Document:

Unit Option Agreement

 Exhibit 10.17 
  
 INERGY HOLDINGS, L.P. LONG-TERM INCENTIVE PLAN 
  
 UNIT OPTION AGREEMENT 
  

			
	Date of Grant:	  	[insert date]
		
	 Number of Units to
 which Option Relates:
	  	[insert # of Units]
		
	Option Price per Unit:	  	$ [insert price]
		
	Expiration Date:	  	[insert 10 year anniversary of day before Date of Grant]

  
 THIS UNIT OPTION
AGREEMENT (this “Option Agreement”) is entered on                     , 200[    ], by and between Inergy
Holdings GP, LLC, a Delaware limited liability company (“Holdings GP”), and                      (the “Option Holder”).

  
 RECITALS: 
  
 A. Effective
[                    ], 200[    ], Inergy Holdings GP, LLC (“Holdings GP”) established the Inergy
Holdings, L.P. Long-Term Incentive Plan (the “Plan”) under which Holdings GP could grant to employees and consultants of Holdings GP and its Affiliates and non-employee directors of Holdings GP (collectively, a “Service
Provider”) options to acquire certain Units. 
  
 B. The
Option Holder is a Service Provider and Holdings GP desires to encourage the Option Holder to own Units and to give the Option Holder added incentive to advance the interests of Inergy Holdings, L.P. (“Holdings”), and desires to grant the
Option Holder an Option to purchase Units of Holdings under the terms and conditions established by the Committee and as set forth within the Plan and this Agreement. 

 AGREEMENT: 
  

In consideration of the mutual promises and covenants contained herein and other good and valuable consideration paid by the Option Holder to Holdings
GP or its Affiliates, the Option Holder and Holdings GP agree as follows: 
  
 Section 1.  Incorporation of Plan 
  
 All provisions of the Option Agreement and the rights of the Option Holder hereunder are subject in all respects to the provisions of the Plan and the powers of the Committee therein provided. Capitalized terms used
in this Agreement but not defined shall have the meanings set forth in the Plan. 
  
 Section 2.  Grant of Unit Option 
  
 As of the Date of Grant identified above, Holdings GP grants to the Option Holder, subject to the terms and conditions set forth herein and in the Plan, the right, privilege, and option (the “Option”) to
purchase that number of Units identified above opposite the heading “Number of Units to Which Option Relates”, at the per Unit price specified above opposite the heading “Option Price per Unit.” 
  
 Section 3.  Exercisability 
  
 Except as provided in Sections 3(a) and 3(b) below, no portion of the Option
shall become exercisable until the              (        ) anniversary of the Date of Grant and prior to this
             (        ) anniversary, no portion of the Option shall be exercisable. Notwithstanding the above, in the event of a Change
in Control, the Option shall become immediately exercisable. 
  
 (a) In the event that the Option Holder ceases to be a Service Provider because of the Option Holder’s death or Disability, the percentage of the Option that becomes exercisable as a result of such death or
Disability will be determined according to the following schedule based upon the number of years that have elapsed from the Date of Grant to the date of such event (and the remaining percentage of the Option, if any, shall be void for all purposes):

  

			
	 Anniversary From Option’s
 Date of
Grant

	  	Percentage Exercisable

	             1st
	  	 40%
	             2nd
	  	 60%
	             3rd
	  	 80%
	             4th and beyond
	  	100%

 (b) In the event that the Option Holder ceases to be a Service Provider because of
termination of the Option Holder’s service by Holdings GP or one of its Affiliates without Cause (as defined in the Inergy, L.P. Long Term Incentive Plan (“ILTIP”), but with references changed to Holdings GP and Holdings, as
applicable), the percentage of the Option that becomes exercisable as a result of such termination will be determined according to the following schedule based upon the number of years that have elapsed from the Date of Grant to the date of such
termination (and the remaining percentage of the Option, if any, shall be void for all purposes): 
  

			
	             Date of
Grant            

	 	 Percentage Exercisable

	 1st
	 	 20%
	 2nd
	 	 40%
	 3rd
	 	 60%
	 4th
	 	 80%
	 5th and beyond
	 	100%

  
 Section 4.
 Method of Exercise 
  
 Provided the Option has
not expired, been terminated or cancelled in accordance with the terms of the Plan, the Option, to the extent exercisable, may be exercised in whole or in part, from time to time by delivery to Holdings GP a written notice in substantially the same
form as the Notice of Exercise attached hereto which shall: 
  

	 	(a)	set forth the number of Units with respect to which the Option is to be exercised (such number must be in a minimum amount of ten Units); 

  

	 	(b)	if the person exercising the Option is not the Option Holder, be accompanied by satisfactory evidence of such person’s right to exercise the Option; and

  

	 	(c)	be accompanied by payment in full of the Option Price (and any necessary tax withholding) in the form of cash, or a certified bank check made payable to the order of Holdings GP or
any other means allowable under the Plan and acceptable to the Committee which Holdings GP in its sole discretion determines will provide legal consideration for the Units. 

  
 Section 5.  Expiration of Option 
  
 Unless terminated earlier in accordance with the terms of this Agreement, the Option granted herein shall expire at 5:00
P.M., Kansas City, Missouri time, on the Expiration Date identified above opposite the heading “Expiration Date.” 

 Section 6. Effect of Separation from Service 
  
 (a) The Option shall be void for all purposes in the event that the Option
Holder ceases to be a Service Provider prior to the              (        ) anniversary of the Date of Grant for any reason other than
(i) the Option Holder’s death, (ii) the Option Holder’s Disability, or (iii) the termination of Option Holder’s employment by Holdings GP or one of its Affiliates without Cause. 
  
 (b) In the event that the Option Holder ceases to be a Service Provider
because of the Option Holder’s death, Disability, retirement, voluntary resignation or termination of employment by Holdings GP or one of its Affiliates with or without Cause, the Option, to the extent then exercisable, may be exercised by the
Option Holder or the Option Holder’s beneficiaries within the permissible periods of time set forth immediately below. 
  
