Document:

Exhibit 10.1

 

Execution version

 

 

LIMITED LIABILITY

 

COMPANY AGREEMENT

 

OF

 

MAREN BAKKEN COMPANY LLC,

 

A
Delaware Limited Liability Company

 

Dated
as of August 2, 2016

 

THE UNITS REFERENCED HEREIN HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY JURISDICTION.  NO
UNIT MAY BE SOLD OR OFFERED FOR SALE (WITHIN THE MEANING OF ANY SECURITIES LAW) UNLESS A REGISTRATION STATEMENT UNDER ALL APPLICABLE
SECURITIES LAWS WITH RESPECT TO SUCH UNIT IS THEN IN EFFECT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH LAWS IS
THEN APPLICABLE TO SUCH UNIT.  A UNIT ALSO MAY NOT BE TRANSFERRED OR ENCUMBERED UNLESS THE PROVISIONS OF THIS AGREEMENT
ARE SATISFIED. PURCHASERS OF UNITS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THEIR INVESTMENT FOR
AN INDEFINITE PERIOD OF TIME.  

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	13
	Section 1.03	Construction	13
	 	 	 
	ARTICLE II ORGANIZATIONAL AND OTHER MATTERS	14
	 	 	 
	Section 2.01	Formation	14
	Section 2.02	Name	14
	Section 2.03	Limited Liability	14
	Section 2.04	Registered Office; Registered Agent; Principal Office in the United States; Other Offices	14
	Section 2.05	Purposes	14
	Section 2.06	Foreign Qualification	15
	Section 2.07	Term	15
	 	 	 
	ARTICLE III MEMBERS; REPRESENTATIONS	15
	 	 	 
	Section 3.01	Units; Members.	15
	Section 3.02	Unit Certificates	16
	Section 3.03	Conflicts of Interest.	16
	Section 3.04	Representations, Warranties and Covenants.	18
	 	 	 
	ARTICLE IV BOOKS AND RECORDS	19
	 	 	 
	Section 4.01	Books, Records, Access.	19
	Section 4.02	Tax Returns	20
	Section 4.03	Tax Partnership	21
	Section 4.04	Tax Elections	21
	Section 4.05	Tax Matters Partner.	21
	Section 4.06	Bank Accounts	24
	Section 4.07	Tax Consolidation	24
	 	 	 
	ARTICLE V CAPITAL CONTRIBUTIONS	24
	 	 	 
	Section 5.01	Initial Capital Contribution of Members; Unit Issuances	24
	Section 5.02	Further Capital Contributions.	25
	Section 5.03	Failure to Fund Capital Contributions.	25
	Section 5.04	Certain Consequences of Default.	26
	Section 5.05	Withdrawal of Capital	28
	Section 5.06	Capital Accounts.	28
	Section 5.07	Advances by Members	29
	 	 	 
	ARTICLE VI ALLOCATIONS	29
	 	 	 
	Section 6.01	Allocations of Net Profits and Net Losses	29
	Section 6.02	Regulatory Allocations	29
	Section 6.03	Curative Allocations	31
	Section 6.04	Tax Allocations	31

 

     ii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE VII DISTRIBUTIONS	32
	 	 	 
	Section 7.01	Distributions	32
	Section 7.02	Withholding	32
	 	 	33
	ARTICLE VIII MANAGEMENT OF THE COMPANY	33
	 	 	 
	Section 8.01	Management under Direction of Management Committee.	33
	Section 8.02	Number, Tenure and Qualification.	34
	Section 8.03	Voting Proxies; Quorum; Meetings of Management Committee.	35
	Section 8.04	Resignation of Managers and Management Committee Alternates	37
	Section 8.05	Removal of Managers and Management Committee Alternates	37
	Section 8.06	Vacancies	37
	Section 8.07	Fees and Expenses of Managers and Management Committee Alternates	37
	Section 8.08	Members	37
	Section 8.09	Delegation of Authority to Officers.	38
	 	 	 
	ARTICLE IX INDEMNIFICATION; DUTIES	38
	 	 	 
	Section 9.01	Power to Indemnify in Actions, Suits or Proceedings	38
	Section 9.02	Authorization of Indemnification	39
	Section 9.03	Expenses Payable in Advance	39
	Section 9.04	Nonexclusivity of Indemnification and Advancement of Expenses	39
	Section 9.05	Survival of Indemnification and Advancement of Expenses	40
	Section 9.06	Limitation on Indemnification	40
	Section 9.07	Prioritization of Obligations	40
	Section 9.08	Insurance	41
	Section 9.09	Severability	41
	 	 	 
	ARTICLE X DUTIES OF MEMBERS, MANAGERS AND OFFICERS	41
	 	 	 
	Section 10.01	Fiduciary Duties; Limitation of Liability.	41
	 	 	 
	ARTICLE XI INSURANCE	44
	 	 	 
	Section 11.01	Company Insurance	44
	Section 11.02	Member Insurance	44
	 	 	 
	ARTICLE XII LIMITATIONS ON TRANSFERS	45
	 	 	
	Section 12.01	Transfer of Units.	45
	Section 12.02	Conditions Precedent to a Transfer of Units	45
	Section 12.03	Admission of Substitute Members	47
	Section 12.04	Issuance of Units; Issuance of Additional Units; Admission of Additional Members.	47
	Section 12.05	Rights and Obligations of Additional Members and Substitute Members.	47

 

     iii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 12.06	No Other Persons Deemed Members	48
	Section 12.07	Tag-Along Transactions.	48
	Section 12.08	Right of First Refusal	50
	Section 12.09	Transfer and Exchange	50
	Section 12.10	No Taxation as a Corporation	51
	Section 12.11	Amendments to this Agreement	51
	Section 12.12	No Encumbrances by Members	51
	 	 	 
	ARTICLE XIII DISSOLUTION AND LIQUIDATION	51
	 	 	 
	Section 13.01	Dissolution	51
	Section 13.02	Notice of Dissolution	51
	Section 13.03	Liquidation Upon Dissolution.	51
	Section 13.04	Termination	52
	Section 13.05	No Obligation to Restore Capital Accounts	52
	Section 13.06	Distributions in Kind	52
	 	 	 
	ARTICLE XIV MISCELLANEOUS PROVISIONS	52
	 	 	 
	Section 14.01	Notices	52
	Section 14.02	Governing Law	53
	Section 14.03	Dispute Resolution	53
	Section 14.04	Waiver of Jury Trial	54
	Section 14.05	Entire Agreement; Amendments	54
	Section 14.06	Confidentiality.	54
	Section 14.07	Management Committee Deadlocks; Negotiations; Buyout Right.	55
	Section 14.08	Waiver	59
	Section 14.09	Severability	59
	Section 14.10	Ownership of Property and Right of Partition	59
	Section 14.11	Successors and Assigns	59
	Section 14.12	Further Assurances	59
	Section 14.13	Parties in Interest	59
	Section 14.14	Specific Performance	60
	Section 14.15	Publicity	60
	Section 14.16	Certain Expenses	60
	Section 14.17	Counterparts	60

 

     iv

     

    

 

Table
of Contents

(continued)

 

	Exhibit A	Form of Call Notice
	Exhibit B	Form of Guaranty
	Exhibit C	Management Committee and Officers
	Exhibit D	Form of Addendum Agreement
	 	 
	Schedule I	Member Schedule

 

     v

     

    

 

LIMITED LIABILITY COMPANY AGREEMENT

OF

MAREN BAKKEN COMPANY LLC

 

This LIMITED LIABILITY
COMPANY AGREEMENT (this “Agreement”) of MarEn Bakken Company LLC, a Delaware limited liability company (the
“Company”), dated as of August 2, 2016 (the “Effective Date”), is adopted, executed and agreed
to by the Company and the parties executing this Agreement in their respective capacities as Members of the Company.

 

WITNESSETH:

 

WHEREAS, the Company
was formed as a limited liability company under the Delaware Limited Liability Company Act (as it may be amended from time to time,
the “Act”) by filing the Certificate of Formation of the Company (the “Certificate”) with
the Secretary of State of the State of Delaware on July 28, 2016; and

 

WHEREAS, the Members
wish to enter into this Agreement to, among other things, set forth the respective rights and obligations of the Members and the
Company.

 

NOW, THEREFORE, in
consideration of the mutual covenants, rights and obligations set forth in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which each Member hereby acknowledges and confesses, the Members hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.01         Definitions.  As
used in this Agreement, the following terms have the following meanings:

 

“AAA”
has the meaning set forth in Section 14.07(c).

 

“Accredited
Investor” has the meaning set forth in Regulation D promulgated under the Securities Act.

 

“Act”
has the meaning set forth in the recitals of this Agreement.

 

“Addendum
Agreement” has the meaning set forth in Section 12.03.

 

“Additional
Member” means any Person that is not already a Member that acquires (a) any Units directly from the Company or (b) any
other equity securities of the Company, which Person is admitted to the Company as a Member pursuant to the provisions of Section
12.04(a).

 

    	 	1	 

     

    

 

“Adjusted
Capital Account Balance” means with respect to any Member, the balance in such Member’s Capital Account, after
giving effect to the following adjustments:

 

(a)          credit
to such Capital Account any amounts which such Member is obligated to restore pursuant to this Agreement, or is deemed obligated
to restore pursuant to Section 1.704-1(b)(2)(ii)(c) of the Treasury Regulations or the penultimate sentence in each of Sections 1.704-2(g)(1)
and 1.704-2(i)(5) of the Treasury Regulations, after taking into account thereunder any changes during such year in “partnership
minimum gain” (within the meaning of Section 1.704-2(b) of the Treasury Regulations) and in “partner nonrecourse
debt minimum gain” (within the meaning of Section 1.704-2(i) of the Treasury Regulations); and

 

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

 

This definition of Adjusted
Capital Account Balance is intended to comply with the “alternative economic effect” test of Section 1.704-1(b)(2)(ii)(d)
of the Treasury Regulations and shall be interpreted consistently therewith.

 

“Affected
Member” means any non-Defaulting Member in connection with a situation where a Defaulting Member has failed to pay an
amount owed under the terms of this Agreement at the time in question.

 

“Affiliate”
means, with respect to any Person, any Person directly or indirectly through one or more intermediaries, Controlling, Controlled
by or under common Control with such Person.

 

“Affiliate
Contract” means a Contract between the Company, on the one hand, and any Member or any Affiliate of any Member, on the
other hand.

 

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

 

“Alternative
Method” has the meaning set forth in Section 4.05(c)(iii).

 

“Applicable
Tax” has the meaning set forth in Section 4.07.

 

“Assets”
means the Company’s and its Subsidiaries’ right, title and interest from time to time in all items of economic value
owned or leased by the Company and its Subsidiaries, including real property, equipment and other tangible personal property, and
Contracts, data and records, and other intangible personal property.

 

“Available
Cash” means, as of any date of determination, all cash and cash equivalents of the Company on hand as of such date, less
Cash Reserves.

 

“Bakken Holdings”
means Bakken Holdings Company LLC, a Delaware limited liability company.

 

“Bakken Investments”
means Bakken Pipeline Investments Company LLC, a Delaware limited liability company, including any successor thereto.

 

    	 	2	 

     

    

 

“Bakken Investments
LLC Agreement” means that certain Amended and Restated Limited Liability Company Agreement of Bakken Investments dated
as of the MIPA Closing Date, as the same may be amended from time to time.

 

“Business”
means the affairs, activities and operations conducted by the Company and its Subsidiaries with respect to the Assets.  

 

“Business
Day” means any day except a Saturday or Sunday on which commercial banks in Houston, Texas and Calgary, Alberta, Canada
are generally open for business.

 

“Buyout Offer”
has the meaning set forth in Section 14.07(e)(i).

 

“Buyout Notice”
has the meaning set forth in Section 14.07(d)(i).

 

“Buyout Purchase
Price” has the meaning set forth in Section 14.07(d)(i).

 

“Buyer Appraiser”
has the meaning set forth in Section 14.07(d)(ii).

 

“Calendar
Month” means any of the months of the Gregorian calendar.

 

“Calendar
Quarter” means a period of three consecutive Calendar Months commencing on the first day of January, the first day of
April, the first day of July and the first day of October in any Calendar Year.

 

“Calendar
Year” means a period of 12 consecutive Calendar Months commencing on the first day of January and ending on the following
31st day of December, according to the Gregorian calendar.

 

“Call Notice”
means any call notice in substantially the form attached hereto as Exhibit A and issued by the Management Committee
to the Members pursuant to Section 5.02(a) requiring the making of capital contributions by the Members to the Company.

 

“Capital Account”
has the meaning set forth in Section 5.06(a).

 

“Capital Project”
shall have the meaning set forth in the Bakken Investments LLC Agreement.

 

“Cash Reserves”
means cash reserves (which cash reserves shall not, unless determined by Unanimous Management Committee Approval, be required to
be more than $25,000) approved by the Management Committee in connection with the determination of Available Cash.  

 

“Certificate”
has the meaning set forth in the recitals of this Agreement.

 

“Chief Executive
Officer Impasse” has the meaning set forth in Section 14.07(b).

 

“Chief Executive
Officer Impasse Notice” has the meaning set forth in Section 14.07(b).

 

    	 	3	 

     

    

 

“Claim”
means any claim, demand, suit, action, investigation, proceeding (whether civil, criminal, arbitrative, investigative, or administrative),
governmental action, cause of action, and expenses and costs associated therewith (including attorneys’ fees and court costs),
whether now existing or hereafter arising, whether known or unknown, including such item involving or sounding in the nature of
breach of contract, tort, statutory liability, strict liability, products liability, Encumbrances, contribution, indemnification,
fines, penalties, malpractice, professional liability, design liability, premises liability, environmental liability (including
investigatory and cleanup costs and natural resource damages), safety liabilities (including investigations by the Occupational
Safety and Health Administration and any associated litigation and pending fines), deceptive trade practices, malfeasance, nonfeasance,
negligence, misrepresentation, breach of warranty, tortious interference with contractual relations, slander or libel.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

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

 

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

 

“Company Level
Taxes” has the meaning set forth in Section 4.05(d).

 

“Company Sale”
means, directly or indirectly, (a) a merger, business combination or consolidation involving the Company and its Subsidiaries,
on the one hand, and one or more Third Parties, on the other hand, following which the Members do not hold a majority of the Equity
Interests of the Person surviving or resulting from such merger or business combination, (b) a sale or other disposition of
all or substantially all of the assets of the Company and its Subsidiaries to one or more Third Parties, whether in a single transaction
or a series of related transactions, or (c) a Transfer, whether in a single transaction or a series of related transactions,
of all or substantially all of the Equity Interests in the Company (by merger, exchange, consolidation or otherwise) to one or
more Third Parties.

 

“Conflict
Activity” means (a) the amendment to, or waiver of, any rights of the Company or any of its Subsidiaries under any
Affiliate Contract, (b) the enforcement of any rights of the Company or any of its Subsidiaries under any Affiliate Contract, including
(i) enforcing any rights of the Company or any of its Subsidiaries under any Affiliate Contract in connection with any breach or
default (or alleged breach or default) thereunder by the Conflicted Member (or any of its Affiliates), (ii) making or enforcing
any Claims by the Company or any of its Subsidiaries for indemnification under any Affiliate Contract or (iii) enforcing any rights
of the Company or any of its Subsidiaries in connection with any dispute with a Conflicted Member (or any of its Affiliates) under
any Affiliate Contract, (c) the enforcement of any rights of the Company or any of its Subsidiaries under any Affiliate Contract
in connection with any bankruptcy, reorganization, liquidation or dissolution of the Conflicted Member (or any of its Affiliates),
(d) the exercise of discretionary rights by the Company or any of its Subsidiaries under any Affiliate Contract, and (e) enforcing
any rights of the Company under this Agreement in connection with any breach or default (or alleged breach or default) hereunder
by the Conflicted Member.

 

    	 	4	 

     

    

 

“Conflicted
Member” means a Member that is (or has an Affiliate that is): (a) the counterparty to the Company or any of its Subsidiaries
under an Affiliate Contract; or (b) the adversary or counterparty opposite the Company or any of its Subsidiaries on any other
transaction or dispute giving rise to a Conflict Activity.

 

“Consolidated
Group” has the meaning set forth in Section 4.07.

 

“Contract”
means any written or oral contract or agreement, including an agreement regarding indebtedness, lease, mortgage, license agreement,
purchase order, commitment, letter of credit or any other legally binding arrangement.

 

“Control”
(including the correlative terms “Controlled by” and “Controlling”) means the possession,
directly or indirectly, of the power to direct, or to cause the direction of, the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

 

“Covered Audit
Adjustment” has the meaning set forth in Section 4.05(c)(iii).

 

“Covered Person”
means each current and former (i) Member Covered Person, (ii) Manager (solely in such Person’s capacity as a Manager),
(iii) Officer (solely in such Person’s capacity as an Officer) and (iv) any other Person whom the Management Committee
expressly designates as a Covered Person in a written resolution.

 

“Deadlock
Fair Market Value” has the meaning set forth in Section 14.07(d)(i).

 

“Default”
has the meaning set forth in Section 5.03(a).

 

“Default Notice”
has the meaning set forth in Section 5.03(a).

 

“Default Period”
means the period during which the applicable Member remains in Default under Section 5.03(a), and ending when all of the
Defaulting Member’s Defaults have been cured in full.

 

“Defaulting
Member” has the meaning set forth in Section 5.03(a).

 

“Depreciation”
means, for each Fiscal Year or other period, an amount equal to the depreciation, amortization (including pursuant to Section 195,
197 and 709 of the Code) or other cost recovery deduction allowable with respect to an asset for such period for Tax Purposes,
except that (a) with respect to an asset whose Gross Asset Value differs from its adjusted basis for Tax Purposes and which difference
is being eliminated by use of the “remedial allocation method” as defined in Treasury Regulations Section 1.704-3(d),
Depreciation for such period shall be the amount of book basis recovered for such period under the rules prescribed in Treasury
Regulations Section 1.704-3(d)(2), and (b) with respect to any other assets whose Gross Asset Value differs from its adjusted tax
basis at the beginning of such period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset
Value as the Federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or other period
bears to such beginning adjusted tax basis; provided, however, that if the Federal income tax depreciation, amortization,
or other cost recovery deduction for such Fiscal Year or other period is zero, Depreciation shall be determined with reference
to such beginning Gross Asset Value using any reasonable method selected by the Management Committee.

 

    	 	5	 

     

    

 

“Designated
Director” has the meaning set forth in Section 8.01(c).

 

“Dispute”
has the meaning set forth in Section 14.03(a).

 

“Dispute Notice”
has the meaning set forth in Section 14.03(b).

 

“Due Date”
has the meaning set forth in Section 5.03(a).

 

“Economic
Risk of Loss” has the meaning set forth in Treasury Regulation Section 1.752-2(a).

 

“Effective
Date” has the meaning set forth in the preamble of this Agreement.

 

“Election
Out” has the meaning set forth in Section 4.05(c)(ii).

 

“Enbridge”
means Enbridge Holdings (DakTex) L.L.C., a Delaware limited liability company.

 

“Enbridge
Group” means Enbridge and any permitted Transferee of Enbridge who is a Member.

 

“Encumbrance”
means, with respect to any property or asset, any mortgage, deed of trust, lien, pledge, charge, claim, security interest, restrictive
covenant or easement or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected
under applicable Law, as well as the interest of a vendor or lessor under any conditional sale agreement, capital lease or other
title retention agreement relating to such property or asset. “Encumber” and other derivatives shall be construed
accordingly.

 

“Equity Interests”
means, with respect to any Person, (a) capital stock, membership interests, partnership interests, other equity interests,
rights to profits or revenue and any other similar interest in such Person, (b) any security or other interest convertible
into or exchangeable or exercisable for any of the foregoing, whether at the time of issuance or upon the passage of time or the
occurrence of some future event, and (c) any warrant, option or other right (contingent or otherwise) to acquire any of the
foregoing.

 

“Executive
Vice President Impasse” has the meaning set forth in Section 14.07(b).

 

“Executive
Vice President Impasse Notice” has the meaning set forth in Section 14.07(b).

 

“Fair Market
Value” of an asset means the price at which a willing seller would sell, and a willing buyer would buy, the asset, free
and clear of all Encumbrances, in an arms’ length transaction for cash, without time constraints and without being under
any compulsion to buy or sell.  Except as otherwise provided herein, the Fair Market Value of an asset shall be determined
with Unanimous Management Committee Approval.

 

    	 	6	 

     

    

 

“First Resort
Indemnitors” has the meaning set forth in Section 9.07.

 

“Fiscal Year”
means the taxable year of the Company which shall end on December 31 of each calendar year unless, for U.S. federal income
tax purposes, another taxable year is required.

 

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

 

“Governmental
Authority” means any federal, state, local, municipal, tribal or other government; any governmental, regulatory or administrative
agency, commission, body or other authority exercising or entitle to exercise any administrative, executive, judicial, legislative,
regulatory or taxing authority or power; and any court, governmental or arbitral tribunal, including any tribal authority having
or asserting jurisdiction.

 

“Gross Asset
Value” means with respect to any Asset, the Asset’s adjusted basis for Tax Purposes, except as follows:

 

(a)          the
initial Gross Asset Value of any non-cash Asset contributed by a Member to the Company shall be the gross Fair Market Value of
such Asset on the date of contribution;

 

(b)          the
Gross Asset Values of all Assets shall be adjusted to equal their respective gross Fair Market Values (taking into account Section 7701(g)
of the Code) at each of the following times:

 

(i)          the
acquisition of additional Units by any new or existing Member in connection with a contribution to the Company of cash or property
other than a de minimis amount (within the meaning of Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations);

 

(ii)         the
distribution by the Company to a Member of more than a de minimis amount of Company property as consideration for Units
(within the meaning of Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations);

 

(iii)        the
grant of Units as consideration for the provision of services to or for the benefit of the Company by any new or existing Member
(within the meaning of Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations);

 

(iv)        the
liquidation of the Company within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations; and

 

(v)         the
acquisition of an interest in the Company by any new or existing Member upon the exercise of a noncompensatory option in accordance
with Treasury Regulation Section 1.704-1(b)(2)(iv)(s).  If any noncompensatory options are outstanding upon
the occurrence of an event described in clause (i) above through this clause (v), the Company shall adjust
the Gross Asset Values of its properties in accordance with Treasury Regulation Sections 1.704-1(b)(2)(iv)(f)(1) and
1.704-1(b)(2)(iv)(h)(2);

 

    	 	7	 

     

    

 

provided, however, that the
adjustments pursuant to clauses (i), (ii), (iii) and (v) above shall be made only if the Management
Committee reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of
the Members in the Company and, provided further, if any noncompensatory options are outstanding upon the occurrence of
an event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset Values of its properties
in accordance with Treasury Regulation Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2);

 

(c)          the
Gross Asset Value of any non-cash Asset distributed to any Member shall be the gross Fair Market Value of such non-cash Asset on
the date of distribution;

 

(d)          the
Gross Asset Values of Assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such Assets
pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account in
determining the Capital Accounts pursuant to Section 1.704-1(b)(2)(iv)(m) of the Treasury Regulations, and subsection (g)
under the definition of Net Profits and Net Losses below; provided, however, that Gross Asset Values shall not be
adjusted pursuant to this subsection to the extent that the Management Committee reasonably determines that an adjustment pursuant
to subsection (b) of this definition is necessary or appropriate in connection with a transaction that would otherwise
result in an adjustment pursuant to this subsection; and

 

(e)          if
the Gross Asset Value of an Asset has been determined or adjusted pursuant to subsection (a), (b) or (d)
of this definition, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to
such asset for purposes of computing Net Profits and Net Losses and items of income, gain, loss and deduction to be allocated to
the Members.

 

“Independent
Appraiser” has the meaning set forth in Section 14.07(d)(ii).

 

“Impasse”
has the meaning set forth in Section 14.07(b).

 

“Impasse Notice”
has the meaning set forth in Section 14.07(b).

 

“Initial Capital
Account Balance” has the meaning set forth in Section 5.06(b).

 

“Initial Offer
Price” has the meaning set forth in Section 14.07(e)(i).

 

“Initiating
Holder” has the meaning set forth in Section 12.07(a).

 

“Interest
Rate” means the rate of interest per annum publicly announced from time to time by Wells Fargo Bank, National Association
as its prime rate in effect plus 3%.  Each change in the rate of interest shall be effective from and including
the date such change is publicly announced as being effective (or, if such rate is contrary to any applicable usury Law, the maximum
rate permitted by such applicable Law).

 

“Last Resort
Indemnitors” has the meaning set forth in Section 9.07.

 

    	 	8	 

     

    

 

“Law”
means any constitution, decree, resolution, law, statute, act, ordinance, rule, directive, order, arbitral award, treaty, code
or regulation and any injunction or final non-appealable judgment or any interpretation of the foregoing, as enacted, issued or
promulgated by any Governmental Authority.

 

“Liabilities”
means any and all Claims, payments, charges, judgments, assessments, liabilities, losses, damages, penalties, fines or costs and
expenses, including any reasonable fees of attorneys, experts, consultants, accountants, and other professional representatives
and legal or other expenses incurred in connection therewith and including liabilities, costs, losses and damages for personal
injury, illness or death, property damage, Contract claims, torts or otherwise.

 

“Liquidating
Trustee” has the meaning set forth in Section 13.03(a).

 

“Management
Committee” has the meaning set forth in Section 8.01(a).

 

“Management
Committee Alternate” has the meaning set forth in Section 8.02(a).

 

“Manager”
has the meaning set forth in Section 8.01(a).

 

“Marathon”
means MPL Investment LLC, a Delaware limited liability company.

 

“Marathon
Group” means Marathon and any permitted Transferee of Marathon who is a Member.  

 

“Mediation
Date” has the meaning set forth in Section 14.07(c).

 

“Mediation
Drop Dead Date” has the meaning set forth in Section 14.07(c).

 

“Member”
means any Person executing this Agreement as of the date hereof as a member of the Company or hereafter admitted to the Company
as a member as provided in this Agreement, but such term does not include any Person who has ceased to be a member of the Company.

 

“Member Covered
Person” means, with respect to each Member, (a) such Member in its capacity as a Member (including
in its capacity as Tax Matters Partner, if applicable), (b)  each of such Member’s officers, directors, liquidators,
partners, equityholders, managers and members in their capacity as such, (c) each of such Member’s Affiliates (other
than the Company and its Subsidiaries) and (d) each of their respective officers, directors, liquidators, partners, equity
holders, managers and members in their capacity as such and any representatives, agents or employees of any Person identified in
clauses (a)-(c) of this definition whom the Management Committee expressly designates as a Member Covered Person with
Unanimous Management Committee Approval.

 

“Member Schedule”
has the meaning set forth in Section 3.01(f).

 

    	 	9	 

     

    

 

“MIPA”
means that certain Membership Interest Purchase Agreement dated as of the Effective Date, by and between the Company and Bakken
Holdings, pursuant to which the Company agreed to purchase and acquire from Bakken Holdings, and Bakken Holdings agreed to sell
and transfer to the Company, as of the MIPA Closing Date, 49% of the issued and outstanding membership interests of Bakken Investments,
subject to the terms and conditions set forth therein.

 

“MIPA Closing
Date” means the date as of which the “Closing,” as defined in the MIPA, actually occurs.

 

“MPLX LP”
means MPLX LP, a Delaware limited partnership.  

 

“Negotiation
Period” has the meaning set forth in Section 14.03(c).

 

“Net Profits”
or “Net Losses” means, for any Fiscal Year or other period, an amount equal to the Company’s taxable income
or taxable loss for such Fiscal Year, as determined under Section 703(a) of the Code (including all items required to be separately
stated under Section 703(a)(1) of the Code) and Section 1.703-1 of the Treasury Regulations, but with the following adjustments:

 

(a)          any
tax-exempt income, as described in Section 705(a)(1)(B) of the Code, realized by the Company and not otherwise taken into
account in this subsection shall be added to such taxable income or taxable loss;

 

(b)          any
expenditures of the Company described in Section 705(a)(2)(B) of the Code for such Fiscal Year or treated as being so described
in Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations and not otherwise taken into account in this subsection
shall be subtracted from such taxable income or taxable loss;

 

(c)          in
the event the Gross Asset Value of any Asset is adjusted pursuant to subsection (b) or (c) of the definition of “Gross
Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset
for purposes of computing Net Profit or Net Loss;

 

(d)          any
item of income, gain, loss or deduction that is required to be specially allocated to a Member under Section 6.02 or Section
6.03, shall not be taken into account in computing such taxable income or taxable loss;

 

(e)          the
amount of any gain or loss required to be recognized by the Company during such Fiscal Year or other applicable period by reason
of a sale or other disposition of any Asset, shall be computed as if the Company’s adjusted basis in such Asset for Tax Purposes
were equal to the Gross Asset Value (net of Depreciation) of the Asset disposed of, notwithstanding that the adjusted tax basis
of such Asset differs from its Gross Asset Value;

 

(f)          in
lieu of depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for the Fiscal Year or other applicable period; and

 

    	 	10	 

     

    

 

(g)          to
the extent an adjustment to the adjusted tax basis of any Asset pursuant to Section 734(b) or Section 743(b) of the Code
is required pursuant to Section 1.704-1(b)(2)(iv)(m) of the Treasury Regulations in determining Capital Accounts,
the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss
(if the adjustment decreases the basis of the asset) from the disposition of the Asset and shall be taken into account for purposes
of computing such taxable income or taxable loss.

 

If the Company’s taxable income or
taxable loss for such Fiscal Year, as adjusted in the manner provided above in subsections (a) through (g) of
this definition, is (i) a positive amount, such amount shall be the Net Profits for such Fiscal Year or (ii) a negative
amount, such amount shall be the Net Losses for such Fiscal Year.

 

“Non-Conflicted
Member” means, in the context of a Conflict Activity, any Member that is not the Conflicted Member with respect to such
Conflict Activity.

 

“Non-Paying
Affected Member” has the meaning set forth in Section 5.04(b).

 

“Officers”
has the meaning set forth in Section 8.09(a).

 

“Option A”
has the meaning set forth in Section 4.05(d).

 

“Option B”
has the meaning set forth in Section 4.05(d).

 

“Other Investments”
has the meaning set forth in Section 3.03(a)(i).

 

“Paying Affected
Member” has the meaning set forth in Section 5.04(b).

 

“Partnership
Representative” has the meaning set forth in Section 4.05(a).

 

“Partnership
Tax Audit Rules” means Sections 6221 through 6241 of the Code, as amended by Section 1101 of the Bipartisan Budget Act
of 2015, Pub. L. No. 114-74 and Section 411 of the Protecting Americans from Tax Hikes Act of 2015, Pub. L. 114-113, div. Q, together
with any guidance issued thereunder or successor provisions and any similar provision of State or local tax Laws

 

“Percentage
Interest” means, with respect to any Member, the quotient (expressed as a percentage) obtained by dividing the number
of Units owned by such Member at the time of determination by the total number of Units issued and outstanding as of such time.  

 

“Person”
means any individual, partnership, corporation, limited liability company, trust or other entity.

 

“Proportionate
Share” means, with respect to (a) an Affected Member, the proportion that such Affected Member’s Percentage Interest
bears to the total Percentage Interests of all Affected Members existing at such time, and (b) a Paying Affected Member, the proportion
that such Paying Affected Member’s Percentage Interest bears to the total Percentage Interests of all Paying Affected Members
existing at such time.

 

“Purchasing
Member” has the meaning set forth in Section 14.07(d)(iii).

 

    	 	11	 

     

    

 

“Records”
has the meaning set forth in Section 4.01(a).

 

“Regulatory
Allocations” has the meaning set forth in Section 6.03.

 

“Renounced
Business Opportunity” has the meaning set forth in Section 3.03(c).

 

“Reporting
Member” has the meaning set forth in Section 4.07.

 

“Sale Notice”
has the meaning set forth in Section 12.07(a).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder as in effect from time to
time.

 

“Seller Appraiser”
has the meaning set forth in Section 14.07(d)(ii).

 

“Selling Member”
has the meaning set forth in Section 14.07(d)(iii).

 

“Senior Vice
President Impasse” has the meaning set forth in Section 14.07(b).

 

“Senior Vice
president Impasse Notice” has the meaning set forth in Section 14.07(b).

 

“Subject Units”
has the meaning set forth in Section 14.07(d)(i).

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, joint venture or other legal entity
of any kind of which such Person (either alone or through or together with one or more of its other Subsidiaries), owns, directly
or indirectly, more than 50% of the capital stock, general partner interests, limited partner interests, managing member interests
or other Equity Interests the holders of which are (a) generally entitled to vote for the election of the board of directors
or other governing body of such legal entity or (b) generally entitled to share in the profits or capital of such legal entity.

 

“Substitute
Member” means any Person who acquires from a Member any or all of the Units held by such Member and is admitted to the
Company as a Member pursuant to the provisions of Section 12.03.

 

“Tag-Along
Seller” has the meaning set forth in Section 12.07(a).

 

“Tax”
means any taxes, charges, fees and other assessments imposed by any Governmental Authority, including income, margin, profits,
gross receipts, net proceeds, alternative or add-on minimum, ad valorem, real property, personal property, value added, turnover,
sales, use, environmental, stamp, leasing, lease, user, excise, duty, franchise, capital stock, transfer, registration, license,
withholding, social security (or similar), unemployment, disability, payroll, employment, or other tax, including any interest,
penalty, or addition thereto, whether disputed or not.

 

“Tax Matters
Partner” has the meaning set forth in Section 4.05(a).

 

“Tax Purposes”
means for purposes of Federal income taxation and for purposes of certain State income tax laws that incorporate or follow Federal
income tax principles.

 

    	 	12	 

     

    

 

“Third Party”
means any Person other than (a) the Company, (b) any direct or indirect Subsidiary of the Company and (c) any Member
or any Affiliate of any such Member.

 

“Topping
Purchase Price” has the meaning set forth in Section 14.07(e)(i).

 

“Topping
Purchasing Member” has the meaning set forth in Section 14.07(e)(i).

 

“Topping Selling
Member” has the meaning set forth in Section 14.07(e)(i).

 

“Topping Unit
Price” has the meaning set forth in Section 14.07(e)(i).

 

“Total Votes”
has the meaning set forth in Section 8.03(a).

 

“Transfer”
means the sale, assignment, pledge, hypothecation, conveyance, transfer or other voluntary or involuntary disposition (by gift
or otherwise, and whether as security or otherwise) by a Member of all or a portion of his, her or its Units.  “Transferor,”
“Transferee,” “Transferred” and “Transferring” have meanings corresponding
to the foregoing.

 

“Treasury
Regulations” means the regulations promulgated by the U.S. Department of the Treasury under the Code, as they may be
amended from time to time.  All references herein to sections of the Treasury Regulations shall include any corresponding
provision or provisions of succeeding, similar, substitute, temporary or final Treasury Regulations.

 

“Unanimous
Management Committee Approval” has the meaning set forth in Section 8.01(b).

 

“Unit”
means a membership interest in the Company of a Member representing a fractional part of the membership interests of all the Members;
provided, however, that any class or group of Units issued shall have the relative rights, powers and duties set
forth in this Agreement.

 

“Wholly-Owned
Affiliate” means, with respect to any Member, an Affiliate of such Member that is wholly owned, directly or indirectly,
by the ultimate parent of such Member.

 

Section 1.02         Other
Definitions.  Other terms defined herein have the meanings so given them.

 

Section 1.03         Construction.  Whenever
the context requires, the gender of all words used in this Agreement includes the masculine, feminine, and neuter.  Whenever
the context requires, words imparting the singular number shall include the plural, and words imparting the plural number shall
include the singular.  All references to Articles and Sections refer to articles and sections of this Agreement, all
references to “employed by the Company” shall be construed as meaning “employed by the Company or any direct
or indirect wholly-owned Subsidiary of the Company,” all references to “including” shall be construed as meaning
“including without limitation” and all references to Exhibits are to Exhibits attached to this Agreement, each of
which is made a part of this Agreement for all purposes.  The words “hereof,” “hereto,” “hereby,”
“herein,” “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement
as a whole and not to any particular section or article in which such words appear.  The word “or” shall
not be exclusive. The word “U.S.” means the United States of America, the word “Federal” means U.S. federal
and the word “State” means any U.S. state. Whenever this Agreement refers to a number of days, such number shall refer
to calendar days unless Business Days are specified.  Whenever any action must be taken hereunder on or by a day that
is not a Business Day, then such action may be validly taken on or by the next day that is a Business Day.  Any rule
of construction to the effect that any ambiguities are to be resolved against the drafting Member, or any similar rule operating
against the drafter of an agreement, shall not be applicable to the construction or interpretation of this Agreement.

 

    	 	13	 

     

    

 

ARTICLE
II

ORGANIZATIONAL AND OTHER MATTERS

 

Section 2.01         Formation.  The
Company was formed as a Delaware limited liability company pursuant to and in accordance with the provisions of the Act upon the
filing of the Certificate conforming to the Act in the office of the Secretary of State of the State of Delaware.  The
rights and obligations of the Members and the administration and termination of the Company shall be governed by this Agreement
and the Act.  This Agreement is the “limited liability company agreement” of the Company within the meaning
of Section 18-101(7) of the Act.  To the extent that this Agreement is inconsistent in any respect with the Act,
this Agreement shall control, except to the extent prohibited under the Act.

 

Section 2.02         Name.  The
name of the Company is “MarEn Bakken Company LLC” and the business of the Company shall be conducted under that name,
or under any other name adopted by the Management Committee in accordance with the Act.

 

Section 2.03         Limited
Liability.  The debts, obligations and liabilities of the Company, whether arising
in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and a Member shall not
be obligated personally for any of such debts, obligations or liabilities solely by reason of being a Member.

 

Section 2.04         Registered
Office; Registered Agent; Principal Office in the United States; Other Offices.  The
registered office of the Company in the State of Delaware shall be the initial registered office designated in the Certificate
or such other office (which need not be a place of business of the Company) as the Management Committee may designate from time
to time in the manner provided by Law.  The registered agent of the Company in the State of Delaware shall be the initial
registered agent designated in the Certificate or such other Person or Persons as the Management Committee may designate from
time to time in the manner provided by Law.  The principal office of the Company in the United States, which need not
be located in the State of Delaware, shall be at such place as the Management Committee may designate from time to time.  The
Company may have such other offices as the Management Committee may determine appropriate.

