Document:

exv10w11

Exhibit 10.11

EMPLOYEE UNITHOLDER AGREEMENT

     THIS EMPLOYEE UNITHOLDER AGREEMENT (this “Agreement”) is made and entered into this 1st
day of December 2008, by and among OXFORD RESOURCE PARTNERS, LP, a Delaware limited partnership
(the “Partnership”), OXFORD RESOURCES GP, LLC, a Delaware limited partnership and the sole general
partner of the Partnership (the “General Partner” and, collectively with the Partnership, the
“Partnership Parties”), and the individual executing this Agreement as of the date hereof (the
“Employee”). Capitalized terms used in this Agreement (including the Exhibits and Schedules) but
not defined in the body of this Agreement are defined in Exhibit A.

W I T N E S S E T H:

     WHEREAS, the General Partner has granted Awards, and may in the future grant additional
Awards, to the Employee under the Oxford Resource Partners, LP Long-Term Incentive Plan (the
“Plan”) on the terms and conditions set forth in the Plan and in an Award Agreement;

     WHEREAS, pursuant to the Plan and the Award Agreement, it is a condition of the delivery of
Partnership Securities to the Employee as or in settlement of Awards that the Employee execute this
Agreement; and

     WHEREAS, on the terms and subject to the conditions of this Agreement and the Partnership
Agreement, the General Partner, on behalf of the Partnership, may at any time and from time to time
on or after the date hereof grant and issue Partnership Securities to the Employee as or in
settlement of Awards and, if the Employee is not a Partner at the time of such grant and issuance,
admit the Employee as an Additional Limited Partner in the Partnership;

     NOW, THEREFORE, for and in consideration of the foregoing and the respective representations,
warranties, covenants, agreements and conditions set forth herein, the parties agree as follows:

ARTICLE I.

SUBJECT UNITS; AUTHORIZATION AND ISSUANCE OF PARTNERSHIP

SECURITIES

     Section 1.1 Subject Units. The parties hereto hereby acknowledge and agree that all
Partnership Securities granted to the Employee as or in settlement of Awards at any time or times
prior to the consummation of an Initial Public Offering (“Subject Units”) shall be subject to the
terms and conditions of this Agreement.

     Section 1.2 Authorization and Issuance of Partnership Securities.

          (a) On or prior to each date of the grant and issuance of Subject Units (each such date a
“Settlement Date”) to the Employee pursuant to this Agreement, the Partnership shall duly authorize
the issuance and delivery of such Subject Units.

 

 

          (b) On each Settlement Date, the General Partner, on behalf of the Partnership, shall grant
and issue to the Employee the number of Subject Units granted and issued to the Employee as or in
settlement of Awards on such Settlement Date.

          (c) Admission of Additional Limited Partner. If, on a Settlement Date, the Employee is not
then a Limited Partner, the General Partner shall consent to the admission of the Employee as an
Additional Limited Partner and take all steps necessary or appropriate under the Delaware Act to
amend the records of the Partnership to reflect such admission.

     Section 1.3 Certificates. The General Partner may cause the Partnership to issue one or more
Certificates in the name of the Employee evidencing the Subject Units. Such Certificates shall be
issued upon the terms and conditions of the Partnership Agreement and in the form provided for
therein and the back of such Certificates shall also bear the additional legends in substantially
the forms included in the form of the Class A Common Unit Certificate attached hereto as
Exhibit B, along with any additional restrictions as may be required to reflect any
Restricted Period (as defined in the Plan) applicable under the Award Agreement with respect to the
Subject Units.

ARTICLE II.

REPRESENTATIONS AND WARRANTIES OF THE EMPLOYEE

     The Employee hereby represents and warrants to the Partnership Parties, as of the date hereof
and as of each Settlement Date, that:

     Section 2.1 Authorization; No Conflicts. The Employee has full power and authority to execute
and deliver this Agreement and to carry out the provisions of this Agreement. This Agreement has
been duly and validly executed and delivered and constitutes a valid and legally binding obligation
of the Employee, enforceable against the Employee in accordance with its terms, except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors’ rights generally and (ii) as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable
remedies. Performance of this Agreement by the Employee does not and will not conflict with,
violate or cause a breach of any agreement, contract or instrument to which the Employee is a party
or any judgment, order or decree to which the Employee is subject.

     Section 2.2 Partnership Agreement. The Employee acknowledges and agrees that:

          (a) he has received and read the Partnership Agreement and acknowledges that on each
Settlement Date he will acquire Subject Units, which are Partnership Securities subject to the
terms and conditions of this Agreement and the Partnership Agreement;

          (b) that any Subject Units acquired or to be acquired by the Employee are bound by and subject
to all of the terms and conditions of this Agreement and the Partnership Agreement; and

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          (c) upon the grant and issuance of Subject Units to the Employee, he hereby joins in, and
agrees to be bound, by, and shall have the benefit of, all of the terms and conditions of the
Partnership Agreement to the same extent as if he were an original party to the Agreement.

     Section 2.3 Acquisition Entirely For Own Account. This Agreement is made with the Employee in
reliance upon the Employee’s representation to the Partnership Parties, which by the Employee’s
execution of this Agreement (or by the Employee’s making of this representation on a Settlement
Date) the Employee hereby confirms, that Subject Units granted to the Employee will be acquired for
investment for the Employee’s own account, not as a nominee or agent, and not with a view to the
resale or distribution of any part thereof, and that the Employee has no present intention of
selling, granting any participation in, or otherwise distributing the same. By executing this
Agreement (or by making of this representation on a Settlement Date), the Employee further
represents that he does not have any contract, undertaking, agreement or arrangement with any
Person to sell, transfer or grant participations to such Person or to any third Person, with
respect to any Subject Units.

     Section 2.4 Employee, Officer, Director, Consultant or Advisor. The Employee represents that
he is either:

          (a) an employee, director or officer of the General Partner, the Partnership or one of the
Partnership’s Subsidiaries; or

          (b) a consultant or advisor of the General Partner, the Partnership or one of the
Partnership’s Subsidiaries who provides bona fide services to the General Partner, the Partnership
or one of the Partnership’s Subsidiaries, which bona-fide services are not provided in connection
with the offer or sale of securities in a capital-raising transaction, and do not directly or
indirectly promote or maintain a market for securities of the General Partner, the Partnership or
one of the Partnership’s Subsidiaries.

     Section 2.5 No Registration; Restricted Securities. The Employee understands and acknowledges
that:

          (a) Subject Units are not, and at the time of issuance may not be, registered under the
Securities Act on the ground that the issuance of securities hereunder is exempt from registration
under the Securities Act pursuant to Rule 701 promulgated thereunder;

          (b) Subject Units may not be sold, transferred, or otherwise disposed of without registration
under the Securities Act or an exemption therefrom, and that in the absence of either a
registration statement under the Securities Act covering the Subject Units which has been declared
effective by the Commission or an available exemption from registration under the Securities Act,
Subject Units must be held indefinitely;

          (c) in particular, Subject Units may not be sold pursuant to Rule 144 promulgated under the
Securities Act unless all of the conditions of Rule 144 are met. Among the conditions for use of
Rule 144 may be the availability of current information to the public about the Partnership. Such
information is not now available and the Partnership Parties have no present plans to make such
information available;

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          (d) in addition to any other legend that may be required by law or by the Partnership
Agreement, each Certificate, if any, representing Subject Units shall bear the additional legends
referred to in Section 1.3 of this Agreement; and

          (e) a notation shall be made in the appropriate records of the Partnership indicating that
Subject Units are subject to restrictions on transfer and appropriate stop transfer restrictions
will be issued to the Partnership’s Transfer Agent with respect to Subject Units.

     Section 2.6 Taxes. The Employee has reviewed with his own tax advisors the federal, state,
local and foreign tax consequences of receiving Awards under the Plan and of ownership and
disposition of the Subject Units. The Employee acknowledges and agrees that the Partnership
Parties are making no representation or warranty as to the federal, state, local or foreign tax
consequences to the Employee as a result of receiving Awards under the Plan and of ownership and
disposition of the Subject Units. The Employee understands that he (and not the Partnership
Parties) shall be responsible for his own tax liability that may arise as a result of the grant and
issuance of Subject Units to the Employee, and ownership and disposition of Subject Units by the
Employee.

ARTICLE III.

TRANSFER OF SUBJECT UNITS

     Section 3.1 Void Transfers. Any Transfer of any Subject Units not in strict compliance with
the terms and conditions of this Agreement and the Partnership Agreement shall be null and void ab
initio and of no force or effect.

