EX-10.3



 Exhibit 10.3 

Execution Version 

MASTER TOLLING AGREEMENT 

(Operating Assets) 

Effective as of November 1, 2015 







 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 DEFINITIONS AND INTERPRETATIONS
	  	 	1	  
			
	 1.1
	 	 DEFINITIONS
	  	 	1	  
			
	 1.2
	 	 INTERPRETATION
	  	 	1	  
		
	 ARTICLE 2 AGREEMENT TO PURCHASE SERVICES
	  	 	1	  
			
	 2.1
	 	 MINIMUM THROUGHPUT COMMITMENT
	  	 	1	  
			
	 2.2
	 	 MEASUREMENT AND OWNERSHIP OF DELIVERED
VOLUMES
	  	 	3	  
			
	 2.3
	 	 OBLIGATIONS OF HEP OPERATING
	  	 	3	  
			
	 2.4
	 	 NOTIFICATION OF UTILIZATION
	  	 	3	  
			
	 2.5
	 	 SCHEDULING AND ACCEPTING MOVEMENT
	  	 	3	  
			
	 2.6
	 	 TAXES
	  	 	3	  
			
	 2.7
	 	 TIMING OF PAYMENTS
	  	 	3	  
			
	 2.8
	 	 INCREASES IN TOLLING FEES
	  	 	4	  
			
	 2.9
	 	 NO GUARANTEED MINIMUM
	  	 	4	  
		
	 ARTICLE 3 FORCE MAJEURE
	  	 	4	  
		
	 ARTICLE 4 EFFECTIVENESS AND APPLICABLE TERM
	  	 	4	  
		
	 ARTICLE 5 NOTICES
	  	 	5	  
		
	 ARTICLE 6 DEFICIENCY PAYMENTS
	  	 	5	  
			
	 6.1
	 	 DEFICIENCY NOTICE; DEFICIENCY PAYMENTS
	  	 	5	  
			
	 6.2
	 	 DISPUTED DEFICIENCY NOTICES
	  	 	5	  
			
	 6.3
	 	 PAYMENT OF AMOUNTS NO LONGER
DISPUTED
	  	 	5	  
			
	 6.4
	 	 CONTRACT QUARTERS INDEPENDENT
	  	 	6	  
		
	 ARTICLE 7 RIGHT OF FIRST REFUSAL
	  	 	6	  
		
	 ARTICLE 8 INDEMNITY; LIMITATION OF DAMAGES
	  	 	6	  
			
	 8.1
	 	 INDEMNITY; LIMITATION OF LIABILITY
	  	 	6	  
			
	 8.2
	 	 SURVIVAL
	  	 	6	  


  
 i 









							
	 ARTICLE 9 MISCELLANEOUS
	  	 	6	  
			
	 9.1
	 	 AMENDMENTS AND WAIVERS
	  	 	6	  
			
	 9.2
	 	 SUCCESSORS AND ASSIGNS
	  	 	7	  
			
	 9.3
	 	 SEVERABILITY
	  	 	7	  
			
	 9.4
	 	 CHOICE OF LAW
	  	 	7	  
			
	 9.5
	 	 RIGHTS OF LIMITED PARTNERS
	  	 	7	  
			
	 9.6
	 	 FURTHER ASSURANCES
	  	 	7	  
			
	 9.7
	 	 HEADINGS
	  	 	7	  
		
	 ARTICLE 10 GUARANTEE BY HOLLYFRONTIER
	  	 	8	  
			
	 10.1
	 	 PAYMENT GUARANTY
	  	 	8	  
			
	 10.2
	 	 GUARANTY ABSOLUTE
	  	 	8	  
			
	 10.3
	 	 WAIVER
	  	 	8	  
			
	 10.4
	 	 SUBROGATION WAIVER
	  	 	9	  
			
	 10.5
	 	 REINSTATEMENT
	  	 	9	  
			
	 10.6
	 	 CONTINUING GUARANTY
	  	 	9	  
			
	 10.7
	 	 NO DUTY TO PURSUE OTHERS
	  	 	9	  
		
	 ARTICLE 11 GUARANTEE BY THE PARTNERSHIP
	  	 	9	  
			
	 11.1
	 	 PAYMENT AND PERFORMANCE GUARANTY
	  	 	9	  
			
	 11.2
	 	 GUARANTY ABSOLUTE
	  	 	10	  
			
	 11.3
	 	 WAIVER
	  	 	10	  
			
	 11.4
	 	 SUBROGATION WAIVER
	  	 	10	  
			
	 11.5
	 	 REINSTATEMENT
	  	 	11	  
			
	 11.6
	 	 CONTINUING GUARANTY
	  	 	11	  
			
	 11.7
	 	 NO DUTY TO PURSUE OTHERS
	  	 	11	  


  
 ii 









					
	EXHIBITS
			
	Exhibit A	 	–	  	Parties
	Exhibit B	 	–	  	Drop Down Transactions
	Exhibit C	 	–	  	Applicable Assets; Minimum Throughput Commitment; Tolling Fees and Adjustments; Applicable Term
	Exhibit D	 	–	  	Definitions
	Exhibit E	 	-	  	Interpretations
	Exhibit F	 	-	  	Measurement of Delivered Volumes
	Exhibit G	 	-	  	Increase in Tolling Fees as a Result of Changes in Applicable Law


  
 iii 








 MASTER TOLLING AGREEMENT 

(Operating Assets) 
 This
Master Tolling Agreement (this “Agreement”) is dated as of November 2, 2015, to be effective as of the Effective Time (as defined below) by and between the Persons set forth on Exhibit A (each hereinafter sometimes
referred to as a “Party” and sometimes collectively referred to as the “Parties”). 
 RECITALS: 

A. Pursuant to certain transactions identified on Exhibit B (the “Drop-Down Transactions”) HEP Operating acquired from
each Applicable Refinery Owner the assets identified on Exhibit C (the “Applicable Assets”) which are located at each Refinery Complex. 

B. In connection with each transaction between HEP Operating and the Applicable Refinery Owner, HEP Operating leased from the Applicable
Refinery Owner land at the Applicable Refinery Owner’s Refinery Complex on which all or a part of the Applicable Assets are located. 

C. The Parties desire to enter into a master agreement pursuant to which HEP Operating will provide certain services to the Applicable
Refinery Owner with respect to the Applicable Assets from and after the Effective Time. 
 NOW, THEREFORE, in consideration of the covenants
and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS
AND INTERPRETATIONS 
 1.1 Definitions. Capitalized terms used throughout this Agreement and not otherwise defined herein shall
have the meanings set forth on Exhibit D. 
 1.2 Interpretation. Matters relating to the interpretation of this Agreement are
set forth on Exhibit E. 
 ARTICLE 2 

AGREEMENT TO PURCHASE SERVICES 

2.1 Intent. The Parties intend to be strictly bound by the terms set forth in this Agreement, which sets forth the Tolling Fees to be
paid by the Applicable Refinery Owner to HEP Operating for providing certain processing services to the Applicable Refinery Owner. 
 2.2
Minimum Throughput Commitment. During the Applicable Term and subject to the terms and conditions of this Agreement, each Applicable Refinery Owner agrees as follows: 

(a) Throughput Commitment. Subject to Article 2, the Applicable Refinery Owner commits to deliver to HEP Operating at the
location of each Applicable Asset the Minimum Throughput Commitment of Feedstock for each Contract Quarter, and pay the Tolling Fees in exchange for HEP Operating providing the services necessary to process the Feedstock into the Products. 

