Document:

EXHIBIT 10.1

 Exhibit 10.1 
  
 FIRST AMENDMENT TO CONTRACT OF PURCHASE AND SALE 
  
 THIS FIRST AMENDMENT TO CONTRACT OF PURCHASE AND SALE (the “Amendment”) is made and entered into as of February 2,
2005 (the “Effective Date”), by and among ARC CORPORATE REALTY TRUST, INC. (“Parent”), the affiliates of Parent listed on Schedule I to the Agreement (as such term is defined below) (collectively,
“Sellers” and individually, a “Seller”), and HPI/NL INVESTORS LLC or its permitted assigns (“Buyer”). Parent, Buyer and each of the Sellers are sometimes referred to herein individually as a
“Party” and collectively as the “Parties.” Capitalized terms not otherwise defined herein shall have their respective meanings set forth in the Agreement. 
  
 The Parties entered into a Contract of Purchase and Sale dated December 20,
2004 (as amended by that certain letter agreement dated January 13, 2005 and that certain letter agreement dated January 19, 2005, the “Agreement”) providing for the purchase and sale of the Properties and certain related matters.
The Parties now wish to amend the Agreement in certain respects as provided herein. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
  
 1. Properties. For all purposes of the Agreement, the defined term “Property” shall be deemed not to
include the following properties generally described in Exhibit M to the Agreement as located in Charlotte, North Carolina: 209 Park Street, Belmont, NC; 2711 X-Ray Drive, Gastonia, NC; 214 N. Cleveland Avenue, Kings Mountain, NC; and 700 N. Main
Street, Stanley, NC, all of which properties are leased to CaroMont Health System and which are referred to collectively in this Amendment as the “CaroMont Properties.” The CaroMont Properties shall be deemed excluded from Exhibit M
to the Agreement and no Party shall have any obligation to any other Party with respect to the purchase and sale of the CaroMont Properties, provided that Purchaser shall continue to perform all of its obligations under Article IV of the Agreement
with respect to the CaroMont Properties. 
  
 2. Fort Washington
Interest. Parent acknowledges that Buyer has notified Parent in accordance with the Agreement that Buyer will not purchase the Fort Washington Interest. No Party shall have any obligation to any other Party with respect to the purchase and sale
of the Fort Washington Interest, provided that Purchaser shall continue to perform all of its obligations under Article IV of the Agreement with respect to the Fort Washington Interest. 
  
 3. First Refusal Interests. No Party has any obligation to any other Party with respect to the purchase and sale of
any First Refusal Interest, provided that Buyer shall continue to perform all of its obligations under Article IV of the Agreement, if any, with respect to the First Refusal Interests. 

 4. Right of First Refusal. Parent hereby affirms that any and all first refusal rights regarding
the Properties as set forth on Exhibit 1 have been waived by the parties entitled to exercise such rights, with respect to the Purchase Price set forth in the Agreement. 
  
 5. UTI Property. Buyer shall have no obligation to pay and Parent shall have no right to receive any payment pursuant
to Section 3.1(d)(i) of the Agreement, and such provisions shall be deemed to have been deleted from the Agreement. 
  
 6. Purchase Price. The total amount of the Purchase Price is Sixty-Five Million One Hundred Fifty-Eight Thousand Eight Hundred Twenty-Two and
00/100 Dollars ($65,158,822.00), which amount is subject to adjustment in accordance with the Agreement. The parties shall agree to revisions to Exhibit T to the Agreement, setting forth the allocations of the Purchase Price. The agreement of the
Parties to this reduction in the Purchase Price is contingent on the persons to whom broker fees are payable executing and delivering an amendment to the agreement providing for payment of such fees which reduces the aggregate amount of such fees by
Two Hundred Thousand Dollars ($200,000.00). If Buyer and Parent shall not have received the executed amendment by 5:00 p.m. Eastern time on Thursday, February 4, 2005, this Amendment shall be null and void and Buyer shall be deemed to have given
timely notice of termination of the Agreement in accordance with Section 13.1(c)(i) (notwithstanding Section 7 of this Amendment.) 
  
 7. Due Diligence. Buyer acknowledges and agrees that Parent and Sellers have satisfied fully all of their obligations under Article IV of the
Agreement and that the Due Diligence Period has expired without Buyer exercising its right to terminate the Agreement pursuant to Section 13.1(c)(i) of the Agreement. 
  
