# EDGAR Filing Document

**Accession Number:** 0000821483
**File Stem:** 0001437749-25-030476
**Filing Date:** 2025-10
**Character Count:** 230598
**Document Hash:** 9f4673c0ce5c5c8ffbfa917445f6a027
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-030476.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001437749-25-030476

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251002

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAR PACIFIC HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0000821483
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 841060803
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36550
- **FILM NUMBER:** 251373999

**BUSINESS ADDRESS:**
- **STREET 1:** 825 TOWN & COUNTRY LANE
- **STREET 2:** SUITE 1500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024
- **BUSINESS PHONE:** (281) 899-4800

**MAIL ADDRESS:**
- **STREET 1:** 825 TOWN & COUNTRY LANE
- **STREET 2:** SUITE 1500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAR PETROLEUM CORP/CO
- **DATE OF NAME CHANGE:** 20120907

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELTA PETROLEUM CORP/CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? parr20251001_8k.htm

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM 8-K** 

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**CURRENT REPORT** 

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): October 2, 2025**

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**Par Pacific Holdings, Inc.** 

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **1-36550** | **84-1060803** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

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| | |
|:---|:---|
| **825 Town & Country Lane, Suite 1500**<br> **Houston, Texas** | **77024** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**(281) 899-4800**

**(Registrant**'**s telephone number, including area code)** 

**(Former name or former address, if changed since last report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.01 par value | PARR | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Entry into a Material Definitive Agreement.**

***Framework Agreement and ISDA Master Agreement and Schedule***

On October 2, 2025, Hawaii Renewables, LLC ("***HR***"), a subsidiary of Par Pacific Holdings, Inc. ("***Par***"), entered into a Framework Agreement for Commodity Swap Transactions (the "***Framework Agreement***") with Wells Fargo Bank, N.A. ("***Wells Fargo***") pursuant to which the parties agreed to a framework for entering into a series of prepaid swaps from time to time with respect to soybean oil and crude oil. On October 2, 2025, Wells Fargo and HR also entered into a related International Swaps and Derivatives Association ("***ISDA***") Schedule to the 2002 ISDA Master Agreement (the "***ISDA Agreement***"), whereby Wells Fargo and HR will execute on a monthly basis such series of swaps (each of which will be evidenced by a separate trade confirmation) and Wells Fargo will agree to prepay a fixed amount to HR (subject to a cap). The swaps will be settled on a monthly basis, and a new series of swaps can be entered into at the beginning of each month. The Framework Agreement has an initial term of one year and will be automatically renewed for additional terms of one year each unless either party terminates the Framework Agreement after the initial term by providing at least 90 calendar days' prior written notice to the other party.

In addition, pursuant to the Framework Agreement, HR and Wells Fargo agreed to use commercially reasonable efforts to negotiate and enter into a definitive Letter of Credit Facility Agreement (the "***LC Facility Agreement***") to support HR's payment obligations with respect to the soybean oil and feedstock inventory supply chain. The Framework Agreement also requires HR to comply with certain covenants with respect to its commodity inventory, storage requirements, insurance, inventory reports, records and inspection of sites. The ISDA Agreement contains certain termination events with respect to early termination of the ISDA Agreement.

Par guarantees HR's obligations under the Framework Agreement, the ISDA Agreement and certain other related agreements (including the LC Facility Agreement upon its execution and delivery) pursuant to an unsecured guaranty.

The foregoing descriptions of the Framework Agreement and the ISDA Agreement are qualified in their entirety by reference to the Framework Agreement and the ISDA Agreement, copies of which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this Current Report on Form 8-K and incorporated by reference herein.

***Pledge and Security Agreement and Credit Support Annex***

In connection with the Framework Agreement and the ISDA Agreement, on October 2, 2025, HR entered into a Pledge and Security Agreement (the "***Pledge and Security Agreement***") with Wells Fargo, pursuant to which HR granted Wells Fargo a security interest in certain collateral, including certain commodity inventory and renewable feedstocks at approved locations, to secure HR's obligations under the Framework Agreement, the ISDA Agreement and, upon its execution and delivery, the LC Facility Agreement. The foregoing description of the Pledge and Security Agreement is qualified in its entirety by reference to the Pledge and Security Agreement, a copy of which is filed as Exhibit 10.3 to this Current Report on Form 8-K and incorporated by reference herein.

Also in connection with the ISDA Agreement, on October 2, 2025, HR and Wells Fargo entered into a Credit Support Annex to the ISDA Agreement (the "***Credit Support Annex***"), which sets forth the terms and conditions upon which HR will be required to deliver additional collateral to Wells Fargo (and Wells Fargo will be required to return collateral to HR) depending upon the mark to market exposure under the ISDA Agreement and the value of the collateral. The foregoing description of the Credit Support Annex is qualified in its entirety by reference to the Credit Support Annex, a copy of which is filed as Exhibit 10.4 to this Current Report on Form 8-K and incorporated by reference herein.

**Item 2.03**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information set forth above in Item 1.01 is incorporated by reference into this Item 2.03.

