Document:

EX-10.4

 Exhibit 10.4 

FORM OF 
 OMNIBUS
AGREEMENT 
 AMONG 

Dynagas LNG Partners LP 
 Dynagas
GP LLC 
 Dynagas Operating LP 

Dynagas Operating GP LLC 
 AND

 Dynagas Holding Ltd. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	ARTICLE I	 	 DEFINITIONS
	  	 	1	  
			
	 Section 1.1
	 	 Definitions
	  	 	1	  
			
	ARTICLE II	 	 FOUR-YEAR LNG CARRIER RESTRICTED BUSINESS OPPORTUNITIES
	  	 	5	  
			
	 Section 2.1
	 	 Four-Year LNG Carrier Restricted Businesses
	  	 	5	  
			
	 Section 2.2
	 	 Permitted Exceptions
	  	 	5	  
			
	ARTICLE III	 	 BUSINESS OPPORTUNITIES PROCEDURES
	  	 	6	  
			
	 Section 3.1
	 	 Procedures
	  	 	6	  
			
	 Section 3.2
	 	 Scope of Prohibition
	  	 	7	  
			
	 Section 3.3
	 	 Enforcement
	  	 	7	  
			
	ARTICLE IV	 	 RIGHTS OF FIRST OFFER
	  	 	7	  
			
	 Section 4.1
	 	 Rights of First Offer
	  	 	7	  
			
	 Section 4.2
	 	 Procedures for Rights of First Offer
	  	 	8	  
			
	ARTICLE V	 	 OPTIONAL VESSELS PURCHASE OPTIONS
	  	 	8	  
			
	 Section 5.1
	 	 Options to Purchase the Optional Interests
	  	 	8	  
			
	 Section 5.2
	 	 Procedures
	  	 	9	  
			
	ARTICLE VI	 	 INDEMNIFICATION
	  	 	10	  
			
	 Section 6.1
	 	 Dynagas Indemnification
	  	 	10	  
			
	 Section 6.2
	 	 Limitation Regarding Indemnification
	  	 	10	  
			
	 Section 6.3
	 	 Indemnification Procedures
	  	 	10	  
			
	ARTICLE VII	 	 MISCELLANEOUS
	  	 	11	  
			
	 Section 7.1
	 	 Choice of Law; Arbitration
	  	 	11	  
			
	 Section 7.2
	 	 Notice
	  	 	11	  
			
	 Section 7.3
	 	 Entire Agreement
	  	 	12	  
			
	 Section 7.4
	 	 Termination
	  	 	12	  
			
	 Section 7.5
	 	 Waiver; Effect of Waiver or Consent
	  	 	12	  
			
	 Section 7.6
	 	 Amendment or Modification
	  	 	12	  
			
	 Section 7.7
	 	 Assignment
	  	 	12	  
			
	 Section 7.8
	 	 Counterparts
	  	 	12	  
			
	 Section 7.9
	 	 Severability
	  	 	13	  
			
	 Section 7.10
	 	 Further Assurances
	  	 	13	  
			
	 Section 7.11
	 	 Withholding or Granting of Consent
	  	 	13	  
			
	 Section 7.12
	 	 Laws and Regulations
	  	 	13	  
			
	 Section 7.13
	 	 Negotiation of Rights of Dynagas, Members, Assignees and Third Parties
	  	 	13	  

  
 i 

 OMNIBUS AGREEMENT 

THIS OMNIBUS AGREEMENT is entered into on, and effective as of, the Closing Date (as defined herein), among Dynagas Holding Ltd., a
corporation organized under the laws of the Republic of the Marshall Islands (“Dynagas Holding”), Dynagas LNG Partners LP, a limited partnership organized under the laws of the Republic of the Marshall Islands (the
“Partnership”), Dynagas GP LLC, a limited liability company organized under the laws of the Republic of the Marshall Islands and general partner of the Partnership including any permitted successors and assigns under the
Partnership Agreement (as defined herein)) (the “General Partner”), Dynagas Operating LP, a limited partnership organized under the laws of the Republic of the Marshall Islands (“Operating LP”),
Dynagas Operating GP LLC, a limited liability company organized under the laws of the Republic of the Marshall Islands and the general partner of Operating LP (“Operating GP”). 

R E C I T A L S: 
 1. The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles II and III, with respect to (a) those business opportunities that the Dynagas Holding Entities (as defined
herein) will not pursue during the term of this Agreement and (b) the procedures whereby such business opportunities are to be offered to the Partnership Group (as defined herein). 

2. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article IV, with
respect to the Partnership’s right of first offer relating to Four-Year LNG Carrier (as defined herein) that Dynagas Holding owns or might own. 

3. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article V, with
respect to the rights of the Partnership to purchase the Optional Vessels from Dynagas Holding. 
 4. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Section 5.2(b)(ii), and Article VI, with respect to certain indemnification obligations of Dynagas Holding. 

In consideration of the premises and the covenants, conditions, and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.1 Definitions. 

As used in this Agreement, the following terms shall have the respective meanings set forth below: 

“AAA” has the meaning given such term in Section 7.1. 

“Acquiring Party” has the meaning given such term in Section 3.1. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of Voting Securities, by contract or otherwise. 

“Agreement” means this Omnibus Agreement, as it may be amended, modified, or supplemented from time to time in
accordance with Section 7.6 hereof. 

  
 1 

 “Board” means the Board of Directors of the Partnership. 

“Break-up Costs” means the aggregate amount of any and all additional taxes, flag administration, financing, legal and
other similar costs (except with respect to Section 2.2(b) where Break-up Costs shall be deemed to include only administrative costs associated with transfer and re-flagging, including related legal costs) to the Dynagas Holding Entities
that would be required to transfer Four-Year LNG Carrier acquired by the Dynagas Holding Entities as part of a larger transaction to a Partnership Group Member pursuant to Section 2.2(b) or Section 2.2(d)(i). 

“Change of Control” means, with respect to any Person (the “Applicable Person”), any of the
following events: (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other Person (other than in the ordinary course
of business), unless immediately following such sale, lease, exchange or other transfer such assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable person with or into another
person pursuant to a transaction in which the outstanding voting securities of the Applicable Person are changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding voting
securities of the Applicable Person are changed into or exchanged for Voting Securities of the surviving person or its parent and (ii) the holders of the voting securities of the Applicable Person immediately prior to such transaction own,
directly or indirectly, not less than a majority of the outstanding voting securities of the surviving person or its parent immediately after such transaction; and (c) a “person” or “group” (within the meaning of Sections
13(d) or 14(d)(2) of the Exchange Act), other than Dynagas Holding or its Affiliates with respect to the General Partner, being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than
50% of all of the then outstanding voting securities of the Applicable Person, except in a merger or consolidation which would not constitute a Change of Control under clause (b) above. 

“Closing Date” means the date of the closing of the initial public offering of common units representing limited
partner interests in the Partnership. 
 “Conflicts Committee” means the Conflicts Committee of the Board. 

“Contribution Assets” has the meaning given such term in Section 6.1. 