 8. Adjustments at the Closing. Section 6.3(f) of the Agreement is revised to read in its entirety as follows:

  
 “(f) Buyer shall be entitled to a credit in the amount
of One-Half Percent (0.5%) of the Purchase Price, as adjusted in accordance with this Agreement (and as reduced pursuant to the amendment of the brokerage agreement) for its payment of a portion of the brokerage fees payable with respect to the
Transactions, such credit to be applied against amounts payable to the Sellers in proportion to the Purchase Price allocation set forth in Exhibit T.” 
  
 9. Assignment of Ownership Interests. With respect to each of the Properties listed on Exhibit 2 to this
Amendment, the Seller of such Property shall transfer its ownership interest to a newly formed single purpose entity limited liability company or other legal entity mutually agreeable to Parent and Buyer and the conveyance contemplated by the
Agreement shall be effectuated by the transfer to Buyer (and/or its nominee) of one hundred percent (100%) of the ownership interests in such entities. Such transfers shall satisfy all of the requirements of Section 6.6 of the Agreement. 

 
 10. Other. Other than to the extent that any of its provisions is
expressly amended or superseded hereby, the Agreement remains in full force and effect in 

  

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accordance with its terms. In the event of any conflict between the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall
control. This Amendment may be executed in counterparts by the Parties, which together shall have the full force and effect of a fully executed agreement among the Parties. 
  
 [Remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, Buyer, Parent and Sellers have executed this Amendment as of the day and year first
above written. 
  

							
	 BUYER:
	 	 	 	 
	 HPI/NL INVESTORS LLC,
	 	 	 	 
	 a Delaware limited liability company

				
	 	 	HPI Capital, Inc.,	 	 	 	 
	 	 	a Florida corporation
	 	 	Member	 	 	 	 
			
	 	 	By:	 	 /s/ Michael Verruto

	 	 	 	 	Michael Verruto, Vice President
			
	PARENT:	 	 	 	 
	
	ARC CORPORATE REALTY TRUST, INC.
		
	 By:
	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
				
	 SELLERS:
	 	 	 	 	 	 
	
	MONTGOMERYVILLE 309 ASSOCIATES, L.P.,
	 a Pennsylvania limited partnership
	 	 
		
	 	 	Montgomeryville ACRT, LLC,
	 	 	a Pennsylvania limited liability company
	 	 	General Partner
			
	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	Robert J. Ambrosi, President

  

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	 NORCROSS G&I, INC.,

	 a Georgia corporation

		
	 BY:    
	 	 /s/ Robert J. Ambrosi

	 	 	 Robert J. Ambrosi, President

	
	 TMD DEVELOPMENT, LLC,

	 a Kansas limited liability company

		
	 	 	 Overland Park G&I, Inc.,

	 	 	 a Kansas corporation

	 	 	 Member

				
	 	 	 	 	 BY:    
	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	 Robert J. Ambrosi, President

	
	 STANLEY MAIN, LLC,
 a North Carolina limited liability company

		
	 	 	 Charlotte-Caromont, LLC,

	 	 	 a North Carolina limited liability company

	 	 	 Managing Member

				
	 	 	 	 	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	 Robert J. Ambrosi, Manager

	
	 GASTONIA-X-RAY, LLC,

	 a North Carolina limited liability company

		
	 	 	 Charlotte-Caromont, LLC,

	 	 	 a North Carolina limited liability company

	 	 	 Managing Member

				
	 	 	 	 	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	 Robert J. Ambrosi, Manager

  
  

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	BELMONT-209 PARK, LLC,
	a North Carolina limited liability company
		
	 	 	Charlotte-Caromont, LLC,
	 	 	a North Carolina limited liability company
	 	 	Managing Member
				
	 	 	 	 	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, Manager
	
	KING MOUNTAIN-CLEVELAND, LLC,
	a North Carolina limited liability company
		
	 	 	Charlotte-Caromont, LLC,
	 	 	a North Carolina limited liability company
	 	 	Managing Member
				
	 	 	 	 	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, Manager
	
	REBOX DEVELOPMENT, LLC,
	a Kansas limited liability company
		
	 	 	Wichita G&I, Inc.,
	 	 	a Kansas limited liability company
	 	 	Member
				
	 	 	 	 	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, President
	
	SACRAMENTO G&I, INC.,
	a California corporation
		
	 BY:
	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President

  

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	LEVITTOWN-ARC, L.P.,
	a Pennsylvania limited partnership
		
	 	 	Levittown-ARC, LLC,
	 	 	a Pennsylvania limited liability company
	 	 	General Partner
			
