Document:

Form of Contribution, Conveyance and Assumption Agreement

 Exhibit 10.2 

 
  
 FORM OF 
 CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT

 AMONG 
 NEW SOURCE ENERGY CORPORATION, 
 NEW SOURCE ENERGY GP, LLC,

 AND 
 NEW SOURCE ENERGY PARTNERS L.P. 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	 	DEFINITIONS	  	 	2	  
			
	 ARTICLE II
	 	CONTRIBUTIONS, ACKNOWLEDGMENTS AND DISTRIBUTIONS	  	 	3	  
			
	 2.01
	 	Contribution of the Partnership Properties by New Source Energy	  	 	3	  
	 2.02
	 	Public Cash Contribution	  	 	4	  
	 2.03
	 	Distribution by the Partnership of the Credit Facility Borrowings	  	 	4	  
	 2.04
	 	Payment of Expenses by the Partnership; Distribution by the Partnership of Offering Proceeds	  	 	4	  
			
	 ARTICLE III
	 	ADDITIONAL TRANSACTIONS	  	 	4	  
			
	 ARTICLE IV
	 	TITLE MATTERS	  	 	4	  
			
	 4.01
	 	Encumbrances	  	 	4	  
	 4.02
	 	Disclaimer of Warranties; Subrogation; Waiver of Bulk Sales Laws	  	 	5	  
			
	 ARTICLE V
	 	FURTHER ASSURANCES	  	 	6	  
			
	 5.01
	 	Further Assurances	  	 	6	  
	 5.02
	 	Other Assurances	  	 	7	  
			
	 ARTICLE VI
	 	REPRESENTATIONS AND WARRANTIES	  	 	7	  
			
	 6.01
	 	Representations and Warranties of All Parties	  	 	7	  
			
	 ARTICLE VII
	 	MISCELLANEOUS	  	 	8	  
			
	 7.01
	 	Notices	  	 	8	  
	 7.02
	 	Order of Completion of Transactions	  	 	9	  
	 7.03
	 	Costs	  	 	9	  
	 7.04
	 	Headings; References; Interpretation	  	 	9	  
	 7.05
	 	Successors and Assigns	  	 	9	  
	 7.06
	 	No Third Party Rights	  	 	9	  
	 7.07
	 	Counterparts	  	 	10	  
	 7.08
	 	Governing Law	  	 	10	  
	 7.09
	 	Severability	  	 	10	  
	 7.10
	 	Amendment or Modification	  	 	10	  
	 7.11
	 	Integration	  	 	10	  
		
	 EXHIBITS
	  			
			
	 Exhibit A
	 	Form of Assignment and Bill of Sale	  			

  
 i 

 CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT 

This Contribution, Conveyance and Assumption Agreement (this “Agreement”), dated as of
            , 2013, is entered into by and among New Source Energy Corporation, a Delaware corporation (“New Source Energy”); New Source Energy Partners, L.P. (the
“Partnership”), a Delaware limited partnership; and New Source Energy GP, LLC (the “General Partner”), a Delaware limited liability company. The above-named entities are sometimes referred to in this
Agreement each as a “Party” and collectively as the “Parties.” Capitalized terms used herein shall have the meaning assigned to such terms in Article I. 

RECITALS: 
 WHEREAS, the General Partner and New Source Energy formed the Partnership pursuant to the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”) to engage
in any lawful activity for which limited partnerships may be organized under the Delaware LP Act; and 
 WHEREAS, to
accomplish the objectives and purposes in the preceding recital, each of the following actions has been taken prior to the date hereof: 
  

	1.	New Source Energy formed the General Partner pursuant to the Delaware Limited Liability Company Act (the “Delaware LLC Act”) and contributed $20
in exchange for 100.0% of the membership interests in the General Partner; 

  

	2.	the General Partner and New Source Energy formed the Partnership pursuant to the Delaware LP Act, and the General Partnership contributed $20 to the Partnership in
exchange for a 2.0% general partner interest in the Partnership, and New Source Energy contributed $980 to the Partnership in exchange for a 98.0% limited partner interest in the Partnership; and 

WHEREAS, concurrently with the consummation of the transactions contemplated hereby, each of the following shall occur:

  

	1.	New Source Energy will contribute the Partnership Properties to the Partnership, 2.0% of which contribution (the “GP Contribution”) will be made
by New Source Energy on behalf of the General Partner, in exchange for (i)             subordinated units representing a limited partner interest in the Partnership,
(ii)             common units representing a limited partner interest in the Partnership, (iii) the right to receive a distribution of
$            , (iv) a $             note payable to New Source Energy (the “Note Payable”) and
(v) the Partnership’s assumption of $68.0 million of New Source Energy’s existing indebtedness, reflected by an assumption agreement (the “Assumption Agreement”), and the Partnership’s agreement to pay
such indebtedness immediately following New Source Energy’s contribution of the Partnership Properties to the Partnership in exchange for a release of the lien on such Partnership Properties securing such indebtedness; 

 

	2.	The General Partner will contribute the GP Contribution to the Partnership in exchange for a continuation of its prior 2.0% general partner interest in the Partnership,
represented by             general partner units, and the issuance of the Incentive Distribution Rights; 

	3.	in connection with the Partnership’s initial public offering of common units (the “Offering”), the public, through the Underwriters (as
defined herein), will purchase from the Partnership for $             in cash, less the Underwriters’ discount and commission of
$             per common unit, or $             in the aggregate, and a structuring fee of
$            , common units representing a limited partner interest in the Partnership; 

  

	4.	the Partnership will enter into the Credit Agreement (as defined herein) and borrow $15.0 million (the “Credit Facility Borrowings”), the
proceeds of which will be used to fund a portion of the cash distribution to New Source Energy referred to in Step 3 above; and 

  

	5.	the Partnership will use the proceeds from the Offering to pay (i) the indebtedness of New Source Energy assumed by the Partnership, (ii) transaction
expenses, which are estimated to be $             (exclusive of the Underwriters’ discount and commission and the structuring fee), (iii) a portion of the distribution to New
Source Energy referred to in Step 3 above and (iv) for general partnership purposes. 

 NOW,
THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 

“Agreement” has the meaning assigned to such term in the preamble. 

“Assignment Documents” means collectively the form of Assignment and Bill of Sale, attached hereto as Exhibit
A. 
 “Assumption Agreement” has the meaning assigned to such term in the preamble. 

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

“Credit Agreement” means the Credit Agreement, dated as
of             , 2013, by and among Bank of Montreal, as Administrative Agent and the lenders party thereto on the one hand, and the Partnership, on the other hand. 

“Credit Facility Borrowings” has the meaning assigned to such term in the recitals. 

“Delaware LLC Act” has the meaning assigned to such term in the recitals. 

“Delaware LP Act” has the meaning assigned to such term in the recitals. 

“General Partner” has the meaning assigned to such term in the preamble. 

“Governmental Authority” means the United States, any foreign county, state, county, city or other incorporated
or unincorporated political subdivision, agency or instrumentality thereof. 

  
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 “GP Contribution” has the meaning assigned to such term in the
recitals. 
 “GP Members” means New Source Energy, Deylau, LLC and the David J. Chernicky Trust.

 “New Source Energy” has the meaning assigned to such term in the preamble. 

“Note Payable” is defined in the recitals. 

“Offering” has the meaning assigned to such term in the recitals. 

“Partnership” has the meaning assigned to such term in the preamble. 

“Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Partnership,
dated as of             , 2013. 
 “Partnership
Properties” means, collectively, all of the assets described in the Assignment Documents. 

“Party” and “Parties” have the meanings assigned to such terms in the preamble.

 “Registration Statement” means the Registration Statement on Form S-1 filed with the Commission on
December 31, 2012 (Registration No. 333-185754), as amended and effective on the date hereof. 

“Transaction Documents” means those documents and instruments to be delivered hereunder by one or more Parties.

 “Underwriters” means Robert W. Baird & Co. Incorporated, Stifel, Nicolaus & Company
Incorporated, BMO Capital Markets Corp., Oppenheimer & Co., Inc., Jannery Montgomery Scott LLC, Stephens Inc. and Wunderlich Securities Inc. 
 “Underwriting Agreement” means the underwriting agreement, dated as of             , 2013, by and among the Partnership,
the General Partner and Robert W. Baird & Co. Incorporated, Stifel, Nicolaus & Company, Incorporated, BMO Capital Markets Corp. and Oppenheimer & Co. Inc. as representatives of the several Underwriters. 

ARTICLE II 

CONTRIBUTIONS, ACKNOWLEDGMENTS AND DISTRIBUTIONS 
 2.01 Contribution of the Partnership Properties by New Source Energy. 
 New Source Energy hereby agrees to contribute, assign, transfer, set over and deliver to the Partnership, for its own use forever, all of its right, title and interest to and in the Partnership
Properties, as a capital contribution, 2.0% of which will be made by New Source Energy on behalf of the General Partner, which contribution shall be deemed made pursuant to the terms set forth in the Assignment Documents, in exchange for
(i)             subordinated units representing a limited partner interest in the Partnership, (ii)             common
units representing a limited 

  
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partner interest in the Partnership, (iii) the right to receive a distribution of $            , (iv) the Note Payable and
(v) the Partnership’s assumption of $             of New Source Energy’s existing indebtedness as described in the Assumption Agreement, and the Partnership does hereby
assume such indebtedness and agree to pay such indebtedness immediately following New Source Energy’s contribution of its Partnership Properties to the Partnership in exchange for a release of the lien on such Partnership Properties securing
such indebtedness, provided that the Partnership’s assumption of such indebtedness shall not affect the obligations of New Source Energy to its lenders; New Source Energy shall remain fully liable to such lenders for such indebtedness and New
Source Energy shall deal with such lenders as if such assumption had not occurred (however, between New Source Energy, on the one hand, and the Partnership, on the other, the Partnership shall be deemed the obligor with respect to such
indebtedness). 
 2.02 Public Cash Contribution. 