 (i) Termination/Removal for Cause. In the event the Option Holder ceases to be a Service Provider within the Option Period due to
the termination of the Option Holder’s service (or removal as a non-employee director) for Cause, the Option, regardless of whether it is then exercisable, shall immediately expire and be void for all purposes. 
  
 (ii) Retirement. In the event that the Option Holder
ceases to be a Service Provider in a manner determined by the Committee, in its sole discretion, to constitute retirement, the Option, to the extent exercisable, may be exercised by the Option Holder within twelve months following the date of the
Option Holder’s retirement. 
  
 (iii)
Death. In the event that the Option Holder dies (A) while he or she is a Service Provider, or (B) within the twelve month period referred to in clause (ii) above, the Option, to the extent exercisable, may be exercised by the Option
Holder’s Beneficiaries (as defined in the ILTIP) entitled to do so within twelve months following the date of the Option Holder’s death. To the extent the Option Holder dies within the twelve-month period referred to in clause (iv) below
or the six-month period referred to in clause (v) below, the Option, to the extent vested, may be exercised by those beneficiaries entitled to do so solely within the time period that the Option Holder could have exercised the Option if the Option
Holder were still alive. 
  
 (iv)
Disability. In the event that the Option Holder becomes Disabled, as defined in the ILTIP, while he or she is a Service Provider, the Option, to the extent exercisable, may be exercised by the Option Holder within twelve months following the
date of the Option Holder’s Disability. 
  
 (v) Termination Without Cause or Voluntary Resignation. In the event that the Option Holder ceases to be a Service Provider because of (A) the Option Holder’s voluntary resignation, or (B) the termination of the Option
Holder’s service 

 
(or the removal of the Option Holder from the Board) by the Option Holder’s employer without Cause, the Option, to the extent exercisable, may be
exercised by the Option Holder within six months following the date of the Option Holder’s cessation of service. 
  
 (c) Notwithstanding anything to the contrary herein, in no event may the Option be exercised after 5:00 P.M., Kansas City, Missouri time, on the
Expiration Date identified above opposite the heading “Expiration Date.” 
  
 Section 7.  Investment Intent. 
  
 The Option Holder agrees that the Units acquired on exercise of the Option shall be acquired for the Option Holder’s own account for investment only and not with a view to, or for resale in connection with, any
distribution or public offering thereof within the meaning of the 1933 Act or other applicable securities laws. If the Committee so determines, any ownership certificates issued upon exercise of the Option shall bear a legend to the effect that the
Units have been so acquired. Holdings may, but in no event shall be required to, bear any expenses of complying with the 1933 Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory
authority in connection with the registration, qualification, or transfer, as the case may be, of the Option or any Units acquired upon the exercise thereof. The foregoing restrictions on the transfer of the Units shall be inoperative if (a)
Holdings previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the 1933 Act and other applicable securities laws or (b) the Units shall have been duly
registered in compliance with the 1933 Act and other applicable state or federal securities laws. If the Option, or the Units subject to the Option, are so registered under the 1933 Act, the Option Holder agrees that he will not make a public
offering of the said Units except on a national securities exchange on which the Units are then listed. 
  
 Section 8.  Nontransferability of Option 
  
 No portion of the Option granted hereunder may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the
laws of descent and distribution. All rights with respect to the Option granted to the Option Holder shall be available during the Option Holder’s lifetime only to the Option Holder. 
  
 Section 9.  Status of Option Holder 
  
 The Option Holder shall not be deemed a limited partner of Holdings with respect to any of the Units subject to the Option,
except to the extent that such Units shall have been purchased and issued to him or her. Holdings GP shall not be required to issue or transfer any certificates for Units purchased upon exercise of the Option until all applicable requirements of law
have been complied with and such Units shall have been duly listed on any securities exchange on which the Units may then be listed. 

 Section 10. No Effect on Capital Structure 
  
 The Option shall not affect the right of Holdings GP, Holdings, or any
Affiliate thereof to reclassify, recapitalize or otherwise change its capital or debt structure or to merge, consolidate, convey any or all of its assets, dissolve, liquidate, windup, or otherwise reorganize. 
  
 Section 11. Adjustments 
  
 Notwithstanding any provision herein to the contrary, in the event of any
change in the number of outstanding Units effected without receipt of consideration therefor by the Partnership, by reason of a merger, reorganization, consolidation, recapitalization, split-up, split-off, liquidation, Unit dividend, Unit split,
Unit combination or other change in the capital structure of the Partnership affecting the Units, the aggregate number of Units subject to the Option and the exercise price of the Option shall be automatically adjusted to accurately and equitably
reflect the effect thereon of such change; provided, however, that any fractional Unit resulting from such adjustment shall be eliminated. In the event of a dispute concerning such adjustment, the decision of the Committee shall be conclusive.

  
 Section 12. Acknowledgement of Rights of Holdings GP in
Event of Change in Control, Reorganization, Liquidation, Etc. 
  
 By executing the Option Agreement, the Option Holder agrees and acknowledges that in the event of a Change in Control, or in the event Holdings GP, Holdings, Inergy, L.P., Inergy Partners, LLC or Inergy GP, LLC shall become a party to any
partnership or corporate merger, consolidation, major acquisition of property for stock, separation, reorganization, liquidation or other similar type of corporate event, the Committee may take any of the actions as provided for in Section 6 of the
Plan without obtaining the Option Holder’s consent. 
  
 Section 13. Committee Authority 
  
 Any
questions concerning the interpretation of the Option Agreement, any adjustments required to be made under Sections 11 or 12 of the Option Agreement, and any controversy which arises under the Option Agreement shall be settled by the Committee in
its sole discretion. 
  
 Section 14. Withholding

  
 The Option Holder agrees to make appropriate arrangements
with Holdings GP or one of its Affiliates for satisfaction of any applicable minimum Federal, state or local income tax or payroll tax withholding requirements or like requirements, including the payment to Holdings GP at the time of exercise of an
Option of all such taxes and requirements. 

