Exhibit 3.1
AMENDMENT NO. 1
TO THE
THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF
K-SEA TRANSPORTATION PARTNERS L.P.
This Amendment No. 1 (this
“Amendment”) to the Third Amended And Restated
Agreement of Limited Partnership (the “Partnership
Agreement”) of K-Sea Transportation Partners L.P., a Delaware
limited partnership (the “Partnership”), is hereby
adopted effective as of December 14, 2007, by K-Sea General
Partner L.P., a Delaware limited partnership, as the General
Partner of the Partnership. Capitalized terms used but not
defined herein have the meanings ascribed thereto in the
Partnership Agreement.
WHEREAS, Section 13.1(d)(ii)(B) of
the Partnership Agreement provides that the General Partner may
amend any provision of the Partnership Agreement without the
approval of any Partner or Assignee to facilitate the trading of
the Units or comply with any rule, regulation, guideline or
requirement of any National Securities Exchange on which the Units
are or will be listed for trading, compliance with any of which the
General Partner determines in its discretion to be in the best
interests of the Partnership and the Limited Partners;
WHEREAS, the New York Stock Exchange
(“NYSE”) has adopted rules and regulations that,
among other things, require all securities listed on the NYSE to be
eligible for listing and transfer through the Direct Registration
System (“DRS”);
WHEREAS, the General Partner has determined, in
its discretion, that it is in the best interests of the Partnership
and the Limited Partners to amend the Partnership Agreement in
order to comply with the NYSE’s DRS rules and
regulations;
NOW, THEREFORE, the General Partner does hereby
amend the Partnership Agreement as follows:
Section 1.
Amendments .
(a)
Section 4.1 of the Partnership Agreement is hereby amended in
its entirety to read as follows:
Upon the Partnership’s issuance of Common
Units or Subordinated Units to any Person, the Partnership shall
issue, upon the request of such Person, one or more Certificates in
the name of such Person evidencing the number of such Units being
so issued. In addition, (a) upon the General Partner’s
request, the Partnership shall issue to it one or more Certificates
in the name of the General Partner evidencing its General Partner
Units and (b) upon the request of any Person owning Incentive
Distribution Rights or any other Partnership Securities other than
General Partner Units, Common Units or Subordinated Units, the
Partnership shall issue to such Person one or more certificates
evidencing such
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Incentive Distribution Rights or other
Partnership Securities other than General Partner Units, Common
Units or Subordinated Units. Certificates shall be executed on
behalf of the Partnership by the Chairman of the Board, President
or any Executive Vice President or Vice President and the Chief
Financial Officer or the Secretary or any Assistant Secretary of
the General Partner. No Common Unit Certificate shall be valid for
any purpose until it has been countersigned by the Transfer Agent;
provided , however , the Units may be certificated or
uncertificated as provided in the Delaware Act; provided,
further , that if the General Partner elects to issue Common
Units in global form, the Common Unit Certificates shall be valid
upon receipt of a certificate from the Transfer Agent certifying
that the Common Units have been duly registered in accordance with
the directions of the Partnership and the Underwriters. Subject to
the requirements of Section 6.7(b), the Partners holding
Certificates evidencing Subordinated Units may exchange such
Certificates for Certificates evidencing Common Units on or after
the date on which such Subordinated Units are converted into Common
Units pursuant to the terms of Section 5.8.
(b)
Section 4.2 of the Partnership Agreement is hereby amended in
its entirety to read as follows:
(a)
If any mutilated Certificate is surrendered to the Transfer Agent,
the appropriate officers of the General Partner on behalf of the
Partnership shall execute, and the Transfer Agent shall countersign
and deliver in exchange therefor, a new Certificate, or shall
deliver other evidence of uncertificated Units, evidencing the same
number and type of Partnership Securities as the Certificate so
surrendered.
(b)
The appropriate officers of the General Partner on behalf of the
Partnership shall execute and deliver, and the Transfer Agent shall
countersign, a new Certificate in place of any Certificate
previously issued, or issue uncertificated Units, if the Record
Holder of the Certificate:
(i)
makes proof by affidavit, in form and substance satisfactory to the
General Partner, that a previously issued Certificate has been
lost, destroyed or stolen;
(ii)
requests the issuance of a new Certificate or uncertificated Units,
before the General Partner has notice that the Certificate has been
acquired by a purchaser for value in good faith and without notice
of an adverse claim;
(iii)
if requested by the General Partner, delivers to the General
Partner a bond, in form and substance satisfactory to the General
Partner, with surety or sureties and with fixed or open penalty as
the General Partner may reasonably direct, in its sole discretion,
to indemnify the Partnership, the Partners, the General Partner
and
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the Transfer Agent
against any claim that may be made on account of the alleged loss,
destruction or theft of the Certificate; and
(iv)
satisfies any other reasonable requirements imposed by the General
Partner.
If a Limited
Partner or Assignee fails to notify the General Partner within a
reasonable time after he has notice of the loss, destruction or
theft of a Certificate, and a transfer of the Limited Partner
Interests represented by the Certificate is registered before the
Partnership, the General Partner or the Transfer Agent receives
such notification, the Limited Partner or Assignee shall be
precluded from making any claim against the Partnership, the
General Partner or the Transfer Agent for such transfer or for a
new Certificate or uncertificated Units.
(c)
As a condition to the issuance of any new Certificate or
uncertificated Unit under this Section 4.2, the General
Partner may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of
the Transfer Agent) reasonably connected therewith.
(c)
Section 4.5(a) of the Partnership Agreement is hereby
amended in its entirety to read as follows:
The General
Partner shall keep or cause to be kept on behalf of the Partnership
a register in which, subject to such reasonable regulations as it
may prescribe and subject to the provisions of Section 4.5(b),
the Partnership will provide for the registration and transfer of
Limited Partner Interests. The Transfer Agent is hereby appointed
registrar and transfer agent for the purpose of registering Common
Units and transfers of such Common Units as herein provided. The
Partnership shall not recognize transfers of Certificates
evidencing Limited Partner Interests or transfers of uncertificated
Limited Partner Interests unless such transfers are effected in the
manner described in this Section 4.5. Upon surrender of a
Certificate for registration of transfer of any Limited Partner
Interests evidenced by a Certificate, and subject to the provisions
of Section 4.5(b), the appropriate officers of the General
Partner on behalf of the Partnership shall execute and deliver, and
in the case of Common Units, the Transfer Agent shall countersign
and deliver, in the name of the holder or the designated transferee
or transferees, as required pursuant to the holder’s
instructions, one or more new Certificates evidencing the same
aggregate number and type of Limited Partner Interests as was
evidenced by the Certificate so surrendered or upon request of the
Person entitled thereto new equivalent uncertificated Limited
Partner Interests shall be issued to such Person and the
transaction shall be recorded upon the books of the
Partnership.
(d)
Section 4.5(b) of the Partnership Agreement is hereby
amended in its entirety to read as follows:
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Except as
otherwise provided in Section 4.9 and subject to
Section 4.10:
(i)
with respect to certificated Limited Partner Interests, the General
Partner shall not recognize any transfer of Limited Partner
Interests until the Certificates evidencing such Limited Partner
Interests are surrendered for registration of transfer and such
Certificates are accompanied by a Transfer Application and
citizenship certification duly executed by the transferee (or the
transferee’s attorney-in-fact duly authorized in writing). No
charge shall be imposed by the General Partner for such transfer;
provided, t
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