     Section 3.2 Restrictions on Transfer of Subject Units. In addition to any restrictions on
Transfers of Partnership Securities under the Partnership Agreement, the Employee agrees that:

          (a) he shall not Transfer any Subject Units during the period commencing on the date hereof
and ending on the date of the consummation of an Initial Public Offering, unless such Transfer is a
Permitted Transfer in accordance with Section 3.3;

          (b) notwithstanding Section 3.2(a), no Transfer of Subject Units shall be permitted or
effected if such Transfer would cause the Partnership to be required to register Partnership
Securities pursuant to Section 12(g)(1) of the Securities Exchange Act of 1934, as amended (or any
similar provision of any successor statute thereto); and

          (c) after the date of the consummation of an Initial Public Offering the Employee will not
Transfer any Subject Units unless:

               (i) such Transfer is a Permitted Transfer in accordance with Section 3.3; or

               (ii) (A) such Transfer is pursuant to a registration statement under the Securities Act
covering Subject Units which has been declared effective by the Commission and is in compliance
with applicable provisions of state securities laws, or (B) counsel for the Employee delivers an
opinion of counsel reasonably satisfactory in form and substance to the

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General Partner to the effect that such Transfer is not required to be registered under the
Securities Act and applicable state securities laws.

     Section 3.3 Permitted Transfers.

          (a) The Partnership Parties acknowledge and agree that any of the following Transfers (each a
“Permitted Transfer”) of all, but not less than all, of the Subject Units owned by the Employee at
the time of such Transfer shall be deemed to be in compliance with the Securities Act and this
Agreement and no opinion of counsel shall be required in connection therewith:

               (i) a Transfer made pursuant to Article IV or V;

               (ii) a Transfer upon the death or disability of the Employee to the Employee’s Estate; or

               (iii) a Transfer made in compliance with the federal securities laws to an Employee’s Trust;
provided, however, that it is expressly understood and agreed that if such Employee’s Trust at any
time includes any Person other than the Employee or his Relatives, such that it fails to meet the
definition of “Employee’s Trust” set forth in Exhibit A, then such Transfer shall no longer
be in compliance with this Agreement and such Employee’s Trust shall Transfer all of such Subject
Units back to the Employee or to another Person to whom the Employee would have been able to
Transfer Subject Units pursuant to this Section 3.3 and, provided further, that if the Employee’s
Trust fails to make such a Transfer within 45 days of first including any Person other than the
Employee or his Relatives, then the General Partner, on behalf of the Partnership, may, at its
option, cause the Employee’s Trust to forfeit such Subject Units to the Partnership.

          (b) It is expressly understood and agreed that in the event of a Permitted Transfer to a
Permitted Transferee:

               (i) no such transferee shall be entitled to make any further Transfers of Subject Units
Transferred to such transferee except for a Transfer back to the Employee or to another Person to
whom the Employee would have been able to Transfer Subject Units pursuant to this Section 3.3; and

               (ii) each such transferee shall be bound by the terms and conditions of this Agreement and the
Partnership Agreement and, if requested by the General Partner, such transferee shall agree in
writing to be bound by the terms and conditions of this Agreement and the Partnership Agreement.

          (c) Notwithstanding Section 3.3(a), no Person may Transfer Subject Units if such Transfer has
as a purpose the avoidance of the restrictions on Transfers in this Agreement or the Partnership
Agreement (it being understood that the purpose of this Section 3.3(c) is to prohibit the Transfer
of Subject Units to a transferee followed by a change in the relationship between the transferor
and the transferee after the Transfer with the result and effect that the transferor has indirectly
made a Transfer that would not have been directly permitted under this Agreement had such change in
such relationship occurred prior to such Transfer).

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     Section 3.4 Waiver. Notwithstanding anything to the contrary contained in this Agreement, the
General Partner, on behalf of the Partnership, may waive the restrictions on Transfers contained in
this Article III, whether such waiver is made prior to or after the Employee has committed to
effect the Transfer. Any Transfers made pursuant to such waiver or which are later made subject to
such waiver shall be deemed not to violate any applicable restrictions on Transfers contained in
this Agreement.

ARTICLE IV.

REPURCHASE OPTION

     Section 4.1 Redemption of Subject Units.

          (a) Termination of Employment. If, prior to the consummation of an Initial Public
Offering, the Employee’s employment with the General Partner, the Partnership and each of the
Partnership’s Subsidiaries is terminated for any reason (including the Employee’s resignation,
death, or disability) or for no reason, then the General Partner, on behalf of the Partnership,
shall have the right to redeem, in accordance with Section 4.2 below, all of the Subject Units held
by the Employee at such time at Fair Market Value.

          (b) Transfer to Former Spouse. If, prior to the consummation of an Initial Public
Offering, any Spousal Trigger Event occurs, the Employee shall give written notice of such Spousal
Trigger Event to the Partnership Parties. If the Employee does not succeed to the entire community
property or other interest of the Employee’s former or separated spouse or partner (a “Former
Spouse”) in the Subject Units, then the General Partner, on behalf of the Partnership, shall have
the right to redeem, at Fair Market Value, in accordance with Section 4.2 below, all of the Subject
Units that have been Transferred or are thereafter Transferred or required to be Transferred
(notwithstanding the restrictions on Transfers set forth in Section 3.2 of this Agreement) to the
Former Spouse or such Former Spouse’s heirs, descendants or legal representatives or which are
acquired by any other Person directly or indirectly from any of the foregoing. The failure of the
Employee to give the notice required by the first sentence of this Section 4.1(b) shall in no way
prevent the General Partner from exercising its rights under this 

Section 4.1(b).

     Section 4.2 Procedure for Redemption of Subject Units.

          (a) Purchase Price. In order to redeem Subject Units that are subject to redemption
under Section 4.1(a) or (b), the General Partner, on behalf of the Partnership, shall provide the
Employee, or the Employee’s Employee Permitted Transferrees, as applicable (the “Holder”), with
written notice of its determination of the Fair Market Value of the Subject Units that are subject
to redemption under Section 4.1(a) or (b) (such amount the “Purchase Price” for the applicable
Subject Units). Such written notice shall also include a worksheet showing in reasonable detail
the General Partner’s determination of the Purchase Price.

          (b) Notice of Purchase Price. Following the Trigger Date, the General Partner, on
behalf of the Partnership, shall have the right to redeem any or all of the Subject Units that are
subject to redemption under Section 4.1(a) or (b). The General Partner shall exercise such right
by the delivery of written notice thereof to the Employee or the Employee’s

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Employee Permitted Transferrees, as applicable, no later than the first anniversary of the
Trigger Date, in which notice the General Partner shall set forth the Purchase Price determined
pursuant to Section 4.2(a) and include the worksheet contemplated therein and shall set a
reasonable time and place for the closing of the redemption of the applicable Subject Units, which
shall not be less than 10 days nor more than twenty days after the date of such notice.

          (c) Purchase Right Assignees. The General Partner may assign its right to redeem the
Subject Units to an Person or Persons (the “Purchase Right Assignee(s)”) in such amounts as are
determined by the General Partner in its sole discretion. The General Partner shall exercise the
right to redeem the Subject Units on behalf of the Purchase Right Assignee(s) by delivery of a
written notice thereof to the Employee no later than the first anniversary of the Trigger Date and
such notice shall include substantially the same information as required by the second sentence of
Section 4.2(a).

          (d) Payment.

               (i) Any payment of the Purchase Price for the Subject Units by the General Partner shall be
made in the form of a check, payable to the Holder; provided, however, that any such payment may be
made, at the option of the General Partner, in the form of an unsecured promissory note issued by a
Partnership Party to the Employee with a term of five years, interest accruing at a rate of 5% per
annum, compounded annually, and principal and interest due and payable at the end of the five year
term. Any such note shall contain restrictions on the holder’s ability to pledge, borrow against
or collateralize such note.

               (ii) Any payment of the Purchase Price for any Subject Units by any Purchase Right Assignee
shall be made via wire transfer of immediately available funds to an account designated by the
Holder.

          (e) Deliverables. The Holder shall execute and deliver all documentation and
agreements reasonably requested by the General Partner to reflect a redemption or purchase, as
applicable, of the Subject Units pursuant to this Agreement, but neither the failure of the Holder
to execute or deliver any such documentation, nor the failure of the Holder to deposit the General
Partner’s check or to accept payment from any Purchase Right Assignee, shall affect the validity of
a redemption or purchase, as applicable, of the Subject Units pursuant to this Agreement.

          (f) Representations and Warranties. In connection with any redemption of Subject
Units hereunder, the Holder shall at a minimum make customary representations and warranties
concerning (i) such Holder’s valid title to and ownership of such Subject Units, free of all liens,
claims and encumbrances (excluding those arising under applicable securities laws), (ii) such
Holder’s authority, power and right to enter into and consummate the sale of such Subject Units,
(iii) the absence of any violation, default or acceleration of any agreement to which such Holder
is subject or by which its assets are bound as a result of the agreement to sell and the sale of
such Subject Units, and (iv) the absence of, or compliance with, any governmental or third party
consents, approvals, filings or notifications required to be obtained or made by such Holder in
connection with the sale of such Subject Units.

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ARTICLE V.

