Document:

Exhibit 10.21.3

      

     

      

    
      Execution Version

       

    AMENDED AND RESTATED SECURITY AGREEMENT

     

    THIS AMENDED AND RESTATED SECURITY AGREEMENT, dated as of February 4, 2021 (this “Security Agreement”), is by and among Crimson Midstream Operating, LLC, a Delaware
      limited liability company (“Crimson Operating”), Corridor MoGas, Inc., a Delaware corporation (“Corridor MoGas” and, along with Crimson Operating, each a “Borrower” and collectively the “Borrowers”), Crimson Midstream
      Holdings, LLC, a Delaware limited liability company (“Holdings”), MoGas Debt Holdco LLC, a Delaware limited liability company (“MoGas Holdco”), MoGas Pipeline LLC, a Delaware limited liability company (“MoGas Pipeline”),
      CorEnergy Pipeline Company, LLC, a Delaware limited liability company (“CorEnergy Pipeline”), United Property Systems, LLC, a Delaware limited liability company (“United Property”), Crimson Pipeline, LLC, a California limited liability
      company (“Crimson Pipeline”), Cardinal Pipeline, L.P., a California limited partnership (“Cardinal Pipeline”), together with the Borrowers, Holdings, MoGas Holdco, MoGas Pipeline, CorEnergy Pipeline, United Property, Crimson Pipeline,
      Cardinal Pipeline, and any other entity that becomes a guarantor under the Credit Agreement (as hereinafter defined), the “Grantors” and individually, each a “Grantor”), and Wells Fargo Bank, National Association, as Administrative
      Agent for the ratable benefit of itself and the other Secured Parties.

    

    

    RECITALS

     

    A.          This Security Agreement is entered into in connection with that certain Amended and Restated Credit Agreement dated as of the date
        hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the Guarantors party thereto from time to time, the lenders party thereto from time to
        time (individually, a “Lender” and collectively, the “Lenders”), Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative  Agent”), as swingline lender (in such capacity, the “Swingline

          Lender”) and as issuing bank (in such capacity, the “Issuing Bank”), and the other parties from time to time party thereto, which amended and restated that certain Credit Agreement dated as of February 19, 2016 among Crimson Midstream,
        Crimson Pipeline, Cardinal Pipeline, Parent, Crimson Gulf, LLC, a Delaware limited liability company, Crimson Jolliet, LLC, a Delaware limited liability company, Crimson Louisiana Pipeline, LLC, a Delaware limited liability company, Wells Fargo
        Bank, National Association, as administrative agent (in such capacity, the “Existing Administrative Agent”, and the lenders and other parties thereto (as amended, supplemented or otherwise modified prior to the Closing Date, the “Existing
          Credit Agreement”).

     

    B.          Pursuant to the Existing Credit Agreement, certain of the Grantors and the Existing Administrative Agent entered into that certain
        Security Agreement dated as of February 19, 2016 (as amended, restated, amended and restated, replaced, modified and/or supplemented prior to the date hereof, the “Existing Security Agreement”) to secure the Existing Obligations (as
        hereinafter defined).

     

    C.          Crimson Operating has requested that the “Obligations” (as defined in the Existing Credit Agreement, herein, the “Existing
          Obligations”) be bifurcated to reflect the separation of certain operations and entities in the Gulf of Mexico (and the State of Louisiana) and the State of California, with a portion of the Existing Obligations being allocated to the 

     

    

    
      
        

    

    
    Borrowers and the Guarantors and a portion of the Existing Obligations being allocated to Crescent Midstream Operating, LLC (the “Louisiana Borrower”), Crescent Midstream Holdings,
      LLC, and the Louisiana Borrower’s Subsidiaries (collectively, the “Louisiana Loan Parties”).

     

    D.          To bifurcate the Existing Obligations, the Louisiana Loan Parties will become a party to that certain
        Amended and Restated Credit Agreement, dated as of the Closing Date, by and among the Louisiana Loan Parties, JPMorgan Chase Bank, N.A., as administrative agent, the lenders and other parties thereto, which shall amend and restate that portion of
        the Existing Credit Agreement which relate to the rights and obligations of the Louisiana Loan Parties (the “Amended and Restated Louisiana Credit Agreement”), which shall be secured by certain of the Louisiana Loan Parties pursuant to an
        Amended and Restated Security Agreement dated as of the date hereof (the “Amended and Restated Louisiana Security Agreement”).

     

    E.          Each Grantor will derive substantial direct and indirect benefit from (i) the transactions contemplated by the Credit Agreement and
        the other Loan Documents, (ii) the Hedge Contracts entered into by certain of the Loan Parties and/or their Subsidiaries with a Swap Counterparty and (iii) the Banking Services provided to certain of the Loan Parties by Banking Service Providers.

     

    F.          It is a requirement under the Credit Agreement that the Grantors shall secure the due payment and performance of all Secured
        Obligations by entering into this Security Agreement.

     

    AGREEMENT

     

    NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and confessed, each
      Grantor hereby agrees with the Administrative Agent for the benefit of the Secured Parties that the Existing Security Agreement is hereby amended and restated in its entirety as follows:

     

    Section 1          Definitions; Interpretation.  (a) All capitalized terms not otherwise defined in this Security Agreement that are
        defined in the Credit Agreement shall have the meanings assigned to such terms by the Credit Agreement.   Any terms used in this Security Agreement that are defined in the UCC (as defined below) and not otherwise defined herein or in the Credit
        Agreement shall have the meanings assigned to those terms by the UCC. The following terms shall have the meanings specified below:

     

              “Accounts” means an “account” as defined in the UCC; and all of any Grantor’s rights to payment for Goods sold or leased, services performed, or otherwise, whether now in existence
      or arising from time to time hereafter, including rights arising under any of the Contracts or evidenced by an account, note, contract, security agreement, Chattel Paper (including tangible Chattel Paper and electronic Chattel Paper), or other
      evidence of indebtedness or security, together with all of the right, title and interest of any Grantor in and to (i) all security pledged, assigned, hypothecated or granted to or held by any Grantor to secure the foregoing, (ii) all of any Grantor’s
      right, title and interest in and to any Goods or services, the sale of which gave rise thereto, (iii) all guarantees, endorsements and indemnifications on, or of, any of the foregoing, (iv) all powers of attorney granted to any Grantor for the
      execution of any evidence of 

     

    

    
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    indebtedness or security or other writing in connection therewith, (v) all books, correspondence, credit files, records, ledger cards, invoices, and other papers relating thereto, including all similar information
      stored on a magnetic medium or other similar storage device and other papers and documents in the possession or under the control of any Grantor or any computer bureau from time to time acting for any Grantor, (vi) all evidences of the filing of
      financing statements and other statements granted to any Grantor and the registration of other instruments in connection therewith and amendments thereto, notices to other creditors or secured parties, and certificates from filing or other
      registration officers, (vii) all credit information, reports and memoranda relating thereto, and (viii) all other writings related in any way to the foregoing.

     

              “Collateral” has the meaning set forth in Section 2(a) of this Security Agreement.

     

              “Contract Documents” means all Instruments, Chattel Paper, letters of credit, bonds, guarantees or similar documents evidencing, representing, arising from or existing in respect of,
      relating to, securing or otherwise supporting the payment of, the Contract Rights.

     

              “Contract Rights” means (i) all (A) of any Grantor’s rights to payment under any Contract or Contract Document and (B) payments due and to become due to any Grantor under any
      Contract or Contract Document, in each case whether as contractual obligations, damages or otherwise; (ii) all of any Grantor’s claims, rights, powers, or privileges and remedies under any Contract or Contract Document; and (iii) all of any Grantor’s
      rights under any Contract or Contract Document to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, waiver or approval together with full power and
      authority with respect to any Contract or Contract Document to demand, receive, enforce or collect any of the foregoing rights or any property which is the subject of any Contract or Contract Document, to enforce or execute any checks, or other
      instruments or orders, to file any claims and to take any action which, in the opinion of the Administrative Agent, may be necessary or advisable in connection with any of the foregoing.

     

              “Contracts” means all contracts to which any Grantor now is, or hereafter will be bound, or to which such Grantor is or hereafter will be a party, beneficiary or assignee, all
      Insurance Contracts, and all exhibits, schedules and other attachments to such contracts, as the same may be amended, supplemented or otherwise modified or replaced from time to time.

     

              “Document” means a bill of lading, dock warrant, dock receipt, warehouse receipt or order for the delivery of Goods, any other document which in the regular course of business or
      financing is treated as adequately evidencing that the person in possession of it is entitled to receive, hold and dispose of the document and the Goods it covers and any other item constituting a “document” under the UCC.

     

              “Equipment” means any equipment now or hereafter owned or leased by any Grantor, or in which any Grantor holds or acquires any other right, title or interest, constituting
      “equipment” under the UCC, and all surface or subsurface machinery, equipment, facilities, supplies, or other tangible personal property, including tubing, rods, pumps, pumping units and engines, pipe, pipelines, meters, apparatus, boilers,
      compressors, liquid extractors, connectors, valves, fittings, power plants, poles, lines, cables, wires, transformers, starters and controllers, machine shops, tools, machinery and parts, storage yards and equipment stored therein, buildings and
      camps, 

     

    

    
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    telegraph, telephone, and other communication systems, loading docks, loading racks, and shipping facilities, and any manuals, instructions, blueprints, computer software (including software that is imbedded in and
      part of the equipment), and similar items which relate to the above, and any and all additions, substitutions and replacements of any of the foregoing, wherever located together with all improvements thereon and all attachments, components, parts,
      equipment and accessories installed thereon or affixed thereto.

     

              “Existing Credit Agreement” has the meaning assigned to such term in the recitals of this Security Agreement.

     

              “Existing Security Agreement” has the meaning assigned to such term in the recitals of this Security Agreement.

     

              “Fixtures” means any fixtures now or hereafter owned or leased by any Grantor, or in which any Grantor holds or acquires any other right, title or interest, constituting “fixtures”
      under the UCC, and all additions, substitutions and replacements of any of the foregoing, wherever located together with all improvements thereon and all attachments, components, parts, equipment and accessories installed thereon or affixed thereto.

     

              “Flood Insurance Regulations” means (a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act
      of 1973 as now or hereafter in effect or any successor statute thereto, (c) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time, and (d) the Flood Insurance
      Reform Act of 2004 and any regulations promulgated thereunder.

     

              “General Intangibles” means all general intangibles now or hereafter owned by any Grantor, or in which any Grantor holds or acquires any other right, title or interest, constituting
      “general intangibles” or “payment intangibles” under the UCC, and all trademarks, trademark applications, trademark registrations, tradenames, fictitious business names, business names, company names, business identifiers, prints, labels, trade
      styles and service marks (whether or not registered), trade dress, including logos and/or designs, copyrights, patents, patent applications, goodwill of any Grantor’s business symbolized by any of the foregoing, trade secrets, license rights, license
      agreements, permits, franchises, and any rights to tax refunds to which any Grantor is now or hereafter may be entitled.

     

              “Instrument” means an “instrument” as defined in the UCC, and any Negotiable Instrument, or any other writing which evidences a right to the payment of money and is not itself
      a security agreement or lease and is of a type which is in the ordinary course of business transferred by delivery with any necessary endorsement or assignment (other than Instruments constituting Chattel Paper).

     

              “Insurance Contracts” means all contracts and policies of insurance and re-insurance maintained or required to be maintained by or on behalf of any Grantor under the Loan Documents.

     

              “Inventory” means all of the inventory of any Grantor, or in which any Grantor holds or acquires any right, title or interest, of every type or description, now owned or hereafter
      acquired 

     

    

    
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    and wherever located, whether raw, in process or finished, and all materials usable in processing the same and all documents of title covering any inventory, including work in process, materials used or consumed in any
      Grantor’s business, now owned or hereafter acquired or manufactured by any Grantor and held for sale in the ordinary course of its business, all present and future substitutions therefor, parts and accessories thereof and all additions thereto, all
      Proceeds thereof and products of such inventory in any form whatsoever, and any item constituting “inventory” under the UCC.

     

              “Inventory Records” means all books, records, other similar property and General Intangibles at any time relating to Inventory.

     

              “Investment Property” means “investment property” as defined in the UCC, and all securities (whether certificated or uncertificated), Security Entitlements, Securities Accounts,
      Commodity Contracts, and Commodity Accounts.

     

              “Proceeds” means all “proceeds” as defined in the UCC of any or all of the Collateral, and (i) any and all proceeds of, all claims for, and all rights of any Grantor to receive the
      return of any premiums for, any insurance, indemnity, warranty or guaranty payable from time to time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable from time to time in connection
      with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority (or any Person acting under color of any Governmental Authority), (iii) all proceeds received or receivable
      when any or all of the Collateral is sold, exchanged or otherwise disposed, whether voluntarily, involuntarily, in foreclosure or otherwise, (iv) all claims of any Grantor for damages arising out of, or for breach of or default under, any Collateral,
      (v) all rights of any Grantor to terminate, amend, supplement, modify or waive performance under any Contracts, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder, and (vi) any and all other amounts from
      time to time paid or payable under or in connection with any of the Collateral.

