Document:

Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

 

by and between

 

 

K-SEA TRANSPORTATION PARTNERS L.P.

 

 

and

 

 

TORTOISE ENERGY INFRASTRUCTURE CORPORATION

 

 

Table of Contents

 

	
  ARTICLE I .
  DEFINITIONS

  	
   

  
	
  Section 1.1

  	
  Definitions

  	
   

  
	
  Section 1.2

  	
  Registrable Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II .
  REGISTRATION RIGHTS

  	
   

  
	
  Section 2.1

  	
  Shelf Registration

  	
   

  
	
  Section 2.2

  	
  Piggyback Registration

  	
   

  
	
  Section 2.3

  	
  Underwritten Offering

  	
   

  
	
  Section 2.4

  	
  Sale Procedures

  	
   

  
	
  Section 2.5

  	
  Cooperation by Holders

  	
   

  
	
  Section 2.6

  	
  Restrictions
  on Public Sale by Holders of Registrable Securities

  	
   

  
	
  Section 2.7

  	
  Expenses

  	
   

  
	
  Section 2.8

  	
  Indemnification

  	
   

  
	
  Section 2.9

  	
  Rule 144 Reporting

  	
   

  
	
  Section 2.10

  	
  Transfer
  or Assignment of Registration Rights

  	
   

  
	
  Section 2.11

  	
  Limitation
  on Subsequent Registration Rights

  	
   

  
	
  Section 2.12

  	
  Lock-Up

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III .
  MISCELLANEOUS

  	
   

  
	
  Section 3.1

  	
  Communications

  	
   

  
	
  Section 3.2

  	
  Successor and Assigns

  	
   

  
	
  Section 3.3

  	
  Assignment of Rights

  	
   

  
	
  Section 3.4

  	
  Recapitalization,
  Exchanges, etc. Affecting the Common Units

  	
   

  
	
  Section 3.5

  	
  Specific Performance

  	
   

  
	
  Section 3.6

  	
  Counterparts

  	
   

  
	
  Section 3.7

  	
  Headings

  	
   

  
	
  Section 3.8

  	
  Governing Law

  	
   

  
	
  Section 3.9

  	
  Severability of Provisions

  	
   

  
	
  Section 3.10

  	
  Entire Agreement

  	
   

  
	
  Section 3.11

  	
  Amendment

  	
   

  
	
  Section 3.12

  	
  No Presumption

  	
   

  

 

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is made and entered into as of June 1, 2005, by and between K-SEA
TRANSPORTATION PARTNERS L.P., a Delaware limited partnership (“K-Sea”),
and TORTOISE ENERGY INFRASTRUCTURE CORPORATION, a Maryland closed-end
management investment company (“Purchaser”).

 

WHEREAS, this Agreement is made in connection with the
Closing of the issuance and sale of the Purchased Units pursuant to the Common
Unit Purchase Agreement, dated as of June 1, 2005, by and between K-Sea and
Purchaser (the “Purchase Agreement”);

 

WHEREAS, K-Sea has agreed to provide the registration
and other rights set forth in this Agreement for the benefit of Purchaser
pursuant to the Purchase Agreement; and

 

WHEREAS, it is a condition to the obligations of
Purchaser and K-Sea under the Purchase Agreement that this Agreement be
executed and delivered.

 

NOW THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by
each party hereto, the parties hereby agree as follows:

 

ARTICLE I.

DEFINITIONS

 

Section 1.1                                      Definitions.  Capitalized terms used herein without
definition shall have the meanings given to them in the Purchase
Agreement.  The terms set forth below are
used herein as so defined:

 

“Affiliate” means, with respect to a specified
Person, any other Person, directly or indirectly controlling, controlled by or
under direct or indirect common control with such specified Person.  For purposes of this definition, “control”
(including, with correlative meanings, “controlling”, “controlled by”, and “under
common control with”) means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise.

 

“Business Day” means any day other than a
Saturday, Sunday, or a legal holiday for commercial banks in Wilmington,
Delaware.

 

“Closing” shall have the meaning set forth in
the Purchase Agreement.

 

“Closing Date” shall have the meaning set forth
in the Purchase Agreement.

 

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

 

“Common Units” shall have the meaning set forth
in the Purchase Agreement.

 

1

 

“Effectiveness Period” has the meaning
specified therefor in Section 2.1(a) of this Agreement.

 

“Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder.

 

“Holder” means the record holder of any Registrable
Securities.

 

“Included Registrable Securities” has the
meaning specified therefor in Section 2.2(a) of this
Agreement.

 

“K-Sea” has the meaning specified therefor in
the introductory paragraph of this Agreement.

 

“Losses” has the meaning specified therefor in Section 2.8(a) of
this Agreement.

 

“Managing Underwriter” means, with respect to
any Underwritten Offering, the book running lead manager of such Underwritten
Offering.

 

“Other Holder” has the meaning specified in Section 2.2(b).

 

“Person” means any individual, corporation,
company, voluntary association, partnership, joint venture, trust, limited
liability company, unincorporated organization, government or any agency,
instrumentality or political subdivision thereof, or any other form of entity.

 

“Piggyback Registration” has the meaning
specified therefor in Section 2.2(a) of this Agreement.

 

“Purchase Agreement” has the meaning specified
therefor in the Recitals of this Agreement.

 

“Purchased Units” shall have the meaning set
forth in the Purchase Agreement.

 

“Purchaser” has the meaning specified therefor
in the introductory paragraph of this Agreement.

 

“Registrable Securities” means the Purchased
Units, all of which are subject to the rights provided herein until such rights
terminate pursuant to the provisions hereof.

 

“Registration Expenses” has the meaning
specified therefor in Section 2.7(a) of this Agreement.

 

“Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations of the Commission
promulgated thereunder.

 

“Selling Expenses” has the meaning specified
therefor in Section 2.7(a) of this Agreement.

 

2

 

“Selling Holder” means a Holder who is selling Registrable
Securities pursuant to a registration statement.

 

“Shelf Registration Statement” means a
registration statement under the Securities Act to permit the resale of the
Registrable Securities from time to time as permitted by Rule 415 of the
Securities Act (or any similar provision then in force under the Securities
Act).

 

“Underwritten Offering” means an offering (including
an offering pursuant to a Shelf Registration Statement) in which Common Units
are sold to an underwriter on a firm commitment basis for reoffering to the
public or an offering that is a “bought deal” with one or more investment
banks.

 

Section 1.2                                      Registrable Securities.  Any Registrable Security will cease to be a Registrable
Security when (a) a registration statement covering such Registrable
Security has been declared effective by the Commission and such Registrable
Security has been sold or disposed of pursuant to such effective registration
statement; (b) such Registrable Security has been disposed of pursuant to
any section of Rule 144 (or any similar provision then in force under
the Securities Act); (c) such Registrable Security is held by K-Sea or one
of its subsidiaries; or (d) such Registrable Security has been sold in a
private transaction in which the transferor’s rights under this Agreement are
not assigned to the transferee of such securities.

 

ARTICLE II.

REGISTRATION
RIGHTS

 

Section 2.1                                      Shelf
Registration.

 

(a)          Shelf Registration.  As soon as practicable following the Closing
of the acquisition of the Purchased Units pursuant to the terms of the Purchase
Agreement, but in any event within 90 days of the Closing, K-Sea shall prepare
and file a Shelf Registration Statement. K-Sea shall use its commercially
reasonable efforts to cause the Shelf Registration Statement to become
effective no later than 240 days after the date of the Closing.  A Shelf Registration Statement filed pursuant
to this Section 2.1(a) shall be on such appropriate
registration form of the Commission as shall be selected by K-Sea; provided,
however, that if a prospectus supplement will be used in connection with the
marketing of an Underwritten Offering from the Shelf Registration Statement and
the Managing Underwriter at any time shall notify K-Sea in writing that, in the
sole judgment of such Managing Underwriter, inclusion of detailed information
to be used in such prospectus supplement is of material importance to the
success of the Underwritten Offering of such Registrable Securities, K-Sea
shall use its commercially reasonable efforts to include such information in
the prospectus.  K-Sea will use its
commercially reasonable efforts to cause the Shelf Registration Statement filed
pursuant to this Section 2.1(a) to be continuously effective
under the Securities Act until all Registrable Securities covered by the Shelf
Registration Statement have been distributed in the manner set forth and as
contemplated in the Shelf Registration Statement or there are no longer any
Registrable Securities outstanding (the “Effectiveness Period”).  The Shelf Registration Statement when
declared effective (including the documents incorporated therein by reference)

 

3

 

will comply as to form with all applicable
requirements of the Securities Act and the Exchange Act and will not contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading.  If the Shelf Registration Statement is not
declared effective within 240 days after Closing, then Purchaser shall be
entitled to a payment of one percent (1%) of the Purchase Price per month until
such time as the Shelf Registration Statement is declared effective.  Purchaser’s rights (and any transferee’s
rights pursuant to Section 2.10) under this Section 2.1 shall
terminate when such Registrable Securities become eligible for resale under Rule 144(k) (or any
similar provision then in force under the Securities Act).

 

(b)         Delay Rights.  Notwithstanding anything to the contrary
contained herein, K-Sea may, upon written notice to any Selling Holder whose
Registrable Securities are included in the Shelf Registration Statement,
suspend such Selling Holder’s use of any prospectus which is a part of the
Shelf Registration Statement (in which event the Selling Holder shall
discontinue sales of the Registrable Securities pursuant to the Shelf
Registration Statement) if (i) K-Sea is pursuing an acquisition, merger,
reorganization, disposition or other similar transaction and K-Sea determines
in good faith that K-Sea’s ability to pursue or consummate such a transaction
would be materially adversely affected by any required disclosure of such
transaction in the Shelf Registration Statement or (ii) K-Sea has
experienced some other material non-public event the disclosure of which at
such time, in the good faith judgment of K-Sea, would materially adversely
affect K-Sea; however, in no event shall any delay pursuant hereto exceed sixty
(60) days in any one hundred-eighty (180) day period or ninety (90) days in any
twelve-month period.  Upon disclosure of
such information or the termination of the condition described above, K-Sea
shall provide prompt notice to the Selling Holders whose Registrable Securities
are included in the Shelf Registration Statement, and shall promptly terminate
any suspension of sales it has put into effect and shall take such other
actions to permit registered sales of Registrable Securities as contemplated in
this Agreement.

 

Section 2.2                                      Piggyback
Registration.

