Document:

Exhibit 10.1

 

WRITTEN CONSENT OF THE BOARD OF DIRECTORS

OF

Agritek Holdings, Inc. 

 

(Redemption of Common Stock; Sale of FSB)

 

April 21, 2021

 

The undersigned, being the sole
member of the Board of Directors (the “Board”) of Agritek Holdings, Inc., a Delaware corporation (the “Corporation”)
does hereby consent that when the undersigned has executed this Written Consent of the Board (this “Consent), the resolutions set
forth below shall be deemed to have been adopted to the same extent and to have the same force and effect as if adopted at a formal meeting
of the Board at a meeting duly called and held for purposes of acting upon proposals to adopt such resolutions.

 

WHEREAS, pursuant to a Share Exchange
Agreement, dated as of March 9, 2020 (the “Exchange Agreement”), the Corporation acquired from Isa P. Friedman (“Ms.
Friedman”) all of the issued and outstanding common shares of Full Spectrum Biosciences, Inc., a Colorado corporation (“FSB”),
in exchange for the issuance by the Corporation to Ms. Friedman of 10,000,000 shares of common stock, par value $0.001 per share, of the
Corporation (the “Common Stock”). The certificate for 10,000,000 shares of restricted common stock intended to be issued to
Ms. Friedman upon the completion and final approval of the acquisition, was issued in error to Full Spectrum Biosciences Inc. The transaction
was noted in section 1.3 of the Redemption Agreement attached hereto stating:

“1.3 The Parties acknowledge
and agree that, pursuant to the Exchange Agreement, the 10,000,000 shares of Agritek Common Stock to be issued at the closing of the transactions
therein was intended to be issued to Ms. Friedman as the sole shareholder of FSB, but that such shares may have been issued to FSB in
error, and, to the extent legally permissible, such shares shall be deemed held by Ms. Friedman.”

 

 

WHEREAS, the Corporation and Ms.
Friedman now desire to reverse the transactions as set forth in the Exchange Agreement, which have closed prior to the date hereof;

 

WHEREAS, in connection therewith,
the Board deems it advisable and generally in the best interests of the Corporation to enter into a Stock Redemption and Sale Agreement
with Ms. Friedman, in the form as attached hereto as Exhibit A (the “Agreement”), pursuant to which (i) the Corporation shall
redeem and acquire from Ms. Friedman the 10,000,000 shares of Common Stock held by Ms. Friedman for total consideration payable to Ms.
Friedman of $10.00 (the “Redemption”); and (ii) the Corporation shall sell to Ms. Friedman the 1500 shares of FSB held by
the Corporation for total consideration payable to the Corporation of $10.00 (the “Sale” and, together with the Redemption
and the other transactions as contemplated by the Agreement, the “Transactions”); and

 

WHEREAS, the Board has reviewed
the Agreement and the terms and conditions of the Agreement and the terms and conditions of the Transactions, and has determined that
the Agreement and the Transactions are in best interests of the Corporation and its stockholders, and fair and reasonable to the Corporation;

 

NOW THEREFORE, BE IT RESOLVED,
that the Transactions are each hereby deemed to be in the best interests of the Corporation and its stockholders, and to be fair and reasonable
to the Corporation, and the Agreement and the Transactions are hereby authorized, approved and ratified; and be it

 

FURTHER RESOLVED, that the form,
terms and conditions of the Agreement are each hereby authorized, approved and ratified, with such changes thereto as the officers of
the Corporation shall deem necessary in their discretion, and the officers of the Corporation be, and hereby are, authorized and directed
to execute the Agreement and to consummate the transactions contemplated therein; and be it

 

FURTHER RESOLVED, that upon such
Redemption, the redeemed shares of Common Stock shall constitute authorized but unissued shares of Common Stock; and be it

 

FURTHER RESOLVED, that the proper
officers of the Corporation be, and each of them hereby is, in accordance with the foregoing resolutions, authorized, empowered and directed,
in the name and on behalf of the Corporation, to prepare, execute and deliver, or cause to be prepared, executed and delivered, any and
all agreements, amendments, certificates, reports, applications, notices, instruments, schedules, statements, consents, letters or other
documents and information and to do or cause to be done any and all such other acts and things as, in the opinion of any such officer,
may be necessary, appropriate or desirable in order to enable the Corporation fully and promptly to carry out the purposes and intent
of the foregoing resolutions, to make any filings pursuant to federal, state and foreign laws, and to take all other actions that he or
she deems necessary, appropriate or advisable in order to comply with the applicable laws and regulations of any jurisdiction (domestic
or foreign), or otherwise to effectuate and carry out the purposes of the foregoing resolutions and to permit the transactions contemplated
thereby to be lawfully consummated, and any such action taken or any agreements, amendments, certificates, reports, applications, notices,
instruments, schedules, statements, consents, letters or other documents and information executed and delivered by them or any of them
in connection with any such action shall be conclusive evidence of their or his authority to take, execute and deliver the same; and be
it

 

FURTHER RESOLVED, that all actions
previously taken by any officer, director, representative or agent of the Corporation, in the name or on behalf of the Corporation or
any of its affiliates in connection with the transactions contemplated by the foregoing resolutions be, and each of the same hereby is,
adopted, ratified, confirmed and approved in all respects as the act and deed of the Corporation; and be it

 

FURTHER RESOLVED, that the Board
hereby adopts, as if expressly set forth herein, the form of any and all resolutions required by any authority to be filed in connection
with any applications, reports, filings, consents to service of process, powers of attorney, covenants and other papers, instruments and
documents relating to the matters contemplated by the foregoing resolutions if (i) in the opinion of a proper officer of the Corporation
executing the same, the adoption of such resolutions is necessary or advisable, and (ii) the secretary or an assistant secretary of the
Corporation evidences such adoption by inserting with the minutes of the meeting at which these resolutions were adopted copies of such
resolutions, which will thereupon be deemed to be adopted by the Board with the same force and effect as if originally set forth herein.

 

[Signature
appears on following page]

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Consent as of the date first written above.

 

 

B. Michael Friedman

 

    	 

    	 

    

Exhibit A

 

Stock Redemption
and Sale Agreement

 

(Attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

Stock
Redemption and Sale Agreement

 

Dated
as of April 23, 2021

 

This Stock Redemption
and Sale Agreement (this “Agreement”), dated as of the date first set forth above (the “Closing Date”), is entered
into by and between Agritek Holdings, Inc., a Delaware corporation (“Agritek”) and Isa Friedman (“Ms. Friedman”).
Agritek and Ms. Friedman may be referred to herein individually as a “Party” and collectively as the “Parties”.

RECITALS

WHEREAS,
Ms. Friedman is a shareholder of Agritek, being the intended holder and owner of 10,000,000 shares of common stock, par value $0.0001
per share, of Agritek (the “Agritek Common Stock”); 

WHEREAS,
Agritek is the sole shareholder of Full Spectrum Biosciences, Inc., a Colorado corporation (“FSB”), being the holder and owner
of 1,500 common shares of FSB (the “FSB Common Stock”); and

WHEREAS,
Agritek acquired the FSB Common Stock from Ms. Friedman, and Ms. Friedman was issued the shares of Agritek Common Stock, in each case
pursuant to the closing of the transactions as set forth in that certain Share Exchange Agreement dated as of March 9, 2020 (the “Exchange
Agreement”); 

WHEREAS,
the Parties now desire to reverse the transactions as set forth in the Exchange Agreement, which have closed prior to the Closing Date;

WHEREAS,
pursuant to the terms and conditions of this Agreement, Ms. Friedman desires to sell, and Agritek desires to purchase, all of Ms. Friedman’s
rights, title, and interest in and to all 10,000,000 shares of Agritek Common Stock held by Ms. Friedman (the “Agritek Shares”)
as further described herein; and

WHEREAS,
pursuant to the terms and conditions of this Agreement, Agritek desires to sell, and Ms. Friedman desires to purchase, all of the Agritek’s
rights, title, and interest in and to all 1,500 shares of FSB Common Stock held by Agritek (the “FSB Shares”) as further described
herein; 

NOW,
THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

1.             
Redemption, Purchase and Sale.

		1.1.	Subject to the terms and conditions of this Agreement,
on the Closing Date, Ms. Friedman shall sell, assign, transfer, convey, and deliver to Agritek, and Agritek shall redeem, accept and purchase,
the Agritek Shares and any and all rights in the Agritek Shares to which Ms. Friedman is entitled, and by doing so Ms. Friedman shall
be deemed to have assigned all of Ms. Friedman’s rights, titles and interest in and to the Agritek Shares to Agritek. The Agritek
Shares shall, upon the redemption and acquisition herein, constitute authorized and unissued shares of Agritek Common Stock.

		1.2.	Subject to the terms and conditions of this Agreement,
on the Closing Date, Agritek shall sell, assign, transfer, convey, and deliver to Ms. Friedman, and Ms. Friedman shall accept and purchase,
the FSB Shares and any and all rights in the FSB Shares to which Agritek is entitled, and by doing so Agritek shall be deemed to have
assigned all of Agritek’s rights, titles and interest in and to the FSB Shares to Ms. Friedman.

		1.3.	The Parties acknowledge and agree that, pursuant
to the Exchange Agreement, the 10,000,000 shares of Agritek Common Stock to be issued at the closing of the transactions therein was intended
to be issued to Ms. Friedman as the sole shareholder of FSB, but that such shares may have been issued to FSB in error, and, to the extent
legally permissible, such shares shall be deemed held by Ms. Friedman.

2.             
Consideration.

		2.1.	The consideration for the redemption and acquisition
of the Agritek Shares by Agritek pursuant to Section 1.1 is the payment of $10.00 to Ms. Friedman (the “Agritek Consideration”)
and the sale by Agritek to Ms. Friedman of the FSB Shares. 

		2.2.	The consideration for the acquisition of the FSB
Shares by Ms. Friedman pursuant to Section 1.2 is the payment of $10.00 to Agritek (the “FSB Consideration”) and the sale
by Ms. Friedman to Agritek of the Agritek Shares. 