 

Section 2.05         Purposes.  The
purposes of the Company shall be to act as a holding company with respect to the Company’s Equity Interests in Bakken Investments,
to be acquired as of the MIPA Closing Date in accordance with the provisions of the MIPA, and to engage in any other lawful act
or activity that now or in the future may be necessary, convenient, incidental or advisable to accomplish the foregoing purposes
and that is not forbidden by Law in the jurisdictions in which the Company engages in such business or activities.

 

    	 	14	 

     

    

 

Section 2.06         Foreign
Qualification.  Prior to conducting business in any jurisdiction other than the State
of Delaware, the Management Committee shall cause the Company to comply, to the extent procedures are available, with all requirements
necessary to qualify the Company as a foreign limited liability company in such jurisdiction.  Each Member shall execute,
acknowledge, swear to and deliver all certificates and other instruments conforming to this Agreement that are necessary or appropriate
to qualify, or, as appropriate, to continue or terminate such qualification of, the Company as a foreign limited liability company
in all such jurisdictions in which the Company may conduct business.

 

Section 2.07         Term.  The
Company commenced on the date the Certificate was filed with the Secretary of State of the State of Delaware and shall continue
in existence until it is liquidated or dissolved in accordance with this Agreement and the Act.

 

ARTICLE
III

MEMBERS; REPRESENTATIONS

 

Section 3.01         Units;
Members.

 

(a)          Unit
Authorization.  The Company is initially authorized to issue an unlimited number of Units.  

 

(b)          Issuance
of Initial Units.  Effective as of the Effective Date:

 

(i)          in
exchange for Enbridge’s prior expenditures and investments in the Company, including the initial capital contributions, in
the amount set forth opposite its name on Schedule I under the heading “Effective Date Capital Contribution”
and Enbridge’s commitment to make additional capital contributions to the Company pursuant to Section 5.02(a), the
Company has issued to Enbridge the number of Units set forth opposite its name on Schedule I under the heading “Initial
Units” (which number of Units equals 75.00% of the total number of Units issued and outstanding as of the Effective Date);
and

 

(ii)         in
exchange for Marathon’s prior expenditures and investments in the Company, including the initial capital contributions, in
the amount set forth opposite its name on Schedule I under the heading “Effective Date Capital Contribution”
and Marathon’s commitment to make additional capital contributions to the Company pursuant to Section 5.02(a), the
Company has issued to Marathon the number of Units set forth opposite its name on Schedule I under the heading “Initial
Units” (which number of Units equals 25.00% of the total number of Units issued and outstanding as of the Effective Date).

 

(c)          Issuance
of Additional Units.  Subject to Section 8.01(b), the Company may create and authorize additional classes
of Units and may admit Additional Members by issuing Units to such Additional Members, in each case in accordance with Section
12.04.  

 

    	 	15	 

     

    

 

(d)          UCC
Securities.  Units shall constitute “securities” governed by Article 8 of the applicable version
of the Uniform Commercial Code, as amended from time to time after the Effective Date.

 

(e)          Fractional
Units.  Any fractional Units that would otherwise be issued pursuant to this Agreement shall be rounded to the nearest
whole Unit (with any one-half Unit being rounded up to the nearest whole Unit).

 

(f)          Member
Schedule.  The Company shall maintain one or more schedules of all of the Members from time to time, including their
respective mailing addresses, number of Units held and Percentage Interests (such schedules, as the same may be amended, modified
or supplemented from time to time, collectively the “Member Schedule”).  A copy of the Member Schedule
with respect to the Members holding Units as of the Effective Date is attached as Schedule I.

 

Section 3.02         Unit
Certificates.  Units may be (but need not be) represented by certificates in such
form as the Management Committee shall from time to time approve, but shall be recorded in a register thereof maintained by the
Company, and shall be subject to such rules for the issuance thereof as the Management Committee may from time to time determine.  If
the Management Committee elects to certificate the Units and a mutilated certificate is surrendered to the Company, or if a Member
claims and submits an affidavit or other evidence satisfactory to the Company to the effect that its certificate has been lost,
destroyed or wrongfully taken, the Company shall issue a replacement certificate if the Company’s requirements are met.  If
required by the Management Committee, such Member must provide an indemnity bond, or other form of indemnity, sufficient in the
judgment of the Management Committee to protect the Company against any loss which may be suffered by the Company.  The
Company may charge such Member for its reasonable out-of-pocket expenses in replacing a certificate which has been mutilated,
lost, destroyed or wrongfully taken.

 

Section 3.03         Conflicts
of Interest.

 

(a)          Generally.  Each
of the Company and the Members acknowledges and affirms that each of the Members and their respective Affiliates:

 

(i)          (A)
have participated (directly or indirectly) and/or will participate (directly or indirectly) in investments in corporations, joint
ventures, general partnerships, limited liability companies, limited partnerships and other entities, including those engaged in
various aspects of businesses that may be, are or will be competitive with the Business or that could be suitable for the Company
or its Subsidiaries (“Other Investments”), (B) have interests in, participate with, aid and maintain seats on
the boards of directors or similar governing bodies of, Other Investments, and (C) may develop or become aware of business opportunities
for Other Investments; and

 

(ii)         may
or will, as a result of or arising from the matters referenced in Section 3.03(a)(i), the nature of the Members’ and
their respective Affiliates’ respective businesses and other factors, have conflicts of interest or potential conflicts of
interest.

 

    	 	16	 

     

    

 

(b)          Waiver
of Conflicts.  Each of the Company and the Members (in its own name and in the name and on behalf of its Subsidiaries)
expressly (x) waives any conflicts of interest of the types described in Section 3.03(a) and agrees that none of the
Members or their respective Affiliates shall have any liability to any Person, including any Member or Affiliate thereof or the
Company or its Affiliates with respect to such conflicts of interest or potential conflicts of interest and (y) acknowledges
and agrees that none of the Members or their respective Affiliates or any of their respective representatives shall have any duty
to disclose to the Company, any other Member or the Management Committee any business opportunities, whether or not competitive
with the Business and whether or not the Company or any of its Subsidiaries might be interested in such business opportunities
for itself.  Each of the Company and the Members (in its own name and in the name and on behalf of its Subsidiaries)
also acknowledges that the Members, their respective Affiliates and their representatives have a duty not to disclose confidential
information of or related to the Other Investments.  Each of the Company and the Members (in its own name and in the
name and on behalf of its Affiliates) hereby:

 

(i)          agrees
that the terms of this Section 3.03 (A) to the extent that they modify or limit a duty or other obligation, if any, that
any of the foregoing may have to the Company or another Member under the Act or other applicable Law, rule or regulation, are reasonable
in form, scope and content; and (B) shall control to the fullest extent possible if such terms conflict with a duty, if any, that
any of the foregoing may have to the Company or another Member under the Act or any other applicable Law, rule or regulation; and

 

(ii)         waives
any duty or other obligation, if any, that any Member or any of their respective Affiliates may have to the Company or any other
Member pursuant to the Act or any other applicable Law, rule or regulation, to the extent necessary to give effect to the terms
of this Section 3.03.

 

(c)          Business
Opportunities.  Subject to Section 14.06, but otherwise to the fullest extent permitted by Law, each of the
Company and the Members (in its own name and in the name and on behalf of its Affiliates) hereby renounces any interest or expectancy
in any business opportunity, transaction or other matter in which either Member or their respective Affiliates participate or desire
to participate and that involves any aspect related to the Business of the Company or its Subsidiaries, other than any such business
opportunity that is presented to a Manager solely in such individual’s capacity as a Manager (whether at a meeting of the
Management Committee or otherwise) and with respect to which neither the Member that designated such Manager nor any of its Affiliates
had independently received notice of such business opportunity prior to disclosure to the Manager in its capacity as a Manager
(each such business opportunity, a “Renounced Business Opportunity”).  None of the Members or their
respective Affiliates shall have any obligation to communicate or offer any Renounced Business Opportunity to the Company or its
Subsidiaries or the other Member and may pursue any Renounced Business Opportunity solely for its own account.

 

(d)          Acknowledgement.  Each
of the Company and the Members (in its own name and in the name and on behalf of its Subsidiaries) acknowledges, affirms and agrees
that (i) the execution and delivery of this Agreement by each Member is of material benefit to the Company and its Subsidiaries
and each other Member, and that neither Member would be willing to (A) execute and deliver this Agreement or (B) make
its agreed respective capital contributions to the Company, without the benefit of this Section 3.03 and the agreement of
the parties thereto; and (ii) it has reviewed and understands the provisions of §§ 18-1101(b) and (c) of the
Act.

 

    	 	17	 

     

    

 

Section 3.04         Representations,
Warranties and Covenants. 

 

(a)          Each
Member, severally and not jointly, hereby represents and warrants to the Company and each other Member that, with respect to such
Member, the following statements are true and correct as of the date hereof:

 

(i)          (A)
such Member is duly incorporated, organized or formed (as applicable), validly existing, and (if applicable) in good standing under
the Laws of the jurisdiction of its incorporation, organization or formation; and (B) such Member has full power and authority
to execute and deliver this Agreement and to perform its obligations hereunder, and all necessary actions by its board of directors,
shareholders, managers, members, partners, trustees, beneficiaries or other applicable Persons necessary for the due authorization,
execution, delivery and performance of this Agreement by such Member have been duly taken;

 

(ii)         such
Member has duly executed and delivered this Agreement and the other documents contemplated herein, and, assuming due execution
by the other parties hereto and thereto, each of this Agreement and such other documents constitutes the legal, valid and binding
obligation of such Member enforceable against it in accordance with its terms (except as may be limited by bankruptcy, insolvency
or similar Laws of general application and by the effect of general principles of equity, regardless of whether considered at law
or in equity);

 

(iii)        such
Member’s authorization, execution, delivery and performance of this Agreement do not and shall not (A) conflict with,
or result in a breach, default or violation of, (1) the organizational documents of such Member, (2) any contract, obligation
or agreement to which such Member is a party or is otherwise subject, or (3) any Law, order, judgment, decree, writ, injunction
or arbitral award to which such Member is subject; or (B) require any consent, approval or authorization from, filing or registration
with, or notice to, any Governmental Authority or other Person, unless such requirement has already been satisfied;

 

(iv)        the
Units to be acquired by such Member pursuant to this Agreement will be acquired for investment for such Member’s own account,
not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of applicable securities
Laws;

 

(v)         such
Member is an experienced investor in securities and acknowledges that it can bear the economic risk of its investment in the Units
acquired pursuant to this Agreement and has such knowledge and experience in financial or business matters that it is capable of
evaluating the merits and risks of the investment in the Units;

 

    	 	18	 

     

    

 

(vi)        such
Member is an Accredited Investor;

 

(vii)       such
Member understands that the Units issued hereunder have not been, and will not be, registered under the Securities Act, by reason
of a specific exemption from the registration provisions of the Securities Act, which depends upon, among other things, the bona
fide nature of the investment intent and the accuracy of such Member’s representations as expressed herein; such Member further
understands that the Units acquired by it hereunder are “restricted securities” under applicable U.S. federal and state
securities Laws and that, pursuant to these Laws, such Member must hold the Units acquired by it hereunder indefinitely unless
they are registered with the Commission and qualified by state authorities, or an exemption from such registration and qualification
requirements is available; and

 

(viii)      such
Member understands that no public market now exists for the Units or any other securities issued by the Company, and that the Company
has made no assurances that a public market will ever exist for the Units or any other securities issued by the Company.

 

(b)          Each
Member hereby covenants to the Company and each other Member that such Member shall maintain a guaranty, in the form attached hereto
as Exhibit B, from such Member’s ultimate parent company (which ultimate parent company, in the case of Marathon,
shall be Marathon Petroleum Corporation, and, in the case of Enbridge, shall be Enbridge Energy Partners, L.P.) in favor of the
Company of all of such Member’s respective contribution obligations under Section 5.02(a).

 

ARTICLE
IV

BOOKS AND RECORDS

 

Section 4.01         Books,
Records, Access.

 

(a)          The
Company shall keep and maintain accurate, proper and complete books and records of accounts, taxes, financial information and all
matters pertaining to the Company and its Subsidiaries in accordance with GAAP, showing all costs, expenditures, sales, receipts,
assets and liabilities and profits and losses and all other records necessary, convenient or incidental to recording the Business
(the “Records”).  The Members shall have the right (i) to inspect (at such inspecting Member’s
expense) the Records, (ii) to consult from time to time with the Officers and the supervisors or independent accountants of
the Company (and its direct or indirect Subsidiaries) at their respective place of business regarding operating and financial matters
and (iii) to visit and inspect any of the properties of the Company (and any of its direct or indirect Subsidiaries), in each
case, so long as the exercise of such rights does not interfere with the Business.  A Member may, at its option and its
own expense upon ten (10) days’ advance written notice to the Company, conduct internal audits during reasonable business
hours of the Records; provided, however, that such audit rights may not be exercised more than once in any calendar
year.  Audits may be conducted by employees of the Member, or an Affiliate of the Member, or by independent auditors
retained by the Member.

 

    	 	19	 

     

    

 

(b)          The
Members shall have reasonable access to the Management Committee, Officers and facilities of the Company and its Subsidiaries.  The
Management Committee shall prepare, or cause to be prepared, and cause the Company to provide to the Members the following reports:

 

(i)          as
soon as practicable after the Company’s Fiscal Year-end, audited consolidated financial statements of the Company (consisting
of an income statement, balance sheet, statement of Members’ equity and a statement of cash flows), prepared in accordance
with GAAP, for the previous Fiscal Year and a schedule showing any variance between actual and budgeted figures;

 

(ii)         as
soon as practicable after any Calendar Quarter, unaudited consolidated financial statements of the Company (consisting of an income
statement, balance sheet, statement of Members’ equity and a statement of cash flows), prepared in accordance with GAAP,
for the previous Calendar Quarter and a schedule showing any variance between actual and budgeted figures;

 

(iii)        promptly
upon request, copies of any budget adopted by Bakken Investments or any of its subsidiaries to which the Bakken Representative
is entitled pursuant to the terms of the Bakken Investments LLC Agreement;

 

(iv)        prompt
notice of any event that would reasonably be expected to have a material effect on the Business or the Company’s financial
condition; and

 

(v)         such
other reports and information (in any form, electronic or otherwise) as either Member may reasonably request or as the Management
Committee may determine or as otherwise made available to the Company by Bakken Investments.

 

Section 4.02         Tax
Returns.  The Company shall prepare and timely file, or cause to be prepared and timely
filed, all U.S. Federal, State and local and foreign tax returns required to be filed by the Company.  Each Member shall
furnish to the Company all pertinent information in its possession relating to the Company’s operations that is necessary
to enable the Company’s tax returns to be timely prepared and filed.  The Company shall provide reasonable estimates
of the Company’s taxable income to each Member on a quarterly basis within thirty (30) days following such quarter and shall
provide a reasonable estimate of the Company’s annual taxable income before January 31 of the subsequent year.  The
Company shall deliver to each Member as soon as applicable after the end of each calendar year, but in any event before March
31 of the subsequent year, a Schedule K-1 together with such additional information as may be required by any Member (or its respective
owners) in order to file its federal and state returns reflecting the Company’s operations.  The Company shall
bear the costs of the preparation and filing of its tax returns.  Any tax returns legally required to be signed by a
Member shall be signed by the Tax Matters Partner.  Before filing its Federal income tax return for the first Fiscal
Year ending after the Effective Date, the Company shall provide the Members with copies of such tax return and shall consult in
good faith with the Members regarding the contents of such tax return.

 

    	 	20	 

     

    

 

Section 4.03         Tax
Partnership.  It is the intention of the Members that the Company be classified
as a partnership for U.S. federal income tax purposes.  Unless otherwise approved by each Member, neither the Company
nor any Member shall make an election for the Company to be excluded from the application of the provisions of subchapter K
of chapter 1 of subtitle A of the Code or any similar provisions of applicable state Law or to be classified as other
than a partnership pursuant to Treasury Regulation Section 301.7701-3.

 

Section 4.04         Tax
Elections.  The Company shall make the following elections on the appropriate forms
or tax returns:

 

(a)          to
adopt the calendar year as the Company’s Fiscal Year, if permitted under the Code;

 

(b)          to
adopt the accrual method of accounting for U.S. federal income tax purposes;

 

(c)          to
elect to amortize the organizational expenses of the Company as permitted by Code Section 709(b);

 

(d)          to
elect, pursuant to Code Section 754, to adjust the basis of the Company’s properties; and

 

(e)          any
other election the Management Committee may deem appropriate and in the best interests of the Company.

 

Section 4.05         Tax
Matters Partner.

 

(a)          The
“tax matters partner” of the Company (within the meaning of Section 6231(a)(7) of the Code, to the extent applicable
for taxable years beginning before January 1, 2018) (the “Tax Matters Partner”) and the “partnership representative”
(within the meaning of Section 6223(a) of the Partnership Tax Audit Rules) (the “Partnership Representative”)
of the Company shall be Enbridge; and such designated Person shall serve in such capacities until a new Tax Matters Partner or
Partnership Representative, as applicable, is designated by the Management Committee.

 

(b)          Prior
to the time the Partnership Tax Audit Rules become effective with respect to the Company:

 

(i)          The
Tax Matters Partner shall inform each other Member of all significant matters that may come to its attention in its capacity as
Tax Matters Partner and shall forward to each other Member copies of all significant written communications it may receive in such
capacity within 10 Business Days of receiving the same.  The Tax Matters Partner shall take such commercially reasonable
steps as necessary to ensure that each Member qualifying as “notice partner” (within the meaning of Section 6231(a)(8)
of the Code) is treated as such.

 

    	 	21	 

     

    

 

(ii)         Any
cost or expense incurred by the Tax Matters Partner in connection with its duties as such, including the preparation for, or pursuance
of, administrative or judicial proceedings, shall be paid by the Company.

 

(iii)        The
Tax Matters Partner shall not enter into any extension of the period of limitations for making assessments on behalf of any Member
without first obtaining the consent of such Member.  The Tax Matters Partner shall not bind any Member to a settlement
agreement without obtaining the consent of such Member.  Any Member that enters into a settlement agreement with respect
to any “partnership item” (within the meaning of Section 6231(a)(3) of the Code) shall notify the other Members of
such settlement agreement and its terms within 90 days from the date of the settlement.

 

(iv)        No
Member shall file a request pursuant to Section 6227 of the Code for an administrative adjustment of partnership items for any
taxable year without first notifying the other Members and obtaining the consent of the Tax Matters Partner.  If the
Tax Matters Partner consents to the requested adjustment, the Tax Matters Partner shall file the request for the administrative
adjustment on behalf of the Members.  If such consent is not obtained within 30 days from such notice, or within the
period required to timely file the request for administrative adjustment, if shorter, any Member, including the Tax Matters Partner,
may file a request for administrative adjustment on its own behalf.  Any Member intending to file a petition under Sections
6226 or 6228 of the Code with respect to any item involving the Company shall notify the other Members of such intention and the
nature of the contemplated proceeding.  In the case where the Tax Matters Partner is the Member intending to file such
petition on behalf of the Company, such notice shall be given within a reasonable period of time to allow the other Members to
participate in selecting the forum in which such petition will be filed.

 

(v)         No
Member shall file a notice of inconsistent treatment under Section 6222(b) of the Code with respect to any partnership items for
any taxable year without first obtaining the consent of the Tax Matters Partner.

 

(vi)        The
provisions of this Section 4.05(b) shall survive the termination of any Member’s interest in the Company and shall
remain binding on the Company and the Members for so long as necessary to resolve with the Internal Revenue Service any and all
matters regarding the Federal income taxation of the Members with respect to partnership items.

 

(vii)       No
Person, including the Tax Matters Partner or the Partnership Representative, shall make (or cause the Company to make) the election
contemplated by Section 1101(g)(4) of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74.

 

(c)          For
tax periods for which the Partnership Tax Audit Rules become effective with respect to the Company, to the maximum extent possible
under the Partnership Tax Audit Rules, the Members intend to preserve and maintain the relative and analogous rights, duties, responsibilities,
indemnities, and obligations of the Members as those provided under Section 4.05(b).  Without limiting the foregoing,
the Members intend that:

 

    	 	22	 

     

    

 

(i)          rules
similar to those described above in Section 4.05(b)(i), Section 4.05(b)(ii), Section 4.05(b)(iv) and Section
4.05(b)(vi) shall continue to apply, substituting “Partnership Representative” for “Tax Matters Partner,”
where applicable;

 

(ii)         the
Partnership Representative may (but shall not be required to) make the election provided by Section 6221(b) of the Partnership
Tax Audit Rules to have subchapter C of chapter 63 of the Code not apply (the “Election Out”); and

 

(iii)        if
the Internal Revenue Service, in connection with an audit governed by the Partnership Tax Audit Rules, proposes an adjustment in
the amount of any item of income, gain, loss, deduction or credit of the Company, or any Member’s distributive share thereof,
and such adjustment results in an “imputed underpayment” as described in Section 6225(b) of the Partnership Tax Audit
Rules (a “Covered Audit Adjustment”), the Partnership Representative may (but shall not be required to) elect,
to the extent that such election is available under the Partnership Tax Audit Rules (taking into account whether the Partnership
Representative has received any needed information on a timely basis from the Members) and the Election Out described in Section
4.05(c)(ii) was not previously made, to apply the alternative method provided by Section 6226 of the Partnership Tax Audit
Rules (the “Alternative Method”).  To the extent that the Partnership Representative does not elect
the Alternative Method with respect to a Covered Audit Adjustment, the Partnership Representative shall use commercially reasonable
efforts to (A) make any modifications available under Section 6225(c)(3), (4), and (5) of the Partnership Tax Audit Rules to the
extent that such modifications are available (taking into account whether the Partnership Representative has received any needed
information on a timely basis from the Members) and would reduce any Company Level Taxes payable by the Company with respect to
the Covered Audit Adjustment, and (B) if requested by a Member, provide to such Member information allowing such Member to file
an amended Federal income tax return, as described in Section 6225(c)(2) of the Partnership Tax Audit Rules, to the extent that
such amended return and payment of any related Federal income taxes would reduce any Company Level Taxes payable by the Company
with respect to the Covered Audit Adjustment (after taking into account any modifications described in clause (A) above).  Similar
procedures shall be followed in connection with any State or local income tax audit that incorporates rules similar to the Partnership
Tax Audit Rules.

 

(d)          Notwithstanding
any provision of this Agreement to the contrary, any taxes, penalties and interest payable under the Partnership Tax Audit Rules
by the Company (“Company Level Taxes”) shall be treated as attributable to the Members, and the Management Committee
shall allocate the burden of any such Company Level Taxes to those Members to whom such amounts are reasonably attributable (whether
as a result of their status, actions, inactions or otherwise), taking into account the effect of any modifications described in
Section 4.05(c)(iii) that reduce the amount of Company Level Taxes.  All Company Level Taxes allocated to a Member,
at the option of the Management Committee, shall (i) be promptly paid to the Company by such Member (“Option A”)
or (ii) be paid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have
been made to such Member pursuant to Section 7.01 and, if such distributions are not sufficient for that purpose, by reducing
the proceeds of liquidation otherwise payable to such Member pursuant to Section 13.03 (“Option B”).  If
the Management Committee selects Option A, the Company’s payment of the Company Level Taxes allocated to the applicable Member
shall be treated as a distribution to such Member and the payment by such Member to the Company shall be treated as a contribution
of capital to the Company by such member for Tax Purposes; provided, that such payments shall not affect the Capital Accounts
of, any other contributions to be made by, or the distributions and allocations to be made to the applicable Members under this
Agreement. If the Management Committee selects Option B, the applicable Member shall, for all purposes of this Agreement, be treated
as having received a distribution of the amount of its allocable share of the Company Level Taxes at the time such Company Level
Taxes are paid by the Company.  To the fullest extent permitted by Law, each Member hereby agrees to indemnify and hold
harmless the Company and each other Member from and against any liability for Company Level Taxes allocated to such Member.

 

    	 	23	 

     

    

 

Section 4.06         Bank
Accounts.  The Company shall establish such bank accounts in the name of the Company
as determined by the Management Committee.

 

Section 4.07         Tax
Consolidation.  If the Company is treated as a member of a consolidated, combined
or unitary group for any tax purpose with any Member or an Affiliate thereof (a “Consolidated Group”), such
Member shall cause one of the members of such Consolidated Group other than the Company to be the reporting or parent entity for
any tax return of such Consolidated Group (the “Reporting Member”) and pay the tax liability due with respect
to such Consolidated Group.  The Members agree that the Company shall promptly reimburse the Reporting Member for any
Applicable Tax (defined below) paid by or on behalf of the Reporting Member or any other member of such Consolidated Group; provided,
however, that the Members agree that (a) any such Applicable Tax shall be considered as paid on behalf of the Company for
Tax Purposes, (b) except as provided in clause (c) below, the Company shall deduct for Tax Purposes one hundred percent
(100%) of the Applicable Tax, and (c) in the event that it is determined, pursuant to a final determination as defined in Section
1313 of the Code, that all or a portion of such deduction may be properly claimed by the Reporting Member, its Affiliate or any
other member of the Consolidated Group, but not the Company, the Company shall reimburse the Reporting Member only for the after-tax
cost of such payment of Applicable Tax.  With respect to any tax of a Consolidated Group of which the Company is a member,
the “Applicable Tax” shall be equal to the tax of the Consolidated Group that the Company would have paid if
it had computed its tax liability for the applicable period on a separate entity basis (rather than as a member of the Consolidated
Group).  Except as provided in this Section 4.07 with respect to the amount of such Consolidated Group’s
tax that the Company is required to reimburse the Reporting Member, the Reporting Member shall indemnify and hold the Company
harmless from and against any and all taxes of the Consolidated Group

 

ARTICLE
V

CAPITAL CONTRIBUTIONS

 

Section 5.01         Initial
Capital Contribution of Members; Unit Issuances.  On the Effective Date, each of the
Members listed on Schedule I shall receive the respective number of Units as provided in Section 3.01(b) and as
set forth opposite such Member’s respective name on Schedule I under the heading “Initial Units,”
in each case, in accordance with the  in accordance with the terms of Section 3.01(b).  The amount
set forth on Schedule I under the heading “Effective Date Capital Contribution” represents the amount of cash,
together with the initial Gross Asset Value of any Assets, that each Member has contributed, or has been deemed to have contributed,
to the Company as of the Effective Date.  

 

    	 	24	 

     

    

 

Section 5.02         Further
Capital Contributions.

 

(a)          Subject
to Section 5.02(b), from time to time from and after the Effective Date and following the issuance of a Call Notice, the
Members shall make additional cash contributions to the Company (i) in amounts and at such times as shall be determined by
the Management Committee in accordance with the terms and provisions of this Agreement (including, without limitation, the provisions
of Section 8.01(b)), (ii) in the aggregate amount of $2,000,000,000 on or before the MIPA Closing Date to fund the Company’s
payment obligations to Bakken Holdings in accordance with the provisions of the MIPA, and (iii) in such amounts and at such
times as the Company is required to pay to Bakken Investments pursuant to (and in accordance with) the terms and provisions of
the Bakken Investments LLC Agreement.  All such capital contributions shall be made by the Members to the Company in
proportion to their respective Percentage Interests.  

 

(b)          Except
as otherwise provided in this Section 5.02, in no event shall any of the Members be required to make any capital contributions
to the Company after the Effective Date, and no third party shall have the right to cause the Company to require any capital contributions
of the Members.

 

(c)          Each
capital call made by the Management Committee pursuant to this Section 5.02 shall be made pursuant to a Call Notice delivered
to all of the Members.  Each Member shall make such Member’s required capital contribution pursuant to this Section
5.02 (i) if such Call Notice is in respect of the Company’s funding obligations under the terms of the MIPA, at least
one Business Day prior to the MIPA Closing Date, (ii) if such Call Notice is in respect of a capital contribution to be made by
the Company to Bakken Investments, within the earlier of (A) two Business Days from the issuance of such Call Notice, and (B) one
day prior to the date as of which the Company is required to make the applicable capital contribution to Bakken Investments under
the terms of the Bakken Investments LLC Agreement, and (iii) if such Call Notice is in respect of a capital contribution for purposes
other than those described in clause (i) or clause (ii) above, then within five Business Days from the issuance of
such Call Notice.

 

Section 5.03         Failure
to Fund Capital Contributions.

 

(a)          If
any Member fails to pay in full when due (any such date, a “Due Date”) any amount owed to the Company under
a Call Notice issued pursuant to this ARTICLE V, and if such failure is not cured within 10 days of such Due Date, then
such Member shall be deemed to be in default under this Agreement (a “Default”), and shall be referred to herein
as a “Defaulting Member.”  The Company shall give notice of such default (a “Default Notice”)
to the Defaulting Member and each Affected Member.  A Default Notice shall include a statement of the amount the Defaulting
Member has failed to pay.

 

    	 	25	 

     

    

 

(b)          Any
amount not paid when due under this Agreement shall bear interest at the Interest Rate from the applicable Due Date to the date
of payment.

 

Section 5.04         Certain
Consequences of Default.

 

(a)          Notwithstanding
any other provision in this Agreement to the contrary, in addition to any remedies available to the Company at law or in equity,
during the Default Period, a Defaulting Member shall have no right to, and shall cause its Affiliates and the Managers designated
by such Defaulting Member, not to (in each case as applicable at such time):

 

(i)          make
any proposal under this Agreement;

 

(ii)         (A) be
counted for purposes of determining a quorum for any vote of the Management Committee or (B) vote on any matter with respect
to which Member approval or Unanimous Management Committee Approval is required under the terms of this Agreement and, in each
case, the vote of the Managers designated by the Defaulting Member shall be deemed held by Managers designated by the other Member
(in the case of any required approval of the Managers) and the Units held by the Defaulting Member shall not be counted as outstanding
(in the case of any required approval of any Members);

 

(iii)        request
or call any meetings of the Management Committee;

 

(iv)        access
any data or information relating to the Business;

 

(v)         Transfer
all or any part of its Units, except for any Transfer (in accordance with the terms of this Agreement) of all of its Units to a
Person who simultaneously with such Transfer satisfies or causes to be satisfied in full the amount in Default;

 

(vi)        in
the event of a Transfer by any other Member, exercise its right to be a Tag-Along Seller under Section 12.07 or its right
of first refusal under Section 12.08; or

 

(vii)       exercise
its rights under Section 12.04(b).

 

For the avoidance of doubt, a Defaulting
Member shall continue to be bound by all of its obligations under this Agreement during the Default Period, including the obligation
to make additional capital contributions.

 

(b)          Upon
the commencement of a Default Period, each Affected Member may, but is not required to, contribute to the Company its Proportionate
Share of the entire amount in Default as set forth in the applicable Default Notice within 20 days following the Affected Member’s
receipt of such Default Notice.  Any such Affected Member that contributes its Proportionate Share of the applicable
amount within the applicable time frame is referred to herein as a “Paying Affected Member.”  If
there is more than one Affected Member, and one or more Affected Members does not contribute its Proportionate Share of the entire
amount in Default as set forth in the applicable Default Notice within the applicable time frame (each, a “Non-Paying
Affected Member”), then each Paying Affected Member shall have the right, but not the obligation, to contribute to
the Company 100% of the amount that the Non-Paying Affected Member(s) failed to pay pursuant to this Section 5.04(b).

 

    	 	26	 

     

    

 

(i)          If
more than one Paying Affected Member elects to cover the amount unpaid by the applicable Non-Paying Affected Member(s), then each
such Paying Affected Member shall contribute its Proportionate Share of such unpaid amount.  A Paying Affected Member
that pays the entirety of any such amounts unpaid by the applicable Non-Paying Affected Member(s) (or its applicable portion thereof
pursuant to the preceding sentence) shall be referred to herein as a “Covering Affected Member.”

 

(ii)         Notwithstanding
anything to the contrary in this Section 5.04, should (A) any Affected Member be a Non-Paying Affected Member with respect
to such Default and (B) no Covering Affected Member exist, then (1) the Members shall be deemed to have unanimously determined
not to make the expenditure which the Defaulting Member originally failed to make, (2) no such Non-Paying Affected Member (nor
any Paying Affected Member that elects not to be a Covering Affected Member) shall be deemed to be in “Default” under
Section 5.03(a) for the failure to make such payment, (3) the Defaulting Member shall no longer be deemed to be in “Default”
or considered a “Defaulting Member” hereunder with respect to such expenditure, and (4) any amount previously contributed
to the Company by any Paying Affected Member pursuant to this Section 5.04(b) with respect to such expenditure shall promptly
be returned to such Paying Affected Member by the Company.

 

(c)          At
any time after the Paying Affected Member(s) (including any Covering Affected Member) make any such contribution pursuant
to Section 5.04(b), the Defaulting Member
shall be entitled to cure the applicable Default by reimbursing each Paying Affected Member (including any Covering Affected Member)
for the entire amount of such contribution made by such Affected Member pursuant to Section
5.04(b), together with interest thereon at the Interest Rate accruing on such amount since the applicable Due Date.  Any
such contribution made by a Paying Affected Member (including any Covering Affected Member), if so timely reimbursed in full by
the Defaulting Member, shall be deemed to be advances made by such Affected Member on behalf of the Defaulting Member and shall,
for purposes of this Agreement, constitute a loan made by such Affected Member to the Defaulting Member rather than a contribution
by such Affected Member to the Company.

 

(d)          Until
the applicable Default is cured in full by the Defaulting Member pursuant to Section 5.04(c) or by payment by a guarantor
of the Defaulting Member’s obligations, then, in addition to any other remedies the Paying Affected Members may have against
such Defaulting Member or its guarantor, whether at Law or in equity, the Defaulting Member shall have no right to receive distributions
from the Company pursuant to Section 7.01, and such distributions shall instead be made to the Paying Affected Members (including
any Covering Affected Member) (with any such distributions being applied first to the payment of accrued interest and then to outstanding
principal) until each Paying Affected Member shall have received an amount of such distributions sufficient to reimburse such Paying
Affected Member for any such contributions made by such Paying Affected Member pursuant to Section 5.04(b), together with
interest thereon at the Interest Rate accruing on such amount since the applicable Due Date, at which time, the Defaulting Member
shall no longer be deemed to be in “Default” or considered a “Defaulting Member” hereunder with respect
to such Default.

 

    	 	27	 

     

    

 

Section 5.05         Withdrawal
of Capital.  No Member shall have the right to withdraw any capital from the
Company or to have its Units redeemed by the Company; provided, however, that the Management Committee may, in its
sole discretion, determine to distribute capital to the Members from time to time in accordance with the terms hereof and, with
the consent of the affected Member, cause the Company to redeem all or a portion of the Units of such Member.

 

Section 5.06         Capital
Accounts.

 

(a)          “Capital
Account” means, with respect to any Member, an account that is maintained for such Member in accordance with the provisions
of Section 1.704-1(b)(2)(iv) of the Treasury Regulations and to the extent consistent with such Treasury Regulations has,
as of any given date on or after the Effective Date, a balance calculated as follows:

 

(i)          a
balance equal to such Member’s Initial Capital Account Balance; plus

 

(ii)         the
aggregate amount of cash that has been contributed to the capital of the Company as of such date by or on behalf of such Member
(without duplication of the amount of any cash included in a Member’s Initial Capital Account Balance); plus

 

(iii)        the
Gross Asset Value of any property other than cash that has been contributed to the capital of the Company as of such date by such
Member and the amount of liabilities assumed by any such Member under Section 752 of the Code or which are secured by any
Assets distributed to such Member; plus

 

(iv)        the
aggregate amount of the Net Profits that has been allocated to such Member as of such date pursuant to the provisions of Section
6.01 or Section 13.03, any items of income or gain which are specially allocated to such Member pursuant to Section
6.02 or Section 13.03 and any other positive adjustments required by the Treasury Regulations and that have not been
previously taken into account in determining such Member’s Capital Account; minus

 

(v)         the
aggregate amount of the Net Losses that have been allocated to such Member as of such date pursuant to Section 6.01 or Section
13.03, the amount of any item of expense, deduction or loss which is specially allocated to such Member pursuant to Section
6.02 or Section 13.03 and any other negative adjustments required by the Treasury Regulations and that have not been
previously taken into account in determining such Member’s Capital Account; minus

 

(vi)        the
aggregate amount of cash that has been distributed to or on behalf of such Member; and minus

 

    	 	28	 

     

    

 

(vii)       the
Gross Asset Value of any property other than cash that has been distributed to or on behalf of such Member as of such date and
the amount of any liabilities of such Member assumed by the Company under Section 752 of the Code and the Treasury Regulations
or which are secured by any property contributed by such Member to the Company.

 

(b)          Each
Member’s initial Capital Account balance shall be equal to the amount set forth opposite such Member’s name on Schedule I
under the heading “Initial Capital Account Balance” (with respect to such Member, its “Initial Capital Account
Balance”).

 

Section 5.07         Advances
by Members.  If the Company does not have sufficient cash to pay its obligations,
then any or all of the Members may (but will have no obligation to) advance all or part of the needed funds to or on behalf of
the Company, which advances will constitute a loan from such Member or Members to the Company, will bear interest and be subject
to such other terms and conditions as agreed between such Member or Members and the Company and will not be deemed to be contribution
to the capital of the Company.

 

ARTICLE
VI

ALLOCATIONS

 

Section 6.01         Allocations
of Net Profits and Net Losses.  Except as provided in Section 13.03(b), after giving
effect to the special allocations set forth in Section 6.02 and Section 6.03, Net Profits and Net Losses for any Fiscal Year shall
be allocated between the Members in accordance with their respective Percentage Interests.

 

Section 6.02         Regulatory
Allocations.  The following allocations shall be made in the following order:

 

(a)          To
the extent required by Section 1.704-2(f) of the Treasury Regulations, if there is a net decrease in “partnership minimum
gain” (within the meaning of Section 1.704-2(b)(2) of the Treasury Regulations) in a Fiscal Year, then each Member shall
be specially allocated items of income and gain (including gross income) arising during that Fiscal Year (and if necessary subsequent
Fiscal Years), equal to such Member’s share of the net decrease in partnership minimum gain.  The items to be so
allocated shall be determined in accordance with Sections 1.704-2(f)(6) and 1.704-2(j)(2) of the Treasury Regulations.  If,
in any Fiscal Year that has such a net decrease, the minimum gain chargeback requirement would cause a distortion in the economic
arrangement between the Members and it is not expected that the Company will have sufficient other income to correct that distortion,
the Management Committee may in its reasonable discretion seek to have the Internal Revenue Service waive the minimum gain chargeback
requirement in accordance with Section 1.704-2(f)(4) of the Treasury Regulations.  This Section 6.02(a) is
intended to comply with the minimum gain chargeback requirement in Section 1.704-2(f) of the Treasury Regulations and shall
be interpreted consistently therewith.