 Section 15. Notice 
  
 Whenever any notice is required or permitted hereunder, such notice must be in writing and personally delivered or sent by
mail. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date which it was personally delivered, or, whether actually received or not, on the third business day after it is deposited in the United
States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in accordance herewith. Inergy GP or Option Holder may change,
at any time and from time to time, by written notice to the other, the address previously specified for receiving notices. Until changed in accordance herewith, Inergy GP and the Option Holder specify their respective addresses as set forth below:

  

			
	Holdings GP:	    	Inergy Holdings GP, LLC
	 	    	Two Brush Creek Boulevard
	 	    	Kansas City, Missouri 64112
	 	    	Attention: Laura L. Ozenberger
		
	Option Holder:	    	[Option Holder Name]
	 	    	____________________________
	 	    	____________________________

  
 Section 16.
Binding Effect 
  
 The Option Agreement shall bind,
and, except as specifically provided herein, shall inure to the benefit of the respective heirs, legal representatives, successors and assigns of the parties hereto. 
  
 Section 17. Governing Law 
  
 The Option Agreement and the rights of all persons claiming hereunder shall be construed and determined in accordance with
the laws of the State of Delaware. 
  
 IN WITNESS WHEREOF,
Holdings GP has caused this Agreement to be executed and the Option Holder has hereunto set the Option Holder’s hand on the day and year first above written. 
  

			
	INERGY HOLDINGS GP, LLC
		
	By:	 	  

	 	 	John J. Sherman, President
	
	  

	[Option Holder’s name]Unitholder Agreement

 Exhibit 10.18 
  
 UNITHOLDER AGREEMENT  
  
 This Unitholder Agreement, dated April 14, 2005, is among Inergy Holdings, LLC, a Delaware limited liability company (“Inergy Holdings”),
John J. Sherman, Trustee of the John J. Sherman Revocable Trust dated May 4, 1994 (the “Sherman Revocable Trust”), John J. Sherman and Mary N. Sherman, Trustees of the John J. Sherman 2005 Grantor Retained Annuity Trust I under
trust indenture dated March 31, 2005 (the “Sherman GRAT I”), John J. Sherman and Mary N. Sherman, Trustees of the John J. Sherman 2005 Grantor Retained Annuity Trust II under trust indenture dated March 31, 2005 (the
“Sherman GRAT II”, along with the Sherman Revocable Trust and the Sherman GRAT I, the “Sherman Trusts”), William C. Gautreaux, Trustee of the William C. Gautreaux Revocable Trust Under Trust Indenture dated March 8,
2004 (the “Gautreaux Revocable Trust”), William C. Gautreaux and Christena A. Gautreaux, Trustees of the William C. Gautreaux 2005 Grantor Retained Annuity Trust under trust indenture dated March 31, 2005 (the “Gautreaux
GRAT”, along with Gautreaux Revocable Trust, the “Gautreaux Trusts”), Carl A. Hughes, Trustee of the Carl A. Hughes Revocable Trust Under Trust Indenture dated September 13, 2002 (the “Hughes Revocable
Trust”), Carl A. Hughes and Cheryl L. Hughes, Trustees of the Carl A. Hughes 2005 Grantor Retained Annuity Trust under trust indenture dated March 31, 2005 (the “Hughes GRAT”, along with the Hughes Revocable Trust, the
“Hughes Trusts”), Michael D. Fox (“Fox”), Paul E. McLaughlin (“McLaughlin”), Paul E. McLaughlin and Jonalee Y. McLaughlin, Trustees of the Paul E. McLaughlin 2005 Grantor Retained Annuity Trust
under trust indenture dated March 31, 2005 (the “McLaughlin GRAT”), Andrew Atterbury (“Atterbury”), David G. Dehaemers, Jr. (“Dehaemers”), David G. Dehaemers, Jr. and Barbara C. Dehaemers, Trustees
of the David G. Dehaemers, Jr. 2005 Grantor Retained Annuity Trust under trust indenture dated March 31, 2005 (the “Dehaemers GRAT”), Phillip L. Elbert (“Elbert”), Phillip L. Elbert and Kristin O. Elbert, Trustees
of the Phillip L. Elbert 2005 Grantor Retained Annuity Trust under trust indenture dated March 31, 2005 (the “Elbert GRAT”), Phillip L. Elbert and Kristin O. Elbert, Trustees of the Charles W. Elbert Trust under trust indenture
dated March 31, 2005 (the “Charles Elbert Trust”), Phillip L. Elbert and Kristin O. Elbert, Trustees of the Lauren E. Elbert Trust under trust indenture dated March 31, 2005 (the “Lauren Elbert Trust”), and R.
Brooks Sherman, Jr. (“Brooks Sherman”). 
  
 It is
anticipated that Inergy Holdings will convert from a Delaware limited liability company to a Delaware limited partnership (the “Conversion”) in connection with its initial public offering (the “Initial Public
Offering”) of common units representing limited partner interests. As a result of the Conversion, the limited liability company interests held by the members of Inergy Holdings will convert into common units. 

 The parties agree as follows: 
  
 ARTICLE I 
  
 This Agreement will become effective at the time of the Conversion. If the Conversion has not occurred on or before December 31, 2005, then this
Agreement will immediately terminate and no longer be of any force or effect. 
  
 ARTICLE II DEFINITIONS 
  
 In addition to capitalized terms defined elsewhere in this Agreement, the following capitalized terms have the following meanings: 
  
 “Affiliate” means “affiliate” and “associate” as such terms are defined in Rule 405 of the Securities Act.

  
 “Agreement” means this Unitholder Agreement,
as amended or restated from time to time. 
  
 “Agreement
of Limited Partnership” means the Agreement of Limited Partnership of Inergy Holdings, as amended or restated from time to time. 
  
 “Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions in Kansas City, Missouri are authorized
or obligated to close. A full Business Day will commence at 8:00 a.m. (Kansas City time) on a given day and end at 4:00 p.m. (Kansas City time) on that same day. 
  
 “Certificate of Formation” means the Certificate of Formation of Inergy Holdings, as amended or restated
from time to time. 
  
 “Code” means the Internal
Revenue Code of 1986, as amended from time to time, or the corresponding provisions of future laws. 
  
 “Common Units” means common units representing limited partner interests in Inergy Holdings. 
  
