proxy and other statements required to be filed or furnished by the Partnership or any Unitholder with the SEC and publicly available on or prior to the later of (i) the
date of this Agreement and (ii) the latest date of any amendments to this Agreement. 

Section 1.3    Amendment to Directors and Officers of the Company.
Section 2.3(a) of the Merger Agreement shall be amended and restated in its entirety as follows: 

(a)    Directors. The directors serving on the GP Board immediately prior to the
Effective Time shall become the directors serving on the board of directors of the Company from and after the Effective Time until their successors have been duly elected or appointed and qualified or until their earlier death, resignation or
removal in accordance with the Charter and Bylaws. 

Section 1.4    Amendment to Merger Consideration. Section 3.1
of the Merger Agreement shall be amended and restated in its entirety as follows: 

Section 3.1    Merger Consideration. Subject to
the provisions of this Agreement, at the Effective Time, by virtue of the Merger and without any action on the part of the Company, the Partnership, Merger Sub, LP Sub or any holder of Common Units or Preferred Units: 

(a)    Each Outstanding Common Unit, including Phantom Units that will be treated as
Common Units pursuant to Section 3.7(a) of this Agreement, but excluding any Common Units held by LP Sub shall be converted into the right to receive one Company Share, which shall have been duly authorized and shall be
validly issued, fully paid and nonassessable. Each Outstanding Preferred Unit shall be converted into the right to receive a number of Company Shares equal to the then prevailing Series A Conversion Rate (as defined in the Partnership Agreement),
which shall have been duly authorized and shall be validly issued, fully paid and nonassessable. The Company Shares issued hereunder are referred to herein as the “Merger Consideration.” 

(b) All Common Units (excluding any Common Units held by LP Sub) and Preferred Units, when converted as a
result of and pursuant to the Merger, shall cease to be outstanding and shall automatically be canceled and cease to exist. At the Effective Time, each holder of a certificate representing Common Units (a “Certificate”) and
each holder of non-certificated Common Units or Preferred Units represented by book-entry (“Book-Entry Units”), other than LP Sub, shall cease to be a unitholder of the Partnership and
(except as set forth in Section 3.2) 

  
 3 

 
cease to have any rights with respect thereto, except the right to receive (A) such holder’s portion of the Merger Consideration and (B) any distributions in accordance with
Section 3.3(c), and in each case, to be issued or paid in consideration therefor upon surrender of such Certificate or Book-Entry Unit in accordance with Section 3.2 without interest. 

(c)    All of the limited liability company interests in Merger Sub outstanding
immediately prior to the Effective Time shall be converted into and become limited partner interests in the Surviving Entity, which limited partner interests shall be duly authorized and validly issued, fully paid (to the extent required under the
Partnership Agreement) and non-assessable (except to the extent such non-assessability may be affected by Sections 17-303, 17-607 and 17-804 of the DRULPA), such that following the Effective Time, LP Sub
shall be the sole holder of Common Units of the Surviving Entity. 
 (d)    The general
partner interest in the Partnership issued and outstanding immediately prior to the Effective Time shall remain outstanding and unchanged subject to such changes as are set forth in the Partnership Agreement, and the Company shall continue to be the
sole general partner of the Partnership. 
 (e)    The Incentive Distribution Rights
issued and outstanding immediately prior to Effective Time shall remain outstanding and unchanged subject to such changes as are set forth in the Partnership Agreement, and the Company shall continue to own 100% of the Incentive Distribution Rights.

 (f)    All of the limited liability company interest of GP shall be cancelled. 

Section 1.5    Amendment to Rights As Unitholders; Unit Transfers.
Section 3.2 of the Merger Agreement shall be amended and restated in its entirety as follows: 

Section 3.2    Rights As Unitholders; Unit Transfers. At the Effective
Time, holders of Common Units (other than LP Sub) and Preferred Units shall cease to be, and shall have no rights as, unitholders of the Partnership, other than to receive (a) any distribution with respect to such Common Units or Preferred
Units with a record date occurring prior to the Effective Time that may have been declared or made by the Partnership on such Common Units or Preferred Units in accordance with the terms of this Agreement and which remains unpaid at the Effective
Time and (b) the consideration provided under this Article III. After the Effective Time, there shall be no transfers on the unit transfer books of the Partnership with respect to such Common Units or Preferred Units. 

