EX-10.3


 Exhibit 10.3 

EXECUTION VERSION 

AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 

THIS AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (this “Agreement”), dated as of December 21, 2017, is made
between Par Hawaii Refining, LLC, a Hawaii limited liability company (the “Company”), and J. Aron & Company LLC, a New York limited liability company (“Aron”). 

WHEREAS, the Company owns and operates a crude oil refinery and related assets located in Kapolei, Hawaii (the
“Refinery”) for the processing and refining of Crude Oil (as defined below) and other feedstocks and the recovery therefrom of refined products; 

WHEREAS, the Company and Aron entered into a Supply and Offtake Agreement, dated as of June 1, 2015, providing for a supply and
offtake transaction under which Aron agreed to supply Crude Oil to the Company to be processed at the Refinery and purchase all Products (as defined below) from the Company produced at the Refinery (such agreement, as from time to time amended prior
to the date hereof, the “Original S&O Agreement”); 
 WHEREAS, as a condition precedent to Aron’s
obligations under the S&O Agreement, the Company and Aron entered into a Pledge and Security Agreement dated as of June 1, 2015 (the “Original Security Agreement”); 

WHEREAS, the Company and Aron wish to amend and restate the Original S&O Agreement and have entered into the Amended and Restated
Supply and Offtake Agreement dated as of the date hereof (the “S&O Agreement”); and 
 WHEREAS, it is a
condition precedent to effectiveness of the S&O Agreement that the Company and Aron enter into this Agreement amending and restating the Original Security Agreement; 

NOW, THEREFORE, the parties hereto agree as follows: 

SECTION 1 Definitions; Interpretation. 

(a) Terms Defined in S&O Agreement. Subject to Section 1(c), all capitalized terms used in this Agreement
(including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the S&O Agreement. 

(b) Certain Defined Terms . As used in this Agreement, the following terms shall have the following meanings: 

“Accounts” means any and all of the Company’s accounts, as such term is defined in
Section 9-102 of the UCC. 
 “Acknowledgment Agreement” has the meaning
specified in the S&O Agreement. 
 “Attributable Indebtedness” means, on any date, (i) in respect of any capital
lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (ii) in respect of any Synthetic Lease Obligation, the capitalized amount of the
remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 






 “Books” means all books, records and other written, electronic or other
documentation in whatever form maintained now or hereafter by or for the Company in connection with the ownership of its assets or the conduct of its business or evidencing or containing information relating to the Collateral, including:
(i) ledgers; (ii) records indicating, summarizing, or evidencing the Company’s assets (including Inventory and Rights to Payment), business operations or financial condition; (iii) computer programs and software;
(iv) computer discs, tapes, files, manuals, spreadsheets; (v) computer printouts and output of whatever kind; (vi) any other computer prepared or electronically stored, collected or reported information and equipment of any kind; and
(vii) any and all other rights now or hereafter arising out of any contract or agreement between the Company and any service bureau, computer or data processing company or other Person charged with preparing or maintaining any of the
Company’s books or records or with credit reporting, including with regard to the Company’s Accounts. 
 “CDX”
means the Central Data Exchange system of the EPA, through which all required reports are uploaded electronically and through which is gained access to EMTS. 

“Chattel Paper” means any and all of the Company’s chattel paper, as such term is defined in Section 9-102 of the UCC, including all Electronic Chattel Paper. 
 “Collateral”
has the meaning set forth in Section 2(a). 
 “Commercial Tort Claims” means any and all of the
Company’s commercial tort claims, as such term is defined in Section 9-102 of the UCC, including any described in Schedule 1. 

“Control Agreement” means any control agreement or other agreement with any securities intermediary, bank or other Person
establishing Aron’s control with respect to any Deposit Accounts, Letter-of-Credit Rights or Investment Property, for purposes of Article 8 or Sections 9-104, 9-106 and 9-107 of the UCC. 

“Controlled Account” means any Deposit Account or securities account of the Company that is subject to a Control Agreement in
form and substance satisfactory to Aron. 
 “Crack Spread Hedge” means a cash-settled commodity transaction entered into
between Company and any Person (including an option, swap, floor, cap, collar, forward sale or forward purchase) which is provided for the purpose of managing the Company’s risk with respect to the spread created by the purchase by a party of
Crude Oil for delivery in the future and the sale by such party of gasoline, diesel, jet fuel and/or heating oil under contract for future delivery (regardless of whether such transaction is effected by means of one or more futures contracts or over-the-counter hedging agreements); provided that a Crack Spread Hedge may be based on a single agreement or trade or on a combination of agreements or trades that
are intended to collectively constitute a Crack Spread Hedge. 

  
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 “Crack Spreads” means the spread created by the purchase of Crude Oil for
delivery in the future and the sale of gasoline, diesel, jet fuel and/or heating oil under contract for future delivery. 
 “Debtor
Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of
the United States or other applicable jurisdictions from time to time in effect. 
 “Default” means any event that with the
giving of notice or the passing of time or both would be an Event of Default. 
 “Deposit Account” means any deposit
account, as such term is defined in Section 9-102 of the UCC, maintained by or for the benefit of the Company, whether or not restricted or designated for a particular purpose; provided, however, the term
“Deposit Account” shall exclude the Excluded Accounts. 
 “Disposition” means the sale, transfer, license, lease
or other disposition (including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims
associated herewith. 
 “Documents” means any of the Company’s documents, as such term is defined in Section 9-102 of the UCC. 
 “Electronic Chattel Paper” means any and all of the
Company’s electronic chattel paper, as such term is defined in Section 9-102 of the UCC. 

“EMTS” means the EPA Moderated Transaction System as defined in 40 C.F.R. §80.1401 and regulated under Renewable Fuel
Standards. 
 “Equipment” means any and all of the Company’s equipment, including any and all fixtures, as such terms
are defined in Section 9-102 of the UCC. 
 “Equity Interests” has the meaning
specified in the S&O Agreement. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations promulgated and rulings issued thereunder. 
 “Event of Default” means any “Event of
Default” under the S&O Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Accounts” means: (i) Deposit Accounts exclusively used for payroll, payroll taxes and other employee wage and
benefit payments to or for the benefit of the Company’s employees (including, without limitation, pension fund accounts and 401(k) accounts), (ii) any Deposit Account exclusively used for the posting of cash collateral to support
obligations arising under cash-collateralized letters of credit or exposure from Hedging Agreements permitted under this Agreement and the S&O Agreement, and (iii) any Note Collateral Account. 

  
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 “Excluded Assets” means (i) any property (other than equipment or
inventory), including any contract, lease, permit, license, license agreement, other agreement or instrument to which the Company is a party or any of its rights or interests thereunder, solely to the extent that the grant of a security interest in
such property (A) is prohibited by Applicable Law, (B) requires a consent of any Governmental Authority pursuant to Applicable Law that has not been obtained, or (C) is prohibited by, or constitutes a breach or default under, or
results in the termination of or requires any consent not obtained under, any such contract, lease, permit, license, license agreement, other agreement or instrument, or Applicable Law with respect thereto, evidencing, governing, or giving rise to
such property, (ii) any trademarks, trade names and other intellectual property, (iii) Accounts and CC Receivables (as defined in the Security Agreement (as defined in the Collateral Trust and Intercreditor Agreement)) constituting
identifiable proceeds of the Note Collateral, (iv) Equity Interests in any Subsidiary of the Company, and (v) Excluded Accounts; provided, however, that (x) with respect to any property that constitutes Excluded Assets
solely by operation of clause (i) of this sentence, the Collateral shall include and such security interest shall automatically attach to such property immediately at such time as such prohibition, breach, default, termination (or right of
termination) would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or
9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other Applicable Law, and (y) any such property shall cease to constitute Excluded Assets at such time as
the condition causing such prohibition, breach, default, termination (or right of termination) no longer exists and, in each case, to the extent severable, the security interest therein shall attach immediately to any portion of such property that
would not result in the above specified consequences and are not subject to such prohibitions specified in this proviso. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“General Intangibles” means any and all of the Company’s general intangibles, as such term is defined in Section 9-102 of the UCC. 
 “Goods” means any and all of the Company’s goods,
as such term is defined in Section 9-102 of the UCC. 
 “Guarantee” means, as
to any Person, (i) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (A) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation, (B) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the 

  
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payment or performance of such Indebtedness or other obligation, (C) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or
cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (D) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (ii) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to
the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by
the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Hedging
Agreement” means any Swap Contract relating to Crude Oil, Products, other feedstocks, other refined petroleum products or other hydrocarbons (including without limitation any such agreement relating to Crack Spreads, time spreads and grade
differentials), entered into by a Person in the ordinary course of business and for non-speculative purposes, that hedges or mitigates risks to which such Person or any of its Subsidiaries has actual exposure.