 “Former Unitholder” means (i) any Unitholder who is an
individual (whether living or deceased) that ceases to own any Original Common Units, (ii) John J. Sherman, (iii) William C. Gautreaux and (iv) Carl A. Hughes. 
  

“General Partner” means Inergy Holdings GP, LLC, the general partner of Inergy Holdings after the Conversion. 
  
 “Original Common Units” means those specific Common Units
that are owned, beneficially and of record, by the Unitholders on the date of the Conversion, as adjusted thereafter as a result of any dividend or distribution payable in securities, split, reclassification, recharacterization or similar event with
respect to Common Units generally. The number of 

  

 2 

 
Original Common Units is expected to be 16,090,000. If a dispute arises as to whether any particular Common Units are Original Common Units, the burden will
be on the Person holding such Common Units to show that they are Original Common Units. 
  
 “Permitted Involuntary Transfer” means a Transfer by a Unitholder of Original Common Units (i) to the executor, administrator or personal representative of the estate of a Unitholder who is a natural
person, but only if the ultimate distributees are of the classes of Persons to whom such Unitholder could Transfer such Original Common Units pursuant to an exempt Transfer of the types described in Sections 4.3(a), 4.3(b), 4.3(c), 4.3(d) or 4.3(g),
or (ii) pursuant to the entry by a court of competent jurisdiction adjudicating a Unitholder who is a natural person incapacitated to manage such Unitholder’s person or estate. 
  
 “Person” means an individual, corporation, partnership, trust, limited liability company, a branch of any
legal entity, unincorporated organization, joint stock company, joint venture, association, governmental entity or other entity or organization. 
  
 “Public Sale” means an actual or contemplated Transfer of Original Common Units in a brokers’ transaction executed on any securities
exchange or in the over-the-counter market. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Transfer” means (i) when used as a verb, to give, sell, exchange, assign, transfer, pledge, hypothecate, bequeath, devise or otherwise dispose of or encumber, and (ii) when used as a noun, the nouns
corresponding to such verbs, in either case voluntarily or involuntarily, by operation of law or otherwise. 
  
 “Unitholder” means any of the parties to this Agreement, any Person that executes a joinder in the form attached as Exhibit A, and each
of their permitted successors and assigns (and “Unitholders” means, collectively, all of the parties to this Agreement, all of the Persons that execute joinders in the form attached as Exhibit A, and all of their permitted
successors and assigns). 
  
 ARTICLE III 
 TEMPORARY PROHIBITION ON TRANSFER OF ORIGINAL COMMON UNITS 
  
 Section 3.1 Temporary Prohibition. Except pursuant to a Permitted Involuntary Transfer, without the prior written consent of the voting member
majority of the General Partner, which may be withheld for any or no reason, no Unitholder may Transfer any Original Common Units during the period commencing on the date of the Conversion and continuing up to and including August 15, 2006.
Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement will be deemed to be a waiver of any restrictions or prohibitions contained in any other agreements or documents, including any “lockup agreement” with
underwriters relating to the Initial Public Offering. 
  
 Section
3.2 Stop Orders. The Unitholders consent to the entry of stop transfer instructions with Inergy Holdings’ transfer agent and registrar against the Transfer of Original 

  

 3 

 
Common Units held by the Unitholders except where such Transfers are made in compliance with the exceptions to the temporary prohibition described in Section
3.1. 
  
 ARTICLE IV 
 RESTRICTIONS ON TRANSFER OF ORIGINAL COMMON UNITS 
  
 Section 4.1 General Transfer Restrictions. Until March 16, 2105, no Unitholder may Transfer any Original Common Units except (i) pursuant to the
provisions of Sections 4.2 or 4.3, (ii) with the consent of the voting member majority or the board of directors of the General Partner, which, in either case, may be withheld for any or no reason or (iii) pursuant to a Permitted Involuntary
Transfer. Any purported Transfer of Original Common Units in violation of the terms of this Agreement will be null and void and of no effect. 
  
 Section 4.2 First Offer Right. 
  
 (a) Except as otherwise provided in Sections 4.1 and 4.3, if any Unitholder (the “Transferor”) desires to make a Transfer
of any Original Common Units, then, prior to making such Transfer, the Transferor must deliver a notice (the “First Offer Notice”) to the voting member majority of the General Partner. 
  
 (b) The First Offer Notice must specify the number of
Original Common Units to be the subject of the Transfer (the “Offered Original Common Units”) and disclose all of the proposed terms and conditions of the Transfer except, in the case of a Public Sale, the name of the transferee or
transferees. The purchase price for the Original Common Units must be payable solely in cash at the closing of the transaction. 
  
 (c) The voting member majority or the board of directors of the General Partner may give notice of Inergy Holdings’ election to
purchase any or all of the Offered Original Common Units, at the price and on the terms specified in the First Offer Notice by delivering notice of its election (the “First Offer Election Notice”) to the Transferor before the end of
the first full Business Day after delivery of the First Offer Notice (the end of such full Business Day, the “First Offer Election Period”). 
  
 (d) If Inergy Holdings elects to purchase any of the Offered Original Common Units, the Transfer of such Offered Original Common Units
must be consummated within 24 hours after the expiration of the First Offer Election Period. 
  
 (e) In the case of a First Offer Notice contemplating a Public Sale, if Inergy Holdings fails to elect to purchase all of the Offered
Original Common Units, the Transferor may, during the 20 Business Days immediately after the expiration of the First Offer Election Period, Transfer any or all of the unpurchased Offered Original Common Units in a Public Sale at the then-prevailing
market price or prices. All unpurchased Offered Original Common Units that are not Transferred within such 20 Business Day period will again be subject to the provisions of this Section 4.2 with respect to any subsequent Transfer. 
  
 (f) In the case of a First Offer Notice contemplating a
Transfer other than a Public Sale, if Inergy Holdings fails to elect to purchase all of the Offered Original 

  

 4 

 
Common Units, the Transferor may, during the five Business Days immediately after the expiration of the First Offer Election Period, Transfer any or all of
the unpurchased Offered Original Common Units to the Person or Persons specified in the First Offer Notice on the terms specified in the First Offer Notice. All unpurchased Offered Original Common Units that are not Transferred within such five
Business Day period will again be subject to the provisions of this Section 4.2 with respect to any subsequent Transfer. 
  