 

(a)          Participation.  If K-Sea at any time proposes to file a
prospectus supplement to an effective Shelf Registration Statement with respect
to an Underwritten Offering of Common Units for its own account or to register
any Common Units for its own account for sale to the public in an Underwritten
Offering other than (x) a registration relating solely to employee benefit
plans, (y) a registration relating solely to a Rule 145 transaction,
or (z) a registration on any registration form which does not permit
secondary sales, does not include substantially the same information as would
be required to be included in a registration statement covering the sale of Registrable
Securities or would require that K-Sea effectuate a post-effective amendment to
such registration statement to permit such Registrable Securities to be covered
by the registration statement, then, as soon as practicable following the
engagement of counsel to K-Sea to prepare the documents to be used in
connection with an Underwritten Offering, K-Sea shall give notice of such
proposed Underwritten Offering to the Holders and such notice shall offer the
Holders the opportunity to include in such Underwritten Offering such number of
Registrable Securities (the “Included Registrable Securities”) as each
such Holder may request in writing (a “Piggyback Registration”);
provided, however, that K-Sea shall not be required to offer such opportunity
to Holders if K-Sea has been advised by the Managing Underwriter that the
inclusion of Registrable Securities for sale for the benefit of the Holders
will have an adverse

 

4

 

effect on the price, timing or distribution of the
Common Units.  The notice required to be
provided in this Section 2.2(a) to Holders shall be provided
on a Business Day pursuant to Section 3.1 hereof and receipt of
such notice shall be confirmed by Holder. 
Holder shall then have twenty-four hours to request inclusion of
Registrable Securities in the Underwritten Offering.  If no request for inclusion from a Holder is
received within the specified time, such Holder shall have no further right to
participate in such Piggyback Registration. 
If, at any time after giving written notice of its intention to
undertake an Underwritten Offering and prior to the closing of such
Underwritten Offering, K-Sea shall determine for any reason not to undertake or
to delay such Underwritten Offering, K-Sea may, at its election, give written
notice of such determination to the Selling Holders and, (x) in the case of a
determination not to undertake such Underwritten Offering, shall be relieved of
its obligation to sell any Included Registrable Securities in connection with
such terminated Underwritten Offering, and (y) in the case of a determination
to delay such Underwritten Offering, shall be permitted to delay offering any
Included Registrable Securities for the same period as the delay in the
Underwritten Offering. Any Selling Holder shall have the right to withdraw such
Selling Holder’s request for inclusion of such Selling Holder’s Registrable
Securities in such offering by giving written notice to K-Sea of such
withdrawal up to and including the time of pricing of such offering.  Each Holder’s rights under this Section 2.2(a) shall
terminate when such Holder holds less than two hundred fifty thousand (250,000)
of the Purchased Units.

 

(b)         Priority of Piggyback
Registration.  If the Managing
Underwriter or Underwriters of any proposed Underwritten Offering of Common
Units included in a Piggyback Registration advises K-Sea that the total amount
of Common Units which the Selling Holders and any other Persons intend to
include in such offering exceeds the number which can be sold in such offering
without being likely to have an adverse effect on the price, timing or
distribution of the Common Units offered or the market for the Common Units,
then the Common Units to be included in such Underwritten Offering shall
include the number of Registrable Securities that such Managing Underwriter or
Underwriters advises K-Sea can be sold without having such adverse effect, with
such number to be allocated pro  rata among the Selling Holders and
any other Persons who are granted registration rights on or after the date of
this Agreement (“Other Holders”) who have requested participation in the
Piggyback Registration (based, for each such Selling Holder or Other Holder, on
the percentage derived by dividing (A) the number of Registrable
Securities proposed to be sold by such Selling Holder or such Other Holder in
such offering; by (B) the aggregate number of Common Units proposed to be
sold by all Selling Holders and all Other Holders in the Piggyback Registration).

 

Section 2.3                                      Underwritten
Offering.

 

(a)          S-3
Registration.  In the event that a
Selling Holder elects to dispose of Registrable Securities under the Shelf
Registration Statement pursuant to an Underwritten Offering and reasonably
anticipates gross proceeds of greater than twenty million ($20,000,000) from such Underwritten Offering, K-Sea shall, at the
request of such Selling Holder, enter into an underwriting agreement in
customary form with the Managing Underwriter or Underwriters, which shall include,
among other provisions, indemnities to the effect and to the extent provided in
Section 2.8, and shall take all such other reasonable actions as
are requested by the Managing Underwriter in order to expedite or facilitate
the disposition of the Registrable Securities;

 

5

 

however, K-Sea management will not be required to
participate in a roadshow or similar marketing effort.

 

(b)         General Procedures.  In connection with any Underwritten Offering
under this Agreement, K-Sea shall be entitled to select the Managing
Underwriter or Underwriters.  In
connection with an Underwritten Offering under Section 2.1 or Section 2.3
hereof, each Selling Holder and K-Sea shall be obligated to enter into an
underwriting agreement which contains such representations, covenants,
indemnities and other rights and obligations as are customary in underwriting
agreements for firm commitment offerings of securities.  No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such underwriting
agreement.  Each Selling Holder may, at
its option, require that any or all of the representations and warranties by,
and the other agreements on the part of, K-Sea to and for the benefit of such
underwriters also be made to and for such Selling Holder’s benefit and that any
or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement also be conditions precedent to its
obligations. No Selling Holder shall be required to make any representations or
warranties to or agreements with K-Sea or the underwriters other than
representations, warranties or agreements regarding such Selling Holder and its
ownership of the securities being registered on its behalf and its intended
method of distribution and any other representation required by law.  If any Selling Holder disapproves of the
terms of an underwriting, such Selling Holder may elect to withdraw therefrom
by notice to K-Sea and the Managing Underwriter; provided, however,
that such withdrawal must be made prior to the time in the final sentence of Section 2.2(a) hereof
to be effective.  No such withdrawal or
abandonment shall affect K-Sea’s obligation to pay Registration Expenses.

 

Section 2.4                                      Sale
Procedures.  In connection with its
obligations contained in Section 2.1 and Section 2.3, K-Sea
will, as expeditiously as possible:

 

(a)          prepare and file with
the Commission such amendments and supplements to the Shelf Registration
Statement and the prospectus used in connection therewith as may be necessary
to keep the Shelf Registration Statement effective for the Effectiveness Period
and as may be necessary to comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by the Shelf
Registration Statement;

 

(b)         furnish to each Selling
Holder (i) as far in advance as reasonably practicable before filing the
Shelf Registration Statement or any other registration statement contemplated
by this Agreement or any supplement or amendment thereto, upon request, copies
of reasonably complete drafts of all such documents proposed to be filed
(including exhibits and each document incorporated by reference therein to the
extent then required by the rules and regulations of the Commission), and
provide each such Selling Holder the opportunity to object to any information
pertaining to such Selling Holder and its plan of distribution that is
contained therein and make the corrections reasonably requested by such Selling
Holder with respect to such information prior to filing the Shelf Registration
Statement or such other registration statement or supplement or amendment
thereto, and (ii) such number of copies of the Shelf Registration
Statement or such other registration statement and the prospectus included
therein

 

6

 

and any supplements and amendments thereto as such
Persons may reasonably request in order to facilitate the public sale or other
disposition of the Registrable Securities covered by such Shelf Registration Statement
or other registration statement;

 

(c)          if applicable, use its
commercially reasonable efforts to register or qualify the Registrable
Securities covered by the Shelf Registration Statement or any other
registration statement contemplated by this Agreement under the securities or
blue sky laws of such jurisdictions as the Selling Holders or, in the case of
an Underwritten Offering, the Managing Underwriter, shall reasonably request,
provided that K-Sea will not be required to qualify generally to transact
business in any jurisdiction where it is not then required to so qualify or to
take any action which would subject it to general service of process in any
such jurisdiction where it is not then so subject;

 

(d)         promptly notify each
Selling Holder and each underwriter, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of (i) the
filing of the Shelf Registration Statement or any other registration statement
contemplated by this Agreement or any prospectus or prospectus supplement to be
used in connection therewith, or any amendment or supplement thereto, and, with
respect to such Shelf Registration Statement or any other registration
statement or any post-effective amendment thereto, when the same has become
effective; and (ii) any written comments from the Commission with respect
to any filing referred to in clause (i) and any written request by the
Commission for amendments or supplements to the Shelf Registration Statement or
any other registration statement or any prospectus or prospectus supplement
thereto;

 

(e)          immediately notify each
Selling Holder and each underwriter, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of (i) the
happening of any event as a result of which the prospectus or prospectus
supplement contained in the Shelf Registration Statement or any other
registration statement contemplated by this Agreement, as then in effect,
includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing; (ii) the
issuance or threat of issuance by the Commission of any stop order suspending
the effectiveness of the Shelf Registration Statement or any other registration
statement contemplated by this Agreement, or the initiation of any proceedings
for that purpose; or (iii) the receipt by K-Sea of any notification with
respect to the suspension of the qualification of any Registrable Securities
for sale under the applicable securities or blue sky laws of any
jurisdiction.  Following the provision of
such notice, K-Sea agrees to as promptly as practicable amend or supplement the
prospectus or prospectus supplement or take other appropriate action so that
the prospectus or prospectus supplement does not include an untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the
circumstances then existing and to take such other action as is necessary to
remove a stop order, suspension, threat thereof or proceedings related thereto;

 

(f)            Upon request and
subject to appropriate confidentiality obligations, furnish to each Selling
Holder copies of any and all transmittal letters or other correspondence with
the Commission or any other governmental agency or self-regulatory body or
other body having

 

7

 

jurisdiction (including any domestic or foreign
securities exchange) relating to such offering of Registrable Securities;

 

(g)         in the case of an
Underwritten Offering, furnish upon request, (i) an opinion of counsel for
K-Sea, dated the effective date of the applicable registration statement or the
date of any amendment or supplement thereto, and a letter of like kind dated
the date of the closing under the underwriting agreement, and (ii) a “cold
comfort” letter, dated the effective date of the applicable registration
statement or the date of any amendment or supplement thereto and a letter of
like kind dated the date of the closing under the underwriting agreement, in
each case, signed by the independent public accountants who have certified K-Sea’s
financial statements included or incorporated by reference into the applicable
registration statement, and each of the opinion and the “cold comfort” letter
shall be in customary form and covering substantially the same matters with
respect to such registration statement (and the prospectus and any prospectus
supplement included therein) and as are customarily covered in opinions of
issuer’s counsel and in accountants’ letters delivered to the underwriters in
Underwritten Offerings of securities, such other matters as such underwriters
may reasonably request;

 

(h)         otherwise use its
commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable, an earnings statement covering the period of at
least 12 months, but not more than 18 months, beginning with the first full
calendar month after the effective date of such registration statement, which
earnings statement shall satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158 promulgated thereunder;

 

(i)             make available to the
appropriate representatives of the Managing Underwriter and Selling Holders
access to such information and K-Sea personnel as is reasonable and customary
to enable such parties to establish a due diligence defense under the
Securities Act; provided that K-Sea need not disclose any information to any
such representative unless and until such representative has entered into a
confidentiality agreement with K-Sea;

 

(j)             cause all such Registrable
Securities registered pursuant to this Agreement to be listed on each
securities exchange or nationally recognized quotation system on which similar
securities issued by K-Sea are then listed;

 

(k)          use its commercially
reasonable efforts to cause the Registrable Securities to be registered with or
approved by such other governmental agencies or authorities as may be necessary
by virtue of the business and operations of K-Sea to enable the Selling Holders
to consummate the disposition of such Registrable Securities;

 

(l)             provide a transfer
agent and registrar for all Registrable Securities covered by such registration
statement not later than the effective date of such registration statement; and

 

(m)       enter into customary agreements
and take such other actions as are reasonably requested by the Selling Holders
or the underwriters, if any, in order to expedite or facilitate the disposition
of such Registrable Securities.

 

Each Selling Holder, upon receipt of notice from K-Sea
of the happening of any event of the kind described in subsection (e) of
this Section 2.4, shall forthwith discontinue

 

8

 

disposition of the Registrable
Securities until such Selling Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by subsection (e) of
this Section 2.4 or until it is advised in writing by K-Sea that
the use of the prospectus may be resumed, and has received copies of any
additional or supplemental filings incorporated by reference in the prospectus,
and, if so directed by K-Sea, such Selling Holder will, or will request the
managing underwriter or underwriters, if any, to deliver to K-Sea (at K-Sea’s
expense) all copies in their possession or control, other than permanent file
copies then in such Selling Holder’s possession, of the prospectus covering
such Registrable Securities current at the time of receipt of such notice.

 

Section 2.5                                      Cooperation
by Holders.  K-Sea shall have no
obligation to include in the Shelf Registration Statement units of a Holder or
in a Piggyback Registration units of a Selling Holder who has failed to timely
furnish such information which, in the opinion of counsel to K-Sea, is
reasonably required in order for the registration statement or prospectus
supplement, as applicable, to comply with the Securities Act.