The Parties acknowledge a cash contribution by the public through the Underwriters to the Partnership of
$            , less the Underwriters’ discount and commission of $             per common unit, or
$             in the aggregate, and a structuring fee of $            , in exchange for common units representing a limited
partner interest in the Partnership. 
 2.03 Distribution by the Partnership of the Credit Facility
Borrowings. 
 The Parties acknowledge the payment of a distribution to New Source Energy with the Credit Facility
Borrowings by the Partnership. 
 2.04 Payment of Expenses by the Partnership; Distribution by the Partnership of
Offering Proceeds. 
 The Parties acknowledge (a) the repayment of the indebtedness of New Source Energy
assumed by the Partnership, (b) the payment by the Partnership, in connection with the Offering and the other transactions contemplated hereby, of transaction expenses in the amount of approximately
$             (exclusive of the Underwriters’ discount and the structuring fee) and (c) the distribution of cash by the Partnership to New Source Energy. 

ARTICLE III 

ADDITIONAL TRANSACTIONS 
 [Reserved.] 
 ARTICLE IV 

TITLE MATTERS 
 4.01 Encumbrances. 
 (a) Except to the extent expressly
provided in any other document executed in connection with the Agreement or the Offering, the contributions of the Partnership Properties pursuant to this Agreement are made expressly subject to all recorded and unrecorded liens (other than
consensual liens), encumbrances, agreements, defects, restrictions, advance claims and all laws, rules, regulations, ordinances, judgments and orders of Governmental Authorities or 

  
 4 

 
tribunals having or asserting jurisdiction over the Partnership Properties and operations conducted thereon or in connection therewith, in each case to the extent the same are valid and
enforceable and affect the Partnership Properties, including all matters that a current survey or visual inspection of the Partnership Properties would reflect. 
 (b) To the extent that certain jurisdictions in which the Partnership Properties are located may require that documents be recorded in order to evidence the transfers of titles reflected in this
Agreement, then the provisions set forth in Section 4.01(a) shall also be applicable to the transfers under such documents. 
 4.02 Disclaimer of Warranties; Subrogation; Waiver of Bulk Sales Laws. 
 (a) EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES
NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR
PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PARTNERSHIP PROPERTIES, INCLUDING THE WATER, SOIL, GEOLOGY OR ENVIRONMENTAL CONDITION OF THE PARTNERSHIP PROPERTIES GENERALLY, INCLUDING THE PRESENCE OR LACK OF HAZARDOUS
SUBSTANCES OR OTHER MATTERS ON THE PARTNERSHIP PROPERTIES, (B) THE INCOME TO BE DERIVED FROM THE PARTNERSHIP PROPERTIES, (C) THE SUITABILITY OF THE PARTNERSHIP PROPERTIES FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON,
(D) THE COMPLIANCE OF OR BY THE PARTNERSHIP PROPERTIES OR THEIR OPERATION WITH ANY LAWS (INCLUDING ANY ZONING, ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY,
MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PARTNERSHIP PROPERTIES. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING, THE PARTIES
ACKNOWLEDGE AND AGREE THAT EACH HAS HAD THE OPPORTUNITY TO INSPECT THE PARTNERSHIP PROPERTIES, AND EACH IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PARTNERSHIP PROPERTIES AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ANY OF THE
PARTIES. NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PARTNERSHIP PROPERTIES FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. EACH OF THE PARTIES
ACKNOWLEDGES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE CONTRIBUTION OF THE PARTNERSHIP PROPERTIES AS PROVIDED FOR HEREIN IS MADE IN AN “AS IS”, “WHERE IS” CONDITION WITH ALL FAULTS, AND THE PARTNERSHIP PROPERTIES ARE
CONTRIBUTED AND CONVEYED SUBJECT TO ALL OF THE MATTERS CONTAINED IN THIS SECTION. THIS SECTION SHALL SURVIVE SUCH 

  
 5 

 
CONTRIBUTION AND CONVEYANCE OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE
EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE PARTNERSHIP PROPERTIES THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE. 

(b) Each contribution under the Assignment Documents shall include all of the assigning party’s right, title and interest under and
by virtue of all warranties pertaining to the Partnership Properties, express or implied (including, without limitation, title warranties and manufacturers’, suppliers’ and contractors’ warranties), that have, prior to the date of
such contribution, been made by any of the assigning party’s predecessors in title (excluding any affiliate of such assigning party) or by any third party manufacturers, suppliers and contractors. Each contribution under the Assignment
Documents shall be made with full substitution and subrogation in and to all of the warranties that the assigning party has or may have against predecessors in title (excluding any affiliate of such assigning party) and with full subrogation of all
rights accruing under the applicable statutes of limitations and all rights and actions of warranty against all former owners of the Partnership Properties (excluding any affiliate of the assigning party). 

(c) Each of the Parties agrees that the disclaimers contained in this Section 4.02 are “conspicuous” disclaimers. Any
covenants implied by statute or law by the use of the words “contribute,” “distribute,” “assign,” “transfer,” “deliver” or “set over” or any of them or any other words used in this
Agreement are hereby expressly disclaimed, waived or negated. 
 (d) Each of the Parties hereby waives compliance with any
applicable bulk sales law or any similar law in any applicable jurisdiction in respect of the transactions contemplated by this Agreement. 
 ARTICLE V 
 FURTHER ASSURANCES 

5.01 Further Assurances. 
 From and after the date hereof, and without any further consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, instruments, notices,
releases, acquittances and other documents, and will do all such other acts and things, all in accordance with applicable law, as may be necessary or appropriate to (a) more fully assure that the applicable Parties own all of the properties,
rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement or (b) more fully and effectively vest in the applicable Parties and their respective successors and assigns beneficial and record title to the
interests contributed and assigned by the Agreement or intended so to be and more fully and effectively carry out the purposes of this Agreement. 

  
 6 

 5.02 Other Assurances. 

From time to time after the date hereof, and without any further consideration, each of the Parties shall execute, acknowledge and deliver
all such additional instruments, notices and other documents, and will do all such other acts and things, all in accordance with applicable law, as may be necessary or appropriate to more fully and effectively carry out the purposes and intent of
this Agreement. 
 Without limiting the generality of the foregoing, the Parties acknowledge that they have used their good
faith efforts to identify all of the assets being contributed to the Partnership in connection with the Offering. However, it is possible that assets intended to be contributed to the Partnership were not identified and therefore are not included in
the Partnership Properties. To the extent that such assets are identified at a later date, the Parties shall take the appropriate actions required in order to convey all such assets to the Partnership (or its successors or assigns). 

ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 
 6.01 Representations and Warranties of All Parties. 

Each of the Parties to this Agreement hereby represents and warrants severally as to itself as follows: 

(a) Formation and Good Standing. Such Party is a corporation, limited partnership or limited liability company, legally formed,
validly existing and, to the extent applicable, in good standing under the laws of the state of its formation. Such Party is duly qualified to do business and is in good standing as a foreign corporation, limited partnership or limited liability
company, as applicable, in each jurisdiction where the character of the properties owned or leased by it or the nature of the businesses transacted by it requires it to be so qualified. 

(b) Authority, Execution and Enforceability. Such Party has full corporate, limited partnership or limited liability company, as
applicable, power and authority to enter into this Agreement and the Transaction Documents to be delivered by such Party hereunder and to perform its obligations hereunder and thereunder. The execution, delivery and performance of this Agreement and
the Transaction Documents to be delivered by such Party hereunder and the consummation of the transactions contemplated hereby and thereby have been duly authorized and approved by such Party. Such Party has duly executed and delivered this
Agreement and the Transaction Documents to be delivered by such Party hereunder, and this Agreement and the Transaction Documents to be delivered by such Party hereunder constitute such Party’s legal, valid and binding obligation, enforceable
against it in accordance with its terms (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or by the principles governing the
availability of equitable remedies). 

  
 7 

 (c) No Conflicts. Neither the execution, delivery nor performance of this Agreement
nor the Transaction Documents to be delivered by such Party hereunder by such Party will: 
 (i) require the
approval or consent of any Governmental Authority; 
 (ii) conflict with or result in the breach or violation of
any term or provision of, or will constitute a default under, or will otherwise impair the good standing, validity or effectiveness of, any provision of its certificate of limited partnership, certificate of formation, agreement of limited
partnership, limited liability company agreement or other formation and governing documents; 
 (iii) result in
the material breach or violation by it of any material term or provision of, or constitute a default or give rise to any right of termination, cancellation or acceleration under any of the terms, conditions or provisions of any material agreement to
which it is bound or by which its property or business is affected, except for such defaults (or rights of termination, cancellation or acceleration) as to which waivers or consents have been obtained; or 

(iv) violate in any material respect any federal, state, local or other governmental law ordinance, or any order, writ,
injunction, decree, rule or regulation of any Governmental Authority applicable to such Party. 
 ARTICLE VII 

MISCELLANEOUS 
 7.01 Notices. 
 All notices and other communications
provided for or permitted hereunder shall be made in writing by facsimile, courier service or personal delivery: 
  

	 	(a)	if to the Partnership or the General Partner: 

 914 North Broadway, Suite 230 
 Oklahoma City, Oklahoma 73102

 Attention: Chief Executive Officer 

Telephone: (405) 272-3028 
 Facsimile: (405) 272-3034 
  

	 	(b)	if to New Source Energy: 

 914 North Broadway, Suite 230 
 Oklahoma City, Oklahoma 73102

 Attention: Chief Executive Officer 

Telephone: (405) 272-3028 
 Facsimile: (405) 272-3034 

  
 8 

 All such notices and communications shall be deemed to have been received at the time
delivered by hand, if personally delivered, when receipt acknowledged, if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by any other means. 

7.02 Order of Completion of Transactions. 
 The transactions provided for in Article II of this Agreement shall be completed on the Closing Date in the order set forth in Article II of this Agreement. 