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**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Exhibits.*

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| | |
|:---|:---|
| **Exhibit** <br> **Number** | **Description** |
| 10.1\* | [Framework Agreement for Commodity Swap Transactions, dated as of October 2, 2025, by and between Hawaii Renewables, LLC and Wells Fargo Bank, N.A.](ex_865658.htm) |
| 10.2 | [International Swaps and Derivatives Association Schedule to the 2002 ISDA Master Agreement, dated as of October 2, 2025, by and between Hawaii Renewables, LLC and Wells Fargo Bank, N.A.](ex_865659.htm) |
| 10.3\* | [Pledge and Security Agreement, dated as of October 2, 2025, by and between Hawaii Renewables, LLC and Wells Fargo Bank, N.A.](ex_865660.htm) |
| 10.4 | [Credit Support Annex to the Schedule to the ISDA 2002 Master Agreement, dated as of October 2, 2025, by and between Hawaii Renewables, LLC and Wells Fargo Bank, N.A.](ex_865661.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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\* Certain schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company undertakes to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 3, 2025

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| | |
|:---|:---|
| PAR PACIFIC HOLDINGS, INC. | PAR PACIFIC HOLDINGS, INC. |
| By: | /s/ Jeffrey R. Hollis |
|  | Jeffrey R. Hollis |
|  | Senior Vice President, General Counsel and Secretary |

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## Exhibit 10.1

**Exhibit 10.1**

*Execution Version*

Date: October 2, 2025

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| | |
|:---|:---|
| To: | **HAWAII RENEWABLES, LLC** (the "**Company**") |

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| | |
|:---|:---|
| From: | **WELLS FARGO BANK, N.A.** ("**Wells Fargo**") |

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Re: Framework Agreement for Commodity Swap Transactions

Dear Sir or Madam,

Wells Fargo and the Company (each a "**Party**" and together the "**Parties**") wish to facilitate the process of entering into swap transactions between them from time to time in respect of certain quantities of soybean oil and crude oil and accordingly agree as set out in this letter agreement (this "**Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;1. **Term & Exclusivity** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The term of this Agreement (the "**Term**") shall commence on the date on which the Company has delivered all documents required to be delivered by it pursuant to Part 3 of the Schedule to the ISDA Master Agreement and shall end on the date falling one year thereafter (subject to sub-clause (b) below) (the "**Initial Term** "); *provided* that the Term shall be automatically extended on an evergreen basis thereafter; *provided further* either Party may terminate this Agreement as of any date falling on or after the end of the Initial Term by providing the other Party with at least 90 calendar days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If an "Early Termination Date" is duly designated under the ISDA Master Agreement in respect of all outstanding Swap Transactions, this Agreement shall terminate on the Release Date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the termination of this Agreement, the Company agrees that it shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) engage in any discussions with another trading counterpart or financing provider regarding the execution of any Inventory Monetization Transaction, solicit or accept a proposal or commitment from a third party for an Inventory Monetization Transaction or otherwise permit or encourage another person to solicit or provide an inventory monetization proposal or conduct due diligence in connection with an Inventory Monetization Transaction proposal at any time prior to the date falling six months after the commencement of the Term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) execute definitive documentation with respect to any Inventory Monetization Transaction (other than that constituted by the Transaction Documents) at any time prior the date falling 90 calendar days prior to the end of the Initial Term (or period that would be the Initial Term but for the early termination of this Agreement), and provided that it has given notice to Wells Fargo (or has received notice from Wells Fargo) pursuant to sub-clause (a) above that this Agreement shall not be automatically extended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) receive any advance of funds (howsoever described) pursuant to any Inventory Monetization Transaction (other than that constituted by the Transaction Documents) at any time during the Initial Term (or period that would be the Initial Term but for the early termination of this Agreement).

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For the avoidance of doubt, the foregoing shall not restrict or prevent the Company in any way with respect to soliciting or accepting any secured debt financing that does not constitute an Inventory Monetization Transaction. For the purposes of the foregoing, "**Inventory Monetization Transaction**" means a transaction pursuant to which a party advances funds to the Company against either (1) financing provided on an inventory title transfer basis or (2) an economically equivalent synthetic transaction pursuant to which the third party undertakes direct commodity price risk with respect to the relevant commodity inventory owned by the Company, in either case in relation to the Company's inventory or supply chain of soybean oil, other renewable feedstocks and renewable hydrocarbon products at or to the Refinery, the Offsite Storage Locations or any other Approved Locations.<br>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may, from time to time, request the inclusion of additional Approved Locations for the purposes of the transactions contemplated by the Transaction Documents, in which case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any additional Approved Tank proposed by the Company that is located at the Refinery or an existing Offsite Storage Location shall be subject to Wells Fargo's consent, not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any additional Approved Location proposed by the Company that is located in Hawaii or any other state of the United States and is duly licensed and capable of storing Commodities in accordance with Good Industry Practices shall be subject to Wells Fargo's consent, not to be unreasonably withheld, conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any additional Approved Location proposed by the Company not falling within sub-clause (i) or (ii) above shall be considered in good faith by Wells Fargo with no obligation to accept such proposal.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary in the Transaction Documents, a soybean oil, other feedstocks and renewable products storage and/or transportation facility or vessel shall cease to be an Approved Location for the purposes of this Agreement and the ISDA Master Agreement if (i) a Storage Facility Event or a Hazardous Event occurs with respect to such facility or vessel or (ii) in the event of a change of Storage Operator without the prior consent of Wells Fargo, not to be unreasonably withheld, conditioned or delayed; *provided that* to the extent a Storage Facility Event or Hazardous Event relates only to an identifiable part of an Approved Location (with the Collateral Inventory stored in the rest of that Approved Location remaining safely stored and fully accessible), the foregoing exclusion shall apply only to the part affected by that Storage Facility Event or Hazardous Event, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company may, by written notice to Wells Fargo no later than the time it delivers its Weekly Inventory Report in respect of any Weekly Observation Date, elect that one or more Approved Locations temporarily cease to constitute Approved Locations for the purposes of this Agreement and the ISDA Master Agreement, with effect from and including that Weekly Observation Date (or such earlier date as the Parties may mutually agree, which date shall also constitute a "Valuation Date" for the purposes of the CSA) until further notice.