“Covered Environmental Losses” means all Losses suffered or incurred by the Partnership Group by reason of, arising
out of or resulting from: 
 (a) any violation or correction of violation of Environmental Laws; or 

(b) any event or condition relating to environmental or human health and safety matters, in each case, associated with the ownership or
operation by the Partnership Group or the Dynagas Holding Entities of the Contribution Assets (including, without limitation, the presence of Hazardous Substances on, under, about or migrating to or from the Contribution Assets or the disposal or
release of, or exposure to, Hazardous Substances generated by or otherwise related to operation of the Contribution Assets), including, without limitation, the reasonable and documented cost and expense of (i) any investigation, assessment,
evaluation, monitoring, containment, cleanup, repair, restoration, remediation or other corrective action required or necessary under Environmental Laws, (ii) the preparation and implementation of any closure, remedial, corrective action or
other plans required or necessary under Environmental Laws and (iii) any environmental or toxic tort (including, without limitation, personal injury or property damage claims) pre-trial, trial or appellate legal or litigation support work; but
only to the extent that such violation complained of under clause (a), or such events or conditions included in clause (b), occurred before the Closing Date; and, provided, that in no event shall Losses to the extent arising
from a change in any Environmental Law after the Closing Date be deemed “Covered Environmental Losses.” 

“Dynagas Holding” is defined in the introduction to this Agreement. 

“Dynagas Holding Entities” means Dynagas Holding and any Person controlled, directly or indirectly, by Dynagas
Holding, other than the Partnership Entities. 

  
 2 

 “Dynagas Potential Transferee” has the meaning given such term in Section
4.2(b). 
 “Dynagas Sale Assets” has the meaning given such term in Section 4.2(b). 

“Dynagas Transfer Notice” has the meaning given such term in Section 4.2(b). 

“Dynagas Transferring Party” has the meaning given such term in Section 4.2(b). 

“Environmental Laws” means all international, federal, state, foreign and local laws, statutes, rules, regulations,
treaties, conventions, orders, judgments and ordinances having the force and effect of law and relating to protection of natural resources, health and safety and the environment, each in effect and as amended through the Closing Date. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“First Offer Negotiation Period” has the meaning given such term in Section 4.2(c). 

“Four-Year LNG Carrier” means any LNG carrier operated or to be operated under a charter with an initial term of four
or more years, together with the related charter. For purposes of this definition, the length of the charter shall be calculated beginning on the delivery of vessel to charterer, or the date of execution of an extension related thereto and ending on
the date the LNG carrier is redelivered, the commencement of the extension period of the existing charter or the commencement of a new charter. 

“General Partner” is defined in the introduction to this Agreement. 

“Hazardous Substances” means (a) each substance defined, designated or classified as a hazardous waste, hazardous
substance, hazardous material, solid waste, contaminant or toxic substance under Environmental Laws; (b) petroleum and petroleum products, including crude oil and any fractions thereof; (c) natural gas, synthetic gas and any mixtures
thereof; (d) any radioactive material; and (e) any asbestos-containing materials in a friable condition. 

“Losses” means losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines,
penalties, costs and expenses (including, without limitation, court costs and reasonable attorneys’ and experts’ fees) of any and every kind or character; provided, however, that such term shall not include any special,
indirect, incidental or consequential damages. 
 “Non-Four-Year LNG Carriers” means any LNG carrier that is not a
Four-Year LNG Carrier. 
 “Offer” has the meaning given such term in Section 3.1. 

“Offer Period” has the meaning given such term in Section 3.1. 

“Offered Assets” has the meaning given such term in Section 3.1. 

“Offeree” has the meaning given such term in Section 3.1. 

“Operating GP” is defined in the introduction to this Agreement. 

“Operating LP” is defined in the introduction to this Agreement. 

“Option Assets” has the meaning given such term in Section 5.1. 

“Optional Interests” means all of Dynagas Holding’s rights, title and interests in the Optional Vessels,
including shares of capital stock or other equity interest of any Dynagas Holding Entity holding ownership interests in the Optional Vessels and including any charters or other agreements relating to the operation or ownership of the Optional
Vessels then in effect. 

  
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 “Optional Vessels” means the following LNG carriers currently owned by
Dynagas Holding: the Yenisei River, Lena River, Arctic Aurora, Clean Ocean, Clean Planet, Hull 2566 and Hull 2567. 

“Parties” means the parties to this Agreement and their successors and permitted assigns. 

“Partnership” is defined in the introduction to this Agreement. 

“Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Partnership,
dated as of                 , 2013, as such agreement is in effect on the Closing Date, to which reference is hereby made for all purposes of this Agreement. No
amendment or modification to the Partnership Agreement subsequent to the Closing Date shall be given effect for purposes of this Agreement unless consented to by each of the Parties to this Agreement. 

“Partnership Entities” means the General Partner, the Partnership, Operating LP and Operating GP LLC, and any Person
controlled by any such entity. 
 “Partnership Group” means the Partnership and Operating LP and any Person
controlled by any such entity. 
 “Partnership Group Member” means any Person in the Partnership Group. 

“Partnership Potential Transferee” has the meaning given such term in Section 4.2(a). 

“Partnership Sale Assets” has the meaning given such term in Section 4.2(a). 

“Partnership Transfer Notice” has the meaning given such term in Section 4.2(a). 

“Partnership Transferring Party” has the meaning given such term in Section 4.2(a). 

“Person” means an individual, corporation, partnership, joint venture, trust, limited liability company,
unincorporated organization or any other entity. 
 “Potential Transferee” has the meaning given such term in
Section 4.2(b). 
 “Sale Assets” has the meaning given such term in Section 4.2(b). 

“Transfer” means any transfer, assignment, sale or other disposition of any Four-Year LNG Carrier by any Dynagas
Holding Entity; provided, however, that such term shall not include (i) transfers, assignments, sales or other dispositions from a Dynagas Holding Entity to another Dynagas Holding Entity, (ii) transfers, assignments, sales
or other dispositions, pursuant to the terms of any related charter or other agreement with a charter counterparty, (iii) transfers, assignments, sales or other dispositions pursuant to Article II of this Agreement, or (iv) grants of
security interests in or mortgages or liens on such Four-Year LNG Carrier in favor of a bona fide third party lender (but not the foreclosing of any such security interest, mortgage or lien). 

“Transfer Notice” has the meaning given such term in Section 4.2(b). 

“Transferring Party” has the meaning given such term in Section 4.2(b). 

“Voting Securities” means securities of any class of Person entitling the holders thereof to vote in the election of
members of the board of directors or other similar governing body of the Person. 

  
 4 

 ARTICLE II 

FOUR-YEAR LNG CARRIER RESTRICTED BUSINESS OPPORTUNITIES 

Section 2.1 Four-Year LNG Carrier Restricted Businesses. 

Subject to Section 7.4 and except as permitted by Section 2.2, each of the Dynagas Holding Entities shall be
prohibited from acquiring, owning, operating or chartering Four-Year LNG Carriers. 
 Section 2.2 Permitted Exceptions. 