     

              “Secured Obligations” means all Obligations now or hereafter existing, including any extensions, modifications, substitutions, amendments and renewals thereof, whether for principal,
      interest, fees, expenses, indemnification, or otherwise, including any post-petition interest in the event of a bankruptcy, to the extent such interest is enforceable by law.

     

    (b)          All meanings to defined terms, unless otherwise indicated, are to be equally applicable to both the singular and plural forms of
        the terms defined. Section, Schedule, and Annex references are to Sections of and Schedules and Annexes to this Security 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 “hereof”, “herein” and “hereunder” and words of similar import when
        used in this Security Agreement shall refer to this Security Agreement as a whole and not to any particular provision of this Security Agreement. As used herein, the term “including” means “including, without limitation”. Paragraph headings have
        been inserted in this Security Agreement as a matter of convenience for reference only and it is agreed that such paragraph headings are not a 

     

    

    
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    part of this Security Agreement and shall not be used in the interpretation of any provision of this Security Agreement.

     

    Section 2          Assignment, Pledge and Grant of Security Interest.

     

    (a)          As collateral security for the prompt and complete payment and performance when due of all Secured Obligations, each Grantor
        hereby assigns, pledges, and grants to the Administrative Agent for the benefit of the Secured Parties a Lien on and continuing security interest in all of such Grantor’s right, title and interest in, to and under, all personal property and
        interests in such personal property, whether now owned or hereafter acquired by such Grantor and wherever located and whether now or hereafter existing or arising (collectively, the “Collateral”), including, without limitation:

     

    
      
        (i)           all Contracts, all Contract Rights
            (including, without limitation, pursuant to any Permitted Intercompany Debt), Contract Documents (including, without limitation, Contract Documents evidencing the Permitted Intercompany Debt) and Accounts associated with such Contracts and each
            and every document granting security to such Grantor under any such Contract;

            

          

      

    

    
      
        (ii)          all Accounts;

         

          

      

    

    
      
        (iii)         all Inventory and Inventory Records;

         

          

      

    

    
      
        (iv)         all Equipment;

         

          

      

    

    
      
        (v)          all General Intangibles;

         

          

      

    

    
      
        (vi)         all Investment Property including without
            limitation all Securities Accounts;

         

          

      

    

    
      
        (vii)        all Fixtures;

         

          

      

    

    
      
        (viii)       all Letters of Credit, Letter-of-Credit Rights
            and Supporting Obligations;

         

          

      

    

    
      
        (ix)         all Commercial Tort Claims including without
            limitation those described on Schedule 1 attached hereto;

         

          

      

    

    
      
        (x)          all Instruments (including, without
            limitation, Instruments evidencing the Permitted Intercompany Debt);

         

          

      

    

    
      
        (xi)         all Documents (including, without limitation,
            Documents evidencing the Permitted Intercompany Debt);

         

          

      

    

    
      
        (xii)        all Deposit Accounts and checking, savings,
            and other accounts of such Grantor and all other accounts held in the name of such Grantor;

         

          

      

    

    
      
        (xiii)       all amounts from time to time held in any
            Deposit Accounts and checking, savings, and other accounts of such Grantor, including, if applicable, all moneys, 

         

          

        
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        Proceeds or sums due or to become due therefrom or thereon and all documents (including, but not limited to passbooks, certificates and receipts)
          evidencing all funds and investments held in such accounts;

         

          

      

    

    
      
        (xiv)       any Permits now or hereafter held by such
            Grantor;

        

        

      

    

    
      
        (xv)        any right to receive a payment under any Hedge
            Contract in connection with a termination thereof;

         

          

      

    

    
      
        (xvi)       (A) all policies of insurance and Insurance
            Contracts, now or hereafter held by or on behalf of such Grantor, including casualty and liability, business interruption, and any title insurance, (B) all Proceeds of insurance, and (C) all rights, now or hereafter held by such Grantor to any
            warranties of any manufacturer or contractor of any other Person;

            

          

      

    

    
      
        (xvii)      any and all Liens and security interests
            (together with the documents evidencing such security interests) granted to such Grantor by an obligor to secure such obligor’s obligations owing under any Instrument, Chattel Paper, or Contract that is pledged hereunder or with respect to
            which a security interest in such Grantor’s rights in such Instrument, Chattel Paper, or Contract is granted hereunder;

            

          

      

    

    
      
        (xviii)     any and all guaranties given by any Person for
            the benefit of such Grantor which guarantees the obligations of an obligor under any Instrument, Chattel Paper or Contract that is pledged hereunder;

         

          

      

    

    
      
        (xix)       without limiting the generality of the
            foregoing, all other personal property, Goods, Instruments, Chattel Paper, Documents, Fixtures, credits, claims, demands and assets of such Grantor whether now existing or hereafter acquired from time to time;

         

          

      

    

    
      
        (xx)        all books and records relating to the
            Collateral; and

         

          

      

    

    
      
        (xxi)       any and all additions, accessions and
            improvements to, all substitutions and replacements for and all products and Proceeds of or derived from all of the items described above in this Section 2;

         

          

      

    

    provided, however, that
        notwithstanding any of the other provisions set forth in this Section 2, (A) this Security Agreement shall not constitute a grant of a security interest in, and the Collateral shall not include, (1) any of the outstanding Voting Securities of any
        direct or indirect Subsidiary that is organized or incorporated outside of the United States of America and treated as a “controlled foreign corporation” as defined in Section 957 of the Code in excess of 65% of such Voting Securities, (2) any
        right or interest in any Equipment subject to Liens that are permitted pursuant to Section 6.01(b) of the Credit Agreement (the “Encumbered Equipment”), Contract or Permit of any Grantor to the extent that a grant or perfection of a Lien in
        favor of the Administrative Agent in any such Encumbered Equipment, Contract or Permit is prohibited by or would result in a breach or termination of, and would, in and of itself, cause or result in a default under, the documentation governing such
        Liens or the Debt secured by such Liens, enabling another Person party to such purchase contract or lease relating to Encumbered Equipment, 

     

      

    
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    Contract or Permit to enforce any remedy with respect thereto; provided that the exclusion set forth in this clause (2) shall not apply (i) if such breach,
      termination or default or the applicable prohibition could be avoided or waived, as applicable, upon the applicable Grantor obtaining the consent of any Grantor or its respective Affiliates, including, without limitation, in the case of affiliate and
      intercompany agreements, (ii) if such prohibition has been waived or such other Person has otherwise consented to the creation hereunder of a security interest in such Encumbered Equipment, Contract or Permit, or (iii) to the extent that any
      described prohibition is unenforceable under Sections 9-406, 9-407, 9-408, or 9-409 of the UCC or other applicable law (including applicable Debtor Relief Laws); provided further,
      that immediately upon the ineffectiveness, lapse or termination of any such provision such Grantor shall be deemed to have granted such security interest in all its right, title and interest in and to such items described in this clause (2) as if
      such provision had never been in effect, (3) Excluded Accounts, and (4) any “Pledged Collateral” as such term is defined in the Pledge Agreement (any such items described in clauses (1) through (4) above shall be referred to herein as “Excluded
        Collateral”) and (B) the representations, warranties and covenants contained in this Agreement shall not apply to any “Pledged Collateral” as such term is defined in the Pledge Agreement; provided, however, that “Excluded Collateral” shall not include the right to receive any Proceeds arising therefrom or any Proceeds, substitutions or replacements of any Excluded Collateral (unless such Proceeds,
      substitutions or replacements would otherwise constitute Excluded Collateral).

     

    (b)          Notwithstanding any provision in this Agreement to the contrary, in no event is any Building (as defined in the applicable Flood
        Insurance Regulation) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulation) with a fair market value of less than $100,000 and located within an area having special flood hazards and in which flood insurance is
        available under the National Flood Insurance Act of 1968 included in the definition of “Collateral” (as herein defined) and no such Building or Manufactured (Mobile) Home is hereby encumbered by this Agreement.

     

    (c)          Notwithstanding anything contained herein to the contrary, it is the intention of each Grantor, the Administrative Agent and the
        other Secured Parties that the amount of the Secured Obligations secured by each Grantor’s interests in any of its Property shall be in, but not in excess of, the maximum amount permitted by fraudulent conveyance, fraudulent transfer and other
        similar law, rule or regulation of any Governmental Authority applicable to such Grantor. Accordingly, notwithstanding anything to the contrary contained in this Security Agreement or in any other agreement or instrument executed in connection with
        the payment of any of the Secured Obligations, the amount of the Secured Obligations secured by each Grantor’s interests in any of its Property pursuant to this Security Agreement shall be limited to an aggregate amount equal to the largest amount
        that would not render such Grantor’s obligations hereunder or the Liens and security interest granted to the Administrative Agent hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable
        provision of any other applicable law.

     

    Section 3          Representations and Warranties.  Each Grantor hereby represents and warrants the following to the Administrative
        Agent and the other Secured Parties as of the date hereof and the date any Advance or Swingline Loan is made, or any Letter of Credit is issued:

     

      

    
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     (a)          Organizational Information; Locations of Books and Records.  Such Grantor’s legal name, sole jurisdiction of formation,
        and type of organization are as set forth in Schedule 2 attached hereto.  Such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive office (if it has more than one place of
        business) are as set forth in Schedule 2 attached hereto. Except as set forth on Schedule 2, such Grantor has not conducted business under any name other than its current legal name during the last five years prior to the date of
        this Security Agreement. The U.S. federal tax identification number of such Grantor and the organizational number, if applicable, of such Grantor are as set forth in Schedule 2. All material books and records concerning the Collateral
        applicable to such Grantor are located at the address(es) for such Grantor on such Schedule 2.

     

    (b)          Title; Other Liens.  Such Grantor owns, leases or has valid rights to use all presently existing Collateral, and will
        acquire or lease or otherwise have valid rights to use all hereafter acquired Collateral pledged by such Grantor free and clear of any Lien, except for the Permitted Liens. No effective financing statement or other instrument similar in effect
        covering all or any part of the Collateral is, or will be, on file in any recording office, except (i) in connection with this Security Agreement or the other Loan Documents, (ii) in connection with any Permitted Liens or (iii) for which
        satisfactory releases have been received by the Administrative Agent.

     

    (c)          Lien Priority and Perfection.

     

    
      
        (i)        

            This Security Agreement creates valid and continuing security interests in the Collateral, securing the payment and performance of all the Secured Obligations. Upon the filing of financing statements with the jurisdiction(s) listed in Schedule 3,
            the security interests granted to the Administrative Agent hereunder will constitute valid first-priority perfected security interests in all Collateral with respect to which a security interest can be perfected by the filing of a financing
            statement, subject only to Permitted Liens.

         

          

      

    

    
      
        (ii)         No consent of any other Person and no
            authorization, approval, or other action by, and no notice to or filing with any Governmental Authority is required (A) for the grant by such Grantor of the pledge, assignment, and security interest granted hereby or for the execution,
            delivery, or performance of this Security Agreement by such Grantor, (B) for the validity, perfection, or maintenance of the pledge, assignment, Lien, and security interest created hereby (including the first-priority (subject to Permitted
            Liens) nature thereof), except for security interests that cannot be perfected by filing a financing statement under the UCC, or (C) for the exercise by the Administrative Agent of the rights provided for in this Security Agreement or the
            remedies in respect of the Collateral pursuant to this Security Agreement, except (1) those filings and actions described in Section 3(c)(i), (2) appropriate filings to perfect the security interest created hereby in any intellectual property,
            and (3) the notation of a Lien in favor of the Administrative Agent on any motor vehicle certificate of title.

      

    

     

    

    (d)          Inventory and Equipment.  All Equipment and Inventory of such Grantor is located at the chief executive office of such
        Grantor or such other location listed on Schedule 4 hereto, except for Equipment or Inventory which in the ordinary course of business, is (i) in

     

    

    
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    transit between locations, (ii) being repaired by a third party or (iii) in the possession of any bailee or warehouseman, the names and addresses of which are listed on Schedule 4 hereto.

     

    (e)          Instruments, Chattel Paper and Documents.  Except as set forth on Schedule 5 hereto, as of the Closing Date, no material
        Document included in the Collateral, Chattel Paper included in the Accounts, nor any records pertaining to the Collateral exist which have not been marked with a legend, in form and substance reasonably satisfactory to the Administrative Agent,
        indicating that such Document, Chattel Paper, or record is subject to the pledge, assignment, and security interest granted hereby.  As of the Closing Date, (a) no Collateral with a face value in excess of $250,000 is evidenced by a promissory note
        or other Instrument or Chattel Paper (other than any such Collateral related to the Permitted Intercompany Debt) other than the Collateral listed on Schedule 5 hereto and (b) with respect to the Collateral listed on Schedule 5 hereto, such
        Collateral has been duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to the Administrative Agent and delivered and pledged to the Administrative Agent; provided
        that, notwithstanding the foregoing, any promissory note or other similar Document evidencing the Permitted Intercompany Debt, or any portion thereof, shall be delivered by the applicable Grantors to the Administrative Agent promptly after the
        Closing Date.