 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (i) all obligations of such Person for borrowed money and
all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
 (ii)
all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(iii) net obligations of such Person under any Swap Contract; 

(iv) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business); 
 (v) indebtedness (excluding prepaid interest thereon) secured by a Lien on
property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(vi) capital leases and Synthetic Lease Obligations; 

(vii) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and 

  
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 (viii) all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is
itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net
obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any obligation in respect of any capital lease or Synthetic Lease Obligation, as applicable, as of any date shall
be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 
 “Insolvency Proceeding”
means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief
of debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of any Person’s creditors generally or any substantial portion of such
Person’s creditors, in each case undertaken under Debtor Relief Laws. 
 “Instruments” means any and all of the
Company’s instruments, as such term is defined in Section 9-102 of the UCC. 

“Intellectual Property” means the intellectual property of the Company listed on Schedule 2. 

“Inventory” means any of the Company’s inventory, as such term is defined in
Section 9-102 of the UCC. 
 “Investment” means, for any Person, any direct or
indirect acquisition or investment by such Person, whether by means of (i) the purchase or other acquisition of Equity Interests or other securities of another Person, (ii) a loan, advance or capital contribution to, Guarantee or
assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or Equity Interest (or similar equity participation) in, another Person, including any partnership or joint venture interest in such other Person and any
arrangement pursuant to which the investor Guarantees any Indebtedness of such other Person, or (iii) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business
unit. 
 “Investment Property” means any of the Company’s investment property, as such term is defined in Section 9-102 of the UCC. 

“Letter-of-Credit Rights” means any and all
of the Company’s letter-of-credit rights, as such term is defined in Section 9-102 of the UCC. 

“Lien” means any security interest, lien, encumbrance, charge or other claim of any nature. 

  
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 “Note Collateral” means assets of the Company on which the Company has granted,
or hereinafter grants, Liens to secure obligations under the Indenture, the Notes and certain pari passu hedging agreements and pari passu indebtedness pursuant to the Security Agreement, Mortgages and other Security Documents (each as defined in
the Collateral Trust and Intercreditor Agreement). 
 “Note Collateral Account” means any Collateral Account (as defined in
the Indenture as in effect as of the date hereof). 
 “Net Income” means, for any period, for the Company and its
Subsidiaries on a consolidated basis, the net income of the Company and its Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period calculated in accordance with GAAP (which, without limiting the generality of the
foregoing, shall reflect as an expense the full amount of federal and state income taxes that the Company and its Subsidiaries would have owed as a standalone corporate group with the Company as the ultimate parent reporting entity of such group).

 “Original Security Agreement” has the meaning specified in the recitals hereto. 

“Par Pacific” means Par Pacific Holdings, Inc., a Delaware corporation. 

“Permitted Letters of Credit” has the meaning specified in Section 5(b)(ii)(M). 

“Permitted Liens” means: 

(a) Liens pursuant to any Transaction Document; 

(b) Liens existing on the date hereof securing Indebtedness listed on Schedule 4 and any permitted renewals or
extensions thereof; provided that (1) the property covered thereby is not changed, (2) the amount of Indebtedness secured or benefited thereby is not increased except as contemplated by Section 5(b)(ii)(B),
(3) the direct or any contingent obligor with respect thereto is not changed, and (4) any renewal or extension of the obligation secured or benefitted thereby is permitted by Section 5(b)(ii)(B); 

(c) Liens for Taxes, assessments or governmental charges or levies not yet due or which are being contested in good faith and
by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(d) Liens in respect of property or assets of the Company imposed by law, which were incurred in the ordinary course of
business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business, and (1) which do not
in the aggregate materially detract from the value of the Company’s property or assets or materially impair the use thereof in the operation of the business of the Company or (2) are not overdue for a period of more than 30 days or which
are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person; 

  
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 (e) Liens upon assets of the Company subject to capital leases and leases giving
rise to Synthetic Lease Obligations to the extent such capital leases and leases giving rise to Synthetic Lease Obligations are permitted by Section 5(b)(ii)(E); provided that (1) such Liens only serve to secure
the payment of Indebtedness arising under such capital lease obligation or leases giving rise to Synthetic Lease Obligations and (2) the Lien encumbering the asset giving rise to the such capital lease obligation or leases giving rise to
Synthetic Lease Obligations does not encumber other assets of the Company; 
 (f) Liens upon equipment or machinery acquired
after Effective Date and used in the ordinary course of business of the Company or any of its Subsidiaries to secure Indebtedness permitted by Section 5(b)(ii)(F) and Section 5(b)(ii)(G);
provided, that in all events, the Lien encumbering the equipment or machinery so acquired does not encumber any other asset of the Company; 

(g) Liens arising out of the existence of judgments or awards in an aggregate amount not to exceed $5,000,000 in respect of
which the Company or any of its Subsidiaries shall in good faith be prosecuting an appeal or proceedings for review and in respect of which there shall have been secured a subsisting stay of execution pending such appeal or proceedings; 

(h) statutory and common law landlords’ Liens under leases to which the Company is a party; 

(i) Liens or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other social security legislation, other than any Lien imposed by ERISA; 
 (j) Liens on cash collateral or deposits to
secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(k) easements, rights-of-way, restrictions and
other similar encumbrances affecting real property, including minor title deficiencies, which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or
materially interfere with the ordinary conduct of the business of the applicable Person; 
 (l) Liens incurred in the
ordinary course of business in connection with (1) the shipping of goods or assets, which Liens are in favor of the shipper of such goods or assets with respect amounts due to such shipper for the carriage of such goods or assets and only
attach to such goods or assets or (2) the purchase of goods or assets, which Liens arise by operation of law in favor of the seller of such goods or assets, only attach to such goods or assets and cease to be in effect upon payment in full of
the purchase price for such goods or assets; 

  
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 (m) Liens in favor of customs and revenue authorities arising as a matter of law
to secure payment of customs duties in connection with the importation of goods; 
 (n) bankers’ Liens, rights of setoff
and other similar Liens existing solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by the Company, in each case granted in the ordinary course of business in favor of the bank or banks with which such
accounts are maintained, securing amounts owing to such bank or banks with respect to cash management and operating account arrangements; 

(o) Liens granted in the ordinary course of business on insurance policies, proceeds thereof and the unearned portion of
insurance premiums with respect thereto securing the financing of the unpaid cost of the insurance policies to the extent the financing is permitted under Section 5(b)(ii)(L); and 

(p) Liens on cash collateral posted solely to secure the Company’s reimbursement obligations under Permitted Letters of
Credit. 
 “Pledged Collateral” means any and all (i) Investment Property of the Company constituting Collateral;
(ii) Instruments constituting Collateral; (iii) securities, property, interest, dividends and other payments and distributions issued as an addition to, in redemption of, in renewal or exchange for, in substitution or upon conversion of,
or otherwise on account of, any of the foregoing; (iv) certificates and instruments now or hereafter representing or evidencing any of the foregoing; (v) rights, interests and claims with respect to the foregoing, including under any and
all related agreements, instruments and other documents, and (vi) cash and non-cash proceeds of any of the foregoing, in each case whether presently existing or owned or hereafter arising or acquired and
wherever located, and as from time to time received or receivable by, or otherwise paid or distributed to or acquired by, the Company; provided that Pledged Collateral shall not include at any time any Equity Interests in any Subsidiary of
the Company. 
 “Proceeds” means all proceeds, as such term is defined in
Section 9-102 of the UCC. 
 “Proceeds Account” has the meaning set forth in
Section 10(c). 
 “Related Party” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Rights to Payment” means any and all of the Company’s Accounts constituting Collateral and any and all of the
Company’s rights and claims to the payment or receipt of money or other forms of consideration of any kind in, to and under or with respect to its Chattel Paper, Documents, General Intangibles, Instruments, Investment Property, Letter-of-Credit Rights, Proceeds and Supporting Obligations, in each case, to the extent constituting Collateral. 

  
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 “RIN” or “Renewable Identification Number” means any Renewable
Identification Number as defined in 40 C.F.R. § 80.1401 and regulated as part of Renewable Fuel Standards. 
 “RVO”
means any Renewable Volume Obligation as defined in 40 C.F.R. § 80.1407 and regulated as part of Renewable Fuel Standards. 

“S&O Agreement” has the meaning specified in the recitals hereto. 

“Secured Obligations” means all obligations of the Company to Aron under or in connection with the S&O Agreement and the
other Transaction Documents, including all fees due from the Company thereunder and all other amounts payable by the Company to Aron thereunder or in connection therewith, and, in each case, whether now existing or hereafter arising, and whether due
or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and including interest that accrues after the commencement by or against the Company of any Insolvency Proceeding naming such Person as the debtor in
such proceeding. 
 “Specified Hedging Agreement” means a Hedging Agreement that is a Crack Spread Hedge, a time spread
hedge or a grade or basis differential hedge. 
 “Supporting Obligations” means all supporting obligations, as such term is
defined in Section 9-102 of the UCC. 
 “Swap Contract” means (i) any and
all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or
subject to any master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such agreement. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (i) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(ii) for any date prior to the date referenced in clause (i), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include Aron or any Affiliate of Aron). 

