Document:

exv10w4

Exhibit 10.4

AMENDMENT NO. 1 TO

AMENDED AND RESTATED CREDIT AGREEMENT

     This AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated
effective as of September 19, 2008, is by and among DHS HOLDING COMPANY, a Delaware corporation
(“Holdings”), DHS DRILLING COMPANY, a Colorado corporation (“Borrower”), the several banks and
other financial institutions or entities from time to time party to this Agreement (the “Lenders”),
LEHMAN BROTHERS INC., as sole arranger and sole bookrunner (in such capacity, the “Arranger”) and
LEHMAN COMMERCIAL PAPER INC., as the administrative agent (in such capacity, the “Administrative
Agent”) and Lender under that certain Credit Agreement (as defined below);

     WHEREAS, Borrower, the Lenders and the Administrative Agent are parties to that certain
Amended and Restated Credit Agreement, dated as of August 15, 2008 (as may be further amended,
restated or otherwise modified from time to time, the “Credit Agreement”); and

     WHEREAS, on the terms and subject to the conditions contained herein, the Lenders are willing
to make certain amendments to the Credit Agreement in accordance with Section 9.1 thereof;

     NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and
agreements set forth herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

     1. Defined Terms.

          (a) Capitalized terms used but not defined in this Amendment shall have the meanings ascribed
to such terms in the Credit Agreement. Unless the context of this Amendment clearly requires
otherwise, references to the plural include the singular; references to the singular include the
plural; the words “include,” “includes,” and “including” will be deemed to be followed by “without
limitation”; and the term “or” has, except where otherwise indicated, the inclusive meaning
represented by the phrase “and/or”. The principles of interpretation set forth in Section 1.2 of
the Credit Agreement shall apply to the provisions of this Amendment.

          (b) Each reference to “hereof, “hereunder”, “herein” and “hereby” and each other similar
reference contained in the Credit Agreement, each reference to “this Agreement” or “the Credit
Agreement” and each other similar reference contained in the Agreement or any other Loan Document
and each reference contained in this Amendment to the “Credit Agreement” shall on and after the
First Amendment Closing Date refer to the Credit Agreement as amended by this Amendment. Any
notices, requests, certificates and other instruments executed and delivered on or after the First
Amendment Closing Date may refer to the Credit Agreement without making specific reference to this
Amendment but nevertheless all such references shall mean the Credit Agreement as amended by this
Amendment unless the context otherwise requires.

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     2. Amendments to Credit Agreement. In reliance on the representations and warranties
set forth in Section 3 below and subject to the satisfaction of the conditions set forth in Section
4 below, the parties hereby agree to the following amendments.

          (a) Section 1.1 is hereby amended by the addition of the following definitions, each in proper
alphabetical order:

First Amendment: that certain Amendment No. 1 to the Amended and Restated
Credit Agreement, dated as of September 19, 2008, by and among Borrower,
the other Credit Parties party thereto, the Lenders and the Administrative
Agent.

First Amendment Closing Date: the date on which all of the conditions
precedent to the conditions set forth in the First Amendment shall have
been satisfied, which date shall not be later than September 19, 2008.

Permitted Subordinated Indebtedness: Indebtedness issued by Borrower or any
Subsidiary Guarantor to any Permitted Investor or any of their respective
Affiliates which is subordinated in all respect to the Obligations,
including with respect to rights, remedies and payment, the proceeds of
which are used solely to finance the purchase of the Specified Rigs and to
pay any fees and expenses incurred in connection therewith.

Specified Rigs: that certain (i) drilling rig designated as the Rowan Land
Rig 34, as described in detail on Exhibit 1 to that certain Purchase and
Sale Agreement for Rig 34 dated July 21, 2008 between Borrower and Rowan
Drilling Company, Inc., a Texas corporation, and (ii) 1300HP AC drilling
rig package, as described in that certain Contract Terms and Conditions
dated June 18, 2008 between Rig Planet Inc. and Borrower.

