-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-10-054491.txt : 20101109
<SEC-HEADER>0001181431-10-054491.hdr.sgml : 20101109
<ACCEPTANCE-DATETIME>20101109191205
ACCESSION NUMBER:		0001181431-10-054491
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101105
FILED AS OF DATE:		20101109
DATE AS OF CHANGE:		20101109

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INERGY HOLDINGS, L.P.
		CENTRAL INDEX KEY:			0001228068
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-NONSTORE RETAILERS [5960]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		TWO BRUSH CREEK BLVD.
		STREET 2:		SUITE 200
		CITY:			KANSAS CITY
		STATE:			MO
		ZIP:			64112
		BUSINESS PHONE:		816-842-8181

	MAIL ADDRESS:	
		STREET 1:		TWO BRUSH CREEK BLVD.
		STREET 2:		SUITE 200
		CITY:			KANSAS CITY
		STATE:			MO
		ZIP:			64112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INERGY HOLDINGS LLC
		DATE OF NAME CHANGE:	20030418

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OBRIEN RICHARD T
		CENTRAL INDEX KEY:			0001179997

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34663
		FILM NUMBER:		101177789

	MAIL ADDRESS:	
		STREET 1:		6363 SOUTH FIDDLERS GREEN CIRCLE
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd290485.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-11-05</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001228068</issuerCik>
        <issuerName>INERGY HOLDINGS, L.P.</issuerName>
        <issuerTradingSymbol>NRGP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001179997</rptOwnerCik>
            <rptOwnerName>OBRIEN RICHARD T</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>TWO BRUSH CREEK BOULEVARD, SUITE 200</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>KANSAS CITY</rptOwnerCity>
            <rptOwnerState>MO</rptOwnerState>
            <rptOwnerZipCode>64112</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6360</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>11.50</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>60000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2009-05-11</value>
            </exerciseDate>
            <expirationDate>
                <value>2016-05-10</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Units</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>60000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents Holdings restricted units granted under the Inergy Holdings, L.P. Long Term Incentive Plan, as amended.  Disposed of pursuant to the First Amended and Restated Agreement and Plan of Merger, dated as of September 3, 2010 (the &quot;Merger Agreement&quot;), by and among Inergy, L.P. (&quot;Inergy&quot;), Inergy GP, LLC, Inergy Holdings, L.P. (&quot;Holdings&quot;), Inergy Holdings GP, LLC, NRGP Limited Partner, LLC and NRGP MS, LLC.  These Holdings restricted units were converted pursuant to the Merger Agreement into 4,897 Inergy restricted units, with the same terms and conditions as the original Holdings restricted units.  On the effective date of the merger, the closing sales price of Holdings common units on the NYSE was $30.71, and the closing sales price of Inergy common units on the NYSE was $39.95 per unit.</footnote>
        <footnote id="F2">Options were converted pursuant to the Merger Agreement into options to purchase 46,200 Inergy common units at $14.94 per unit, with the same terms and conditions as the original Holdings options.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Michael K. Post (attorney-in-fact) for Richard T. O'Brien</signatureName>
        <signatureDate>2010-11-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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