 Section 4.3 Exempt Transfers. The restrictions contained in Section 4.2 will not apply with respect to any of the following: 
  
 (a) any Transfer to the spouse of a Unitholder or the spouse
of a Former Unitholder, in either case, of any Original Common Units held by such Unitholder or previously held by such Former Unitholder, as the case may be; 
  

(b) any Transfer to (i) a lineal descendant, natural or adopted, of a Unitholder, or to the spouse of any such lineal descendant, (ii)
a lineal descendant, natural or adopted, of the spouse of a Unitholder, (iii) a spouse of a lineal descendant, natural or adopted, of the spouse of a Unitholder, (iv) a lineal descendant, natural or adopted of a Former Unitholder, or to the spouse
of any such lineal descendant, (v) a lineal descendant, natural or adopted, of the spouse of a Former Unitholder or (vi) a spouse of a lineal descendant, natural or adopted, of the spouse of a Former Unitholder, in any case, of any Original Common
Units held by such Unitholder or previously held by such Former Unitholder, as the case may be; 
  
 (c) any Transfer to (i) a sibling of a Unitholder, (ii) a sibling of a Former Unitholder, (iii) a sibling of a spouse of a Unitholder or
(iv) a sibling of a spouse of a Former Unitholder, in any case, of any Original Common Units held by such Unitholder or previously held by such Former Unitholder, as the case may be; 
  
 (d) any Transfer by a Unitholder to the trustee or trustees of a trust (i) for the substantial benefit of
any one or more of the following: such Unitholder; a Person described in clauses (a), (b) or (c) above; or an entity exempt from tax under
 Section 501(c)(3) of the Code, and (ii) over which, during such Unitholder’s lifetime, such
Unitholder has, directly or indirectly, the exclusive right to vote and dispose of Original Common Units; 
  
 (e) any Transfer by a Unitholder to a partnership (general or limited) or to any other entity, (i) all of the partners or other owners of
which are one or more of the following: such Unitholder; a Former Unitholder; a Person described in clauses (a), (b) or (c) above; or an entity exempt from tax under Section 501(c)(3) of the Code, and (ii) over which, during such Unitholder’s
lifetime, the Unitholder has, directly or indirectly, the exclusive right to vote and dispose of Original Common Units; provided, however, that if any ownership interest in such partnership or other entity is Transferred to any Person
who is not within such class of Persons, such Transfer will be considered a Transfer of all of the Original Common Units owned by such partnership or other entity and such Original Common Units will immediately become subject to the first offer
rights set forth in Section 4.2 at a price equal to the closing price of Common Units on 

  

 5 

 
any exchange in which Common Units are traded, with such price determined as of the date of the Transfer of such ownership interest; 
  
 (f) with respect to any Unitholder that is a trustee of a
trust, any Transfer (i) to the beneficiary or beneficiaries of such trust (whether to any such beneficiary or in trust for such beneficiary) if such beneficiary or beneficiaries are of the type described in Sections 4.3(a), 4.3(b) or 4.3(c), or (ii)
to the settlor or grantor of such trust; 
  
 (g)
any Transfer of any Original Common Units previously held by a Former Unitholder to such Former Unitholder; and 
  
 (h) any Transfer to Inergy Holdings; 
  
 provided, however, that, unless waived in writing by the voting member majority or the board of directors of the General Partner, the restrictions contained
in Section 4.1 will continue to be applicable to the Original Common Units after any such Transfer (other than a Transfer to Inergy Holdings), and, before any such Transfer is effected (other than a Transfer to Inergy Holdings), the transferee or
transferees of such Original Common Units must agree in writing to be bound by all the provisions of this Agreement and execute and deliver to Inergy Holdings a joinder to this Agreement, in substantially the form of Exhibit A, agreeing to be
bound as a Unitholder pursuant to the terms of this Agreement. 
  
 Section 4.4 Assumption by Certain Transferees. Except in the case of a transferee that receives Original Common Units in a Public Sale or unless otherwise waived in writing by the voting member majority or the board of directors of
the General Partner, all transferees that receive Original Common Units will take such Original Common Units subject to all of the terms and conditions of this Agreement and will not be considered to have title thereto until the transferee has
accepted and assumed the terms and conditions of this Agreement by executing and delivering to Inergy Holdings a joinder in substantially the form of Exhibit A. Upon receipt of such joinder, such transferee will succeed to all rights of his
transferor except as such rights may be otherwise limited by other provisions of this Agreement, the Certificate of Formation, the Agreement of Limited Partnership or any other agreement affecting the Transferred Original Common Units. 

 
 Section 4.5 Stop Orders. The Unitholders consent to the entry of
stop transfer instructions with Inergy Holdings’ transfer agent and registrar against the Transfer of Original Common Units held by the Unitholders except where such Transfers are made in compliance with the restrictions described in this
Article IV. 
  
 ARTICLE V LEGEND 
  
 Except in the case of a transferee that receives Original Common Units in a
Public Sale or unless otherwise waived in writing by the voting member majority or the board of directors of the General Partner, until March 16, 2105, each certificate representing any of the Original Common Units will be endorsed with the legend
set forth below. On or after March 16, 2105, any Unitholder may require Inergy Holdings to remove such legend from such Unitholder’s certificates. 
  

 6 

 THE COMMON UNITS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON RESALE, TRANSFER AND
OTHER LIMITATIONS UNTIL MARCH 16, 2105 AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR ENCUMBERED EXCEPT IN CONFORMITY WITH THE TERMS OF THE UNITHOLDER AGREEMENT, DATED APRIL 14, 2005, AMONG INERGY HOLDINGS, L.P. AND CERTAIN COMMON
UNITHOLDERS OF INERGY HOLDINGS, L.P. 
  