 

    	 	29	 

     

    

 

(b)          If
there is a net decrease in “partner nonrecourse debt minimum gain” (within the meaning of Section 1.704 2(i)(4)
of the Treasury Regulations) in any Fiscal Year, then each Member that has a share of the “partner nonrecourse debt minimum
gain” as of the beginning of the Fiscal Year shall be specially allocated items of income and gain arising during that Fiscal
Year (and if necessary subsequent Fiscal Years) to the extent required by Section 1.704-2(i)(4) of the Treasury Regulations.  The
items to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Treasury Regulations.  A
Member shall not be subject to this provision to the extent that an exception is provided by Section 1.704-2(i)(4) of the
Treasury Regulations and any administrative guidance issued by the Internal Revenue Service with respect thereto.  Any
“partner nonrecourse debt minimum gain” allocated pursuant to this provision shall consist of first, gains recognized
from the disposition of Assets subject to “partner nonrecourse debt” (within the meaning of Section 1.704-2(b)(4)
of the Treasury Regulations), and, second, if necessary, a pro rata portion of the Company’s other items of income or gain
(including gross income) for that Fiscal Year (and if necessary subsequent Fiscal Years).  This Section 6.02(b)
is intended to comply with the minimum gain chargeback requirement in Section 1.704-2(i)(4) of the Treasury Regulations and
shall be interpreted consistently therewith.

 

(c)          In
the event any Member unexpectedly receives any adjustments, allocations or distributions described in Section 1.704-1(b)(2)(ii)(d)(4),
Section 1.704-1(b)(2)(ii)(d)(5) or Section 1.704-1(b)(2)(ii)(d)(6) of the Treasury Regulations, which creates
a negative Adjusted Capital Account Balance for its Capital Account, then items of Company income and gain (consisting of a pro
rata portion of each item of Company income, including gross income and gain for such Fiscal Year and, if necessary, for subsequent
Fiscal Years) from Business conducted by the Company shall be specially allocated to such Member in an amount and manner sufficient
to eliminate, to the extent required by the Treasury Regulations, the negative Adjusted Capital Account Balance so created as quickly
as possible; provided that an allocation pursuant to this Section 6.02(c) shall be made if and only to the extent
that such Member would have a negative Adjusted Capital Account Balance after all other allocations provided for in this ARTICLE
VI have been tentatively made as if this Section 6.02(c) were not in the Agreement.  It is the intent that
this Section 6.02(c) be interpreted to comply with the alternate test for economic effect set forth in Section 1.704-1(b)(2)(ii)(d)
of the Treasury Regulations.

 

(d)          If
there are any “nonrecourse deductions” (within the meaning of Sections 1.704-2(b)(1) and 1.704-2(c) of the Treasury
Regulations) in a Fiscal Year, then each Member shall be allocated an amount of such nonrecourse deductions as determined by the
Management Committee to be consistent with the allocations of related or similar items under this ARTICLE VI and with Section
1.704-2 of the Treasury Regulations.

 

(e)          If
there are any “partner nonrecourse deductions” (within the meaning of Section 1.704-2(i)(1) of the Treasury Regulations)
in a Fiscal Year, then such deductions shall be allocated to the Member that bears the Economic Risk of Loss for the “partner
nonrecourse liability” (within the meaning of Section 1.704-2(b)(4) of the Treasury Regulations) to which the deductions
are attributable.  If more than one Member bears the Economic Risk of Loss for such “partner nonrecourse liability,”
the “partner nonrecourse deductions” attributable to such “partner nonrecourse liability” shall be allocated
between the Members according to the proportion in which they bear such Economic Risk of Loss.

 

(f)          To
the extent an adjustment to the adjusted Tax basis of any Company asset pursuant to Section 734(b) or 743(b) of the Code is
required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the Treasury Regulations, to be taken into account in determining Capital
Accounts, the amount of such adjustments to the Capital Accounts shall be treated as an item of gain (if the adjustment increases
the basis of such asset) or loss (if the adjustment decreases the basis of such asset) and such gain or loss shall be specially
allocated between the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted
pursuant to Section 1.704-1(b)(2)(iv)(m) of the Treasury Regulations.

 

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(g)          The
Net Losses allocated pursuant to Section 6.01 shall not exceed the maximum amount of Net Losses, losses or deductions that
can be so allocated without causing any Member to have a negative Adjusted Capital Account Balance at the end of any Fiscal Year.  If
some, but not all, of the Members would have a negative Adjusted Capital Account Balance as a consequence of such allocations,
the limitation set forth in the preceding sentence shall be applied on a Member-by-Member basis so as to allocate the maximum permissible
Net Losses and items of loss and deduction to each Member under Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations.  All
Net Losses in excess of the limitation set forth in this Section 6.02(g) shall be allocated to the Members in proportion
to their respective positive Adjusted Capital Account Balances, if any, and thereafter to the Members in accordance with their
interests as determined by the Management Committee in its reasonable discretion.  If any Member would have a negative
Adjusted Capital Account Balance at the end of any Fiscal Year, the Capital Account of such Member shall be specially credited
with items of Company income (including gross income) and gain from Business conducted by the Company in the amount of such excess
as quickly as possible.

 

(h)          If,
as a result of an exercise of a noncompensatory option to acquire an interest in the Company, a Capital Account reallocation is
required under Treasury Regulation Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant
to Treasury Regulation Section 1.704-1(b)(4)(x).

 

Section 6.03         Curative
Allocations.  The allocations set forth in Section 6.02 (the “Regulatory
Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2(b) of the Treasury
Regulations.  Notwithstanding any other provisions of this Agreement other than the Regulatory Allocations, the Regulatory
Allocations shall be taken into account in allocating Net Profits or Net Losses or other items of income, gain, loss and deduction
between the Members so that, to the extent possible, the net amount of such allocations of other items and the Regulatory Allocations
to each Member shall be equal to the net amount that would have been allocated to such Member if the Regulatory Allocations had
not been part of this Agreement.  The Management Committee shall reasonably determine, with respect to each Fiscal Year,
how to apply the provisions of this Section 6.03 in a manner that is likely to minimize the economic distortions that might
otherwise result from the Regulatory Allocations.

 

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Section 6.04         Tax
Allocations.  Except as otherwise provided in this Section 6.04, for
Tax Purposes, the income, gain, loss or deduction (or any item thereof) for each Fiscal Year shall be allocated to and between
the Members in the same manner as the correlative items are allocated pursuant to the provisions of Section 6.01, Section
6.02 and Section 6.03 for such Fiscal Year.  Notwithstanding any other provision of this Agreement to the
contrary, any income, gain, loss or deduction recognized by the Company for Tax Purposes in any Fiscal Year with respect to all
or any part of an Asset that (a) is required to be allocated between the Members in accordance with Section 704(c) of
the Code and the Treasury Regulations so as to take into account the variation, if any, between the adjusted tax basis of such
Asset and the initial Gross Asset Value of such Asset at the time of its contribution, or (b) is required to be allocated
between the Members in accordance with the principles of Section 704(c) of the Code and the Treasury Regulations following
the adjustment to the Gross Asset Value of an Asset pursuant to this Agreement, shall be allocated to the Members in the manner
so required; provided, that in all events the Company shall apply the “remedial allocation method” pursuant  to
Section 1.704-3(d) of the Treasury Regulations.  Any (i) recapture of Depreciation or any other item of deduction
shall be allocated, in accordance with Section 1.1245-1(e) of the Treasury Regulations, to the Members that received the
benefit of such deductions, and (ii) recapture of tax credits shall be allocated to the Members in accordance with applicable
Law.  Tax credits of the Company shall be allocated between the Members as provided in Sections 1.704-(b)(4)(ii)
and 1.704-1(b)(4)(viii) of the Treasury Regulations.  The income tax allocations made pursuant to this Section 6.04
shall not be reflected in any Member’s Capital Account.

 

ARTICLE
VII

DISTRIBUTIONS

 

Section 7.01         Distributions.  Subject
to the other provisions of this Agreement, all Available Cash shall be distributed to the Members of record in proportion to their
respective Percentage Interests.  All distributions made pursuant to this Section 7.01 shall be made to the holders
of record of the applicable Units as set forth on the Member Schedule on the day on which such distribution is approved by the
Management Committee.  Available Cash shall be determined by the Management Committee (i) from time to time upon receipt
of any proceeds (other than de minimis amounts) by the Company, and (ii) in no event less frequently than on a Calendar Quarter
basis, effective at the end of each Calendar Quarter, within 10 days after the end of such Calendar Quarter. Subject to the other
provisions of this ARTICLE VII and other than upon a liquidation of the Company pursuant to Section 13.03, the Company
shall distribute the amount of Available Cash to the Members within the earlier of (A) with respect to distributions of Available
Cash in respect of any receipt of proceeds by the Company, within 10 days after receipt by the Company of such proceeds, and (B)
with respect to distributions of Available Cash in respect of determinations of Available Cash made on a Calendar Quarter basis,
within 10 days following such determination as provided in this Section 7.01.

 

Section 7.02         Withholding.  Any
amount withheld pursuant to the Code or any foreign, State or local tax Law or treaty with respect to any payment, distribution
or allocation to the Members shall be treated for all purposes of this Agreement as distributed to the Members pursuant to Section
7.01.  The Management Committee is authorized to withhold from distributions to a Member and to pay over to any
Governmental Authority any amount required to be so withheld pursuant to the Code or any other Federal, foreign, State or local
Law, and shall treat any withheld amount as having been distributed to such Member with respect to which such amounts were withheld
for all purposes of this Agreement.

 

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ARTICLE
VIII

MANAGEMENT OF THE COMPANY

 

Section 8.01         Management
under Direction of Management Committee.

 

(a)          Except
as may be required under the Act, the Business shall be managed and controlled by a board of “managers” (as such term
is used in the Delaware Act) (the “Management Committee” and each member of the Management Committee, a “Manager”).  Subject
to the following sentence, the Management Committee shall have full and complete authority, power and discretion to manage and
control the Business and to make all decisions regarding those matters and to perform any and all other acts or activities customary
or incidental to the management of the Company and its Subsidiaries.  Approval of the Management Committee shall be required
for any action proposed to be taken by or on behalf of the Company or any of its Subsidiaries by the Officers, if such action
is not expressly delegated by the Management Committee to the Officers in accordance with Section 8.09.

 

(b)          Except
as otherwise expressly delegated by the Management Committee and subject to the other provisions of this Section 8.01, all
actions proposed to be taken by or on behalf of the Company or any of its Subsidiaries, and all actions that pursuant to this Agreement
require action by, the approval of, or a determination by the Management Committee (including, for the avoidance of doubt, the
approval of the Company’s participation in any Capital Project and other material determinations by the Company (including
any such determinations made by the  Designated Director appointed pursuant to Section 8.01(c)) under the Bakken
Investments LLC Agreement), shall require the affirmative vote or consent of the Managers representing 100% of the Total Votes
eligible to vote or consent on such matter acting in accordance with Section 8.03 (“Unanimous Management Committee
Approval”).

 

(c)          One
individual, from among the then-serving Managers, shall serve as the Company’s representative on the board of directors of
Bakken Investments (the “Designated Director”).  During the period beginning on the Effective Date
and ending on the date that is two years after the Effective Date, the Designated Director shall be the Manager appointed by Enbridge
from time to time pursuant to Section 8.02(a).  From the first day following the end of such two-year period until
the date that is two years after the last day of such two-year period, the Designated Director  shall be the Manager
appointed by Marathon from time to time pursuant to Section 8.02(a).  This process for selecting the designated
Director shall continue for each successive two-year period thereafter, alternating between the Managers appointed by Enbridge
and Marathon pursuant to Section 8.02(a), until such process is changed by Unanimous Management Committee Approval.

 

(d)          Notwithstanding
the provisions of Section 8.01(b), the Company’s entry, as of the Effective Date, into each of the MIPA and the Bakken
Investments LLC Agreement and the Company’s performance of its obligations under each such agreement, in each case, in accordance
with the terms of such agreement, including, without limitation, the acquisition by the Company, as of the MIPA Closing Date, of
the stated membership interest in Bakken Investments in exchange for the stated purchase price set forth in the MIPA, shall not
require the approval of the Management Committee and are hereby authorized, acknowledged, approved, adopted, ratified and confirmed
in all respects as of the Effective Date.

 

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(e)          Notwithstanding
anything to the contrary herein:

 

(i)          (A) any
Conflict Activity shall be subject to the sole approval of the Managers that have been designated by the Non-Conflicted Member,
(B) neither the Conflicted Member nor the Managers designated by the Conflicted Member shall have the right to vote on or
consent to any approval in connection with any action by the Management Committee in respect of such Conflict Activity, (C) the
presence of any Managers designated by the Conflicted Member shall not be required for purposes of determining the presence of
a quorum in connection with any such action, and (D) the Non-Conflicted Member or the Managers designated by such Non-Conflicted
Member may conduct or cause to be conducted any Conflict Activity on behalf of the Company.

 

(ii)         this
Section 8.01(e) shall not apply at any time that a Non-Conflicted Member is a Defaulting Member.

 

(f)          All
decisions taken by the Management Committee pursuant to this Section 8.01 shall be conclusive and binding on all Members.

 

Section 8.02         Number,
Tenure and Qualification.

 

(a)          The
Management Committee initially shall consist of two Managers.  Enbridge shall be entitled to designate one individual
to serve on the Management Committee as a Manager, for so long as any member of the Enbridge Group holds any Units, and Marathon
shall be entitled to designate one individual to serve on the Management Committee as a Manager, for so long as any member of the
Marathon Group holds any Units.  Each of Enbridge and Marathon, for so long as it is entitled to designate any individual
to serve on the Management Committee as a Manager, shall also be entitled to designate one Person (each, a “Management
Committee Alternate”) to act as such Member’s alternate Manager in the absence of such Member’s designated
Manager.  Each Manager may bring to any Management Committee meetings such observers and advisors as such Manager may
deem appropriate.  The initial Manager designated by Enbridge and the initial Manager designated by Marathon are set
forth on Exhibit C.

 

(b)          Each
Member shall have the right to change its Manager or its Management Committee Alternate at any time by giving notice of such change
to the Company and the other Member.

 

(c)          Any
Manager (and any Management Committee Alternate) designated in accordance with this Section 8.02 shall be immediately removed
from the Management Committee (or its position as a Management Committee Alternate, as applicable) at such time that the Member
that designated such Manager (or Management Committee Alternate) is no longer entitled to designate any Manager under Section
8.02(a).

 

(d)          Neither
the Managers nor the Management Committee Alternates need be residents of the State of Delaware.  Each Manager and Management
Committee Alternate shall be an employee of the Member or an Affiliate of the Member that designated such Manager or Management
Committee Alternate and shall hold office until such Manager’s or Management Committee Alternate’s, as applicable,
successor shall be duly designated or until the earlier of such Manager’s or Management Committee Alternate’s, as applicable,
death, removal or resignation.

 

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(e)          A
Person that serves as a Manager or Management Committee Alternate shall not be required to be a Manager or Management Committee
Alternate, as applicable, as his sole and exclusive occupation, and Managers and Management Committee Alternates may have other
business interests and may engage in other investments, occupations and activities in addition to those relating to the Company.

 

(f)          If the
Manager designated by a Member is absent or unavailable or there is a vacancy in the position of such Member’s designated
Manager, then such Member’s Management Committee Alternate shall be authorized to act in the capacity of such designated
Manager for all purposes hereunder for the duration of such designated Manager’s absence or such vacancy, as applicable.

 

Section 8.03         Voting
Proxies; Quorum; Meetings of Management Committee.

 

(a)          Any
Manager may vote at a meeting by a written proxy executed by that Manager and delivered to the Management Committee.  Subject
to Section 5.04(a)(ii), attendance (either in person, by remote communication pursuant to Section 8.03(g) or by proxy)
of a Manager representing each Member that is then entitled to designate any individuals to serve as Managers shall constitute
a quorum for the transaction of business at a meeting of the Management Committee; provided, however, that, at any
time that both Enbridge and Marathon are entitled to designate individuals to serve as Managers, (i) any Managers that recuse
themselves from a meeting or vote shall be counted as present for quorum purposes and (ii) if a quorum is not present at two
consecutive meetings due to the absence of a Manager representing the same Member (and, if such Member has provided notice to the
other Member that such Member’s Management Committee Alternate is authorized to act as a “Manager” pursuant to
Section 8.02(f), then the absence of such Management Committee Alternate), then, until a meeting is attended by a Manager
representing such Member (or such Management Committee Alternate), there shall be deemed to be a quorum if a Manager representing
the other Member is in attendance (either in person, by remote communication pursuant to Section 8.03(g) or by proxy) at
any meetings thereafter.  On any action by the Management Committee (whether at a meeting or by written consent), the
Managers shall collectively have 100 votes to cast on, or consent to, such action.  The collective votes of each Member’s
Managers shall, for purposes of Unanimous Management Committee Approval, be deemed to be equivalent to (A) the Percentage
Interest (at the time of such vote) of the Member that designated such Managers multiplied by (B) 100; provided,
however, that (1) if either of Enbridge or Marathon Transfers any Units to any Person that is not an Affiliate of Enbridge
or Marathon, as the case may be, the collective votes of each Member’s Managers shall be deemed to be equivalent to (x) the
total number of Units held by the Member that designated such Managers, divided by the total number of Units held by the
Enbridge Group and the Marathon Group, multiplied by (y) 100; and (2) if all of the Managers are designated by the
same Member, then such Member’s Managers shall be entitled to collectively exercise 100 votes.  The sum of the
collective votes of each Member’s Managers shall be referred to herein as the “Total Votes.”  Except
as otherwise expressly provided in this Agreement, any action or event relating to business conducted at a Management Committee
meeting shall be deemed approved by the Management Committee only if such action or event receives the required approval of the
Management Committee at a meeting at which a quorum is present or is approved by written consent as provided in Section 8.03(f).

 

    	 	35	 

     

    

 

(b)          The
Management Committee may establish such subcommittees as it may deem appropriate, together with the rules governing the activities
of such subcommittees.  The functions of such subcommittees shall be to serve in an advisory capacity only.  Each
Member that is entitled to designate any individuals to serve as Managers shall have the right to designate an agreed upon number
of representatives to serve on each subcommittee.

 

(c)          The
Management Committee may hold its meetings in such place or places, within or without the State of Delaware, as the Management
Committee may from time to time determine by resolution.  At all meetings of the Management Committee, business shall
be transacted in such order as shall from time to time be determined by resolution of the Management Committee.

 

(d)          Regular
meetings of the Management Committee shall be held at such times and places as shall be designated from time to time by resolution
of the Management Committee.  Notice of such regular meetings shall not be required if held at the times and places set
forth in the relevant resolution and such resolution has been provided to each Manager.

 

(e)          Special
meetings of the Management Committee may be called by any Manager or Managers having at least 20 Total Votes on at least 48 hours
personal, written, telegraphic, telephonic, wireless or electronic notice to each Manager, which notice must include appropriate
dial-in information to permit each Manager to participate in such meeting by means of telephone conference.  Such notice
need not state the purpose or purposes of such meeting, except as may otherwise be required by the Act.

 

(f)          Notwithstanding
any other provision herein to the contrary, any action required or permitted to be taken at any meeting of the Management Committee
with Unanimous Management Committee Approval may be taken without a meeting if a consent in writing (whether evidenced by a signed
hard copy, electronic mail or otherwise), setting forth the action so taken shall be provided by the number of Managers having
the number of Total Votes that would be required to take the applicable action at a meeting of the Management Committee and, when
so provided, such written consent shall constitute Unanimous Management Committee Approval of such action, as the case may be,
and notice of any such action taken shall be provided to those Managers who have not consented in writing promptly following the
taking of such action; provided, however, that no such consent (and none of the actions taken by the Company pursuant
thereto) will be authorized or valid unless such consent is provided to all of the Managers and the Members at least two (2) days
prior to the effective date on which the actions proposed in such consent are taken or become effective.

 

(g)          Subject
to the requirement for notice of meetings, members of the Management Committee may participate in a meeting by means of a conference
telephone, similar communications equipment, or other electronic means by which all Managers participating in the meeting can hear
each other, and participation in such a meeting shall constitute presence in person at such meeting, except where a Manager participates
in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully
called or convened.

 

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(h)          Attendance
of a Manager at any meeting of the Management Committee (including by telephone) shall constitute a waiver of notice of such meeting,
except where such Manager attends the meeting for the express purpose of objecting to the transaction of any business on the ground
that the meeting is not lawfully called or convened and notifies the other Managers at such meeting of such purpose.

 

Section 8.04         Resignation
of Managers and Management Committee Alternates.  A Manager or Management Committee
Alternate may resign from the position of Manager or Management Committee Alternate, as applicable, at any time by giving written
notice to the Members and each Manager.  The resignation of a Manager or Management Committee Alternate shall take effect
upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein,
the acceptance of such resignation shall not be necessary to make it effective.

 

Section 8.05         Removal
of Managers and Management Committee Alternates.  Subject to the automatic removal provisions of Section 8.02(c),
a Manager or Management Committee Alternate may only be removed by the consent of the Member then entitled to designate such Manager
or Management Committee Alternate in accordance with Section 8.02(a).

 

Section 8.06         Vacancies.  Any
vacancy in the position of a Manager or Management Committee Alternate that is created by the death, removal or resignation of
a Manager or Management Committee Alternate, as applicable, shall be filled by the Member then entitled to designate such Manager
or Management Committee Alternate in accordance with Section 8.02(a); provided, however, that any vacancy
created on the Management Committee pursuant to Section 8.02(c) as a result of a Member and its Affiliates ceasing to hold
any Units shall automatically cause the number of Managers constituting the Management Committee to be reduced by the number of
such vacancies.  A Manager or Management Committee Alternate designated to fill a vacancy shall hold office until a
successor shall be designated, or until such Manager’s or Management Committee Alternate’s, as applicable, earlier
death, removal or resignation.

 

Section 8.07         Fees
and Expenses of Managers and Management Committee Alternates.  A Manager or Management Committee Alternate shall
not be entitled to any fees for serving as a Manager or Management Committee Alternate.  Each Member shall be responsible
for all out-of-pocket costs and expenses incurred by its Managers and Management Committee Alternate in their respective capacities
as Managers or Management Committee Alternate, as applicable.

 

Section 8.08         Members.  Except
for the right to consent to or approve certain matters as expressly provided in this Agreement, no Member in its capacity as a
Member shall have any power or authority to manage or control the Business, to bind the Company or any of its Subsidiaries in
any way, to pledge the Company’s or any of its Subsidiaries’ Assets, to enter into agreements on behalf of the Company
or any of its Subsidiaries or to otherwise render the Company or any of its Subsidiaries liable for any purpose.  Except
as otherwise expressly provided in this Agreement, the Members shall have no voting rights or rights of approval, veto or consent
or similar rights over any actions of the Company and any references in this Agreement to any of the foregoing terms shall be
deemed to include each other term.  Any matter requiring the consent or approval of any of the Members pursuant to this
Agreement may be taken without a meeting, without prior notice and without a vote, by a consent in writing, setting forth such
consent or approval, and signed by the holders of not less than the number of outstanding Units necessary to consent to or approve
such action.  Prompt notice of such consent or approval shall be given by the Company to the Member that has not joined
in such consent or approval.  

 

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Section 8.09         Delegation
of Authority to Officers.

 

(a)          The
Management Committee may, with Unanimous Management Committee Approval, appoint such officers of the Company as the Management
Committee may deem necessary or advisable (collectively, the “Officers”), and such Officers shall have the power,
authority and duties delegated herein or otherwise by resolution of the Management Committee.  Officers may be given
titles or may be designated as “authorized persons.”  Subject to the first sentence of this Section 8.09(a),
to the extent authorized by the Management Committee, any Officer may have responsibility for the management of the normal and
customary day-to-day operations of the Company, provided that any delegation of authority to an Officer to take any action
must be approved in the same manner as would be required for the Management Committee to approve such action directly.  The
Officers of the Company as of the date hereof are set forth on Exhibit C hereto.  The Officers of the Company
are required to promptly notify the Management Committee of any material occurrences or incidents relating to the Business.  Notwithstanding
anything to the contrary in this Agreement, the Management Committee may, in its sole discretion, remove any Officer with or without
cause at any time.

 

(b)          Officers
of the Company shall not be entitled to any fees for serving in such capacity.  Each Member shall be responsible for
all out-of-pocket costs and expenses incurred by its or its Affiliates’ employees that are Officers of the Company in their
capacity as Officers.  The Company shall not hire, nor shall it be permitted to have, any employees.

 

(c)          No
Member shall be liable to the Company or the other Member for any action taken or not taken by an employee of such Member that
is taken in such employee’s capacity as an Officer of the Company.

 

(d)          None
of the Officers of the Company shall be “managers” of the Company under Section 18-401 of the Act.

 

(e)          The
Company shall not hire or be permitted to have, any employees, except as approved by Unanimous Management Committee Approval.

 

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ARTICLE
IX

INDEMNIFICATION; DUTIES

 

Section 9.01         Power
to Indemnify in Actions, Suits or Proceedings.  Subject to Section 9.06, the
Company shall indemnify any Covered Person who was or is a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative arising out of or incidental
to the Business or by reason of such Person’s status as a Covered Person, against any and all losses, claims, expenses (including
reasonable attorneys’ fees), costs, liabilities, damages, judgments, fines and amounts paid in settlement actually and reasonably
incurred by such Covered Person in connection with such action, suit or proceeding; provided, however, that such
Covered Person shall not be indemnified by the Company if there has been a final and non-appealable judgment entered by a court
of competent jurisdiction determining that, in respect of the matter for which such Covered Person is seeking indemnification
hereunder, and taking into account the acknowledgments and agreements set forth in this Agreement, such Covered Person committed
bad faith, fraud or willful misconduct or criminal wrongdoing.  Any indemnification provided hereunder shall be satisfied
solely out of the assets of the Company, as an expense of the Company.  No Covered Person shall be subject to personal
liability by reason of these indemnification provisions.

 

Section 9.02         Authorization
of Indemnification.  Any indemnification under this ARTICLE IX (unless ordered
by a court) shall be made by the Company unless the Management Committee determines in a specific case that indemnification of
a Covered Person is improper in the circumstances because such Covered Person has not met the applicable standard of conduct set
forth in Section 9.01.  Such determination shall be made by Unanimous Management Committee Approval.  To
the extent that a Covered Person has been successful on the merits or otherwise in defense of any action, suit or proceeding referred
to in Section 9.01, or in defense of any claim, issue or matter therein, such Covered Person shall be indemnified against
expenses (including reasonable attorneys’ fees) actually and reasonably incurred by such Covered Person in connection therewith,
without the necessity of authorization in the specific case.  

 

Section 9.03         Expenses
Payable in Advance.  Reasonable expenses incurred or reasonably expected to
be incurred by a Covered Person in defending or investigating a threatened or pending action, suit or proceeding referred to in
Section 9.01 shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon written
request by such Covered Person and receipt of an undertaking by or on behalf of such Covered Person to repay such amount if it
shall ultimately be determined that such Covered Person is not entitled to be indemnified by the Company as authorized by this
ARTICLE IX.

 

Section 9.04         Nonexclusivity
of Indemnification and Advancement of Expenses.  The indemnification and advancement
of expenses provided by or granted pursuant to this ARTICLE IX shall not be deemed exclusive of any other rights to which
a Covered Person seeking indemnification or advancement of expenses may be entitled under any agreement, contract, vote of Members
or Management Committee or pursuant to the direction (howsoever embodied) of any court of competent jurisdiction or otherwise,
both as to action in such Covered Person’s official capacity and as to action in another capacity while holding such office,
it being the policy of the Company that indemnification of the Persons specified in Section 9.01 shall be made to the fullest
extent permitted by Law.  The provisions of this ARTICLE IX shall not be deemed to preclude the indemnification
of any Person who is not specified in Section 9.01, but whom the Company has the power or obligation to indemnify under
the provisions of the Act or otherwise.

 

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Section 9.05         Survival
of Indemnification and Advancement of Expenses.  The indemnification and advancement
of expenses provided by, or granted pursuant to, this ARTICLE IX shall, unless otherwise provided when authorized or ratified,
inure to the benefit of the heirs, executors and administrators of a Covered Person.  Any amendment, modification or
repeal of this ARTICLE IX or any provision hereof shall be prospective only and shall not in any way affect the limitations
on liability of the Covered Persons, or terminate, reduce or impair the right of any past, present or future Covered Person, under
and in accordance with the provisions of this ARTICLE IX as in effect immediately prior to such amendment, modification
or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment,
modification or repeal, regardless of when such claims may arise or be asserted.

 

Section 9.06         Limitation
on Indemnification.  Notwithstanding anything contained in this ARTICLE IX
to the contrary, except for proceedings to enforce rights to indemnification, the Company shall not be obligated to indemnify
any Covered Person in connection with a proceeding (or part thereof) initiated by such Covered Person on behalf of such Covered
Person unless such proceeding (or part thereof) was authorized or consented to by the Management Committee, with Unanimous Management
Committee Approval.  Nothing in this ARTICLE IX shall be deemed to apply to any action, suit, proceeding or dispute
with respect to a Covered Person’s employment relationship with the Company or any Affiliate of the Company, and no Covered
Person shall be indemnified by the Company for any acts or omissions by such Person that constitute a breach of the terms of any
such employment relationship.

 

Section 9.07         Prioritization
of Obligations.  The Company and the Members hereby acknowledge that a Covered Person
may have rights to indemnification, advancement of expenses or insurance pursuant to charter documents or agreements with the
employer of such Covered Person, a Member or a direct or indirect parent or brother/sister Affiliate of such Covered Person or
Member (collectively, the “Last Resort Indemnitors”).  On the other hand, a Covered Person may also
have rights to indemnification, advancement of expenses or insurance provided by a Subsidiary of the Company or pursuant to agreements
with Third Parties in which the Company any Subsidiary of the Company has an interest (collectively, the “First Resort
Indemnitors”).  Notwithstanding anything to the contrary in this Agreement, as to each Covered Person’s
rights to indemnification and advancement of expenses or provision of insurance pursuant to this ARTICLE IX, the Company
and Members hereby agree that:

 

(a)          the
First Resort Indemnitors, if any, are the indemnitors of first resort (i.e., their indemnity obligations to such Covered
Person are primary and any obligation of the Company to advance expenses or to provide indemnification or insurance for the Liabilities
incurred by such Covered Person are secondary), and the First Resort Indemnitors shall be obligated to indemnify such Covered Person
for the full amount of all Liabilities and expenses covered by this ARTICLE IX, to the full extent of their indemnity obligations
to the Covered Person and to the extent of the First Resort Indemnitors’ assets legally available to satisfy such obligations,
without regard to any rights the Covered Person may have against the Company or the Last Resort Indemnitors;

 

(b)          the
Company is the indemnitor of second resort (i.e., its indemnity and advancement of expense obligations to such Covered Person
are secondary to the obligations of any First Resort Indemnitors, but precede any indemnity and advancement of expense obligations
of any Last Resort Indemnitors), and the Company shall be liable for the full amount of all remaining Liabilities and expenses
covered by this ARTICLE IX after the application of Section 9.07(a), to the full extent of its obligations under
this ARTICLE IX and to the extent of the Company’s assets legally available to satisfy such obligations, without regard
to any rights such Covered Person may have against the Last Resort Indemnitors; and

 

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(c)          the
Last Resort Indemnitors, if any, are the indemnitors of last resort and shall be obligated to indemnify such Covered Person for
any remaining Liabilities and expenses covered by this ARTICLE IX only after the application of Section 9.07(a) and
Section 9.07(b).  No advancement or payment by any Last Resort Indemnitors on behalf of a Covered Person with respect
to any Liability or expense covered by the other subsections of this ARTICLE IX shall affect the foregoing and such Last
Resort Indemnitors shall have a right of contribution or be subrogated to the extent of such advancement or payment to all of the
rights of recovery of such Covered Person against the Company.  The Last Resort Indemnitors, if any, are express third
party beneficiaries of the terms of this Section 9.07.

 

Section 9.08         Insurance.  The
Company may cause to be maintained directors’ and officers’ insurance, at its expense to protect itself and each Manager
and Officer, and any Covered Person in accordance with this ARTICLE IX.

 

Section 9.09         Severability.  The
provisions of this ARTICLE IX are intended to comply with the Act.  To the extent that any provision of this
ARTICLE IX authorizes or requires indemnification or the advancement of expenses contrary to the Act or the Certificate,
the Company’s power or obligation to indemnify or advance expenses under such provision shall be limited to that permitted
by the Act and the Certificate, and any limitation required by the Act or the Certificate shall not affect the validity of any
other provision of this ARTICLE IX.

 

ARTICLE
X

DUTIES OF MEMBERS, MANAGERS AND OFFICERS

 

Section 10.01         Fiduciary
Duties; Limitation of Liability.

 

(a)          To
the maximum extent permitted by applicable Law and notwithstanding any provision of this Agreement to the contrary the Members
and the Company agree as follows:

 

(i)          No
Member, in its capacity as a Member, shall have any fiduciary or other duty (and each of the Company and the Members hereby waives
any and all such duties) to the Company, any other Member, any Manager or any other Person that is a party to or is otherwise bound
by this Agreement other than the implied contractual covenant of good faith and fair dealing.

 

(ii)         To
the maximum extent permitted by applicable Law, whenever a Member, in its capacity as a Member, is permitted or required to make
a decision or take an action or omit to take an action (including wherever in this Agreement that any Member is permitted or required
to make, grant or take a determination, a decision, consent, vote, judgment or action at its “discretion,” “sole
discretion” or under a grant of similar authority or latitude), such Member shall be entitled to consider only such interests
and factors, including its own, as it desires, and shall have no duty or obligation to give any consideration to any other interest
or factors whatsoever.  To the maximum extent permitted by applicable Law, no Member shall be liable to the Company or
to any other Member for losses sustained or liabilities incurred as a result of any act or omission (in relation to the Company,
any transaction, any investment or any business decision or action, including for breach of duties including fiduciary duties)
taken or omitted by such Member, unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction
determining that, in respect of such act or omission, and taking into account the acknowledgments and agreements set forth in this
Agreement, such Member engaged in bad faith, fraud, willful misconduct or criminal wrongdoing.

 

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(iii)        No
Manager or Management Committee Alternate (in such Person’s capacity as a Manager or Management Committee Alternate) shall
have any fiduciary or other duty (and each Member and the Company hereby waive any and all such duties) to the Company, any Member,
any other Manager or Management Committee Alternate or any other Person that is a party to or is otherwise bound by this Agreement
other than the implied contractual covenant of good faith and fair dealing.  To the maximum extent permitted by applicable
Law, no Manager or Management Committee Alternate (in such Person’s capacity as a Manager or Management Committee Alternate)
shall be liable to the Company or to any Member for losses sustained or liabilities incurred as a result of any act or omission
(in relation to the Company, any transaction, any investment or any business decision or action, including for breach of duties
including fiduciary duties) taken or omitted by such Manager or Management Committee Alternate (in such Person’s capacity
as a Manager or Management Committee Alternate), unless there has been a final and non-appealable judgment entered by a court of
competent jurisdiction determining that, in respect of such act or omission, and taking into account the acknowledgments and agreements
set forth in this Agreement, such Manager or Management Committee Alternate (in such Person’s capacity as a Manager or Management
Committee Alternate) engaged in bad faith, fraud, willful misconduct or criminal wrongdoing.  Each Member acknowledges
and agrees that any Manager or Management Committee Alternate designated by a Member pursuant to Section 8.02(a) shall serve
in such capacity to represent the interests of the Member that designated such Manager or Management Committee Alternate and shall
be entitled to consider only such interests (including the interests of the Member that designated such Manager or Management Committee
Alternate) and factors specified by the Member that designated such Manager or Management Committee Alternate.  To the
maximum extent permitted by applicable Law, a Manager or Management Committee Alternate, in performing his or her duties and obligations
as a Manager or Management Committee Alternate under this Agreement, shall be entitled to act or omit to act at the direction of
the Member that appointed such Manager or Management Committee Alternate, considering only such factors, including the separate
interests of such appointing Member, as such Manager, Management Committee Alternate or Member chooses to consider, and any action
of a Manager or Management Committee Alternate or failure to act, taken or omitted in good faith reliance on the foregoing provision
shall not, as between the Company and the other Member, on the one hand, and such Manager or Management Committee Alternate and
the appointing Member, on the other hand, constitute a breach of any duty (including any fiduciary or other similar duty, to the
extent that such duty exists under the Act or any other applicable Law, rule or regulation) on the part of such Manager, Management
Committee Alternate or appointing Member, or any other Manager, Management Committee Alternate or Member.

 

    	 	42	 

     

    

 

(iv)        No
Officer (in such Person’s capacity as an Officer) shall have any fiduciary or other duty (and each Member and the Company
hereby waive any and all such duties) to the Company, any Member, any Manager, any Officer or any other Person that is a party
to or is otherwise bound by this Agreement other than the implied contractual covenant of good faith and fair dealing.  To
the maximum extent permitted by applicable Law, no Officer (in such Person’s capacity as an Officer) shall be liable to the
Company or to any Member for losses sustained or liabilities incurred as a result of any act or omission (in relation to the Company,
any transaction, any investment or any business decision or action, including for breach of duties including fiduciary duties)
taken or omitted by such Officer (in such Person’s capacity as an Officer), unless there has been a final and non-appealable
judgment entered by a court of competent jurisdiction determining that, in respect of such act or omission, and taking into account
the acknowledgments and agreements set forth in this Agreement, such Officer (in such Person’s capacity as an Officer) engaged
in bad faith, fraud, willful misconduct or criminal wrongdoing.

 

(b)          Each
Member Covered Person may rely on (i) any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, bond, debenture, paper, document, signature or writing reasonably believed by it to be genuine, (ii) any certificate
signed by an officer, agent or representative of any Person in order to ascertain any fact with respect to such Person or within
such Person’s knowledge, and (iii) the provisions of this Agreement and the advice of counsel, accountants and other
professionals that is provided to the Company or such Member Covered Person and, in each case, such Member Covered Person shall
not be liable to the Company or to any other Member for such reliance, provided that, there has not been a final and non-appealable
judgment entered by a court of competent jurisdiction determining that, in respect of such reliance, and taking into account the
acknowledgments and agreements set forth in this Agreement, such Member Covered Person engaged in bad faith, fraud, willful misconduct
or criminal wrongdoing.