  
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 “Synthetic Lease Obligation” means the monetary obligation of a Person under
(i) a so-called synthetic, off-balance sheet or tax retention lease, or (ii) an agreement for the use or possession of property creating obligations that do
not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Transaction Documents” has the meaning specified in the S&O Agreement. 

“UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York. 

(c) Terms Defined in UCC. Where applicable and except as otherwise defined herein, terms used in this Agreement shall have the meanings
assigned to them in the UCC; provided, however, that to the extent that the UCC is used to define any term herein and such term is defined differently in different Articles of the UCC, the definition of such term contained in Article 9
shall govern. 
 (d) Interpretation. The rules of interpretation set forth in Section 1.2 of the S&O Agreement shall be
applicable to this Agreement and are incorporated herein by this reference. 
 (e) Amendment and Restatement. This Agreement amends
and restates the Original Security Agreement. The obligations of the Company under the Original Security Agreement and the grant of security interest in the Collateral by the Company under the Original Security Agreement shall continue under this
Agreement but solely to the extent of the security interest in the Collateral as defined in this Agreement, and, to such extent, shall not in any event be terminated, extinguished or annulled, but shall hereafter be governed by this Agreement. All
references to the Original Security Agreement in any Transaction Document (other than this Agreement) or other document or instrument delivered in connection therewith shall be deemed to refer to this Agreement and the provisions hereof. It is
understood and agreed that the Original Security Agreement is being amended and restated by entry into this Agreement on the date hereof. 

SECTION 2 Security Interest. 

(a) Grant of Security Interest. As security for the payment and performance of the Secured Obligations, the Company hereby grants to
Aron a security interest in all of the Company’s right, title and interest in, to and under all of its personal property, wherever located and whether now existing or owned or hereafter acquired or arising, including the following property
(collectively, the “Collateral”): (i) all Inventory, including, but not limited to Crude Oil and Products; (ii) all Accounts; (iii) all RINs; (iv) all Investment Property, Chattel Paper, General Intangibles,
Commercial Tort Claims, Documents and Instruments, in each case, to the extent relating to items in clauses (i), (ii) and (iii); (v) all Deposit Accounts and cash and cash equivalents; (vi) books and records relating to clauses (i) through
(v); and (vi) all Proceeds of (including proceeds of business interruption and other insurance), and Supporting Obligations (including Letter-of-Credit Rights) with
respect to, any of the foregoing; provided, however, that notwithstanding any other provision set forth in this Section 3, this Agreement shall not at any time constitute a grant of a security interest in
any property that is, at such time, an Excluded Asset, and the term “Collateral” and each of the defined terms incorporated therein shall exclude the Excluded Assets. 

  
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 (b) Company Remains Liable. Anything herein to the contrary notwithstanding, (i) the
Company shall remain liable under any contracts, agreements and other documents included in the Collateral, to the extent set forth therein, to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been
executed, (ii) the exercise by Aron of any of the rights granted to Aron hereunder or under any other Transaction Document shall not release the Company from any of its duties or obligations under any such contracts, agreements and other
documents included in the Collateral, and (iii) Aron shall not have any obligation or liability under any such contracts, agreements and other documents included in the Collateral by reason of this Agreement, nor shall Aron be obligated to
perform any of the obligations or duties of the Company thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Collateral hereunder. 

(c) Continuing Security Interest. The Company agrees that this Agreement shall create a continuing security interest in the Collateral
which shall remain in effect until terminated in accordance with Section 23. 
 (d) Acknowledgment
Agreement. The Company acknowledges and agrees that Aron, the Notes Collateral Trustee, the ABL Agent, and the Company are parties to the Acknowledgment Agreement and that nothing in this Agreement limits Aron’s rights under the
Acknowledgment Agreement. 
 SECTION 3 Perfection and Priority. 

(a) Financing Statements, Etc. The Company hereby authorizes Aron to file at any time and from time to time any financing statements
describing the Collateral, and the Company shall execute and deliver to Aron, and the Company hereby authorizes Aron to file (with or without the Company’s signature) at any time and from time to time, all amendments to financing
statements, continuation financing statements, termination statements, assignments, affidavits, reports, notices and all other documents and instruments, in form satisfactory to Aron, as Aron may reasonably request, to perfect and continue
perfected, maintain the priority of or provide notice of Aron’s security interest in the Collateral and to accomplish the purposes of this Agreement. Without limiting the generality of the foregoing, the Company (i) ratifies and authorizes
the filing by Aron of any financing statements filed with respect to the Collateral prior to the date hereof and (ii) shall from time to time take the actions specified in subsections (b) through (j) below. 

(b) [Reserved]. 
 (c)
Instrument Collateral. Anything to the contrary notwithstanding, so long as no Event of Default shall have occurred and be continuing, (i) the Company may retain for collection in the ordinary course any Instruments received by the
Company in the ordinary course of business, and Aron shall, promptly upon request of the Company, make appropriate arrangements for making any other Instruments constituting Collateral available to the payor of 

  
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any such Instrument for purposes of presentation, collection or renewal (any such arrangement to be effected, to the extent required under Applicable Law to continue perfected Aron’s
security interest hereunder in such Instruments, against trust receipt or like document), and (ii) the Company may retain any additional Pledged Collateral consisting of Instruments, as long as the aggregate amount of any such Instruments so
retained by the Company shall not exceed $1,000,000. 
 (d) Transfer of Security Interest Other Than by Delivery. If for any reason
Pledged Collateral cannot be delivered to or for the account of Aron as provided in subsection 3(c), the Company shall promptly take such other steps as may be necessary or as shall be reasonably requested from time to time by Aron to effect
a transfer of a perfected first priority security interest in and pledge of the Pledged Collateral to Aron pursuant to the UCC. To the extent practicable, the Company shall thereafter deliver the Pledged Collateral to or for the account of Aron as
provided in subsection 3(c). 
 (e) [Reserved]. 

(f) Documents, Etc.The Company shall deliver to Aron, or an agent designated by it, appropriately endorsed or accompanied by appropriate
instruments of transfer or assignment, all Documents and Chattel Paper, and all other Rights to Payment at any time evidenced by promissory notes, trade acceptances or other instruments, in each case, to the extent constituting Collateral and not
already delivered hereunder pursuant to this Section 3; provided, however, that unless an Event of Default shall have occurred and be continuing, the Company shall not be required to deliver any Document,
Chattel Paper, promissory note, trade acceptance or other instrument, as long as the aggregate amount of any such Collateral so retained by the Company shall not exceed $1,000,000. Upon the request of Aron, the Company shall mark all Documents and
Chattel Paper constituting Collateral with such legends as Aron shall reasonably specify. 
 (g) Bailees. Any Person (other than Aron)
at any time and from time to time holding all or any portion of the Collateral shall be deemed to, and shall, hold the Collateral as the agent of, and as pledge holder for, Aron. At any time and from time to time, Aron may give notice to any such
Person holding all or any portion of the Collateral that such Person is holding the Collateral as the agent and bailee of, and as pledge holder for, Aron, and obtain such Person’s written acknowledgment thereof. Without limiting the generality
of the foregoing, the Company will join with Aron in notifying any Person who has possession of any Collateral of Aron’s security interest therein and obtaining an acknowledgment from such Person that it is holding the Collateral for the
benefit of Aron. 
 (h) Control. The Company shall cause all Deposit Accounts and securities accounts (other than Excluded Accounts)
to be Controlled Accounts, and the Company will cooperate with Aron in obtaining control (as defined in the UCC) of Collateral consisting of any Deposit Accounts, Electronic Chattel Paper, Investment Property (excluding the Equity Interests of
any Subsidiary) or Letter-of-Credit Rights, including delivery of Control Agreements, as Aron may reasonably request, to perfect and continue perfected, maintain the
priority of or provide notice of Aron’s security interest in such Collateral. 

  
 13 







 (i) [Reserved.] 

(j) Purchase Money Security Interests. To the extent the Company uses the proceeds of any of the Secured Obligations to purchase
Collateral, subject to the requirements of the S&O Agreement, the Company’s repayment of the Secured Obligations shall apply on a “first-in,
first-out” basis so that the portion of the Secured Obligations used to purchase a particular item of Collateral shall be paid in the chronological order in which the Company purchased the Collateral.

