Document:

EX-10.1

 EXHIBIT 10.1 

EXECUTION COPY 
  

 
  

 
  
  

SERIES C PREFERRED UNIT  

PURCHASE AGREEMENT 
 by
and among 
 TEEKAY OFFSHORE PARTNERS L.P. 

and 
 THE PURCHASERS
NAMED ON SCHEDULE A HERETO 
  
  
  

 
  

 

					
		
	ARTICLE I DEFINITIONS		 	1	  
	 Section 1.1 Definitions
		 	1	  
		
	ARTICLE II AGREEMENT TO SELL AND PURCHASE		 	5	  
	 Section 2.1 Sale and Purchase
		 	5	  
	 Section 2.2 Closings
		 	5	  
	 Section 2.3 Mutual Conditions
		 	6	  
	 Section 2.4 Each Purchaser’s Conditions
		 	7	  
	 Section 2.5 The Partnership’s Conditions
		 	8	  
	 Section 2.6 Partnership Deliveries
		 	8	  
	 Section 2.7 Purchaser Deliveries
		 	10	  
	 Section 2.8 Independent Nature of Purchasers’ Obligations and Rights
		 	10	  
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP		 	11	  
	 Section 3.1 Existence
		 	11	  
	 Section 3.2 Capitalization and Valid Issuance of Purchased Units
		 	12	  
	 Section 3.3 Subsidiaries
		 	13	  
	 Section 3.4 No Registration Required
		 	14	  
	 Section 3.5 No Conflict
		 	14	  
	 Section 3.6 No Default
		 	14	  
	 Section 3.7 Authority; Enforceability
		 	14	  
	 Section 3.8 Approvals
		 	15	  
	 Section 3.9 Compliance with Laws
		 	15	  
	 Section 3.10 Periodic Reports
		 	15	  
	 Section 3.11 Litigation
		 	16	  
	 Section 3.12 Insurance
		 	16	  
	 Section 3.13 Books and Records; Sarbanes-Oxley Compliance
		 	16	  
	 Section 3.14 No Material Adverse Changes
		 	17	  
	 Section 3.15 Certain Fees
		 	17	  
	 Section 3.16 Investment Company Status
		 	17	  
	 Section 3.17 Passive Foreign Investment Company
		 	17	  
	 Section 3.18 Tax Status
		 	17	  
	 Section 3.19 Title to Property
		 	17	  
	 Section 3.20 Form F-3 Eligibility
		 	18	  
	 Section 3.21 Disclosure of Material Information
		 	18	  
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS		 	19	  
	 Section 4.1 Existence
		 	19	  
	 Section 4.2 Authorization, Enforceability
		 	19	  
	 Section 4.3 No Breach
		 	19	  
	 Section 4.4 Certain Fees
		 	19	  
	 Section 4.5 Unregistered Securities
		 	20	  
	 Section 4.6 Short Selling
		 	20	  
	 Section 4.7 Purchaser Investigation; Partnership Projections
		 	20	  

  
 i 

					
		
	ARTICLE V COVENANTS		 	21	  
	 Section 5.1 Taking of Necessary Action
		 	21	  
	 Section 5.2 Other Actions
		 	21	  
	 Section 5.3 Modification of Convertible Promissory Note
		 	21	  
		
	ARTICLE VI INDEMNIFICATION		 	21	  
	 Section 6.1 Indemnification by the Partnership
		 	21	  
	 Section 6.2 Indemnification by Purchasers
		 	22	  
	 Section 6.3 Indemnification Procedure
		 	22	  
		
	ARTICLE VII MISCELLANEOUS		 	23	  
	 Section 7.1 Interpretation
		 	23	  
	 Section 7.2 Survival of Provisions
		 	24	  
	 Section 7.3 No Waiver; Modifications in Writing
		 	24	  
	 Section 7.4 Binding Effect; Assignment
		 	24	  
	 Section 7.5 Disclosure
		 	25	  
	 Section 7.6 Communications
		 	25	  
	 Section 7.7 [INTENTIONALLY OMITTED]
		 	26	  
	 Section 7.8 Entire Agreement
		 	26	  
	 Section 7.9 Governing Law
		 	26	  
	 Section 7.10 Execution in Counterparts
		 	26	  
	 Section 7.11 Termination
		 	27	  
	 Section 7.12 Recapitalization, Exchanges, Etc. Affecting the Common Units
		 	27	  

 Schedule A — List of Purchasers and Commitment Amounts 

Schedule B — Notice and Contact Information 
 Exhibit A
— Form of Opinion of Perkins Coie LLP 
 Exhibit B — Form of Opinion of Watson Farley & Williams LLP 

Exhibit C — Form of General Partner Waiver 
 Exhibit D —
Form of Fourth Amended and Restated Agreement of Limited Partnership 
 Exhibit E — Form of Convertible Promissory Note 

Exhibit F — Form of Registration Rights Agreement 

  
 ii 

 SERIES C PREFERRED UNIT PURCHASE AGREEMENT 

This SERIES C PREFERRED UNIT PURCHASE AGREEMENT, dated June 30, 2015 (as further defined below, this “Agreement”), is by
and among TEEKAY OFFSHORE PARTNERS L.P., a Marshall Islands limited partnership (the “Partnership”), and the purchasers listed on Schedule A hereof (each a “Purchaser” and collectively, the
“Purchasers”). 
 WHEREAS, to fund a portion of the Knarr Drop-down (as defined below), the Partnership desires to sell to
the Purchasers, and the Purchasers desire to purchase from the Partnership, certain Series C Preferred Units (as defined below), in accordance with the provisions of this Agreement, which funding is in addition to that funding to be provided by the
Teekay Corporation Investment (as defined below). 
 WHEREAS, in order to establish the Series C Preferred Units, the Partnership shall
enter into the Fourth Amended and Restated Agreement of Limited Partnership (as defined below). 
 WHEREAS, in connection with the issuance
of the Series C Preferred Units pursuant to this Agreement, the Partnership and the Purchasers will enter into the Registration Rights Agreement (as defined below), pursuant to which the Partnership will provide the Purchasers with certain
registration rights with respect to the Conversion Units (as defined below). 
 NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Partnership and each of the Purchasers, severally and not jointly, hereby agree as follows: 

ARTICLE I  
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings
indicated: 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or
more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the introductory paragraph, as amended, supplemented, continued or modified. 

“Basic Documents” means, collectively, this Agreement, the Registration Rights Agreement, the Convertible Promissory Note and,
except as otherwise expressly set forth in this Agreement, the Fourth Amended and Restated Agreement of Limited Partnership. 

“Business Day” means a day other than (i) a Saturday or Sunday or (ii) any day on which banks located in New York,
New York, U.S.A. are authorized or obligated to close. 

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

“Closing Dates” has the meaning specified in Section 2.2(b). 

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

“Common Units” means the Common Units representing limited partnership interests in the Partnership having the rights and
obligations specified in the Partnership Agreement. 
 “Confidentiality Agreement” has the meaning specified in
Section 7.8. 
 “Conversion Units” means the Common Units issuable upon conversion of the Series C Preferred
Units. 
 “Convertible Promissory Note” means that $492 million principal amount convertible promissory note to be executed
by the Partnership and delivered to Teekay Corporation on the Initial Closing Date, in the form and substance attached hereto as Exhibit E, evidencing funding by Teekay Corporation to the Partnership in connection with the Knarr
Drop-down. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and
regulations of the Commission promulgated thereunder. 
 “FCPA” has the meaning specified in Section 3.22. 

“Fourth Amended and Restated Agreement of Limited Partnership” means that certain Fourth Amended and Restated Agreement of
Limited Partnership, to be executed on the Initial Closing Date, in the form and substance attached hereto as Exhibit D. 

“General Partner” means Teekay Offshore GP L.L.C., a Marshall Islands limited liability company. 

“Governmental Authority” means, with respect to a particular Person, any country, state, county, city and political
subdivision in which such Person or such Person’s Property is located or that exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, commission, board, bureau or instrumentality of
any of them and any monetary authority that exercises valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein with respect to the Partnership mean a
Governmental Authority having jurisdiction over the Partnership, its Subsidiaries or any of their respective Properties. 
 “GP LLC
Agreement” means the Amended and Restated Limited Liability Company Agreement of the General Partner, dated December 19, 2006, as amended through the date hereof. 

“Indemnified Party” has the meaning specified in Section 6.3. 

“Indemnifying Party” has the meaning specified in Section 6.3. 

  
 2 

 “Initial Closing” has the meaning specified in Section 2.2(a). 

“Initial Closing Date” has the meaning specified in Section 2.2(a). 

“Knarr Drop-down” means that certain acquisition by the Partnership of the Petrojarl Knarr floating production, storage
and off-loading unit from Teekay Corporation. 
 “Law” means any federal, state, local or foreign order, writ, injunction,
judgment, settlement, award, decree, statute, law, rule or regulation. 
 “Lien” means any mortgage, claim, encumbrance,
pledge, lien (statutory or otherwise), security agreement, conditional sale or trust receipt or a lease, consignment or bailment, preference or priority or other encumbrance upon or with respect to any property of any kind; provided, however, that
any charter or services contracts to which the Partnership’s vessels are subject shall not be deemed Liens. 
 “Marshall
Islands LLC Act” means the Marshall Islands Limited Liability Company Act of 1996, as amended. 
 “Marshall Islands LP
Act” means the Marshall Islands Limited Partnership Act. 
 “Material Adverse Effect” means any change, event or
effect that, individually or together with any other changes, events or effects, has a material adverse effect on (i) the condition (financial or otherwise), business, assets or results of operations of the Partnership Entities, taken as a
whole, (ii) the limited partners of the Partnership resulting from any event which subjects them to any material liability, or (iii) the ability of the Partnership Entities to perform their obligations under the Basic Documents; provided,
however, that a Material Adverse Effect shall not include any material and adverse effect on the foregoing to the extent such material and adverse effect results from, arises out of, or relates to (w) the announcement of the Knarr Drop-down or
of the transactions contemplated by this Agreement or the satisfaction of the obligations set forth herein, (x) a general deterioration in the economy or changes in the general state of the industries in which the Partnership operates, except
to the extent that the Partnership, taken as a whole, is adversely affected in a disproportionate manner as compared to other industry participants, (y) the outbreak or escalation of hostilities involving the United States, the declaration by
the United States of a national emergency or war or the occurrence of any other calamity or crisis, including acts of terrorism, or (z) any change in accounting requirements or principles imposed upon any Partnership Entity or their respective
businesses or any change in applicable Law, or the interpretation thereof. 
 “NYSE” means The New York Stock Exchange, Inc.

 “OLP GP” means Teekay Offshore Operating GP L.L.C., a Marshall Islands limited liability company. 

“Operating Company” means Teekay Offshore Operating L.P., a Marshall Islands limited partnership. 

“Operative Agreements” has the meaning specified in Section 3.1. 

  
 3 

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

“Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of the Partnership dated
April 13, 2015, as amended to date. 
 “Partnership Entities” and each a “Partnership Entity” means
the General Partner, the Partnership and each of the Partnership’s Subsidiaries, other than those Subsidiaries which, individually, would not constitute a “significant subsidiary” as defined in Regulation S-X. 

“Partnership Related Parties” has the meaning specified in Section 6.2. 

“Partnership SEC Documents” has the meaning specified in Section 3.10. 

“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization, association, government agency or political subdivision thereof or other form of entity. 
 “Property” means
any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 
 “Purchase
Price” means, as applicable, with respect to a particular Purchaser, the amount set forth opposite such Purchaser’s name under the column titled “Initial Closing Purchase Price”, “Subsequent Closing Purchase Price”
or “Total Purchase Price” set forth on Schedule A hereto. 
 “Purchased Units” means, with respect to a
particular Purchaser, the number of Series C Preferred Units set forth opposite such Purchaser’s name under the columns titled “Initial Closing Series C Preferred Units”, “Subsequent Closing Series C Preferred Units” and
“Total Series C Preferred Units” set forth on Schedule A. 
 “Purchaser” and “Purchasers”
have the meanings set forth in the introductory paragraph. 
 “Purchaser Related Parties” has the meaning specified in
Section 6.1. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the Initial
Closing Date, between the Partnership and the Purchasers, in the form and substance attached hereto as Exhibit F. 

“Representatives” of any Person means the Affiliates, officers, directors, managers, employees, agents, counsel, accountants,
investment bankers and other representatives of such Person. 
 “Securities Act” means the Securities Act of 1933, as
amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 
 “Series A Preferred
Units” has the meaning specified in Section 3.2. 
 “Series B Preferred Units” has the meaning
specified in Section 3.2. 

  
 4 

 “Series C Preferred Unit Price” means an amount per Series C Preferred Unit of
$23.95. 
 “Series C Preferred Units” means the Partnership’s 8.6% Series C Perpetual Convertible Preferred Units. 

“Short Sales” means, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act, and forward sale contracts, options, puts, calls, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements. 

“Subsequent Closing” has the meaning specified in Section 2.2(b). 

“Subsequent Closing Date” has the meaning specified in Section 2.2(b). 

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

“Teekay Corporation Investment” means the conversion by the Partnership of $300 million principal amount of the
Convertible Promissory Note into Common Units at a price per unit equal to $20.83. 
 ARTICLE II 

AGREEMENT TO SELL AND PURCHASE 

Section 2.1 Sale and Purchase. 
 (a)
Subject to the terms and conditions hereof, the Partnership hereby agrees to issue and sell to each Purchaser and each Purchaser hereby agrees, severally and not jointly, to purchase from the Partnership, its respective Purchased Units, and each
Purchaser agrees, severally and not jointly, to pay the Partnership the Series C Preferred Unit Price for each Purchased Unit as set forth in paragraph (b) below. The obligations of each Purchaser under this Agreement are independent of the
obligations of each other Purchaser, and the failure or waiver of performance by any Purchaser does not excuse performance by any other Purchaser or by the Partnership. 

(b) The amount per Series C Preferred Unit each Purchaser will pay to the Partnership to purchase the Purchased Units hereunder shall be the
Series C Preferred Unit Price. 
 Section 2.2 Closings. 

(a) Subject to the terms and conditions hereof, the consummation of the initial purchase and sale of Purchased Units hereunder (the
“Initial Closing”) shall take place at 

  
 5 

 
9:00 am, Pacific Time, on July 1, 2015 at the offices of Perkins Coie LLP, 1120 N.W. Couch Street, Tenth Floor, Portland, Oregon 97209-4128, or at such other location or on such other
date as mutually agreed by the parties (the “Initial Closing Date”). At the Initial Closing, the Purchasers who are purchasing Preferred Units on the Initial Closing Date shall purchase Purchased Units as indicated on Schedule A
attached hereto. 
 (b) Subject to the terms and conditions hereof, the consummation of a subsequent purchase and sale of Purchased Units
hereunder (the “Subsequent Closing” and, together with the Initial Closing, collectively the “Closings”) shall take place at 9:00 am, Pacific Time, on July 14, 2015, at the offices of Perkins Coie LLP, 1120 N.W. Couch
Street, Tenth Floor, Portland, Oregon 97209-4128, or at such other location or on such other date as mutually agreed by the parties (the “Subsequent Closing Date” and, together with the Initial Closing Date, collectively the
“Closing Dates”). At the Subsequent Closing, the Purchasers who are purchasing Preferred Units on the Subsequent Closing Date shall purchase Purchased Units as indicated on Schedule A attached hereto. 

(c) The parties agree that the Closings may occur via delivery of this Agreement and other closing deliveries by facsimile, electronic mail,
courier service or personal delivery. 
 Section 2.3 Mutual Conditions. The respective obligations of each party to consummate the purchase and
issuance and sale of the Purchased Units to be purchased at the applicable Closing shall be subject to the satisfaction on or prior to the Closing Date with respect to such Closing of each of the following conditions (any or all of which may be
waived by a party on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law): 
 (a) No Law shall have
been enacted or promulgated, and no action shall have been taken, by any Governmental Authority of competent jurisdiction that temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the
transactions contemplated by this Agreement or makes the transactions contemplated hereby illegal; 
 (b) There shall not be pending any
suit, action or proceeding by any Governmental Authority seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement; and 

(c) The closing of the Knarr Drop-down shall have occurred, or shall occur concurrently with the Initial Closing, on the terms set forth in the
Purchase Agreement relating to the sale and purchase of the entire ownership interests in Knarr L.L.C. and Teekay Knarr AS, dated April 6, 2015, by and between Teekay Corporation, as Vendor, and the Partnership, as Purchaser, as amended on
June 29, 2015 (without material modification or amendment), and the Partnership shall be entitled to the full Lease Daily Rate (as that term is defined in the agreement for lease and operation in respect of the Vessel (Agreement No. 109205
CNT) dated 30 June 2011 between (i) Teekay Knarr AS and (ii) BG Norge Limited (Norwegian Branch), as amended and/or assigned or novated from time to time. 