3.             
Closing; Deliveries; Additional Actions.

		3.1.	Closing. The redemption, purchase and sale
of the Agritek Shares and the purchase and sale of the FSB Shares (the “Closing”) shall each be held on the Closing Date immediately
following the execution of this Agreement. 

		3.2.	Deliveries at Closing. 

		3.2.1.	At the Closing, (i) Ms. Friedman shall deliver to
Agritek the stock power as attached hereto as Exhibit A, duly executed by Ms. Friedman, and such other documents as may be required under
applicable law or reasonably requested by Agritek in order to transfer the Agritek Shares to Agritek and any certificates for the Agritek
Shares and (ii) Agritek shall deliver to Ms. Friedman the Agritek Consideration via check. 

		3.2.2.	At the Closing, (i) Agritek shall deliver to Ms.
Friedman the stock power as attached hereto as Exhibit B, duly executed by an authorized officer of Agritek, and such other documents
as may be required under applicable law or reasonably requested by Ms. Friedman in order to transfer the FSB Shares to Ms. Friedman, and
(ii) Ms. Friedman shall deliver to Agritek the FSB Consideration via check. Agritek and Ms. Friedman acknowledge and agree that the FSB
Shares are not certificated. 

		4.	Representations and Warranties of Ms. Friedman.
Ms. Friedman represents and warrants to Agritek as set forth below.

		4.1.	Right and Title to Agritek Shares. Ms. Friedman
legally and beneficially owns the Agritek Shares and no other party has any rights therein or thereto. There are no liens or other encumbrances
of any kind on the Agritek Shares and Ms. Friedman has the sole right to dispose of the Agritek Shares. There are no outstanding options,
warrants or other similar agreements with respect to the Agritek Shares. 

		4.2.	Residence. Ms. Friedman is a natural person
resident in the State of Florida. 

		4.3.	Due Authority; No Violation.
Ms. Friedman has all requisite rights and authority or the capacity to
execute, deliver and perform Ms. Friedman’s obligations under this
Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been
duly and validly authorized by all necessary action on the part of Ms. Friedman, and no other proceedings on the part of Ms. Friedman
are necessary to authorize the execution, delivery and performance of this Agreement or the transactions contemplated hereby or thereby
on the part of Ms. Friedman. The execution, delivery and performance of this
Agreement will not (x) violate, conflict with, or result in the breach, acceleration, default or termination of, or otherwise give any
other contracting party the right to terminate, accelerate, modify or cancel any of the terms, provisions, or conditions of any material
agreement or instrument to which Ms. Friedman is a party may be bound
or (y) constitute a violation of any material applicable law, rule or regulation, or of any judgment, order, injunctive award or decree
of any governmental authority applicable to Ms. Friedman or (z) conflict
with, result in the breach or termination of any provision of, or constitute a default under (in each case whether with or without the
giving of notice or the lapse of time, or both) any order, judgment, arbitration award, or decree to which Ms. Friedman is a party or
by which Ms. Friedman or any of Ms. Friedman’s assets or properties are bound.

		4.4.	Approvals. No approval, authority, or consent
of or filing by Ms. Friedman with, or notification to, any governmental authority, is necessary to authorize the execution and delivery
of this Agreement or the consummation of the transactions contemplated herein.

		4.5.	Enforceability.
This Agreement has been duly executed and delivered by Ms. Friedman and, assuming that this Agreement constitutes the legal, valid
and binding obligation of Agritek, constitutes the legal, valid, and binding obligation of Ms. Friedman, enforceable against Ms. Friedman
in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’
rights generally. 

		4.6.	Accredited Investor. Ms. Friedman is an “accredited
investor” as defined in Rule 501 pursuant to Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities
Act”). Ms. Friedman has the authority and is duly and legally qualified to purchase and own the FSB Shares. The information provided
to Agritek by Ms. Friedman as to the status of Ms. Friedman is true and complete in all respects. 

		4.7.	Potential Loss of Investment. Ms. Friedman
understands that an investment in the FSB Shares is a speculative investment which involves a high degree of risk and the potential loss
of Ms. Friedman’s entire investment.

		4.8.	Receipt of Information. Ms. Friedman has received
all documents, records, books and other information pertaining to its investment that has been requested by Ms. Friedman. Ms. Friedman
was afforded (i) the opportunity to ask such questions as Ms. Friedman deemed necessary of, and to receive answers from, representatives
of the Company and FSB concerning the merits and risks of acquiring the FSB Shares; (ii) the right of access to information about FSB
and its financial condition, results of operations, business, properties, management and prospects sufficient to enable Ms. Friedman to
evaluate the FSB Shares; and (iii) the opportunity to obtain such additional information that the Company or FSB possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to acquiring the FSB Shares.

		4.9.	No Advertising. At no time was Ms. Friedman
presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form of general
advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with such communicated
offer. Ms. Friedman is not purchasing the FSB Shares as a result of any “general solicitation” or “general advertising,”
as such terms are defined in Regulation D under the Securities Act, which includes, but is not limited to, any advertisement, article,
notice or other communication regarding the FSB Shares published in any newspaper, magazine or similar media or on the internet or broadcast
over television, radio or the internet or presented at any seminar or any other general solicitation or general advertisement.

		4.10.	Investment Purposes. Ms. Friedman is acquiring
the FSB Shares for Ms. Friedman’s own account as principal, not as a nominee or agent, for investment purposes only, and not with
a view to, or for, resale, distribution or fractionalization thereof in whole or in part and no other person has a direct or indirect
beneficial interest in the FSB Shares that Ms. Friedman is acquiring herein. Further, Ms. Friedman does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect
to the FSB Shares that Ms. Friedman is acquiring.

		4.11.	Restricted Securities; Transfer or Re-sale.
Ms. Friedman understands that (i) the sale or re-sale of the FSB Shares has not been and is not being registered under the Securities
Act or any applicable state securities laws, and the FSB Shares may not be transferred unless the FSB Shares are registered for resale
or are sold or transferred pursuant to an applicable exemption from all applicable securities laws.

		4.12.	No Public Market. Ms. Friedman understands
that no public market now exists for the FSB Shares, and neither the Company nor FSB has made any assurances that a public market will
ever exist for the FSB Shares.

		4.13.	Investment Experience. Ms. Friedman, either
alone or together with Ms. Friedman’s representatives, has such knowledge, sophistication and experience in business and financial
matters so as to be capable of evaluating the merits and risks of the prospective investment in the FSB Shares, and has so evaluated the
merits and risks of such investment. Ms. Friedman is able to bear the economic risk of an investment in the FSB Shares and, at the present
time, is able to afford a complete loss of such investment.

		4.14.	No Governmental Review. Ms. Friedman understands
that no United States federal or state agency or any other governmental or state agency has passed on or made recommendations or endorsement
of the FSB Shares or the suitability of the investment in the FSB Shares nor have such authorities passed upon or endorsed the merits
of the transactions set forth herein.

		4.15.	Legends. Any legend required by the securities
laws of any state to the extent such laws are applicable to the FSB Shares represented by the certificate so legended shall be included
on any certificates representing the Shares. 

		4.16.	No Brokers. Ms. Friedman has not retained
any broker or finder in connection with any of the transactions as contemplated herein, and has not incurred or agreed to pay, or taken
any other action that would entitle any person or entity to receive, any brokerage fee, finder’s fee or other similar fee or commission
with respect to any of the transactions as contemplated herein.

		5.	Representations and Warranties of Agritek.
Agritek represents and warrants to Ms. Friedman as set forth below.

		5.1.	Right and Title to FSB Shares. Agritek legally
and beneficially owns the FSB Shares and no other party has any rights therein or thereto. There are no liens or other encumbrances of
any kind on the FSB Shares and Agritek has the sole right to dispose of the FSB Shares. There are no outstanding options, warrants or
other similar agreements with respect to the FSB Shares. 

		5.2.	Organization and Standing. Agritek is duly
organized, validly existing, and in good standing under the laws of the State of Delaware and has all requisite power and authority to
own its properties and conduct its business as it is now being conducted. The nature of the business and the character of the properties
Agritek owns or leases do not make licensing or qualification of Agritek as a foreign entity necessary under the laws of any other jurisdiction,
except to the extent such licensing or qualification have already been obtained. 

		5.3.	Due Authority; No Violation.
Agritek has all requisite rights and authority or the capacity to execute,
deliver and perform its obligations under this Agreement. The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of Agritek, and no other
proceedings on the part of Agritek are necessary to authorize the execution, delivery and performance of this Agreement or the transactions
contemplated hereby or thereby on the part of Agritek. The execution, delivery
and performance of this Agreement will not (x) violate, conflict with, or result in the breach, acceleration, default or termination of,
or otherwise give any other contracting party the right to terminate, accelerate, modify or cancel any of the terms, provisions, or conditions
of any material agreement or instrument to which Agritek is a party or
by which it or its assets may be bound or (y) constitute a violation of any material applicable law, rule or regulation, or of any judgment,
order, injunctive award or decree of any governmental authority applicable to Agritek or
(z) conflict with, result in the breach or termination of any provision of, or constitute a default under (in each case whether
with or without the giving of notice or the lapse of time, or both) Agritek’
organizational documents, or any order, judgment, arbitration award, or decree to which such Agritek is a party or by which it
or any of its assets or properties are bound.

		5.4.	Approvals. No approval, authority, or consent
of or filing by Agritek with, or notification to, any governmental authority, is necessary to authorize the execution and delivery of
this Agreement or the consummation of the transactions contemplated herein.

		5.5.	Enforceability.
This Agreement has been duly executed and delivered by Agritek and, assuming that this Agreement constitutes the legal, valid and
binding obligation of Ms. Friedman, constitutes the legal, valid, and binding obligation of Agritek, enforceable against Agritek in accordance
with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally.

		5.6.	No Brokers. Agritek has not retained any broker
or finder in connection with any of the transactions as contemplated herein, and has not incurred or agreed to pay, or taken any other
action that would entitle any person or entity to receive, any brokerage fee, finder’s fee or other similar fee or commission with
respect to any of the transactions as contemplated herein.