 

(c)          Each
Manager and Management Committee Alternate (in such Person’s capacity as a Manager or Management Committee Alternate) may
rely on (i) any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture,
paper, document, signature or writing reasonably believed by it to be genuine, (ii) any certificate signed by an officer,
agent or representative of any Person in order to ascertain any fact with respect to such Person or within such Person’s
knowledge, and (iii) the provisions of this Agreement and the advice of counsel, accountants and other professionals that
is provided to the Company or such Manager or Management Committee Alternate and, in each case, such Manager or Management Committee
Alternate shall not be liable to the Company or to any Member for such reliance, provided that, there has not been a final
and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of such reliance, and taking
into account the acknowledgments and agreements set forth in this Agreement, such Manager or Management Committee Alternate engaged
in bad faith, fraud, willful misconduct or criminal wrongdoing.

 

    	 	43	 

     

    

 

(d)          Each
Officer (in such Person’s capacity as an Officer) may rely on (i) any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, debenture, paper, document, signature or writing reasonably believed by
it to be genuine, (ii) any certificate signed by an officer, agent or representative of any Person in order to ascertain any
fact with respect to such Person or within such Person’s knowledge, and (iii) the provisions of this Agreement and the
advice of counsel, accountants and other professionals that is provided to the Company or such Officer and, in each case, such
Officer shall not be liable to the Company or to any Member for such reliance, provided that, there has not been a final
and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of such reliance, and taking
into account the acknowledgments and agreements set forth in this Agreement, such Officer engaged in bad faith, fraud or willful
misconduct or criminal wrongdoing.

 

(e)          Notwithstanding
anything in this Agreement to contrary, nothing in this ARTICLE X shall limit or waive any claims against, actions, rights
to sue, other remedies or other recourse the Company, any Member or any other Person may have against any Member, Manager or Officer
for a breach of contract claim relating to any binding agreement.

 

ARTICLE
XI

INSURANCE

 

Section 11.01         Company
Insurance.  The Company may, as determined by the Management Committee in accordance
with Section 8.01(b), obtain and maintain in effect liability insurance insuring against all insurable risks related to
and arising out of the conduct of the business of the Company including comprehensive general liability insurance.

 

Section 11.02         Member
Insurance.  A Member may purchase or arrange for insurance or a self-funded or self-insurance
program to provide insurance coverage for the value of its Units in excess of or not covered by the insurance maintained by the
Company, the benefit of which may accrue to such Member with respect to such Units.  For purchased insurance or any
other type of insurance or self-insurance arranged to cover such loss, each Member shall waive rights of recovery and shall cause
its insurers to waive rights of subrogation in favor of the Company and its Subsidiaries and the Members. All insurance deductibles,
retentions, self-insured fronting arrangements, self-insurance or similar program cost and expense applicable to such coverage
shall be the sole responsibility of the Member obtaining such insurance.  Each Member hereby agrees to make cash contributions
to the Company pursuant to Section 5.02 in order to fund the costs of any claim or liability for which insurance proceeds
are reasonably expected to be received from any such insurance policies maintained by a Member under this Section 11.02.
Subject to the foregoing sentence, each Member also hereby agrees to contribute to the Company the proceeds of any such insurance
policies upon receipt of such proceeds, to the extent such Member has not already made cash contributions to the Company pursuant
to Section 5.02 in order to fund the costs of any claim or liability for which such insurance proceeds are received.

 

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ARTICLE
XII

LIMITATIONS ON TRANSFERS

 

Section 12.01         Transfer
of Units.

 

(a)          Subject
to the other provisions set forth in this Agreement, any Member may Transfer its Units; provided that, if such Member does
not Transfer all of its Units pursuant to such Transfer, it must (i) Transfer 10% or more of the outstanding Units pursuant to
such Transfer, and (ii) following such Transfer, retain at least 10% of the outstanding Units; and provided, further,
that Enbridge and Marathon acknowledge that a Transfer by Enbridge that would result in a Change of Control (as defined in the
Bakken Investments LLC Agreement) of the Company and trigger a right of first refusal under the Bakken Investments LLC Agreement
for the benefit of Bakken Holdings to acquire all of the membership interests in Bakken Investments held by the Company. Any attempted
Transfer of Units other than in compliance with this Agreement (including a Transfer not in compliance with the foregoing proviso)
shall be null and void and of no force or effect.  Any Member that Transfers any of its Units shall promptly provide
written notice thereof to the Company and to the other Member.  Notwithstanding anything to the contrary in this Agreement,
a Member and its Affiliates to which any Units have been issued or Transferred shall collectively be entitled to the rights and
subject to the obligations of such Member pursuant to this Agreement and, for all purposes of this Agreement (including the determination
of such Member’s Percentage Interest and its entitlement to designate Managers pursuant to Section 8.02(a) and the
determination of the Total Votes of such Member and its Affiliates pursuant to Section 8.03(a)), such Member and such Affiliates
shall be deemed to be, and shall be treated as, one and the same Member.

 

(b)          A
transferring Member shall, notwithstanding the Transfer, be liable to the Company and the other Member for its obligation to fund
in accordance with Section 5.02 its portion of any contributions required to be made pursuant to any Call Notice delivered
pursuant to Section 5.02, in each case accrued under this Agreement on or prior to the effective date of such Transfer,
but shall be released from any other obligations thereafter accruing under this Agreement with respect to its Units being Transferred.
In addition to the foregoing, each transferring Member shall, notwithstanding the Transfer, be entitled to any distributions made
by the Company pursuant to this Agreement to the extent the same were accrued on or prior to the effective date of such Transfer.  

 

(c)          Each
Member that is an entity that was formed for the sole or principal purpose of directly or indirectly acquiring Units or an entity
whose principal asset is its Units, or direct or indirect interests in Units, agrees that it will not permit dispositions of Equity
Interests in such Member in a single transaction or series of related transactions if such dispositions collectively would result
in Equity Interests in such Member being owned or Controlled by a Person or Persons that do not own or Control Equity Interests
in such Member as of the date that such Member became a Member; provided, however, that, notwithstanding anything
to the contrary in this Agreement, (i) the Equity Interests of Marathon may be Transferred to any of its Wholly-Owned Affiliates
or any Subsidiary of MPLX LP without restriction and without any breach or violation of this Agreement and (ii) in furtherance
of the foregoing, the Company and the Members acknowledge and agree that none of the rights and obligations set forth in this ARTICLE
XII shall apply to any such Transfer.

 

Section 12.02         Conditions
Precedent to a Transfer of Units.  Each Transfer of Units shall be subject to
the terms hereof, and, as a condition precedent to the Company recognizing such Transfer, each transferor must satisfy all of
the requirements (including the proportionate Transfer of its funding obligations) and not violate any of the Transfer restrictions
set forth in Section 12.01, and each Transfer must meet the following conditions to the reasonable satisfaction of the
Managers designated by the non-transferring Member:

 

    	 	45	 

     

    

 

(a)          Except
in the case of a Transfer involuntarily by operation of Law, the transferor and transferee shall execute and deliver to the Company
such documents and instruments of conveyance as may be reasonably necessary or appropriate to affect such Transfer.  In
the case of a Transfer involuntarily by operation of Law, the Transfer shall be confirmed by presentation to the Company of legal
evidence of such Transfer, in form and substance reasonably satisfactory to counsel to the Company.  In all cases, the
Company shall be reimbursed by the transferor or transferee for all reasonable costs and expenses that it incurs in connection
with such Transfer.

 

(b)          The
transferor and transferee shall furnish the Company with the transferee’s taxpayer identification number, sufficient information
to determine the transferee’s initial tax basis in the Units transferred and any other information reasonably necessary to
permit the Company to file all required federal and state tax returns and other legally required information statements or returns.  Without
limiting the generality of the foregoing, the Company shall not be required to make any distribution otherwise provided for in
this Agreement with respect to any transferred Units until it has received such information.

 

(c)          The
transferee shall deliver, or cause to be delivered, a guaranty, in the form attached hereto as Exhibit B, from such transferee’s
ultimate parent company, as approved by the Management Committee in accordance with Section 8.01(b), in favor of the Company
of all of the transferee’s respective contribution obligations under Section 5.02(a)  in respect of the
transferred Units, to the extent assumed by such transferee or arising on or after the effective date of such Transfer.

 

(d)          Such
Transfer shall be exempt from all applicable registration requirements and such Transfer may not violate any applicable Laws regulating
the transfer of securities, including the Securities Act.

 

(e)          Such
Transfer will not cause the Company to be deemed to be an “investment company” under the Investment Company Act of
1940.

 

(f)          Subject
to Section 8.01(b) and Section 14.05, the transferor, the transferee and the non-transferring Member shall, if necessary,
have amended, restated, modified or waived, as applicable, any provision of this Agreement that they may have determined in good
faith to be necessary or desirable in order to facilitate such Transfer, reflect terms and conditions with respect to the ongoing
regulation and management of the Company and provide for the relative rights and obligations of such transferor, such transferee
and such Member with respect to the Company, in each case, including any such amendments, restatements, modifications or waivers
as may be necessary in order to provide for the circumstance that, following such Transfer, there shall be more than two Members;
provided, however, that the Members hereby acknowledge and agree that this Section 12.02(f) shall in no event
be deemed to limit or otherwise affect the rights of a Member with respect to any Transfer of its Units in accordance with the
express terms and conditions of this Agreement.

 

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Section 12.03         Admission
of Substitute Members.  Upon compliance with all of the provisions of this Agreement
regarding Transfers and the delivery to the Company by a transferee of an executed addendum agreement in the form attached as
Exhibit D (an “Addendum Agreement”), (a) such transferee shall be deemed to be a party hereto
and a Member to the extent of the transferred Units as if such transferee were the transferor and such transferee’s signature
appeared on the signature pages of this Agreement, and shall be deemed to be a Substitute Member to the extent of the transferred
Units and (b) the applicable transferor shall thereafter cease to be a Member to the extent of the Units so transferred.

 

Section 12.04         Issuance
of Units; Issuance of Additional Units; Admission of Additional Members.

 

(a)          Subject
to Section 8.01(b), the Company may create and authorize such additional classes of Units having such designations, preferences
and relative rights, powers and duties as the Management Committee, with Unanimous Management Committee Approval, shall determine
and may also admit an Additional Member to the Company by issuing Units to such Additional Member.  Such Additional Member
shall be admitted to the Company with all the rights and obligations of a Member if such Additional Member shall have executed
and delivered to the Company (i) an Addendum Agreement, and (ii) such other documents or instruments as may be required
in the Management Committee’s reasonable judgment to effect the admission.  No issuance of Units otherwise permitted
or required by this Agreement shall be effective, and no purchaser of any such issued Units from the Company shall be deemed to
be a Member, if the foregoing conditions are not satisfied.  Subject to Section 8.01(b) and Section 14.05,
the Members shall, if necessary, amend, restate, modify or waive, as applicable, any provision of this Agreement that they may
determine in good faith to be necessary or desirable in order to facilitate the creation of any class of Units or the admission
of any such Additional Member, reflect terms and conditions with respect to the ongoing regulation and management of the Company
and provide for the relative rights and obligations of such Additional Member and such continuing Members with respect to the Company.

 

(b)          In
the event the Company issues additional Units pursuant to Section 12.04(a), each Member shall be entitled to purchase its
pro rata share (based upon its Percentage Interest) of such Units, other than issuances of Equity Interests as consideration
in an acquisition or other strategic transaction.  If fewer than all Members so elect to purchase such additional Units,
each Member that desires to purchase such additional Units shall be entitled to purchase a number of such additional Units equal
to the product of (i) the number of such additional Units, multiplied by (ii) a fraction, the numerator of which
is the number of Units held by such Member, and the denominator of which is the aggregate number of Units held by all Members that
desire to purchase such additional Units.

 

Section 12.05         Rights
and Obligations of Additional Members and Substitute Members.

 

(a)          A
transferee of Units that has been admitted as a Substitute Member or a purchaser of any newly issued Units from the Company that
has been admitted as an Additional Member in accordance with Section 12.03 or Section 12.04, as applicable, shall
have all the rights and powers and be subject to all the restrictions and Liabilities under this Agreement relating to a Member
holding Units, including the obligation to fund such Additional Member’s or Substituted Member’s proportion of any
capital contributions pursuant to Section 5.02.

 

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(b)          Admission
of an Additional Member or Substitute Member shall become effective on the date such Person’s name is recorded in the Member
Schedule and on the other books and records of the Company, which shall occur no later than the date such Person has satisfied
the requirements for becoming a Substitute Member or Additional Member set forth in Section 12.03 or Section 12.04,
as applicable.  Upon the admission of an Additional Member or Substitute Member, the Company shall, without the consent
of any other Person, revise the Member Schedule to (i) reflect the name and address of, and Units held by, such Additional
Member or Substitute Member, (ii) eliminate or adjust, if necessary, the name, address, and Units of the predecessor of such
Substitute Member, and (iii) adjust the Percentage Interest of each Member.

 

Section 12.06         No
Other Persons Deemed Members.  Unless admitted to the Company as a Substitute Member or Additional Member as provided
in this Agreement, no Person (including an assignee of rights with respect to Units or a transferee of Units, whether voluntary,
by operation of Law or otherwise) shall be, or shall be considered, a Member.  The Company may elect to deal only with
Persons admitted to the Company as Members as provided in this Agreement (including their duly authorized representatives).  Any
distribution by the Company to the Person shown on the Member Schedule as a Member, or to its legal representatives, shall relieve
the Company of all Liability to any other Person who may have an interest in such distribution by reason of any Transfer by the
Member or for any other reason.

 

Section 12.07         Tag-Along
Transactions.

 

(a)          In
the event that any Member (the “Initiating Holder”) determines to effect, approve or otherwise take any action
that would cause the occurrence of a sale, disposition, or other Transfer of such Member’s Units (other than to an Affiliate
of such Member), and if such Transfer is otherwise permitted by this Agreement, the Initiating Holder shall deliver written notice
(a “Sale Notice”) to each other Member (each, a “Tag-Along Seller”) and the Company, in accordance
with Section 14.01, at least 10 Business Days prior to the consummation of such transaction, offering the Tag-Along Seller
the opportunity to participate in such transaction to the extent provided in this Section 12.07.  The Sale Notice
shall contain a description of the material terms and conditions of the transaction between a Third Party purchaser and the Initiating
Holder, including the names of the parties to the proposed transaction, the proposed amount and form of consideration and the terms
of any representations, warranties, covenants and indemnification to be provided by the Initiating Holder.

 

(b)          The
Tag-Along Seller may, by written notice to the Initiating Holder delivered within five Business Days after delivery of the Sale
Notice to the Tag-Along Seller, elect to sell its pro rata portion (based upon its Percentage Interest) of the Units proposed
to be sold by the Initiating Holder in such transaction and, upon delivery of such notice, the Tag-Along Seller shall be obligated
to Transfer to the Third Party purchaser (subject to the other terms of this Section 12.07), at the closing of such transaction,
its pro rata portion (based upon its Percentage Interest) of such Units and the Units to be sold by the Initiating Holder shall
be correspondingly reduced.  A Tag-Along Seller so electing to participate in the sale of Units pursuant to this Section
12.07 shall be required to provide such representations, warranties and indemnities that the Initiating Holder has agreed to
provide to such Third Party purchaser, and shall otherwise sell its Units on the same terms as those upon which the Initiating
Holder is selling its Units to such Third Party purchaser.

 

    	 	48	 

     

    

 

(c)          In
connection with any transaction in which the Tag-Along Seller elects to participate pursuant to this Section 12.07, the
Tag-Along Seller will take all necessary or desirable actions reasonably requested by the Initiating Holder and/or the Company
in connection with the consummation of such transaction, including executing and delivering the applicable transaction documents.

 

(d)          The
Tag-Along Seller shall not, except as required by applicable Law, disclose to any Person any information related to such transaction
(including, without limitation, the fact that discussions or negotiations are taking place concerning such transaction, or any
of the terms, conditions or other facts with respect to such transaction).

 

(e)          At
the closing of any such transaction in which the Tag-Along Seller has exercised its rights under this Section 12.07, the
Tag-Along Seller shall deliver at such closing certificates or other documentation (or other evidence thereof reasonably acceptable
to the Transferee) representing such Tag-Along Seller’s Units to be sold, duly endorsed for transfer or accompanied by duly
endorsed instruments of transfer, and such other documents as are deemed reasonably necessary by the Initiating Holder, the Transferee
and/or the Company for the proper transfer of such Units on the books of the Company.

 

(f)          If
any such transaction is consummated, the Initiating Holder and the Tag-Along Seller will receive that portion of the aggregate
consideration paid by the Third Party purchaser in respect of all Units involved in such transaction to which such Person would
be entitled if an amount equal to the aggregate consideration were distributed to such Persons in accordance with the provisions
of Section 7.01, and shall bear its pro rata share (based upon the aggregate consideration to be paid to such Member) of
the costs and expenses of any such transaction to the extent such costs and expenses are incurred for the benefit of all such Members
and are not otherwise paid by the Company or the Transferee.  Costs and expenses incurred by any such Member on its own
behalf will not be considered costs of such transaction and will be borne solely by such Member.

 

(g)          Subject
to the provisions of this Section 12.07, the Initiating Holder shall have complete discretion over the terms and conditions
of any such transaction, including price, payment terms, conditions to closing, representations, warranties, affirmative covenants,
negative covenants, indemnification, holdbacks and escrows.  The Initiating Holder shall not have any liability hereunder
if any such transaction is not consummated for any reason.

 

(h)          Enbridge
shall have the right in connection with a prospective transaction subject to this Section 13.07 to require the Company
to cooperate fully with potential acquirers in such prospective transaction by taking all customary and other actions reasonably
requested by Enbridge or such potential acquirers, including making the Company’s properties, books and records, and other
assets reasonably available for inspection by such potential acquirers, establishing a physical or electronic data room including
materials customarily made available to potential acquirers in connection with such processes and making its employees reasonably
available for presentations, interviews and other diligence activities, in each case subject to reasonable and customary confidentiality
provisions.  Notwithstanding anything to the contrary in this Agreement, no Unanimous Management Committee Approval shall
be required in connection with any action taken by the Company pursuant to this Section 12.07(h).

 

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(i)          If
the Tag-Along Seller elects to participate in such a transaction and such Tag-Along Seller breaches in any material respect any
of its obligations under this Section 12.07 or under any of the applicable transaction documents, then such Tag-Along Seller
will not, without the consent of the Initiating Holder (which may be withheld in its sole discretion), be permitted to participate
in such transaction, and the Initiating Holder can proceed to close such transaction excluding the sale of such Tag-Along Seller’s
Units therefrom.

 

Section 12.08         Right
of First Refusal.  Except in connection with a Transfer of Units by a Member to a
Wholly-Owned Affiliate of such Member, any Transfer of Units by a Member shall be subject to the following procedure.  Once
the final terms and conditions of a Transfer have been fully negotiated and are binding on the parties thereto (subject only to
the rights of the non-transferring Members pursuant to this Section 12.08 and other customary conditions precedent to the
consummation of such Transfer), the Transferor shall promptly disclose all such final terms and conditions as are relevant to
the sale of its Units in a notice to the other Member, which notice shall be accompanied by a copy of all instruments or relevant
portions of instruments establishing such terms and conditions.  Such other Member shall have the right to, collectively,
acquire all but not less than all of the Units subject to the proposed Transfer from the Transferor on the terms and conditions
disclosed by the Transferor pursuant to this Section 12.08, if, within 30 days of delivery by the Transferor of such notice,
one or more of the other Members delivers to the Transferor a counter-notification that it accepts such terms and conditions without
reservations or conditions.  If the non-Transferring Member does not deliver such counter-notification within such time,
such Transfer to the proposed Transferee may proceed without further notice, subject to the other provisions of this Agreement,
under terms and conditions no more favorable to the Transferee than those set forth in the notice to the non-Transferring Members;
provided that such Transfer shall be concluded within 120 days from the date of the notice.  If such Transfer
is not concluded within such period and the parties thereto desire thereafter to proceed with such proposed Transfer, the Transferor
shall be required to re-offer the subject Units to the other Member in accordance with the terms and conditions of this Section
12.08.  No Member shall have a right under this Section 12.08 to acquire any asset other than Units, and
no Member shall be required to acquire any asset other than Units regardless of whether other properties are included in the subject
Transfer.

 

Section 12.09         Transfer
and Exchange.  When Units are presented to the Company with a request to register
the Transfer of such Units or to exchange such Units for Units of other authorized denominations, the Company shall register the
Transfer or make the exchange as requested if the requirements of this Agreement for such transaction are met; provided,
however, that the Units surrendered for Transfer or exchange shall be duly endorsed or accompanied by a written instrument
of Transfer in form satisfactory to the Company, duly executed by the holder thereof or its attorney in fact and duly authorized
in writing.  No service charge shall be made for any registration of Transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith.

 

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Section 12.10         No
Taxation as a Corporation.  No
Member shall Transfer all or any part of its Units in such a manner that, after the Transfer, the Company would become taxable
as a corporation for U.S. federal income tax purposes.

 

Section 12.11         Amendments
to this Agreement.  Subject to Section 8.01(b) and Section
14.05 the Members shall, if necessary, amend, restate, modify or waive, as applicable, any provision of this Agreement that
they may determine in good faith to be necessary or desirable in order to facilitate an admission of a Member in accordance with
the terms of this Agreement, to reflect terms and conditions with respect to the ongoing regulation and management of the Company,
and to provide for the relative rights and obligations of any additional Member and the continuing Members with respect to the
Company.

 

Section 12.12         No
Encumbrances by Members.  Except with respect to Encumbrances in connection with indebtedness
for borrowed money, no Member shall be permitted to Encumber its Units.

 

ARTICLE
XIII

DISSOLUTION AND LIQUIDATION

 

Section 13.01         Dissolution.  The
Company shall be dissolved and its affairs wound up only upon the occurrence of one or more of the following events:

 

(a)          a
dissolution of the Company is approved pursuant to Section 8.01(b);

 

(b)          the
sale or other final disposition by the Company of all or substantially all of the Assets and the collection of all amounts derived
from such sale or disposition (including all amounts payable to the Company under any promissory notes or other evidences of indebtedness);
or

 

(c)          the
entry of a decree of judicial dissolution under the Act.

 

For the avoidance of doubt, the bankruptcy
or dissolution of any Member or Affiliate of any Member or the occurrence of any other event that terminates the continued membership
of any Member shall not cause the Company to be dissolved or its affairs to be wound up, and upon the occurrence of any such event,
the Company shall be continued without dissolution.

 

Section 13.02         Notice
of Dissolution.  Upon the dissolution of the Company, the Management Committee shall
promptly notify the Members of such dissolution.

 

Section 13.03         Liquidation
Upon Dissolution.

 

(a)          Upon
dissolution of the Company, the Management Committee (in such capacity, the “Liquidating Trustee”) shall carry
out the winding up of the Company and shall immediately commence to wind up such affairs; provided, however, that
a reasonable time shall be allowed for the orderly liquidation of the Assets and the satisfaction of liabilities to creditors so
as to enable the Members to minimize the normal losses attendant upon a liquidation.  The proceeds of liquidation shall
be applied first to payment of all expenses and debts of the Company and setting up of such reserves as the Management Committee
reasonably deems necessary to wind up the Company’s affairs and to provide for any contingent liabilities or obligations
of the Company.  Any remaining proceeds shall be distributed to the Members in accordance with their respective Capital
Account balances after giving effect to the allocations required by Section 6.02 and Section 6.03 and the allocations
of Net Profits and Net Losses pursuant to Section 13.03(b).

 

    	 	51	 

     

    

 

(b)          The
Net Profits and Net Losses and other items of income, gain, loss and deduction attributable to the Company shall be allocated between
the Members so that, to the maximum extent possible, each Member’s Capital Account balance equals the amount of cash that
would be distributed to such Member if liquidating distributions were made in accordance with Section 7.01.

 

Section 13.04         Termination.  The
Company shall terminate when all of the Assets, after payment of or due provision for all debts, liabilities and obligations of
the Company, shall have been distributed to the Members in the manner provided for in this ARTICLE XIII and the Certificate
shall have been canceled, or such other documents required under the Act to be executed and filed with the Secretary of State
of the State of Delaware have been so executed and filed, in the manner required by the Act.

 

Section 13.05         No
Obligation to Restore Capital Accounts.  In the event any Member has a deficit balance
in any of its Capital Account at the time of the Company’s dissolution and following the application of Section 13.03(b),
it shall not be required to restore such account to a positive balance or otherwise make any payments to the Company or its creditors
or other Third Parties in respect of such deficiency.

 

Section 13.06         Distributions
in Kind.  If any Assets are to be distributed in kind, such Assets shall be distributed
to the Members as tenants-in-common in the same proportions as such Members would have been entitled to cash distributions if
such Assets had been sold for cash by the Company at the Fair Market Value of such Assets.  Notwithstanding the foregoing,
the Members shall have the right to assign their interest to such in-kind distribution to any Person.

 

ARTICLE
XIV

MISCELLANEOUS PROVISIONS

 

Section 14.01         Notices.  All
notices provided for or permitted to be given pursuant to this Agreement must be in writing and shall be given or served by (a) depositing
the same in the United States mail addressed to the party to be notified, postpaid and certified with return receipt requested,
(b) depositing the same with a national overnight delivery service company that tracks deliveries, addressed to the party
to be notified, with all charges paid and proof of receipt requested, (c) by delivering such notice in person to such party,
or (d) by facsimile or email transmission (with email delivery confirmation).  All notices are to be sent to or
made at the addresses set forth in Schedule I attached hereto.  All notices given in accordance with this
Agreement shall be effective upon delivery at the address of the addressee.  Each Member shall have the right from time
to time to change his, her or its address by written notice to the other Member(s).

 

    	 	52	 

     

    

 

Section 14.02         Governing
Law.  This Agreement and the obligations of the Members hereunder shall be construed
and enforced in accordance with the Laws of the State of Delaware, excluding any conflicts of law rule or principle that might
refer such construction to the Laws of another state or country.

 

Section 14.03         Dispute
Resolution.  Claims and controversies arising out of or relating to this Agreement
shall be determined and resolved in accordance with the following procedures:

 

(a)          Any
Claim arising out of or relating to this Agreement, including the meaning of its provisions, or the proper performance of any of
its terms, its breach, termination or invalidity (each, a “Dispute”) shall be resolved in accordance with the
procedures specified in this Section 14.03, which until the completion of the procedures set forth in Section 14.03(c)
shall be the sole and exclusive procedure for the resolution of any such Dispute, except that any party, without prejudice to the
following procedures, may file a complaint to seek preliminary injunctive or other provisional judicial relief, if in its sole
judgment that action is necessary to avoid irreparable damage or to preserve the status quo.  Despite that action the
parties shall continue to participate in good faith in the procedures specified in this Section 14.03.

 

(b)          Any
party wishing to initiate the dispute resolution procedures set forth in this Section 14.03 with respect to a Dispute not
resolved in the ordinary course of business must give written notice of the Dispute to the other party (a “Dispute Notice”).  The
Dispute Notice shall include (i) a statement of that party’s position and a summary of arguments supporting that position,
and (ii) the name and title of the executive who will represent that party and of any other Person who will accompany the
executive in the negotiations under Section 14.03(c).

 

(c)          If
any party has given a Dispute Notice under Section 14.03(b), the parties shall attempt in good faith to resolve the Dispute
within 30 days of the delivery of the Dispute Notice (such period, the “Negotiation Period”) by negotiations
between executives who have authority to settle the Dispute and who are at a Senior Vice President or higher level of management
than the Persons with direct responsibility for administration of this Agreement or the matter in Dispute.  Within 15
days after delivery of the Dispute Notice, the receiving party shall submit to the other a written response.  The response
shall include (i) a statement of that party’s position and a summary of arguments supporting that position and (ii) the
name and title of the executive who will represent that party and of any other Person who will accompany the executive.  During
the Negotiation Period, such executives of the parties shall meet at least weekly, at a mutually acceptable time and place, and
thereafter during the Negotiation Period as more often as they reasonably deem necessary, to attempt to resolve the Dispute.

 

(d)          All
applicable statutes of limitation and defenses based upon the passage of time shall be tolled while the procedures specified in
Section 14.03(c) are pending.  The parties shall take any action required to effectuate that tolling.  Each
party is required to continue to perform its obligations under this Agreement pending completion of the procedures set forth in
Section 14.03(c), unless to do so would be impossible or impracticable under the circumstances.

 

    	 	53	 

     

    

 

(e)          Any
Dispute that cannot be resolved during the Negotiation Period may, at the option of any party hereto, be resolved and decided by
the Federal or State courts located in Harris County, Texas.  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 courts 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.  This consent to jurisdiction is being given solely for purposes of this Agreement and is not intended
to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this Agreement may become
involved.  Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit,
action, proceeding or counterclaim of the nature specified in this Section 14.03(e) by the mailing of a copy thereof in
the manner specified by the provisions of Section 14.01.  

 

Section 14.04         Waiver
of Jury Trial.  EACH PARTY TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY
WAIVES TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, RELATING TO, OR ARISING OUT OF THIS AGREEMENT
OR ANY ANCILLARY AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR THE VALIDITY, PROTECTION, INTERPRETATION,
COLLECTION OR ENFORCEMENT HEREOF OR THEREOF.

 

Section 14.05         Entire
Agreement; Amendments.  This Agreement, together with its Exhibits and Schedules,
constitutes the entire agreement among the Members relative to the governance of the Company and supersedes all prior contracts
or agreements with respect to the Company, whether oral or written.  Subject to Section 8.01(b), no amendment
of this Agreement shall be valid or binding upon any Member, nor shall any waiver of any term of this Agreement be effective,
unless such amendment or waiver is in writing and signed by each Member.

 

Section 14.06         Confidentiality.

 

(a)          Each
Member agrees that this Agreement and the terms and conditions contained herein and all proprietary, confidential or other non-public
information received from or otherwise relating to, the Company or its Subsidiaries, the other Member, or any Third Party who has
entrusted the Company with confidential information with the expectation that such information will be kept confidential, is confidential
and that such Member shall not, and shall cause its Affiliates and any Managers appointed by it or its Affiliates not to (i) disclose
or otherwise release such information to any other Person or (ii) use such information for anything other than as necessary
and appropriate in carrying out the Business, in each case, without the prior consent of the Company or, in the case of proprietary,
confidential information about any Member, without the prior consent of such Member; provided, however, that nothing
in this Agreement shall restrict any Member (or other Person referred to above) from disclosing information (A) that is already
publicly available through no breach by such Member (or other Person referred to above), (B) that was or becomes known to
such Person other than as a result of disclosure by or on behalf of the Company or any of its Subsidiaries or a party subject to
contractual, fiduciary or other disclosure obligations with respect to such information or is independently developed by such Person
without reference to such information, (C) to the extent required by applicable Law or rule or regulation of any Governmental
Authority or stock exchange rules, (D) in response to any summons or subpoena or discovery or similar request by or before
any court, arbitrator or Governmental Authority or pursuant to a request by a regulatory authority having jurisdiction over the
business of such Person; provided that with respect to any disclosure pursuant to this clause (D), such Member
or other Person shall use reasonable best efforts to notify the Company and the other Members in advance of such disclosure so
as to permit the Company and the other Members, as applicable, to seek a protective order or otherwise contest such disclosure,
and such Member or other Person shall use reasonable best efforts to cooperate, at the expense of the Company, with the Company
and any Members in pursuing such protective order, or (E) to such Member’s (or its Affiliates’) officers, managers,
members, investors, employees, partners, auditors, insurance broker or underwriters, counsel or other representatives, so long
as such Persons are informed of the confidential nature of such information and the terms of this Section 14.06 or are subject
to an equivalent confidentiality obligation to such Member. The obligations of the parties hereunder do not preclude any Member
from disclosing information to its beneficial owners or representatives or as it may reasonably deem to be appropriate in connection
with financial reporting.

 

    	 	54	 

     

    

 

(b)          Notwithstanding
the provisions of Section 14.06(a), the Enbridge Group shall have the right to require the Company to cooperate fully with
potential acquirors in prospective transactions by taking all customary and other actions reasonably requested, including making
the Company’s properties, books and records, and other assets reasonably available for inspection by such potential acquirors,
establishing a physical or electronic data room including materials customarily made available to potential acquirors in connection
with such processes and making its employees reasonably available for presentations, interviews and other diligence activities,
in each case, subject to reasonable and customary confidentiality provisions.  The Company shall provide assistance with
respect to these actions as reasonably requested.

 

(c)          Notwithstanding
the provisions of Section 14.06(a), the Enbridge Group shall have the right to provide proprietary, confidential or other
non-public information it has received from the Company in its capacity as a Member to any proposed Transferee in accordance with
this Agreement if (i) prior written notice is provided to the Management Committee of such Transfer to such proposed Transferee,
and (ii) such proposed Transferee has executed a confidentiality agreement in form and substance reasonably satisfactory to
the Management Committee.

 

Section 14.07         Management
Committee Deadlocks; Negotiations; Buyout Right.

 

(a)          Management
Committee Deadlocks.  If the Management Committee reaches an impasse on resolving a decision presented to the Management
Committee for approval, then any Manager who determines that such dispute is of such significance and magnitude that it requires
additional extraordinary measures to resolve, by written notice to the other Managers given within three Business Days after the
initial vote on such matter or proposal (or, if such matter or proposal is proposed to be approved by written consent in lieu of
a meeting of the Management Committee, after it is reasonably evident that such written consent will not receive such required
approval), may call a meeting of the Management Committee to reconsider such matter or proposal, such meeting to be held when,
where and as reasonably specified in said notice, but not less than three Business Days nor more than seven Business Days after
the date of such notice.  If such meeting is called and held as herein provided and the matter or proposal is offered
at such meeting again and (i) does not receive the required approval of the Management Committee for such matter or proposal
or (ii) a quorum is not present at such meeting, then any Manager may within three Business Days thereafter submit the matter
to executive negotiations in accordance with Section 14.07(b).

 

    	 	55	 

     

    

 

(b)          Executive
Negotiations.  If, at the meeting contemplated in Section 14.07(a), the Managers in good faith are unable
to agree on a course of action to address the reason for the meeting, any Manager may declare an impasse (“Impasse”)
by giving written notice to the other Managers (an “Impasse Notice”).  Within five Business Days after
receipt of such Impasse Notice, an executive of each Member (or a parent Affiliate of such Member) who has the authority to settle
the Impasse and who is at a Senior Vice President or higher level of management of such Member (or such parent Affiliate) shall
enter into good faith discussions to reach an agreement that will end the Impasse.  If a decision is not made by common
accord that ends the Impasse within 30 days after the date that such executives begin such discussions, then any Manager may declare
an impasse of such executives (a “Senior Vice President Impasse”) by giving written notice to the other Managers
(a “Senior Vice President Impasse Notice”).  Within five Business Days after receipt of such Senior
Vice President Impasse Notice, an executive of each Member (or a parent Affiliate of such Member) who has the authority to settle
the Senior Vice President Impasse and who is at an Executive Vice President or higher level of management of such Member (or such
parent Affiliate) shall enter into good faith discussions to reach an agreement that will end the Senior Vice President Impasse.  If
a decision is not made by common accord that ends the Senior Vice President Impasse within 30 days after the date that such executives
begin such discussions, then any Manager may declare an impasse of such executives (an “Executive Vice President Impasse”)
by giving written notice to the other Managers (an “Executive Vice President Impasse Notice”).  Within
five Business Days after receipt of such Executive Vice President Impasse Notice, the Chief Executive Officer of each Member (or
the ultimate parent of such Member) shall enter into good faith discussions to reach an agreement that will end the Executive Vice
President Impasse.  If a decision is not made by common accord that ends the Executive Vice President Impasse within
30 days after the date that such executives begin such discussions, then any Manager may declare an impasse of such executives
(a “Chief Executive Officer Impasse”) by giving written notice to the other Managers (a “Chief Executive
Officer Impasse Notice”), and the Chief Executive Officer Impasse shall be submitted to non-binding mediation in accordance
with Section 14.07(b).

 

(c)          Non-Binding
Mediation.  Within 20 Business Days of receipt by the Managers of a Chief Executive Officer Impasse Notice (the “Mediation
Date”), the Members shall submit the Chief Executive Officer Impasse to non-binding mediation, using any mediator upon
which the Members mutually agree, provided that any such mediator must be qualified by his or her education, training and
experience in the crude oil pipeline industry.  If the Members are unable to mutually agree upon a mediator within 10
Business Days following the receipt of the Chief Executive Officer Impasse Notice, the Chief Executive Officer Impasse shall be
referred to the Houston, Texas office of the American Arbitration Association (“AAA”) for mediation, provided
that any mediator of the AAA assigned to mediate the matter giving rise to the Chief Executive Officer Impasse must be qualified
by his or her education, training and experience in the crude oil pipeline industry.  The mediation shall be conducted
in accordance with the Commercial Arbitration Rules and the Mediation Procedures of the AAA, with such changes thereto as may be
agreed upon by the Members prior to such mediation.  The cost of the mediator will be borne equally by the Members.  If
such mediation does not result in the resolution of the Chief Executive Officer Impasse within 60 days following the submission
thereof to mediation (the “Mediation Drop Dead Date”), each Member will be entitled to exercise the rights set
forth in Section 14.07(d).

 

    	 	56	 

     

    

 

(d)          Buyout
Right.  

 

(i)          Following
completion of the procedures set forth in Section 14.07(a) through Section 14.07(c), either Member may elect, by
delivering written notice (a “Buyout Notice”) to the other Member within 30 Business Days of the Mediation Drop
Dead Date, to purchase all, but not less than all, of such other Member’s Units (the “Subject Units”)
for an amount equal to the fair market value of the Company as determined in accordance with the provisions of this Section
14.07(d) (the “Deadlock Fair Market Value”) multiplied by 1.30 and multiplied further by the Percentage
Interest represented by the Subject Units (the “Buyout Purchase Price”); provided, however, that
if both Members have provided a Buyout Notice in accordance with the foregoing, then the provision of Section 14.07(e) shall
apply.