DRAG-ALONG RIGHTS

     Section 5.1 Establishment of Obligation to Participate. If, at any time prior to the
consummation of an Initial Public Offering, Partners who own more than 50% of the then outstanding
Partnership Securities (collectively, the “Selling Partners”) desire to effect a Drag-Along
Transaction, then the Selling Partners shall have the right and option to require that the Holder
and the Holder shall be required to Transfer all or any portion, at the option of the Selling
Partners, of the Subject Units owned by the Holder to such Third Party Purchaser in such proposed
Drag-Along Transaction, in any case in accordance with the terms of this Article V.

     Section 5.2 Treatment of Subject Units. All Subject Units Transferred by the Holder pursuant
to this Article V shall be treated identically with Partnership Securities of the same class being
sold by the Selling Partners; provided, however, that:

          (a) the aggregate consideration to be paid to the Holder for such Subject Units shall be
allocated as provided in Section 5.3; and

          (b) the Holder shall not be required to make any representations or warranties in connection
with such Transfer other than customary representations and warranties concerning (i) such Holder’s
valid title to and ownership of such Subject Units, free of all liens, claims and encumbrances
(excluding those arising under applicable securities laws), (ii) such Holder’s authority, power and
right to enter into and consummate the sale of such Subject Units, (iii) the absence of any
violation, default or acceleration of any agreement to which such Holder is subject or by which its
assets are bound as a result of the agreement to sell and the sale of such Subject Units, and (iv)
the absence of, or compliance with, any governmental or third party consents, approvals, filings or
notifications required to be obtained or made by such Holder in connection with the sale of such
Subject Units.

          (c) Drag-Along Consideration. Upon the consummation of a Drag-Along Transaction, the Holder
shall receive an amount equal to the product of (a) the aggregate net consideration from such
Drag-Along Transaction and (b) the quotient obtained by dividing the number of Subject Units sold
by the Holder in such Drag-Along Transaction by the total number of Units sold in such Drag-Along
Transaction. If some or all of the consideration received from such Drag-Along Transaction is
other than cash, then such consideration shall be deemed to have a dollar value equal to the fair
market value of such consideration, as determined by the General Partner.

     Section 5.3 Non-Accredited Investors. Notwithstanding anything to the contrary in this
Article V, if the consideration received in connection with the Drag-Along Transaction includes
securities (“Restricted Securities”) with respect to which no registration statement covering the
issuance of such securities has been declared effective under the Securities Act, then, if the
Holder is not then an Accredited Investor (without regard to Rule 501(a)(4) under the Securities
Act), the Holder may be required, at the request and election of the Selling Partners, to (A)
appoint a purchaser representative (as such term is defined in Rule 501 under the Securities Act)
reasonably acceptable to the Selling Partners or (B) accept cash in lieu of any Restricted

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Securities such non-Accredited Holder would otherwise receive in an amount equal to the fair
market value of such securities, as determined by the General Partner.

     Section 5.4 Drag-Along Notice. The Selling Partners shall give the Holder at least twenty
day’s prior written notice (the “Drag-Along Notice”) of (i) the time and place designated for the
closing of any Drag-Along Transaction and (ii) the number of Subject Units the Holder shall be
required to Transfer at the closing of such Drag-Along Transaction.

     Section 5.5 Cooperation. Upon receipt of a Drag-Along Notice, the Holder shall (a) consent
to, vote for and raise no objection against the Drag-Along Transaction or the process by which the
Drag-Along Transaction was arranged, (b) waive any dissenters, appraisal or similar rights with
respect thereto and (c) otherwise cooperate in good faith with the Selling Partners in connection
with consummating the Drag-Along Transaction, including by making the representations and
warranties set forth in Section 5.2(b).

ARTICLE VI.

GENERAL PROVISIONS

     Section 6.1 Notices. All notices required to be given hereunder shall be in writing and shall
be deemed to be duly given if personally delivered, or mailed by certified mail, return receipt
requested, or nationally recognized overnight delivery service with proof of receipt maintained, at
the following address (or any other address that any such party may designate by written notice to
the other parties): (a) if either of the Partnership Parties, at the address of the principal
executive offices of the Partnership, and (b) if to the Employee, at the Employee’s address as set
forth on the signature page hereto.

     Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if
delivered by mail or overnight delivery service, be deemed received upon the earlier of actual
receipt thereof or seven days after the date of deposit in the United States mail or with the
delivery service, as the case may be.

     Section 6.2 Exculpation Among Partners. The Employee acknowledges that he is not relying upon
any other Partner, or any officer, director, stockholder, employee, agent, partner, manager or
affiliate of any such other Partner, in making his decision to execute this Agreement or to accept
Subject Units or in monitoring his investment in Subject Units. The Employee agrees that no other
Partner nor any officer, director, stockholder, employee, agent, partner, manager or affiliate of
any other Partner shall be liable to any other Partner for any action heretofore or hereafter taken
or omitted to be taken by any of them relating to or in connection with the Partnership or the
Subject Units, or both. Without limiting the foregoing, no Partner nor any of its officers,
directors, stockholders, employees, agents, partners, managers or affiliates (other than the
Partner and its subsidiaries), or other holder of Partnership Securities shall have any obligation,
liability or responsibility whatsoever for the accuracy, completeness or fairness of any or all
information about the Partnership or any subsidiary of the Partnership or their respective
properties, business or financial and other affairs, acquired by such Partner or holder from the
Partnership Parties or any of their respective subsidiaries or their respective officers,
directors, managers, employees, agents, representatives, counsel or auditors of any of them, and in
turn provided to another Partner or holder of Partnership Securities, nor shall any

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such Partner or other Person have any obligation or responsibility whatsoever to provide any
such information to any other Partner or holder of Partnership Securities or to continue to provide
any such information if any information is provided. For purposes of this Section 6.2, neither
Partnership Party shall be deemed to be an Affiliate of any Partner.

     Section 6.3 Binding Effect; Assignment; No Third Party Benefit. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective heirs, permitted
successors, permitted assigns and legal representatives; and by their signatures hereto, the
parties hereto intend to and do hereby become bound. The rights and obligations of the Employee
hereunder shall not be assignable or delegable without the written consent of the other parties
hereto, and any such assignment or delegation in violation of the foregoing shall be void. Nothing
expressed or mentioned in this Agreement is intended or shall be construed to give any Person other
than the parties hereto and their respective heirs, permitted successors, permitted assigns or
legal representatives any legal or equitable right, remedy or claim under, in or in respect of this
Agreement or any provision herein contained, except to the extent expressly provided in this
Agreement.

     Section 6.4 Amendment. The provisions of this Agreement may be amended, modified,
supplemented, restated or waived, in any manner, by the written consent of the Partnership Parties
without the consent of any other party hereto; provided, however, that any amendment, modification,
supplement, restatement or waiver that, by its terms, would adversely affect the rights of the
Employee in his capacity as a Unitholder under this Agreement in a material respect shall require
the written consent of the Employee. Except as required by law, no amendment, modification,
supplement, restatement or waiver shall require the consent of any Person not a party to this
Agreement.

     Section 6.5 Waiver. A waiver or consent, express or implied, to or of any breach or default
by any party in the performance by that party of its or his obligations with respect to this
Agreement is not a consent or waiver to or of any other breach or default in the performance by
that party of the same or any other obligations of that party with respect to this Agreement.
Failure on the part of a party to complain of any act of any party or to declare any party in
default with respect to this Agreement, irrespective of how long that failure continues, does not
constitute a waiver by that party of its or his rights with respect to that default until the
applicable statute of limitations period has run.

     Section 6.6 Severability. If any provision of this Agreement is held to be illegal, invalid
or unenforceable under present or future laws effective during the term of this Agreement, such
provision shall be fully severable; this Agreement shall be construed and enforced as if such
illegal, invalid, or unenforceable provision had never comprised a part of this Agreement; and the
remaining provisions of this Agreement shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its severance from this
Agreement; provided that if any such provision may be made enforceable by limitation thereof, then
such provision shall be deemed to be so limited and shall be enforceable to the maximum extent
permitted by applicable law. Furthermore, in lieu of (and to the extent of) each such illegal,
invalid or unenforceable provision, there shall be added automatically as a part of this Agreement
a provision as similar in terms to such illegal, invalid or unenforceable provision as may be
possible and be legal, valid and enforceable.

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     Section 6.7 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAW OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH
STATE.

     Section 6.8 Consent to Jurisdiction.

          (a) The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the courts
of the State of Delaware and the federal courts of the United States of America located in
Delaware, and appropriate appellate courts therefrom, over any dispute arising out of or relating
to this Agreement or any of the transactions contemplated hereby, and each party hereby irrevocably
agrees that all claims in respect of such dispute or proceeding may be heard and determined in such
courts. 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 dispute arising
out of or relating to this Agreement or any of the transactions contemplated hereby brought in such
court or any defense of inconvenient forum for the maintenance of such dispute. Each of the
parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. 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.

          (b) Each of the parties hereto hereby consents to process being served by any party to this
Agreement in any suit, action, or proceeding of the nature specified in subsection (a) above by the
mailing of a copy thereof in the manner specified by the provisions of Section 6.1.