		6.	Covenants and Agreements.

		6.1.	Each of the Parties, as promptly as practicable,
shall make, or cause to be made, all filings and submissions under laws applicable to it and its affiliates, as may be required for it
to consummate the transactions contemplated hereby and shall use its commercially reasonable efforts to obtain, or cause to be obtained,
all other authorizations, approvals, consents and waivers from all persons and governmental authorities necessary to be obtained by it
or its affiliates, in order for it to consummate such transactions, at the cost of the Party required to file or submit the same. Notwithstanding
anything to the contrary herein, nothing herein shall require, or be construed to require, any Party to agree to hold separate or to divest
any of the businesses, product lines or assets.

		6.2.	Each Party shall promptly inform the other Party
of any material communication from any governmental authority regarding any of the transactions contemplated by this Agreement and shall
promptly furnish the other Party with copies of substantive notices or other communications received from any third party or any governmental
authority with respect to such transactions, other than as may be prohibited by applicable law or the rules and regulations of any trading
market or securities exchange. If any Party or any affiliate thereof receives a request for additional information or documentary material
from any such governmental authority with respect to the transactions contemplated by this Agreement, then such Party will endeavor in
good faith to make, or cause to be made, as soon as reasonably practicable and after consultation with the other Party, an appropriate
response in compliance with such request. Each Party shall, to the extent practicable, provide the other Party and its counsel with advance
notice of and the opportunity to participate in any substantive discussion, telephone call or meeting with any governmental authority
in respect of any filing, investigation or other inquiry in connection with the transactions contemplated by this Agreement and to participate
in the preparation for such discussion, telephone call or meeting, to the extent not prohibited by the governmental authority. 

		6.3.	Each of the Parties shall execute such documents
and perform such further acts as may be reasonably required to carry out the provisions hereof and the actions contemplated hereby. 

		7.	Miscellaneous.

		7.1.	Further Assurances. From time to time, whether
at or following the Closing, each Party shall make reasonable commercial efforts to take, or cause to be taken, all actions, and to do,
or cause to be done, all things reasonably necessary, proper or advisable, including as required by applicable laws, to consummate and
make effective as promptly as practicable the transactions contemplated by this Agreement.

		7.2.	Expenses. Other than as specifically set forth
herein, each of the Parties shall pay its own costs that it incurs incident to the preparation, execution, and delivery of this Agreement
and the performance of any related obligations, whether or not the transactions contemplated by this Agreement shall be consummated. 

		7.3.	Fees. Each Party agrees to pay the costs and
expenses, including reasonable attorneys’ fees, incurred by the prevailing Party in litigation, arbitration, administrative proceeding
or any other proceeding related to the enforcement or interpretation of any of the terms of this Agreement. 

		7.4.	Consequential Damages. EACH PARTY HERETO WAIVES
ANY AND ALL CLAIMS AGAINST THE OTHER FOR ANY LOSS, COST, DAMAGE, EXPENSE, INJURY OR OTHER LIABILITY WHICH IS IN THE NATURE OF INDIRECT,
SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES WHICH ARE SUFFERED OR INCURRED AS THE RESULT OF, ARISE OUT OF, OR ARE IN ANY WAY
CONNECTED TO THE PERFORMANCE OF THE OBLIGATIONS UNDER THIS AGREEMENT.

		7.5.	Representations and Warranties. All representations,
warranties, and agreements made by the Parties pursuant to this Agreement shall survive the consummation of the transactions contemplated
herein until the expiration of the applicable statute of limitations.

		7.6.	Notices. All notices or other communications
required or permitted hereunder shall be in writing shall be deemed duly given (a) if by personal delivery, when so delivered, (b) if
mailed, three (3) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid and
addressed to the intended recipient as set forth below, or (c) if sent through an overnight delivery service in circumstances to which
such service guarantees next day delivery, the day following being so sent to the addresses of the Parties as indicated herein. Any Party
may change the address to which notices and other communications hereunder are to be delivered by giving the other Party notice in the
manner herein set forth. Notices to Agritek shall be sent to the principal executive offices of Agritek and notices to Ms. Friedman shall
be sent to the address of Ms. Friedman as in the books and records of Agritek. 

		7.7.	Choice of Law. This Agreement shall be governed,
construed and enforced in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law.

		7.8.	Waiver of Jury Trial. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN. EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.7.

		7.9.	Indemnification. Each Party (the “Indemnifying
Party”) shall indemnify each other Party and its affiliates and their respective directors, officers, employees, consultants, financial
advisors, counsel, accountants and other agents (individually, an “Indemnified Party”), and hold them harmless from, against
and in respect of any and all losses, damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs
or expenses of whatever kind, but subject to the provisions of Section 7.4, including reasonable attorneys’ fees and the cost of
enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers, in each case incurred by any Indemnified
Party resulting from any misrepresentation, breach of any representation or warranty of the Indemnifying Party in this Agreement or the
non-fulfillment in any material respect of any agreement, covenant or obligation by the Indemnifying Party made in this Agreement.

		7.10.	Assignment. This Agreement shall be binding
upon and shall inure to the benefit of the Parties hereto and their permitted successors and assigns. No Party may assign or delegate,
by operation of law or otherwise, all or any portion of its rights, obligations or liabilities under this Agreement without the prior
written consent of the other Party, which any such Party may withhold in its absolute discretion.

		7.11.	No Third Party Beneficiaries. Other than as
specifically set forth herein, nothing in this Agreement shall confer any rights, remedies or claims upon any person or entity not a Party
or a permitted assignee of a Party.

		7.12.	Specific Performance. The Parties agree that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by them in accordance with
the terms hereof or were otherwise breached and that each Party shall be entitled to an injunction or injunctions, specific performance
and other equitable relief to prevent breaches of the provisions hereof and to enforce specifically the terms and provisions hereof, without
the proof of actual damages, in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees to waive
any requirement for the security or posting of any bond in connection with any such equitable remedy, and agrees that it will not oppose
the granting of an injunction, specific performance or other equitable relief on the basis that (a) any other Party has an adequate
remedy at law, or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity.

		7.13.	Entire Agreement. This Agreement represents
the entire understanding and agreement between the Parties regarding the subject matter hereof and supersede all prior agreements, representations,
warranties, and negotiations between the Parties. This Agreement may be amended, supplemented, or changed only by an agreement in writing
that makes specific reference to this Agreement or the agreement delivered pursuant to it, and must be signed by all of the Parties. This
Agreement may not be amended by email or other electronic communications.

		7.14.	Interpretation; Etc. The Parties have jointly
participated in the drafting and negotiation of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement
shall be construed as if drafted jointly by the Parties and no presumption of burden of proof shall arise favoring or burdening any Party
by virtue of the authorship of any provision in this Agreement. Whenever possible, each provision of this Agreement shall be interpreted
in a manner to be effective and valid under applicable law, but if one or more of the provisions of this Agreement is subsequently declared
invalid or unenforceable, the invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining
provisions of this Agreement. In the event of the declaration of invalidity or unenforceability, this Agreement, as modified, shall be
applied and construed to reflect substantially the intent of the Parties and achieve the same economic effect as originally intended by
its terms. In the event that the scope of any provision to this Agreement is deemed unenforceable by a court of competent jurisdiction,
or by an arbitrator, the Parties agree to the reduction of the scope of the provision as the court or arbitrator shall deem reasonably
necessary to make the provision enforceable under the circumstances. The headings contained in this Agreement are intended solely for
convenience and shall not affect the rights of the Parties.

		7.15.	Waiver. Waiver of any term or condition of
this Agreement by any Party shall only be effective if in writing and shall not be construed as a waiver of any subsequent breach or failure
of the same term or condition, or a waiver of any other term or condition of this Agreement.

		7.16.	Counterparts. This Agreement may be signed
in any number of counterparts with the same effect as if the signature on each counterpart were on the same instrument. The execution
and delivery of a facsimile or other electronic transmission of a signature to this Agreement shall constitute delivery of an executed
original and shall be binding upon the person whose signature appears on the transmitted copy.

[Remainder of page intentionally
left blank – Signature pages follow]

 

IN WITNESS WHEREOF,
the Parties have duly executed this Agreement as of the Closing Date.

 

 

 

 

    	 

    	 

    

Exhibit A

 

IRREVOCABLE STOCK POWER

 

[Agritek Holdings, Inc.]

 

FOR VALUABLE CONSIDERATION, the receipt of which
is hereby acknowledged, Isa Friedman (“Seller”) hereby assigns, transfers, and conveys to Agritek Corp., a Delaware corporation
(the “Company”), all of Seller’s right, title, and interest in and to 10,000,000 shares
of common stock, par value $0.0001 per share, of the Company, and hereby irrevocably appoints the Chief Executive Officer and President
of the Company, as Seller’s attorney-in-fact to transfer said shares on the books of the Company, with full power of substitution
in the premises.

 

Date: April 23, 2021

 

 

Isa Friedman

 

    	 

    	 

    

Exhibit B

 

IRREVOCABLE STOCK POWER

 

[Full Spectrum
Biosciences, Inc.]

 

FOR VALUABLE CONSIDERATION, the receipt of which
is hereby acknowledged, Agritek Holdings, Inc. (“Seller”) hereby assigns, transfers, and conveys to Isa Friedman all of Seller’s
right, title, and interest in and to 1,500 common shares of Full Spectrum Biosciences, Inc., a Colorado
corporation (the “Company”) which are not certificated, and hereby irrevocably appoints the Chief Executive Officer
and President of the Company, as Seller’s attorney-in-fact to transfer said shares on the books of the Company, with full power
of substitution in the premises.