     

    (f)          Deposit Accounts, Commodity Accounts and Securities Accounts.  Such Grantor (a) as of the Closing Date, does not own or
        have any right or claim in any Deposit Accounts, Commodity Accounts or Securities Accounts other than those listed on Schedule 6 hereto, and (b) as of the date set forth in clause (B) of Section 4(a)(iv) and any time thereafter, has entered
        into a duly authorized, executed and delivered Account Control Agreement with respect to each of its Deposit Accounts, Commodity Accounts or Securities Accounts (other than Excluded Accounts).

     

    (g)          Commercial Tort Claims.  As of the Closing Date, all Commercial Tort Claims owned by any Grantor are listed on Schedule 1
        hereto.

     

    (h)          Letter-of-Credit Rights.  As of the Closing Date, all Letters of Credit under which the Grantor is a beneficiary are listed
        on Schedule 7 hereto.

     

    (i)          Intellectual Property.  Except as identified on Schedule 8, no Grantor owns any federally-registered intellectual
        property. The registration of Grantors’ federally-registered intellectual property is valid and in full force and effect, and no Grantor has authorized or enabled another Person to use any of its material federally-registered intellectual property.

     

    (j)          Transmitting Utility Status.  Except as identified on Schedule 9, each of the Grantors is a “transmitting utility”
        as defined in Section 9-102(a)(80) of the UCC.

     

    Section 4          Covenants.

     

    (a)          Further Assurances.

     

    
      
        (i)          Each Grantor agrees that at the sole cost and
            expense of the Grantors, such Grantor will maintain the security interest created by this Security Agreement in the Collateral as a perfected first priority security interest (subject to Permitted Liens) and 

         

          

        
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        shall defend such security interest against the claims and demands of all Persons (other than with respect to Permitted Liens). Upon the reasonable request of the
          Administrative Agent, each Grantor agrees that from time to time, at its expense, such Grantor shall promptly execute and deliver all instruments and documents, and take all action, that may be reasonably necessary or desirable in order to
          perfect and protect any pledge, assignment, or security interest granted or intended to be granted hereby or to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without
          limiting the generality of the foregoing, each Grantor (A) at the reasonable request of Administrative Agent, shall execute such instruments, endorsements or notices, as may be reasonably necessary or desirable in order to perfect and preserve
          the assignments and security interests granted or purported to be granted hereby, (B) shall, at the reasonable request of the Administrative Agent, mark conspicuously each material Document included in the Collateral, each Chattel Paper included
          in the Accounts, and each of its records pertaining to the Collateral with a legend, in form and substance reasonably satisfactory to the Administrative Agent, indicating that such Document, Chattel Paper, or record is subject to the pledge,
          assignment, and security interest granted hereby, (C) shall, if any Collateral with a face value in excess of $250,000 shall be evidenced by a promissory note or other Instrument or Chattel Paper, deliver, no later than the date of the next
          delivery of a Compliance Certificate, and pledge to the Administrative Agent hereunder such promissory note, Instrument or Chattel Paper duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and
          substance reasonably satisfactory to the Administrative Agent, and (D) authorizes the Administrative Agent to file any financing statements, amendments or continuations without the signature of such Grantor to the extent permitted by applicable
          law in order to perfect or maintain the perfection of any security interest granted under this Security Agreement (including, without limitation, financing statements using an “all assets” or “all personal property” collateral description) and to
          file filings with the United States Patent and Trademark Office and United States Copyright Office (or any successor office or any similar office in any other country) or other necessary documents for the purpose of perfecting, confirming,
          continuing, enforcing or protecting the security interest granted by such Grantor in any intellectual property, without the signature of such Grantor, and naming such Grantor, as debtor, and the Administrative Agent, as secured party.

         

          

      

    

    
      
        (ii)         Each Grantor shall pay all filing,
            registration and recording fees and all re-filing, re-registration and re-recording fees, and all other reasonable and documented out-of-pocket expenses incident to the execution and acknowledgment of this Security Agreement, any assurance, and
            all federal, state, county and municipal stamp taxes and other taxes, duties, imports, assessments and charges arising out of or in connection with the execution and delivery of this Security Agreement, any agreement supplemental hereto, any
            financing statements, and any instruments of further assurance.

         

          

      

    

    
      
        (iii)        If any Inventory of any Grantor is at any time in the possession
            of a bailee or warehouseman or being repaired by a third party, excluding any Inventory from time to time in transit, such Grantor shall promptly, and in any event no later than the date of the next delivery of a Compliance Certificate, notify
            the Administrative Agent thereof and update Schedule 4 hereto and, if requested by the Administrative Agent, shall use 

         

          

        
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            commercially reasonable efforts to obtain an acknowledgement from the bailee, warehouseman or landlord a waiver
                and consent, in form and substance reasonably satisfactory to the Administrative Agent, that the bailee, warehouseman or landlord, as applicable, holds such Collateral for the benefit of the Secured Parties, and that such bailee,
                warehouseman or landlord, as applicable, waives any Liens it has in such Collateral, and, in each case, shall act upon the instructions of the Administrative Agent, without further consent of such Grantor.

          

        

         

          

      

    

    
      
        (iv)        No Grantor shall hereafter establish and
            maintain any Deposit Account, Commodity Account or Securities Account unless (i) the applicable Grantor shall have given the Administrative Agent ten (10) Business Days’ prior written notice of its intention to establish such new Deposit
            Account, Commodity Account or Securities Account and (ii) contemporaneously therewith (or by such later date as agreed to by the Administrative Agent in its sole discretion), such Grantor has delivered an executed Account Control Agreement with
            respect to such Deposit Account, Commodity Account or Securities Account.

         

          

      

    

    
      
        (v)         Each Grantor shall promptly, and in any event
            within ten (10) Business Days after the same is acquired by it, notify the Administrative Agent of any Commercial Tort Claim acquired by it that is reasonably anticipated to result in a recovery in excess of (i) individually, equal to or
            greater than $250,000, or (ii) in the aggregate, equal to or greater than $500,000 and, unless the Administrative Agent otherwise consents, such Grantor shall enter into an amendment of this Security Agreement granting to the Administrative
            Agent a first priority security interest in such Commercial Tort Claims.

         

          

      

    

    
      
        (vi)         If any Grantor is at any time a beneficiary
            under any Letters of Credit now or hereafter issued in favor of such Grantor with a face value in excess of (i) individually, equal to or greater than $250,000, or (ii) in the aggregate, equal to or greater than $500,000, such Grantor shall
            promptly notify the Administrative Agent thereof and such Grantor shall, at the request of the Administrative Agent, pursuant to an agreement in form and substance reasonably acceptable to the Administrative Agent, either (i) arrange for the
            issuer and any confirmer of such Letter of Credit to consent to an assignment to the Administrative Agent of, and to pay to the Administrative Agent, the proceeds of, any drawing under the Letter of Credit or (ii) arrange for the Administrative
            Agent to become the beneficiary of such letter of Credit, with the Administrative Agent agreeing, in each case, that the proceeds of any drawing under the Letter of Credit are to be applied as provided in the Credit Agreement.

      

    

     

    

    (b)          Change of Legal Name; State of Formation.  Each Grantor shall give the Administrative Agent at least 15 days’ (or such
        shorter period as permitted by the Administrative Agent) prior written notice before it (i) in the case of any Grantor that is not a “registered organization” (as such term is defined in Section 9-102 of the UCC), changes the location of its
        principal place of business and chief executive office, (ii) changes the location of its jurisdiction of formation or organization, as applicable, or (iii) changes its legal name. Each Grantor will provide the Administrative Agent prompt written
        notice (A) of any change in the location of any material Collateral that consists of Equipment, Inventory, or original copies of any Chattel Paper evidencing Accounts or (B) if it uses a trade name other than its current name used on the date 

     

    

    
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    hereof; provided, however, that no such notice is required if the new location of such Collateral is listed on Schedule 2 or 4.
      Other than as permitted under the Credit Agreement, or as permitted in the preceding sentence, no Grantor shall amend its legal name or change its jurisdiction of incorporation, organization or formation.

     

    (c)          Right of Inspection.  Each Grantor shall hold and preserve, at its own cost and expense satisfactory and complete records
        of the Collateral, including, but not limited to, Instruments, Chattel Paper, Contracts, and records with respect to the Accounts, and, without duplication or limitation of Section 5.08 of the Credit Agreement, will permit representatives of the
        Administrative Agent, upon reasonable advance notice, at any time during normal business hours to inspect and copy them. At the Administrative Agent’s request, each Grantor shall promptly deliver copies of any and all such records to the
        Administrative Agent.

     

    (d)          Liability Under Contracts and Accounts.  Notwithstanding anything in this Security Agreement to the contrary, (i) the
        execution of this Security Agreement shall not release any Grantor from its obligations and duties under any of the Contract Documents, Accounts or any other Contract or Instrument which is part of the Collateral, (ii) the exercise by the
        Administrative Agent of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under any Contract Documents, Accounts, or any other Contract or Instrument which is part of the Collateral, and (iii) the
        Administrative Agent shall not have any obligation or liability under any Contract Documents, Accounts, or any other Contract or Instrument which is part of the Collateral by reason of the execution and delivery of this Security Agreement, nor
        shall the Administrative Agent be obligated to perform any of the obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

     

    (e)          Transfer of Certain Collateral; Release of Certain Security Interest.  Each Grantor agrees that it shall not sell, assign,
        or otherwise dispose of any Collateral, except as otherwise permitted under the Credit Agreement. The Administrative Agent shall promptly, at the Grantors’ expense, execute and deliver all further instruments and documents, and take all further
        action that a Grantor may reasonably request in order to release its security interest in any Collateral which is disposed of in accordance with the terms of the Credit Agreement.

     

    (f)          Accounts.  Each Grantor agrees that it will use commercially reasonable efforts to ensure that each Account (i) is and will
        be, in all material respects, the genuine, legal, valid, and binding obligations of the account debtor in respect thereof, representing an unsatisfied obligation of such account debtor, (ii) is and will be; in all material respects, enforceable in
        accordance with its terms, (iii) is not and will not be subject to any material setoffs, defenses, taxes, counterclaims, except in the ordinary course of business, (iv) is and will be, in all material respects, in compliance with all applicable
        laws, whether federal, state, local or foreign, and (v) which if evidenced by Chattel Paper, will not require the consent of the account debtor in respect thereof in connection with its assignment hereunder.

     

    (g)          Negotiable Instruments.  If any Grantor shall at any time hold or acquire any Negotiable Instruments, including promissory
        notes, such Grantor shall forthwith endorse, assign and deliver the same to the Administrative Agent, accompanied by such instruments of transfer 

     

    

    
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    or assignment duly executed in blank as the Administrative Agent may from time to time reasonably request.

     

    (h)          Intellectual Property.  Each Grantor shall, with respect to any federally-registered intellectual property obtained by any
        Grantor after the Closing Date, contemporaneously with the next delivery of a Compliance Certificate in accordance with the Credit Agreement, provide to Administrative Agent written notice thereof and confirm Administrative Agent’s Lien and
        security interest therein by execution of an instrument in form and substance reasonably acceptable to the Administrative Agent.

     

    (i)          Other Covenants of Grantor.  Each Grantor agrees that (i) any action or proceeding to enforce this Security Agreement may
        be taken by the Administrative Agent either in such Grantor’s name or in the Administrative Agent’s name, as the Administrative Agent may deem necessary, and (ii) such Grantor will, until the Security Termination has occurred, warrant and defend
        its title to the Collateral and the interest of the Administrative Agent in the Collateral against any claim or demand of any Persons (other than Permitted Liens) which could reasonably be expected to cause a Material Adverse Change with respect to
        such Grantor’s title to, or the Administrative Agent’s right or interest in, such Collateral.

     

    (j)          Permitted Intercompany Debt.  MoGas Holdco agrees that, without the prior written consent of the Administrative Agent, it
        shall not:

     

    
      
        (i)          Assign, pledge or otherwise transfer any of
            its rights under or interests in any Permitted Intercompany Debt, except for liens on any Permitted Intercompany Debt granted in favor of Administrative Agent pursuant to the Loan Documents;

         

          

      

    

    
      
        (ii)          amend, restate, amend and restate, supplement
            or otherwise modify or waive any Permitted Intercompany Debt;

         

          

      

    

    
      
        (iii)        enforce or exercise, or seek to enforce or
            exercise, any of its applicable rights and remedies as a debtor or secured party with respect to any Permitted Intercompany Debt, including under any instruments or agreements evidencing or securing any Permitted Intercompany Debt; or

         

          

      

    

    
      
        (iv)        receive, or require that any other Loan Party
            make, any Restricted Payments in respect of any Permitted Intercompany Debt, except to the extent such Restricted Payments are permitted pursuant to Section 6.05 of the Credit Agreement; provided, however, interest payments that are
            paid-in-kind, and not in cash, shall be permitted to the extent provided under the documents evidencing the Permitted Intercompany Debt.

         

          

      

    

    Section 5          Termination of Security Interest.  Upon the occurrence of the Security Termination, the security interest granted hereby and each Grantor’s
        duties and obligations hereunder shall terminate and all rights to the Collateral shall revert to the applicable Grantor to the extent such Collateral shall not have been sold or otherwise applied pursuant to the terms hereof. Upon any such
        termination, the Administrative Agent will promptly, at the Grantors’ expense, execute and deliver to the applicable Grantor such documents (including, without 

     

    

    
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    limitation, UCC-3 termination statements) as such Grantor shall reasonably request to evidence such termination.