  
 6 

 Section 2.4 Each Purchaser’s Conditions. The obligation of each Purchaser to consummate the purchase
of its Purchased Units to be purchased at the applicable Closing shall be subject to the satisfaction on or prior to the Closing Date with respect to such Closing of each of the following conditions (any or all of which may be waived by a particular
Purchaser on behalf of itself in writing with respect to its Purchased Units, in whole or in part, to the extent permitted by applicable Law): 

(a) The Partnership shall have performed and complied with the covenants and agreements contained in this Agreement that are required to be
performed and complied with by the Partnership on or prior to the applicable Closing Date; 
 (b) The Conversion Units shall have been
approved for listing on the NYSE, subject to notice of issuance; 
 (c) (i) The representations and warranties of the Partnership contained
in this Agreement that are qualified by materiality or a Material Adverse Effect shall be true and correct when made and as of the applicable Closing Date as if made on and as of the applicable Closing Date (except that any such representations and
warranties made as of a specific date shall be required to be true and correct as of such date only) and (ii) all other representations and warranties of the Partnership contained in this Agreement shall be true and correct in all material
respects when made and as of the applicable Closing Date as if made on and as of the applicable Closing Date (except that any such representations and warranties made as of a specific date shall be required to be true and correct in all material
respects as of such date only); 
 (d) The Partnership shall have delivered, or caused to be delivered, to the Purchasers at the applicable
Closing, the Partnership’s closing deliveries described in Section 2.6; 
 (e) No notice of delisting from the NYSE shall
have been received by the Partnership with respect to the Common Units; 
 (f) The Common Units shall not have been suspended by the
Commission or the NYSE from trading on the NYSE nor shall suspension by the Commission or the NYSE have been threatened in writing by the Commission or the NYSE; 

(g) Since the date of this Agreement, no Material Adverse Effect shall have occurred; and 

(h) The Partnership shall have issued to Teekay Corporation the Convertible Promissory Note. 

Section 2.5 The Partnership’s Conditions. The obligation of the Partnership to consummate the sale of Purchased Units to a Purchaser shall be
subject to the satisfaction on or prior to the Closing Date with respect to the applicable Closing of each of the following conditions with respect to such Purchaser (any or all of which may be waived by the Partnership in writing, in whole or in
part, to the extent permitted by applicable Law): 
 (a) (i) The representations and warranties of such Purchaser contained in this Agreement
that are qualified by materiality shall be true and correct when made and as of the 

  
 7 

 
applicable Closing Date (except that any such representations and warranties made as of a specific date shall be required to be true and correct as of such date only) and (ii) all other
representations and warranties of such Purchaser contained in this Agreement shall be true and correct in all material respects when made and as of the applicable Closing Date (except that any such representations of such Purchaser made as of a
specific date shall be required to be true and correct in all material respects as of such date only); and 
 (b) Such Purchaser shall have
delivered, or caused to be delivered, to the Partnership at the applicable Closing such Purchaser’s closing deliveries described in Section 2.7; 

(c) By acceptance of the applicable Purchased Units, each Purchaser shall be deemed to have represented to the Partnership that such Purchaser
has performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and complied with by it on or prior to the applicable Closing Date; and the representations and
warranties of such Purchaser contained in this Agreement that are qualified by materiality are true and correct as of the applicable Closing Date (except that any such representations and warranties made as of a specific date shall be required to be
true and correct as of such date only) and all other representations and warranties of such Purchaser are true and correct in all material respects as of the applicable Closing Date (except that any such representations and warranties made as of a
specific date shall be required to be true and correct in all material respects as of such date only). 
 Section 2.6 Partnership Deliveries. At the
applicable Closing, subject to the terms and conditions hereof, the Partnership will deliver, or cause to be delivered, to each Purchaser: 

(a) Evidence of issuance of the Purchased Units purchased by the Purchasers at such applicable Closing credited to book-entry accounts
maintained by the transfer agent, bearing a restrictive notation meeting the requirements of the Partnership Agreement, as amended by the Fourth Amended and Restated Agreement of Limited Partnership, free and clear of any Liens, other than transfer
restrictions under the Partnership Agreement, as amended by the Fourth Amended and Restated Agreement of Limited Partnership, or the Marshall Islands LP Act and applicable federal and state securities laws; 

(b) A “Supplemental Listing Application” approving the Conversion Units for listing by the NYSE, subject to notice of issuance; 

(c) A copy of the Fourth Amended and Restated Agreement of Limited Partnership, duly executed by the General Partner, on behalf of itself and
the limited partners of the Partnership, and Teekay Corporation. 
 (d) Copies of (i) the Certificate of Limited Partnership of the
Partnership and (ii) the Certificate of Formation of the General Partner, each certified by the Registrar of Corporations of the Republic of the Marshall Islands as of a recent date; 

  
 8 

 (e) A certificate of the Registrar of Corporations of the Republic of the Marshall Islands, dated
a recent date, to the effect that each of the General Partner and the Partnership is in good standing; 
 (f) A cross-receipt executed by the
Partnership and delivered to such Purchaser certifying that it has received the Purchase Price from such Purchaser as of the applicable Closing Date for the Purchased Units purchased thereby at such Closing; 

(g) An opinion addressed to the Purchasers from Perkins Coie LLP, legal counsel to the Partnership, dated as of the applicable Closing Date, in
the form and substance attached hereto as Exhibit A; 
 (h) An opinion addressed to the Purchasers from Watson Farley &
Williams LLP, special counsel to the Partnership relating to Marshall Islands and New York law, dated as of the applicable Closing Date, in the form and substance attached hereto as Exhibit B; 

(i) A certificate, dated the applicable Closing Date and signed by the Chief Executive Officer and the Chief Financial Officer, or by the Vice
President or Secretary of the General Partner, on behalf of the Partnership, in his or her capacities as such, stating that: 

(i) The Partnership has performed and complied with the covenants and agreements contained in this Agreement that are required
to be performed and complied with by the Partnership on or prior to the applicable Closing Date; and 
 (ii) The
representations and warranties of the Partnership contained in this Agreement that are qualified by materiality or Material Adverse Effect were true and correct when made and are true and correct as of the applicable Closing Date and all other
representations and warranties of the Partnership were true and correct in all material respects when made and are true and correct in all material respects as of the applicable Closing Date; in each case as though made at and as of the applicable
Closing Date (except that representations and warranties made as of a specific date shall be required to be true and correct or true and correct in all material respects, as applicable, as of such date only); 

(j) A certificate of the Secretary or Assistant Secretary of the General Partner, on behalf of the Partnership, certifying as to (1) the
Certificate of Limited Partnership of the Partnership and the Fourth Amended and Restated Agreement of Limited Partnership, (2) the Certificate of Formation of the General Partner and the GP LLC Agreement, (3) board resolutions authorizing
the execution and delivery of the Basic Documents and the consummation of the transactions contemplated thereby, including the issuance of the Purchased Units and (4) the signatures of the officers executing this Agreement; 

(k) A duly executed waiver of the General Partner with respect to certain of its rights under the Partnership Agreement, in substantially the
form attached hereto as Exhibit C; 
 (l) The Registration Rights Agreement, which shall have been duly executed by the
Partnership and the General Partner; 

  
 9 

 (m) The Convertible Promissory Note, which shall have been duly executed by the Partnership and
acknowledged by Teekay Corporation; and 
 (n) Such other documents relating to the transactions contemplated by this Agreement as the
Purchasers or their counsel may reasonably request. 
 Section 2.7 Purchaser Deliveries. At the applicable Closing, subject to the terms and
conditions hereof, each Purchaser will deliver, or cause to be delivered, to the Partnership: 
 (a) Payment to the Partnership of the
Purchase Price with respect to such Purchased Units purchased by such Purchaser at such applicable Closing, as set forth opposite such Purchaser’s name under the column titled “Initial Closing Purchase Price” or “Subsequent
Closing Purchase Price”, as applicable, on Schedule A hereto, by wire transfer of immediately available funds to an account that the Partnership shall have designated, at least two Business Days prior to the applicable Closing Date, in
writing; 
 (b) A cross-receipt executed by such Purchaser and delivered to the Partnership certifying that it has received its Purchased
Units to be purchased thereby at such applicable Closing, as of the applicable Closing Date; and 
 (c) The Registration Rights Agreement,
which shall have been duly executed by such Purchaser. 
 Section 2.8 Independent Nature of Purchasers’ Obligations and Rights. The
obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this
Agreement. The failure or waiver of performance under this Agreement of any Purchaser by the Partnership does not excuse performance by any other Purchaser and the waiver of performance of the Partnership by any Purchaser does not excuse performance
by the Partnership with respect to each other Purchaser. Nothing contained herein or in any other Basic Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a
joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Basic Documents. Each Purchaser
shall be entitled to independently protect and enforce its rights, including, the rights arising out of this Agreement or out of the other Basic Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in
any proceeding for such purpose. It is expressly understood and agreed that each provision contained in this Agreement is between the Partnership and a Purchaser, solely, and not between the Partnership and the Purchasers collectively and not
between and among the Purchasers. Notwithstanding anything to the contrary, for purposes of this Section the definition of “Basic Document” excludes the Fourth Amended and Restated Agreement of Limited Partnership. 

  
 10 

 ARTICLE III  

REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP 

The Partnership represents and warrants to each Purchaser as follows: 

Section 3.1 Existence. 
 (a) Each of
the Partnership Entities has been duly incorporated or formed, as the case may be, and is validly existing as a limited liability company, limited partnership or corporation, as the case may be, in good standing under the Laws of its jurisdiction of
incorporation or formation, as the case may be, and has the full limited liability company, limited partnership or corporate, as the case may be, power and authority, and has all governmental licenses, authorizations, consents and approvals,
necessary to own, lease or hold its Properties and assets and to conduct the businesses in which it is engaged, and is duly registered or qualified to do business and in good standing as a foreign limited liability company, limited partnership or
corporation, as the case may be, in each jurisdiction in which its ownership or lease of Property or the conduct of its business requires such qualification, except where the failure to so register or qualify would not reasonably be expected to have
a Material Adverse Effect. 
 (b) None of the Partnership Entities is in default in the performance, observance or fulfillment of any
provision of, in the case of the Partnership, the Partnership Agreement or its Certificate of Limited Partnership, in the case of the General Partner, any provision of its certification of formation or the GP LLC Agreement, or, in the case of any
Subsidiary of the Partnership, its respective certificate of incorporation, certification of formation, certificate of limited partnership, bylaws, limited liability company agreement, partnership agreement or other similar organizational documents.

 (c) The Partnership Agreement has been, and in the case of the Fourth Amended and Restated Agreement of Limited Partnership, at the
Initial Closing will be, duly authorized, executed and delivered by the General Partner and is (or, in the case of the Fourth Amended and Restated Agreement of Limited Partnership, as of the Initial Closing Date will be) a valid and legally binding
agreement of the General Partner, enforceable against the General Partner in accordance with its terms; the GP LLC Agreement (together with the Partnership Agreement, the “Operative Agreements”) has been duly authorized, executed
and delivered by the parties thereto and is a valid and legally binding agreement of the parties thereto, enforceable against the parties thereto in accordance with its terms; provided that, with respect to each Operative Agreement, the
enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law); and provided further, that the indemnity, contribution and exoneration provisions contained in any of such Operative Agreements may be limited by applicable laws and public
policy. 
 Section 3.2 Capitalization and Valid Issuance of Purchased Units. 

(a) On the applicable Closing Date, the Purchased Units shall have those rights, preferences, privileges and restrictions governing the
Purchased Units as set forth in the Fourth Amended and Restated Agreement of Limited Partnership. 
 (b) The General Partner is the sole
general partner of the Partnership, with a 2.0% general partner interest in the Partnership (not including any Series A Preferred Units or 

  
 11 

 
Series B Preferred Units); such general partner interest is the only general partner interest of the Partnership that is issued and outstanding; and such general partner interest has been duly
authorized and validly issued and is owned by the General Partner free and clear of any Liens (except restrictions on transferability contained in the Fourth Amended and Restated Agreement of Limited Partnership). 

(c) As of the date of this Agreement, and excluding the issuance and sale of the Purchased Units as contemplated hereby, the issued and
outstanding limited partner interests of the Partnership consist of 92,413,598 Common Units, 6,000,000 of the Partnership’s 7.25% Series A Cumulative Redeemable Preferred Units (“Series A Preferred Units”), 5,000,000 of
the Partnership’s 8.50% Series B Cumulative Redeemable Preferred Units (“Series B Preferred Units”) and the Incentive Distribution Rights (as defined in the Partnership Agreement). All outstanding Common Units, Series A
Preferred Units, Series B Preferred Units and Incentive Distribution Rights and, as applicable, the limited partner interests represented thereby have been duly authorized and validly issued in accordance with the Partnership Agreement and are fully
paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 30, 41, 51 and 60 of the Marshall Islands LP Act and the Partnership Agreement). 

(d) The Purchased Units being purchased by the Purchasers hereunder and the limited partner interests represented thereby will be duly
authorized by Partnership pursuant to Fourth Amended and Restated Agreement of Limited Partnership, prior to the Initial Closing, and, when issued and delivered to the Purchasers against payment therefor in accordance with the terms of this
Agreement, will be validly issued, fully paid (to the extent required by the Fourth Amended and Restated Agreement of Limited Partnership) and nonassessable (except as such nonassessability may be affected by Sections 30, 41, 51 and 60 of the
Marshall Islands LP Act and the Fourth Amended and Restated Agreement of Limited Partnership) and will be free of any and all Liens and restrictions on transfer, other than (i) restrictions on transfer under the Fourth Amended and Restated
Agreement of Limited Partnership, or this Agreement and under applicable state and federal securities laws, (ii) such Liens as are created by the Purchasers and (iii) such Liens as arise under the Fourth Amended and Restated Agreement of
Limited Partnership, or the Marshall Islands LP Act. Except as disclosed in the Partnership SEC Documents, there are no persons entitled to statutory, preemptive or other similar contractual rights to subscribe for the Purchased Units; and, except
for the Purchased Units to be issued pursuant to this Agreement or as disclosed in the Partnership SEC Documents, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into
or exchange any securities for, partnership securities or ownership interests in the Partnership are outstanding. 
 (e) Upon issuance upon
conversion of the Conversion Units in accordance with the terms of the Series C Preferred Units and the Fourth Amended and Restated Agreement of Limited Partnership, the Conversion Units will be duly authorized, validly issued, fully paid (to the
extent required by the Fourth Amended and Restated Agreement of Limited Partnership) and nonassessable (except as such nonassessability may be affected by Sections 30, 41, 51 and 60 of the Marshall Islands LP Act and the Fourth Amended and Restated
Agreement of Limited Partnership) and will be free of any and all Liens and restrictions on transfer, other than (i) restrictions on transfer under the Basic Documents and under applicable state and federal securities laws, (ii) such Liens
as are created by the Purchasers and (iii) such Liens as arise under the Fourth Amended and Restated Agreement of Limited Partnership or the Marshall Islands LP Act. 

  
 12 

 (f) The Common Units are listed on the NYSE, and the Partnership has not received any notice of
delisting. The issuance and sale of the Purchased Units and the offer of the Conversion Units and issuance of such Conversion Units upon conversion of the Purchased Units does not contravene NYSE rules and regulations. 

Section 3.3 Subsidiaries. 
 (a) The
Partnership owns a 100% membership interest in OLP GP; such membership interest has been duly authorized and validly issued in accordance with the limited liability company agreement of OLP GP and is fully paid (to the extent required under such
agreement) and nonassessable (except as such nonassessability may be affected by Sections 20, 31, 40 and 49 of the Marshall Islands LLC Act and the organizational documents of OLP GP); and the Partnership owns such membership interest free and clear
of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed or referred to in the Partnership SEC Documents. 