7.03 Costs. 
 Except for the transaction expenses set forth in Section 2.04, the Partnership shall pay all expenses, fees and costs, including sales, use and similar taxes, arising out of the contributions,
conveyances and deliveries to be made hereunder, and shall pay all documentary, filing, recording, transfer, deed and conveyance taxes and fees required in connection therewith. In addition, the Partnership shall be responsible for all costs,
liabilities and expenses (including court costs and reasonable attorneys’ fees) incurred in connection with the delivery of any document pursuant to Article V of this Agreement. 

7.04 Headings; References; Interpretation. 
 All Article and Section headings in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words
“hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this agreement as a whole, including, without limitation, all Exhibits attached hereto, and not to any
particular provision of this Agreement. All references herein to Articles, Sections, and Exhibits shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections of this Agreement, and the
Exhibits attached hereto, and all such Exhibits attached hereto are hereby incorporated herein and made a part hereof for all purposes. All personal pronouns used in this Agreement, whether used in the masculine, feminine, or neuter gender, shall
include all other genders, and the singular shall include the plural and vice versa. The terms “include,” “includes,” “including” or words of like import shall be deemed to be followed by the words “without
limitation.” 
 7.05 Successors and Assigns. 

This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and assigns.

 7.06 No Third Party Rights. 
 The provisions of this Agreement are intended to bind the Parties as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights
or remedies, and no person is or is intended to be a third party beneficiary of any of the provisions of this Agreement. 

  
 9 

 7.07 Counterparts. 

This Agreement may be executed in any number of counterparts, all of which together shall constitute one agreement binding on the Parties.

 7.08 Governing Law. 
 This Agreement shall be governed by, and construed in accordance with, the laws of the State of Oklahoma applicable to contracts made and to be performed wholly within such state, without giving effect to
conflict of laws principles thereof. 
 7.09 Severability. 

If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws
of any political body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or
provisions held to be invalid, and an equitable adjustment shall be made and necessary provision added so as to give effect to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement. 

7.10 Amendment or Modification. 
 The Agreement may be amended or modified from time to time only by the written agreement of all of the Parties. Each such instrument shall be reduced to writing and shall be designated on its face as an
amendment to this Agreement. 
 7.11 Integration. 

This Agreement and the instruments referenced herein supersede all previous understandings or agreements among the Parties, whether oral
or written, with respect to its subject matter. This document and such instruments contain the entire understanding of the Parties. No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be
included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties after the date hereof. 
 [Signature Page Follows] 

  
 10 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties as of the
date first written above. 
  

			
	NEW SOURCE ENERGY CORPORATION
		
	By:	 	 
	 Name:
 Title:
	 	

  

			
	NEW SOURCE ENERGY GP, LLC
		
	By:	 	 
	 Name:
 Title:
	 	

  

			
	NEW SOURCE ENERGY PARTNERS L.P.
		
	By:	 	 NEW SOURCE ENERGY GP, LLC, its
 general partner

		
	By:	 	 
	 Name:
 Title:
	 	

  
 [Signature
Page to Contribution Agreement] 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND BILL OF SALE 
 This Assignment and Bill of
Sale (this “Assignment”) is from New Source Energy Corporation, a Delaware corporation (“Assignor”), whose address is 914 North Broadway, Suite 230, Oklahoma City, Oklahoma 73102, to New Source Energy Partners L.P., a
Delaware limited partnership (“Assignee”), whose address is 914 North Broadway, Suite 230, Oklahoma City, Oklahoma 73102, and is effective as of 12:01 a.m.,
[            ] time, on [            ] (the “Effective Time”). 

RECITALS 

WHEREAS, Assignor owns certain oil and gas properties and related assets in the County of
[            ] in the State of Oklahoma; and 
 WHEREAS, Assignor
and Assignee have entered into that certain Contribution, Conveyance and Assumption Agreement, dated as of [            ] (the “Contribution Agreement”), among
Assignor, Assignee and New Source Energy GP, LLC (the “General Partner”), pursuant to which Assignor has agreed to contribute, assign, transfer, set over and deliver to the Assignee all of its right, title and interest to and in the
Partnership Properties (as defined in the Contribution Agreement), including the Assets (as hereinafter defined), as a capital contribution, upon the terms and conditions set forth in the Contribution Agreement. 

NOW, THEREFORE, in consideration of the mutual benefits derived and to be derived from the Contribution Agreement and this Assignment by
each of Assignor and Assignee, Assignor and Assignee hereby agree as follows: 
 ARTICLE 1 

DEFINED TERMS 
 Section 1.1 Definitions. Capitalized terms used in this Assignment and not otherwise defined herein shall have the meanings given to such terms in the Contribution Agreement.

 ARTICLE 2 
 ASSIGNMENT OF ASSETS 
 Section 2.1 Assignment. Assignor,
for good and valuable consideration, the receipt and sufficiency of which are acknowledged, hereby contributes, assigns, transfers, sets over and delivers to Assignee all of Assignor’s right, title and interest in and to the following
(excepting the Excluded Assets defined below) (individually, an “Asset,” and collectively, the “Assets”): 

(a) (i) the oil and gas leases more particularly described in Exhibit A – Part 1 (Assignor’s interests in such leases,
collectively, the “Leases”), (ii) the mineral fee interests, royalty interests, overriding royalty interests, production payments, net profits interests, carried interests and reversionary interests described in Exhibit A –
Part 1 and/or relating to the lands described in any instrument described in Exhibit A – Part 1 (Assignor’s interests in the foregoing, the “Mineral Interests”) and (iii) the interests in any units arising on
account of the Leases or Mineral Interests having been pooled or unitized into such units (Assignor’s interests in such units, the “Unit Interests”); 

  
 A-1

 (b) all existing oil and gas wells attributable to the Leases, Mineral Interests or Unit
Interests (Assignor’s interests in such wells, collectively and including the wells set forth on Exhibit A – Part 2, the “Wells,” and the Leases, Mineral Interests, Unit Interests and Wells being hereinafter collectively
referred to as the “Properties”); 
 (c) all production facilities, structures, tubular goods, well equipment, lease
equipment, production equipment, pipelines, inventory and all other personal property, fixtures and facilities to the extent appurtenant to or used primarily in connection with the Properties (collectively, the “Facilities”); 

(d) to the extent transferable, all permits, licenses, servitudes, easements, rights-of-way, surface fee interests and other surface use
agreements to the extent used primarily in connection with the ownership or operation of the Properties or the Facilities; 
 (e)
all oil, gas and other hydrocarbons produced or processed in association therewith (collectively, “Hydrocarbons”) from or attributable to the Properties from and after the Effective Time and all Hydrocarbons produced therefrom prior to the
Effective Time that are in storage prior to the Effective Time and that are upstream of the sales metering point as of the date hereof; 
 (f) to the extent transferable, all contracts, agreements, commitments and other arrangements (“Contracts”) relating to the ownership or operation of the Properties or other Assets, including
the production, storage, treatment, transportation, processing, purchase, sale, disposal or other disposition of production therefrom or in connection therewith; 
 (g) all gas or pipeline imbalances relating to the Properties; and 
 (h) all
records, files, orders, maps, and data that relate to the Properties, Facilities or other Assets that are in Assignor’s possession, to the extent that Assignor has the right to transfer same to Assignee without the payment of any fee, penalty
or other consideration, but excluding any of the foregoing to the extent that (i) transfer is restricted by third party agreement or applicable law and (ii) Assignor is unable to obtain, using commercially reasonable efforts, a waiver of,
or otherwise satisfy, such transfer restriction (provided that Assignor shall not be required to provide consideration or undertake obligations to or for the benefit of the holders of such rights in order to obtain any necessary consent or waiver of
such transfer restriction) (subject to such exclusion, collectively referred to as the “Files”). 
 TO HAVE AND TO
HOLD the Assets unto Assignee forever, subject, however, to all the terms and conditions of this Assignment. 

Section 2.2 Excluded Assets. The Assets shall not include, and there is excepted, reserved and excluded from the sale
and assignment contemplated hereby, the following (the “Excluded Assets”): 

  
 - 2 -

 (a) all corporate, financial, tax and legal records of Assignor that relate to
Assignor’s business generally (including the ownership and operation of the Assets) or that relate to the other Excluded Assets, together with a duplicate copy (electronic or otherwise) of all of the Files; 

(b) any trade credits, accounts receivable, proceeds or revenues attributable to the Assets and accruing prior to the Effective Time;

 (c) all Hydrocarbons produced from or attributable to the Properties with respect to any periods of time prior to the
Effective Time that are not in storage prior to sale and that are upstream of the sales metering point as of the date hereof, and all proceeds attributable thereto; 
 (d) all refunds of costs, taxes or expenses attributable to any periods of time prior to the Effective Time; 
 (e) all proceeds from the settlements of Contract disputes with purchasers of Hydrocarbons from or attributable to the Properties, including settlement of take-or-pay disputes, insofar as said proceeds
are attributable to any periods of time prior to the Effective Time; 
 (f) all bonds, letters of credit and guarantees, if any,
posted by Assignor or its Affiliates with Governmental Authorities and relating to the Assets; 
 (g) all rights, titles, claims
and interests of Assignor or its Affiliates under any insurance policy or agreement, to any insurance proceeds or to or under any bond or bond proceeds; 
 (h) all rights and claims relating to the Assets and attributable to periods of time prior to the Effective Time, including audit rights; 

(i) all privileged attorney-client (i) communications and (ii) other documents (other than title opinions); 

(j) all materials and information that cannot be disclosed to Assignee as a result of confidentiality obligations to third parties;

 (k) all amounts paid by third parties to Assignor or its Affiliates as overhead for periods of time accruing prior to the
date hereof under any joint operating agreements burdening the Assets; and 
 (l) any matter required to be excluded pursuant to
the provisions of Section 2.1(h) of this Assignment. 
 Section 2.3 Retained Rights and
Obligations. The execution and delivery of this Assignment by Assignor, and the execution and acceptance of this Assignment by Assignee, shall not operate to release or impair any surviving rights or obligations of Assignor or Assignee under
the Contribution Agreement. 