Section 1.6    Amendment to Exchange Procedures. Section 3.3
of the Merger Agreement shall be amended and restated in its entirety as follows: 

Section 3.3    Exchange Procedures. 

  
 4 

 (a)    Exchange Agent. Promptly after
the Effective Time, the Company shall deposit or shall cause to be deposited with the Exchange Agent for the benefit of the holders of such Common Units and Preferred Units, for exchange in accordance with this Article III, through the
Exchange Agent, the Company Shares issuable upon due surrender of the Certificates (or affidavits of loss in lieu thereof pursuant to Section 3.3(g)) or Book-Entry Units pursuant to this Article III. The Partnership
agrees to deposit with the Exchange Agent, from time to time as needed, cash sufficient to pay any distributions pursuant to Section 3.2(a) and Section 3.3(c). Any cash and Company Shares deposited
with the Exchange Agent shall hereinafter be referred to as the “Exchange Fund.” The Exchange Agent shall, pursuant to irrevocable instructions, deliver the Merger Consideration contemplated by this Agreement to be issued or
paid for Common Units and Preferred Units pursuant to this Agreement out of the Exchange Fund. Except as contemplated by Sections 3.3(c), the Exchange Fund shall not be used for any other purpose. 

(b)    Exchange Procedures. Promptly after the Effective Time, the Company shall
instruct the Exchange Agent to mail to each record holder of Common Units and Preferred Units as of the Effective Time (other than LP Sub) (i) a letter of transmittal (which shall specify that in respect of certificated units, delivery shall be
effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent, and shall be in customary form and agreed to by the Company and the Partnership prior to the Effective Time)
and (ii) instructions for use in effecting the surrender of the Certificates or Book-Entry Units in exchange for the Merger Consideration issuable or payable in respect of the Common Units represented by such Certificates or Common Units or
Preferred Units represented as Book-Entry Units. Promptly after the Effective Time, upon surrender of Certificates, if any, for cancellation to the Exchange Agent together with such letters of transmittal, properly completed and duly executed, and
such other documents (including in respect of Book-Entry Units) as may be reasonably required pursuant to such instructions, the holders of Common Units (other than LP Sub) and Preferred Units shall be entitled to receive in exchange therefor
(A) Company Shares representing, in the aggregate, the number of Company Shares that such holder has the right to receive pursuant to this Article III (after taking into account all Common Units and Preferred Units then held by such
holder) and (B) a check in the amount equal to the aggregate amount of cash, if any, that such holder has the right to receive pursuant to Section 3.3(c). No interest shall be paid or accrued on any Merger
Consideration or on any unpaid distributions payable to holders of Certificates or Book-Entry Units. In the event of a transfer of ownership of Common Units or Preferred Units that is not registered in the transfer records of the Partnership, the
Merger Consideration issuable or payable in respect of such Common Units or Preferred Units, as applicable, may be issued or paid to a transferee, if the Certificate representing such Common Units or evidence of ownership of the Book-Entry Units are
presented to the Exchange Agent, and in the case of both certificated Common Units and book-entry Common Units or Preferred Units, accompanied by all documents required to evidence and effect such transfer and the Person requesting such exchange
shall (i) pay to the Exchange Agent in advance, any amounts required to be withheld and any transfer taxes or other similar taxes required by reason of the delivery of the Merger Consideration in any name other than that of the record holder of
such Common Units or Preferred Units, as applicable, or (ii) shall establish to the 

  
 5 

 
satisfaction of the Exchange Agent that any amounts required to be withheld, any transfer taxes or other similar taxes have been paid or are not payable. Until the required documentation has been
delivered and Certificates, if any, have been surrendered, as contemplated by this Section 3.3, each Certificate or Book-Entry Unit shall be deemed at any time after the Effective Time to represent only the right to
receive, upon such surrender, the Merger Consideration issuable or payable in respect of the Common Units (excluding those held by LP Sub) and Preferred Units and any distributions to which such holder is entitled pursuant to
Section 3.2. 
 (c)    Distributions with Respect to
Unexchanged Common Units. No distributions declared or made with respect to Company Shares with a record date after the Effective Time shall be paid to the holder of any Common Units with respect to the Company Shares that such holder would be
entitled to receive in accordance herewith until such holder shall deliver the required documentation and surrender any Certificate as contemplated by this Section 3.3. Subject to applicable Law, following compliance with
the requirements of Section 3.3(b), there shall be paid to such holder of the Company Shares issuable in exchange therefor, without interest, (i) promptly after the time of such compliance, the amount of distributions
with a record date after the Effective Time theretofore paid with respect to the Company Shares and payable with respect to such Company Shares and (ii) at the appropriate payment date, the amount of distributions with a record date after the
Effective Time but prior to such surrender and a payment date subsequent to such compliance payable with respect to such Company Shares. 