          (c) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

     Section 6.9 Specific Enforcement. The Employee hereby acknowledges and agrees that a remedy
at law for any breach or threatened breach by the Employee of this Agreement would be inadequate
and therefore agrees that any other party hereto shall be entitled to injunctive relief or to
pursue specific performance of this Agreement, in addition to any other available rights and
remedies in case of any such breach or threatened breach.

     Section 6.10 Facsimiles; Counterparts. This Agreement may be executed in any number of
counterparts (including facsimile counterparts), all of which together shall constitute a single
instrument. It shall not be necessary that any counterpart be signed by each of the parties hereto
so long as each counterpart shall be signed and delivered by one or more of the of the parties
hereto and so long as the other parties hereto shall sign and deliver at least one counterpart.

     Section 6.11 Construction. All Article and Section headings in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or construction of any of
the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar import,
when used in this Agreement, shall refer to this Agreement as a whole, including,

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without limitation, all Schedules and Exhibits attached hereto, and not to any particular
provision of this Agreement. All references herein to Articles, Sections, Schedules and Exhibits
shall, unless the context requires a different construction, be deemed to be references to the
Articles and Sections of this Agreement and the Schedules and Exhibits attached hereto, and all
such Schedules and Exhibits attached hereto are hereby incorporated herein and made a part hereof
for all purposes. All personal pronouns used in this Agreement, whether used in the masculine,
feminine or neuter gender, shall include all other genders, and the singular shall include the
plural and vice versa. The use herein of the word “including” following any general statement,
term or matter shall not be construed to limit such statement, term or matter to the specific items
or matters set forth immediately following such word or to similar items or matters, whether or not
non-limiting language (such as “without limitation,” “but not limited to,” or words of similar
import) is used with reference thereto, but rather shall be deemed to refer to all other items or
matters that could reasonably fall within the broadest possible scope of such general statement,
term or matter. The word “or” as used herein is disjunctive but not necessarily exclusive. Neither
this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any
party hereto, whether under any rule of construction or otherwise. On the contrary, this Agreement
has been reviewed by each of the parties and shall be construed and interpreted according to the
ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the
parties.

     Section 6.12 Changes in Subject Units. If, and as often as, there are any changes in Subject
Units by way of unit splits, dividends, combinations or reclassifications or through merger,
consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment
shall be made in the provisions hereof as may be required so that the rights and privileges granted
hereby shall continue with respect to the Subject Units so changed.

     Section 6.13 Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof and supersedes all prior contracts,
agreements and understandings, whether oral or written, among the parties with respect to the
subject matter hereof.

12

 

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

	 	 	 	 	 	 	 

	 	 	PARTNERSHIP:	 	 
	 
	 	 	 	 	 	 
	 	 	OXFORD RESOURCE PARTNERS, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Oxford Resource Partners GP, LLC,

its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

	 	/s/ Jeffrey M. Gutman  

	 	 
	 

	 	Name:
	 	Jeffrey
M. Gutman	 	 
	 

	 	Title:
	 	SVP & CFO	 	 
	 
	 	 	 	 	 	 
	 	 	GENERAL PARTNER:	 	 
	 
	 	 	 	 	 	 
	 	 	OXFORD RESOURCE PARTNERS, GP, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey M. Gutman
 

	 	 
	 

	 	Name:
	 	Jeffrey M. Gutman	 	 
	 

	 	Title:
	 	SVP & CFO	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Denise Shaw	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Denise Shaw	 	 
	 

	 	Address:
	 	 275 Crossing Creek N	 	 
	 

	 	 	 	Gahanna, OH 43230	 	 

SPOUSAL CONSENT

     The Employee’s spouse, if any, is fully aware of, understands and fully consents and agrees to
the provisions of this Agreement and the Partnership Agreement and their binding effect upon any
marital or community property interests he or she may now or hereafter own, and agrees that the
termination of his or her and the Employee’s marital relationship for any reason shall not have the
effect of removing any Subject Units otherwise subject to this Agreement from coverage hereunder
and that his or her awareness, understanding, consent and agreement are evidenced by his or her
signature below.

 

Spouse’s
Name:                                                      

Signature Page to Employee Unitholder Agreement

 

 

EXHIBIT A

DEFINED TERMS

     “Accredited Investor” has the meaning ascribed to such term in Rule 501(a) promulgated under
the Securities Act.

     “Affiliates” has the meaning ascribed to such term in the Partnership Agreement.

     “Award” has the meaning ascribed to such term in the Plan.

     “Award Agreement” has the meaning ascribed to such term in the Plan.

     “Certificate” has the meaning ascribed to such term in the Partnership Agreement.

     “Commission” has the meaning ascribed to such term in the Partnership Agreement.

     “Committee” has the meaning ascribed to such term in the Plan.

     “Delaware Act” has the meaning ascribed to such term in the Partnership Agreement.

     “Drag-Along Transaction” means one or more proposed related transactions which:

          (a) may be structured as (i) a consolidation, merger or other business combination involving
the Partnership in which Partnership Securities are exchanged for or converted into cash,
securities of a corporation or other business organization or other property (other than in
connection with the consummation of an Initial Public Offering), (ii) a sale of assets of the
Partnership or (iii) the sale by the Selling Partners of Partnership Securities; and

          (b) will result in Persons other than the Selling Partners owning more than 50% of (i) the
then outstanding Partnership Securities or (ii) the outstanding Equity Interests of any corporation
or other business organization resulting from such Drag-Along Transaction.

     “Employee’s Estate” means the conservators, guardians, executors, administrators, testamentary
trustees, legatees or beneficiaries of the Employee.

     “Employee’s Trust” means a partnership, limited liability company, corporation, trust, private
foundation or custodianship, the beneficiaries of which may include only the Employee or his
Relatives.

     “Equity Interests” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all ownership interests in a
limited liability company, partnership or other Person (other than a corporation) and any and all
warrants, options or other rights to purchase or acquire any of the foregoing.

     “Fair Market Value” means an estimate by the General Partner of the price that could be
obtained for the sale of the applicable Subject Units on the Trigger Date.

     “Initial Public Offering” has the meaning ascribed to such term in the Partnership Agreement.

Exhibit A-1

 

     “Limited Partner” has the meaning ascribed to such term in the Partnership Agreement.

     “Partners” has the meaning ascribed to such term in the Partnership Agreement.

     “Partnership Agreement” means the First Amended and Restated Limited Partnership Agreement of
the Partnership dated as of August 24, 2007, as amended and in effect from time to time (including
all exhibits and schedules thereto).

     “Partnership Securities” has the meaning ascribed to such term in the Partnership Agreement.

     “Permitted Transferee” means any Person to whom Subject Units are Transferred in a Permitted
Transfer made other than pursuant to Section 3.3(a)(i).

     “Person” has the meaning ascribed to such term in the Partnership Agreement.

     “Relatives” means, with respect to any individual: (a) such individual’s spouse and (b) any
lineal descendant (including adopted lineal descendants), parent, grandparent, great grandparent or
sibling (including adopted siblings) of such individual.

     “Securities Act” has the meaning ascribed to such term in the Partnership Agreement.

     “Spousal Trigger Event” means the occurrence of either: (a) the entry into any decree of
divorce, dissolution or separate maintenance, or any property settlement agreement or separation
agreement whereby Subject Units are Transferred or required to be Transferred to a Former Spouse;
or (b) the death of the Employee’s spouse or partner.

     “Subsidiaries” has the meaning ascribed to such term in the Partnership Agreement.

     “Transfer,” including the correlative term “Transferred,” means any direct or indirect
transfer, assignment, sale, gift, inter vivos transfer, pledge, hypothecation, mortgage, or other
encumbrance, or any other disposition (whether voluntary or involuntary or by operation of law) of
Partnership Securities (or any interest (pecuniary or otherwise) therein or right thereto)
including derivative or similar transactions or arrangement whereby a portion or all of the
economic interest in, or risk of loss or opportunity for gain with respect to, Partnership
Securities is transferred or shifted to another Person.

     “Transfer Agent” has the meaning ascribed to such term in the Partnership Agreement.

     “Trigger Date” means (i) in the cause of Subject Units that are subject to redemption under
Section 4.1(a), the date the Employee’s employment with the General Partner, the Partnership and
each of the Partnership’s Subsidiaries is terminated and (ii) in the cause of Subject Units that
are subject to redemption under Section 4.1(b), the date the Partnership Parties receive the notice
contemplated by the first sentence of Section 4.1(b).

     “Units” has the meaning ascribed to such term in the Partnership Agreement.

Exhibit A-2exv10w15b

Exhibit 10.15B

DIRECTOR UNITHOLDER AGREEMENT

     THIS DIRECTOR UNITHOLDER AGREEMENT (this “Agreement”) is made and entered into this 1st
day of Dec. 2009, by and among OXFORD RESOURCE PARTNERS, LP, a Delaware limited partnership (the
“Partnership”), OXFORD RESOURCES GP, LLC, a Delaware limited liability company and the sole general
partner of the Partnership (the “General Partner” and, collectively with the Partnership, the
“Partnership Parties”), and the individual executing this Agreement as of the date hereof (the
“Director”). Capitalized terms used in this Agreement (including the Exhibits) but not defined in
the body of this Agreement are defined in Exhibit A.