(b) The Partnership directly owns a 99.09% limited partner interest in the Operating Company and OLP GP directly owns a 0.91% general partner
interest in the Operating Company; such partner interests have been duly authorized and validly issued in accordance with the partnership agreement of the Operating Company and are fully paid (to the extent required under such agreement) and, with
respect to the limited partner interests, are nonassessable (except as such nonassessability may be affected by Sections 30, 41, 51 and 60 of the Marshall Islands LP Act and the organizational documents of the Operating Company); and the Partnership
and OLP GP own such partner interests free and clear of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed or referred to in the Partnership SEC Documents. 

(c) The Partnership and the Operating Company own, directly or indirectly, the equity interests of the Subsidiaries named in Exhibit 8.1 to the
Partnership’s Annual Report on Form 20-F for the year ended December 31, 2014; such equity interests have been duly authorized and validly issued in accordance with the organizational documents of each Subsidiary, and are fully paid
(to the extent required under such organizational documents) and nonassessable (except as such nonassessability may be affected by the applicable statutes of the jurisdiction of formation of the applicable Operating Subsidiary and the relevant
organizational documents); and the Partnership and the Operating Company, as applicable, own such equity interests free and clear of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed or referred to in
the Partnership SEC Documents. 
 Section 3.4 No Registration Required. Assuming the accuracy of the representations and warranties of each
Purchaser contained in Article IV, the issuance and sale of the Purchased Units pursuant to this Agreement is exempt from registration requirements of the Securities Act, and neither the Partnership nor, to the knowledge of the Partnership, any
authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 

  
 13 

 Section 3.5 No Conflict. None of (i) the offering, issuance and sale by the Partnership of the
Purchased Units and the application of the proceeds therefrom, (ii) the execution, delivery and performance of the Basic Documents, or (iii) the consummation of the transactions contemplated hereby or thereby conflicts or will conflict
with, or results or will result in a breach or violation of or imposition of any Lien upon any Property or assets of the Partnership Entities pursuant to, (A) the formation or governing documents of any of the Partnership Entities, (B) the
terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which any of the Partnership Entities is a party, by which any of them is bound or
to which any of their respective Properties or assets is subject, or (C) any Law applicable to any of the Partnership Entities or injunction of any court or governmental agency or body to which any of the Partnership Entities of any court,
regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over any of the Partnership Entities or any of their Properties, except in the case of clause (B) for such conflict, breach, violation
or default that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 Section 3.6 No
Default. None of the Partnership Entities is in violation or default of (i) any provision of its respective formation or governing documents, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement,
loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party, by which it is bound or to which its property is subject, or (iii) any Law of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having jurisdiction over the Partnership Entities or any of their Properties, as applicable, except, in the case of clauses (ii) or (iii), as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 
 Section 3.7 Authority; Enforceability. The Partnership has all requisite power
and authority to enter into this Agreement. On the applicable Closing Date, the Partnership will have all requisite power and authority to issue, sell and deliver the Purchased Units to be purchased at the applicable Closing, in accordance with and
upon the terms and conditions set forth in this Agreement and the Fourth Amended and Restated Agreement of Limited Partnership. On the Initial Closing Date, all partnership or limited liability company action, as the case may be, required to be
taken by the General Partner and the Partnership for the authorization, issuance, sale and delivery of the Purchased Units, the execution and delivery of the Basic Documents and the consummation of the transactions contemplated thereby shall have
been validly taken. No approval from the holders of outstanding Common Units is required under the Fourth Amended and Restated Agreement of Limited Partnership, or the rules of the NYSE in connection with the Partnership’s issuance and sale of
the Purchased Units to the Purchasers. Each of the Basic Documents has been duly and validly authorized and has been or, with respect to the Basic Documents to be delivered at the Initial Closing, will be, validly executed and delivered by the
Partnership or the General Partner, as the case may be, and constitutes, or will constitute, the legal, valid and binding obligations of the Partnership or the General Partner, as the case may be, enforceable in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and by general principles of equity, and provided that any indemnity, contribution
and exoneration provisions contained in the Basic Documents may be limited by applicable laws and public policy. 

  
 14 

 Section 3.8 Approvals. Except as required by the Commission in connection with the Registration
Rights Agreement, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or registration with, any Governmental Authority or any other Person is required in
connection with the execution, delivery or performance by the Partnership of any of the Basic Documents or the Partnership’s issuance and sale of the Purchased Units, except (i) as may be required under the state securities or “Blue
Sky” Laws, or (ii) where the failure to receive such authorization, consent, approval, waiver, license, qualification or written exemption or to make such filing, declaration, qualification or registration would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 3.9 Compliance with Laws. Neither the Partnership nor any of its
Subsidiaries is in violation of any Law applicable to the Partnership or its Subsidiaries, except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Partnership and its Subsidiaries possess
all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect, and neither the Partnership nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit, except where such potential revocation or modification would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.10 Periodic Reports. The Partnership’s forms, registration statements, reports, schedules and statements required to be filed by it
under the Exchange Act or the Securities Act (all such documents filed prior to the date hereof, collectively the “Partnership SEC Documents”) have been filed with the Commission on a timely basis. The Partnership SEC Documents, including,
any audited or unaudited financial statements and any notes thereto or schedules included therein, at the time filed (or in the case of registration statements, solely on the dates of effectiveness) (except to the extent corrected by a subsequent
Partnership SEC Document) (a) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading, (b) complied in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be, (c) in the case of the financial statements, complied as to form in all
material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto, (d) in the case of the financial statements, were prepared in accordance with GAAP applied on a
consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited statements, for the absence of certain footnote disclosure and normal, recurring year-end adjustments or as otherwise
permitted by the rules and regulations of the Commission), and (e) fairly present (subject in the case of unaudited statements to normal and recurring audit adjustments) in all material respects the consolidated financial position of the
Partnership and its consolidated subsidiaries as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended. In addition, the interactive data in eXtensible Business Reporting Language included or
incorporated by 

  
 15 

 
reference in the Partnership SEC Documents fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines
applicable thereto. KPMG LLP is an independent registered public accounting firm with respect to the Partnership and the General Partner and has not resigned or been dismissed as independent registered public accountants of the Partnership as a
result of or in connection with any disagreement with the Partnership on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures. 

Section 3.11 Litigation. As of the date hereof, except as set forth in the Partnership SEC Documents, there are no legal or governmental
proceedings pending to which any Partnership Entity is a party or to which any Property or asset of any Partnership Entity is subject that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or which
challenges the validity of this Agreement or the right of any Partnership Entity to enter into this Agreement or to consummate the transactions contemplated hereby and, to the knowledge of the Partnership, no such proceedings are threatened by
Governmental Authorities or others. 
 Section 3.12 Insurance. The Partnership and its Subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged. The Partnership does not have any reason to believe that it or any Subsidiary will not be able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. 

Section 3.13 Books and Records; Sarbanes-Oxley Compliance. 

(a) The Partnership and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Partnership is not aware of any material weakness in the internal controls over financial reporting of any of the Partnership Entities. 

(b) The Partnership has established and maintains disclosure controls and procedures (to the extent required by and as defined in Rules
13a-15(e) under the Exchange Act, which are designed to provide reasonable assurance that information required to be disclosed by the Partnership in reports that it files or submits under the Exchange Act is recorded, processed, summarized and
communicated to the Partnership’s management, including its principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. The Partnership has carried out evaluations of
the effectiveness of its disclosure controls and procedures and such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established. 

(c) There is and has been no failure on the part of the Partnership and, to the Partnership’s knowledge, the General Partner’s
directors or officers, in their capacities as such, to comply in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith. 

  
 16 

 Section 3.14 No Material Adverse Changes. As of the date hereof, except as set forth in the
Partnership SEC Documents, since December 31, 2014, there has been no change, event, occurrence, effect, fact, circumstance or condition that has had or would reasonably be expected to have a Material Adverse Effect. 

Section 3.15 Certain Fees. No fees or commissions are or will be payable by the Partnership to brokers, finders, or investment bankers with
respect to the sale of any of the Purchased Units or the consummation of the transactions contemplated by this Agreement. The Partnership agrees that it will indemnify and hold harmless each Purchaser from and against any and all claims, demands, or
liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by the Partnership in connection with the sale of the Purchased Units or the consummation of the transactions contemplated by this Agreement. 

Section 3.16 Investment Company Status. The Partnership is not an “investment company” or a company controlled by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended. 
 Section 3.17 Passive Foreign Investment Company. To the
knowledge of the Partnership, after consultation with United States federal income tax counsel, none of the Partnership Entities is a Passive Foreign Investment Company within the meaning of Section 1297 of the Internal Revenue Code of 1986, as
amended. 
 Section 3.18 Tax Status. None of the Partnership Entities, other than the Partnership and the General Partner, has elected to be
classified as an association taxable as a corporation for United States federal income tax purposes. Each of the Partnership Entities, other than the Partnership and the General Partner, has properly elected to be classified as a disregarded entity
if it has one owner or as a partnership if it has more than one owner for United States federal income tax purposes (other than any Partnership Entity that is classified other than as a corporation without regard to whether it makes an election).

 Section 3.19 Title to Property. Each of the Partnership Entities has good and marketable title to all real property and good title to all
personal property described in the Partnership SEC Documents as owned by applicable Partnership Entities, free and clear of all Liens except such (i) as are described in the Partnership SEC Documents or (ii) as do not materially affect the
value of such property, taken as a whole, and do not materially interfere with the use of such properties, taken as a whole, as they have been used in the past and are proposed to be used in the future, as described in the Partnership SEC Documents
(the Liens described in clauses (i) and (ii) above being “Permitted Liens”); provided that with respect to any interest in real property and buildings held under lease by any Partnership Entity, such real property and buildings
are held under valid and subsisting and enforceable leases (except as may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law)), with such exceptions as do not materially interfere with the use of the properties of the Partnership Entities, taken as a whole as
they have been used in the past as described in the Partnership SEC Documents and are proposed to be used in the future as described in the Partnership SEC Documents. 

  
 17 

 Section 3.20 Form F-3 Eligibility. As of the applicable Closing Date, the Partnership is eligible to
register the resale of its Series C Preferred Units and Common Units for resale by the Purchasers under Form F-3 promulgated under the Securities Act. 

Section 3.21 Disclosure of Material Information. All documents presented (including the Partnership SEC Documents) and information provided to the
Purchasers or their Representatives by the Partnership, or its Representatives, concerning the Partnership Entities, when taken together as a whole, are complete and accurate in all material respects. All forecasts and projections provided to the
Purchasers were prepared in good faith using reasonable assumptions. 
 Section 3.22 Foreign Corrupt Practices Act. No Partnership Entity, nor
any director, officer, or employee, nor, to the knowledge of the Partnership Entities, any agent or representative of the Partnership Entities, has taken or will take any action, directly or indirectly, that would result in a violation by such
persons of the Foreign Corrupt Practices Act of 1977, as amended (such act, including the rules and regulations thereunder, the “FCPA”), including, making use of the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any
officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official
or candidate for political office) to influence official action or secure an improper advantage; and the Partnership Entities have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintain and
will continue to maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS 

Each Purchaser, severally and not jointly, hereby represents and warrants to the Partnership that: 

Section 4.1 Existence. Such Purchaser is duly organized and validly existing and in good standing under the Laws of its jurisdiction of organization,
with all requisite power and authority to own, lease, use and operate its Properties and to conduct its business as currently conducted. 
 Section 4.2
Authorization, Enforceability. Such Purchaser has all necessary corporate, limited liability company or partnership power and authority to execute, deliver and perform its obligations under the Basic Documents and to consummate the
transactions contemplated thereby, and the execution, delivery and performance by such Purchaser of the Basic Documents has been duly authorized by all necessary action on the part of such Purchaser; and the Basic Documents, when executed as of the
date hereof or prior to the Initial Closing, as applicable, 

  
 18 

 
constitute or will constitute the legal, valid and binding obligations of such Purchaser, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally or by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith. 

Section 4.3 No Breach. The execution, delivery and performance of the Basic Documents by such Purchaser and the consummation by such Purchaser of the
transactions contemplated thereby will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any material agreement to which such Purchaser is a party or by which such
Purchaser is bound or to which any of the Property or assets of such Purchaser is subject, (b) conflict with or result in any violation of the provisions of the organizational documents of such Purchaser, or (c) violate any statute, order,
rule or regulation of any court or governmental agency or body having jurisdiction over such Purchaser or the property or assets of such Purchaser, except in the cases of clauses (a) and (c), for such conflicts, breaches, violations or defaults
as would not prevent the consummation of the transactions contemplated by the Basic Documents. 
 Section 4.4 Certain Fees. No fees or commissions
are or will be payable by such Purchaser to brokers, finders, or investment bankers with respect to the purchase of any of the Purchased Units or the consummation of the transaction contemplated by this Agreement. Each Purchaser agrees that it will
indemnify and hold harmless the Partnership from and against any and all claims, demands or liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by such Purchaser or alleged to have been incurred by
such Purchaser in connection with the purchase of the Purchased Units or the consummation of the transactions contemplated by this Agreement. 
 Section 4.5
Unregistered Securities. 
 (a) Such Purchaser is an “accredited investor” within the meaning of Rule 501 under the
Securities Act and is able to bear the risk of its investment in Purchased Units and the Conversion Units. Such Purchaser has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of
the purchase of the Purchased Units and the Conversion Units. Such Purchaser is a resident for purposes of state “blue sky” securities laws of the jurisdiction set forth on Schedule A attached hereto. 

(b) Such Purchaser understands that the Purchased Units and the Conversion Units will bear a restrictive legend or legends as provided in
Section 16.10 of the Fourth Amended and Restated Agreement of Limited Partnership until such legends may be removed pursuant to such Section 16.10. 

(c) Such Purchaser is purchasing the Purchased Units for its own account and not with a view to distribution in violation of any securities
laws. Such Purchaser has been advised and understands that neither the Purchased Units nor the Conversion Units have been registered under the Securities Act or under the “blue sky” laws of any jurisdiction and may be resold only if
registered pursuant to the provisions of the Securities Act (or if eligible, pursuant to the provisions of Rule 144 promulgated under the Securities Act or pursuant to another available exemption from the registration requirements of the Securities
Act). Such Purchaser 

  
 19 

 
has been advised and understands that the Partnership, in issuing the Purchased Units (and any Conversion Units upon conversion of the Purchased Units), is relying upon, among other things, the
representations and warranties of such Purchaser contained in this Article IV in concluding that such issuance is a “private offering” and is exempt from the registration provisions of the Securities Act. 

(d) Such Purchaser understands that there is no public trading market for the Purchased Units, that none is expected to develop and that the
Purchased Units must be held indefinitely unless and until Purchased Units or Conversion Units received upon conversion thereof are registered under the Securities Act or an exemption from registration is available. Each Purchaser is aware of the
provisions of Rule 144 promulgated under the Securities Act. 
 (e) Such Purchaser understands that the Purchased Units are being offered and
sold in reliance on a transactional exemption from the registration requirements of federal and state securities laws and that the Partnership is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and
understandings of such Purchaser set forth herein in order to determine the applicability of such exemptions and the suitability of such Purchaser to acquire the Purchased Units and the Conversion Units issuable upon conversion thereof. 

Section 4.6 Short Selling. No Purchaser has engaged in any Short Sales involving Common Units owned by it between May 26, 2015 and the date
of execution of this Agreement. 
 Section 4.7 Purchaser Investigation; Partnership Projections. Such Purchaser acknowledges and agrees that it
has made its own inquiry and investigation into, and, based thereon, has formed an independent judgment concerning the Partnership and its businesses and operations and prospects, and such Purchaser has been furnished with or given full access to
such information about the Partnership and its businesses and operations as it requested. In connection with such Purchaser’s investigation of the Partnership and its businesses and operations, such Purchaser and its Representatives have
received from the Partnership or its Representatives certain projections and other forecasts for the Partnership and certain estimates, plans and budget information. Such Purchaser acknowledges and agrees that (a) there are uncertainties
inherent in attempting to make such projections, forecasts, estimates, plans and budgets, (b) such Purchaser is familiar with such uncertainties and (c) such Purchaser is taking full responsibility for making its own evaluations of the
adequacy and accuracy of all estimates, projections, forecasts, plans and budgets so furnished to it or its Representatives. 
 ARTICLE V

 COVENANTS 
 Section 5.1 Taking
of Necessary Action. Each of the parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law
and regulations to consummate and make effective the transactions contemplated by the Basic Documents. Without limiting the foregoing, the Partnership and each Purchaser shall use its commercially reasonable efforts to make all filings and obtain
all consents of Governmental Authorities that may be necessary or, in the reasonable opinion of the other parties, as the case may be, advisable for the consummation of the transactions contemplated by this Agreement. 