Notwithstanding any provision of Section 2.1 to the contrary, the restrictions in this Agreement shall not prevent any Dynagas
Holding Entity from: 
 (a) acquiring, owning, operating or chartering Non- Four-Year LNG Carrier; 

(b) acquiring or owning one or more Four-Year LNG Carriers if such Dynagas Holding Entity offers to sell such Four-Year LNG Carrier to the
Partnership for the acquisition price plus any Break-up Costs in accordance with the procedures set forth in Section 3.1 (and the Partnership does not fulfill its obligation to purchase such Four-Year LNG Carrier in accordance with the
terms of this Agreement); 
 (c) operating or chartering a Non-Four-Year LNG Carrier under a charter with a term of four or more years if
such Dynagas Holding Entity offers to sell such Non-Four-Year LNG Carrier to the Partnership for fair market value (x) promptly after the time it becomes a Four-Year LNG Carrier and (y) at each renewal or extension of that charter for four
or more years, in each case in accordance with the procedures set forth in Section 3.1; 
 (d) acquiring and owning one or more
Four-Year LNG Carriers as part of the acquisition of a interest in a business or package of assets that owns, operates or charters such Four-Year LNG Carriers; provided, however; if a majority of the value of the business or assets
acquired is attributable to Four-Year LNG Carriers, as determined in good faith by Dynagas Holding’s board of directors, the Dynagas Holding Entity must offer to sell such Four-Year Vessel(s) to the Partnership for their fair market value plus
any Break-up Costs in accordance with the procedures set forth in Section 3.1 (for the avoidance of doubt, nothing herein shall prohibit the acquisition and owning of one or more Four-Year LNG Carriers as part of the acquisition of a
minority interest in a business or package of assets that owns, operates or charters Four-Year LNG Carriers); 
 (e) acquiring a
non-controlling interest in any company, business or pool of assets; 
 (f) acquiring, owning, operating or chartering an Four-Year LNG
Carrier if the Partnership does not fulfill its obligations to purchase such Four-Year LNG Carrier in accordance with the terms of this Agreement; 

(g) acquiring, owning, operating or chartering any Four-Year LNG Carrier that is subject to an offer to purchase by a Partnership Group Member
as described in paragraphs (b), (c) and (d) above, in each case pending the offer of such Four-Year LNG Carrier to the Partnership and the Partnership’s determination pursuant to Section 3.1 whether to purchase the
Four-Year LNG Carrier and, if the Partnership has determined to purchase or to cause any Partnership Group Member to purchase such Four-Year LNG Carrier, pending the closing of such purchase; 

(h) providing vessel management services relating to any LNG carrier; 

  
 5 

 (i) owning or operating any Four-Year LNG Carrier that Dynagas Holding owns and operates as of
the Closing Date and that is not included in the fleet of vessels to be contributed to the Partnership Group on the Closing Date or the Optional Vessels; or 

(j) acquiring, owning, operating or chartering any Four-Year LNG Carrier if the Partnership has previously advised Dynagas Holding that it
consents to such acquisition, operation or charter. 
 ARTICLE III 

BUSINESS OPPORTUNITIES PROCEDURES 

Section 3.1 Procedures. 

In the event that a Dynagas Holding Entity acquires, operates or charters Four-Year LNG Carriers in accordance with Sections 2.2(b),
2.2(c) or 2.2(d)(i), then simultaneously or in any event not later than 30 calendar days after the consummation of the acquisition or the commencement of operations or charter, such Dynagas Holding Entity (the “Acquiring
Party”) shall notify the Board and offer the Partnership (the “Offeree”) the opportunity for any Partnership Group Member to purchase such Four-Year LNG Carriers (the “Offered Assets”),
for their fair market value (or, in the case of an acquisition in accordance with Section 2.2(b), the acquisition price) plus, in the case of an acquisition in accordance with Sections 2.2(b),or 2.2(d)(i), any applicable
Break-up Costs, in each case on commercially reasonable terms in accordance with this Section 3.1 (the “Offer”). The Offer shall set forth the Acquiring Party’s proposed terms relating to the purchase of the
Offered Assets by the applicable Partnership Group Member, including any liabilities to be assumed by the applicable Partnership Group Member as part of the Offer. As soon as practicable after the Offer is made, the Acquiring Party will deliver to
the Offeree all information prepared by or on behalf of or in the possession of such Acquiring Party relating to the Offered Assets and reasonably requested by the Offeree. As soon as practicable, but in any event, within 30 calendar days after
receipt of the Offer, the Offeree shall notify the Acquiring Party in writing that either: 
 (a) The Board has elected not to cause any
Partnership Group Member to purchase such Offered Assets, in which event the Acquiring Party and its Affiliates shall, subject to the other terms of this Agreement (including Section 2.2(b)), be forever free, subject to the provisions of
this Agreement, to continue to own, operate and charter such Offered Assets; or 
 (b) The Board has elected to cause any Partnership Group
Member to purchase such Offered Assets, in which event the following procedures shall be followed: 
 (i) After the receipt
of the Offer by the Offeree, the Acquiring Party and the Offeree shall negotiate in good faith regarding the fair market value and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the other terms of the Offer on
which the Offered Assets will be sold to the applicable Partnership Group Member. If the Acquiring Party and the Offeree agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the
other terms of the Offer during the 30-day period (the “Offer Period”) after receipt by the Acquiring Party of the Board’s election to cause any Partnership Group Member to purchase the Offered Assets, the Board shall
cause any Partnership Group Member to purchase the Offered Assets on such terms as soon as commercially practicable after such agreement has been reached. 

(ii) If the Acquiring Party and the Offeree are unable to agree on the fair market value (and any applicable Break-up Costs) of
the Offered Assets that are subject to the Offer or on any other terms of the Offer during the Offer Period, the Acquiring Party and the Offeree will engage a mutually-agreed-upon investment banking firm, broker, expert advisor or other firm
generally recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged prior to the end of the Offer Period to determine the fair market value of the Offered Assets and/or the other terms on which the
Acquiring Party and the Offeree are unable to agree. In determining the fair market value of the Offered Assets and other terms on which the Offered Assets are to be sold, the investment banking firm, broker, expert advisor or other firm generally
recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged, as applicable, will have access to the proposed sale and 

  
 6 

 
purchase values and terms for the Offer submitted by the Acquiring Party and the Offeree, respectively, and to all information prepared by or on behalf of the Acquiring Party relating to the
Offered Assets and reasonably requested by such investment banking firm, broker, expert advisor or other firm generally recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged. Such investment
banking firm, broker, expert advisor or other or firm generally recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged will determine the fair market value (and any applicable Break-up Costs) of
the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree within 30 calendar days of its engagement and furnish the Acquiring Party and the Offeree its determination. The fees and expenses of the
investment banking firm, broker, expert advisor or other firm generally recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged, as applicable, will be divided equally between the Acquiring Party
and the Offeree. Upon receipt of such determination, the Offeree will have the option, but not the obligation: 
 (A) to
cause any Partnership Group Member to purchase the Offered Assets for the fair market value (and any applicable Break-up Costs), and on the other terms determined by the investment banking firm, broker, expert advisor or other firm generally
recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged, as soon as commercially practicable after determinations have been made; or 

(B) not to cause any Partnership Group Member to purchase such Offered Assets, in which event the Acquiring Party and its
Affiliates shall, subject to the other terms of this Agreement, be forever free to continue to own and operate such Offered Assets. 

Section 3.2 Scope of Prohibition. 

If any Dynagas Holding Entity or its Affiliates engages in the ownership or operation of Four-Year LNG Carriers pursuant to any of the
exceptions described in Section 2.2, the Dynagas Holding Entity and its Affiliates may not subsequently expand that portion of their business other than pursuant to the exceptions contained in such Section 2.2. Except as
otherwise provided in this Agreement or the Partnership Agreement, each Party and its Affiliates shall be free to engage in any business activity whatsoever, including those that may be in direct competition with the Dynagas Holding Entities or the
Partnership Group Members. 
 Section 3.3 Enforcement. 

Each Party agrees and acknowledges that the other Parties do not have an adequate remedy at law for the breach by any such Party of its
covenants and agreements set forth in this Article III, and that any breach by any such Party of its covenants and agreements set forth in this Article III would result in irreparable injury to such other Parties. Each Party further
agrees and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce
the provisions of Article III of this Agreement. 
 ARTICLE IV 

RIGHTS OF FIRST OFFER 

Section 4.1 Rights of First Offer. 