 SECTION 4 Representations and Warranties. So long as any of the Secured Obligations (other than contingent indemnification
obligations) remain unsatisfied, the Company represents and warrants to Aron that: 
 (a) Location of Chief Executive Office and
Collateral. The Company’s chief executive office and principal place of business (as of the Commencement Date) is located at the address set forth in Schedule 1, and all other locations (as of the Commencement
Date) where the Company conducts business or Collateral is kept are set forth in Schedule 1. 
 (b) Locations of
Books. All locations where Books pertaining to the Rights to Payment are kept, including all equipment necessary for accessing such Books and the names and addresses of all service bureaus, computer or data processing companies and other Persons
keeping any Books or collecting Rights to Payment for the Company, are set forth in Schedule 1. 
 (c)
Jurisdiction of Organization and Names. The Company’s jurisdiction of organization is set forth in Schedule 1; and the Company’s exact legal name is as set forth in the first paragraph of this Agreement.
All trade names and trade styles under which the Company presently conducts its business operations are set forth in Schedule 1, and, except as set forth in Schedule 1, the Company has not, at any
time in the past: (i) been known as or used any other corporate, trade or fictitious name; (ii) changed its name; (iii) been the surviving or resulting corporation in a merger or consolidation; or (iv) acquired through asset
purchase or otherwise any business of any Person. 
 (d) Collateral. The Company has rights in or the power to transfer the
Collateral, and the Company is the sole and complete owner of the Collateral (or, in the case of after-acquired Collateral, at the time the Company acquires rights in such Collateral, will be the sole and complete owner thereof), free from any Lien
other than Permitted Liens. 
 (e) Enforceability; Priority of Security Interest. (i) This Agreement creates a security interest
which is enforceable against the Collateral in which the Company now has rights and will create a security interest which is enforceable against the Collateral in which the Company hereafter acquires rights at the time the Company acquires any such
rights; and (ii) Aron has a perfected and first priority security interest in the Collateral, in which the Company now has rights, and will have a perfected and first priority security interest in the Collateral in which the Company hereafter
acquires rights at the time the Company acquires any such rights, in each case, subject to Permitted Liens and securing the payment and performance of the Secured Obligations. 

  
 14 







 (f) Other Financing Statements. Other than (i) financing statements disclosed to Aron
and (ii) financing statements in favor of Aron, no effective financing statement naming the Company as debtor, assignor, grantor, mortgagor, pledgor or the like and covering all or any part of the Collateral is on file in any filing or
recording office in any jurisdiction. 
 (g) Rights to Payment. 

(i) The Rights to Payment represent valid, binding and enforceable obligations of the account debtors or other Persons obligated thereon,
representing, bona fide transactions completed in accordance with the terms and provisions contained in any documents related thereto; 

(ii) the Company has not assigned any of its rights under the Rights to Payment except as provided in this Agreement or as set forth in the
other Transaction Documents; and 
 (iii) all Rights to Payment comply in all material respects with Applicable Law concerning form, content
and manner of preparation and execution. 
 (h) Inventory. No Inventory is stored with any bailee, warehouseman or similar Person or
on any premises leased to the Company, nor has any Inventory been consigned to the Company or consigned by the Company to any Person or is held by the Company for any Person under any “bill and hold” or other arrangement, except as set
forth in Schedule 1. 
 (i) [Reserved]. 

(j) [Reserved]. 
 (k)
Deposit Accounts. The names and addresses of all financial institutions at which the Company maintains its Deposit Accounts, and the account numbers and account names of such Deposit Accounts, are set forth in Schedule 1. 

(l) Instrument Collateral. (i) The Company has not previously assigned any interest in any Instruments (other than such interests
as will be released on or before the date hereof), (ii) no Person other than the Company owns an interest in the Instruments (whether as joint holders, participants or otherwise), and (iii) no material default exists under or in respect of
the Instruments of the Company. 
 (m) [Reserved]. 

(n) Investment Property; Instruments; and Chattel Paper. All securities accounts of the Company and Investment Property of the Company
are set forth in Schedule 1, and all Instruments and Chattel Paper held by the Company are also set forth in Schedule 1. 

(o) Control Agreements. No Control Agreements exist with respect to any Collateral other than any Control Agreements in favor of Aron.


  
 15 







 (p)
Letter-of-Credit Rights. The Company does not have any Letter-of-Credit Rights
except as set forth in Schedule 1. 
 (q) Commercial Tort Claims. The Company does not have any Commercial
Tort Claims except as set forth in Schedule 1. 
 (r) Real Property Leases. Except as set forth on
Schedule 1, the Company is not and will not become a lessee under any real property lease or other agreement governing the location of Collateral at the premises of another Person pursuant to which the lessor or such other Person may obtain
any rights in any of the Collateral, and no such lease or other such agreement now prohibits, restrains, impairs or will prohibit, restrain or impair the Company’s right to remove any Collateral from the premises at which such Collateral is
situated, except for the usual and customary restrictions contained in such leases of real property. 
 (s) Insurance. Aron is named
as loss payee or additional insured, as appropriate, on each insurance policy identified on Schedule 1. 
 SECTION 5
Covenants. So long as any of the Secured Obligations (other than contingent indemnification obligations) remain unsatisfied, the Company agrees that: 

(a) General Covenants. 

(i) Defense of Collateral. The Company will appear in and defend any action, suit or proceeding which may affect to a material extent
its title to, or right or interest in, or Aron’s right or interest in, the Collateral. 
 (ii) Preservation of Collateral. The
Company will do and perform all reasonable acts that may be necessary and appropriate to maintain, preserve and protect the Collateral. 

(iii) Compliance with Laws, Etc. The Company will comply in all material respects with all laws, regulations and ordinances, and all
policies of insurance, relating in a material way to the possession, operation, maintenance and control of the Collateral. 
 (iv)
Location of Books and Chief Executive Office. The Company will: (A) keep all Books pertaining to the Rights to Payment at the locations set forth in Schedule 1; and (B) give at least 30 days’ prior
written notice to Aron of (1) any changes in any such location where Books pertaining to the Rights to Payment are kept, including any change of name or address of any service bureau, computer or data processing company or other Person
preparing or maintaining any Books or collecting Rights to Payment for the Company or (2) any changes in the location of the Company’s chief executive office or principal place of business. 

(v) Location of Collateral. The Company will: (A) keep the Collateral at the locations set forth in
Schedule 1, or at such other locations as may be disclosed in writing to Aron pursuant to clause (B) and will not remove any such Collateral from such locations (other than in connection with sales of Inventory
in the ordinary course of the Company’s business, other dispositions permitted by Section 5(b)(i), as otherwise permitted under the S&O Agreement and movements of Collateral from one disclosed location to another
disclosed location within the United States), except upon at least 30 days’ prior written notice of any removal to Aron; and (B) give Aron at least 30 days’ prior written notice of any change in the locations set forth in
Schedule 1. 

  
 16 







 (vi) Change in Name, Identity or Structure. The Company will give at least 30 days’
prior written notice to Aron of (A) any change in its name, (B) any change in its jurisdiction of organization, (C) any change in its registration as an organization (or any new such registration); and (D) any changes in its
identity or structure in any manner which might make any financing statement filed hereunder incorrect or seriously misleading; provided that the Company shall not change its jurisdiction of organization to a jurisdiction outside of the
United States. 
 (vii) Maintenance of Records. The Company will keep separate, accurate and complete Books with respect to the
Collateral, disclosing Aron’s security interest hereunder. 
 (viii) Leased Premises; Collateral Held by Warehouseman, Bailee,
Etc. 
 (A) The Company will use commercially reasonable efforts to obtain from each Person from whom the Company leases any premises,
and from each other Person at whose premises any Collateral is at any time present (including any bailee, warehouseman or similar Person), within 45 days of (1) the Restatement Effective Date or (2) if later, the date the Company enters
into a lease of or a contract to hold Collateral at any premises, any such collateral access, subordination, landlord waiver, bailment, consent and estoppel agreements, as Aron may reasonably require, in form and substance satisfactory to Aron;
provided that, with respect to any such Person that is an Affiliate of the Company, the Company will cause such Person to deliver to Aron a “bailee’s letter” in substantially the form attached as Exhibit A hereto no
later than 45 days after the Restatement Effective Date or, if later, the date such lease or contract is entered into. In the event that any such Person becomes an Affiliate of the Company after the Restatement Effective Date, the Company will cause
such Person to deliver such bailee’s letter no later than 45 days after the date such Person becomes an Affiliate of the Company. 

(B) The Company will use commercially reasonable efforts to obtain from each Person (other than Aron) with whom the Company has entered into a
catalyst lease, within 45 days of (1) the Restatement Effective Date or (2) if later, the date the Company enters into such catalyst lease, such consent to collateral assignment or attornment agreement as Aron may reasonably require, in
form and substance satisfactory to Aron; provided that, with respect to any such Person that is an Affiliate of the Company, the Company will cause such Person to deliver to Aron such consent to collateral assignment or attornment agreement
no later than 45 days after (1) the Restatement Effective Date or (2) if later, the date such lease is entered into. In the event that such Person becomes an Affiliate of the Company after the Restatement Effective Date, the Company will
cause such Person to deliver such consent to collateral assignment or attornment agreement no later than 15 days after the date such Person becomes an Affiliate of the Company. 