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&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary in any Transaction Document, any storage and/or transportation facility or vessel that ceases to constitute an Approved Location for the purposes of this Agreement and the ISDA Master Agreement shall continue to constitute an Approved Location for the purposes of the Security Agreement until such time as Wells Fargo (acting reasonably, in good faith and promptly following the time when such facility or vessel is delisted as an Approved Location) notifies the Company either (a) that all amounts payable by the Company to Wells Fargo (if any) determined by reference to the delisting of that Approved Location have been irrevocably paid in full or (b) that the delisting of that Approved Location would not result in a "Delivery Amount" owing from the Company pursuant to the CSA (or a reduction to the "Return Amount" that would otherwise be owing from Wells Fargo to the Company) in respect of the next "Valuation Date" thereunder; *provided that*, notwithstanding the foregoing and for the avoidance of doubt, if any of the Collateral shall be sold, transferred or otherwise disposed of by the Company upon or after withdrawal from the relevant Approved Location, then so long as no Event of Default shall have occurred and be continuing, the lien created pursuant to the Security Agreement in such Collateral shall be automatically released.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Parties shall use commercially reasonable efforts to negotiate and enter into (i) the LC Facility Agreement and related ancillary documents (including without limitation the Deposit Account Control Agreement) and (ii) any consequential amendments to the other Transaction Documents (including without limitation the Guaranty and the Security Agreement) to contain conforming changes to reflect the entry into the LC Facility Agreement, in each case subject to and on substantially similar economic terms to those set out in the Letter of Intent, including the attachments thereto, entered into between Wells Fargo and the Company dated June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary in the Transaction Documents, the Parties acknowledge and agree that no Swap Transactions shall be entered into hereunder unless and until the assets identified in sub-clause (j) of the definition of "Contributed Assets" have been conveyed to the Company by Par Pacific Holdings, Inc., as set out in and in accordance with the Equity Contribution Agreement, where "**Equity Contribution Agreement**" means that certain Equity Contribution Agreement among the Company, Par Pacific Holdings, Inc. and Alohi Renewable Energy LLC dated July 21, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) No later than thirty (30) days after the date hereof (or such longer period as may be approved by Wells Fargo in its commercially reasonable discretion), the Company shall ensure that the remainder of the "Contributed Assets" have been conveyed to the Company by Par Pacific Holdings, Inc., as defined in and in accordance with the Equity Contribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Series of Swap Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Wells Fargo and the Company agree that on each Monthly Observation Date during the Term (such Monthly Observation Date being the "Trade Date" for the relevant series) they may (but neither Party shall be obliged to) enter into a series of commodity swap transactions (each a "**Swap Transaction** "), each evidenced by a confirmation substantially in the form attached hereto as Schedule 3 (*Form of Confirmation*), completed in the manner described therein, and supplementing, forming part of, and subject to the ISDA Master Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Each such series shall correspond to the calendar month immediately following the calendar month in which that Monthly Observation Date falls (the relevant "**New Month** ").

&nbsp;&nbsp;&nbsp;&nbsp;(c) Each such series shall comprise a number of separate and independent Swap Transactions (without prejudice to Section 1(c) (*Single Agreement*) of the ISDA Master Agreement) having consecutive one-week terms, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first such Swap Transaction in each such series shall have an Effective Date falling on that Monthly Observation Date and a Swap Valuation Date falling on the immediately following Weekly Observation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the intermediate Swap Transactions in each such series shall each have an Effective Date falling on the Swap Valuation Date of the preceding Swap Transaction and a Swap Valuation Date falling on the immediately following Weekly Observation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the final Swap Transaction in each such series shall have an Effective Date falling on the Swap Valuation Date of the preceding Swap Transaction and a Swap Valuation Date falling on the Monthly Observation Date occurring in that New Month,

and accordingly each such series shall constitute the initial Monthly Series of Swap Transactions in respect of that New Month.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Notional Quantity in respect of each Commodity Group for each Swap Transaction entered into pursuant to sub-clause (c) above shall be an amount of that Commodity Group equal to the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the minimum forecast aggregate quantity of each Commodity composing that Commodity Group across all Approved Locations in the period (x) from (and including) the Month-Start Date (y) to (and including) the Month-End Date for the relevant Monthly Series of Swap Transactions, as set out in the most recent Monthly Inventory Forecast as of the Trade Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of that Commodity Group (rounded down to the nearest integral multiple of the applicable lot size on the relevant Exchange) having a value equal to (A) the Commodity Limit; *multiplied by* (B) the percentage representing the *pro rata* volumetric proportion of the total Collateral Inventory volume (as of the relevant Month-Start Date) represented by that Commodity Group; *divided by* (C) the Hedged Advance Rate.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties acknowledge that the aggregate of the Prepayment Amounts across each of the initial Swap Transactions of each Monthly Series will be payable on the same Prepayment Date.