          (b) Section 6.2(h) of the Credit Agreement is hereby amended and restated as follows:

     “(h) Permitted Subordinated Indebtedness.”.

          (c) Section 6.3 of the Credit Agreement is hereby amended to add a new clause (i) as
follows:

“(i) Liens securing Permitted Subordinated Indebtedness of Borrower, provided
such Liens (i) are expressly subordinated to the Liens created by the Security
Documents and (ii) attach only to the Specified Rigs;”

and to insert “(j)” prior to the last paragraph thereof.

     3. Representations and Warranties of Borrower. Borrower represents and warrants as of
the date hereof and on the First Amendment Closing Date to the Administrative Agent and each Lender
that:

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          (a) Each of the Loan Parties (i) has the power and authority, and the legal right, to make,
deliver and perform this Amendment and (ii) has taken all necessary corporate or other action to
authorize the execution, delivery and performance of this Amendment;

          (b) No consent or authorization of, filing with, notice to or other act by or in respect of,
any Governmental Authority or any other Person is required to be obtained by Borrower in connection
with the execution, delivery, performance, validity or enforceability of this Amendment;

          (c) This Amendment (i) has been duly executed and delivered on behalf of Borrower and Holdings
and (ii) constitutes a legal, valid and binding obligation of Borrower and Holdings enforceable
against Borrower and Holdings in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement
is sought by proceedings in equity or at law);

          (d) The execution, delivery and performance of this Amendment will not result in a violation
by Borrower of any Requirement of Law or any Contractual Obligation of Borrower and will not result
in, or require, the creation or imposition of any Lien on any of its Properties or revenues
pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created
by the Security Documents);

          (e) After giving effect to the amendments set forth herein, the representations and warranties
of Borrower contained in the Loan Documents are true and accurate as of the date hereof with the
same force and effect as if such had been made on and as of the date hereof;

          (f) Each of the Loan Parties are in compliance in all material respects with all terms and
provisions set forth in the Loan Documents to which it is a party; and

          (g) No Default or Event of Default has occurred and is continuing.

     4. Conditions Precedent. The effectiveness of this Amendment is subject
to the satisfaction of the following conditions precedent:

          (a) The Administrative Agent shall have received a copy of this Amendment, duly executed and
delivered by a Responsible Officer of Borrower and Holdings;

          (b) Since the Closing Date, no event or circumstance having a Material Adverse Effect
shall have occurred and shall be continuing;

          (c) After giving effect to the amendments set forth herein, the representations and warranties
of Borrower contained in the Loan Documents are true and accurate as of the date hereof with the
same force and effect as if such had been made on and as of the date hereof;

          (d) After giving effect to the amendments set forth herein, no Default or Event of Default
shall have occurred and be continuing on the First Amendment Closing Date or will occur after
giving effect to the execution and delivery of this Amendment by the parties hereto;

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          (e) Each of the Loan Parties shall have executed and delivered, or shall have caused to
be executed and delivered, such other items as the Administrative Agent may reasonably request,
each of which shall be in form and substance reasonably satisfactory to Agent.

     5. Loan Documents. This Amendment shall constitute a Loan Document, as such term is
defined in the Credit Agreement.

          (b) This Amendment is not intended to nor shall it be construed to create a novation or accord
and satisfaction with respect to any of the Obligations.

          (c) Each of Holdings and Borrower hereby reaffirms its obligations under each of the Loan
Documents, as the same are amended hereby, and agrees and acknowledges that each such document and
all of such obligations thereunder, remains in full force and effect after giving effect to this
Amendment.

     6. Counterparts. This Amendment may be executed by one or more parties to this
Agreement on any number of separate counterparts, and all of said counterparts taken together shall
be deemed to constitute one and the same instrument. Delivery of an executed signature page of
this Amendment by facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof. A set of the copies of this Amendment signed by all the parties shall be
lodged with Borrower and the Administrative Agent.