(ix) Rights to Payment. The Company will: 

  
 17 







 (A) with such frequency as Aron may reasonably require but no more than once per fiscal quarter,
or as may be required under the S&O Agreement, furnish to Aron full and complete reports, in form and substance satisfactory to Aron, with respect to the Accounts; 

(B) if any Accounts arise from contracts with the United States or any department, agency or instrumentality thereof, promptly notify Aron
thereof and execute any documents and instruments and take any other steps reasonably requested by Aron in order that all monies due and to become due thereunder shall be assigned to Aron and notice thereof be given to the Federal authorities
sufficient for such security interest to be recognized under the Federal Assignment of Claims Act; 
 (C) (1) upon the reasonable request of
Aron at any time, notify all or any designated portion of the account debtors and other obligors on the Rights to Payment of the security interest hereunder, and (2) upon the occurrence and during the continuance of an Event of Default and
upon the request of Aron, notify the account debtors and other obligors on the Rights to Payment or any designated portion thereof that payment shall be made directly to Aron or to such other Person or location as Aron shall specify; 

(D) take any and all actions, including actions requested by Aron, to ensure that all Accounts of the Company will be paid to a bank deposit
account at a bank acceptable to Aron and with which Aron has entered into a Control Agreement in favor of Aron (the “Collection Account”) and pursuant to which Aron has a perfected security interest therein and, if any Person
obligated on an Account constituting Collateral pays directly to the Company, the Company shall promptly remit such sums to the Collection Account. Until deposited in the Collection Account, any such amounts to be remitted shall be held in trust for
the benefit of Aron and shall be segregated from other funds of the Company. Upon the occurrence of an Event of Default, Aron shall have the right to notify the customers or obligors under any Accounts of the assignment of such Accounts to Aron and
to direct such customers or obligors to make payment of all amounts due or to become due directly to Aron or to such other account designated by Aron; and 

(E) without limiting the Company’s obligations under (D), upon the occurrence and during the continuance of any Event of Default and the
exercise of remedies by Aron under any Transaction Document, establish such lockbox or similar arrangements for the payment of the Accounts and other Rights to Payment as Aron shall require. 

As used in this Section 5(a)(ix), the term “Accounts” shall exclude any Accounts constituting identifiable proceeds of the Note Collateral.

 (x) Instruments, Investment Property, Etc. Upon the request of Aron, the Company will (A) promptly deliver to Aron, or an
agent designated by it, appropriately endorsed or accompanied by appropriate instruments of transfer or assignment, all Instruments, Documents, Chattel Paper and certificated securities with respect to any Investment Property, all letters of credit,
and all other Rights to Payment, in each case, constituting Collateral and at any time evidenced by promissory notes, trade acceptances or other instruments, (B) cause any securities intermediaries to show on their books that Aron is the
entitlement holder with respect 

  
 18 







 
to any Investment Property constituting Collateral, and/or obtain Control Agreements in favor of Aron from such securities intermediaries, in form and substance satisfactory to Aron, with respect
to any Investment Property constituting Collateral, as reasonably requested by Aron, and (C) provide such notice, obtain such acknowledgments and take all such other action, with respect to any Chattel Paper, Documents and Letter-of-Credit Rights, in each case, constituting Collateral, as Aron shall reasonably specify. 

(xi) Deposit Accounts and Securities Accounts. The Company will give Aron prompt notice of the establishment of any new Deposit Account
and of any new securities account (other than an Excluded Account) established by the Company with respect to any Investment Property. 

(xii) Inventory. The Company will not store any Inventory with a bailee, warehouseman or similar Person or on premises leased to the
Company other than in Included Locations (solely to the extent contemplated and permitted under the S&O Agreement) and those locations identified in Schedule 1, and will not dispose of any Inventory on a bill-and-hold, guaranteed sale, sale and return, sale on approval, consignment or similar basis, and will not acquire any Inventory from any Person on any such basis, without in each case giving Aron prior
written notice thereof. 
 (xiii) [Reserved.] 

(xiv) Notices, Reports and Information. The Company will (A) notify Aron of any other modifications of or additions to the
information contained in Schedule 1 (including any acquisition or holding of an interest in any Chattel Paper, Commercial Tort Claims and
Letter-of-Credit Rights constituting Collateral); (B) notify Aron of any material claim made or asserted against the Collateral by any Person and of any change in
the composition of the Collateral or other event which could materially adversely affect the value of the Collateral or Aron’s Lien thereon; (C) furnish to Aron such listings, descriptions and schedules with respect to Inventory, and such
other reports and other information in connection with the Collateral, as Aron may reasonably request, all in reasonable detail; and (D) upon the reasonable request of Aron make such demands and requests for information and reports as the
Company is entitled to make in respect of the Collateral. 
 (xv) [Reserved]. 

(xvi) Insurance. (A) The Company shall carry and maintain in full force and effect, at the expense of the Company all insurance
coverages with financially sound and reputable insurance companies and comply with all agreements in respect thereof as required by Article 16 of the S&O Agreement. 

(B) The Company shall take all actions, including actions requested by Aron, to ensure that all insurance proceeds payable to the Company with
respect to the Collateral will be paid to a bank deposit account at a bank acceptable to Aron and with which Aron has entered into a Control Agreement in favor of Aron (the “Insurance Proceeds Account”) and pursuant to which Aron
has a perfected security interest therein and, if any insurance proceeds with respect to the Collateral are paid directly to the Company, the Company shall promptly remit such sums to the Insurance Proceeds Account. Until deposited in the Insurance
Proceeds Account, any such amounts to be remitted shall be held in trust for the benefit of Aron and shall be segregated from other funds of the Company. 

  
 19 







 (xvii) RINs. 

(A) Nothing in the S&O Agreement or any of the Transaction Documents shall be interpreted or deemed to impart any responsibility to Aron
to comply with Renewable Fuel Standards (including requirements therein for RVOs and RINs) as an “obligated party” pursuant to 40 C.F.R. Part 80, as amended from time to time, by virtue of the transactions contemplated by this Agreement
and the S&O Agreement. Notwithstanding any other terms or provisions of the S&O Agreement, in all transactions under the S&O Agreement and the other Transaction Documents, the Company has complied and shall comply with Renewable Fuel
Standards (including requirements therein for RVOs and RINs) as an “obligated party” pursuant to 40 C.F.R. Part 80, as amended from time to time and remains solely responsible for the proper accounting of RINS, as well as the replacement
of any invalid RINs that are required in connection with such obligation or any other activities or transactions of the Company and any and all costs and expenses associated therewith. The Company has registered with the EPA under a separate company
identification number (the “Company ID”) and established an account in the CDX and EMTS under the Company ID (“EMTS Account”), provided that, commencing January 1, 2018, Par Pacific shall register for itself
and its subsidiaries under a single identification number, with allocations to its subsidiaries, including the Company. Any RINs allocated to the Company in the foregoing manner shall be the property of the Company and constitute part of the
Collateral hereunder. Promptly following the submission of annual reports by Par Pacific into its CDX Account on or around March 31 of each year, the Company shall provide copies of all such reports to Aron. In addition, the Company shall, from
time to time upon the reasonable request of Aron, (i) provide or cause Par Pacific to provide to Aron such further confirmation of the RINs allocated to and owned by the Company, (ii) execute such further documents and instruments and take
such further actions to confirm the status of such RINs as part of the Collateral hereunder, and (iii) endeavor to obtain from such other creditors of Par Pacific or its subsidiaries, additional acknowledgements or other agreements recognizing
that RINs allocated to the Company in the foregoing manner constitute property of the Company and accordingly are part of the Collateral hereunder. 

(B) At any time after the occurrence and during the continuation of an Event of Default (and without limiting any other rights or remedies of
Aron hereunder, under any other Transaction Document or otherwise), the Company agrees that, upon the request of Aron, it will promptly execute such documents and take such actions as Aron deems necessary or appropriate to enable Aron to execute
transactions relating to the RINS associated with any renewable fuels that are part of the Collateral hereunder, including, without limitation, appointment of an entity designated by Aron as authorized to execute transactions on the EMTS system and
enter into product transfer documents or similar agreements for the transfer of RINs. 
 (b) Specified Covenants. 

(i) Liens. The Company will not create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether
now owned or hereafter acquired, other than Permitted Liens, except to the extent such property, asset or revenue constitutes Note Collateral. 