  
 - 3 -

 ARTICLE 3 
 ENCUMBRANCES/Disclaimers 
 Section 3.1 Disclaimers and
Subrogation of Warranties and Representations. 
 (a) Except to the extent expressly provided in any other document
executed in connection with the Contribution Agreement or the Offering, the contribution of the Assets pursuant to this Assignment are made expressly subject to all recorded and unrecorded liens (other than consensual liens), encumbrances,
agreements, defects, restrictions, advance claims and all laws, rules, regulations, ordinances, judgments and orders of Governmental Authorities or tribunals having or asserting jurisdiction over the Assets and operations conducted thereon or in
connection therewith, in each case to the extent the same are valid and enforceable and affect the Assets, including all matters that a current survey or visual inspection of the Assets would reflect. 

(b) EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THE CONTRIBUTION AGREEMENT OR THE
OFFERING, ASSIGNOR AND ASSIGNEE ACKNOWLEDGE AND AGREE THAT NO PARTY HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR
CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS, INCLUDING THE WATER, SOIL, GEOLOGY OR ENVIRONMENTAL CONDITION OF THE ASSETS
GENERALLY, INCLUDING THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON THE ASSETS, (B) THE INCOME TO BE DERIVED FROM THE ASSETS, (C) THE SUITABILITY OF THE ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED
THEREON, (D) THE COMPLIANCE OF OR BY THE ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING ANY ZONING, ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY,
MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS CONTRIBUTION AGREEMENT OR THE OFFERING, ASSIGNOR AND
ASSIGNEE ACKNOWLEDGE AND AGREE THAT EACH HAS HAD THE OPPORTUNITY TO INSPECT THE ASSETS, AND EACH IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ANY OTHER PARTY. NONE OF ASSIGNOR NOR
ASSIGNEE IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. EACH SUCH PARTY ACKNOWLEDGES THAT TO THE MAXIMUM EXTENT
PERMITTED BY LAW, THE CONTRIBUTION OF THE ASSETS AS PROVIDED FOR HEREIN IS MADE IN AN “AS IS”, “WHERE IS” CONDITION WITH ALL FAULTS, AND THE ASSETS ARE CONTRIBUTED AND TRANSFERRED SUBJECT TO ALL OF THE MATTERS

  
 - 4 -

 
CONTAINED IN THIS SECTION. THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY ASSIGNOR AND ASSIGNEE AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY
REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE. 
 (c) Each of Assignor and Assignee agrees that the disclaimers contained in this Section 3.1 are “conspicuous” disclaimers. Any covenants implied by statute or law by the use of the words
“contribute,” “distribute,” “assign,” “transfer,” “deliver” or “set over” or any of them or any other words used in this Assignment are hereby expressly disclaimed, waived or negated.

 Section 3.2 Subrogation. Assignor hereby transfers and assigns unto Assignee, its successors and assigns,
all of its right, title and interest under and by virtue of all warranties pertaining to the Assets, express or implied (including, without limitation, title warranties and manufacturers’, suppliers’ and contractors’ warranties), that
have heretofore been made by any of Assignor’s predecessors in title (excluding any affiliate of Assignor) or by any third party manufacturers, suppliers and contractors. This Assignment is made with full substitution and subrogation in and to
all of the warranties that Assignor has or may have against predecessors in title (excluding any affiliate of Assignor) and with full subrogation of all rights accruing under the applicable statutes of limitations and all rights and actions of
warranty against all former owners of the Assets (excluding any affiliate of Assignor). 
 ARTICLE 4 

ASSUMED OBLIGATIONS: INDEMNITIES 
 Section 4.1 Assumed Obligations. Assignee agrees to assume, and does hereby assume, all of Assignor’s obligations to properly plug and abandon, or to replug if subsequently
required, the Wells and any previously plugged wells located on the Lands covered by the Leases, restore the surface of the lands associated therewith, and otherwise comply with all applicable reclamation requirements according to the terms of the
Leases and Unit Interests and the rules and regulations of governmental authorities having jurisdiction (the “Plugging Obligations”). In addition to the Plugging Obligations, Assignee agrees to assume and does hereby (and Assignee’s
successors and assigns will) assume and agree to be bound by and bear all costs, expenses and liabilities arising out the ownership and/or operation of the Assets, whether or not such costs, expenses or liabilities accrued prior to, on or after the
Effective Time, including, without limitation, the environmental condition of the Assets. 
 ARTICLE 5 

MISCELLANEOUS 
 Section 5.1 Separate Assignments. Where separate assignments of Assets have been or will be executed for filing with, and approval by, applicable governmental authorities, any such
separate assignments (a) shall evidence this Assignment and assignment of the applicable 

  
 - 5 -

 
Assets herein made and shall not constitute any additional Assignment or assignment of the Assets, (b) are not intended to modify, and shall not modify, any of the terms, covenants and
conditions or limitations on warranties set forth in this Assignment and are not intended to create, and shall not create, any representations, warranties or additional covenants of or by Assignor to Assignee and (c) shall be deemed to contain
all of the terms and provisions of this Assignment, as fully and to all intents and purposes as though the same were set forth at length in such separate assignments. 
 Section 5.2 Exhibits. All exhibits attached hereto are hereby made part hereof and incorporated herein by this reference. References in such exhibits to instruments on file in the
public records are notice of such instruments for all purposes. Unless provided otherwise, all recording references in such exhibits are to the appropriate records of the counties or parishes in which the Assets are located. 

Section 5.3 Governing Law. THIS ASSIGNMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
OKLAHOMA, EXCLUDING ANY CONFLICTS OF LAW RULE OR PRINCIPLE THAT MIGHT REFER CONSTRUCTION OF SUCH PROVISIONS TO THE LAWS OF ANOTHER JURISDICTION, EXCEPT TO THE EXTENT THAT THE LAWS OF ANOTHER STATE ARE MANDATORILY APPLIED TO THE DISPUTED MATTER.

 Section 5.4 Successors and Assigns. This Assignment shall bind and inure to the benefit of the parties
hereto and their respective successors and assigns. 
 Section 5.5 Counterparts. This Assignment may be
executed in any number of counterparts, and each counterpart hereof shall be deemed to be an original instrument, but all such counterparts shall constitute but one instrument. Any signature hereto delivered by a party by facsimile transmission
shall be deemed an original signature hereto. Exhibit A may be redacted for filing in each county or parish, such that the exhibit filed in any county or parish will describe only those Assets located in such county or parish. 

  
 - 6 -

 EXECUTED as of the date of the parties’ acknowledgments below, but effective as of the Effective Time.

  

							
	ARTICLE 6 ASSIGNOR:	  		  	WITNESSES:
			
	NEW SOURCE ENERGY CORPORATION	  		  	  

		 		  		  	  

				
	By:	 	  
	  		  	
	Name:	 	Kristian B. Kos	  		  	
	Title:	 	President & Chief Executive Officer	  		  	
			
	ARTICLE 7	  		  	
	ARTICLE 8 ASSIGNEE:	  		  	WITNESSES:
	ARTICLE 9	  		  	
	NEW SOURCE ENERGY PARTNERS L.P.	  		  	  

	ARTICLE 10	  		  	
				
	By:	 	 New Source Energy GP, LLC,

its general partner
	  		  	  

				
	By:	 	  
	  		  	
	Name:	 	Kristian B. Kos	  		  	
	Title:	 	President & Chief Executive Officer	  		  	
			
	ARTICLE 11	  		  	

  

					
	Prepared by:	  		  	Return to:
			
	[                            
    ]	  		  	  

	[Vinson & Elkins L.L.P.	  		  	  

	1001 Fannin Street, Suite 2500	  		  	  

	Houston, Texas 77002	  		  	  

	(713) 758-2222]	  		  	  

 SIGNATURE PAGE TO 

ASSIGNMENT AND BILL OF SALE 

 Acknowledgement 
 Every deed or other instrument affecting real estate, executed by a corporation, must be acknowledged by an officer or attorney-in-fact subscribing the name of the corporation thereto, which
acknowledgment may be in substantially a form as provided for in the Uniform Law on Notarial Acts or in substantially the following form: 
  

					
	STATE OF OKLAHOMA	  	§	  	
		  	§	  	
	COUNTY OF OKLAHOMA	  	§	  	

 Before me, a              in and for this
state, on this              day of                     , personally appeared
                     to me known to be the identical person who subscribed the name of the maker thereof to the foregoing instrument as its
(attorney-in-fact, president, vice-president, chair, or vice-chair of the board of directors or mayor, as the case may be) and acknowledged to me that
                     executed the same as
                     free and voluntary act and deed, and as the free and voluntary act and deed of the corporation, for the uses and purposes
therein set forth. 
 IN WITNESS WHEREOF, I have hereunto set my hand and official seal in the City of Oklahoma City, Oklahoma,
on the day and year first above written. 
  