     7. Severability. Any provision of this Amendment that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

     8. Integration. This Amendment and the other Loan Documents represent the entire
agreement of the Loan Parties, the Agents, the Arranger and the Lenders with respect to the subject
matter hereof and thereof, and there are no promises, undertakings, representations or warranties
by the Arranger, any Agent or any Lender relative to subject matter hereof not expressly set forth
or referred to herein or in the other Loan Documents.

     9. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK.

     10. Survival. The representations and warranties contained in Section 3 of this
Amendment shall survive the execution and delivery of this Amendment and the First Amendment
Closing Date.

     11. Ratification; No Other Amendments: No Waiver. Except as expressly modified hereby,
the Credit Agreement and each other Loan Document are each hereby ratified and confirmed by the
parties hereto and remain in full force and effect in accordance with the respective terms thereof.
Other than as otherwise expressly provided herein, this Amendment

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shall not be deemed to operate as an amendment or waiver of, or to prejudice, any right, power,
privilege or remedy of any Lender, any Agent or any other Indemnitee under the Agreement or any of
the other Loan Documents, nor shall the entering into of this Amendment preclude any such Person
from refusing to enter into any further amendments with respect to the Agreement or any of the
other Loan Documents. Other than as to otherwise expressly provided herein, this Amendment shall
not constitute a waiver of compliance with any covenant or other provision in the Agreement or any
other Loan Document or of the occurrence or continuance of any present or future Default or Event
of Default.

     12. Costs: Expenses. Subject to and in accordance with Section 9.5 of the Credit
Agreement, regardless of whether the transactions contemplated by this Amendment are
consummated, Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses
of each Agent and each Lender incurred in connection with the development, preparation,
execution and delivery of this Amendment, including the reasonable fees and disbursements and
other charges of counsel and consultants to the Agents.

     13. Headings. The section headings contained in this Amendment are inserted for
convenience only and will not affect in any way the meaning or interpretation of this Amendment.

     14. Amendments. This Amendment may not be amended or modified except in the manner
specified for an amendment of or modification to the Credit Agreement in Section 9.1 of the Credit
Agreement.

[Signature Page to Follow]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
under seal and delivered by their respective duly authorized officers on the date first
written above.

	 	 	 	 	 
	 	DHS DRILLING COMPANY

 	 
	 	By:  	/s/ WE Sauer, Jr.
 	 
	 	 	WE Sauer, Jr. 	 
	 	 	President/CEO 	 
	 
	 	DHS HOLDINGS COMPANY

 	 
	 	By:  	/s/ WE Sauer, Jr.
 	 
	 	 	WE Sauer, Jr. 	 
	 	 	President/CEO 	 
	 
	 	LEHMAN BROTHERS INC., as Arranger

 	 
	 	By:  	 	 
	 	 	J. Robert Chambers  	 
	 	 	Managing Director 	 
	 
	 	LEHMAN COMMERCIAL PAPER INC,

as Administrative Agent, Syndication Agent and a

Lender

 	 
	 	By:  	 	 
	 	 	J. Robert Chambers  	 
	 	 	Authorized Signatory 	 
	 

[Signature Page to Amendment No. 1 to Amended and Restated Credit Agreement]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
under seal and delivered by their respective duly authorized officers on the date first
written above.

	 	 	 	 	 
	 	DHS DRILLING COMPANY

 	 
	 	By:  	 	 
	 	 	Gregg Tubbs  	 
	 	 	Executive Vice President 	 
	 
	 	DHS HOLDINGS COMPANY

 	 
	 	By:  	 	 
	 	 	Gregg Tubbs  	 
	 	 	Executive Vice President 	 
	 
	 	LEHMAN BROTHERS INC., as Arranger

 	 
	 	By:  	/s/ J. Robert Chambers 	 
	 	 	J. Robert Chambers  	 
	 	 	Managing Director 	 
	 
	 	LEHMAN COMMERCIAL PAPER INC.,

as Administrative; Agent, Syndication Agent and a

Lender

 	 
	 	By:  	/s/ J. Robert Chambers 	 
	 	 	J. Robert Chambers 	 
	 	 	Authorized Signatory 	 
	 

[Signature Page to Amendment No. 1 to Amended Restated Credit Agreement]exv10w1

Exhibit 10.1

FORM OF

MARTIN MIDSTREAM PARTNERS L.P.