(d)    Further Rights in Common Units and Preferred Units. The Merger Consideration
issued or paid upon conversion of a Common Unit or Preferred Unit in accordance with the terms hereof (including any cash paid pursuant to Section 3.2 or Section 3.3(c)) shall be deemed to have
been issued or paid in full satisfaction of all rights pertaining to such Common Unit or Preferred Unit, as applicable. 

(e)    Termination of Exchange Fund. Any portion of the Exchange Fund constituting
Company Shares or cash that remains unclaimed by the holders of such Common Units or Preferred Units after 180 days following the Effective Time shall be returned to the Company upon demand by the Company and, from and after such delivery, any
former holders of Common Units or Preferred Units who have not theretofore complied with this Article III shall thereafter look only to the Company for the Merger Consideration payable in respect of such Common Units and Preferred Units, any
distributions with respect to the Common Units to which they are entitled pursuant to Section 3.3(c), in each case, without any interest thereon. Any amounts remaining unclaimed by holders of such Common Units or Preferred
Units immediately prior to such time as such amounts would otherwise escheat to or become the property of any governmental entity shall, to the extent permitted by applicable Law, become the property of the Company, free and clear of any Liens,
claims or interest of any Person previously entitled thereto. 
 (f)    No
Liability. To the fullest extent permitted by Law, none of the Company, the Merger Sub nor the Partnership shall be liable to any holder of Common Units or Preferred Units for any Merger Consideration delivered to a public official pursuant to
any abandoned property, escheat or similar Law. 

  
 6 

 (g)    Lost Certificates. If any
Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed and, if required by the Company, the posting by such Person of a bond, in
such reasonable amount as the Company may direct, as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent shall issue or pay in exchange for such lost, stolen or destroyed Certificate the
Merger Consideration issuable or payable in respect of the Common Units represented by such Certificate and any distributions to which the holders thereof are entitled pursuant to Section 3.2. 

(h)    Withholding. The Surviving Entity and the Exchange Agent shall be entitled
to deduct and withhold from the consideration otherwise issuable or payable pursuant to this Agreement to any holder of Common Units or Preferred Units such amounts as the Surviving Entity or the Exchange Agent is required to deduct and withhold
under the Code or any provision of state, local or foreign tax Law, with respect to the making of such issuance or payment. To the extent that amounts are so deducted and withheld by the Surviving Entity or the Exchange Agent, such amounts shall be
treated for all purposes of this Agreement as having been issued or paid to the holder of Common Units or Preferred Units, as applicable, in respect of whom such deduction and withholding was made by the Surviving Entity or the Exchange Agent, as
the case may be. 
 Section 1.7    Amendment to Book Entry Company
Shares. Section 3.4 of the Merger Agreement shall be amended and restated in its entirety as follows: 

Section 3.4    Book Entry Company Shares . All Company Shares to be
issued in connection with the Conversion and Merger or exchanged for Common Units and Preferred Units in connection with the Merger shall be distributed in book-entry form, without physical certificates. 

Section 1.8    Amendment to Anti-Dilution Provisions.
Section 3.5 of the Merger Agreement shall be amended and restated in its entirety as follows: 

Section 3.5    Anti-Dilution Provisions. In the event of any
subdivisions, reclassifications, recapitalizations, splits, combinations or distributions in the form of equity interests with respect to the Common Units, Preferred Units or the Company Shares prior to the Effective Time, the number of Company
Shares to be distributed in connection with the Pre-Closing Transactions and the Merger will be correspondingly adjusted to provide the holders of Company Shares the same economic effect as contemplated by
this Agreement prior to such event. 
 Section 1.9    Amendment to
Capitalization Representations. 
 (a)    Section 4.1(b)(vii) of the Merger Agreement shall be
amended and restated in its entirety as follows: 
 (vii)    Except for the transactions
contemplated by this Agreement, as disclosed in the Partnership SEC Documents or as set forth above in this Section 4.1(b), as of the date of this Agreement, there are not, and, as of the Conversion Effective Time with
respect to 