  
 20 

 Section 5.2 Other Actions. The Partnership shall, prior to the applicable Closing, file a supplemental
listing application with the NYSE to list the Conversion Units. 
 Section 5.3 Modification of Convertible Promissory Note. The Partnership shall not
amend or modify, or otherwise agree to any waiver of any provision of, the Convertible Promissory Note relating to the conversion of debt into Common Units, including Section 2.2 thereof, without the prior written consent of the Purchasers.
There shall be no refinancing of the Convertible Promissory Note prior to the Teekay Corporation Investment. If the Teekay Corporation Investment has not occurred in accordance with this Section 5.3 by July 31, 2015, the Partnership shall
promptly offer to purchase all outstanding Purchased Units at a price equal to the Series C Preferred Unit Price. 
 ARTICLE VI 

INDEMNIFICATION 
 Section 6.1
Indemnification by the Partnership. The Partnership agrees to indemnify each Purchaser and its Representatives (collectively, “Purchaser Related Parties”) from, and hold each of them harmless against, any and all actions, suits,
proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any
kind or nature whatsoever, including, the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or
asserted against or involve any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of the Partnership contained herein, provided that such claim for indemnification
relating to a breach of the representations or warranties is made prior to the expiration of such representations or warranties; and provided further, that no Purchaser Related Party shall be entitled to recover special, indirect, incidental,
consequential (including lost profits or diminution in value) or punitive damages. Notwithstanding anything to the contrary, indirect, incidental and consequential damages shall not be deemed to include diminution in value of the Purchased Units to
the extent resulting from, arising out of or in any way related to the breach of any of the representations, warranties or covenants of the Partnership contained herein, which is specifically included in damages covered by the Purchaser Related
Parties’ indemnification. 
 Section 6.2 Indemnification by Purchasers. Each Purchaser agrees, severally and not jointly, to indemnify the
Partnership, the General Partner and their respective Representatives (collectively, “Partnership Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations,
litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, the
reasonable fees and disbursements of counsel and all other reasonable 

  
 21 

 
expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of,
arising out of, or in any way related to the breach of any of the representations, warranties or covenants of such Purchaser contained herein, provided that such claim for indemnification relating to a breach of the representations and warranties is
made prior to the expiration of such representations and warranties; and provided further, that no Partnership Related Party shall be entitled to recover special, indirect, incidental, consequential (including lost profits or diminution in value) or
punitive damages; and provided further, that in no event shall the liability of any Purchaser exceed the amount of such Purchaser’s Purchase Price. 

Section 6.3 Indemnification Procedure. Promptly after any Partnership Related Party or Purchaser Related Party (hereinafter, the
“Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third person, which the Indemnified Party believes in good faith is an indemnifiable claim
under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of such action, suit or proceeding, but failure to so notify the
Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the
nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as
long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle any such action or claim, it shall promptly notify the Indemnified Party of its intention to do so, and the
Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the
Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the
Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the
Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled
(i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ counsel reasonably
acceptable to the Indemnified Party or (B) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses
available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party,
then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless
the settlement thereof imposes no liability or obligation on, includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party. 

  
 22 

 ARTICLE VII 

MISCELLANEOUS 
 Section 7.1
Interpretation. Article, Section, Schedule, and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts, and agreements are references to such instruments, documents,
contracts, and agreements as the same may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever any party has an
obligation under this Agreement, the expense of complying with that obligation shall be an expense of such party unless otherwise specified herein. Whenever any determination, consent, or approval is to be made or given by any party under this
Agreement, such action shall be in such party’s sole discretion unless otherwise specified herein. If any provision in this Agreement is held to be illegal, invalid, not binding, or unenforceable, (i) such provision shall be fully
severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding, or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions shall remain in full force and effect and
(ii) the parties thereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated
as originally contemplated to the greatest extent possible. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in
calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day. Any words imparting the singular number only shall include the plural and vice
versa. The words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.
The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting
this Agreement. This Agreement has been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. 

Section 7.2 Survival of Provisions. The representations and warranties set forth in Sections 3.1, 3.2, 3.7, 3.8, 3.13, 3.14, 3.15, 3.16, 4.4, 4.5
and 4.6 hereunder shall survive the execution and delivery of this Agreement indefinitely, and the other representations and warranties set forth herein shall survive for a period of twelve (12) months following the applicable Closing Date
regardless of any investigation made by or on behalf of the Partnership or any Purchaser. The covenants made in this Agreement shall, unless otherwise specified therein, survive the applicable Closing of the transactions described herein and remain
operative and in full force and effect regardless of acceptance of any of the Purchased Units and payment therefor and repayment, conversion, exercise or repurchase thereof. All indemnification obligations of the Partnership and the Purchasers
pursuant to this Agreement and the provisions of Article VI shall remain operative and in full force and effect unless such obligations are expressly terminated in a writing by the parties, regardless of any purported general termination of this
Agreement. 

  
 23 

 Section 7.3 No Waiver; Modifications in Writing. 

(a) No failure or delay on the part of any party in exercising any right, power, or remedy hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. The remedies provided for herein are cumulative and are not exclusive of
any remedies that may be available to a party at law or in equity or otherwise. 
 (b) Except as otherwise provided herein, no amendment,
waiver, consent, modification, or termination of any provision of this Agreement shall be effective unless signed by each of the parties thereto affected by such amendment, waiver, modification or termination. Any amendment, supplement or
modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the Partnership or any Purchaser from the terms of any provision of this Agreement shall be effective only in
the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on the Partnership or any Purchaser in any case shall entitle the Partnership or such
Purchaser to any other or further notice or demand in similar or other circumstances. 
 Section 7.4 Binding Effect; Assignment. 

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

(b) All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to any
Affiliate of such Purchaser without the consent of the Partnership. No portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser to a non-Affiliate without the prior written consent of the
Partnership (which consent shall not be unreasonably withheld by the Partnership). As a condition to any assignment hereunder, the assignee shall agree in writing to be bound by the provisions of this Agreement, and, notwithstanding any such
assignment, the Purchaser shall remain liable for the payment of the purchase price of the applicable Purchased Units if not timely paid by such assignee. The Partnership may not transfer any of its rights or obligations under this Agreement to any
Person. 
 Section 7.5 Disclosure. 

(a) The Partnership Entities and any of their respective Representatives shall disclose the identity of, or any other information concerning
the Purchasers or any of their respective Affiliates only after providing the Purchasers a reasonable opportunity to review and comment on such disclosure (with such comments being incorporated or reflected, to the extent reasonable, in any such
disclosure); provided, however, that nothing in this Section 7.5 shall delay any required filing or other disclosure with the Commission, NYSE or any Governmental Authority or otherwise hinder the Partnership Entities’ or their
Representatives’ ability to timely comply with all laws or rules and regulations of the Commission, NYSE or other Governmental Authority. 

  
 24 

 (b) Notwithstanding anything to the contrary in this Section 7.5, the Partnership and
the General Partner agree that the Purchasers may, subject to the terms of the Confidentiality Agreement, (i) publicize in its marketing materials that the Purchaser acted as “Purchaser” in connection with the Purchased Units (which
may include the reproduction of the Partnership’s logos) and, (ii) with respect to any marketing material distributed to a Purchasers’ Affiliates or funds managed or advised by a Purchaser or investors or potential investors of such
funds, the Purchasers may disclose general information (including the size of the Purchaser’s investment and pricing terms) that is customary for such client or fund raising marketing. 

Section 7.6 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail,
return receipt requested, telecopy, air courier guaranteeing overnight delivery or personal delivery to the following addresses: 

(a) If to any Purchaser: 

To the respective address listed on Schedule B hereof 

(b) If to the Partnership: 

Teekay Offshore Partners L.P. 

4th Floor, Belvedere Building 

69 Pitts Bay Road 

Hamilton HM 08, Bermuda 

Attention: Corporate Secretary 

Facsimile: (441) 292-3931 

with a copy to: 

Perkins Coie LLP 

1120 N.W. Couch Street, 10th Floor 

Portland, Oregon 97209-4128 

Attention: David Matheson 

Facsimile: (503) 346-2008 

or to such other address as the Partnership or such Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given:
at the time delivered by hand, if personally delivered; at the time of transmittal, if sent via electronic mail; upon actual receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent
via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 
 Section 7.7 [INTENTIONALLY OMITTED] 

Section 7.8 Entire Agreement. This Agreement, the other Basic Documents and the other agreements and documents referred to herein are intended by the
parties as a final expression of 

  
 25 

 
their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto and thereto in respect of the subject matter contained herein and
therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or the other Basic Documents with respect to the rights granted by the Partnership or any of its Affiliates or any Purchaser
or any of its Affiliates set forth herein. This Agreement, the other Basic Documents and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties with respect to such
subject matter, other than the Confidentiality Agreement dated as of May 26, 2015 between the Partnership and Magnetar Capital LLC (the “Confidentiality Agreement”). 

Section 7.9 Governing Law. This Agreement will be construed in accordance with and governed by the laws of the State of New York without regard to
principles of conflicts laws thereof that would apply the laws of any other jurisdiction. 
 Section 7.10 Execution in Counterparts. This Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or .pdf format counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original
and all of which counterparts, taken together, shall constitute but one and the same Agreement. 
 Section 7.11 Termination. 

(a) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any time at or prior to the Initial Closing by
(i) with respect to any particular Purchaser, the written consent of such Purchaser, upon a breach in any material respect by the Partnership of any covenant or agreement set forth in this Agreement or (ii) with respect to any particular
Purchaser, written notice by the Partnership to such Purchaser upon a breach in any material respect by such Purchaser of any covenant or agreement set forth in this Agreement. For the avoidance of doubt, the termination of this Agreement with
respect to any particular Purchaser shall not affect the Agreement with respect to any other Purchaser. 
 (b) Notwithstanding anything
herein to the contrary, this Agreement shall automatically terminate (i) at any time at or prior to the Closing if a statute, rule, order, decree or regulation shall have been enacted or promulgated, or if any action shall have been taken by
any Governmental Authority of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise permanently prohibits the consummation of the transactions contemplated by this Agreement or makes the
transactions contemplated by this Agreement illegal or (ii) if the Initial Closing shall not have occurred by July 31, 2015. 
 (c)
In the event of the termination of this Agreement as provided in this Section 7.11, (1) this Agreement shall forthwith become null and void, and (2) there shall be no liability on the part of any Party hereto, except as set
forth in Article VI of this Agreement. 
 Section 7.12 Recapitalization, Exchanges, Etc. Affecting the Common Units. The provisions of this
Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of the Partnership or any successor or assign of the Partnership (whether by merger, consolidation, sale of assets or otherwise) which may be
issued in respect of, in exchange for or in substitution of, the Common Units, and shall be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this Agreement and prior to the applicable Closing. 

[Signature pages follow] 

  
 26 

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

			
	TEEKAY OFFSHORE PARTNERS L.P.
	By:		TEEKAY OFFSHORE GP L.L.C.
			(its General Partner)
		
	By:		     /s/ Peter Evensen

			Name:  Peter Evensen
			Title:    Chief Executive Officer and Chief Financial Officer

  
 Signature Page to
Series C Preferred Unit Purchase Agreement 

 
			
	MTP ENERGY FUND, LTD:
	By:		MTP Energy Management LLC, its Investment Advisor
	By:		Magnetar Financial LLC, its Sole Member
		
	By:		     /s/ Michael Turro

			Name:  Michael Turro
			Title: Chief Compliance Officer

  

			
	MTP ENERGY OPPORTUNITIES FUND LLC:
	By:		MTP Energy Management LLC, its Managing Member
	By:		Magnetar Financial LLC, its Sole Member
		
	By:		     /s/ Michael Turro

			Name:  Michael Turro
			Title: Chief Compliance Officer

  

			
	MTP ENERGY OPPORTUNITIES FUND II LLC:
	By:		MTP Energy Management LLC, its Managing Member
	By:		Magnetar Financial LLC, its Sole Member
		
	By:		     /s/ Michael Turro

			Name:  Michael Turro
			Title: Chief Compliance Officer

  

			
	MTP ENERGY OPPORTUNITIES FUND II CAYMAN LP:
	By:		MTP EOF II GP Ltd, its General Partner
		
	By:		     /s/ Michelle Morgan

			Name:  Michelle Morgan
			Title: Director

  
 Signature Page to
Series C Preferred Unit Purchase Agreement 

 
			
	TRIANGLE PEAK PARTNERS II, LP
	By:		Triangle Peak Partners II General Partner, LLC, its General Partner
		
	By:		     /s/ Michael C. Morgan

			Name:  Michael C. Morgan
			Title: Managing Member

  

			
	TPP II ANNEX FUND, LP
	By:		Triangle Peak Partners II General Partner, LLC, its General Partner
		
	By:		     /s/ Michael C. Morgan

			Name:  Michael C. Morgan
			Title: Managing Member

  
 Signature Page to
Series C Preferred Unit Purchase Agreement 

 Schedule A – List of Purchasers and Commitment Amounts 

 

																									
	 Purchaser
		Initial
Closing
Series C
Preferred
Units	 		Initial Closing
Purchase
Price*	 		Subsequent
Closing
Series C
Preferred
Units	 		Subsequent
Closing
Purchase Price*	 		Total
Series C
Preferred
Units	 		Total Purchase
Price*	 
	 MTP Energy Fund, LTD
		 	4,175,365	  		$	99,999,991.75	  		 	—  	  		 	—  	  		 	4,175,365	  		$	99,999,991.75	  
	MTP Energy Opportunities Fund LLC		 	584,551	  		$	13,999,996.45	  		 	—  	  		 	—  	  		 	584,551	  		$	13,999,996.45	  
	MTP Energy Opportunities Fund II LLC		 	—  	  		 	—  	  		 	4,559,499	  		$	109,200,001.05	  		 	4,559,499	  		$	109,200,001.05	  
	MTP Energy Opportunities Fund II Cayman LP		 	—  	  		 	—  	  		 	450,939	  		$	10,799,989.05	  		 	450,939	  		$	10,799,989.05	  
	 Triangle Peak Partners II, LP
		 	125,261	  		$	3,000,000.95	  		 	—  	  		 	—  	  		 	125,261	  		$	3,000,000.95	  
	 TPP II Annex Fund, LP
		 	542,798	  		$	13,000,012.10	  		 	—  	  		 	—  	  		 	542,798	  		$	13,000,012.10	  

 * The Purchase Price for each Purchaser is equal to the product of (i) the number of Series C Preferred Units set forth
opposite such Purchaser’s name under the column titled “Initial Closing Series C Preferred Units”, “Subsequent Closing Series C Preferred Units” or “Total Series C Preferred Units”, as applicable, above,
multiplied by (ii) the Series C Preferred Unit Price ($23.95 per unit). 