	 	 	 	 	ARC Corporate Realty Trust, Inc.®,
	 	 	 	 	a Maryland corporation
	 	 	 	 	Manager
					
	 	 	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	 	 	Robert J. Ambrosi, President
	
	MARIETTA G&I, INC.,
	a Georgia corporation
		
	BY:	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
	
	LILBURNE G&I, INC.,
	a Georgia corporation
		
	BY:	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
	
	SAN ANTONIO G&I, L.P.,
	a Texas limited partnership
		
	 	 	San Antonio/GP, Inc.,
	 	 	a Texas corporation
	 	 	General Partner
				
	 	 	 	 	BY:	 	 /s/ Robert J. Ambrosi

	 	 	 	 	 	 	Robert J. Ambrosi, President

  

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	PLYMOUTH G&I, INC.,
	an Indiana corporation
		
	BY:	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President
	
	MEMWAL G&I, INC.,
	a Tennessee corporation
		
	BY:	 	 /s/ Robert J. Ambrosi

	 	 	Robert J. Ambrosi, President

  

 8Second Amendment to Employment Agreement

 Exhibit 10.1 
  
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
  
 THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of February 8, 2005, between Inergy GP, LLC, a Delaware limited liability company (the “Company”), and Phillip L. Elbert, an individual
(“Employee”). 
  
 The Company and Employee hereby
agree as follows: 
  
 1. Employment. Employee is being
employed by the Company as the Company’s Executive Vice President—Operations upon and subject to the terms and conditions of this Agreement. During the term of his employment under this Agreement, Employee shall report to the
Company’s President (currently John J. Sherman) or to such other person or persons as the Company may designate from time to time. Employee will begin his employment with the Company under this Agreement on November 1, 2004. 
  
 2. Duties. During the term of his employment under this Agreement,
Employee will perform his duties hereunder at such time or times as the Company may reasonably request. Employee’s duties may be varied by the Company from time to time without violating the terms of this Agreement and shall include: (i)
devoting his best efforts and his entire business time to further properly the interests of the Company to the satisfaction of the Company, (ii) being subject to the Company’s direction and control at all times with respect to his activities on
behalf of the Company, (iii) complying with all rules, orders, regulations, policies, practices and decisions of the Company, (iv) truthfully and accurately maintaining and preserving all records and making all reports as the Company may require,
and (v) fully accounting for all monies and other property of the Company of which he may from time to time have custody and delivering the same to the Company whenever and however directed to do so. 
  
 3. Compensation. For all services rendered by Employee to the Company,
the Company shall pay Employee a salary (the “Salary”) at the annual rate of Two Hundred Forty Thousand Dollars ($240,000), payable in arrears in accordance with the Company’s general payroll practices. All payments and
benefits provided pursuant to this Agreement are subject to income tax withholding and other applicable tax and withholding requirements. 
  
 4. Expenses. The Company shall reimburse Employee for all ordinary and necessary out-of-pocket expenses incurred and paid by Employee in the course
of the performance of Employee’s duties pursuant to this Agreement and consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, and subject to the Company’s
requirements with respect to the manner of approval and reporting of such expenses. 

 5. Additional Benefits. 
  
 (a) Employee shall be eligible for such fringe benefits, if any, by way of insurance, hospitalization and
vacations normally provided to employees of the Company generally and such additional benefits as may be from time to time agreed upon in writing between Employee and the Company. 
  
 (b) Employee will receive cash bonuses as determined by the Company in its sole discretion, payable in such
amounts and at such times as the Company may determine. 
  
 (c) As part of the initial public offering on July 31, 2001 by Inergy, L.P. of common units representing limited partner interests of Inergy, L.P.: 
  
 (i) Inergy, L.P. issued senior and junior subordinated units (collectively, the “Subordinated
Units”) that have a yield equal to (but subordinated to) the yield on the publicly-traded common units; 
  
 (ii) The subordination period on the Subordinated Units will end once Inergy, L.P. meets the financial tests set forth in its partnership
agreement. When the applicable subordination period ends, all remaining Subordinated Units will convert into common units on a one-for-one basis and will receive distributions pro rata with all other common units; and 
  
 (iii) As set forth in Inergy, L.P.’s partnership
agreement, the Subordinated Units may convert to common units in whole or in part. 
  