(a) The Partnership Group hereby grants Dynagas Holding a right of first offer on any proposed Transfer by any Partnership Group Member of any
Four-Year LNG Carriers or any Non-Four-Year LNG Carriers owned or acquired by any Partnership Group Member. The Dynagas Holding Entities hereby grant the Partnership a right of first offer on any proposed Transfer of any Four-Year LNG Carriers owned
or acquired by any Dynagas Holding Entity. 

  
 7 

 (b) The Parties acknowledge that all potential Transfers of Four-Year LNG Carriers or Non-
Four-Year LNG Carriers pursuant to this Article IV are subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all existing agreements in respect of such
Four-Year LNG Carriers or Non-Four-Year LNG Carriers, as applicable. 
 Section 4.2 Procedures for Rights of First Offer. 

(a) In the event that a Partnership Group Member (a “Partnership Transferring Party”) proposes to Transfer any LNG
carrier (the “Partnership Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Partnership Sale Assets to any non-affiliated third
party, such Partnership Transferring Party shall give Dynagas Holding (a “Partnership Potential Transferee”), written notice setting forth all material terms and conditions (including, without limitation, the purchase price
or the terms of the charter agreement and a description of the Partnership Sale Assets on which such Partnership Transferring Party desires to Transfer the Partnership Sale Assets) (a “Partnership Transfer Notice”). 

(b) In the event that a Dynagas Holding Entity (a “Dynagas Transferring Party” and, together with a Partnership
Transferring Party, a “Transferring Party”) proposes to Transfer any LNG carrier (the “Dynagas Sale Assets” and, together with the Partnership Sale Assets, the “Sale Assets”),
prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Dynagas Sale Assets to any non-affiliated third party, such Dynagas Transferring Party shall give the Partnership (a
“Dynagas Potential Transferee” and, together with a Partnership Potential Transferee, a “Potential Transferee”), written notice setting forth all material terms and conditions (including, without
limitation, the purchase price or the terms of the charter and a description of the Dynagas Sale Asset(s) on which such Dynagas Transferring Party desires to Transfer the Dynagas Sale Assets) (a “Dynagas Transfer Notice” and,
together with a Partnership Transfer Notice, each a “Transfer Notice”). 
 (c) After delivery of a Transfer Notice,
the Transferring Party then shall be obligated to negotiate in good faith for a 30-day period following the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation Period”) to reach an
agreement for the Transfer of such Sale Assets to the Potential Transferee or any of its Affiliates on the terms and conditions set forth in the Transfer Notice. If no such agreement with respect to the Sale Assets is reached during the First Offer
Negotiation Period, and the Transferring Party has not Transferred, or agreed in writing to Transfer, such Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable
to the Transferring Party than those included in the Transfer Notice, then the Transferring Party shall not thereafter Transfer any of the Sale Assets without first offering such assets to the applicable Potential Transferee in the manner provided
above. 
 ARTICLE V 

PURCHASE OPTIONS - OPTIONAL VESSELS 

Section 5.1 Options to Purchase the Optional Interests. 

(a) Dynagas Holding hereby grants to the Partnership Group the unconditional right and option to purchase for a respective purchase price to
be agreed upon by Dynagas Holding and the Partnership Group, at any time within 24 months following the delivery of an Optional Vessel from the shipyard, all of the Optional Interests in such Optional Vessel (each, an “Option
Asset” and, together, the “Option Assets”). 
 (b) The Parties acknowledge that the potential transfer
of the Option Assets pursuant to this Article V is subject to obtaining any and all written consents of governmental authorities and other third parties and to the terms of all agreements existing as of the date hereof in respect of the
Option Assets including, without limitation, any rights of first refusal of the parties to such agreements to purchase the Option Assets. Dynagas Holding hereby covenants and agrees to use its reasonable efforts to obtain any such consents required
to be obtained by it in connection with the transfer of the Option Assets pursuant to this Article V. 

  
 8 

 Section 5.2 Procedures. 

(a) If a Partnership Group Member decides to exercise the option to purchase the Option Assets, it will provide written notice to Dynagas
Holding of such exercise, the purchase price it proposes to pay for the applicable Option Asset, and the other material terms of the purchase. The decision to purchase the applicable Option Asset, the purchase price to be paid for the applicable
Option Asset, and the other terms of the purchase shall be approved by the Conflicts Committee. If the Partnership Group Member and Dynagas Holding are unable to agree on the purchase price of the applicable Option Asset and/or the other material
terms, Dynagas Holding and the Conflicts Committee shall engage a mutually-agreed-upon independent appraiser, such as an investment banking firm, broker, expert advisor or other firm generally recognized in the shipping industry as qualified to
perform the tasks for which such firm has been engaged, to determine the fair market value of the applicable Option Asset and/or any other material terms on which the Partnership Group Member and Dynagas Holding are unable to agree. In determining
the fair market value of the applicable Option Asset and/or the other material terms on which the applicable Option Asset will be sold, such independent appraiser will have access to the proposed sale and purchase values and terms for the offer
submitted by the Partnership Group Member and Dynagas Holding, respectively, and to all information prepared by or on behalf of the Partnership Group Member and Dynagas Holding with respect to the Option Assets and reasonably requested by such
independent appraiser. Such independent appraiser will determine the fair market value of the applicable Option Asset and/or the other terms on which the Partnership Group Member and Dynagas Holding are unable to agree within 30 calendar days of its
engagement and furnish the Partnership Group Member and Dynagas Holding its determination in writing. The fees and expenses of such independent appraiser will be divided equally between the Partnership Group Member and Dynagas Holding. Upon receipt
of such determination, the Partnership Group Member will have the option, but not the obligation, to purchase the applicable Option Asset for the fair market value and on the other terms determined by the independent appraiser as soon as
commercially practicable after determinations have been made. 
 (b) If a Partnership Group Member chooses to exercise its option to
purchase the applicable Option Asset under Section 5.2(a), the applicable parties shall enter into a purchase and sale agreement for the purchase and sale of the applicable Option Asset pursuant to which Dynagas Holding shall be obligated to
sell the applicable Option Asset to the Partnership Group Member and the Partnership Group Member shall be obligated to purchase such Option Asset from Dynagas Holding on the terms either agreed upon or determined in accordance with
Section 5.2(a). The terms of the purchase and sale agreement will include the following: 
 (i) the Partnership Group
Member will deliver a cash purchase price (unless the Partnership Group Member and Dynagas Holding agree that the consideration will be paid by means of equity of the Partnership, an interest-bearing promissory note or other form of consideration);

 (ii) the Partnership Group will be entitled to the benefit of the indemnification contained in Article VI of this
Agreement for the remaining term of such indemnification with respect to events or conditions associated with the operation of the Optional Vessels and occurring before the date of acquisition of the applicable Option Asset by the Partnership Group
Member; 
 (iii) Dynagas Holding will provide customary representations and warranties with respect to title to the
applicable Option Asset and any other such matters as the Partnership Group Member may approve, which approval will not be unreasonably withheld; 

(iv) Dynagas Holding will grant to the Partnership Group Member the right, exercisable at the Partnership Group Member’s
risk and expense, to make such surveys, tests and inspections of the Optional Vessels as the Partnership Group Member may deem desirable, so long as such surveys, tests or inspections do not damage the Optional Vessels or interfere with the
activities of the Dynagas Holding Entities thereon and so long as the Partnership Group Member has furnished Dynagas Holding with evidence that adequate liability insurance is in full force and effect; 

(v) the Partnership Group Member will have the right to terminate its obligation to purchase the Option Assets under this
Article V and the related purchase and sale agreement if the results of any searches, surveys, tests or inspections conducted pursuant to paragraph (iv) above are, in the reasonable opinion of the Partnership Group Member,
unsatisfactory; and 
 (vi) neither Dynagas Holding nor the applicable Partnership Group Member shall have any obligation to
sell or buy the applicable Option Asset if any of the consents referred to in Section 5.1(b) above have not been obtained. 