 

Section 2.6                                      Restrictions
on Public Sale by Holders of Registrable Securities.  Each Holder of Registrable Securities who is
included in the Shelf Registration Statement agrees not to effect any public
sale or distribution of the Registrable Securities during the 45 calendar day
period beginning on the date of a prospectus supplement filed with the
Commission with respect to the pricing of an Underwritten Offering, provided
that the duration of the foregoing restrictions shall be no longer than the
duration of the shortest restriction generally imposed by the underwriters on
the officers or directors or any other unitholder of K-Sea on whom a
restriction is imposed and provided further that such Selling Holder owns
greater than 5% of the then outstanding Common Units.

 

Section 2.7                                      Expenses.

 

(a)          Certain Definitions.  “Registration Expenses” means all
expenses incident to K-Sea’s performance under or compliance with this
Agreement to effect the registration of Registrable Securities in a Shelf
Registration pursuant to Section 2.1, a Piggyback Registration pursuant to
Section 2.2, or an Underwritten Offering pursuant to Section 2.3, and
the disposition of such securities, including, without limitation, all
registration, filing, securities exchange listing and NYSE fees, all
registration, filing, qualification and other fees and expenses of complying
with securities or blue sky laws, fees of the National Association of
Securities Dealers, Inc., transfer taxes and fees of transfer agents and
registrars, all word processing, duplicating and printing expenses, the fees
and disbursements of counsel and independent public accountants for K-Sea,
including the expenses of any special audits or “cold comfort” letters required
by or incident to such performance and compliance.  Except as otherwise provided in Section 2.8
hereof, K-Sea shall not be responsible for legal fees incurred by Holders in
connection with the exercise of such Holders’ rights hereunder.  In addition, K-Sea shall not be responsible
for any “Selling Expenses,” which means all underwriting fees, discounts
and selling commissions allocable to the sale of the Registrable Securities.

 

(b)         Expenses.  K-Sea will pay all reasonable Registration
Expenses in connection with a Piggyback Registration or Underwritten Offering,
whether or not any sale is made pursuant to the Piggyback Registration or
Underwritten Offering.  Each Selling
Holder shall pay all Selling Expenses in connection with any sale of its Registrable
Securities hereunder.

 

9

 

Section 2.8                                      Indemnification.

 

(a)          By K-Sea.  In the event of a registration of any Registrable
Securities under the Securities Act pursuant to this Agreement, K-Sea will
indemnify and hold harmless each Selling Holder thereunder, its directors and
officers, and each underwriter, pursuant to the applicable underwriting
agreement with such underwriter, of Registrable Securities thereunder and each
Person, if any, who controls such Selling Holder or underwriter within the
meaning of the Securities Act and the Exchange Act, against any losses, claims,
damages, expenses or liabilities (including reasonable attorneys’ fees and
expenses) (collectively, “Losses”), joint or several, to which such
Selling Holder or underwriter or controlling Person may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in the Shelf Registration Statement or any other
registration statement contemplated by this Agreement, any preliminary
prospectus or final prospectus contained therein, or any amendment or
supplement thereof, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of a prospectus, in light
of the circumstances under which they were made) not misleading, and will
reimburse each such Selling Holder, its directors and officers, each such
underwriter and each such controlling Person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such Loss or actions or proceedings; provided, however, that K-Sea
will not be liable in any such case if and to the extent that any such Loss
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission so made in conformity with information
furnished by such Selling Holder, such underwriter or such controlling Person
in writing specifically for use in the Shelf Registration Statement or such
other registration statement, or prospectus supplement, as applicable. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Selling Holder or any such director, officer or
controlling Person, and shall survive the transfer of such securities by such
Selling Holder.

 

(b)         By Each Selling Holder.  Each Selling Holder agrees severally and not
jointly to indemnify and hold harmless K-Sea, its directors and officers, and
each Person, if any, who controls K-Sea within the meaning of the Securities
Act or of the Exchange Act to the same extent as the foregoing indemnity from K-Sea
to the Selling Holders, but only with respect to information regarding such
Selling Holder furnished in writing by or on behalf of such Selling Holder
expressly for inclusion in the Shelf Registration Statement or prospectus
supplement relating to the Registrable Securities, or any amendment or
supplement thereto; provided, however, that the liability of each
Selling Holder shall not be greater in amount than the dollar amount of the
proceeds (net of any Selling Expenses) received by such Selling Holder from the
sale of the Registrable Securities giving rise to such indemnification.

 

(c)          Notice.  Promptly after receipt by an indemnified
party hereunder of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the
indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to notify the indemnifying party shall not relieve it from
any liability which it may have to any indemnified party other than under this Section 2.8.  In any action brought against any indemnified
party, it shall notify the indemnifying party of the

 

10

 

commencement thereof. 
The indemnifying party shall be entitled to participate in and, to the
extent it shall wish, to assume and undertake the defense thereof with counsel
reasonably satisfactory to such indemnified party and, after notice from the
indemnifying party to such indemnified party of its election so to assume and
undertake the defense thereof, the indemnifying party shall not be liable to
such indemnified party under this Section 2.8 for any legal
expenses subsequently incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation and of liaison
with counsel so selected; provided, however, that, (i) if
the indemnifying party has failed to assume the defense and employ counsel or (ii) if
the defendants in any such action include both the indemnified party and the
indemnifying party and counsel to the indemnified party shall have concluded
that there may be reasonable defenses available to the indemnified party that
are different from or additional to those available to the indemnifying party,
or if the interests of the indemnified party reasonably may be deemed to
conflict with the interests of the indemnifying party, then the indemnified
party shall have the right to select a separate counsel and to assume such
legal defense and otherwise to participate in the defense of such action, with
the reasonable expenses and fees of such separate counsel and other reasonable
expenses related to such participation to be reimbursed by the indemnifying
party as incurred.  Notwithstanding any
other provision of this Agreement, no indemnified party shall settle any action
brought against it with respect to which it is entitled to indemnification hereunder
without the consent of the indemnifying party, unless the settlement thereof
imposes no liability or obligation on, and includes a complete and
unconditional release from all liability of, the indemnifying party.

 

(d)         Contribution.  If the indemnification provided for in this Section 2.8
is held by a court or government agency of competent jurisdiction to be
unavailable to K-Sea or any Selling Holder or is insufficient to hold them
harmless in respect of any Losses, then each such indemnifying party, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such Losses as between K-Sea
on the one hand and such Selling Holder on the other, in such proportion as is
appropriate to reflect the relative fault of K-Sea on the one hand and of such
Selling Holder on the other in connection with the statements or omissions
which resulted in such Losses, as well as any other relevant equitable
considerations; provided, however, that in no event shall such
Selling Holder be required to contribute an aggregate amount in excess of the
dollar amount of proceeds (net of Selling Expenses) received by such Selling
Holder from the sale of Registrable Securities giving rise to such
indemnification.  The relative fault of K-Sea
on the one hand and each Selling Holder on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material
fact has been made by, or relates to, information supplied by such party, and
the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.  The parties hereto agree that it would not be
just and equitable if contributions pursuant to this paragraph were to be
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the first
sentence of this paragraph.  The amount
paid by an indemnified party as a result of the Losses referred to in the first
sentence of this paragraph shall be deemed to include any legal and other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any Loss which is the subject of this paragraph. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who is
not guilty of such fraudulent misrepresentation.

 

11

 

(e)          Other Indemnification.  The provisions of this Section 2.8
shall be in addition to any other rights to indemnification or contribution
which an indemnified party may have pursuant to law, equity, contract or
otherwise.

 

Section 2.9                                      Rule 144
Reporting.  With a view to making
available the benefits of certain rules and regulations of the Commission
that may permit the sale of the Registrable Securities to the public without registration,
K-Sea agrees to use its commercially reasonable efforts to:

 

(a)          Make and keep public
information regarding K-Sea available, as those terms are understood and
defined in Rule 144 of the Securities Act, at all times from and after the
date hereof;

 

(b)         File with the Commission
in a timely manner all reports and other documents required of K-Sea under the
Securities Act and the Exchange Act at all times from and after the date
hereof; and

 

(c)          So long as a Holder owns
any Registrable Securities, furnish to such Holder forthwith upon request a
copy of the most recent annual or quarterly report of K-Sea, and such other
reports and documents so filed as such Holder may reasonably request in
availing itself of any rule or regulation of the Commission allowing such
Holder to sell any such securities without registration.

 

Section 2.10                                Transfer
or Assignment of Registration Rights. 
The rights to cause K-Sea to register Registrable Securities granted to Purchaser
by K-Sea under this Article II may be transferred or assigned by Purchaser
to one or more transferee(s) or assignee(s) of such Registrable Securities,
provided that (a) unless such transferee is an Affiliate of Purchaser,
each such transferee or assignee holds Registrable Securities representing at
least 50% of the number of the Purchased Units sold pursuant to the terms of
the Purchase Agreement, (b) K-Sea is given written notice prior to any
said transfer or assignment, stating the name and address of each such
transferee and identifying the securities with respect to which such
registration rights are being transferred or assigned, and (c) each such
transferee assumes in writing responsibility for its portion of the obligations
of Purchaser under this Agreement.

 

Section 2.11                                Limitation
on Subsequent Registration Rights.  From
and after the date hereof and so long as Section 2.2(a) is in effect
with respect to any Holder, K-Sea shall not, without the prior written consent
of the Holders of a majority of the outstanding Registrable Securities, enter
into any agreement with any current or future holder of any securities of K-Sea
that would allow such current or future holder to require K-Sea to include
securities in any registration statement filed by K-Sea on a basis that is superior
in any way to the piggyback rights granted to Purchaser hereunder, unless such
superior rights are also granted to the Holders.

 

Section 2.12                                Lock-Up.  Notwithstanding anything to the contrary in
this Agreement, Purchaser agrees not to sell any of the Purchased Units prior
to the date that is six months after the Closing Date.

 

12

 

ARTICLE III.

MISCELLANEOUS

 

Section 3.1                                      Communications.  All notices and other communications provided
for or permitted hereunder shall be made in writing by facsimile, courier
service or personal delivery:

 

(a)          if to Purchaser, at 10801
Mastin, Suite 222, Overland Park, Kansas 
66210, notice of which is given in accordance with the provisions of
this Section 3.1,

 

(b)         if to a transferee of Purchaser,
to such Holder at the address provided pursuant to Section 2.10 above, and

 

(c)          if to K-Sea, at 3245
Richmond Terrace, Staten Island, New York 
10303, notice of which is given in accordance with the provisions of
this Section 3.1.

 

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

 

Section 3.2                                      Successor
and Assigns.  This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each
of the parties, including subsequent Holders of Registrable Securities to the
extent permitted herein.

 

Section 3.3                                      Assignment
of Rights.  All or any portion of the
rights and obligations of Purchaser under this Agreement may be transferred or
assigned by Purchaser in accordance with Section 2.10 hereof.

 

Section 3.4                                      Recapitalization,
Exchanges, etc. Affecting the Common Units. 
The provisions of this Agreement shall apply to the full extent set
forth herein with respect to any and all units of K-Sea or any successor or
assign of K-Sea (whether by merger, consolidation, sale of assets or otherwise)
which may be issued in respect of, in exchange for or in substitution of, the Registrable
Securities, and shall be appropriately adjusted for combinations,
recapitalizations and the like occurring after the date of this Agreement.