  
 20 







 (ii) Indebtedness. The Company will not create, incur, assume or suffer to exist any
Indebtedness, except: 
 (A) Indebtedness under the Transaction Documents; 

(B) (i) Indebtedness outstanding on the date hereof and listed on Schedule 4, (ii) Indebtedness under the Indenture or the Notes, and
(iii) Indebtedness under the ABL Facility and, in each case, any refinancings, refundings, renewals or extensions thereof; provided that (1) the aggregate principal amount of such Indebtedness is not increased at the time of such
refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing
commitments unutilized thereunder and (2) the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or
extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Company or Aron than the terms of any agreement or instrument governing the
Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate; 

(C) Guarantees of the Company in respect of Indebtedness otherwise permitted hereunder or under the S&O Agreement; 

(D) obligations (contingent or otherwise) of the Company not secured by a Lien existing or arising under any Swap Contract, provided
that (1) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, assets, or property held or reasonably anticipated by
such Person and not for purposes of speculation; and (2) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding
transactions to the defaulting party; 
 (E) (i) capital leases and leases giving rise to Synthetic Lease Obligations (excluding the
catalyst leases and leases giving rise to Synthetic Lease Obligations described in clause (ii) of this Section 5(b)(ii)(E)), relating to equipment or real estate used in the business of the Company; provided
that at the time any such lease is entered into, the aggregate remaining Indebtedness under all such leases then in existence shall not exceed $10,000,000 and (ii) capital leases and leases giving rise to Synthetic Lease Obligations with
respect to the catalyst and related metals necessary or useful in the operation of the Refinery; 
 (F) Indebtedness incurred to pay all or
a portion of the purchase price of equipment or machinery used in the ordinary course of business of the Company, not to exceed $5,000,000 outstanding at any time; 

  
 21 







 (G) Indebtedness incurred to pay all or a portion of the purchase price of equipment or
machinery installed or otherwise utilized or obtained in connection with any turnaround at the Refinery; 
 (H) Indebtedness of the Company
under Section 5(b)(iv); 
 (I) unsecured Indebtedness arising under intercompany transactions with any Affiliate
entered into in the ordinary course of the Company’s and such Affiliate’s business; 
 (J) Indebtedness arising from the
endorsement of instruments or other payment items for deposit in the ordinary course of business or in respect of netting services, overdraft protection, and other like services in the ordinary course of business; 

(K) Indebtedness of the Company with respect to performance bonds, surety bonds, appeal bonds, guarantees or customs bonds required in the
ordinary course of business or in connection with the enforcement of rights or claims of the Company or in connection with judgments that do not result in a Default or an Event of Default, provided that the aggregate outstanding amount of all
such performance bonds, surety bonds, appeal bonds, guarantees and customs bonds permitted by this clause (K) shall not at any time exceed $5,000,000; 

(L) Indebtedness owed to any Person providing property, casualty, liability, or other insurance to the Company, so long as the amount of such
Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of such insurance for the period in which such Indebtedness is incurred; 

(M) reimbursement obligations associated with letters of credit issued (i) solely for the purchase of crude oil, refined products, and
other feedstock acquired by the Company in the ordinary course of business whether such reimbursement obligations are secured or unsecured, or (ii) for general business purposes in the ordinary course of business but, with respect to this
clause (ii), not at any time exceeding $2,000,000 (collectively, letters of credit issued pursuant to clauses (i) or (ii), “Permitted Letters of Credit”); 

(N) obligations arising under indemnities, guaranties, or contracts for the acquisition of services, supplies or goods, in the ordinary course
of business; and 
 (O) unsecured Indebtedness incurred in the ordinary course of business in an aggregate principal amount not to exceed
$5,000,000 at any time outstanding. 
 (iii) [Reserved.] 

(iv) Permitted Hedging. 

(A) The Company shall not create, incur, assume or permit to exist any obligation under any Swap Contract relating to Crude Oil and Product,
other feedstocks, other refined petroleum products or other hydrocarbons other than Specified Hedging Agreements that (I) reference Crude Oil or Products (each as defined in the S&O Agreement), (II) are executed at


  
 22 







 
market prices and are settled based on one or more indices that are highly correlated to the purchase prices and sales prices of the referenced Crude Oil or Products and (III) have a term
not exceeding 18 months; provided that, notwithstanding the foregoing, the Company and its Subsidiaries shall not be in breach of this Section 5(b)(iv)(A) by entering into the S&O Agreement and entering into any
transactions thereunder or contemplated thereby. 
 (B) The Company shall not, and shall not permit any of its Subsidiaries to, create,
incur, assume or permit to exist any obligation under any Crack Spread Hedges that would result in the aggregate number of Product barrels (based on the notional volumes of such transactions) scheduled to settle thereunder in any single monthly
period, as of any date, exceeding the applicable Maximum Hedged Capacity. As used herein, “Maximum Hedged Capacity” means, as of any day, on a
product-by-product basis, (i) for each of the next 6 calendar months (the “Initial Period”), the aggregate volume of Products not exceeding 75% of
the Refinery’s average monthly projected production volume of Products in such Initial Period, (ii) each of the next 6 calendar months immediately following the Initial Period (the “Second Period”), the aggregate volume of
Products not exceeding 50% of the Refinery’s average monthly projected production volume of Products in such Second Period and (iii) for each of the next 6 calendar months immediately following the Second Period (the “Third
Period”), the aggregate volume of Products not exceeding 25% of the Refinery’s average monthly projected production volume of Products in such Third Period. 

(v) Asset Dispositions. The Company shall not make any Disposition, except: 

(A) Dispositions of obsolete or worn-out property, whether now owned or hereafter acquired, in the
ordinary course of business; 
 (B) Dispositions of inventory in the ordinary course of business; 

(C) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of
similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property; 

(D) the Company may lease (as lessee) or license (as licensee) real or personal property in the ordinary course of business so long as any
such lease or license does not create a capital lease obligation or Synthetic Lease Obligation except to the extent permitted by Section 5(b)(ii)(E); 

(E) the Company may grant licenses, sublicenses, leases or subleases to other Persons not materially interfering with the conduct of the
business of the Company, in each case so long as no such grant otherwise affects Aron’s security interest in the asset or property subject thereto; 

(F) the Company may liquidate or otherwise dispose of cash equivalents in the ordinary course of business, in each case for cash at fair
market value; 

  
 23 







 (G) the Company may dispose of property and assets to the extent such property and assets were
the subject of a casualty or of condemnation proceedings upon the occurrence of an event that gives rise to the receipt by the Company or any of its Subsidiaries of any cash insurance proceeds or condemnation awards payable (i) by reason of
theft, loss, physical destruction, damage, taking or any other similar event with respect to any property or assets of the Company or (ii) under any policy of insurance maintained by any of them; 

(H) Dispositions of the Company’s vehicles in the ordinary course of business; and 

(I) Dispositions of property or assets in transactions not otherwise permitted by this Section 5(v) provided the net
sale proceeds received from all assets or property sold pursuant to this clause (H) shall not exceed $5,000,000 in any fiscal year of the Company. 

(vi) Transactions with Affiliates. Except as otherwise permitted under this Agreement or the S&O Agreement, the Company shall not,
and shall not permit any of its Subsidiaries to: 
 (A) create any Subsidiaries; 

(B) other than intercompany transactions between the Company and Par Pacific or any of its Subsidiaries in the ordinary course of business
related to tax sharing, shared corporate offices space, payroll and other administrative matters (collectively, “Corporate Overhead Expenses”), enter into any transaction, including the purchase, sale or exchange of property or the
rendering of any services, with any Related Party of the Company, or enter into, assume or suffer to exist, or permit any Subsidiary to enter into, assume or suffer to exist, any employment, consulting, management or similar contract with any
Related Party of the Company, except in the ordinary course of the Company’s or such Subsidiary’s business and upon fair and reasonable terms not less favorable to the Company or such Subsidiary than it would obtain in a comparable
arm’s length transaction with a Person not a Related Party; 
 (C) allocate (or have allocated to it by Par Pacific or any of its
Subsidiaries) Corporate Overhead Expenses other than in a fair, equitable, proportionate and consistent manner; 
 (D) make or become
obligated to make payment of management or similar fees to Par Pacific; or 
 (D) purchase or otherwise acquire the Equity Interests, assets
(constituting a business unit), obligations or other securities of or any interest in any Affiliate of the Company, or otherwise extend any credit to, guarantee the obligations of or make any additional investments in any Affiliate of the Company.

 (vii) Investments. Except as otherwise permitted under this Agreement or the S&O Agreement, the Company shall not make any
Investments except for: 
 (A) Investments consisting of cash equivalents or securities held in a Controlled Account; and 

  
 24 







 (B) transactions in the ordinary course of business with Affiliates or third parties entered
into on fair and reasonable terms which, in the case of any transaction with an Affiliate, are on terms not less favorable to the Company than it would obtain in a comparable arm’s length transaction with a Person which is not an Affiliate.

 SECTION 6 Rights to Payment and Pledged Collateral. 