 If the subordination period terminates with respect to all of the Subordinated Units, Employee will receive a cash bonus of $375,000, with such bonus to be paid within 60 days after the date of such termination on a
proportional basis (without giving effect to the conversion of senior subordinated units that occurred in August, 2004), so that by way of example, if the subordination period terminates with respect to 33.3% of the Subordinated Units on December
31, 2005, Employee will receive a cash bonus in the amount of $125,000 on or before March 2, 2006. Notwithstanding the foregoing, in order to receive a bonus with respect to the termination of the subordination period for any Subordinated Units,
Employee must have been continuously employed by the Company from the date hereof until the date of termination. 
  
 6. Covenant Not to Disclose Confidential Information. Employee acknowledges that during the course of his employment with the Company Employee has
had and will continue to have access to and knowledge of certain information and data that the Company or any subsidiary, parent or affiliate of the Company considers confidential and that the release of such information or data to unauthorized
persons or entities would be extremely detrimental to the Company. As a consequence, Employee hereby agrees and acknowledges that he owes a duty to the Company not to disclose, and agrees that, during and after the term of his employment, without
the prior written consent of the Company, he will not communicate, publish or disclose, to any person or entity anywhere or use (for his own benefit or the benefit of others) any 

  

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Confidential Information (as defined below) for any purpose other than carrying out his duties as contemplated by this Agreement. Employee will use his best
efforts at all times to hold in confidence and to safeguard any Confidential Information to ensure that any unauthorized persons and entities do not gain possession of any Confidential Information and, in particular, will not permit any Confidential
Information to be read, duplicated or copied. Employee will return to the Company all originals and copies of documents and other materials, whether in printed or electronic format or otherwise, containing or derived from Confidential Information in
Employee’s possession or under Employee’s control when the duties of Employee no longer require Employee’s possession thereof, or whenever the Company requests, and in any event will return all such Confidential Information within ten
days if the employment relationship with the Company is terminated for any or no reason and will not retain any copies thereof. Employee acknowledges that Employee is obligated to protect the Confidential Information from disclosure or use even
after termination of the employment relationship. For purposes of this Agreement, the term “Confidential Information” means any information or data used by or belonging or relating to the Company or any subsidiary, parent or
affiliate of the Company, or any party to whom the Company owes a duty of confidentiality that is not known generally to the industry in which the Company or any subsidiary, parent or affiliate of the Company, or any party to whom the Company owes a
duty of confidentiality is or may be engaged, including, but not limited to, any and all trade secrets, proprietary data and information relating to the Company’s or any subsidiary, parent or affiliate of the Company’s, or any party to
whom the Company owes a duty of confidentiality past, present or future business and products, price lists, customer lists, acquisition candidates, processes, procedures or standards, know-how, manuals, hardware, software, source code, business
strategies, records, marketing plans, drawings, technical information, specifications, designs, patent information, financial information, whether or not reduced to writing, or information or data that the Company or any subsidiary, parent or
affiliate of the Company or any party to whom the Company owes a duty of confidentiality advises Employee should be treated as confidential information. Confidential Information does not include any information that: (i) is rightfully known to
Employee prior to Employee’s employment, and independent of any disclosure or access to the information via the Company as evidenced by Employee’s written records; or (ii) is or later becomes part of the public domain and known within the
relevant industry through no fault of Employee. 
  
 7.
Disclosure and Assignment of Intellectual Property. 
  
 (a) Employee agrees that the Company shall become the owner of all inventions, discoveries, developments, ideas, writings, and expressions, including, but not limited to, any and all concepts, improvements,
techniques, know-how, innovations, systems, processes, machines, current or proposed products, works, information, reports, papers, logos, computer programs, designs, marketing materials, and methods of manufacture, distribution, management or other
methods (whether or not reduced to writing and whether or not patentable or protectable by copyright), that Employee conceives, develops, creates, makes, perfects or reduces to practice in whole or in part while employed by the Company or within one
year after termination of Employee’s employment for any or no reason, and that: (i) directly or indirectly relate to or arise out of Employee’s job responsibilities for the Company or the performance of the duties of Employee’s
employment by the Company; (ii) result from research, development, or other activities of the Company; or (iii) relate or pertain in any way to the existing or 

  

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reasonably anticipated scope, business or products of the Company or any subsidiary, parent or affiliate of the Company (collectively, the
“Intellectual Property”). All of the right, title and interest in and to the Intellectual Property shall become exclusively owned by the Company or its nominee regardless of whether or not the conception, development, creation,
making, perfection or reduction to practice of such Intellectual Property involved the use of the Company’s time, facilities or materials and regardless of where such Intellectual Property may be conceived, made or perfected. 
  
