SEC Contract Filing

Filing Date: 2020-01-03

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>SECOND AMENDED AND RESTATED OMNIBUS AGREEMENT
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><A HREF="celp-8k_010120.htm">Cypress Energy Partners, L.P. 8-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent">SECOND
AMENDED AND RESTATED OMNIBUS AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent">among</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent">CYPRESS
ENERGY HOLDINGS, LLC,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent">CYPRESS
ENERGY MANAGEMENT, LLC,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent">CYPRESS
ENERGY PARTNERS, LLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent">CYPRESS
ENERGY PARTNERS, L.P.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent"><B>CYPRESS
ENERGY PARTNERS GP, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent"><B>TULSA
INSPECTION RESOURCES, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent"><B>TULSA
INSPECTION RESOURCES &ndash; CANADA ULC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent"><B>January
1, 2020</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent"><U>SECOND
AMENDED AND RESTATED OMNIBUS AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in; background-color: transparent">This
<B>SECOND AMENDED AND RESTATED OMNIBUS AGREEMENT</B> is entered into on, and effective as of, the Effective Date (as defined herein)
among Cypress Energy Holdings, LLC, a Delaware limited liability company (&ldquo;<U>Cypress Holdings</U>&rdquo;), Cypress Energy
Management, LLC, a Delaware limited liability company (&ldquo;<U>Cypress Management</U>&rdquo;), Cypress Energy Partners, LLC,
a Delaware limited liability company (&ldquo;<U>OLLC</U>&rdquo;), Cypress Energy Partners, L.P., a Delaware limited partnership
(the &ldquo;<U>Partnership</U>&rdquo;), Cypress Energy Partners GP, LLC, a Delaware limited liability company (the &ldquo;<U>General
Partner</U>&rdquo;), Tulsa Inspection Resources, LLC, a Delaware limited liability company (&ldquo;<U>TIR</U>&rdquo;), Tulsa Inspection
Resources &ndash; Canada ULC, an Alberta, Canada unlimited liability corporation (&ldquo;<U>TIR Canada</U>&rdquo;), and Cypress
Energy Investments, LLC, a Delaware limited liability company (&ldquo;Cypress Investments&rdquo;). The above-named entities are
sometimes referred to in this Agreement (as defined herein) each as a &ldquo;<U>Party</U>&rdquo; and collectively as the &ldquo;<U>Parties</U>.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: transparent"><U>RECITAL</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in; background-color: transparent">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in; background-color: transparent">Cypress
Holdings, Cypress Management, OLLC, the Partnership, the General Partner, TIR, TIR Canada, Foley Inspection Services ULC, an Alberta,
Canada unlimited liability corporation (&ldquo;<U>Foley</U>&rdquo;), Tulsa Inspection Resources Holdings, LLC, a Delaware limited
liability company (&ldquo;<U>TIR Holdings</U>&rdquo;), Cypress Energy Partners &ndash; TIR, LLC, a Delaware limited liability company
(&ldquo;<U>CEP TIR</U>&rdquo;), and Tulsa Inspection Resources Holdings, LLC, a Delaware limited liability company (&ldquo;<U>TIR
NDE</U>&rdquo; and, together with Cypress Holdings, Cypress Management, OLLC, the Partnership, the General Partner, T