Document:

EX-4.1

 Exhibit 4.1 
  

 
  

ING GROEP N.V., 
 Issuer 

and 
 THE BANK OF NEW YORK MELLON,
LONDON BRANCH, 
 Trustee 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of October 2, 2018 
  

 
 To the Senior
Debt Securities Indenture, dated as of March 29, 2017, 
 Between ING Groep N.V. 

and 
 The Bank of New York Mellon,
London Branch, Trustee 
 $1,500,000,000 4.100% Fixed Rate Senior Notes due 2023 

$1,250,000,000 4.550% Fixed Rate Senior Notes due 2028 

$500,000,000 Floating Rate Senior Notes due 2023 
  

 
  

 ING GROEP N.V. 

Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and Indenture, dated as of March 29, 2017,
as supplemented by this Second Supplemental Indenture, dated as of October 2, 2018. 
  

					
	 Trust Indenture Act Section
	  	 Indenture Section

	§310	 	(a)(1)	  	6.09
		 	(a)(2)	  	6.09
		 	(a)(3)	  	Not Applicable
		 	(a)(4)	  	Not Applicable
		 	(b)	  	 6.08
 6.10

	§311	 	(a)	  	6.13
		 	(b)	  	6.13
	§312	 	(a)	  	 7.01
 7.02(a)

		 	(b)	  	7.02(b)
		 	(c)	  	7.02(c)
	§313	 	(a)	  	7.03(a)
		 	(b)	  	7.03(a)
		 	(c)	  	1.06,7.03(a)
		 	(d)	  	7.03(b)
	§314	 	(a)	  	7.04, 10.06
		 	(b)	  	Not Applicable
		 	(c)(1)	  	1.02
		 	(c)(2)	  	1.02
		 	(c)(3)	  	Not Applicable
		 	(d)	  	Not Applicable
		 	(e)	  	1.02
		 	(f)	  	Not Applicable
	§315	 	(a)	  	6.01, 6.03
		 	(b)	  	6.02
		 	(c)	  	5.04, 6.01
		 	(d)(1)	  	6.01, 6.03
		 	(d)(2)	  	6.01, 6.03
		 	(d)(3)	  	6.01, 6.03
		 	(e)	  	5.14
	§316	 	(a)(1)(A)	  	5.02, 5.12
		 	(a)(1)(B)	  	5.13
		 	(a)(2)	  	Not Applicable
		 	(a)(last sentence)	  	1.01
		 	(b)	  	5.08
	§317	 	(a)(1)	  	5.03
		 	(a)(2)	  	5.04
		 	(b)	  	10.03
	§318	 	(a)	  	1.07

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Second Supplemental Indenture or
the Base Indenture. Section references are to Base Indenture. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  

	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  

			
	 Section 1.01
	  	Definitions	  	 	1	 
	 Section 1.02
	  	Effect of Headings	  	 	5	 
	 Section 1.03
	  	Separability Clause	  	 	5	 
	 Section 1.04
	  	Benefits of Instrument	  	 	5	 
	 Section 1.05
	  	Relation to Base Indenture	  	 	5	 
	 Section 1.06
	  	Construction and Interpretation	  	 	5	 
	
	ARTICLE II	  

	
	FORM AND TERMS OF THE SECURITIES; INTEREST AND PAYMENTS	  

			
	 Section 2.01
	  	Establishment of Securities; Form and Certain Terms of Securities	  	 	6	 
	 Section 2.02
	  	Interest	  	 	7	 
	 Section 2.03
	  	Determination of Interest Calculation Agent	  	 	10	 
	
	ARTICLE III	  

	
	MISCELLANEOUS PROVISIONS	  

			
	 Section 3.01
	  	Effectiveness	  	 	10	 
	 Section 3.02
	  	Original Issue	  	 	10	 
	 Section 3.03
	  	Ratification and Integral Part	  	 	10	 
	 Section 3.04
	  	Priority	  	 	10	 
	 Section 3.05
	  	Successors and Assigns	  	 	11	 
	 Section 3.06
	  	Counterparts	  	 	11	 
	 Section 3.07
	  	Governing Law	  	 	11	 

  

					
	EXHIBIT A-1	  	–	  	Form of 2023 Note
	EXHIBIT A-2	  	–	  	Form of 2028 Notes
	EXHIBIT A-3	  	–	  	Form of Floating Rate Note

  
 - ii - 

 SECOND SUPPLEMENTAL INDENTURE, dated as of
October 2, 2018 (this “Second Supplemental Indenture”) between ING GROEP N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called the “Company”),
having its corporate seat in Amsterdam, The Netherlands, and its principal office at Bijlmerplein 888, 1102 MG Amsterdam, P.O. Box 1800, 100 BV Amsterdam, The Netherlands, and THE BANK OF
NEW YORK MELLON, LONDON BRANCH, a New York banking corporation, as Trustee (herein called the “Trustee”), having its Corporate Trust Office at One Canada
Square, London E14 5AL, United Kingdom, to the SENIOR DEBT SECURITIES INDENTURE, dated as of March 29, 2017, between the Company and the Trustee, as amended from time to time (the
“Base Indenture” and, together with this Second Supplemental Indenture, the “Indenture”). 

RECITALS OF THE COMPANY 

The Company and the Trustee are parties to the Base Indenture, which provides for the issuance by the Company from time to time of Senior Debt
Securities in one or more series. 
 Section 9.01(f) of the Base Indenture permits supplements thereto without the consent of Holders
of Senior Debt Securities to establish the form or terms of Senior Debt Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture. 

As contemplated by Section 3.01 of the Base Indenture, the Company intends to issue three new series of Senior Debt Securities to be
known as the Company’s “$1,500,000,000 4.100% Fixed Rate Senior Notes due 2023” (the “2023 Notes”), the Company’s “$1,250,000,000 4.550% Fixed Rate Senior Notes due 2028” (the “2028
Notes” and, together with the 2023 Notes, the “Fixed Rate Notes”) and the Company’s “$500,000,000 Floating Rate Senior Notes due 2023” (the “Floating Rate Notes” and, together with the Fixed Rate
Notes, the “Securities”) under the Indenture. 
 The Company has taken all necessary corporate action to authorize the
execution and delivery of this Second Supplemental Indenture. 
 NOW, THEREFORE, THIS
SECOND SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in consideration of the
premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities as follows: 

ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01 Definitions. Except as otherwise expressly provided or unless the context otherwise
requires, all terms used in this Second Supplemental Indenture that are defined in the Base Indenture shall have the meanings ascribed to them in the Base Indenture. The following terms used in this Second Supplemental Indenture have the following
respective meanings with respect to the Securities only: 
 “Adjustment Spread” means either a spread (which
may be positive or negative), or the formula or methodology for calculating a spread, in either case, which the Company, following consultation with the Independent Adviser, to the extent practicable, and acting in good faith, determines is required
to be applied to the Successor Rate or the Alternative Rate (as the case may be) to reduce or eliminate, to the extent reasonably practicable in the circumstances, any economic prejudice or benefit (as the case may be) to holders of Floating Rate
Notes as a result of the replacement of LIBOR with the Successor Rate or the Alternative Rate (as the case may be) and is the spread, formula or methodology which: 

	 	(i)	 in the case of a Successor Rate, is formally recommended in relation to the replacement of LIBOR with the
Successor Rate by any Relevant Nominating Body; 

  

	 	(ii)	 in the case of a Successor Rate, if no such recommendation has been made, or in the case of an Alternative
Rate, the Company determines, following consultation with the Independent Adviser, to the extent practicable, and acting in good faith, is recognized or acknowledged as being the industry standard for over-the-counter derivative transactions which reference LIBOR, where such rate has been replaced by the Successor Rate or the Alternative Rate (as the case may be); or 

 

	 	(iii)	 if the Company determines that no such industry standard is recognized or acknowledged, the Company, in its
discretion, following consultation with the Independent Adviser, to the extent practicable, and acting in good faith, determines to be appropriate. 

“Alternative Rate” means an alternative benchmark or screen rate which the Company determines in accordance
with Section 2.02(c) hereto has replaced LIBOR in customary market usage in the international debt capital markets for the purposes of determining rates of interest (or the relevant component part thereof) for the same interest period and in
U.S. dollars. 
 “Base Indenture” has the meaning set forth in the first paragraph of this Second
Supplemental Indenture. 
 “Benchmark Amendments” has the meaning set forth in Section 2.02(c)(v). 

“Benchmark Event” means: 
  

	 	(i)	 LIBOR ceasing be published for a period of at least five (5) Business Days or ceasing to exist;

  

	 	(ii)	 a public statement by the administrator of LIBOR that it will, by a specified date within the following six
(6) months, cease LIBOR permanently or indefinitely (in circumstances where no successor administrator has been appointed that will continue publication of LIBOR); 

 

	 	(iii)	 a public statement by the supervisor of the administrator of LIBOR that LIBOR has been or will, by a specified
date within the following six (6) months, be permanently or indefinitely discontinued; 

  

	 	(iv)	 a public statement by the supervisor of the administrator LIBOR that means LIBOR will be prohibited from being
used or that its use will be subject to restrictions or adverse consequences, in each case within the following six (6) months; or 

  

	 	(v)	 it has become unlawful for any paying agent, Calculation Agent, the Company or other party to calculate any
payments due to be made to any holder of Floating Rate Notes using LIBOR. 

  
 -2- 

 “Business Day” means any day other than a Saturday or
Sunday or a day on which banking institutions are authorized or obligated by law or executive order to close in London, England, Amsterdam, the Netherlands or in the City of New York, United States. 

“Calculation Agent” means The Bank of New York Mellon, London Branch, or its successor appointed by the
Company pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, London Branch, dated as of the date hereof. 

“Company” has the meaning set forth in the first paragraph of this Second Supplemental Indenture, and includes
any successor entity. 
 “Fixed Rate Interest Payment Date” has the meaning set forth in
Section 2.02(a). 
 “Floating Rate Interest Payment Date” has the meaning set forth in
Section 2.02(b). 
 “Floating Rate Interest Rate” has the meaning set forth in Section 2.02(b).

 “Indenture” has the meaning set forth in the first paragraph of this Second Supplemental Indenture. 

“Independent Advisor” means an independent financial institution of international repute or an independent
financial adviser with appropriate expertise appointed by the Company. 
 “Interest Determination Date”
means September 28, 2018 in respect of the first Interest Period and, thereafter, the second London banking day preceding the applicable Interest Reset Date. 

“Initial Floating Rate Interest Rate” has the meaning set forth in Section 2.02(b). 

“Interest Period” means the period from and including a Floating Rate Interest Payment Date (or the Issue
Date, in the case of the initial Interest Period) to but excluding the next succeeding Floating Rate Interest Payment Date. 

“Interest Reset Date” means every January 2, April 2, July 2 and October 2 in each year,
commencing on January 2, 2019; provided that the Floating Rate Interest Rate in effect from (and including) October 2, 2018 to, but excluding, the first Interest Reset Date will be equal to the Initial Floating Rate Interest Rate. If any
Interest Reset Date would fall on a day that is not a Business Day, the Interest Reset Date will be postponed to the next succeeding Business Day, except that if that Business Day falls in the next succeeding calendar month, the Interest Reset Date
will be the immediately preceding Business Day. 
 “Issue Date” has the meaning set forth in
Section 2.01. 
 “LIBOR” means the rate (expressed as a percentage per annum) for deposits in U.S.
dollars having a maturity of three months commencing on the related Interest Reset Date that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time, on such Interest Determination Date. If no such rate appears, then LIBOR, in respect of the
relevant Interest Determination Date, will be determined in accordance with the following provisions. With respect to an Interest Determination Date on which no rate appears on Reuters Page LIBOR01, the Calculation Agent

  
 -3- 

 
will request the principal London offices of each of four major reference banks in the London interbank market, as selected and identified by the Company, to provide its offered quotation
(expressed as a percentage per annum) for deposits in U.S. dollars for the period of three months, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that
Interest Determination Date and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, then LIBOR on that Interest Determination Date will be the
arithmetic mean (rounded if necessary to the fourth decimal place with 0.00005 being rounded upwards) of those quotations. If fewer than two quotations are provided, then LIBOR on the Interest Determination Date will be the arithmetic mean of the
rates (as communicated to the Calculation Agent at its request) at which the reference banks were offered at approximately 11:00 a.m., London time, on such Interest Determination Date deposits in U.S. dollars for the period of three months,
commencing on the relevant Interest Rest Date and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time, by leading banks in the London inter-bank market. If at least two such rates are so
provided, LIBOR on such Interest Determination Date will be the arithmetic mean (rounded if necessary to the fourth decimal place with 0.00005 being rounded upwards) of such rates. If fewer than two such rates are provided, then LIBOR on the
Interest Determination date will be the offered rate for deposits in U.S. dollars for the period of three months, commencing on the related Interest Payment Date and in a principal amount that is representative for a single transaction in U.S.
dollars in that market at that time (or arithmetic mean of such rates, rounded as provided above, if more than one rate is provided), at which, at approximately 11:00 a.m., London time, on such Interest Determination Date, any one or more banks
(which bank or banks is or are in the opinion of the Company suitable for such purpose) informs the Calculation Agent it is quoting to leading banks in the London inter-bank market. If LIBOR cannot be determined in accordance with the foregoing
provisions of this paragraph, LIBOR on such Interest Determination Date will be LIBOR in effect with respect to the immediately preceding Interest Determination Date. 

“Margin” means 1.000% per annum. 

“Maturity Date” has the meaning set forth in Section 2.01. 

“Regular Record Date” means the Business Day immediately preceding each Interest Payment Date (or, if the
Securities are issued in the form of definitive Securities, the fifteenth (15th) Business Day preceding each Interest Payment Date). 

“Relevant Nominating Body” means, in respect of a benchmark or screen rate (as applicable): 

 

	 	(i)	 the central bank for the U.S. dollar, or any central bank or other supervisory authority which is responsible
for supervising the administrator of LIBOR; or 

  

	 	(ii)	 any working group or committee sponsored by, chaired or co-chaired by
or constituted at the request of (a) the central bank for the U.S. dollar, (b) any central bank or other supervisory authority which is responsible for supervising the administrator of LIBOR, (c) a group of the aforementioned central
banks or other supervisory authorities or (d) the Financial Stability Board or any part thereof. 

  
 -4- 

 “Reuters Page LIBOR01” means the display that appears on
Reuters Page LIBOR01 or any page as may replace such page on such service (or any successor service) for the purpose of displaying London interbank offered rates of major banks for U.S. dollars. 

“Securities” has the meaning set forth in the Recitals. 

“Successor Rate” means a successor to or replacement of LIBOR which is formally recommended by any Relevant
Nominating Body. 
 “Trustee” has the meaning set forth in the first paragraph of this Second Supplemental
Indenture. 
 Section 1.02 Effect of Headings. The Article and Section headings herein are for convenience only and shall not
affect the construction hereof. 
 Section 1.03 Separability Clause. In case any provision in this Second Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 1.04 Benefits of Instrument. Nothing in this Second Supplemental Indenture, express or implied, shall give to any person,
other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under the Indenture. 

Section 1.05 Relation to Base Indenture. This Second Supplemental Indenture constitutes an integral part of the Base Indenture.
Notwithstanding any other provision of this Second Supplemental Indenture, all provisions of this Second Supplemental Indenture are expressly and solely for the benefit of the Holders and Beneficial Owners of the Securities and any such provisions
shall not be deemed to apply to any other Senior Debt Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Securities. 

Section 1.06 Construction and Interpretation. Unless the context otherwise requires: 

 

	 	(i)	 the words “hereof”, “herein” and “hereunder” and words of similar import, when
used in this Second Supplemental Indenture, refer to this Second Supplemental Indenture as a whole and not to any particular provision of this Second Supplemental Indenture; 

 

	 	(ii)	 the terms defined in the singular have a comparable meaning when used in the plural, and vice versa;

  

	 	(iii)	 references herein to a specific Section, Article or Exhibit refer to Sections or Articles of, or an Exhibit to,
this Second Supplemental Indenture; 

  

	 	(iv)	 wherever the words “include”, “includes” or “including” are used in this Second
Supplemental Indenture, they shall be deemed to be followed by the words “without limitation;” 

  

	 	(v)	 references to a Person are also to its successors and permitted assigns; 

  
 -5- 

	 	(vi)	 the use of “or” is not intended to be exclusive unless expressly indicated otherwise; and

  

	 	(vii)	 references to any act or statute or any provision of any act or statute shall be deemed also to refer to any
statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment.

 ARTICLE II 

FORM AND TERMS OF THE SECURITIES;
INTEREST AND PAYMENTS 
 Section 2.01 Establishment of Securities; Form and
Certain Terms of Securities. 
 There are hereby established three new series of Senior Debt Securities under the Base Indenture entitled
the “$1,500,000,000 4.100% Fixed Rate Senior Notes due 2023”, the “$1,250,000,000 4.550% Fixed Rate Senior Notes due 2028” and the “$500,000,000 Floating Rate Senior Notes due 2023.” The 2023 Notes, 2028 Notes and
Floating Rate Notes shall be executed and delivered in substantially the form attached hereto as Exhibit A-1, Exhibit A-2 and Exhibit
A-3, respectively. The Securities shall be initially issued in the form of one or more Global Securities. The Company hereby designates DTC as the Depositary for the Securities. 

The Company shall issue the 2023 Notes in an aggregate principal amount of $1,500,000,000, the 2028 Notes in an aggregate principal amount of
$1,250,000,000 and the Floating Rate Notes in an aggregate principal amount of $500,000,000 on October 2, 2018 (the “Issue Date”). The Company may issue additional Securities from time to time after the Issue Date in the manner
and to the extent permitted by Section 3.01 of the Base Indenture. 
 Principal shall be payable on October 2, 2023 in respect of
the 2023 Notes, October 2, 2028 in respect of the 2028 Notes and October 2, 2023 in respect of the Floating Rate Notes (each such date a “Maturity Date”). The Securities shall not have a sinking fund and are not redeemable
at the option of the Holders. 
 Interest shall be payable on the Securities as provided in Sections 2.02 and 2.03 and Additional Amounts
shall be payable in respect of the Securities in accordance with Section 10.04 of the Base Indenture. 
 The Company hereby appoints
the Trustee, acting through its office at One Canada Square, London E14 5AL, to act as Paying Agent for the Securities. 
 The Securities
shall be subject to the Dutch Bail-In Power as provided in Section 12.01 of the Base Indenture. 

The Securities constitute the unsecured and unsubordinated obligations of the Company ranking pari passu without any preference among
themselves and equally with all of the Company’s other unsecured and unsubordinated obligations from time to time outstanding, save as otherwise provided by law. 

The events of default and remedies with respect to the Securities shall be limited as provided in Article 5 of the Base Indenture. 

The Securities shall be issued in denominations of $200,000 in principal amount and integral multiples of $1,000 in excess thereof. 

  
 -6- 

 Section 2.02 Interest. 

(a) The interest rate on the 2023 Notes shall be 4.100% per annum. The interest rate on the 2028 Notes shall be 4.550% per annum.
Interest on the principal amount of each Fixed Rate Notes shall be payable semiannually in arrear on April 2 and October 2 of each year (each, a “Fixed Rate Interest Payment Date”), commencing on April 2, 2019, and
shall be computed on the basis of a year of 360 days consisting of twelve (12) months of thirty (30) days each. If any scheduled Fixed Rate Interest Payment Date is not a Business Day, interest shall be payable on the next succeeding
Business Day, but interest on that payment shall not accrue during the period from and after the scheduled Fixed Rate Interest Payment Date. If the Maturity Date or date of redemption or repayment is not a Business Day, interest and principal and/or
any amount payable upon redemption of the Fixed Rate Notes shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after such Maturity Date or date of redemption or repayment.
The first date on which interest may be paid in respect of the Fixed Rate Notes will be April 2, 2019 for the period commencing on (and including) October 2, 2018, and ending on (but excluding) April 2, 2019. 

(b) The interest rate on the Floating Rate Notes for the first Interest Period shall be equal to LIBOR, as determined on September 28,
2018, plus the Margin (the “Initial Floating Rate Interest Rate”). Thereafter, the interest rate for the Floating Rate Notes shall be LIBOR, as determined on the applicable Interest Determination Date, plus the Margin (the
“Floating Rate Interest Rate”). The Floating Rate Interest Rate shall be reset quarterly on each Interest Reset Date. Interest on the principal amount of each Floating Rate Note shall be payable quarterly in arrear on
January 2, April 2, July 2 and October 2 of each year (each, a “Floating Rate Interest Payment Date”), commencing on January 2, 2019, and shall be computed on the basis of the actual number of days in each
Interest Period and a year of 360 days. If any Floating Rate Interest Payment Date, other than the Maturity Date, is not a Business Day, the Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day, except that if
that Business Day falls in the next succeeding calendar month, the Floating Rate Interest Payment Date will be the immediately preceding Business Day. If the Maturity Date or date of redemption or repayment is not a Business Day, interest and
principal and/or any amount payable upon redemption of the Floating Rate Notes shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after such Maturity Date or date of
redemption or repayment. The first date on which interest may be paid in respect of the Floating Rate Notes will be January 2, 2019 for the period commencing on (and including) October 2, 2018 and ending on (but excluding) January 2,
2019. 
 (c) Notwithstanding the provisions described under Section 2.02(b) above, if a Benchmark Event occurs when any Floating Rate
Interest Rate (or any component part thereof) remains to be determined by reference to LIBOR, then the following provisions shall apply: 

(i) the Company shall use its reasonable endeavors to appoint and consult with an Independent Adviser, as soon as reasonably
practicable, with a view to the Company determining a Successor Rate, failing which an Alternative Rate and, in either case, an Adjustment Spread, if any, and Benchmark Amendments, if any; 

(ii) if the Company, following consultation with the Independent Adviser, to the extent practicable, and acting in good faith,
determines: 
  

	 	1.	 that there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided below)
subsequently be used in place of LIBOR to determine the Floating Rate Interest Rate (or the relevant component part thereof) for all future payments of interest on the Floating Rate Notes; or 

  
 -7- 

	 	2.	 that there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall
(subject to adjustment as provided below) subsequently be used in place of LIBOR to determine the Floating Rate Interest Rate (or the relevant component part thereof) for all future payments of interest on the Floating Rate Notes;

 (iii) if the Company determines any Successor Rate or Alternative Rate in accordance with this section
2.02(c) fewer than five (5) Business Days prior to the relevant Interest Determination Date, then the Floating Rate Interest Rate on such Interest Determination Date will be calculated using LIBOR in effect with respect to the immediately
preceding Interest Determination Date. For subsequent Interest Periods, the Floating Rate Interest Rate will be calculated using the Successor Rate or Alternative Rate (subject to adjustment as provided below); 

(iv) if the Company, following consultation with the Independent Adviser, to the extent practicable, and acting in good faith,
determines (i) that an Adjustment Spread is required to be applied to the Successor Rate or the Alternative Rate (as the case may be) and (ii) the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such
Adjustment Spread shall be applied to the Successor Rate or the Alternative Rate (as the case may be). If the Company is unable to determine the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Successor
Rate or Alternative Reference Rate, as applicable, will apply without an Adjustment Spread; 
 (v) if any Successor Rate,
Alternative Rate or Adjustment Spread is determined in accordance with this Section 2.02(c) and the Company, following consultation with the Independent Adviser, to the extent practicable, and acting in good faith, determines (i) that
amendments to any terms and conditions of the Floating Rate Notes, including the Successor Rate or Alternative Rate, as applicable, or, in each case, the Adjustment Spread, as well as the day count fraction, business day convention, the definitions
of Business Day, London banking day, Interest Determination Date, Interest Period or Floating Rate Interest Payment Date, and any related provisions and definitions, are necessary to ensure the proper operation of such Successor Rate, Alternative
Rate and/or Adjustment Spread (such amendments, the “Benchmark Amendments”) and (ii) the terms and conditions of such Benchmark Amendments, then the Company may, without any requirement for the consent or approval of holders of
the Floating Rate Notes, amend the terms and conditions of the Floating Rate Notes to give effect to such Benchmark Amendments with effect from the date specified in a notice given in to the Trustee; 

(vi) upon receipt of satisfactory documentation, the Trustee and the Calculation Agent shall, at the direction and expense of
the Company, effect such amendments as may be required in order to give effect to this Section 2.02(c) pursuant to a supplemental indenture or an amendment to the Indenture, or amendment to the Calculation Agency Agreement, or issuances and
authentication of new global or definitive notes in respect of the Floating Rate Notes, and the Trustee shall not be liable to any party for any consequences thereof, save as provided in the Indenture and the Floating Rate Notes. No consent of
holders of Floating Rate Notes will be solicited or required in connection with effecting the Successor Rate, Alternative Rate, Adjustment Spread or Benchmark Amendments, as applicable, including for the execution of any documents, amendments to the
Indenture, Calculation Agency Agreement or Floating Rate Notes or other steps by the Company, the Trustee, the Calculation Agent or any paying agent (if required); and 

  
 -8- 

 (vii) the Company will, promptly following the determination of any the
Successor Rate, Alternative Rate, Adjustment Spread or Benchmark Amendments, as applicable, give notice thereof, which shall specify the effective date(s) for such Successor Rate, Alternative Rate, Adjustment Spread or Benchmark Amendments, as
applicable, and of any changes to the terms and conditions of the Floating Rate Notes to the Trustee, the Calculation Agent, any paying agent and DTC or the holders of the Floating Rate Notes, as applicable; provided that failure to provide such
notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination; and provided further that the determination of any Successor Rate, Alternative Rate, Adjustment Spread or Benchmark Amendments, as applicable, and
any other related changes to the Floating Rate Notes, shall be made in accordance with the Capital Regulations applicable to the Group in force at the relevant time. In effecting any consequential amendments to the terms of the Floating Rate Notes
as may be directed by the Company in accordance with this Section 2.02(c), neither the Trustee nor the Calculation Agent shall be required to effect any amendments that affects its respective own rights, duties or immunities in their respective
capacities as Trustee or Calculation Agent under the Indenture, the Calculation Agency Agreement or otherwise. 
 By its acquisition of
Floating Rate Notes, each holder and beneficial owner of the Floating Rate Notes and each subsequent holder and beneficial owner acknowledges, accepts, agrees to be bound by, and consents to, the Company’s determination of the Successor Rate,
Alternative Rate, Adjustment Spread or Benchmark Amendments, as applicable, as contemplated by this Section 2.02(c), and to any amendment or alteration of the terms and conditions of the Floating Rate Notes, including an amendment of the amount
of interest due on the Floating Rate Notes, as may be required in order to give effect to this Section 2.02(c). The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture or amendment which may be
necessary to effect the Successor Rate, the Alternative Rate the Adjustment Spread or the Benchmark Amendments, as applicable. 
 By its
acquisition of Floating Rate Notes, each holder and beneficial owner of Floating Rate Notes and each subsequent holder and beneficial owner waives any and all claims in law and/or equity against the Trustee, the Calculation Agent and any paying
agent for, agrees not to initiate a suit against the Trustee, the Calculation Agent and any paying agent in respect of, and agrees that neither the Trustee, the Calculation Agent or any paying agent will be liable for, any action that the Trustee,
the Calculation Agent or any paying agent, as the case may be, takes, or abstains from taking, in each case in accordance with this Section 2.02(c) or any losses suffered in connection therewith. 