  
 9 

 (c) If a Partnership Group Member chooses or is deemed to have chosen not to exercise its option
to purchase the applicable Option Asset at the price determined by the investment banking firm, broker, expert advisor or other firm generally recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged
under Section 5.2(a), all future rights to purchase such Option Asset by the Partnership Group will be extinguished. 

ARTICLE VI 

INDEMNIFICATION 

Section 6.1 Dynagas Holding Indemnification. 

Subject to the provisions of Section 6.2 and Section 6.3, Dynagas Holding shall indemnify, defend and hold harmless the Partnership
Group from and against: (a) any Covered Environmental Losses relating to the assets contributed by the Dynagas Holding Entities to the Partnership Group prior to or on the Closing Date (the “Contribution Assets”) to the
extent that Dynagas Holding is notified by the Partnership of any such Covered Environmental Losses within five (5) years after the Closing Date; (b) Losses to the Partnership Group arising from (i) the failure of the Partnership
Group, immediately after the Closing Date, to be the owner of such valid leasehold interests or fee ownership interests in and to the Contribution Assets as are necessary to enable the Partnership Entities to own and operate the Contribution Assets
in substantially the same manner that the Contribution Assets were owned and operated by the Dynagas Holding Entities immediately prior to the respective dates on which each such Contribution Asset was acquired by the Partnership Entities or
(ii) the failure of the Partnership Entities to have by the Closing Date any consent or governmental permit necessary to allow the Partnership Entities to own or operate the Contribution Assets in substantially the same manner that the
Contribution Assets were owned and operated by the Dynagas Holding Entities immediately prior to the respective dates on which each such Contribution Asset was acquired by the Partnership Entities, in each of clauses (b)(i) and (b)(ii) above, to the
extent that Dynagas Holding is notified by the Partnership of such Losses within three (3) years after the Closing Date; and (c) all federal, state, foreign and local income tax liabilities attributable to the operation of the Contribution
Assets prior to the Closing Date, including any such income tax liabilities of the Dynagas Holding Entities that may result from the consummation of the formation transactions for the Partnership Group and the Partnership, but excluding any federal,
state, foreign and local income taxes reserved on the books of the Partnership Group on the Closing Date. 
 Section 6.2 Limitation
Regarding Indemnification. 
 The aggregate liability of Dynagas Holding under Section 6.1(a) above shall not exceed $5,000,000.
Furthermore, no claim may be made against Dynagas Holding for indemnification pursuant to Section 6.1(a), unless the aggregate dollar amount of all claims for indemnification pursuant to such section shall exceed $500,000, in which case
Dynagas Holding shall be liable for claims for indemnification only to the extent such aggregate amount exceeds $500,000. 

Section 6.3 Indemnification Procedures. 

(a) The Partnership Group Members agree that within a reasonable period of time after they become aware of facts giving rise to a claim for
indemnification pursuant to Section 6.1, they will provide notice thereof in writing to Dynagas Holding specifying the nature of and specific basis for such claim. 

(b) Dynagas Holding shall have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims brought
against the Partnership Group that are covered by the indemnification set forth in Section 6.1, including, without limitation, the selection of counsel, determination of whether to appeal any decision of any court and the settling of any
such matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without the consent (which consent shall not be unreasonably withheld) of the Partnership Group unless it includes a full
release of the Partnership Group from such matter or issues, as the case may be. 

  
 10 

 (c) The Partnership Group Members agree to cooperate fully with Dynagas Holding with respect to
all aspects of the defense of any claims covered by the indemnification set forth in Section 6.1, including, without limitation, the prompt furnishing to Dynagas Holding of any correspondence or other notice relating thereto that the
Partnership Group may receive, permitting the names of the members of the Partnership Group to be utilized in connection with such defense, the making available to Dynagas Holding of any files, records or other information of the Partnership Group
that Dynagas Holding considers relevant to such defense and the making available to Dynagas Holding of any employees of the Partnership Group; provided, however, that in connection therewith Dynagas Holding agrees to use reasonable
efforts to minimize the impact thereof on the operations of the Partnership Group and further agrees to maintain the confidentiality of all files, records and other information furnished by a Partnership Group Member pursuant to this
Section 6.3. In no event shall the obligation of the Partnership Group to cooperate with Dynagas Holding as set forth in the immediately preceding sentence be construed as imposing upon the Partnership Group an obligation to hire and pay
for counsel in connection with the defense of any claims covered by the indemnification set forth in this Article VI; provided, however, that the Partnership Group Members may, at their own option, cost and expense, hire and pay
for counsel in connection with any such defense. Dynagas Holding agrees to keep any such counsel hired by the Partnership Group reasonably informed as to the status of any such defense (including providing such counsel with such information related
to any such defense as such counsel may reasonably request) but Dynagas Holding shall have the right to retain sole control over such defense. 

In determining the amount of any Loss for which any of the members of the Partnership Group is entitled to indemnification under this
Agreement, the gross amount of the indemnification will be reduced by (a) any insurance proceeds realized by the Partnership Group, and such correlative insurance benefit shall be net of any incremental insurance premium that becomes due and
payable by the Partnership Group as a result of such claim, and (b) all amounts recovered by the Partnership Group under contractual indemnities from third Persons. The Partnership Group hereby agrees to use commercially reasonable efforts to
realize any applicable insurance proceeds or amounts recoverable under such contractual indemnities; provided, however, that the costs and expenses (including, without limitation, court costs and reasonable attorneys’ fees) of the
Partnership Group in connection with such efforts shall be promptly reimbursed by Dynagas Holding in advance of any determination of whether such insurance proceeds or other amounts will be recoverable. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Choice of Law; Arbitration. 

This Agreement shall be subject to and governed by the laws of the State of New York. Any dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by final and binding arbitration in New York, New York, before a single arbitrator, in accordance with the Commercial Arbitration Rules of the American Arbitration Association
(“AAA”). The arbitrator shall be selected by mutual agreement of the parties, if possible. If the parties fail to reach agreement upon appointment of an arbitrator within 30 days following receipt by one party of the other
party’s notice of desire to arbitrate, the arbitrator shall be selected from a panel or panels of persons submitted by AAA. Judgment upon any award rendered pursuant to such arbitration may be entered in any court of competent jurisdiction or
application may be made to any such court for enforcement of any such award and the entry of whatever orders are necessary for the enforcement thereof. 

Section 7.2 Notice. 

All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must be given by
depositing the same in the mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in person or by private-courier, prepaid, or by telecopier to such party.
Notice given by personal delivery or mail shall be effective upon actual receipt. Couriered notices shall be deemed delivered on the date the courier represents that delivery will occur. 

  
 11 

 
Notice given by telecopier shall be effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day
after receipt if not received during the recipient’s normal business hours. All notices to be sent to a party pursuant to this Agreement shall be sent to or made at the address set forth below such party’s signature to this Agreement, or
at such other address as such party may stipulate to the other parties in the manner provided in this Section 7.2. 

Section 7.3 Entire Agreement. 