 

Section 3.5                                      Specific
Performance.  Damages in the event of
breach of this Agreement by a party hereto may be difficult, if not impossible,
to ascertain, and it is therefore agreed that each such Person, in addition to
and without limiting any other remedy or right it may have, will have the right
to an injunction or other equitable relief in any court of competent
jurisdiction, enjoining any such breach, and enforcing specifically the terms
and provisions hereof, and each of the parties hereto hereby waives any and all
defenses it may have on the ground of lack of jurisdiction or competence of the
court to grant such an injunction or other equitable relief.  The existence of this right will not preclude
any such Person from pursuing any other rights and remedies at law or in equity
which such Person may have.

 

Section 3.6                                      Counterparts.  This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which counterparts,

 

13

 

when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

 

Section 3.7                                      Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

Section 3.8                                      Governing
Law.  The laws of the State of
Delaware shall govern this Agreement without regard to principles of conflict
of laws.

 

Section 3.9                                      Severability
of Provisions.  Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting or impairing the validity or enforceability of such provision in any
other jurisdiction.

 

Section 3.10                                Entire
Agreement.  This Agreement is
intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of
the parties hereto in respect of the subject matter contained herein.  There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the rights granted by K-Sea set forth herein.  This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

 

Section 3.11                                Amendment.  This Agreement may be amended only by means
of a written amendment signed by K-Sea and the Holders of a majority of the
then outstanding Registrable Securities; provided,  however, that
no such amendment shall materially and adversely affect the rights of any
Holder hereunder without the consent of such Holder.

 

Section 3.12                                No
Presumption.  In the event any claim
is made by a party relating to any conflict, omission, or ambiguity in this
Agreement, no presumption or burden of proof or persuasion shall be implied by
virtue of the fact that this Agreement was prepared by or at the request of a
particular party or its counsel.

 

[The remainder of this page is intentionally left blank.]

 

14

 

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

 

	
   

  	
  K-SEA
  TRANSPORTATION PARTNERS LP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K-Sea General
  Partner L.P.,

  
	
   

  	
   

  	
  its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  K-Sea General
  Partner GP LLC,

  
	
   

  	
   

  	
   

  	
  its General
  Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/
  Timothy J. Casey

  
	
   

  	
   

  	
   

  	
  Timothy J. Casey

  
	
   

  	
   

  	
   

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TORTOISE
  ENERGY INFRASTRUCTURE CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David
  J. Schulte

  
	
   

  	
  David J. Schulte

  
	
   

  	
  President

  
							

 

15Exhibit 10.1

 

COMMON UNIT

PURCHASE
AGREEMENT

 

 

by and between

 

 

K-SEA
TRANSPORTATION PARTNERS L.P.

 

 

and

 

 

TORTOISE
ENERGY INFRASTRUCTURE CORPORATION

 

 

Table of Contents

 

	
  ARTICLE I. DEFINITIONS

  	
   

  
	
  Section 1.01

  	
  Definitions

  	
   

  
	
  Section 1.02

  	
  Accounting Procedures and Interpretation

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II. AGREEMENT TO SELL AND
  PURCHASE

  	
   

  
	
  Section 2.01

  	
  Authorization of Sale of Common Units

  	
   

  
	
  Section 2.02

  	
  Sale
  and Purchase

  	
   

  
	
  Section 2.03

  	
  Closing

  	
   

  
	
  Section 2.04

  	
  Conditions to the Closing

  	
   

  
	
  Section 2.05

  	
  K-Sea
  Deliveries

  	
   

  
	
  Section 2.06

  	
  Purchaser Deliveries

  	
   

  
	
  Section 2.07

  	
  Price
  Per Unit

  	
   

  
	
  Section 2.08

  	
  Lock-Up

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III. REPRESENTATIONS AND
  WARRANTIES RELATED TO K-SEA

  	
   

  
	
  Section 3.01

  	
  Corporate Existence

  	
   

  
	
  Section 3.02

  	
  Capitalization and Valid Issuance of Purchased
  Units

  	
   

  
	
  Section 3.03

  	
  K-Sea SEC Documents

  	
   

  
	
  Section 3.04

  	
  No Material Adverse Change

  	
   

  
	
  Section 3.05

  	
  Litigation

  	
   

  
	
  Section 3.06

  	
  No
  Conflicts

  	
   

  
	
  Section 3.07

  	
  Authority

  	
   

  
	
  Section 3.08

  	
  Approvals

  	
   

  
	
  Section 3.09

  	
  MLP
  Status

  	
   

  
	
  Section 3.10

  	
  Offering

  	
   

  
	
  Section 3.11

  	
  Investment Company Status

  	
   

  
	
  Section 3.12

  	
  Certain
  Fees

  	
   

  
	
  Section 3.13

  	
  No Side Agreements

  	
   

  
	
  Section 3.14

  	
  Material Agreements

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV. REPRESENTATIONS AND
  WARRANTIES OF PURCHASER

  	
   

  
	
  Section 4.01

  	
  Corporate Existence

  	
   

  
	
  Section 4.02

  	
  No
  Conflicts

  	
   

  
	
  Section 4.03

  	
  Certain
  Fees

  	
   

  
	
  Section 4.04

  	
  No Side Agreements

  	
   

  
	
  Section 4.05

  	
  Unregistered Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V. INDEMNIFICATION, COSTS AND
  EXPENSES

  	
   

  
	
  Section 5.01

  	
  Indemnification by K-Sea

  	
   

  
	
  Section 5.02

  	
  Indemnification by Purchaser

  	
   

  
	
  Section 5.03

  	
  Indemnification Procedure

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI. MISCELLANEOUS

  	
   

  
	
  Section 6.01

  	
  Interpretation and Survival of Provisions

  	
   

  
	
  Section 6.02

  	
  Survival of Provisions

  	
   

  

 

 

	
  Section 6.03

  	
  No Waiver; Modifications in Writing

  	
   

  
	
  Section 6.04

  	
  Binding Effect; Assignment

  	
   

  
	
  Section 6.05

  	
  Non-Disclosure

  	
   

  
	
  Section 6.06

  	
  Communications

  	
   

  
	
  Section 6.07

  	
  Removal
  of Legend

  	
   

  
	
  Section 6.08

  	
  Entire
  Agreement

  	
   

  
	
  Section 6.09

  	
  Governing
  Law

  	
   

  
	
  Section 6.10

  	
  Execution in Counterparts

  	
   

  
	
  Section 6.11

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A – Form of Registration
  Rights Agreement

  	
   

  
	
  Exhibit B – Form of Opinion or
  Opinions of K-Sea Counsel

  	
   

  

 

 

COMMON UNIT
PURCHASE AGREEMENT

 

This COMMON UNIT PURCHASE AGREEMENT, dated as of June 1, 2005
(this “Agreement”), is by and between K-SEA TRANSPORTATION PARTNERS L.P.,
a Delaware limited partnership (“K-Sea”), and TORTOISE ENERGY
INFRASTRUCTURE CORPORATION, a Maryland closed-end
management investment company (“Purchaser”).

 

WHEREAS, K-Sea desires to sell 500,000 Common Units to Purchaser and Purchaser
desires to purchase 500,000 Common Units from K-Sea in accordance with the
provisions of this Agreement;

 

WHEREAS, K-Sea has agreed to provide Purchaser with certain
registration rights with respect to the Common Units acquired pursuant hereto.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements
set forth herein and for good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereby agree as follows:

 

ARTICLE I.

DEFINITIONS

 

Section 1.01                              Definitions.  As used in this Agreement, and unless the
context requires a different meaning, the following terms have the meanings
indicated:

 

“Affiliate” means, with respect to a specified Person, any other
Person, directly or indirectly controlling, controlled by or under direct or
indirect common control with such specified Person.  For purposes of this definition, “control”
(including, with correlative meanings, “controlling”, “controlled by”, and “under
common control with”) means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise.

 

“Anniversary Date” means six months from the Closing Date.

 

“Basic Documents” means, collectively, this Agreement, the
Registration Rights Agreement, and any and all other agreements or instruments
executed and delivered to Purchaser by K-Sea or any Subsidiary of K-Sea
hereunder or thereunder.

 

“Business Day” means any day other than a Saturday, Sunday, or a
legal holiday for commercial banks in Wilmington, Delaware.

 

“Closing” shall have the meaning specified in Section 2.03.

 

“Closing Date” shall have the meaning specified in Section 2.03.

 

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

 

1

 

“Common Unit Price” shall have the meaning specified in Section 2.07.

 

“Common Units” means the common units representing limited
partner interests in K-Sea.

 

“Confidentiality Agreement” means that certain letter agreement
between K-Sea and Purchaser dated May 10, 2005.

 

“Delaware LP Act” shall have the meaning specified in Section 3.02.

 

“Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time, and the rules and regulations of the Commission
promulgated thereunder.

 

“GAAP” means generally accepted accounting principles in the
United States of America in effect from time to time.

 

“General Partners” means K-Sea General Partner L.P., a Delaware
limited partnership and the general partner of K-Sea, and K-Sea General Partner
GP, LLC, a Delaware limited liability company and the general partner of K-Sea
General Partner L.P.

 

“Governmental Authority” means, with respect to a particular
Person, the country, state, county, city and political subdivisions in which
such Person or such Person’s Property is located or which exercises valid
jurisdiction over any such Person or such Person’s Property, and any court,
agency, department, commission, board, bureau or instrumentality of any of them
and any monetary authority which exercises valid jurisdiction over any such
Person or such Person’s Property.  Unless
otherwise specified, all references to Governmental Authority herein with
respect to K-Sea means a Governmental Authority having jurisdiction over K-Sea,
its Subsidiaries or any of their respective Properties.

 

“Indemnified Party” shall have the meaning specified in Section 5.03.

 

“Indemnifying Party” shall have the meaning specified in Section 5.03.

 

“K-Sea” has the meaning set forth in the introductory paragraph.

 

“K-Sea Financial Statements” shall have the meaning specified in
Section 3.03.

 

“K-Sea Form S-3” shall have the meaning specified in Section 3.03.

 

“K-Sea Material Adverse Effect” means any material and adverse
effect on (a) the assets, liabilities, financial condition, business,
operations or affairs of K-Sea and its Subsidiaries taken as a whole; (b) the
ability of K-Sea and its Subsidiaries taken as a whole to carry out their
business as such business is conducted as of the date hereof or to meet their
obligations under the Basic Documents on a timely basis; or (c) the
ability of K-Sea to consummate the transactions under any Basic Document; provided,
however, that a K-Sea Material Adverse Effect shall not include any
material and adverse effect on the foregoing to the extent such material and
adverse effect results from, arises out of, or

 

2

 

relates to (x) a general deterioration
in the economy or changes in the general state of the industries in which the
K-Sea Parties operate, except to the extent that the K-Sea Parties, taken as a
whole, are adversely affected in a disproportionate manner as compared to other
industry participants, (y) the outbreak or escalation of hostilities
involving the United States, the declaration by the United States of a national
emergency or war or the occurrence of any other calamity or crisis, including
acts of terrorism, or (z) any change in accounting requirements or
principles imposed upon K-Sea and its Subsidiaries or their respective
businesses or any change in applicable Law, or the interpretation thereof.

 

“K-Sea Parties” means K-Sea, the General Partners, and all of
K-Sea’s Subsidiaries.

 

“K-Sea Related Parties” shall have the meaning specified in Section 5.02.

 

“K-Sea SEC Documents” shall have the meaning specified in Section 3.03.

 

“K-Sea’s Knowledge” means the actual knowledge of Timothy J.
Casey and John J. Nicola, after reasonable inquiry.

 

“Law” means any federal, state, local or foreign order, writ,
injunction, judgment, settlement, award, decree, statute, law, rule or
regulation.