 

Date: April 23, 2021,

 

Agritek Holdings, Inc.EX-4.1

 Exhibit 4.1 

Description of Our Common Units 

The following description of the common units representing limited partner interests (“common units”) in Summit Midstream Partners,
LP, a Delaware limited partnership (the “Partnership” or, as the context requires, “we,” “us” or “our”), is a summary and is subject to, and qualified in its entirety by, reference to the provisions of our
Fourth Amended and Restated Agreement of Limited Partnership, dated as of May 28, 2020 (referred to herein as our “Partnership Agreement”), which has been filed as Exhibit 3.1 to our Annual Report on Form 10-K for the year ended December 31, 2020, of which this Exhibit 4.1 is a part. 
 General 

The common units represent limited partner interests in the Partnership. The holders of common units are entitled to participate in partnership
distributions and are entitled to exercise the rights and privileges available to limited partners under the Partnership Agreement. For a description of our cash distribution policy, please read “Distributions of Available Cash—Our Cash
Distribution Policy” below. 
 Our outstanding common units are listed on the New York Stock Exchange (the “NYSE”) under
the symbol “SMLP,” and any additional common units we issue will also be listed on the NYSE. 
 On May 3, 2020, the Board of
Directors (the “Board”) of our General Partner, Summit Midstream GP, LLC (the “General Partner”) approved the immediate suspension of the distributions payable on the common units and our 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A preferred units”). We did not make a distribution on our common units in any
quarter of 2020, nor did we make a distribution on the Series A preferred units on June 15, 2020 or December 15, 2020. Any future determination to declare distributions will be made at the discretion of the Board, subject to applicable
laws, and will depend on a number of factors, including the Partnership’s financial condition, results of operations, capital requirements, contractual restrictions, general business conditions and other factors that the Board may deem
relevant. 
 Transfer Agent and Registrar 

Duties. American Stock Transfer and Trust Company (“AST”) serves as the transfer agent, cash distribution paying
agent and registrar for the common units. We will pay all fees charged by the transfer agent for transfers of common units except the following that must be paid by unitholders: 

 

	 	•	 	 surety bond premiums to replace lost or stolen certificates, taxes and other governmental charges in connection
therewith; 

  

	 	•	 	 special charges for services requested by a common unitholder; and 

 

	 	•	 	 other similar fees or charges. 

There will be no charge to unitholders for disbursements of our cash distributions. We will indemnify AST, its agents and each of their
respective stockholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence or intentional
misconduct of the indemnified person or entity. 
 Resignation or Removal. The transfer agent may resign, by notice to
us, or be removed by us. The resignation or removal of the transfer agent will become effective upon our appointment of a successor transfer agent, cash distribution paying agent and registrar and its acceptance of the appointment. If no successor
has been appointed and has accepted the appointment within 30 days after notice of the resignation or removal, our General Partner may act as the transfer agent and registrar until a successor is appointed. 

Transfer of Common Units 
 By transfer of
common units in accordance with our Partnership Agreement, each transferee of common units shall be admitted as a limited partner with respect to the common units transferred when such transfer and admission are reflected in our books and records.
Each transferee: 
  

	 	•	 	 automatically agrees to be bound by the terms and conditions of, and is deemed to have executed, our Partnership
Agreement; 

	 	•	 	 represents and warrants that the transferee has the right, power, authority and capacity to enter into our
Partnership Agreement; and 

  

	 	•	 	 gives the consents, waivers and approvals contained in our Partnership Agreement. 

Our General Partner will cause any transfers to be recorded on our books and records no less frequently than quarterly. 

We may, at our discretion, treat the nominee holder of a common unit as the absolute owner. In that case, the beneficial holder’s rights
are limited solely to those that it has against the nominee holder as a result of any agreement between the beneficial owner and the nominee holder. 

Common units are securities and any transfers are subject to the laws governing the transfer of securities. 

Until a common unit has been transferred on our books, we and the transfer agent may treat the record holder of the unit as the absolute owner
for all purposes, except as otherwise required by law or stock exchange regulations. 
 Common Units Underlying Warrants 

On May 28, 2020, we issued warrants (the “warrants”) to SMP TopCo, LLC and SMLP Holdings, LLC, affiliates of Energy Capital
Partners II, LLC (the “ECP Entities”), to purchase up to an aggregate of 666,667 common units (10,000,000 common units prior to the Partnership’s 1-for-15
reverse unit split on its common units, effective November 9, 2020 (the “Reverse Unit Split”)). The exercise price under the warrants is $15.345 per common unit ($1.023 prior to the Reverse Unit Split). We may issue a maximum of
666,667 common units (10,000,000 common units prior to for the Reverse Unit Split) under the warrants. 
 The warrants have not been
registered under the Securities Act, and were issued, and warrants issued in the future and the common units underlying those warrants will be issued, in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act. 

Upon exercise of the warrants, each of the ECP Entities may receive, at its election, (i) a number of common units equal to the number of
common units for which the warrants are being exercised, if exercising the warrant by cash payment of the exercise price; (ii) a number of common units equal to the product of the number of common units being exercised multiplied by
(a) the difference between the average of the VWAP of the common units on the NYSE on each of the three trading days prior to the delivery of the notice of exercise (the “VWAP Average”) and the exercise price (the “VWAP
Difference”), divided by (b) the VWAP Average; and/or (iii) an amount in cash, to the extent that the Partnership’s leverage ratio would be at least 0.5x less than the maximum applicable ratio set forth in the
Partnership’s existing revolving credit facility, equal to the product of (a) the number of common units exercised and (b) the VWAP Difference, subject to certain adjustments under the warrants. 

The warrants are subject to standard anti-dilution adjustments for stock dividends, stock splits (including reverse stock splits) and
recapitalizations and are exercisable at any time on or before May 28, 2023. Upon exercise of the warrants, the proceeds to the holders of the warrants, whether in the form of cash or common units, will be capped at $30.00 per common unit
($2.00 prior to the Reverse Unit Split) above the exercise price. 
 Series A Preferred Units 

On November 14, 2017, we issued 300,000 Series A preferred units at a price to the public of $1,000 per unit. The Series A preferred units
currently rank senior to our common units with respect to distribution rights and rights upon liquidation. The following description of the Series A preferred units is included because various terms of the Series A preferred units could impact our
common units. 

  
 2 

 The Series A preferred units represent perpetual equity interests in us, and they have
no stated maturity or mandatory redemption date. Holders of the Series A preferred units generally have no voting rights, except for limited voting rights in certain circumstances. Please also read “Voting Rights—Voting Rights of
Series A Preferred Units.” 
 The holders of our Series A preferred units are entitled to receive, when, as and if declared by
our General Partner out of legally available funds for such purpose, cumulative and compounding semi-annual distributions or quarterly cash distributions, as applicable. Distributions on the Series A preferred units are cumulative and compounding
from November 14, 2017, the date of original issue, and are payable semi-annually in arrears on the 15th days of June and December of each year to, but not including, December 15,
2022 and, thereafter, quarterly in arrears on the 15th days of March, June, September and December of each year. The initial distribution rate for the Series A preferred units from and
including November 14, 2017 to, but not including, December 15, 2022 is 9.50% per year of the liquidation preference per unit (equal to $95 per unit per year). On and after December 15, 2022, distributions on the Series A preferred
units will accumulate for each distribution period at a percentage of the liquidation preference equal to the three-month LIBOR, or, if no such rate is so published, a substitute or successor rate determined by the calculation agent, plus a spread
of 7.43%. 
 The Series A preferred units have a liquidation preference of $1,000 per unit. Upon the occurrence of certain rating
agency events, we may redeem the Series A preferred units, in whole but not in part, at a price of $1,020 (102% of the liquidation preference) per Series A preferred unit plus an amount equal to all accumulated and unpaid distributions
thereon to, but not including, the date fixed for redemption, whether or not declared. In addition, at any time on or after December 15, 2022, we may, at our option, redeem the Series A preferred units, in whole or in part, at a redemption
price of $1,040 for the year 2022, $1,020 for the year 2023 or $1000 for the years 2024 and thereafter (104%, 102% and 100% of the liquidation preference, respectively), per Series A preferred unit plus an amount equal to all accumulated and
unpaid distributions thereon to, but not including, the date of redemption, whether or not declared (assuming such Series A preferred units are redeemed during the 12-month period beginning on the
years indicated). 
 If certain change of control triggering events occur, each holder of the Series A preferred units may require us to
repurchase all or a portion of such holder’s Series A preferred units at a purchase price equal to $1,010 per Series A preferred unit (101% of the liquidation preference) plus an amount equal to all accumulated and unpaid distributions thereon
to, but not including, the date of settlement. Any such redemption would be effected only out of funds legally available for such purposes and will be subject to compliance with the provisions of our outstanding indebtedness. 

Distributions of Available Cash 
 Set
forth below is a summary of the significant provisions of our Partnership Agreement that relate to cash distributions. 
 Our Cash Distribution Policy.

 Our Partnership Agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to
common unitholders of record on the applicable record date. Please read “—Definition of Available Cash” below. Because we are not subject to an entity-level federal income tax, we would have more cash to distribute to our
unitholders than would be the case were we subject to federal income tax. 
 To the extent authorized by the Board, we pay distributions on
our common units on or about the 15th of each of February, May, August and November to holders of record on or about seven days prior to such distribution date. We make the distribution on the business day immediately preceding the indicated
distribution date if the distribution date falls on a holiday or non-business day. 
 In
May 2020, the Board suspended distributions to holders of our common units and our Series A preferred units, commencing with respect to the quarter ending March 31, 2020. We did not make a distribution on our common units with respect to any
quarter in 2020, nor did we make a distribution on our Series A preferred units on June 15, 2020 or December 15, 2020. 

  
 3 

 Limitations on Cash Distributions and Our Ability to Change Our Cash Distribution Policy. 

There is no guarantee that our unitholders will receive quarterly distributions from us. We do not have a legal obligation to pay any
distribution on our common units except to the extent we have available cash as defined in our Partnership Agreement and discussed in further detail below. Our cash distribution policy may be changed at any time and is subject to certain
restrictions, including the following: 
  

	 	•	 	 Our cash distribution policy is subject to restrictions under our Third Amended and Restated Credit Agreement
dated as of May 26, 2017, as amended by the First Amendment to Third Amended and Restated Credit Agreement dated as of September 22, 2017, the Second Amendment to Third Amended and Restated Credit Agreement dated as of June 26, 2019,
the Third Amendment to Third Amended and Restated Credit Agreement dated as of December 24, 2019 and the Fourth Amended to Third Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Revolving Credit
Facility”) and our Material Senior Indebtedness (as defined below). Our Revolving Credit Facility and Material Senior Indebtedness contain financial tests and covenants that we must satisfy. Should we be unable to satisfy these restrictions, we
may be prohibited from making cash distributions notwithstanding our stated cash distribution policy. 