							
		  	  

		  	Notary Public in and for the State of Oklahoma
		  	Commission No:	  	  

		  	My commission expires:	  	  

 Exhibit A 
 Part 1 – Leases 
  

																							
	 Unique

ID
	  	 Field
Name
	  	 Original
Lessor/Grantor
	  	 Original
Lessee/Grantee
	  	 Effective
Date
	  	 Book/

Volume
	  	 Page
	  	 Tract
	  	 Range
	  	 Section
	  	 State
	  	 County

[SAMPLE] 

  
 Exhibit A-1

 Page 1 

 Exhibit A 
 Part 2 – Wells 
  

													
	 Aries Propnum
	  	 API
	  	 County
	  	 State
	  	 Field Name
	  	 Well Number
	  	 Well Name

[SAMPLE] 

  
 A-1Form of Long-Term Incentive Agreement

 Exhibit 10.4 
 NEW SOURCE ENERGY PARTNERS L.P. 
 FORM OF LONG TERM INCENTIVE PLAN

 Section 1. Purpose of the Plan. The New Source Energy Partners L.P. Long-Term Incentive Plan (the
“Plan”) has been adopted on              , 2013 (the “Effective Date”) by New Source Energy GP, LLC, a Delaware limited liability company,
the general partner (“General Partner”) of New Source Energy Partners L.P., a Delaware limited partnership (the “Partnership”). The Plan is intended to promote the interests of the General Partner, the
Partnership and their Affiliates by providing to Employees, Consultants and Directors incentive compensation awards to encourage superior performance. The Plan is also contemplated to enhance the ability of the General Partner, the Partnership and
their Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership and to encourage them to devote their best efforts to advancing the business of the Partnership. 

Section 2. Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 

(a) “409A Award” means an Award that constitutes a “deferral of compensation” within the meaning of the
409A Regulations, whether by design, due to a subsequent modification in the terms and conditions of such Award or as a result of a change in applicable law following the date of grant of such Award, and that is not exempt from Section 409A of
the Code pursuant to an applicable exemption. 
 (b) “409A Regulations” means the applicable Treasury
regulations and other interpretive guidance promulgated pursuant to Section 409A of the Code. 
 (c)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used
herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

 (d) “Award” means an Option, Unit Appreciation Right, Restricted Unit, Phantom Unit, Unit Award,
Substitute Award, Other Unit Based Award or Cash Award granted under the Plan or Performance Awards and includes, as appropriate, any tandem DERs granted with respect to an Award (other than a Restricted Unit or Unit Award). 

(e) “Award Agreement” means the written or electronic agreement by which an Award shall be evidenced. 

(f) “Board” means the Board of Directors of the General Partner. 

(g) “Cash Award” means an award denominated in cash. 

(h) “Change of Control” means, and shall be deemed to have occurred upon one or more of the following events:

 (i) any “person” or “group” within the meaning of those terms as used in Sections 13(d)
and 14(d)(2) of the Exchange Act, other than members of the General Partner, the Partnership, or an Affiliate of either the General Partner or the Partnership, shall become the 

 
beneficial owner, by way of merger, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the voting power of the voting securities of the General Partner or the
Partnership; 
 (ii) the limited partners of the General Partner or the Partnership approve, in one transaction
or a series of transactions, a plan of complete liquidation of the General Partner or the Partnership; 
 (iii)
the sale or other disposition by either the General Partner or the Partnership of all or substantially all of its assets in one or more transactions to any Person other than an Affiliate; 

(iv) the General Partner or an Affiliate of the General Partner or the Partnership ceases to be the general partner of the
Partnership; 
 (v) any other event specified as a “Change of Control” in an applicable
Award Agreement. 
 Notwithstanding the above, with respect to a 409A Award, a “Change of Control” shall not occur
unless that Change of Control also constitutes a “change in the ownership of a corporation,” a “change in the effective control of a corporation,” or a “change in the ownership of a substantial portion of a
corporation’s assets,” in each case, within the meaning of 1.409A-3(i)(5) of the 409A Regulations, as applied to non-corporate entities. 
 (i) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 (j) “Committee” means the Board or such committee as may be appointed by the Board to administer the Plan, which alternative committee may be the board of directors or managers of
any Affiliate or a committee therefore. 
 (k) “Consultant” means an individual who renders consulting
or advisory services to the General Partner, the Partnership or an Affiliate of either. 
 (l)
“Director” means a member of the Board or the board of directors of an Affiliate of the General Partner who is not an Employee or a Consultant (other than in that individual’s capacity as a Director). 

(m) “Distribution Equivalent Right” or “DER” means a contingent right, granted alone or
in tandem with a specific Award (other than a Restricted Unit or Unit Award), to receive with respect to each Unit subject to the Award an amount in cash, Units and/or Phantom Units, as determined by the Committee in its sole discretion, equal in
value to the distributions made by the Partnership with respect to a Unit during the period such Award is outstanding. 
 (n)
“Effective Date” has the meaning set forth in Section 1. 
 (o) “Employee”
means an employee of the General Partner or an Affiliate of the General Partner. 
 (p) “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 (q) “Fair Market Value” means, on any relevant
date, the closing sales price of a Unit on the principal national securities exchange or other market in which trading in Units occurs on the last market trading day prior to the applicable day (or, if there is no trading in the Units on such date,
on the 

  
 2 

 
next preceding day on which there was trading) as reported in The Wall Street Journal (or other reporting service approved by the Committee). If Units are not traded on a national securities
exchange or other market at the time a determination of Fair Market Value is required to be made hereunder, the determination of Fair Market Value shall be made by the Committee in good faith using a “reasonable application of a reasonable
valuation method” within the meaning of the 409A Regulations (specifically, Section 1.409A-l(b)(5)(iv)(B) of the 409A Regulations). 
 (r) “General Partner” has the meaning set forth in Section 1. 
 (s) “Option” means an option to purchase Units granted under the Plan. 
 (t) “Other Unit Based Award” means an Award granted to an Employee, Director or Consultant pursuant to Section 6(f). 

(u) “Participant” means an Employee, Consultant or Director granted an Award under the Plan. 

(v) “Partnership” has the meaning set forth in Section 1. 

(w) “Performance Award” means a right granted to an Employee, Director or Consultant pursuant to
Section 6(i), to receive an Award based upon performance criteria specified by the Committee. 
 (x)
“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, governmental agency or political subdivision thereof or other entity.

 (y) “Phantom Unit” means a notional Unit granted under the Plan which upon vesting entitles the
Participant to receive, at the time of settlement, a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its sole discretion. 
 (z) “Plan” has the meaning set forth in Section 1. 

(aa) “Qualified Member” means a member of the Committee who is a “nonemployee director” within the
meaning of Rule 16b-3(b)(3). 
 (bb) “Restricted Period” means the period established by the Committee
with respect to an Award during which the Award remains subject to forfeiture and is either not exercisable by or payable to the Participant, as the case may be. 
 (cc) “Restricted Unit” means a Unit granted under the Plan that is subject to a Restricted Period. 
 (dd) “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act or any successor rule or regulation thereto as in effect from time to time. 

(ee) “SEC” means the Securities and Exchange Commission, or any successor thereto. 

(ff) “Substitute Award” means an award granted pursuant to Section 6(h) of the Plan. 

(gg) “Unit Distribution Right” or “UDR” means a distribution made by the Partnership with
respect to a Restricted Unit. 

  
 3 

 (hh) “Unit” means a common unit of the Partnership. 

(ii) “Unit Appreciation Right” means a contingent right granted under the Plan that entitles the holder to
receive, in cash or Units, as determined by the Committee in its sole discretion, an amount equal to the excess of the Fair Market Value of a Unit on the exercise date of the Unit Appreciation Right (or another specified date) over the exercise
price of the Unit Appreciation Right. 
 (jj) “Unit Award” means a grant of a Unit that is not subject
to a Restricted Period. 
 Section 3. Administration. 

(a) Authority of the Committee. The Plan shall be administered by the Committee. A majority of the Committee shall constitute a
quorum, and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in writing, shall be the acts of the Committee. Subject to the
terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the
type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award, consistent with the terms of the Plan, which terms may include any
provision regarding the acceleration of vesting or waiver of forfeiture restrictions or any other condition or limitation regarding an Award, based on such factors as the Committee shall determine, in its sole discretion; (v) determine whether,
to what extent, and under what circumstances Awards may be vested, settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan;
(vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or an Award Agreement in such manner and to such extent as the
Committee deems necessary or appropriate. The determinations of the Committee on the matters referred to in this Section 3(a) shall be final and conclusive. 
 (b) Manner and Exercise of Committee Authority. At any time that a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to a
Participant who is then subject to Section 16 of the Exchange Act in respect of the Partnership may be taken either (i) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (ii) by the
Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such abstention or recusal the Committee remains composed solely of two or more
Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for all purposes of the Plan. Unless otherwise expressly
provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive,
and binding upon all Persons, including, without limitation, the General Partner, the Partnership, any Affiliate, any Participant, and any beneficiary of a Participant. The express grant of any specific power to the Committee, and the taking of any
action by the Committee, shall not be construed as limiting the power or authority of the Committee. Subject to the Plan and any applicable law, the Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan,
including the power to grant Awards under the Plan, to the Chief Executive Officer of the General Partner, subject to such limitations on such delegated powers and duties as the Committee may impose, if any, and provided that the Committee may not
delegate its duties where 

  
 4 

 
such delegation would violate state corporate law, or with respect to making Awards to, or otherwise with respect to Awards granted to, Participants who are subject to Section 16(b) of the
Exchange Act. Upon any such delegation, all references in the Plan to the “Committee,” other than in Section 7, shall be deemed to include the Chief Executive Officer. Any such delegation shall not limit the Chief Executive
Officer’s right to receive Awards under the Plan; provided, however, the Chief Executive Officer may not grant Awards to himself, a Director or any executive officer of the General Partner or an Affiliate, or take any action with
respect to any Award previously granted to himself, an individual who is an executive officer or a Director. Under no circumstances shall any such delegation result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to
Participants subject to Section 16 of the Exchange Act in respect of the Partnership. 
 (c) Limitation of
Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of the General Partner, the Partnership or their
Affiliates, the General Partner’s or the Partnership’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan. Members of the Committee and any officer or employee of the General
Partner, the Partnership or any of their Affiliates acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to this Plan, and shall, to the fullest
extent permitted by law, be indemnified and held harmless by the General Partner with respect to any such action or determination. 
 (d) Exemptions from Section 16(b) Liability. It is the intent of the General Partner that the grant of any Awards to, or other transaction by, a Participant who is subject to Section 16
of the Exchange Act shall be exempt from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 or another applicable exemption (except for transactions acknowledged by the Participant in writing to be non-exempt). Accordingly, if any
provision of the Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 or such other exemption as then applicable to any such transaction, such provision shall be construed or deemed amended to the extent necessary to
conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b) of the Exchange Act. 
 Section 4. Units. 
 (a) Limits on Units Deliverable.
Subject to adjustment as provided in Section 4(c) and Section 7, the number of Units that may be delivered with respect to Awards under the Plan is             . Units withheld
from an Award or surrendered by a Participant to satisfy the Partnership’s or an Affiliate’s tax withholding obligations (including the withholding of Units with respect to Restricted Units) or to satisfy the payment of any exercise price
with respect to the Award shall be considered to be Units delivered under the Plan for this purpose. If any Award is forfeited, cancelled, exercised, settled in cash, or otherwise terminates or expires without the actual delivery of Units pursuant
to such Award (the grant of Restricted Units is not a delivery of Units for this purpose), the Units subject to such Award shall again be available for Awards under the Plan (including Units not delivered in connection with the exercise of an Option
or Unit Appreciation Right). There shall not be any limitation on the number of Awards that may be granted and paid in cash. 