 

“Lien” means any interest in Property securing an obligation
owed to, or a claim by, a Person other than the owner of the Property, whether
such interest is based on the common law, statute or contract, and whether such
obligation or claim is fixed or contingent, and including but not limited to
the lien or security interest arising from a mortgage, encumbrance, pledge,
security agreement, conditional sale or trust receipt or a lease, consignment
or bailment for security purposes. For the purpose of this Agreement, a Person
shall be deemed to be the owner of any Property which it has acquired or holds
subject to a conditional sale agreement, or leases under a financing lease or
other arrangement pursuant to which title to the Property has been retained by
or vested in some other Person in a transaction intended to create a financing.

 

“NYSE” means the New York Stock Exchange, Inc.

 

“Partnership Agreement” means the Second Amended and Restated
Agreement of Limited Partnership of K-Sea dated as of January 14, 2004, as
amended.

 

“Partnership Securities” means any class or series of equity
interest in K-Sea (but excluding any options, rights, warrants and appreciation
rights relating to an equity interest in K-Sea), including without limitation
Common Units, Subordinated Units and Incentive Distribution Rights (as defined
in the Partnership Agreement).

 

“Permits” means, with respect to K-Sea or any of its
Subsidiaries, any licenses, permits, variances, consents, authorizations,
waivers, grants, franchises, concessions, exemptions, orders, registrations and
approvals of Governmental Authorities or other Persons necessary for the
ownership, leasing, operation, occupancy and use of its Properties and the
conduct of its businesses as currently conducted.

 

3

 

“Person” means any individual, corporation, company, voluntary
association, partnership, joint venture, trust, limited liability company,
unincorporated organization or government or any agency, instrumentality or
political subdivision thereof, or any other form of entity.

 

“Property” means any interest in any kind of property or asset,
whether real, personal or mixed, or tangible or intangible.

 

“Purchase Price” means the monetary commitment amount of $16,000,000.

 

“Purchased Units” means the number of Common Units equal to the
quotient determined by dividing (a) the Purchase Price by (b) the Common
Unit Price.

 

“Purchaser” has the meaning set forth in the introductory
paragraph.

 

“Purchaser Material Adverse Effect” means any material and
adverse effect on (a) the assets, liabilities, financial condition,
business, operations or affairs of Purchaser; (b) the ability of Purchaser
to carry out its business as such business is conducted as of the date hereof
or to meet its obligations under the Basic Documents to which it is a party on
a timely basis; or (c) the ability of Purchaser to consummate the transactions
under any Basic Document to which it is a party.

 

“Purchaser Related Parties” shall have the meaning specified in Section 5.01.

 

“Registration Rights Agreement” means the Registration Rights
Agreement, to be entered into at the Closing, between K-Sea and Purchaser in
the form attached hereto as Exhibit A.

 

“Representatives” of any Person means the officers, directors,
employees, agents, counsel, accountants, investment bankers and other
representatives of such Person.

 

“Securities Act” means the Securities Act of 1933, as amended
from time to time, and the rules and regulations of the Commission
promulgated thereunder.

 

“Subordinated Units” means the subordinated units representing
subordinated limited partner interests in K-Sea.

 

“Subsidiary” means, as to any Person, any corporation or other
entity of which: (i) such Person or a Subsidiary of such Person is a
general partner or manager; or (ii) at least a majority of the outstanding
equity interest having by the terms thereof ordinary voting power to elect a
majority of the board of directors or similar governing body of such
corporation or other entity (irrespective of whether or not at the time any
equity interest of any other class or classes of such corporation or other
entity shall have or might have voting power by reason of the happening of any
contingency) is at the time directly or indirectly owned or controlled by such
Person or one or more of its Subsidiaries.

 

“Termination Date” has the meaning set forth in Section 6.11.

 

4

 

Section 1.02                              Accounting
Procedures and Interpretation.  Unless
otherwise specified herein, all accounting terms used herein shall be
interpreted, all determinations with respect to accounting matters hereunder
shall be made, and all K-Sea Financial Statements and certificates and reports
as to financial matters required to be furnished to Purchaser hereunder shall
be prepared, in accordance with GAAP applied on a consistent basis during the
periods involved (except as may be indicated in the notes thereto or, in the
case of unaudited statements, as permitted by Form 10-Q promulgated by the
Commission) and in compliance as to form in all material respects with
applicable accounting requirements and with the published rules and
regulations of the Commission with respect thereto.

 

ARTICLE II.

AGREEMENT TO SELL AND PURCHASE

 

Section 2.01                              Authorization
of Sale of Common Units.  K-Sea has
authorized the issuance and sale to Purchaser of the Purchased Units.

 

Section 2.02                              Sale
and Purchase.  K-Sea hereby agrees to
issue and sell to Purchaser, and Purchaser hereby agrees to purchase from K-Sea,
the Purchased Units, and Purchaser agrees to pay K-Sea the Purchase Price.

 

Section 2.03                              Closing.  Subject to the terms and conditions hereof,
the consummation of the purchase and sale of the Purchased Units hereunder (the
“Closing”) shall take place on June 1, 2005, or on such other date
not later than three full business days thereafter as K-Sea and the Purchaser
determine (such date, the “Closing Date”), at the offices of Baker Botts
L.L.P., One Shell Plaza, 910 Louisiana, Houston, Texas 77002.

 

Section 2.04                              Conditions
to the Closing.

 

(a)                                  Mutual Conditions. 
The respective obligations of each party to consummate the purchase and
issuance and sale of the Purchased Units shall be subject to the satisfaction
on or prior to the Closing Date of each of the following conditions (any or all
of which may be waived by a particular party on behalf of itself in writing, in
whole or in part, to the extent permitted by applicable Law):

 

(i)             no statute, rule, order, decree or regulation shall
have been enacted or promulgated, and no action shall have been taken, by any
Governmental Authority of competent jurisdiction which temporarily,
preliminarily or permanently restrains, precludes, enjoins or otherwise
prohibits the consummation of the transactions contemplated hereby or makes the
transactions contemplated hereby illegal; and

 

(ii)          there shall not be pending any suit, action or
proceeding by any Governmental Authority seeking to restrain, preclude, enjoin
or prohibit the transactions contemplated by this Agreement.

 

(b)                                 Purchaser’s Conditions. 
The obligation of Purchaser to consummate the purchase of the Purchased
Units shall be subject to the satisfaction on or prior to the Closing Date of
each of the following conditions (any or all of which may be

 

5

 

waived by Purchaser in writing, in whole or
in part, to the extent permitted by applicable Law):

 

(i)             K-Sea shall have performed and complied with the
covenants and agreements contained in this Agreement which are required to be
performed and complied with by K-Sea on or prior to the Closing Date;

 

(ii)          The representations and warranties of K-Sea contained
in this Agreement that are qualified by materiality or K-Sea Material Adverse
Effect shall be true and correct when made and as of the Closing Date and all
other representations and warranties shall be true and correct in all material
respects when made and as of the Closing Date, in each case as though made at
and as of the Closing Date (except that representations made as of a specific
date shall be required to be true and correct as of such date only);

 

(iii)       Since the date of this Agreement, no K-Sea Material
Adverse Effect shall have occurred and be continuing; and

 

(iv)      K-Sea shall have delivered, or caused to be delivered,
to Purchaser at the Closing, K-Sea’s closing deliveries described in Section 2.05.

 

(c)                                  K-Sea’s Conditions.   The obligation of
K-Sea to consummate the sale of the Purchased Units to Purchaser shall be
subject to the satisfaction on or prior to the Closing Date of the condition
(which may be waived by K-Sea in writing, in whole or in part, to the extent
permitted by applicable Law) that the representations and warranties of Purchaser
contained in this Agreement that are qualified by materiality or a Purchaser
Material Adverse Effect shall be true and correct when made and as of the
Closing Date, all other representations and warranties shall be true and
correct in all material respects when made and as of the Closing Date, in each
case as though made at and as of the Closing Date (except that representations
made as of a specific date shall be required to be true and correct as of such
date only, and K-Sea shall have received a certificate signed on behalf of
Purchaser to such effect), and Purchaser shall have delivered, or caused to be
delivered, to K-Sea at the Closing Purchaser’s closing deliveries described in Section 2.06.

 

Section 2.05                              K-Sea
Deliveries.  At the Closing, subject
to the terms and conditions hereof, K-Sea will deliver, or cause to be
delivered, to Purchaser:

 

(a)                                  A certificate or certificates
representing the Purchased Units (bearing the legend set forth in Section 4.05(e))
and meeting the requirements of the Partnership Agreement, free and clear of
any Liens of any other Person, other than transfer restrictions under
applicable federal and state securities laws;

 

(b)                                 Copies of the Certificate of Limited
Partnership of (i) K-Sea and (ii) K-Sea General Partner L.P., and of
the Certificate of Formation of K-Sea General Partner GP, LLC, each certified
by the Secretary of State of the jurisdiction of its formation as of a recent
date;

 

6

 

(c)                                  A certificate of the Secretary of
State of the State of Delaware, dated a recent date, that K-Sea is in good
standing;

 

(d)                                 A certificate of the Secretary or
Assistant Secretary of K-Sea General Partner GP, LLC, on behalf of K-Sea, certifying
as to (1) the Partnership Agreement, (2) board resolutions
authorizing the execution and delivery of this Agreement and all of the
agreements and instruments to be executed and delivered by K-Sea in connection
herewith, and the consummation of the transactions contemplated hereby and (3) its
incumbent officers authorized to execute and deliver this Agreement and the
other agreements and instruments contemplated hereby, setting forth the name
and title and bearing the signatures of such officers;

 

(e)                                  A certificate, dated the Closing
Date and signed by (x) the President and Chief Executive Officer and (y) the
Chief Financial Officer of K-Sea General Partner GP, LLC, in their capacities
as such, stating that:

 

(i)             K-Sea has performed and complied with the covenants
and agreements contained in this Agreement which are required to be performed
and complied with by K-Sea on or prior to the Closing Date; and

 

(ii)          The representations and warranties of K-Sea contained
in this Agreement that are qualified by materiality or K-Sea Material Adverse
Effect shall be true and correct when made and as of the Closing Date and all
other representations and warranties shall be true and correct in all material
respects when made and as of the Closing Date, in each case as though made at
and as of the Closing Date (except that representations made as of a specific
date shall be required to be true and correct as of such date only); and

 

(f)                                    A certificate executed and delivered
to Purchaser by K-Sea’s transfer agent and registrar certifying (i) that
it has been duly appointed and duly authorized to act as transfer agent and
registrar for the Purchased Units; and (ii) to the number of outstanding Common
Units and Subordinated Units as of the date of this Agreement and the Closing
Date;

 

(g)                                 A cross-receipt executed by K-Sea and
delivered to Purchaser certifying that it has received the Purchase Price as of
the Closing Date;

 

(h)                                 An opinion or opinions addressed to Purchaser
from legal counsel to K-Sea, dated as of the Closing, in the form and substance
attached hereto as Exhibit B; and

 

(i)                                     The Registration Rights Agreement in
substantially the form attached hereto as Exhibit A, which shall
have been duly executed by K-Sea.

 

Section 2.06                              Purchaser
Deliveries

 

(a)                                  Payment to K-Sea of the Purchase
Price hereto by wire transfer of immediately available funds to an account
designated by K-Sea in writing at

 

7

 

least three (3) Business Days (or such
shorter period as shall be agreeable to all parties hereto) prior to the
Closing;

 

(b)                                 A certificate of the Secretary or
Assistant Secretary of the Purchaser, on behalf of Purchaser, certifying as to (1) its
Articles of Incorporation, (2) board resolutions authorizing the execution
and delivery of this Agreement and all of the agreements and instruments to be
executed and delivered by Purchaser in connection herewith, and the
consummation of the transactions contemplated hereby and (3) its incumbent
officers authorized to execute and deliver this Agreement and the other
agreements and instruments contemplated hereby, setting forth the name and
title and bearing the signatures of such officers;

 

(c)                                  A certificate, dated the Closing
Date and signed by (x) the President and Chief Executive Officer and (y) the
Chief Financial Officer of Purchaser, in their capacities as such, stating
that:

 

(i)             Purchaser has performed and complied with the
covenants and agreements contained in this Agreement which are required to be
performed and complied with by Purchaser on or prior to the Closing Date; and

 

(ii)          The representations and warranties of Purchaser
contained in this Agreement that are qualified by materiality or Purchaser
Material Adverse Effect shall be true and correct when made and as of the
Closing Date and all other representations and warranties shall be true and
correct in all material respects when made and as of the Closing Date, in each
case as though made at and as of the Closing Date (except that representations
made as of a specific date shall be required to be true and correct as of such
date only).