  
 Schedule A to
Series C Preferred Unit Purchase Agreement 

 Schedule B – Notice and Contact Information 

 

			
	 Purchaser
		 Notice and Contact Information

	MTP Energy Fund LTD		 Magnetar Financial LLC
 1603 Orrington Avenue,
13th Floor
 Evanston, IL 60201
 Attention: Chief Legal
Officer
 Facsimile: (847) 869-2064
 Email:
mtpnotices@magnetar.com

	MTP Energy Opportunities Fund LLC		 Magnetar Financial LLC
 1603 Orrington Avenue,
13th Floor
 Evanston, IL 60201
 Attention: Chief Legal
Officer
 Facsimile: (847) 869-2064
 Email:
mtpnotices@magnetar.com

	MTP Energy Opportunities Fund II LLC		 Magnetar Financial LLC
 1603 Orrington Avenue,
13th Floor
 Evanston, IL 60201
 Attention: Chief Legal
Officer
 Facsimile: (847) 869-2064
 Email:
mtpnotices@magnetar.com

	MTP Energy Opportunities Fund II Cayman LP		 Magnetar Financial LLC
 1603 Orrington Avenue,
13th Floor
 Evanston, IL 60201
 Attention: Chief Legal
Officer
 Facsimile: (847) 869-2064
 Email:
mtpnotices@magnetar.com

	Triangle Peak Partners II, LP		 Triangle Peak Partners II, LP
 c/o Triangle Peak
Partners II General Partner, LLC
 PO Box 3788
 Carmel,
California 93921
 Attn: Scott Bilyeu, CFO
 Facsimile:
(831) 622-0435
 Email: scott@trianglepeakpartners.com

  
 Schedule B to
Series C Preferred Unit Purchase Agreement 

			
	TPP II Annex Fund, LP		 TPP II Annex Fund, LP
 c/o Triangle Peak
Partners II General Partner, LLC
 PO Box 3788
 Carmel,
California 93921
 Attn: Scott Bilyeu, CFO
 Facsimile:
(831) 622-0435
 Email: scott@trianglepeakpartners.com

  
 Schedule B to
Series C Preferred Unit Purchase Agreement 

 Exhibit A – Form of Opinion of Perkins Coie LLP 

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Series C Preferred Unit Purchase Agreement (the
“Purchase Agreement”). The Partnership shall furnish to the Purchasers at the applicable Closing an opinion of Perkins Coie LLP, counsel for the Partnership, addressed to the Purchasers and dated the applicable Closing Date in form
reasonably satisfactory to the Purchasers, stating that: 
  

	 	i.	To our knowledge, except as described in the Partnership SEC Documents filed prior to the date of the Purchase Agreement, there are no outstanding options, warrants, or agreements for the purchase or acquisition from
the Partnership of Partnership securities or ownership interests in the Partnership, or rights to convert any obligations into or exchange any securities for Partnership securities or ownership interests in the Partnership. 

 

	 	ii.	No consent, approval, authorization or other action by, or filing with, any Governmental Authority is required for the issuance and sale by the Partnership of the Purchased Units, the execution, delivery and performance
by the Partnership of the Operative Documents or the completion of the transactions contemplated by the Operative Documents, except for (a) those required by the Commission in connection with the Partnership’s obligations under the
Registration Rights Agreement and (b) those that have been obtained or as may be required under state securities or “Blue Sky” laws, as to which we do not express any opinion. 

 

	 	iii.	To our knowledge, there are no contracts, agreements or understandings between any of the Teekay Entities and any person granting such person the right to require any of the Teekay Entities to file a registration
statement under the Act with respect to any securities of the Partnership owned or to be owned by such person or to require any of the Teekay Entities to include such securities in any securities being registered pursuant to any other registration
statement filed by any Teekay Entity under the Act, except for any such rights held by the General Partner or an Affiliate (as defined in the Partnership Agreement) of the General Partner pursuant to the Partnership Agreement. 

 

	 	iv.	None of the offering, issuance and sale by the Partnership of the Purchased Units, the execution, delivery and performance of the Operative Documents by the Partnership, or the completion of the transactions
contemplated thereby conflicts with or constitutes a breach or violation of, or a default under (or an event which, with notice or lapse of time or both, would constitute such a default), any indenture, contract, mortgage, deed of trust, note
agreement, loan agreement, lease or other agreement or instrument filed as an exhibit to the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2014 (including any document filed as an exhibit to any document
incorporated by reference therein) (collectively, the “Material Agreements”). (We do not comment or opine as to compliance with any financial covenants or financial ratios contained in any such documents.) 

 

	 	v.	 Based in part upon the Partnership’s and the Purchaser’s representations and warranties in, and on the facts and circumstances contemplated
by, the Purchase Agreement, the offer, 

  
 Exhibit A to
Series C Preferred Unit Purchase Agreement 

	 	
issuance and sale of the Purchased Units by the Partnership to the Purchaser pursuant to the terms of the Purchase Agreement do not require registration under Section 5 of the Securities
Act. (We do not comment or opine as to any subsequent sale of the Purchased Units.) 

  

	 	vi.	The Partnership is not, and immediately after giving effect to the use of proceeds from the sale of the Purchased Units pursuant to the Purchase Agreement will not be, required to register as an “investment
company” under the Investment Company Act of 1940, as amended. 

  
 Exhibit A to
Series C Preferred Unit Purchase Agreement 

 Exhibit B – Form of Opinion of Watson Farley & Williams LLP 

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Series C Preferred Unit Purchase Agreement
(the “Purchase Agreement”). The Partnership shall furnish to the Purchasers at the applicable Closing an opinion of Watson Farley & Williams LLP, special counsel to the Partnership relating to Marshall Islands and New York
law, addressed to the Purchasers and dated the applicable Closing Date in form reasonably satisfactory to the Purchasers, stating that: 
  

	 	i.	Each of the Partnership and the Operating Company has been duly formed and is validly existing in good standing as a limited partnership under Marshall Islands Law, and has the limited partnership power and authority to
own or lease its properties and to conduct its business, in each case in all material respects as described in the Partnership’s reports and statements filed by it with the Securities and Exchange Commission (the “SEC Documents”).

  

	 	ii.	Each of the General Partner and the OLP GP has been duly formed and is validly existing in good standing as a limited liability company under Marshall Islands Law, and each has the limited liability company power and
authority to own or lease its properties and to conduct its business, in each case in all material respects as described in the SEC Documents. 

  

	 	iii.	Each of the Marshall Islands Significant Subsidiaries is validly existing in good standing as a limited liability company or corporation, as applicable, under Marshall Islands Law, and each has the limited liability
company or corporate power, as applicable, and authority to own or lease its properties and to conduct its business, in each case in all material respects as described in the SEC Documents. 

 

	 	iv.	The Units to be issued and sold pursuant to the Purchase Agreement and the limited partner interests represented thereby have been duly authorized in accordance with the Partnership Agreement and, when issued and
delivered to the purchaser thereof against payment therefor in accordance with the terms of the Purchase Agreement, will be validly issued, fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such
nonassessability may be affected by Sections 30, 41, 51 and 60 of the Marshall Islands Limited Partnership Act and except as may otherwise be provided in the Partnership Agreement). 

 

	 	v.	Except as described in the SEC Documents, and except as contained in Articles V, VII, XI, XV and XVI of the Partnership Agreement, the Partnership Agreement does not contain any preemptive rights or other rights to
subscribe for or to purchase any limited partner interests in the Partnership. 

  

	 	vi.	 The execution, delivery and performance of the Purchase Agreement, and the consummation of the transactions contemplated thereby, including the
offering, issuance and sale by the Partnership of the Units in accordance with and upon the terms and conditions set forth in the Purchase Agreement, do not (i) conflict with or constitute a violation of the organizational documents of any of
the Teekay Parties or the Marshall 

  
 Exhibit B to
Series C Preferred Unit Purchase Agreement 

	 	
Islands Significant Subsidiaries, (ii) conflict with or constitute a breach or violation of, or a default under (or an event which, with notice or lapse of time or both, would constitute
such a default), the agreements or instruments governed by Marshall Islands Law or New York Law and listed on Schedule 2 hereto, (iii) violate Marshall Islands Law or New York Law, or (iv) violate any judgment, order or decree of which we
are aware of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority situated in the Republic of the Marshall Islands directed to any of the Teekay Parties or the Marshall Islands Significant Subsidiaries
in a proceeding before such court, regulatory body, administrative agency, governmental body, arbitrator or other authority in the Republic of the Marshall Islands to which any of them is a party. 

 

	 	vii.	No permit, consent, approval, authorization, order, registration, filing or qualification of or with any court, governmental agency or body of the Republic of the Marshall Islands having jurisdiction over the Teekay
Parties or any of the Marshall Islands Significant Subsidiaries or any of their respective properties is required in connection with the execution and delivery of the Purchase Agreement by the General Partner in its capacity as the general partner
of the Partnership, the performance of the transactions contemplated thereby by the Partnership or the performance by the Partnership of its obligations thereunder, including the offering, issuance and sale by the Partnership of the Units in
accordance with and upon the terms and conditions set forth in the Purchase Agreement. 

  

	 	viii.	The choice of New York law to govern the Purchase Agreement and the Registration Rights Agreement constitutes a valid choice of law under Marshall Islands Law. 

 

	 	ix.	Each of the Purchase Agreement and the Registration Rights Agreement has been duly authorized and validly executed and delivered by the General Partner in its capacity as the general partner of the Partnership and
constitutes a valid and legally binding obligation of the Partnership, enforceable against the Partnership in accordance with its terms. 

  
 Exhibit B to
Series C Preferred Unit Purchase Agreement 

 Exhibit C – Form of General Partner Waiver 

[Date] 
 Teekay Offshore GP
L.L.C. (the “General Partner”), a Marshall Islands limited liability company and the general partner of Teekay Offshore Partners L.P. (the “Partnership”), in its own capacity and in its capacity as the general
partner of the Partnership, hereby waives any preemptive rights it may hold pursuant to Section 5.7 of the Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of April 13, 2015, as amended, with respect
to the Partnership’s privately-negotiated Series C Preferred Unit Purchase Agreement, dated as of June 30, 2015, by and among the Partnership and each of the Purchasers set forth in Schedule A thereto, to issue and sell an aggregate of
10,438,413 Series C Preferred Units representing limited partner interests of the Partnership for a cash purchase price of $23.95 per Series C Preferred Unit. 

IN WITNESS WHEREOF, the undersigned executes this General Partner Waiver, effective as of the date first above written. 

 

					
	TEEKAY OFFSHORE GP L.L.C.
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Exhibit C to
Series C Preferred Unit Purchase Agreement 

 Exhibit D – Form of Fourth Amended and Restated Agreement of Limited Partnership 

  
 Exhibit D to
Series C Preferred Unit Purchase Agreement 

 Exhibit E – Form of Convertible Promissory Note 

  
 Exhibit E to
Series C Preferred Unit Purchase Agreement 

 Exhibit F – Form of Registration Rights Agreement 

  
 Exhibit F to
Series C Preferred Unit Purchase AgreementEX-10.2

 EXHIBIT 10.2 
  

 
  

 
  
  

REGISTRATION RIGHTS AGREEMENT 

by and among 
 TEEKAY
OFFSHORE PARTNERS L.P. 
 and 

THE PURCHASERS NAMED ON SCHEDULE A HERETO 
  

 
  
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Article I DEFINITIONS
	  	 	1	  
	 Section 1.01 Definitions
	  	 	1	  
	 Section 1.02 Registrable Securities
	  	 	6	  
	 Article II REGISTRATION RIGHTS
	  	 	6	  
	 Section 2.01 Registration
	  	 	6	  
	 Section 2.02 Piggyback Rights
	  	 	10	  
	 Section 2.03 Delay Rights
	  	 	11	  
	 Section 2.04 Underwritten Offerings
	  	 	13	  
	 Section 2.05 Sale Procedures
	  	 	14	  
	 Section 2.06 Cooperation by Holders
	  	 	18	  
	 Section 2.07 Restrictions on Public Sale by Holders of Registrable Securities
	  	 	18	  
	 Section 2.08 Expenses
	  	 	19	  
	 Section 2.09 Indemnification
	  	 	19	  
	 Section 2.10 Rule 144 Reporting
	  	 	22	  
	 Section 2.11 Transfer or Assignment of Registration Rights
	  	 	22	  
	 Section 2.12 Limitation on Subsequent Registration Rights
	  	 	23	  
	 Section 2.13 Compliance
	  	 	23	  
	 Section 2.14 Information
	  	 	23	  
	 Article III MISCELLANEOUS
	  	 	23	  
	 Section 3.01 Communications
	  	 	23	  
	 Section 3.02 Successor and Assigns
	  	 	24	  
	 Section 3.03 Assignment of Rights
	  	 	24	  
	 Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Units
	  	 	24	  
	 Section 3.05 Aggregation of Registrable Securities
	  	 	25	  
	 Section 3.06 Specific Performance
	  	 	25	  
	 Section 3.07 Counterparts
	  	 	25	  
	 Section 3.08 Headings
	  	 	25	  
	 Section 3.09 Governing Law
	  	 	25	  
	 Section 3.10 Severability of Provisions
	  	 	25	  
	 Section 3.11 Entire Agreement
	  	 	25	  
	 Section 3.12 Amendment
	  	 	26	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 Section 3.13 No Presumption
	  	 	26	  
	 Section 3.14 Obligations Limited to Parties to Agreement
	  	 	26	  
	 Section 3.15 Independent Nature of Purchaser’s Obligations
	  	 	26	  
	 Section 3.16 Interpretation
	  	 	27	  

  
 -ii- 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of July 1, 2015, by and among Teekay
Offshore Partners L.P., a Marshall Islands limited partnership (the “Partnership”), and each of the Persons set forth on Schedule A to this Agreement (each, a “Purchaser” and collectively, the
“Purchasers”). 
 WHEREAS, this Agreement is made in connection with the closings of the issuance and sale of the Purchased
Units pursuant to the Series C Preferred Unit Purchase Agreement, dated as of June 30, 2015, by and among the Partnership and the Purchasers (the “Preferred Unit Purchase Agreement”); and 

WHEREAS, the Partnership has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers
pursuant to the Preferred Unit Purchase Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the Preferred Unit
Purchase Agreement. The terms set forth below are used herein as so defined: 
 “Affiliate” means, with respect to any
Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

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

“Amended and Restated Partnership Agreement” means the Fourth Amended and Restated Agreement of Limited Partnership of the
Partnership. 
 “Automatic Shelf Registration Statement” means a registration statement that shall become effective upon
filing with the Commission pursuant to Rule 462(e) (or any successor or similar provision adopted by the Commission then in effect) under the Securities Act. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in
the State of New York or State of Texas are authorized or required by law or other governmental action to close. 

“Commission” means the U.S. Securities and Exchange Commission. 

 “Common Initial Filing Date” has the meaning specified therefor in
Section 2.01(a) of this Agreement. 
 “Common Unit Price” means $23.95, and shall be appropriately adjusted for
combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date of this Agreement, in each case relating to the Common Units. 

“Common Unit Registrable Securities” means (i) the Common Units issued or issuable upon the conversion of the Preferred
Units acquired by the Purchasers pursuant to the Preferred Unit Purchase Agreement, and (ii) any Common Units issued as Liquidated Damages pursuant to Section 2.01(c) of this Agreement, and includes any type of interest issued to
the Holder as a result of Section 3.04 of this Agreement. 
 “Common Unit Registration Statement” has the
meaning specified therefor in Section 2.01(a) of this Agreement. 
 “Common Units” has the meaning specified
therefor in Article I of the Amended and Restated Partnership Agreement. 
 “Demand Holder” means any Magnetar Holder. 

“Effectiveness Period” means, (i) with respect to a particular Registration Statement that covers the offer and resale of
all Common Unit Registrable Securities, the period beginning when such Registration Statement becomes effective under the Securities Act and ending at the time all Common Unit Registrable Securities covered by such Registration Statement have ceased
to be Registrable Securities and (ii) with respect to a particular Registration Statement that covers the offer and resale of Preferred Unit Registrable Securities, the period beginning when such Registration Statement becomes effective under
the Securities Act and ending at the time all Registrable Securities (including Common Units issuable upon any conversion of such Preferred Unit Registrable Securities) covered by such Registration Statement have ceased to be Registrable Securities.

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

“Funded Underwritten Offering” has the meaning specified therefor in Section 2.08(a) of this Agreement. 

“General Partner” means Teekay Offshore GP L.L.C., a Marshall Islands limited liability company. 

“Governmental Authority” means any federal, state, local or foreign government, or other governmental, regulatory or
administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 
 “Holder” means the
record holder of any Registrable Securities. For the avoidance of doubt, in accordance with Section 3.05 of this Agreement, for purposes of determining the availability of any rights and applicability of any obligations under this
Agreement, including, calculating the amount of Registrable Securities held by a Holder (including a Magnetar Holder), a Holder’s Registrable Securities shall be aggregated together with all Registrable Securities held by other Holders who are
Affiliates of such Holder. 

  
 2 

 “In-Kind LD Amount” has the meaning specified therefor in
Section 2.01(d) of this Agreement. 
 “Included Registrable Securities” has the meaning specified therefor in
Section 2.02(a) of this Agreement. 
 “Law” means any statute, law, ordinance, regulation, rule, order, code,
governmental restriction, decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. 

“LD Period” has the meaning specified therefor in Section 2.01(d) of this Agreement. 