By its acquisition of Floating Rate Notes, each holder and beneficial owner of Floating Rate Notes and each subsequent holder and beneficial
owner agrees that neither the Trustee, the Calculation Agent or any paying agent will have any obligation to determine any Successor Rate, Alternative Rate, Adjustment Spread or Benchmark Amendments, as applicable, including in the event of any
failure by the Company to determine any Successor Rate, Alternative Rate, Adjustment Spread or Benchmark Amendments, as applicable. 
 An
Independent Adviser appointed pursuant to this Section 2.02(c) will act in good faith as an expert and (in the absence of fraud) shall have no liability whatsoever to the Company, the Trustee, the Calculation Agent, any paying agent or the
holders of Floating Rate Notes for any determination made by it or for any advice given to the Company in connection with any determination made by the Company pursuant to this Section 2.02(c). 

  
 -9- 

 Notwithstanding any other provision of this Section 2.02(c), the Company may decide
that no Successor Rate, Alternative Rate, Adjustment Spread or Benchmark Amendments, as applicable, will be adopted if and to the extent that, in the determination of the Company, such adoption or amendment could reasonably be expected to result in
the exclusion of the Floating Rate Notes (in whole or in part) from the Company’s and/or the Regulatory Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments, in
each case as such minimum requirements are applicable to the Company and/or the Regulatory Group and as determined in accordance with, and pursuant to, the relevant Loss Absorption Regulations. 

Section 2.03 Determination of Calculation Agent. All determinations and calculations made by the Calculation Agent shall be
conclusive and binding on the Holders of the Securities, the Company and the Trustee, absent manifest error. 
 ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.01 Effectiveness. This Second Supplemental Indenture shall become effective upon its execution and delivery. 

Section 3.02 Original Issue. The Securities may, upon execution of this Second Supplemental Indenture, be executed by the Company
and delivered by the Company to the Trustee for authentication, and the Trustee shall, upon delivery of a Company Order, authenticate and deliver such Securities as in such Company Order provided. 

Section 3.03 Ratification and Integral Part. The Base Indenture as supplemented by this Second Supplemental Indenture, is in all
respects ratified and confirmed, including without limitation all the rights, immunities and indemnities of the Trustee, and this Second Supplemental Indenture shall be deemed an integral part of the Base Indenture in the manner and to the extent
herein and therein provided. 
 Section 3.04 Priority. This Second Supplemental Indenture shall be deemed part of the Base
Indenture in the manner and to the extent herein and therein provided. The provisions of this Second Supplemental Indenture shall, with respect to the Securities and subject to the terms hereof, supersede the provisions of the Base Indenture to the
extent the Base Indenture is inconsistent herewith. 
 Section 3.05 Successors and Assigns. All covenants and agreements in the
Base Indenture, as supplemented by this Second Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 

  
 -10- 

 Section 3.06 Counterparts. This Second Supplemental Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 3.07 Governing Law. This Second Supplemental Indenture and the Securities shall be governed by and construed in accordance
with the laws of the State of New York, except for the waiver of set-off provisions in the Securities, which are governed by, and construed in accordance with, Dutch law. 

ARTICLE IV 
 DUTCH
BAIL-IN POWER 
 Section 4.01 Agreement with
Respect to Exercise of Dutch Bail-in Power. 
 (a) Notwithstanding any other agreements,
arrangements or understandings between the Company and any Holder or Beneficial Owner of the Securities, by acquiring any Securities, each Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, agrees to be bound by
and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction or cancellation of all, or a portion, of the principal amount of, or interest on,
the Securities and/or the conversion of all, or a portion of, the principal amount of, or interest on, the Securities into shares or other securities or other obligations of the Company or another person, including by means of a variation to the
terms of the Securities or any expropriation of the Securities, in each case to give effect to the exercise by the Relevant Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as taken together with a resolution action). Each Holder and Beneficial Owner of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners
of the Securities are subject to, and will be varied, if necessary, so as to give effect to, the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any
Securities, each Holder and Beneficial Owner of Securities or any interest therein further acknowledges, agrees to be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the
Securities for a temporary period. 
 (b) By its acquisition of the Securities, each Holder and Beneficial Owner: 

(i) acknowledges and agrees that no exercise of the Dutch Bail-In Power by the Relevant
Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; 

(ii) to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to
initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities; 
 (iii)
acknowledges and agrees that, upon the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or
Beneficial Owners of the Securities under Section 5.15 of the Base Indenture and (b) the Indenture shall impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In
Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a 

  
 -11- 

 
direction to the Trustee pursuant to Section 5.15 of the Base Indenture prior to the exercise of any Dutch Bail-in Power by the Relevant Resolution
Authority, such direction shall cease to be of further effect upon such exercise of any Dutch Bail-in Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the
completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture
shall remain applicable with respect to the Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Base Indenture; and 

(iv) (i) consents to the exercise of any Dutch Bail-In Power as it may be imposed
without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary through
which it holds the Securities to take any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed, without any further
action or direction on the part of such Holder and such Beneficial Owner or the Trustee. 
 (c) No repayment of the principal amount of the
Securities or payment of interest on the Securities shall become due and payable after the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority unless such repayment or payment would be
permitted to be made by the Company under the laws and regulations of The Netherlands and the European Union applicable to the Company. 

(d) Upon the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to
the Securities, the Company shall provide a written notice of such event to DTC (if the Securities are then held by DTC in the form of Global Securities) for the purposes of notifying Holders of Securities of such occurrence, including the amount of
any cancellation of all, or a portion, of the principal amount of, or interest on, the Securities, with a copy to the Trustee for information purposes, as soon as practicable regarding such exercise of the Dutch
Bail-In Power. Failure to provide such notices will not have any impact on the effectiveness of, or otherwise invalidate, any such exercise of the Dutch Bail-In Power.

 (e) The Company’s obligations to indemnify and reimburse the Trustee in accordance with Section 6.07 of the Base Indenture
hereof shall survive any exercise of the Dutch Bail-in Power by the Relevant Resolution Authority with respect to the Securities, but shall be subject to Section 12.02 of the Base Indenture. 

(a) The exercise of the Dutch Bail-in Power by the Relevant Resolution Authority with respect to the
Securities shall not constitute an Event of Default or a Default. 
 (f) Each Holder and Beneficial Owner that acquires its Securities or any
interest therein other than upon the initial issuance of the Securities shall be deemed to acknowledge and agree to be bound by and consent to the same provisions set forth in this Second Supplemental Indenture and any amendment thereof to the same
extent as the Holders and Beneficial Owners of the Securities that acquire the Securities upon their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the
Securities, including in relation to the provisions contained in Article 5 of the Base Indenture and this Section 4.01. 

  
 -12- 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed, all as of the day and year above written. 
  

			
	ING GROEP N.V.
		
	By:  	 	 /s/ K.I.D. Tuinstra

		 	Name: K.I.D. Tuinstra
		
	By:	 	 /s/ P.G. van der Linde

		 	Name: P.G. van der Linde
	
	THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS TRUSTEE
		
	By:	 	 /s/ Thomas Vanson

		 	Name: Thomas Vanson
		 	Title: Authorized Signatory

 Signature Page to the Second Supplemental Indenture 

 Exhibit A-1 

Form of Security 
 [THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY.] 
 ING GROEP N.V. 

4.100% Fixed Rate Senior Notes due 2023 
  

			
	No. [    ]	  	$500,000,000

 CUSIP NO. 456837AK9 

ISIN NO. US456837AK90 
 ING GROEP
N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to             , or registered assigns, the principal sum of $
        (             Dollars), on October 2, 2023, and to pay interest thereon from April 2, 2019 or the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually in arrear on April 2 and October 2 in each year (each, an “Interest Payment Date”), commencing on April 2, 2019 at the rate of 4.100% per annum,
until the principal hereof is paid or made available for payment. Interest shall be calculated on the basis of a year of 360 days consisting of twelve (12) months of thirty (30) days each. 

The interest so payable, and paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be the Business Day immediately preceding each Interest Payment Date (whether or not
a Business Day). 
 Payment of the principal of and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in The City of New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. If any payment of principal of or interest on this Security is scheduled to be made on a day that is not a
Business Day, payment may be made on the following day without adjustment. 
 This Security shall be governed by and construed in accordance
with the laws of the State of New York, except for the waiver of set-off provisions referred to herein and in Section 5.06(c) of the Base Indenture, which are governed by, and construed in accordance
with, Dutch law. 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 THIS SECURITY IS NOT A
DEPOSIT AND IS NOT INSURED BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF THE UNITED STATES OR THE NETHERLANDS. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an
Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

									
	 Date:
	 		 		 	 ING GROEP N.V.

					
		 		 		 	By:	 	  

		 		 		 		 	 Name:

		 		 		 		 	 Title:

					
		 		 		 	 By:
	 	  

		 		 		 		 	 Name:

		 		 		 		 	 Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

									
	Date:	 		 		 	THE BANK OF NEW YORK MELLON,
		 		 		 	            LONDON BRANCH
		 		 		 	            As Trustee
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signatory

  
 A-3 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of March 29, 2017 (herein called the “Base Indenture”), between the Company and The
Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented by the Second Supplemental Indenture, dated as of October 2,
2018 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference, for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $1,500,000,000, which amount may be
increased at the option of the Company without the consent of the Holders of the Securities of this Series. References herein to “this series” mean the series designated on the face hereof. 

This Security may be redeemed in certain circumstances at the option of the Company as set forth in the Indenture. 

Subject to applicable law, neither any Holder nor Beneficial Owner of this Security may exercise, claim or plead any right of set-off, compensation or retention in respect of any amount owed to it by the Company in respect of or arising under, or in connection with, this Security or the Indenture and each Holder and Beneficial Owner of
this Security, by virtue of its holding of this Security shall be deemed to have waived all such rights of set-off, compensation or retention. If, notwithstanding the foregoing, any amounts due and payable to
any Holder or Beneficial Owner of this Security by the Company in respect of, or arising under, this Security or the Indenture are discharged by set-off, such Holder or Beneficial Owner shall, subject to
applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the Company, as the case
may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be
deemed not to have taken place. By its acquisition of this Security, each Holder and Beneficial Owner agrees to be bound by these provisions relating to waiver of set-off. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities then
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series then Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 As provided in and subject to the provisions of the Indenture, if an Event of Default (as
defined below) occurs, the outstanding principal amount of this Security, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Holder of this
Security; provided that the Holder’s right to receive payment upon acceleration of the outstanding principal amount of this Security shall be subject to the Company’s obtaining the permission of the Relevant Resolution Authority
and/or Competent Authority, as appropriate, as set forth in Section 11.09 of the Base Indenture, provided that at the relevant time and in the relevant circumstances such permission is required. For the avoidance of doubt, no failure by the
Company to pay any interest when due or to comply with any other term, obligation or condition binding upon the Company under this Security or the Indenture shall entitle the Holder to accelerate the principal amount of this Security. 

“Event of Default,” means (a) the Company is declared bankrupt by a court of competent jurisdiction in The Netherlands
(or such other jurisdiction in which the Company may be organized), or (b) an order is made or an effective resolution is passed for the winding-up or liquidation of the Company, unless such order is made
or such resolution is passed in relation to a merger, consolidation or similar transaction (i) that is permitted pursuant to Section 8.01 of the Base Indenture or (ii) with respect to which Holders of the Securities have, pursuant to
Section 10.07 of the Base Indenture, waived the requirement of the Company to comply with Section 8.01 of the Base Indenture in connection with such merger, consolidation or other transaction. For the avoidance of doubt, any exercise of
the Dutch Bail-In Power by the Relevant Resolution Authority shall not be an Event of Default. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Default with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the
Securities of this series then Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Default as Trustee and offered to the Trustee security or indemnity satisfactory to the Trustee in its sole
discretion against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series then Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity. 

Notwithstanding any contrary provisions in this Security, nothing shall impair the right of a Holder of this Security under the Trust
Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 
 As provided in
the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any
place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

This Securities of this series are issuable only in registered form without coupons in denominations of $200,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as requested by the
Holder surrendering the same. 

  
 A-2 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 By acquiring the
Securities, the Holder and each Beneficial Owner of this Security, or any interest therein, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 

 

	 	(i)	 Dutch Bail-In Power. Such Holder and Beneficial Owner:

  

	 	(a)	 notwithstanding any other agreements, arrangements or understandings between the Company and such Holder or
Beneficial Owner of the Securities, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, agrees to be bound by and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a
portion of, the principal amount of, or interest on, the Securities into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of the Securities or any expropriation of the
Securities, in each case to give effect to the exercise by the Relevant Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as
taken together with a resolution action). Such Holder and Beneficial Owner of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities are subject to, and will be varied,
if necessary, so as to give effect to, the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any Securities, such Holder and Beneficial Owner of Securities or
any interest therein further acknowledges, agrees to be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the Securities for a temporary period; 

 

	 	(b)	 acknowledges and agrees that no exercise of the Dutch Bail-In Power by
the Relevant Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

  
 A-3 

	 	(c)	 to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees
not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities; 

  

	 	(d)	 acknowledges and agrees that, upon the exercise of any Dutch Bail-In
Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.15 of the Base Indenture and (b) the Indenture shall
impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a
direction to the Trustee pursuant to Section 5.15 of the Base Indenture hereof prior to the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority, such direction shall cease to be of
further effect upon such exercise of any Dutch Bail-in Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the
Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Second Supplemental Indenture; and 

 

	 	(e)	 (i) consents to the exercise of any Dutch Bail-In Power as it may be
imposed without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary
through which it holds the Securities to take any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed, without any
further action or direction on the part of such Holder and such Beneficial Owner or the Trustee. 

  

	 	(ii)	 Subsequent Investors’ Agreement. Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to the Dutch Bail-in Power and the
limitations on remedies specified in the Base Indenture. 

  

	 	(iii)	 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and this Security and waives, to the fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the
Securities. 

  
 A-4 

	 	(iv)	 Successors and Assigns. All authority conferred or agreed to be conferred by the Holder or Beneficial
Owner of this Security shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
 A-5 

 Exhibit A-2 

Form of Security 
 [THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY.] 
 ING GROEP N.V. 

4.550% Fixed Rate Senior Notes due 2028 

No.
[    ]                                     
                                         
                                         
                                   $[250,000,000][500,000,000] 

CUSIP NO. 456837AM5 
 ISIN NO.
US456837AM56 
 ING GROEP N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                , or registered assigns, the principal sum of $                
(                 Dollars), on October 2, 2028, and to pay interest thereon from April 2, 2019 or the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually in arrear on April 2 and October 2 in each year (each, an “Interest Payment Date”), commencing on April 2, 2019 at the rate of 4.550% per annum, until the principal hereof
is paid or made available for payment. Interest shall be calculated on the basis of a year of 360 days consisting of twelve (12) months of thirty (30) days each. 

The interest so payable, and paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be the Business Day immediately preceding each Interest Payment Date (whether or not
a Business Day). 
 Payment of the principal of and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in The City of New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. If any payment of principal of or interest on this Security is scheduled to be made on a day that is not a
Business Day, payment may be made on the following day without adjustment. 
 This Security shall be governed by and construed in accordance
with the laws of the State of New York, except for the waiver of set-off provisions referred to herein and in Section 5.06(c) of the Base Indenture, which are governed by, and construed in accordance
with, Dutch law. 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 THIS SECURITY IS NOT A
DEPOSIT AND IS NOT INSURED BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF THE UNITED STATES OR THE NETHERLANDS. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an
Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

					
	Date:	 	ING GROEP N.V.
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

					
	Date:	 	 THE BANK OF NEW YORK MELLON,

LONDON BRANCH
 As
Trustee

			
		 	By:	 	  

		 		 	Authorized Signatory

  
 A-3 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of March 29, 2017 (herein called the “Base Indenture”), between the Company and The
Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented by the Second Supplemental Indenture, dated as of October 2,
2018 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference, for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $1,250,000,000, which amount may be
increased at the option of the Company without the consent of the Holders of the Securities of this Series. References herein to “this series” mean the series designated on the face hereof. 

This Security may be redeemed in certain circumstances at the option of the Company as set forth in the Indenture. 

Subject to applicable law, neither any Holder nor Beneficial Owner of this Security may exercise, claim or plead any right of set-off, compensation or retention in respect of any amount owed to it by the Company in respect of or arising under, or in connection with, this Security or the Indenture and each Holder and Beneficial Owner of
this Security, by virtue of its holding of this Security shall be deemed to have waived all such rights of set-off, compensation or retention. If, notwithstanding the foregoing, any amounts due and payable to
any Holder or Beneficial Owner of this Security by the Company in respect of, or arising under, this Security or the Indenture are discharged by set-off, such Holder or Beneficial Owner shall, subject to
applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the Company, as the case
may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be
deemed not to have taken place. By its acquisition of this Security, each Holder and Beneficial Owner agrees to be bound by these provisions relating to waiver of set-off. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities then
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series then Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 As provided in and subject to the provisions of the Indenture, if an Event of Default (as
defined below) occurs, the outstanding principal amount of this Security, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Holder of this
Security; provided that the Holder’s right to receive payment upon acceleration of the outstanding principal amount of this Security shall be subject to the Company’s obtaining the permission of the Relevant Resolution Authority
and/or Competent Authority, as appropriate, as set forth in Section 11.09 of the Base Indenture, provided that at the relevant time and in the relevant circumstances such permission is required. For the avoidance of doubt, no failure by the
Company to pay any interest when due or to comply with any other term, obligation or condition binding upon the Company under this Security or the Indenture shall entitle the Holder to accelerate the principal amount of this Security. 

“Event of Default,” means (a) the Company is declared bankrupt by a court of competent jurisdiction in The Netherlands
(or such other jurisdiction in which the Company may be organized), or (b) an order is made or an effective resolution is passed for the winding-up or liquidation of the Company, unless such order is made
or such resolution is passed in relation to a merger, consolidation or similar transaction (i) that is permitted pursuant to Section 8.01 of the Base Indenture or (ii) with respect to which Holders of the Securities have, pursuant to
Section 10.07 of the Base Indenture, waived the requirement of the Company to comply with Section 8.01 of the Base Indenture in connection with such merger, consolidation or other transaction. For the avoidance of doubt, any exercise of
the Dutch Bail-In Power by the Relevant Resolution Authority shall not be an Event of Default. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Default with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the
Securities of this series then Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Default as Trustee and offered to the Trustee security or indemnity satisfactory to the Trustee in its sole
discretion against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series then Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity. 

Notwithstanding any contrary provisions in this Security, nothing shall impair the right of a Holder of this Security under the Trust
Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 
 As provided in
the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any
place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

This Securities of this series are issuable only in registered form without coupons in denominations of $200,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as requested by the
Holder surrendering the same. 

  
 A-2 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 By acquiring the
Securities, the Holder and each Beneficial Owner of this Security, or any interest therein, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 

 

	 	(i)	 Dutch Bail-In Power. Such Holder and Beneficial Owner:

  

	 	(a)	 notwithstanding any other agreements, arrangements or understandings between the Company and such Holder or
Beneficial Owner of the Securities, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, agrees to be bound by and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a
portion of, the principal amount of, or interest on, the Securities into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of the Securities or any expropriation of the
Securities, in each case to give effect to the exercise by the Relevant Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as
taken together with a resolution action). Such Holder and Beneficial Owner of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities are subject to, and will be varied,
if necessary, so as to give effect to, the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any Securities, such Holder and Beneficial Owner of Securities or
any interest therein further acknowledges, agrees to be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the Securities for a temporary period; 

 

	 	(b)	 acknowledges and agrees that no exercise of the Dutch Bail-In Power by
the Relevant Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

  
 A-3 

	 	(c)	 to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees
not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities; 

  

	 	(d)	 acknowledges and agrees that, upon the exercise of any Dutch Bail-In
Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.15 of the Base Indenture and (b) the Indenture shall
impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a
direction to the Trustee pursuant to Section 5.15 of the Base Indenture hereof prior to the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority, such direction shall cease to be of
further effect upon such exercise of any Dutch Bail-in Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the
Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Second Supplemental Indenture; and 

 

	 	(e)	 (i) consents to the exercise of any Dutch Bail-In Power as it may be
imposed without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary
through which it holds the Securities to take any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed, without any
further action or direction on the part of such Holder and such Beneficial Owner or the Trustee. 

  

	 	(ii)	 Subsequent Investors’ Agreement. Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to the Dutch Bail-in Power and the
limitations on remedies specified in the Base Indenture. 

  

	 	(iii)	 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and this Security and waives, to the fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the
Securities. 

  
 A-4 

	 	(iv)	 Successors and Assigns. All authority conferred or agreed to be conferred by the Holder or Beneficial
Owner of this Security shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
 A-5 

 Exhibit A-3 

Form of Security 
 [THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY PURCHASING THIS SECURITY, IN THE ABSENCE OF A CHANGE IN LAW OR AN ADMINISTRATIVE OR JUDICIAL RULING TO THE CONTRARY, THE HOLDER AGREES TO CHARACTERIZE THIS
SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED ON THE FACE OF THIS SECURITY.] 
 ING GROEP N.V. 

Floating Rate Senior Notes due 2023 
  

					
	No. [    ]	  		  	
$500,000,000                    

 
 CUSIP NO. 456837AL7

ISIN NO. US456837AL73

 ING GROEP N.V., a holding company duly organized and existing under the laws of The Netherlands (herein called
the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                , or registered assigns, the principal sum of $                
(                 Dollars), on October 2, 2023, and to pay interest thereon from January 2, 2019 or the most recent Interest Payment Date to which interest has
been paid or duly provided for, quarterly in arrear on January 2, April 2, July 2 and October 2 of each year (each, an “Interest Payment Date”), commencing on January 2, 2019 until the principal hereof is paid or
made available for payment. Interest shall be calculated on the basis of the actual number of days in each Interest Period and a year of 360 days. 

The interest rate on the Securities for the first Interest Period (as defined on the reverse of this Security) will be LIBOR (as defined on
the reverse of this Security), as determined September 28, 2018, plus 1.000% per annum. Thereafter, the interest rate on the Securities for any Interest Period will be LIBOR, as determined on the applicable Interest Determination Date (as
defined on the reverse of this Security), plus 1.000% per annum. The interest rate on the Securities will be reset quarterly on each Interest Reset Date (as defined on the reverse of this Security). 

If a Benchmark Event (as defined on the reverse of this Security) occurs when any interest rate on the Securities (or any component part
thereof) remains to be determined by reference to LIBOR, then the provisions of Section 2.02(c) of the Second Supplemental Indenture shall apply. 

The interest so payable and paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall be the Business Day immediately preceding each Interest Payment Date (whether or not
a Business Day). 

 Payment of the principal of and interest on this Security will be made at the office or
agency of the Company maintained for that purpose in The City of New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the
option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. If any payment of principal of or interest on this Security is scheduled to be
made on a day that is not a Business Day, payment may be made on the following day without adjustment. 
 This Security shall be governed by
and construed in accordance with the laws of the State of New York, except for the waiver of set-off provisions referred to herein and in Section 5.06(c) of the Base Indenture, which are governed by, and
construed in accordance with, Dutch law. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 THIS SECURITY IS NOT A
DEPOSIT AND IS NOT INSURED BY THE UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OF THE UNITED STATES OR THE NETHERLANDS. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an
Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

					
	Date:	 	ING GROEP N.V.
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated herein referred to in the Indenture. 

 

					
	Date:	 	 THE BANK OF NEW YORK MELLON,

LONDON BRANCH
 As
Trustee

			
		 	By:	 	  

		 		 	Authorized Signatory

  
 A-3 

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” and each, a
“Security”) issued and to be issued in one or more series under and governed by the Senior Debt Securities Indenture, dated as of March 29, 2017 (herein called the “Base Indenture”), between the Company and The
Bank of New York Mellon, London Branch, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), as supplemented by the Second Supplemental Indenture, dated as of October 2,
2018 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture, the terms of which are incorporated herein by reference, for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Security, the former shall control for purposes of this Security. 

This Security is one of the series designated on the face hereof, limited to a principal amount of $500,000,000, which amount may be increased
at the option of the Company without the consent of the Holders of the Securities of this Series. References herein to “this series” mean the series designated on the face hereof. 

The rate at which interest shall accrue on the unpaid principal amount of this Security for each Interest Period shall be LIBOR on the
Interest Determination Date plus 1.000% (the “Interest Rate”). The Interest Rate will be reset quarterly on each Interest Reset Date. 

“Benchmark Event” means: 
  

	 	(i)	 LIBOR ceasing be published for a period of at least five (5) Business Days or ceasing to exist;

  

	 	(ii)	 a public statement by the administrator of LIBOR that it will, by a specified date within the following six
(6) months, cease LIBOR permanently or indefinitely (in circumstances where no successor administrator has been appointed that will continue publication of LIBOR); 

 

	 	(iii)	 a public statement by the supervisor of the administrator of LIBOR that LIBOR has been or will, by a specified
date within the following six (6) months, be permanently or indefinitely discontinued; 

  

	 	(iv)	 a public statement by the supervisor of the administrator LIBOR that means LIBOR will be prohibited from being
used or that its use will be subject to restrictions or adverse consequences, in each case within the following six (6) months; or 

  

	 	(v)	 it has become unlawful for any paying agent, Calculation Agent, the Company or other party to calculate any
payments due to be made to any holder of the Securities using LIBOR. 

 “Calculation Agent” means The
Bank of New York Mellon, London Branch, or its successor appointed by the Company pursuant to the Calculation Agent Agreement between the Company and The Bank of New York Mellon, London Branch, dated October 2, 2018. 

 “Interest Determination Date” means September 28, 2018 in respect of
the first Interest Period and, thereafter, the second London banking day preceding the applicable Interest Reset Date. 
 “Interest
Period” means the period from and including an Interest Payment Date (or October 2, 2018, in the case of the initial Interest Period) to but excluding the next succeeding Interest Payment Date. 