(b) Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of
Units acquired in the open market, from any Affiliate, the Partnership or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion. 

  
 5 

 (c) Anti-dilution Adjustments. Notwithstanding anything contained in Section 7,
with respect to any “equity restructuring” event that could result in an additional compensation expense to the General Partner or the Partnership pursuant to the provisions of FASB Accounting Standards Codification, Topic 718 if
adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units covered by each outstanding Award and the terms and conditions, including the exercise price and performance
criteria (if any), of such Award to equitably reflect such restructuring event and shall adjust the number and type of Units (or other securities or property) with respect to which Awards may be granted after such event. With respect to any other
similar event that would not result in an accounting charge under FASB Accounting Standards Codification, Topic 718 if the adjustment to Awards with respect to such event were subject to discretionary action, the Committee shall have complete
discretion to adjust Awards in such manner as it deems appropriate with respect to such other event. In the event the Committee makes any adjustment pursuant to the foregoing provisions of this Section 4(c), the Committee shall make a
corresponding and proportionate adjustment with respect to the maximum number of Units that may be delivered with respect to Awards under the Plan as provided in Section 4(a) and the kind of Units or other securities available for grant under
the Plan. 
 (d) Additional Issuances. Except as hereinbefore expressly provided, the issuance by the General Partner or
the Partnership of Units for cash, property, labor or services, upon direct sale, or upon the conversion of Units or obligations of the General Partner or the Partnership convertible into such Units, and in any case whether or not for fair value,
shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Units subject to Awards theretofore granted pursuant to the Plan. 
 Section 5. Eligibility. Any Employee, Consultant or Director shall be eligible to be designated a Participant and receive an Award under the Plan. If the Units issuable pursuant to an
Award are intended to be registered with the SEC on Form S-8, then only Employees, Consultants, and Directors of the Partnership or a parent or subsidiary of the Partnership (within the meaning of General Instruction A.1(a) to Form S-8) will be
eligible to receive such an Award. 
 Section 6. Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may
impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 7(a)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of termination of employment by the Participant, or termination of the Participant’s service relationship with the General Partner, the Partnership, or their Affiliates, and terms permitting a
Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan; provided,
however, that the Committee shall not have any discretion to accelerate the terms of payment of any Award that provides for a deferral of compensation under Section 409A the Code and the 409A Regulations if such acceleration would
subject a Participant to additional taxes under Section 409A the Code and the 409A Regulations. 
 (b) Options. The
Committee may grant Options that are intended to comply with Section 1.409A-l(b)(5)(i)(A) of the 409A Regulations only to Employees, Consultants or Directors performing services on the date of grant for the Partnership or a corporation or other
type of entity in a chain of corporations or other entities in which each corporation or other entity has a “controlling interest” in another corporation or entity in the chain, starting with the Partnership and ending with the corporation
or other entity for which the Employee, Consultant or Director performs services. For 

  
 6 

 
purposes of this Section 6(b), “controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all
classes of stock of such corporation entitled to vote or at least 50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital
interest of such partnership; (iii) in the case of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Section 1.414(c)-2(b)(2)(ii)
of the 409A Regulations) of at least 50% of such trust or estate. The Committee may grant Options that are otherwise exempt from or compliant with Section 409A of the Code to any eligible Employee, Consultant or Director. The Committee shall
have the authority to determine the number of Units to be covered by each Option, the purchase price therefore and the Restricted Period and other conditions and limitations applicable to the exercise of the Option, including the following terms and
conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
 (i) Exercise Price. The exercise price per Unit purchasable under an Option that does not provide for the deferral of compensation under the 409A Regulations shall be determined by the Committee at
the time the Option is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of grant of the Option. For purposes of this Section 6(b)(i), the Fair Market Value of a Unit
shall be determined as of the date of grant. The exercise price per Unit purchasable under an Option that does not provide for the deferral of compensation by reason of satisfying the short-term deferral rule set forth in the 409A Regulations or
that is compliant with Section 409A of the Code shall be determined by the Committee at the time the Option is granted. 
 (ii) Time and Method of Exercise. The Committee shall determine the exercise terms and the Restricted Period with respect to an Option grant, which may include, without limitation, a provision for
accelerated vesting upon the achievement of specified performance goals or other events, and the method or methods by which payment of the exercise price with respect thereto may be made or deemed to have been made, which may include, without
limitation, cash, check acceptable to the General Partner, withholding Units from an Award, a “cashless-broker” exercise through procedures approved by the General Partner, or any combination of the above methods, having a Fair Market
Value on the exercise date equal to the relevant exercise price. 
 (iii) Forfeitures. Except as otherwise
provided in the terms of the Award Agreement, upon termination of a Participant’s employment or service to the General Partner and its Affiliates or membership on the Board or the board of directors of an Affiliate, whichever is applicable, for
any reason during the applicable Restricted Period, all unvested Options shall be forfeited by the Participant. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Options;
provided that the waiver contemplated under this Section 6(b)(iii) shall be effective only to the extent that such waiver will not cause the Participant’s Options that are designed to satisfy Section 409A of the Code to fail to
satisfy such Section. 
 (c) Unit Appreciation Rights. The Committee may grant Unit Appreciation Rights that are intended
to comply with Section 1.409A-l(b)(5)(i)(B) of the 409A Regulations only to Employees, Consultants or Directors performing services on the date of grant for the Partnership or a corporation or other type of entity in a chain of corporations or
other entities in which each corporation or other entity has a “controlling interest” in another corporation or entity in the chain, starting with the Partnership and ending with the corporation or other entity for which the Employee,
Consultant or Director performs services. For purposes of this Section 6(c), “controlling interest” means (i) in the case of a corporation, 

  
 7 

 
ownership of stock possessing at least 50% of total combined voting power of all classes of stock of such corporation entitled to vote or at least 50% of the total value of shares of all classes
of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership; (iii) in the case of a sole proprietorship, ownership of the sole proprietorship;
or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Section 1.414(c)-2(b)(2)(ii) of the 409A Regulations) of at least 50% of such trust or estate. The Committee may grant Unit Appreciation Rights
that are otherwise exempt from or compliant with Section 409A of the Code to any eligible Employee, Consultant or Director. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Unit Appreciation
Rights shall be granted, the number of Units to be covered by each grant, whether Units or cash shall be delivered upon exercise, the exercise price therefor and the conditions and limitations applicable to the exercise of the Unit Appreciation
Rights, including the following terms and conditions and such additional terms and conditions as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 

(i) Exercise Price. The exercise price per Unit Appreciation Right that does not provide for the deferral of
compensation under the 409A Regulations shall be determined by the Committee at the time the Unit Appreciation Right is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of
grant of the Unit Appreciation Right. For purposes of this Section 6(c)(i), the Fair Market Value of a Unit shall be determined as of the date of grant. The exercise price per Unit Appreciation Right that does not provide for the deferral of
compensation by reason of satisfying the short-term deferral rule set forth in the 409A Regulations or that is compliant with Section 409A of the Code shall be determined by the Committee at the time the Unit Appreciation Right is granted.

 (ii) Time of Exercise. The Committee shall determine the Restricted Period and the time or times at
which a Unit Appreciation Right may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement of specified performance goals or other events. 

(iii) Forfeitures. Except as otherwise provided in the terms of the Award Agreement, upon termination of a
Participant’s employment with or service to the General Partner, the Partnership and their Affiliates or membership on the Board or the board of directors of an Affiliate, whichever is applicable, for any reason during the applicable Restricted
Period, all outstanding Unit Appreciation Rights awarded to the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s
Unit Appreciation Rights. 
 (d) Restricted Units and Phantom Units. The Committee shall have the authority to determine
the Employees, Consultants and Directors to whom Restricted Units or Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each such Participant, the Restricted Period, the conditions under which the
Restricted Units or Phantom Units may become vested or forfeited and such other terms and conditions as the Committee may establish with respect to such Awards. 
 (i) UDRs. To the extent provided by the Committee, in its discretion, a grant of Restricted Units may provide that the distributions made by the Partnership with respect to the Restricted Units
shall be subject to the same forfeiture and other restrictions as the Restricted Unit and, if restricted, such distributions shall be held, without interest, until the Restricted Unit vests or is forfeited with the UDR being paid or forfeited at the
same time, as the case may be. In addition, the Committee may provide that such distributions be used to acquire additional Restricted Units for the Participant. Such additional Restricted Units may be subject to such

  
 8 

 
vesting and other terms as the Committee may prescribe. Absent such a restriction on the UDRs in the Award Agreement, UDRs shall be paid to the holder of the Restricted Unit without restriction
at the same time as cash distributions are paid by the Partnership to its unitholders. Notwithstanding the foregoing, UDRs shall only be paid in a manner that is either exempt from or in compliance with Section 409A of the Code. 