 (b) Employee agrees to promptly and fully disclose in
writing to the Company all inventions, discoveries, developments, ideas, writings, and expressions conceived, developed, created, made, perfected or reduced to practice, in whole or in part, while employed by the Company or within one year after
termination of Employee’s employment for any or no reason, regardless of whether Employee believes the invention, discovery, development, writing, expression or idea should be considered Intellectual Property of the Company under any provision
of this Agreement, in order to enable the Company to make a determination as to its rights with respect to the same. 
  
 (c) Any and all information relating to Intellectual Property shall be considered Confidential Information and shall not be disclosed by
Employee to any person or entity outside of the Company. 
  
 (d) Any Intellectual Property that is the subject of copyright shall be considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended, and shall be the sole property of the
Company or its nominee. To the extent that the Company does not automatically own any such Intellectual Property as a work made for hire, Employee shall assign all right, title and interest in and to such Intellectual Property to the Company. All
right, title and interest in and to any other Intellectual Property, including, but not limited to, patent, industrial design, trademark, trade dress and trade secret rights shall be assigned and is hereby assigned exclusively to the Company or its
nominee. Employee further agrees to execute and deliver all documents and do all acts that the Company considers necessary or desirable to secure to the Company or its nominee the entire right, title and interest in and to the Intellectual Property,
including, but not limited to, executing applications for any United States and/or foreign patents or copyright registrations, disclosing relevant prior art, reviewing office actions and providing technical input to assist the Company in overcoming
any rejections. Any document prepared and filed pursuant to this Section 7(d) shall be prepared and filed at the Company’s expense. Employee further agrees to cooperate with the Company as reasonably necessary to maintain or enforce the
Company’s rights in the Intellectual Property. Employee hereby irrevocably appoints the President of the Company as Employee’s attorney-in-fact with authority to execute for Employee and on Employee’s behalf any and all assignments,
patent or copyright applications, or other instruments and documents required to be executed by Employee pursuant to this Section 7(d), if Employee is unwilling or unable to execute same. 
  
 (e) The Company shall have no obligation to use, attempt to
protect by patent or copyright, or promote any of the Intellectual Property; provided, however, that the Company, in its sole discretion, may reward Employee for any especially meritorious 

  

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contributions in any manner it deems appropriate or may provide Employee with full or partial releases as to any subject matter contributed by Employee in
which the Company is not interested. 
  
 8. Legal Proceedings
to Compel Disclosure. In the event that Employee is requested pursuant to, or required by, applicable law, regulation, or legal process, to disclose any Confidential Information or Intellectual Property, Employee shall notify the Company of such
request within five days of such request being made and shall enable the Company or any subsidiary, parent or affiliate of the Company to seek an appropriate protective order. In the event that such a protective order or other protective remedy is
not obtained, Employee shall furnish only that portion of the Confidential Information or Intellectual Property that, in the opinion of Employee’s counsel, is legally required and will exercise Employee’s best efforts to obtain reliable
assurances that confidential treatment will be accorded the Confidential Information or Intellectual Property. 
  
 9. Covenant Not to Compete. Employee acknowledges that during his employment with the Company he, at the expense of the Company, has been and will
continue to be specially trained in the business of the Company, has established and will continue to establish favorable relations with the customers, clients and accounts of the Company or any subsidiary, parent or affiliate of the Company and has
had and will continue to have access to the Intellectual Property, trade secrets and Confidential Information of the Company or any subsidiary, parent or affiliate of the Company. Therefore, in consideration of such training and relations, and in
consideration of his employment with the Company and the additional benefits provided by this Agreement, and to further protect the Intellectual Property, trade secrets and Confidential Information of the Company or any subsidiary, parent or
affiliate of the Company, Employee agrees that commencing on the date set forth in Section 1 and ending on the later of (i) one year from and after the date of the voluntary or involuntary termination of Employee’s employment for any reason or
no reason (including a termination resulting from the fulfillment of the term of this Agreement pursuant to Section 12(a)), provided, however, that if during the term of this Agreement (A) Employee terminates his employment as a result of Employee
ceasing to report to John J. Sherman (other than as a result of the death or disability of John J. Sherman), provided that such termination occurs within 60 days after ceasing to report to Mr. Sherman, (B) Employee terminates his employment within
60 days after a change of control of the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended, occurs with respect to
the Company, or (C) Employee terminates his employment within 60 days after the Company assigns this Agreement to another person or entity that is not an affiliate of the Company, Inergy Propane, LLC or Inergy, L.P. (regardless of whether Employee
consented to such assignment pursuant to Section 18), or (D) Inergy Holdings, LLC, (“Holdings) exercises Holdings’ call as described in section 5(a)(ii) of the Interest Purchase Agreement between Employee and Holdings executed herewith, in
any of such events, the Company has the option to extend such one year period of time by an additional one year period by electing to continue to pay Employee’s Salary at the time of termination, payable bi-monthly in arrears, for the period of
one year following the date of the termination of Employee’s employment, and (ii) January 1, 2010, he will not, directly or indirectly, without the express written consent of the Company, except when and as requested to do in and about the
performing of his duties under this Agreement: 
  