This Agreement constitutes the entire agreement of the parties relating to the matters contained herein, superseding all prior contracts or
agreements, whether oral or written, relating to the matters contained herein. 
 Section 7.4 Termination. 

Upon a Change of Control of the General Partner or of the Partnership, the provisions of Articles II, III and IV, of this Agreement (but not
less than all of such Articles) shall terminate immediately. Upon a Change of Control of Dynagas Holding, the provisions of Articles II, III and IV of this Agreement applicable to Dynagas Holding (but not less than all of such Articles) shall
terminate at the time that is the later of (a) the date on which all of the Partnership’s outstanding subordinated units have converted to common units of the Partnership and (b) the date of the Change of Control of Dynagas Holding.
In addition, on the date on which a majority of the Partnership’s directors ceases to consist of directors that were (1) appointed by the General Partner prior to the Partnership’s first annual meeting of unitholders and
(2) recommended for election by a majority of the Partnership’s appointed directors, the provisions of Articles II, III and IV applicable to Dynagas Holding shall terminate immediately. 

Section 7.5 Waiver; Effect of Waiver or Consent. 

Any party hereto may (a) extend the time for the performance of any obligation or other act of any other party hereto or (b) waive
compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party or parties to be bound
thereby; provided, however, that the Partnership may not, without the prior approval of the Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of the Board, will adversely affect
the holders of common units of the Partnership. No waiver or consent, express or implied, by any party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a
waiver or consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a party to complain of any act of any Person or to declare any Person in
default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder until the applicable statute of limitations period has run. 

Section 7.6 Amendment or Modification. 

This Agreement may be amended or modified from time to time only by the written agreement of all the parties hereto; provided, however, that
the Partnership may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification of this Agreement that, in the reasonable discretion of the Board, will adversely affect the holders of common units of the
Partnership. 
 Section 7.7 Assignment. 

No party shall have the right to assign its rights or obligations under this Agreement without the consent of the other parties hereto. 

Section 7.8 Counterparts. 

This Agreement may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same document.
All counterparts shall be construed together and shall constitute one and the same instrument. 

  
 12 

 Section 7.9 Severability. 

If any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to any
extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 

Section 7.10 Gender, Parts, Articles and Sections. 

Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number
of all words shall include the singular and plural. All references to Article numbers and Section numbers refer to Articles and Sections of this Agreement. 

Section 7.10 Further Assurances. 

In connection with this Agreement and all transactions contemplated by this Agreement, each signatory party hereto agrees to execute and
deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.

 Section 7.11 Withholding or Granting of Consent. 

Each party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such
consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate. 

Section 7.12 Laws and Regulations. 

Notwithstanding any provision of this Agreement to the contrary, no party to this Agreement shall be required to take any act, or fail to take
any act, under this Agreement if the effect thereof would be to cause such party to be in violation of any applicable law, statute, rule or regulation. 

Section 7.13 Negotiation of Rights of Dynagas Holding, Members, Assignees and Third Parties. 

The provisions of this Agreement are enforceable solely by the parties to this Agreement, and no shareholder of Dynagas Holding and no member,
assignee or other Person of the Partnership shall have the right, separate and apart from Dynagas Holding or the Partnership, as applicable, to enforce any provision of this Agreement or to compel any party to this Agreement to comply with the terms
of this Agreement. 

  
 13 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Closing
Date. 
  

					
	DYNAGAS HOLDING LTD.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notice:
		
		 	  

		 	  

		 	Telephone:	 	(    )    -
		 	Fax: (    )	 	-
		 	Attention:	 	  

	
	DYNAGAS LNG PARTNERS LP
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notice:
		
		 	  

		 	  

		 	Telephone:	 	(    )    -
		 	Fax: (    )	 	-
		 	Attention:	 	  

	
	DYNAGAS GP LLC
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notice:
		
		 	  

		 	  

		 	Telephone:	 	(    )    -
		 	Fax: (    )	 	-
		 	Attention:	 	  

 (Signature Pages to Omnibus Agreement) 

 
					
	DYNAGAS OPERATING LP
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notice:
		
		 	  

		 	  

		 	Telephone:	 	(    )    -
		 	Fax: (    )	 	-
		 	Attention:	 	  

	
	DYNAGAS OPERATING GP LLC
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notice:
		
		 	  

		 	  

		 	Telephone:	 	(    )    -
		 	Fax: (    )	 	-
		 	Attention:	 	  

 (Signature Pages to Omnibus Agreement)EX-10.5

 Exhibit 10.5 

CONTRIBUTION AND CONVEYANCE AGREEMENT 

This contribution and conveyance agreement (this “Agreement”) is entered into as of October 29, 2013, among Dynagas Holding Ltd., a
Marshall Islands corporation (“Dynagas Holding”), Dynagas GP LLC, a Marshall Islands limited liability company (the “General Partner”), Dynagas LNG Partners LP, a Marshall Islands limited partnership (the
“Partnership”), Dynagas Operating GP LLC, a Marshall Islands limited liability company (the “Operating GP”), Dynagas Operating LP, a Marshall Islands limited partnership (the “Operating LP”) and Dynagas Equity Holding
Ltd., a Liberian corporation (“Dynagas Equity”). The foregoing shall be referred to individually as a “Party” and collectively as the “Parties.” 

RECITALS 
 A. Dynagas
Holding and the General Partner have formed the Partnership pursuant to the Marshall Islands Limited Partnership Act (the “MILPA”) for the purpose of owning and operating liquefied natural gas (“LNG”) carriers under multi-year
charters. Each of Dynagas Holding, the General Partner, the Partnership, the Operating LP and Dynagas Equity have been, prior to the date of this Agreement, authorized to effect the actions set forth below at the times and in the order set forth
below. 
 B. To accomplish the objectives and purposes in the preceding recital, the following actions have been taken prior to the date of
this Agreement: 
 (1) Dynagas Holding formed the General Partner pursuant to the Marshall Islands Limited Liability Company Act (the
“Marshall Islands LLC Act”) and contributed $1,000 in exchange for all of the membership interests in the General Partner; 
 (2)
The General Partner and Dynagas Holding formed the Partnership pursuant to the MILPA; 
 (3) The Partnership formed the Operating GP
pursuant to the Marshall Islands LLC Act; 
 (4) The Operating GP and the Partnership formed the Operating LP under the terms of the MILPA,
and the Partnership contributed $1,000 in exchange for a 100.0% limited partnership interest in the Operating LP; 
 (5) Dynagas Holding
owns Dynagas Equity, a Liberian corporation, which owns all of the issued and outstanding share capital of each of (i) Quinta Group Corp., a Nevis corporation (“Quinta”), which owns all of the issued and outstanding share capital of
Pegasus Shipholding S.A., a Marshall Islands corporation, (“Pegasus”), which owns the liquefied natural gas (“LNG”) carrier the Clean Energy; (ii) Seacrown Maritime Ltd., a Marshall Islands corporation
(“Seacrown”), which owns the LNG carrier, the Clean Force; and (iii) Pelta Holdings S.A., a Nevis corporation (“Pelta”), which owns all of the issued and outstanding share capital of Lance Shipping S.A., a Marshall
Islands corporation (“Lance”), which owns the LNG carrier, the Ob River (Quinta, Pegasus, Seacrown, Pelta and Lance, collectively, the “Dynagas Equity Subsidiaries”), and contributed $1,000 in exchange for all of its
outstanding share capital (the “Dynagas Equity Shares”); 