“LD Termination Date” has the meaning specified therefor in Section 2.01(d) of this Agreement. 

“Liquidated Damages” has the meaning specified therefor in Section 2.01(d) of this Agreement. 

“Liquidated Damages Multiplier” means, (i) for Common Unit Registrable Securities, the product of the Common Unit Price
times the number of Common Units (which in the case of Common Units subject to issuance upon conversion of the Preferred Units shall be the number of Common Units issuable upon conversion of the Preferred Units at the date of determination) held by
such Holder that may not be sold without restriction and without the need for current public information pursuant to any section of Rule 144 (or any successor or similar provision adopted by the Commission then in effect) under the Securities Act
and (ii) for Preferred Unit Registrable Securities, the product of the Common Unit Price times the number of Common Units issuable upon conversion of the Preferred Unit Registrable Securities held by such Holder at the date of determination.

 “Losses” has the meaning specified therefor in Section 2.09(a) of this Agreement. 

“Magnetar Holder” means any of MTP Energy Fund LTD, MTP Energy Opportunities Fund LLC, MTP Energy Opportunities Fund II LLC,
and MTP Energy Opportunities Fund II Cayman LP, when such Person is a record holder of any Registrable Securities, and any other record holder of Registrable Securities transferred or assigned by a Magnetar Holder to such holder in accordance with
Section 2.11 of this Agreement, provided that immediately following such transfer or assignment, such transferee or assignee (together with such transferee or assignee’s Affiliates) holds Registrable Securities that represent
at least $50.0 million of Registrable Securities (calculated based on the Registrable Securities Amount). 
 “Managing
Underwriter” means, with respect to any Underwritten Offering, the book-running lead manager or managers of such Underwritten Offering. 

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

  
 3 

 “Opt-Out Notice” has the meaning specified therefor in
Section 2.02(a) of this Agreement. 
 “Parity Securities” has the meaning specified therefor in
Section 2.02(b) of this Agreement. 
 “Partnership” has the meaning specified therefor in the introductory
paragraph of this Agreement. 
 “Person” means an individual or a corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other entity. 

“Piggyback Threshold Amount” means $10.0 million. 

“Preferred Demand Notice” has the meaning specified therefor in Section 2.01(b) of this Agreement. 

“Preferred Initial Filing Date” has the meaning specified therefor in Section 2.01(b) of this Agreement. 

“Preferred Units” means Series C Preferred Units representing limited partnership interests of the Partnership, as described
in the Amended and Restated Partnership Agreement and issued pursuant to the Preferred Unit Purchase Agreement and the Amended and Restated Partnership Agreement. 

“Preferred Unit Purchase Agreement” has the meaning specified therefor in the recitals of this Agreement. 

“Preferred Unit Registrable Securities” means the Preferred Units acquired by the Purchasers pursuant to the Preferred Unit
Purchase Agreement. 
 “Preferred Unit Registration Statement” has the meaning specified therefor in
Section 2.01(b) of this Agreement. 
 “Purchaser” and “Purchasers” have the meanings specified
therefor in the introductory paragraph of this Agreement. 
 “Registrable Securities” means, as of any date of
determination, the Common Unit Registrable Securities and the Preferred Unit Registrable Securities, as further defined in Section 1.02. 

“Registrable Securities Amount” means, without duplication, (i) for the Common Unit Registrable Securities, the
calculation based on the product of the Common Unit Price times the number of Common Unit Registrable Securities; and (ii) for the Preferred Unit Registrable Securities, the calculation based on the product of the Common Unit Price times the
number of Common Units issuable upon conversion of the Preferred Unit Registrable Securities. 

  
 4 

 “Registration Expenses” has the meaning specified therefor in
Section 2.08(b) of this Agreement. 
 “Registration Statement” has the meaning specified therefor in
Section 2.01(b) of this Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Selling Expenses” has the meaning specified therefor in Section 2.08(b) of this Agreement. 

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

“Selling Holder Indemnified Persons” has the meaning specified therefor in Section 2.09(a) of this Agreement. 

“Subsequent Closing Date” has the meaning specified therefor in the Preferred Unit Purchase Agreement. 

“Target Effective Date” has the meaning specified therefor in Section 2.01(d) of this Agreement. 

“Teekay” has the meaning specified therefor in Section 2.02(b) of this Agreement. 

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

“Underwritten Offering Notice” has the meaning specified therefor in Section 2.04(a) of this Agreement. 

“Underwritten Offering Withdrawal” has the meaning specified therein in Section 2.04(a) of this Agreement. 

“VWAP Price” means, for each such period of measurement, the volume weighted average closing price of a Common Unit on the
national securities exchange on which the Common Units are then listed (or admitted to trading). 
 Section 1.02 Registrable Securities. Any
Registrable Security will cease to be a Registrable Security (a) when a registration statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed
of pursuant to such effective registration statement; (b) when such Registrable Security has been sold or disposed of (excluding transfers or assignments by a Holder to an Affiliate of such Holder) pursuant to Rule 144 (or any successor or
similar provision adopted by the Commission then in effect) under the Securities Act under circumstances in which all of the applicable conditions of such Rule (then in effect) are met, other than any obligation by the

  
 5 

 
Purchaser to file a Form 144; (c) when such Registrable Security is held by the Partnership or one of its subsidiaries or Affiliates; provided, however, that none of the
Purchasers or their Affiliates shall be considered an Affiliate of the Partnership for purposes of this clause (c); or (d) when such Registrable Security has been sold or disposed of in a private transaction in which the transferor’s
rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.11 hereof. 
 ARTICLE II

 REGISTRATION RIGHTS 

Section 2.01 Registration. 
 (a)
Effectiveness Deadline. No later than 30 Business Days following the Subsequent Closing Date, the Partnership shall prepare and file a registration statement under the Securities Act to permit the public resale of all Common Unit Registrable
Securities to be issued upon conversion of the Preferred Units pursuant to the provisions of the Amended and Restated Partnership Agreement from time to time as permitted by Rule 415 (or any successor or similar provision adopted by the Commission
then in effect) under the Securities Act, on the terms and conditions specified in this Section 2.01 (a “Common Unit Registration Statement”) and subject to any transfer restrictions in the Amended and Restated
Partnership Agreement. The Common Unit Registration Statement filed with the Commission pursuant to this Section 2.01(a) shall be on Form F-3 (or such successor form thereto permitting shelf registration of securities under the
Securities Act), covering the Common Unit Registrable Securities, which shall contain a prospectus in such form as to permit any Holder to sell its Common Unit Registrable Securities pursuant to Rule 415 (or any successor or similar rule adopted by
the Commission then in effect) under the Securities Act at any time beginning on the effective date thereof. The Common Unit Registration Statement shall not be filed as an Automatic Shelf Registration Statement. The Partnership shall use its
commercially reasonable efforts to cause the Common Unit Registration Statement filed pursuant to this Section 2.01(a) to become or be declared effective as soon as practicable thereafter, but in no event later than 180 calendar days
after the initial filing date of such Common Unit Registration Statement (the “Common Initial Filing Date”). During the Effectiveness Period, the Partnership shall use its commercially reasonable efforts to cause such Registration
Statement filed pursuant to this Section 2.01(a) to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Common Unit Registration Statement is available or, if not available, that another
registration statement is available for the resale of the Common Unit Registrable Securities until all Common Unit Registrable Securities have ceased to be Registrable Securities. 

(b) Registration Statement. Any Demand Holder has the option and right, one time after January 15, 2017, exercisable by providing
a written notice to the Partnership (a “Preferred Demand Notice”), to require the Partnership to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file a registration statement (the
“Preferred Unit Registration Statement”) under the Securities Act to permit the resale of all Preferred Unit Registrable Securities from time to time as permitted by Rule 415 (or any successor or similar provision adopted by the
Commission then in effect) under the Securities Act with respect to all of the Preferred Unit Registrable Securities (the “Preferred Unit Registration Statement,” with each such Common Unit Registration Statement and Preferred

  
 6 

 
Unit Registration Statement, as the case may be, for purposes of this Agreement, a “Registration Statement”) and subject to any transfer restrictions in the Amended and Restated
Partnership Agreement. The Partnership shall file the Preferred Unit Registration Statement (the “Preferred Initial Filing Date”) with respect to the Preferred Unit Registrable Securities, as soon as practicable, but in no event
later than 30 calendar days, following receipt of such Preferred Demand Notice. The Partnership shall use its commercially reasonable efforts (i) to cause the Preferred Unit Registration Statement filed, with respect to the Preferred Unit
Registrable Securities, pursuant to this Section 2.01(b) to become or be declared effective as soon as practicable thereafter, but in any event, in the case of a Preferred Unit Registration Statement that is not an Automatic Shelf
Registration Statement, prior to the date that is 180 calendar days after the Preferred Initial Filing Date for such Preferred Unit Registration Statement with the Commission and (ii) to cause such Preferred Unit Registration Statement to
remain effective, and to be supplemented and amended to the extent necessary to ensure that such Preferred Unit Registration Statement is available for the resale of all Preferred Unit Registrable Securities covered by such Preferred Unit
Registration Statement until all Preferred Unit Registrable Securities covered by such Preferred Unit Registration Statement have ceased to be Registrable Securities. If the Partnership is eligible to use an Automatic Shelf Registration Statement to
register the offer and resale of the Preferred Unit Registrable Securities at a Demand Notice Date, and the Demand Notice requests the Partnership use an Automatic Shelf Registration Statement, the Preferred Unit Registration Statement shall be an
Automatic Shelf Registration Statement. If the Partnership is not eligible to use an Automatic Shelf Registration Statement to register the offer and resale of the Preferred Unit Registrable Securities at the Demand Notice Date, then it shall not
have any obligation under this Section 2.01(b) or any liability for failure to file the Automatic Shelf Registration Statement, and the Preferred Unit Registration Statement shall be a Registration Statement on Form F-3 (or such
successor form thereto permitting shelf registration of securities under the Securities Act). The Demand Holders, in the aggregate, shall have the right to no more than one (1) Preferred Unit Registration Statement to be filed to register the
offer and resale of the Preferred Unit Registrable Securities. The Preferred Unit Registration Statement that registers the offer and resale of Preferred Unit Registrable Securities shall also register the offer and sale of the number of Common
Units issuable upon any conversion of such Preferred Unit Registrable Securities, to the extent such Common Units are not then subject to another Registration Statement filed pursuant to this Agreement. 

(c) Compliance. When effective, a Registration Statement (including the documents incorporated therein by reference) will comply as to
form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will, when it becomes effective, not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading (in the case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made). The Partnership shall not include in a
Registration Statement contemplated by Section 2.01(b) any securities which are not Registrable Securities, other than Common Units that are to be offered and sold for the Partnership’s own account pursuant to an Underwritten
Offering without the prior written consent of each of the Demand Holders that are Selling Holders, which consent shall not be unreasonably withheld, conditioned or delayed. With respect to Common Units included in a Registration Statement pursuant
to the preceding sentence, if the Managing Underwriter of any proposed Underwritten Offering of Common Units included in an Underwritten Offering involving Included Registrable 

  
 7 

 
Securities advises the Partnership that the total amount of Common Units that the Partnership and the Selling Holders intend to include in such offering exceeds the number that can be sold in
such offering without being likely to have an adverse effect on the price, timing or distribution of the Common Units offered or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the
number of Common Unit Registrable Securities that such Managing Underwriter advises the Partnership can be sold without having such adverse effect, with such number to be allocated (i) first, pro rata among the Selling Holders who have
requested participation in such Underwritten Offering, based, for each Selling Holder, on the percentage derived by dividing (x) the number of Common Unit Registrable Securities proposed to be sold by such Selling Holder by (y) the
aggregate number of Common Unit Registrable Securities proposed to be sold by all Selling Holders, (ii) second, to the Partnership and (iii) third, to any current or future holder of any securities of the Partnership granted registration
rights in accordance with Section 2.12 hereof. As soon as practicable following the date that a Registration Statement becomes effective, but in any event within two (2) Business Days of such date, the Partnership shall provide the
Holders with written notice of the effectiveness of such Registration Statement. 
 (d) Failure to Go Effective. If a Registration
Statement required by Section 2.01 is not declared effective (i) with respect to Common Unit Registrable Securities, prior to the later of (a) such date as any Preferred Units convert into Common Units for any reason pursuant
to the Amended and Restated Partnership Agreement, or (b) 180 days after the Initial Filing Date or (ii) with respect to Preferred Unit Registrable Securities, within 180 days after the Initial Filing Date for such Registration Statement
(each a “Target Effective Date”), then each Holder shall be entitled to a payment (with respect to the Registrable Securities of each such Holder), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages
Multiplier per 90-day period, that shall accrue daily, for the first 90 days following such Target Effective Date, increasing by an additional 0.25% of the Liquidated Damages Multiplier per 90-day period, that shall accrue daily, for each subsequent
90 days (i.e., 0.5% for 91-180 days following the Target Effective Date, 0.75% for 181-270 days following the Target Effective Date and 1.0% thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier per 90-day period (the
“Liquidated Damages”); provided, however, that the aggregate amount of Liquidated Damages payable by the Partnership per Purchased Unit may not exceed: (i) for Preferred Unit Registrable Securities, 8.0% of the Common Unit
Price, and (ii) for Common Unit Registrable Securities, 5.0% of the Common Unit Price. The Liquidated Damages payable pursuant to the immediately preceding sentence shall be payable within ten (10) Business Days after the end of each such
90-day period. Any Liquidated Damages shall be paid to each Holder in immediately available funds; provided, however, if the Partnership certifies that it is unable to pay Liquidated Damages in cash because such payment would result in
a breach under a credit facility or other debt instrument, or because the Partnership does not have sufficient cash on hand to pay, then the Partnership may pay such Liquidated Damages using as much cash on hand as available and permitted without
breaching any such credit facility or other debt instrument and shall pay the balance of such Liquidated Damages (the “In-Kind LD Amount”) in kind in the form of the issuance of additional Common Units. Upon any issuance of Common
Units as Liquidated Damages, the Partnership shall promptly (i) prepare and file an amendment to such Registration Statement prior to its effectiveness adding such Common Units to such Registration Statement as additional Registrable Securities
and (ii) prepare and file a supplemental listing application with the NYSE (or such other market on which the Registrable Securities are then 

  
 8 

 
listed and traded) to list such additional Common Units. The determination of the number of Common Units to be issued as Liquidated Damages shall be equal to the In-Kind LD Amount divided by the
VWAP Price calculated for the consecutive ten (10) trading day period ending on the close of trading on the trading day immediately preceding the date on which the Liquidated Damages payment is due, less a discount to such average closing price
of 2.00%. The accrual of Liquidated Damages to a Holder shall cease (a “LD Termination Date,” and, each such period beginning on a Target Effective Date and ending on a LD Termination Date being, a “LD Period”) at
the earlier of (i) such Registration Statement becoming effective and (ii) when such Holder no longer holds Registrable Securities. Any amount of Liquidated Damages shall be prorated for any period of less than 90 calendar days accruing
during a LD Period. If the Partnership is unable to cause a Registration Statement to go effective by the Target Effective Date as a result of an acquisition, merger, reorganization, disposition or other similar transaction, then the Partnership may
request a waiver of the Liquidated Damages, and each Holder may individually grant or withhold its consent to such request in its discretion. The foregoing Liquidated Damages shall be the sole and exclusive remedy of the Holders for any failure of a
Registration Statement to be declared effective. 
 Section 2.02 Piggyback Rights. 