INDEMNIFICATION AGREEMENT

     THIS
AGREEMENT (this “Agreement”) is effective
          , among Martin Midstream
Partners, L.P., a Delaware limited partnership (the “MLP”), Martin Midstream GP LLC, a Delaware
limited liability company (the “Company”), and the undersigned director of the Company
(“Indemnitee”).

     WHEREAS, the Indemnitee is a director of the MLP or the Company (a
“Director”);

     WHEREAS, the MLP Partnership Agreement (as defined below) provides for indemnification of each
director and officer of the Company and the MLP, as well as persons serving in various other
capacities, to the maximum extent permitted by law;

     WHEREAS, the Indemnitee is entitled to indemnification pursuant to the MLP Partnership
Agreement;

     WHEREAS, there are questions concerning the adequacy and reliability of the protection that
might be afforded to directors from the acquisition of policies of directors’ and officers’
liability insurance (“D&O Insurance”), covering certain liabilities that might be incurred by
directors or officers in the performance of their services to the MLP and/or the Company;

     WHEREAS, in recognition of Indemnitee’s need for substantial protection against personal
liability in order to enhance Indemnitee’s continued service to the MLP and the Company in an
effective manner, the MLP and the Company wish to provide in this Agreement for the indemnification
of and the advancing of expenses to Indemnitee to the fullest extent permitted by law (whether
partial or complete) and as set forth in this Agreement, and, to the extent insurance is
maintained, for the continued coverage of Indemnitee under the MLP’s and/or the Company’s
directors’ and officers’ liability insurance policies; and

     WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the MLP and/or the Company on condition that the Indemnitee be so indemnified;

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the MLP,
the Company and Indemnitee do hereby covenant and agree as follows:

     1. Definitions. As used in this Agreement:

     (a) The term “Proceeding” shall include any threatened, pending or completed action, suit,
inquiry or proceeding, whether brought by or in the right of the MLP or the Company or any
predecessor, subsidiary or affiliated company or otherwise and whether of a civil, criminal,
administrative, arbitrative or investigative nature, in which Indemnitee is or will be involved as
a

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party, as a witness or otherwise, by reason of the fact that Indemnitee is or was a director of the
MLP or the Company, by reason of any action taken by him or of any inaction on his part while
acting as a director or by reason of the fact that he is or was serving at the request of the MLP
or the Company as a director, officer, trustee, employee or agent of another corporation,
partnership, joint venture, trust, limited liability company or other enterprise; in each case
whether or not he is acting or serving in any such capacity at the time any liability or expense is
incurred for which indemnification or reimbursement can be provided under this Agreement; provided
that any such action, suit or proceeding which is brought by Indemnitee against the MLP or the
Company or any predecessor, subsidiary or affiliated company or directors or officers of the MLP or
the Company or any predecessor, subsidiary or affiliated company, other than an action brought by
Indemnitee to enforce his rights under this Agreement, shall not be deemed a Proceeding without
prior approval by a majority of the Board of Directors of the Company.

     (b) The term “Expenses” shall include, without limitation, any judgments, fines and penalties
against Indemnitee in connection with a Proceeding; amounts paid by Indemnitee in settlement of a
Proceeding; and all attorneys’ fees and disbursements, accountants’ fees, private investigation
fees and disbursements, retainers, court costs, transcript costs, fees of experts, fees and
expenses of witnesses, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, and all other disbursements, or expenses, reasonably
incurred by or for Indemnitee in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, being or preparing to be a witness in a Proceeding or establishing
Indemnitee’s right of entitlement to indemnification for any of the foregoing.