  

	 	•	 	 In any quarter, the Series A preferred units and any Parity Securities (as defined below) must receive the
distribution to which they are entitled for that quarter, plus any accrued and unpaid distributions from prior quarters, and the General Partner must expect to have sufficient funds to pay the next distribution on the Series A preferred units and
any Parity Securities, before any distributions can be paid on the common units. We cannot pay distributions on any junior securities, including any of the common units, prior to paying the distributions payable on the Series A preferred units. As
of April 26, 2021, the amount of accrued and unpaid distributions on the Series A preferred units was $19.4 million. In addition, our Series A preferred units contain covenants that we must satisfy. Should we be unable to satisfy these restrictions,
we may be prohibited from making cash distributions on our common units notwithstanding our stated cash distribution policy. 

  

	 	•	 	 Our General Partner has the authority to establish cash reserves for the prudent conduct of our business and for
future cash distributions to our unitholders, and the establishment or increase of those cash reserves could result in a reduction in cash distributions to our unitholders from the levels we currently anticipate pursuant to our stated distribution
policy. Any determination to establish cash reserves made by our General Partner in good faith will be binding on our unitholders. 

  

	 	•	 	 Although our Partnership Agreement requires us to distribute all of our available cash, our Partnership
Agreement, including the provisions requiring us to distribute all of our available cash, may be amended. We can amend our Partnership Agreement with the consent of our General Partner and the approval of a majority of the outstanding common units
(excluding common units beneficially owned by the Partnership or its Subsidiaries (as defined in the Partnership Agreement)). 

  

	 	•	 	 Even if our cash distribution policy is not modified or revoked, the amount of distributions we pay under our
cash distribution policy and the decision to make any distribution is determined by our General Partner, taking into consideration the terms of our Partnership Agreement. 

 

	 	•	 	 Under Delaware law, we may not make a distribution if the distribution would cause our liabilities to exceed the
fair value of our assets. 

  

	 	•	 	 We may lack sufficient cash to pay distributions to our unitholders due to cash flow shortfalls attributable to a
number of operational, commercial or other factors as well as increases in our operating or general and administrative expenses, principal and interest payments on our debt, tax expenses, working capital requirements and anticipated cash needs. Our
cash available for distribution to unitholders is directly impacted by our cash expenses necessary to run our business and will be reduced dollar-for-dollar to
the extent such uses of cash increase. 

  
 4 

	 	•	 	 If and to the extent our cash available for distribution materially declines, we may elect to reduce our
quarterly distribution rate to service or repay our debt or fund expansion capital expenditures. 

 Definition of Available Cash.

 Our Partnership Agreement generally defines “available cash” for any quarter as: 

 

	 	•	 	 the sum of: 

  

	 	•	 	 all of our and our subsidiaries’ cash and cash equivalents on hand at the end of that quarter;

  

	 	•	 	 as determined by our General Partner, all of our and our subsidiaries’ cash or cash equivalents on hand on
the date of determination of available cash for that quarter resulting from working capital borrowings (as described below) made after the end of that quarter; less 

 

	 	•	 	 the amount of cash reserves established by our General Partner to: 

 

	 	•	 	 provide for the proper conduct of our business (including reserves for future capital expenditures and for future
credit needs); 

  

	 	•	 	 comply with applicable law or any debt instrument or other agreement or obligation to which we or our
subsidiaries are a party or to which our or our subsidiaries’ assets are subject; 

  

	 	•	 	 provide funds for distributions on the Series A preferred units; or 

 

	 	•	 	 provide funds for distributions to our common unitholders for any one or more of the next four quarters;

 provided, however, that if our General Partner so determines, disbursements made by us or our subsidiaries or cash reserves
established, increased or reduced after the end of such quarter but on or before the date of determination of available cash with respect to such quarter shall deemed to have been made, established, increased or reduced, for purposes of determining
available cash within such quarter. 
 Working capital borrowings are generally borrowings incurred under a credit facility, commercial
paper facility or similar financing arrangement that are used solely for working capital purposes or to pay distributions to unitholders, and with the intent of the borrower to repay such borrowings within 12 months with funds other than from
additional working capital borrowings. 
 Method of Distributions. 

Subject to the distribution preferences of the Series A preferred units, we intend to distribute available cash to our common unitholders,
pro rata. Our Partnership Agreement permits, but does not require, us to borrow to pay distributions. Accordingly, there is no guarantee that we will pay any distribution on the common units in any quarter. The Series A preferred units receive
the distribution preference described below under “ —Series A Preferred Units.” 
 Common Units. 

Subject to the distribution preferences of the Series A preferred units, each common unit is entitled to receive cash distributions to the
extent we distribute available cash. Common units do not accrue arrearages. Subject to the voting rights of the Series A preferred units, our Partnership Agreement allows us to issue an unlimited number of additional equity interests of equal or
senior rank. Please read “Voting Rights.” 

  
 5 

 Series A Preferred Units. 

Until the redemption of the Series A preferred units, holders of the Series A preferred units are entitled to receive cumulative compounding
distributions semi-annually until December 15, 2022 and quarterly thereafter. We cannot pay any distributions on any junior securities, including any of the common units, prior to paying the distributions payable to the Series A preferred
units. 
 Voting Rights 
 The following
is a summary of the unitholder vote required for approval of the matters specified below. Matters that require the approval of a “unit majority” require the approval of a majority of the outstanding common units (subject to the limitations
set forth in the definition of “Outstanding” in the Partnership Agreement). Please read “Change in Management Provisions; Common Units Considered “Outstanding”.” 

 

			
	Issuance of additional units	  	No approval right by common unitholders; certain issuances require approval by 66 2/3% of the holders of our Series A preferred units. Please read “—Voting Rights of Series A Preferred Units.”
		
	Amendment of our Partnership Agreement	  	Certain amendments may be made by our General Partner without the approval of the unitholders, and certain other amendments that would materially adversely affect any of the preferences, rights, powers, duties or obligations of the
Series A preferred units require the approval of holders of 66 2/3% of the Series A preferred units. Other amendments generally require the approval of a unit majority. Please read “Amendment of Our Partnership Agreement” and
“—Voting Rights of Series A Preferred Units.”
		
	Merger of our Partnership or the sale of all or substantially all of our assets	  	Unit majority in certain circumstances, and if such merger or sale would materially adversely affect any of the rights, preference and privileges of the Series A preferred units, the affirmative vote of 66 2/3% of the Series A
preferred units. Please read “Merger, Sale or Other Disposition of Assets.”
		
	Dissolution of our Partnership	  	Unit majority. Please read “Termination and Dissolution.”
		
	Continuation of our business upon dissolution	  	Unit majority. Please read “Termination and Dissolution.”
		
	Election of directors	  	Plurality of the votes cast by the holders of outstanding common units at a meeting of limited partners. Please read “Meetings; Voting.”
		
	Withdrawal of our General Partner	  	Under most circumstances, the approval of a majority of the common units, excluding common units held by our General Partner and its affiliates, is required for the withdrawal of our General Partner prior to December 31, 2022
in a manner that would cause a dissolution of our Partnership. Please read “Withdrawal or Removal of Our General Partner.”

  
 6 

			
		
	Removal of our General Partner	  	Not less than 66 2/3% of the outstanding common units, voting as a single class, including units held by our General Partner and its affiliates. Please read “Withdrawal or Removal of Our General Partner.”
		
	Transfer of our General Partner interest	  	Our General Partner may transfer all, but not less than all, of its General Partner interest in us without a vote of our unitholders to an affiliate or another person in connection with its merger or consolidation with or into, or
sale of all or substantially all of its assets to, such person. The approval of a majority of the outstanding common units, excluding common units held by our General Partner and its affiliates, is required in other circumstances for a transfer of
the General Partner interest to a third party prior to December 31, 2022. Please read “Transfer of General Partner Interest.”
		
	Transfer of ownership interests in our General Partner	  	No approval required at any time. Please read “Transfer of Ownership Interests in Our General Partner.”

 Voting Rights of Series A Preferred Units.

The affirmative vote of 66 2/3% of the outstanding Series A preferred units, voting as a separate class, is required for us to amend our
Partnership Agreement in a way that would have a material adverse effect on the existing preferences, rights, powers, duties or obligations of the Series A preferred units. 

The affirmative vote of 66 2/3% of the outstanding Series A preferred units, voting as a class together with holders of any other Parity
Securities established after the Series A preferred units and upon which like voting rights have been conferred and are exercisable, is required for us to: 
  

	 	•	 	 create or issue any Parity Securities if the cumulative distributions payable on then outstanding Series A
preferred units are in arrears; 

  

	 	•	 	 create or issue any Parity Securities in excess of the Parity Basket (as defined below) if the cumulative
distributions payable on then outstanding Series A preferred units are not in arrears; 

  

	 	•	 	 create or issue any Senior Securities (as defined below); 

 

	 	•	 	 declare or pay any distributions to our common unitholders out of Capital Surplus (as defined in our Partnership
Agreement); or 

  

	 	•	 	 take any action that would result, without regard to any notice requirement or applicable cure period, in an
Event of Default (as defined in our Material Senior Indebtedness, as defined below) for failure to comply with any covenant in the Material Senior Indebtedness related to: 

 

	 	•	 	 restricted payments, 

  

	 	•	 	 incurrence of indebtedness and issuance of preferred stock, 

 

	 	•	 	 incurrence of liens, 

  
 7 

	 	•	 	 dividends and other payments affecting subsidiaries, 

 

	 	•	 	 merger, consolidation or sale of assets, 

 

	 	•	 	 transactions with affiliates, 

 

	 	•	 	 designation of restricted and unrestricted subsidiaries, 

 

	 	•	 	 additional subsidiary guarantors, or 

 

	 	•	 	 sale and leaseback transactions. 