“Interest Reset Date” means every January 2, April 2, July 2, October 2 in each year, commencing on
January 2, 2019; provided that the Interest Rate in effect from (and including) October 2, 2018 to, but excluding, the first Interest Reset Date will be equal to the initial Interest Rate. If any Interest Reset Date would fall on a day
that is not a Business Day, the Interest Reset Date will be postponed to the next succeeding Business Day, except that if that Business Day falls in the next succeeding calendar month, the Interest Reset Date will be the immediately preceding
Business Day. 
 “LIBOR” means the rate (expressed as a percentage per annum) for deposits in U.S. dollars having a
maturity of three months commencing on the related Interest Reset Date that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time, on such Interest Determination Date. If no such rate appears, then LIBOR, in respect of the relevant Interest
Determination Date, will be determined in accordance with the following provisions. With respect to an Interest Determination Date on which no rate appears on Reuters Page LIBOR01, the Calculation Agent will request the principal London offices of
each of four major reference banks in the London interbank market, as selected and identified by the Company, to provide its offered quotation (expressed as a percentage per annum) for deposits in U.S. dollars for the period of three months,
commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in
U.S. dollars in that market at that time. If at least two quotations are provided, then LIBOR on that Interest Determination Date will be the arithmetic mean (rounded if necessary to the fourth decimal place with 0.00005 being rounded upwards) of
those quotations. If fewer than two quotations are provided, then LIBOR on the Interest Determination Date will be the arithmetic mean of the rates (as communicated to the Calculation Agent at its request) at which the reference banks were offered
at approximately 11:00 a.m., London time, on such Interest Determination Date deposits in U.S. dollars for the period of three months, commencing on the relevant Interest Rest Date and in a principal amount that is representative for a single
transaction in U.S. dollars in that market at that time, by leading banks in the London inter-bank market. If at least two such rates are so provided, LIBOR on such Interest Determination Date will be the arithmetic mean (rounded if necessary to the
fourth decimal place with 0.00005 being rounded upwards) of such rates. If fewer than two such rates are provided, then LIBOR on the Interest Determination date will be the offered rate for deposits in U.S. dollars for the period of three months,
commencing on the related Interest Payment Date and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time (or arithmetic mean of such rates, rounded as provided above, if more than one rate
is provided), at which, at approximately 11:00 a.m., London time, on such Interest Determination Date, any one or more banks (which bank or banks is or are in the opinion of the Company suitable for such purpose) informs the Calculation Agent it is
quoting to leading banks in the London inter-bank market. If LIBOR cannot be determined in accordance with the foregoing provisions of this paragraph, LIBOR on such Interest Determination Date will be LIBOR in effect with respect to the immediately
preceding Interest Determination Date. 
 “Reuters Page LIBOR01” means the display that appears on Reuters Page LIBOR01 or
any page as may replace such page on such service (or any successor service) for the purpose of displaying London interbank offered rates of major banks for U.S. dollars. 

  
 A-2 

 This Security may be redeemed in certain circumstances at the option of the Company as set
forth in the Indenture. 
 Subject to applicable law, neither any Holder nor Beneficial Owner of this Security may exercise, claim or plead
any right of set-off, compensation or retention in respect of any amount owed to it by the Company in respect of or arising under, or in connection with, this Security or the Indenture and each Holder and
Beneficial Owner of this Security, by virtue of its holding of this Security shall be deemed to have waived all such rights of set-off, compensation or retention. If, notwithstanding the foregoing, any amounts
due and payable to any Holder or Beneficial Owner of this Security by the Company in respect of, or arising under, this Security or the Indenture are discharged by set-off, such Holder or Beneficial Owner
shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, in the event of its winding-up or administration, the liquidator or administrator of the
Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such
discharge shall be deemed not to have taken place. By its acquisition of this Security, each Holder and Beneficial Owner agrees to be bound by these provisions relating to waiver of set-off. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities then
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series then Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 As provided in and subject to the provisions of the Indenture, if an Event of Default (as defined below) occurs, the outstanding
principal amount of this Security, together with any accrued but unpaid interest thereon, shall become immediately due and payable, without the need of any further action on the part of the Holder of this Security; provided that the
Holder’s right to receive payment upon acceleration of the outstanding principal amount of this Security shall be subject to the Company’s obtaining the permission of the Relevant Resolution Authority and/or Competent Authority, as
appropriate, as set forth in Section 11.09 of the Base Indenture, provided that at the relevant time and in the relevant circumstances such permission is required. For the avoidance of doubt, no failure by the Company to pay any interest when
due or to comply with any other term, obligation or condition binding upon the Company under this Security or the Indenture shall entitle the Holder to accelerate the principal amount of this Security. 

“Event of Default,” means (a) the Company is declared bankrupt by a court of competent jurisdiction in The Netherlands
(or such other jurisdiction in which the Company may be organized), or (b) an order is made or an effective resolution is passed for the winding-up or liquidation of the Company, unless such order is made
or such resolution is passed in relation to a merger, consolidation or similar transaction (i) that is permitted pursuant to Section 8.01 of the Base Indenture or (ii) with respect to which Holders of the Securities have, pursuant to
Section 10.07 of the Base Indenture, waived the requirement of the Company to comply with Section 8.01 of the Base Indenture in connection with such merger, consolidation or other transaction. For the avoidance of doubt, any exercise of
the Dutch Bail-In Power by the Relevant Resolution Authority shall not be an Event of Default. 

  
 A-3 

 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Default with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series then Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Default as Trustee and offered to the Trustee security or indemnity satisfactory to the Trustee in its sole discretion against the costs, expenses and liabilities to be incurred in compliance with such
request, the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series then Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for
sixty (60) days after receipt of such notice, request and offer of indemnity. 
 Notwithstanding any contrary provisions in this
Security, nothing shall impair the right of a Holder of this Security under the Trust Indenture Act, absent such Holder’s consent, to sue for any payments due but unpaid with respect to this Security. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing. Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 This Securities of this series are
issuable only in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a
like aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
 By acquiring the Securities, the Holder and each Beneficial Owner of
this Security, or any interest therein, acknowledges and agrees with and for the benefit of the Company and the Trustee as follows: 
  

	 	(i)	 Dutch Bail-In Power. Such Holder and Beneficial Owner:

  
 A-4 

	 	(a)	 notwithstanding any other agreements, arrangements or understandings between the Company and such Holder or
Beneficial Owner of the Securities, by acquiring any Securities, such Holder and Beneficial Owner of Securities or any interest therein acknowledges, accepts, agrees to be bound by and consents to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority that may result in the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Securities and/or the conversion of all, or a
portion of, the principal amount of, or interest on, the Securities into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of the Securities or any expropriation of the
Securities, in each case to give effect to the exercise by the Relevant Resolution Authority of such Dutch Bail-In Power (whether at the point of non-viability or as
taken together with a resolution action). Such Holder and Beneficial Owner of Securities or any interest therein further acknowledges and agrees that the rights of Holders and Beneficial Owners of the Securities are subject to, and will be varied,
if necessary, so as to give effect to, the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. In addition, by acquiring any Securities, such Holder and Beneficial Owner of Securities or
any interest therein further acknowledges, agrees to be bound by, and consents to the exercise by the Relevant Resolution Authority of any power to suspend any payment in respect of the Securities for a temporary period; 

 

	 	(b)	 acknowledges and agrees that no exercise of the Dutch Bail-In Power by
the Relevant Resolution Authority with respect to the Securities shall give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

  

	 	(c)	 to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees
not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities; 

  

	 	(d)	 acknowledges and agrees that, upon the exercise of any Dutch Bail-In
Power by the Relevant Resolution Authority, (a) the Trustee shall not be required to take any further directions from Holders or Beneficial Owners of the Securities under Section 5.15 of the Base Indenture and (b) the Indenture shall
impose no duties upon the Trustee whatsoever with respect to the exercise of any Dutch Bail-In Power by the Relevant Resolution Authority. If Holders or Beneficial Owners of the Securities have given a
direction to the Trustee pursuant to Section 5.15 of the Base Indenture hereof prior to the exercise of any Dutch Bail-in Power by the Relevant Resolution Authority, such direction shall cease to be of
further effect upon such exercise of any Dutch Bail-in Power and shall become null and void at such time. Notwithstanding the foregoing, if, following the completion of the exercise of the Dutch Bail-In Power by the Relevant Resolution Authority with respect to the Securities, the Securities remain outstanding, then the Trustee’s duties under the Indenture shall remain applicable with respect to the
Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Second Supplemental Indenture; and 

  
 A-5 

	 	(e)	 consents to the exercise of any Dutch Bail-In Power as it may be
imposed without any prior notice by the Relevant Resolution Authority of its decision to exercise such power with respect to the Securities and (ii) authorizes, directs and requests DTC and any direct participant in DTC or other intermediary
through which it holds the Securities to take any and all necessary action, if required, to implement the exercise of any Dutch Bail-In Power with respect to the Securities as it may be imposed, without any
further action or direction on the part of such Holder and such Beneficial Owner or the Trustee. 

  

	 	(ii)	 Subsequent Investors’ Agreement. Holders or Beneficial Owners of Securities that acquire them in
the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners of the Securities that acquire the Securities upon their initial
issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Securities, including in relation to the Dutch Bail-in Power and the
limitations on remedies specified in the Base Indenture. 

  

	 	(iii)	 Waiver of Claims. Such Holder or Beneficial Owner unconditionally and irrevocably agrees to each and
every provision of the Indenture and this Security waives, to the fullest extent permitted by the Trust Indenture Act and any other applicable law, any and all claims against the Trustee arising out of its acceptance of its trusteeship for the
Securities. 

  

	 	(iv)	 Successors and Assigns. All authority conferred or agreed to be conferred by the Holder or Beneficial
Owner of this Security shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of such Holder or Beneficial Owner. 

  
 A-6EX-10.1

 Exhibit 10.1 

Execution Version 

INTEREST PURCHASE AGREEMENT 

BY AND AMONG 
 BP
PRODUCTS NORTH AMERICA INC., 
 BP OFFSHORE PIPELINES COMPANY LLC, 

AND 
 BP PIPELINES
(NORTH AMERICA) INC., 
 COLLECTIVELY, AS SELLERS, 

AND 
 BP MIDSTREAM
PARTNERS LP, AS BUYER, 
 DATED OCTOBER 1, 2018 

 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 DEFINITIONS
	  	 	2	 
			
	 1.1
	 	Definitions	  	 	2	 
		
	 ARTICLE 2 PURCHASE AND SALE OF THE OFFERED INTERESTS
	  	 	15	 
			
	 2.1
	 	Purchase and Sale of the Offered Interests	  	 	15	 
	 2.2
	 	Purchase Price and Payment	  	 	15	 
	 2.3
	 	Closing	  	 	15	 
	 2.4
	 	Instruments of Conveyance, Transfer and Assumption	  	 	16	 
	 2.5
	 	Offered Interest Distributions	  	 	17	 
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF SELLERS
	  	 	18	 
			
	 3.1
	 	Valid Organization	  	 	18	 
	 3.2
	 	Authorization	  	 	18	 
	 3.3
	 	Consents	  	 	19	 
	 3.4
	 	No Violation	  	 	20	 
	 3.5
	 	Title to the Offered Interests	  	 	21	 
	 3.6
	 	Litigation	  	 	21	 
	 3.7
	 	No Broker	  	 	22	 
	 3.8
	 	Disclosure	  	 	22	 
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES CONCERNING THE JV COMPANIES
	  	 	22	 
			
	 4.1
	 	Valid Organization as to the JV Companies	  	 	22	 
	 4.2
	 	Capitalization; Other Interests	  	 	23	 
	 4.3
	 	Tax Matters	  	 	23	 
	 4.4
	 	Litigation relating to JV Companies	  	 	24	 
	 4.5
	 	Environmental Matters	  	 	24	 
	 4.6
	 	Permits	  	 	26	 
	 4.7
	 	Compliance with Laws	  	 	27	 
	 4.8
	 	Employee Matters	  	 	27	 
	 4.9
	 	Financial Matters	  	 	27	 
	 4.10
	 	Insurance	  	 	28	 
	 4.11
	 	Title to Properties	  	 	29	 
	 4.12
	 	No Adverse Changes	  	 	29	 
	 4.13
	 	Regulatory Matters	  	 	29	 
	 4.14
	 	Management Projections and Budget	  	 	29	 
		
	 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	30	 
			
	 5.1
	 	Valid Organization	  	 	30	 
	 5.2
	 	Authorization	  	 	30	 
	 5.3
	 	Consents	  	 	31	 
	 5.4
	 	No Violation	  	 	31	 
	 5.5
	 	Litigation	  	 	31	 
	 5.6
	 	Acquisition as Investment; Buyer’s Experience	  	 	31	 
	 5.7
	 	No Broker	  	 	32	 

  
 i 

							
	 ARTICLE 6 OBLIGATIONS OF THE PARTIES
	  	 	32	 
			
	 6.1
	 	Covenants of Sellers	  	 	32	 
	 6.2
	 	Covenants of Buyer	  	 	34	 
	 6.3
	 	Mutual Covenants	  	 	35	 
		
	 ARTICLE 7 TAX MATTERS
	  	 	36	 
			
	 7.1
	 	Liabilities for Income Taxes	  	 	36	 
	 7.2
	 	Cooperation	  	 	37	 
	 7.3
	 	Transfer Taxes	  	 	37	 
	 7.4
	 	Allocations of Consideration	  	 	37	 
	 7.5
	 	Conflict	  	 	37	 
		
	 ARTICLE 8 CONDITIONS TO BUYER’S OBLIGATIONS
	  	 	38	 
			
	 8.1
	 	Representations and Warranties True	  	 	38	 
	 8.2
	 	Performance	  	 	38	 
	 8.3
	 	Litigation	  	 	38	 
	 8.4
	 	Governmental Filings	  	 	38	 
	 8.5
	 	Third Party Consents	  	 	38	 
	 8.6
	 	No Material Adverse Effect	  	 	38	 
	 8.7
	 	Closing Deliverables	  	 	38	 
		
	 ARTICLE 9 CONDITIONS TO SELLERS’ OBLIGATIONS
	  	 	39	 
			
	 9.1
	 	Representations and Warranties True	  	 	39	 
	 9.2
	 	Performance	  	 	39	 
	 9.3
	 	Litigation	  	 	39	 
	 9.4
	 	Governmental Filings	  	 	39	 
	 9.5
	 	Third Party Consents	  	 	39	 
	 9.6
	 	Purchase Price	  	 	39	 
	 9.7
	 	No Material Adverse Effect	  	 	39	 
	 9.8
	 	Closing Deliverables	  	 	40	 
		
	 ARTICLE 10 TERMINATION
	  	 	40	 
			
	 10.1
	 	Termination	  	 	40	 
	 10.2
	 	Effect of Termination	  	 	40	 
		
	 ARTICLE 11 INDEMNIFICATION
	  	 	40	 
			
	 11.1
	 	Indemnification	  	 	40	 
	 11.2
	 	Limitations on Liability	  	 	41	 
	 11.3
	 	Other Provisions Relating to Indemnification	  	 	44	 
		
	 ARTICLE 12 MISCELLANEOUS PROVISIONS
	  	 	47	 
			
	 12.1
	 	Damages	  	 	47	 
	 12.2
	 	Disclaimer	  	 	47	 
	 12.3
	 	Amendment and Modification	  	 	48	 
	 12.4
	 	Failure to Close; Specific Performance	  	 	49	 
	 12.5
	 	Waiver of Compliance	  	 	49	 
	 12.6
	 	Notices	  	 	49	 
	 12.7
	 	Assignment	  	 	50	 

  
 ii 

							
	 12.8
	 	No Third Party Beneficiaries	  	 	50	 
	 12.9
	 	Governing Law	  	 	50	 
	 12.10
	 	Consent to Jurisdiction	  	 	51	 
	 12.11
	 	Counterparts	  	 	51	 
	 12.12
	 	Exhibits and Headings	  	 	51	 
	 12.13
	 	Entire Agreement	  	 	51	 
	 12.14
	 	Representation By Counsel; No Strict Construction	  	 	51	 
	 12.15
	 	Severability	  	 	52	 
	 12.16
	 	Time of Essence	  	 	52	 
	 12.17
	 	Press Releases and Public Announcements	  	 	52	 
	 12.18
	 	Acknowledgement and Waiver of Post-Closing Attorney-Client Privilege	  	 	52	 
	 12.19
	 	Acknowledgement of Parties; Conspicuousness	  	 	53	 
	 12.20
	 	Conflicts	  	 	53	 
	 12.21
	 	Action by Buyer	  	 	53	 
	 12.22
	 	Non-Recourse	  	 	54	 

 SCHEDULES 
 Specified
Projects Schedule 
 Mardi Gras Specified Projects Schedule 

Schedule 1.1 — Persons with Knowledge 
 Schedule 3.3 —
Sellers’ Consents 
 Schedule 3.4(b) — No Violation 

Schedule 3.6 — Litigation relating to Offered Interests 

Schedule 4.2 — Capitalization; Other Interests 
 Schedule 4.3
— Tax Matters 
 Schedule 4.4 — Litigation relating to JV Companies 

Schedule 4.5 — Environmental Matters 
 Schedule 4.6 —
Permits 
 Schedule 4.7 — Compliance with Laws 
 Schedule
4.9 — Financial Matters 
 Schedule 4.10 — Insurance 

Schedule 4.11(a) — Title to Properties 
 Schedule 4.12 —
No Adverse Changes 
 Schedule 4.14 — Management Projections and Budget 

Schedule 5.3 — Buyer’s Consents 
 Schedule 11.1(a)
— Specified Matters 
 EXHIBITS 
 Exhibit A-1 – Form of Phoenix Assignment, Conveyance and Assumption Agreement 
 Exhibit
A-2 – Form of URSA Assignment, Conveyance and Assumption Agreement 
 Exhibit
A-3 – Form of Mardi Gras Assignment, Conveyance and Assumption Agreement 
 Exhibit B-1 – Form of Phoenix Joinder Letter Agreement 

  
 iii 

 Exhibit B-2 – Form of URSA Letter Agreement 

Exhibit B-3 – Form of Mardi Gras Letter Agreement 

Exhibit C-1 – Form of BPNA Closing Certificate 

Exhibit C-2 – Form of BP Offshore Closing Certificate 

Exhibit C-3 – Form of BPPL Closing Certificate 

Exhibit D – Form of Buyer Closing Certificate 
  

  
 iv 

 INTEREST PURCHASE AGREEMENT 

This Interest Purchase Agreement (this “Purchase Agreement”) is made and entered into effective as of this 1st day of
October, 2018 (“Signing Date”), by and among BP Products North America Inc., a Maryland corporation (“BPNA”), BP Offshore Pipelines Company LLC, a Delaware limited liability company (“BP Offshore”)
and BP Pipelines (North America) Inc., a Maine corporation (“BPPL” and collectively with BPNA and BP Offshore, the “Sellers,” and each individually as a “Seller”), and BP Midstream Partners LP, a
Delaware limited partnership (“Buyer”). Each of Sellers and Buyer are referred to herein individually as a “Party” and collectively as the “Parties. 

RECITALS 
 WHEREAS, as of
the Signing Date: 
 (i) KM Phoenix Holdings LLC, a Delaware limited liability company (“Phoenix LLC”), is the owner of 13
refined products terminals and associated infrastructure that are located in (A) Atlanta, GA, (B) Brooklyn, NY, (C) Carteret, NJ, (D) Chicago, IL (terminal is situated on leased real property), (E) Cincinnati, OH, (F) Curtis
Bay, MD, (G) Dayton, OH, (H) Doraville, GA (which includes Doraville I and Doraville II terminals and are counted for purposes hereof as a single refined products terminal located in Doraville, GA), (I) Indianapolis, IN, (J) Richmond,
CA, (K) Rochelle, IL, (L) Spring Valley, MN, and (M) Wood River, IL, respectively, and act as distribution facilities for various refined products consuming markets (collectively, the “Phoenix Terminals”); 

(ii) URSA Oil Pipeline Company LLC, a Delaware limited liability company (“URSA LLC”), is the owner of a pipeline system used
for the transportation of crude oil that provides access from the deepwater Mississippi Canyon areas into the Mars Oil Pipeline System at West Delta Block 143 (the “URSA Pipeline System”); 

(iii) Mardi Gras Transportation System Company LLC, a Delaware limited liability company (“Mardi Gras LLC”), is the owner of
(A) a 56.0% membership interest in Caesar Oil Pipeline Company, LLC, a Delaware limited liability company (“Caesar LLC”), that in turn is the owner of a pipeline system located primarily in the Southern Green Canyon area of the
Gulf of Mexico (the “Caesar Pipeline System”), (B) a 65.0% membership interest in Proteus Oil Pipeline Company, LLC, a Delaware limited liability company (“Proteus LLC”), that in turn is the owner of a crude oil
pipeline located primarily in the Mississippi Canyon area of the Gulf of Mexico (“Proteus Pipeline System”), (C) a 65.0% membership interest in Endymion Oil Pipeline Company, LLC, a Delaware limited liability company
(“Endymion LLC”), that in turn is the owner of a crude oil pipeline system located primarily in the eastern portion of the Gulf of Mexico (the “Endymion Pipeline System”), and (D) a 53.0% interest in Cleopatra
Gas Gathering Company, LLC, a Delaware limited liability company (“Cleopatra LLC”), that in turn is the owner of a gas gathering pipeline system located primarily in the Southern Green Canyon area of the Gulf of Mexico (the
“Cleopatra Pipeline System”); 

  
 Confidential 

 WHEREAS, (i) Caesar LLC, Proteus LLC, Endymion LLC and Cleopatra LLC are collectively
referred to herein as the “Mardi Gras JV Companies”; (ii) Phoenix LLC, URSA LLC and the Mardi Gras JV Companies are collectively referred to herein as the “JV Companies”; (iii) the Caesar Pipeline System, the
Proteus Pipeline System, the Endymion Pipeline System and the Cleopatra Pipeline System are collectively referred to herein as the “Mardi Gras JV Systems”; and (iv) the Phoenix Terminals, the URSA Pipeline System and the Mardi
Gras JV Systems are collectively referred to herein as the “JV Assets”; 
 WHEREAS, (i) BPNA owns 25.0% of the issued
and outstanding membership interests in Phoenix LLC (the “Offered Phoenix Interests”); (ii) BP Offshore owns 22.6916% of the issued and outstanding membership interests in URSA LLC (the “Offered URSA Interests”);
and (iii) (a) BPPL owns 79.0% of the issued and outstanding membership interests in Mardi Gras LLC, and (b) BPPL desires to sell 45.0% of the issued and outstanding membership interests in Mardi Gras LLC (such amount set forth in clause
(iii)(b) of this Recital, the “Offered Mardi Gras Interests” and together with the Offered Phoenix Interests and the Offered URSA Interests, the “Offered Interests”); 

WHEREAS, each of the Sellers desires to sell, convey and assign to Buyer their respective interests in the Offered Interests, and Buyer
desires to purchase and accept from each of the Sellers, the Offered Interests, on the terms and subject to the conditions of this Purchase Agreement; 

WHEREAS, in connection with its acquisition of the Offered Interests, Buyer desires to assume the Assumed Liabilities on the terms and subject
to the conditions of this Purchase Agreement; and 
 WHEREAS, the Conflicts Committee has (i) received an opinion of Robert W.
Baird & Co. Incorporated, the financial advisor to the Conflicts Committee, that the consideration to be paid by Buyer pursuant to this Purchase Agreement is fair to Buyer from a financial point of view, and (ii) based upon the belief
of the members of the Conflicts Committee that this Purchase Agreement and the transactions contemplated hereby are not opposed to the interest of Buyer, approved the execution, delivery and performance of this Purchase Agreement and the
transactions contemplated hereby, such approval constituting (A) “Special Approval” for purposes of the Buyer Partnership Agreement and (B) approval on behalf of the full board of directors of the General Partner. 

NOW, THEREFORE, in consideration of the foregoing premises and of the mutual covenants, conditions and agreements set forth herein, the
Parties hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1
Definitions. 
 1.1(a) As used herein the following terms have the meanings defined below: 

“1933 Act” has the meaning set forth in Section 5.6. 

  
 2 

 “Affiliate” means, when used with respect to a Person, any other Person
that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with such Person. For purposes of this definition, (a) the term “control” (including its derivatives and similar
terms) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person (which, in the case of a publicly traded master limited partnership, means such power and authority with
respect to the general partner thereof), whether through ownership of voting securities, by contract or otherwise, and (b) notwithstanding anything in this Purchase Agreement to the contrary, for purposes of this Purchase Agreement (i) the
Partnership Parties are not Affiliates of the Seller Parties and (ii) the Seller Parties are not Affiliates of the Partnership Parties. 

“Assumed Liabilities” means any and all Losses, now existing or arising at any time prior to, on or after the Effective Time,
caused by, arising out of, incurred in connection with or relating in any way to (i) the ownership (direct or indirect) of the Offered Interests or the ownership in or (to the extent of the Offered Interests) operation of Mardi Gras LLC or any
of the JV Companies, including (to the extent of the Offered Interests) all such Losses (including Environmental Losses) with respect to such Offered Interests arising out of or related to (a) any Contracts that Mardi Gras LLC or such JV
Company is a party to or (b) any of the JV Assets or any other assets or liabilities of Mardi Gras LLC or any of the JV Companies, or (ii) obligations under the corresponding JV Governing Instruments with respect to such Offered Interests;
provided, however, that notwithstanding the foregoing, Assumed Liabilities shall exclude any obligations or liabilities of Sellers to the extent arising under Section 11.1(a) of this Purchase Agreement. 

“Books and Records” means records and files in any of the Sellers’ possession to the extent related exclusively to the
Offered Interests, the JV Companies and/or the JV Assets and in such Seller’s capacity as a member of the applicable JV Company, including all Tax, title information, operations, inspection, maintenance technical, environmental and safety
records; provided, however, Buyer acknowledges that each of Sellers creates electronic images of some Books and Records and retains some Books and Records in electronic format and Sellers may provide Buyer copies (imaged or electronic media,
hardcopy media or any combination thereof) of such Books and Records rather than originals. 
 “BP Offshore” has the
meaning set forth in the Preamble. 
 “BPNA” has the meaning set forth in the Preamble. 

“BPPL” has the meaning set forth in the Preamble. 

“Business Day” means a Monday through Friday when the Federal Reserve Bank of Dallas is open for business, but for purposes
of notices or other communications given hereunder, means between 12:00:01 a.m. CT and 5:00 p.m. CT on such day. 
 “Buyer”
has the meaning set forth in the Preamble. 
 “Buyer Certificate of LP” means the certificate of limited partnership of
Buyer, dated May 22, 2017. 

  
 3 

 “Buyer Governing Instruments” means the Buyer Partnership Agreement and the
Buyer Certificate of LP. 
 “Buyer Group” has the meaning set forth in Section 11.1(a). 

“Buyer Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Buyer, dated as of
October 30, 2017, as amended from time to time. 
 “Caesar LLC” has the meaning set forth in the Recitals. 

“Caesar Pipeline System” has the meaning set forth in the Recitals. 

“Capital Contributions” means an amount equal to any capital contributions during the Interim Period made by a Seller to the
applicable JV Company under the corresponding JV Governing Instrument. 
 “CERCLA” means the Comprehensive Environmental
Response, Compensation, and Liability Act, as amended from time to time. 
 “Cleopatra LLC” has the meaning set forth in
the Recitals. 
 “Cleopatra Pipeline System” has the meaning set forth in the Recitals. 

“Closing” has the meaning set forth in Section 2.3. 

“Closing Date” has the meaning set forth in Section 2.3. 

“Closing Failure Breach” has the meaning set forth in Section 12.4. 

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

“Confidentiality Agreement” has the meaning set forth in Section 6.1(a). 

“Conflicts Committee” means the conflicts committee of the board of directors of the General Partner. 

“Consequential Damages” has the meaning set forth in Section 12.1. 

“Contract” means any agreement, contract, commitment, note, bond, mortgage, franchise, license, lease or other similar
instrument or obligation, including all amendments, modifications and supplements thereto. 
 “CT” means the prevailing
local time in Houston, Texas. 
 “Data Room” means the Merrill DataSite virtual data room at
https://datasite.merrillcorp.com named “Bellini 2” established by Seller with respect to the Offered Interests, the JV Companies and the JV Assets and all of its contents. 