(ii) Forfeitures. Except as otherwise provided in the terms of the applicable Award Agreement, upon termination of
a Participant’s employment with or services to the General Partner and its Affiliates or membership on the Board or the board of directors of an Affiliate, whichever is applicable, for any reason during the applicable Restricted Period, all
outstanding, unvested Restricted Units and Phantom Units awarded to the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a
Participant’s Restricted Units and/or Phantom Units; provided that the waiver contemplated under this Section 6(d)(ii) shall be effective only to the extent that such waiver will not cause the Participant’s Restricted Units
and/or Phantom Units that are designed to satisfy Section 409A of the Code to fail to satisfy such Section. 

(iii) Lapse of Restrictions. 

(A) Phantom Units. No later than the 15th calendar day following the vesting of each Phantom Unit, subject to
the provisions of Section 8(b), the Participant shall be entitled to settlement of such Phantom Unit and shall receive one Unit or an amount in cash equal to the Fair Market Value of a Unit (for purposes of this Section 6(f)(iii), as
calculated on the last day of the Restricted Period), as determined by the Committee in its discretion. 
 (B)
Restricted Units. Upon the vesting of each Restricted Unit, subject to satisfying the tax withholding obligations of Section 8(b), the Participant shall be entitled to have the restrictions removed from his or her Award so that the
Participant then holds an unrestricted Unit. 
 (e) Unit Awards. The Committee shall have the authority to grant a Unit
Award under the Plan to any Employee, Consultant or Director in a number determined by the Committee in its discretion, as a bonus or additional compensation or in lieu of cash compensation the individual is otherwise entitled to receive, in such
amounts as the Committee determines to be appropriate. 
 (f) Other Unit Based Awards. The Committee is authorized,
subject to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Units, as deemed by the Committee to be
consistent with the purposes of this Plan, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Units, purchase rights for Units, Awards with value and payment contingent upon
performance of the Partnership or any other factors designated by the Committee, and Awards valued by reference to the book value of Units or the value of securities of or the performance of specified Affiliates of the General Partner or the
Partnership. The Committee shall determine the terms and conditions of such Awards. Units delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(f) shall be purchased for such consideration, paid for at
such times, by such methods, and in such forms, including, without limitation, cash, Units, other Awards, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to, or independent of any other Award under
this Plan, may also be granted pursuant to this Section 6(f). 

  
 9 

 (g) DERs. To the extent provided by the Committee, in its discretion, an Award (other
than a Restricted Unit or Unit Award) may include a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be reinvested into additional Awards, be credited to a bookkeeping account (with or without interest in
the discretion of the Committee) subject to the same vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Absent a contrary provision in the Award
Agreement, DERs shall be paid to the Participant without restriction at the same time as ordinary cash distributions are paid by the Partnership to its unitholders. Notwithstanding the foregoing, DERs shall only be paid in a manner that is either
exempt from or in compliance with Section 409A of the Code. 
 (h) Substitute Awards. Awards may be granted under
the Plan in substitution for similar awards held by individuals who become Employees, Consultants or Directors as a result of a merger, consolidation or acquisition by the Partnership or an Affiliate of another entity or the assets of another
entity. Such Substitute Awards that are Options or Unit Appreciation Rights may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with Section 409A of the Code and the
409A Regulations and other applicable laws and exchange rules. 
 (i) Performance Awards. The right of a Participant to
receive a grant, and the right of a Participant to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such
business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance conditions.

 (i) Performance Goals Generally. The performance goals for such Performance Awards shall consist of one
or more business criteria or individual performance criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 6(i). The Committee may determine that
such Performance Awards shall be granted, exercised, and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to grant, exercise and/or settlement of such Performance
Awards. The Committee shall establish any such performance conditions and goals based on one or more business criteria for the General Partner and/or the Partnership, on a consolidated basis, and/or for specified Affiliates or business or
geographical units of the Partnership, as determined by the Committee in its discretion, which may include (but are not limited to) one or more of the following: (A) earnings per Unit, (B) increase in revenues, (C) increase in cash
flow, (D) increase in cash flow from operations, (E) increase in cash flow return, (F) return on net assets, (G) return on assets, (H) return on investment, (I) return on capital, (J) return on equity,
(K) economic value added, (L) operating margin, (M) contribution margin, (N) net income, (O) net income per Unit, (P) pretax earnings, (Q) pretax earnings before interest, depreciation and amortization,
(R) pretax operating earnings after interest expense and before incentives, service fees, and extraordinary or special items, (S) total unitholder return, (T) debt reduction, (U) market share, (V) change in the Fair Market
Value of the Units, (W) operating income, and (X) any of the above goals determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not
limited to, the Standard & Poor’s 500 Stock Index or a group of comparable companies. Performance goals may differ for Performance Awards granted to any one Participant or to different Participants. 

(ii) Performance Periods. Achievement of performance goals in respect of such Performance Awards shall be measured
over a performance period of up to ten years, as specified by the Committee. Performance goals shall be established by the Committtee not later than 90 days after the beginning of any performance period applicable to such Performance Awards.

  
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 (iii) Settlement. At the end of each performance period, the
Committee shall determine the amount, if any, of the amount of the potential Performance Award otherwise payable to each Participant and such amount shall be paid to the Participant no later than March 15 of the year following the year that
included the last day of the performance period. Settlement of such Performance Awards shall be in cash, Units, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce or increase the amount
of a settlement otherwise to be made in connection with such Performance Awards. The Committee shall specify the circumstances in which such Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant
prior to the end of a performance period or settlement of Performance Awards. 
 (j) Certain Provisions Applicable to
Awards. 
 (i) Stand-Alone, Additional, Tandem and Substitute Awards. Awards may, in the discretion of
the Committee, be granted either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Partnership or any Affiliate. Awards granted in addition to, in
substitution for, or in tandem with other Awards or awards granted under any other plan of the Partnership or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. If an Award
is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award. Awards under the Plan may be granted in lieu of cash compensation, including in
lieu of cash amounts payable under other plans of the General Partner, the Partnership, or any Affiliate, in which the value of Units subject to the Award is equivalent in value to the cash compensation, or in which the exercise price, grant price,
or purchase price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Units minus the value of the cash compensation surrendered. Awards granted pursuant to the preceding sentence shall be
designed, awarded and settled in a manner that does not result in additional taxes under Section 409A the Code and the 409A Regulations. 
 (ii) Limits on Transfer of Awards. 
 (A) Except as provided
in Section 6(j)(ii)(C) below, each Option and Unit Appreciation Right shall be exercisable only by the Participant during the Participant’s lifetime, or by the Person to whom the Participant’s rights shall pass by will or the laws of
descent and distribution. 
 (B) Except as provided in Section 6(j)(ii)(C) below, no Award and no right
under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the General Partner, the Partnership or any Affiliate. 
 (C) To the extent specifically
provided by the Committee with respect to an Option or Unit Appreciation Right, an Option or Unit Appreciation Right may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships
or similar entities or on such terms and conditions as the Committee may from time to time establish. 

  
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 (iii) Term of Awards. The term of each Award shall be for such period
as may be determined by the Committee. 
 (iv) Form and Timing of Payment under Awards; Deferrals. Subject
to the terms of the Plan and any applicable Award agreement, payments to be made by the General Partner, the Partnership, or any Affiliate upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the
Committee shall determine, including without limitation cash, Units, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis; provided, however, that any such deferred
payment will be set forth in the agreement evidencing such Award and/or otherwise made in a manner that will not result in additional taxes under Section 409A the Code and the 409A Regulations. Except as otherwise provided herein, the
settlement of any Award may be accelerated, and cash paid in lieu of Units in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change of Control). Installment or
deferred payments may be required by the Committee (subject to Section 7(a) of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted
at the election of the Participant on terms and conditions established by the Committee and in compliance with Section 409A the Code and the 409A Regulations. Payments may include, without limitation, provisions for the payment or crediting of
reasonable interest on installment or deferred payments or the grant or crediting of DERs or other amounts in respect of installment or deferred payments denominated in Units. This Plan shall not constitute an “employee benefit plan” for
purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 
 (v)
Issuance of Units. The Units or other securities of the Partnership delivered pursuant to an Award may be evidenced in any manner deemed appropriate by the Committee in its sole discretion, including, but not limited to, in the form of a
certificate issued in the name of the Participant or by book entry, electronic or otherwise and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and
other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make
appropriate reference to such restrictions. 
 (vi) Consideration for Grants. Awards may be granted for
such consideration, including services, as the Committee shall determine. 
 (vii) Delivery of Units or other
Securities and Payment by Participant of Consideration. Notwithstanding anything in the Plan or any Award Agreement to the contrary, delivery of Units pursuant to the exercise, vesting and/or settlement of an Award may be deferred for any period
during which, in the good faith determination of the Committee, the General Partner is not reasonably able to obtain Units to deliver pursuant to such Award without violating applicable law or the applicable rules or regulations of any governmental
agency or authority or securities exchange. No Units or other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including, without
limitation, any exercise price or tax withholding) is received by the General Partner. 
 (viii) Additional
Agreements. Each Employee, Consultant or Director to whom an Award is granted under this Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following
such 

  
 12 

 
Person’s termination of services with the General Partner, the Partnership or their Affiliates to a general release of claims and/or a noncompetition agreement in favor of the General
Partner, the Partnership, and their Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee. 
 (ix) Termination of Employment. Except as provided herein, the treatment of an Award upon a termination of employment or any other service relationship by and between a Participant and the General
Partner, the Partnership, or any Affiliate shall be specified in the Award Agreement controlling such Award. 