 

(ii)         The
Deadlock Fair Market Value of any Subject Units shall be determined in accordance with the following procedure.  The
Buyout Notice will identify a nationally recognized investment banking firm retained by the proposed purchasing member, which firm
will be experienced in the valuation of companies operating in the business of crude oil pipelines and facilities similar in nature
and scope to that operated by the Company (the “Buyer Appraiser”).  On or before the 10th
day following receipt by the other Member of the Buyout Notice, the receiving Member will notify the other Member of the nationally
recognized investment banking firm experienced in the valuation of companies operating in the business of crude oil pipelines and
facilities similar in nature and scope to that operated by the Company that it has retained (the “Seller Appraiser”).  Within
10 days of the selling Member’s selection of the Seller Appraiser, the Buyer Appraiser and the Seller Appraiser will select
a third, independent, nationally recognized investment banking firm experienced in the valuation of companies operating in the
business of crude oil pipelines and facilities similar in nature and scope to that operated by the Company (the “Independent
Appraiser”) If the Independent Appraiser so chosen shall resign or otherwise fail or become unable to serve as independent
appraiser, a replacement Independent Appraiser shall be chosen by the Buyer Appraiser and the Seller Appraiser in the same manner.  The
cost of the Independent Appraiser will be borne equally by the Members, and each Member will otherwise bear the cost of the appraiser
selected by it.  The Company shall provide the Independent Appraiser with all information and data reasonably necessary
to make a determination of Deadlock Fair Market Value of the Company, subject to a customary confidentiality agreement.  The
Independent Appraiser shall report to the Members its determination of the Deadlock Fair Market Value of the Company within 30
days after appointment, and such determination shall be final and binding on both Members, absent manifest error.  

 

    	 	57	 

     

    

 

(iii)        Within
30 days of the Independent Appraiser’s determination of the Deadlock Fair Market Value, provided that the Chief Executive
Officer Impasse has not otherwise been resolved by the Members prior to such determination, the Member that delivered the Buyout
Notice (the “Purchasing Member”) shall be required to deliver the Buyout Purchase Price for the Subject Units
to the other Member (the “Selling Member”) in exchange for the Subject Units.  Unless otherwise agreed
to by the Members, the Buyout Purchase Price for the Subject Units shall be payable only in cash, by wire transfer of immediately
available funds.  The Selling Member shall not be required to provide any representations, warranties or indemnities
in connection with such sale of the Subject Units, other than customary (including with respect to qualifications) representations,
warranties and indemnities concerning (A) the Selling Member’s valid title to and ownership of the Subject Units, free of
all liens, claims and encumbrances (excluding those arising under applicable securities laws), (B) the Selling Member’s authority,
power and right to enter into and consummate such sale of the Subject Units, (C) the absence of any violation, default or acceleration
of any agreement to which the Selling Member is subject or by which its assets are bound as a result of such sale of the Subject
Units, and (D) the absence of, or compliance with, any governmental or third party consents, approvals, filings or notifications
required to be obtained or made by the Selling Member in connection with such sale of the Subject Units. Upon delivery of the Buyout
Purchase Price, the Company shall, without the consent of any other Person, revise the Member Schedule to reflect the purchase
of the Subject Units by the Purchasing Member.

 

(e)          Topping
Procedure.  

 

(i)          In
the event both Members have provided Buyout Notices within the time frame required by Section 14.07(d)(i), then within 45
Business Days following the Mediation Drop Dead Date each Member will simultaneously provide to the other Member a written notice
stating the purchase price (the “Initial Offer Price”) at which it would purchase all, but not less than all,
of the other Member’s Subject Units (a “Buyout Offer”); provided that any such Initial Offer Price
must equal or exceed the Deadlock Fair Market Value of such Subject Units multiplied by 1.30.  The Member who received
the Buyout Offer with the highest Initial Offer Price on a per Unit basis will have 30 days from receipt of such Buyout Offer to
either (A) accept the Buyout Offer, or (B) acquire the Subject Units of the offering Member at the same per Unit price as set forth
in the offering Member’s Buyout Offer (the “Topping Unit Price”).  The failure of the receiving
Member to respond within the specified time frame will be deemed to automatically constitute an acceptance of the Buyout Offer.  The
purchase price (the “Topping Purchase Price”) to be paid by the Member (the “Topping Purchasing
Member”) that acquires the Subject Units of the other Member (the “Topping Selling Member”) shall
be equal to the Topping Unit Price multiplied by the number of Subject Units then held by the Topping Selling Member.

 

    	 	58	 

     

    

 

(ii)         Within
30 days of the receiving Member’s determination (or deemed determination) to accept the Buyout Offer or to acquire the Subject
Units in accordance with Section 14.07(e)(i), the Topping Purchasing Member shall be required to deliver the Topping Purchase
Price for the Subject Units to the Topping Selling Member in exchange for the Subject Units.  Unless otherwise agreed
to by the Members, the Topping Purchase Price for the Subject Units shall be payable only in cash, by wire transfer of immediately
available funds.  The Topping Selling Member shall not be required to provide any representations, warranties or indemnities
in connection with such sale of the Subject Units, other than customary (including with respect to qualifications) representations,
warranties and indemnities concerning (A) the Topping Selling Member’s valid title to and ownership of the Subject Units,
free of all liens, claims and encumbrances (excluding those arising under applicable securities laws), (B) the Topping Selling
Member’s authority, power and right to enter into and consummate such sale of the Subject Units, (C) the absence of any violation,
default or acceleration of any agreement to which the Topping Selling Member is subject or by which its assets are bound as a result
of such sale of the Subject Units, and (D) the absence of, or compliance with, any governmental or third party consents, approvals,
filings or notifications required to be obtained or made by the Topping Selling Member in connection with such sale of the Subject
Units. Upon delivery of the Topping Purchase Price, the Company shall, without the consent of any other Person, revise the Member
Schedule to reflect the purchase of the Subject Units by the Topping Purchasing Member.  

 

Section 14.08         Waiver.  No
consent or waiver, express or implied, by any Member of any breach or default by any other Member in the performance by the other
Member of his, her or its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach
or default in the performance by such other Member of the same or any other obligation hereunder.  Failure on the part
of any Member to complain of any act or to declare any other Member in default, regardless of how long such failure continues,
shall not constitute a waiver of rights hereunder.

 

Section 14.09         Severability.  If
any provision of this Agreement or the application thereof to any Person or circumstances shall be invalid or unenforceable to
any extent, and such invalidity or unenforceability does not destroy the basis of the bargain between the parties, then the remainder
of this Agreement and the application of such provisions to other Persons or circumstances shall not be affected thereby and shall
be enforced to the greatest extent permitted by Law.

 

Section 14.10         Ownership
of Property and Right of Partition.  A Unit in the Company shall be personal property
for all purposes.  No Member shall have any right to partition the property owned by the Company.

 

Section 14.11         Successors
and Assigns.  Except as otherwise specifically provided herein, this Agreement shall
be binding upon and inure to the benefit of the Members and their respective permitted successors and assigns.

 

Section 14.12         Further
Assurances.  In connection with this Agreement and the transactions contemplated
hereby, each Member shall execute and deliver any additional documents and instruments and perform any additional acts that may
be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions.

 

Section 14.13         Parties
in Interest.  This Agreement shall be binding solely upon, be enforceable solely by,
and inure solely to the benefit of, each Member and his, her or its permitted successors, assigns, and Transferees, and nothing
in this Agreement (express or implied) is intended to confer upon any other Person any rights or remedies of any nature whatsoever
under or by reason of this Agreement; provided, however, that Last Resort Indemnitors are express third party beneficiaries
of the terms of Section 9.07, and Member Covered Persons and Covered Persons are express third party beneficiaries of ARTICLE
IX and ARTICLE X.

 

    	 	59	 

     

    

 

Section 14.14         Specific
Performance.  Each Member agrees that the other Members would be damaged irreparably
and would have no adequate remedy at law in the event any of the provisions of this Agreement are not performed in accordance
with their specific terms or are otherwise breached.  Accordingly, each Member shall be entitled to seek an injunction
or injunctions to prevent breaches of this Agreement by the other Members and to enforce specifically this Agreement and the terms
and provisions hereof, this being in addition to any other remedies to which such Member is entitled at law or in equity, without
proof of actual damages or any obligation to post any bond or other security as a prerequisite to obtaining equitable relief.
Each Member agrees not to dispute or resist any such application for relief on the basis that another Member has an adequate remedy
at law or that damage arising from such non-performance or breach is not irreparable.

 

Section 14.15         Publicity.  The
Company shall not make any press release, public announcement or other public communication (including an internet posting, web
blog or other electronic publication) that makes reference to (a) the Company, this Agreement or the transactions contemplated
herein without prior Unanimous Management Committee Approval or (b) any Member or Managers designated by such Member without
prior written approval of such Member.

 

Section 14.16         Certain
Expenses.  Except as otherwise specified in this Agreement, each Member shall
pay its own costs and expenses incurred in connection with the execution and delivery of this Agreement and any agreements related
hereto that are executed and delivered on the date hereof.

 

Section 14.17         Counterparts.  This
Agreement may be executed in any number of counterparts (including by facsimile or .pdf attachment containing the applicable signature(s))
with the same effect as if all signing parties had signed the same document.  All counterparts shall be construed together
and constitute the same instrument.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	60	 

     

    

 

IN WITNESS WHEREOF,
the undersigned has entered into this Agreement as of the date first written above.

 

	 	MEMBERS:
	 	 
	 	ENBRIDGE:
	 	 
	 	ENBRIDGE HOLDINGS (DAKTEX) L.L.C.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	MARATHON:
	 	 
	 	MPL INVESTMENT LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page

Limited Liability Company Agreement

of

maren bakken company llc

 

     

     

    

 

Exhibit
A

FORM OF CALL NOTICE

 

[See Attached]

 

    Exhibit A

     

    

 

FORM OF CALL NOTICE

 

MAREN BAKKEN COMPANY LLC

 

CALL NOTICE

 

Reference is made to
the Limited Liability Company Agreement (as amended, supplemented and restated from time to time, the “LLC Agreement”)
of MarEn Bakken Company LLC, A Delaware limited liability company (the “Company”), dated as of August
2, 2016.  Terms used in this Call Notice and not otherwise defined herein shall have the respective meanings set forth
in the LLC Agreement.  Pursuant to Section 5.02(a) of the LLC Agreement, the Company hereby requests that Members make
capital contributions to the Company as follows:

 

	1.	Aggregate Amount of Capital Call:     $___________

 

		2.	Date funds are required to be received by the Company (the
“Due Date”): ___________, 20__

 

	3.	Use of Proceeds: 	 
	 	 
	 	 
	 	 

 

		4.	Capital contribution of each Member:

 

	Member	 	Capital Contribution	 
	Enbridge Holdings DakTex L.L.C.	 	$	[                        ]	 
	MPL Investment LLC	 	$	[                        ]	 

 

		5.	Instructions for Wire Transfer:
________________________________

 

[Signature page follows.]

 

    Exhibit A

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Call Notice on behalf of the Company on this ____ day of __________, 20__.

 

	 	MAREN BAKKEN COMPANY LLC
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Exhibit A

     

    

 

Exhibit
B

FORM OF GUARANTY

 

[See Attached]

 

    
Exhibit B

     

    

 

[Ultimate Parent Company]

Guaranty

 

GUARANTY dated as of
[                            ] by [                                  ],
a [                            ] (the “Guarantor”)
in favor of MarEn Bakken Company LLC, a Delaware limited liability company (the “Creditor”).

 

For value received
and in consideration of the mutual covenants, rights and obligations as between Creditor and [                                            ]
(the “Guaranteed Party”), pursuant to the Limited Liability Company Agreement of Creditor, dated August 2, 2016
(the “Agreement”), Guarantor agrees as follows:

 

		1.	Guaranty.  Subject
to the terms herein, Guarantor unconditionally and irrevocably guarantees to Creditor, its successors and permitted assigns, the
prompt payment when due of all capital contributions payable by Guaranteed Party in accordance with the terms of Section 5.01
and Section 5.02(a) of the Agreement and any amendments thereto (collectively, the “Obligations”).
This is a guarantee of payment and not of collection. If Guaranteed Party fails to pay any Obligation, Guarantor will pay such
Obligation directly to Creditor promptly upon Creditor’s demand in accordance with the provisions of this Guaranty.

 

		2.	Expenses and Currency.  Guarantor
agrees to pay all out-of-pocket expenses, including reasonable attorneys’ fees and court costs, incurred by Creditor in
any litigation, arbitration or proceeding to enforce its rights under this Guaranty, but only to the extent that the Guarantor
is found in such litigation, arbitration or proceeding to be in default or in breach of the terms of this Guaranty. The Guarantor
shall make payment of each Obligation in the currency (the “Contract Currency”)
in which the Guaranteed Party is required to pay that Obligation. If the Guarantor makes payment of any Obligation to the Creditor
in a currency (the “Other Currency”) other than the Contract Currency (whether
voluntarily or pursuant to an order or judgment of a court or tribunal of any jurisdiction), such payment shall constitute a discharge
only to the extent of the amount of the Contract Currency that the Creditor is able to purchase with such payment on the date
of receipt in accordance with normal commercial practice.

 

		3.	Limitations.  The
liability of Guarantor under this Guaranty shall be and is specifically limited to payments expressly required to be made in accordance
with the Agreement and any out-of-pocket expenses payable pursuant to Section 2 of this Guaranty. EXCEPT TO THE EXTENT SPECIFICALLY
PROVIDED UNDER THE TERMS OF THE AGREEMENT, GUARANTOR SHALL NOT BE LIABLE HEREUNDER FOR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY,
PUNITIVE OR SPECIAL DAMAGES OR ANY DAMAGES CALCULATED ON THE BASIS OF LOST PROFITS OR LOST OPPORTUNITY.

 

		4.	Term.  This
Guaranty will remain in full force and effect until: (i) all Obligations of Guaranteed Party have been fully satisfied or extinguished,
or (ii) such time Counterparty consents in writing to the termination of the Guaranty. Notwithstanding the foregoing, in the event
of a termination of the Agreement, such termination shall not affect or limit in any way the Guarantor’s liability for the
Obligations to the extent that they accrue prior to or in connection with such termination.

 

    
Exhibit B

     

    

 

		5.	Nature of Guaranty.  Guarantor's
obligations with respect to any Obligation are absolute and will not be affected by (a) the existence, validity, enforceability,
perfection, or extent of any collateral for such Obligations, (b) any change in the name, ownership, objects, capital, organizational
documents or by-laws of the Guaranteed Party, or (c) any amalgamation, sale, merger or re-organization of the Guaranteed Party.
If any payment to Creditor for any Obligation is rescinded or must otherwise be returned for any reason, Guarantor will remain
liable hereunder for such Obligation as if such payment had not been made. The Guarantor hereby waives all suretyship defenses
of every kind and all payments required hereunder shall be made in accordance with the terms hereof. Notwithstanding the foregoing,
in any action or demand for payment under this Guaranty, Guarantor reserves the right to assert all rights of set-off and recoupment,
counterclaims and defenses that Guaranteed Party may have against the payment of any Obligation, other than defenses (i) arising
from the bankruptcy, insolvency, incapacity, dissolution or liquidation of Guaranteed Party, (ii) expressly waived in this Guaranty,
(iii) arising from the lack of due authorization, execution or delivery by the Guaranteed Party of the Agreement, and (iv) previously
asserted by the Guaranteed Party and successfully and finally resolved in favor of the Creditor by a court of competent jurisdiction
and last resort.

 

		6.	Consents, Waivers and Renewals.  Guarantor
agrees that Creditor may, without giving notice to or obtaining the consent of the Guarantor, enter into agreements and transactions
with the Guaranteed Party, amend or modify agreements with the Guaranteed Party, settle or compromise any of the Obligations,
grant extensions of time and other indulgences, take and give up securities, accept compositions, grant releases and discharges,
whether full, partial, conditional or otherwise, perfect or fail to perfect any securities, release any undertaking, property
or assets charged by any securities to third parties and otherwise deal or fail to deal with the Guaranteed Party and others (including,
without limitation, any other guarantors) and securities, hold moneys received from the Guaranteed Party and others or from any
securities unappropriated, apply such moneys against part of the Obligations and change any such application in whole or in part
from time to time, all as the Creditor may see fit, without prejudice to or in any way discharging or diminishing the liability
of the Guarantor under this Guaranty, in each case, except to the extent that the same constitutes a discharge or release, whether
full, partial, conditional or otherwise, of the Obligations to the Guaranteed Party. Creditor may resort to Guarantor for payment
of any of the Obligations whether or not Creditor has previously resorted to any collateral security or proceeded against any
other obligor principally or secondarily obligated for any of the Obligations. Guarantor hereby waives notice of acceptance of
this Guaranty, and also presentment, protest and notice of protest or dishonor of any evidences of indebtedness guaranteed hereunder.

 

    
Exhibit B

     

    

 

		7.	Demands and Notice.  If
Guaranteed Party fails to pay any Obligations, and Creditor elects to exercise its rights under this Guaranty, Creditor shall
make a written demand on Guarantor (a “Payment Demand”). A Payment Demand
shall identify the Agreement under which demand is being made and identify the amount, that the amount is unpaid and that any
applicable cure period has expired, and shall contain a statement that Creditor is calling upon Guarantor under this Guaranty.
A Payment Demand conforming to the foregoing requirements will be sufficient notice to Guarantor to pay under this Guaranty. Notices
under this Guaranty will be deemed received if sent to the address specified below (a) on the day received if sent by overnight
express delivery, (b) on the next business day if served by fax when sender has machine confirmation that the fax was transmitted
to the correct fax number listed below, or (c) four business days after mailing if sent by certified, first-class mail, return-receipt
requested. Any party may change its address to which notice is to be given hereunder by providing notice of same in accordance
with this section.

 

	 	 	To Guarantor:  	[                                                 ]
	 	 	 	[                           ]
	 	 	 	[                           ]
	 	 	 	Attention: [                                 ]

 

	 	To Creditor:	MarEn Bakken Company LLC
	 	 	c/o Enbridge Inc.
	 	 	Attn: Credit Manager
	 	 	3000, 425 – 1st Street S.W.
	 	 	Calgary, AB T2P 3L8

 

		8.	Representations and Warranties.  Guarantor
hereby represents and warrants that (a) it is a corporation duly organized, validly existing and in good standing under the laws
of Delaware, (b) the execution, delivery and performance by Guarantor of this Guaranty have been duly authorized by all necessary
corporate action and do not violate Guarantor’s charter or by-laws, and (c) this Guaranty constitutes the legal, valid and
binding obligation of Guarantor, enforceable against it in accordance with its terms (except as enforceability may be limited
by bankruptcy, insolvency, and other similar laws affecting enforcement of creditors’ rights in general and general principles
of equity).

 

		9.	Subrogation.  Until
the Obligations have been fully paid and discharged, the Guarantor shall not have any right to be subrogated to any rights of
the Creditor against the Guaranteed Party.  Upon the Guarantor having fully and unconditionally paid and discharged
its obligations under this Guaranty, the Guarantor shall be subrogated to the rights of the Creditor against the Guaranteed Party.

 

		10.	Miscellaneous.  Neither
the Guarantor nor the Creditor may assign this Guaranty nor delegate its rights, interest or Obligations without the prior written
consent of the other party. This Guaranty constitutes the entire agreement between the parties hereto and supersedes and replaces
any previous guaranty delivered by Guarantor to Creditor for the benefit of the Guaranteed Party with respect to the Obligations
outlined herein. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.
Each of the Guarantor and the Creditor irrevocably submits to the exclusive jurisdiction of
the courts of Delaware in any action or proceeding arising out of or relating to this Guaranty and waives any objection to such
jurisdiction on the grounds that it is an inconvenient forum or any similar grounds. The Guarantor consents to the service of
process in any action or proceeding relating to this Guaranty by Notice to the Guarantor in accordance with the provisions of
Section 7 hereof.

 

[SIGNATURE ON FOLLOWING PAGE]

 

    
Exhibit B

     

    

 

This Guaranty is executed by
Guarantor's duly authorized representative effective as of the date first written above.

 

	 	 	[                                            ]
	 	 	 
	 	 	By:  	 
	 	 	Name:
	 	 	Title:

 

	ACCEPTED AND AGREED TO BY:	 	 
	 	 	 
	MAREN BAKKEN COMPANY LLC	 	 
	 	 	 
	By:  	 	 	 
	Name:	 	 
	Title:	 	 

 

    
Exhibit B

     

    

 

Exhibit
C

MANAGEMENT COMMITTEE AND OFFICERS

 

Management Committee

 

Enbridge Designee:

 

Perry Schuldhaus

 

Marathon  Designee:

 

David M. Murphy

 

	Officers	 	 
	 	 	 
	Mark A. Maki	 	President
	 	 	 
	Mark. R. Boyce	 	Vice President, Liquids Pipelines Law and Assistant Corporate Secretary
	 	 	 
	E. Chris Kaitson	 	Vice President & Assistant Corporate Secretary
	 	 	 
	John D. Swanson	 	Vice President – Major Projects, Execution
	 	 	 
	Bradley F. Shamla	 	Vice President - U.S. Operations, Liquids Pipelines
	 	 	 
	Stephen J. Neyland	 	Vice President – Finance and Accounting
	 	 	 
	David Bryson	 	Vice President - Business Development
	 	 	 
	Jonathan N. Rose	 	Treasurer
	 	 	 
	Noor S. Kaissi	 	Assistant Treasurer
	 	 	 
	Howard Brown	 	Chief Accountant
	 	 	 
	Bruce A. Stevenson	 	Corporate Secretary
	 	 	 
	Joel W. Kanvik	 	Assistant Corporate Secretary
	 	 	 
	Valorie J. Wanner	 	Assistant Corporate Secretary
	 	 	 
	Kenneth C. Lanik	 	Tax Officer

 

    
Exhibit C

     

    

 

Exhibit
D

 

FORM OF ADDENDUM
AGREEMENT

 

[See Attached]

 

    
Exhibit D

     

    

 

ADDENDUM AGREEMENT

 

This Addendum Agreement
is made this ___ day of ______________, 20__, by and between ______________________ (the “Recipient”)
and MarEn Bakken Company LLC, a Delaware limited liability company (the “Company”), pursuant to the terms
of the Limited Liability Company Agreement of the Company dated as of August 2, 2016, including all exhibits and schedules thereto
(as amended, supplemented and restated from time to time, the “Agreement”).  Capitalized terms
used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement.

 

WITNESSETH:

 

WHEREAS, the Company
and the Members entered into the Agreement to impose certain restrictions and obligations upon themselves, and to provide certain
rights, with respect to the Company and its Units; and

 

WHEREAS, the Company
and the Members have required in the Agreement that all Persons to whom Units of the Company are issued or transferred must enter
into an Addendum Agreement binding such Persons to the Agreement to the same extent as if they were original parties thereto and
imposing the same restrictions and obligations on such Persons and the Units to be acquired by such Persons as are imposed upon
the Members under the Agreement;

 

NOW, THEREFORE, in
consideration of the mutual promises of the parties and as a condition of the purchase or receipt by the Recipient of the Units,
the Recipient acknowledges and agrees as follows:

 

1.          The
Recipient has received and read the Agreement and acknowledges that the Recipient is acquiring [_] Units subject to the terms and
conditions of the Agreement.

 

2.          The
Recipient agrees that the Units acquired or to be acquired by the Recipient are bound by and subject to all of the terms and conditions
of the Agreement, and hereby joins in, and agrees to be bound by, and shall have the benefit of, all of the terms and conditions
of the Agreement to the same extent as if the Recipient were an original party to the Agreement and shall assume all obligations
of a Member under the Agreement; provided, however, that the Recipient’s joinder in the Agreement shall not constitute
admission of the Recipient as a Member unless and until the Recipient is duly admitted as a Member in accordance with the terms
of the Agreement.  This Addendum Agreement shall be attached to and become a part of the Agreement.

 

3.          The
Recipient hereby represents and warrants, with respect to the Recipient, as of the date hereof to the Company and the Members the
matters set forth in Article III of the Agreement.

 

4.          Any
notice required as permitted by the Agreement shall be given to the Recipient at the address listed beneath the Recipient’s
signature below.

 

5.          The
Recipient is acquiring [_] Units for $[_] per Unit.

 

    
Exhibit d

     

    

  

6.          Neither
this Addendum Agreement nor any of the rights, interests or obligations of the Recipient hereunder may be assigned by the Recipient
unless such assignment is in accordance with the terms and provisions of the Agreement.

 

7.          THIS
ADDENDUM AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO
THE CONFLICTS OF LAW PRINCIPLES OF SUCH JURISDICTION.

 

8.          EACH
OF THE PARTIES HERETO HEREBY KNOWINGLY AND VOLUNTARILY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS ADDENDUM AGREEMENT.

 

[Remainder of page intentionally left
blank, Signature page follows.]

 

    
Exhibit d

     

    

  

IN WITNESS WHEREOF,
the undersigned has executed this Addendum Agreement on the date first set forth above, with the Recipient being admitted as a
Member as of such date:

 

	 	 
	Recipient	 
	 	 
	Address for notice purposes in accordance	 
	with the Agreement:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	AGREED TO on behalf of the Members of the Company,	 
	 	 
	MAREN BAKKEN COMPANY LLC	 
	 	 
	By:	 	 	 
	Name:	 
	Title:	 
	 	 	 

 

    
Exhibit d

     

    

  

Schedule
I

MEMBER SCHEDULE

 

	Name	 	Effective Date
 Capital
 Contribution	 	 	Initial
 Units	 	 	Percentage
 Interest	 	 	Initial Capital
 Account Balance	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Enbridge Holdings (DakTex) L.L.C.	 	$	75.00	 	 	 	75,000	 	 	 	75.00	%	 	$	75.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	c/o Enbridge Energy Company, Inc. 
1100 Louisiana, Suite 3300 
Houston, TX 77002 
Attention: Director, US Law	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MPL Investment LLC	 	$	25.00	 	 	 	25,000	 	 	 	25.00	%	 	$	25.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	539 South Main Street 
Findlay, Ohio 45840 
Attention: General Counsel 
  
With a copy to: 
Marathon Petroleum Company LP 
539 South Main Street 
Findlay, Ohio 45840 
Attention: General Counsel	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL:	 	$	100.00	 	 	 	100,000	 	 	 	100.00	%	 	$	100.00	 

 

    
Schedule IExhibit 10.2

 

 

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

dated as of 

 

August 2, 2016

 

by and between

 

BAKKEN HOLDINGS COMPANY LLC

 

(as Seller)

 

and

 

MAREN BAKKEN COMPANY LLC

 

(as Buyer)

 

 

 

     

     

    

 

TABLE OF CONTENTS 

 

	 	 	Page
	 	 
	Article I DEFINITIONS AND RULES OF CONSTRUCTION	2
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Rules of Construction	2
	 	 
	Article II TRANSFER OF TRANSFERRED INTERESTS	2
	 	 	 
	Section 2.1	Transfer of Transferred Interests	2
	 	 
	Article III CONSIDERATION	3
	 	 	 
	Section 3.1	Consideration	3
	Section 3.2	Guaranties	3
	 	 
	Article IV REPRESENTATIONS AND WARRANTIES OF SELLER	3
	 	 	 
	Section 4.1	Organization of Seller	3
	Section 4.2	Authorization; Enforceability	3
	Section 4.3	No Conflict	3
	Section 4.4	Consents; Transfer Restrictions	4
	Section 4.5	Title to Transferred Interests	4
	Section 4.6	Brokers’ Fees	4
	Section 4.7	Litigation	4
	Section 4.8	No Bankruptcy	5
	 	 
	Article V REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY AND ITS SUBSIDIARIES	5
	 	 	 
	Section 5.1	Organization	5
	Section 5.2	No Conflict	5
	Section 5.3	Consents; Transfer Restrictions	6
	Section 5.4	Contracts.	6
	Section 5.5	Litigation	7
	Section 5.6	Taxes	8
	Section 5.7	Compliance with Laws	8
	Section 5.8	Environmental Matters	9
	Section 5.9	Membership Interests	10
	Section 5.10	Title Matters; Real Property Interests	11
	Section 5.11	Balance Sheet	11
	Section 5.12	Indebtedness	12
	Section 5.13	Credit Support	12
	Section 5.14	Employees; Benefit Plan Matters	12
	Section 5.15	Insurance	12
	Section 5.16	Brokers Fees	12
	Section 5.17	No Bankruptcy	12

 

    i

     

    

 

	Article VI REPRESENTATIONS AND WARRANTIES OF BUYER	12
	 	 	 
	Section 6.1	Organization of Buyer	12
	Section 6.2	Authorization; Enforceability	13
	Section 6.3	No Conflict; Consents	13
	Section 6.4	Consents and Approvals	13
	Section 6.5	Litigation	13
	Section 6.6	Brokers’ Fees	14
	Section 6.7	Financial Ability	14
	Section 6.8	Regulatory	14
	Section 6.9	Independent Evaluation	14
	Section 6.10	Accredited Investor	15
	 	 
	Article VII COVENANTS	15
	 	 	 
	Section 7.1	Conduct of Business, Operation of Assets	15
	Section 7.2	Access and Information	16
	Section 7.3	Regulatory Filings	17
	Section 7.4	Consents	18
	Section 7.5	Amendment of Schedules	18
	Section 7.6	Further Assurances	18
	Section 7.7	Exclusivity	19
	Section 7.8	Senior Secured Credit Facility	19
	 	 
	Article VIII CONDITIONS TO CLOSING	19
	 	 	 
	Section 8.1	Buyer’s Conditions to Closing	19
	Section 8.2	Conditions to the Obligations of Seller	20
	 	 
	Article IX CLOSING	21
	 	 	 
	Section 9.1	Closing	21
	Section 9.2	Seller Deliverables	21
	Section 9.3	Buyer Deliverables	21
	 	 
	Article X INDEMNIFICATION	22
	 	 	 
	Section 10.1	Survival	22
	Section 10.2	Indemnification Provisions for Benefit of Buyer	22
	Section 10.3	Indemnification Provisions for Benefit of Seller	23
	Section 10.4	Limitation on Liability	23
	Section 10.5	Procedures	24
	Section 10.6	Express Negligence	25
	Section 10.7	Waiver of Right to Rescission	26
	Section 10.8	Exclusive Remedy	26
	Section 10.9	Non-Compensatory Damages	26
	Section 10.10	Tax Treatment of Payments	27

 

    ii

     

    

 

	Article XI TERMINATION	27
	 	 	 
	Section 11.1	Termination	27
	Section 11.2	Effect of Termination	28
	Section 11.3	Return of Documentation and Confidentiality	28
	 	 
	Article XII DISCLAIMERS	28
	 	 	 
	Section 12.1	Disclaimer - Representations and Warranties	28
	Section 12.2	Disclaimer - Statements and Information	29
	 	 
	Article XIII TAX MATTERS	30
	 	 	 
	Section 13.1	Liability for Transfer Taxes	30
	Section 13.2	Company Tax Returns	30
	Section 13.3	Cooperation on Tax Matters	31
	Section 13.4	Straddle Period	31
	Section 13.5	Tax Classification Elections	31
	Section 13.6	754 Election	31
	Section 13.7	Intended Tax Treatment	32
	Section 13.8	Allocation of Purchase Price	32
	 	 
	Article XIV MISCELLANEOUS	32
	 	 	 
	Section 14.1	Notices	32
	Section 14.2	Succession and Assignment	33
	Section 14.3	Rights of Third Parties	33
	Section 14.4	Expenses	34
	Section 14.5	Counterparts	34
	Section 14.6	Entire Agreement	34
	Section 14.7	No Partnership	34
	Section 14.8	Amendments	34
	Section 14.9	Publicity	34
	Section 14.10	Non-Waiver	35
	Section 14.11	Severability	35
	Section 14.12	Governing Law; Jurisdiction	35
	Section 14.13	Schedules	36

 

    iii

     

    

 

LIST OF APPENDIXES, EXHIBITS AND SCHEDULES

 

	Appendixes	 
	 	 
	Appendix I	Definitions
	 	 
	Exhibits	 
	 	 
	Exhibit A	Form of Assignment
	Exhibit B	Form of Company Agreement
	Exhibit C	Form of Seller Parent Guaranties
	Exhibit D	Form of Buyer Parent Guaranties
	 	 
	Schedules	 
	 	 
	Schedule 1.1(a)	Seller Persons with Knowledge
	Schedule 1.1(b)	Buyer Persons with Knowledge
	Schedule 1.1(c)	Certain Permitted Liens
	Schedule 4.3	Seller’s No Conflicts
	Schedule 5.1(d)	Managers, Directors and Officers
	Schedule 5.2	No Conflicts
	Schedule 5.3	Company Consents and Approvals
	Schedule 5.4(a)	Material Contracts
	Schedule 5.5	Litigation
	Schedule 5.6	Taxes
	Schedule 5.7(a)	Compliance with Laws
	Schedule 5.7(b)	Material Permits
	Schedule 5.7(c)	Certain Material Permits
	Schedule 5.8(b)	Environmental Matters
	Schedule 5.8(c)	Material Environmental Permits
	Schedule 5.9	Membership Interests
	Schedule 5.11(a)	Balance Sheet
	Schedule 5.12	Indebtedness
	Schedule 5.13	Credit Support
	Schedule 5.15(a)	Insurance
	Schedule 5.15(b)	Certain Insurance Claims
	Schedule 6.3	Buyer’s No Conflicts

 

    iv

     

    

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

This Membership Interest
Purchase Agreement (this “Agreement”), dated as of August 2, 2016 (the “Execution Date”),
is entered into by and between Bakken Holdings Company LLC, a Delaware limited liability company (“Seller”),
and MarEn Bakken Company LLC, a Delaware limited liability company (“Buyer”). Seller and Buyer are
sometimes referred to collectively herein as the “Parties” and each individually a “Party.”

 

RECITALS

 

WHEREAS, Seller is
the owner of 100% of the issued and outstanding membership interests (the “Membership Interests”) of
Bakken Pipeline Investments LLC, a Delaware limited liability company (the “Company”);

 

WHEREAS, the Company
owns (a) 100% of the issued and outstanding membership interests of Dakota Access Holdings LLC, a Delaware limited liability company
(“Dakota Access Holdings”), and (b) 100% of the issued and outstanding membership interests of ETCO Holdings
LLC, a Delaware limited liability company (“ETCO Holdings” and, together with Dakota Access Holdings,
the “Holding Companies,” and each individually a “Holding Company”);

 

WHEREAS, (a) Dakota
Access Holdings owns 75% of the issued and outstanding membership interests of Dakota Access, LLC, a Delaware limited liability
company (“Dakota Access”), (b) ETCO Holdings owns 75% of the issued and outstanding membership interests
of Energy Transfer Crude Oil Company LLC, a Delaware limited liability company (“ETCO” and, together
with Dakota Access, the “Development Companies,” and each individually a “Development Company”),
(c) Dakota Access owns 100% of the issued and outstanding membership interests of Dakota Access Truck Terminals, LLC, a Delaware
limited liability company (“Dakota Truck”) and (d) ETCO owns 100% of the issued and outstanding membership
interests of Eastern Gulf Crude Access LLC, a Delaware limited liability company (“EGCA”) (the Development
Companies, the Holding Companies, Dakota Truck and EGCA are sometimes referred to collectively herein as the “Subsidiaries”
and each individually a “Subsidiary”); and

 

WHEREAS, Seller desires
to sell to Buyer, and Buyer desires to purchase from Seller, at the Closing, 49% of the Membership Interests (the “Transferred
Interests”), subject to the terms and conditions described in this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

  

    1

     

    

  

Article I

DEFINITIONS AND RULES OF CONSTRUCTION

 

Section
1.1 Definitions. Capitalized terms used in this Agreement but not otherwise defined shall have the meanings
given to such terms in Appendix I.

 

Section
1.2 Rules of Construction.

 

(a)         All Article, Section,
Appendix, Schedule and Exhibit references used in this Agreement are to Articles and Sections of, and Appendixes, Schedules and
Exhibits to, this Agreement unless otherwise specified. The Appendix, Schedules and Exhibits attached to this Agreement constitute
a part of this Agreement. The words “hereof,” “hereto,” “hereby,” “herein,” “hereunder”
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular Section
or Article in which such words appear. The captions in this Agreement are for convenience only and shall not be considered a part
of or affect the construction or interpretation of any provision of this Agreement.

 

(b)         If a term is defined
as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb).
Unless the context of this Agreement clearly requires otherwise, terms and titles (including terms defined herein) in the singular
have the corresponding meanings in the plural (and vice versa) and words importing the masculine gender shall include the feminine
and neutral genders and vice versa. The terms “include,” “includes” or “including” shall mean
“including without limitation.” All references to currency or to “$” herein shall be to, and all payments
required hereunder shall be paid in, Dollars. All accounting terms used herein and not expressly defined herein shall have the
meanings given to them under GAAP. References to any agreement (including this Agreement), document or instrument means such agreement,
document or instrument as amended or modified (including any waiver or consent) and in effect from time to time in accordance with
the terms thereof. Time is of the essence in this Agreement.

 

(c)         Except as expressly
provided otherwise in this Agreement, references to any Law or agreement means such Law or agreement as it may be amended from
time to time.

 

(d)         The Parties acknowledge
that each Party and its attorneys have reviewed this Agreement and that any rule of construction to the effect that any ambiguities
are to be resolved against the drafting Party, or any similar rule operating against the drafter of an agreement, shall not be
applicable to the construction or interpretation of this Agreement.

 

Article II

TRANSFER OF TRANSFERRED INTERESTS

 

Section
2.1 Transfer of Transferred Interests. Upon the terms and subject to the conditions set forth herein, at the
Closing, Seller shall sell, assign, transfer and convey the Transferred Interests to Buyer, and Buyer will purchase, acquire
and accept from Seller the Transferred Interests.

 

    2

     

    

 

Article III

CONSIDERATION

 

Section
3.1 Consideration. The consideration for the sale and purchase of the Transferred Interests contemplated by Section
2.1, shall be an amount equal to TWO BILLION AND NO/100 ($2,000,000,000) (the “Purchase
Price”), paid to Seller in cash at Closing by wire transfer of immediately available funds to an account
designated by Seller.

 

Section
3.2 Guaranties. On the Execution Date, (a) Buyer shall deliver to Seller a guaranty from (i) Enbridge
Energy Partners, L.P., in favor of Seller, of an undivided seventy-five percent (75%) of Buyer’s obligations under this
Agreement and (ii) Marathon Petroleum Corporation, in favor of Seller, of an undivided twenty-five percent (25%) of
Buyer’s obligations under this Agreement; and (b) Seller shall deliver to Buyer a guaranty from Energy Transfer
Partners, L.P., in favor of Buyer, of Seller’s obligations under this Agreement.

 

Article IV

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller hereby represents
and warrants to Buyer as of the Execution Date as follows:

 

Section
4.1 Organization of Seller. Seller is duly formed, validly existing and in good standing under the Laws of the
state of its formation.