(a) Collection of Rights to Payment . Until Aron exercises its rights hereunder to collect Rights to Payment, the Company shall endeavor
in the first instance diligently and in the ordinary course of its business to collect all amounts due or to become due on or with respect to the Rights to Payment. At the request of Aron, upon the occurrence and during the continuance of any Event
of Default, all remittances received by the Company with respect to the Collateral shall be held in trust for Aron and, in accordance with Aron’s instructions, remitted to Aron or deposited to an account with Aron in the form received (with any
necessary endorsements or instruments of assignment or transfer). 
 (b) Pledged Collateral. Unless and until an Event of Default
shall have occurred and be continuing, the Company shall be entitled to receive and retain for its own account any cash dividend on or other cash distribution or payment, if any, in respect of the Pledged Collateral; provided, however,
that, the Company shall not be entitled to receive (i) cash paid, payable or otherwise distributed in redemption of, or in exchange for or in substitution of, any Pledged Collateral held by the Company, or (ii) dividends and other
distributions paid or payable in cash in respect of any such Pledged Collateral in connection with a partial or total liquidation or dissolution of any Person whose ownership interests constitute Pledged Collateral or in connection with a reduction
of capital, capital surplus or paid-in-surplus or any other type of recapitalization involving any such Person. At the request of Aron, upon the occurrence and during
the continuance of any Event of Default, Aron shall be entitled to receive all distributions and payments of any nature with respect to any Pledged Collateral, and all such distributions or payments held by the Company shall be held in trust for
Aron and, in accordance with Aron’s instructions, remitted to Aron or deposited to an account with Aron in the form received (with any necessary endorsements or instruments of assignment or transfer). Following the occurrence and during the
continuance of an Event of Default, any such distributions and payments with respect to any Pledged Collateral held in any securities account shall be held and retained in such securities account, in each case as part of the Collateral hereunder.
Additionally, Aron shall have the right, upon the occurrence and during the continuance of an Event of Default, following prior written notice to the Company, to exercise voting rights and to exercise rights to give consents, ratifications and
waivers with respect to any Pledged Collateral, and to exercise all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining thereto, as if Aron were the absolute owner thereof; provided that Aron
shall have no duty to exercise any of the foregoing rights afforded to it and shall not be responsible to the Company or any other Person for any failure to do so or delay in doing so. 

(c) [Reserved.] 
 (d) Certain
Other Administrative Matters. Upon the occurrence and during the continuance of any Event of Default, Aron may cause any of the Pledged Collateral to be transferred into its name or into the name of its nominee or nominees (subject to the rights
of the 

  
 25 







 
Company specified in this Section 6). If available and if otherwise required by this Agreement, Aron shall have the right to exchange uncertificated Pledged Collateral
for certificated Pledged Collateral, and to exchange certificated Pledged Collateral for certificates of larger or smaller denominations, for any purpose consistent with this Agreement. 

SECTION 7 Authorization; Aron Appointed Attorney-in-Fact. Aron shall have the right to, in the name of the Company, or in the name of
Aron or otherwise, without notice to or assent by the Company, and the Company hereby constitutes and appoints Aron (and any of Aron’s officers, employees or agents designated by Aron) as the Company’s true and lawful attorney-in-fact, with full power and authority to: 
 (a) file any
of the financing statements which must be filed to perfect or continue perfected, maintain the priority of or provide notice of Aron’s security interest in the Collateral; 

(b) take possession of and endorse any notes, acceptances, checks, drafts, money orders or other forms of payment or security and collect any
Proceeds of any Collateral; 
 (c) sign and endorse any invoice or bill of lading relating to any of the Collateral, warehouse or storage
receipts, drafts against customers or other obligors, assignments, notices of assignment, verifications and notices to customers or other obligors; 

(d) notify the U.S. Postal Service or other postal authorities to change the address for delivery of mail addressed to the Company to such
address as Aron may designate and, without limiting the generality of the foregoing, establish with any Person lockbox or similar arrangements for the payment of the Rights to Payment; 

(e) receive, open and dispose of all mail addressed to the Company; 

(f) send requests for verification of Rights to Payment to the customers or other obligors of the Company; 

(g) contact, or direct the Company to contact, all account debtors and other obligors on the Rights to Payment and instruct such account
debtors and other obligors to make all payments directly to Aron; 
 (h) assert, adjust, sue for, compromise or release any claims under any
policies of insurance; 
 (i) exercise dominion and control over, and refuse to permit further withdrawals from, Deposit Accounts
constituting Collateral and maintained with Aron or any other bank, financial institution or other Person; 
 (j) notify each Person
maintaining lockbox or similar arrangements for the payment of the Rights to Payment to remit all amounts representing collections on the Rights to Payment directly to Aron; 

  
 26 







 (k) ask, demand, collect, receive and give acquittances and receipts for any and all Rights to
Payment, enforce payment or any other rights in respect of the Rights to Payment and other Collateral, grant consents, agree to any amendments, modifications or waivers of the agreements and documents governing the Rights to Payment and other
Collateral, and otherwise file any claims, take any action or institute, defend, settle or adjust any actions, suits or proceedings with respect to the Collateral, as Aron may deem necessary or desirable to maintain, preserve and protect the
Collateral, to collect the Collateral or to enforce the rights of Aron with respect to the Collateral; 
 (l) [Reserved.] 

(m) execute any and all endorsements, assignments or other documents and instruments necessary to sell, lease, assign, convey or otherwise
transfer title in or dispose of the Collateral; 
 (n) execute and deliver to any securities intermediary or other Person any entitlement
order or other notice, document or instrument which Aron may deem necessary or advisable to maintain, protect, realize upon and preserve the Deposit Accounts and Investment Property constituting Collateral and Aron’s security interest therein;
and 
 (o) execute any and all such other documents and instruments, and do any and all acts and things for and on behalf of the Company,
which Aron may deem necessary or advisable to maintain, protect, realize upon and preserve the Collateral and Aron’s security interest therein and to accomplish the purposes of this Agreement. 

Aron agrees that, except upon the occurrence and during the continuance of an Event of Default, it shall not exercise the power of attorney, or any rights
granted to Aron, pursuant to clauses (b) through (n). The foregoing power of attorney is coupled with an interest and irrevocable so long as the Secured Obligations have not been paid and performed in full. The Company
hereby ratifies, to the extent permitted by law, all that Aron shall lawfully and in good faith do or cause to be done by virtue of and in compliance with this Section 7. 

SECTION 8 Aron Performance of Company Obligations. Aron may perform or pay any obligation which the Company has agreed to perform or
pay under or in connection with this Agreement, and the Company shall reimburse Aron on demand for any amounts paid by Aron pursuant to this Section 8. 

SECTION 9 Aron’s Duties. Notwithstanding any provision contained in this Agreement, Aron shall have no duty to exercise any of the
rights, privileges or powers afforded to it and shall not be responsible to the Company or any other Person for any failure to do so or delay in doing so. Beyond the exercise of reasonable care to assure the safe custody of Collateral in Aron’s
possession and the accounting for moneys actually received by Aron hereunder, Aron shall have no duty or liability to exercise or preserve any rights, privileges or powers pertaining to the Collateral. 

SECTION 10 Remedies. 
 (a)
Remedies. Upon the occurrence and during the continuance of any Event of Default, Aron shall have, in addition to all other rights and remedies granted to it in this Agreement, the S&O Agreement or any other Transaction Document, all
rights and remedies of a secured party under the UCC and other Applicable Law. Without limiting the generality of the foregoing, the Company agrees that: 

  
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 (i) Aron may peaceably and without notice enter any premises of the Company, take possession of
any Collateral, remove or dispose of all or part of the Collateral on any premises of the Company or elsewhere, and otherwise collect, receive, appropriate and realize upon all or any part of the Collateral, and demand, give receipt for, settle,
renew, extend, exchange, compromise, adjust, or sue for all or any part of the Collateral, as Aron may determine. 
 (ii) Aron may require
the Company to assemble all or any part of the Collateral and make it available to Aron at any place and time designated by Aron. 
 (iii)
[Reserved.] 
 (iv) Aron may secure the appointment of a receiver of the Collateral or any part thereof (to the extent and in the manner
provided by Applicable Law). 
 (v) Aron may withdraw (or cause to be withdrawn) any and all funds from any Deposit Accounts or securities
accounts constituting Collateral. 
 (vi) Aron may sell, resell, lease, use, assign, transfer or otherwise dispose of any or all of the
Collateral in its then condition or following any commercially reasonable preparation or processing (utilizing in connection therewith any of the Company’s assets, without charge or liability to Aron therefor) at public or private sale, by one
or more contracts, in one or more parcels, at the same or different times, for cash or credit or for future delivery without assumption of any credit risk, all as Aron deems advisable; provided, however, that the Company shall be
credited with the net proceeds of sale only when such proceeds are finally collected by Aron. Aron shall have the right upon any such public sale, and, to the extent permitted by law, upon any such private sale, to purchase the whole or any part of
the Collateral so sold, free of any right or equity of redemption, which right or equity of redemption the Company hereby releases, to the extent permitted by law. Aron shall give the Company such notice of any public or private sale as may be
required by the UCC or other Applicable Law. The Company recognizes that Aron may be unable to make a public sale of any or all of the Pledged Collateral, by reason of prohibitions contained in applicable securities laws or otherwise, and expressly
agrees that a private sale to a restricted group of purchasers for investment and not with a view to any distribution thereof shall be considered a commercially reasonable sale. 

(vii) Aron shall not have any obligation to clean-up or otherwise prepare the Collateral for sale. Aron
has no obligation to attempt to satisfy the Secured Obligations by collecting them from any other Person liable for them and Aron may release, modify or waive any Collateral provided by any other Person to secure any of the Secured Obligations, all
without affecting Aron’s rights against the Company. The Company waives any right it may have to require Aron to pursue any third Person for any of the Secured Obligations. Aron may comply with any applicable state or federal law requirements
in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial 

  
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reasonableness of any sale of the Collateral. Aron may sell the Collateral without giving any warranties as to the Collateral. Aron may specifically disclaim any warranties of title or the like.
This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. If Aron sells any of the Collateral upon credit, the Company will be credited only with payments actually made by the purchaser,
received by Aron and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Aron may resell the Collateral and the Company shall be credited with the proceeds of the sale. 