  
 1 








 (b) Tolling Fees. The Applicable Refinery Owner shall pay the Tolling Fees for all
quantities of Feedstock processed through the Applicable Asset in each Contract Quarter during the Applicable Term. 
 (c) Adjustment of
Tolling Fees. The Tolling Fees shall be adjusted in the manner set forth on Exhibit C. To evidence the Parties’ agreement to each adjusted Tolling Fee, the Parties shall execute an amended, modified, revised or updated Exhibit
C and attach it to this Agreement. Such amended, modified, revised or updated Exhibit C shall be sequentially numbered (e.g. Exhibit C-1, Exhibit C-2, etc.), dated and appended as an additional exhibit to this
Agreement and shall replace the prior version of Exhibit C in its entirety, after its date of effectiveness. 
 (d) Reduction for
Non-Force Majeure Events. 
 (1) If, as a result of HEP Operating’s operational difficulties or inability to
provide sufficient capacity for the Minimum Throughput Commitment, HEP Operating fails to process and deliver to the Applicable Refinery Owner at least 95% of the volumes of Products expected to be derived from the volume of Feedstock processed with
such Applicable Asset for a particular Contract Quarter based on the applicable Conversion Ratio, then the Tolling Fee applicable to that Contract Quarter will be reduced by a percentage equal to (A) 100% minus (B) the percentage
represented by the ratio of (i) the volume of Products actually produced for the Contract Quarter to (ii) the volume of Products that would be produced from the volume of Feedstock delivered for the Contract Quarter based on the Conversion
Ratio plus (C) 5%. If, as a result of a reduction to the Tolling Fee for a Contract Quarter under this Section 2.2(d)(1) the Applicable Refinery Owner shall have overpaid its Tolling Fees for the Contract Quarter, the Applicable
Refinery Owner shall receive a credit against its Tolling Fees due for the following Contract Quarter in the amount of such overpayment. 

(2) If the Aggregate Capacity of any Applicable Asset for any Contract Quarter is less than the Minimum Throughput Commitment
for such Applicable Asset for such Contract Quarter, including any time period during which HEP Operating is performing a turnaround on the Applicable Asset, then the Minimum Throughput Commitment for such Applicable Asset for such Contract Quarter
will be reduced by a percentage equal to (A) 100% minus (B) the percentage represented by the ratio of (i) the Aggregate Capacity for such Applicable Asset for such Contract Quarter to (ii) the Minimum Throughput Commitment for
such Applicable Asset for such the Contract Quarter. 
 This Section 2.2(d) shall not apply in the event HEP Operating gives a
Force Majeure Notice in accordance with the terms of Article IX of the Omnibus Agreement, in which case the Minimum Throughput Commitment shall be suspended to the extent contemplated in Article IX of the Omnibus Agreement and
Article 3 of this Agreement. 
 (e) Pro-Rationing for Partial Periods. Notwithstanding the other provisions of this
Section 2.1, in the event that the Effective Time is any date other than the first day of a Contract Quarter, then the Minimum Throughput Commitment for the initial partial Contract Quarter shall be prorated based upon the number of
actual days between the date on which the Effective Time occurs and the end of such partial Contract Quarter. Similarly, notwithstanding the other provisions of this Section 2.1, if the end of the Applicable Term is on a day other than
the last day of a Contract Quarter, then the Minimum Throughput Commitment shall be prorated based upon the number of actual days between the beginning of such partial Contract Quarter and the last day of the Applicable Term. 

  
 2 








 2.3 Measurement and Ownership of Delivered Volumes. Matters with respect to the
measurement of delivered volumes of Feedstock and Products are set forth on Exhibit F. Applicable Refinery Owner shall at all times retain title to the Feedstock and the Products. 

2.4 Obligations of HEP Operating. During the Applicable Term and subject to the terms and conditions of this Agreement, HEP Operating
agrees to: 
 (a) own or lease, operate and maintain (directly or through a Subsidiary) the Applicable Assets and all related
assets necessary to process the applicable Feedstock and produce and deliver the applicable Products to the Applicable Refinery Owner at the throughput levels required by this Agreement; 

(b) provide the services required under this Agreement and perform all operations relating to the Applicable Assets; and 

(c) maintain adequate property and liability insurance covering the Applicable Assets and any related assets owned by HEP
Operating or its Affiliates and necessary for the operation of the Applicable Assets. 
 Notwithstanding the first sentence of this Section 2.4,
subject to right of first refusal under Article V the Omnibus Agreement, HEP Operating or its Affiliate is free to sell any of its assets, including any Applicable Assets, and the Applicable Refinery Owner is free to merge with another
entity and to sell all of its assets or equity to another entity at any time. 
 2.5 Notification of Utilization of Services. During
the Applicable Term, the Applicable Refinery Owner will provide to HEP Operating written notification of the Applicable Refinery Owner’s reasonable good faith estimate of its anticipated future volumes of Feedstock to be delivered and the
Applicable Refinery Owners’ requirements for Products as soon as reasonably practicable. 
 2.6 Scheduling and Accepting
Movement. HEP Operating will use its reasonable commercial efforts to process, and schedule movement and accept movements of, Feedstocks in a manner that is consistent with the historical dealings between the Parties and their Affiliates, as
such dealings may change from time to time. 
 2.7 Taxes. The Applicable Refinery Owner will pay all taxes, import duties, license
fees and other charges by any Governmental Authority levied on or with respect to the Feedstocks processed and Products delivered to the Applicable Refinery Owner by HEP Operating. HEP Operating will pay all property and ad valorem taxes levied on,
or with respect to, the Applicable Assets. Should either Party be required to pay or collect any taxes, duties, charges and or assessments pursuant to any Applicable Law or authority now in effect or hereafter to become effective which are payable
by the any other Party pursuant to this Section 2.6, the Party subject to such tax shall promptly reimburse the Party collecting or paying the tax on its behalf for the amount of such tax. 

2.8 Timing of Payments. The Applicable Refinery Owner will make payments to HEP Operating by electronic payment with immediately
available funds on a monthly basis during the Applicable Term with respect to services rendered or reimbursable costs or expenses incurred by HEP Operating under this Agreement in the prior month. Payments not received by HEP Operating on or prior
to the tenth day following the invoice date will accrue interest at the Prime Rate from the applicable payment due date until the date payment is made. 

  
 3 








 2.9 Increases in Tolling Fees. If new Applicable Laws are enacted that require HEP
Operating to make capital expenditures with respect to the Applicable Assets, HEP Operating may amend the Tolling Fees in the manner set forth in Exhibit G in order to recover HEP Operating’s cost of complying with such new Applicable
Laws (as determined by HEP Operating in good faith and assuming that such capital expenditures are financed at a reasonable rate and amortized on a mortgage style basis over a period equal to the then remaining Initial Term (or if such capital
expenditures are incurred during any Expansion Term, the then remaining Expansion Term)). The Applicable Refinery Owner and HEP Operating shall use their reasonable commercial efforts to comply with such new Applicable Laws, and shall negotiate in
good faith to mitigate the impact of such new Applicable Laws and to determine the amount of the new Tolling Fee rates. If the Applicable Refinery Owner and HEP Operating are unable to agree on the amount of the new Tolling Fee rates that HEP
Operating will charge, such Tolling Fee rates will be resolved in the manner provided for in Article VIII of the Omnibus Agreement. Any other applicable exhibit to this Agreement will be updated, amended or revised, as applicable, in
accordance with this Agreement to reflect any changes in Tolling Fee rates established in accordance with this Section 2.9. 