 

Section
4.2 Authorization; Enforceability. Seller has all requisite power and authority to execute and deliver this
Agreement and each Transaction Document to which Seller is a party, to sell the Transferred Interests and to perform all
other obligations to be performed by Seller hereunder and thereunder, and to consummate the transactions contemplated hereby
and thereby. The execution and delivery of this Agreement and each Transaction Document to which Seller is a party and the
consummation of the transactions contemplated hereby and thereby have been duly and validly authorized and approved by all
action on the part of Seller. This Agreement constitutes, and each Transaction Document to which Seller is a party, when duly
and validly executed and delivered by Seller will constitute (assuming due authorization, execution and delivery by Buyer and
any other Persons party thereto that is not an Affiliate of Seller), legal, valid and binding obligations of Seller,
enforceable against Seller in accordance with their respective terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject,
as to enforceability, to general principles of equity (regardless of whether such enforceability is considered in a
Proceeding in equity or at Law).

  

Section
4.3 No Conflict. Except as set forth on Schedule 4.3, Seller’s execution, delivery and
performance of this Agreement and the Transaction Documents to which Seller is a party and the consummation of the
transactions contemplated hereby and thereby by Seller shall not:

 

    3

     

    

 

(a)         violate or result
in a breach of, or conflict with or require the consent of any Person under, any of the terms, conditions or provisions of the
Organizational Documents of Seller;

 

(b)         materially violate
or result in a material breach of any provision of any Laws applicable to Seller; or

 

(c)         conflict with,
result in a violation or breach of, constitute a default under or an event that, with or without notice or lapse of time, or both,
would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify
or cancel any Contract to which Seller is a party or by which Seller or any of its assets is bound, except for any such violations
or defaults which would not reasonably be expected to result in a material impairment of Seller’s ability to perform its
obligations hereunder and under the Transaction Documents.

 

Section
4.4 Consents; Transfer Restrictions. Except (a) for Customary Post-Closing Consents and (b) for
immaterial Consents, no Consent is required to be obtained by Seller in connection with Seller’s execution, delivery or
performance of this Agreement and the Transaction Documents to which Seller is a party, the transfer of the Transferred
Interests to Buyer or the consummation of the transactions contemplated by this Agreement or any Transaction Document by
Seller.

 

Section
4.5 Title to Transferred Interests. The Transferred Interests, (a) are owned beneficially and of record by
Seller and Seller has good and valid title thereto, are free and clear of all Liens and are not subject to any agreements or
understandings among any Persons with respect to the voting or transfer thereof other than as set forth in the LLC Agreement
and this Agreement and (b) are not subject to any outstanding subscriptions, options, convertible securities, warrants, calls
or other securities granting rights to purchase or otherwise acquire any of such Transferred Interests or, except for this
Agreement, any commitments or agreements of any character obligating Seller to transfer any of such Transferred Interests.
The Transferred Interests are duly authorized, validly issued, fully paid and, subject to the Laws of the State of Delaware,
non-assessable, and were not issued in violation of any applicable Laws, the Organizational Documents of Seller or the
Company, or any purchase option, call option, right of first refusal, preemptive right or other similar right.

 

Section
4.6 Brokers’ Fees. Seller has no liability or obligation to pay any fees or commissions to any broker,
finder, agent or other Person with respect to the transactions contemplated hereby or the Transactions for which the Company,
the Subsidiaries, Buyer or its Affiliates will become liable or obligated.

 

Section
4.7 Litigation. Except as set forth on Schedule 5.5, there is no Proceeding (filed by any Person
other than Buyer or any of its Affiliates) pending or, to Seller’s Knowledge, threatened against Seller by or before
any Governmental Authority that would reasonably be expected to result in a material adverse effect on Seller’s ability
to consummate the transactions contemplated by this Agreement or any of the Transactions or which seeks an Order restraining,
enjoining or otherwise prohibiting or making illegal any of the Transactions or the transactions contemplated hereby.

 

    4

     

    

 

Section
4.8 No Bankruptcy. There are no bankruptcy Proceedings pending against, being contemplated by or, to the
Knowledge of Seller, threatened against or affecting Seller.

 

Article V

REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY AND ITS SUBSIDIARIES

 

Seller hereby represents
and warrants to Buyer as of the Execution Date as follows:

 

Section
5.1 Organization.

 

(a)         The Company is
a limited liability company duly formed and validly existing under the Laws of the State of Delaware. The Company has all requisite
power and authority to own and operate its property and to carry on its business as presently conducted by it. The Company is duly
licensed, qualified or otherwise authorized to conduct business and is in good standing under the Laws of each jurisdiction in
which it carries on business or owns assets and such qualification is required by Law, except where the failure to be so qualified
would not reasonably be expected to have a Material Adverse Effect.

 

(b)         Each Subsidiary
is a limited liability company duly formed and validly existing under the Laws of the State of Delaware. Each Subsidiary has all
requisite power and authority to own and operate its property and to carry on its business as presently conducted by it. Each Subsidiary
is duly licensed, qualified or otherwise authorized to conduct business and is in good standing under the Laws of each jurisdiction
in which it carries on business or owns assets and such qualification is required by Law, except where the failure to be so qualified
would not reasonably be expected to have a Material Adverse Effect.

 

(c)         True and complete
copies of the Organizational Documents of the Company and each of the Subsidiaries and all amendments thereto have been furnished
to Buyer. There are no uncured or continuing violations, breaches of, or defaults under any provisions of the Organizational Documents
of the Company or any Subsidiary (other than the Development Companies). There are no uncured or continuing violations, breaches
of, or defaults under any provisions of either Development Company Agreement by the Holding Company party thereto or, to Seller’s
Knowledge, the other party thereto.

 

(d)         Schedule 5.1(d)
sets forth a true and complete listing of each manager, director and officer of the Company and each of the Subsidiaries.

 

Section
5.2 No Conflict. Except as set forth on Schedule 5.2, Seller’s execution, delivery and
performance of this Agreement and Seller’s execution, delivery and performance of the Transaction Documents to which
Seller is a party and the consummation of the transactions contemplated hereby and thereby by Seller shall not:

 

(a)        violate or result
in a breach of, or conflict with or require the consent (which has not previously been obtained) of any Person (other than Seller)
under, any of the terms, conditions or provisions of the Organizational Documents of the Company or any Subsidiary;

 

    5

     

    

 

(b)        materially violate
or result in a material breach of any provision of any Laws applicable to the Company or the Subsidiaries;

 

(c)        conflict with,
result in a material violation or material breach of, constitute a material default under or constitute an event that with or without
notice or lapse of time, or both, would constitute a material default under, accelerate or permit the acceleration, termination,
modification or cancellation of the performance required by, any Material Contract, Real Property Interest or Permit; or

 

(d)        result in the
creation or imposition of any Lien (other than Permitted Liens) on any assets of the Company or any of the Subsidiaries.

 

Section
5.3 Consents; Transfer Restrictions. Except (a) as set forth on Schedule 5.3, (b) under
Contracts that are not Material Contracts and are terminable upon not greater than 60 days’ notice without payment of a
fee, (c) for Customary Post-Closing Consents and (d) for immaterial Consents, no Consent is required to be obtained by
the Company or any Subsidiary in connection with the execution, delivery and performance of this Agreement, the transfer of
the Transferred Interests to Buyer or the consummation of the transactions contemplated by this Agreement or any Transaction
Document.

 

Section
5.4 Contracts.

  

(a)         Schedule 5.4(a)
sets forth the following Applicable Contracts in effect as of the Execution Date (the Applicable Contracts listed or which should
have been listed on Schedule 5.4(a), each being a “Material Contract”): 

  

(i)        the
Senior Secured Credit Facility;

 

(ii)        the
Operating Agreements and the CMAs;

 

(iii)        each
Applicable Contract forming or establishing any partnership or joint venture;

 

(iv)        each
Applicable Contract with Seller or any Affiliate of Seller;

 

(v)        each
Applicable Contract that constitutes a non-competition agreement, covenant not to compete or any agreement that purports to restrict,
limit or prohibit the manner in which, or the locations in which, the assets of the Company or any Subsidiary are or may be located,
including area of mutual interest Contracts;

 

(vi)        each
Applicable Contract providing transportation services on the Assets which contains a most favored nation or similar provision;

 

(vii)        each
Applicable Contract that can reasonably be expected to result in aggregate annual revenues for the Company or any Subsidiary in
excess of $7,500,000 in the aggregate;

 

    6

     

    

 

(viii)        each
Applicable Contract involving the procurement of goods or services in respect of the construction of the Applicable Facilities
providing for payments by the Company or any Subsidiary in excess of $75,000,000 in the aggregate;

 

(ix)        each
Applicable Contract involving the procurement of goods or services in respect of the operation of the Applicable Facilities providing
for payments by the Company or any Subsidiary in excess of $5,000,000 in the aggregate; and

 

(x)        each
Applicable Contract not involving the procurement of goods or services in respect of the construction or operation of the Applicable
Facilities providing for payments by the Company or any Subsidiary in excess of $5,000,000 in the aggregate.

 

(b)        True and
complete copies of all Material Contracts have been made available to Buyer. Each of the Material Contracts is in full force
and effect and constitutes a legal, valid, binding and enforceable obligation of the Company or a Subsidiary and, to the
Knowledge of Seller, of the counterparties to such Material Contracts, except that the enforcement thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, arrangement or other similar Laws
relating to or affecting the rights of creditors generally, or by general equitable principles. None of the Company, the
Subsidiaries nor Seller has received written notice alleging the Company or any Subsidiary to be in or, to Seller’s
Knowledge, is in (and, to Seller’s Knowledge, no counterparty is in), breach or default in any material respect (and,
to Seller’s Knowledge, no situation exists which with the passing of time or giving of notice, or both, would create a
breach or default) of its (or the counterparties’) material obligations under the Material Contracts.

 

Section
5.5 Litigation. Except as disclosed on Schedule 5.5, there is no Proceeding pending or, to
Seller’s Knowledge, threatened by or against the Company or any Subsidiary by or before any Governmental Authority or
that seeks an Order restraining, enjoining or otherwise prohibiting or making illegal any of the Transactions or the
transactions contemplated hereby. Except as set forth on Schedule 5.5, there are no outstanding material Orders
and no unsatisfied material judgments, penalties or awards against or affecting the Company, any Subsidiary, or any of their
respective assets. Seller, the Company and the Subsidiaries, as applicable, are in compliance with the terms of each Order
set forth on Schedule 5.5.

 

    7

     

    

 

Section
5.6 Taxes. Except as set forth on Schedule 5.6, (a) all Tax Returns required to be filed by the
Company or any Subsidiary have been filed; (b) all Taxes due and payable by the Company or any Subsidiary have been paid
whether or not shown as due on such Tax Returns; (c) there are no Liens (other than Permitted Liens) on any of the
assets (including the Assets) of the Company or any Subsidiary that arose in connection with the failure to pay any Tax by
the Company or any Subsidiary; (d) there are no Proceedings, claims or notices of deficiency pending against or
threatened in writing against the Company or any Subsidiary in connection with any Tax; (e) no Tax Returns of the
Company or any Subsidiary are currently under audit or examination by any Governmental Authority; (f) there are no
agreements or waivers currently in effect that provide for an extension of time with respect to the filing of any Tax Return
by the Company or any Subsidiary or the assessment or collection of any Tax from the Company or any Subsidiary; (g) no
written claim has been made by any Governmental Authority in a jurisdiction where the Company or any Subsidiary does not file
a Tax Return or pay a Tax directly that it is or may be required to file a Tax Return or pay a Tax (as the case may be) in
that jurisdiction; (h) none of the Company or any Subsidiary (i) has entered into any agreement or arrangement with any
Governmental Authority that requires it to take any action or refrain from taking any action with respect to Tax matters,
(ii) is a party to any agreement with any Governmental Authority with respect to Tax matters that would be terminated or
adversely affected as a result of the consummation of the transactions contemplated by this Agreement, (iii) has participated
in, is currently participating in, or has any liability for the payment of any Tax resulting from a
Person’s participation in, any “reportable transaction” within the meaning of Treasury Regulations Section
1.6011-4(b) (and all predecessor regulations) or any transaction requiring disclosure under a corresponding or similar
provision of state, local or foreign Tax Law), (iv) is a party to any Tax sharing, allocation, indemnity or any similar
written or unwritten agreement, arrangement, understanding or practice relating to Taxes with any Person other than the
Company and/or any Subsidiary, or (v) has ever been a member of a Consolidated Group and has potential liability for the
Taxes of any Person (in each case, other than with respect to the Company, the Seller and/or any Subsidiary) under Treasury
Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Tax Law), as a transferee or successor, by
contract or otherwise; and (j) since its formation, the Company and each Subsidiary (i) has either been classified as a
partnership or disregarded as an entity separate from its owner for U.S. federal income tax purposes (and state, local or
foreign income Tax purposes where applicable) and (ii) has not filed any election to be classified as an association
taxable as a corporation for U.S. federal income tax purposes (or for state, local or foreign income Tax purposes where
applicable). Notwithstanding any provision in this Agreement to the contrary, (A) the representations and warranties in this Section 5.6
are being made only with respect to Taxes that relate to the Company or any Subsidiary and (B) this Section 5.6
shall be the exclusive representations and warranties of Seller with respect to Tax matters, and no other representations or
warranties are made with respect to such matters, including pursuant to Section 5.5 or Section 5.7.

 

Section
5.7 Compliance with Laws.

 

(a)         Except as set
forth on Schedule 5.7(a), to Seller’s Knowledge, none of the Company nor any Subsidiary is, nor has been since
March 5, 2014, in violation in any material respect of any Laws as in effect on the Execution Date with respect to the Company
or any Subsidiary or their respective assets.

 

(b)         Set forth on Schedule 5.7(b)
is a list of all material Permits obtained by the Company and the Subsidiaries as of the Execution Date which are necessary under
Law in connection with the conduct of their businesses and the ownership, construction, operation and maintenance of their assets
(including the Assets), other than immaterial and routine Permits that are expected to be obtained in the ordinary course of business
that will not delay construction and operation. To Seller’s Knowledge, none of the Company nor any Subsidiary is in default
or violation in any material respect (and, to Seller’s Knowledge, no event has occurred which, with the passing of time or
giving of notice, or both, would constitute a default or violation in any material respect) of any term, condition or provision
of any such Permit.

 

    8

     

    

 

(c)         Except as set
forth on Schedule 5.7(c), to Seller’s Knowledge, the Company and each of the Subsidiaries holds all material
Permits necessary for the lawful conduct of its business and the ownership, construction, operation and maintenance by it of its
assets, including its Assets, other than immaterial and routine Permits that are expected to be obtained in the ordinary course
of business that will not delay construction and operation.

 

(d)         This Section 5.7
does not include any representations or warranties with respect to Environmental Laws, with such representations or warranties
being exclusively addressed in Section 5.8, or Tax representations or warranties, with such representations or warranties
being exclusively addressed in Section 5.6.

 

Section
5.8 Environmental Matters.

 

(a)          Buyer has been
provided prior to the Execution Date with true and complete copies of, or access to true and correct copies of, any and all Phase I
or Phase II Environmental Site Assessments and other reports or documents materially bearing on environmental, health or safety
matters of the Company, its Subsidiaries or their assets, including the Assets that are in the possession or reasonable
control of Seller, the Company or any Subsidiary for the Real Property Interests in which the Company or any Subsidiary owns an
interest.

 

(b)          Except as disclosed
on Schedule 5.8(b) or as disclosed in the documents made available to Buyer as described in Section 5.8(a) above
(provided that the application of any disclosure in such documents to this Section 5.8 must be reasonably apparent on the
face of such disclosure):

 

(i)          to Seller’s
Knowledge, the Company and the Subsidiaries are in material compliance with all Environmental Laws and none of the Company nor
any Subsidiary has received a written notice, report or other information from any Governmental Authority of any actual or alleged
material violations or liabilities under of any applicable Environmental Laws;

 

(ii)          no Proceeding
is pending or, to Seller’s Knowledge, threatened against or affecting the Company or any Subsidiary by or before any Governmental
Authority with respect to the Company’s or any Subsidiary’s compliance with or liability under any Environmental Laws;

 

(iii)          neither
the Company nor any of the Subsidiaries is subject to any outstanding governmental order, “consent order” or other
agreement with a Governmental Authority pursuant to Environmental Laws;

 

(iv)          to Seller’s
Knowledge, there has been no Release of Hazardous Substances into the environment by the Company or any of the Subsidiaries that
could reasonably be expected to give rise to or result in any material Environmental Liability relating to any of the assets in
which the Company or any of the Subsidiaries owns an interest (including the Assets) or for which the Company or any Subsidiary
could have liability;

 

    9

     

    

 

(v)          none
of Seller, the Company nor any of the Subsidiaries has received written inquiry or notice of any actual or alleged Environmental
Liabilities, contingent or otherwise, arising from the assets in which the Company or any of the Subsidiaries owns an interest;
and

 

(vi)          neither
the Company nor any of the Subsidiaries has received written notice or, to Seller’s Knowledge, there is no pending or threatened
claim, concerning potential material liabilities to the Company or the Subsidiaries under Environmental Laws as a result of the
transportation, storage or disposal of Hazardous Materials.

 

(c)         Set forth on Schedule 5.8(c)
is a list of all material Environmental Permits obtained by the Company and the Subsidiaries as of the Execution Date which are
necessary under Law in connection with the conduct of their businesses and the ownership, construction, operation and maintenance
of their assets (including the Assets), other than immaterial and routine Permits that are expected to be obtained in the ordinary
course of business that will not delay construction and operation. To Seller’s Knowledge, none of the Company nor any Subsidiary
is in default or violation in any material respect (and, to Seller’s Knowledge, no event has occurred which, with the passing
of time or giving of notice, or both, would constitute a default or violation in any material respect) of any term, condition or
provision of any such Environmental Permit. To Seller’s Knowledge, the Company and each of the Subsidiaries holds
all material Environmental Permits necessary for the lawful conduct of its business and the ownership, construction, operation
and maintenance by it of its assets (including its Assets), other than immaterial and routine Permits that are expected to be obtained
in the ordinary course of business that will not delay construction and operation.

 

(d)         Notwithstanding
any other provision of this Agreement to the contrary, this Section 5.8 contains the sole and exclusive representations
and warranties of Seller with respect to applicable Environmental Laws, Proceedings relating to Environmental Laws, Hazardous Substances
and any other environmental matters.

 

Section
5.9 Membership Interests. Except at set forth on Schedule 5.9:

 

(a)         The Membership
Interests constitute all of the issued and outstanding Interests in the Company. The Company does not own or lease any assets other
than all of the issued and outstanding Interests in each Holding Company. Dakota Access Holdings does not own or lease any assets
other than a 75% Percent Interest (as defined in the Development Company Agreement for Dakota Access) in Dakota Access. ETCO Holdings
does not own or lease any assets other than a 75% Percent Interest (as defined in the Development Company Agreement for ETCO) in
ETCO. Dakota Access owns all of the issued and outstanding Interests in Dakota Truck. ETCO owns all of the issued and outstanding
Interests in EGCA. Each of such Interests owned by the Company, Dakota Access Holdings, ETCO Holdings, or Dakota Access, as applicable,
(i) are owned by it beneficially and of record free and clear of all Liens and are not subject to any agreements or understandings
among any Persons with respect to the voting or transfer thereof (other than in the Organizational Documents of the Company, Dakota
Access Holdings, Dakota Access, ETCO Holdings, ETCO, Dakota Truck or EGCA, as applicable); (ii) are not subject to any outstanding
subscriptions, options, convertible securities, warrants, calls or other securities granting rights to purchase or otherwise acquire
any of such Interests or any commitments or agreements of any character obligating the Company, Dakota Access Holdings and ETCO
Holdings, as applicable, to transfer any of such Interests (other than as set forth in the Organizational Documents of the Company,
Dakota Access Holdings, Dakota Access, ETCO Holdings, ETCO, Dakota Truck or EGCA, as applicable); and (iii) are duly authorized,
validly issued, fully paid and, subject to the Laws of the State of Delaware, non-assessable, and were not issued in violation
of any applicable Laws, the Organizational Documents of the Company, Dakota Access Holdings or ETCO Holdings, as applicable, or
any purchase option, call option, right of first refusal, preemptive right or other similar right.

 

    10

     

    

 

(b)         Excluding the
Subsidiaries, none of the Company, the Holding Companies, the Development Companies, Dakota Truck and EGCA have any subsidiaries
or Interests in any Person.

 

Section
5.10 Title Matters; Real Property Interests. 

 

(a)        To Seller’s Knowledge, the Company and each Subsidiary has
(i) good and indefeasible title to the Real Property Interests which it owns in fee, and (ii) a valid leasehold interest in the
Real Property Interests which it leases, subject to the terms of the leases; in each case, free and clear of all Liens other than
Permitted Liens.

 

(b)         To Seller’s
Knowledge, (i) the Company and each Subsidiary and each of the counterparties is in material compliance with, and not in default
in any material respects under, each real property lease, easement, servitude, right-of-way and surface right that constitutes
a Real Property Interest; (ii) no event has occurred or circumstance exists that, with or without the delivery of notice, the passage
of time or both, would constitute a material default under, or permit the termination, modification or acceleration of amounts
due under any such agreement; and (iii) each such agreement is legal, valid, binding, enforceable and in full force and effect,
subject to the effect of any applicable Laws relating to bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance
or preferential transfers, or similar Laws relating to or affecting creditors’ rights generally.

 

(c)         To Seller’s
Knowledge, the Company and each Subsidiary has good and valid title to all of the Personal Property free and clear of all Liens
other than Permitted Liens.

 

Section
5.11 Balance Sheet.

 

(a)         The Balance Sheet,
which is attached as Schedule 5.11(a), (a) has been derived from the books and records of the Company, (b) has been
prepared in accordance with GAAP consistently applied throughout the periods covered thereby (except for, in the case of interim
statements, normal year-end adjustments and the absence of footnote disclosure that, if presented, would not differ materially
from those presented in an audited balance sheet), and (c) fairly presents in all material respects the financial condition
of the Company as of the Balance Sheet Date.

 

(b)         The Company has
no liabilities of the type required to be reflected on a balance sheet prepared in accordance with GAAP, except for (i) liabilities
which are adequately reflected in or reserved against in the Balance Sheet, (ii) liabilities evidenced by the Senior Secured
Credit Facility and (iii) liabilities which have been incurred in the Ordinary Course of Business since the Balance Sheet
Date.

 

    11

     

    

 

Section
5.12 Indebtedness. Except as set forth in Schedule 5.12 and liabilities evidenced by the Senior Secured
Credit Facility, the Company and the Subsidiaries have no Indebtedness from or to any Person.

 

Section
5.13 Credit Support. Schedule 5.13 lists all guarantees, letters of credit, sureties, performance, or
other bonds, cash or other collateral or similar credit support arrangements (the “Support
Instruments”) maintained by Seller or any of its Affiliates (excluding the Company or any Subsidiary) with
respect to the Company, any Subsidiary or the Assets, true and complete copies of which have been made available to
Buyer.

 

Section
5.14 Employees; Benefit Plan Matters. Neither the Company nor any Subsidiary has or ever has had any
employees. None of Seller, the Company or any of the Subsidiaries maintains, sponsors, contributes to, or is a participating
employer of, nor has Seller, the Company or any of the Subsidiaries ever maintained, sponsored, contributed to or
participated in, any Benefit Plan.

 

Section
5.15 Insurance. Schedule 5.15(a) sets forth a summary of all insurance policies maintained by or
on behalf of the Company and the Subsidiaries. All such insurance policies are in full force and effect and all related
premiums due and payable with respect thereto have been paid. Except as set forth in Schedule 5.15(b), there is
no material claim pending under any such insurance policies as to which coverage has been denied by the insurer other than
customary indications as to reservation of rights by insurers listed on Schedule 5.15(a) and none of Seller, the
Company nor any of the Subsidiaries has received written notice of cancellation of any such insurance policies.

 

Section
5.16 Brokers Fees. Neither the Company nor any Subsidiary has any liability or obligation to pay any fees or
commissions to any broker, finder, agent or other Person with respect to the transactions contemplated hereby or the
Transactions.

 

Section
5.17 No Bankruptcy. There are no bankruptcy Proceedings pending against, being contemplated by or, to the
Knowledge of Seller, threatened against or affecting the Company or any of the Subsidiaries.

 

Article VI

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer hereby represents and warrants to
Seller as of the Execution Date as follows:

 

Section
6.1 Organization of Buyer. Buyer is a limited liability company, duly organized and validly existing under the
Laws of the State of Delaware, is qualified to do business and is in good standing under the Laws of any jurisdiction where such
qualification is necessary, and has full power and right to carry on its business as such is now being conducted.

 

    12

     

    

 

Section
6.2 Authorization; Enforceability. Buyer has all requisite power and authority to execute and deliver this
Agreement and each Transaction Document to which Buyer is a party, to purchase the Transferred Interests on the terms
described herein and to perform all obligations to be performed by Buyer hereunder and thereunder, and to consummate the
transactions contemplated hereby and thereby. The execution and delivery of this Agreement and each Transaction Document to
which Buyer is a party and the consummation of the transactions contemplated hereby and thereby have been duly and validly
authorized and approved by all limited liability company action required on the part of Buyer. This Agreement constitutes,
and each Transaction Document to which Buyer is a party, when duly and validly executed and delivered by Buyer will
constitute (assuming due authorization, execution and delivery by Seller and any other Persons party thereto that is not an
Affiliate of Buyer), legal, valid and binding obligations of Buyer, enforceable against Buyer in accordance with their
respective terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar
Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity
(regardless of whether such enforceability is considered in a Proceeding in equity or at Law).

 

Section
6.3 No Conflict; Consents. Except as set forth on Schedule 6.3, Buyer’s execution, delivery and
performance of this Agreement and the Transaction Documents to which Buyer is a party and the consummation of the
transactions contemplated hereby and thereby by Buyer shall not:

 

(a)         violate or result
in a breach of, or conflict with or require the consent of any Person under, any of the terms, conditions or provisions of the
Organizational Documents of Buyer;

 

(b)         violate or result
in a material breach of any provision of any Laws applicable to Buyer; or

 

(c)         conflict with,
result in a breach of, constitute a default under or constitute an event that with notice or lapse of time, or both, would constitute
a default under, accelerate or permit the acceleration of the performance required by any Contract to which Buyer is a party or
bound, except where such conflict, breach, default or acceleration would not reasonably be expected to have, individually or in
the aggregate, a material adverse effect on Buyer’s ability to consummate the transactions contemplated by this Agreement
and the Transaction Documents and to perform its obligations hereunder and thereunder.

 

Section
6.4 Consents and Approvals. Except (a) for Customary Post-Closing Consents and (b) for immaterial Consents, no
Consent is required to be obtained by Buyer in connection with the execution, delivery or performance of this Agreement or the
Transaction Documents or the consummation of the transactions contemplated hereby or thereby by Buyer.

 

Section
6.5 Litigation. As of the Execution Date, there is no Proceeding (filed by any Person other than Seller or any
of its Affiliates) pending or, to Buyer’s Knowledge, threatened by or against the Buyer by or before any Governmental Authority
that would reasonably be expected to result in a material adverse effect on Buyer’s ability to consummate the transactions
contemplated by this Agreement or that seeks an Order restraining, enjoining or otherwise prohibiting or making illegal any of
the Transactions or the transactions contemplated hereby.

 

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Section
6.6 Brokers’ Fees. Neither Buyer nor any of its Affiliates has any liability or obligation to pay any
fees or commissions to any broker, finder, agent or other Person with respect to the transactions contemplated hereby or the
Transactions for which Seller or its Affiliates will become liable or obligated.

 

Section
6.7 Financial Ability. Buyer, at the Closing, will have funds sufficient to (a) pay the Purchase Price
and any other expenses incurred by Buyer in connection with this Agreement; (b) fund the consummation of the
transactions contemplated by this Agreement and the Transaction Documents; and (c) satisfy all other costs and expenses
arising in connection herewith and therewith, each without delay and without causing Buyer to become insolvent or declare
insolvency.

 

Section
6.8 Regulatory. Buyer is now, and hereafter shall continue to be, qualified per all regulations of applicable
Governmental Authorities and other Laws to own the Transferred Interests; and the consummation of the transactions contemplated
in this Agreement will not cause Buyer to be disqualified as such an owner.

 

Section
6.9 Independent Evaluation. Buyer is sophisticated in the evaluation, purchase, ownership and operation of
crude oil pipeline assets and facilities. In making its decision to enter into this Agreement and to consummate the
transactions contemplated hereby, except for its reliance on Seller’s representations and warranties in Article
IV and Article V, Buyer (a) has relied or shall rely solely on its own independent investigation and evaluation of
the Company, the Subsidiaries and the Assets and the advice of its own legal, Tax, economic, environmental, engineering,
geological and geophysical advisors and the express provisions of this Agreement and the Transaction Documents and not on any
comments, statements, projections or other materials made or given by Seller or any of its Affiliates or Representatives, and
(b) has satisfied or will satisfy itself through its own due diligence as to the environmental and physical condition of
and contractual arrangements and other matters affecting the Company, the Subsidiaries and the Assets. Without limiting the
generality of the foregoing, Buyer acknowledges that, except to the extent expressly set forth in this Agreement or the
Transaction Documents, none of Seller, the Company, the Subsidiaries nor any of their Representatives or Affiliates make any
representation or warranty with respect to (a) any projections, estimates or budgets delivered to or made available to Buyer
of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition
(or any component thereof) of the Company or the Subsidiaries or the future business and operations of the Company or the
Subsidiaries, or (b) any other information or documents made available to Buyer or its Representatives with respect to the
Company, the Subsidiaries or their businesses, Assets, liabilities or operations, and, except to the extent expressly set
forth in this Agreement or the Transaction Documents, that all such projections, estimates, budgets or other information or
documents have been furnished to Buyer solely as an accommodation. Buyer further acknowledges that it has not relied on
any representation not expressly set forth in this Agreement.

 

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Section
6.10 Accredited Investor. Buyer is acquiring the Transferred Interests for its own account as an investment
without the present intent to sell, transfer or otherwise distribute the same to any other Person in violation of applicable
securities Laws. Buyer has made, independently and without reliance on Seller (except to the extent that Buyer has relied on
the representations, warranties, covenants and agreements of Seller in this Agreement), its own analysis of the Transferred
Interests and the Assets for the purpose of acquiring the Transferred Interests, and Buyer has had reasonable and sufficient
access to documents, other information and materials as it considers appropriate to make its evaluations. Buyer is an
“accredited investor,” as such term is defined in Regulation D of the Securities Act of 1933, as amended, and has
acquired or will acquire the Transferred Interests for its own account and not with a view to a sale or distribution thereof
in violation of the Securities Act of 1933, as amended, and the rules and regulations thereunder, any applicable state blue
sky Laws or any other applicable securities Laws.

 

Article VII

COVENANTS

 

Section
7.1 Conduct of Business, Operation of Assets.

 

(a)           From the Execution
Date until the earlier of the Closing or the termination of this Agreement in accordance with Article XI, except (1) for
Emergency Operations or (2) for the actions expressly permitted or required under the terms of this Agreement or consented to in
writing by Buyer (which consent shall not be unreasonably delayed, withheld or conditioned), Seller shall, and in its capacity
as owner of the Membership Interests, Seller shall cause the Company and each Subsidiary to,:

 

(i)         operate
its assets (including the Assets) and its business, and maintain its books of account and Records, in the Ordinary Course of Business;

 

(ii)         give
written notice to Buyer as soon as is practicable of any written notice received or given by Seller, the Company or any Subsidiary
with respect to any alleged breach by the Company, any Subsidiary or other Person of any Material Contract, Real Property Interest
or Permit;

 

(iii)         with
respect to Emergency Operations, notify Buyer of such emergency and the related Emergency Operations as soon as reasonably practicable;

 

(iv)         give
prompt notice to Buyer of (A) any material damage or any casualty to any of the Assets, (B) any written notice received
or made by Seller, the Company or any Subsidiary of any claim asserting any material tort or violation of Law or any new or threatened
Proceeding, that (in each case) relates to or affects the Company, the Subsidiaries or the Assets; and (C) any breach by Seller
of any representation, warranty, covenant or agreement of Seller contained in this Agreement;

 

(v)         update
Schedule 5.4(a) with each Applicable Contract entered into by the Company or any Subsidiary from and after the Execution
Date that if such Applicable Contract would have been in place as of the Execution Date would have been required to be listed on
Schedule 5.4(a) as permitted under this Agreement and furnish Buyer a copy thereof;

 

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(vi)         timely
file all Tax Returns required to be filed by the Company or any Subsidiary and timely pay all Taxes due and payable by the Company
or any Subsidiary; and

 

(vii)         comply
with the obligations set forth in Section 5.1(e) of the Company Agreement.

 

(b)         Without limiting
the generality or effect of Section 7.1(a), from the Execution Date until the earlier of the Closing or the termination
of this Agreement in accordance with Article XI, except (1) for Emergency Operations or (2) for the actions
expressly permitted or required under the terms of this Agreement or consented to in writing by Buyer (which consent shall not
be unreasonably delayed, withheld or conditioned), Seller shall not, and in its capacity as owner of the Membership Interests,
Seller shall cause the Company and each Subsidiary not to, (i) take any action set forth in Section 5.1(c) or Section 15.6 of the
Company Agreement or agree, whether in writing or otherwise, to take any action set forth therein or (ii) make any agreement or
settlement with any Governmental Authority in respect of Taxes, file any amended Tax Return or consent to any extension or waiver
of the limitation period applicable to any Tax claim or assessment.

 

Section
7.2 Access and Information. From the Execution Date until the earlier of the Closing or the termination of
this Agreement in accordance with Article XI, but subject to the other provisions of this Section 7.2 and
obtaining any required Consents of Third Parties (with respect to which Consents Seller shall use commercially reasonable
efforts to obtain), Seller shall, and in its capacity as owner of the Membership Interests Seller shall cause the Company and
each Subsidiary to, (a) afford to Buyer and its Representatives reasonable access, upon reasonable prior notice, during
normal business hours, to the Records and (b) make available to Buyer and its Representatives, upon reasonable notice during
normal business hours, Seller’s and its Affiliates’ personnel knowledgeable with respect to the Assets and the
other assets of the Company and the Subsidiaries. Buyer shall not be permitted to conduct any physical inspection of the
Assets except as, and under terms and conditions, agreed to by Seller; provided, however, that any request by
Buyer for any such inspection shall not be unreasonably withheld, conditioned or delayed. All review and investigations
conducted by Buyer or any of its Representative shall be conducted at Buyer’s sole cost, risk and expense and any
conclusions made from any examination done by Buyer or any of its Representative shall result from Buyer’s own
independent review and judgment. In addition, the review and investigations of Buyer shall not unreasonably interfere with
the business of the Company or any Subsidiary or the safe commercial operations of the Assets. Buyer shall
coordinate Buyer’s and its Representatives’ access rights (including with respect to Seller’s personnel)
with Seller to minimize any inconvenience to or interruption of the conduct of business by Seller, the Company and the
Subsidiaries. Buyer shall hold in confidence all information reviewed and collected pursuant to this Section 7.2 on
the terms and subject to the conditions contained in the Confidentiality Agreements. Notwithstanding anything to the contrary
in this Section 7.2, Buyer shall have no right of access to, and neither Seller nor any of its Affiliates shall have
any obligation to provide any (1) information the disclosure of which (A) would reasonably be expected to jeopardize any
privilege available to Seller or its Affiliates, (B) would cause Seller or its Affiliates to breach a confidentiality
obligation (provided that Seller and its Affiliates shall use commercially reasonable efforts to obtain a waiver of any such
confidentiality obligation), or (C) would result in a violation of Law, or (2) bids received from others in connection with
the transactions contemplated by this Agreement (or similar transactions) and information and analyses (including financial
analyses) relating to such bids.

 

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Section
7.3 Regulatory Filings. From the Execution Date until the Closing:

 

(a)         Buyer and Seller
shall, and shall cause their respective Affiliates to, (i) make or cause to be made the filings required of such Party or
any of its Affiliates under any Laws with respect to the transactions contemplated by this Agreement and the Transactions
and to pay any fees due of it in connection with such filings, as promptly as is reasonably practicable, and in any event within
ten (10) Business Days after the Execution Date, (ii) cooperate with the other Party and furnish all information in
such Party’s possession that is necessary in connection with such other Party’s filings, (iii) use commercially
reasonable efforts to cause the expiration of the notice or waiting periods under any Laws with respect to the transactions contemplated
by this Agreement and the Transactions as promptly as is reasonably practicable, (iv) promptly inform the other Party of any
communication from or to, and any proposed understanding or agreement with, any Governmental Authority in respect of such filings,
(v) consult and cooperate with the other Party in connection with any analyses, appearances, presentations, memoranda, briefs,
arguments and opinions made or submitted by or on behalf of any Party in connection with all meetings, actions and proceedings
with Governmental Authorities relating to such filings, (vi) comply, as promptly as is reasonably practicable, with any requests
received by such Party or any of its Affiliates under any Laws for additional information, documents or other materials, (vii) use
commercially reasonable efforts to resolve any objections as may be asserted by any Governmental Authority with respect to the
Transactions, and (viii) use commercially reasonable efforts to contest and resist any action or proceeding instituted (or
threatened in writing to be instituted) by any Governmental Authority challenging the transactions contemplated by this Agreement
or the Transactions as violative of any Law. If a Party intends to participate in any meeting with any Governmental Authority with
respect to such filings, it shall give the other Party reasonable prior notice of, and an opportunity to participate in, such meeting.

 

(b)         In connection
with any such filings, Buyer shall cooperate in good faith with Governmental Authorities and, subject to Section 7.3(c),
undertake promptly any and all commercially reasonable action required to complete lawfully the transactions contemplated by
this Agreement and the Transactions. Buyer shall be entitled to direct any proceedings or negotiations with any Governmental Authority
to the extent, and only to the extent, relating to any such actions, provided that it shall allow Seller to participate in each
and every communication relating to any such actions.

 

(c)         Notwithstanding
anything provided in this Agreement to the contrary, neither Seller nor Buyer nor any of their respective Affiliates shall have
any obligation to sell, divest, dispose, license, lease, operate, conduct in a specified manner, hold separate or discontinue or
restrict or limit any assets, businesses, product lines, licenses, operations or interests to obtain the approval of any Governmental
Authority.

 

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Section
7.4 Consents. With respect to each Required Consent, prior to Closing, Seller shall send to the holder of each
such Consent a notice in compliance with the contractual provisions applicable to such Consent seeking such holder’s consent
to the transactions contemplated hereby (including the Transactions). Prior to Closing, Seller shall use its commercially reasonable
efforts, with reasonable assistance from Buyer, to obtain all Required Consents; provided, however, that Seller shall not
be required to incur any liability or pay any money in order to obtain any such Consent.