  
 1 

 C. Effective on the date of this Agreement, each of the following transactions shall occur in
accordance with and pursuant to this Agreement: 
 (1) Dynagas Holding will contribute all of the Dynagas Equity Shares to the Partnership
as a capital contribution in exchange for 6,735,000 common units and 14,985,000 subordinated units of the Partnership in exchange for a 99.9% limited partner interest in the Partnership; 

(2) The Partnership will contribute all of the Dynagas Equity Shares to the Operating LP as a capital contribution; and 

(3) The agreements of limited partnership and the limited liability agreements of the aforementioned entities will be amended and restated to
the extent necessary to reflect the applicable matters set forth above and in Article I of this Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the Parties undertake and agree as follows: 

ARTICLE I 
 CONTRIBUTIONS
AND CONVEYANCE 
 1.1 Contributions and Specific Conveyances. The Parties acknowledge and agree that the following actions hereby
occur in the following order effective on the date of this Agreement: 
 (a) Contribution by Dynagas Holding of the Dynagas Equity Shares to
the Partnership as a capital contribution, and the Partnership hereby acknowledges receipt of the Dynagas Equity Shares; 
 (b) Contribution
by the Partnership of the Dynagas Equity Shares to Operating LP as a capital contribution, and Operating LP hereby acknowledges receipt of the Dynagas Equity Shares; and 

(c) To further evidence the transfer of the Dynagas Equity Shares reflected in this Agreement, each party making such transfer may have
executed and delivered to the party receiving such Dynagas Equity Shares certain conveyance, stock transfer form, assignment and bill of sale instruments (the “Specific Conveyances”). The Specific Conveyances shall evidence and perfect
such transfer made by this Agreement and shall not constitute a second conveyance of any assets or interests therein and shall be subject to the terms of this Agreement. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF DYNAGAS HOLDING; DISCLAIMER 

2.1 Representations and Warranties. Each of the Parties hereby represents and warrants that: 

(a) Each of the Dynagas Equity Subsidiaries has been duly formed or incorporated and is validly existing in good standing under the laws of
its respective jurisdiction of formation or incorporation and has all requisite power and authority to operate its assets, including the 

  
 2 

 
Clean Energy, the Clean Force and the Ob River, and conduct its business as described in the registration statement on Form F-1 submitted by the Partnership to the U.S.
Securities and Exchange Commission relating to a potential initial public offering by the Partnership, as amended (the “Registration Statement”); 

(b) Correct and complete copies of the partnership agreements, articles of association, articles of incorporation, by-laws, other
organizational documents and all material agreements (as amended to the date of this Agreement) of Dynagas Equity and each of the Dynagas Equity Subsidiaries have been made available to the Partnership; 

(c) The execution and delivery of this Agreement and all documents, instruments and agreements required to be executed and delivered by it
pursuant to this Agreement in connection with the completion of the transactions contemplated by this Agreement, have been duly authorized by all necessary actions by each Party, and this Agreement has been duly executed and delivered by each Party
and constitutes a legal, valid and binding obligation of each Party enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and other similar laws of general
application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court; 

(d) The execution, delivery and performance by it of this Agreement will not conflict with or result in any violation of or constitute a
breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) any of the Parties’ partnership agreements, articles of association, articles of
incorporation or by-laws or other organizational documents; (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation
to which any Party is a party or is subject or by which any of such Parties’ assets or properties may be bound; (iii) any applicable laws, statutes, ordinances, rules or regulations promulgated by a governmental authority, orders of a
governmental authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court (“Laws”); or (iv) any charter or vessel management agreement to which any Dynagas Equity Subsidiary is a
party or any material provision of any material contract to which a Party is a party or by which a Party’s properties are bound; 
 (e)
Except as have already been obtained or that will be obtained in the ordinary course of business, no consent, permit, approval or authorization of, notice or declaration to or filing with any governmental authority or any other person, including
those related to any environmental laws or regulations or the charters or vessel management agreements related to the vessels owned by the Dynagas Equity Subsidiaries, is required in connection with the execution and delivery by any Party of this
Agreement or the consummation by any Party of the transactions contemplated hereunder; 
 (f) The Dynagas Equity Shares are validly issued
in accordance with its articles of association and are fully paid and non-assessable; 
 (g) Dynagas Holding owns the entire beneficial
interest in the Dynagas Equity Shares and has good legal title to the same, free and clear of all liens, encumbrances, security interests, pledges, mortgages, charges or other claims; 

(h) There is no outstanding agreement, contract, option, commitment or other right or understanding in favor of, or held by, any person other
than the Partnership through the 

  
 3 

 
Operating LP to acquire the Dynagas Equity Shares, the Dynagas Equity Subsidiaries or the assets of the Dynagas Equity Subsidiaries, including the Clean Energy, the Clean Force and
the Ob River, that has not been terminated or otherwise waived; 
 (i) Each of the charters and the vessel management agreements to
which each applicable Dynagas Equity Subsidiary is a party (as amended to the date of this Agreement) has been made available to the Partnership; 

(j) The charter dated August 2, 2011 by and between Lance and Gazprom Global LNG Limited, a subsidiary of Gazprom (“Gazprom”);
(ii) Addendum 1 by and between the Lance and Gazprom dated July 17, 2012; (iii) Addendum 2 by and between the Lance and Gazprom dated September 10, 2012; (iv) Addendum 3 by and between the Lance and Gazprom dated
September 27, 2012; (v) Addendum 4 by and between the Lance and Gazprom dated October 26, 2012; and (vi) Addendum 5 by and between the Lance and Gazprom dated October 9, 2013, is a valid and binding agreement of Lance
enforceable in accordance with its terms and, to the knowledge of Lance, of all other parties thereto enforceable in accordance with its terms. 

(k) The charter dated October 2, 2010 by and between Seacrown and Methane Services Ltd., a subsidiary of BG Group (“Methane”);
(ii) Addendum 1 by and between the Seacrown and Methane dated October 13, 2010; and (iii) Form of Addendum 2 by and between the Seacrown and Methane dated October 9, 2013, is a valid and binding agreement of Seacrown enforceable
in accordance with its terms and, to the knowledge of Seacrown, of all other parties thereto enforceable in accordance with its terms. 

(l) The charter dated May 18, 2011 by and between Pegasus and Methane; (ii) Addendum 1 by and between Pegasus and Methane dated
December 23, 2011; (iii) Addendum 2 by and between Pegasus and Methane dated March 14, 2011; and (iv) Form of Addendum 3 by and between Pegasus and Methane dated October 9, 2013, is a valid and binding agreement of Pegasus
enforceable in accordance with its terms and, to the knowledge of Pegasus, of all other parties thereto enforceable in accordance with its terms. 