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&nbsp;&nbsp;&nbsp;&nbsp;3. **Incremental Swaps in Relation to Cargoes** 

If the Company purchases a cargo (or cargoes) of a Commodity for delivery via an Approved Vessel to the Refinery System (or, in the case of cargos for which the Company has requested Wells Fargo to issue a letter of credit, a vessel that will become an Approved Vessel immediately upon delivery of the relevant bills of lading to Wells Fargo), the Parties may agree to enter an incremental series of Swap Transactions on identical terms to the initial Swap Transactions of the then-current Monthly Series, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first such incremental Swap Transaction shall have (i) an Effective Date falling on the later of (A) the Trade Date and (B) the Business Day after the day on which the relevant vessel becomes an Approved Vessel (or the first Business Day thereafter, if such day is not a Business Day) and (ii) a Swap Valuation Date falling on the Swap Valuation Date of the Current Swap Transaction, where "**Current Swap Transaction**" means, as of the Effective Date of that incremental Swap Transaction, the Swap Transaction for which that date falls on or after the Effective Date and prior to the Swap Valuation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the remaining incremental Swap Transactions, if any, shall have tenors equivalent to the other existing Swap Transactions, if any, in the relevant Monthly Series for which the Effective Date has not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Notional Quantity of each Commodity Group for each incremental Swap Transaction shall be equal to the volume specified in the bill of lading of the relevant cargo where the cargo is of a Commodity of that Commodity Group, and zero otherwise (subject to an aggregate limit as set out in sub-clause 2(d)(ii) above when taken together with all other Swap Transactions of that Monthly Series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Fixed Price of each Commodity Group for each such incremental Swap Transaction shall be the relevant Commodity Reference Price in respect of the Effective Date for that incremental Swap Transaction for the contract month corresponding to the Swap Valuation Date or the contract month as mutually agreed upon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) the Prepayment Amount for each such incremental Swap Transaction shall be an amount equal to the Incremental Prepayment Cap (unless otherwise agreed between the Parties); (ii) if such incremental Swap Transaction relates to a cargo in connection with which Wells Fargo has issued a letter of credit, the Prepayment Date shall be the Business Day immediately following the "Ad Hoc LC Valuation Date" occurring under the CSA in relation to the relevant cargo, and otherwise the Prepayment Date shall be the second Business Day following the first "Valuation Date" under the CSA on which such cargo forms part of the "Total Commodity Inventory Volume" as defined in the CSA; and (iii) such Prepayment Amount shall be payable by Wells Fargo into the Supplier Payables Account (in aggregate with the Prepayment Amounts for each of the other incremental Swap Transactions relating to that cargo, if any),

and any incremental Swap Transactions entered into pursuant to this clause 3 shall constitute part of the relevant Monthly Series for all purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;4. **Commodities, Inventory Reporting and Inspection** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Commodity Groups and Commodities as of the date of this Agreement are identified in Schedule 1 (*Commodity Groups and Commodities*) hereto.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than 4:00 p.m. (New York time) on each Weekly Observation Date during the Term, the Company shall provide Wells Fargo with an inventory report (each a "**Weekly Inventory Report**") in the form substantially agreed between the Parties prior to the date of this Agreement and containing the aggregate quantity of each Commodity constituting part of the Collateral Inventory in each Approved Location as of the Inventory Determination Time on that Weekly Observation Date, prepared in accordance with Good Industry Practices.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not later than 4:00 p.m. (Hawaii time) on the Business Day immediately preceding each Monthly Observation Date during the Term, the Company shall provide Wells Fargo with an inventory report (each a "**Monthly Inventory Forecast**") in the form substantially agreed between the Parties prior to the date of this Agreement and containing the Company's good faith forecast of the Collateral Inventory in each Approved Location as of the Inventory Determination Time on each calendar day in the following twelve week period, prepared in accordance with Good Industry Practices.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Without duplication of any information requests by the Inspector appointed pursuant to sub-clause (e) herein and subject to the documented costs cap set forth therein, the Company shall provide as available the following information about the Collateral Inventory as Wells Fargo may reasonably request: the origin of any Commodity, the producer, the format of the Documents of Title (if any), the identity of any Storage Operator holding Commodities and to the extent available a material safety data sheet with respect to the Commodities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Wells Fargo has the right to appoint an independent inspector (the "**Inspector**") for the purpose of determining whether any Commodity complies with the quantity, specification and description of the Commodities contained in each Weekly Inventory Report (an "**Authorized Inspection** "), *provided that* any such Inspector shall be approved by the Company (such approval not to be unreasonably withheld, conditioned or delayed). In connection with each Authorized Inspection:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall (A) procure the cooperation of each Affiliated Storage Operator with each Authorized Inspection and (B) use its reasonable efforts to procure the cooperation of each relevant Third Party Storage Operator with each Authorized Inspection; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms on which Wells Fargo appoint the relevant Inspector shall provide for the Inspector to carry out any Authorized Inspection in accordance with prudent business practices and in compliance with such health, safety and environmental-related policies and procedures as each relevant Storage Operator may require. The reasonable and documented costs of the Inspector in respect of (i) two Authorized Inspections in any calendar year (in an amount not to exceed $10,000 annually in the aggregate) and (ii) any Authorized Inspection at a time when an Event of Default has occurred in respect of the Company and is continuing pursuant to the ISDA Master Agreement shall be borne by the Company; and the costs of the Inspector in respect of any other Authorized Inspection shall be borne by Wells Fargo; *provided* that, such inspections shall not materially interfere with the ordinary course of business being conducted at such Approved Locations and shall be conducted in accordance with all Applicable Laws and permits; and *provided further* that the terms on which Wells Fargo appoint the relevant Inspector shall provide for: (A) the Inspector and its representatives to follow routes and paths designated by the applicable operator or security personnel employed by such operator and (B) the Inspector's personnel and its representatives to observe Applicable Laws and all security, fire and safety directives, procedures, regulations and guidelines then in effect at such location while, in, around or about such location.