     (c) References to Indemnitee’s being or acting as “a director of the MLP or the Company” or
“serving at the request of the MLP or the Company as a director, officer, trustee, employee or
agent of another corporation, partnership, joint venture, trust, limited liability company or other
enterprise” shall include, in each case, service to or actions taken while and as a result of being
a director, officer, trustee, employee or agent of any predecessor, subsidiary or affiliated
company of the MLP or the Company.

     (d) References to “other enterprise” shall include employee benefit plans; references to
“fines” shall include any excise tax assessed with respect to any employee benefit plan; references
to “serving at the request of the MLP or the Company” shall include any service as a director,
officer, employee or agent of the MLP or the Company which imposes duties on, or involves services
by, such director, officer, trustee, employee or agent with respect to an employee benefit plan,
its participants or beneficiaries.

     (e) The term “substantiating documentation” shall mean copies of bills or invoices for costs
incurred by or for Indemnitee, or copies of court or agency orders or decrees or settlement
agreements, as the case may be, accompanied by a sworn statement from Indemnitee that such bills,
invoices, court or agency orders or decrees or settlement agreements, represent costs or
liabilities meeting the definition of “Expenses” herein.

     (f) The terms “he” and “his” have been used for convenience and mean “she” and “her” if
Indemnitee is a female.

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     (g) The term “MLP Partnership Agreement” means the First Amended and Restated Agreement of
Limited Partnership of the MLP, dated as of November 6, 2002, as amended or restated from time to
time.

     (h) The term “LLC Statute” means the Delaware Limited Liability Company Act.

     (i) The term “Partnership Statute” means the Delaware Revised Uniform Limited Partnership Act.

     (j) The term “Board of Directors” means the Board of Directors of the Company.

     2. Indemnity of Indemnitee. Each of the MLP and the Company hereby agrees (subject to the
provisions of Section 5 below) to hold harmless and indemnify Indemnitee against Expenses to the
fullest extent authorized or permitted by law (including the applicable provisions of the
Partnership Statute and the LLC Statute). The phrase “to the fullest extent permitted by law” shall
include, but not be limited to (a) to the fullest extent permitted by any provision of the
Partnership Statute and the LLC Statute that authorizes or permits additional indemnification by
agreement, or the corresponding provision of any amendment to or replacement of the Partnership
Statute and the LLC Statute and (b) to the fullest extent authorized or permitted by any amendments
to or replacements of the Partnership Statute and the LLC Statute adopted after the date of this
Agreement that increase the extent to which an entity may indemnify its officers and directors. Any
amendment, alteration or repeal of the Partnership Statute and the LLC Statute that adversely
affects any right of Indemnitee shall be prospective only and shall not limit or eliminate any such
right with respect to any Proceeding involving any occurrence or alleged occurrence of any action
or omission to act that took place prior to such amendment or repeal.

     3. Additional Indemnity. Each of the MLP and the Company hereby further agrees (subject to
the provisions of Section 5 below) to hold harmless and indemnify Indemnitee against Expenses
incurred by reason of the fact that Indemnitee is or was a director of the MLP or the Company, or
is or was serving at the request of the MLP or the Company as a director, officer, trustee,
employee or agent of another corporation, partnership, joint venture, trust, limited liability
company or other enterprise, including, without limitation, any predecessor, subsidiary or
affiliated entity of the MLP or the Company, provided that the Indemnitee shall not be indemnified
and held harmless 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 the Indemnitee is
seeking indemnification pursuant to this Agreement, the Indemnitee acted in bad faith or engaged in
fraud or willful misconduct or, in the case of a criminal matter, acted with knowledge that the
Indemnitee’s conduct was unlawful. The termination of any Proceeding by judgment, order of the
court, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not, of
itself, create a presumption that Indemnitee acted in bad faith or engaged in fraud or willful
misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct
was unlawful.