2.10 No Guaranteed Minimum. Notwithstanding anything to the contrary set forth in this Agreement, there is no requirement that the
Applicable Refinery Owner actually deliver any minimum quantity of Feedstock to the Applicable Assets, it being understood that the Applicable Refinery Owner’s obligation for failing to deliver sufficient quantities of Feedstock to satisfy the
Minimum Throughput Commitment for any Contract Quarter is to make Deficiency Payments as provided in Article 6. 
 ARTICLE 3

 FORCE MAJEURE 

The rights and obligations of the Parties upon the occurrence of an event of Force Majeure will be determined in the manner set forth in
Article IX of the Omnibus Agreement; provided that (a) any suspension of the obligations of the Parties under this Agreement as a result of an event of Force Majeure shall extend the Applicable Term (to the extent so affected) for a
period equivalent to the duration of the inability set forth in the Force Majeure Notice, (b) the Applicable Refinery Owner will be required to pay any amounts accrued and due under this Agreement at the time of the Force Majeure event, and
(c) if a Force Majeure event prevents either Party from performing substantially all of their respective obligations under this Agreement relating to a group of Applicable Assets for a period of more than twelve (12) consecutive months,
this Agreement may be terminated as to such Applicable Assets (but not as to unaffected Applicable Assets) by either Party providing written notice thereof to the other Party. 

ARTICLE 4 
 EFFECTIVENESS
AND APPLICABLE TERM 
 This Agreement shall be effective as to each group of Applicable Assets as of the Effective Time and, unless
terminated earlier in accordance with its terms, shall terminate with respect to each group of Applicable Assets upon the expiration of the initial term set forth on Exhibit C (the “Initial Term”); provided that, at the end
of the Initial Term for each group of Applicable Assets, the Applicable Refinery Owner shall have the option to extend the Applicable Term for such group of Applicable Assets for an extension term beyond the Initial Term if, and to the extent,
provided in Exhibit C (an “Extension Term”). 

  
 4 








 
In the event an Extension Term is available for a group of Applicable Assets, the Applicable Refinery Owner shall give HEP Operating written notice of its exercise of its option to extend the
Applicable Term with respect to such group of Applicable Assets at least 12 months prior to the end of the Initial Term for such group of Applicable Assets. 

ARTICLE 5 
 NOTICES

 Any notice or other communication given under this Agreement shall be in writing and shall be provided in the manner set forth in
Article X of the Omnibus Agreement. 
 ARTICLE 6 

DEFICIENCY PAYMENTS 
 6.1
Deficiency Notice; Deficiency Payments. As soon as practicable following the end of each Contract Quarter, HEP Operating shall deliver to the Applicable Refinery Owner a written notice (the “Deficiency Notice”) detailing any
failure of the Applicable Refinery Owner to meet the Minimum Throughput Commitment for such Contract Quarter. The Deficiency Notice shall specify in reasonable detail the excess of (i) the dollar amount of the Tolling Fee that HEP Operating
would have been paid by the Applicable Refinery Owner if the Applicable Refinery Owner had complied with its Minimum Throughput Commitment obligations for such Contract Quarter pursuant to this Agreement over (ii) the dollar amount of the
Tolling Fee payable based on the Feedstock actually processed during such Contract Quarter (the “Deficiency Payment”). The Applicable Refinery Owner shall pay the Deficiency Payment to HEP Operating upon the later of: (A) ten
(10) days after the Applicable Refinery Owner’s receipt of the Deficiency Notice and (B) thirty (30) days following the end of the related Contract Quarter, unless such day is not a Business Day, in which case the due date for
payment shall be the next Business Day. 
 6.2 Disputed Deficiency Notices. If the Applicable Refinery Owner disagrees with all or
any portion of the Deficiency Notice, then, prior to the due date of the Deficiency Payment, the Applicable Refinery Owner shall (i) send HEP Operating a written notice with an explanation of the basis for the dispute (a “Dispute
Notice”) and (ii) pay HEP Operating the portion of the Deficiency Payment not disputed in such Dispute Notice. Thereafter, a senior officer of HollyFrontier (on behalf of the Applicable Refinery Owner) and a senior officer of the
Partnership (on behalf of HEP Operating) shall meet in person or communicate by telephone at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary and shall negotiate in good faith to attempt to resolve any
matters set forth in such Dispute Notice. During the 30-day period following the Applicable Refinery Owner’s timely delivery of such Dispute Notice, the Applicable Refinery Owner shall have reasonable access to the working papers of HEP
Operating relating to the Deficiency Notice. If the matters set forth in such Dispute Notice are not resolved within thirty (30) days following the Applicable Refinery Owner’s timely delivery of such Dispute Notice, the Applicable Refinery
Owner and HEP Operating shall, within forty-five (45) days following the Applicable Refinery Owner’s timely delivery of such Dispute Notice, submit any and all matters which remain in dispute to dispute resolution in accordance with the
Omnibus Agreement. 
 6.3 Payment of Amounts No Longer Disputed. If it is finally determined pursuant to this Article 6 that
the Applicable Refinery Owner is required to pay any or all of the disputed portion of the Deficiency Payment, the Applicable Refinery Owner shall pay such amount to HEP Operating, together with interest thereon at the Prime Rate, in immediately
available funds within ten (10) days of such final determination. 

  
 5 








 6.4 Contract Quarters Independent. The fact that the Applicable Refinery Owner has
exceeded or fallen short of the Minimum Throughput Commitment with respect to any Contract Quarter shall not be considered in determining whether the Applicable Refinery Owner meets, exceeds or falls short of the Minimum Throughput Commitment with
respect to any other Contract Quarter, and the amount of any such excess or shortfall shall not be counted towards or against the Minimum Throughput Commitment with respect to any other Contract Quarter. 

ARTICLE 7 
 RIGHT OF
FIRST REFUSAL 
 The Parties acknowledge the right of first refusal of HollyFrontier with respect to the Applicable Assets as provided
in the Omnibus Agreement. 
 ARTICLE 8 

INDEMNITY; LIMITATION OF DAMAGES 

8.1 Indemnity; Limitation of Liability. The Parties acknowledge and agree that the provisions relating to indemnity and limitation of
liability set forth in Article III of the Omnibus Agreement shall apply to this Agreement. Notwithstanding anything in this Agreement or the Omnibus Agreement to the contrary, and solely for the purpose of determining which of the Applicable
Refinery Owner or HEP Operating shall be liable in a particular circumstance, neither the Applicable Refinery Owner nor HEP Operating shall be liable to the other Party for any loss, damage, injury, judgment, claim, cost, expense or other liability
suffered or incurred (collectively, “Damages”) by such Party except to the extent that the Applicable Refinery Owner or HEP Operating causes such Damages or owns or operates the assets or other property in question responsible for
causing such Damages. 
 8.2 Survival. The provisions of this Article 8 shall survive the termination of this Agreement. 