  
 7 

 
GP and, except as set forth on Schedule 4.1(g), the Effective Time with respect to the Company, there will not be (A) partnership interests, limited liability company interests or
other equity securities of the Partnership, the Company or the GP, as applicable, issued or authorized and reserved for issuance, (B) outstanding options, profits interest units, phantom units, restricted units, unit appreciation rights,
warrants, preemptive rights, subscriptions, calls or other rights, convertible securities, exchangeable securities, agreements or commitments of any character obligating the Partnership, the Company or the GP, as applicable, to issue, transfer or
sell any equity interest of the Partnership, the Company or the GP, as applicable, respectively, or any securities convertible into or exchangeable for such equity interests, or any commitment to authorize, issue or sell the same or any such equity
securities, except pursuant to this Agreement, or (C) contractual obligations of the Partnership, the Company or the GP, as applicable, to repurchase, redeem or otherwise acquire any other equity interest in the Partnership or the Company or
the GP, as applicable, respectively or any such securities or agreements listed in clause (B) of this sentence. 

Section 1.10    Addition of Blocker Corp Covenant. The following
new Section 5.13 shall be added to the Merger Agreement: 

Section 5.13    Blocker Entities. GP and the Partnership acknowledge
that one or more of the purchasers of Preferred Units in the Equity Offering (each, a “Purchaser”) are making their investment through one or more newly-formed US “blocker entities” (i) whose only asset will be
its direct or indirect ownership of Preferred Units (each, a “Blocker Corp”) and cash or other consideration received as a result of ownership of such Preferred Units, and (ii) whose only liabilities will be liabilities
incurred in connection with the ownership of such equity interests (e.g., taxes payable). In connection with the consummation of the transactions contemplated by this Agreement (including the Conversion and the Merger), if any Purchaser shall so
request at least five (5) business days prior to such consummation, any such Blocker Corp (or, as applicable, any such Purchaser) shall have the right to be merged with, or contributed to (or, as applicable, to cause such Blocker Corp to be
merged with or contributed to), the Company in a transaction intended to be tax-free under Code section 368 or Code section 351, in exchange for the Company Shares such Purchaser would have received as Merger
Consideration without any discount. Any such Purchaser shall be responsible for and shall indemnify the Company for any taxes of the Blocker Corp for taxable periods or portions thereof ending on or prior to the Closing to the extent such taxes
exceed the amount of cash held by the Blocker Corp at the time of such merger or contribution. 

Section 1.11    Tax Classification. The following new
Section 5.14 shall be added to the Merger Agreement: 
 Section 5.14    Tax
Classification. The parties hereto intend that the Merger shall be treated for U.S. federal income tax purposes as a contribution by the holders of Common Units and Preferred Units to the Company of Common Units and Preferred Units,
as the case may be, in a transaction governed by Code section 351, and the parties shall not take any position inconsistent therewith for income tax purposes except to the extent required as a result of a final determination within the meaning of
Code section 1313. 

  
 8 

 Section 1.12    Amendment to
Partnership Unitholder Vote. Section 6.1 of the Merger Agreement shall be amended and restated in its entirety as follows: 

Section 6.1    Partnership Unitholder Vote. This Agreement and the
transactions contemplated thereby, including the Merger, the Conversion and Contribution, shall have been approved and adopted by the affirmative vote or consent of holders of a majority of Outstanding Common Units and Preferred Units, voting
together as a single class on an as-converted basis (“Partnership Unitholder Approval”) in accordance with applicable Law and the Partnership Agreement. 

Section 1.13    Amendment to Termination. The first clause of
Section 7.1(a)(i) shall be amended and restated in its entirety as follows: 
 “the Closing has not been
consummated on or before March 31, 2020 (the “Termination Date”);” 