 ARTICLE VI 
 REGISTRATION RIGHTS 
  
 Section 6.1 Granting of Registration Rights. If (i) any Unitholder (the “Holder”) requests that Original Common Units owned by the
Holder be registered for resale under the Securities Act and applicable state securities laws and (ii) such request is approved by the voting member majority or the board of directors of the General Partner, in its sole discretion, Inergy Holdings
will file with the Securities and Exchange Commission as promptly as practicable after receiving such request, and use commercially reasonable efforts to cause to become effective and remain effective for a commercially reasonable period following
its effective date (or such shorter period as will terminate when all Common Units covered by such registration statement have been sold), a registration statement under the Securities Act registering the offering and sale of the number of Original
Common Units specified by the Holder; provided, however, that if the voting member majority or the board of directors of the General Partner approves a registration request by John J. Sherman, any of his Affiliates or any Person to
whom John J. Sherman or any of his Affiliates Transferred Original Common Units, Inergy Holdings must also offer registration rights in the same proportion to each of the other Unitholders with respect to such Unitholders’ Original Common
Units; provided, further, that if the voting member majority or the board of directors of the General Partner determines that a postponement of the requested registration for up to six months would be in the best interests of Inergy Holdings
and its limited partners, the filing of such registration statement or the effectiveness thereof may be deferred for up to six months, but not thereafter. In connection with any registration pursuant to the immediately preceding sentence, Inergy
Holdings will promptly prepare and file such documents as may be necessary to apply for listing or to list the Original Common Units subject to such registration on the primary exchange on which Common Units are traded. Except as set forth in
Section 6.3, all costs and expenses of any such registration and offering (other than any underwriting discounts and commissions) will be paid by Inergy Holdings, without reimbursement by the Holder. 
  
 Section 6.2 If (i) Inergy Holdings proposes to file a registration statement
under the Securities Act for an offering of Common Units for cash (other than an offering relating solely to an employee benefit plan), (ii) a Holder requests that Original Common Units owned by the Holder be registered for resale under the
Securities Act and applicable state securities laws pursuant to such registration statement and (iii) such request is approved by the voting member majority or the board of directors of the General Partner, in their sole discretion, Inergy Holdings
will use commercially reasonable efforts to include in the registration statement the requested number of Common Units held by the Holder; provided, however, that if the voting member majority or the board of directors of the General
Partner approves a registration request by John J. Sherman, any of his Affiliates or any Person to whom John J. Sherman or any of his Affiliates 

  

 7 

 
Transferred Original Common Units, Inergy Holdings must also offer registration rights in the same proportion to each of the other Unitholders with respect
to such Unitholders’ Original Common Units. If the proposed offering pursuant to this Section 6.2 is an underwritten offering, then, if the managing underwriter or managing underwriters of such offering advise Inergy Holdings and the Holder in
writing that in its or their opinion the inclusion of all or some of the Holder’s Original Common Units would adversely and materially affect the success of the offering, Inergy Holdings will include in such offering only that number, if any,
of Original Common Units owned by all of the Holders requesting registration that, in the opinion of the managing underwriter or managing underwriters, will not so adversely and materially affect the offering, with the amount of Original Common
Units of a Holder to be allocated pro rata among the Holders in proportion to their ownership of Original Common Units. Except as set forth in Section 6.3, all costs and expenses of any such registration and offering (other than any
underwriting discounts and commissions) will be paid by Inergy Holdings, without reimbursement by the Holder. 
  
 Section 6.3 In connection with any registration under this Article VI, Inergy Holdings will indemnify and hold harmless the Holder and any agent thereof
(collectively, the “Indemnified Persons”) against any losses, claims, demands, actions, causes of action, assessments, damages, liabilities (joint or several), costs and expenses (including interest, penalties and reasonable
attorneys’ fees and disbursements), resulting to, imposed upon, or incurred by the Indemnified Persons, directly or indirectly, under the Securities Act or otherwise (each a “claim” and, collectively, “claims”)
based upon, arising out of or resulting from any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which any Original Common Units were registered under the Securities Act or any state
securities laws, in any preliminary prospectus (if used prior to the effective date of such registration statement), or in any summary or final prospectus or in any amendment or supplement thereto (if used during the period Inergy Holdings is
required to keep the registration statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein
not misleading; provided, however, that Inergy Holdings will not be liable to any Indemnified Person to the extent that any such claim arises out of, is based upon or results from an untrue statement or alleged untrue statement or
omission or alleged omission made in such registration statement, such preliminary, summary or final prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to Inergy Holdings by or on behalf
of such Indemnified Person for use in the preparation thereof. 
  
 Section 6.4 Any request to register Original Common Units pursuant to this Article VI must (i) specify the Original Common Units intended to be offered and sold by the Holder, (ii) express the Holder’s present intent to offer such
Original Common Units for distribution, (iii) describe the nature or method of the proposed offer and sale of Original Common Units, and (iv) contain the undertaking of the Holder to provide all such information and materials and take all action as
may be required in order to permit Inergy Holdings to comply with all applicable requirements in connection with the registration of such Original Common Units. 
  

 8 

 ARTICLE VII 
 MISCELLANEOUS 
  
 Section 7.1 Any
notice or communication under this Agreement will be effective only if it is in writing and (i) if sent to Inergy Holdings, personally delivered or sent by facsimile transmission, or (ii) if sent to any Unitholder, personally delivered or sent by a
nationally recognized overnight delivery service, with delivery confirmed, in each case addressed as follows: 
  

					
	 If to Holdings:
	 	 With a copy to:
	 	 With a copy to:

			
	 John J. Sherman
	 	 Laura L. Ozenberger
	 	 Paul E. McLaughlin

	 Inergy Holdings, L.P.
	 	 Inergy Holdings, L.P.
	 	 Stinson Morrison Hecker LLP

	 Two Brush Creek Blvd.,
	 	 Two Brush Creek Blvd.,
	 	 1201 Walnut Street

	 Suite 200
	 	 Suite 200
	 	 Kansas City, Missouri 64106-2150

	 Kansas City, Missouri 64112
	 	 Kansas City, Missouri 64112
	 	 Fax: (816) 691-3495

	 Fax: (816) 471-3854
	 	 Fax: (816) 531-4680
	 	 

  
 If to a Sherman Trust: 
  
 John J. Sherman, Trustee 
 Two Brush Creek Blvd., Suite 200 
 Kansas City, Missouri 64112 
  