ARTICLE 9 
 MISCELLANEOUS

 9.1 Amendments and Waivers. No amendment or modification of this Agreement shall be valid unless it is in writing and signed
by the Parties. No waiver of any provision of this Agreement shall be valid unless it is in writing and signed by the Party against whom the waiver is sought to be enforced. Any of the exhibits to this Agreement may be amended, modified, revised or
updated by the Parties if each of the Parties executes an amended, modified, revised or updated exhibit, and attaches it to this Agreement. Such amended, modified, revised or updated exhibits shall be sequentially numbered (e.g. Exhibit
A-1, Exhibit A-2, etc.), dated and appended as an additional exhibit to this Agreement and shall replace the prior exhibit, in its entirety, after its date of effectiveness, except as specified therein. No failure or delay in
exercising any right hereunder, and no course of conduct, shall operate as a waiver of any provision of this Agreement. No single or partial exercise of a right hereunder shall preclude further or complete exercise of that right or any other right
hereunder. 

  
 6 








 9.2 Successors and Assigns. This Agreement shall inure to the benefit of, and shall be
binding upon, the Parties and their respective successors and permitted assigns. Neither this Agreement nor any of the rights or obligations hereunder shall be assigned without the prior written consent of the Applicable Refinery Owner (in the case
of any assignment by HEP Operating) or HEP Operating (in the case of any assignment by an Applicable Refinery Owner), in each case, such consent is not to be unreasonably withheld or delayed; provided, however, that (i) HEP
Operating may make such an assignment (including a partial pro rata assignment) to an Affiliate of HEP Operating without the Applicable Refinery Owner’s consent (but subject to the provision of written notice to the Applicable Refinery
Owner), (ii) an Applicable Refinery Owner may make such an assignment (including a pro rata partial assignment) to an Affiliate of such Applicable Refinery Owner without HEP Operating’s consent (but subject to the provision of
written notice to HEP Operating), (iii) an Applicable Refinery Owner may make a collateral assignment of its rights and obligations hereunder and/or grant a security interest in its rights and obligations hereunder, and HEP Operating shall
execute an acknowledgement of such collateral assignment in such form as may from time-to-time be reasonably requested, and (iv) HEP Operating may make a collateral assignment of its rights hereunder and/or grant a security interest in its
rights and obligations hereunder to a bona fide third party lender or debt holder, or trustee or representative for any of them, without an Applicable Refinery Owner’s consent, if such third party lender, debt holder or trustee shall have
executed and delivered to such Applicable Refinery Owner a non-disturbance agreement in such form as is reasonably satisfactory to such Applicable Refinery Owner and such third party lender, debt holder or trustee, and such Applicable Refinery Owner
executes an acknowledgement of such collateral assignment in such form as may from time to time be reasonably requested. Any attempt to make an assignment otherwise than as permitted by the foregoing shall be null and void. The Parties agree to
require their respective successors, if any, to expressly assume, in a form of agreement reasonably acceptable to the other Parties, their obligations under this Agreement. 

9.3 Severability. If any provision of this Agreement shall be held invalid or unenforceable by a court or regulatory body of competent
jurisdiction, the remainder of this Agreement shall remain in full force and effect. 
 9.4 Choice of Law. This Agreement shall be
subject to and governed by the laws of the State of Delaware, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state. 

9.5 Rights of Limited Partners. The provisions of this Agreement are enforceable solely by the Parties, and no limited partner of the
Partnership shall have the right, separate and apart from the Partnership, to enforce any provision of this Agreement or to compel any Party to comply with the terms of this Agreement. 

9.6 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each signatory Party
hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement
and all such transactions. 
 9.7 Headings. Headings of the Sections of this Agreement are for convenience of the Parties only and
shall be given no substantive or interpretative effect whatsoever. All references in this Agreement to Sections are to Sections of this Agreement unless otherwise stated. 

  
 7 








 ARTICLE 10 

GUARANTEE BY HOLLYFRONTIER 

10.1 Payment Guaranty. HollyFrontier unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as
surety, to HEP Operating the punctual and complete payment in full when due of all amounts due from each Applicable Refinery Owner under this Agreement (collectively, the “Applicable Refinery Owner Payment Obligations”).
HollyFrontier agrees that HEP Operating shall be entitled to enforce directly against HollyFrontier any of the Applicable Refinery Owner Payment Obligations. 

10.2 Guaranty Absolute. HollyFrontier hereby guarantees that the Applicable Refinery Owner Payment Obligations will be paid strictly in
accordance with the terms of the Agreement. The obligations of HollyFrontier under this Agreement constitute a present and continuing guaranty of payment, and not of collection or collectability. The liability of HollyFrontier under this Agreement
shall be absolute, unconditional, present, continuing and irrevocable irrespective of: 
 (a) any assignment or other
transfer of this Agreement or any of the rights thereunder of HEP Operating; 
 (b) any amendment, waiver, renewal, extension
or release of or any consent to or departure from or other action or inaction related to this Agreement; 
 (c) any
acceptance by HEP Operating of partial payment or performance from the Applicable Refinery Owner; 
 (d) any bankruptcy,
insolvency, reorganization, arrangement, composition, adjustment, dissolution, liquidation or other like proceeding relating to the Applicable Refinery Owner or any action taken with respect to this Agreement by any trustee or receiver, or by any
court, in any such proceeding; 
 (e) any absence of any notice to, or knowledge of, HollyFrontier, of the existence or
occurrence of any of the matters or events set forth in the foregoing subsections (i) through (iv); or 
 (f) any other
circumstance which might otherwise constitute a defense available to, or a discharge of, a guarantor. 
 The obligations of HollyFrontier
hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Applicable Refinery Owner Payment Obligations or otherwise. 

10.3 Waiver. HollyFrontier hereby waives promptness, diligence, all setoffs, presentments, protests and notice of acceptance and any
other notice relating to any of the Applicable Refinery Owner Payment Obligations and any requirement for HEP Operating to protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take
any action against the Applicable Refinery Owner, any other entity or any collateral. 

  
 8 








 10.4 Subrogation Waiver. HollyFrontier agrees that for so long as there is a current or
ongoing default or breach of this Agreement by the Applicable Refinery Owner, HollyFrontier shall not have any rights (direct or indirect) of subrogation, contribution, reimbursement, indemnification or other rights of payment or recovery from the
Applicable Refinery Owner for any payments made by HollyFrontier under this Article 10, and HollyFrontier hereby irrevocably waives and releases, absolutely and unconditionally, any such rights of subrogation, contribution, reimbursement,
indemnification and other rights of payment or recovery it may now have or hereafter acquire against the Applicable Refinery Owner during any period of default or breach of this Agreement by the Applicable Refinery Owner until such time as there is
no current or ongoing default or breach of this Agreement by the Applicable Refinery Owner. 
 10.5 Reinstatement. The obligations of
HollyFrontier under this Article 10 shall continue to be effective or shall be reinstated, as the case may be, if at any time any payment of any of the Applicable Refinery Owner Payment Obligations is rescinded or must otherwise be returned
to the Applicable Refinery Owner or any other entity, upon the insolvency, bankruptcy, arrangement, adjustment, composition, liquidation or reorganization of the Applicable Refinery Owner or such other entity, or for any other reason, all as though
such payment had not been made. 
 10.6 Continuing Guaranty. This Article 10 is a continuing guaranty and shall
(i) remain in full force and effect until the first to occur of the indefeasible payment in full of all of the Applicable Refinery Owner Payment Obligations, (ii) be binding upon HollyFrontier, its successors and assigns and
(iii) inure to the benefit of and be enforceable by HEP Operating and its respective successors, transferees and assigns. 
 10.7 No
Duty to Pursue Others. It shall not be necessary for HEP Operating (and HollyFrontier hereby waives any rights which HollyFrontier may have to require HEP Operating), in order to enforce such payment by HollyFrontier, first to (i) institute
suit or exhaust its remedies against the Applicable Refinery Owner or others liable on the Applicable Refinery Owner Payment Obligations or any other Person, (ii) enforce HEP Operating’s rights against any other guarantors of the
Applicable Refinery Owner Payment Obligations, (iii) join the Applicable Refinery Owner or any others liable on the Applicable Refinery Owner Payment Obligations in any action seeking to enforce this Article 10, (iv) exhaust any
remedies available to HEP Operating against any security which shall ever have been given to secure the Applicable Refinery Owner Payment Obligations, or (v) resort to any other means of obtaining payment of the Applicable Refinery Owner
Payment Obligations. 
 ARTICLE 11 