     

    Section 6          Reinstatement.  If, at any time after the Security Termination has occurred, any
        payments on the Secured Obligations previously made must be disgorged by any Secured Party for any reason whatsoever, including, without limitation, the insolvency, bankruptcy or reorganization of any Grantor or any other Person, this Security
        Agreement and the Administrative Agent’s security interests herein shall be reinstated as to all disgorged payments as though such payments had not been made, and each Grantor shall sign and deliver to the Administrative Agent all documents, and
        shall do such other acts and things, as may be necessary to reinstate and perfect the Administrative Agent’s security interest. EACH GRANTOR SHALL DEFEND AND INDEMNIFY THE ADMINISTRATIVE AGENT AND EACH OTHER
          SECURED PARTY FROM AND AGAINST ANY CLAIM, DAMAGE, LOSS, LIABILITY, COST OR EXPENSE UNDER THIS SECTION 6 (INCLUDING REASONABLE AND DOCUMENTED OUT-OF-POCKET ATTORNEYS’ FEES AND EXPENSES) IN THE DEFENSE OF ANY SUCH ACTION OR SUIT INCLUDING SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, OR EXPENSE ARISING AS A RESULT OF THE INDEMNIFIED SECURED
          PARTY’S OWN NEGLIGENCE BUT EXCLUDING SUCH CLAIM, DAMAGE, LOSS, LIABILITY, COST, OR EXPENSE THAT IS FOUND IN A FINAL, NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH INDEMNIFIED SECURED PARTY’S GROSS
          NEGLIGENCE OR WILLFUL MISCONDUCT.  THE LIABILITIES OF EACH GRANTOR AS SET FORTH IN THIS SECTION 6 SHALL SURVIVE THE TERMINATION OF THIS SECURITY AGREEMENT.

     

    Section 7          Remedies upon Event of Default.

     

    (a)          If any Event of Default has occurred and is continuing, the Administrative Agent may (and shall at
        the written request of the Required Lenders) (i) proceed to protect and enforce the rights vested in it by this Security Agreement or otherwise available to it, including but not limited to, the right to cause all revenues and other moneys pledged
        hereby as Collateral to be paid directly to it, and to enforce its rights hereunder to such payments and all other rights hereunder by such appropriate judicial proceedings as it shall deem most effective to protect and enforce any of such rights,
        either at law or in equity or otherwise, whether for specific enforcement of any covenant or agreement contained in any of the Contract Documents, or in aid of the exercise of any power therein or herein granted, or for any foreclosure hereunder
        and sale under a judgment or decree in any judicial proceeding, or to enforce any other legal or equitable right vested in it by this Security Agreement or by law; (ii) cause any action at law or suit in equity or other proceeding to be instituted
        and prosecuted and enforce any rights hereunder or included in the Collateral, subject to the provisions and requirements thereof; (iii) sell or otherwise dispose of any or all of the Collateral or cause the Collateral to be sold or otherwise
        disposed of in one or more sales or transactions, at such prices and in such manner as may be commercially reasonable, and for cash or on credit or for future delivery, without assumption of any credit risk, at public or private sale, without
        demand of performance or notice of intention to sell or of time or place of sale (except such notice as is required by applicable statute and cannot be waived), it being agreed that the Administrative Agent may be a purchaser on behalf of the 

     

    

    
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    Secured Parties or on its own behalf at any such sale and that the Administrative Agent, any other Secured Party, or any other Person who may be a bona fide purchaser for value and without notice of any claims of any
      or all of the Collateral so sold shall thereafter hold the same absolutely free from any claim or right of whatsoever kind, including any equity of redemption of any Grantor, any such demand, notice or right and equity being hereby expressly waived
      and released to the extent permitted by law; (iv) incur reasonable expenses, including reasonable attorneys’ fees, reasonable consultants’ fees, and other costs appropriate to the exercise of any right or power under this Security Agreement; (v)
      perform any obligation of any Grantor hereunder and make payments, purchase, contest or compromise any encumbrance, charge or Lien, and pay taxes and expenses, without, however, any obligation to do so; (vi) in connection with any acceleration and
      foreclosure, take possession of the Collateral and render it usable and repair and renovate the same, without, however, any obligation to do so, and enter upon any location where the Collateral may be located for that purpose, control, manage,
      operate, rent and lease the Collateral, collect all rents and income from the Collateral and apply the same to reimburse the Secured Parties for any costs or expenses incurred hereunder or under any of the Loan Documents or any of the Hedge Contracts
      or agreements in respect of Banking Services Obligations secured hereby and to the payment or performance of any Grantor’s obligations hereunder or under any of the Loan Documents or any of the Hedge Contracts or agreements in respect of Banking
      Services Obligations secured hereby, and apply the balance to the other Secured Obligations and any remaining excess balance to whomsoever is legally entitled thereto; (vii) secure the appointment of a receiver for the Collateral or any part thereof;
      (viii) require any Grantor to, and each Grantor hereby agrees that it will at its expense and upon request of the Administrative Agent forthwith, assemble all or part of the Collateral as directed by the Administrative Agent and make it available to
      the Administrative Agent at a place to be designated by the Administrative Agent which is reasonably convenient to both parties; (ix) exercise any other or additional rights or remedies granted to a secured party under the UCC; or (x) occupy any
      premises owned or leased by any Grantor where the Collateral or any part thereof is assembled for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to any Grantor in respect of such
      occupation. If, pursuant to applicable law, prior notice of sale of the Collateral under this Section 7(a) is required to be given to any Grantor, each Grantor hereby acknowledges that the minimum time required by such applicable law, or if no
      minimum time is specified, ten (10) Business Days, shall be deemed a reasonable notice period. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may
      adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

     

    (b)          For the purposes of enabling the Administrative Agent, during the continuance of an Event of Default, to lawfully exercise its
        rights and remedies hereunder, and for no other purpose, each Grantor hereby grants to the Administrative Agent, to the extent assignable, an irrevocable, non-exclusive license to use, assign, license or sublicense any intellectual property now
        owned or hereafter acquired by such Grantor.

     

    (c)          All reasonable and documented out-of-pocket costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the
        Administrative Agent and the Secured Parties in connection with any suit or proceeding in connection with the performance by the 

     

    

    
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    Administrative Agent or the Secured Parties of any of the agreements contained in any of the Contract Documents, or in connection with any exercise of its rights or remedies hereunder, pursuant to the terms of this
      Security Agreement, shall constitute additional Secured Obligations and shall be paid by the Grantors to the Administrative Agent on behalf of the Secured Parties upon demand by the Administrative Agent.

     

    Section 8          Remedies Cumulative; Delay Not Waiver.

     

    (a)          No right, power or remedy herein conferred upon or reserved to the Administrative Agent is intended to be exclusive of any other
        right, power or remedy and every such right, power and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right, power and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
        The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. Resort to any or all security now or hereafter held by the Administrative
        Agent may be taken concurrently or successively and in one or several consolidated or independent judicial actions or lawfully taken nonjudicial proceedings, or both.

     

    (b)          No delay or omission of the Administrative Agent to exercise any right or power accruing upon the occurrence and during the
        continuance of any Event of Default as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and every respective power and remedy given by this Security
        Agreement may be exercised from time to time, and as often as shall be deemed expedient, by the Administrative Agent in its sole discretion.

     

    Section 9          Contract Rights.  Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may
        exercise any of the Contract Rights and remedies of any Grantor under or in connection with the Instruments, Chattel Paper, or Contracts which represent Accounts, the General Intangibles, or which otherwise relate to the Collateral, including,
        without limitation, any rights of any Grantor to demand or otherwise require payment of any amount under, or performance of any provisions of, the Instruments, Chattel Paper, or Contracts which represent Accounts, or the General Intangibles.

     

    Section 10          Accounts.

     

    (a)          No Grantor shall adjust, settle, or compromise the amount or payment of any Account, nor release wholly or partly any account
        debtor or obligor thereof, nor allow any credit or discount thereon except in the ordinary course of business consistent with past business practice.

     

    (b)          Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, or may direct any Grantor to,
        take any action that the Administrative Agent deems necessary or advisable to enforce collection of the Accounts, including, without limitation, notifying the account debtors or obligors under any Accounts of the assignment of such Accounts to the
        Administrative Agent and directing such account debtors or obligors to make payment of all amounts due or to become due directly to the Administrative Agent. Upon such notification and direction, and at the expense of the Grantors, the
        Administrative Agent may 

     

      

    
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    enforce collection of any such Accounts, and adjust, settle, or compromise the amount or payment thereof in the same manner and to the same extent as any Grantor might have done. Upon the occurrence and during
        the continuance of an Event of Default, all amounts and Proceeds (including Instruments) received by such Grantor in respect of the Accounts shall be received in trust for the benefit of the Administrative Agent hereunder, shall be segregated from
        other funds of such Grantor, and shall promptly be paid over to the Administrative Agent in the same form as so received (with any necessary endorsement) to be held as Collateral.

     

    Section 11          Application of Collateral.  The proceeds of any sale, or other realization (other than that received from a sale or
        other realization permitted by the Credit Agreement) upon all or any part of the Collateral pledged by any Grantor shall be applied by the Administrative Agent as set forth in Section 7.06 of the Credit Agreement.

     

    Section 12          Administrative Agent as Attorney-in-Fact for Grantor.  Each Grantor hereby constitutes and irrevocably appoints the
        Administrative Agent, acting for and on behalf of itself and the Secured Parties and each successor or assign of the Administrative Agent and the Secured Parties, the true and lawful attorney-in-fact of such Grantor, with full power and authority
        in the place and stead of such Grantor and in the name of such Grantor, the Administrative Agent or otherwise to take any action and execute any instrument at the written direction of the Secured Parties and enforce all rights, interests and
        remedies of such Grantor with respect to the Collateral, including the right:

     

    (a)          to ask, require, demand, receive and give acquittance for any and all moneys and claims for moneys due and to become due under or
        arising out of any of the other Collateral, including without limitation, any Insurance Contracts;

     

    (b)          to elect remedies thereunder and to endorse any checks or other instruments or orders in connection therewith;

     

    (c)          to file any claims or take any action or institute any proceedings in connection therewith which the Administrative Agent may deem
        to be necessary or advisable;

     

    (d)          to pay, settle or compromise all bills and claims which may be or become Liens or security interests against any or all of the
        Collateral, or any part thereof, unless a bond or other security satisfactory to the Administrative Agent has been provided; and

     

    (e)          upon foreclosure, to do any and every act which any Grantor may do on its behalf with respect to the Collateral or any part
        thereof and to exercise any or all of such Grantor’s rights and remedies under any or all of the Collateral;

     

    provided, however, that the
        Administrative Agent shall only have the power and right to exercise any such rights upon the occurrence and during the continuation of an Event of Default. This power of attorney is a power coupled with an
          interest and shall be irrevocable.

     

    Section 13          Administrative Agent May Perform.  The Administrative Agent may from time to time perform any act which any Grantor
        has agreed hereunder to perform and which such Grantor shall fail to perform after being requested in writing to so perform (it being understood that no such request need be given after the occurrence and during the continuance of any Event 

     

    

    
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    of Default and upon notice thereof by the Administrative Agent to any Grantor) and the Administrative Agent may from time to time take any other action which the Administrative Agent deems necessary for the
      maintenance, preservation or protection of any of the Collateral or of the Administrative Agent’s security interest therein, and the reasonable and documented out-of-pocket expenses of the Administrative Agent incurred in connection therewith shall
      be part of the Secured Obligations and shall be secured hereby.

     

    Section 14          Administrative Agent Has No Duty.  The powers conferred on the Administrative Agent hereunder are solely to protect
        its interests in the Collateral and shall not impose any duty on it to exercise any such powers. Except for reasonable care of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Administrative
        Agent shall have no duty as to any Collateral or responsibility for taking any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The Administrative Agent shall be deemed to have exercised
        reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own Property.

     

    Section 15          Payments Held in Trust.  Upon the occurrence and during the continuance of an Event of Default, all payments
        received by any Grantor under or in connection with any Collateral shall be received in trust for the benefit of the Administrative Agent, and shall be segregated from other funds of such Grantor and shall be forthwith paid over to the
        Administrative Agent in the same form as received (with any necessary endorsement).

     

    Section 16          Miscellaneous.

     

    (a)          Expenses.  The Grantors will upon demand pay to the Administrative Agent for its benefit and the benefit of the other
        Secured Parties the amount of any reasonable and documented out-of-pocket expenses, including the reasonable fees of and disbursements to its outside legal counsel and of any experts, which the Administrative Agent and the other Secured Parties may
        incur in connection with (i) the custody, preservation, use, or operation of, or the sale, collection, or other realization of, any of the Collateral, (ii) the exercise or enforcement of any of the rights of the Administrative Agent or any Lender
        or any other Secured Parties hereunder, and (iii) the failure by any Grantor to perform or observe any of the provisions hereof.