 

Section
7.5 Amendment of Schedules. Buyer agrees that, with respect to the representations and warranties of Seller
contained in this Agreement, Seller shall have the continuing right until Closing to add, supplement or amend the Schedules
to its representations and warranties with respect to any matter hereafter first arising which, if existing as of the
Execution Date, would have been required to be set forth or described in such Schedules; provided that, Seller shall not have
the right to add, supplement or amend any such Schedules for any matter arising out of or as a result of any breach by Seller
of this Agreement. For all purposes of this Agreement, including for purposes of determining whether the conditions set forth
in Section 8.1 have been fulfilled, the Schedules to Seller’s representations and warranties contained in this
Agreement shall be deemed to include only that information contained therein on the Execution Date and shall be deemed to
exclude all information contained in any addition, supplement or amendment thereto (the “Post-Signing
Information”); provided, however, that if Closing shall occur, and if Buyer would have had the right to
terminate this Agreement on account of a breach of Seller’s representations, warranties, covenants or agreements under
this Agreement relating to the Post-Signing Information (such right having been confirmed in writing by Seller prior to
Closing), then all Post-Signing Information disclosed pursuant to any such addition, supplement or amendment at or
prior to Closing shall be waived and Buyer shall not be entitled to make a claim with respect thereto pursuant to the terms
of this Agreement or otherwise.

 

Section
7.6 Further Assurances. Subject to the terms and conditions of this Agreement, through the Closing Date, each
Party shall use its commercially reasonable efforts to take, or cause to be taken, all actions required by the terms of this Agreement
of such Party that are reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated
by this Agreement and the Transactions. Subject to the terms and conditions of this Agreement, at any time or from time to time
after the Closing, at any Party’s request and without further consideration, the other Party shall (and in the case of Buyer
and Seller, each such Party shall use commercially reasonable efforts to cause the applicable members of the Company to) execute
and deliver to such Party such other instruments of sale, transfer, conveyance, assignment and confirmation, provide such materials
and information and take such other actions as such Party may reasonably request in order to consummate the transactions contemplated
by this Agreement and the Transactions.

 

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Section
7.7 Exclusivity. From the Execution Date until the earlier of the Closing or the termination of this Agreement
in accordance with Article XI, Seller shall not, and shall not authorize or permit any of its Affiliates
(including the Company and the Subsidiaries) or any of its or their Representatives to, directly or indirectly, (a)
encourage, solicit, initiate, facilitate or continue inquiries regarding an Acquisition Proposal; (b) enter into discussions
or negotiations with, or provide any information to, any Person concerning a possible Acquisition Proposal; or (c) enter into
any agreements or other instruments (whether or not binding) regarding an Acquisition Proposal. From the Execution Date until
the earlier of the Closing or the termination of this Agreement in accordance with Article XI, Seller shall
immediately cease and cause to be terminated, and shall cause its Affiliates (including the Company and the Subsidiaries) and
all of its and their Representatives to immediately cease and cause to be terminated, all existing discussions or
negotiations with any Persons conducted heretofore with respect to, or that could lead to, an Acquisition Proposal. For
purposes hereof, “Acquisition Proposal” shall mean any inquiry, proposal or offer from any Person
(other than Buyer or any of its Affiliates) concerning (A) a merger, consolidation, liquidation, recapitalization or other
business combination transaction involving Seller, the Company or any of the Subsidiaries; (B) the issuance or acquisition of
membership interests in Seller, the Company or any of the Subsidiaries; or (C) the sale, lease, exchange or other disposition
of any significant portion of the assets of Seller, the Company or any of the Subsidiaries.

 

Section
7.8 Senior Secured Credit Facility. Seller shall, and shall cause the Development Companies to, use reasonable
best efforts to diligently take all necessary actions and other measures to effect the timely satisfaction of each of the conditions
precedent to the advancement of Loans under the applicable requirements of the Senior Secured Credit Facility.

 

Article VIII

CONDITIONS TO CLOSING

 

Section
8.1 Buyer’s Conditions to Closing. The obligation of Buyer to consummate the transactions contemplated
by this Agreement is subject to the satisfaction of the following conditions, any one or more of which may be waived in
writing by Buyer:

 

(a)         Representations.
Each of the representations and warranties of Seller contained in this Agreement shall be true and correct as of the Closing, as
if made at and as of that time (other than such representations and warranties that expressly address matters only as of a certain
date, which need only be true and correct as of such certain date) without giving effect to the words “material,” or
“Material Adverse Effect” or words of similar import contained in such representations and warranties, except where
the failure of such representations and warranties to be so true and correct would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect; provided that (i) the Fundamental Representations shall be true and correct as
of the Closing, as if made at and as of that time, in all respects and (ii) for purposes of this Section 8.1(a), the reference
to “as of the Execution Date” in the lead in to Article IV and Article V, which precedes respectively
Sections 4.1 and 5.1, shall be disregarded.

 

(b)         Performance.
Seller shall have performed or complied in all material respects with all of the covenants and agreements required by this Agreement
to be performed or complied with by Seller prior to the Closing.

 

(c)         Closing Certificate.
Seller shall have delivered to Buyer an officer’s certificate dated the Closing Date certifying that the conditions specified
in Section 8.1(a), if applicable, and Section 8.1(b) have been fulfilled.

 

(d)         No Action.
There shall not be in force any Law or Order restraining or prohibiting the consummation of the transactions contemplated by this
Agreement and no Proceeding (excluding any Proceeding initiated by Buyer or any of its Affiliates) shall be pending before any
court or other Governmental Authority seeking to temporarily restrain, enjoin or otherwise prohibit or make illegal the consummation
of the transactions contemplated by this Agreement or recover damages from Buyer, the Company, or any of the Subsidiaries resulting
therefrom.

 

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(e)         Deliveries.
Seller shall have delivered (or be ready, willing and able to deliver at Closing) the documents and other items required to be
delivered by Seller under Section 9.2.

 

(f)         ACOE Release
Date. The “ACOE Release Date” (as defined in the Senior Secured Credit Facility) shall have occurred.

 

(g)         Consents and
Approvals. The Required Consents shall have been duly obtained, made or given and shall be in the full force and effect.

 

(h)         Material Adverse
Effect. A Material Adverse Effect shall not have occurred since the Execution Date.

 

Section
8.2 Conditions to the Obligations of Seller. The obligation of Seller to consummate the transactions
contemplated by this Agreement is subject to the satisfaction of the following conditions, any one or more of which may be
waived in writing by Seller:

 

(a)         Representations.
Each of the representations and warranties of Buyer contained in this Agreement shall be true and correct in all material respects
(and in all respects, in the case of representations and warranties qualified by materiality qualifiers contained therein) as of
the Closing, as if made at and as of that time (other than such representations and warranties that expressly address matters only
as of a certain date, which need only be true and correct in all material respects (and in all respects, in the case of representations
and warranties qualified by materiality qualifiers contained therein) as of such certain date; provided that, for purposes of this
Section 8.2(a), the reference to “as of the Execution Date” in the lead in to Article VI, which precedes
Section 6.1, shall be disregarded).

 

(b)         Performance.
Buyer shall have performed or complied in all material respects with all of the covenants and agreements required by this Agreement
to be performed or complied with by Buyer prior to the Closing.

 

(c)         Closing Certificate.
Buyer shall have delivered to Seller an officer’s certificate dated the Closing Date certifying that the conditions specified
in Section 8.2(a) and Section 8.2(b) have been fulfilled.

 

(d)         No Action.
There shall not be in force any Law or Order restraining or prohibiting the consummation of the transactions contemplated by this
Agreement and no Proceeding (excluding any Proceeding initiated by Seller or any of its Affiliates) shall be pending before any
court or other Governmental Authority seeking to temporarily restrain, enjoin or otherwise prohibit or make illegal the consummation
of the transactions contemplated by this Agreement or recover damages from Seller, the Company, or any of the Subsidiaries resulting
therefrom.

 

(e)         Deliveries.
Buyer shall have delivered (or be ready, willing and able to deliver at Closing) the documents and other items required to be delivered
by Buyer under Section 9.3.

 

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Article IX

CLOSING

 

Section
9.1 Closing. The closing of the transactions contemplated by this Agreement (the
“Closing”) shall take place at the offices of Porter Hedges LLP, 1000 Main Street, Houston, Texas
77002, commencing at 9:00 a.m. local time the fifth (5th) Business Day after all conditions to Closing in Section
8.1 or Section 8.2 have been satisfied or waived, or such other date as Buyer and Seller may mutually determine
(the “Closing Date”).

 

Section
9.2 Seller Deliverables. At the Closing, Seller will execute and deliver, or cause to be executed and
delivered, the following documents and deliverables to Buyer:

 

(a)         the Assignment;

 

(b)         the Company Agreement;

 

(c)         the Seller Parent
Guaranties;

 

(d)         an executed statement(s)
described in Section 1.1445-2(b)(2) of the Treasury Regulations certifying that Seller is not a disregarded entity nor a foreign
person within the meaning of the Code and the Treasury Regulations promulgated thereunder;

 

(e)         the certificate
referenced in Section 8.1(c); and

 

(f)         any other Transaction
Documents that are required by other terms of this Agreement to be executed or delivered by Seller at the Closing.

 

Section
9.3 Buyer Deliverables. At the Closing, Buyer will execute (as appropriate) and deliver, or cause to be
executed and delivered, the following documents and deliverables to Seller:

 

(a)         the Assignment;

 

(b)         the Company Agreement;

 

(c)         the Buyer Parent
Guaranties;

 

(d)         to the accounts
as designated by Seller prior to Closing, by direct bank or wire transfer in same day funds, the Purchase Price;

 

(e)         the certificate
referenced in Section 8.2(c); and

 

(f)         any other Transaction
Documents that are required by other terms of this Agreement to be executed or delivered by Buyer at the Closing.

 

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Article X

INDEMNIFICATION

 

Section
10.1 Survival.

 

(a)         Subject to Section
10.1(b), (i) the representations and warranties of Seller contained in Article IV and Article V and
in the certificate delivered pursuant to Section 8.1(c) and the representations and warranties of Buyer contained in Article VI
and in the certificate delivered pursuant to Section 8.2(c) and (ii) the covenants and agreements of Seller and Buyer contained
in this Agreement shall survive the Closing and shall, in each case, continue in force and effect until eighteen (18) months
after the Closing Date, except that (A) the representations and warranties of (1) Seller contained in Section
4.1, Section 4.2, Section 4.3, Section 4.4, Section 4.5, Section 4.6, Section
5.1, Section 5.2, Section 5.3, Section 5.9 and Section 5.16 (collectively the “Fundamental
Representations”) and (2) Buyer contained in Section 6.1, Section 6.2, Section 6.3, Section
6.4 and Section 6.6, shall survive indefinitely; (B) the representations and warranties of Seller contained in
Section 5.6 (the “Tax Representations”) shall survive the Closing until thirty (30) days
following the expiration of the applicable statute of limitations; and (C) any covenant or agreement which by its terms contemplates
performance after the Closing Date, shall survive until the date that is 60 days after the earlier of (i) the date that such covenant
or agreement expires by its terms or (ii) the expiration of any applicable statute of limitations. Representations, warranties,
covenants and agreements shall be of no further force and effect after the date of their expiration, provided that there shall
be no termination of any bona fide claim asserted pursuant to this Agreement with respect to such a representation, warranty, covenant
or agreement prior to its expiration date.

 

(b)         The indemnities
in Section 10.2(a)(i), Section 10.2(a)(ii), Section 10.2(a)(iii), Section 10.3(a) and Section 10.3(b)
shall terminate as of the termination date of each respective representation, warranty, covenant or agreement that is subject to
indemnification. Notwithstanding the foregoing, there shall be no termination of any bona fide claim asserted pursuant to the indemnities
in this Article X if a bona fide claim is asserted prior to the date of termination for the applicable indemnity.

 

Section
10.2 Indemnification Provisions for Benefit of Buyer.

 

(a)          From and after
the Closing and subject to the terms and conditions hereof, Seller shall indemnify, defend and hold harmless Buyer and its Affiliates
and each of their respective members, managers, partners and Representatives (the “Buyer Indemnified Parties”)
from and against any and all Damages incurred or suffered as a result of, relating to or arising out of:

 

(i)         any breach
prior to or as of the Closing Date of any representation or warranty made by Seller in Article IV; provided,
however, in determining the amount of Damages arising out of, resulting therefrom or relating thereto, any materiality,
Material Adverse Effect or other similar qualification contained therein shall be disregarded in its entirety;

 

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(ii)         any
breach prior to or as of the Closing Date of any representation or warranty made by Seller in Article V; provided,
however, in determining the amount of Damages arising out of, resulting therefrom or relating thereto, any materiality,
Material Adverse Effect or other similar qualification contained therein shall be disregarded in its entirety;

 

(iii)         any
breach by Seller of any covenant or agreement made or to be performed by Seller pursuant to this Agreement; and

 

(iv)         Seller
Taxes.

 

Section
10.3 Indemnification Provisions for Benefit of Seller. From and after the Closing, Buyer shall indemnify,
defend and hold harmless Seller and its Affiliates and each of their members, managers, partners and Representatives (the
“Seller Indemnified Parties”) from and against any and all Damages incurred or suffered as a result
of, relating to or arising out of:

 

(a)         any breach of
any representation or warranty prior to or as of the Closing Date made by Buyer in Article VI; and

 

(b)         any breach by
Buyer of any covenant or agreement made or to be performed by Buyer pursuant to this Agreement.

 

Section
10.4 Limitation on Liability.

 

(a)         Notwithstanding
anything herein to the contrary, (a) Seller will not be liable for any claim (or series of claims arising out of the same
or related facts, events or circumstances) under Section 10.2(a)(i) or Section 10.2(a)(ii) for any Damages asserted
against Seller thereunder unless such Damages for such claim (or series of claims arising out of the same or related facts, events
or circumstances) exceed $250,000 (the “Indemnity Claim Threshold”); (b) Seller will not be liable
for any claim under Section 10.2(a)(i) or Section 10.2(a)(ii) until the Buyer Indemnified Parties have suffered aggregate
Damages for claims under Section 10.2(a)(i) and Section 10.2(a)(ii) in excess of 1.0% of the Purchase Price paid
to Seller (the “Deductible”); and (c) in no event shall Seller’s aggregate liability arising
out of or related to this Agreement, whether relating to a breach of representation and warranty, covenant, agreement or obligation
in this Agreement or otherwise and whether based on contract, tort, strict liability, other Laws or otherwise, exceed 10% of the
Purchase Price paid to Seller, provided however, that the limitations in clauses (a), (b) and (c) shall not apply to any
breach by Seller of any Fundamental Representation or Tax Representations and the limitations in clause (c) shall not apply
to Seller’s obligations under Section 10.2(a)(iv). For the avoidance of doubt, (A) any Damages asserted against Seller
hereunder that do not exceed the Indemnity Claim Threshold shall not be counted in determining the Deductible for Seller, and (B)
the Buyer Indemnified Parties shall only be entitled to recover Damages from Seller in excess of the Deductible.

 

(b)         Seller shall have
no liability pursuant to this Article X in respect and to the extent of any item or any losses that have been reflected
as a liability or reserve reflected on the Balance Sheet.

 

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(c)         Seller shall have
no liability for any losses that represent the cost of remediations, repairs, replacements or improvements which enhance the value
of the remediated, repaired, replaced or improved asset above its value on the Closing Date (assuming, solely for purposes of determining
the value of such asset as of the Closing Date, that no such remediation, repair, replacement or improvement were necessary) or
which represent the cost of remediation, repair or replacement exceeding the lowest reasonable cost of remediation, repair or replacement.

 

(d)         The Parties shall
have a duty to mitigate any loss for which indemnity is sought in connection with this Agreement. The Seller Indemnified Parties
and the Buyer Indemnified Parties, as applicable, shall use their commercially reasonable efforts to seek Third Party and insurance
recoveries in respect of losses. In the event any insurance proceeds or other recoveries from Third Parties are actually realized
(in each case calculated net of reasonable Third Party out-of-pocket costs and expenses of such recoveries but not including any
costs or expenses attributable to increases in insurance premiums) by a Seller Indemnified Party or a Buyer Indemnified Party subsequent
to the receipt by such Indemnified Party of an indemnification or other payment hereunder in respect of the claims to which such
insurance proceedings or Third Party recoveries relate, appropriate refunds shall be made promptly to the Indemnifying Party regarding
the amount of such payment.

 

(e)         Under no circumstance
shall any Buyer Indemnified Party be permitted to offset any amounts owed by Seller to such Buyer Indemnified Party in respect
of any indemnification obligation hereunder against any amounts owed by such Buyer Indemnified Party to Seller. Under no circumstance
shall any Seller Indemnified Party be permitted to offset any amounts owed by Buyer to such Seller Indemnified Party in respect
of any indemnification obligation hereunder against any amounts owed by such Seller Indemnified Party to Buyer.

 

Section
10.5 Procedures. Claims for indemnification under this Agreement shall be asserted and resolved as follows:

 

(a)         If any Person
entitled to seek indemnification under Section 10.2 or Section 10.3 (an “Indemnified Party”)
receives notice of the assertion or commencement of any claim asserted against an Indemnified Party by a Third Party (“Third
Party Claim”) in respect of any matter that is subject to indemnification under Section 10.2 or Section
10.3 the Indemnified Party shall promptly (i) notify the Party against whom indemnification is sought (the “Indemnifying
Party”) of the Third Party Claim and (ii) transmit to the Indemnifying Party a written notice (“Claim
Notice”) describing in reasonable detail the nature of the Third Party Claim, a copy of all papers served with respect
to such claim (if any), the Indemnified Party’s best estimate of the amount of Damages attributable to the Third Party Claim,
if known, and the basis of the Indemnified Party’s request for indemnification under this Agreement. Failure to timely provide
such Claim Notice shall not affect the right of the Indemnified Party’s indemnification hereunder, except to the extent (and
then only to the extent) the Indemnifying Party is prejudiced by such failure.

 

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(b)         The Indemnifying
Party shall defend a Third Party Claim with counsel selected by the Indemnifying Party (who shall be reasonably satisfactory to
the Indemnified Party), by all appropriate proceedings, to a final conclusion or settlement at the discretion of the Indemnifying
Party in accordance with this Section 10.5(b). The Indemnifying Party shall have full control of such defense and proceedings,
including any compromise or settlement thereof; provided that the prior written consent of the Indemnified Party
shall be required with respect to any such compromise or settlement if (A) the Indemnified Party or any of its Affiliates would
be required to pay any monetary damages as a result of such compromise or settlement, (B) such compromise or settlement requires
any admission of guilt or wrongdoing on the part of the Indemnified Party or contains any sanction, restriction or relief that
would adversely affect the conduct of any business of the Indemnified Party or its Affiliates in any material respect or (C) such
compromise or settlement does not fully and unconditionally release the Indemnified Party with respect to such Third Party Claim.
If requested by the Indemnifying Party, the Indemnified Party agrees, at the sole cost and expense of the Indemnifying Party, to
reasonably cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party
elects to contest, including the making of any related counterclaim against the Person asserting the Third Party Claim or any cross
complaint against any Person. The Indemnified Party may participate in, but not control, any defense or settlement of any Third
Party Claim controlled by the Indemnifying Party pursuant to this Section 10.5(b), and the Indemnified Party shall bear
its own costs and expenses with respect to such participation; provided that notwithstanding the foregoing, the Indemnifying
Party shall pay the reasonable costs and expenses of such defense (including reasonable attorneys’ fees and expenses) of
the Indemnified Party if (x) the Indemnified Party’s outside counsel shall have reasonably concluded and advised in
writing (with a copy to the Indemnifying Party) that there are defenses available to such Indemnified Party that are different
from or additional to those available to the Indemnifying Party or (y) the Indemnified Party’s outside counsel shall
have advised in writing (with a copy to the Indemnifying Party) that there is a conflict of interest that would make it inappropriate
under applicable standards of professional conduct to have common counsel for the Indemnifying Party and the Indemnified Party.

 

(c)         Any claim by an
Indemnified Party on account of Damages that does not result from a Third Party Claim (a “Direct Claim”)
must be asserted by giving the Indemnifying Party written notice thereof prior to the expiration of the applicable survival period
set forth in Section 10.1. Such notice by the Indemnified Party shall describe the Direct Claim in reasonable detail, include
copies of all available material written evidence thereof and indicate the estimated amount, if reasonably practicable, of Damages
that have been or may be sustained by the Indemnified Party. The Indemnifying Party will have a period of twenty (20) Business
Days within which to respond in writing to such Direct Claim. If the Indemnifying Party does not so respond within such twenty
(20) Business Day period, the Indemnifying Party will be deemed to have rejected such claim, in which event the Indemnified Party
will be free to pursue such remedies as may be available to the Indemnified Party on the terms and subject to the provisions of
this Agreement.

 

(d)         Any indemnification
payment made pursuant to this Agreement shall be net of any insurance proceeds realized by and paid to the Indemnified Party in
respect of such claim.

 

    25

     

    

 

Section
10.6 Express Negligence. TO THE FULLEST EXTENT PERMITTED BY LAW, AN INDEMNIFIED PERSON SHALL BE ENTITLED TO
INDEMNIFICATION HEREUNDER IN ACCORDANCE WITH THE TERMS HEREOF, REGARDLESS OF WHETHER THE INDEMNIFIABLE DAMAGE GIVING RISE TO ANY
SUCH INDEMNIFICATION OBLIGATION IS THE RESULT OF (IN WHOLE OR IN PART) THE SOLE, ACTIVE, PASSIVE, CONCURRENT OR COMPARATIVE NEGLIGENCE,
STRICT LIABILITY, OTHER FAULT OR THE VIOLATION OF LAW, IN EACH CASE, OF OR BY ANY SUCH INDEMNIFIED PERSON. BUYER AND SELLER ACKNOWLEDGE
THAT THIS STATEMENT COMPLIES WITH THE EXPRESS NEGLIGENCE RULE AND IS CONSPICUOUS.

 

Section
10.7 Waiver of Right to Rescission. SELLER AND BUYER ACKNOWLEDGE THAT THE PAYMENT OF MONEY, AS LIMITED BY
THE TERMS OF THIS AGREEMENT, SHALL BE ADEQUATE COMPENSATION FOR BREACH OF ANY REPRESENTATION, WARRANTY, COVENANT OR AGREEMENT
CONTAINED HEREIN OR FOR ANY OTHER CLAIM ARISING IN CONNECTION WITH OR WITH RESPECT TO THE TRANSACTIONS CONTEMPLATED IN THIS AGREEMENT.
AS THE PAYMENT OF MONEY SHALL BE ADEQUATE COMPENSATION, BUYER AND SELLER WAIVE ANY RIGHT TO RESCIND THIS AGREEMENT OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREBY FOLLOWING THE CLOSING.

 

Section
10.8 Exclusive Remedy.

 

(a)         Other than for
instances of fraud and without limiting any recourse pursuant to the terms of the Company Agreement, the Parties hereby acknowledge
and agree that the indemnification provisions and remedies set forth in this Article X shall, from and after the Closing,
constitute the sole and exclusive remedies of the Parties with respect to this Agreement and the transactions contemplated hereby
and the Parties acknowledge and agree that the remedies available in this Article X supersede any other remedies available
at Law or in equity.

 

(b)         Notwithstanding
anything in this Agreement to the contrary, (i) no Representative or Affiliate of Seller (nor any Representative of any such Affiliate
or any Person directly or indirectly owning any interest in Seller) shall have any liability to Buyer or any other Person as a
result of the breach of any representation, warranty, covenant, agreement or obligation of Seller in this Agreement or in any certificate
delivered pursuant to this Agreement, and (ii) no Representative or Affiliate of Buyer (nor any Representative of any such Affiliate
or any Person directly or indirectly owning any interest in Buyer) shall have any liability to Seller or any other Person as a
result of the breach of any representation, warranty, covenant, agreement or obligation of Buyer in this Agreement or in any certificate
delivered pursuant to this Agreement.

 

Section
10.9 Non-Compensatory Damages. None of the Buyer Indemnified Parties or Seller Indemnified Parties shall be
entitled to recover from any other Party, or their respective Affiliates, any indirect, special, incidental, consequential,
punitive, exemplary, remote or speculative damages or damages for lost profits of any kind to the extent not constituting
actual or direct damages arising under or in connection with this Agreement or the transactions contemplated hereby, except
to the extent any such Party suffers such damages to a Third Party, which damages (including costs of defense and reasonable
attorneys’ fees incurred in connection with defending against such damages) shall not be excluded by this provision as
to recovery hereunder. Subject to the preceding sentence, Buyer, on behalf of each of the Buyer Indemnified Parties and
Seller, on behalf of each applicable Seller Indemnified Party, waive any right to recover punitive, special, indirect,
exemplary, consequential damages, remote or speculative, including damages for lost profits of any kind to the extent not
constituting actual or direct damages arising in connection with or with respect to this Agreement or the transactions
contemplated hereby.

 

    26

     

    

 

Section
10.10 Tax Treatment of Payments. Any payments made to any Party pursuant to this Article X
shall constitute an adjustment of the Purchase Price for Tax purposes and shall be treated as such by Buyer and Seller on their
Tax Returns to the extent permitted by Law.

 

Article XI

TERMINATION

 

Section
11.1 Termination. At any time prior to the Closing, this Agreement may be terminated and the transactions
contemplated hereby abandoned:

 

(a)         by the mutual
consent of Buyer and Seller as evidenced in writing and signed by each of Buyer and Seller;

 

(b)         by Buyer, (i) by
written notice to Seller, if (A) Seller has breached its representations, warranties, covenants or obligations hereunder and such
breach would or does result in the failure of any condition expressly set forth in Article IX, and (B) such breach has not
been cured within 30 days following written notification to Seller thereof; provided, however, that if, at the end
of such 30 day period, Seller is endeavoring in good faith, and proceeding diligently, to cure such breach, Seller shall have an
additional 30 days in which to effect such cure, or (ii) if the conditions to the obligations of Seller at the Closing have
been satisfied, and Seller fails to close;

 

(c)         by Seller, (i) by
written notice to Buyer, if (A) Buyer has breached its representations, warranties, covenants or obligations hereunder and such
breach would or does result in the failure of any condition expressly set forth in Article IX, and (B) such breach has not
been cured within 30 days following written notification to Buyer thereof; provided, however, that if, at the end
of such 30 day period, Buyer is endeavoring in good faith, and proceeding diligently, to cure such breach, Buyer shall have an
additional 30 days in which to effect such cure or (ii) if the conditions to the obligations of Buyer at the Closing have
been satisfied, and Buyer fails to close;

 

(d)         at any time before
the Closing, by either Seller or Buyer, by written notice to the other Party, in the event that any Law or final, non-appealable
Order restrains, enjoins or otherwise prohibits or makes illegal the sale of the Transferred Interests pursuant to this Agreement;
or

 

(e)         by either Party,
at such Party’s option, at any time following two (2) Business Days after the Outside Termination Date;

 

    27

     

    

 

provided, however, that no Party
shall have the right to terminate this Agreement pursuant to subsections (b), (c), (d) or (e) above if such Party or its Affiliates
are at such time in material breach of any provision of this Agreement.

 

Section
11.2 Effect of Termination. If this Agreement is terminated under Section 11.1, except for the
provisions of Article I, Section 10.9, this Section 11.2, Section 11.3, Article XII
and Article XIV, this Agreement will terminate and the Parties shall have no liability or obligation to the other
Party hereunder, and Seller and its Affiliates shall be free immediately to enjoy all rights of ownership of the interests
contemplated to be sold hereunder and to sell, transfer, encumber or otherwise dispose of any such interests or direct or
indirect interests in the Company, any Subsidiary or the Assets to any Person without any restriction under this Agreement; provided, however,
except to the extent otherwise provided herein, no Party will be released from liability for any breach of this Agreement
accruing prior to such termination. The Confidentiality Agreements shall not be affected by a termination of this
Agreement. 

 

(a)         If Seller has
terminated this Agreement pursuant to Section 11.1(c), then, upon such termination, as Seller’s sole and exclusive
remedy (all other remedies being expressly waived by Seller), Seller shall be entitled to promptly receive from Buyer an amount
equal to the Termination Fee as liquidated damages.

 

(b)         If Buyer has terminated
this Agreement pursuant to Section 11.1(b), then Buyer shall have the right to seek any remedy available to it at law on
account of the breach by Seller of this Agreement.  

 

(c)         The Parties agree
that (i) in the event of the termination of this Agreement by Seller pursuant to Section 11.1(c), Seller’s damages
would be uncertain and difficult to quantify, (ii) the amount of liquidated damages specified in Section 11.2(a) is reasonable
and considers the actual or anticipated harm that could be caused by the termination of this Agreement due to Buyer’s breach,
the difficulty of proving the loss arising from any such breach and the difficulty of finding another, adequate remedy at law,
and (iii) the liquidated damages payment specified in Section 11.2(a) is structured to function as damages arising from
the termination of this Agreement due to Buyer’s breach and not as a penalty.

 

Section
11.3 Return of Documentation and Confidentiality. Upon termination of this Agreement, Buyer, at its sole
option, shall return to Seller or shall destroy all title, engineering, environmental assessments or reports, maps and other
information furnished by or on behalf of Seller to Buyer or prepared by or on behalf of Buyer in connection with its due
diligence investigation of the Assets, in each case, in accordance with the Confidentiality Agreements (and subject to such
retention rights as are provided in the Confidentiality Agreements) and an officer of Buyer shall certify same to Seller in
writing.

 

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Article XII

DISCLAIMERS

 

Section
12.1 Disclaimer - Representations and Warranties. BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT TO THE LIMITED
EXTENT EXPRESSLY SET FORTH IN ARTICLE IV AND ARTICLE V AND IN ANY TRANSACTION DOCUMENT, (A) NEITHER SELLER NOR
ANY OF SELLER’S AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS, STATUTORY, IMPLIED, WRITTEN, ORAL OR OTHERWISE
AND (B) SELLER, FOR ITSELF AND ITS AFFILIATES, HEREBY EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES,
EXPRESS, STATUTORY, IMPLIED, WRITTEN, ORAL OR OTHERWISE, INCLUDING ANY REPRESENTATION OR WARRANTY REGARDING: (I) TITLE,
(II) ANY COSTS, EXPENSES, REVENUES, RECEIPTS, ACCOUNTS RECEIVABLE OR ACCOUNTS PAYABLE, (III) ANY CONTRACTUAL,
ECONOMIC OR FINANCIAL INFORMATION AND DATA ASSOCIATED WITH THE COMPANY OR ANY SUBSIDIARY, (IV) THE CONTINUED FINANCIAL
VIABILITY OR PRODUCTIVITY OF THE ASSETS OR TRANSPORTABILITY OF ANY PRODUCT IN CONNECTION THEREWITH, (V) THE
ENVIRONMENTAL OR PHYSICAL CONDITION OF THE ASSETS OR ANY ENVIRONMENTAL LIABILITY, (VI) ANY FEDERAL, STATE, LOCAL OR
TRIBAL INCOME OR OTHER TAX CONSEQUENCES ASSOCIATED WITH THE ASSETS OR THE MEMBERSHIP INTERESTS, (VII) THE ABSENCE OF
PATENT OR LATENT DEFECTS, (VIII) THE STATE OF REPAIR OF THE ASSETS, (IX) MERCHANTABILITY OR CONFORMITY TO MODELS,
(X) ANY RIGHTS OF ANY MEMBER OF THE BUYER INDEMNIFIED PARTIES UNDER APPROPRIATE LAWS TO CLAIM DIMINUTION OF
CONSIDERATION OR RETURN OF THE PURCHASE PRICE, (XI) FREEDOM FROM PATENTS, COPYRIGHT OR TRADEMARK INFRINGEMENT,
(XII) FITNESS FOR A PARTICULAR PURPOSE, AND (XIII) PRODUCTION RATES, RECOMPLETION OPPORTUNITIES OR DECLINE RATES
WITH RESPECT TO ANY OF THE PROPERTIES UPSTREAM OF THE APPLICABLE FACILITIES, OR THE QUALITY, QUANTITY OR VOLUME OF THE
RESERVES OF HYDROCARBONS, IF ANY, UPSTREAM OF THE APPLICABLE FACILITIES.

 

EXCEPT THOSE REPRESENTATIONS AND WARRANTIES
EXPRESSLY CONTAINED IN ARTICLE IV AND ARTICLE V AND IN ANY TRANSACTION DOCUMENT, THE TRANSFERRED INTERESTS (AND THE
INDIRECT TRANSFER OF AN INTEREST IN THE ASSETS RESULTING THEREFROM) ARE BEING TRANSFERRED “AS IS, WHERE IS, WITH ALL FAULTS,”
AND SELLER AND ITS AFFILIATES AND THEIR RESPECTIVE REPRESENTATIVES EXPRESSLY DISCLAIM, AND BUYER AND ITS AFFILIATES AND ITS REPRESENTATIVES
EXPRESSLY DISCLAIM RELIANCE UPON, ANY OTHER REPRESENTATIONS OR WARRANTIES, OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY REPRESENTATIONS
OR WARRANTIES AS TO THE CONDITION, VALUE OR QUALITY OF THE COMPANY, ANY SUBSIDIARY AND THE ASSETS OR THE PROSPECTS (FINANCIAL OR
OTHERWISE), RISKS AND OTHER INCIDENTS OF THE COMPANY, THE SUBSIDIARIES AND THE ASSETS.

 

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Section
12.2 Disclaimer - Statements and Information. SELLER, FOR ITSELF AND ITS AFFILIATES, EXPRESSLY DISCLAIMS ANY
AND ALL REPRESENTATIONS AND WARRANTIES, EXCEPT TO THE LIMITED EXTENT EXPRESSLY SET FORTH IN ARTICLE IV AND ARTICLE V
AND IN ANY TRANSACTION DOCUMENT, ASSOCIATED WITH THE QUALITY, ACCURACY, COMPLETENESS OR MATERIALITY OF THE INFORMATION, DATA
AND MATERIALS FURNISHED (WHETHER ELECTRONICALLY, ORALLY, BY VIDEO, IN WRITING OR ANY OTHER MEDIUM, BY COMPACT DISC, IN THE DATA
ROOM OR OTHERWISE) AT ANY TIME TO THE BUYER INDEMNIFIED PARTIES ASSOCIATED WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT,
ALL OF WHICH HAS BEEN FURNISHED SOLELY AS AN ACCOMMODATION, INCLUDING, INFORMATION, DATA OR MATERIALS REGARDING: (A) TITLE
TO THE ASSETS, (B) COSTS, EXPENSES, REVENUES, RECEIPTS, ACCOUNTS RECEIVABLE OR ACCOUNTS PAYABLE ASSOCIATED WITH THE ASSETS,
(C) CONTRACTUAL, ECONOMIC OR FINANCIAL INFORMATION ASSOCIATED WITH THE ASSETS, (D) ANY PROJECTIONS, FORECASTS, BUSINESS
PLANS OR BUDGET INFORMATION, (E) THE CONTINUED FINANCIAL VIABILITY OR PRODUCTIVITY OF THE ASSETS OR TRANSPORTABILITY OF PRODUCT,
(F) THE ENVIRONMENTAL OR PHYSICAL CONDITION OF THE ASSETS OR ANY ENVIRONMENTAL LIABILITY, (G) FEDERAL, STATE, LOCAL
OR TRIBAL INCOME OR OTHER TAX CONSEQUENCES ASSOCIATED WITH THE ASSETS, (H) THE ABSENCE OF PATENT OR LATENT DEFECTS, (I) THE
STATE OF REPAIR OF THE ASSETS, (J) ANY WARRANTY REGARDING MERCHANTABILITY OR CONFORMITY TO MODELS, (K) ANY RIGHTS OF
ANY MEMBER OF THE BUYER INDEMNIFIED PARTIES UNDER APPROPRIATE LAWS TO CLAIM DIMINUTION OF CONSIDERATION OR RETURN OF THE PURCHASE
PRICE, (L) ANY WARRANTY OF FREEDOM FROM PATENT, COPYRIGHT OR TRADEMARK INFRINGEMENT, (M) WARRANTIES EXISTING UNDER LAW
NOW OR HEREAFTER IN EFFECT, (N) ANY WARRANTY REGARDING FITNESS FOR A PARTICULAR PURPOSE, AND (O) PRODUCTION RATES, RECOMPLETION
OPPORTUNITIES OR DECLINE RATES WITH RESPECT TO ANY OF THE PROPERTIES UPSTREAM OF THE APPLICABLE FACILITIES, OR THE QUALITY, QUANTITY
OR VOLUME OF THE RESERVES OF HYDROCARBONS, IF ANY, UPSTREAM OF THE APPLICABLE FACILITIES.

 

Article XIII

TAX MATTERS

 

Section
13.1 Liability for Transfer Taxes. The Parties do not anticipate that any transfer, sales, use, value added,
excise, filing, recording, documentary, stamp or other similar Taxes will arise as a result of the consummation of the
transactions contemplated by this Agreement (“Transfer Taxes”). Notwithstanding the foregoing, if
any Transfer Taxes arise as a result of the consummation of the transactions contemplated by this Agreement, the payment of
any and all such Transfer Taxes shall be borne by Buyer. The Parties agree to cooperate fully with each other to minimize any
such liability for Transfer Taxes to the extent legally permissible, and the Parties shall cooperate in the preparation,
execution and filing of all Tax Returns regarding any Transfer Taxes that become payable in connection with the transactions
contemplated by this Agreement.

 

Section
13.2 Company Tax Returns. With respect to Tax Returns required to be filed by or with respect to the Company
or the Subsidiaries (“Company Returns”), Seller shall cause the Company to prepare all such Company
Returns that are required to be filed prior to the Closing Date and shall cause the Company (or applicable Subsidiary) to pay
all Taxes shown to be due on such Tax Returns. The Company shall prepare all Company Returns that are required to be filed on
or after the Closing Date and shall pay or cause the Company (or applicable Subsidiary) to pay all Taxes shown to be due on
such Tax Returns.

 

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Section
13.3 Cooperation on Tax Matters. In connection with the preparation of Company Returns, payment of Taxes
related to the Company, audit examinations related to the Company, and any administrative or judicial proceedings regarding
Tax liabilities that are imposed on Seller or Buyer and related to the Company, Buyer and Seller shall, and shall cause the
Company to, cooperate fully with each other, including with respect to the furnishing or making available during normal
business hours of records, personnel (as reasonably required), books of account, powers of attorney or other materials
necessary or helpful for the preparation of such Company Returns, the payment of such Taxes, the conduct of such audit
examinations or the defense of claims by Governmental Authorities as to the imposition of such Taxes.