(a) Participation. So long as a Holder holds Registrable Securities, if the Partnership proposes to file (i) a shelf registration
statement other than a Registration Statement contemplated by Section 2.01(a) or Section 2.01(b), (ii) a prospectus supplement to an effective shelf registration statement, other than a Registration Statement
contemplated by Section 2.01(a) or Section 2.01(b) of this Agreement and Holders may be included in such Underwritten Offering without the filing of a post-effective amendment thereto, or (iii) a registration statement,
other than a shelf registration statement, in each case, for the sale of Common Units in an Underwritten Offering for its own account or that of another Person, or both, and Holders may be included in such Underwritten Offering without the filing of
a post-effective amendment thereto, then as soon as practicable following the engagement of counsel by the Partnership to prepare the documents to be used in connection with an Underwritten Offering, the Partnership shall give notice (including,
notification by electronic mail) of such proposed Underwritten Offering to each Holder (together with its Affiliates) holding at least the Piggyback Threshold Amount of the then-outstanding Common Unit Registrable Securities (calculated based on the
product of the Common Unit Price times the number of Common Unit Registrable Securities) and such notice shall offer such Holders the opportunity to include in such Underwritten Offering such number of Common Unit Registrable Securities (the
“Included Registrable Securities”) as each such Holder may request in writing; provided, however, that (A) the Partnership shall not be required to provide such opportunity to any such Holder that does not offer a
minimum of the Piggyback Threshold Amount of Common Unit Registrable Securities (based on the Common Unit Price), and (B) if the Partnership has been advised by the Managing Underwriter that the inclusion of Common Unit Registrable Securities
for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution of the Common Units in the Underwritten Offering, then (1) the Partnership shall not be required to offer such opportunity to the Holders
or (2) if any Common Unit Registrable Securities can be included in the Underwritten Offering in the opinion of the Managing Underwriter, then the amount of Common Unit Registrable Securities to be offered for the accounts of Holders shall be
determined based on the provisions of Section 2.02(b). Any notice required to be provided in this 

  
 9 

 
Section 2.02(a) to Holders shall be provided on a Business Day pursuant to Section 3.01 hereof. Each such Holder shall then have two (2) Business Days (or one
(1) Business Day in connection with any overnight or bought Underwritten Offering) after notice has been delivered to request in writing the inclusion of Common Unit Registrable Securities in the Underwritten Offering. If no written request for
inclusion from a Holder is received within the specified time, each such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake an Underwritten
Offering and prior to the closing of such Underwritten Offering, the Partnership shall determine for any reason not to undertake or to delay such Underwritten Offering, the Partnership may, at its election, give written notice of such determination
to the Selling Holders and, (i) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten
Offering, and (ii) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities as part of such Underwritten Offering for the same period as the delay in the
Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Common Unit Registrable Securities in such Underwritten Offering by giving written notice to
the Partnership of such withdrawal at or prior to the time of pricing of such Underwritten Offering. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Partnership requesting that such Holder not receive notice from
the Partnership of any proposed Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the
Partnership shall not be required to deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled to participate in Underwritten Offerings by the Partnership pursuant to this
Section 2.02(a). 
 (b) Priority. Other than situations described in Section 2.01 and
Section 2.04 of this Agreement, if the Managing Underwriter of any proposed Underwritten Offering of Common Units included in an Underwritten Offering involving Included Registrable Securities advises the Partnership that the total
amount of Common Units that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the
Common Units offered or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number of Common Unit Registrable Securities that such Managing Underwriter advises the Partnership can be
sold without having such adverse effect, with such number to be allocated (i) first, to the Partnership, (ii) second, to Teekay Corporation (“Teekay”) and its Affiliates pursuant to any registration rights existing as of
the date of this Agreement, and (iii) third, pro rata among the Selling Holders and any other holder of securities of the Partnership (other than Teekay and its Affiliates) having rights of registration that are neither expressly senior nor
subordinated to the Holders in respect of the Common Unit Registrable Securities (the “Parity Securities”) who have requested participation in such Underwritten Offering, based, for each Selling Holder and each other holder of
Parity Securities, on the percentage derived by dividing (A) the number of Common Unit Registrable Securities proposed to be sold, in the aggregate, by all Selling Holders or such other holder of Parity Securities by (B) the aggregate
number of Common Unit Registrable Securities proposed to be sold, in the aggregate, by all Selling Holders and the holders of Parity Securities. 

  
 10 

 (c) Termination of Piggyback Registration Rights. Each Holder’s rights under
Section 2.02 shall terminate upon such Holder (together with its Affiliates) ceasing to hold at least the Piggyback Threshold Amount of Registrable Securities (calculated based on the Common Unit Price). 

Section 2.03 Delay Rights. 

Notwithstanding anything to the contrary contained herein, the Partnership may, upon written notice to any Selling Holder whose
Registrable Securities are included in a Registration Statement or other registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus which is a part of such Registration Statement or other
registration statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to such Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made
sales of Registrable Securities) if (i) the Partnership is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Partnership determines in good faith that the Partnership’s ability to pursue or
consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in such Registration Statement or other registration statement or (ii) the Partnership has experienced or is undertaking some
other material non-public event the disclosure of which at such time, in the good faith judgment of the Partnership, would materially adversely affect the Partnership; provided, however, in no event shall the Selling Holders be suspended from
selling Registrable Securities pursuant to such Registration Statement or other registration statement for a period that exceeds an aggregate of 60 calendar days in any 180-calendar day period or 105 calendar days in any 365-calendar day period, in
each case, exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon disclosure of such information or the termination of the condition described above, the Partnership shall
provide prompt notice to the Selling Holders whose Registrable Securities are included in such Registration Statement and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit
registered sales of Registrable Securities as contemplated in this Agreement. 
 If (i) the Selling Holders shall be prohibited
from selling their Registrable Securities under a Registration Statement or other registration statement contemplated by this Agreement as a result of a suspension pursuant to the immediately preceding paragraph in excess of the periods permitted
therein or (ii) a Registration Statement or other registration statement contemplated by this Agreement is filed and declared effective but, during the Effectiveness Period, shall thereafter cease to be effective or fail to be usable for its
intended purpose without being succeeded within 60 Business Days by a post-effective amendment thereto, a supplement to the prospectus or a report filed with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act,
then, until the suspension is lifted or a post-effective amendment, supplement or report is filed with the Commission, but not including any day on which a suspension is lifted or such amendment, supplement or report is filed and declared effective,
if applicable, the Partnership shall pay the Selling Holders an amount equal to the Liquidated Damages, following the earlier of (A) the date on which the suspension period exceeded the permitted period and (B) the sixty-first
(61st) Business Day after such Registration Statement or other registration statement contemplated by this Agreement ceased to be effective or failed to be useable for its 

  
 11 

 
intended purposes, as liquidated damages and not as a penalty (for purposes of calculating Liquidated Damages, the date in (A) or (B) above shall be deemed the “90th day,” as
used in the definition of Liquidated Damages). For purposes of this paragraph, a suspension shall be deemed lifted with respect to a Selling Holder on the date that notice that the suspension has been terminated is delivered to such Selling Holder.
Liquidated Damages shall cease to accrue pursuant to this paragraph upon the earlier of (i) a suspension being deemed lifted or (ii) when such Selling Holder no longer holds Registrable Securities included in such Registration Statement,
and any payment of Liquidated Damages shall be prorated for any period of less than 90 days in which the payment of Liquidated Damages ceases. The foregoing Liquidated Damages shall be the sole and exclusive remedy of the Holders for any suspension
period or of the registration statement ceasing to be effective or failing to be useable for its intended purposes as described in this Section 2.03. 

Section 2.04 Underwritten Offerings. 

(a) General Procedures. In the event that a Magnetar Holder delivers (i) a Demand Notice covering at least $50.0 million of
Registrable Securities in the aggregate (calculated as of the date of the Demand Notice based on the Registrable Securities Amount) and such Demand Notice specifies that such Magnetar Holder intends to sell its Preferred Unit Registrable Securities
under a registration statement pursuant to an Underwritten Offering or (ii) a written notice electing to sell at least $50.0 million of Common Unit Registrable Securities in the aggregate (calculated as of the date of such written notice based
on the Registrable Securities Amount) under a Registration Statement pursuant to an Underwritten Offering (including a Registration Statement that is then currently effective) (but expressly excluding any notices delivered pursuant to
Section 2.02 of this Agreement) (each such notice so delivered in accordance with the foregoing provisions of this paragraph is referred to herein as an “Underwritten Offering Notice”), the Partnership shall retain
underwriters as contemplated below in this paragraph in order to permit such Magnetar Holder, together with all other Holders who elect to participate in such Underwritten Offering in accordance with the below provisions of this paragraph, to effect
such sale through an Underwritten Offering; provided, however, that the Magnetar Holders shall have the option and right, to require the Partnership to effect not more than one (1) Underwritten Offering of Common Unit Registrable
Securities and one (1) Underwritten Offering of Preferred Unit Registrable Securities, pursuant to and subject to the conditions of this Section 2.04. Upon delivery of an Underwritten Offering Notice to the Partnership, the
Partnership shall as soon as practicable (but in no event later than two (2) Business Days following the date of delivery of such Underwritten Offering Notice to the Partnership) deliver notice of such Underwritten Offering Notice to all other
Holders who shall then have two (2) Business Days from the date that such notice is given to them to notify the Partnership in writing of the number of Registrable Securities held by such Holder that they want to be included in such
Underwritten Offering. For the avoidance of doubt, any Holders notified about an Underwritten Offering by the Partnership after the Partnership has received the corresponding Underwritten Offering Notice, may participate in such Underwritten
Offering, but shall not count toward the $50.0 million of Registrable Securities necessary to request an Underwritten Offering pursuant to an Underwritten Offering Notice. In connection with any Underwritten Offering under this Agreement, the party
responsible for payment of at least a majority of the Registration Expenses in connection with such Underwritten Offering shall be entitled to select the Managing Underwriter or Underwriters for such Underwritten Offering,

  
 12 

 
subject to the consent of the other party (which consent shall not be unreasonably withheld, conditioned or delayed). In connection with an Underwritten Offering contemplated by this Agreement in
which a Holder so elects to participate, each such Holder and the Partnership shall be obligated to enter into an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as are customary in
underwriting agreements for firm commitment offerings of securities. No such Holder may participate in such Underwritten Offering unless such Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and
completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each such Holder may, at its option, require that any or all of the representations
and warranties by, and the other agreements on the part of, the Partnership to and for the benefit of such underwriters also be made to and for such Holder’s benefit and that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement also be conditions precedent to its obligations. No such Holder shall be required to make any representations or warranties to or agreements with the Partnership or the underwriters other than
representations, warranties or agreements regarding such Holder, its authority to enter into such underwriting agreement and to sell, and its ownership of, the securities whose offer and resale will be registered, on its behalf, its intended method
of distribution and any other representation required by Law. If any such Holder disapproves of the terms of an underwriting, such Holder may elect to withdraw therefrom by notice to the Partnership and the Managing Underwriter; provided,
however, that any such withdrawal must be made no later than the time of pricing of such Underwritten Offering. If all such Holders (including the Magnetar Holder who delivered the applicable Underwritten Offering Notice) withdraw from one
Underwritten Offering of either Common Unit Registrable Securities or Preferred Unit Registrable Securities prior to the public announcement of such Underwritten Offering (an “Underwritten Offering Withdrawal”), the Partnership and
the Holders will share equally the Registration Expenses that the Partnership would otherwise be required to pay, and the Underwritten Offering Withdrawal will not be considered an Underwritten Offering and will not decrease the number of available
Underwritten Offerings the Magnetar Holders have the right and option to request under this Section 2.04. Upon the occurrence of a subsequent Underwritten Offering Withdrawal of either Common Unit Registrable Securities or Preferred Unit
Registrable Securities, the right of the Magnetar Holders to demand an Underwritten Offering for the Common Unit Registrable Securities or the Preferred Unit Registrable Securities, as applicable, shall terminate unless the Holders pay all
Registration Expenses incurred in connection with such Underwritten Offering Withdrawal. If the Managing Underwriter of any such Underwritten Offering advises the Partnership and the Magnetar Holder who delivered the applicable Underwritten Offering
Notice that the total amount of Preferred Units in the case of a Preferred Unit Registration Statement or the total amount of Common Units in the case of a Common Unit Registration Statement (as applicable) that such Magnetar Holder and such other
Holders exceeds the number that can be sold in such Underwritten Offering without being likely to have an adverse effect on the price, timing or distribution of the Preferred Units or the Common Units (as applicable) offered or the market for the
Preferred Units or the Common Units (as applicable), then the Preferred Units or the Common Units (as applicable) to be included in such Underwritten Offering shall include the number of Preferred Unit Registrable Securities or Common Unit
Registrable Securities (as applicable) that such Managing Underwriter advises such Magnetar Holder and the Partnership can be sold without having such adverse effect, with such number to be allocated (i) first, pro

  
 13 

 
rata among such Magnetar Holder and such other Holders, based, for such Magnetar Holder or each such other Holder (as applicable), on the percentage derived by dividing (x) the number of
Preferred Unit Registrable Securities or Common Unit Registrable Securities (as applicable) proposed to be sold by such Magnetar Holder or such other Holder (as applicable) by (y) the aggregate number of Preferred Unit Registrable Securities or
Common Unit Registrable Securities (as applicable) proposed to be sold by such Magnetar Holder and all such other Holders, (ii) second, to the Partnership and Teekay and its Affiliates pursuant to any registration rights existing as of the date
of this Agreement and (iii) third, to any current or future holder of any securities of the Partnership granted registration rights in accordance with Section 2.12 hereof. 

(b) Notwithstanding any other provision of this Agreement, no Holder shall be entitled to any “demand” rights that would require the
Partnership to effect an Underwritten Offering on behalf of the Holders other than the one (1) Underwritten Offering of Common Unit Registrable Securities and one (1) Underwritten Offering of Preferred Unit Registrable Securities
contemplated under this Section 2.04. 
 Section 2.05 Sale Procedures. 

In connection with its obligations under this Article II, the Partnership will, as expeditiously as possible: 

(a) prepare and file with the Commission such amendments and supplements to a Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement; 
 (b) if a prospectus supplement will be used in connection with the marketing of an Underwritten
Offering from a Registration Statement and the Managing Underwriter at any time shall notify the Partnership in writing that, in the reasonable judgment of such Managing Underwriter, inclusion of detailed information to be used in such prospectus
supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, the Partnership shall use its commercially reasonable efforts to include such information in such prospectus supplement; 

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

  
 14 

 (d) if applicable, use its commercially reasonable efforts to register or qualify the Registrable
Securities covered by a Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the
Managing Underwriter, shall reasonably request; provided, however, that the Partnership will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that
would subject it to general service of process in any such jurisdiction where it is not then so subject; 
 (e) promptly notify each Selling
Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement or any
prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the
same has become effective; and (ii) the receipt of any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to such Registration
Statement or any other registration statement or any prospectus or prospectus supplement thereto; 
 (f) immediately notify each Selling
Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or
any other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not
misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the Commission of any stop order suspending the effectiveness of
such Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Partnership of any notification with respect to the suspension of
the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Partnership agrees to as promptly as practicable amend or supplement the
prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto;

 (g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable
Securities; 

  
 15 

 (h) in the case of an Underwritten Offering, use commercially reasonable efforts to furnish upon
request, (i) an opinion of counsel for the Partnership dated the date of the closing under the underwriting agreement and (ii) a “cold comfort” letter, dated the pricing date of such Underwritten Offering and a letter of like
kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Partnership’s financial statements included or incorporated by reference into the applicable
registration statement, and each of the opinion and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus
supplement included therein) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Partnership and such other matters as
such underwriters and Selling Holders may reasonably request; 
 (i) otherwise use its commercially reasonable efforts to comply with all
applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, covering a period of twelve months after the effective date of such Registration Statement,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (j)
make available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and Partnership and General Partner personnel as is reasonable and customary to enable such parties to establish a due
diligence defense under the Securities Act; provided, that the Partnership need not disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality agreement with the
Partnership; 
 (k) use its commercially reasonable efforts to cause all such Common Unit Registrable Securities and, subject to
Section 16.11 of the Amended and Restated Partnership Agreement, any Preferred Unit Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which the
Common Units issued by the Partnership are then listed; 
 (l) use commercially reasonable efforts to cause the Registrable Securities to be
registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Partnership to enable the Selling Holders to consummate the disposition of such Registrable
Securities; 
 (m) provide a transfer agent and registrar for all Registrable Securities covered by such registration statement not later
than the effective date of such registration statement; 
 (n) enter into customary agreements and take such other actions as are reasonably
requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities (including, (i) making appropriate officers of the General Partner available to participate via
conference call in connection with no more than one (1) “road show” presentation per Underwritten Offering, and (ii) using commercially reasonable efforts to make appropriate officers of the General Partner available to
participate remotely in other marketing efforts reasonably requested by the Managing Underwriter); and 

  
 16 

 (o) if requested by a Selling Holder, (i) incorporate in a prospectus supplement or
post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities
being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering and (ii) make all required filings of such prospectus supplement or post-effective
amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment. 
 The
Partnership will not name a Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Registration Statement without such Holder’s consent. If the staff of the Commission requires the Partnership to name any
Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on such Registration Statement, notwithstanding
anything to the contrary, such Holder shall no longer be entitled to receive Liquidated Damages under this Agreement with respect to such Holder’s Registrable Securities and the Partnership shall have no further obligations hereunder with
respect to Registrable Securities held by such Holder, unless such Holder has not had an opportunity to conduct customary underwriter’s due diligence (including receipt of comfort letters and opinions of counsel) with respect to the Partnership
at the time such Holder’s consent is sought. 
 Each Selling Holder, upon receipt of notice from the Partnership of the happening of
any event of the kind described in subsection (f) of this Section 2.05, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling
Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (f) of this Section 2.05 or until it is advised in writing by the Partnership that the use of the prospectus may be
resumed and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Partnership, such Selling Holder will, or will request the Managing Underwriter, if any, to deliver to
the Partnership (at the Partnership’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time
of receipt of such notice. 
 Section 2.06 Cooperation by Holders. 