W I T N E S S E T H:

     WHEREAS, the General Partner has granted Awards, and may in the future grant additional
Awards, to the Director under the Oxford Resource Partners, LP Long-Term Incentive Plan (the
“Plan”) on the terms and conditions set forth in the Plan and in an Award Agreement;

     WHEREAS, pursuant to the Plan and the Award Agreement, it is a condition of the delivery of
Partnership Securities to the Director as or in settlement of Awards that the Director execute this
Agreement; and

     WHEREAS, on the terms and subject to the conditions of this Agreement and the Partnership
Agreement, the General Partner, on behalf of the Partnership, may at any time and from time to time
on or after the date hereof grant and issue Partnership Securities to the Director as or in
settlement of Awards and, if the Director is not a Partner at the time of such grant and issuance,
admit the Director as an Additional Limited Partner in the Partnership;

     NOW, THEREFORE, for and in consideration of the foregoing and the respective representations,
warranties, covenants, agreements and conditions set forth herein, the parties agree as follows:

ARTICLE I.

SUBJECT UNITS; AUTHORIZATION AND ISSUANCE OF PARTNERSHIP

SECURITIES; ADMISSION AS AN ADDITIONAL LIMITED PARTNER

     Section 1.1 Subject Units. The parties hereto hereby acknowledge and agree that all
Partnership Securities granted to the Director as or in settlement of Awards at any time or times
prior to the consummation of an Initial Public Offering (the “Subject Units”) shall be subject to
the terms and conditions of this Agreement.

     Section 1.2 Authorization and Issuance of Partnership Securities.

          (a) On or prior to each date of the grant and issuance of the Subject Units (each such date a
“Settlement Date”) to the Director pursuant to this Agreement, the Partnership shall duly authorize
the issuance and delivery of such Subject Units.

 

 

          (b) On each Settlement Date, the General Partner, on behalf of the Partnership, shall grant
and issue to the Director the number of the Subject Units granted and issued to the Director as or
in settlement of Awards on such Settlement Date.

          (c) Admission as an Additional Limited Partner. If, on a Settlement Date, the Director is not
then a Limited Partner, the General Partner shall consent to the admission of the Director as an
Additional Limited Partner and take all steps necessary or appropriate under the Delaware Act to
amend the records of the Partnership to reflect such admission.

     Section 1.3 Certificates. The General Partner may cause the Partnership to issue one or more
Certificates in the name of the Director evidencing the Subject Units. Such Certificates shall be
issued upon the terms and conditions of the Partnership Agreement and in the form provided for
therein and the back of such Certificates shall also bear the additional legends in substantially
the forms included in the form of the Class A Common Unit Certificate attached hereto as
Exhibit B, along with any additional restrictions as may be required to reflect any
Restricted Period applicable under the Award Agreement with respect to the Subject Units.

ARTICLE II.

REPRESENTATIONS AND WARRANTIES OF THE DIRECTOR

     The Director hereby represents and warrants to the Partnership Parties, as of the date hereof
and as of each Settlement Date, that:

     Section 2.1 Authorization; No Conflicts. The Director has full power and authority to execute
and deliver this Agreement and to carry out the provisions of this Agreement. This Agreement has
been duly and validly executed and delivered and constitutes a valid and legally binding obligation
of the Director, enforceable against the Director in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors’ rights generally and (b) as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable
remedies. Performance of this Agreement by the Director does not and will not conflict with,
violate or cause a breach of any agreement, contract or instrument to which the Director is a party
or any judgment, order or decree to which the Director is subject.

     Section 2.2 Partnership Agreement. The Director acknowledges and agrees that:

          (a) he has received and read the Partnership Agreement and acknowledges that on each
Settlement Date he will acquire the applicable Subject Units, which are Partnership Securities,
subject to the terms and conditions of this Agreement and the Partnership Agreement;

          (b) the Subject Units acquired or to be acquired by the Director are bound by and subject to
all of the terms and conditions of this Agreement and the Partnership Agreement; and

          (c) upon the grant and issuance of the Subject Units to the Director, he accepts, is bound by,
and shall have the benefit of, all of the terms and conditions of the Partnership Agreement
applicable to a Limited Partner owning the class of Partnership Securities

2

 

represented by the Subject Units, including, without limitation, the power of attorney granted
in Section 2.6 of the Partnership Agreement.

     Section 2.3 Acquisition Entirely For Own Account. This Agreement is made with the Director in
reliance upon the Director’s representation to the Partnership Parties, which by the Director’s
execution of this Agreement (or by the Director’s making of this representation on a Settlement
Date) the Director hereby confirms, that the Subject Units granted to the Director will be acquired
for investment for the Director’s own account, not as a nominee or agent, and not with a view to
the resale or distribution of any part thereof, and that the Director has no present intention of
selling, granting any participation in, or otherwise distributing the Subject Units. By executing
this Agreement (or by the making of this representation on a Settlement Date), the Director further
represents that he does not have any contract, undertaking, agreement or arrangement with any
Person to sell, transfer or grant participations to such Person or to any third Person, with
respect to any of the Subject Units.

     Section 2.4 Director. The Director represents that he is a director of the General Partner,
the Partnership or one of the Partnership’s Subsidiaries.

     Section 2.5 No Registration; Restricted Securities. The Director understands and acknowledges
that:

          (a) the Subject Units are not, and at the time of issuance may not be, registered under the
Securities Act on the ground that the issuance of the Subject Units is exempt from registration
under the Securities Act pursuant to Rule 701 promulgated thereunder;

          (b) the Subject Units may not be sold, transferred, or otherwise disposed of without
registration under the Securities Act or an exemption therefrom, and that in the absence of either
a registration statement under the Securities Act covering the Subject Units which has been
declared effective by the Commission or an available exemption from registration under the
Securities Act, the Subject Units must be held indefinitely;

          (c) in particular, the Subject Units may not be sold pursuant to Rule 144 promulgated under
the Securities Act unless all of the conditions of Rule 144 are met. Among the conditions for use
of Rule 144 may be the availability of current information to the public about the Partnership.
Such information is not now available, and the Partnership Parties have no present plans to make
such information available;

          (d) in addition to any other legend that may be required by law or by the Partnership
Agreement, each Certificate, if any, representing the Subject Units shall bear the additional
legends referred to in Section 1.3; and

          (e) a notation shall be made in the appropriate records of the Partnership indicating that the
Subject Units are subject to restrictions on transfer and appropriate stop transfer restrictions
will be issued to the Partnership’s Transfer Agent with respect to the Subject Units.

3

 

     Section 2.6 Taxes. The Director has reviewed with his own tax advisors the federal, state,
local and foreign tax consequences of receiving Awards under the Plan and of the ownership and
disposition of the Subject Units. The Director acknowledges and agrees that the Partnership
Parties are making no representation or warranty as to the federal, state, local or foreign tax
consequences to the Director as a result of receiving Awards under the Plan and of the ownership
and disposition of the Subject Units. The Director understands that he (and not the Partnership
Parties) shall be responsible for his own tax liability that may arise as a result of the grant and
issuance of the Subject Units and of the ownership and disposition of the Subject Units by the
Director.

ARTICLE III.

TRANSFER OF THE SUBJECT UNITS

     Section 3.1 Void Transfers. Any Transfer of any of the Subject Units not in strict compliance
with the terms and conditions of this Agreement and the Partnership Agreement shall be null and
void ab initio and of no force or effect.

     Section 3.2 Restrictions on Transfer of the Subject Units. In addition to any restrictions on
Transfers of Partnership Securities under the Partnership Agreement, the Director agrees that:

          (a) commencing on the date hereof and ending on the date of the consummation of an Initial
Public Offering, the Director will not Transfer any of the Subject Units unless: (i) such Transfer
is a Permitted Transfer in accordance with Section 3.3; and (ii) the Transfer of the Subject Units
will not cause the Partnership to be required to register any Partnership Securities pursuant to
Section 12(g)(1) of the Securities Exchange Act of 1934, as amended (or any similar provision of
any successor statute thereto); and

          (b) after the date of the consummation of an Initial Public Offering the Director will not
Transfer any of the Subject Units unless:

               (i) such Transfer is a Permitted Transfer in accordance with Section 3.3; or

               (ii) (A) such Transfer is pursuant to a registration statement under the Securities Act
covering the Subject Units that has been declared effective by the Commission and is in compliance
with applicable provisions of state securities laws, or (B) counsel for the Director delivers an
opinion of counsel reasonably satisfactory in form and substance to the General Partner to the
effect that such Transfer is not required to be registered under the Securities Act and applicable
state securities laws.

     Section 3.3 Permitted Transfers.