“Deal Communications” has the meaning set forth in Section 12.18. 

  
 4 

 “Dollar” and “$” means the lawful currency of the United
States of America. 
 “Due Diligence Materials” means (i) due diligence materials distributed in written or electronic
form by or on behalf of any of the Sellers to Buyer or its Representatives or contained in the Data Room, (ii) all written answers to questions provided to Buyer or its Representatives, (iii) all information or materials discussed with or
disclosed to Buyer or its Representatives in management presentations, question and answer sessions or other meetings or discussions among the Parties and their respective Representatives (including Buyer Group’s observations in any site
visits), and (iv) any Environmental Report. 
 “Effective Time” means 12:00:01 a.m. CT on the Closing Date. 

“Endymion LLC” has the meaning set forth in the Recitals. 

“Endymion Pipeline System” has the meaning set forth in the Recitals. 

“Environmental Laws” means all Laws, all judicial and administrative orders, decrees and determinations, and all contractual
obligations concerning public health and safety, worker health and safety, or pollution or protection of the environment, conservation of resources or natural resource damages, including all those relating to the presence, use, production,
generation, handling, transportation, treatment, storage, disposal, distribution, emission, labeling, testing, processing, discharge, release, threatened release, control or Remediation of any Hazardous Substances as such of the foregoing are
enacted or in effect, prior to, on, or after the Closing Date. 
 “Environmental Losses” means all Losses which result
from, relate to or arise out of any liabilities or investigatory, corrective, remedial obligations or Remediation under Environmental Laws. 

“Environmental Permits” means any permit, approval, identification number, license, registration, certification, consent,
exemption, variance or other authorization required under or issued pursuant to any applicable Environmental Law, including applications for renewal of such permits in which the application allows for continued operation under the terms of an
expired permit. 
 “Environmental Report” means any environmental assessment or report with respect to any of the JV Assets
that has been received by or made available to Buyer on or prior to the Closing Date. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974 and the regulations promulgated and rulings issued thereunder, each as amended and modified from time to time. 

“FERC” has the meaning set forth in Section 4.13. 

“Financing” means the arrangement of any capital markets debt or equity financing, any bank debt or any other financing
arrangement necessary or desirable to fund the Purchase Price and any other amounts required to be paid in connection with the consummation of the transactions contemplated by this Purchase Agreement, including any necessary offering documents
related thereto. 

  
 5 

 “Fundamental Representations” means (i) in the case of Sellers, the
representations and warranties contained in Sections 3.1, 3.2, 3.5, 3.7, 4.1, 4.2(a)(i), 4.2(b)(i), and 4.2(c), and (ii) in the case of Buyer, the representations and
warranties contained in Section 5.1, 5.2, 5.4(i) and 5.7. 
 “GAAP” means
the generally accepted accounting principles in the United States of America in effect at any specified time. 
 “General
Partner” means BP Midstream Partners GP LLC, a Delaware limited liability company and the general partner of Buyer. 

“Governing Instruments” means (a) with respect to any Person that is a corporation, its articles or certificate of
incorporation or memorandum and articles of association, as the case may be, and bylaws, (b) with respect to any Person that is a partnership, its certificate of partnership or certificate of formation and partnership agreement, (c) with
respect to any Person that is a limited liability company, its certificate of formation and limited liability company or operating agreement, (d) with respect to any Person that is a trust or other entity, its declaration or agreement or trust
or other constituent document and (e) with respect to any other Person, its comparable governing instruments as required or contemplated by the Laws of its jurisdiction of organization. 

“Governmental Authority” means any federal, state, local, foreign, tribal or other governmental or administrative authority
(including any agency or political subdivision thereof), court or tribunal having jurisdiction. 
 “HAK” has the meaning
set forth in Section 12.18. 
 “Hazardous Substances” means any (i) materials, substances,
wastes, chemical substances or mixtures, solids, liquids, minerals or gas, in each case, whether naturally occurring or man-made, that are subject to regulation, investigation, control, or remediation under
any Environmental Laws or that are listed, defined, designated, classified as, or otherwise determined to be hazardous, acutely hazardous, extremely hazardous, toxic or words of similar import or regulatory effect under Environmental Laws, and
(ii) pesticides, pollutants, contaminants, toxic chemicals, petroleum products or byproducts, petroleum or any fraction thereof, natural gas, natural gas liquids, asbestos and asbestos-containing materials, polychlorinated biphenyls,
radionuclides, chromium, lead, mercury or radioactive materials (including naturally occurring radioactive materials). 

“Indebtedness” means, with respect to any Person, the aggregate amount (without duplication) of the following obligations:
(a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such
Person in respect of the deferred purchase price of property or services or any other similar obligation upon which interest charges are customarily paid (excluding trade accounts payable incurred in the ordinary course of business), (d) all
obligations of other Persons secured by (or for which the holder of such obligations has an existing right, contingent or otherwise, to be secured by) any Lien (other 

  
 6 

 
than Permitted Liens) on property owned or acquired by such Person, whether or not the obligation secured thereby has been assumed, (e) all obligations of such Person under any performance
bond or letter of credit, but only to the extent drawn or called prior to the applicable Closing Date, (f) all capital lease obligations under GAAP of such Person prior to the Closing Date, and (g) all guarantees with respect to any
indebtedness of any other Person of a type described in clauses (a) through (f) above. 
 “Indemnified Party” has the
meaning set forth in Section 11.3(a). 
 “Indemnifying Party” has the meaning set forth in
Section 11.3(a). 
 “Influence” means to use commercially reasonable efforts to cause the
applicable JV Company to take or refrain from taking a particular action, including (i) notifying or requesting (if applicable) such JV Company to take or refrain from taking such action, and (ii) with respect to a covenant or agreement of
such Party relating to such JV Company, that such Party will exercise any voting, consent, approval or waiver rights available to such Party in a manner consistent with the applicable covenant or agreement. 

“Intellectual Property” means trademarks, service names, trade names, logos, patents, utility models, supplementary
protection certificates, inventions, trade secrets, know-how, designs, design rights, copyrights, database rights, domain names, emails and URLs, all technical information, software to the extent any of the
foregoing are represented, embedded or embodied within such software, and all other proprietary rights (whether or not the same are registered or capable of registration) anywhere in the world and all applications for, or for the protection of, any
of the foregoing and all rights (including licenses) under or in the above. 
 “Interim Period” has the meaning set forth
in Section 6.1(a). 
 “JV Assets” has the meaning set forth in the Recitals. 

“JV Companies” has the meaning set forth in the Recitals. 

“JV Governing Instruments” means the Phoenix LLC Governing Instruments, the URSA LLC Governing Instruments, the Mardi Gras
LLC Governing Instruments and the Mardi Gras JV Governing Instruments. 
 “Knowledge” means (a) with respect to the
applicable Seller and only as to the respective interest of such Seller in the Offered Interests, the actual knowledge, without investigation, of any of the individuals listed for such Seller on Schedule 1.1(a)(i)-(iii), and (b) with
respect to Buyer, the actual knowledge, without investigation, of any of the individuals listed on Schedule 1.1(b). 

“Laws” means any and all applicable laws, statutes, codes, constitutions, ordinances, decrees, writs, injunctions, orders,
judgments, principles of common law, rules or regulations (including Environmental Laws) that are promulgated, issued or enacted by a Governmental Authority having jurisdiction. 

  
 7 

 “Lien” means any mortgage, pledge, lien, encumbrance, encroachment,
servitude, burden, charge, other security interest, or defect or irregularity in title. 
 “Losses” means, whether arising
in equity, under Law, contract, tort, voluntary settlement, or in any other manner, any and all claims, demands, complaints, actions, litigation, hearings, lawsuits, proceedings, investigations, charges, damages, fines, penalties, deficiencies,
judgments, injunctions, orders, decrees, rulings, losses, costs, liabilities (including any undisclosed, unfixed, unknown, unliquidated, unsecured, unmatured, unaccrued, unasserted, contingent, conditional, inchoate, implied, statutory, vicarious,
joint, several or secondary liabilities), amounts paid in settlement, obligations, Taxes and Liens, including, in each case, costs and reasonable expenses contesting and defending such matters (including reasonable attorneys’ fees and expenses,
interest, court costs and other costs of suit, litigation or other proceedings of any kind or of any claim, default or assessment). 

“Mardi Gras Governing Instruments” means the Mardi Gras LLC Agreement and the certificate of formation for Mardi Gras LLC.

 “Mardi Gras JV Companies” has the meaning set forth in the Recitals. 

“Mardi Gras JV Governing Instruments” means Caesar LLC’s Governing Instruments, Cleopatra LLC’s Governing
Instruments, Endymion LLC’s Governing Instruments and Proteus LLC’s Governing Instruments. 
 “Mardi Gras JV
Systems” has the meaning set forth in the Recitals. 
 “Mardi Gras LLC” has the meaning set forth in the Recitals.

 “Mardi Gras LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Mardi Gras
Transportation System Company LLC, dated effective as of October 30, 2017, by and among Buyer, as managing member, The Standard Oil Company and BPPL. 

“Mardi Gras Purchase Price” has the meaning set forth in Section 2.2(c). 

“Material Adverse Effect” means any state of facts, change, development, event, effect, condition or occurrence that is
materially adverse to (a) the current business, assets, properties, liabilities, results of operations or condition (financial or otherwise) of the JV Companies, taken as a whole, as operated in the Ordinary Course of Business, or
(b) Sellers’ ability to consummate the transactions contemplated by this Purchase Agreement; provided, however, that no state of facts, change, development, event, effect, condition or occurrence attributable to or resulting
from any of the following shall be deemed by itself or by themselves, either alone or in combination, to constitute or contribute to a Material Adverse Effect (except in the case of clauses (iii), (iv), (v) and (viii) below to the extent any
associated adverse impact is disproportionately greater than the impact on similarly situated businesses in the local geographic region): (i) general economic conditions or changes therein; (ii) fluctuations in the financial, credit, banking,
energy or securities markets in the United States or elsewhere (including any disruption thereof, any decline in the price of any security or any market index or changes in interest rates); (iii) conditions affecting any or all of the international
(including 

  
 8 

 
offshore), national, regional or local natural gas, oil or petroleum products production, transportation, distribution, gathering, pipeline, refining, fractionation, terminaling or retail
industries or systems; (iv) changes in the international, national, regional or local markets for commodities or supplies, including energy and fuel (and the prices thereof), used in the businesses of Sellers including their respective
interests in the JV Companies, or the businesses of the JV Companies, including the JV Assets; (v) any changes in tax, securities, accounting or other Laws, rules, regulations, orders, or other binding directives issued by any Governmental
Authority; (vi) any action or omission required by the terms of this Purchase Agreement or any Operative Document or attributable to the execution, performance or announcement of this Purchase Agreement or any Operative Document or the
transactions contemplated hereby or thereby (including the impact thereof on relationships, contractual or otherwise, with customers, suppliers, distributors, partners, other members of the JV Companies, employees (including departures thereof),
labor unions or regulators); (vii) national or international, political or social conditions, including the engagement by the United States in hostilities, whether or not pursuant to the declaration of a national emergency or war, or the occurrence
of any military or terrorist attack upon the United States, or any of its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the United States; (viii) earthquakes,
hurricanes, floods or similar catastrophes, or weather or any weather related event, or any other act of God; or (ix) the public disclosure of this Purchase Agreement, the transactions contemplated hereunder or the identity or involvement by
Buyer or any of its Affiliates therewith. 
 “Notice of Modification” has the meaning set forth in
Section 6.1(c). 
 “Offered Interests” has the meaning set forth in the Recitals. 

“Offered Mardi Gras Interests” has the meaning set forth in the Recitals. 

“Offered Phoenix Interests” has the meaning set forth in the Recitals. 

“Offered URSA Interests” has the meaning set forth in the Recitals. 

“Omnibus Agreement” means that certain Omnibus Agreement, dated effective as of October 30, 2017, by and among BPPL,
Buyer, the General Partner and, solely for purposes of Article 4 and 6 thereof, BP America Inc. 
 “Operative Document”
means any document listed or referred to in Section 2.4 or otherwise delivered at the Closing, in each case to the extent executed and delivered by a Party or one of its Affiliates. 

“Ordinary Course of Business” means, with respect to the operation of the JV Assets, by the applicable selected operator
thereof, in each case the operation thereof consistent in all material respects with Prudent Industry Practices during the twelve-month period ending on the Signing Date (including as such Prudent Industry Practices may have been changed, modified,
supplemented or eliminated during such period); provided that, for purposes of this Purchase Agreement, “Ordinary Course of Business” includes all reasonably necessary actions taken in connection with, in contemplation of or in
preparation for the sale of the Offered Interests, the Closing and any other transaction contemplated by this Purchase Agreement. 

  
 9 

 “Outside Date” means January 1, 2019. 

“Partnership Parties” means the General Partner, Buyer and its Subsidiaries. 

“Party” and “Parties” have the meanings set forth in the Preamble. 

“Permits” means any permit, approval, identification number, license, registration, certification, consent, exemption,
variance, tariff or other authorization required under or issued pursuant to any applicable Law (excluding Environmental Laws), including applications for renewal of such permits in which the application allows for continued operation under the
terms of an expired permit. 
 “Permitted Encumbrances” shall mean any transfer or change of control restrictions
(i) resulting from actions of any member of the Buyer Group after Closing, (ii) imposed on any of the Offered Interests by securities Laws, (iii) existing under any applicable JV Governing Instruments or arising under this Purchase
Agreement, or (iv) that will be discharged at or prior to Closing. 
 “Permitted Liens” means all:
(a) mechanics’, materialmen’s, repairmen’s, employees’ contractors’ operators’, carriers’, workmen’s or other like Liens or charges arising by operation of law, in the ordinary course of business or
incident to the construction or improvement of any of the JV Assets, in each case, for amounts not yet delinquent (including any amounts being withheld as provided by law); (b) Liens arising under original purchase price conditional sales contracts
and equipment leases with third parties entered into in the ordinary course of business; (c) immaterial defects and irregularities in title, encumbrances, exceptions and other matters that, singularly or in the aggregate, will not materially
interfere with the ownership, use, value, operation or maintenance of the JV Assets to which they pertain or any of the Sellers’ ability to perform their respective obligations hereunder with respect thereto; (d) Liens for current Taxes
that are not yet due and payable or which may thereafter be paid without penalty or which are being contested in good faith by appropriate proceedings; (e) pipeline, utility and similar easements and other rights in respect of surface
operations; (f) Liens supporting surety bonds, performance bonds and similar obligations issued in connection with the JV Assets; and (g) all rights to consent, by required notices to, filings with, or other actions by Governmental
Authorities or Third Parties in connection with the sale or conveyance of easements, rights of way, licenses, facilities or interests therein if they are customarily obtained subsequent to the sale or conveyance. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock
company, trust, unincorporated organization, undivided joint interest operation or Governmental Authority. 
 “Phoenix Current
Balance Sheet” has the meaning set forth in Section 4.9(a)(ii). 
 “Phoenix Financial
Statements” has the meaning set forth in Section 4.9(a)(ii). 
 “Phoenix Insurance
Policies” has the meaning set forth in Section 4.10(a). 

  
 10 

 “Phoenix JV Governing Instruments” means the Phoenix LLC Agreement and the
certificate of formation for Phoenix LLC. 
 “Phoenix LLC” has the meaning set forth in the Recitals. 

“Phoenix LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of KM Phoenix Holdings LLC, dated
effective as of February 1, 2016, by and between Kinder Morgan Operating L.P. “D” and BPNA, as amended on February 1, 2017. 

“Phoenix Operating Agreement” means the Operating and Administration Agreement, dated effective as of February 1, 2016,
by and between Kinder Morgan Liquids Terminals LLC and Phoenix LLC, as amended from time to time. 
 “Phoenix Permits” has
the meaning set forth in Section 4.6(a)(i). 
 “Phoenix Purchase Price” has the meaning set forth
in Section 2.2(a). 
 “Phoenix Terminals” has the meaning set forth in the Recitals. 

“Proteus LLC” has the meaning set forth in the Recitals. 

“Proteus Pipeline System” has the meaning set forth in the Recitals. 

“Prudent Industry Practices” means any of those lawful practices, methods and acts generally engaged in or approved by
participants in the natural gas, oil or petroleum products pipeline, gathering or terminaling industries that, in the exercise of reasonable judgment in light of the circumstances known at the time of implementation, could have been expected to
accomplish the desired result at a commercially reasonable cost consistent with functionality, reliability, safety and expedition applicable to health, safety, security and environmental procedures. “Prudent Industry Practice” is
not intended to be limited to the optimum practices, methods or acts to the exclusion of others, but rather is intended to include acceptable practices, methods and acts generally engaged in or approved by the natural gas, oil or petroleum products
pipeline industry participants (as applicable). 
 “Purchase Agreement” means this Interest Purchase Agreement, including
the Exhibits and Schedules attached hereto, as amended, modified and supplemented from time to time. 
 “Purchase
Price” means, collectively, (i) the Phoenix Purchase Price, (ii) the URSA Purchase Price and (iii) the Mardi Gras Purchase Price. 

“Real Property Interests” means any parcels of land owned, directly or indirectly, in fee simple by any of the JV Companies,
or any parcels of land subject to leases, easements, rights-of-way, franchises, permits, licenses and other rights and interests in real property held, directly or
indirectly, by any of the JV Companies. 
 “Remediation” means any investigation, sampling, monitoring, removal,
remediation, corrective action, response action, mitigation, treatment, decontamination or cleanup of Hazardous Substances, pollution or contamination present or alleged to be present in the environment, soil, sediment, surface or subsurface waters,
air or other environmental medium or in the indoor environment, and any costs related thereto. 

  
 11 

 “Representatives” means, with respect to Buyer and Seller, such
Person’s and their Affiliates’ officers, directors, managers, employees, agents, consultants, legal and financial advisors and other representatives. 

“Seller(s)” has the meaning set forth in the Preamble. 

“Seller Group” has the meaning set forth in Section 11.1(b). 

“Seller Parties” means BP p.l.c. and its Subsidiaries, including each of the Sellers; provided, that, for purposes of
this definition as used in this Purchase Agreement, the Seller Parties shall exclude the Partnership Parties. 
 “Signing
Date” has the meaning set forth in the preamble. 
 “Subsidiary” means, with respect to any Person, (a) a
corporation of which more than 50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other similar governing body of such corporation is owned, directly or
indirectly, at the date of determination, by such Person, by one or more intermediate other Persons that meet the requirements of any sub-paragraph (a), (b) or (c) of this definition with respect to such
first-mentioned Person (each an “Intermediate Person”) or a combination thereof; (b) a partnership (whether general or limited) or limited liability company in which such Person or any other Intermediate Person is, at the date
of determination, a general partner of such partnership or managing member or manager of such limited liability company, but only if such first-mentioned Person, directly or by one or more Intermediate Persons, or a combination thereof, controls
such partnership or limited liability company on the date of determination; (c) any other Person in which such first-mentioned Person, one or more Intermediate Persons of such first-mentioned Person, or a combination thereof, directly or
indirectly, at the date of determination, has (i) a majority equity ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other similar governing body of such other Person; and (d) any
other Person in which such first-mentioned Person, or one or more Intermediate Persons of such first-mentioned Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) less than a majority ownership
interest or (ii) less than the power to elect or direct the election of a majority of the directors or other similar governing body of such other Person, provided that (A) such first-mentioned Person, one or more Intermediate Persons of
such first-mentioned Person, or a combination thereof, directly or indirectly, at the date of the determination, has at least a 10% ownership interest in such other Person, (B) such first-mentioned Person
accounts for such other Person (under U.S. GAAP, as in effect on the later of the date of investment in such other Person or material expansion of the operations of such other Person) on a consolidated or equity accounting basis, (C) such
first-mentioned Person has, directly or indirectly, material negative control rights regarding such other Person including over such other Person’s ability to materially expand its operations beyond that contemplated at the date of investment
in such other Person, and (D) such other Person is (i) formed and maintained for the purpose of developing or owning one or more operating assets, and (ii) obligated under its constituent documents, or as a result of agreement of its
owners on an ongoing basis, to distribute to its owners all of its income on at least an annual basis (less any cash reserves that are approved by such Person). 

  
 12 

 “Tax(es)” means (i) all taxes, charges, fees, imposts, duties, levies,
withholdings or other assessments imposed by any Governmental Authority, including all federal, state, county, local, municipal, or foreign corporate taxes, franchise taxes, income taxes, environmental taxes, excise taxes, customs, duties, utility
taxes, property taxes, sales taxes, use taxes, value added taxes, transfer taxes, stamp taxes, documentary taxes, payroll taxes, social security taxes, alternative minimum taxes, recapture taxes, accumulated earnings taxes, windfall profits taxes,
estimated taxes and fuel taxes, and any interest, fines, penalties or additions to tax attributable to or imposed on or with respect to any such assessment or related to any Tax Return or tax filing, including all applicable income, sales, use,
excise, business, occupation or other tax, if any, relating in any way to this Purchase Agreement or any other service, supply or operating agreement, and (ii) any amount owing in respect of clause (i) as a result of being a member of a
combined, consolidated, unitary, affiliated or similar group, as a transferee or successor, by contract or pursuant to Law. 
 “Tax
Return” means any report, return, election, document, estimated Tax filing, declaration, claim for refund, information return, or other document filed or required to be filed with any Governmental Authority authorized or empowered to
impose, administer or collect any Taxes. 
 “Termination Date” means the latest to occur of (a) the Outside Date and
(b) such other date as the Parties may mutually agree to in writing. 
 “Third Party” means any Person other than
Sellers or Buyer, and their respective Affiliates. 
 “Third Party Action” has the meaning set forth in
Section 11.3(a). 
 “Transfer Taxes” has the meaning set forth in
Section 7.3. 
 “URSA Current Balance Sheet” has the meaning set forth in
Section 4.9(b)(ii). 
 “URSA Financial Statements” has the meaning set forth in
Section 4.9(b)(ii). 
 “URSA Insurance Policies” has the meaning set forth in
Section 4.10(b). 
 “URSA JV Governing Instruments” means the URSA LLC Agreement and the
certificate of formation for Phoenix LLC. 
 “URSA LLC” has the meaning set forth in the Recitals. 

“URSA LLC Agreement” means the Limited Liability Company Agreement of URSA Oil Pipeline Company LLC, dated February 26,
1999, by and among BP Offshore Pipelines Inc. (as predecessor in interest to BP Offshore), Equilion Pipeline Company LLC (as predecessor in interest to Shell Pipeline Company LP), Conoco Pipe Line Company (as predecessor in interest to
ConocoPhillips Company), and Exxon Pipeline Company (as predecessor in interest to ExxonMobil Pipeline Company). 

  
 13 

 “URSA Operating Agreement” means the URSA Oil Pipeline System Operating
Agreement, dated as of February 26, 1999, between URSA LLC and Equilon Pipeline Company LLC (as predecessor to Shell Pipeline Company LP), as amended from time to time. 

“URSA Permits” has the meaning set forth in Section 4.6(b)(i). 

“URSA Pipeline System” has the meaning set forth in the Recitals. 

“URSA Purchase Price” has the meaning set forth in Section 2.2(b). 

1.1(b) Other Definitional Provisions. 

(i) The words “hereof”, “herein”, and “hereunder” and words of similar import, when used in
this Purchase Agreement, refer to this Purchase Agreement as a whole and not to any particular provision of this Purchase Agreement. 
 (ii)
The terms defined in the singular have a comparable meaning when used in the plural, and vice versa. 
 (iii) Whenever the Parties have
agreed that any approval or consent shall not be “unreasonably withheld,” such phrase shall also include the Parties’ agreement that the approval or consent shall not be unreasonably delayed or conditioned. 

(iv) Reference to “day” or “days” in this Purchase Agreement refers to calendar days unless otherwise
stated. 
 (v) Whenever the words “include,” “includes” or “including” are used in this
Purchase Agreement, they are deemed to be followed by the words “without limitation.” 
 (vi) All references to
Sections, Exhibits and Schedules or paragraphs or subdivisions thereof mean those numbered sections, paragraphs or subdivisions in this Purchase Agreement and those Exhibits and Schedules attached hereto and made a
part of this Purchase Agreement, respectively, unless specific reference is made to such exhibits, articles, sections, paragraphs or subdivisions of another document or instrument. 

(vii) The words “shall” and “will” are used interchangeably throughout this Purchase Agreement and shall accordingly be
given the same meaning, regardless of which word is used. 
 (viii) Except to the extent expressly provided to the contrary, references to a
Party include its permitted successors and assigns. 

  
 14 

 (ix) The Exhibits attached to this Purchase Agreement shall be in the forms attached
hereto, provided that immaterial typos in such forms may be corrected, any blanks in such forms may be filled in and any bracketed items in such forms may be completed. 

ARTICLE 2 
 PURCHASE
AND SALE OF THE OFFERED INTERESTS 
 2.1 Purchase and Sale of the Offered Interests. Subject to the terms and conditions of
this Purchase Agreement and the other Operative Documents, at Closing, each Seller shall sell, transfer, convey, assign and deliver the following Offered Interests offered by it to Buyer, and Buyer shall purchase, acquire, accept, assume and receive
such Offered Interests from such Seller, free and clear of all Liens, other than Permitted Encumbrances: (a) the Offered Phoenix Interests from BPNA, (b) the Offered URSA Interests from BP Offshore, and (c) the Offered Mardi Gras
Interests from BPPL. 
 2.2 Purchase Price and Payment. In exchange for the Offered Interests, on the Closing Date, Buyer shall pay
the following amounts of cash consideration in immediately available funds by wire transfer to the accounts designated by such Seller: 

2.2(a) $81,000,000, plus (i) the amount of Capital Contributions made during the Interim Period by BPNA to Phoenix LLC in respect
of the Offered Phoenix Interests, plus (ii) any amounts provided by BPNA to Phoenix LLC under the revolving member loan provided to Phoenix LLC by its members under the Phoenix LLC Agreement as of the Closing Date (the “Phoenix
Purchase Price”), such aggregate amount to BPNA (or its designee) for the Offered Phoenix Interests; 
 2.2(b) $46,000,000,
plus the amount of Capital Contributions made during the Interim Period by BP Offshore to URSA LLC in respect of the Offered URSA Interests (the “URSA Purchase Price”), such aggregate amount to BP Offshore (or its designee)
for the Offered URSA Interests; and 
 2.2(c) $341,000,000, plus the amount of Capital Contributions made during the Interim Period by
BPPL to Mardi Gras LLC in respect of the Offered Mardi Gras Interests (the “Mardi Gras Purchase Price”), such aggregate amount to BPPL (or its designee) for the Offered Mardi Gras Interests. 

2.3 Closing. The consummation of the transactions contemplated by this Purchase Agreement (the “Closing”) shall be held
on the day that Closing occurs (the “Closing Date”) at the offices of HAK, 600 Travis St., Suite 4200, Houston, Texas 77002, or such other place as the Parties may agree in writing, and once consummated, shall be deemed to have
occurred as of the Effective Time. The Closing shall occur on the first Business Day of the calendar month after the Closing conditions set forth in Article 8 and Article 9 have been satisfied or
waived (except for conditions that, by their terms, cannot be satisfied until the Closing, but subject to the satisfaction or waiver of those conditions at the Closing), as applicable or such other date as agreed to in writing by the Parties;
provided that, no Party shall be entitled to rely for any purposes on any failure or non-fulfillment of the conditions to the obligations to consummate the

  
 15 

 
Closing set forth in Article 8 and Article 9 to the extent such failure or non-fulfillment is due to
the actions or omissions of such Party. For the avoidance of doubt, upon the consummation of the Closing, title to, ownership of, control over and risk of loss of the Offered Interests shall transfer to Buyer as of the Effective Time. 