 

(d)                                 The Registration Rights Agreement in
substantially the form attached hereto as Exhibit A, which shall
have been duly executed by Purchaser; and

 

(e)                                  A cross-receipt executed by
Purchaser and delivered to K-Sea certifying that it has received the Purchased
Units as of the Closing Date.

 

Section 2.07                              Price
Per Unit.  The amount per Common Unit
the Purchaser will pay to K-Sea to purchase the Purchased Units (the “Common
Unit Price”) shall be $32.00.

 

Section 2.08                              Lock-Up.  Purchaser agrees that from and after Closing it
will not sell any of the Purchased Units prior to the Anniversary Date.

 

8

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES RELATED TO K-SEA

 

K-Sea represents and warrants to Purchaser as follows:

 

Section 3.01                              Corporate
Existence.  K-Sea (a) is a
limited partnership duly formed, validly existing and in good standing under
the laws of the State of Delaware; and (b) has all requisite power and
authority, and has all governmental licenses, authorizations, consents and
approvals necessary, to own, lease, use and operate its Properties and carry on
its business as its business is now being conducted, except where the failure
to obtain such licenses, authorizations, consents and approvals would not be
reasonably likely to have a K-Sea Material Adverse Effect.  Each of K-Sea’s Subsidiaries that is a
corporation is a corporation duly incorporated, validly existing and in good
standing under the laws of the State or other jurisdiction of its incorporation
and has all requisite power and authority, and has all governmental licenses,
authorizations, consents and approvals necessary, to own, lease, use or operate
its respective Properties and carry on its business as now being conducted,
except where the failure to obtain such licenses, authorizations, consents and
approvals would not be reasonably likely to have a K-Sea Material Adverse
Effect.  Each of K-Sea’s other
Subsidiaries has been duly formed, is validly existing and in good standing
under the laws of the State or other jurisdiction of its organization and has
all requisite power and authority, and has all governmental licenses,
authorizations, consents and approvals necessary, to own, lease, use or operate
its respective Properties and carry on its business as now being conducted,
except where the failure to obtain such licenses, authorizations, consents and
approvals would not be reasonably likely to have a K-Sea Material Adverse
Effect.  None of K-Sea or any of its
Subsidiaries are in default in the performance, observance or fulfillment of
any provision of, in the case of K-Sea, the Partnership Agreement or its
Certificate of Limited Partnership or, in the case of any Subsidiary of K-Sea,
its respective certificate of incorporation, certification of formation, bylaws,
limited liability company agreement or other similar organizational
documents.  Each of K-Sea and its
Subsidiaries is duly qualified or licensed and in good standing as a foreign limited
partnership, limited liability company or corporation, as applicable, and is
authorized to do business in each jurisdiction in which the ownership or
leasing of its respective Properties or the character of its respective
operations makes such qualification necessary, except where the failure to
obtain such qualification, license, authorization or good standing would not be
reasonably likely to have a K-Sea Material Adverse Effect.

 

Section 3.02                              Capitalization
and Valid Issuance of Purchased Units.

 

(a)                                  As of the date of this Agreement,
the issued and outstanding limited partner interests of K-Sea consist of 4,167,250
Common Units and 4,165,000 Subordinated Units and the Incentive Distribution
Rights, as defined in the Partnership Agreement.  The only issued and
outstanding general partner interests of K-Sea are the interests of K-Sea
General Partner L.P. described in the Partnership Agreement.  All outstanding Common Units, Subordinated
Units and Incentive Distribution Rights and

 

9

 

the limited partner interests represented
thereby have been duly authorized and validly issued in accordance with the
Partnership Agreement and are fully paid (to the extent required under the
Partnership Agreement) and nonassessable (except as such nonassessability may
be affected by matters described in Sections 17-303 and 17-607 of the Delaware
Revised Uniform Limited Partnership Act (the “Delaware LP Act”) and
otherwise by matters described in K-Sea’s Registration Statement on Form S-3
(Registration Statement No. 333-122668), as amended (the “K-Sea Form S-3”),
under the caption “The Partnership Agreement—Limited Liability”).

 

(b)                                 Other than K-Sea’s Long-Term Incentive
Plan and K-Sea’s Employee Unit Purchase Plan, K-Sea has no equity compensation
plans that contemplate the issuance of Common Units (or securities convertible
into or exchangeable for Common Units). 
No indebtedness having the right to vote (or convertible into or exchangeable
for securities having the right to vote) on any matters on which K-Sea
unitholders may vote are issued or outstanding. 
Except as set forth in the first sentence of this Section 3.02(b) or
as are contained in the Partnership Agreement, the First Amended and Restated
Limited Liability Company Agreement of K-Sea General Partner GP LLC, the First
Amended and Restated Agreement of Limited Partnership of K-Sea General Partner
L.P. and the Amended and Restated Agreement of Limited Partnership of K-Sea
Operating Partnership L.P., there are no outstanding or authorized (i) options,
warrants, preemptive rights, subscriptions, calls, or other rights, convertible
or exchangeable securities, agreements, claims or commitments of any character
obligating K-Sea or any of its Subsidiaries to issue, transfer or sell any
partnership interests or other equity interest in, K-Sea or any of its
Subsidiaries or securities convertible into or exchangeable for such
partnership interests, (ii) obligations of K-Sea or any of its
Subsidiaries to repurchase, redeem or otherwise acquire any partnership
interests or equity interests of K-Sea or any of its Subsidiaries or any such
securities or agreements listed in clause (i) of this sentence or (iii) voting
trusts or similar agreements to which K-Sea or any of its Subsidiaries is a
party with respect to the voting of the equity interests of K-Sea or any of its
Subsidiaries.  Neither the offering or
sale of the Purchased Units or the registration of the Common Units pursuant to
the Registration Rights Agreement, all as contemplated by this Agreement gives
rise to any rights for or relating to the registration of any Common Units or
other securities of the Partnership, other than as provided in the K-Sea Form S-3
and the Partnership Agreement.

 

(c)                                  (i) All of the issued and outstanding
equity interests of each of K-Sea’s Subsidiaries are owned, directly or
indirectly, by K-Sea free and clear of any Liens (except for such restrictions
as may exist under applicable Law), and all such ownership interests have been
duly authorized, validly issued and are fully paid (to the extent required in
the organizational documents of K-Sea’s Subsidiaries, as applicable) and
non-assessable (except as such nonassessability may be affected by matters
described in Sections 17-303 and 17-607 of the Delaware LP Act or Sections 18-303
and 18-607 of the Delaware Limited Liability Company Act) and free of
preemptive rights (other than Section 5.7 of the Amended and Restated
Agreement of Limited Partnership of K-Sea Operating Partnership L.P.), with no
personal liability attaching to the ownership thereof, and (ii) except as
disclosed in the K-Sea SEC Documents, neither K-Sea nor any of its Subsidiaries
owns any shares of capital stock or other securities of, or interest in, any

 

10

 

other Person, or is obligated to make any
capital contribution to or other investment in any other Person.

 

(d)                                 The Common Units being purchased by Purchaser
hereunder and the limited partner interests represented thereby, will be duly
authorized by K-Sea pursuant to the Partnership Agreement prior to the Closing
and, when issued and delivered to Purchaser against payment therefor in
accordance with the terms of this Agreement, will be validly issued, fully paid
(to the extent required
by the Partnership Agreement) and nonassessable (except as such
nonassessability may be affected by matters described in Sections 17-303 and 17-607
of the Delaware LP Act) and will be free of any and all Liens and restrictions
on transfer, other than restrictions on transfer under the Partnership
Agreement or this Agreement and under applicable state and federal securities
laws and other than such Liens as are created by Purchaser.

 

(e)                                  The Common Units are listed for
trading on the NYSE.  Prior to the
Anniversary Date, the Purchased Units will have been approved for listing on
the NYSE.

 

Section 3.03                              K-Sea
SEC Documents.  K-Sea has timely
filed with the Commission all forms, registration statements, reports,
schedules and statements required to be filed by it under the Exchange Act or
the Securities Act (all such documents, collectively the “K-Sea SEC
Documents”).  The K-Sea SEC
Documents, including, without limitation, any audited or unaudited financial
statements and any notes thereto or schedules included therein (the “K-Sea
Financial Statements”), at the time filed (in the case of registration
statements, solely on the dates of effectiveness) (except to the extent
corrected by a subsequently filed K-Sea SEC Document filed prior to the date
hereof) (a) did not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading, (b) complied in all material respects with
the applicable requirements of the Exchange Act and the Securities Act, as the
case may be, (c) complied as to form in all material respects with
applicable accounting requirements and with the published rules and regulations
of the Commission with respect thereto, (d) were prepared in accordance
with GAAP applied on a consistent basis during the periods involved (except as
may be indicated in the notes thereto or, in the case of unaudited statements,
as permitted by Form 10-Q of the Commission), and (e) fairly present
(subject in the case of unaudited statements to normal, recurring and year-end
audit adjustments) in all material respects the consolidated financial position
and status of the business of K-Sea as of the dates thereof and the
consolidated results of its operations and cash flows for the periods then
ended.  PricewaterhouseCoopers LLP is an
independent registered public accounting firm with respect to K-Sea and the
General Partners and has not resigned or been dismissed as independent registered
public accountants of K-Sea as a result of or in connection with any
disagreement with K-Sea on a matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure.

 

Section 3.04                              No
Material Adverse Change.  Except as
set forth in or contemplated by the K-Sea SEC Documents filed with the
Commission on or prior to the

 

11

 

date hereof and except for certain
information covered by the Confidentiality Agreement which K-Sea has discussed
with Purchaser, since the date of K-Sea’s most recent Form 10-K filing
with the Commission, K-Sea and its Subsidiaries have conducted their respective
businesses in the ordinary course, consistent with past practice, and there has
been no (a) change, event, occurrence, effect, fact, circumstance or
condition that has had or would be reasonably likely to have a K-Sea Material
Adverse Effect, other than those occurring as a result of general economic or financial
conditions or other developments that are not unique to K-Sea and its
Subsidiaries but also affect other Persons who participate or are engaged in
the lines of business of which K-Sea and its Subsidiaries participate or are
engaged, except, in each case, to the extent such condition or development
affects K-Sea to a significantly greater extent than other similarly situated
companies generally, (b) acquisition or disposition of any material asset
by K-Sea or any of its Subsidiaries or any contract or arrangement therefor,
otherwise than for fair value in the ordinary course of business or as
disclosed in the K-Sea SEC Documents, or (c) material change in K-Sea’s
accounting principles, practices or methods.

 

Section 3.05                              Litigation.  Except as set forth in the K-Sea SEC
Documents, there is no action, suit, or proceeding pending (including any
investigation, litigation or inquiry) or, to K-Sea’s Knowledge, contemplated or
threatened against or affecting any of the K-Sea Parties or any of their respective
officers, directors, properties or assets, which (individually or in the
aggregate) (a) questions the validity of this Agreement or the
Registration Rights Agreement or the right of K-Sea to enter into this
Agreement or the Registration Rights Agreement or to consummate the
transactions contemplated hereby and thereby or (b) would be reasonably
likely to result in a K-Sea Material Adverse Effect.