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&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon any agreement between Wells Fargo and the Company to add an Approved Location for the purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to an Approved Vessel, the Company shall deliver to Wells Fargo (1) valid, accurate, complete and properly issued bills of lading, (2) certificate of origin, (3) certificates of quality and quantity, (4) location and laycan information in relation to loading and delivery and (5) such other information regarding the relevant vessel and charterparty as Wells Fargo may reasonably request, in relation to the relevant Commodity cargo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to an Approved Location operated by an Affiliated Storage Operator, the Company shall (A) confirm the relevant Approved Tank(s) with Wells Fargo and (B) provide a Creditor Acknowledgement upon the date of inclusion of such Approved Location; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to an Approved Location operated by a Third Party Storage Operator (other than an Approved Vessel), the Company shall (A) confirm the relevant Approved Tank(s) with Wells Fargo, (B) promptly (and in any event within five Business Days) send the relevant Storage Operator a Creditor Notice, (C) use commercially reasonable efforts to procure that such Third Party Storage Operator enters into a corresponding Creditor Acknowledgement with the Company and Wells Fargo within 30 calendar days and (D) promptly provide Wells Fargo with copies of, or procure Wells Fargo direct access to, all tank or other inventory reports provided by that Third Party Storage Operator to the Company in respect of the relevant Approved Location(s).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary in this Agreement or the ISDA Master Agreement, no Storage Facility Event or Event of Default shall be deemed to have occurred under any Transaction Document as a result of the Company failing (after having used its commercially reasonable efforts) to deliver to Wells Fargo a duly executed Creditor Acknowledgement from a Third Party Storage Operator by the date falling 30 calendar days after (i) the date of this Agreement (in the case of the Initial Creditor Acknowledgements) or (ii) the date of agreement between Wells Fargo and the Company to add a new Approved Location (in the case of any subsequent Creditor Acknowledgements); *provided that* with effect from and including the first Weekly Observation Date following such deadline, each Approved Location for which the Company has not delivered to Wells Fargo a Creditor Acknowledgement duly executed by the Company and the relevant Third Party Storage Operator or has not paid or posted a letter of credit or a surety bond pursuant to sub-clause 4(h) below shall constitute an "**Unacknowledged Location**" for the purposes of the CSA.

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&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Company has not delivered a duly executed Creditor Acknowledgement that it is required to deliver pursuant to clause 4(f)(iii) for a relevant Approved Location operated by a Third Party Storage Operator within 30 days of such Approved Location's inclusion to Wells Fargo (the "**Creditor Acknowledgement Due Date** "), then the Company shall (as elected by the Company) either (i) pay to Wells Fargo an amount equal to three months of storage fees for such Unacknowledged Location (as determined based on a historical average supported by such evidence as Wells Fargo may reasonably request from time to time) upon the Creditor Acknowledgement Due Date, which Wells Fargo will repay to the Company upon the earlier to occur of (A) two Business Days after the Company's delivery of a duly executed Creditor Acknowledgement to Wells Fargo or (B) the termination of this Agreement; or (ii) deliver to Wells Fargo a letter of credit or a surety bond on terms and issued by a bank acceptable to Wells Fargo (acting in good faith and in a commercially reasonable manner) in an amount equal to three months of storage fees for such Unacknowledged Location (as determined based on a historical average).

&nbsp;&nbsp;&nbsp;&nbsp;5. **Specified Schedule Changes** 

The Parties agree that, notwithstanding anything to the contrary herein, the Parties may amend any item on any Schedule to this Agreement (each a "**Specified Schedule**" and, collectively, the "**Specified Schedules**") from time to time in accordance with the following procedures (each such amendment, a "**Specified Schedule Change**"):