2.4 Instruments of Conveyance, Transfer and Assumption. At the Closing, Sellers and Buyer shall deliver to one another duly executed
copies of the following instruments: 
 2.4(a) An assignment, conveyance and assumption agreement, in the form attached hereto as Exhibit A-1, duly executed by BPNA and Buyer, whereby BPNA shall convey, transfer and assign to Buyer the Offered Phoenix Interests, subject to Permitted Encumbrances, and Buyer shall accept and assume the Offered
Phoenix Interests and the related Assumed Liabilities; 
 2.4(b) An assignment, conveyance and assumption agreement, in the form attached
hereto as Exhibit A-2, duly executed by BP Offshore and Buyer, whereby (i) BP Offshore shall convey, transfer and assign to Buyer the Offered URSA Interests, subject to Permitted Encumbrances, and
(ii) Buyer shall accept and assume the Offered URSA Interests and the related Assumed Liabilities; 
 2.4(c) An assignment, conveyance
and assumption agreement, in the form attached hereto as Exhibit A-3, duly executed by BPPL and Buyer, whereby BPPL shall convey, transfer and assign to Buyer the Offered Mardi Gras Interests, and Buyer
shall accept and assume the Offered Mardi Gras Interests and the related Assumed Liabilities; 
 2.4(d) A joinder letter agreement, between
BPNA and Buyer relating to the delivery requirements under the Phoenix LLC Agreement, substantially in the form attached hereto as Exhibit B-1. 

2.4(e) A letter agreement, between BP Offshore and Buyer relating to the delivery requirements under the URSA LLC Agreement, substantially in
the form attached hereto as Exhibit B-2. 
 2.4(f) A letter agreement, between BPPL and Buyer
relating to the delivery requirements under the Mardi Gras LLC Agreement, substantially in the form attached hereto as Exhibit B-3. 

2.4(g) A closing certificate from BPNA, in the form attached hereto as Exhibit C-1, dated as of
the Closing Date, executed by a duly authorized person of BPNA, attesting as to the satisfaction of the respective conditions of BPNA set forth in Sections 8.1 and 8.2; 

2.4(h) A closing certificate from BP Offshore, in the form attached hereto as Exhibit C-2, dated
as of the Closing Date, executed by a duly authorized person of BP Offshore, attesting as to the satisfaction of the respective conditions of BP Offshore set forth in Sections 8.1 and 8.2; 

  
 16 

 2.4(i) A closing certificate from BPPL, in the form attached hereto as
Exhibit C-3, dated as of the Closing Date, executed by a duly authorized person of BPPL, attesting as to the satisfaction of the respective conditions of BPPL set forth in
Sections 8.1 and 8.2; 
 2.4(j) A properly executed statement from each Seller (or the appropriate parent
Affiliate, if Seller is disregarded as an entity separate from its parent for federal income tax purposes on the Closing Date), dated as of a date within thirty (30) calendar days of the Closing Date, in a form reasonably acceptable to Buyer
that meets the requirements of Treasury Regulation Section 1.1445-2(b)(2); 
 2.4(k) A closing
certificate from Buyer, substantially in the form attached hereto as Exhibit D, dated as of the Closing Date, executed by a duly authorized person of Buyer, attesting as to the satisfaction of the conditions set forth in
Sections 9.1 and 9.2; 
 2.4(l) Approval by the General Partner of an updated BP Administrative Fee (as
defined in the Omnibus Agreement) of $14,621,000 per year commencing from January 1, 2020 forward; 
 2.4(m) A properly executed IRS
Form W-9 from each Seller, dated as of a recent date prior to the Closing Date; and 
 2.4(n) Such
other instruments and agreements as the Parties may mutually agree are necessary or appropriate to consummate the transactions contemplated in this Purchase Agreement. 

2.5 Offered Interest Distributions. For the avoidance of doubt, notwithstanding anything to the contrary herein or in the applicable JV
Governing Instruments, after the Closing, (i) any and all distributions payable in cash, equity securities or other property declared, set aside or paid by Phoenix LLC, URSA LLC or Mardi Gras LLC on the Offered Phoenix Interests, Offered URSA
Interests or Offered Mardi Gras Interests (including from any of the Mardi Gras JV Companies), as the case may be, with respect to the period beginning on and after October 1, 2018 shall be prorated on a daily basis between such Seller and
Buyer, with Buyer retaining the prorated portion of any such distributions beginning on Closing Date, and (ii) any and all distributions payable in cash, equity securities or other property declared, set aside or paid by Phoenix LLC, URSA LLC
or Mardi Gras LLC on the Offered Phoenix Interests, Offered URSA Interests or Offered Mardi Gras Interests (including from any of the Mardi Gras JV Companies), as the case may be, with respect to the period prior to October 1, 2018 shall belong
to the Sellers. Any (i) prorated portion of any such distributions for the period commencing on October 1, 2018 and up to, but excluding, the Closing Date, or (ii) distributions for any period commencing prior to October 1, 2018,
that are received by Buyer shall be promptly remitted by Buyer to such Seller to the account designated by such Seller, and any such payment by Buyer to such Seller under this Section 2.5 shall be characterized as a
retention by such Seller of the right to receive its share of the distributions from Phoenix LLC, URSA LLC or Mardi Gras LLC on the Offered Phoenix Interests, Offered URSA Interests or Offered Mardi Gras Interests (including from any of the Mardi
Gras JV Companies), as the case may be. 

  
 17 

 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF SELLERS 

Subject to the disclaimers and other matters set forth in Articles 11 and 12 of this Purchase Agreement, and except as expressly
set forth in the Schedules, each Seller, severally but not jointly, hereby represents and warrants, as applicable and only as to itself and its respective Offered Interests, to Buyer as follows: 

3.1 Valid Organization. 

3.1(a) BPNA is a corporation duly formed, validly existing and in good standing under the Laws of the State of Maryland, and is duly qualified
or licensed to do business as a foreign entity in all states where it is necessary and required to be so qualified or licensed in order to perform the obligations and effect the transactions contemplated by this Purchase Agreement, except where the
failure to be so qualified or licensed in States other than Maryland would not reasonably be expected to cause a Material Adverse Effect. 

3.1(b) BP Offshore is a limited liability company duly formed, validly existing and in good standing under the Laws of the State of Delaware,
and is duly qualified or licensed to do business as a foreign entity in all states where it is necessary and required to be so qualified or licensed in order to perform the obligations and effect the transactions contemplated by this Purchase
Agreement, except where the failure to be so qualified or licensed in States other than Delaware would not reasonably be expected to cause a Material Adverse Effect. 

3.1(c) BPPL is a corporation duly formed, validly existing and in good standing under the Laws of the Maine, and is duly qualified or licensed
to do business as a foreign entity in all states where it is necessary and required to be so qualified or licensed in order to perform the obligations and effect the transactions contemplated by this Purchase Agreement, except where the failure to
be so qualified or licensed in States other than Maine would not reasonably be expected to cause a Material Adverse Effect. 
 3.2
Authorization. 
 3.2(a) BPNA has all requisite corporate power and authority to enter into this Purchase Agreement, and all other
Operative Documents required hereunder to be executed and delivered by BPNA, and to carry out the transactions contemplated for BPNA hereby and thereby. The execution and delivery by BPNA of this Purchase Agreement, and of all other Operative
Documents required hereunder to be executed and delivered by BPNA, and the performance by BPNA of the transactions contemplated hereby and thereby, have been duly and validly authorized by such corporate action as is necessary on behalf of BPNA.
This Purchase Agreement is, and each other Operative Document required to be executed and delivered by BPNA hereunder, when so executed and delivered by BPNA (assuming due authorization, execution and delivery by the other parties thereto), shall
be, a valid and binding agreement of BPNA, enforceable against BPNA in accordance with its terms, except (i) as limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws now or hereafter in effect relating to creditors’
rights, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding for the same may be brought. 

  
 18 

 3.2(b) BP Offshore has all requisite limited liability company power and authority to enter
into this Purchase Agreement, and all other Operative Documents required hereunder to be executed and delivered by BP Offshore, and to carry out the transactions contemplated for BP Offshore hereby and thereby. The execution and delivery by BP
Offshore of this Purchase Agreement, and of all other Operative Documents required hereunder to be executed and delivered by BP Offshore, and the performance by BP Offshore of the transactions contemplated hereby and thereby, have been duly and
validly authorized by such limited liability company action as is necessary on behalf of BP Offshore. This Purchase Agreement is, and each other Operative Document required to be executed and delivered by BP Offshore hereunder, when so executed and
delivered by BP Offshore (assuming due authorization, execution and delivery by the other parties thereto), shall be, a valid and binding agreement of BP Offshore, enforceable against BP Offshore in accordance with its terms, except (i) as
limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws now or hereafter in effect relating to creditors’ rights, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may
be subject to equitable defenses and to the discretion of the court before which any proceeding for the same may be brought. 
 3.2(c) BPPL
has all requisite corporate power and authority to enter into this Purchase Agreement, and all other Operative Documents required hereunder to be executed and delivered by BPPL, and to carry out the transactions contemplated for BPPL hereby and
thereby. The execution and delivery by BPPL of this Purchase Agreement, and of all other Operative Documents required hereunder to be executed and delivered by BPPL, and the performance by BPPL of the transactions contemplated hereby and thereby,
have been duly and validly authorized by such corporate action as is necessary on behalf of BPPL. This Purchase Agreement is, and each other Operative Document required to be executed and delivered by BPPL hereunder, when so executed and delivered
by BPPL (assuming due authorization, execution and delivery by the other parties thereto), shall be, a valid and binding agreement of BPPL, enforceable against BPPL in accordance with its terms, except (i) as limited by bankruptcy, insolvency,
reorganization, moratorium or similar Laws now or hereafter in effect relating to creditors’ rights, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses
and to the discretion of the court before which any proceeding for the same may be brought. 
 3.3 Consents. 

3.3(a) Except as set forth on Schedule 3.3(a), no consent, approval of or by, or filing with or notice to any other Person, including
any Governmental Authority or under any Contract or Law, is required to be made or obtained by BPNA in connection with the execution, delivery and performance by BPNA of this Purchase Agreement or the consummation of the transactions provided for by
BPNA hereunder, except where the failure to obtain such consent or approval, make such filing or give such notice would not reasonably be expected, individually or in the aggregate, to cause a Material Adverse Effect. 

  
 19 

 3.3(b) Except as set forth on Schedule 3.3(b), no consent, approval of or by, or
filing with or notice to any other Person, including any Governmental Authority or under any Contract or Law, is required to be made or obtained by BP Offshore in connection with the execution, delivery and performance by BP Offshore of this
Purchase Agreement or the consummation of the transactions provided for by BP Offshore hereunder, except where the failure to obtain such consent or approval, make such filing or give such notice would not reasonably be expected, individually or in
the aggregate, to cause a Material Adverse Effect. 
 3.3(c) Except as set forth on Schedule 3.3(c), no consent, approval of or by, or
filing with or notice to any other Person, including any Governmental Authority or under any Contract or Law, is required to be made or obtained by BPPL in connection with the execution, delivery and performance by BPPL of this Purchase Agreement or
the consummation of the transactions provided for by BPPL hereunder, except where the failure to obtain such consent or approval, make such filing or give such notice would not reasonably be expected, individually or in the aggregate, to cause a
Material Adverse Effect. 
 3.4 No Violation. 

3.4(a) None of (i) the execution and delivery of this Purchase Agreement by BPNA, (ii) the performance by BPNA of its obligations
under this Purchase Agreement or (iii) the consummation of the transactions contemplated for BPNA by this Purchase Agreement will, assuming receipt of the consents set forth on Schedule 3.3(a), (A) violate any provision of BPNA’s or
the Phoenix LLC Governing Instruments; (B) result in the creation or imposition of any Lien upon the Offered Phoenix Interests under any material Contract or commitment; (C) violate any material Contract to which BPNA is a party or by
which BPNA is bound, or, to the Knowledge of BPNA, violate any material Contract to which Phoenix LLC is a party or by which Phoenix LLC is bound; or (D) violate any statute or Law or any judgment, decree, order, permit, regulation or rule of
any Governmental Authority to which BPNA is subject, or, to the Knowledge of BPNA, violate any statute or Law or any judgment, decree, order, permit, regulation or rule of any Governmental Authority to which Phoenix LLC is subject; except where such
violation of any provision in clauses (B), (C) or (D), would not reasonably be expected, individually or in the aggregate, to cause a Material Adverse Effect. 

3.4(b) None of (i) the execution and delivery of this Purchase Agreement by BP Offshore, (ii) the performance by BP Offshore of its
obligations under this Purchase Agreement or (iii) the consummation of the transactions contemplated for BP Offshore by this Purchase Agreement will, assuming receipt of the consents set forth on Schedule 3.3(b), (A) violate any
provision of BP Offshore’s Governing Instruments or the URSA LLC Governing Instruments; (B) except as set forth on Schedule 3.4(b), result in the creation or imposition of any Lien upon the Offered URSA Interests under any material
Contract or commitment; (C) violate any material Contract to which BP Offshore is a party or by which BP Offshore is bound, or, to the Knowledge of BP Offshore, violate any material Contract to which URSA LLC is a party or by which URSA LLC is
bound; or (D) violate any statute or Law or any judgment, decree, order, permit, regulation or rule of any Governmental Authority to which BP Offshore is subject, or, to the Knowledge of BP Offshore, violate any statute or Law or any judgment,
decree, order, permit, regulation or rule of any Governmental Authority to which URSA LLC is subject; except where such violation of any provision in clauses (B), (C) or (D), would not reasonably be expected, individually or in the aggregate,
to cause a Material Adverse Effect. 

  
 20 

 3.4(c) None of (i) the execution and delivery of this Purchase Agreement by BPPL,
(ii) the performance by BPPL of its obligations under this Purchase Agreement or (iii) the consummation of the transactions contemplated for BPPL by this Purchase Agreement will, assuming receipt of the consents set forth on Schedule
3.3(c), (A) violate any provision of BPPL’s Governing Instruments; (B) result in the creation or imposition of any Lien upon the Offered Mardi Gras Interests under any material Contract or commitment; (C) violate any material
Contract to which BPPL is a party or by which BPPL is bound; or (D) violate any statute or Law or any judgment, decree, order, permit, regulation or rule of any Governmental Authority to which BPPL is subject; except where such violation of any
provision in clauses (B), (C) or (D), would not reasonably be expected, individually or in the aggregate, to cause a Material Adverse Effect. 

3.5 Title to the Offered Interests. 

3.5(a) BPNA has good and valid title to the Offered Phoenix Interests free and clear of all Liens other than Permitted Encumbrances. The
Offered Phoenix Interests have been duly authorized and validly issued and are fully paid (to the extent required under the Phoenix LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act). 

3.5(b) BP Offshore has good and valid title to the Offered URSA Interests free and clear of all Liens other than Permitted Encumbrances. The
Offered URSA Interests have been duly authorized and validly issued and are fully paid (to the extent required under the URSA LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act). 

3.5(c) BPPL has good and valid title to the Offered Mardi Gras Interests free and clear of all Liens other than Permitted Encumbrances. The
Offered Mardi Gras Interests have been duly authorized and validly issued and are fully paid (to the extent required under the Mardi Gras LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act). 

3.6 Litigation. 
 3.6(a)
Except as set forth on Schedule 3.6(a), there is no legal, equitable, bankruptcy, administrative or other action or proceeding pending or, to the Knowledge of BPNA, threatened against BPNA with respect to BPNA’s ownership of or ability
to transfer the Offered Phoenix Interests, by or before any arbitrator or Governmental Authority, which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

3.6(b) Except as set forth on Schedule 3.6(b), there is no legal, equitable, bankruptcy, administrative or other action or proceeding
pending or, to the Knowledge of BP Offshore, threatened against BP Offshore with respect to BP Offshore’s ownership of or ability to transfer the Offered URSA Interests, by or before any arbitrator or Governmental Authority, which would,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 21 

 3.6(c) Except as set forth on Schedule 3.6(c), there is no legal, equitable,
bankruptcy, administrative or other action or proceeding pending or, to the Knowledge of BPPL, threatened against BPPL with respect to BPPL’s ownership of or ability to transfer the Offered Mardi Gras Interests, by or before any arbitrator or
Governmental Authority, which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 3.7 No
Broker. None of the Sellers nor their respective Affiliates have retained or employed any broker, finder, or similar agent, or otherwise taken any action in connection with the negotiations relating to this Purchase Agreement and the
transactions contemplated hereby in a manner so as to give rise to any claims against Buyer for any brokerage commission, finder’s fee or other similar payment. 

3.8 Disclosure. None of the Sellers has, to its Knowledge, intentionally withheld disclosure from the Conflicts Committee or its
advisors of any fact, the existence of which would, individually or in the aggregate, be reasonably expected to cause or have a Material Adverse Effect. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES CONCERNING THE JV COMPANIES 

Subject to the disclaimers and other matters set forth in Articles 11 and 12 of this Purchase Agreement, and except as
expressly set forth in the Schedules, each Seller, severally but not jointly, hereby represents and warrants, as applicable and only as to itself and its respective Offered Interests, to Buyer as follows: 

4.1 Valid Organization as to the JV Companies. 

4.1(a) To the Knowledge of BPNA, Phoenix LLC is as of the Signing Date, and will be as of the Closing Date, a limited liability company duly
formed, validly existing and in good standing under the Laws of the State of Delaware, and is as of the Signing Date, and will be as of the Closing Date, duly qualified or licensed to do business as a foreign entity in all States where it is
necessary and required to be so qualified or licensed in order to operate its business as currently conducted, except where the failure to be so qualified or licensed in States other than Delaware would not reasonably be expected to cause a Material
Adverse Effect. 
 4.1(b) To the Knowledge of BP Offshore, URSA LLC is as of the Signing Date, and will be as of the Closing Date, a limited
liability company duly formed, validly existing and in good standing under the Laws of the State of Delaware, and is as of the Signing Date, and will be as of the Closing Date, duly qualified or licensed to do business as a foreign entity in all
States where it is necessary and required to be so qualified or licensed in order to operate its business as currently conducted, except where the failure to be so qualified or licensed in States other than Delaware would not reasonably be expected
to cause a Material Adverse Effect. 

  
 22 

 4.2 Capitalization; Other Interests. 

4.2(a) 
 (i) BPNA owns,
beneficially and of record, the Offered Phoenix Interests. 
 (ii) To the Knowledge of BPNA, Schedule 4.2(a)(ii) contains a complete
and accurate listing of the equity capitalization of Phoenix LLC. 
 (iii) To the Knowledge of BPNA, except as set forth on
Schedule 4.2(a)(iii), Phoenix LLC is not a party to any written agreement for, and Phoenix LLC has not granted or issued, or agreed to grant or issue, to any Person any option or right for, the purchase, subscription,
allotment or issue of any unissued interests, units or other securities of Phoenix LLC. To the Knowledge of BPNA, Phoenix LLC has no subsidiaries and does not own equity interests in any other Person. 

4.2(b) 
 (i) BP Offshore owns,
beneficially and of record, the Offered URSA Interests. 
 (ii) To the Knowledge of BP Offshore, Schedule 4.2(b)(ii) contains a
complete and accurate listing of the equity capitalization of URSA LLC. 
 (iii) To the Knowledge of BP Offshore, except as set forth on
Schedule 4.2(b)(iii), URSA LLC is not a party to any written agreement for, and URSA LLC has not granted or issued, or agreed to grant or issue, to any Person any option or right for, the purchase, subscription, allotment or issue of any
unissued interests, units or other securities of URSA LLC. To the Knowledge of BP Offshore, URSA LLC has no subsidiaries and does not own equity interests in any other Person. 

4.2(c) BPPL owns, beneficially and of record, the Offered Mardi Gras Interests. 

4.3 Tax Matters. Notwithstanding any provision to the contrary in this Purchase Agreement, the representations and warranties contained
in this Section 4.3, are the sole and exclusive representations and warranties of Sellers pertaining or relating to matters arising under or with respect to Taxes. 

4.3(a) Except as set forth on Schedule 4.3(a), to the Knowledge of BPNA, (i) Phoenix LLC has filed in a timely manner all required
Tax Returns, and has paid (except for amounts being diligently contested in good faith) all required Tax or similar assessments arising from or related to its businesses or assets; (ii) there is no pending action, proceeding or investigation
for assessment or collection of Taxes and no Tax assessment, deficiency or adjustment has been asserted or proposed with respect to Phoenix LLC or its businesses or assets; (iii) except with respect to extensions of time to file Tax Returns
obtained in the ordinary course of business, there is not in force any outstanding agreement or waiver by or with respect 

  
 23 

 
to Phoenix LLC or its businesses or assets; (iv) Phoenix LLC is not a party to any Tax allocation or Tax sharing agreement that will be binding on Phoenix LLC after Closing; (v) Phoenix
LLC has not made an election to change its default entity classification under Treasury Regulation Section 301.7701-3; and (vi) since its date of organization, Phoenix LLC has been classified as a
partnership for U.S. federal income tax purposes and has in effect a valid election under Section 754 of the Code. 
 4.3(b) Except as
set forth on Schedule 4.3(b), to the Knowledge of BP Offshore, (i) URSA LLC has filed in a timely manner all required Tax Returns, and has paid (except for amounts being diligently contested in good faith) all required Tax or similar
assessments arising from or related to its businesses or assets; (ii) there is no pending action, proceeding or investigation for assessment or collection of Taxes and no Tax assessment, deficiency or adjustment has been asserted or proposed
with respect to URSA LLC or its businesses or assets; (iii) except with respect to extensions of time to file Tax Returns obtained in the ordinary course of business, there is not in force any outstanding agreement or waiver by or with respect
to URSA LLC or its businesses or assets; (iv) URSA LLC is not a party to any Tax allocation or Tax sharing agreement that will be binding on URSA LLC after Closing; (v) URSA LLC has not made an election to change its default entity
classification under Treasury Regulation Section 301.7701-3; and (vi) since its date of organization, URSA LLC has been classified as a partnership for U.S. federal income Tax purposes and has in
effect a valid election under Section 754 of the Code. 
 4.4 Litigation relating to JV Companies 

4.4(a) To the Knowledge of BPNA, except as set forth on Schedule 4.4(a), there is no legal, equitable, bankruptcy, administrative or
other action or proceeding pending, or, threatened in writing, against Phoenix LLC before any arbitrator or Governmental Authority, which would reasonably be expected to have a Material Adverse Effect. 

4.4(b) To the Knowledge of BP Offshore, except as set forth on Schedule 4.4(b), there is no legal, equitable,
bankruptcy, administrative or other action or proceeding pending, or, threatened in writing, against URSA LLC before any arbitrator or Governmental Authority, which would reasonably be expected to have a Material Adverse Effect. 

4.5 Environmental Matters. Except to the extent that the representations in Sections 3.3 and 3.4 may
indirectly relate to environmental matters, the representations and warranties contained in this Section 4.5, are the sole and exclusive representations and warranties of Sellers pertaining or relating to matters arising
under or with respect to applicable Environmental Laws. 
 4.5(a) To the Knowledge of BPNA, except as set forth on
Schedule 4.5(a), or as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: 

(i) Phoenix LLC, the Phoenix Terminals and Phoenix LLC’s operations and businesses are in compliance with all Environmental Laws, which
compliance includes the due attainment, filing, possession and maintenance of, and compliance with, all material Environmental Permits; 

  
 24 

 (ii) no circumstances exist with respect to Phoenix LLC, the Phoenix Terminals and Phoenix
LLC’s operations and businesses that give rise to an obligation or liability by Phoenix LLC or its operators related to the investigation, remediation or other action necessary to address the presence,
on-site or off-site, of Hazardous Substances under any applicable Environmental Laws; 

(iii) Phoenix LLC has not received any written communication from a Governmental Authority that remains unresolved alleging that it may be in
violation of any Environmental Law or any material Environmental Permit; 
 (iv) none of Phoenix LLC, the Phoenix Terminals or Phoenix
LLC’s operations or businesses are subject to any pending or threatened in writing, claim, action, suit, investigation, inquiry, proceeding, order, decree or settlement under any Environmental Law (including designation as a potentially
responsible party under CERCLA or any similar local or state law); and 
 (v) since February 1, 2016, there has been no release of any
Hazardous Substances into the environment by Phoenix LLC, the Phoenix Terminals or Phoenix LLC’s operations or business, or by a Third Party, except in compliance with applicable Environmental Law. 

4.5(b) To the Knowledge of BP Offshore, except as set forth on Schedule 4.5(b), or as would not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect: 
 (i) URSA LLC, the URSA Pipeline System and URSA LLC’s
operations and businesses are in compliance with all Environmental Laws, which compliance includes the due attainment, filing, possession and maintenance of, and compliance with, all material Environmental Permits; 

(ii) no circumstances exist with respect to URSA LLC, the URSA Pipeline System and URSA LLC’s operations and businesses that give rise to
an obligation or liability by URSA LLC or its operators related to the investigation, remediation or other action necessary to address the presence, on-site or off-site,
of Hazardous Substances under any applicable Environmental Laws; 
 (iii) URSA LLC has not received any written communication from a
Governmental Authority that remains unresolved alleging that it may be in violation of any Environmental Law or any material Environmental Permit; 

(iv) none of URSA LLC, the URSA Pipeline System or URSA LLC’s operations or businesses are subject to any pending or threatened in
writing, claim, action, suit, investigation, inquiry, proceeding, order, decree or settlement under any Environmental Law (including designation as a potentially responsible party under CERCLA or any similar local or state law); and 

  
 25 

 (v) since January 1, 2015, there has been no release of any Hazardous Substances into
the environment by URSA LLC, the URSA Pipeline System or URSA LLC’s operations or business, or by a Third Party, except in compliance with applicable Environmental Law. 