     

    (b)          Amendments; Etc.  No amendment or waiver of any provision of this Security Agreement nor consent to any departure by any
        Grantor herefrom shall be effective unless the same shall be in writing and executed by the affected Grantor and the Administrative Agent (which may be acting upon the written direction of the Required Lenders or all Lenders as provided in the
        Credit Agreement), and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

     

    (c)          Addresses for Notices.  All notices and other communications provided for hereunder shall be made in the manner and to the
        addresses set forth in the Credit Agreement.

     

    (d)          Continuing Security Interest; Transfer of Interest.  This Security Agreement shall create a continuing security interest in
        the Collateral and, unless expressly released by the Administrative Agent, shall (i) remain in full force and effect until the Security Termination has 

     

    

    
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    occurred, (ii) be binding upon each Grantor and its successors, transferees and assigns, (iii) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of and be binding upon,
      the Administrative Agent, the Swingline Lender, the Issuing Bank, the Lenders and their respective successors, transferees, and assigns, and (iv) inure to the benefit of and be binding upon, the Swap Counterparties and the Banking Service Providers,
      and each of their respective successors, transferees, and assigns only to the extent such successor, transferee or assign is a Secured Party. Without limiting the generality of the foregoing clause, when any Lender assigns or otherwise transfers any
      interest held by it under the Credit Agreement or other Loan Documents to any other Person pursuant to the terms of the Credit Agreement or such other Loan Documents, that other Person shall thereupon become vested with all the benefits held by such
      Lender under this Security Agreement. Notwithstanding the foregoing, when (i) any Swap Counterparty assigns or otherwise transfers any interest held by it under any Hedge Contract to any other Person pursuant to the terms of such agreement or (ii)
      any Banking Service Provider transfers any Banking Services Obligations to any other Person, in each case, that other Person shall thereupon become vested with all the benefits held by such Secured Party under this Security Agreement only if such
      Person is also then a Secured Party.

     

    (e)          Severability.  Wherever possible each provision of this Security Agreement shall be interpreted in such manner as to be
        effective and valid under applicable law, but if any provision of this Security Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
        the remainder of such provision or the remaining provisions of this Security Agreement.

     

    (f)          Choice of Law.  This Security Agreement shall be governed by, and construed and enforced in accordance with, the laws of
        the State of New York without regard to conflicts of laws principles, except to the extent that the validity or perfection of the security interests hereunder, or remedies hereunder, in respect of any particular Collateral are governed by the laws
        of a jurisdiction other than the State of New York.

     

    (g)          Counterparts.  The parties may execute this Security Agreement in counterparts, each of which constitutes an original, and
        all of which, collectively, constitute only one agreement. Delivery of an executed counterpart signature page by telecopy, facsimile or in electronic (i.e., “pdf” or “tif”) format is as effective as executing and delivering this Security Agreement
        in the presence of the other parties to this Security Agreement. In proving this Security Agreement, a party must produce or account only for the executed counterpart of the party to be charged.

     

    (h)          Conflicts.  In the event of any explicit or implicit conflict between any provision of this Security Agreement and any
        provision of the Credit Agreement, the terms of the Credit Agreement shall be controlling.

     

    (i)          Additional Grantors.  Pursuant to Section 5.11 of the Credit Agreement, each Subsidiary (unless such Person is an
        Unrestricted Subsidiary or a Regulated Subsidiary (except to the extent such Regulated Subsidiary (i) is not prohibited under applicable law by the CPUC or any other applicable regulatory authority from becoming a Grantor hereunder or (ii) has
        obtained the express written approval of the CPUC or such other applicable regulatory authority)) of the Borrowers that was not a Subsidiary of the Borrowers on the date of the Credit 

     

    

    
      20

      
        

    

    Agreement is required to enter into this Security Agreement as a Grantor pursuant to the terms set forth in Section 5.11 of the Credit Agreement. Upon execution and delivery after the date hereof by the Administrative
      Agent and such Subsidiary of an instrument in the form of Annex 1 (a “Supplement”), such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of a
      Supplement adding an additional Grantor as a party to this Security Agreement shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the
      addition of any new Grantor as a party to this Security Agreement. The Grantors agree to reimburse the Administrative Agent for its respective reasonable and documented out-of-pocket expenses in connection with any Supplement, including the
      reasonable fees, other charges and disbursements of counsel for the Administrative Agent.

     

    (j)          Entire Agreement.  THIS SECURITY AGREEMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN
          DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO.

     

    Section 17          Restatement of Existing Security Agreement.  The Existing Security Agreement is hereby amended and restated in its
        entirety by this Security Agreement (other than that portion of the Existing Security Agreement which is amended and restated in its entirety by the Amended and Restated Louisiana Security Agreement), and all security interests in and assignments
        of the Collateral created and granted by the Existing Security Agreement (other than that portion of the Existing Security Agreement which is amended and restated in its entirety by the Amended and Restated Louisiana Security Agreement) are hereby
        automatically renewed and continued in full force and effect as security for the payment and performance of the Secured Obligations.  Without limiting the effectiveness of any new grant of a security interest or assignment under this Security
        Agreement, nothing contained herein is intended to impair or extinguish the liens, assignments, privileges and priorities of the Existing Security Agreement (other than that portion of the Existing Security Agreement which is amended and restated
        in its entirety by the Amended and Restated Louisiana Security Agreement), as hereby amended and restated, and such liens, assignments, privileges and priorities will remain in full force and effect to secure the payment and performance of the
        Secured Obligations.  The parties hereto that were party to the Existing Security Agreement expressly recognize and confirm their intent to continue the effectiveness and priority of the liens, assignments and privileges granted under the Existing
        Security Agreement, as hereby amended and restated, as to all Collateral hereunder as security for the payment and performance of all Secured Obligations, whether now or hereafter owing.

     

    [SIGNATURE PAGES FOLLOW]

     

    
      21

      
        

    

    The parties hereto have caused this Security Agreement to be duly executed as of the date first above written.
    
       

      	 	
              GRANTORS:

            
	 	 
	 	
              CRIMSON MIDSTREAM OPERATING, LLC

            
	 	 
	 	
              By:

            	
              /s/ Robert Waldron

            
	 	
              Name:

            	
              Robert Waldron

            
	 	
              Title:

            	
              Chief Financial Officer

            

      

      

       

      	 	
              CORRIDOR MOGAS, INC.

            
	 	 
	 	
              By:

            	
              /s/ David J. Schulte

            
	 	
              Name:

            	
              David J. Schulte

            
	 	
              Title:

            	
              CEO & President

            

      

      

       

      	 	
              CRIMSON PIPELINE, LLC

            
	 	 
	 	
              By:

            	
              /s/ Robert Waldron

            
	 	
              Name:

            	
              Robert Waldron

            
	 	
              Title:

            	
              Chief Financial Officer

            

      

      

       

      	 	
              CARDINAL PIPELINE, L.P.

            
	 	
              By: Crimson Pipeline, LLC, its sole general partner

            
	 	
              By:

            	
              /s/ Robert Waldron

            
	 	
              Name:

            	
              Robert Waldron

            
	 	
              Title:

            	
              Chief Financial Officer

            

      

      

       

      	 	
              CRIMSON MIDSTREAM HOLDINGS, LLC

            
	 	 
	 	
              By:

            	
              /s/ Robert Waldron

            
	 	
              Name:

            	
              Robert Waldron

            
	 	
              Title:

            	
              Chief Financial Officer

            
	 	 
	 	 
	 	
              MOGAS DEBT HOLDCO LLC

            
	 	 
	 	
              By:

            	
              /s/ David J. Schulte

            
	 	
              Name:

            	
              David J. Schulte

            
	 	
              Title:

            	
              CEO and President

            

       

        Amended and Restated Security Agreement

        Crimson Midstream Operating, LLC

         

        

      

      
        22

        
          

      

      	 	
              MOGAS PIPELINE LLC

            
	 	 
	 	
              By:

            	
              /s/ Rick Kreul

            
	 	
              Name:

            	
              Rick Kreul

            
	 	
              Title:

            	
              President

            

      

      

       

      	 	
              CORENERGY PIPELINE COMPANY, LLC

            
	 	
              By:

            	
              /s/ David J. Schulte

            
	 	
              Name:

            	
              David J. Schulte

            
	 	
              Title:

            	
              CEO

            

      

      

       

      	 	
              UNITED PROPERTY SYSTEMS, LLC

            
	 	 
	 	
              By:

            	
              /s/ David J. Schulte

            
	 	
              Name:

            	
              David J. Schulte

            
	 	
              Title:

            	
              President

            

      

      

      
        Amended and Restated Security Agreement

        Crimson Midstream Operating, LLC

      

      

      

      
        23

        
          

      

      	 	
              ADMINISTRATIVE AGENT:

            
	 	 
	 	
              WELLS FARGO BANK, NATIONAL

            
	 	
              ASSOCIATION,

            
	 	
              as Administrative Agent

            

      

      

      	 	
              By:

            	
              /s/ Jacob Osterman

            
	 	 	
              Jacob Osterman

            
	 	 	
              Director

            

      

      

      
        Amended and Restated Security Agreement

        Crimson Midstream Operating, LLC

      

      

      

      
        
          

      

      SCHEDULE 1

      to Security Agreement

      

      

      COMMERCIAL TORT CLAIMS

      

      

      None.

       

        

      
        
          

      

      SCHEDULE 2

      to Security Agreement

      

      

      ENTITY INFORMATION

      

      

      	
              Name of Grantor:

            	
              Crimson Midstream Operating, LLC

            
	 	 
	
              Jurisdiction of Formation / Filing:

            	
              Delaware

            
	 	 
	
              Type of Organization:

            	
              Limited liability company

            
	 	 
	
              Organizational Number:

            	
              5888483

            
	 	 
	
              Federal Tax Identification Number:

            	
              81-0690146

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1801 California St., Suite 3600

                Denver, Colorado 80202

            
	 	 
	
              Address where books and records are kept:

            	
              1801 California St., Suite 3600

                Denver, Colorado 80202

            
	 	 
	
              Prior Names:

            	
              None.

            

      

      

      	
              Name of Grantor:

            	
              Corridor MoGas, Inc.

            
	 	 
	
              Jurisdiction of Formation / Filing:

            	
              Delaware

            
	 	 
	
              Type of Organization:

            	
              Corporation

            
	 	 
	
              Organizational Number:

            	
              5635845

            
	 	 
	
              Federal Tax Identification Number:

            	
              20-3431375

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	 	 
	
              Address where books and records are kept:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	 	 
	
              Prior Names:

            	
              None.

            

      

      

      	
              Name of Grantor:

            	
              Crimson Midstream Holdings, LLC

            
	 	 
	
              Jurisdiction of Formation / Filing:

            	
              Delaware

            

      

      

      
        
          

      

      	
              Type of Organization:

            	
              Limited liability company

            
	 	 
	
              Organizational Number:

            	
              5897175

            
	 	 
	
              Federal Tax Identification Number:

            	
              81-0818838

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1801 California St., Suite 3600

                Denver, Colorado 80202

            
	 	 
	
              Address where books and records are kept:

            	
              1801 California St., Suite 3600

                Denver, Colorado 80202

            
	 	 
	
              Prior Names:

            	
              None.

            

      

      

      	
              Name of Grantor:

            	
              MoGas Debt Holdco LLC

            
	 	 
	
              Jurisdiction of Formation / Filing:

            	
              Delaware

            
	 	 
	
              Type of Organization:

            	
              Limited liability company

            
	 	 
	
              Organizational Number:

            	
              4749572

            
	 	 
	
              Federal Tax Identification Number:

            	
              20-3431375

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	 	 
	
              Address where books and records are kept:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	 	 
	
              Prior Names:

            	
              None.

            

      

      

      	
              Name of Grantor:

            	
              MoGas Pipeline LLC

            
	 	 
	
              Jurisdiction of Formation / Filing:

            	
              Delaware

            
	 	 
	
              Type of Organization:

            	
              Limited liability company

            
	 	 
	
              Organizational Number:

            	
              2459014

            
	 	 
	
              Federal Tax Identification Number:

            	
              36-4794210

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            

      

      

      
        
          

      

      	
              Address where books and records are kept:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	
              Prior Names:

            	
              None.

            
	 	 
	
              Name of Grantor:

            	
              CorEnergy Pipeline Company, LLC

            
	 	 
	
              Jurisdiction of Formation / Filing:

            	
              Delaware

            
	 	 
	
              Type of Organization:

            	
              Limited liability company

            
	 	 
	
              Organizational Number:

            	
              5888563

            
	 	 
	
              Federal Tax Identification Number:

            	
              36-4797201

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	 	 
	
              Address where books and records are kept:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	 	 
	
              Prior Names:

            	
              None.

            
	 	 
	
              Name of Grantor:

            	
              United Property Systems, LLC

            
	 	 
	
              Jurisdiction of Formation / Filing:

            	
              Delaware

            
	 	 
	
              Type of Organization:

            	
              Limited liability company

            
	 	 
	
              Organizational Number:

            	
              2461884

            
	 	 
	
              Federal Tax Identification Number:

            	
              36-4797210

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	 	 
	
              Address where books and records are kept:

            	
              1100 Walnut Street, Suite 3350 Kansas City, MO 64106

            
	 	 
	
              Prior Names:

            	
              None.