Section 7. Amendment and Termination. Except to the extent prohibited by applicable law: 

(a) Amendments to the Plan and Awards. Except as required by applicable law or the rules of the principal securities exchange, if
any, on which the Units are traded, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, including increasing the number of Units available for Awards under the Plan, without the consent of any
partner, Participant, other holder or beneficiary of an Award, or any other Person. Notwithstanding the foregoing, the Committee may waive any conditions or rights under, amend any terms of, or alter any Award theretofore granted, provided that no
change, other than pursuant to Section 7(b), 7(c), 7(d), 7(e), or 7(g) below, in any Award shall materially reduce the rights or benefits of a Participant with respect to an Award without the consent of such Participant. 

(b) Subdivision or Consolidation of Units. The terms of an Award and the number of Units authorized pursuant to Section 4 for
issuance under the Plan shall be subject to adjustment from time to time, in accordance with the following provisions: 
 (i) If at any time, or from time to time, the Partnership shall subdivide as a whole (by reclassification, by a Unit split, by the issuance of a distribution on Units payable in Units, or otherwise) or in
the event the Partnership distributes an extraordinary cash dividend the number of Units then outstanding into a greater number of Units, then, as appropriate, (A) the maximum number of Units available for the Plan or in connection with Awards
as provided in Sections 4 shall be increased proportionately, and the kind of other securities available for the Plan shall be appropriately adjusted, (B) the number of Units (or other kind of securities) that may be acquired under any then
outstanding Award shall be increased proportionately, and (C) the price (including the exercise price) for each Unit (or other kind of securities) subject to then outstanding Awards shall be reduced proportionately, without changing the
aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

(ii) If at any time, or from time to time, the Partnership shall consolidate as a whole (by reclassification, by reverse
Unit split, or otherwise) the number of Units then outstanding into a lesser number of Units, (A) the maximum number of Units for the Plan or available in connection with Awards as provided in Section 4 shall be decreased proportionately,
and the kind of other securities available for the Plan shall be appropriately adjusted, (B) the number of Units (or other kind of securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and
(C) the price (including the exercise price) for each Unit (or other kind of securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding
Awards remain exercisable or subject to restrictions. 

  
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 (iii) Whenever the number of Units subject to outstanding Awards and the
price for each Unit subject to outstanding Awards are required to be adjusted as provided in this Section 7(b), the Committee shall promptly prepare a notice setting forth, in reasonable detail, the event requiring adjustment, the amount of the
adjustment, the method by which such adjustment was calculated, and the change in price and the number of Units, other securities, cash, or property purchasable subject to each Award after giving effect to the adjustments. The Committee shall
promptly provide each affected Participant with such notice. 
 (iv) Adjustments under Sections 7(b)(i) and
(ii) shall be made by the Committee, and its determination as to what adjustments shall be made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of any such
adjustments. 
 (c) Recapitalizations. If the Partnership recapitalizes, reclassifies its equity securities, or otherwise
changes its capital structure (a “recapitalization”) without a Change of Control, the number and class of Units covered by an Award theretofore granted shall be adjusted so that such Award shall thereafter cover the number
and class of Units and securities to which the holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had been the holder of record of the number of Units then covered
by such Award and the Unit limitations provided in Section 4 shall be adjusted in a manner consistent with the recapitalization. 
 (d) Additional Issuances. Except as expressly provided herein, the issuance by the Partnership of units of any class or securities convertible into units of any class, for cash, property, labor or
services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or upon conversion of units or obligations of the Partnership convertible into such units or other securities, and in any case whether or not for fair value,
shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Units subject to Awards theretofore granted or the purchase price per Unit, if applicable. 

(e) Change of Control. Notwithstanding any other provisions of the Plan or any Award Agreement to the contrary, upon a Change of
Control the Committee, acting in its sole discretion without the consent or approval of any holder, may affect one or more of the following alternatives, which may vary among individual holders and which may vary among Awards: (i) remove any
applicable forfeiture restrictions on any Award; (ii) accelerate the time of exercisability or the time at which the Restricted Period shall lapse to a specific date, before or after such Change of Control, specified by the Committee;
(iii) require the mandatory surrender to the General Partner or the Partnership by selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then subject to a Restricted Period or
other restrictions pursuant to the Plan) as of a date, before or after such Change of Control, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to each holder an amount of cash per Unit equal to the
amount calculated in Section 7(f) (the “Change of Control Price”) less the exercise price, if any, applicable to such Awards; provided, however, that to the extent the exercise price of an Option or a Unit
Appreciation Right exceeds the Change of Control Price, no consideration will be paid with respect to that Award; (iv) cancel Awards that remain subject to a Restricted Period as of the date of a Change of Control without payment of any
consideration to the Participant for such Awards; or (v) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change of Control (including, but not limited to, the substitution of Awards for new
awards); provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding. 
 (f) Change of Control Price. The “Change of Control Price” shall equal the amount determined in clause (i), (ii), (iii), (iv) or (v), whichever is applicable, as
follows: (i) the per Unit price 

  
 14 

 
offered to Unit holders in any merger or consolidation, (ii) the per Unit value of the Units immediately before the Change of Control without regard to assets sold in the Change of Control
and assuming the General Partner or the Partnership, as applicable, has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per Unit in a dissolution transaction, (iv) the price
per Unit offered to Unit holders in any tender offer or exchange offer whereby a Change of Control takes place, or (v) if such Change of Control occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of
this Section 7(f), the Fair Market Value per Unit of the Units that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of
cancellation and surrender of such Awards. In the event that the consideration offered to unitholders of the Partnership in any transaction described in this Section 7(f) or Section 7(e) consists of anything other than cash, the Committee
shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash. 
 (g) Impact
of Corporate Events on Awards Generally. In the event of changes in the outstanding Units by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change in capitalization occurring after
the date of the grant of any Award and not otherwise provided for by this Section 7, any outstanding Awards and any Award Agreements evidencing such Awards shall be subject to adjustment by the Committee at its discretion, which adjustment may,
in the Committee’s discretion, be described in the Award Agreement and may include, but not be limited to, adjustments as to the number and price of Units or other consideration subject to such Awards, accelerated vesting (in full or in part)
of such Awards, conversion of such Awards into awards denominated in the securities or other interests of any successor Person, or the cash settlement of such Awards in exchange for the cancellation thereof. In the event of any such change in the
outstanding Units, the aggregate number of Units available under this Plan may be appropriately adjusted by the Committee, whose determination shall be conclusive. 
 Section 8. General Provisions. 
 (a) No Rights to Award.
No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 

(b) Tax Withholding. Unless other arrangements have been made that are acceptable to the General Partner or an Affiliate, the
Partnership or Affiliate is authorized to deduct, withhold, or cause to be deducted or withheld, from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount (in
cash, Units, Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the grant or settlement of an Award, its exercise, the lapse of restrictions thereon, or any other payment or
transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the General Partner or Affiliate to satisfy its withholding obligations for the payment of such taxes. Notwithstanding the foregoing, with
respect to any Participant who is subject to Rule 16b-3, such tax withholding automatically shall be effected by the General Partner either by (i) “netting” or withholding Units otherwise deliverable to the Participant on the vesting
or payment of such Award, or (ii) requiring the Participant to pay an amount equal to the applicable taxes payable in cash. 
 (c) No Right to Employment or Services. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the General Partner or any Affiliate, to
continue providing consulting services, or to remain on the Board, as applicable. Furthermore, the General Partner or an Affiliate may at any time dismiss a Participant from employment or his or her service relationship free from any liability or
any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other agreement. 

  
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 (d) Governing Law. The validity, construction, and effect of the Plan and any rules
and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles. 
 (e) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify
the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the
Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. If any of the terms
or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are applied to Participants who are subject to Section 16(b) of the Exchange Act), then those conflicting terms or
provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with Rule 16b-3).

 (f) Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in
its sole discretion, it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which the Units are then traded, or entitle
the Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the General Partner by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be
promptly refunded to the relevant Participant, holder or beneficiary. 
 (g) No Trust or Fund Created. Neither the Plan
nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the General Partner or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right
to receive payments from the General Partner or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the General Partner or such Affiliate. 

(h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee
shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise
eliminated with or without consideration. 
 (i) Headings. Headings are given to the Sections and subsections of the Plan
solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

(j) Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the
Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the General Partner
shall be relieved of any further liability for payment of such amounts. 
 (k) Allocation of Costs. Nothing herein shall
be deemed to override, amend, or modify any cost sharing arrangement, omnibus agreement, or other arrangement between the General Partner, the Partnership, and any Affiliate regarding the sharing of costs between those entities. 

  
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 (l) Gender and Number. Words in the masculine gender shall include the feminine
gender, the plural shall include the singular and the singular shall include the plural. 
 (m) Compliance with
Section 409A. Nothing in the Plan or any Award Agreement shall operate or be construed to cause the Plan or an Award to fail to comply with the requirements of Section 409A of the Code. The applicable provisions of Section 409A
the Code and the 409A Regulations are hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith. All 409A Awards shall be designed to comply with Section 409A of the Code. 

(n) Specified Employee under Section 409A of the Code. Subject to any other restrictions or limitations contained herein, in
the event that a “specified employee” (as defined under Section 409A of the Code and the 409A Regulations) becomes entitled to a payment under an Award which is a 409A Award on account of a “separation from service” (as
defined under Section 409A of the Code and the 409A Regulations), to the extent required by the Code, such payment shall not occur until the date that is six months plus one day from the date of such separation from service. Any amount that is
otherwise payable within the six-month period described herein will be aggregated and paid in a lump sum without interest. 

(o) No Guarantee of Tax Consequences. None of the Board, the Committee, the Partnership nor the General Partner makes any
commitment or guarantee that any federal, state or local tax treatment will (or will not) apply or be available to any Participant. 
 Section 9. Term of the Plan. The Plan shall be effective on the date on which it is adopted by the Board and shall continue until the earliest of (i) the date terminated by the
Board, (ii) all Units available under the Plan have been delivered to Participants, or (iii) the 10th anniversary of the date the Plan is adopted by the Board. However, any Award granted prior to such termination, and the authority of the
Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. 

  
 17

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