     4. Contribution. If the indemnification provided under Section 2 is unavailable by reason of
a court decision, based on grounds other than any of those set forth in Section 5 below,

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then, in respect of any Proceeding in which the MLP or the Company is jointly liable with
Indemnitee (or would be if joined in such Proceeding), the MLP and the Company shall contribute to
the amount of Expenses actually and reasonably incurred and paid or payable by Indemnitee in such
proportion as is appropriate to reflect (a) the relative benefits received by the MLP or the
Company on one hand and Indemnitee on the other from the transaction from which such Proceeding
arose and (b) the relative fault of the MLP or the Company on the one hand and of Indemnitee on the
other in connection with the events that resulted in such Expenses as well as any other relevant
equitable considerations. The relative fault of the MLP or the Company on the one hand and of
Indemnitee on the other shall be determined by reference to, among other things, the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent the
circumstances resulting in such Expenses. Each of the MLP and the Company agrees that it would not
be just and equitable if contribution pursuant to this Section 4 were determined by pro rata
allocation or any other method of allocation that does not take into account of the foregoing
equitable considerations.

     5. Exceptions. Any other provision herein to the contrary notwithstanding, the MLP and the
Company shall not be obligated pursuant to the terms of this Agreement:

     (a) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee
with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way
of defense, except with respect to proceedings brought to establish or enforce a right to
indemnification under this Agreement;

     (b) Insured Claims. To indemnify Indemnitee for expenses or liabilities of any type
whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and
amounts paid in settlement) to the extent such expenses or liabilities have been paid directly to
Indemnitee by an insurance carrier under a policy of directors’ and officers’ liability insurance;

     (c) Claims Under Section 16(b). To indemnify Indemnitee for expenses or the payment
of profits arising from the purchase and sale by Indemnitee of securities in violation of Section
16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute;

     (d) Unlawful Claims. To indemnify Indemnitee to the extent such indemnification is
prohibited by applicable law; or

     (e) Unauthorized Settlement. To indemnify Indemnitee with regard to any judicial
award if the MLP or the Company was not given a reasonable and timely opportunity, to participate
in the defense of such action or to indemnify Indemnitee for any amounts paid in settlement of any
Proceeding effected without the MLP’s or the Company’s prior written consent.

     6. Choice of Counsel. Indemnitee, together with the other  Directors who are seeking
indemnification, shall be entitled to employ, and be reimbursed for the fees and disbursements of,
a single counsel separate from that chosen by any officers of the MLP or the Company who are
seeking indemnification. The principal counsel for the  Directors

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(including the Indemnitee) (“Principal Counsel”) shall be determined by majority vote of the
 Directors (including the Indemnitee) who are seeking indemnification. The obligation of
the MLP and the Company to reimburse Indemnitee for the fees and disbursements of counsel hereunder
shall not extend to the fees and disbursements of any counsel employed by Indemnitee other than
Principal Counsel unless Indemnitee has interests that are different from those of the other
Indemnitees or defenses available to him that are in addition to or different from those of the
other Indemnitees such that Principal Counsel would have an actual or potential conflict of
interest in representing Indemnitee.

     7. Advances of Expenses.

     (a) Expenses (other than judgments, penalties, fines and settlements) incurred by Indemnitee
shall be paid by the MLP and the Company, in advance of the final disposition of the Proceeding,
within five business days after receipt of Indemnitee’s written request accompanied by
substantiating documentation and Indemnitee’s written affirmation as described in subsection (c)
below. No objections based on or involving the question whether such charges meet the definition of
“Expenses,” including any question regarding the reasonableness of such Expenses, shall be grounds
for failure to advance to such Indemnitee, or to reimburse such Indemnitee for, the amount claimed
within such five business day period, and the undertaking of Indemnitee set forth in this Section 7
to repay any such amount to the extent it is ultimately determined that Indemnitee is not entitled
to indemnification shall be deemed to include an undertaking to repay any such amounts determined
not to have met such definition.