            
	 	 
	
              Name of Grantor:

            	
              Crimson Pipeline, LLC

            

      

      

      
        
          

      

      	
              Jurisdiction of Formation / Filing:

            	
              California

            
	 	 
	
              Type of Organization:

            	
              Limited liability company

            
	 	 
	
              Organizational Number:

            	
              200403100017

            
	 	 
	
              Federal Tax Identification Number:

            	
              20-2506643

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1801 California St., Suite 3600

                Denver, Colorado 80202

            
	 	 
	
              Address where books and records are kept:

            	
              1801 California St., Suite 3600

                Denver, Colorado 80202

            
	 	 
	
              Prior Names:

            	
              Crimson Pipeline LLC

            
	 	 
	
              Name of Grantor:

            	
              Cardinal Pipeline, L.P.

            
	 	 
	
              Jurisdiction of Formation / Filing:

            	
              California

            
	 	 
	
              Type of Organization:

            	
              Limited partnership

            
	 	 
	
              Organizational Number:

            	
              200405400001

            
	 	 
	
              Federal Tax Identification Number:

            	
              20-2506756

            
	 	 
	
              Principal Place of Business/Chief Executive Office:

            	
              1801 California St., Suite 3600

                Denver, Colorado 80202

            
	 	 
	
              Address where books and records are kept:

            	
              1801 California St., Suite 3600

                Denver, Colorado 80202

            
	 	 
	
              Prior Names:

            	
              None.

            

      

      

      
        
          

      

      SCHEDULE 3

      to Security Agreement

      

      

      FILING OFFICES

      

      

      	
              Entity Name

            	
              Jurisdiction

            	
              Office

            
	
              Crimson Midstream Operating, LLC

            	
              Delaware

            	
              Secretary of State

            
	
              Corridor MoGas, Inc.

            	
              Delaware

            	
              Secretary of State

            
	
              Crimson Pipeline, LLC

            	
              California

            	
              Secretary of State

            
	
              Cardinal Pipeline, L.P.

            	
              California

            	
              Secretary of State

            
	
              Crimson Midstream Holdings, LLC

            	
              Delaware

            	
              Secretary of State

            
	
              MoGas Debt Holdco, LLC

            	
              Delaware

            	
              Secretary of State

            
	
              CorEnergy Pipeline Company, LLC

            	
              Delaware

            	
              Secretary of State

            
	
              United Property Systems, LLC

            	
              Delaware

            	
              Secretary of State

            
	
              MoGas Pipeline LLC

            	
              Delaware

            	
              Secretary of State

            

      

      

      
        
          

      

      SCHEDULE 4

      to Security Agreement

      

      

      LOCATIONS OF EQUIPMENT AND INVENTORY

      

      

      None.

      

      

      
        
          

      

      SCHEDULE 5

      to Security Agreement

      

      

      INSTRUMENTS, CHATTEL PAPER AND DOCUMENTS

      

      

      None.

      

      

      
        
          

      

      SCHEDULE 6

      to Security Agreement

      

      

      DEPOSIT ACCOUNTS

      

      

      	
              Name of Grantor

            	
              Name of Institution

            	
              Account Number

            	
              Type of Account

            
	
              Crimson Midstream Operating, LLC

            	
              Wells Fargo

            	

            	
              Operating

            
	
              Crimson Midstream Services, LLC

            	
              Wells Fargo

            	

            	
              Operating

            
	
              Cardinal Pipeline, L.P.

            	
              Wells Fargo

            	

            	
              Operating

            
	
              Corridor MoGas, Inc.

            	
              Regions Bank

            	

            	
              Checking/Operating

            

      

      

      COMMODITY ACCOUNTS

      

      

      	
              Name of Grantor

            	
              Name of Institution

            	
              Account Number

            	
              Type of Account

            
	
              NONE

            	 	 	 

      

      

      SECURITIES ACCOUNTS

      

      

      	
              Name of Grantor

            	
              Name of Institution

            	
              Account Number

            	
              Type of Account

            
	
              NONE

            	
               

            	
               

            	
               

            

      

      

      
        
          

      

      SCHEDULE 7

      to Security Agreement

      

      

      LETTERS OF CREDIT

      

      

      None.

       

      
        
          

      

      SCHEDULE 8

      to Security Agreement

      

      

      INTELLECTUAL PROPERTY RIGHTS

      

      

      PATENTS

      

      

      	
              Name of Grantor

            	
              Patent Description

            	
              Patent Number

            	
              Issue Date

            
	
              NONE

            	
               

            	
               

            	
               

            

      

      

      PATENT APPLICATIONS

      

      

      	
              Name of Grantor

            	
              Patent Application

            	
              Application Filing Date

            	
              Application Serial Number

            
	
              NONE

            	
               

            	
               

            	
               

            

      

      

      TRADEMARKS

      

      

      	
              Name of Grantor

            	
              Trademark

            	
              Registration Date

            	
              Registration Number

            
	
              NONE

            	
               

            	
               

            	
               

            

      

      

      TRADEMARK APPLICATIONS

      

      

      	
              Name of Grantor

            	
              Trademark Application

            	
              Application Filing Date

            	
              Application Serial Number

            
	
              NONE

            	
               

            	
               

            	
               

            

      

      

      COPYRIGHTS

      

      

      	
              Name of Grantor

            	
              Copyright

            	
              Registration Date

            	
              Registration Number

            
	
              NONE

            	
               

            	
               

            	
               

            

      

      

      COPYRIGHT APPLICATIONS

      

      

      	
              Name of Grantor

            	
              Copyright Application

            	
              Application Filing Date

            	
              Application Serial Number

            
	
              NONE

            	
               

            	
               

            	
               

            

      

      

      INTELLECTUAL PROPERTY LICENSES

      

      

      	
              Name of Grantor

            	
              Name of Agreement

            	
              Date of Agreement

            	
              Parties to Agreement

            
	
              NONE

            	
               

            	
               

            	
               

            

      

      

      
        
          

      

      SCHEDULE 9

      to Security Agreement

      

      

      TRANSMITTING UTILITY STATUS

       

      Crimson Midstream Operating, LLC

       

      Corridor MoGas, Inc.

       

      Crimson Midstream Holdings, LLC

       

      MoGas Debt Holdco LLC

       

      CorEnergy Pipeline Company, LLC

       

      United Property Systems, LLC

       

      Crimson Pipeline, LLC

       

    

    
      
        

    

    Annex 1 to the

    Security Agreement

     

    This SUPPLEMENT TO SECURITY AGREEMENT, dated as of _____ (this “Supplement”), by ___________, a ___________ (the “New Grantor”) in favor of Wells Fargo Bank,
      National Association, as administrative agent for the ratable benefit of itself and the Secured Parties (as defined below).

     

    PRELIMINARY STATEMENTS

     

    A.          Reference is made to that certain Amended and Restated Credit Agreement dated as of February 4, 2021 (as
        amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Crimson Midstream Operating, LLC, a Delaware limited liability company (“Crimson Operating”) Corridor MoGas,
        Inc., a Delaware corporation (“Corridor MoGas” and, along with Crimson Operating, each a “Borrower” and collectively the “Borrowers”) , the guarantors party thereto from time to time, the lenders party thereto from time to time
        (individually, a “Lender” and collectively, the “Lenders”), Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”), as swingline lender (in such capacity, the “Swingline

          Lender”) and as issuing bank (in such capacity, the “Issuing Bank”), and the other parties from time to time party thereto.

     

    B.          In connection with the Credit Agreement, the Borrowers and certain other Grantors entered into that certain
        Amended and Restated Security Agreement dated as of February 4, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”), by and among, the Borrowers, the other
        Grantors party thereto from time to time, and the Administrative Agent for the ratable benefit of itself and the Secured Parties.

     

    C.          Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms
        in the Security Agreement.

     

    D.          The Grantors have entered into the Security Agreement in order to, among other things, induce the Lenders to
        make Advances, the Swingline Lenders to make Swingline Loans and the Issuing Bank to issue, extend and renew Letters of Credit under the Credit Agreement. Pursuant to Section 5.11 of the Credit Agreement, each Subsidiary (other than an Unrestricted
        Subsidiary or a Regulated Subsidiary) of the Borrowers that was not a Subsidiary of the Borrowers on the date of the Credit Agreement is required to enter into the Security Agreement as a Grantor. Section
        16(i) of the Security Agreement provides that such Subsidiaries of the Borrowers may become Grantors under the Security Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned (the “New Grantor”)
        is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Grantor under the Security Agreement in order to, among other things, induce the Lenders to make additional Advances and the Issuing Bank to issue,
        extend and renew Letters of Credit under the Credit Agreement and as consideration for Advances previously made and Letters of Credit previously issued.

     

     Annex 1 to Amended and Restated Security Agreement

     

    

    
      
        

    

    Accordingly, the Administrative Agent and the New Grantor agree as follows:

     

    SECTION 1.          In accordance with Section 16(i) of the Security Agreement, the New Grantor by its signature below
        becomes a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Grantor and the New Grantor hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor
        thereunder and (b) represents and warrants that the representations and warranties under the Security Agreement are true and correct as to the New Grantor on and as of the date hereof in all material respects (other than those representations and
        warranties that are subject to a materiality qualifier, in which case such representations and warranties shall be true and correct in all respects). In furtherance of the foregoing, the New Grantor, as security for the payment and performance in
        full of the Secured Obligations, does hereby create and grant to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a continuing security interest in and Lien on all of the
        New Grantor’s right, title and interest in and to the Collateral (as defined in the Security Agreement) of the New Grantor pursuant to the terms of the Security Agreement. Each reference to a “Grantor” in the Security Agreement shall be deemed to
        include the New Grantor. The Security Agreement is hereby incorporated herein by reference.

     

    SECTION 2. The New Grantor represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered
      by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms•(subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and
      subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

     

    SECTION 3. Attached hereto as Exhibit A are supplemental schedules to the Security Agreement, which schedules set forth the information required by the Security Agreement
      with respect to the New Grantor.

     

    SECTION 4. Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect.

     

    SECTION 5. All communications and notices hereunder shall be in writing and given as provided in the Security Agreement. All communications and notices hereunder to the New
      Grantor shall be given to it at the address set forth under its signature hereto.

     

    SECTION 6. The terms and conditions of Sections 17(e), (f), (g), and (j) of the Security Agreement shall be incorporated into this Supplement, mutatis mutandi.

     

    Annex 1 to Amended and Restated Security Agreement 

     

    

    
      
        

    

    IN WITNESS WHEREOF, the New Grantor has duly executed this Supplement to the Security Agreement as of the day and year first above written.

     

    	 	
            [Name of New Grantor],

          
	 	 
	 	
            By:

          
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

     

    	 	
            Address:

          	 
	 	 

    

    

    
      Annex 1 to Amended and Restated Security AgreementExhibit 10.1
	PEP21 Grant Award Agreement

​
This overview includes important information setting forth the terms and conditions of your Performance Earnings Program award for Fiscal Years 2021 through 2023 (PEP21).  The PEP award is subject to the terms and conditions set forth in the Standard Terms and Conditions for Performance Earnings Program and the AECOM 2020 Stock Incentive Plan Document.
The highlights of the PEP21 award include:
		◾	Performance Measures: Return on Invested Capital (ROIC), Adjusted Earnings per Share (EPS) Growth, and Relative Total Shareholder Return (TSR), equally weighted

		◾	Performance Cycle: ROIC and Relative TSR are measured over a single three-year period covering fiscal years 2021, 2022 and 2023.  Adjusted EPS Growth measures the growth in fiscal year 2021, average growth in fiscal years 2021 and 2022, and average growth in fiscal years 2021, 2022, and 2023.

		◾	Vesting:  Earned PEP units shall cliff vest 100% on December 15, 2023.  If your employment at AECOM ends prior to the vesting date, you will not receive the award payment on the unvested portion of your award.  You may be eligible for a pro-rata payment if your employment ends due to retirement and full payment due to death or disability.

		◾	Taxation: U.S. PEP awards are subject to federal and state income tax, FICA, Medicare and other state employment taxes on the settlement date.  Generally, PEP awards issued outside of the U.S. are taxed on the vesting date based on local tax laws.  You should consult a tax advisor for specific information.

		◾	Award Payout:  As provided in the Performance Objectives and Earnout Schedule, your PEP award can pay out anywhere from 0% to 200%.  Each AECOM share payout will be reduced by the dollar amount of the statutory tax withholding required at time of vesting unless you elect to pay the taxes yourself.  The remaining AECOM shares from each share payout will be deposited into your personal Merrill Lynch brokerage account.  Awards are paid exclusively in AECOM stock (net of statutory tax withholding requirements unless you elect to pay the taxes yourself) as soon as administratively possible, but in no event later than 70 days following the vesting date.