 If to a Gautreaux
Trust: 
  
 William C. Gautreaux, Trustee

 Two Brush Creek Blvd., Suite 200 
 Kansas City, Missouri 64112 
  
 If to a Hughes Trust: 
  
 Carl A. Hughes, Trustee 
 Two Brush Creek Blvd., Suite 200 
 Kansas City, Missouri 64112 
  
 If to Fox: 
  
 Michael D. Fox 
 Two Brush Creek Blvd., Suite 200 
 Kansas City, Missouri 64112 
  
 If to McLaughlin or the McLaughlin GRAT: 
  
 Paul E. McLaughlin 
 Stinson Morrison Hecker LLP 
 1201 Walnut Street 
 Kansas City, Missouri 64106-2150 
  
  

 9 

 If to Atterbury: 
  
 Andrew Atterbury, c/o Midland 
 2001 Shawnee Mission Parkway 
 Shawnee Mission, Kansas 66205 
  
 If to Dehaemers or the Dehaemers GRAT: 
  
 David G. Dehaemers, Jr. 
 Two Brush Creek Blvd., Suite 200 
 Kansas City, Missouri 64112 
  
 If to Elbert, the
Elbert GRAT, the Charles Elbert Trust or the Lauren Elbert Trust: 
  
 Phillip L. Elbert 
 Two Brush Creek Blvd., Suite 200 
 Kansas City, Missouri 64112 
  
 If to Brooks Sherman: 
  
 R. Brooks Sherman, Jr. 
 Two Brush Creek Blvd., Suite 200 
 Kansas City, Missouri 64112 
  
 or such other persons or addresses as may be furnished in writing by any party to the other
parties, and will be deemed to have been given as of the end of the Business Day on the date when so personally delivered or sent by facsimile transmission, or the end of the next Business Day when delivered during business hours to an overnight
delivery service properly addressed, unless the sending party has actual knowledge that such notice was not received by the intended recipient. 
  
 Section 7.2 Governing Law. This Agreement is governed by and construed, interpreted and enforced in accordance with the laws of the State of
Delaware applicable to agreements made and to be performed entirely within such state, including all matters of enforcement, validity and performance. 
  
 Section 7.3 Specific Enforcement. Each Unitholder acknowledges and agrees that a violation by him or it of any of the provisions of this Agreement
will cause irreparable damage to Inergy Holdings and the other Unitholders and that Inergy Holdings and the other Unitholders will have no adequate remedy at law for such violation. Accordingly, Inergy Holdings and the non-violating Unitholders will
be entitled as a matter of right to an injunction from any court of competent jurisdiction restraining any further violation of such provision or affirmatively compelling such offender to carry out its obligations hereunder. Such right to injunctive
relief will be cumulative and in addition to whatever remedies Inergy Holdings and the non-violating Unitholders may have at law.  
  
 Section 7.4 Waiver. No failure or delay in exercising any right hereunder will operate as a waiver thereof, nor will any single or partial exercise
thereof preclude any other or further exercise or the exercise of any other right. A waiver by any party of any breach or covenant will 

  

 10 

 
not be construed to be a waiver of any succeeding breach or any other covenant. All waivers must be in writing and signed by the party or parties waiving
such rights. 
  
 Section 7.5 Severability and Reformation.
The parties intend all provisions of this Agreement to be enforced to the fullest extent permitted by law. If, however, any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law, such provision
will be fully severable and this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision were never a part hereof, and the remaining provisions will remain in full force and effect and will not be affected by
the illegal, invalid or unenforceable provision or by its severance. Further, the illegal, invalid or unenforceable provision will be limited so that it will remain in effect to the fullest extent permitted by law. 
  
 Section 7.6 Attorneys’ Fees. If any action at law or in equity is
brought by any party to enforce the terms and conditions of this Agreement, the party in whose favor a final judgment is entered will be entitled, in addition to any other relief that may be awarded, to recover from the other party or parties, his
or its reasonable attorneys’ fees, together with such prevailing party’s other reasonable and necessary expenses incurred in connection with such litigation. 
  
 Section 7.7 Binding Effect and Assignment. Subject to the prohibitions and restrictions against Transfer contained in
this Agreement, this Agreement will be binding upon and inure to the benefit of the personal representatives, successors and assigns of the parties hereto. Neither this Agreement nor any of the rights or duties of any party may be transferred or
assigned to any Person except by a written agreement executed by all of the parties; provided, however, that any Unitholder may assign any or all of his or its rights and duties under this Agreement in connection with a permitted
Transfer by such Unitholder of all of his or its Original Common Units; provided, further, that Inergy Holdings may assign any or all of its rights and duties under this Agreement in connection with a merger, consolidation or sale of
substantial assets of Inergy Holdings. 
  
 Section 7.8
Amendment. This Agreement may only be amended with the written agreement of the Unitholders owning 75% or more of the Original Common Units outstanding at the time of such amendment. 
  
 Section 7.9 Entire Agreement. This Agreement, along with the
Certificate of Formation and the Agreement of Limited Partnership, represent the parties’ entire agreement with respect to the subject matter of this Agreement and supersede and replace any prior agreement or understanding with respect to that
subject matter. 
  
 Section 7.10 Headings. The headings
contained in this Agreement are for reference purposes only and will not in any way affect the meaning or interpretation of this Agreement. 
  
 Section 7.11 Further Acts. Each of the parties will perform all such further acts and execute all such additional documents as may be necessary or
reasonably appropriate to effect the intent and purposes of this Agreement. 
  
 Section 7.12 Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed an original and all of which will constitute the same instrument. 

 

 11 

 Section 7.13 Relationship of Parties. Nothing contained in this Agreement will be deemed to create
any employment, agency, joint venture, partnership or similar relationship between or among the parties. Nothing contained in this Agreement will be deemed to authorize any party to this Agreement to bind or obligate the other parties. 

 
 [End of Page.] 
  
  

 12 

 The parties have entered into this Unitholder Agreement on the day and year set forth in the introductory
clause. 
  