 

Section
13.4 Straddle Period. The portion of Taxes attributable to a Straddle Period that are allocated to the portion
of the period ending on the Closing Date shall be determined as follows:

 

(a)         In the case of
any real property, personal property, ad valorem and similar Taxes (collectively, “Property Taxes”),
the amount of such Property Taxes attributable to the portion of the period ending on and including the Closing Date shall be deemed
to be the amount of such Property Taxes for the entire Straddle Period multiplied by a fraction, the numerator of which is the
number of days in the Straddle Period ending on and including the Closing Date and the denominator of which is the number of days
in the entire Straddle Tax Period; and

 

(b)         In the case of
any Taxes based upon or related to income, sales, revenue, receipts, payroll or similar items, or imposed in connection with any
sale or other transfer or assignment of property (real or personal, tangible or intangible) or other Taxes not described in Section
13.4(a), but specifically excluding any Taxes described in Section 13.1 the amount of any such Taxes that are attributable
to the portion of the period ending on and including the Closing Date shall be determined based on an interim closing of the books.

 

Section
13.5 Tax Classification Elections. Seller shall not, and shall not permit any Company or any other Person to,
file or make any election to have the Company or any Subsidiary classified as an association taxable as a corporation for U.S.
federal income tax purposes (or state, local, or foreign income Tax purposes where applicable).

 

Section
13.6 754 Election. If a Development Company does not have in effect an election under Section 754 of the Code
relating to the adjustment of the tax bases of its assets as provided in Sections 734 and 743 of the Code (a “Section
754 Election”) that would be applicable for the Tax year of such Development Company that includes the Closing Date,
Seller shall cause such Development Company to make a Section 754 Election on its U.S. federal income tax return for the Tax year
of such Development Company that includes the Closing Date.

 

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Section
13.7 Intended Tax Treatment. As a result of the Company and each of the Holding Companies being disregarded as
entities separate from Seller and each of the Development Companies being treated as a partnership for U.S. federal income tax
purposes immediately prior to the consummation of the transactions contemplated by this Agreement, the Parties agree to report
on their U.S. federal income Tax Returns (and applicable state and local Tax Returns) the sale and purchase of the Transferred
Interests as a transaction described in Rev. Rul. 99-5 (Situation 1), 1999-1 CB 434, with (a) Buyer being treated as purchasing
from Seller, and Seller being treated as selling to Buyer, 49% of the partnership interest in each Development Company, and immediately
thereafter, (b) Buyer and Seller being treated as contributing their respective shares of the partnership interest in each Development
Company to the Company in exchange for partnership interest in the Company, with the Company’s classification changing from
an entity that is disregarded as separate from Seller to a partnership.

 

Section
13.8 Allocation of Purchase Price. Buyer and Seller shall use commercially reasonable efforts to agree to an
allocation among the assets of each of the Development Companies in accordance with Treasury Regulation Section 1.755-1(a)(2)
within sixty (60) days after the Closing Date. If Seller and Buyer reach an agreement with respect to the allocation, (i)
Buyer and Seller shall use commercially reasonable efforts to update such allocation following any adjustment to the Purchase
Price pursuant to this Agreement, (ii) Buyer and Seller shall cause each Development Company to use such allocation for
purposes of Section 755 and the Treasury Regulations promulgated thereunder, and (iii) Buyer and Seller shall, and shall
cause their Affiliates to, report consistently with the allocation, as adjusted, on all Tax Returns (including, but not
limited to, the statements required to be filed under Treasury Regulations Sections 1.743-1(k) and 1.751-1(a)(3)), and
neither Seller nor Buyer shall take any position on any Tax Return that is inconsistent with the allocation, as adjusted,
unless otherwise required by applicable Laws; provided, however, that no Party shall be unreasonably impeded in
its ability and discretion to negotiate, compromise, and/or settle any Tax audit, claim, or similar proceedings in connection
with such allocation.

 

Article XIV

MISCELLANEOUS

 

Section
14.1 Notices. Except as expressly set forth to the contrary in this Agreement, all notices, requests or
consents provided for or permitted to be given under this Agreement must be in writing and will be deemed to be received: (a)
if mailed by registered or certified mail, return receipt requested, on the day such notice is received, and if such day is
not a Business Day, on the next subsequent Business Day; (b) if sent by overnight courier, one Business Day after being sent
via a reputable nationwide overnight courier service guaranteeing next business day delivery, (c) if personally delivered, on
the date of receipt of such delivery. All notices, requests and consents shall be sent as follows:

 

If to Seller, to:

 

Bakken Holdings Company LLC

1300 Main Street

Houston, TX 77002

Attention: General Counsel

 

    32

     

    

 

with copies to:

 

Porter Hedges LLP

1000 Main Street, 35th Floor

Houston, TX 77002

Attention: Robert H. Thomas

 

If to Buyer, to:

 

MarEn Bakken Company
LLC

c/o Enbridge Holdings
(DakTex) L.L.C.

1100 Louisiana,
Suite 3300

Houston, Texas
77002

Attn:          Director,
Merchant Terminals, Rail and M&A

 

With a copy
to:

 

MarEn Bakken Company
LLC

c/o Enbridge Holdings
(DakTex) L.L.C.

1100 Louisiana,
Suite 3300

Houston, Texas
77002

Attn:          Director,
US Law – Liquids

 

and

 

MarEn Bakken Company
LLC

c/o Marathon Petroleum
Corporation

539 South Main
Street

Findlay, Ohio
45840

Attn:         General
Counsel

 

Each Party may change its address by notifying
the other Party in writing of such address change.

 

Section
14.2 Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties
and their respective successors and permitted assigns. No Party may assign this Agreement or any rights, interest, obligations
or other parts hereof without the prior written consent of the other Party, which consent and approval may be denied in such other
Party’s sole discretion. Any assignment in violation of this Section 14.2 shall be void.

 

Section
14.3 Rights of Third Parties. Notwithstanding anything contained in this Agreement to the contrary, nothing in
this Agreement, expressed or implied, is intended to confer upon any Person other than the Parties or their successors and permitted
assigns, or the Parties’ respective related Indemnified Parties hereunder any rights, remedies, obligations or liabilities
under or by reason of this Agreement; provided that only a Party and its respective successors and permitted assigns will
have the right to enforce the provisions of this Agreement on its own behalf or on behalf of any of its related Indemnified Parties
(but shall not be obligated to do so).

 

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Section
14.4 Expenses. Except as otherwise expressly provided herein, each Party shall bear its own costs and expenses
incurred in connection with this Agreement and the transactions contemplated hereby whether or not such transactions shall be consummated,
including all fees of its legal counsel, financial advisers and accountants.

 

Section
14.5 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Any facsimile or other electronic copies hereof
or signature hereon shall, for all purposes, be deemed originals.

 

Section
14.6 Entire Agreement. This Agreement (together with the Appendixes, Exhibits and Schedules hereto), the
Transaction Documents and the Confidentiality Agreements, constitute the entire agreement among the Parties and supersede any
other agreements or representations, whether written or oral, that may have been made or entered into by or among any of the
Parties or any of their respective Affiliates relating in any way to the transactions contemplated hereby or the subject
matter of this Agreement.

 

Section
14.7 No Partnership. Except to the extent contemplated by the Company Agreement, this Agreement does not give
rise now or in the future to an agency or partnership relationship among Seller and its Affiliates, on one hand, and Buyer and
its Affiliates, on the other hand. Except to the extent contemplated by the Company Agreement, it is not the intention of the
Parties to form, and nothing in this Agreement shall be construed as forming, a partnership or joint venture among Buyer and Seller.
Except to the extent contemplated by the Company Agreement, each Party agrees that Seller, on one hand, and Buyer, on the other
hand, have not been, are not and will not be a fiduciary, partner or joint venturer to the other or to any of Buyer’s or
Seller’s Affiliates, as applicable, and each Party agrees not to assert that Seller, on one hand, and Buyer, on the other
hand, have ever acted as a fiduciary with respect to any aspect of the activities contemplated here. Each Party agrees not to
assert that it did not understand this Agreement, that it mistakenly signed it, that it signed under duress or coercion, that
it lacks mental or other capacity, that one Party has discriminated against the other Party in any way or that it has made any
representations or has any understanding or agreement other than as set forth in this Agreement, which fully recites all agreements
the Parties have.

 

Section
14.8 Amendments. This Agreement may be amended or modified in whole or in part, and terms and conditions may
be waived, only by a duly authorized agreement in writing which makes reference to this Agreement executed by all of the
Parties.

 

Section
14.9 Publicity. All press releases or other public communications of any nature whatsoever relating to the
transactions contemplated by this Agreement, and the method of the release for publication thereof, shall be subject to the
prior written consent of Buyer and Seller, which consent shall not be unreasonably withheld, conditioned or delayed by such
Party; provided, however, that nothing herein shall prevent a Party from publishing such press releases or other
public communications as is necessary to satisfy such Party’s obligations at Law or under the applicable rules of any
stock or commodities exchange after consultation with the other Party and such other Party’s reasonable review and
comment.

 

    34

     

    

 

Section
14.10 Non-Waiver. No waiver by any Party of any default by the other Party in the performance of any
provision, condition or requirement herein shall be deemed to be a waiver of, or in any manner release the other Party from,
performance of any other provision, condition or requirement herein, nor shall such waiver be deemed to be a waiver of, or in
any manner a release of, the other Party from future performance of the same provision, condition or requirement. Any delay
or omission of either Party to exercise any right hereunder shall not impair the exercise of any such right, or any like
right, accruing to it thereafter. The failure of either Party to perform its obligations hereunder shall not release the
other Party from the performance of such obligations.

 

Section
14.11 Severability. If any provision of this Agreement is held invalid or unenforceable by any court of
competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect. The Parties further
agree that if any provision contained herein is, to any extent, held invalid or unenforceable in any respect under the Laws
governing this Agreement, they shall take any actions necessary to render the remaining provisions of this Agreement valid
and enforceable to the fullest extent permitted by Law and, to the extent necessary, shall amend or otherwise modify this
Agreement to replace any provision contained herein that is held invalid or unenforceable with a valid and enforceable
provision giving effect to the intent of the Parties to the greatest extent legally permissible in order that the
transactions contemplated herein are consummated as originally contemplated to the fullest extent possible.

 

Section
14.12 Governing Law; Jurisdiction.

 

(a)         This Agreement
and any claim, controversy or dispute arising under or related to this Agreement or the transactions contemplated hereby or the
rights, duties and relationship of the Parties, shall be governed by and construed and enforced in accordance with the Laws of
the State of Texas, excluding any conflicts of law, rule or principle that might refer construction of provisions to the Laws of
another jurisdiction. 

 

(b)         The Parties agree
that the appropriate, exclusive and convenient forum for any disputes between any of the Parties hereto arising out of this Agreement,
the Transaction Documents (other than disputes arising out of the Company Agreement, which shall be governed by the terms thereof)
or the transactions contemplated hereby shall be in any state or federal court in Houston, Texas and each of the Parties irrevocably
submits to the jurisdiction of such courts solely in respect of any Proceeding arising out of or related to this Agreement. The
Parties further agree that the Parties shall not bring suit with respect to any disputes arising out of this Agreement, the Transaction
Documents (other than disputes arising out of the Company Agreement, which shall be governed by the terms thereof) or the transactions
contemplated hereby in any court or jurisdiction other than the above specified courts. The Parties further agree, to the extent
permitted by Law, that a final and nonappealable judgment against a Party in any action or Proceeding contemplated above shall
be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified
or exemplified copy of which shall be conclusive evidence of the fact and amount of such judgment.

 

    35

     

    

 

(c)         To the extent
that any Party or any of its Affiliates has or hereafter may acquire any immunity from jurisdiction of any court or from any legal
process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise)
with respect to itself or its property, such Party (on its own behalf and on behalf of its Affiliates) hereby irrevocably (i) waives
such immunity in respect of its obligations with respect to this Agreement and (ii) submits to the personal jurisdiction of
any court described in Section 14.12(b).

 

(d)         THE PARTIES
AGREE THAT THEY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY IRREVOCABLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION BASED
HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, THE TRANSACTION DOCUMENTS (OTHER THAN DISPUTES ARISING
OUT OF THE COMPANY AGREEMENT, WHICH SHALL BE GOVERNED BY THE TERMS THEREOF) OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section
14.13 Schedules. Seller may, at its option, include in the Schedules items that are not material, and any such
inclusion, or any references to dollar amounts, shall not be deemed to be an acknowledgment or representation that such items
are material, to establish any standard of materiality or to define further the meaning of such terms for purposes of this Agreement.
The Schedules hereto are qualified in their entirety by reference to specific provisions of the Agreement, and are not intended
to constitute, and shall not be construed as constituting, representations or warranties of Seller except to the extent expressly
provided in the Agreement. Matters reflected in the Schedules are not necessarily limited to matters required by the Agreement
to be reflected in the Schedules. To the extent any such additional matters are included, they are included for informational
purposes and do not necessarily include other matters of a similar nature. Neither the specification of any Dollar amount in the
representations and warranties contained in the Agreement nor the inclusion of any specific item in any Schedule hereto is intended
to imply that such amounts (or any higher or lower amounts), or the items so included in such Schedule (or any other items), in
each case, are or are not material or within or outside the Ordinary Course of Business.

 

[signature page follows]

 

    36

     

    

 

IN WITNESS WHEREOF
this Agreement has been duly executed and delivered by each Party as of the date first above written.

 

	 	SELLER:
	 	 
	 	BAKKEN HOLDINGS COMPANY LLC
	 	 	 
	 	By:	 
	 	 	Kelcy L. Warren
	 	 	Chief Executive Officer
	 	 	 
	 	BUYER:
	 	 
	 	MAREN BAKKEN COMPANY LLC 
	 	 	 
	 	By:	 
	 	 	Mark A. Maki
	 	 	President

 

Signature Page 

Membership Interest Purchase Agreement

 

     

     

    

 

Appendix
I

 

Definitions

 

“Acquisition
Proposal” has the meaning provided such term in Section 7.7.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common
Control with, such specified Person through one or more intermediaries or otherwise.

 

“Agreement”
has the meaning provided such term in the preamble.

 

“Applicable
Contracts” means all Contracts to which the Company or any Subsidiary is a party or by which the Assets or any other
assets of the Company or any Subsidiary is subject or bound, including all transportation and marketing agreements; hydrocarbon
storage agreements; operating agreements; balancing agreements; facilities or equipment leases; interconnection agreements; service
and parts agreements; and other similar contracts and agreements held by the Company or any Subsidiary and relating to the Assets
or any other assets of the Company or any Subsidiary or by which any such assets are bound.

 

“Applicable
Facilities” has the meaning, with respect to each Development Company, provided in the CMA to which such Development
Company is a party.

 

“Assets”
means all of the right, title and interest of:

 

(a)      the applicable
Development Company in and to the following:

 

(i)         The Applicable
Facilities, in each case, including all equipment, machinery, fixtures, inventory and supplies and other real, personal and mixed
property, operational or nonoperational, primarily used or held for use in connection with the Applicable Facilities, and including
all pumps, pipes, spare parts, valves, meters, motors, traps, cathodic protection units, structures and materials used or held
for use in connection with the Applicable Facilities (the “Personal Property”);

 

(ii)         all
Real Property Interests primarily used or held for use in connection with, the Applicable Facilities; and

 

(iii)         all
Permits relating in any way to the Applicable Facilities; and

 

(b)      Dakota Truck and
EGCA, as applicable, in and to all assets, including all Personal Property, Real Property Interests and Permits, of such Person.

 

“Assignment”
means that certain assignment of membership interest, to be entered into at Closing by Seller and Buyer, substantially in the form
of Exhibit A.

 

“Balance
Sheet” means the unaudited consolidated balance sheet of the Company as of the Balance Sheet Date.

 

    
Appendix I
1 

     

    

  

“Balance
Sheet Date” means June 30, 2016.

 

“Benefit
Plan” means each (a) “employee benefit plan,” as such term is defined in Section 3(3) of ERISA (whether
or not the plan is subject to ERISA), (b) incentive compensation, bonus or deferred compensation plan or arrangement, (c) employment,
consulting, severance or change in control plan, arrangement or policy, (d) vacation practice or other paid-time off program and
(e) each other employee benefit, fringe benefit or compensation plan, arrangement, policy or commitment.

 

“Business
Day” means any day that is not a Saturday, Sunday or legal holiday in the State of Texas and that is not otherwise
a federal holiday in the United States.

 

“Buyer”
has the meaning provided such term in the preamble.

 

“Buyer
Indemnified Parties” has the meaning provided such term in Section 10.2(a).

 

“Buyer
Parent Guaranties” means (i) that certain guaranty agreement entered into at Closing from Enbridge Energy Partners,
L.P., in favor of Seller and the Company, in respect of an undivided seventy-five percent (75%) of Buyer’s obligations under
the Company Agreement and (ii) that certain guaranty agreement entered into at Closing from Marathon Petroleum Corporation, in
favor of Seller and the Company, in respect of an undivided twenty-five percent (25%) of Buyer’s obligations under the Company
Agreement, each substantially in the form of Exhibit D.

 

“Claim
Notice” has the meaning provided such term in Section 10.5(a).

 

“Closing”
has the meaning provided such term in Section 9.1.

 

“Closing
Date” has the meaning provided such term in Section 9.1.

 

“CMAs”
means (a) that certain Construction Management Agreement, dated as of October 15, 2014, between Dakota Access and the Construction
Manager and (b) that certain Construction Management Agreement, dated as of October 15, 2014, between ETCO and the Construction
Manager.

 

“Code”
means the Internal Revenue Code of 1986, as it may have been and may be amended from time to time.

 

“Company”
has the meaning provided such term in the Recitals.

 

“Company
Agreement” means that certain amended and restated limited liability company agreement of the Company, to be entered
into at Closing by Seller and Buyer, substantially in the form of Exhibit B.

 

“Company
Returns” has the meaning provided such term in Section 13.2.

 

    
Appendix I
2 

     

    

 

“Confidentiality
Agreements” means that certain (a) Confidentiality Agreement dated March 29, 2016, by and between Enbridge
Energy Company, Inc. and Seller, and (b) Confidentiality Agreement dated February 10, 2016, by and between Marathon Petroleum
Company L.P. and Seller, as amended.

 

“Consent”
means any consent to assign, approval, filing, waiver, authorization, notice or similar restriction held by a Governmental Authority
or other Third Party that is applicable to the transactions contemplated hereby.

 

“Consolidated
Group” means any affiliated, combined, consolidated, unitary, or similar group with respect to any Taxes, including
any affiliated group within the meaning of Section 1504 of the Code electing to file consolidated federal income Tax Returns and
any similar group under foreign, state, or local Law.

 

“Construction
Manager” means DAPL-ETCO Construction Management, LLC, a Delaware limited liability company.

 

“Contract”
means any written or oral contract, agreement, purchase order, binding bid, commitment or any other legally binding arrangement,
but excluding, however, any lease, deed, easement, Permit or other instrument (other than acquisition or similar sales or purchase
agreements) creating, assigning or evidencing an interest in any real property (including any Real Property Interest) related to
or used in connection with the assets of the Company or any Subsidiary.

 

“Control”
means, where used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and
the terms “Controlling” and “Controlled” have correlative meanings.

 

“Customary
Post-Closing Consents” means the consents and approvals from Governmental Authorities for assignment that are customarily
obtained in transactions of this nature after assignment of properties or membership interests.

 

“Dakota
Access” has the meaning provided such term in the Recitals.

 

“Dakota
Access Holdings” has the meaning provided such term in the Recitals.

 

“Dakota
Truck” has the meaning provided to such term in the Recitals.

 

“Damages”
means all Proceedings, claims, demands, awards, damages, penalties, fines, costs, liabilities, losses, expenses, Taxes and fees
(whether criminal, civil, commercial or related to claims for personal injury or death or property damage and whether accrued or
unaccrued or liquidated or unliquidated), including court costs and attorneys’ and experts’ fees and expenses.

 

“Data Room”
means the online e-data room established by Seller and any files, records, information and documents otherwise furnished by Seller
to Buyer or its Representatives in connection with the transactions contemplate hereby.

 

    
Appendix I
3 

     

    

  

“Deductible”
has the meaning provided such term in Section 10.4(a).

 

“Development
Company” or “Development Companies” has the meaning provided such term in the Recitals.

 

“Development
Company Agreements” means (a) the Amended and Restated Limited Liability Company Agreement of Dakota Access dated
October 15, 2014 and (b) the Amended and Restated Limited Liability Company Agreement of ETCO dated October 15, 2014.

 

“Direct
Claim” has the meaning provided such term in Section 10.5(c).

 

“Dollars”
and “$” mean the lawful currency of the United States of America.

 

“Emergency
Operations” means operations necessary to respond to or alleviate the eminent or immediate endangerment of (a) the
health or safety of any Person or the environment or (b) the safety or operational condition of any of the assets of the Company
or the Subsidiaries, including the Assets.

 

“EGCA”
has the meaning provided to such term in the Recitals.

 

“Environmental
Law” means any and all Laws in effect as of the Execution Date pertaining to or regulating pollution, environmental
protection, natural resource damages, conservation of resources, wildlife, waste management, or the use, storage, generation, production,
treatment, emission, discharge, release, remediation, removal, disposal, or transport of Hazardous Substances, including: the Comprehensive
Environmental Response, Compensation and Liability Act, the Resource Conservation and Recovery Act, the Toxic Substances Control
Act, the Federal Water Pollution Control Act (which includes the Federal Clean Water Act), the Federal Clean Air Act, the Federal
Solid Waste Disposal Act (which includes the Resource Conservation and Recovery Act), the Federal Toxic Substances Control Act,
the Federal Insecticide, Fungicide and Rodenticide Act, the Safe Drinking Water Act of 1974, the Emergency Planning and Community
Right-to-Know Act of 1986, the Occupational Safety and Health Act of 1970, the Hazardous Liquid Pipeline Safety Act, the Oil Pollution
Act of 1990, and the Pipeline Safety Improvement Act of 2002, and similar state laws and common laws, each as amended.

 

“Environmental
Liabilities” means any and all environmental response costs (including costs of investigation, removal and remediation),
damages, natural resource damages, settlements, consulting fees, expenses, penalties, fines, orphan share, prejudgment and post-judgment
interest, court costs, attorneys’ fees and other liabilities incurred, imposed under or related to Environmental Laws, including
liabilities imposed or incurred (i) pursuant to any order, notice of responsibility, directive or obligation (including requirements
embodied in Environmental Laws), injunction, judgment or similar act (including settlements) by any Governmental Authority or court
of competent jurisdiction under, any Environmental Laws or (ii) pursuant to any claim or cause of action by a Governmental Authority
or other Person for personal injury, property damage, damage to natural resources, remediation or response costs to the extent
arising out of any violation of, or any remediation obligation under, any Environmental Laws.

 

    
Appendix I
4 

     

    

 

“Environmental
Permits” means all Permits of Governmental Authorities issued pursuant to or required by Environmental Laws and necessary
for or held in connection with the ownership, construction, operation or maintenance of the assets of the Company and the Subsidiaries,
including the Assets.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ETCO”
has the meaning provided such term in the Recitals.

 

“ETCO Holdings”
has the meaning provided such term in the Recitals.

 

“Execution
Date” has the meaning provided such term in the preamble.

 

“Fundamental
Representations” has the meaning provided such term in Section 10.1(a).

 

“GAAP”
means generally accepted accounting principles of the United States, consistently applied.

 

“Governmental
Authority” means any federal, state, county, municipal or local government or any regulatory or administrative agency,
authority, board, department, division, commission, court or arbitral body, or other similar recognized organization or body of
any federal, state, tribal, municipal, or local governmental authority or of any foreign government or other similar recognized
organization or body exercising similar powers or authority.

 

“Hazardous
Substances” means any substance, waste, or material that is required under Environmental Laws or defined, designated,
or listed as a “hazardous substance,” “solid waste,” “hazardous waste,” “hazardous material,”
“pollutant,” “contaminant,” “toxic substance” or similar term under Environmental Laws.

 

“Holding
Company” or “Holding Companies” has the meaning provided such term in the Recitals.

 

“Indebtedness”
of any Person means, without duplication, (a) the principal of and, accrued and unpaid interest, prepayment premiums or penalties
and fees and expenses in respect of indebtedness of such Person for borrowed money; (b) all obligations (contingent or otherwise)
of such Person issued or assumed as the deferred purchase price of property or services, all conditional sale obligations of such
Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable incurred in
the ordinary and usual course of business of normal day-to-day operations of the business consistent with past practice); (c) all
capitalized lease obligations; (d) any off-balance sheet financing of such Person; (e) all other obligations of a Person
which would be required to be shown as indebtedness on a balance sheet of such Person prepared in accordance with GAAP; (f) all
obligations of the type referred to in clauses (a) through (e) of any Persons the payment of which such Person is responsible or
liable, directly or indirectly, as obligor, guarantor, surety or otherwise; and (g) all obligations of the type referred to in
clauses (a) through (f) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation
is assumed by such Person).

 

    
Appendix I
5 

     

    

 

“Indemnified
Party” has the meaning provided such term in Section 10.5(a).

 

“Indemnifying
Party” has the meaning provided such term in Section 10.5(a).

 

“Indemnity
Claim Threshold” has the meaning provided such term in Section 10.4(a).

 

“Interest”
means, with respect to any Person, (a) capital stock, member interests, partnership interests, other equity interests, rights
to profits or revenue and any other similar interest of such Person, (b) any security or other interest convertible into or
exchangeable or exercisable for any of the foregoing, and (c) any right (contingent or otherwise) to acquire any of the foregoing.

 

“Knowledge”
means, with respect to Seller, the actual knowledge of the persons identified on Schedule 1.1(a) without investigation
and, with respect to Buyer, the actual knowledge of the persons identified on Schedule 1.1(b) without investigation.

 

“Law”
means any applicable statute, writ, law, common law, rule, regulation, ordinance, code (including the Code), Order, or determination
of a Governmental Authority, or any requirement under the common law.

 

“Lien”
means any liens, pledges, mortgages, deeds of trust, security interests, leases, licenses, charges, claims, encroachments, easements
or other encumbrances of any kind.

 

“LLC Agreement”
means the Limited Liability Company Agreement of the Company dated as of July 26, 2016.

 

“Loans”
has the meaning provided such term in the Senior Secured Credit Facility.

 

“Material
Adverse Effect” means (a) a circumstance, change, effect or event that is or could be reasonably expected to
become, individually or in the aggregate with all other circumstances, changes, effects or events, materially adverse to the ownership,
use, condition (including financial condition) or operations (including results of operation), of or related to the Company, the
Subsidiaries and their respective assets, including the Assets, taken as a whole, or (b) a circumstance, change, effect or
event that individually or in the aggregate with all other circumstances, changes, effects or events prevents or materially impedes
the ability of Seller to consummate the transactions contemplated by this Agreement and the Transaction Documents, and to perform
its obligations hereunder and thereunder; excluding, in each case, any such circumstance, change, effect or event resulting from
or related to (i) changes or conditions affecting the oil and gas industries generally (including changes in hydrocarbon pricing
and the depletion of reserves), (ii) changes in the financial, banking, credit, securities or capital markets (including any
suspension of trading in, or limitation on prices for, securities on any stock exchange or any changes in interest rates) or any
change in the general national or regional economic or financial conditions, (iii) changes in economic (including credit markets),
regulatory, social or political conditions generally, (iv) changes in Law, (v) conditions caused by acts of terrorism
or war (whether or not declared) or any manmade disaster or acts of God, (vi) any effects of weather, geological or meteorological
events or other natural disaster; (vii) any change caused by the pending sale of the Transferred Interests to Buyer, including
changes due to the credit rating of Buyer; (viii) any changes in the costs of commodities or supplies; (ix) any change in any market
that is downstream of the outlet flange of any of the Assets; (x) any decrease in inlet volumes into the Applicable Facilities
or any curtailment in transportation volumes of the Applicable Facilities that are not directly related to any breach of any agreement
by Seller or its Affiliates; (xi) any failure, in and of itself, by the Company or any Subsidiary to meet internal or published
projections, schedules, forecasts, estimates or plans in respect of financial, development or operating metrics for any period;
or (xii) conditions or effects resulting from the announcement of the existence of this Agreement.

 

    
Appendix I
6 

     

    

 

“Material
Contract” has the meaning provided such term in Section 5.4(a).

 

“Membership
Interests” has the meaning provided such term in the Recitals.

 

“Operator”
means DAPL-ETCO Operations Management, LLC, a Delaware limited liability company.

 

“Operating
Agreements” means (a) that certain Operating Agreement, dated as of October 15, 2014, between Dakota Access and the
Operator and (b) that certain Operating Agreement, dated as of October 15, 2014, between ETCO and the Operator.

 

“Order”
means any order, writ, injunction, decree, award, judgment, ruling, compliance or consent order or decree, settlement agreement,
or similar binding legal agreement issued by or entered into with a Governmental Authority.

 

“Ordinary
Course of Business” means the ordinary conduct of the Company’s and the Subsidiaries’ normal day to day
business related to its assets (including the Assets) in a manner consistent with the past practices and customs of the Company
and the Subsidiaries.

 

“Organizational
Documents” means any charter, certificate of incorporation, articles of association, partnership agreements, limited
liability company agreements, bylaws, operating agreements or similar formation or governing documents, instruments or certificates
executed, adopted or filed in connection with the creation, formation or organization of a Person, including any amendments thereto.

 

“Outside
Termination Date” means December 31, 2016.

 

“Party”
or “Parties” has the meaning provided such term in the preamble.

 

“Permits”
means all permits, licenses, orders, approvals, variances, waivers, franchises, rights, registrations and other authorizations
issued by any Governmental Authority.

 

“Permitted
Liens” means with respect to any Asset:

 

    
Appendix I
7 

     

    

  

(a)         Consents and
similar contractual provisions affecting such Asset, including the Required Consents and Customary Post-Closing Consents, that
are not triggered by the execution of this Agreement or the consummation of the transactions contemplated hereby;

 

(b)         preferential
purchase rights and similar contractual provisions affecting such Asset that are not triggered by the execution of this Agreement
or the consummation of the transactions contemplated hereby;

 

(c)         all Material
Contracts listed on Schedule 5.4(a);

 

(d)         required notices
to and filings with a Governmental Authority in connection with the consummation of the transactions contemplated by this Agreement
that constitute Required Consents;

 

(e)         rights reserved
to or vested in a Governmental Authority having jurisdiction to control or regulate such Asset in any manner whatsoever that are
not violated by current contemplated use of such Asset and all Laws of such Governmental Authorities;

 

(f)         Liens for Taxes
that are (i) not yet due and payable or (ii) being contested in good faith by appropriate proceedings and are listed on Schedule
5.6;

 

(g)         mechanic’s,
materialman’s, carrier’s, repairer’s, vendor’s, warehousemen’s, workmen’s and other similar
Liens that are (i) not yet due and payable or (ii) being contested in good faith by appropriate proceedings and are listed on Schedule
1.1(c);

 

(h)         rights of use,
easements, rights-of-way, Permits, licenses, surface leases, sub-surface leases, grazing rights, logging rights, ponds, lakes,
waterways, canals, ditches, reservoirs, equipment, pipelines, utility lines, railways, streets, roads and structures on, over or
through such Asset, in each case, to the extent the same do not materially affect or impair the ownership, operation or use of
such Asset (either as currently owned, operated or used, or as contemplated to be owned, operated or used in accordance with all
plans relating to the Applicable Facility);

 

(i)         any undetermined
or inchoate liens or charges constituting or securing the payment of expenses that were incurred incidental to operation or use
of such Asset and are not yet due and payable;

 

(j)         the terms and
conditions of the instruments creating the Assets;

 

(k)         Liens placed
by the owner of the lands underlying the Real Property Interests;

 

(l)         any Lien which
is discharged or released by the Company, any Subsidiary or their Affiliates at or prior to Closing

 

(m)         other Liens
that do not impair in any material respect the ownership, operation or use of such Asset (as currently owned, operated or used,
or as contemplated to be owned, operated or used in accordance with all plans relating to the Applicable Facilities); and         

 

    
Appendix I
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(n)          Any matters
shown on Schedule 5.9.

 

“Person”
means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint
venture, joint stock company, Governmental Authority or other entity of any kind.

 

“Personal
Property” has the meaning provided such term in the definition of Assets.

 

“Post-Signing
Information” has the meaning provided such term in Section 7.5.

 

“Pre-Closing
Tax Period” means any Tax period that ends on or before the Closing Date.

 

“Proceeding”
means any action, arbitration, audit, cause, complaint, charge, hearing, inquiry, investigation, litigation, proceeding, review
or suit (whether civil, criminal, administrative, investigative, or informal) commenced, brought, conducted, or heard by or before
any Governmental Authority or arbitrator.

 

“Property
Taxes” has the meaning provided such term in Section 13.4(a).

 

“Purchase
Price” has the meaning provided such term in Section 3.1.

 

“Real Property
Interests” means all surface fee interests, surface leases, easements, rights-of-way and other similar surface rights.

 

“Records”
means all agreements, documents, maps, books, records, accounts and files relating to the Assets or the business or assets of the
Company or any Subsidiary, to the extent (a) in Seller’s or its Affiliates’ (including the Company’s or any Subsidiary’s)
possession or (b) to which Seller has the right but are in the possession of a Third Party, including the following: (i) land and
title records (including abstracts of title and title opinions), (ii) contract files, (iii) correspondence, (iv) maps, operations,
environmental, throughput and accounting records, (v) facility and engineering files, (vi) environmental files, (vii) permitting
files, (viii) membership interest registries and minute books of the Company or any Subsidiary and (ix) all Applicable Contracts.

 

“Release”
means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating,
injecting, escaping, leaching, seeping, dumping, or disposing into the environment.

 

“Representatives”
means a Person’s directors, officers, employees, agents or advisors (including attorneys, accountants, auditors, consultants,
bankers, financial advisors and any representatives of those advisors)

 

“Required
Consents” means all Consents set forth on Schedule 5.3.

 

“Section
754 Election” has the meaning provided such term in Section 13.6.

 

“Seller”
has the meaning provided such term in the Preamble.

 

    
Appendix I
9 

     

    

  

“Seller
Indemnified Parties” has the meaning provided such term in Section 10.3.

 

“Seller
Parent Guaranties” means (i) that certain guaranty agreement entered into at Closing from Energy Transfer Partners,
L.P., in favor of Buyer and the Company, in respect of an undivided sixty percent (60%) of Seller’s obligations under the
Company Agreement and (ii) that certain guaranty agreement entered into at Closing from Sunoco Logistics Partners L.P., in favor
of Buyer and the Company, in respect of an undivided forty percent (40%) of Seller’s obligations under the Company Agreement,
each substantially in the form of Exhibit C.

 

“Seller
Taxes” means (a) any and all Taxes (i) imposed on the Company or any Subsidiary for any Pre-Closing Tax Period and
for the portion of any Straddle Period ending on and including the Closing Date (as determined in Section 13.4); (ii) of
any member of any Consolidated Group of which the Company or any Subsidiary is or was a member on or prior to the Closing Date
(other than the member of a Consolidated Group comprised solely of two or more of the Company and the Subsidiaries); (iii) resulting
from or attributable to (x) a breach of any representation or warranty set forth in Section 5.6 (determined without regard
to any materiality or Knowledge qualifier or scheduled item) or (y) a breach by Seller of any covenant relating to Taxes; and (iv)
of any other Person for which the Company or any Subsidiary is or has been liable as a transferee or successor, by contract, conversion,
merger, or otherwise, in each case pursuant to an event, occurrence or transaction that happens or is entered into prior to the
Closing and (b) any payment required to be made by the Company or any Subsidiary to any other member of a Development Company as
a result of the consummation of the transactions contemplated by this Agreement resulting in a termination of such Development
Company under Section 708 of the Code.

 

“Senior
Secured Credit Facility” means that certain Credit and Guaranty Agreement dated as of August 2, 2016 among the Development
Companies, Citibank, N.A., as administrative agent on behalf of the lenders, the lenders party thereto, and others, and all other
documents executed and delivered by the Company and its Subsidiaries in connection with or as contemplated by such agreement.

 

“Straddle
Period” means any Tax period beginning on or before and ending after the Closing Date.

 

“Subsidiary”
or “Subsidiaries” has the meaning provided such term in the Recitals.

 

“Support
Instruments” has the meaning provided such term in Section 5.13.

 

“Tax”
and “Taxes” means all taxes, assessments, charges, duties, fees, levies, imposts or other similar charges
imposed by a Governmental Authority, including all income, franchise, profits, capital gains, capital stock, transfer, gross receipts,
sales, use, transfer, service, occupation, ad valorem, property, excise, severance, windfall profits, premium, stamp, license,
payroll, employment, social security, unemployment, disability, environmental, alternative minimum, add-on, value-added, withholding
and other taxes, assessments, charges, duties, fees, levies, imposts or other similar charges of any kind, and all estimated taxes,
deficiency assessments, additions to tax, penalties and interest.

 

    
Appendix I
10 

     

    

  

“Tax Representations”
has the meaning provided such term in Section 10.1(a).

 

“Tax Return”
means any report, return, election, document, estimated tax filing, declaration or other filing provided to any Governmental Authority
including any attachments thereto and amendments thereof.

 

“Termination
Fee” means an amount equal to three percent (3%) of the Purchase Price.

 

“Third
Party” means any Person other than a Party to this Agreement or an Affiliate of a Party to this Agreement.

 

“Third
Party Claim” has the meaning provided such term in Section 10.5(a).

 

“Transaction
Documents” means the Assignment, the Company Agreement and the other documents executed and delivered by the Parties
at the Closing in consummation of the transactions contemplated by this Agreement and any other Contract, agreement or document
by and among the Parties that is expressly agreed by the Parties to constitute a Transaction Document for purposes of this Agreement.

 

“Transactions”
means the transactions contemplated by the Transaction Documents.

 

“Transfer
Taxes” has the meaning provided such term in Section 13.1.

 

“Transferred
Interests” has the meaning provided such term in the Recitals.

 

“Treasury
Regulations” shall mean the regulations promulgated by the United States Department of the Treasury pursuant to and
in respect of provisions of the Code. All references herein to sections of the Treasury Regulations shall include any corresponding
provision or provisions of succeeding, similar, substitute, proposed, temporary, or final Treasury Regulations. 

 

“United
States” means United States of America.

 

    
Appendix I
11

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