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Exhibit 10.4
 
Execution Copy

AMENDMENT NO. 1
TO THE INDEMNIFICATION AGREEMENT

This Amendment No. 1, dated December 28, 2010 (this “Amendment”) to the
Indemnification Agreement (the “Agreement”), effective as of the date hereof,
among Genesis Energy, L.P., a Delaware limited partnership (the “Partnership”),
Genesis Energy, LLC, a Delaware limited liability company (the “Company”), and
the undersigned director or officer of the Company (the “Indemnitee”), is hereby
entered into among the Partnership, the Company and the Indemnitee.

WHEREAS, as of even date herewith, the Board of Directors of the General Partner
approved this Amendment on behalf of both the General Partner and the
Partnership;

NOW, THEREFORE, it is hereby agreed as follows:

1.           Amendment.  Section 16 of the Agreement is hereby amended and
restated in its entirety to read as follows:

Maintenance of Liability Insurance.  The Partnership and the Company hereby
covenant and agree that (i) so long as Indemnitee shall continue to serve as a
director or officer of the Company, the Company or the Partnership shall
maintain, and for six years thereafter so long as Indemnitee shall be subject to
any possible Proceeding by reason of the fact that Indemnitee was a director or
officer of the Company shall cause Indemnitee to be covered by, the policies of
directors’ and officers’ liability insurance maintained by the Partnership or
the Company and its respective subsidiaries, as applicable, in effect as of the
date hereof, except that the Company and the Partnership may substitute policies
of at least the same coverage and amounts provided by established and reputable
insurers containing terms and conditions which are not less advantageous to the
directors and officers of the Company than the existing policy; provided, that
the Partnership and the Company are not required to pay annual premiums in
excess of 300% of the last annual premium paid by the Partnership or the
Company, as applicable, prior to the date hereof and (ii) the organizational
documents of the Company shall at all times provide for indemnification and
exculpation of officers and directors no less favorable with respect thereto
than are set forth in the organizational documents of the Company as of the date
hereof.  Notwithstanding the foregoing, the Company and the Partnership will
have no obligation to obtain or maintain the insurance contemplated by this
Section 16 if the Board of Directors determines in good faith that such
insurance is not reasonably available. The Company will promptly notify
Indemnitee of any such determination not to provide insurance coverage.

2.           Agreement in Effect.  Except as hereby amended, the Agreement shall
remain in full force and effect.

3.           Applicable Law.  This Amendment shall be construed in accordance
with and governed by the laws of the State of Delaware, without regard to
principles of conflicts of laws.

 
 

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4.           Invalidity of Provisions. If any provision of this Amendment is or
becomes invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not be
affected thereby.

[Signature Pages Follow]
 
 
2

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment on and as of
the date first written above.

 
GENESIS ENERGY, L.P.
           
By:
Genesis Energy, LLC
      its general partner            
By:
     
Name:
Grant E. Sims
   
Title:
Chief Executive Officer
           
GENESIS ENERGY, LLC
           
By:
     
Name:
Robert C. Sturdivant
   
Title:
Chairman of the Board
 

 
[Signature Page – Amendment No. 1 to Indemnification Agreement (1 of 2)]
 
 
 

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INDEMNITEE
             
 
 

 
[Signature Page – Amendment No. 1 to Indemnification Agreement (2 of 2)]
 
 

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