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Specified Schedule Change shall be evidenced by email exchange initiated by one Party and subsequently acknowledged and agreed by the other Party, which email shall specifically reference the item being changed and indicate the nature of the Specified Schedule Change (which may include the removal or addition of or change to a Commodity Group or a Commodity, including the removal or addition of or change to the description or information of a Commodity Group or a Commodity, on Schedule 1 (*Commodity Groups and Commodities*), the removal or addition of or change to an Approved Location, including Approved Tanks, Approved Vessel, and Offsite Storage Locations, on Schedule 2 (*Approved Locations*), or a change to Annexes on Schedule 3 (*Form of Confirmation*)), and the effective date of such Specified Schedule Change. A Specified Schedule Change shall only be effective to bind the Parties when mutually agreed, as evidenced by email confirmation and with effect from and including the next Weekly Observation Date to occur after such email confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) An exchange of emails, delivered to the Parties to the emails indicated in Part 4(a) (*Addresses for Notices*) of the Schedule to the ISDA Master Agreement and complying with the terms of this clause 5 shall (notwithstanding anything to the contrary herein) constitute an amendment of relevant Specified Schedule with respect to the Specified Schedule Change memorialized in such emails.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Structuring Fee and Transaction Costs** 

The Company shall pay to Wells Fargo:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Structuring Fee; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the WF Expenses,

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in each case on the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Transaction Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of each Swap Transaction entered into pursuant to this Agreement, the Company shall pay to Wells Fargo the Transaction Fee, as defined in and determined in accordance with the Fee and Expense Letter.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each payment by the Company of a part of the Transaction Fee shall be deemed to be an amount payable pursuant to a Transaction subject to the ISDA Master Agreement for the purposes of "Multiple Transaction Payment Netting" as defined therein.

&nbsp;&nbsp;&nbsp;&nbsp;8. **Representations** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Mutual Representations</u>. Each Party make the following representations and warranties to the other Party on the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) it is an "Eligible Contract Participant" as defined in Section 1a(18) of the Commodity Exchange Act, as amended from time to time, and any successor statute;

&nbsp;&nbsp;&nbsp;&nbsp;(b) it is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and in good standing under such laws;

&nbsp;&nbsp;&nbsp;&nbsp;(c) it has the corporate, governmental or other legal capacity, authority and power to execute and deliver the Transaction Documents and to perform its obligations under this Agreement and the other Transaction Documents and has taken all necessary action to authorize the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution, delivery and performance of the Transaction Documents and the performance of its obligations thereunder and the consummation of the transactions contemplated thereby do not violate or conflict with (i) any Applicable Law, in any material respect, (ii) any provision of its constitutional documents, (iii) any order or judgment of any court or Governmental Authority applicable to it or any of its assets or (iv) any material contractual restriction binding on or affecting it or any of its assets; except, in the case of sub-clauses (i), (iii) and (iv) of this sub-clause (d), where such violation or conflict would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;(e) its obligations under the Transaction Documents constitute its legal, valid, and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;(f) it is not relying upon any representations of the other Party other than those expressly set forth in this Agreement or the other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;(g) it has entered into this Agreement as principal (and not as advisor, agent, broker or in any other capacity, fiduciary or otherwise), on an arm's length basis and with a full understanding of the material terms and risks of the same and is capable of assuming those risks;

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&nbsp;&nbsp;&nbsp;&nbsp;(h) it has made its trading and investment decisions (including their suitability) based upon its own judgment and any advice from its advisors as it has deemed necessary and not in reliance upon any view expressed by any other Party; and

&nbsp;&nbsp;&nbsp;&nbsp;(i) it (or, if it is disregarded as an entity separate from another person for U.S. federal income tax purposes, then such other person) is a "United States person" (within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986 (as amended)).

&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Monthly Company Representations</u>. The Company makes the following representations and warranties to Wells Fargo on the date of this Agreement and each Monthly Observation Date:

&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the cure rights of the Company under Clause 9(n), all written factual information prepared by or, if directed by the Company, on behalf of the Company and furnished to Wells Fargo for purposes of or in connection with this Agreement or any Swap Transaction contemplated hereby (other than any information to which the Company represents in accordance with clause 8.3(a) below) is true and accurate in all material respects on the date as of which such information is dated or certified and does not omit any material fact necessary to make such furnished information (taken as a whole), in light of the circumstances under which such information was provided, not misleading in any material respect at such time, other than (i) any financial statements, as to which the Company represents and warrants that such financial statements fairly present in all material respects the financial condition and results of operations for the persons and period covered thereby, and (ii) any projections provided by the Company, as to which the Company represents only that such information was prepared in good faith by management of the Company on the basis of the information available to management of the Company as of the relevant time and assumptions believed by such management to be reasonable as of the time made, it being understood that actual future performance may differ from projections and the differences may be material;

&nbsp;&nbsp;&nbsp;&nbsp;(b) there are no past due Taxes owed by the Company, other than (i) as may be contested in good faith pursuant to appropriate proceedings and for which adequate reserves, in accordance with GAAP, have been accrued in the Company's financial statements or (ii) to the extent that such past due Taxes would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;(c) to the knowledge of the Company, the Company is not in default under, and has not received a notice of default under, any contract, agreement, lease or any other document or instrument binding on the Company which is continuing and which, if not cured, would reasonably be expected to have a Material Adverse Effect within the meaning of sub-paragraphs (a)(ii) or (b) of the definition of that term, other than as disclosed in writing to Wells Fargo promptly after becoming aware of such event or circumstance;

&nbsp;&nbsp;&nbsp;&nbsp;(d) to the knowledge of the Company, it is in compliance with all Applicable Laws, including all orders and other restrictions imposed by any Governmental Authority, in respect of the conduct of its business and the ownership and operation of its properties (including compliance with all applicable Environmental Laws), except where such failure to comply, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; and