4.6 Permits. 
 4.6(a) To
the Knowledge of BPNA, except as set forth on Schedule 4.6(a), 
 (i) Phoenix LLC has all Permits that are
necessary for the conduct of its business as now being conducted (collectively, “Phoenix Permits”), except, in each case, for such items for which the failure to obtain or have waived would not result in a Material Adverse Effect;

 (ii) All Phoenix Permits are validly held by Phoenix LLC or its operator and are in full force and effect, except as would not reasonably
be expected to have a Material Adverse Effect; 
 (iii) Phoenix LLC has complied with all terms and conditions of the Phoenix Permits,
except as would not reasonably be expected to have a Material Adverse Effect; 
 (iv) There is no outstanding written notice nor any other
notice of revocation, cancellation or termination of any Phoenix Permit, except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and 

(v) No proceeding is pending or threatened in writing with respect to any alleged failure by Phoenix LLC to have any material Phoenix Permit
necessary for the operation of any of the Phoenix Terminals or the conduct of Phoenix LLC’s businesses. 
 4.6(b) To the Knowledge of BP
Offshore, except as set forth on Schedule 4.6(b), 
 (i) URSA LLC has all Permits that are necessary for the
conduct of its business as now being conducted (collectively, “URSA Permits”), except, in each case, for such items for which the failure to obtain or have waived would not result in a Material Adverse Effect; 

(ii) All URSA Permits are validly held by URSA LLC or its operator and are in full force and effect, except as would not reasonably be
expected to have a Material Adverse Effect; 
 (iii) URSA LLC has complied with all terms and conditions of the URSA Permits, except as
would not reasonably be expected to have a Material Adverse Effect; 
 (iv) There is no outstanding written notice nor any other notice of
revocation, cancellation or termination of any URSA Permit, except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and 

  
 26 

 (v) No proceeding is pending or threatened in writing with respect to any alleged failure
by URSA LLC to have any material URSA Permit necessary for the operation of the URSA Pipeline System or the conduct of URSA LLC’s business. 

4.7 Compliance with Laws. None of the representations and warranties in Section 4.7 shall be deemed to relate
to environmental matters, including Environmental Laws (which are governed by Section 4.5), employment or employee benefits matters (which are governed by Section 4.8), Tax matters (which are
governed by Section 4.3) or Permit matters (which are governed by Section 4.6). 
 4.7(a)
Except as set forth on Schedule 4.7(a), to the Knowledge of BPNA, Phoenix LLC is in compliance in all material respects with all applicable Laws with respect to the ownership and operation of the Phoenix Terminals, except for any non-compliance which would not reasonably be expected, individually or in the aggregate, to cause a Material Adverse Effect. 

4.7(b) Except as set forth on Schedule 4.7(b), to the Knowledge of BP Offshore, URSA LLC is in compliance in all material respects with
all applicable Laws with respect to the ownership and operation of the URSA Pipeline System, except for any non-compliance which would not reasonably be expected, individually or in the aggregate, to cause a
Material Adverse Effect. 
 4.8 Employee Matters. 

4.8(a) To the Knowledge of BPNA, Phoenix LLC does not have, and has not had, any employees. Except with respect to financial obligations owed
by Phoenix LLC to its operator under the Phoenix Operating Agreement, Phoenix LLC does not maintain or contribute to, and is not subject to any liability in respect of, any employee benefit or welfare plan of any nature, including plans subject to
ERISA. 
 4.8(b) To the Knowledge of BP Offshore, URSA LLC does not have, and has not had, any employees. Except with respect to financial
obligations owed by URSA LLC to its operator under the URSA Operating Agreement, URSA LLC does not maintain or contribute to, and is not subject to any liability in respect of, any employee benefit or welfare plan of any nature, including plans
subject to ERISA. 
 4.9 Financial Matters. 

4.9(a) To the Knowledge of BPNA: 

(i) Except as set forth on Schedule 4.9(a)(i), Phoenix LLC does not have any outstanding Indebtedness. 

(ii) Schedule 4.9(a)(ii) sets forth (A) consolidated audited balance sheets as of December 31 in each of the years 2017 and
2016, and statements of income, statements of cash flows and statements of members’ equity of Phoenix LLC, in each case, for the years ended December 31, 2017 and December 31, 2016, and (B) a consolidated unaudited balance sheet
as of June 30, 2018 (the “Phoenix Current Balance Sheet”), and consolidated 

  
 27 

 
unaudited statements of income, statements of cash flows and statements of members’ equity, in each case, for the six months ended June 30, 2018, of Phoenix LLC (collectively, the
“Phoenix Financial Statements”). Except as set forth in the Phoenix Financial Statements or as disclosed in Schedule 4.9(a)(ii), the Phoenix Financial Statements (x) were derived from the books and records of Phoenix
LLC, (y) have been prepared in accordance with GAAP, consistently applied in accordance with past practice (except that the unaudited financial statements referenced in Section 4.9(a)(ii)(B) are subject to normal year-end adjustments), and (z) present fairly, in all material respects, the consolidated financial position, results of operations and cash flow of Phoenix LLC, as of the date thereof and for the periods then
ended. 
 4.9(b) To the Knowledge of BP Offshore: 

(i) Except as set forth on Schedule 4.9(b)(i), URSA LLC does not have any outstanding Indebtedness. 

(ii) Schedule 4.9(b)(ii) sets forth (A) consolidated audited balance sheets as of December 31 in each of the years 2017 and
2016, and statements of income, statements of members’ capital and statements of cash flows of URSA LLC, in each case, for the years ended December 31, 2017 and December 31, 2016, and (B) a consolidated unaudited balance sheet as
of June 30, 2018 (the “URSA Current Balance Sheet”), and consolidated unaudited income statement, statement of changes in members’ capital and statement of cash flows, in each case, for the six months ended June 30,
2018, of URSA LLC (collectively, the “URSA Financial Statements”). Except as set forth in the URSA Financial Statements or as disclosed in Schedule 4.9(b)(ii), the URSA Financial Statements (x) were
derived from the books and records of URSA LLC, (y) have been prepared in accordance with GAAP, consistently applied in accordance with past practice (except that the unaudited financial statements referenced in
Section 4.9(b)(ii)(B) have been prepared without footnotes and are subject to normal year-end adjustments), and (z) present fairly, in all material respects, the consolidated
financial position, results of operations and cash flow of URSA LLC, as of the date thereof and for the periods then ended. 
 4.10
Insurance. 
 4.10(a) To the Knowledge of BPNA, except as set forth on Schedule 4.10(a), (i) all material
written insurance policies held by or for the benefit of Phoenix LLC (and the businesses conducted thereby) (collectively, the “Phoenix Insurance Policies”) are in full force and effect, (ii) all premiums due and payable on the
Phoenix Insurance Policies have been paid, (iii) the terms and conditions of the Phoenix Insurance Policies have been complied with in all material respects by Phoenix LLC or its operator, and (iv) no written notice of cancellation or
termination has been received by Phoenix LLC or its operator with respect to any Phoenix Insurance Policy that has not been replaced on substantially similar terms prior to the date of such cancellation. 

4.10(b) To the Knowledge of BP Offshore, except as set forth on Schedule 4.10(b), (i) all material written insurance
policies held by or for the benefit of URSA LLC (and the businesses conducted thereby) (collectively, the “URSA Insurance Policies”) are in full force and effect, (ii) all premiums due and payable on the URSA Insurance Policies
have 

  
 28 

 
been paid, (iii) the terms and conditions of the URSA Insurance Policies have been complied with in all material respects by URSA LLC or its operator, and (iv) no written notice of
cancellation or termination has been received by URSA LLC or its operator with respect to any URSA Insurance Policy that has not been replaced on substantially similar terms prior to the date of such cancellation. 

4.11 Title to Properties. 

4.11(a) To the Knowledge of BPNA, except as disclosed on Schedule 4.11(a), Phoenix LLC has (i) fee simple title to the owned real
property used or held for use by Phoenix LLC for the conduct of its businesses in the Ordinary Course of Business, free and clear of any Liens (other than Permitted Liens) and (ii) a valid leasehold interest in each of the leased properties
used or held for use by Phoenix LLC for the conduct of its businesses in the Ordinary Course of Business, free and clear of any Liens (other than Permitted Liens). 

4.11(b) To the Knowledge of BP Offshore, URSA LLC has valid interest in each of the rights-of-ways used or held for use by URSA LLC for the conduct of its businesses in the Ordinary Course of Business, free and clear of any Liens (other than Permitted Liens). 

4.12 No Adverse Changes. 

4.12(a) To the Knowledge of BPNA, except as disclosed on Schedule 4.12(a), (i) there has not been a Material Adverse Effect and
(ii) there has not been any damage, destruction or loss to any material portion of the Phoenix Terminals since the Phoenix Current Balance Sheet Date, whether or not covered by insurance, in excess of One Million Dollars ($1,000,000). 

4.12(b) To the Knowledge of BP Offshore, except as disclosed on Schedule 4.12(b), (i) there has not been a Material
Adverse Effect and (ii) there has not been any damage, destruction or loss to any material portion of the URSA Pipeline System since the URSA Current Balance Sheet Date, whether or not covered by insurance, in excess of One Million Dollars
($1,000,000). 
 4.13 Regulatory Matters. To the Knowledge of BP Offshore, URSA LLC is not subject to rate regulation by the Federal
Energy Regulatory Commission (the “FERC”). No approval or consent by any state public utility commission (or equivalent federal or state regulatory authority) or the U.S. Bureau of Ocean Energy Management is required in connection
with the execution and delivery of this Purchase Agreement or the consummation of the transactions contemplated hereby, except to the extent that any failure to obtain such approval, either individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. 
 4.14 Management Projections and Budget. 

4.14(a) The projections and budgets regarding Phoenix LLC and its assets identified on Schedule 4.14(a), which were provided to the
Conflicts Committee and its financial advisor as part of its review in connection with this Purchase Agreement, were prepared based upon assumptions that BPNA’s management believes to be reasonable as of the date hereof and are consistent with
the reasonable expectations of BPNA’s management as of the date hereof, in each case with respect to Phoenix LLC and its assets, taken as a whole. 

  
 29 

 4.14(b) The projections and budgets regarding URSA LLC and its assets identified on
Schedule 4.14(b), which were provided to the Conflicts Committee and its financial advisor as part of its review in connection with this Purchase Agreement, were prepared based upon assumptions that BP Offshore’s management believes to
be reasonable as of the date hereof and are consistent with the reasonable expectations of BP Offshore’s management as of the date hereof, in each case with respect to URSA LLC and its assets, taken as a whole. 

4.14(c) The projections and budgets regarding Mardi Gras LLC and the Mardi Gras JV Companies and their respective assets identified on
Schedule 4.14(c), which were provided to the Conflicts Committee and its financial advisor as part of its review in connection with this Purchase Agreement, were prepared based upon assumptions that BPPL’s management believes to be
reasonable as of the date hereof and are consistent with the reasonable expectations of BPPL’s management as of the date hereof, in each case with respect to Mardi Gras LLC and the Mardi Gras JV Companies and their respective assets, taken as a
whole. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Except as expressly set forth in the Schedules, Buyer hereby represents and warrants to each Seller as follows: 

5.1 Valid Organization. Buyer is a limited partnership duly formed, validly existing and in good standing under the Laws of the State of
Delaware. As of the Closing Date, Buyer will be duly qualified or licensed to do business in all States where it is necessary and required to be so qualified or licensed in order to perform the obligations and effect the transactions contemplated by
this Purchase Agreement. 
 5.2 Authorization. Buyer has all requisite limited partnership power and authority to enter into this
Purchase Agreement, and all other documents required hereunder to be executed and delivered by Buyer, to carry out the transactions contemplated hereby and thereby and to acquire and own the Offered Interests. The execution and delivery by Buyer of
this Purchase Agreement, and of all other Operative Documents required hereunder to be executed and delivered by Buyer, and the performance by Buyer of the transactions contemplated hereby and thereby, have been duly and validly authorized by such
partnership action as is necessary on behalf of Buyer. This Purchase Agreement is, and each other Operative Document required to be executed and delivered by Buyer hereunder, when so executed and delivered by Buyer (assuming due authorization,
execution and delivery by the other parties thereto), shall be, a valid and binding agreement of Buyer, enforceable against Buyer in accordance with its terms, except (a) as limited by bankruptcy, insolvency, reorganization, moratorium or
similar Laws now or hereafter in effect relating to creditors’ rights, and (b) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the
court before which any proceeding for the same may be brought. 

  
 30 

 5.3 Consents. Except as set forth on Schedule 5.3, no consent, approval of or
by, or filing with or notice to any other Person, including any Governmental Authority or under any Contract or Law, is required to be made or obtained by Buyer in connection with the execution, delivery and performance of this Purchase Agreement or
the consummation of the transactions provided for by Buyer hereunder, except where the failure to obtain such consent or approval, make such filing or give such notice would not reasonably be expected, individually or in the aggregate, to have a
material and adverse impact on the ability of Buyer to perform its obligations under this Purchase Agreement or to consummate the transactions contemplated hereby. 

5.4 No Violation. None of (a) the execution and delivery by Buyer of this Purchase Agreement, (b) the performance by Buyer of
its obligations under this Purchase Agreement, or (c) the consummation of the transactions contemplated for Buyer by this Purchase Agreement will: (i) violate any provision of the Buyer Governing Instruments; (ii) to the Knowledge of
Buyer, result in the creation or imposition of any Lien upon the Offered Interests under any material Contract or commitment; (iii) violate any material Contract to which Buyer is a party or by which Buyer is bound; or (iv) violate any
statute or Law or any judgment, decree, order, permit, regulation or rule of any Governmental Authority to which Buyer is subject; except where such violation of any provision in clauses (ii), (iii) and (iv), would not reasonably be expected,
individually or in the aggregate, to have a material and adverse impact on the ability of Buyer to perform its obligations under this Purchase Agreement or to consummate the transactions contemplated hereby. 

5.5 Litigation. There is no legal, equitable, bankruptcy, administrative or other action or proceeding pending or, to the Knowledge of
Buyer, threatened against Buyer or its Affiliates with respect to any of the Offered Interests, by or before any arbitrator or Governmental Authority, that would reasonably be expected to have a material and adverse impact on the ability of Buyer to
perform its obligations under this Purchase Agreement or to consummate the transactions contemplated hereby. 
 5.6 Acquisition as
Investment; Buyer’s Experience. Buyer is acquiring the Offered Interests for its own account as an investment without the present intent to sell, transfer or otherwise distribute (including as such term or words of similar
import are used in Section 2(a)(11) of the Securities Act of 1933, as amended (the “1933 Act”)) the same to any other Person. Buyer has made, independently and without reliance on Seller, its own analysis of the JV Companies
and the JV Assets for the purpose of acquiring the Offered Interests and Buyer has had reasonable and sufficient access to documents, other information and materials as it considers appropriate to make its evaluations. Buyer (i) has the
knowledge and experience in financial and business matters that enable it to evaluate the merits and risks of the transactions described in this Purchase Agreement, (ii) is not in a significantly disparate bargaining position in relation to the
Sellers and (iii) is able to bear the economic risk of the acquisition of the Offered Interests pursuant to the terms of this Purchase Agreement, including a complete loss of Buyer’s investment in the Offered Interests. Buyer understands
that (i) the Offered Interests are not registered under the 1933 Act and have not been qualified under any state securities Laws on the grounds that the offering and sale of the Offered Interests contemplated by this Purchase Agreement are
exempt from registration thereunder and Sellers’ reliance on such exemptions is predicated on Buyer’s representations set forth herein. Buyer understands that none of the 

  
 31 

 
Offered Interests may be transferred, except as permitted under the 1933 Act and applicable state securities Laws pursuant to registration or an applicable exemption thereunder. Buyer is an
“accredited investor” as defined under Rule 501 promulgated under the 1933 Act. For purposes of state “blue sky” Laws, Buyer represents and warrants that the principal executive officers of Buyer are located in the State of Texas
and that the decision by Buyer to acquire the Offered Interests shall be deemed to occur solely in the State of Texas. 
 5.7 No
Broker. Buyer and its Affiliates have not retained or employed any broker, finder, or similar agent, or otherwise taken any action in connection with the negotiations relating to this Purchase Agreement and the transactions contemplated hereby
in a manner so as to give rise to any claims against the Seller Parties or any member thereof for any brokerage commission, finder’s fee or other similar payment. 

ARTICLE 6 

OBLIGATIONS OF THE PARTIES 

6.1 Covenants of Sellers. Each Seller, severally but not jointly, hereby covenants and agrees, as applicable and only as to its
respective Offered Interests, with Buyer that: 
 6.1(a) Pre-Closing Access and Information.
Subject to the provisions of that certain Confidentiality Agreement by and among each of the Sellers, Mardi Gras LLC and Buyer, dated July 20, 2018 (the “Confidentiality Agreement”), and upon reasonable notice, each Seller
shall use commercially reasonable efforts to provide to Buyer, or cause to be provided to Buyer, reasonable electronic access throughout the period between the Signing Date and the Effective Time (the “Interim Period”) to the Books
and Records that may reasonably be requested by Buyer; provided that no Seller shall be required to disclose any Books and Records to Buyer if such disclosure would, in Seller’s sole discretion, include any (i) data or information
that are subject to any Seller Party’s data privacy policies, (ii) data or information subject to legal privilege (including attorney-client), obligations owed to the other members of the JV Companies pursuant to any JV Governing
Instruments or obligations of confidentiality owed to Third Parties or (iii) data or information that would contravene any Laws or any JV Governing Instruments. 

6.1(b) Conduct of Business. During the Interim Period, except for the expenditures set forth on the Specified Projects Schedule
or otherwise contemplated by this Purchase Agreement, any JV Governing Instruments or in connection with necessary repairs due to a breakdown or casualty of any of the JV Assets, or other reasonable actions taken in response to a business emergency
or other unforeseen operational matter (including as deemed necessary by any of the Sellers, in such Seller’s sole discretion, to prevent or mitigate an imminent threat or danger to life or property), (i) BPNA shall Influence Phoenix LLC to
operate the Phoenix Terminals in the Ordinary Course of Business and not to acquire, commence or conduct any activity or business that may generate income for United States federal income tax purposes that may not be “qualifying income”
(as such term is defined pursuant to Section 7704 of the Code), except to the extent such activity or business is being conducted on the date of this Agreement and (ii) BP Offshore shall Influence URSA LLC to operate the URSA Pipeline
System in the Ordinary Course of Business and not to acquire, commence or conduct any activity or business that may generate income for United States federal income tax purposes that may not be “qualifying income” (as such term is defined
pursuant to Section 7704 of the Code), except to the extent such activity or business is being conducted on the date of this Agreement. 
  

  
 32 

 6.1(c) Schedules. From the Signing Date through and including the Closing Date, each
Seller shall have the right, but not the obligation, to disclose to Buyer additions or changes to the Schedules to this Purchase Agreement that qualify such Seller’s representations and warranties contained in
Article 3 or Article 4 (as applicable) to reflect facts, circumstances, events or developments occurring since the Signing Date (each such notice, a “Notice of Modification”). Any
such updated disclosure in a Notice of Modification given by any Seller pursuant to this Section 6.1(c) shall not be deemed to cure any breach of any of Sellers’ representations or warranties contained in this Purchase
Agreement, including for purposes of fulfilment of the condition set forth in Section 8.1(a); provided, however, that, notwithstanding anything to the contrary in the foregoing, if Closing occurs following delivery
of any Notice of Modification, such Notice of Modification shall be deemed to have amended the Schedules, and therefore to have qualified the representations and warranties contained in Article 3 or
Article 4 (as applicable), with respect to all facts, circumstances, events or developments set forth therein that occurred since the Signing Date, and to have thereby corrected any misrepresentation or breach of warranty
that otherwise might have existed hereunder as of the date such Notice of Modification was given by reason of any fact, circumstance, event or development (with the result that no misrepresentation or breach shall be deemed to have occurred), in
each case to the extent of the disclosure contained in such notice, including for purposes of Sections 8.1 and 11.1(a), and Buyer shall be deemed to have irrevocably waived its right to indemnification under
Section 11.1(a)(i) with respect to such facts, circumstances, events and developments set forth therein. 
 6.1(d)
Financial Statements. During the Interim Period, BPNA and BP Offshore shall Influence Phoenix LLC and URSA LLC, respectively, to cause their respective accountants, auditors and employees, to discuss, cooperate and provide information
reasonably requested by Buyer or its Representatives, in order for Buyer to prepare audited and unaudited historical financial statements with respect to the corresponding Offered Interests, the corresponding JV Companies and the corresponding JV
Assets and pro forma financial statements of Buyer, in each case that meet the requirements of Regulation S-X promulgated under the 1933 Act and within the timeframe specified for the Partnership to file such
financial statements on Form 8-K under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder. During the Interim
Period, BPNA and BP Offshore shall Influence Phoenix LLC and URSA LLC, respectively, to cause their respective accountants, auditors and employees to reasonably cooperate with Buyer with regards to responding to any comments from the Securities and
Exchange Commission on such financial statements. Buyer shall be responsible for and shall pay for or reimburse BPNA and BP Offshore (and Phoenix LLC and URSA LLC, as applicable) for all costs and expenses incurred by such Seller (and Phoenix LLC
and URSA LLC, as applicable) in connection with the preparation of any such financial statements contemplated by this Section 6.1(d) or responding to comments from the Securities and Exchange Commission relating thereto
(including reasonable accountants’ and auditors’ fees). For the avoidance of doubt, notwithstanding anything contrary in this Section 6.1(d), no Seller shall be required to disclose any information if such
disclosure would, in such Seller’s sole discretion, include any (i) 

  
 33 

 
data or information that are subject to any of the Seller Party’s data privacy policies, (ii) data or information subject to legal privilege (including attorney-client), obligations
owed to the other members of the JV Companies pursuant to any JV Governing Instruments or obligations of confidentiality owed to Third Parties or (iii) data or information that would contravene any Laws or any JV Governing Instruments. 

6.1(e) Financial Cooperation. During the Interim Period, BPNA and BP Offshore shall use their respective commercially reasonable
efforts, and shall Influence Phoenix LLC and URSA LLC, respectively, to cause their respective representatives (including auditors) to provide all customary cooperation as reasonably requested by Buyer to assist Buyer in the arrangement of the
Financing, if any, including any necessary offering documents related thereto; provided, that, for the avoidance of doubt, neither BPNA nor BP Offshore shall be required to disclose any information if such disclosure would, in such
Seller’s sole discretion, include any (i) data or information that are subject to any Seller Party’s data privacy policies, (ii) data or information subject to legal privilege (including attorney-client), obligations owed to the
other members of the JV Companies pursuant to any JV Governing Instruments or obligations of confidentiality owed to Third Parties or (iii) data or information that would contravene any Laws or any JV Governing Instruments. Buyer shall be
responsible for and shall pay for or reimburse BPNA and BP Offshore (and Phoenix LLC and URSA LLC, as applicable) for all costs and expenses incurred by such Seller (and Phoenix LLC and URSA LLC, as applicable) in connection with causing their
respective Representatives (including auditors) to provide such customary cooperation to assist Buyer in the arrangement of the Financing (including reasonable auditors’ fees), including any necessary offering documents related thereto
contemplated by this Section 6.1(e). 
 6.2 Covenants of Buyer. Buyer hereby covenants and agrees with each
Seller that: 
 6.2(a) Records. Buyer shall not destroy or dispose (or Influence or cause any of the JV Companies to destroy or
dispose) of any such books, records and accounts for a period of at least seven (7) years after the Closing Date without first giving reasonable prior notice thereof and offering to surrender to the Seller Parties such books, records and
accounts which Buyer or any of the JV Companies may intend to destroy or dispose of. 
 6.2(b) Responsibilities as of the Closing.
Upon the effectiveness of the Closing, Buyer shall assume all responsibilities and obligations attributable in any way as the owner of record of the Offered Interests, including any responsibilities and obligations attributable with respect to each
of the JV Assets as a result of being an owner of such Offered Interests, including those arising under any JV Governing Instruments. 

6.2(c) Conduct of Business. During the Interim Period, except for expenditures set forth on the Mardi Gras Specified Projects
Schedule or otherwise contemplated by this Purchase Agreement and the JV Governing Instruments or in connection with necessary repairs due to a breakdown or casualty loss of any of the Mardi Gras JV Systems, or other reasonable actions taken in
response to a business emergency or other unforeseen operational matter (including as deemed necessary by Buyer, in Buyer’s sole discretion, to prevent or mitigate an imminent threat or danger to life or property), Buyer shall Influence each of
the Mardi Gras JV Companies to operate the Mardi Gras JV Systems in the Ordinary Course of Business. 

  
 34 

 6.3 Mutual Covenants. Each Seller, severally but not jointly, hereby covenants and
agrees, as applicable and only as to its respective interests in the Offered Interests, with Buyer and Buyer hereby covenants and agrees with each Seller that: 

6.3(a) Further Assurances. Each Party shall execute and deliver such instruments and take such other actions as the other Parties may
reasonably request in order to carry out the intent of this Purchase Agreement. 
 6.3(b) Consents. Each Party shall (and shall cause
its Affiliates to) use its respective commercially reasonable efforts to cause the transactions contemplated by this Purchase Agreement to be consummated, including to cause the Closing conditions set forth in Article 8 and
Article 9 to be satisfied (except for conditions that, by their terms, cannot be satisfied until Closing, but subject to the satisfaction or waiver of those conditions at the Closing), and, if possible to be consummated, as
of October 1, 2018, and, without limiting the generality of the foregoing, to (i) make all filings with and give all notices to, Governmental Authorities and other Third Parties that may be necessary or reasonably required in connection
with the consummation of the transactions contemplated by this Purchase Agreement, including under the JV Governing Instruments, and (ii) promptly apply for, and take all reasonably necessary actions to obtain or make, as applicable, all orders
and authorizations of any Governmental Authority and other Third Parties required to be obtained or made by it for the consummation of the transactions contemplated by this Purchase Agreement, including under the JV Governing Instruments. Each of
the Parties shall reasonably cooperate with and promptly furnish information to the other Parties reasonably necessary in connection with any requirements imposed upon such other Parties by any Governmental Authority in connection with the
consummation of the transactions contemplated by this Purchase Agreement. 
 6.3(c) Litigation Assistance. After the Closing Date and
until the seventh (7th) anniversary thereof, each Party shall use its respective commercially reasonable efforts to provide, as promptly as possible, such assistance as the other Parties may from time to time reasonably request relating to the JV
Companies and/or JV Assets, including access to the Books and Records in connection with the preparation of Tax Returns required to be filed, any audit or other examination by any taxing authority, any judicial or administrative proceeding relating
to liability for Taxes, or any claim for refund in respect of such Taxes or in connection with any Third Party litigation and proceedings or liabilities related to the Offered Interests or the Assumed Liabilities; provided that nothing herein
shall require the assisting Party to create, recreate, generate or obtain, in connection with rendering such assistance, any records, analyses or other documents not then in the possession or reasonable control of such assisting Party; provided,
further, that notwithstanding anything to the contrary in this Section 6.3(c), no Party shall be obligated to disclose to the other Party data and information if such disclosure would disclose data and information
(i) subject to legal privilege (including attorney-client), obligations owed to the other members of the JV Companies pursuant to any JV Governing Instruments or obligations of confidentiality owed to Third Parties or (ii) that would
contravene any Laws or any JV Governing Instruments. The requesting Party shall reimburse the assisting Party for the reasonable out-of-pocket costs incurred by the
assisting Party. Notwithstanding anything in the 

  
 35 

 
foregoing to the contrary, in the event that any litigation (by Third party or Governmental Authority) or other administrative or judicial action or order is commenced, threatened or foreseeable
challenging the transactions contemplated by this Purchase Agreement, each Party shall reasonably cooperate with the other and use their respective commercially reasonable efforts to respond to any such action or order. 