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 (a) own, manage, operate, control or participate in the ownership, management, operation
or control of, or have any interest, financial or otherwise, in or act as an officer, director, partner, manager, member, principal, employee, agent, representative, consultant or independent contractor of, or in any way assist, any individual or
entity in the conduct of any business that (1) trades, markets, sells or distributes propane gas (at retail, wholesale or otherwise), gathers, processes, stores, transports, trades, markets or distributes natural gas or liquefied by-products of
natural gas or petroleum (at retail, wholesale or otherwise) or sells, services and installs parts, appliances or supplies related thereto, and (2) is located in or doing business within a 50 mile radius of (i) any current business location of the
Company or any subsidiary, parent or affiliate of the Company or (ii) any future business location of the Company or any subsidiary, parent or affiliate of the Company if the Company or its subsidiary, parent or affiliate had commenced business
operations at such future business location before Employee had engaged in competing business operations within 50 miles of such future business location; 
  
 (b) divert or attempt to divert clients or customers (whether or not such persons have done business with the Company or any subsidiary,
parent or affiliate of the Company once or more than once) or accounts of the Company or any subsidiary, parent or affiliate of the Company; or 
  
 (c) entice or induce or in any manner influence any person who is or shall be in the employ or service of the Company or any subsidiary,
parent or affiliate of the Company to leave such employ or service for the purpose of engaging in a business that may be in competition with any business now or at any time during the period hereof engaged in by the Company or any subsidiary, parent
or affiliate of the Company. 
  
 Notwithstanding the foregoing
provisions, Employee may (i) take action for, on behalf of, and at the direction of the Company pursuant to a written agreement with the Company or otherwise, and (ii) own up to 5% of the outstanding equity securities in any corporation or entity
(including, but not limited to, units in a master limited partnership) that is listed upon a national stock exchange or actively traded in the over-the-counter market. 
  
 10. Specific Performance. Recognizing that irreparable damage will result to the Company in the event of the breach
or threatened breach of any of the foregoing covenants and assurances by Employee contained in Sections 6, 7, 8 or 9, and that the Company’s remedies at law for any such breach or threatened breach will be inadequate, the Company and its
successors and assigns, in addition to such other remedies which may be available to them, shall be entitled to an injunction, including a mandatory injunction, to be issued by any court of competent jurisdiction ordering compliance with this
Agreement or enjoining and restraining Employee, and each and every person and entity acting in concert or participation with him, from the continuation of such breach and, in addition thereto, he shall pay to the Company all ascertainable damages,
including, but not limited to, costs and reasonable attorneys’ fees sustained by the Company by reason of the breach or threatened breach of such covenants and assurances. The covenants and obligations of Employee set forth in Sections 6, 7, 8
and 9 are in addition to and not in lieu of or exclusive of any other obligations and duties of Employee to the Company, whether express or implied in fact or in law. 
  

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 11. Company Policies. Employee agrees to affirmatively support the Company’s policies and
practices as they may from time to time be adopted by the Company, including, but not limited to, policies against discrimination and harassment in the workplace. 
  
 12. Term and Termination. 
  

(a) Subject to earlier termination as provided in Sections 12(b), 12(c) and 12(d), the term of Employee’s employment under this
Agreement will be through and including January 1, 2010 and will automatically be extended for consecutive one year periods thereafter unless either party elects to terminate such employment and notifies the other party of such election at least 30
days prior to the end of the then-current term. 
  