“Material Senior Indebtedness” means (a) the indebtedness issued under that certain First Supplemental Indenture, dated
as of July 15, 2014, by and among us, Summit Midstream Finance Corp. (“Finance Corp.”), the guarantors party thereto and U.S. Bank National Association, (b) the indebtedness issued under that certain Second Supplemental
Indenture, dated as of February 15, 2017, by and among us, Finance Corp., the guarantors party thereto and U.S. Bank National Association and (c) any future indebtedness of us or Finance Corp. in an amount greater than $200,000,000 issued
under a note indenture (and not under any loan or other credit agreement with commercial banking institutions). 
 “Parity
Basket” means: 
  

	 	(1)	 if there is at least $100 million of outstanding Series A preferred units, the greater of (a) an
aggregate $150 million of non-convertible Parity Securities and (b) so long as the market capitalization of our common units is at least $1.5 billion, an aggregate amount of Series A preferred
units or other non-convertible Parity Securities such that, at the time of issuance, the aggregate amount of outstanding Series A preferred units and other Parity Securities does not exceed 15% of the value of
all outstanding common units; or 

  

	 	(2)	 if there is less than $100 million of outstanding Series A preferred units, an amount of Parity Securities
as our General Partner may determine. 

 “Parity Securities” means any class or series of partnership
interests or other equity securities established after the original issue date of the Series A preferred units that is not expressly made senior or subordinated to the Series A preferred units as to the payment of distributions and amounts payable
on a liquidation event. 
 “Senior Securities” means any class or series of partnership interests or other equity
securities established after the original issue date of the Series A preferred units that is expressly made senior to the Series A preferred units as to the payment of distributions and amounts payable on a liquidation event. 

Distributions of Cash Upon Liquidation 

If we dissolve in accordance with our Partnership Agreement, we will sell or otherwise dispose of our assets in a process called liquidation.
We will first apply the proceeds of liquidation to the payment of our creditors. We will distribute any remaining proceeds to the unitholders, in accordance with their capital account balances, as adjusted to reflect any gain or loss upon the sale
or other disposition of our assets in liquidation; provided, that any accumulated and unpaid distributions and the applicable liquidation preference on our Series A preferred units shall be distributed with respect to our Series A preferred units
(up to the positive balance in the associated capital accounts), prior to any distributions with respect to our common units or other junior securities. 

Limited Liability 
 Assuming that a
limited partner does not participate in the control of our business within the meaning of the Delaware Revised Uniform Limited Partnership Act (the “Delaware Act”) and that it otherwise acts in conformity with the provisions of our
Partnership Agreement, its liability under the Delaware Act will be limited, subject to possible exceptions, to the amount of capital it is obligated to contribute to us for its common units plus its share of any undistributed profits and assets. If
it were determined, however, that the right of, or exercise of the right by, the limited partners as a group: 
  

	 	•	 	 to remove or replace our General Partner; 

  
 8 

	 	•	 	 to approve some amendments to our Partnership Agreement; or 

 

	 	•	 	 to take other action under our Partnership Agreement; 

constituted “participation in the control” of our business for the purposes of the Delaware Act, then the limited partners could be held personally
liable for our obligations under the laws of Delaware, to the same extent as our General Partner. This liability would extend to persons who transact business with us who reasonably believe that a limited partner is a General Partner. Neither our
Partnership Agreement nor the Delaware Act specifically provides for legal recourse against our General Partner if a limited partner were to lose limited liability through any fault of our General Partner. While this does not mean that a limited
partner could not seek legal recourse, we know of no precedent for such a claim in Delaware case law. Under our Partnership Agreement, the exercise by a limited partner of the right to elect directors to the Board shall be in such limited
partner’s capacity as a limited partner and shall not be deemed to be taking part in the management and control of the business and affairs of the Partnership so as to jeopardize such limited partner’s limited liability under the Delaware
Act. 
 Under the Delaware Act, a limited partnership may not make a distribution to a partner if, after the distribution, all liabilities
of the limited partnership, other than liabilities to partners on account of their partnership interests and liabilities for which the recourse of creditors is limited to specific property of the partnership, would exceed the fair value of the
assets of the limited partnership, except that the fair value of property that is subject to a liability for which the recourse of creditors is limited is included in the assets of the limited partnership only to the extent that the fair value of
that property exceeds that liability. For the purpose of determining the fair value of the assets of a limited partnership, the Delaware Act provides that the fair value of property subject to liability for which recourse of creditors is limited
shall be included in the assets of the limited partnership only to the extent that the fair value of that property exceeds the nonrecourse liability. The Delaware Act provides that a limited partner who receives a distribution and knew at the time
of the distribution that the distribution was in violation of the Delaware Act shall be liable to the limited partnership for the amount of the distribution for three years. Under the Delaware Act, a substituted limited partner of a limited
partnership is liable for the obligations of its assignor to make contributions to the partnership, except that such person is not obligated for liabilities unknown to it at the time it became a limited partner and that could not be ascertained from
the Partnership Agreement. 
 Our subsidiaries conduct business in six states and we may have subsidiaries that conduct business in other
states in the future. Maintenance of our limited liability as a member of our primary operating subsidiary, Summit Midstream Partners Holdings, LLC, which we refer to as our “operating company,” may require compliance with legal
requirements in the jurisdictions in which the operating company conducts business, including qualifying our subsidiaries to do business there. 

Limitations on the liability of members or limited partners for the obligations of a limited liability company or limited partnership have not
been clearly established in many jurisdictions. If, by virtue of our ownership interest in our operating company or otherwise, it were determined that we were conducting business in any state without compliance with the applicable limited
partnership or limited liability company statute, or that the right or exercise of the right by the limited partners as a group to remove or replace our General Partner, to approve some amendments to our Partnership Agreement, or to take other
action under our Partnership Agreement constituted “participation in the control” of our business for purposes of the statutes of any relevant jurisdiction, then the limited partners could be held personally liable for our obligations
under the law of that jurisdiction to the same extent as our General Partner under the circumstances. We will operate in a manner that our General Partner considers reasonable and necessary or appropriate to preserve the limited liability of the
limited partners. 

  
 9 

 Issuance of Additional Partnership Interests 

Our Partnership Agreement authorizes us to issue an unlimited number of additional partnership interests for the consideration and on the terms
and conditions determined by our General Partner without the approval of our limited partners, other than current holders of Series A preferred units in certain circumstances. Please read “Voting Rights—Voting Rights of Series A
Preferred Units.” 
 It is possible that we will fund acquisitions through the issuance of additional common units, preferred
units, warrants, rights or other partnership interests. Holders of any additional common units we issue will be entitled to share equally with the then-existing holders of common units in our distributions of available cash. In addition, the
issuance of additional common units, preferred units, warrants, rights or other partnership interests may dilute the value of the interests of the then-existing holders of common units in our net assets. 

In accordance with Delaware law and the provisions of our Partnership Agreement, subject to the voting rights of the Series A preferred units,
we may also issue additional partnership interests (such as preferred units, warrants or rights) that, as determined by our General Partner, may have rights to distributions or special voting rights to which the common units are not entitled. In
addition, subject to the voting rights of the Series A preferred units, our Partnership Agreement does not prohibit our subsidiaries from issuing equity securities, which may effectively rank senior to the common units. 

Our General Partner has the right, which it may from time to time assign in whole or in part to any of its affiliates, to purchase common
units or other partnership interests whenever, and on the same terms that, we issue those interests to persons other than our General Partner and its affiliates, to the extent necessary to maintain the percentage interest of the General Partner and
its affiliates, including such interest represented by common units, that existed immediately prior to each issuance. The holders of our units do not have preemptive rights under our Partnership Agreement to acquire additional units or other
partnership interests. 
 Amendment of Our Partnership Agreement 

General. 
 Amendments to our Partnership
Agreement may be proposed only by our General Partner. However, our General Partner has no duty or obligation to propose any amendment and may decline to do so free of any duty or obligation whatsoever to us or our unitholders, including any duty to
act in the best interests of our Partnership or our unitholders, other than the implied contractual covenants of good faith and fair dealing. In order to adopt a proposed amendment, other than the amendments discussed below, our General Partner must
seek written approval of the holders of the number of units required to approve the amendment or call a meeting of the limited partners to consider and vote upon the proposed amendment. Except as described below, an amendment must be approved by a
unit majority. In addition, any amendment that materially adversely affects any of the preferences, rights, powers, duties or obligations of the Series A preferred units requires the approval of holders of 66 2/3% of the Series A preferred units,
voting as a separate class. 
 Prohibited Amendments. 

No amendment may be made that would: 
  

	 	•	 	 enlarge the obligations of any limited partner without its consent, unless approved by at least a majority of the
type or class of limited partner interests so affected; or 

  

	 	•	 	 enlarge the obligations of, restrict in any way any action by or rights of, or reduce in any way the amounts
distributable, reimbursable or otherwise payable by us to our General Partner or any of its affiliates without the consent of our General Partner, which consent may be given or withheld in its sole discretion. 

  
 10 

 The provision of our Partnership Agreement preventing the amendments having the effects
described in the clauses above can be amended upon the approval of the holders of at least 90% of the outstanding units, voting as a single class (excluding units owned by the Partnership and its Subsidiaries). 