6.3(d) Insurance Recovery. After the Closing Date and until the third (3rd)
anniversary thereof, with respect to any casualty or other loss or liability suffered within three (3) years prior to Closing by any JV Company that is reasonably expected to be successfully recovered from any Third Party insurance company
whose coverage of such loss was not reinsured by an Affiliate captive insurer or similar reinsurance arrangement of Seller or its Affiliates, upon the written request of the Buyer delivered to any Seller from time to time during such three year
period after Closing, such Seller shall (and shall cause its Affiliates, as applicable, to) reasonably cooperate with Buyer, at Buyer’s sole risk, to enable such Seller (for the account of Buyer) to attempt to collect any amounts available
under such Third Party insurance coverage with respect to such loss or liability; provided, that Buyer shall be responsible for and shall pay for or reimburse each Seller (or its Affiliates, as applicable) for all costs and expenses incurred
by such Seller (or its Affiliates, as applicable) in connection with such Seller’s or its Affiliates’ cooperation as described in this Section 6.3(d). If, after Closing, any Seller or any of its Affiliates, as
applicable, receives any amounts with respect to the Offered Interests under applicable insurance policies related to the period prior to Closing, such Seller shall promptly pay such received amounts to Buyer, net of any costs and expenses incurred
by such Seller (or its Affiliates, as applicable) in collecting such amounts. For the avoidance of doubt, the Sellers’ obligations under this Section 6.3(d) shall be in addition to the indemnification obligations of
the Sellers under this Purchase Agreement; provided, that this last sentence of Section 6.3(d) shall not be deemed to alter any applicable reduction in indemnification obligations described in
Section 11.2(e). 
 ARTICLE 7 

TAX MATTERS 
 7.1
Liabilities for Income Taxes. 
 7.1(a) Each Seller shall be severally, and not jointly, liable for, and shall indemnify, defend and
hold harmless Buyer from any unpaid income taxes (including related penalties and interest) imposed on or incurred by or with respect to their respective interests in the Offered Interests or the JV Assets, attributable to any taxable period ending
on or prior to the Closing Date or portion thereof to the extent occurring on or prior to the Closing Date. 
 7.1(b) Buyer shall be liable
for any income taxes (including related penalties and interest) imposed on or incurred by or with respect to the Offered Interests or the JV Assets attributable to any taxable period beginning after the Closing Date or portion thereof to the extent
occurring after the Closing Date. 

  
 36 

 7.1(c) Whenever it is necessary for purposes of this Article 7 to determine the
amount of any Taxes imposed on or incurred by or with respect to the Offered Interests or the JV Assets for a taxable period beginning before and ending after the Closing Date which is allocable to the period ending on or prior to the Closing Date
and the allocation is not otherwise prescribed by applicable Law or agreement in effect as of the date hereof, such amount shall be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction, the numerator of which is the
number of calendar days in the Tax period ending on (and including) the Closing Date and the denominator of which is the number of calendar days in the entire Tax period. 

7.1(d) If Buyer receives a refund of any income taxes (including related penalties and interest) that any Seller is responsible for hereunder,
or if any Seller receives a refund of any income taxes (including related penalties and interest) that Buyer is responsible for hereunder, the Party receiving such refund shall, within ninety (90) days after receipt of such refund, remit it to
the Party which has responsibility for such Taxes hereunder. The Parties shall cooperate in order to take all necessary and reasonable steps to claim any such refund. 

7.1(e) For federal income Tax purposes, the Parties agree to report any payments with respect to this Section 7.1,
Section 11.1(a) and Section 11.1(b) as an adjustment to the Purchase Price. 
 7.2
Cooperation. The Parties will cooperate fully with each other regarding Tax matters and the preparation and filing of Tax Returns (including the execution of appropriate powers of attorney) and will make available to the other as reasonably
requested all information, records and documents relating to Taxes governed by this Purchase Agreement until the expiration of the applicable statute of limitations or extension thereof or the conclusion of all audits, appeals or litigation with
respect to such Taxes. 
 7.3 Transfer Taxes. If and to the extent that any transfer, documentary, sales, use, stamp, registration and
other similar Taxes and fees arising out of or in connection with the transactions effected pursuant to this Purchase Agreement, including in connection with any Real Property Interests (the “Transfer Taxes”), any such Transfer Tax
shall be borne fifty percent (50%) by Buyer and fifty percent (50%) by such Seller. Such Party shall file all necessary Tax Returns and other documentation with respect to such Transfer Taxes. If required by applicable Law, each of the Parties
shall, and shall cause their respective Affiliates to, join in the execution of any such Tax Returns and other documentation. The Parties shall cooperate to establish eligibility for any applicable exemption from any Transfer Tax. 

7.4 Allocations of Consideration. The Parties will use their respective commercially reasonable efforts to agree upon an allocation of
the Purchase Price to the Offered Interests and further among the JV Assets for U.S. federal income Tax purposes in compliance with the principles of Section 1060 of the Code, and the Treasury Regulations thereunder, and Treasury Regulation Section 1.755-1, as applicable. 
 7.5 Conflict. In the event of a conflict between the
provisions of this Article 7 and any other provisions of this Purchase Agreement, the provisions of this Article 7 shall control. 

  
 37 

 ARTICLE 8 

CONDITIONS TO BUYER’S OBLIGATIONS 

The obligations of Buyer under this Purchase Agreement to close the transactions contemplated hereunder shall be subject to the satisfaction,
or waiver by Buyer, of each of the following conditions: 
 8.1 Representations and Warranties True. (a) The representations and
warranties of each of Sellers contained in this Purchase Agreement that are qualified by the words “material,” “Material Adverse Effect,” or similar qualifications set forth therein (other than Seller’s Fundamental
Representations) shall be true and accurate in all respects, (b) the representations and warranties of each of Sellers contained in this Purchase Agreement that are not so qualified (other than Sellers’ Fundamental Representations) shall
be true and accurate in all material respects, and (c) Sellers’ Fundamental Representations shall be true and accurate in all respects, in each case as of the Signing Date and as of the Closing Date as though such representations and
warranties were made at and as of such date, except for (i) representations and warranties that speak as of a specific date or time (the truth or accuracy of which need only be measured as of such date or time) and (ii) changes permitted
or contemplated by this Purchase Agreement. 
 8.2 Performance. Sellers shall have performed and complied in all material respects
with all covenants, agreements, obligations and conditions required by this Purchase Agreement to be performed or complied with by Sellers on or prior to the Closing Date. 

8.3 Litigation. No action or order shall have been issued by any Governmental Authority (and not subsequently dismissed, or settled or
otherwise terminated) against Sellers or Buyer restraining, prohibiting or otherwise making illegal the consummation of the transactions contemplated hereby. 

8.4 Governmental Filings. All necessary filings with and consents, approvals, licenses, permits, orders and authorizations of any
Governmental Authority required for the consummation of the transactions contemplated in this Purchase Agreement shall have been made and obtained, and all waiting periods with respect to filings made with Governmental Authorities in contemplation
of the consummation of the transactions described herein shall have expired or been terminated. 
 8.5 Third Party Consents. All
necessary consents of any Person not a party hereto, other than any Governmental Authority, required for the consummation of the transactions contemplated in this Purchase Agreement shall have been made and obtained. 

8.6 No Material Adverse Effect. Between the date of this Purchase Agreement and the Closing Date, there shall not have occurred a
Material Adverse Effect. 
 8.7 Closing Deliverables. Sellers shall have delivered to Buyer the executed documents as provided in
Section 2.4, to the extent such Seller is an applicable party thereto, in the forms attached as Exhibits hereto. 

  
 38 

 ARTICLE 9 

CONDITIONS TO SELLERS’ OBLIGATIONS 

The obligations of each of Sellers under this Purchase Agreement to close the transactions contemplated hereunder shall be subject to the
satisfaction, or waiver by Sellers, of each of the following conditions: 
 9.1 Representations and Warranties True. (a) The
representations and warranties of Buyer contained in this Purchase Agreement that are qualified by the words “material” or similar qualifications set forth therein (other than Buyer’s Fundamental Representations) shall be true and
accurate in all respects, (b) the representations and warranties of Buyer contained in this Purchase Agreement that are not so qualified (other than Buyer’s Fundamental Representations) shall be true and accurate in all material respects,
and (c) Buyer’s Fundamental Representations shall be true and accurate in all respects, in each case as of the Signing Date and as of the Closing Date as though such representations and warranties were made at and as of such date, except
for (i) representations and warranties that speak as of a specific date or time (the truth or accuracy of which need only be measured as of such date or time) and (ii) changes permitted or contemplated by this Purchase Agreement. 

9.2 Performance. Buyer shall have performed and complied in all material respects with all covenants, agreements, obligations and
conditions required by this Purchase Agreement to be performed or complied with by Buyer on or prior to the Closing Date. 
 9.3
Litigation. No action or order shall have been issued by any Governmental Authority (and not subsequently dismissed, or settled or otherwise terminated) against Sellers or Buyer restraining, prohibiting or otherwise making illegal the
consummation of the transactions contemplated hereby. 
 9.4 Governmental Filings. All necessary filings with and consents, approvals,
licenses, permits, orders and authorizations of any Governmental Authority required for the consummation of the transactions contemplated in this Purchase Agreement shall have been made and obtained, and all waiting periods with respect to filings
made with Governmental Authorities in contemplation of the consummation of the transactions described herein shall have expired or been terminated. 

9.5 Third Party Consents. All necessary consents of any Person not a party hereto, other than any Governmental Authority, required for
the consummation of the transactions contemplated in this Purchase Agreement shall have been made and obtained. 
 9.6 Purchase Price.
Buyer shall have delivered by wire transfer to Sellers (or their respective designee(s)) the Purchase Price pursuant to Section 2.2. 

9.7 No Material Adverse Effect. Between the date of this Purchase Agreement and the Closing Date, there shall not have been a material
adverse effect on or a material adverse change in the ability of Buyer to perform its obligations under this Purchase Agreement and the other Operative Documents or to consummate the transactions contemplated hereby or thereby. 

  
 39 

 9.8 Closing Deliverables. Buyer shall have delivered to Sellers the executed
documents as provided in Section 2.4, to the extent Buyer is an applicable party thereto, in the forms attached as Exhibits hereto. 

ARTICLE 10 

TERMINATION 
 10.1
Termination. Notwithstanding anything contained in this Purchase Agreement to the contrary, this Purchase Agreement may be terminated at any time prior to the Closing Date as follows and in no other manner: 

10.1(a) by written agreement of Buyer and each of the Sellers; 

10.1(b) by Buyer, if any of the conditions set forth in Article 8 shall have become reasonably incapable of
fulfillment prior to the Termination Date, and shall not have been waived by Buyer (provided, however, that Buyer is not in material breach of its representations, warranties, covenants or agreements contained in this Purchase
Agreement); 
 10.1(c) by either Buyer, on the one hand, or Sellers, on the other hand, if the Closing shall not have occurred on or before
the Termination Date (provided, however, that such Party is not in material breach of its representations, warranties, covenants or agreements contained in this Purchase Agreement); 

10.1(d) by Sellers, if any of the conditions set forth in Article 9 shall have become reasonably incapable of
fulfillment prior to the Termination Date, and shall not have been waived by Sellers (provided, however, that no Seller is in material breach of its representations, warranties, covenants or agreements contained in this Purchase
Agreement); or 
 10.1(e) by Buyer, pursuant to Section 6.1(c). 

10.2 Effect of Termination. If this Purchase Agreement is terminated pursuant to Section 10.1, Buyer shall not
have any right or remedy against any Sellers, and no Seller shall have any right or remedy against Buyer, as a result of such termination, except that this Section 10.2 shall not alter a Party’s rights or any remedies
available to it for any breach of this Purchase Agreement, including the rights of the Parties set forth in Section 12.4 in the event of a Closing Failure Breach. 

 
 ARTICLE 11 

INDEMNIFICATION 

11.1 Indemnification. 

11.1(a) Indemnification Obligation of Sellers. Subject to the provisions of this Article 11 (including
Section 11.2), from and after the Effective Time, Sellers, severally and not jointly, agree to indemnify, defend and hold harmless Buyer and the other members of the Partnership Parties and its and their officers, directors
(or equivalents), employees, contractors, 

  
 40 

 
agents and any other Representatives, including, for the avoidance of doubt, the officers, directors and employees of the General Partner (collectively, “Buyer Group”) from and
against any and all Losses incurred by Buyer Group which result from, relate to or arise out of the following: 
 (i) any inaccuracy in any
representation or warranty of any Seller contained in Article 3 or Article 4 of this Purchase Agreement (A) when made as of the Signing Date or (B) as of the Closing Date as though such
representation or warranty were made as of the Closing Date; 
 (ii) any breach by any Seller of any covenant or other obligation of any
Seller contained in this Purchase Agreement (other than those listed in Section 11.1(a)(iii)); 
 (iii) any Taxes
for which any Seller is liable under Article 7; or 
 (iv) the matters set forth on Schedule 11.1(a). 

11.1(b) Indemnification Obligation of Buyer. Subject to the provisions of this Article 11 (including
Section 11.2), from and after the Effective Time, Buyer agrees to indemnify, defend and hold harmless Sellers and the other members of the Seller Parties and its and their officers, directors (or equivalents), employees,
contractors, agents and any other Representatives (collectively, “Seller Group”) from and against any and all Losses (including Environmental Losses) incurred by Seller Group which result from, relate to or arise out of the
following: 
 (i) any inaccuracy of any representation or warranty of Buyer contained in Article 5 of this
Purchase Agreement (A) when made as of the Signing Date or (B) as of the Closing Date as though such representation or warranty were made as of the Closing Date; 

(ii) any breach by Buyer of any covenant or other obligation of Buyer contained in this Purchase Agreement (including any Taxes for which
Buyer is liable under Article 7); or 
 (iii) the Assumed Liabilities. 

11.2 Limitations on Liability. Notwithstanding the provisions of this Article 11: 

11.2(a) Deductible and Cap. No Seller shall have any indemnification obligations for Buyer Group’s Losses under
Section 11.1(a)(i), unless the aggregate total of such Losses exceeds $1,500,000, and then only to the extent such Losses exceed $1,500,000; provided that in calculating Buyer Group’s aggregate total Losses,
individual Losses with respect to a single incident or matter in amounts less than $150,000 shall be disregarded. Furthermore, in no event shall Sellers’ aggregate liability for indemnification under Section 11.1(a)(i)
exceed ten percent (10%) of the Purchase Price; provided, that, notwithstanding the foregoing, claims for indemnification in respect of any breach of Sellers’ representations and warranties contained in Sections 3.8 and
4.14 shall not exceed twenty-five percent (25%) of the Purchase Price. Notwithstanding anything to the contrary in this Section 11.2(a), the limitations on 

  
 41 

 
indemnification set forth in this Section 11.2(a) shall not apply to Losses related to (i) any breach of any of Sellers’ Fundamental Representations,
(ii) claims for indemnification in respect of Taxes (including any Seller’s obligations set forth in Article 7), and (iii) claims for indemnification under Section 11.1(a)(iv);
provided that, except for Losses related to claims for indemnification in respect of Taxes (including any Seller’s obligations set forth in Article 7), which shall not be subject to a cap on Losses, in no event
shall Sellers’ aggregate liability for indemnification with respect to all claims hereunder, including for Losses related to (A) any breach of Sellers’ representations and warranties contained in Sections 3.8 and 4.14,
(B) any breach of Sellers’ Fundamental Representations and (C) claims for indemnification under Section 11.1(a)(iv), exceed an amount equal to the Purchase Price. 

11.2(b) Survival of Provisions and Indemnification Obligations. 

(i) The representations and warranties of the Parties set forth in Article 3, Article 4, and Article 5 of this Purchase
Agreement shall survive the Closing until the eighteen-month anniversary of the Closing Date; provided, however, that (A) the representations and warranties set forth in Section 4.5 shall terminate and
expire on the third (3rd) anniversary of the Closing Date; (B) the Fundamental Representations of the Parties shall survive the Closing until the expiration of the applicable statute of limitations, and (C) the representations and
warranties set forth in Section 4.3 and the indemnification obligations owed by any Seller to Buyer pursuant to Sections 11.1(a)(iii) and 11.1(a)(iv) shall survive until the date that is sixty
(60) calendar days after the expiration of the applicable statute of limitations. 
 (ii) The indemnification obligations of each Party
under Sections 11.1(a)(ii) or 11.1(b)(ii), as applicable, for the covenants set forth in Article VI shall survive the Closing as follows: 

(A) in the case of covenants of the Parties set forth in Sections 6.1(a), 6.1(b), 6.1(c), 6.1(d),
6.1(e), and 6.2(c), until the expiration of eighteen (18) months from the Closing Date; 
 (B) in the case
of covenants of the Parties set forth in Section 6.3(d), until the third anniversary of the Closing Date; 

(C) in the case of covenants of the Parties set forth in Sections 6.2(a), 6.3(a), 6.3(b), and
6.3(c), until the seventh-year anniversary of the Closing Date; and 
 (D) in the case of covenant of Buyer set forth
in Sections 6.2(b), indefinitely. 
 (iii) The other covenants and the indemnification obligations to be performed after the Closing
(other than with respect to (A) the representations and warranties of the Parties and the indemnification obligations owed by any Seller to Buyer pursuant to Sections 11.1(a)(iii) and 11.1(a)(iv), survival periods for which shall
be governed by Section 11.2(b)(i) above, and (B) the indemnification obligations of each Party under Sections 11.1(a)(ii) or 11.1(b)(ii), as applicable, for the covenants set forth in Article VI,
survival periods for which shall be governed by Section 11.2(b)(ii) above) of the Parties set forth in this Purchase Agreement shall survive the Closing indefinitely, unless a shorter period has been expressly contemplated
in this Purchase Agreement. 

  
 42 

 11.2(c) Indirect Losses. 

(i) If any Losses for which any Seller has liability for indemnification hereunder are indirect Losses to Buyer, as a result of any Losses to
or of the JV Companies arising from Buyer’s ownership of the Offered Interests, then such Seller’s liability for indemnification hereunder for such Losses shall not exceed the amount obtained by multiplying the monetary value of such
Losses to or of such JV Company by a percentage equal to the aggregate ownership percentage in such JV Company represented by the respective Offered Interests acquired by Buyer at Closing pursuant to this Purchase Agreement (i.e., when determining
the amount of any Losses suffered or incurred by the Buyer Group, Buyer’s acquisition of only (A) 25.0% of the membership interest of Phoenix LLC, (B) 22.6916% of the membership interests in URSA LLC, and (C) 45.0% of the membership interests
in Mardi Gras (including the indirect acquisition of (1) 25.2% (45.0% of 56.0%) of the membership interest of Caesar LLC, (2) 23.85% (45.0% of 53.0%) of the membership interest of Cleopatra LLC, (3) 29.25% (45.0% of 65.0%) of the membership
interest of Proteus LLC and (4) 29.25% (45.0% of 65.0%) of the membership interest of Endymion LLC), in each case, shall be taken into account, such that the aggregate Losses described in Article 11 suffered or incurred by
the Buyer Group would equal (where applicable) no more than (a) 25.0% of the total of such Losses suffered or incurred by Phoenix LLC, (b) 22.6916% of the total of such Losses suffered or incurred by URSA LLC, and (c) 45.0% of the total of such
Losses suffered or incurred by Mardi Gras (including (i) 25.2% (45.0% of 56.0%) of the total of such Losses suffered or incurred by Caesar LLC, (ii) 23.85% (45.0% of 53.0%) of the total of such Losses suffered or incurred by Cleopatra LLC, (iii)
29.25% (45.0% of 65.0%) of the total of such Losses suffered or incurred by Proteus LLC or (iv) 29.25% (45.0% of 65.0%) of the total of such Losses suffered or incurred by Endymion LLC), as the case may be). 

(ii) If any Losses for which any Buyer has liability for indemnification hereunder are indirect Losses to any Seller, as a result of any
Losses to or of the JV Companies arising from such Seller’s ownership of the applicable Offered Interests, then Buyer’s liability for indemnification hereunder for such Losses shall not exceed the amount obtained by multiplying the
monetary value of such Losses to or of such JV Company by a percentage equal to the aggregate ownership percentage in such JV Company represented by the respective Offered Interests owned by such Seller immediately prior to Closing (i.e., when
determining the amount of any Losses suffered or incurred by the Seller Group, Seller’s respective ownership of only (A) 25.0% of the membership interest of Phoenix LLC, (B) 22.6916% of the membership interests in URSA LLC, and (C) 45.0% of the
membership interests in Mardi Gras (including the indirect acquisition of (1) 25.2% (45.0% of 56.0%) of the membership interest of Caesar LLC, (2) 23.85% (45.0% of 53.0%) of the membership interest of Cleopatra LLC, (3) 29.25% (45.0% of 65.0%)
of the membership interest of Proteus LLC and (4) 29.25% (45.0% of 65.0%) of the membership interest of Endymion LLC), in each case, shall be taken into account, such that the aggregate Losses described in Article 11
suffered or incurred by the Seller Group would equal (where applicable) no more than (a) 25.0% of the total of such Losses suffered or incurred by Phoenix LLC, (b) 22.6916% of the total of such Losses suffered or incurred by URSA LLC, and (c) 45.0%
of the total of such Losses suffered or incurred by 

  
 43 

 
Mardi Gras (including (i) 25.2% (45.0% of 56.0%) of the total of such Losses suffered or incurred by Caesar LLC, (ii) 23.85% (45.0% of 53.0%) of the total of such Losses suffered or incurred by
Cleopatra LLC, (iii) 29.25% (45.0% of 65.0%) of the total of such Losses suffered or incurred by Proteus LLC or (iv) 29.25% (45.0% of 65.0%) of the total of such Losses suffered or incurred by Endymion LLC), as the case may be). 

11.2(d) Timeliness. Buyer shall not have any obligation to indemnify Sellers with respect to a matter if Sellers fail to deliver written
notification of a claim for indemnification under Section 11.3(a) for such matter before the expiration of the applicable survival period set forth in Section 11.2(b), and Sellers shall not have
any obligation to indemnify Buyer with respect to a matter if Buyer fails to deliver written notification of a claim for indemnification under Section 11.3(a) for such matter before the expiration of the applicable survival
period set forth in Section 11.2(b). 
 11.2(e) Insurance Proceeds; Tax Benefits; Third-Party Indemnification
Payments. Payments by either Buyer, on the one hand, to Sellers, or Seller(s), on the other hand, to Buyer, with respect to which such Party has an indemnification obligation under this Article 11, shall be limited to
the amount of any liability or damage that remains after deducting therefrom an amount equal to (i) any insurance proceeds or other similar payments received, excluding any payments received directly or indirectly from Affiliate captive
insurance companies, (ii) any Tax benefit actually realized by the Buyer in the Tax year that such payment is made as a result of such Losses by such Indemnified Party (as defined below), and (iii) all amounts recovered by such Indemnified
Party under contractual indemnities from Third Parties. Each Party shall use its commercially reasonable efforts to recover under insurance policies or similar agreements, for any Losses prior to seeking indemnification under this Purchase
Agreement. If the Indemnified Party receives insurance proceeds, excluding any payments received directly or indirectly from Affiliate captive insurance companies, or amounts recovered by such Indemnified Party under contractual indemnities from
Third Parties for Losses after an indemnification payment for such Losses has been made by the Indemnifying Party to the Indemnified Party, the Indemnified Party will refund the Indemnifying Party both the amount of such insurance proceeds,
excluding any payments received directly or indirectly from Affiliate captive insurance companies, and the amount recovered by such Indemnified Party under contractual indemnities from Third Parties received by the Indemnified Party. 

11.3 Other Provisions Relating to Indemnification. 

11.3(a) Notices, etc. Each Person entitled to indemnification pursuant to this Purchase Agreement (the “Indemnified
Party”) agrees that within a reasonable period of time after it becomes aware of facts giving rise to a claim for indemnification under this Purchase Agreement, including receipt by it of notice of any demand, assertion, claim or proceeding
by any Third Party (any such Third Party proceeding being referred to as a “Third Party Action”), it will provide notice thereof in writing to the Person obligated hereunder to provide such indemnification (the “Indemnifying
Party”), specifying the nature of and specific basis for such claim. Notwithstanding anything to the contrary in the preceding sentence (and for the avoidance of doubt, assuming the Indemnified Party has complied with the timeliness
obligations described in Section 11.2(d)), any failure so to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability that it may have to such Indemnified Party under this Article 11
unless and solely to the extent that the failure to give such notice actually prejudices the Indemnifying Party’s ability to defend such claim for indemnification under this Purchase Agreement. 

  
 44 

 11.3(b) Right to Contest and Defend. Subject to
Section 11.3(e) below, the Indemnifying Party shall have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims brought against the Indemnified Party that are covered by the
indemnification obligations under this Purchase Agreement, including the selection of counsel, determination of whether to appeal any decision of any court and the settling of any such claim or any matter or any issues relating thereto;
provided, however, that no such settlement for only the payment of money shall be entered into without the consent of the Indemnified Party, which consent shall not be unreasonably withheld, conditioned or delayed, unless it includes a
full release of the Indemnified Party from such claim without admission of fault; provided further, that no such settlement containing any form of injunctive or similar relief shall be entered into without the prior written consent of the
Indemnified Party, which consent shall not be unreasonably delayed or withheld. 
 11.3(c) Cooperation. Subject to
Section 11.3(e) below, the Indemnified Party agrees to cooperate in good faith and in a commercially reasonable manner with the Indemnifying Party, with respect to all aspects of the defense of and pursuit of any
counterclaims with respect to any claims covered by the indemnification obligations under this Purchase Agreement, including the prompt furnishing to the Indemnifying Party of any correspondence or other notice relating thereto that the Indemnified
Party may receive, permitting the name of the Indemnified Party to be utilized in connection with such defense and counterclaims, the making available to the Indemnifying Party of any files, records or other information of the Indemnified Party that
the Indemnifying Party considers relevant to such defense and counterclaims, the making available to the Indemnifying Party of any employees of the Indemnified Party and the granting to the Indemnifying Party of reasonable access rights to the
properties and facilities of the Indemnified Party; provided, however, that in connection therewith the Indemnifying Party agrees to use reasonable efforts to minimize the impact thereof on the operations of the Indemnified Party and
further agrees to maintain the confidentiality of all files, records, and other information furnished by the Indemnified Party pursuant to this Article 11. The obligation of the Indemnified Party to cooperate with the Indemnifying Party as
set forth in the immediately preceding sentence shall not be construed as imposing upon the Indemnified Party an obligation to hire and pay for counsel in connection with the defense of and pursuit of any counterclaims with respect to any claims
covered by the indemnification obligations set forth in this Purchase Agreement; provided, however, that the Indemnified Party may, at its own option, cost and expense, hire and pay for counsel in connection with any such defense and
counterclaims. The Indemnifying Party agrees to keep any such counsel hired by the Indemnified Party informed as to the status of any such defense or counterclaim, but the Indemnifying Party shall have the right to retain sole control over such
defense and counterclaims so long as the Indemnified Party is still seeking indemnification hereunder. 
 11.3(d) [Intentionally
Omitted]. 