 (b) Notwithstanding Section 12(a), Employee’s employment with the Company will terminate immediately upon the death, disability or adjudication of legal incompetence of Employee, or upon the Company’s ceasing to carry on its
business without assigning this Agreement pursuant to Section 18 or becoming bankrupt. For purposes of this Agreement, Employee will be deemed to be disabled when Employee has become unable, by reason of physical or mental disability, to
satisfactorily perform the essential functions of his job and there is no reasonable accommodation that can be provided to enable him to perform satisfactorily those essential functions. Such matters will be determined by, or to the reasonable
satisfaction of, the Company. 
  
 (c)
Notwithstanding Section 12(a), the Company may terminate Employee’s employment at any time for Cause or without Cause. “Cause” means: (i) Employee has engaged in negligence (through act or omission) or misconduct that is
injurious to the Company or any subsidiary, parent or affiliate of the Company; (ii) Employee has been convicted of, or has entered a plea of nolo contendere to, any crime involving the theft or willful destruction of money or other property, any
crime involving moral turpitude or fraud, or any crime constituting a felony; (iii) Employee has engaged in acts or omissions against the Company or any subsidiary, parent or affiliate of the Company constituting dishonesty, breach of fiduciary
obligation, or intentional wrongdoing or misfeasance; or (iv) Employee has engaged in the use of alcohol or drugs on the job, or has engaged in excessive absenteeism from the performance of his duties as the Company’s employee, other than for
reasons of illness. 
  
 (d) Notwithstanding
Section 12(a), Employee may terminate his employment at any time with Good Reason or without Good Reason. “Good Reason” means any of the following: (i) the Company requiring, as a condition of Employee’s employment, that
Employee commit a felony or engage in conduct that is a crime under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended; and (ii) Employee being required by the Company to be based at any office or location
that is more than 35 miles from the location where Employee was employed immediately preceding the date of the voluntary or involuntary termination of Employee’s employment; provided, however, that the Company may require Employee to travel to
Kansas City, Missouri as part of his ordinary duties. 
  

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 (e) If Employee’s employment with the Company is terminated (1) as a result of the
death, disability, adjudication of legal incompetence of Employee, (2) as a result of the Company ceasing to carry on its business without assigning this Agreement pursuant to Section 18, (3) as a result of the Company becoming bankrupt, (4) by the
Company for Cause, or (5) by Employee without Good Reason, the Company shall pay or provide to Employee: 
  
 (i) such Salary as Employee has earned and not yet received through the date of such employment termination, determined on a pro rata
basis based on the number of work days in the month of termination; 
  
 (ii) such earned but unpaid subordination bonus (determined as of the date of such termination), if any, pursuant to Section 5(c); and 
  
 (iii) such other fringe benefits (other than any bonus, severance pay benefit or participation in the
Company’s 401(k) employee benefit plan) normally provided to employees of the Company as Employee has earned and not yet received through the date of such employment termination, determined on a pro rata basis based on the number of work days
in the month of termination. 
  
 (f) If
Employee’s employment with the Company is terminated (1) by the Company without Cause (and not due to the death, disability, adjudication of legal incompetence of Employee, or as a result of the Company ceasing to carry on its business without
assigning this Agreement pursuant to Section 18, or becoming bankrupt), or (2) by Employee with Good Reason, the Company shall pay or provide to Employee: 
  
 (i) the unpaid amount of Employee’s Salary for the remainder of the then-current term of this Agreement, payable bi-monthly in
arrears; 
  
 (ii) such earned but unpaid
subordination bonus (determined as of the date of such termination), if any, pursuant to Section 5(c); and 
  
 (iii) such other fringe benefits (other than any bonus, severance pay benefit or participation in the Company’s 401(k) employee
benefit plan) normally provided to employees of the Company as Employee has earned and not yet received through the date of such employment termination, determined on a pro rata basis based on the number of work days in the month of termination.

  
 13. Survival of Obligations. All obligations of
Employee that by their nature involve performance, in any particular, after the expiration or termination of Employee’s employment with the Company, or that cannot be ascertained to have been fully performed until after the expiration or
termination of Employee’s employment with the Company, shall survive the expiration or termination of this Agreement. Except as otherwise specifically provided in this Agreement, all of the Company’s obligations under this Agreement will
terminate at the time this Agreement or Employee’s employment with the Company is terminated for any reason. 
  