     (b) Indemnitee hereby undertakes to repay to the MLP and the Company (i) any advances or
payment of Expenses made pursuant to this Section 7 and (ii) any judgments, penalties, fines and
settlements paid to or on behalf of Indemnitee hereunder, in each case to the extent that it is
ultimately determined in a final judgment or other final adjudication of a court of competent
jurisdiction that Indemnitee is not entitled to indemnification.

     (c) As a condition to the advancement of such Expenses or the payment of such judgments,
penalties, fines and settlements, Indemnitee shall execute an acknowledgment wherein Indemnitee
affirms (i) that Indemnitee has met the applicable standard of conduct for indemnification and (ii)
that such Expenses or such judgments, penalties, fines and settlements, as the case may be, are
delivered pursuant and are subject to the provisions of this Agreement.

     8. Right of Indemnitee to Indemnification Upon Application; Procedure Upon Application. Any
indemnification payment under this Agreement, other than pursuant to Section 7 hereof, shall be
made no later than 30 days after receipt by the MLP and the Company of the written request of
Indemnitee, accompanied by substantiating documentation, unless a determination is made within said
30-day period that Indemnitee has not met the relevant standards for indemnification set forth in
Section 3 hereof by (a) the Board of Directors by a majority vote of a quorum consisting of
directors who are not or were not parties to such Proceeding, (b) a committee of the Board of
Directors designated by majority vote of the Board of Directors, even though less than a quorum,
(c) if there are no such directors, or if such directors so direct, independent legal counsel in a
written opinion or (d) the equity owners.

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     The right to indemnification or advances as provided by this Agreement shall be enforceable by
Indemnitee in any court of competent jurisdiction. The burden of proving that indemnification is
not appropriate shall be on the MLP and the Company. Neither the failure of the MLP or the Company
(including its Board of Directors, any committee thereof, independent legal counsel or its equity
owners) to have made a determination prior to the commencement of such action that indemnification
is proper in the circumstances because Indemnitee has met the applicable standards of conduct, nor
an actual determination by the MLP and the Company (including its Board of Directors, any committee
thereof, independent legal counsel or its equity owners) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

     9. Indemnification Hereunder Not Exclusive. The indemnification and advancement of expenses
provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may be entitled under the MLP Partnership Agreement, the Partnership Statute, the LLC Statute, any
D&O Insurance maintained by or on behalf of the MLP or the Company, any agreement, or otherwise,
both as to action in his official capacity and as to action in another capacity while holding such
office; provided, however, that this Agreement supersedes all prior written indemnification
agreements between the MLP or the Company (or any predecessor thereof) and Indemnitee with respect
to the subject matter hereof. However, Indemnitee shall reimburse the MLP and the Company for
amounts paid to Indemnitee pursuant to such other rights to the extent such payments duplicate any
payments received pursuant to this Agreement.

     10. Continuation of Indemnity. All agreements and obligations of the MLP and the Company
contained herein shall continue during the period Indemnitee is a director of the MLP or the
Company (or is or was serving at the request of the MLP or the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust, limited liability
company or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject
to any possible Proceeding (notwithstanding the fact that Indemnitee has ceased to serve the MLP or
the Company).

     11. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement
to indemnification by the MLP and the Company for a portion of Expenses, but not, however, for the
total amount thereof, the MLP and the Company shall nevertheless indemnify Indemnitee for the
portion of such Expenses to which Indemnitee is entitled.

     12. Settlement of Claims. Neither the MLP nor the Company shall be liable to indemnify
Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected
without the written consent of the MLP and the Company. Neither the MLP nor the Company shall
settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee
without Indemnitee’s written consent. None of the MLP, the Company or Indemnitee will unreasonably
withhold their consent to any proposed settlement. Neither the MLP nor the Company shall be liable
to indemnify Indemnitee under this Agreement with regard to any judicial award if the MLP and the
Company were not given a reasonable and timely opportunity, at their expense, to participate in the
defense of such action.