You can review your PEP award online anytime at Merrill Lynch (www.benefits.ml.com).  You must accept your PEP grant online at www.benefits.ml.com before you can receive payment of your vested PEP award.  If you are a new PEP recipient, you will be receiving an Account Assignment letter from Merrill Lynch with a PIN number that you will need to access your Merrill Lynch online account.  If you have any problems accessing the website, please contact a Merrill Lynch representative at (877) 637-4226 or from outside the U.S., use the AT&T country code plus +1 (877) MER-4ACM [637-4226], or dial direct: +1 (609) 818-8894.  Merrill Lynch representatives are available 24 hours a day, seven days a week to answer your questions.
You can also review the following materials on the Merrill Lynch website (www.benefits.ml.com):
		◾	PEP21 Grant Award Agreement

		◾	2020 Stock Incentive Plan

		◾	Managing Your Performance Earnings Program brochure

The information provided above is a summary of the plan rules.  If any conflict should arise between this document and the official plan documents, the official plan documents will always govern.  If you have any questions regarding these documents or your PEP award, please contact:
Brue Shin
Director, Executive Compensation – Total Rewards
Brue.Shin@aecom.com 

AECOM
STANDARD TERMS AND CONDITIONS FOR
PERFORMANCE EARNINGS PROGRAM
These Standard Terms and Conditions apply to any Award of Performance Earnings Program (“PEP”) units granted to an employee of the Company on or after March 10, 2020, under the AECOM 2020 Stock Incentive Plan, as may be amended from time to time (the “Plan”), which are evidenced by a Term Sheet or an action of the Administrator that specifically refers to these Standard Terms and Conditions.
1.         TERMS OF PEP UNITS
AECOM, a Delaware corporation (the “Company”), has granted to the Participant named in the term sheet (including Attachment A thereto) provided to said Participant herewith, otherwise provided electronically or included on the stock administrator’s online grant summary page (the “Term Sheet”) an opportunity to earn a target number of PEP units (the “Award”) specified in the Term Sheet.  Each PEP unit, if earned, represents the right to receive one share of the Company’s Common Stock, $0.01 par value per share (the “Common Stock”), together with a cash payment in an amount equivalent to the aggregate of all Common Stock per share dividends (if any) with an ex dividend date occurring while the PEP unit to which such share relates was outstanding and prior to the payment of such PEP unit (a “Dividend Equivalent”), in each case, upon the terms and subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions, and the Plan, each as amended from time to time.  For purposes of these Standard Terms and Conditions and the Term Sheet, any reference to the Company shall, unless the context requires otherwise, include a reference to any Subsidiary, as such term is defined in the Plan.
2.         EARNOUT OF PEP UNITS
The number of PEP units earned under the Award shall be determined according to the Performance Objectives and Performance Earnout Schedule specified in the Term Sheet.
3.         VESTING OF PEP UNITS
The Award shall not be vested as of the Grant Date set forth in the Term Sheet and shall be forfeitable unless and until otherwise vested pursuant to the terms of the Term Sheet and these Standard Terms and Conditions.  After the Grant Date, subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Award shall become vested as described in the Term Sheet with respect to the number of PEP units earned as set forth in the Term Sheet; provided that (except as set forth in Section 5 below) the Participant does not experience a Termination of Employment (as defined in the Plan) prior to becoming vested.  Any date on which PEP units subject to the Award vest is referred to herein as a “Vesting Date.”  Notwithstanding anything herein or in the Term Sheet to the contrary, if a Vesting Date is not a business day, the applicable portion of the Award shall vest on the prior business day.  PEP units granted under the Award that have vested and are no longer subject to forfeiture are referred to herein as “Vested Units.”  PEP units granted under the Award that are not vested and remain subject to forfeiture are referred to herein as “Unvested Units.”  The vesting
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period of the Award may be adjusted by the Administrator to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence or is employed on a less than full time basis, provided that the Administrator may take into consideration any accounting consequences to the Company in making any such adjustment.  Dividend Equivalents shall accrue and remain unvested with respect to Unvested Units and shall vest, if at all, at the same time or times as the Unvested Units to which the Dividend Equivalents relate.  Dividend Equivalents shall not accrue interest.
Notwithstanding anything herein to the contrary, in connection with any Transaction, Section 12 of the Plan shall apply to the Award, except as otherwise provided in any individual agreement between the Participant and the Company in effect at the time of the Transaction or any Company benefit plan or written policy in effect and applicable to the Participant at the time of such Transaction.
4.         SETTLEMENT OF PEP UNITS
Each earned Vested Unit will be settled by the delivery of one share of Common Stock (subject to adjustment under Section 12 of the Plan) to the Participant or, in the event of the Participant’s death, to the Participant’s estate, heir or beneficiary, promptly following the applicable Vesting Date (but in no event later than the 15th day of the third month following the Vesting Date); provided that the Participant has satisfied all of the tax withholding obligations described in Section 8 below, and that the Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the shares of Common Stock.  The issuance of the shares of Common Stock hereunder may be affected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on the Participant’s behalf with a brokerage firm or other custodian, in each case as determined by the Company.  Fractional shares will not be issued pursuant to the Award.
Notwithstanding the above, (i) the Company shall not be obligated to deliver any shares of the Common Stock during any period when the Company determines that the delivery of shares hereunder would violate any federal, state or other applicable laws, (ii) the Company may issue shares of Common Stock hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with securities or other regulatory requirements, and (iii) the date on which shares are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters (which delay shall in no event extend beyond 15th day of the third month following the following the Vesting Date).
Dividend Equivalents shall be settled in cash at the same time, and upon the same conditions, if applicable, as the earned Vested Units to which they relate.
5.         RIGHTS AS STOCKHOLDER
Prior to any issuance of shares of Common Stock in settlement of the Award, no shares of Common Stock will be reserved or earmarked for the Participant or the Participant’s account nor shall the Participant have any of the rights of a stockholder with respect to
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such shares. With the exception of Dividend Equivalents (which shall be settled, if at all, in the form of cash), pursuant to the terms hereof, the Participant will not be entitled to any privileges of ownership of the shares of Common Stock (including, without limitation, any voting rights) underlying Vested Units and/or Unvested Units unless and until shares of Common Stock are actually delivered to the Participant hereunder.
6.         TERMINATION OF EMPLOYMENT
Upon the date of the Participant’s Termination of Employment (as defined in the Plan) for any reason, except as otherwise expressly provided in this Section 6 or in any individual agreement between the Participant and the Company in effect at the time of Termination of Employment including the Company’s Change in Control Severance Policy for Key Executives (the “CIC Severance Plan”) and the Company’s Senior Leadership Severance Plan (together with the CIC Severance Plan, the ”Severance Plans”), all Unvested Units shall be forfeited by the Participant and cancelled and surrendered to the Company without payment of any consideration to the Participant.  Dividend Equivalents shall be subject to the same treatment upon the Participant’s Termination of Employment as the Vested Units or Unvested Units to which they relate. For the avoidance of doubt, regardless of any notice or severance period required by any applicable law, in no event does the Participant’s entitlement to or receipt of pay in lieu of notice or severance pay under any statute, contract or at common law serve to extend the effective date of Participant’s Termination of Employment for any purpose under this Award.
A.       Upon Termination of Employment as a result of the death of the Participant, unless otherwise provided in any written individual agreement between the Participant and the Company in effect at the time of  the Termination of Employment including the Severance Plans, the Award will vest in full and the Vested Units will be paid to the Participant’s estate, heir or beneficiary.
B.        Upon Termination of Employment as a result of the Total and Permanent Disablement of any Participant, unless otherwise provided in any written individual agreement between the Participant and the Company in effect at the time of  the Termination of Employment including the Severance Plans, the Award will vest in full.
C.        If Termination of Employment occurs as a result of the Retirement of a Participant, unless otherwise provided in any written individual agreement between the Participant and the Company in effect at the time of  the Termination of Employment including the Severance Plans, the Award will vest on a pro-rata basis, subject to the following. In order to remain eligible for pro-rata vesting, the Participant: (1) must be a solid performer and meet or exceed expectations with respect to individual performance, etc. (in each case, as determined by the Administrator or any officer of the Company to whom the Administrator’s authority has been delegated) as of the time of Retirement and (2) execute a general release of all claims and abide by a non-solicitation and/or non-competition agreement in a form provided by the Administrator at the time of termination.  The pro-rata basis will be a percentage where the denominator is the number of months in the Vesting Period and the numerator is the number
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of whole months elapsed from the beginning date of the Vesting Period through the date of termination. PEP units that become Vested Units following the Participant’s Retirement will be paid to the Participant as set forth in Section 4 above. Any unearned PEP units or Unvested Units shall be forfeited by the Participant and cancelled and surrendered to the Company without payment of any consideration to the Participant.  For purposes of the Award and these Standard Terms and Conditions, the term “Retirement” means retirement from active employment with the Company and its Subsidiaries (i) at or after age 60 and with the approval of the Administrator or (ii) at or after age 65.  The determination of the Administrator as to an individual’s Retirement (including eligibility for Retirement) shall be conclusive on all parties.
D.       Upon Termination of Employment for Cause, all Vested Units and Unvested Units shall be forfeited by the Participant and cancelled and surrendered to the Company without payment of any consideration to the Participant.
7.        CONDITIONS AND RESTRICTIONS ON SHARES
The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued in respect of Vested Units, including without limitation  (a) restrictions under an insider trading policy or pursuant to applicable law, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other Company equity compensation arrangements, (c) restrictions in connection with any underwritten public offering by the Company of the Company’s securities pursuant to an effective registration statement filed under the Securities Act of 1933, (d) restrictions as to the use of a specified brokerage firm for such resales or other transfers, and (e) provisions requiring Shares to be sold on the open market or to the Company in order to satisfy tax withholding or other obligations.
At no time will the Participant have the right to require the Company to purchase from the Participant any Shares acquired by the Participant under the Award.  Any Shares acquired by such Participant under the Award may not be repurchased by the Company for a period of six (6) months following the date on which the Participant acquired such Shares pursuant to the Award.
8.         INCOME TAXES
The Participant will be subject to federal and state income and other tax withholding requirements on a date (generally, the Settlement Date) determined by applicable law (any such date, the “Taxable Date”), based on the fair market value of the shares of Common Stock underlying the units that are vested and earned together with the value of any related Dividend Equivalents.  The Participant will be solely responsible for the payment of all U.S. federal income and other taxes, including any state, local or non-U.S. income or employment tax obligation that may be related to the Vested Units and Dividend Equivalents, including any such taxes that are required to be withheld and paid to the applicable tax authorities (the “Tax Withholding Obligation”).  The Participant will be responsible for the satisfaction of such Tax Withholding Obligation in a manner acceptable to the Company at its sole discretion.
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By accepting the Award the Participant agrees that, unless and to the extent the Participant has otherwise satisfied the Tax Withholding Obligations in a manner permitted or required by the Administrator pursuant to the Plan, the Company is authorized to withhold from the shares of Common Stock issuable to the Participant in respect of Vested Units the whole number of shares (rounded down) having a value (as determined by the Company consistent with any applicable tax requirements) on the Taxable Date or the first trading day before the Taxable Date sufficient to satisfy the applicable Tax Withholding Obligation.  If the withheld shares are not sufficient to satisfy the Participant’s Tax Withholding Obligation, the Participant agrees to pay to the Company as soon as practicable any amount of the Tax Withholding Obligation that is not satisfied by the withholding of shares of Common Stock described above.
At any time not less than five (5) business days before any Tax Withholding Obligation arises (e.g., a Settlement Date), the Participant may elect to satisfy all or any part of the Participant’s Tax Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient (in light of the uncertainty of the exact amount thereof) to satisfy the Tax Withholding Obligation by (i) wire transfer to such account as the Company may direct, (ii) delivery of a personal check payable to the Company, or (iii) such other means as specified from time to time by the Administrator; in each case unless the Company has specified prior to such date that the Participant is not permitted to satisfy the Tax Withholding Obligation by any such means. The Administrator may, in its discretion, permit or require that the Tax Withholding Obligation be satisfied by the Participant providing instruction and authorization to the Company and a brokerage firm designated by the Company to sell on the Participant’s behalf a whole number of shares of Common Stock from those shares issued to the Participant in respect of Vested Units as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the Tax Withholding Obligation.  If this “sell to cover” method of payment is permitted (and elected) or required, the applicable shares of Common Stock will be sold on the Taxable Date or as soon thereafter as practicable. The Participant will be responsible for all broker's fees and other costs of sale, and agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. The number of shares sold may be determined by considering any applicable withholding rates, including maximum applicable rates, and to the extent the proceeds of such sale exceed the Tax Withholding Obligation, the Company shall make such arrangement as it determines appropriate to credit such amount for the Participant’s benefit and the Participant acknowledges that the Participant has no entitlement to the equivalent in shares. The Participant agrees to pay to the Company as soon as practicable any amount of the Tax Withholding Obligation that is not satisfied by the sale.
The Company may refuse to issue any shares of Common Stock to the Participant or settle any Dividend Equivalents until the Participant satisfies the Tax Withholding Obligation.  The Participant acknowledges that the Company has the right to retain, without notice, from shares issuable under the Award or from salary, or other amounts payable to the Participant, shares or cash having a value sufficient to satisfy the Tax Withholding Obligation.
The Participant is ultimately liable and responsible for all taxes owed by the Participant in connection with the Award, regardless of any action the Company takes or any
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transaction pursuant to this Section 8 with respect to any tax withholding obligations that arise in connection with the Award.  The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of the Award, or the subsequent sale of any of the shares of Common Stock underlying Vested Units. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Participant’s tax liability.
9.         NON-TRANSFERABILITY OF AWARD
Unless otherwise provided by the Administrator, the Participant may not assign, transfer or pledge the Award, prior to the vesting and settlement of the Award, the shares of Common Stock subject thereto or any right or interest therein to anyone other than by will or the laws of descent and distribution.  The Company may cancel the Participant’s Award if the Participant attempts to assign or transfer it in a manner inconsistent with this Section 9.
10.       THE PLAN AND OTHER AGREEMENTS
In addition to these Terms and Conditions, the Award shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. Certain capitalized terms not otherwise defined herein are defined in the Plan.  In the event of a conflict between the terms and conditions of these Standard Terms and Conditions and the Plan, the Plan controls.
The Term Sheet, these Standard Terms and Conditions and the Plan constitute the entire understanding between the Participant and the Company regarding the Award.  Any prior agreements, commitments or negotiations concerning the Award are superseded.
11.       LIMITATION OF INTEREST IN SHARES SUBJECT TO AWARD
Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Term Sheet or these Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person in respect of Vested Units.
12.       NOT A CONTRACT FOR EMPLOYMENT
Nothing in the Plan, in the Term Sheet, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company’s employ or service nor limit in any way the Company’s right to terminate the Participant’s employment at any time for any reason.
13.       SECTION 409A
It is intended that this Award and any payments or benefits made or provided under the Plan or these Standard Terms and Conditions shall comply with Section 409A of the Code, or an exemption from or exception to Section 409A of the Code, and will be interpreted, applied and administered accordingly. Under no circumstances, however, shall the Company have any liability under the Plan or these Standard Terms and
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Conditions for any taxes, penalties or interest due on amounts paid or payable pursuant to the Plan or these Standard Terms and Conditions, including any taxes, penalties or interest imposed under Section 409A of the Code.  To the extent any payment or benefit in respect of this Award is considered deferred compensation subject to (and not exempt from) the restrictions contained in Section 409A of the Code and to the extent the Participant is considered a specified employee (as determined in accordance with a uniform policy adopted by the Company with respect to all arrangements subject to Section 409A of the Code) at the time of his or her separation from service (as determined under Section 409A), such payment may not be made as a result of the Participant’s separation from service before the date that is six months after the Participant’s separation form service (or, if earlier, the Participant’s death).  Any payment that would otherwise be made during this period of delay shall be accumulated and paid on the sixth month plus one day following the Participant’s separation from service (or, if earlier, as soon as administratively practicable after the Participant’s death).
14.       CLAWBACK POLICY
The Participant hereby acknowledges and agrees that the Participant and the award evidenced by this Agreement are subject to the Company’s Clawback Policy as amended from time to time.  To the extent the Participant is subject to the Policy, the terms and conditions of the Policy are hereby incorporated by reference into this Agreement.
15.       NOTICES
All notices, requests, demands and other communications pursuant to these Standard Terms and Conditions shall be in writing and shall be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party at the following addresses (or at such other address as shall be given in writing by either party to the other):
If to the Company, to:
AECOM
300 S Grand Ave, 9th Floor
Los Angeles, CA 90071-2201
Attention:  Compensation Department
If to the Participant, to the address for the Participant contained in the Company’s books and records.
16.       SEPARABILITY
In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.
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17.       HEADINGS
The headings preceding the text of the sections herein are inserted solely for convenience of reference and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect.
18.       FURTHER ASSURANCES
Each party shall cooperate and take such action as may be reasonably requested by another party in order to carry out the provisions and purposes of these Standard Terms and Conditions.
19.       BINDING EFFECT
These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.
20.       DISPUTES
All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Administrator in its total and absolute discretion.  In the event the Participant or other holder of an Award believes that a decision by the Administrator with respect to such person was arbitrary or capricious, the Participant or other holder may request arbitration with respect to such decision in accordance with the terms of the Plan.  The review by the arbitrator shall be limited to determining whether the Administrator’s decision was arbitrary or capricious.  This arbitration shall be the sole and exclusive review permitted of the Administrator’s decision, and the Participant and any other holder hereby explicitly waive any right to judicial review.
21.       ELECTRONIC DELIVERY
The Company may, at its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request the Participant’s consent to participate in the Plan by electronic means. By accepting the Award, the Participant consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, and such consent shall remain in effect throughout the Participant’s term of employment or service with the Company and thereafter until withdrawn in writing by the Participant.
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Attachment A
AECOM
PERFORMANCE OBJECTIVES AND EARNOUT SCHEDULE
FY21 PERFORMANCE EARNINGS PROGRAM
This schedule outlines the performance conditions attached to the vesting of the PEP award.
The PEP award is administered in accordance with provisions of the AECOM 2020 Stock Incentive Plan and associated documents, including this Performance Objectives and Earnout Schedule and the Standard Terms and Conditions as established by the Administrator.
The amount of PEP units that may be earned will be determined based on the following:
	Performance Objective
	Weighting