 8 

 14. Notice. Any notice, request, consent or communication under this Agreement is effective only
if it is in writing and personally delivered or sent by certified mail, return receipt requested, postage prepaid, or by a nationally recognized overnight delivery service, with delivery confirmed, addressed as follows: 
  

			
	 If to the Company:
	  	 
		
	 Name:
	  	 With Copy To:

		
	 Attn: John J. Sherman
	  	 Attn: Laura L. Ozenberger

	 Inergy GP, LLC
	  	 Inergy GP, LLC

	 Two Brush Creek Blvd., Suite 200
	  	 Two Brush Creek Blvd., Suite 200

	 Kansas City, Missouri 64112
	  	 Kansas City, Missouri 64112

		
	 If to Employee:
	  	 
		
	 Name:
	  	 
		
	 Phillip L. Elbert
	  	 
	 1456 Leech Lane
	  	 
	 P.O. Box 372
	  	 
	 Eastport, Michigan 49627
	  	 

  
 or such other persons and/or addresses
as shall be furnished in writing by any party to the other party, and shall be deemed to have been given only upon its delivery in accordance with this Section 14. 
  
 15. No Conflicts. Employee represents and warrants to the Company that neither the execution nor delivery of this
Agreement, nor the performance of Employee’s obligations hereunder will conflict with, or result in a breach of, any term, condition, or provision of, or constitute a default under, any obligation, contract, agreement, covenant or instrument to
which Employee is a party or under which Employee is bound, including the breach by Employee of a fiduciary duty to any former employers. 
  
 16. Entire Agreement; Amendment; Termination of Previous Agreement. This Agreement cancels and supersedes all previous agreements relating to the
subject matter of this Agreement, written or oral, between the parties hereto (including the Employment Agreement, dated January 12, 2001, between Employee and Inergy Partners, LLC, as amended by the First Amendment to Employment Agreement, dated
July 19, 2001, between Employee and Inergy Partners, LLC, each of which was assigned by Inergy Partners, LLC to the Company on July 31, 2001) and contains the entire understanding of the parties hereto with respect to the subject matter hereof and
shall not be amended, modified or supplemented in any manner whatsoever except as otherwise provided herein or in writing signed by each of the parties hereto. 
  

17. Potential Unenforceability of Any Provision. If a final judicial determination is made that any provision of this Agreement is an
unenforceable restriction against Employee, the provisions of this Agreement will be rendered void only to the extent that such judicial determination finds such provisions unenforceable, and such unenforceable provisions will automatically be
reconstituted and become a part of this Agreement, effective as of the date of 

  

 9 

 
this Agreement, to the maximum extent in favor of the Company that is lawfully enforceable. A judicial determination that any provision of this Agreement is
unenforceable will not render the entire Agreement unenforceable, but rather this Agreement will continue in full force and effect absent any unenforceable provision to the maximum extent permitted by law. 
  
 18. Assignment. This Agreement is personal and not assignable by
Employee but it may be assigned by the Company without notice to or consent of Employee to, and shall thereafter be binding upon and enforceable by, any affiliate of the Company and any person or entity who acquires or succeeds to substantially all
of the business or assets of the Company or substantially all of the business or assets of the principal operating unit that Employee oversees or to which Employee is assigned (and such person or entity will be deemed included in the definition of
the “Company” for all purposes of this Agreement) but is not otherwise assignable by the Company. 
  
 19. Waiver of Breach. Failure of the Company to demand strict compliance with any of the terms, covenants or conditions hereof shall not be deemed
a waiver of the term, covenant or condition, nor will any waiver or relinquishment by the Company of any right or power hereunder at any one time or more times be deemed a waiver or relinquishment of the right or power at any other time or times.

  
 20. Expenses. If any action at law or in equity is
necessary to enforce or interpret the terms of this Agreement, the prevailing party is entitled to receive reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

  
 21. Headings. The headings of the sections of this
Agreement have been inserted for convenience of reference only and do not restrict or otherwise modify any of the terms or provisions hereof. 
  
 22. Governing Law. This Agreement and all rights and obligations of the parties hereunder are governed by the laws of the State of Missouri
applicable to agreements made and to be performed entirely within the State, including all matters of enforcement, validity and performance. 
  
 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which are deemed to be an original and all of which
constitute one agreement that is binding upon both of the parties hereto, notwithstanding that both parties are not signatories to the same counterpart. 
  
 [The remainder of this page intentionally has been left blank] 
  

 10 

 The parties have executed this Amended and Restated Employment Agreement as of the date set forth in the
introductory clause. 
  

			
	 INERGY GP, LLC

		
	 By:
	 	 /s/ John J. Sherman

	 Name:
	 	 John J. Sherman

	 Title:
	 	 President

	
	 /s/ Phillip L. Elbert

	 PHILLIP L. ELBERT

  

 11

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