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&nbsp;&nbsp;&nbsp;&nbsp;(e) to the knowledge of the Company, no Material Adverse Effect has occurred with respect to the Company since the date of its most recent audited financial statements delivered to Wells Fargo pursuant to the ISDA Master Agreement, except as disclosed in writing by the Company to Wells Fargo.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Weekly Company Representations</u>. The Company makes the following representations and warranties to Wells Fargo on the date of this Agreement and each Weekly Observation Date:

&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the cure rights of the Company under Clause 9(n), the Weekly Inventory Report and any other written factual information relating to the Collateral as of that Weekly Observation Date, including without limitation the composition, specification, location or valuation thereof, is true and accurate in all material respects on the date as of which such information is dated or certified and does not omit any material fact necessary to make such furnished information (taken as a whole), in light of the circumstances under which such information was provided, not misleading in any material respect at such time (*provided that* to the extent such written factual information incorporates or relies on information provided to the Company by a Third Party Storage Operator or other non-Affiliate third party, the Company will not be deemed to have made any misrepresentation hereunder as a result of a material misstatement or omission in such third-party information if it was not actually aware of such material misstatement or omission);

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company is not aware of any written allegation (whether or not substantiated) of any crime, fraud, misrepresentation or material error adversely affecting any documents (including warehouse receipts or other Documents of Title) issued by it or any Storage Operator in relation to any Collateral (as defined in the Security Agreement), other than as disclosed in writing to Wells Fargo promptly after becoming aware of such event or circumstance;

&nbsp;&nbsp;&nbsp;&nbsp;(c) there are no past due storage, handling, carriage, labor, services or materials fees or charges owed by the Company outstanding relating to any Approved Location or any Commodities in any Approved Location, other than any Permitted Unpaid Warehouseman's or Mechanic's Fees;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the relevant Commodities owned by the Company in each Approved Location comprising the "BO" Commodity Group (being renewable fuel feedstocks or blends of such feedstocks), (i) are fit for the purpose of refining into renewable fuels; and (ii) to the best of the Company's knowledge, conform to the applicable specifications required for storage at the applicable Approved Location, subject to the proviso below; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) the relevant Commodities owned by the Company in each Approved Location comprising the "CO" Commodity Group (being renewable fuels), (i) are of suitable quality and specification to be delivered in the ordinary course of business to the Company's usual customers for the relevant Commodity and (ii) to the best of the Company's knowledge, conform to the applicable specifications required for storage at the applicable Approved Location, subject to the proviso below;

*provided that* the Company shall not be deemed to have made any misrepresentation hereunder pursuant to sub-clause (d) or (e) above if the degradation in value of the relevant Commodities due to such circumstance or failure to meet the applicable standard represents less than 1% of the prevailing value of the entire Collateral Inventory (but for such degradation).

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&nbsp;&nbsp;&nbsp;&nbsp;9. **Company Covenants** 

The Company hereby undertakes to Wells Fargo on the date of this Agreement that at all times prior to the Release Date that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) continue to pay all storage, handling, carriage, labor, services and materials fees and charges and any other amounts due and payable by the Company to any Storage Operator holding any part of the Collateral Inventory or any other person owning, operating or performing work in relation to the Collateral Inventory or any Approved Location; *provided that* the Company shall not be deemed to have breached the foregoing undertaking in respect of any Permitted Unpaid Warehouseman's or Mechanic's Fees;

&nbsp;&nbsp;&nbsp;&nbsp;(b) use commercially reasonable efforts to ensure that the Collateral Inventory comprising the "BO" Commodity Group (being renewable fuel feedstocks or blends of such feedstocks), (i) is fit for the purpose of refining into renewable fuels; and (ii) conforms to the applicable specifications required for storage at the applicable Approved Location, subject to the proviso below;

&nbsp;&nbsp;&nbsp;&nbsp;(c) use commercially reasonable efforts to ensure that the Collateral Inventory comprising the "CO" Commodity Group (being renewable fuels), (i) is of suitable quality and specification to be delivered in the ordinary course of business to the Company's usual customers for the relevant Commodity and (ii) conforms to the applicable specifications required for storage at the applicable Approved Location, subject to the proviso below;

&nbsp;&nbsp;&nbsp;&nbsp;(d) not grant a lien or permit to exist any Encumbrance on any of the Collateral other than Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;(e) in all material respects, perform its obligations under and comply with the terms of the Storage Agreements and Creditor Acknowledgements as and when such agreements are entered into by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(f) maintain and pursue diligently all of its material rights under the Storage Agreements and Creditor Acknowledgements and take all reasonable steps to enforce its rights and any rights granted to it thereunder as and when such agreements are entered into by the Company, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;(g) not modify, amend or waive rights arising under any of the Storage Agreements or the Creditor Acknowledgements as and when such agreements are entered into by the Company without the prior written consent of Wells Fargo (other than extensions of the duration of any such agreement); *provided, however*, that if the Company provides Wells Fargo with prior written notice, the Company may, without the prior written consent of Wells Fargo, make such modifications, amendments or waivers, including extensions or elections under any of the foregoing, that do not materially and adversely affect Wells Fargo's rights thereunder, or degrade, reduce or limit the standards previously applicable to the operator thereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;(h) except where such failure to comply would not reasonably be expected to have a Material Adverse Effect, (i) take all reasonable action to preserve, renew and maintain in full force and effect its legal existence and good standing under the Applicable Laws of the jurisdiction of its organization and preserve the perfection of liens in favor of Wells Fargo created in connection herewith; and (ii) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;(i) comply in all material respects with the requirements of all Applicable Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (i) such requirement of Applicable Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (ii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP in all material respects and consistently applied shall be made of all financial transactions and matters involving the assets and business of the Company; and (ii) maintain such books of record and account in conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Company, except where the failure to comply with this sub-clause (j) would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;(k) take all reasonable action to comply with Wells Fargo's reasonable requests, no more than once per calendar year, for copies of any documents, books or records maintained by the Company, or to discuss the Company's affairs, finances and accounts, in each case relating to the Transaction Documents or the Company's performance of or ability to perform the transactions contemplated thereby (without duplication of any documents, books or records requested by or provided to Wells Fargo pursuant to any other provision of the Transaction Documents);