Notwithstanding anything to the contrary, the Partnership shall have no obligation to include Registrable Securities of a Holder in a
Registration Statement or in an Underwritten Offering pursuant to the terms of this Agreement who has failed to timely furnish such information that the Partnership determines, after consultation with its counsel, is reasonably required in order for
the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

  
 17 

 Section 2.07 Restrictions on Public Sale by Holders of Registrable Securities. 

Each Holder of Registrable Securities agrees to enter into a customary letter agreement with underwriters providing such Holder will not
effect any public sale or distribution of Registrable Securities during the 60 calendar day period beginning on the date of a prospectus or prospectus supplement filed with the Commission with respect to the pricing of any Underwritten Offering,
provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction imposed by the underwriters on the Partnership or the officers, directors or any other Affiliate of the
Partnership on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.07 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder. In addition, this
Section 2.07 shall not apply to any Holder that is not entitled to participate in such Underwritten Offering, whether because such Holder delivered an Opt-Out Notice prior to receiving notice of the Underwritten Offering or because such
Holder (together with its Affiliates) holds less than the Piggyback Threshold Amount of the then-outstanding Registrable Securities (calculated (i) for the Common Unit Registrable Securities, based on the product of the Common Unit Price times
the number of Common Unit Registrable Securities; and (ii) for the Preferred Unit Registrable Securities, based on the product of the Common Unit Price times the number of Common Units issuable upon conversion of the Preferred Unit Registrable
Securities). In addition, this Section 2.07 shall not apply to any Holder that does not participate in such Underwritten Offering. 

Section 2.08 Expenses. 
 (a)
Expenses. The Partnership will pay all reasonable Registration Expenses as determined in good faith, incurred in connection with (i) the registration of Registrable Securities under Section 2.01(a) or
Section 2.01(b), if requested, and (ii) subject to Section 2.04 with respect to Underwritten Offering Withdrawals, one (1) Underwritten Offering completed pursuant to Section 2.04 for either the Common
Unit Registrable Securities or the Preferred Unit Registrable Securities (the “Funded Underwritten Offering”). Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable
Securities hereunder, and, subject to Section 2.04 with respect to Underwritten Offering Withdrawals, its pro rata share of 75% of all reasonable Registration Expenses incurred in connection with any registration or sale of Registrable
Securities pursuant to Section 2.04, other than the Funded Underwritten Offering. For the avoidance of doubt, each Selling Holder’s pro rata allocation of Selling Expenses and Registration Expenses, as applicable, shall be the
percentage derived by dividing (i) the number of Registrable Securities sold by such Selling Holder in connection with such sale by (ii) the aggregate number of Registrable Securities sold by all Selling Holders in connection with such
sale. In addition, except as otherwise provided in Sections 2.08 and 2.09 hereof, the Partnership shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder.

 (b) Certain Definitions. “Registration Expenses” means all expenses incident to the Partnership’s
performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01(a) or an Underwritten Offering covered under this Agreement, and the
disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue
sky laws, fees of the Financial Industry Regulatory Authority, Inc., fees of 

  
 18 

 
transfer agents and registrars, all word processing, duplicating and printing expenses, the fees and disbursements of counsel and independent public accountants for the Partnership, including the
expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, and the reasonable fees and disbursements of one counsel for the Selling Holders participating in such Registration
Statement or Underwritten Offering to effect the disposition of such Registrable Securities, selected by the Holders of a majority of the Registrable Securities initially being registered under such Registration Statement or other registration
statement as contemplated by this Agreement, subject to the reasonable consent of the Partnership, provided, however, that the Partnership shall not be responsible for reasonable fees and disbursements of one counsel for the Selling Holders in
excess of $50,000. “Selling Expenses” means all underwriting discounts and selling commissions or similar fees or arrangements allocable to the sale of the Registrable Securities, and fees and disbursements of counsel to the Selling
Holders and any transfer taxes, except for the reasonable fees and disbursements of counsel for the Selling Holders required to be paid by the Partnership pursuant to Sections 2.08 and 2.09. 

Section 2.09 Indemnification. 
 (a) By
the Partnership. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Partnership will indemnify and hold harmless each Selling Holder thereunder, its directors, officers,
managers, employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the Exchange Act, and its directors, officers, employees or agents (collectively, the “Selling Holder
Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder
Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by
reference in) such Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any
free writing prospectus relating thereto or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in
light of the circumstances under which they were made) not misleading, and will reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or
resolving any such Loss or actions or proceedings; provided, however, that the Partnership will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information furnished by such Selling Holder Indemnified Person in writing specifically for use in such Registration Statement or such other registration statement, or preliminary
prospectus, prospectus supplement, free writing prospectus or final prospectus or any amendment or supplement thereto, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such
Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. 

  
 19 

 (b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to
indemnify and hold harmless the Partnership, the General Partner, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the meaning of the Securities Act or of the Exchange Act, and its directors,
officers, employees and agents, to the same extent as the foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder
expressly for inclusion in such Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement
thereof, or any free writing prospectus relating thereto; provided, however, that in no event shall the liability of any Selling Holder exceed the amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the
sale of the Registrable Securities giving rise to such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified party
hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to
notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party other than under this Section 2.09. In any action brought against any indemnified party, it shall notify
the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified
party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.09
for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable out-of-pocket costs of investigation and of liaison with counsel so selected; provided, however, that,
(i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and
counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified
party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of
such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred; provided, however, that the indemnifying
party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be responsible for the reasonable expenses and fees of more than one separate firm admitted to practice in such jurisdiction at any one time for all
such indemnified parties. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party is entitled to indemnification
hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnified party. 

  
 20 

 (d) Contribution. If the indemnification provided for in this Section 2.09 is
held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses (other than as a result of any limitations set forth in the express terms of
such indemnification provisions), then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable
considerations; provided, however, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of
Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and
other expenses reasonably incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(e) Other Indemnification. The provisions of this Section 2.09 shall be in addition to any other rights to indemnification
or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 
 Section 2.10 Rule 144 Reporting. 

With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable
Securities to the public without registration, the Partnership agrees to use its commercially reasonable efforts to: 
 (a) make and keep
public information regarding the Partnership available, as those terms are understood and defined in Rule 144 (or any successor or similar provision adopted by the Commission then in effect) under the Securities Act, at all times from and after the
date hereof; 

  
 21 

 (b) file with the Commission in a timely manner all reports and other documents required of the
Partnership under the Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns
any Registrable Securities, furnish, unless otherwise available electronically at no additional charge via the Commission’s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or, if applicable, quarterly,
report of the Partnership, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 

Section 2.11 Transfer or Assignment of Registration Rights. 

The rights to cause the Partnership to register Registrable Securities granted to the Purchasers by the Partnership under this
Article II may be transferred or assigned by any Purchaser to one or more transferees or assignees of Registrable Securities, subject to the transfer restrictions on Registrable Securities provided in Section 16.10 of the Amended and
Restated Partnership Agreement, provided, however, that (i) unless the transferee or assignee is an Affiliate of, and after such transfer or assignment continues to be an Affiliate of, such Investor, the amount of Registrable Securities
transferred or assigned to such transferee or assignee shall represent at least $10.0 million of Registrable Securities (based on the Common Unit Price), (ii) the Partnership is given written notice prior to any said transfer or
assignment, stating the name and address of each of the transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned, and (iii) each such transferee or assignee assumes
in writing responsibility for its portion of the obligations of such Purchaser under this Agreement. 
 Section 2.12 Limitation on Subsequent
Registration Rights. 
 From and after the date hereof, the Partnership shall not, without the prior written consent of the Holders of a
majority of the then outstanding Registrable Securities, enter into any agreement with any current or future holder of any securities of the Partnership that would grant such current or future holder piggyback participation rights allowing such
current or future holder to require the Partnership to include securities in any registration statement filed by the Partnership on a basis other than expressly subordinate to the rights of the Holders of Registrable Securities hereunder. 

Section 2.13 Compliance. 
 Each
Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with the sale of the Registrable Securities and shall sell the Registrable Securities in accordance
with a method of distribution described in the Registration Statement. 
 Section 2.14 Information. 

Each Holder shall supply such information with respect to itself, its directors, officers and shareholders and such other matters as may be
reasonably necessary as the Partnership may reasonably request for the purpose of preparation of any registration statement, notice, form or other documents required to be filed with the Governmental Authority. 

  
 22 

 ARTICLE III 

MISCELLANEOUS 
 Section 3.01
Communications. 
 All notices and other communications provided for or permitted hereunder shall be made in writing by facsimile,
electronic mail, courier service or personal delivery: 
 (a) if to a Purchaser: 

To the respective address listed on Schedule A hereof 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 

600 Travis St., Suite 3300 

Houston, Texas 77002 
 Attention:
Matthew R. Pacey 
 Facsimile: (713) 835-3601 

Email: matt.pacey@kirkland.com 

(b) if to a transferee of a Purchaser, to such Holder at the address provided pursuant to Section 2.11 above; and 

(c) if to the Partnership: 

Teekay Offshore Partners L.P. 

4th Floor, Belvedere Building 
 69
Pitts Bay Road 
 Hamilton HM 08, Bermuda 

Attention: Corporate Secretary 

Facsimile: (441) 292-3931 

With a copy to (which shall not constitute notice): 

Perkins Coie LLP 
 1120 N.W. Couch
Street, 10th Floor 
 Portland, OR 97209 

Attention: David Matheson 

Facsimile: (503) 346-2008 

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

  
 23 

 Section 3.02 Successor and Assigns. 

This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including
subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.03 Assignment of Rights. 

All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred or assigned by such Purchaser only
in accordance with Section 2.11 hereof. 
 Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Units. 

The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of the Partnership or any
successor or assign of the Partnership (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for
combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date of this Agreement. 

Section 3.05 Aggregation of Registrable Securities. 

All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of
determining the availability of any rights and applicability of any obligations under this Agreement. 
 Section 3.06 Specific Performance. 

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

Section 3.07 Counterparts. 
 This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or .pdf counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original
and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

  
 24 

 Section 3.08 Headings. 

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

Section 3.09 Governing Law. 

THIS AGREEMENT, INCLUDING ALL ISSUES AND QUESTIONS CONCERNING ITS APPLICATION, CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEMENT,
SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. 
 Section 3.10 Severability of Provisions. 

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

Section 3.11 Entire Agreement. 

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

Section 3.12 Amendment. 

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

Section 3.13 No Presumption. 
 If
any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a
particular party or its counsel. 
 Section 3.14 Obligations Limited to Parties to Agreement. 

Each of the Parties hereto covenants, agrees and acknowledges that no Person other than the Purchasers (and their permitted transferees and
assignees) and the Partnership shall have any obligation hereunder. Notwithstanding that one or more of the Purchasers may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents or
instruments delivered in connection herewith or therewith shall be had against any 

  
 25 

 
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future
director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate thereof, as such, for any obligations of the Purchasers
under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each case for any transferee or assignee of a
Purchaser hereunder. 
 Section 3.15 Independent Nature of Purchaser’s Obligations. 

The obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser
shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained herein, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this
Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including, the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose. 
 Section 3.16 Interpretation. 

Article and Section references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and
agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The words “include,” “includes” and
“including” or words of similar import shall be deemed to be followed by the words “without limitation.” Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement, such action
shall be in such Purchaser’s sole discretion unless otherwise specified. Unless expressly set forth or qualified otherwise (e.g., by “Business” or “trading”), all references herein to a “day” are deemed to be a
reference to a calendar day. 
 [Signature pages to follow] 

  
 26 

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

			
	TEEKAY OFFSHORE PARTNERS L.P.
		
	By:	 	 Teekay Offshore GP L.L.C.,
 its general
partner

		
	By:	 	        /s/ Peter Evensen
	Name: Peter Evensen
	Title: Chief Executive Officer and Chief Financial Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	MTP ENERGY FUND, LTD:
	By:		MTP Energy Management LLC, its Investment Advisor
	By:		Magnetar Financial LLC, its Sole Member
		
	By:		        /s/ Michael Turro
			Name: Michael Turro
			Title: Chief Compliance Officer

  

			
	MTP ENERGY OPPORTUNITIES FUND LLC:
	By:		MTP Energy Management LLC, its Managing Member
	By:		Magnetar Financial LLC, its Sole Member
		
	By:		        /s/ Michael Turro
			Name: Michael Turro
			Title: Chief Compliance Officer

  

			
	MTP ENERGY OPPORTUNITIES FUND II LLC:
	By:		MTP Energy Management LLC, its Managing Member
	By:		Magnetar Financial LLC, its Sole Member
		
	By:		        /s/ Michael Turro
			Name: Michael Turro
			Title: Chief Compliance Officer

  

			
	MTP ENERGY OPPORTUNITIES FUND II CAYMAN LP:
	By:		MTP EOF II GP Ltd, its General Partner
		
	By:		        /s/ Michelle Morgan
			Name: Michelle Morgan
			Title: Director

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	TRIANGLE PEAK PARTNERS II, LP
		
	By:		 Triangle Peak Partners II General Partner, LLC,

its General Partner

		
	By:		        /s/ Michael C. Morgan
			Name: Michael C. Morgan
			Title: Managing Member

  

			
	TPP II ANNEX FUND, LP
	By:		 Triangle Peak Partners II General Partner, LLC,

its General Partner

		
	By:		        /s/ Michael C. Morgan
			Name: Michael C. Morgan
			Title: Managing Member

  
 [Signature Page to
Registration Rights Agreement] 

 Schedule A 

Purchaser Name; Notice and Contact Information 
  

			
	 Purchaser
	  	 Contact Information

		
	MTP Energy Fund LTD	  	 Magnetar Financial LLC
 1603 Orrington Avenue,
13th Floor
 Evanston, IL 60201
 Attention: Chief Legal
Officer
 Facsimile: (847) 869-2064
 Email:
mtpnotices@magnetar.com

		
	MTP Energy Opportunities Fund LLC	  	 Magnetar Financial LLC
 1603 Orrington Avenue,
13th Floor
 Evanston, IL 60201
 Attention: Chief Legal
Officer
 Facsimile: (847) 869-2064
 Email:
mtpnotices@magnetar.com

		
	MTP Energy Opportunities Fund II LLC	  	 Magnetar Financial LLC
 1603 Orrington Avenue,
13th Floor
 Evanston, IL 60201
 Attention: Chief Legal
Officer
 Facsimile: (847) 869-2064
 Email:
mtpnotices@magnetar.com

		
	MTP Energy Opportunities Fund II Cayman LP	  	 Magnetar Financial LLC
 1603 Orrington Avenue,
13th Floor
 Evanston, IL 60201
 Attention: Chief Legal
Officer
 Facsimile: (847) 869-2064
 Email:
mtpnotices@magnetar.com

		
	Triangle Peak Partners II, LP	  	 Triangle Peak Partners II, LP
 c/o Triangle Peak
Partners II General Partner, LLC
 PO Box 3788
 Carmel,
California 93921
 Attn: Scott Bilyeu, CFO
 Facsimile:
(831) 622-0435
 Email: scott@trianglepeakpartners.com

			
		
	TPP II Annex Fund, LP		 TPP II Annex Fund, LP
 c/o Triangle Peak
Partners II General Partner, LLC
 PO Box 3788
 Carmel,
California 93921
 Attn: Scott Bilyeu, CFO
 Facsimile:
(831) 622-0435
 Email: scott@trianglepeakpartners.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]