(m) The Dynagas Equity Subsidiaries have fulfilled all material obligations required pursuant to the charters (described in (j), (k) and
(l) above) and the vessel management agreements to have been performed by them prior to the date of this Agreement and have not waived any material rights thereunder; and no material default or breach exists in respect thereof on their part or,
to their knowledge, any of the other parties thereto and, to their knowledge, no event has occurred which, after giving of notice or the lapse of time, or both, would constitute such a material default or breach; 

(n) Except for such liabilities, debts obligations, encumbrances, defects, restrictions or claims of a general nature and magnitude that would
arise in connection with the operation of vessels of the same type as the Clean Energy, the Clean Force, and the Ob River in the ordinary course of business, there are no liabilities, debts or obligations of, encumbrances,
defects or restrictions with respect to, or claims against the Dynagas Equity Subsidiaries or any of the assets owned by the Dynagas Equity Subsidiaries, including the Clean Energy, the Clean Force and the Ob River, other than
those arising under the $128 Million Clean Force Credit Facility, $150 Clean Energy Credit Facility, $193 Million Ob River Credit Facility and the New Senior Secured Revolving Credit Facility; and 

(o) The Clean Energy, the Clean Force and the Ob River are (i) adequate and suitable for use by the Dynagas Equity
Subsidiaries in the Dynagas Equity Subsidiaries’ business as presently 

  
 4 

 
conducted by them in all material respects as described in the Registration Statement, ordinary wear and tear excepted; (ii) seaworthy in all material respects for hull and machinery
insurance warranty purposes and is in good running order and repair; (iii) insured against all risks, and in amounts, consistent with common industry practices; (iv) in compliance with maritime laws and regulations; (v) duly
registered under the flag of the Marshall Islands; and (vi) in compliance in all material respects with the requirements of its present class and classification society; and all class certificates of each of the Ob River, the Clean
Force and the Clean Energy, are clean and valid and free of recommendations affecting class. 
 2.2 Disclaimer of
Warranties. EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY
SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE
VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS OWNED BY THE DYNAGAS EQUITY SUBSIDIARIES, INCLUDING, WITHOUT LIMITATION, THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY, INCLUDING, WITHOUT LIMITATION, THE PRESENCE OR LACK OF HAZARDOUS
SUBSTANCES OR OTHER MATTERS ON SUCH ASSETS, (B) THE INCOME TO BE DERIVED FROM SUCH ASSETS, (C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON OR THEREWITH, (D) THE COMPLIANCE OF OR BY
SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING WITHOUT LIMITATION ANY ZONING, ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,
PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD THE OPPORTUNITY
TO INSPECT THE ASSETS OF THE DYNAGAS EQUITY SUBSIDIARIES, AND SUCH PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE DYNAGAS EQUITY SUBSIDIARIES AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ANY OF THE OTHER PARTIES.
EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE
ASSETS OF THE DYNAGAS EQUITY SUBSIDIARIES FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION SHALL SURVIVE THE CONTRIBUTION AND CONVEYANCE OF THE INTERESTS OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION HAVE
BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS OF THE DYNAGAS EQUITY
SUBSIDIARIES THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT. 

  
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 ARTICLE III 

FURTHER ASSURANCES 
 3.1
Further Assurances. From time to time after the date of this Agreement, and without any further consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances,
instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance with applicable Law, as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all
of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are intended to be so granted, (b) more fully and effectively to vest in the applicable Parties and their respective
successors and assigns beneficial and record title to the interests contributed and assigned by this Agreement or intended so to be and (c) to more fully and effectively carry out the purposes and intent of this Agreement. 

3.2 Power of Attorney. Each Party that has conveyed any interests as reflected by this Agreement (collectively, the “Conveying
Parties”) hereby constitutes and appoints the General Partner (the “Attorney-in-Fact”) its true and lawful attorney-in-fact with full power of substitution for it and in its name, place and stead or otherwise on behalf of the
applicable Conveying Party and its successors and assigns, and for the benefit of the Attorney-in-Fact to demand and receive from time to time the interests contributed and conveyed by this Agreement (or intended so to be) and to execute in the name
of the applicable Conveying Party and its successors and assigns instruments of conveyance, instruments of further assurance and to give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of
the applicable Conveying Party for the benefit of the Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which the Attorney-in-Fact may deem proper in order to (a) collect, assert or enforce any claims, rights or titles of
any kind in and to the Interests, (b) defend and compromise any and all actions, suits or proceedings in respect of any of the Interests, and (c) do any and all such acts and things in furtherance of this Agreement as the Attorney-in-Fact
shall deem advisable. Each Conveying Party hereby declares that the appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be terminated by any act of any
Conveying Party or its successors or assigns or by operation of law. 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Survival of Representations and Warranties. The representations and warranties of the Parties in this Agreement and in or under any documents, instruments and agreements delivered pursuant to this Agreement, will survive the completion of the
transactions contemplated hereby regardless of any independent investigations that the Partnership may make or cause to be made, or knowledge it may have, prior to the date of this Agreement and will continue in full force and effect for a period of
one year from the date of this Agreement. At the end of such period, such representations and warranties will terminate, and no claim may be brought by the Partnership against Dynagas Holding thereafter in respect of such representations and
warranties, except for claims that have been asserted by the Partnership prior to the date of this Agreement. 
 4.2 Costs. The
Partnership shall pay any and all sales, use and similar taxes arising out of the contributions, conveyances and deliveries to be made hereunder, and shall pay all documentary, filing, recording, transfer, deed, and conveyance taxes and fees
required in connection therewith. 

  
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 4.3 Headings; References; Interpretation. All Article and Section headings in this
Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar import, when
used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All references herein to Articles and Sections shall, unless the context requires a different construction, be deemed to be
references to the Articles and Sections of this Agreement, respectively. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the
plural and vice versa. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following
such word or to similar items or matters, whether or not non-limiting language (such as “without limitation,” “but not limited to,” or words of similar import) is used with reference thereto, but rather shall be deemed to refer
to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. 

4.4 Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors
and assigns. 
 4.5 No Third Party Rights. The provisions of this Agreement are intended to bind the Parties as to each other and are
not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the provisions of this Agreement. 

4.6 Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall constitute one agreement
binding on the parties hereto. 
 4.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of New York without giving effect to any choice of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. Each
of the parties hereto submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York (or, if jurisdiction in that court is not available, then any state court located within the Borough of Manhattan,
City of New York) for any and all legal actions arising out of or in connection with this Agreement. 
 4.8 Severability. If any of
the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not
invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable adjustment shall be made and necessary provision added so as to give
effect, as nearly as possible, to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement. 

4.9 Deed; Bill of Sale; Assignment. To the extent required and permitted by applicable Law, this Agreement shall also constitute a
“deed,” “bill of sale” or “assignment” of the Interests. 
 4.10 Amendment or Modification. This
Agreement may be amended or modified from time to time only by the written agreement of all the Parties hereto. 

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

  
 8 

 IN WITNESS WHEREOF, this Contribution and Conveyance Agreement has been duly executed by the
parties set forth below. 
  

			
	DYNAGAS HOLDING LTD.
		
	By:	 	 /s/ Michael Gregos

	Name:	 	Michael Gregos
	Title	 	Authorized Signatory
	
	DYNAGAS GP LLC
	
	By: Dynagas Holding Ltd., as sole member
		
	By:	 	 /s/ Michael Gregos

	Name:	 	Michael Gregos
	Title:	 	Authorized Signatory
	
	DYNAGAS LNG PARTNERS LP
		
	By:	 	Dynagas GP LLC, as general partner
		
	By:	 	 /s/ Michael Gregos

	Name:	 	Michael Gregos
	Title:	 	Authorized Signatory
	
	DYNAGAS OPERATING GP LLC
		
	By:	 	 /s/ Michael Gregos

	Name:	 	Michael Gregos
	Title	 	Authorized Signatory

  
 9 

 
			
	DYNAGAS OPERATING LP
		
	By:	 	Dynagas Operating GP LLC, as general partner
		
	By:	 	 /s/ Michael Gregos

	Name:	 	Michael Gregos
	Title:	 	Authorized Signatory
	
	DYNAGAS EQUITY HOLDING LTD.
		
	By:	 	 /s/ Michael Gregos

	Name:	 	Michael Gregos
	Title	 	Authorized Signatory

  
 10

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