          (a) The Partnership Parties acknowledge and agree that any of the following Transfers (each a
“Permitted Transfer”) of all, but not less than all (except in the case of Transfers pursuant to
Section 3.3(a)(i)), of the Subject Units owned by the Director at the time of such Transfer shall
be permitted under this Agreement and no opinion of counsel shall be required in connection
therewith:

4

 

               (i) a Transfer made pursuant to Article IV or V;

               (ii) a Transfer upon the death or disability of the Director to the Director’s Estate; or

               (iii) a Transfer made in compliance with the federal securities laws to the Director’s Trust;
provided, however, that it is expressly understood and agreed that if such Director’s Trust at any
time includes any Person other than the Director or his Relatives, such that it fails to meet the
definition of “Director’s Trust” set forth in Exhibit A, then such Transfer shall no longer
be in compliance with this Agreement and such Director’s Trust shall Transfer all of such Subject
Units back to the Director or to another Person to whom the Director would have been able to
Transfer the Subject Units pursuant to this Section 3.3 and, provided further, that if the
Director’s Trust fails to make such a Transfer within 45 days of first including any Person other
than the Director or his Relatives, then the General Partner, on behalf of the Partnership, may, at
its option, cause the Director’s Trust to forfeit such Subject Units to the Partnership.

          (b) It is expressly understood and agreed that in the event of a Permitted Transfer to a
Permitted Transferee:

               (i) no such transferee shall be entitled to make any further Transfers of the Subject Units
Transferred to such transferee except for a Transfer (a) back to the Director or (b) to another
Person to whom the Director would have been able to Transfer Subject Units pursuant to this Section
3.3, and, in each such case, any such Transfer shall be deemed a Permitted Transfer and each
transferee that would have been a Permitted Transferee if the Director had Transferred the Subject
Units to such transferee pursuant to this Section 3.3 shall be deemed a Permitted Transferee for
the purposes of this Agreement, including, without limitation, this Section 3.3(b); and

               (ii) each such transferee shall be bound by the terms and conditions of this Agreement and the
Partnership Agreement and, if requested by the General Partner, such transferee shall agree in
writing to be bound by the terms and conditions of this Agreement and the Partnership Agreement.

          (c) Notwithstanding Section 3.3(a), no Person may Transfer any of the Subject Units if such
Transfer has as a purpose the avoidance of the restrictions on Transfers in this Agreement or the
Partnership Agreement (it being understood that the purpose of this Section 3.3(c) is to prohibit
the Transfer of the Subject Units to a transferee followed by a change in the relationship between
the transferor and the transferee after the Transfer with the result and effect that the transferor
has indirectly made a Transfer that would not have been directly permitted under this Agreement had
such change in such relationship occurred prior to such Transfer).

     Section 3.4 Waiver. Notwithstanding anything to the contrary contained in this Agreement, the
General Partner, on behalf of the Partnership, may waive the restrictions on Transfers contained in
this Article III, whether such waiver is made prior to or after the Director has committed to
effect the Transfer. Any Transfers made pursuant to such waiver or which are

5

 

later made subject to such waiver shall be deemed not to violate any applicable restrictions
on Transfers contained in this Agreement.

ARTICLE IV.

REPURCHASE OPTION

     Section 4.1 Redemption of the Subject Units.

          (a) Termination of Service to Company. If, prior to the consummation of an Initial
Public Offering, the Director’s service as a director of the General Partner, the Partnership and
each of the Partnership’s Subsidiaries is terminated for any reason (including the Director’s
resignation, death, or disability) or for no reason, then the General Partner, on behalf of the
Partnership, shall have the right to redeem, in accordance with Section 4.2, all of the Subject
Units held by the Director at such time at Fair Market Value.

          (b) Transfer to Former Spouse. If, at any time prior to the consummation of an
Initial Public Offering, any Spousal Trigger Event occurs, the Director shall give written notice
of such Spousal Trigger Event to the Partnership Parties. If in connection with such Spousal
Trigger Event the Director does not succeed to the entire community property or other interest of
the Director’s former or separated spouse or partner (a “Former Spouse”) in the Subject Units, then
the General Partner, on behalf of the Partnership, shall have the right to redeem, at Fair Market
Value, in accordance with Section 4.2, all of the Subject Units that have been Transferred or are
thereafter Transferred or required to be Transferred (notwithstanding the restrictions on Transfers
set forth in Section 3.2) to the Former Spouse or such Former Spouse’s heirs, descendants or legal
representatives or which are acquired by any other Person directly or indirectly from any of the
foregoing. The failure of the Director to give the notice required by the first sentence of this
Section 4.1(b) shall in no way prevent the General Partner from exercising its rights under this
Section 4.1(b).

     Section 4.2 Procedure for Redemption of the Subject Units.

          (a) Purchase Price. In order to redeem the Subject Units that are subject to
redemption under Section 4.1(a) or (b), the General Partner, on behalf of the Partnership, shall
provide the Director, or the Director’s Permitted Transferees, as applicable (the “Holder”), with
written notice of its determination of the Fair Market Value of the Subject Units that are subject
to redemption under Section 4.1(a) or (b) (such amount the “Purchase Price” for the applicable
Subject Units). Such written notice shall also include a worksheet showing in reasonable detail
the General Partner’s determination of the Purchase Price.

          (b) Notice of Purchase Price. Following the Trigger Date, the General Partner, on
behalf of the Partnership, shall have the right to redeem any or all of the Subject Units that are
subject to redemption under Section 4.1(a) or (b). The General Partner shall exercise such right
by the delivery of written notice thereof to the Holder no later than the first anniversary of the
Trigger Date, in which notice the General Partner shall set forth the Purchase Price determined
pursuant to Section 4.2(a) and include the worksheet contemplated therein and shall set a
reasonable time and place for the closing of the redemption of the applicable Subject Units, which
shall not be less than 10 days nor more than 20 days after the date of such notice.

6

 

          (c) Purchase Right Assignees. The General Partner may assign its right to redeem the
Subject Units to a Person or Persons (the “Purchase Right Assignee(s)”) in such amounts as are
determined by the General Partner in its sole discretion. The General Partner shall exercise the
right to redeem the Subject Units on behalf of the Purchase Right Assignee(s) by delivery of a
written notice thereof to the Holder no later than the first anniversary of the Trigger Date and
such notice shall include substantially the same information as required by the second sentence of
Section 4.2(a).

          (d) Payment.

               (i) Any payment of the Purchase Price for the Subject Units by the General Partner shall be
made in the form of a check, payable to the Holder; provided, however, that any such payment may be
made, at the option of the General Partner, in the form of an unsecured promissory note issued by a
Partnership Party to the Director with a term of five years, interest accruing at a rate of 5% per
annum, compounded annually, and principal and interest due and payable at the end of the five year
term. Any such note shall contain restrictions on the holder’s ability to pledge, borrow against
or collateralize such note.

               (ii) Any payment of the Purchase Price for any Subject Units by any Purchase Right Assignee
shall be made via wire transfer of immediately available funds to an account designated by the
Holder.

          (e) Deliverables. The Holder shall execute and deliver all documentation and
agreements reasonably requested by the General Partner to reflect a redemption or purchase, as
applicable, of the Subject Units pursuant to this Agreement, but neither the failure of the Holder
to execute or deliver any such documentation, nor the failure of the Holder to accept payment from
the General Partner or any Purchase Right Assignee, shall affect the validity of a redemption or
purchase, as applicable, of the Subject Units pursuant to this Agreement.

          (f) Representations and Warranties. In connection with any redemption or purchase of
any of the Subject Units hereunder, the Holder shall at a minimum make customary representations
and warranties concerning (i) such Holder’s valid title to and ownership of such Subject Units,
free of all liens, claims and encumbrances (excluding those arising under applicable securities
laws), (ii) such Holder’s authority, power and right to enter into and consummate the sale of such
Subject Units, (iii) the absence of any violation, default or acceleration of any agreement to
which such Holder is subject or by which his assets are bound as a result of the agreement to sell
and the sale of such Subject Units, and (iv) the absence of, or compliance with, any governmental
or third party consents, approvals, filings or notifications required to be obtained or made by
such Holder in connection with the sale of such Subject Units.

ARTICLE V.

DRAG-ALONG RIGHTS

     Section 5.1 Establishment of Obligation to Participate. If, at any time prior to the
consummation of an Initial Public Offering, Partners who own more than 50% of the then outstanding
Partnership Securities treating all Partnership Securities as a single class

7

 

(collectively, the “Selling Partners”) desire to effect a Drag-Along Transaction, then the
Selling Partners shall have the right and option to require that the Holder Transfer all or any
portion, at the option of the Selling Partners, of the Subject Units owned by the Holder in such
proposed Drag-Along Transaction, in any case in accordance with the terms of this Article V.