GUARANTEE BY THE PARTNERSHIP 

11.1 Payment and Performance Guaranty. The Partnership unconditionally, absolutely, continually and irrevocably guarantees, as
principal and not as surety, to the Applicable Refinery Owner the punctual and complete payment in full when due of all amounts due from HEP Operating under this Agreement (collectively, the “HEP Operating Payment Obligations”) and
the punctual and complete performance of all other obligations of HEP Operating under this Agreement (collectively, the “HEP Operating Performance Obligations”, together with the HEP Operating Payment Obligations, the “HEP
Operating Obligations”). The Partnership agrees that the Applicable Refinery Owner shall be entitled to enforce directly against the Partnership any of the HEP Operating Obligations. 

  
 9 








 11.2 Guaranty Absolute. The Partnership hereby guarantees that the HEP Operating Payment
Obligations will be paid, and the HEP Performance Obligations will be performed, strictly in accordance with the terms of this Agreement. The obligations of the Partnership under this Agreement constitute a present and continuing guaranty of payment
and performance, and not of collection or collectability. The liability of the Partnership under this Agreement shall be absolute, unconditional, present, continuing and irrevocable irrespective of: 

(a) any assignment or other transfer of this Agreement or any of the rights thereunder of the Applicable Refinery Owner; 

(b) any amendment, waiver, renewal, extension or release of or any consent to or departure from or other action or inaction
related to this Agreement; 
 (c) any acceptance by the Applicable Refinery Owner of partial payment or performance from HEP
Operating; 
 (d) any bankruptcy, insolvency, reorganization, arrangement, composition, adjustment, dissolution, liquidation
or other like proceeding relating to HEP Operating or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding; 

(e) any absence of any notice to, or knowledge of, the Partnership, of the existence or occurrence of any of the matters or
events set forth in the foregoing subsections (i) through (iv); or 
 (f) any other circumstance which might otherwise
constitute a defense available to, or a discharge of, a guarantor. 
 The obligations of the Partnership hereunder shall not be subject to
any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever
by reason of the invalidity, illegality or unenforceability of the HEP Operating Obligations or otherwise. 
 11.3 Waiver. The
Partnership hereby waives promptness, diligence, all setoffs, presentments, protests and notice of acceptance and any other notice relating to any of the HEP Operating Payment Obligations and any requirement for the Applicable Refinery Owner to
protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against HEP Operating, any other entity or any collateral. 

11.4 Subrogation Waiver. The Partnership agrees that for so long as there is a current or ongoing default or breach of this Agreement
by HEP Operating, the Partnership shall not have any rights (direct or indirect) of subrogation, contribution, reimbursement, indemnification or other rights of payment or recovery from HEP Operating for any payments made by the Partnership under
this Article 11, and each of the Partnership hereby irrevocably waives and releases, absolutely and unconditionally, any such rights of subrogation, contribution, reimbursement, indemnification and other rights of payment or recovery it may
now have or hereafter acquire against HEP Operating during any period of default or breach of this Agreement by HEP Operating until such time as there is no current or ongoing default or breach of this Agreement by HEP Operating. 

  
 10 








 11.5 Reinstatement. The obligations of the Partnership under this Article 11 shall
continue to be effective or shall be reinstated, as the case may be, if at any time any payment of any of the HEP Operating Payment Obligations is rescinded or must otherwise be returned to HEP Operating or any other entity, upon the insolvency,
bankruptcy, arrangement, adjustment, composition, liquidation or reorganization of HEP Operating or such other entity, or for any other reason, all as though such payment had not been made. 

11.6 Continuing Guaranty. This Article 11 is a continuing guaranty and shall (i) remain in full force and effect until the
first to occur of the indefeasible payment and/or performance in full of all of the HEP Operating Payment Obligations, (ii) be binding upon the Partnership and each of its respective successors and assigns and (iii) inure to the benefit of
and be enforceable by the Applicable Refinery Owner and their respective successors, transferees and assigns. 
 11.7 No Duty to Pursue
Others. It shall not be necessary for the Applicable Refinery Owner (and the Partnership hereby waives any rights which the Partnership may have to require the Applicable Refinery Owner), in order to enforce such payment by the Partnership,
first to (i) institute suit or exhaust its remedies against HEP Operating or others liable on the HEP Operating Obligations or any other Person, (ii) enforce the Applicable Refinery Owner’s rights against any other guarantors of the
HEP Operating Obligations, (iii) join HEP Operating or any others liable on the HEP Operating Obligations in any action seeking to enforce this Article 11, (iv) exhaust any remedies available to the Applicable Refinery Owner against
any security which shall ever have been given to secure the HEP Operating Obligations, or (v) resort to any other means of obtaining payment of the HEP Operating Obligations. 

[Remainder of page intentionally left blank. Signature pages follow.] 

  
 11 








 IN WITNESS WHEREOF, the undersigned Parties have executed this Agreement as of the date first
written above to be effective as of the Effective Time. 
  

			
	HEP OPERATING:
	
	Holly Energy Partners-Operating, L.P.
		
	By:	 	 /s/ Richard L. Voliva III

		 	Richard L. Voliva III
		 	Vice President and Chief Financial Officer
	
	APPLICABLE REFINERY OWNER:
	
	Frontier El Dorado Refining LLC
		
	By:	 	 /s/ Douglas S. Aron

		 	Douglas S. Aron
		 	Executive Vice President and Chief Financial Officer



  
 [Signature Page
1 of 2 to the Master Tolling Agreement] 









			
	ACKNOWLEDGED AND AGREED
	FOR PURPOSES OF Article 10:
	
	HOLLYFRONTIER CORPORATION
		
	By:	 	 /s/ Douglas S. Aron

		 	Douglas S. Aron
		 	Executive Vice President and Chief Financial Officer
	
	ACKNOWLEDGED AND AGREED
	FOR PURPOSES OF Article 11:
	
	HOLLY ENERGY PARTNERS, L.P.
		
	By:	 	HEP Logistics Holdings, L.P.,
		 	its General Partner
		
	By:	 	Holly Logistic Services, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Richard L. Voliva III

		 	Richard L. Voliva III
		 	Vice President and Chief Financial Officer


  
 [Signature Page 2
of 2 to the Master Tolling Agreement] 








 Exhibit A 

to 
 Master Tolling
Agreement 
  
  

Parties 
 Frontier El Dorado and HEP
Operating, as to the El Dorado Assets 

  
 Exhibit A-1 








 Exhibit B 

to 
 Master Tolling
Agreement 
  
  

Drop Down Transactions 
  

	1.	Sale of all the outstanding membership interests in El Dorado Operating LLC from Frontier El Dorado to HEP Operating, effective November 1, 2015. El Dorado Operating LLC owns a naphtha fractionation column at the
Refinery Complex. 