No Unitholder Approval. 
 Subject to the
voting rights of the Series A preferred units as described under “Voting Rights—Voting Rights of Series A Preferred Units,” our General Partner may generally make amendments to our Partnership Agreement without the approval of
any limited partner to reflect: 
  

	 	•	 	 a change in our name, the location of our principal place of business, our registered agent or our registered
office; 

  

	 	•	 	 the admission, substitution, withdrawal or removal of partners in accordance with our Partnership Agreement;

  

	 	•	 	 a change that our General Partner determines to be necessary or appropriate for us to qualify or to continue our
qualification as a limited partnership or a partnership in which the limited partners have limited liability under the laws of any state or to ensure that neither we, our operating company nor its subsidiaries will be treated as an association
taxable as a corporation or otherwise taxed as an entity for federal income tax purposes; 

  

	 	•	 	 a change in our fiscal year or taxable year and related changes; 

 

	 	•	 	 an amendment that is necessary, in the opinion of our counsel, to prevent us or our General Partner or its
directors, officers, agents or trustees from in any manner being subjected to the provisions of the Investment Company Act of 1940, the Investment Advisers Act of 1940 or “plan asset” regulations adopted under the Employee Retirement
Income Security Act of 1974, or ERISA, whether or not substantially similar to plan asset regulations currently applied or proposed by the United States Department of Labor; 

 

	 	•	 	 an amendment that our General Partner determines to be necessary or appropriate in connection with the
authorization or issuance of additional partnership interests or rights to acquire partnership interests; 

  

	 	•	 	 any amendment expressly permitted in our Partnership Agreement to be made by our General Partner acting alone;

  

	 	•	 	 an amendment effected, necessitated or contemplated by a merger agreement that has been approved under the terms
of our Partnership Agreement; 

  

	 	•	 	 any amendment that our General Partner determines to be necessary or appropriate for the formation by us of, or
our investment in, any corporation, partnership, joint venture, limited liability company or other entity, as otherwise permitted by our Partnership Agreement; 

 

	 	•	 	 mergers with, conveyances to or conversions into another limited liability entity that is newly formed and has no
assets, liabilities or operations at the time of the merger, conveyance or conversion other than those it receives by way of the merger, conveyance or conversion; or 

 

	 	•	 	 any other amendments substantially similar to any of the matters described above. 

In addition, subject to the voting rights of the Series A preferred units, our General Partner may make amendments to our Partnership
Agreement, without the approval of any limited partner, if our General Partner determines that those amendments: 
  

	 	•	 	 do not adversely affect in any material respect the limited partners considered as a whole or any particular
class of partnership interests as compared to other classes of partnership interests; 

  
 11 

	 	•	 	 are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion,
directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute; 

  

	 	•	 	 are necessary or appropriate to facilitate the trading of units or to comply with any rule, regulation, guideline
or requirement of any securities exchange on which the units are or will be listed for trading; 

  

	 	•	 	 are necessary or appropriate for any action taken by our General Partner relating to splits or combinations of
units under the provisions of our Partnership Agreement; or 

  

	 	•	 	 are required to effect the intent expressed in a prospectus or the intent of the provisions of our Partnership
Agreement or are otherwise contemplated by our Partnership Agreement. 

 The affirmative vote of 66 2/3% of the Series A
preferred units, voting separately as a class, is necessary on any manner (including a merger, consolidation or business combination) that would materially adversely affect any of the existing preferences, rights, powers, duties or obligations of
the Series A preferred units. 
 Opinion of Counsel and Limited Partner Approval. 

Our General Partner will not be required to obtain an opinion of counsel that an amendment will not result in a loss of limited liability to
the limited partners or result in our being treated as an entity for federal income tax purposes in connection with any of the amendments described above under “—No Unitholder Approval.” No other amendments to our Partnership
Agreement will become effective without the approval of holders of at least 90% of the outstanding units voting as a single class unless we first obtain an opinion of counsel to the effect that the amendment will not affect the limited liability
under applicable law of any of our limited partners. 
 In addition to the above restrictions, any amendment that would have a material
adverse effect on the rights or preferences of any type or class of outstanding units in relation to other classes of units will require the approval of at least a majority of the type or class of units so affected. Any amendment that reduces the
voting percentage required to take any action must be approved by the affirmative vote of limited partners whose aggregate outstanding units constitute not less than the percentage sought to be reduced. Any amendment that would increase the
percentage of units required to remove our General Partner must be approved by the affirmative vote of limited partners whose aggregate outstanding units constitute not less than 90% of outstanding units (excluding units owned by the Partnership and
its Subsidiaries). Any amendment that would increase the percentage of units required to call a meeting of unitholders must be approved by the affirmative vote of unitholders whose aggregate outstanding units constitute at least a majority of the
outstanding units. 
 Merger, Sale or Other Disposition of Assets 

A merger or consolidation of us requires the prior consent of our General Partner. However, our General Partner has no duty or obligation to
consent to any merger or consolidation and may decline to do so free of any duty or obligation whatsoever to us or the limited partners, including any duty to act in the best interests of our Partnership or our unitholders, other than the implied
contractual covenant of good faith and fair dealing. 
 In addition, our Partnership Agreement generally prohibits our General Partner,
without the prior approval of the holders of a unit majority, from causing us to, among other things, sell, exchange or otherwise dispose of all or substantially all of our and our subsidiaries’ assets in a single transaction or a series of
related transactions, including by way of merger, consolidation, other combination or sale of ownership interests of our subsidiaries. Further, the affirmative vote of 66 2/3% of the Series A preferred units, voting separately as a class, is
necessary on any matter (including a merger, consolidation or business combination) that would materially adversely affect any of the existing preferences, rights, powers, duties or obligations of the Series A preferred units. Please read
“Voting Rights—Voting Rights of Series A Preferred Units.” Our General Partner may, however, mortgage, pledge, hypothecate, or grant a security interest in all or substantially all of our and our subsidiaries’ assets
without that approval. 

  
 12 

 
Our General Partner may also sell all or substantially all of our and our subsidiaries’ assets under a foreclosure or other realization upon those encumbrances without that approval.
Finally, our General Partner may consummate any merger without the prior approval of our unitholders if we are the surviving entity in the transaction, our General Partner has received an opinion of counsel regarding limited liability and tax
matters, the transaction would not result in a material amendment to the Partnership Agreement (other than an amendment that the General Partner could adopt without the consent of the limited partners), each of our units will be an identical unit of
our Partnership following the transaction and the partnership interests to be issued do not exceed 20% of our outstanding partnership interests immediately prior to the transaction. 

If the conditions specified in our Partnership Agreement are satisfied, our General Partner may convert us or any of our subsidiaries into a
new limited liability entity or merge us or any of our subsidiaries into, or convey all of our assets to, a newly formed limited liability entity, if the sole purpose of that conversion, merger or conveyance is to effect a mere change in our legal
form into another limited liability entity, our General Partner has received an opinion of counsel regarding limited liability and tax matters and the governing instruments of the new entity provide the limited partners and our General Partner with
the same rights and obligations as contained in our Partnership Agreement. Our unitholders are not entitled to dissenters’ rights of appraisal under our Partnership Agreement or applicable Delaware law in the event of a conversion, merger or
consolidation, a sale of substantially all of our assets or any other similar transaction or event. 
 Termination and Dissolution 

We will continue as a limited partnership until dissolved under our Partnership Agreement. We will dissolve upon: 

 

	 	•	 	 the withdrawal or removal of our General Partner or any other event that results in its ceasing to be our General
Partner other than by reason of a transfer of its General Partner interest in accordance with our Partnership Agreement or its withdrawal or removal following the approval and admission of a successor; 

 

	 	•	 	 the election of our General Partner to dissolve us, if approved by the holders of units representing a unit
majority; 

  

	 	•	 	 the entry of a decree of judicial dissolution of our Partnership; or 

 

	 	•	 	 there being no limited partners, unless we are continued without dissolution in accordance with the Delaware Act.

 Upon a dissolution under the first clause above, the holders of a unit majority may also elect, within specific time
limitations, to continue our business on the same terms and conditions described in our Partnership Agreement and appoint as a successor General Partner an entity approved by the holders of units representing a unit majority, subject to our receipt
of an opinion of counsel to the effect that: 
  

	 	•	 	 the action would not result in the loss of limited liability of any limited partner; and 

 

	 	•	 	 neither we nor any of our subsidiaries would be treated as an association taxable as a corporation or otherwise
be taxable as an entity for federal income tax purposes upon the exercise of that right to continue (to the extent not already so treated or taxed). 

Liquidation and Distribution of Proceeds 

Upon our dissolution, unless we are continued as a limited partnership, the liquidator authorized to wind up our affairs will, acting with all
of the powers of our General Partner that are necessary or appropriate, liquidate our assets and apply the proceeds of the liquidation as described in “Distributions of Cash Upon Liquidation.” The liquidator may defer liquidation or
distribution of our assets for a reasonable period of time if it determines that an immediate sale or distribution would be impractical or would cause undue loss to our partners. The liquidator may distribute our assets, in whole or in part, in kind
if it determines that a sale would be impractical or would cause undue loss to the partners. 

  
 13 

 Withdrawal or Removal of Our General Partner 

Except as described below, our General Partner has agreed not to withdraw voluntarily as our General Partner prior to December 31, 2022
without obtaining the approval of the holders of at least a majority of the outstanding common units, excluding common units held by the General Partner and its affiliates, and furnishing an opinion of counsel regarding limited liability and tax
matters. On or after December 31, 2022, our General Partner may withdraw as General Partner without first obtaining approval of any unitholder by giving at least 90 days’ written notice, and that withdrawal will not constitute a
violation of our Partnership Agreement. Notwithstanding the information above, our General Partner may withdraw without unitholder approval upon 90 days’ notice to the limited partners if at least 50% of the outstanding units are held or
controlled by one person and its affiliates, other than our General Partner and its affiliates. In addition, our Partnership Agreement permits our General Partner in some instances to sell or otherwise transfer all of its General Partner interest in
us without the approval of the unitholders. Please read “Transfer of General Partner Interest.” 
 Upon withdrawal of our
General Partner under any circumstances, other than as a result of a transfer by our General Partner of all or a part of its General Partner interest in us, the holders of a unit majority may select a successor to that withdrawing General Partner.
If a successor is not elected, or is elected but an opinion of counsel regarding limited liability and tax matters cannot be obtained, we will be dissolved, wound up and liquidated, unless within a specified period of time after that withdrawal, the
holders of a unit majority agree in writing to continue our business and to appoint a successor General Partner. Please read “Termination and Dissolution.” 