     Section 5.2 Treatment of the Subject Units. All of the Subject Units Transferred by the
Holder pursuant to this Article V shall be treated identically with the Partnership Securities of
the same class(es) being sold by the Selling Partners; provided, however, that:

          (a) the aggregate consideration to be paid to the Holder for such Subject Units shall be
allocated as provided in Section 5.3; and

          (b) the Holder shall not be required to make any representations or warranties in connection
with such Transfer other than customary representations and warranties concerning (i) such Holder’s
valid title to and ownership of such Subject Units, free of all liens, claims and encumbrances
(excluding those arising under applicable securities laws), (ii) such Holder’s authority, power and
right to enter into and consummate the sale of such Subject Units, (iii) the absence of any
violation, default or acceleration of any agreement to which such Holder is subject or by which his
assets are bound as a result of the agreement to sell and the sale of such Subject Units, and (iv)
the absence of, or compliance with, any governmental or third party consents, approvals, filings or
notifications required to be obtained or made by such Holder in connection with the sale of such
Subject Units.

     Section 5.3 Drag-Along Consideration. Upon the consummation of a Drag-Along Transaction, the
Holder shall receive an amount equal to the product of (a) the aggregate net consideration from
such Drag-Along Transaction and (b) the quotient obtained by dividing the number of Subject Units
sold by the Holder in such Drag-Along Transaction by the total number of Units sold in such
Drag-Along Transaction. If some or all of the consideration received from such Drag-Along
Transaction is other than cash, then such consideration shall be deemed to have a dollar value
equal to the fair market value of such consideration, as determined by the General Partner.

     Section 5.4 Non-Accredited Investors. Notwithstanding anything to the contrary in this
Article V, if the consideration received in connection with the Drag-Along Transaction includes
securities (“Restricted Securities”) with respect to which no registration statement covering the
issuance of such securities has been declared effective under the Securities Act, then, if the
Holder is not then an Accredited Investor (without regard to Rule 501(a)(4) under the Securities
Act), the Holder may be required, at the request and election of the Selling Partners, to (a)
appoint a purchaser representative (as such term is defined in Rule 501 under the Securities Act)
reasonably acceptable to the Selling Partners or (b) accept cash in lieu of any Restricted
Securities such non-accredited Holder would otherwise receive in an amount equal to the fair market
value of such securities, as determined by the General Partner.

     Section 5.5 Drag-Along Notice. The Selling Partners shall give the Holder at least 20 days’
prior written notice (the “Drag-Along Notice”) of (a) the time and place designated for the closing
of any Drag-Along Transaction and (b) the number of the Subject Units the Holder shall be required
to Transfer at the closing of such Drag-Along Transaction.

8

 

     Section 5.6 Cooperation. Upon receipt of a Drag-Along Notice, the Holder, in his capacity as
a Holder, shall (a) consent to, vote for and raise no objection against the Drag-Along Transaction
or the process by which the Drag-Along Transaction was arranged, (b) waive any dissenters,
appraisal or similar rights with respect thereto and (c) otherwise cooperate in good faith with the
Selling Partners in connection with consummating the Drag-Along Transaction, including by making
the representations and warranties set forth in Section 5.2(b).

ARTICLE VI.

GENERAL PROVISIONS

     Section 6.1 Notices. All notices required to be given hereunder shall be in writing and shall
be deemed to be duly given if personally delivered, or mailed by certified mail, return receipt
requested, or nationally recognized overnight delivery service with proof of receipt maintained, at
the following address (or any other address that any such party may designate by written notice to
the other parties): (a) if to either of the Partnership Parties, at the address of the principal
executive offices of the Partnership, and (b) if to the Director, at the Director’s address as set
forth on the signature page to this Agreement.

     Any such notice shall, if delivered personally, be deemed received upon delivery; and shall,
if delivered by mail or overnight delivery service, be deemed received upon the earlier of actual
receipt thereof or seven days after the date of deposit in the United States mail or two days after
the date of deposit with the delivery service, as the case may be.

     Section 6.2 Exculpation Among Partners. The Director acknowledges that he is not relying upon
the Partnership or any Partner, or any officer, director, stockholder, employee, agent, partner,
manager or affiliate of the Partnership or any Partner, in making his decision to execute this
Agreement or to accept the Subject Units or in monitoring his investment in the Subject Units. The
Director agrees that none of the Partnership, any Partner, or any officer, director, stockholder,
employee, agent, partner, manager or affiliate of the Partnership or any Partner shall be liable to
the Director for any action heretofore or hereafter taken or omitted to be taken by any of them
relating to or in connection with the Partnership or the Subject Units, or both.

     Section 6.3 Binding Effect; Assignment; No Third Party Benefit. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective heirs, permitted
successors, permitted assigns and legal representatives; and by their signatures hereto, the
parties hereto intend to and do hereby become bound. The rights and obligations of the Director
hereunder shall not be assignable or delegable without the written consent of the other parties
hereto, and any such assignment or delegation in violation of the foregoing shall be void ab
initio. Nothing in this Agreement is intended or shall be construed to give any Person other than
the parties hereto and their respective heirs, permitted successors, permitted assigns or legal
representatives any legal or equitable right, remedy or claim under, in or in respect of this
Agreement or any provision herein contained, except to the extent expressly provided in this
Agreement.

     Section 6.4 Amendment. The provisions of this Agreement may be amended, modified,
supplemented, restated or waived, in any manner, by the written consent of the

9

 

Partnership Parties without the consent of any other party hereto; provided, however, that any
amendment, modification, supplement, restatement or waiver that, by its terms, would adversely
affect the rights of the Director in his capacity as a holder of Class A Common Units under this
Agreement in a material respect shall require the written consent of the Director. Except as
required by law, no amendment, modification, supplement, restatement or waiver shall require the
consent of any Person not a party to this Agreement.

     Section 6.5 Waiver. A waiver or consent, express or implied, to or of any breach or default
by any party in the performance by that party of its or his obligations with respect to this
Agreement is not a consent or waiver to or of any other breach or default in the performance by
that party of the same or any other obligations of that party with respect to this Agreement.
Failure on the part of a party to complain of any act of any party or to declare any party in
default with respect to this Agreement, irrespective of how long that failure continues, does not
constitute a waiver by that party of its or his rights with respect to that default until the
applicable statute of limitations period has run.

     Section 6.6 Severability. If any provision of this Agreement is held to be illegal, invalid
or unenforceable under present or future laws effective during the term of this Agreement, such
provision shall be fully severable; this Agreement shall be construed and enforced as if such
illegal, invalid, or unenforceable provision had never comprised a part of this Agreement; and the
remaining provisions of this Agreement shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its severance from this
Agreement; provided that if any such provision may be made enforceable by limitation thereof, then
such provision shall be deemed to be so limited and shall be enforceable to the maximum extent
permitted by applicable law. Furthermore, in lieu of (and to the extent of) each such illegal,
invalid or unenforceable provision, there shall be added automatically as a part of this Agreement
a provision as similar in terms to such illegal, invalid or unenforceable provision as may be
possible and be legal, valid and enforceable.

     Section 6.7 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH
STATE.

     Section 6.8 Consent to Jurisdiction.

          (a) The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the courts
of the State of Delaware and the federal courts of the United States of America located in
Delaware, and appropriate appellate courts therefrom, over any dispute arising out of or relating
to this Agreement or any of the transactions contemplated hereby, and each party hereby irrevocably
agrees that all claims in respect of such dispute or proceeding may be heard and determined in such
courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law,
any objection that they may now or hereafter have to the laying of venue of any dispute arising out
of or relating to this Agreement or any of the transactions contemplated hereby brought in such
court or any defense of inconvenient forum for the maintenance of such dispute. Each of the
parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by
suit on the judgment or in any other manner

10

 

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.

          (b) Each of the parties hereto hereby consents to process being served by any party to this
Agreement in any suit, action, or proceeding of the nature specified in Section 6.8(a) above by the
mailing of a copy thereof in the manner specified by the provisions of Section 6.1.

          (c) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

     Section 6.9 Specific Enforcement. The Director hereby acknowledges and agrees that a remedy
at law for any breach or threatened breach by the Director of this Agreement would be inadequate
and therefore agrees that any other party hereto shall be entitled to injunctive relief or to
pursue specific performance of this Agreement, in addition to any other available rights and
remedies in case of any such breach or threatened breach.

     Section 6.10 Facsimiles; Counterparts. This Agreement may be executed in any number of
counterparts (including facsimile counterparts), all of which together shall constitute a single
instrument. It shall not be necessary that any counterpart be signed by each of the parties hereto
so long as each counterpart shall be signed and delivered by one or more of the parties hereto and
so long as the other parties hereto shall sign and deliver at least one counterpart.