  
 Exhibit B-1 








 Exhibit C 

to 
 Master Tolling
Agreement 
  
  

Applicable Assets; Minimum Throughput Commitment; Tolling Fees and Adjustments; Applicable Term 

 

																																			
	 Applicable
Assets
	 	 Type of
Applicable
Asset
	 	 Products
	 	Minimum
Throughput
Commitment
(on a BPD
basis)	 	Tolling
Fee	 	 Tolling Fee
Adjustment
	 	 PPI
Adjustment
Minimum/
Cap
	 	Fee Adjustment
Commencement
Date	 	Assumed
OPEX	 	 	Purchase Price	 	 	Accrued
Turnaround
Cost	 	 	Assumed
Fuel Gas
Cost	 	 	 Initial Term
(all times are
Dallas, TX
time)
	 	 Extension
Term (all
times are
Dallas,
TX
time)

	El Dorado Assets	 	Naphtha Fractionation Column	 	 Isopentane1

 
 ISOM Feed

 
 Int. Naphtha

 
 Reformer Feed
	 	48,750
BPD	 	$.36/BBL2	 	 PPI/HFC Merit Comp Adjustment3

 
 OPEX
Adjustment4
  

CAPEX Adjustment5

 
 Turnaround Surcharge6
  
 Fuel Gas
Surcharge7
	 	Subject to 1% Minimum/ 3% Cap3	 	July 1, 2017	 	$	3.3M	4 	 	$	25,851,371	  	 	$	1.6M	5 	 	$	73,610	7 	 	12:01 a.m. on November 1, 2015 (the “Effective Time”) to 12:00 midnight on October 31, 2030	 	The Applicable Refinery Owner shall have the option to extend the Applicable Term beyond the Initial Term for one additional five (5) year period beginning at 12:01 am on November 1, 2030 and ending at 12:00 midnight on October 31,
2035 on the same terms and conditions as in existence for the Initial Term.

  

	1.	The “Feedstock” is light naphtha and heavy naphtha. 


	2.	The Tolling Fee shall never be less than $.36 per BBL of Feedstock, subject to a one-time potential reduction in the Tolling Fee for the adjustment in paragraph 4 below. 


  
 Exhibit C-1 









	3.	The Tolling Fee, as previously adjusted on a cumulative basis, shall be adjusted on July 1 of each calendar year, commencing July 1, 2017, by an amount equal to a percentage calculated as follows:
(A) 0.75 × the change in the PPI as described below, plus (B) 0.25 × the annual HollyFrontier Merit Compensation Adjustment (positive or negative) for such calendar year. The change in the PPI is the upper change in the
annual change rounded to four decimal places of the Producers Price Index-Commodities-Finished Goods, (PPI), et al. (“PPI”), produced by the U.S.
Department of Labor, Bureaus of Labor Statistics. The series ID is WPUSOP3000– located at http://www.bls.gov/data/. The change in PPI for each year shall be calculated as follows: annual PPI index (most current year) less annual
PPI index (most current year minus 1) divided by annual PPI index (most current year minus 1); provided that the change in PPI in any year shall not be less than one percent (1%) or more than three percent (3%). For the avoidance of
doubt, if the change in PPI in any year is less than one percent (1%) it will be rounded up to one percent (1%) and if the change in PPI in any year is greater than three percent (3%) it will be rounded down to three percent (3%). If
either index is no longer published, the Parties shall negotiate in good faith to agree on a new index (as applicable) that gives comparable protection against inflation or deflation, and the same method of adjustment for increases or decreases in
the new index shall be used to calculate increases or decreases in the Tolling Fee. If the Parties are unable to agree on a new index, a new index will be determined in accordance with the dispute resolution provisions set forth in the
Article VIII of Omnibus Agreement, and the same method of adjustment for increases or decreases in the new index shall be used to calculate increases or decreases in the Tolling Fee. The annual HollyFrontier Merit Compensation Adjustment
is the company-wide increase (or decrease) in salary for the year in which the adjustment occurs as determined by the HollyFrontier Board of Directors. Examples of the annual Tolling Fee adjustment under various scenarios are as follows:


 (1) if the change in PPI is 0% and the HFC Merit Compensation Adjustment is 3.5%, the Tolling Fee adjustment would be
(0.75 × 1%) + (0.25 × 3.5%) = 1.625% 
 (2) if the change in PPI is 2% and the HFC Merit Compensation Adjustment is 2%, the
Tolling Fee adjustment would be (0.75 × 2%) + (0.25 × 2%) = 2% 
 (3) if the change in PPI is 5% and the HFC Merit
Compensation Adjustment is 2%, the Tolling Fee adjustment would be (0.75 × 3%) + (0.25 × 2%) = 2.75% 
 (4) if the
change in PPI is 0% and the HFC Merit Compensation Adjustment is -2%, the Tolling Fee adjustment would be (0.75 × 1%) + (0.25 × (-2%)) = 0.25% 
  

	4.	At the end of the first four (4) Contract Quarters during the Applicable Term, HEP Operating shall calculate the aggregate operating expenses incurred in the operation of the Applicable Asset (but such calculation
shall not include turnaround accruals, capitalized catalyst costs, and extraordinary and non-recurring items of expense that are not reasonably expected to recur in future periods during the Applicable Term) (“OPEX”). In the event
that such aggregate OPEX exceed the Assumed OPEX set forth above, (A) the Applicable Refinery Owner shall, within ten (10) days of receiving an invoice from HEP Operating, reimburse HEP Operating for such OPEX incurred during such initial
four (4) Contract Quarters in excess of the Assumed OPEX, and (B) from and after the first four (4) Contract Quarters during the Applicable Term, HEP Operating shall increase the Tolling Fee for processing with the Applicable Asset by
the amount necessary to recover such aggregate OPEX in excess of the Assumed OPEX for the remainder of the Applicable Term, and the Parties shall execute an amended, modified, revised or updated Exhibit C reflecting such aggregate OPEX as the
new Assumed OPEX. In the event that such aggregate OPEX is less than the Assumed OPEX, HEP Operating shall decrease the Tolling Fee by the amount necessary to account for the difference between the Assumed OPEX and such actual OPEX for the remainder
of the Applicable Term, and the Parties shall execute an amended, modified, revised or updated Exhibit C reflecting such aggregate OPEX as the new Assumed OPEX. 


	5.	At the end of the first four (4) Contract Quarters during the Applicable Term, HEP Operating shall determine its aggregate capital expenditures relating to the construction and start-up of the Applicable Asset
(“CAPEX”). HEP Operating shall amend and increase the Tolling Fee for the remainder of the Initial Term by the following formula: (aggregate CAPEX/9) ÷ (48,750 × 365.25). 