Our General Partner may not be removed unless that removal is approved by the vote of the holders of not less than 66 2/3% of all outstanding
common units, voting together as a single class, including units held by our General Partner and its affiliates, and we receive an opinion of counsel regarding limited liability and tax matters. Any removal of our General Partner is also subject to
the approval of a successor General Partner by the vote of the holders of a majority of the outstanding common units. The ownership of more than 33 1/3% of the outstanding common units by our General Partner and its affiliates gives them the ability
to prevent our General Partner’s removal. 
 Our Partnership Agreement also provides that if our General Partner is removed as our
General Partner under circumstances where cause does not exist or in the event of withdrawal of our General Partner where that withdrawal does not violate our Partnership Agreement our General Partner will have the right to convert its General
Partner interest into common units or receive cash in exchange for those interests based on the fair market value of those interests as of the effective date of its removal or withdrawal. 

In the event of removal of our General Partner under circumstances where cause exists or withdrawal of our General Partner where that
withdrawal violates our Partnership Agreement, a successor general partner will have the option to purchase the general partner interest of the departing General Partner for a cash payment equal to the fair market value of those interests. Under all
other circumstances where our General Partner withdraws or is removed by the limited partners, the departing General Partner will have the option to require the successor general partner to purchase the general partner interest of the departing
General Partner for its fair market value. In each case, this fair market value will be determined by agreement between the departing General Partner and the successor general partner. If no agreement is reached, an independent investment banking
firm or other independent expert selected by the departing General Partner and the successor general partner will determine the fair market value. Or, if the departing General Partner and the successor general partner cannot agree upon an expert,
then an expert chosen by agreement of the experts selected by each of them will determine the fair market value. 
 If the option described
above is not exercised by either the departing General Partner or the successor general partner, the departing General Partner’s general partner interest will automatically convert into common units equal to the fair market value of those
interests as determined by an investment banking firm or other independent expert selected in the manner described in the preceding paragraph. 

  
 14 

 In addition, we will be required to reimburse the departing General Partner for all amounts
due to it, including, without limitation, all employee-related liabilities, including severance liabilities, incurred in connection with the termination of any employees employed by the departing General Partner or its affiliates for our benefit.

 Transfer of General Partner Interest 

Except for transfer by our General Partner of all, but not less than all, of its general partner interest to: 

 

	 	•	 	 an affiliate of our General Partner (other than an individual); or 

 

	 	•	 	 another entity as part of the merger or consolidation of our General Partner with or into another entity or the
transfer by our General Partner of all or substantially all of its assets to such entity, 

 our General Partner may not transfer all or
any of its general partner interest to another person prior to December 31, 2022 without the approval of the holders of at least a majority of the outstanding common units, excluding common units held by our General Partner and its affiliates.
On or after December 31, 2022, the General Partner may transfer all or any part of its ownership interests without the approval of any limited partner or any other entity. As a condition of any such transfer, the transferee must, among other
things, assume the rights and duties of our General Partner, agree to be bound by the provisions of our Partnership Agreement and furnish an opinion of counsel regarding limited liability and tax matters. 

Our General Partner and its affiliates may, at any time, transfer common units to one or more persons, without unitholder approval. 

Change of Management Provisions; Common Units Considered “Outstanding” 

Our Partnership Agreement contains specific provisions that are intended to discourage a person or group from attempting to remove our General
Partner or otherwise change our management. Please read “Withdrawal or Removal of Our General Partner” for a discussion of certain consequences of the removal of our General Partner. For example, if any person or group, other than
our General Partner and its affiliates, acquires beneficial ownership of 20% or more of any class of units, including our Series A preferred units, the units owned by such person or group will cease to be considered outstanding and will therefore
lose all their voting rights, including, for the common units, with respect to voting on the appointment of members to the Board beginning in 2022. This loss of voting rights does not apply to persons who acquired such units from affiliates of the
Partnership, their transferees and persons who acquired such units with the prior approval of the Board. 
 In addition, any common units
held by the Partnership or a subsidiary of the Partnership are not considered outstanding with respect to voting and distributions under the Partnership Agreement. However, should such securities be transferred to an entity that is not a subsidiary
of the Partnership, such common units would then be considered outstanding with respect to voting and distributions. 
 Meetings; Voting 

Beginning in 2022, an annual meeting of the limited partners holding outstanding common units for the election of directors to the Board, and
such other matters that our General Partner submits to a vote of the limited partners holding outstanding common units, will be held on such date as determined by our General Partner. Special meetings of the limited partners may be called by our
General Partner or by limited partners owning 20% or more of the outstanding units of the class or classes for which a meeting is proposed. 

For the purpose of determining the limited partners entitled to notice of or to vote at any meeting or to give approvals without a meeting,
our General Partner will set a record date, which date for purposes of notice of a meeting shall not be less than 10 days nor more than 60 days before the date of the meeting. 

  
 15 

 Each record holder of outstanding (subject to the limitations set forth in the definition of
“Outstanding” in the Partnership Agreement) common units has a vote according to his percentage interest in the Partnership. Units held for a person’s account by another person (such as a broker, dealer or bank), in whose name such
units are registered, will be voted by such other person in favor of, and at the direction of, the beneficial owner unless the arrangement between such persons provides otherwise. Representation in person or by proxy of a majority of the outstanding
common units of the class or classes for which a meeting has been called will constitute a quorum at such meeting (unless a particular action by the limited partners requires approval by a greater percentage of such units, in which case the quorum
shall be such greater percentage). 
 At any meeting at which a quorum is present, the act of the limited partners holding a majority of the
outstanding common units entitled to vote at the meeting will be deemed to be the act of all the limited partners, unless a greater or different percentage is required under the Partnership Agreement, in which case the act of the limited partners
holding such greater or different percentage of outstanding common units will be required. At a meeting for the election of directors, directors are elected by a plurality of votes cast by the limited partners holding outstanding common units. 

If authorized by our General Partner, any action that is required or permitted to be taken at a meeting of the limited partners may be taken
either at a meeting of the limited partners or without a meeting if consents in writing describing the action so taken are signed by the holders of the minimum percentage of outstanding common units necessary to authorize or take that action at a
meeting. 
 The Board of Directors 
 The
number of directors on the Board will be not less than five or more than eight as determined from time to time by a majority of the directors then in office. Any decrease in the number of directors by the Board may not have the effect of shortening
the term of any incumbent director. 
 The President or Chief Executive Officer of the General Partner serves as a director and as the
Chairman of the Board. With the exception of the President or Chief Executive Officer of the general partner, each director must meet the independence standards required of directors who serve on an audit committee of a board of directors
established by the Exchange Act and the rules and regulations of the SEC thereunder and by the NYSE. The remaining directors are divided into three classes with respect to their terms. At each annual meeting of limited partners, commencing in 2022,
successors to the directors whose terms expire at that annual meeting will be elected for a three-year term. 
 A director may only be
removed for cause at a meeting of limited partners holding outstanding common units upon the affirmative vote of the limited partners holding a majority of the outstanding common units and only if, at the same meeting, the limited partners holding a
majority of the outstanding common units nominate a replacement director and elect the replacement director to the Board. Vacancies on the Board (other than vacancies caused by the removal of a director by the limited partners) may be filled by a
majority of the remaining directors then in office. 
 Limited Call Right 

If at any time our General Partner and its affiliates own more than 80% of the then-issued and outstanding limited partner interests of any
class (other than the Series A preferred units), our General Partner will have the right, which it may assign in whole or in part to any of its affiliates or to us, to acquire all, but not less than all, of the remaining limited partner interests of
the class held by unaffiliated persons as of a record date to be selected by our General Partner, on at least 10, but not more than 60, days’ notice. The purchase price in the event of this purchase is the greater of: 

 

	 	•	 	 the highest price paid by our General Partner or any of its affiliates for any limited partner interests of the
class purchased within the 90 days preceding the date on which our General Partner first mails notice of its election to purchase those limited partner interests; and 

 

	 	•	 	 the average of the daily closing prices of the partnership interests of such class for the 20 consecutive trading
days immediately preceding the date three days before the date the notice is mailed. 

  
 16 

 As a result of our General Partner’s right to purchase or cause the purchase of all
outstanding limited partner interests, a holder of limited partner interests may have his limited partner interests purchased at an undesirable time or price. The tax consequences to a unitholder of the exercise of this call right are the same as a
sale by that unitholder of his common units in the market. 
 Redemption of Ineligible Holders 

In order to avoid any material adverse effect on the maximum applicable rates that can be charged to customers by our subsidiaries on assets
that may be subject to rate regulation by the Federal Energy Regulatory Commission or an analogous regulatory body in the future, each transferee of partnership interests, upon becoming the record holder of such partnership interests, will
automatically certify, and the General Partner at any time can request such holder to re-certify: 
  

	 	•	 	 that the transferee or unitholder is an individual or an entity subject to United States federal income taxation
on the income generated by us; or 

  

	 	•	 	 that, if the transferee unitholder is an entity not subject to United States federal income taxation on the
income generated by us, as in the case, for example, of a mutual fund taxed as a regulated investment company or a partnership, all the entity’s owners are subject to United States federal income taxation on the income generated by us.

 Furthermore, in order to avoid a substantial risk of cancellation or forfeiture of any property, including any
governmental permit, endorsement or other authorization, in which we have an interest as the result of any federal, state or local law or regulation concerning the nationality, citizenship or other related status of any unitholder, our General
Partner may at any time request unitholders to certify as to, or provide other information with respect to, their nationality, citizenship or other related status. 

The certifications as to taxpayer status and nationality, citizenship or other related status can be changed in any manner our General Partner
determines is necessary or appropriate to implement its original purpose. 
 If a unitholder fails to furnish the certification or other
requested information with 30 days or if our General Partner determines, with the advice of counsel, upon review of such certification or other information that a unitholder does not meet the status set forth in the certification, we will have the
right to redeem all of the units held by such unitholder at the average of the daily closing prices per limited partner interest of such class for the 20 consecutive trading days immediately prior to the date fixed for redemption. 

The purchase price will be paid in cash or by delivery of a promissory note, as determined by our General Partner. Any such promissory note
will bear interest at the rate of 5.0% annually and be payable in three equal annual installments of principal and accrued interest, commencing one year after the redemption date. Further, the units will not be entitled to any allocations of income
or loss, distributions or voting rights while held by such unitholder. 

  
 17

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