  
 45 

 11.3(e) Exclusive Remedy. From and after the Effective Time, the indemnification
provisions contained in this Article 11 shall constitute the sole remedy of the Parties against the other Parties for all claims arising from or relating to this Purchase Agreement or any of the instruments or transactions
contemplated hereby (other than any remedies that are expressly set forth in any Operative Document), and each Party hereby releases the other Parties from all other claims and causes of action, whether arising in Contract, in tort (including claims
and actions for fraud), or under any other legal theory arising from or relating to such circumstances. The Parties acknowledge and agree that the indemnification provisions contained in this Article 11 (including this
Section 11.3(e)) have been specifically bargained for at arm’s length with the assistance of competent counsel and are reflected in the Purchase Price. For the avoidance of doubt, an Indemnifying Party shall have no
obligation to provide indemnification pursuant to this Article 11 in the event the Indemnified Party’s written notification states only a general demand for indemnification which fails to identify a specific Loss or
Third Party Action relating to such claim or demand. 
 11.3(f) No Duplication of Remedies. In no event shall either Buyer, on the one
hand, or Sellers, on the other hand, be entitled to duplicate compensation with respect to any claims or any breach of representation, warranty or agreement herein asserted under the terms of this Purchase Agreement, even though such claim or breach
may be addressed by more than one provision of this Purchase Agreement. For avoidance of doubt, no Losses may be claimed under this Article 11 by any Indemnifying Party to the extent such Losses are included in the
calculation of any adjustment to the Purchase Price pursuant to Article 2. Any indemnification provided pursuant to this Purchase Agreement shall not be duplicative of any indemnification provided pursuant to the Omnibus
Agreement. 
 11.3(g) Severability of Indemnification Provisions. If any indemnity obligation set forth in this
Article 11 or the application of any part thereof is held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction under Laws, then, but only in such event, such indemnity obligation or part
thereof shall be modified, read, construed and enforced to the maximum extent permitted by Laws, and any remaining obligations or part thereof of such indemnity obligation that is valid and enforceable shall remain in full force and effect and be
binding on the Parties. 
 11.3(h) Tax Treatment of Indemnity Payment. Parties agree to treat any indemnity payment made pursuant to
this Article 11 as an adjustment to the Purchase Price, for all Tax purposes, unless otherwise required by applicable Law, a closing agreement with an applicable Tax authority or a final
non-appealable judgment of a court of competent jurisdiction. 
 11.3(i) Calculation. In
calculating any Losses suffered or incurred by any Party as a result of a breach or inaccuracy of a representation or warranty by the other Party, no effect shall be given to any qualification or limitation as to “materiality”,
“Material Adverse Effect” or similar qualifications or limitations, except with respect to Section 4.9 and Section 4.12 as used in this Purchase Agreement, which, in each case, shall be
read without excluding such qualifications or limitations for purposes of this Section 11.3(i). 

  
 46 

 ARTICLE 12 

MISCELLANEOUS PROVISIONS 

12.1 Damages. Notwithstanding anything herein to the contrary, no Party shall be liable to any other Party for consequential,
exemplary, special, indirect or punitive damages arising under or in connection with this Purchase Agreement or otherwise as a result of, relating to or arising from the relationship among the Parties hereunder, whether in contract, tort (including
negligence), strict liability or otherwise, or whether or not the Person at fault knew, or should have known, that such damage would be likely suffered (collectively, “Consequential Damages”), except to the extent such damages are
expressly permitted by the Confidentiality Agreement, and in such case, only with regard to a breach of the Confidentiality Agreement. The exclusion of Consequential Damages as set forth in the preceding sentence shall not apply to any such damages
sought by Third Parties against an Indemnified Party in connection with Losses for which indemnification is owed pursuant to Article 11. 

12.2 Disclaimer. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS PURCHASE AGREEMENT, IT IS THE EXPLICIT INTENT OF EACH OF THE
PARTIES THAT, EXCEPT AS EXPRESSLY PROVIDED IN SELLERS’ REPRESENTATIONS AND WARRANTIES IN ARTICLES 3 AND 4 (INCLUDING THE RELATED PORTIONS OF THE SCHEDULES), NO SELLER MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR
NATURE (WHETHER EXPRESS OR IMPLIED), AT LAW OR IN EQUITY, WITH RESPECT TO ANY SELLER, ANY OF THE OFFERED INTERESTS, MARDI GRAS LLC, ANY OF THE JV COMPANIES, ANY OF THE JV ASSETS, ANY OF THE ASSETS AND ANY LIABILITIES OF MARDI GRAS LLC OR ANY OF THE
JV COMPANIES OR THE ASSUMED LIABILITIES, AND EACH SELLER EXPRESSLY DISCLAIMS ANY SUCH OTHER WARRANTIES (EXPRESS OR IMPLIED), INCLUDING AS TO THEIR (I) TITLE, (II) ABSENCE OF PATENT OR LATENT DEFECTS, (III) SAFETY, (IV) STATE OF
REPAIR, (V) QUALITY, (VI) MERCHANTABILITY, (VII) FITNESS FOR BUYER’S INTENDED USE OR PURPOSE OR A PARTICULAR USE OR PURPOSE OR ANY USE OR PURPOSE WHATSOEVER, (VIII) COMPLIANCE WITH LAWS, (IX) ENVIRONMENTAL OR PHYSICAL
CONDITION (SURFACE AND SUBSURFACE), (X) FEDERAL, STATE OR LOCAL INCOME OR OTHER TAX CONSEQUENCES, (XI) CONTRACTUAL, ECONOMIC OR FINANCIAL INFORMATION AND DATA, (XII) FINANCIAL VIABILITY, INCLUDING PRESENT OR FUTURE VALUE OR ANTICIPATED
INCOME OR PROFITS, OR (XIII) CONFORMITY TO INFORMATION PROVIDED IN THE DUE DILIGENCE MATERIALS. BUYER AGREES TO ACCEPT THE OFFERED INTERESTS (INCLUDING ANY INDIRECT INTEREST THEY HAVE IN ANY OF THE JV ASSETS)
“AS-IS”, “WHERE-IS”, IN THEIR PRESENT CONDITION AND STATE OF REPAIR, WITH ALL FAULTS, LIMITATIONS AND DEFECTS (HIDDEN AND APPARENT) AND, EXCEPT AS
EXPRESSLY PROVIDED IN SELLERS’ REPRESENTATIONS AND WARRANTIES IN ARTICLES 3 AND 4 (INCLUDING THE RELATED PORTIONS OF THE SCHEDULES), WITHOUT ANY GUARANTEES OR WARRANTIES (WHETHER EXPRESS OR IMPLIED), AT LAW OR IN EQUITY, AS
TO THEIR (I) TITLE, (II) ABSENCE OF PATENT OR LATENT DEFECTS, (III) SAFETY, (IV) STATE OF REPAIR, (V) QUALITY, (VI) MERCHANTABILITY, (VII) FITNESS FOR BUYER’S INTENDED USE OR PURPOSE OR

  
 47 

 
A PARTICULAR USE OR PURPOSE OR ANY USE OR PURPOSE WHATSOEVER, (VIII) COMPLIANCE WITH LAWS, (IX) ENVIRONMENTAL OR PHYSICAL CONDITION (SURFACE AND SUBSURFACE), (X) FEDERAL, STATE OR LOCAL
INCOME OR OTHER TAX CONSEQUENCES, (XI) CONTRACTUAL, ECONOMIC OR FINANCIAL INFORMATION AND DATA, (XII) FINANCIAL VIABILITY, INCLUDING PRESENT OR FUTURE VALUE OR ANTICIPATED INCOME OR PROFITS, OR (XIII) CONFORMITY TO INFORMATION
PROVIDED IN THE DUE DILIGENCE MATERIALS. ALL REPRESENTATIONS AND WARRANTIES (WHETHER EXPRESS OR IMPLIED), AT LAW OR IN EQUITY, OTHER THAN THOSE EXPRESSLY SET FORTH HEREIN ARE EXCLUDED. EXCEPT AS EXPRESSLY PROVIDED IN SELLERS’ REPRESENTATIONS
AND WARRANTIES IN ARTICLES 3 AND 4 (INCLUDING THE RELATED PORTIONS OF THE SCHEDULES), EACH SELLER AND THE OTHER MEMBERS OF THE SELLER GROUP DISCLAIM ALL LIABILITY AND RESPONSIBILITY FOR ANY OTHER REPRESENTATION, WARRANTY,
STATEMENT OR INFORMATION MADE OR COMMUNICATED (WHETHER ORALLY, IN WRITING, ELECTRONICALLY OR BY OR THROUGH ANY OTHER MEDIUM) TO BUYER OR THE OTHER MEMBERS OF BUYER GROUP, INCLUDING WITH RESPECT TO ANY SELLER, MARDI GRAS LLC, ANY OF THE JV COMPANIES,
ANY OF THE OFFERED INTERESTS, ANY OF THE JV ASSETS, ANY OF THE ASSETS OR ANY LIABILITIES OF MARDI GRAS LLC OR ANY OF THE JV COMPANIES OR THE ASSUMED LIABILITIES, FURTHER INCLUDING THE ACCURACY OR COMPLETENESS OF ANY INFORMATION OR DATA PROVIDED IN
THE DUE DILIGENCE MATERIALS, OR ANY OTHER DATA, REPORTS, RECORDS, PROJECTIONS, INFORMATION OR MATERIALS FURNISHED OR MADE AVAILABLE TO BUYER AT ANY TIME RELATING TO ANY SELLER, MARDI GRAS LLC, ANY OF THE JV COMPANIES, ANY OF THE OFFERED INTERESTS,
ANY OF THE JV ASSETS, ANY OF THE ASSETS OR ANY LIABILITIES OF MARDI GRAS LLC OR ANY OF THE JV COMPANIES OR THE ASSUMED LIABILITIES, AND BUYER ACKNOWLEDGES AND AGREES THAT ANY RELIANCE ON OR USE OF THE SAME WILL BE AT BUYER’S SOLE RISK TO THE
MAXIMUM EXTENT PERMITTED BY LAW AND WILL NOT CREATE OR GIVE RISE TO ANY LIABILITY OF OR AGAINST ANY SELLER OR THE OTHER MEMBERS OF THE SELLER GROUP. BUYER ACKNOWLEDGES AND AGREES THAT IT HAS HAD SUFFICIENT OPPORTUNITY TO CONDUCT SUCH INVESTIGATION
AS IT HAS DEEMED NECESSARY AND ADVISABLE FOR PURPOSES OF DETERMINING WHETHER OR NOT TO ENTER INTO THIS PURCHASE AGREEMENT. BUYER ACKNOWLEDGES AND AGREES THAT, EFFECTIVE AS OF THE EFFECTIVE TIME, IT WILL ASSUME FULL RESPONSIBILITY AND COMPLIANCE WITH
ALL OBLIGATIONS ATTRIBUTABLE, IN ANY WAY, TO THE OFFERED INTERESTS, AND UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY AND ALL LOSSES IT MAY HAVE AGAINST THE SELLER GROUP ASSOCIATED WITH THE SAME, EXCEPT AS EXPRESSLY SET FORTH IN
ARTICLE 11. 
 12.3 Amendment and Modification. Subject to Laws, and except as otherwise expressly provided
herein, this Purchase Agreement may only be amended, modified and supplemented by written agreement of the Parties to this Purchase Agreement. 

  
 48 

 12.4 Failure to Close; Specific Performance. Each Party acknowledges and agrees that
if the Closing fails to occur, or is rendered incapable of occurring, as a result of the breach by such Party of any term or provision of this Purchase Agreement (such breach, a “Closing Failure Breach”), the other Parties would be
damaged irreparably and monetary damages may not be a sufficient remedy. Accordingly, each Party agrees that the other Parties shall be entitled to injunctive relief to prevent any such Closing Failure Breach and to enforce specifically this
Purchase Agreement and the terms and provisions hereof in court, subject to Section 12.10; provided, that, for the avoidance of doubt, such remedies shall be in addition to any other remedies which any Party may have
under this Purchase Agreement. 
 12.5 Waiver of Compliance. Any failure of Sellers, on the one hand, or Buyer, on the other hand, to
comply with an obligation, covenant, agreement or condition contained in this Purchase Agreement may be expressly waived in writing by the non-failing Parties, but such waiver or failure to insist upon strict
compliance shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
 12.6 Notices. All
notices, requests, demands and other communications required or permitted hereunder shall be in writing (provided, that, for the avoidance of doubt, transmissions by e-mail sent in accordance with this
Section 12.6 shall be deemed to be in writing for purposes hereof) and shall be deemed to have been given (a) if delivered by hand (with written confirmation of receipt), (b) when received by the addressee if sent by
courier service (with all fees prepaid and receipt requested), (c) on the third (3rd) day after the date mailed if mailed, by certified or registered mail (with postage prepaid and return receipt requested), or (d) on the date sent if
transmitted by e-mail (with confirmation of transmission), or on the next Business Day if transmitted by e-mail after 5:00 p.m. CT on any such day (with confirmation of
transmission): 
 12.6(a) If to BPNA, BP Offshore or BPPL to: 

c/o BP America Inc. 
 150 West
Warrenville Road 
 Naperville, Illinois 60563 

Attn: Robert Mavrin – Senior Counsel 

Telephone: +1 (630)420-5196 

E-mail: Robert.Mavrin@bp.com 

or such other Person or address as any Seller shall furnish Buyer in writing. 

  
 49 

 12.6(b) If to Buyer, to: 

BP Midstream Partners LP 
 c/o
BP Midstream Partners GP LLC, its general partner 
 501 Westlake Park Boulevard 

Houston, Texas 77079 
 Attn:
Chief Legal Counsel - Hans Boas 
 Telephone: +1 (713) 909-8974 

E-mail: Hans.Boas@bp.com 

with a copy to: 
 The Conflicts
Committee of the Board of Directors of BP Midstream Partners GP LLC 
 c/o: General Counsel of BP Midstream Partners GP LLC 

501 Westlake Park Boulevard 

Houston, Texas 77079 
 or to
such other Person or address as Buyer shall furnish to Sellers in writing. 
 12.7 Assignment. This Purchase Agreement and all of the
provisions of this Purchase Agreement shall be binding upon and inure to the benefit of the Parties to this Purchase Agreement and their respective successors and permitted assigns, but none of the Parties may assign this Purchase Agreement nor any
of the rights, interests or obligations under this Purchase Agreement (by operation of Law or otherwise) without the prior written consent of the other Parties. Notwithstanding any assignment by a Party hereunder, the assigning Party shall in all
events remain primarily liable for the performance of all of its obligations hereunder, unless the other Parties consent in writing and the proposed assignee expressly assumes as a condition to such assignment all of the assigning Party’s
performance obligations hereunder. In the event Buyer or any subsequent (direct or indirect) assignee of Buyer assigns this Purchase Agreement or any of its rights or interests under Article 11 of this Purchase Agreement to
a Third Party pursuant to the terms hereof, Buyer or its subsequent assignee, as applicable, shall no longer have any rights to make a claim for indemnification under Article 11 following such assignment. Any purported
assignment in violation of this Section 12.7 shall be voidable at the option of the non-assigning Party. 

12.8 No Third Party Beneficiaries. Except as provided in Section 12.2 and
Article 11, this Purchase Agreement is solely for the benefit of the Sellers and Buyer and their respective successors and assigns, and nothing in this Purchase Agreement shall confer any rights upon any other Person. 

12.9 Governing Law. THIS PURCHASE AGREEMENT AND THE LEGAL RELATIONS AMONG THE PARTIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, EXCLUDING ANY CHOICE OR CONFLICT OF LAW RULES WHICH MAY DIRECT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION; PROVIDED THAT THE VALIDITY AND ENFORCEABILITY OF ALL CONVEYANCE DOCUMENTS OR INSTRUMENTS
EXECUTED AND DELIVERED PURSUANT TO THIS PURCHASE AGREEMENT INSOFAR AS THEY AFFECT TITLE TO REAL PROPERTY, IF THERE ARE ANY SUCH DOCUMENTS OR INSTRUMENTS, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE JURISDICTION IN WHICH
SUCH REAL PROPERTY IS LOCATED. 

  
 50 

 12.10 Consent to Jurisdiction. For any and all disputes, claims, counterclaims,
demands, causes of action, controversies and other matters in question arising out of or relating to this Purchase Agreement, the transactions contemplated by this Purchase Agreement or any alleged breach hereof, including any disputes regarding a
Party’s indemnification obligations pursuant to Article 11 or relating to matters that are the subject of this Purchase Agreement or the relationship among the Parties under this Purchase Agreement, regardless of
whether (a) extra-contractual in nature, (b) sounding in contract, tort or otherwise, (c) provided for by Law or otherwise, or (d) any such matters could result in damages or any other relief, whether at Law, in equity or
otherwise, each of the Sellers and Buyer (i) irrevocably submits to the exclusive jurisdiction of any state or federal court in Delaware, and (ii) irrevocably waives any objection that it may now or hereafter have to the laying of venue in
such forums and agrees not to plead or claim that any action in such forums would be inconvenient. Except to the extent that a different determination or finding is mandated due to the Law being that of a different jurisdiction, the Parties agree
that all judicial determinations or findings by a state or federal court in Wilmington, Delaware with respect to any matter under this Purchase Agreement shall be binding. EACH PARTY WAIVES IRREVOCABLY ANY AND ALL RIGHTS IT MAY HAVE TO TRIAL BY
JURY. 
 12.11 Counterparts. This Purchase Agreement may be executed in one or more counterparts (including by means of a portable
document format (*.pdf)), each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

12.12 Exhibits and Headings. Information set forth in any Exhibit or Schedule to this Purchase Agreement is deemed to have
been disclosed for all purposes of this Purchase Agreement. The headings contained in this Purchase Agreement are inserted for convenience only, do not constitute a part of this Purchase Agreement, and are in no way to be construed as a limitation
on the scope of particular sections to which they refer. 
 12.13 Entire Agreement. Except for the Confidentiality Agreement, this
Purchase Agreement (including the Exhibits, Schedules, and the Operative Documents, which form a part of this Purchase Agreement) embody the entire agreement and understanding of the Parties in respect of the subject matter contained
herein and therein and supersede all prior and contemporaneous agreements and understandings among the Parties with respect to such subject matter. There are no, and none of the Parties shall have any remedies or causes of action (whether in
contract or in tort, or under any other legal theory) for any, restrictions, promises, statements, warranties, covenants or undertakings with respect to the transactions contemplated hereby and thereby, other than those expressly set forth or
referred to in this Purchase Agreement. 
 12.14 Representation By Counsel; No Strict Construction. Buyer and Sellers acknowledge and
agree that (a) the Parties have participated jointly in the negotiation and drafting of this Purchase Agreement, (b) each of them has been represented by counsel in connection with the negotiation of this Purchase Agreement and the
transactions contemplated 

  
 51 

 
hereby and (c) the language used in this Purchase Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent. In the event an ambiguity or question of
intent or interpretation arises, this Purchase Agreement shall be construed as if drafted jointly by the Parties, no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of
this Purchase Agreement. Any rule of Law or any legal decision that would require interpretation of any claimed ambiguities in this Purchase Agreement against the Party that drafted it shall have no application and is expressly waived. 

12.15 Severability. Whenever possible, each provision or part thereof of this Purchase Agreement shall be interpreted in such manner as
to be valid and effective under Laws, but if any provision or part thereof of this Purchase Agreement or the application of any such provision or part thereof to any Person or circumstance shall be held invalid, illegal, or unenforceable in any
respect by a court of competent jurisdiction, all other provisions or parts thereof of this Purchase Agreement shall nevertheless remain in full force and effect, and such invalid, illegal or unenforceable provision or part thereof shall be reformed
to the minimum extent required to render such provision or part valid, legal and enforceable and in a manner so as to preserve the economic and legal substance of the transactions contemplated by this Purchase Agreement to the fullest extent
permitted by Laws. 
 12.16 Time of Essence. With regard to all rights and obligations of the Parties and all dates and time periods
set forth or referred to in this Purchase Agreement, time is of the essence. 
 12.17 Press Releases and Public Announcements. The
Parties shall not (and shall cause their Affiliates not to) issue any press release or make any public announcement relating to the subject matter of this Purchase Agreement unless such Party has first consulted with the other Parties and obtained
the other Parties’ prior written approval of the text thereof, which approval shall not be unreasonably withheld or delayed; provided, however, that a Party may make any public disclosure it believes in good faith is required by
Laws (including filings under securities Laws) or any listing or trading agreement concerning its publicly traded securities (in which case the disclosing Party will provide the other Parties reasonable advance notice and consultation regarding
timing and content of the announcement or statement and with the further understanding that the Parties not required to make such announcement or statement shall have the right to issue its own announcement or statement in connection with or in
response to any such required public announcement or statement). 
 12.18 Acknowledgement and Waiver of Post-Closing Attorney-Client
Privilege. Each of the Parties acknowledges that one or more of Sellers and other members of the Seller Parties have retained Hunton Andrews Kurth LLP (“HAK”) to act as their counsel in connection with the transactions
contemplated hereby and that HAK has not acted as counsel for any other Person in connection with the transactions contemplated hereby for conflict of interest or any other purposes. Buyer agrees that any attorney-client privilege and the
expectation of client confidence attaching as a result of HAK’s representation of one or more of Sellers and other members of the Seller Parties related to the preparation for, and negotiation and consummation of, the transactions contemplated
by this Purchase Agreement, including all communications among HAK and Sellers and other members of the Seller Parties or their respective Affiliates in preparation for, and negotiation and consummation of, the transactions contemplated by this
Purchase Agreement (collectively “Deal Communications”), shall survive the Closing and shall 

  
 52 

 
be deemed to be retained and owned collectively by such applicable Seller, shall be controlled by such applicable Seller and shall not pass to or be claimed by Buyer, Mardi Gras LLC or any of the
JV Companies, without such Seller’s written consent. Buyer hereby releases any of its rights and interests to and in the Deal Communications, and none of Buyer, Mardi Gras or any of the JV Companies shall have access to any Deal Communications,
unless approved by such Seller in its sole discretion. Buyer agrees that, notwithstanding any current or prior representation of Sellers by HAK, HAK shall be allowed to represent Sellers and any other member of the Seller Parties or any of their
respective Affiliates in any matters and disputes adverse to Buyer that either is existing on the date hereof or arises in the future and relates to this Purchase Agreement and the transactions contemplated hereby, and Buyer hereby waives any
conflicts or claim of privilege that may arise in connection with such representation. Further, Buyer agrees that, in the event that a dispute arises after Closing between Buyer and any Seller or its Affiliates, HAK may represent such Seller or its
Affiliate in such dispute even though the interests of such Seller or its Affiliate may be directly adverse to Buyer. 
 12.19
Acknowledgement of Parties; Conspicuousness. EACH OF THE PARTIES SPECIFICALLY ACKNOWLEDGES AND AGREES (1) THAT IT HAS A DUTY TO READ THIS PURCHASE AGREEMENT AND THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE OF THE TERMS
HEREOF, AND (2) THAT IT HAS IN FACT READ THIS PURCHASE AGREEMENT AND IS FULLY INFORMED AND HAS FULL NOTICE AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS PURCHASE AGREEMENT. EACH PARTY FURTHER AGREES THAT IT WILL NOT
CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY SUCH PROVISIONS OF THIS PURCHASE AGREEMENT ON THE BASIS THAT THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISIONS OR THAT SUCH PROVISIONS ARE NOT “CONSPICUOUS.”
WITHOUT LIMITING SECTION 12.15, THE INDEMNIFICATION OBLIGATIONS SET FORTH IN THIS PURCHASE AGREEMENT ARE INTENDED TO BE ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF NOTWITHSTANDING ANY EXPRESS NEGLIGENCE
RULE OR ANY SIMILAR DIRECTIVE THAT WOULD PROHIBIT OR OTHERWISE LIMIT INDEMNIFICATION OBLIGATIONS BECAUSE OF THE SOLE, CONCURRENT, ACTIVE OR PASSIVE NEGLIGENCE, STRICT LIABILITY OR FAULT OF ANY OF THE INDEMNIFIED PARTIES.  

12.20 Conflicts. In the event of any conflict between the provisions of this Purchase Agreement and the Operative Documents, the
provisions of this Purchase Agreement shall control. Nothing in the Operative Documents shall be deemed to expand, diminish or otherwise modify the rights or obligations of the Parties as expressed in the provisions of this Purchase Agreement. 

12.21 Action by Buyer. Any action, notice, consent, approval or waiver made prior to and/or on the Closing Date by Buyer pursuant to
this Purchase Agreement with respect to any of the following matters shall only be taken or given with the prior approval of the Conflicts Committee (on behalf of Buyer): (a) any waiver by the Buyer of (i) a condition to Closing of, or
(ii) any Seller’s failure to comply with an obligation, covenant or agreement under, this Purchase Agreement; and (b) any amendment, modification or supplement to this Purchase Agreement or any Operative Document. 

  
 53 

 12.22 Non-Recourse. To the fullest extent
permitted by Law, (a) this Purchase Agreement may only be enforced against, and any claim or cause of action (whether in contract or tort, at law or in equity) based upon, arising out of, or related to this Purchase Agreement or the
negotiation, execution, performance or nonperformance of this Purchase Agreement may only be brought against, the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with
respect to such party, and subject to the limitations contained herein, and (b) no Person, including any past, present or future director, officer, employee, incorporator, member, partner, equityholder, Affiliate, agent, attorney, advisor or
any other Representative of any Party to this Purchase Agreement, shall have any Losses or liabilities (whether in contract, tort, equity or otherwise, or based upon any theory that seeks to impose liability of an entity party against its owners or
Affiliates) for any one or more of the representations, warranties, covenants, agreements or other obligations or liabilities of any one or more of Sellers or Buyer under this Purchase Agreement or any Losses or liabilities (whether for
indemnification or otherwise) for any claim based on, arising out of, or related to this Purchase Agreement or the transactions contemplated hereunder except to the extent contemplated by or set forth in this Purchase Agreement. 

*  *  *  *  * 

  
 54 

 IN WITNESS WHEREOF, each of BP PRODUCTS NORTH AMERICA INC., BP OFFSHORE PIPELINES
COMPANY LLC, BP PIPELINES (NORTH AMERICA) INC. and BP MIDSTREAM PARTNERS LP have caused this Purchase Agreement to be executed by their respective, duly authorized representatives as of the day and year first written above. 

 

			
	 BP PRODUCTS NORTH AMERICA
INC.

 
			
		
	By:	 	 /s/ Dennis Bumb

	Name:	 	Dennis Bumb
	Title:	 	Authorized Person

 Signature Page to Interest Purchase Agreement 

Confidential 

 
			
	 BP OFFSHORE PIPELINES COMPANY LLC

 

 
			
	By:	 	 /s/ Dennis Bumb

	Name:	 	Dennis Bumb
	Title:	 	Authorized Person

 Signature Page to Interest Purchase Agreement 

 
			
	 BP PIPELINES (NORTH AMERICA)
INC.

 
			
		
	By:	 	 /s/ Dennis Bumb

	Name:	 	Dennis Bumb
	Title:	 	Authorized Person

 Signature Page to Interest Purchase Agreement 

 
			
	 BP MIDSTREAM PARTNERS LP

 
 By: BP Midstream Partners GP LLC, its general
partner

 
			
		
	By:	 	 /s/ Craig W. Coburn

	Name:	 	Craig W. Coburn
	Title:	 	Chief Financial Officer

 Signature Page to Interest Purchase Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]