  
 Exhibit C-2 









	6.	After the first turnaround on the Applicable Asset during the Applicable Term, HEP Operating will calculate its aggregate Turnaround Costs incurred in connection therewith. In the event such aggregate Turnaround Costs
for the Applicable Asset exceeds the Accrued Turnaround Cost set forth above then (A) a turnaround surcharge (the “Turnaround Surcharge”) will be added to the Tolling Fee based on each BBL of Feedstock (using the Minimum
Throughput Commitment) in order to allow HEP Operating to recover (i) such Turnaround Costs in excess of the Accrued Turnaround Cost plus (ii) a ten percent (10%) return on such excess (the aggregate amount specified in clauses
(i) and (ii), the “Turnaround Payment”). Such Turnaround Surcharge shall be paid by the Applicable Refinery Owner to HEP Operating on each BBL of Feedstock processed through the Applicable Asset until the earlier to occur of
(i) the expiration of the Applicable Term or (ii) the recovery by HEP Operating of the Turnaround Payment. In addition, the Tolling Fee will be adjusted by the amount necessary to recover the new estimated turnaround expense for the
remainder of the Applicable Term (based on the Minimum Throughput Commitment). 


	7.	If at the end of any calendar month during the Applicable Term the aggregate cost of gas incurred by HEP Operating in connection with the operation of the Applicable Assets exceeds $73,610 (the “Assumed Fuel Gas
Cost”), the Applicable Refinery Owner shall promptly pay to HEP Operating an amount equal to the positive difference, if any, of (i) the aggregate cost of fuel gas incurred by HEP Operating in connection with the operation of the
Applicable Assets during such calendar month less (ii) the Assumed Fuel Gas Cost. 


  
 Exhibit C-3 








 Exhibit D 

to 
 Master Tolling
Agreement 
  
  

Definitions 

“Accrued Turnaround Cost” has the meaning set forth in Exhibit C. 

“Affiliate” means, with to respect to a specified Person, any other Person controlling, controlled by or under common control
with that first Person. As used in this definition, the term “control” includes (i) with respect to any Person having voting securities or the equivalent and elected directors, managers or persons performing similar functions, the
ownership of or power to vote, directly or indirectly, voting securities or the equivalent representing 50% or more of the power to vote in the election of directors, managers or Persons performing similar functions, (ii) ownership of 50% or
more of the equity or equivalent interest in any person and (iii) the ability to direct the business and affairs of any Person by acting as a general partner, manager or otherwise. Notwithstanding the foregoing, for purposes of this Agreement,
the Applicable Refinery Owner, on the one hand, and HEP Operating, on the other hand, shall not be considered affiliates of each other. 

“Aggregate Capacity” means, with respect to each Contract Quarter and each Applicable Asset, the product of (i) the
volume of Feedstock (expressed in BPD) that HEP Operating was available to receive on average on a daily basis from the Applicable Refinery Owner at the location of such Applicable Asset for the Contract Quarter and (ii) the number of days in
such Contract Quarter. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Applicable Asset” means each of the El Dorado Assets, individually; and “Applicable Assets” means all of
the foregoing assets, collectively. 
 “Applicable Law” means any applicable statute, law, regulation, ordinance, rule,
judgment, rule of law, order, decree, permit, approval, concession, grant, franchise, license, agreement, requirement, or other governmental restriction or any similar form of decision of, or any provision or condition of any permit, license or
other operating authorization issued under any of the foregoing by, or any determination of, any Governmental Authority having or asserting jurisdiction over the matter or matters in question, whether now or hereafter in effect and in each case as
amended (including, without limitation, all of the terms and provisions of the common law of such Governmental Authority), as interpreted and enforced at the time in question. 

“Applicable Refinery Owner” means, with respect to the El Dorado Refinery, Frontier El Dorado. 

“Applicable Refinery Owner Payment Obligations” has the meaning set forth in Section 10.1. 

“Applicable Term” means the Initial Term, together with any Extension Term, if applicable. 

“Assumed Fuel Gas Cost” has the meaning set forth in Exhibit C. 

“Assumed OPEX” means the amount set forth in Exhibit C for the Applicable Assets. 

  
 Exhibit D-1 








 “BBL” means barrel. 

“BPD” means barrels per day. 

“Business Day” means any day other than Saturday, Sunday or other day upon which commercial banks in Dallas, Texas are
authorized by law to close. 
 “CAPEX” has the meaning set forth in Exhibit C. 

“Contract Quarter” means a three-month period that commences on January 1, April 1, July 1 or
October 1 and ends on March 31, June 30, September 30, or December 31, respectively. 

“Control” (including with correlative meaning, the term “controlled by”) means, as used with respect to any Person,
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Conversion Ratio” has the meaning set forth in Exhibit F. 

“Damages” has the meaning set forth in Section 8.1. 

“Deficiency Notice” has the meaning set forth in Section 6.1. 

“Deficiency Payment” has the meaning set forth in Section 6.1. 

“Dispute Notice” has the meaning set forth in Section 6.2. 

“Effective Time” has the meaning set forth in Exhibit C. 

“El Dorado Assets” means those assets identified as the “El Dorado Assets” in Exhibit C. 

“Extension Term” has the meaning set forth in Section 4. 

“Feedstock” has the meaning set forth in Exhibit C. 

“Force Majeure” has the meaning set forth in the Omnibus Agreement. 

“Force Majeure Notice” has the meaning set forth in the Omnibus Agreement. 

“Frontier El Dorado” means Frontier El Dorado Refining LLC, a Delaware limited liability company. 

“Fuel Gas Cost” has the meaning set forth in Exhibit C. 

“Governmental Authority” means any federal, state, local or foreign government or any provincial, departmental or other
political subdivision thereof, or any entity, body or authority exercising executive, legislative, judicial, regulatory, administrative or other governmental functions or any court, department, commission, board, bureau, agency, instrumentality or
administrative body of any of the foregoing. 
 “HEP Operating” has the meaning set forth in the Preamble. 

  
 Exhibit D-2 








 “HEP Operating Obligations” has the meaning set forth in
Section 11.1. 
 “HEP Operating Payment Obligations” has the meaning set forth in Section 11.1.

 “HEP Operating Performance Obligations” has the meaning set forth in Section 11.1. 

“HollyFrontier” means HollyFrontier Corporation, a Delaware corporation. 

“Initial Term” has the meaning set forth in Section 4. 

“Minimum Throughput Commitment” means, with respect to each Contract Quarter and each Applicable Asset, the product of
(i) the quantity of Feedstock to be delivered by the Applicable Refinery Owner to HEP Operating at the location of the Applicable Asset on a daily basis, as set forth on Exhibit C and (ii) the number of days in such Contract
Quarter, as such amount may be adjusted pursuant to the terms of this Agreement. 
 “NFC Products” has the meaning set
forth in Exhibit F. 
 “Omnibus Agreement” means the Thirteenth Amended and Restated Omnibus Agreement, effective as
of November 1, 2015. 
 “OPEX” has the meaning set forth in Exhibit C. 

“Parties” has the meaning set forth in the Preamble. 

“Partnership” means Holly Energy Partners, L.P., a Delaware limited partnership. 

“Party” has the meaning set forth in the Preamble. 

“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization, association, government agency or political subdivision thereof or other entity. 
 “PPI” has the meaning set
forth in Exhibit C. 
 “Prime Rate” means the lesser of (i) the prime rate per annum announced by Union Bank,
N.A., or if Union Bank, N.A. no longer announces a prime rate for any reason, the prime rate per annum announced by the largest U.S. bank measured by deposits from time to time as its base rate on corporate loans, automatically fluctuating upward or
downward with each announcement of such prime rate and (ii) the maximum lawful rate permitted by Applicable Law. 

“Products” has the meaning set forth in Exhibit C. 

“Purchase Price” means the amount set forth in Exhibit C for the Applicable Assets. 