     Section 6.11 Construction. All Article and Section headings in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or construction of any of
the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar import,
when used in this Agreement, shall refer to this Agreement as a whole, including, without
limitation, all Exhibits attached hereto, and not to any particular provision of this Agreement.
All references herein to Articles, Sections and Exhibits shall, unless the context requires a
different construction, be deemed to be references to the Articles and Sections of this Agreement
and the Exhibits attached hereto, and all such Exhibits attached hereto are hereby incorporated
herein and made a part hereof for all purposes. All personal pronouns used in this Agreement,
whether used in the masculine, feminine or neuter gender, shall include all other genders, and the
singular shall include the plural and vice versa. The use herein of the word “including” following
any general statement, term or matter shall not be construed to limit such statement, term or
matter to the specific items or matters set forth immediately following such word or to similar
items or matters, whether or not non-limiting language (such as “without limitation,” “but not
limited to,” or words of similar import) is used with reference thereto, but rather shall be deemed
to refer to all other items or matters that could reasonably fall within the broadest possible
scope of such general statement, term or matter. The word “or” as used herein is disjunctive but
not necessarily exclusive. Neither this Agreement nor any uncertainty or ambiguity herein shall be
construed or resolved against any party hereto, whether under any rule of construction or
otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and
shall be construed and interpreted according to the ordinary meaning of the words used so as to
fairly accomplish the purposes and intentions of the parties hereto.

11

 

     Section 6.12 Changes in Subject Units. If, and as often as, there are any changes in the
Subject Units by way of unit splits, dividends, combinations or reclassifications or through
merger, consolidation, reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions hereof as may be required so that the rights and
privileges granted hereby shall continue with respect to the Subject Units so changed.

     Section 6.13 Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof and supersedes all prior contracts,
agreements and understandings, whether oral or written, among the parties hereto with respect to
the subject matter hereof.

[Signature page follows.]

12

 

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

	 	 	 	 	 	 	 

	 	 	PARTNERSHIP:	 	 
	 
	 	 	 	 	 	 
	 	 	OXFORD RESOURCE PARTNERS, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Oxford Resources GP, LLC,

its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey M. Gutman
 

	 	 
	 

	 	Name:
	 	Jeffrey M. Gutman	 	 
	 

	 	Title:
	 	SVP & CFO	 	 

	 	 	 	 	 	 	 

	 	 	GENERAL PARTNER:	 	 
	 
	 	 	 	 	 	 
	 	 	OXFORD RESOURCES GP, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey M. Gutman
 

	 	 
	 

	 	Name:
	 	Jeffrey M. Gutman	 	 
	 

	 	Title:
	 	SVP & CFO	 	 

	 	 	 	 	 	 	 	 	 

	 	 	DIRECTOR:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	/s/ G. Tywoniuk
 

	 	 
	 

	 	Name:
	 	G. Tywoniuk
	 	 
	 

	 	Address:
	 	106 Avenue E
	 	 
	 

	 	 	 	Redondo Beach CA
	 	 
	 

	 	 	 	90277	 	 	 

SPOUSAL CONSENT

     The Director’s spouse, if any, is fully aware of, understands and fully consents and agrees to
the provisions of this Agreement and the Partnership Agreement and their binding effect upon any
marital or community property interests he or she may now or hereafter own, and agrees that the
termination of his or her and the Director’s marital relationship for any reason shall not have the
effect of removing any of the Subject Units otherwise subject to this Agreement from coverage
hereunder and that his or her awareness, understanding, consent and agreement are evidenced by his
or her signature below.

	 	 	 	 	 
	 	 	 
	 	/s/ Zuzana Bilowit
 	 
	 	Spouse’s  Name:  	 Zuzana Bilowit 	 
	 	 	 
	 

Signature Page to Director Unitholder Agreement

 

 

EXHIBIT A

DEFINED TERMS

     “Accredited Investor” has the meaning ascribed to such term in Rule 501(a) promulgated under
the Securities Act.

     “Additional Limited Partner” has the meaning ascribed to such term in the Partnership
Agreement.

     “Agreement” has the meaning ascribed to such term in the introductory paragraph.

     “Award” has the meaning ascribed to such term in the Plan.

     “Award Agreement” has the meaning ascribed to such term in the Plan.

     “Certificate” has the meaning ascribed to such term in the Partnership Agreement.

     “Class A Common Units” has the meaning ascribed to such term in the Partnership Agreement.

     “Commission” has the meaning ascribed to such term in the Partnership Agreement.

     “Delaware Act” has the meaning ascribed to such term in the Partnership Agreement.

     “Director” has the meaning ascribed to such term in the introductory paragraph.

     “Director’s Estate” means the conservators, guardians, executors, administrators, testamentary
trustees, legatees or beneficiaries of the Director.

     “Director’s Trust” means a partnership, limited liability company, corporation, trust, private
foundation or custodianship; provided that the owners or beneficiaries of such entity, as
applicable, include only the Director and/or his Relatives.

     “Drag-Along Notice” has the meaning ascribed to such term in Section 5.5.

     “Drag-Along Transaction” means one or more proposed related transactions which:

          (a) may be structured as (i) a consolidation, merger or other business combination involving
the Partnership in which the Partnership Securities are exchanged for or converted into cash,
securities of a corporation or other business organization or other property (other than in
connection with the consummation of an Initial Public Offering), (ii) a sale of assets of the
Partnership, or (iii) the sale by the Selling Partners of any of the Partnership Securities; and

          (b) will result in Persons other than the Selling Partners owning more than 50% of (i) the
then outstanding Partnership Securities or (ii) the outstanding Equity Interests of any corporation
or other business organization resulting from such Drag-Along Transaction.

Exhibit A-1

 

 

     “Equity Interests” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all ownership interests in a
limited liability company, partnership or other Person (other than a corporation) and any and all
warrants, options or other rights to purchase or acquire any of the foregoing.

     “Fair Market Value” means an estimate by the General Partner of the price that could be
obtained for the sale of the applicable Subject Units at the end of the fiscal quarter immediately
preceding the Trigger Date.

     “Former Spouse” has the meaning ascribed to such term in Section 4.1(b).

     “General Partner” has the meaning ascribed to such term in the introductory paragraph.

     “Holder” has the meaning ascribed to such term in Section 4.2(a).

     “Initial Public Offering” has the meaning ascribed to such term in the Partnership Agreement.

     “Limited Partner” has the meaning ascribed to such term in the Partnership Agreement.

     “Partners” has the meaning ascribed to such term in the Partnership Agreement.

     “Partnership” has the meaning ascribed to such term in the introductory paragraph.

     “Partnership Agreement” means the Second Amended and Restated Agreement of Limited Partnership
of the Partnership dated as of August 28, 2009, as amended and in effect from time to time
(including all exhibits and schedules thereto).

     “Partnership Parties” has the meaning ascribed to such term in the introductory paragraph.

     “Partnership Securities” has the meaning ascribed to such term in the Partnership Agreement.

     “Permitted Transfer” has the meaning ascribed to such term in Section 3.3(a).

     “Permitted Transferee” means any Person to whom any of the Subject Units are Transferred in a
Permitted Transfer made other than pursuant to Section 3.3(a)(i).

     “Person” has the meaning ascribed to such term in the Partnership Agreement.

     “Plan” has the meaning ascribed to such term in the recitals.

     “Purchase Price” has the meaning ascribed to such term in Section 4.2(a).

     “Purchase Right Assignee(s)” has the meaning ascribed to such term in Section 4.2(c).

Exhibit A-2

 

 

     “Relatives” means, with respect to any individual: (a) such individual’s spouse; and (b) any
lineal descendant (including adopted lineal descendants), parent, grandparent, great grandparent or
sibling (including adopted siblings) of such individual.

     “Restricted Period” has the meaning ascribed to such term in the Plan.

     “Restricted Securities” has the meaning ascribed to such term in Section 5.4.

     “Securities Act” has the meaning ascribed to such term in the Partnership Agreement.

     “Selling Partners” has the meaning ascribed to such term in Section 5.1.

     “Settlement Date” has the meaning ascribed to such term in Section 1.2(a).

     “Spousal Trigger Event” means the occurrence of either: (a) the entry into any decree of
divorce, dissolution or separate maintenance, or any property settlement agreement or separation
agreement; or (b) the death of the Director’s spouse or partner.

     “Subject Units” has the meaning ascribed to such term in Section 1.1.

     “Subsidiaries” has the meaning ascribed to such term in the Partnership Agreement.

     “Transfer,” including the correlative term “Transferred,” means any direct or indirect
transfer, assignment, sale, gift, inter vivos transfer, pledge, hypothecation, mortgage, or other
encumbrance, or any other disposition (whether voluntary or involuntary or by operation of law) of
Partnership Securities (or any interest (pecuniary or otherwise) therein or right thereto)
including derivative or similar transactions or arrangements whereby a portion or all of the
economic interest in, or risk of loss or opportunity for gain with respect to, Partnership
Securities is transferred or shifted to another Person.

     “Transfer Agent” has the meaning ascribed to such term in the Partnership Agreement.

     “Trigger Date” means (a) in the case of the Subject Units that are subject to redemption under
Section 4.1(a), the date the Director’s service as a director of the General Partner, the
Partnership and each of the Partnership’s Subsidiaries is terminated, and (b) in the case of the
Subject Units that are subject to redemption under Section 4.1(b), the date the Partnership Parties
receive the notice contemplated by the first sentence of Section 4.1(b).

Exhibit A-3

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