	1.    Relative Total Shareholder Return
	1/3rd

	2.    Return on Invested Capital
	1/3rd

	3.    Adjusted Earnings Per Share Growth
	1/3rd

​
Details of each Performance Objective as well as the Performance Earnout Schedule for each objective is as follows:
1.         Relative Total Shareholder Return (“TSR”)
Relative TSR is tied to the percentile level at which the Company’s TSR over the period from October 1, 2020 through and including September 30, 2023 (the “Performance Period”) stands in relation to the TSR for that same period of the companies comprising the Comparator Group (the “Percentile Rank”), rounded to the nearest 0.1%.
TSR is calculated for AECOM and each company in the Comparator Group as follows:
	TSR =   
	(Ending Stock Price – Beginning Stock Price) + Reinvested Dividends

		Beginning Stock Price

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For such purpose, the Administrator will consider the following:
Performance Period Start Date.  October 1, 2020.
Performance Period End Date.  September 30, 2023.
Beginning Stock Price.  Defined as the trailing 30 consecutive day average closing stock price of the applicable company, ending on the day immediately prior to the Performance Period Start Date.
Ending Stock Price.  Defined as the trailing 30 consecutive day average closing stock price of the applicable company ending on the Performance Period End Date.
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Reinvested Dividends.  Defined, with respect to any company, as (i) the aggregate number of shares of common stock (including fractional shares) that could have been purchased during the Performance Period had each cash dividend paid on a single share of the company’s common stock during that period been immediately reinvested in additional shares of the same common stock (or fractional shares) at the closing selling price per share of such common stock on the applicable ex-dividend date multiplied by (ii) Ending Stock Price.
Comparator Group.  The Comparator Group for purposes of the PEP award will consist of the following companies (subject to any adjustments provided for below):
	Booz Allen Hamilton Holding Corporation
	Parsons Corporation

	EMCOR Group, Inc.
	Quanta Services, Inc.

	Fluor Corporation
	SNC-Lavalin Group Inc.

	Jacobs Engineering Group Inc.
	Stantec Inc.

	KBR, Inc.
	Tetra Tech, Inc.

	Leidos Holdings, Inc.
	Tutor Perini Corporation

	MasTec, Inc.
	WSP Global Inc.

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In the event that a member of the Comparator Group experiences any of the following events during the Performance period, the following treatment shall apply:
Acquisition:  If a member of the Comparator Group is acquired during the performance period, the member is removed from the Comparator Group;
Bankruptcy:  If a member of the Comparator Group becomes insolvent or bankrupt, as determined by the Administrator, during the performance period, the member will remain in the Comparator Group. For the avoidance of doubt, such member could potentially have -100% TSR;
Delisting:  If a member becomes delisted from an exchange on which it is listed, the member will remain in the Comparator Group so long as the company is still trading on a market where an independent share price can be determined (i.e., an over-the-counter market).  Once a share price can no longer be determined, treatment of the member’s results will follow based on the reason for delisting (e.g., acquisition, merger, privatization, bankruptcy, etc.);
Merger:  If two members merge with each other, the newly formed company will remain in the Comparator Group while the deactivated member will be removed;
Privatization:  If a member becomes a private company during the performance period, the member is removed from the Comparator Group; and
Spin-off:  If a member spins-off one or more subsidiaries or other affiliated entities during the performance period, the member will remain in the Comparator Group.  The spun off entity will not be added to the Comparator Group.  The spin-off will be treated in the same manner as a regular cash dividend paid by that member in an amount equal to the fair market value of the common stock (or fractional share thereof) of the spun-off entity provided.
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Capitalization Adjustments:  Calculations and definitions shall be equitably adjusted for stock splits, stock dividends, recapitalizations and other similar events affecting the shares in question without the issuer’s receipt of consideration, in each case, as determined by the Administrator.
Performance Earnout Schedule:  The following schedule shall apply to determine what percentage of the target PEP units is earned after the three-year performance cycle in order to determine the final earned percentage (with straight-line interpolation for performance between the levels listed in the schedule and the maximum payout in all circumstances being 200%):
	​

	​

	​

	​

	Percent Earned
	0%
	100%
	200%

	Percentile Rank
	25th
	55th
	75th

​
2.         Return on Invested Capital (“ROIC”)
ROIC performance objective is a 3-Year Average ROIC of AECOM less all at-risk self-perform businesses to be sold equal to (a) the average of fiscal years 2021, 2022, and 2023 Adjusted Net Operating Profit After Taxes (“Adj. NOPAT”) divided by (b) the Average Quarterly Invested Capital over fiscal years 2021, 2022, and 2023 of (c)
i.         Adj. NOPAT is the sum of Adjusted Attributable Net Income and Adjusted Interest Expense net of Interest Income (tax effected at a normalized 28.5% rate). Adjusted Attributable Net Income is the Net Income Available to Common Stockholders excluding foreign exchange gains/losses on forward contracts related to financing, acquisition and integration related expenses, transaction related expenses, transformational restructuring related expenses, financing charges in interest expense, the amortization of intangible assets, and financial impacts associated with expected and actual dispositions of non-core businesses and assets. Adjusted Interest Expense excludes financing charges in interest expense.
ii.        Invested Capital is the sum of the Attributable Shareholders Equity plus Total Debt less Cash and Cash Equivalents. Quarterly Invested Capital is the beginning and ending Invested Capital balance of each respective quarter. Average Quarterly Invested Capital excludes changes to Accumulated Other Comprehensive Loss (i.e., it is held flat at Q4 FY20 ending actuals).
​

Performance Earnout Schedule:  The following schedule shall apply to determine what percentage of the target PEP units is earned after the three-year performance cycle in order to determine the final earned percentage (with straight-line interpolation for performance between the levels listed in the schedule and the maximum payout in all circumstances being 200%):
	​

	​

	​

	​

	Percent Earned
	0%
	100%
	200%

	3-Year Average ROIC
	X
	X
	X

​
3.         Adjusted Earnings Per Share (“EPS”) Growth
The Adjusted EPS Growth performance objective is measured over fiscal years 2021, 2022, and 2023 reflecting the performance of the Company, enterprise-wide, less all at-risk self-perform businesses to be sold.
Adjusted EPS is calculated as (a) Adjusted Attributable Net Income (as defined in Section 2.ii.) divided by (b) the Weighted Average Number of Common Shares Outstanding, on a diluted basis, for a fiscal year.  The Weighted Average Number of Common Shares Outstanding excludes the impact of any shares repurchased during the applicable fiscal year.
The percentage earned from Adjusted EPS Growth is calculated as follows:
i.    An amount equal to one-third of the PEP units subject to the Adjusted EPS Growth performance objective multiplied by the Percent Earned detailed below based upon the growth in Adjusted EPS from fiscal year 2020 to fiscal year 2021; plus
ii.   An amount, not less than zero, equal to (A) two-thirds of the PEP units subject to the Adjusted EPS Growth performance objective multiplied by the Percent Earned detailed below based upon the average growth in Adjusted EPS in fiscal years 2022 and 2021 compared to the respective prior fiscal year minus (B) the amount determined pursuant to subsection i. above; plus
iii.  An amount, not less than zero, equal to (A) the total number of PEP units subject to the Adjusted EPS Growth performance objective multiplied by the Percent Earned detailed below based upon the average growth in Adjusted EPS in fiscal years 2023, 2022 and 2021 compared to the respective prior fiscal year minus (B) the amount determined pursuant to subsection i. and ii. above.
​
​

Performance Earnout Schedule:  The following schedule shall apply to determine what percentage of the target PEP units is earned through each performance period (with straight-line interpolation for performance between the levels listed in the schedule and the maximum payout in all circumstances being 200%):
From Fiscal Year 2020 to Fiscal Year 2021
	​

	​

	​

	​

	Percent Earned
	0%
	100%
	200%

	Adjusted EPS Growth
	X
	X
	X

​
From Fiscal Year 2020 to Fiscal Year 2022
	​

	​

	​

	​

	Percent Earned
	0%
	100%
	200%

	Average Adjusted EPS Growth
	X
	X
	X

​
From Fiscal Year 2020 to Fiscal Year 2023
	​

	​

	​

	​

	Percent Earned
	0%
	100%
	200%

	Average Adjusted EPS Growth
	X
	X
	X

​

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