(b) [Reserved.] 
 (c) Proceeds
Account. To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated at such time as there may exist an Event of Default, Aron may, at its election, (i) retain the proceeds of any sale, collection,
disposition or other realization upon the Collateral (or any portion thereof) in a special purpose non-interest-bearing restricted deposit account (the “Proceeds Account”) created and
maintained by Aron for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as Aron may elect to apply such proceeds to the Secured Obligations, and the Company agrees that such retention
of such proceeds by Aron shall not be deemed strict foreclosure with respect thereto; (ii) in any manner elected by Aron, estimate the liquidated amount of any such contingent, unmatured or unliquidated claims and apply the proceeds of the
Collateral against such amount; or (iii) otherwise proceed in any manner permitted by Applicable Law. The Company agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds
Account, the Company shall not have any right of withdrawal with respect to such funds. Accordingly, the Company irrevocably waives until the termination of this Agreement in accordance with Section 23 the right to make any
withdrawal from the Proceeds Account and the right to instruct Aron to honor drafts against the Proceeds Account. 
 (d) Application of
Proceeds. The cash proceeds actually received from the sale or other disposition or collection of the Collateral, and any other amounts received in respect of the Collateral the application of which is not otherwise provided for herein, shall be
applied as provided in Article 19 of the S&O Agreement. Any surplus thereof which exists after payment and performance in full of the Secured Obligations shall be promptly paid over to the Company or otherwise disposed of in accordance with the
UCC or other Applicable Law. The Company shall remain liable to Aron for any deficiency which exists after any sale or other disposition or collection of Collateral. 

SECTION 11 Certain Waivers. The Company waives, to the fullest extent permitted by law, (a) any right of redemption with respect
to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling of the Collateral or other collateral or security for the Secured Obligations; (b) any right to require Aron (i) to proceed against any
Person, (ii) to exhaust any other collateral or security for any of the Secured Obligations, (iii) to pursue any remedy in Aron’s power, or (iv) to make or give any presentments, demands for performance, notices of
nonperformance, protests, notices of protests or notices of dishonor in connection with any of the Collateral; and (c) all claims, damages, and demands against Aron arising out of the repossession, retention, sale or application of the proceeds
of any sale of the Collateral, unless such damages, and claims and demands in respect thereof, are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from
Aron’s gross negligence or willful misconduct. 

  
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 SECTION 12 Notices. All notices or other communications hereunder shall be given in the
manner and to the addresses specified in the S&O Agreement, subject to the terms set forth in Article 27 of the S&O Agreement. Each of the Company and Aron may change its address, facsimile number or email address for notices and other
communications hereunder by notice to the other parties. 
 SECTION 13 No Waiver; Cumulative Remedies. No failure on the part of Aron
to exercise, and no delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies under this Agreement are cumulative and not exclusive of any rights, remedies, powers and privileges that may otherwise be available to Aron. 

SECTION 14 Costs and Expenses; Indemnification; Other Charges. 

(a) Costs and Expenses. The Company agrees to pay: 

(i) all reasonable out-of-pocket expenses incurred by Aron and
its Affiliates (including the reasonable fees, charges and disbursements of counsel for Aron), and shall pay all reasonable fees and time charges and disbursements for attorneys who may be employees of Aron, in connection with the preparation,
negotiation, execution, delivery and administration of this Agreement, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including
in connection with the preservation or custody of any Collateral; 
 (ii) all reasonable out-of-pocket expenses incurred by Aron (including the reasonable fees, charges and disbursements of any counsel for Aron), and shall pay all reasonable fees and time charges for attorneys who may be
employees of Aron, in connection with the enforcement or protection of its rights (A) in connection with this Agreement, including its rights under this Section, (B) in connection with the Secured Obligations, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Secured Obligations, and including in or in connection with any Insolvency
Proceeding, and (C) in connection with the protection, sale or collection of, or other realization upon, any of the Collateral, including all expenses of taking, collecting, holding, sorting, handling, preparing for sale, selling, or the like,
and other such expenses of sales and collections of Collateral; and 
 (iii) all title, appraisal (including the allocated cost of internal
appraisal services), survey, audit, environmental inspection, consulting, search, recording, filing and similar costs, fees and expenses incurred or sustained by Aron or any of its Affiliates in connection with this Agreement or the Collateral. 

(b) Indemnification. The Company hereby agrees to indemnify Aron, any Affiliate thereof (and any agent thereof) and each Related Party
of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless 

  
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from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and
hold harmless each Indemnitee from all reasonable fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Company),
other than such Indemnitee and its Related Parties, arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated thereby, the performance by the parties hereto
of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) the Secured Obligations or the use or proposed use of the proceeds therefrom, or (iii) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Company, and regardless of whether any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Company against an Indemnitee for breach in bad faith of such Indemnitee’s obligations
hereunder or under any other Transaction Document, if the Company has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. This Section shall not apply with respect to Taxes
other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

(c) Payment. All amounts due under this Section shall be payable not later than 10 days after demand therefor. 

(d) Interest. Any amounts payable to Aron under this Section 14 or otherwise under this Agreement if not paid
upon demand shall bear interest from the date of such demand until paid in full, at the rate of interest set forth in Section 10.6 of the S&O Agreement. 

(e) Survival. The agreements in this Section 14 shall survive the termination of the Agreement and the
repayment of all Secured Obligations. 
 SECTION 15 Binding Effect. This Agreement shall be binding upon, inure to the benefit of and
be enforceable by the Company, Aron, each indemnified Person referred to in Section 14, and their respective successors and assigns and shall bind any Person who becomes bound as a debtor to this Agreement. 

SECTION 16 Governing Law. THIS AGREEMENT SHALL BE GOVERENED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE. 
 SECTION 17
Submission to Jurisdiction. EACH OF THE PARTIES HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION SITUATED IN THE CITY OF NEW YORK, (WITHOUT RECOURSE TO ARBITRATION UNLESS BOTH
PARTIES AGREE IN 

  
 31 







 
WRITING), AND TO SERVICE OF PROCESS BY CERTIFIED MAIL, DELIVERED TO THE PARTY AT THE ADDRESS INDICATED IN ARTICLE 27 OF THE S&O AGREEMENT. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION TO PERSONAL JURISDICTION, WHETHER ON GROUNDS OF VENUE, RESIDENCE OR DOMICILE. 

SECTION 18 Waiver of Jury Trial. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY PROCEEDINGS RELATING TO THIS AGREEMENT. 
 SECTION 19 Entire Agreement; Amendment. THE TERMS OF THIS
AGREEMENT CONSTITUTE THE ENTIRE AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE MATTERS SET FORTH IN THIS AGREEMENT, AND NO REPRESENTATIONS OR WARRANTIES SHALL BE IMPLIED OR PROVISIONS ADDED IN THE ABSENCE OF A WRITTEN AGREEMENT TO SUCH EFFECT
BETWEEN THE PARTIES. THIS AGREEMENT SHALL NOT BE AMENDED EXCEPT BY THE WRITTEN AGREEMENT OF THE PARTIES HERETO. 
 SECTION 20
Severability. If any Article, Section or provision of this Agreement shall be determined to be null and void, voidable or invalid by a court of competent jurisdiction, then for such period that the same is void or invalid, it shall be deemed
to be deleted from this Agreement and the remaining portions of this Agreement shall remain in full force and effect. 
 SECTION 21
Counterparts. This Agreement may be executed by the parties in separate counterparts and initially delivered by facsimile transmission or otherwise, with original signature pages to follow, and all such counterparts shall together constitute
one and the same instrument. 
 SECTION 22 No Inconsistent Requirements. The Company acknowledges that this Agreement and the other
Transaction Documents may contain covenants and other terms and provisions variously stated regarding the same or similar matters, and agrees that all such covenants, terms and provisions are cumulative and all shall be performed and satisfied in
accordance with their respective terms. 
 SECTION 23 Termination. Upon termination of the S&O Agreement and the other
Transaction Documents and the performance of the obligations thereunder, the security interests created by this Agreement shall terminate and Aron shall promptly execute and deliver to the Company such documents and instruments reasonably requested
by the Company as shall be necessary to evidence the termination of all security interests given by the Company to Aron hereunder. 

[Remainder of page intentionally left blank; signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written. 
  

			
	COMPANY:
	
	PAR HAWAII REFINING, LLC
		
	By:	 	 /s/ William Monteleone

	Name: William Monteleone
	Title: Chief Financial Officer


 Signature Page 1 to Amended and Restated Pledge and Security Agreement 






 
			
	ARON:
	
	J. ARON & COMPANY LLC
		
	By:	 	 /s/ John Eleoterio

	Name: John Eleoterio
	Title: Managing Director


 Signature Page 2 to Amended and Restated Pledge and Security Agreement