 

Section 3.06                              No
Conflicts.  The execution, delivery
and performance by K-Sea of the Basic Documents and all other agreements and
instruments to be executed and delivered by K-Sea in connection hereto or thereto,
and compliance by K-Sea with
the terms and provisions hereof and thereof, and the issuance and sale by K-Sea
of the Purchased Units, do not and will not (a) violate any provision of
any Law or Permit having applicability to K-Sea or any of its Subsidiaries or
any of their respective Properties, (b) conflict with or result in a
violation or breach of any provision of the Certificate of Limited Partnership or
other organizational documents of K-Sea, or the Partnership Agreement, or any
organizational documents of any of K-Sea’s Subsidiaries, (c) require any
consent, approval or notice under or result in a violation or breach of or
constitute (with or without due notice or lapse of time or both) a default (or
give rise to any right of termination, cancellation or acceleration) under any
contract, agreement, instrument, obligation, note, bond, mortgage, license,
loan or credit agreement to which K-Sea or any of its Subsidiaries is a party
or by which K-Sea or any of its Subsidiaries or any of their respective
Properties may be bound, or (d) result in or require the creation or
imposition of any Lien upon or with respect to any of the Properties now owned
or hereafter acquired by K-Sea or any of its Subsidiaries; with the exception
of the conflicts stated in clause (b) of this Section 3.06,
except where such conflict, violation, default, breach, termination,
cancellation, failure to receive consent or approval, or acceleration with
respect to the foregoing provisions of this Section 3.06 would not
be, individually or in the aggregate, reasonably likely to have a K-Sea
Material Adverse Effect.

 

12

 

Section 3.07                              Authority.  K-Sea has all necessary partnership power and
authority to execute, deliver and perform its obligations under the Basic
Documents; and the execution, delivery and performance by K-Sea of the Basic
Documents have been duly authorized by all necessary action on its part; and
the Basic Documents constitute the legal, valid and binding obligations of K-Sea,
enforceable in accordance with their terms, except as such enforceability may
be limited by bankruptcy, insolvency, fraudulent transfer and similar laws
affecting creditors’ rights generally or by general principles of equity.  No approval from the holders of the Common
Units is required in connection with K-Sea’s issuance and sale of the Purchased
Units to Purchaser.

 

Section 3.08                              Approvals.  Except for the approvals required by the
Commission in connection with K-Sea’s obligations under the Registration Rights
Agreement, no authorization, consent, approval, waiver, license, qualification
or written exemption from, nor any filing, declaration, qualification
or registration with, any Governmental Authority or any other Person is
required in connection with the execution, delivery or performance by K-Sea of
any of the Basic Documents, except where the failure to receive such
authorization, consent, approval, waiver, license, qualification or written
exemption from, or to make such filing, declaration, qualification or
registration would not, individually or in the aggregate, be reasonably likely
to have a K-Sea Material Adverse Effect.

 

Section 3.09                              MLP
Status.  K-Sea has, for each taxable
year beginning after December 31, 2003, during
which K-Sea was in existence, met the gross income requirements of Section 7704(c)(2) of
the Internal Revenue Code of 1986, as amended.

 

Section 3.10                              Offering.  Assuming the accuracy of the representations
and warranties of Purchaser contained in this Agreement, the sale and issuance
of the Purchased Units to Purchaser pursuant to this Agreement is exempt from
the registration requirements of the Securities Act, and neither K-Sea nor any
authorized agent acting on its behalf has taken or will take any action
hereafter that would cause the loss of such exemptions.

 

Section 3.11                              Investment
Company Status.  K-Sea is not an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

Section 3.12                              Certain
Fees.  No fees or commissions are or
will be payable by K-Sea to brokers, finders, or investment bankers with
respect to the sale of any of the Purchased Units or the consummation of the
transaction contemplated by this Agreement. 
K-Sea agrees that it will indemnify and hold harmless Purchaser from and
against any and all claims, demands, or liabilities for broker’s, finder’s,
placement, or other similar fees or commissions incurred by K-Sea or alleged to
have been incurred by K-Sea in connection with the sale of Purchased Units or
the consummation of the transactions contemplated by this Agreement.

 

13

 

Section 3.13                              No
Side Agreements.  There are no
agreements by, among or between K-Sea or any of its Affiliates, on the one
hand, and Purchaser or any of its Affiliates, on the other hand, with respect
to the transactions contemplated hereby nor promises or inducements for future
transactions between or among any of such parties.

 

Section 3.14                              Material
Agreements.  K-Sea has provided the
Purchaser with, or made available to the Purchaser through the K-Sea SEC
Documents, correct and complete copies of all material agreements (as defined
in Section 601(b)(10) of Regulation S-K promulgated by the
Commission), including amendments to or other modifications of pre-existing
material agreements, entered into by K-Sea.

 

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Purchaser represents and warrants to K-Sea that:

 

Section 4.01                              Corporate
Existence.  Purchaser (a) is
duly formed, legally existing and in good standing under the laws of its
jurisdiction of organization; and (b) has all requisite power and
authority, and has all governmental licenses, authorizations, consents and
approvals necessary, to own, lease, use and operate its Properties and carry on
its business as its business is now being conducted, except where the failure
to obtain such licenses, authorizations, consents and approvals would not have
or would not reasonably be expected to have a Purchaser Material Adverse
Effect.  Purchaser is not in default in
the performance, observance or fulfillment of any provision of its
organizational documents, except where such default would not have or would not
be reasonably likely to have a Purchaser Material Adverse Effect.

 

Section 4.02                              No
Conflicts.  The execution, delivery
and performance by Purchaser of this Agreement, the Registration Rights
Agreement and all other agreements and instruments to be executed and delivered
by Purchaser pursuant hereto or thereto or in connection with the transactions
contemplated by this Agreement, the Registration Rights Agreement or any such
other agreements and instruments, and compliance by Purchaser with the terms
and provisions hereof and thereof, and the purchase of the Purchased Units by Purchaser
do not and will not (a) violate any provision of any Law or Permit having
applicability to Purchaser or any of its Properties, (b) conflict with or
result in a violation or breach of any provision of the organizational
documents of Purchaser, (c) require any consent, approval or notice under
or result in a violation or breach of or constitute (with or without due notice
or lapse of time or both) a default (or give rise to any right of termination,
cancellation or acceleration) under any contract, agreement, instrument,
obligation, note, bond, mortgage, license, loan or credit agreement to which Purchaser
is a party or by which Purchaser or any of its Properties may be bound, or (d) result
in or require the creation or imposition of any Lien upon or with respect to
any of the Properties now owned or hereafter acquired by Purchaser; with the
exception of the conflicts stated in clause (b) of this Section 4.02,
except where such conflict, violation, default, breach, termination,
cancellation, failure to receive consent or approval, or acceleration with
respect to the foregoing provisions of this Section 4.02

 

14

 

would not, individually or in
the aggregate, be reasonably likely to have a Purchaser Material Adverse
Effect.

 

Section 4.03                              Certain
Fees.  Except for a fee payable by
Purchaser to Lehman Brothers Inc., no fees or commissions are or will be
payable by Purchaser to brokers, finders, or investment bankers with respect to
the purchase of any of the Purchased Units or the consummation of the
transaction contemplated by this Agreement. 
Purchaser agrees that it will indemnify and hold harmless K-Sea from and
against any and all claims, demands, or liabilities for broker’s, finder’s,
placement, or other similar fees or commissions incurred by Purchaser or
alleged to have been incurred by Purchaser in connection with the purchase of the
Purchased Units or the consummation of the transactions contemplated by this
Agreement.

 

Section 4.04                              No
Side Agreements.  There are no other
agreements by, among or between Purchaser and any of its Affiliates, on the one
hand, and K-Sea or any of its Affiliates, on the other hand, with respect to
the transactions contemplated hereby nor promises or inducements for future
transactions between or among any of such parties.

 

Section 4.05                              Unregistered
Securities.

 

(a)                                  Investment. 
The Purchased Units are being acquired for its own account, not as a
nominee or agent, and with no intention of distributing the Purchased Units or
any part thereof, and that Purchaser has no present intention of selling or
granting any participation in or otherwise distributing the same in any
transaction in violation of the securities laws of the United States of America
or any State, without prejudice, however, to Purchaser’s right at all times to
sell or otherwise dispose of all or any part of the Purchased Units under a
registration statement under the Securities Act and applicable state securities
laws or under an exemption from such registration available thereunder
(including, without limitation, if available, Rule 144 promulgated
thereunder).  If Purchaser should in the
future decide to dispose of any of the Purchased Units, Purchaser understands
and agrees (a) that it may do so only (i) in compliance with the
Securities Act and applicable state securities law, as then in effect, or (ii) in
the manner contemplated by any registration statement pursuant to which such
securities are being offered, and (b) that stop-transfer instructions to
that effect will be in effect with respect to such securities.

 

(b)                                 Nature of Purchaser. 
Purchaser represents and warrants to, and covenants and agrees with, K-Sea
that, (a) it is an “accredited investor” within the meaning of Rule 501
of Regulation D promulgated by the Securities and Exchange Commission pursuant
to the Securities Act and (b) by reason of its business and financial
experience it has such knowledge, sophistication and experience in making
similar investments and in business and financial matters generally so as to be
capable of evaluating the merits and risks of the prospective investment in the
Purchased Units, is able to bear the economic risk of such investment and, at
the present time, would be able to afford a complete loss of such investment.

 

15

 

(c)                                  Receipt of Information;
Authorization.  Purchaser acknowledges that it has (a) had
access to K-Sea’s periodic filings with the Commission, including K-Sea’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K, (b) received certain information from K-Sea
covered by the Confidentiality Agreement and (c) been provided a
reasonable opportunity to ask questions of and receive answers from
Representatives of K-Sea regarding such matters.

 

(d)                                 Restricted Securities. 
Purchaser understands that the Purchased Units it is purchasing are
characterized as “restricted securities” under the federal securities laws
inasmuch as they are being acquired from K-Sea in a transaction not involving a
public offering and that under such laws and applicable regulations such
securities may be resold without registration under the Securities Act only in
certain limited circumstances.  In this
connection, Purchaser represents that it is knowledgeable with respect to Rule 144
of the Commission promulgated under the Securities Act.

 

(e)                                  Legend. 
It is understood that the certificates evidencing the Purchased Units will
bear the following legend:  “These
securities have not been registered under the Securities Act of 1933, as
amended.  They may not be sold, offered
for sale, pledged or hypothecated in the absence of a registration statement in
effect with respect to the securities under such Act or an opinion of counsel
satisfactory to the Company that such registration is not required or unless
sold pursuant to Rule 144 of such Act.”

 

ARTICLE V.

INDEMNIFICATION, COSTS AND EXPENSES

 

Section 5.01                              Indemnification
by K-Sea.  K-Sea agrees to indemnify
Purchaser and its Representatives (collectively, “Purchaser Related Parties”)
from, and hold each of them harmless against, any and all actions, suits,
proceedings (including any investigations, litigation or inquiries), demands,
and causes of action, and, in connection therewith, and promptly upon demand,
pay or reimburse each of them for all reasonable costs, losses, liabilities,
damages, or expenses of any kind or nature whatsoever, including, without
limitation, the reasonable fees and disbursements of counsel and all other
reasonable expenses incurred in connection with investigating, defending or
preparing to defend any such matter that may be incurred by them or asserted
against or involve any of them as a result of, arising out of, or in any way
related to the breach of any of the representations, warranties or covenants of
K-Sea contained herein, provided such claim for indemnification relating to a
breach of a representation or warranty is made prior to the expiration of such
representation or warranty.