6

 

     13. Acknowledgements. Each of the MLP and the Company expressly confirms and agrees that it
has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce
Indemnitee to serve or to continue to serve as a director of the MLP and/or the Company, and
acknowledges that Indemnitee is relying upon this Agreement in agreeing to serve or in continuing
to serve as a director of the MLP and/or the Company.

     14. Enforcement. In the event Indemnitee is required to bring any action or other proceeding
to enforce rights or to collect moneys due under this Agreement and is successful in such action,
the MLP and the Company shall reimburse Indemnitee for all of Indemnitee’s expenses in bringing and
pursuing such action.

     15. Severability. If any provision of this Agreement shall be held to be invalid, illegal or
unenforceable (a) the validity, legality and enforceability of the remaining provisions of this
Agreement shall not be in any way affected or impaired thereby, and (b) to the fullest extent
possible, the provisions of this Agreement shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable. Each section of this Agreement
is a separate and independent portion of this Agreement. If the indemnification to which
Indemnitee is entitled with respect to any aspect of any claim varies between two or more sections
of this Agreement, that section providing the most comprehensive indemnification shall apply.

     16. Liability Insurance. To the extent the MLP or the Company maintains an insurance policy
or policies providing D&O Insurance, Indemnitee shall be covered by such policy or policies, in
accordance with its or their terms, to the maximum extent of the coverage available and maintained
by the MLP or the Company for any director or officer of the MLP or the Company or any applicable
subsidiary or affiliated company.

     17. Miscellaneous.

     (a) Governing Law. This Agreement and all acts and transactions pursuant hereto and
the rights and obligations of the parties hereto shall be governed, construed and interpreted in
accordance with the laws of the State of Delaware, without giving effect to principles of conflict
of law.

     (b) Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire
agreement and understanding of the parties relating to the subject matter herein and merges all
prior discussions between them. No modification of or amendment to this Agreement, nor any waiver
of any rights under this Agreement, shall be effective unless in writing signed by the parties to
this Agreement. The failure by any party to enforce any rights under this Agreement shall not be
construed as a waiver of any rights of such party.

     (c) Construction. This Agreement is the result of negotiations between and has been
reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this
Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be
construed in favor of or against any one of the parties hereto.

7

 

     (d) Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to
have been given (i) when delivered personally to the recipient, (ii) one business day after the
date when sent to the recipient by reputable overnight courier service (charges prepaid), or (iii)
five business days after the date when mailed to the recipient by certified or registered mail,
return receipt requested and postage prepaid. Such notices, demands and other communications shall
be sent to the parties at the addresses indicated on the signature page hereto, or to such other
address as any party hereto may, from time to time, designate in writing delivered pursuant to the
terms of this Section 17(d).

     (e) Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument.

     (f) Successors and Assigns. This Agreement shall be binding upon the MLP and the
Company and their respective successors and assigns and shall inure to the benefit of Indemnitee
and Indemnitee’s heirs, legal representatives and assigns.

     (g) Subrogation. In the event of payment under this Agreement, the MLP and the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of
Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to
secure such rights and to enable the MLP and the Company to effectively bring suit to enforce such
rights.

8

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and
year first above written.

	 	 	 	 	 
	 	MARTIN MIDSTREAM PARTNERS L.P.

By:  Martin Midstream GP LLC

        Its General Partner

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	 	Address: 4200 Stone Road

               Kilgore, Texas 75662

MARTIN MIDSTREAM GP LLC

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	 	Address: 4200 Stone Road

               Kilgore, Texas 75662

INDEMNITEE:

	 	 	 
	 	[Name] 	 
	 
	 	Address:  	 	 
	 

9

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