			
	 INERGY HOLDINGS, LLC

		
	 By:
	 	 /s/ John J. Sherman

	 	 	 Name: John J. Sherman
 Title: President and CEO

  
  

	
	 
	
	 /s/ JOHN J. SHERMAN

	JOHN J. SHERMAN, TRUSTEE OF THE JOHN J. SHERMAN REVOCABLE TRUST DATED MAY 4, 1994

  

	
	 
	
	 /s/ JOHN J. SHERMAN

	JOHN J. SHERMAN, CO-TRUSTEE OF THE JOHN J. SHERMAN 2005 GRANTOR RETAINED ANNUITY TRUST I UNDER TRUST INDENTURE DATED MARCH 31, 2005

  
  

	
	 
	
	 /s/ MARY N. SHERMAN

	MARY N. SHERMAN, CO-TRUSTEE OF THE JOHN J. SHERMAN 2005 GRANTOR RETAINED ANNUITY TRUST I UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	 /s/ JOHN J. SHERMAN

	JOHN J. SHERMAN, CO-TRUSTEE OF THE JOHN J. SHERMAN 2005 GRANTOR RETAINED ANNUITY TRUST II UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

 13 

	
	 
	
	 /s/ MARY N. SHERMAN

	MARY N. SHERMAN, CO-TRUSTEE OF THE JOHN J. SHERMAN 2005 GRANTOR RETAINED ANNUITY TRUST II UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	 /s/ WILLIAM C. GAUTREAUX

	WILLIAM C. GAUTREAUX, TRUSTEE OF THE WILLIAM C. GAUTREAUX REVOCABLE TRUST UNDER TRUST INDENTURE DATED MARCH 8, 2005

  

	
	 
	
	 /s/ WILLIAM C. GAUTREAUX

	WILLIAM C. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	 /s/ CHRISTENA A. GAUTREAUX

	CHRISTENA A. GAUTREAUX, CO-TRUSTEE OF THE WILLIAM C. GAUTREAUX 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	 /s/ CARL A. HUGHES

	CARL A. HUGHES, TRUSTEE OF THE CARL A. HUGHES REVOCABLE TRUST UNDER TRUST INDENTURE DATED SEPTEMBER 13, 2002

  

	
	 
	
	 /s/ CARL A. HUGHES

	 CARL A. HUGHES, CO-TRUSTEE OF THE CARL A. HUGHES 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005
  

  

 14 

	
	 
	
	 /s/ CHERYL L. HUGHES

	CHERYL L. HUGHES, CO-TRUSTEE OF THE CARL A. HUGHES 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	 /s/ MICHAEL D. FOX

	 MICHAEL D. FOX

  

	
	 
	
	 /s/ PAUL E. MCLAUGHLIN

	 PAUL E. MCLAUGHLIN

  

	
	 
	
	 /s/ PAUL E. MCLAUGHLIN

	PAUL E. MCLAUGHLIN, CO-TRUSTEE OF THE PAUL E. MCLAUGHLIN 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	 /s/ JONALEE Y. MCLAUGHLIN

	JONALEE Y. MCLAUGHLIN, CO-TRUSTEE OF THE PAUL E. MCLAUGHLIN 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	 /s/ ANDREW ATTERBURY

	 ANDREW ATTERBURY

  

	
	 
	
	 /s/ DAVID G. DEHAEMERS, JR.

	 DAVID G. DEHAEMERS, JR.

  

	
	 
	
	 /s/ DAVID G. DEHAEMERS, JR.

	DAVID G. DEHAEMERS, JR., CO-TRUSTEE OF THE DAVID G. DEHAEMERS, JR. 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  
  

 15 

	
	 
	
	/s/ BARBARA C. DEHAEMERS
	BARBARA C. DEHAEMERS, CO-TRUSTEE OF THE DAVID G. DEHAEMERS, JR. 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	/s/ PHILLIP L. ELBERT
	 PHILLIP L. ELBERT

  

	
	 
	
	/s/ PHILLIP L. ELBERT
	PHILLIP L. ELBERT, CO-TRUSTEE OF THE PHILLIP L. ELBERT 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	/s/ KRISTIN O. ELBERT
	KRISTIN O. ELBERT, CO-TRUSTEE OF THE PHILLIP L. ELBERT 2005 GRANTOR RETAINED ANNUITY TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	/S/ PHILLIP L. ELBERT
	PHILLIP L. ELBERT, CO-TRUSTEE OF THE CHARLES W. ELBERT TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	/s/ KRISTIN O. ELBERT
	KRISTIN O. ELBERT, CO-TRUSTEE OF THE CHARLES W. ELBERT TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	/s/ PHILLIP L. ELBERT
	PHILLIP L. ELBERT, CO-TRUSTEE OF THE LAUREN E. ELBERT TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  
  

 16 

	
	 
	
	/s/ KRISTIN O. ELBERT
	KRISTIN O. ELBERT, CO-TRUSTEE OF THE LAUREN E. ELBERT TRUST UNDER TRUST INDENTURE DATED MARCH 31, 2005

  

	
	 
	
	 /s/ R. BROOKS SHERMAN, JR.

	 R. BROOKS SHERMAN, JR.
  

  

 17 

 EXHIBIT A 
  
 FORM OF JOINDER TO UNITHOLDER AGREEMENT 
  
 The undersigned, [name of transferee], the successor in interest to
                 common units (“Common Units”) representing limited partner interests in Inergy Holdings, L.P., a Delaware limited partnership
(“Inergy Holdings”), held by                      [name of transferor], does hereby, effective as of
                    , 20        , consent to and agree to be bound by the provisions of the
Unitholder Agreement, dated April 14, 2005 (the “Unitholder Agreement”), among Inergy Holdings and certain holders of Common Units who are parties thereto. The undersigned’s address for purposes all notices and communications under
the Unitholder Agreement is: 
  
 [Name] 
 [Address] 
  
 Dated:                     , 20        . 
  

			
	 ACCEPTED AND AGREED:
  
 [NAME OF ENTITY]

		
	 By:
	 	 

  

			
	 Name:
	 	 
	 Title:
	 	 
		
	 [or]
	 	 

  

	
	 
	
	 
	 [NAME OF INDIVIDUAL OR TRUST]

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