 

Section 5.02                              Indemnification
by Purchaser.  Purchaser agrees to
indemnify K-Sea, the General Partners and their respective Representatives (collectively,
“K-Sea Related Parties”) from, and hold each of them harmless against,
any and all actions, suits, proceedings (including any investigations,
litigation or inquiries), demands, and causes of action, and, in connection
therewith, and promptly upon demand, pay or reimburse each of them for all
reasonable costs, losses, liabilities, damages, or expenses of any kind or
nature whatsoever, including, without limitation, the reasonable fees and

 

16

 

disbursements of counsel and
all other reasonable expenses incurred in connection with investigating,
defending or preparing to defend any such matter that may be incurred by them
or asserted against or involve any of them as a result of, arising out of, or
in any way related to the breach of any of the representations, warranties or
covenants of Purchaser contained herein, provided such claim for
indemnification relating to a breach of the representations and warranties is
made prior to the expiration of such representations and warranties.

 

Section 5.03                              Indemnification
Procedure.  Promptly after any K-Sea
Related Party or Purchaser Related Party (hereinafter, the “Indemnified
Party”) has received notice of any indemnifiable claim hereunder, or the
commencement of any action, suit or proceeding by a third person, which the
Indemnified Party believes in good faith is an indemnifiable claim under this
Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying
Party”) written notice of such claim or the commencement of such action,
suit or proceeding, but failure to so notify the Indemnifying Party will not
relieve the Indemnifying Party from any liability it may have to such
Indemnified Party hereunder except to the extent that the Indemnifying Party is
materially prejudiced by such failure. Such notice shall state the nature and
the basis of such claim to the extent then known.  The Indemnifying Party shall have the right
to defend and settle, at its own expense and by its own counsel, any such
matter as long as the Indemnifying Party pursues the same diligently and in
good faith. If the Indemnifying Party undertakes to defend or settle, it shall
promptly notify the Indemnified Party of its intention to do so, and the
Indemnified Party shall cooperate with the Indemnifying Party and its counsel
in all commercially reasonable respects in the defense thereof and the
settlement thereof. Such cooperation shall include, but shall not be limited
to, furnishing the Indemnifying Party with any books, records and other
information reasonably requested by the Indemnifying Party and in the
Indemnified Party’s possession or control. 
Such cooperation of the Indemnified Party shall be at the cost of the
Indemnifying Party.  After the
Indemnifying Party has notified the Indemnified Party of its intention to
undertake to defend or settle any such asserted liability, and for so long as
the Indemnifying Party diligently pursues such defense, the Indemnifying Party
shall not be liable for any additional legal expenses incurred by the
Indemnified Party in connection with any defense or settlement of such asserted
liability; provided, however, that the Indemnified Party shall be
entitled (i) at its expense, to participate in the defense of such
asserted liability and the negotiations of the settlement thereof and (ii) if
(A) the Indemnifying Party has failed to assume the defense and employ
counsel or (B) if the defendants in any such action include both the
Indemnified Party and the Indemnifying Party and counsel to the Indemnified
Party shall have concluded that there may be reasonable defenses available to
the Indemnified Party that are different from or in addition to those available
to the Indemnifying Party or if the interests of the Indemnified Party
reasonably may be deemed to conflict with the interests of the Indemnifying
Party, then the Indemnified Party shall have the right to select a separate
counsel and to assume such legal defense and otherwise to participate in the
defense of such action, with the expenses and fees of such separate counsel and
other expenses related to such participation to be reimbursed by the
Indemnifying Party as incurred. 
Notwithstanding any other provision of this Agreement, the Indemnifying
Party shall not settle any indemnified claim without the consent of the
Indemnified Party, unless the settlement

 

17

 

thereof imposes no liability or
obligation on, and includes a complete release from liability of, the
Indemnified Party.

 

ARTICLE VI.

MISCELLANEOUS

 

Section 6.01                              Interpretation
and Survival of Provisions.  Article,
Section, Schedule, and Exhibit references are to this Agreement, unless
otherwise specified. All references to instruments, documents, contracts, and
agreements are references to such instruments, documents, contracts, and
agreements as the same may be amended, supplemented, and otherwise modified
from time to time, unless otherwise specified. The word “including” shall mean “including
but not limited to.” Whenever K-Sea has an obligation under the Basic
Documents, the expense of complying with that obligation shall be an expense of
K-Sea unless otherwise specified. Whenever any determination, consent, or
approval is to be made or given by Purchaser, such action shall be in Purchaser’s
sole discretion unless otherwise specified in this Agreement.  If any provision in the Basic Documents is
held to be illegal, invalid, not binding, or unenforceable, such provision
shall be fully severable and the Basic Documents shall be construed and
enforced as if such illegal, invalid, not binding, or unenforceable provision
had never comprised a part of the Basic Documents, and the remaining provisions
shall remain in full force and effect.

 

Section 6.02                              Survival
of Provisions.  The representations
and warranties set forth in Sections 3.02, 3.12, 3.13, 4.03, 4.04 and 4.05 hereunder
shall survive the execution and delivery of this Agreement indefinitely, and
the other representations and warranties set forth herein shall survive for a
period of twelve (12) months following the Closing Date regardless of any
investigation made by or on behalf of K-Sea or Purchaser.  The covenants made in this Agreement or any
other Basic Document shall survive the Closing of the transactions described
herein and remain operative and in full force and effect regardless of
acceptance of any of the Purchased Units and payment therefor and repayment,
conversion, exercise or repurchase thereof. 
All indemnification obligations of K-Sea and Purchaser and the
provisions of Article V shall remain operative and in full force and
effect unless such obligations are expressly terminated in a writing
referencing that individual Section, regardless of any purported general
termination of this Agreement.

 

Section 6.03                              No
Waiver; Modifications in Writing.

 

(a)                                  Delay. 
No failure or delay on the part of any party in exercising any right,
power, or remedy hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right, power, or remedy preclude any
other or further exercise thereof or the exercise of any right, power, or remedy.
The remedies provided for herein are cumulative and are not exclusive of any
remedies that may be available to a party at law or in equity or otherwise.

 

(b)                                 Specific Waiver. 
Except as otherwise provided herein, no amendment, waiver, consent,
modification, or termination of any provision of this

 

18

 

Agreement or any other Basic Document shall
be effective unless signed by each of the parties hereto or thereto affected by
such amendment, waiver, consent, modification, or termination.  Any amendment, supplement or modification of
or to any provision of this Agreement or any other Basic Document, any waiver
of any provision of this Agreement or any other Basic Document, and any consent
to any departure by K-Sea from the terms of any provision of this Agreement or
any other Basic Document shall be effective only in the specific instance and
for the specific purpose for which made or given. Except where notice is
specifically required by this Agreement, no notice to or demand on K-Sea in any
case shall entitle K-Sea to any other or further notice or demand in similar or
other circumstances.

 

Section 6.04                              Binding
Effect; Assignment.

 

(a)                                  Binding Effect. 
This Agreement shall be binding upon K-Sea, Purchaser, and their
respective successors and permitted assigns. Except as expressly provided in
this Agreement, this Agreement shall not be construed so as to confer any right
or benefit upon any Person other than the parties to this Agreement and their
respective successors and permitted assigns.

 

(b)                                 Assignment of Purchased Units. 
All or any portion of Purchased Units purchased pursuant to this
Agreement may be sold, assigned or pledged by Purchaser, subject to compliance
with applicable securities laws, Section 2.08 herein and the
Registration Rights Agreement.

 

(c)                                  Assignment of Rights. 
All or any portion of the rights and obligations of Purchaser under this
Agreement may not be transferred by Purchaser without the written consent of K-Sea.

 

Section 6.05                              Non-Disclosure.  Notwithstanding anything herein to the
contrary, the Confidentiality Agreement shall remain in full force and effect
regardless of any termination of this Agreement.

 

Section 6.06                              Communications.  All notices and demands provided for
hereunder shall be in writing and shall be given by registered or certified
mail, return receipt requested, telecopy, air courier guaranteeing overnight
delivery or personal delivery to the following addresses:

 

(a)                                  If to Purchaser:

 

Tortoise Energy Infrastructure
Corporation

10801 Mastin, Suite 222

Overland Park, KS 66210

Attention:  David Schulte

Facsimile:  (913) 345-2763

 

19

 

with a copy to:

 

Steven F. Carman

Blackwell Sanders Peper Martin
LLP

4801 Main St., Ste. 1000

Kansas City, MO 64112

Facsimile:  (816) 983-8080

 

(b)                                 If to K-Sea:

 

K-Sea Transportation Partners
L.P.

3245 Richmond Terrace

Staten Island, New York 10303

Attention: Timothy J. Casey

Facsimile: (718) 720-4358

 

with a copy to:

 

Sean Wheeler

Baker Botts L.L.P.

910 Louisiana Street

Houston, Texas 77002

Facsimile: (713) 229-7868

 

or to such other address as K-Sea or Purchaser may designate in
writing. All notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; upon actual
receipt if sent by certified mail, return receipt requested, or regular mail,
if mailed; when receipt acknowledged, if sent via facsimile; and upon actual
receipt when delivered to an air courier guaranteeing overnight delivery.

 

Section 6.07                              Removal
of Legend.  Purchaser may request K-Sea
to remove the legend described in Section 4.05(e) from the
certificates evidencing the Purchased Units by submitting to K-Sea such
certificates, together with an opinion of counsel to the effect that such
legend is no longer required under the Securities Act or applicable state laws,
as the case may be.

 

Section 6.08                              Entire
Agreement.  This Agreement, the other
Basic Documents and the other agreements and documents referred to herein are
intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of
the parties hereto in respect of the subject matter contained herein and
therein. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein or therein with respect to the
rights granted by K-Sea or any of its Affiliates or Purchaser or any of their
Affiliates set forth herein or therein. 
This Agreement, the other Basic Documents and the other agreements and
documents referred to herein supersede all prior agreements and understandings
between the parties with respect to such subject matter.

 

20

 

Section 6.09                              Governing
Law.  This
Agreement will be construed in accordance with and governed by the laws of the
State of Delaware without regard to principles of conflicts of laws.

 

Section 6.10                              Execution
in Counterparts.  This Agreement may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

 

Section 6.11                              Termination.

 

(a)                                  Notwithstanding anything herein to
the contrary, this Agreement may be terminated by either K-Sea or Purchaser if
the Closing shall not have occurred on or before June 8, 2005 (the “Termination Date”), unless the term hereof is
extended by agreement of the parties hereto.

 

(b)                                 In the event of the termination of
this Agreement as provided in Section 6.11(a), this Agreement shall
forthwith become null and void and there shall be no liability or obligation on
the part of any party hereto or their respective Representatives, except with
respect to Article V of this Agreement, this Section 6.11 and
except with respect to the requirement to comply with any confidentiality
agreement in favor of K-Sea, including the Confidentiality Agreement; provided
that nothing herein shall relieve any party from any liability or obligation
with respect to any willful breach of this Agreement.

 

[The remainder of this page is
intentionally left blank.]

 

21

 

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

 

	
   

  	
  K-SEA
  TRANSPORTATION PARTNERS LP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K-Sea General Partner L.P.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  K-Sea General Partner GP LLC,

  
	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Timothy J. Casey

  
	
   

  	
   

  	
   

  	
  Timothy J. Casey

  
	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TORTOISE
  ENERGY INFRASTRUCTURE

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David J. Schulte

  
	
   

  	
   

  	
  David J. Schulte

  
	
   

  	
   

  	
  President

  
							

 

22

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