“Refinery Complex” means the refinery complex owned by Frontier El Dorado, commonly known as the El Dorado Refinery, and
located in the City of El Dorado, Butler County, Kansas. 
 “Subsidiary” means with respect to any Person (the
“Owner”), any corporation or other Person of which securities or other interests having the power to elect a majority of that corporation’s or other Person’s board of directors or similar governing body, or otherwise
having the power to direct the business and policies of that corporation or other Person (other than securities or other interest having such power only upon the happening of a contingency that has not occurred), are held by the Owner or one or more
of its Subsidiaries. 

  
 Exhibit D-3 








 “Tolling Fee” has the meaning set forth in Exhibit C. 

“Turnaround Costs” means costs and expenses, including catalysts, reasonably incurred by HEP Operating in the first
turnaround of the Applicable Asset occurring during the Applicable Term. 
 “Turnaround Payment” has the meaning set forth
in paragraph 6 of Exhibit C. 
 “Turnaround Surcharge” has the meaning set forth in paragraph 6 of Exhibit C.


  
 Exhibit D-4 








 Exhibit E 

to 
 Master Tolling
Agreement 
  
  

Interpretations 
 As used in this
Agreement, unless a clear contrary intention appears: 
 (a) any reference to the singular includes the plural and vice versa, any reference
to natural persons includes legal persons and vice versa, and any reference to a gender includes the other gender; 
 (b) the words
“hereof”, “herein”, and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(c) any reference to Articles, Sections and Exhibits are, unless otherwise stated, references to Articles, Sections and Exhibits of or to this
Agreement and references in any Section or definition to any clause means such clause of such Section or definition. The headings in this Agreement have been inserted for convenience only and shall not be taken into account in its interpretation;

 (d) reference to any agreement (including this Agreement), document or instrument means such agreement, document, or instrument as
amended, modified or supplemented and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of this Agreement; 

(e) the Exhibits hereto form an integral part of this Agreement and are equally binding therewith. Any reference to “this Agreement”
shall include such Exhibits; 
 (f) references to a Person shall include any permitted assignee or successor to such Party in accordance
with this Agreement and reference to a Person in a particular capacity excludes such Person in any other capacity; 
 (g) if any period is
referred to in this Agreement by way of reference to a number of days, the days shall be calculated exclusively of the first and inclusively of the last day unless the last day falls on a day that is not a Business Day in which case the last day
shall be the next succeeding Business Day; 
 (h) the use of “or” is not intended to be exclusive unless explicitly indicated
otherwise; 
 (i) references to “$” or to “dollars” shall mean the lawful currency of the United States of America; and

 (j) the words “includes,” “including,” or any derivation thereof shall mean “including without limitation”
or “including, but not limited to.” 

  
 Exhibit E-1 








 Exhibit F 

to 
 Master Tolling
Agreement 
  
  

Measurement of Delivered Volumes 
  

					
	 Applicable Asset
	  	 Type of Applicable Asset
	  	 Measurement of Volumes

	 El Dorado
 Assets
	  	Naphtha Fractionation Column	  	 Delivery volumes of light naphtha and heavy naphtha feedstock shall be determined by the BBL unit of measure with the metered data stored
at PI Tag FI14381.daca.pv for light naphtha and FI14382.daca.pv for heavy naphtha.
  

Delivery volumes of isopentane, ISOM feed, intermediate naphtha and reformer feed shall be determined by the BBL unit of measure with the metered data stored
at tags FC14578.pida.pv, FC14592.pida.pv, FC14612.pida.pv and reformer feed at tag FY14467.daca.pv.1


  

	1.	The expected conversion ratio of light naphtha and heavy naphtha to isopentane, ISOM feed, intermediate naphtha and reformer feed is 1 BBL to 1 BBL. 


Examples of the reduction in Tolling Fees and the Minimum Throughput Commitment for non-Force Majeure Events that may occur under
Section 2.1(d)(1) and (2) of the Agreement are as follows: 
 Section 2.1(d)(1) – The Minimum Throughput
Commitment of 48,750 BPD of light naphtha and heavy naphtha converts to 48,750 BPD of isopentane, ISOM feed, intermediate naphtha and reformer feed (the “NFC Products”) based on a Conversion Ratio of 1 to 1. If the NFC Products
produced are 46,312.5 BPD (95%) or more, then there would be no adjustment to the Tolling Fee. 
 Example A: If the Minimum
Throughput Commitment of Feedstock is delivered by the Applicable Refinery Owner to HEP Operating at the Applicable Asset for a particular Contract Quarter and the NFC Products produced by HEP Operating for such Contract Quarter is on average 43,875
BPD (90% of the Conversion Ratio for the Minimum Through Commitment), the Tolling Fee for such Contract Quarter would be reduced by 5% from $.36 per BBL (100%) to $.342 per BBL (95%). 

Example B: If the Minimum Throughput Commitment of Feedstock is delivered by the Applicable Refinery Owner to HEP Operating at the
Applicable Asset for a particular Contract Quarter and the NFC Products produced by HEP Operating for such Contract Quarter is on average 41,437.5 BPD (85% of the Conversion Ratio for the Minimum Throughput Commitment), the Tolling Fee for such
Contract Quarter would be reduced by 10% from $.36 BBL (100%) to $.324 per BBL (90%). 

  
 Exhibit F-1 








 Section 2.1(d)(2) – If the Aggregate Capacity of any Applicable Asset for any
Contract Quarter is less than the Minimum Throughput Commitment for such Applicable Asset for such Contract Quarter, then the Minimum Throughput Commitment for such Applicable Asset for such Contract Quarter will be reduced by a percentage equal to
(A) 100% minus (B) the percentage represented by the ratio of (i) the Aggregate Capacity for such Applicable Asset for such Contract Quarter to (ii) the Minimum Throughput Commitment for such Applicable Asset for such Contract
Quarter. 
 Example A: If the Aggregate Capacity of any Applicable Asset for a Contract Quarter is on average 46,312.5 BPD (95% of the
Minimum Throughput Commitment for such Contract Quarter), then the Minimum Throughput Commitment for such Contract Quarter would be reduced to 46,312.5 BPD of light naphtha and heavy naphtha (95% of the Minimum Throughput Commitment for such
Contract Quarter). 
 Example B: If the Aggregate Capacity of any Applicable Asset for a Contract Quarter is on average 43,875 BPD
(90% of the Minimum Throughput Commitment for such Contract Quarter), then the Minimum Throughput Commitment for such Contract Quarter would be reduced to 43,875 BPD of light naphtha and heavy naphtha (90% of the Minimum Throughput Commitment for
such Contract Quarter). 

  
 Exhibit F-2 








 Exhibit G 

to 
 Master Tolling
Agreement 
  
  

Increase in Tolling Fees as a Result of Changes in Applicable Law 

 

					
	 Applicable Assets
	  	 Types of Tolling Fees that may be increased (as applicable)
	  	 Threshold

	El Dorado Assets	  	Naphtha Fractionation Column Tolling Fee	  	 No Tolling Fees may be amended until HEP Operating has made capital expenditures of $2,000,000 in the aggregate with respect to the El
Dorado Assets in order to comply with new Applicable Laws.
  
 Thereafter, HEP Operating
may amend the applicable Tolling Fee to recover its full cost of complying with the new Applicable Laws and such recovery shall not be limited to amounts in excess of $2,000,000.



  
 Exhibit G-1