Section 1.14    Amendment to Schedule 4.1(g). Schedule 4.1(g) of
the Merger Agreement shall be amended and restated in its entirety as follows: 
 Voting and Support Agreement dated as of
September 27, 2018 by and among Axar Capital Management, LP, a Delaware limited partnership, Axar GP LLC, a Delaware limited liability company, Axar Master Fund, Ltd., a Cayman Islands exempted limited partnership, StoneMor Partners L.P., a
Delaware limited partnership, Robert B. Hellman, Jr., in his capacity as trustee under the Voting and Investment Trust Agreement for the benefit of American Cemeteries and StoneMor GP Holdings LLC, as such agreement may be amended, amended and
restated or supplemented from time to time. 
 Nomination and Director Voting Agreement dated as of September 27, 2018 by and among
StoneMor GP LLC, a Delaware limited liability company, Axar Capital Management, LP, a Delaware limited partnership, Axar GP LLC, a Delaware limited liability company, Axar Master Fund, Ltd., a Cayman Islands exempted limited partnership, and Robert
B. Hellman, Jr., in his capacity as trustee under the Voting and Investment Trust Agreement for the benefit of American Cemeteries, as such agreement may be amended, amended and restated or supplemented from time to time. 

Memorandum of Understanding dated July 31, 2018 by and among GP Holdings, Axar Capital Management, LP, a Delaware limited partnership,
and Robert B. Hellman, Jr., in his capacity as trustee under the Voting and Investment Trust Agreement for the benefit of American Cemeteries, as such agreement may be amended, amended and restated or supplemented from time to time. 

Series A Preferred Unit Purchase Agreement dated as of June 27, 2019 by and among StoneMor Partners L.P., a Delaware limited partnership,
and the purchasers set forth in Schedule A thereto. 
 Registration Rights Agreement dated as of June 27, 2019 by and among StoneMor
Partners L.P., a Delaware limited partnership, and the persons set forth on Schedule A thereto. 

  
 9 

 Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of
June 27, 2019, as such agreement may be amended, amended and restated or supplemented from time to time. 
 ARTICLE II 

MISCELLANEOUS PROVISIONS 

Section 2.1    Ratification. Each of the Parties hereby consents
to this Amendment and acknowledges and agrees that, except as expressly set forth in this Amendment, the terms, provisions and conditions of the Merger Agreement are hereby ratified and confirmed and shall remain unchanged and in full force and
effect without interruption or impairment of any kind. 

Section 2.2    No Other Amendments; Reservation of Rights; No
Waiver. Other than as otherwise expressly provided herein, this Amendment shall not be deemed to operate as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy of any part to this Amendment under the Merger
Agreement, nor shall the entering into of this Amendment preclude any Party from refusing to enter into any further amendments with respect to the Merger Agreement. Other than as to otherwise expressly provided herein, without limiting the
generality of the provisions of Section 8.1 of the Merger Agreement, this Amendment shall not constitute a waiver of compliance with any covenant or other provision in the Merger Agreement or of the occurrence or continuance of any present or
future breach thereunder. 
 Section 2.3    Miscellaneous.
Sections 8.1 (Waiver; Amendment), 8.2 (Counterparts), 8.3 (Governing Law), 8.4 (Notices), 8.5 (Entire Understanding; No Third Party Beneficiaries), 8.6 (Severability), 8.7 (Titles and Headings), 8.8 (Jurisdiction), 8.9 (Waiver of Jury Trial), 8.11
(Interpretation; Definitions) and 8.12 (Survival) of the Merger Agreement shall apply to this Amendment, mutatis mutandis. 
 [Signature
Pages Follow.] 

  
 10 

 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed in
counterparts by their duly authorized officers as of the date first above written. 
  

					
	STONEMOR PARTNERS L.P.
		
	 By:
	 	 StoneMor GP LLC, its general partner

			
		 	 By:
	 	 /s/ Joseph M. Redling

		 	 Name:
	 	 Joseph M. Redling

		 	 Title:
	 	 President and Chief Executive

Officer

	
	STONEMOR GP LLC
		
	 By:
	 	 /s/ Joseph M. Redling

	 Name:
	 	 Joseph M. Redling

	 Title:
	 	 President and Chief Executive Officer

	
	STONEMOR GP HOLDINGS LLC
		
	 By:
	 	 /s/ Robert B. Hellman Jr.

	 Name:
	 	 Robert B. Hellman, Jr.

	 Title:
	 	 Authorized Person

	
	HANS MERGER SUB, LLC
		
	 By:
	 	 StoneMor GP LLC, its sole member

		
	 By:
	 	 /s/ Joseph M. Redling

	 Name:
	 	 Joseph M. Redling

	 Title:
	 	 President and Chief Executive Officer

  
 SIGNATURE
PAGE TO 
 SECOND AMENDMENT TO 

MERGER AND REORGANIZATION AGREEMENT

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