&nbsp;&nbsp;&nbsp;&nbsp;(l) to the extent reasonably requested by Wells Fargo, cause to be filed acknowledgements and/or releases (including without limitation, amendments or terminations of UCC financing statements), in form and substance reasonably satisfactory to Wells Fargo, confirming the release of any Encumbrances in favor of any lender or other creditor, other than Permitted Encumbrances, that apply to any Collateral, and agrees to use commercially reasonable efforts to provide Wells Fargo with such further documentation as it may reasonably request in order to confirm the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;(m) promptly notify Wells Fargo (unless prohibited by Applicable Law) upon becoming aware of any (i) Storage Facility Event or Hazardous Event, (ii) fraud or serious crime committed by, (iii) material adverse event affecting the business or creditworthiness of, or (iv) actual or threatened (in writing) bankruptcy, insolvency, receivership or similar proceedings by or against, the owner or operator of any Approved Location storing or holding possession or control of the relevant Commodities owned by the Company, other than any such matter affecting a Storage Operator that has been disclosed by that Storage Operator (publicly or to Wells Fargo) or has otherwise become generally known to the public;

&nbsp;&nbsp;&nbsp;&nbsp;(n) promptly notify Wells Fargo upon becoming aware of any material misstatement or omission contained in any written factual information provided by or on behalf of it to Wells Fargo for purposes of or in connection with this Agreement or any Swap Transaction contemplated hereby, following which (i) the Company shall consult with Wells Fargo (each acting in good faith and in a commercially reasonable manner) as to the rectification of such misstatement or omission, (ii) the "Valuation Agent" (as defined in the CSA) shall determine the amount that would have been transferable between the Parties in respect of the immediately preceding "Valuation Date" (as defined in the CSA) on the basis of the corrected information and (iii) one Party shall promptly pay to the other Party the amount necessary to account between them for the difference between (A) such amount and (B) the amount actually transferred on the immediately preceding Valuation Date; unless **  such amount is less than the Minimum Transfer Amount (as defined in the CSA) (and, without prejudice to any proviso to clause 8.2(a) or 8.3(a), the Company will be deemed not to have made any misrepresentation to Wells Fargo under such clauses if the Company complies with the foregoing); and

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&nbsp;&nbsp;&nbsp;&nbsp;(o) from and including the date on which the LC Facility Agreement is effective, (i) open and maintain the Supplier Payables Account and (ii) pay such amounts into the Supplier Payables Account as are necessary, together with the amounts paid or payable by it and Wells Fargo into such account pursuant to the CSA, to discharge in full its payment obligations to the supplier of any Commodity cargo to whom Wells Fargo issues a letter of credit pursuant to the LC Facility Agreement, no later than the second Business Day prior to the due date for such payment to the relevant supplier,

*provided that* the Company shall not be deemed to have breached its covenants pursuant to sub-clause (b) or (c) above if the degradation in value of the relevant Commodities due to such circumstance or failure to meet the applicable standard represents less than 1% of the prevailing value of the entire Collateral Inventory (but for such degradation).

&nbsp;&nbsp;&nbsp;&nbsp;10. **Company Insurance Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) At all times during the Term, the Company shall maintain the following insurances in full force and effect with insurance companies rated not less than A- VII by A.M. Best (or otherwise reasonably acceptable to Wells Fargo):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cargo Stock throughput coverage in an amount sufficient to cover the replacement cost of Collateral Inventory at each Approved Location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Commercial general liability coverage which includes bodily injury, property damage, contractual liability, cross suit liability, sudden and accidental pollution liability, and products and completed operations liability coverage in a minimum amount of USD 1,000,000 per occurrence and USD 2,000,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Commercial automobile liability coverage in a minimum amount of USD 1,000,000 combined single limit for all owned/hired/non-owned vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Workers' compensation coverage in the amount required by Applicable Law, and employer's liability coverage with a minimum amount of USD 1,000,000 per accident, USD 1,000,000 per disease, and USD 1,000,000 per employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Umbrella/excess liability coverage providing coverage with respect to the coverage required under sub-clauses (ii), (iii), and (iv)(B) above in a minimum amount of USD 100,000,000 per occurrence and in the aggregate.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as reasonably practicable following the renewal or entry into a new insurance policy or otherwise upon request by Wells Fargo, the Company shall provide a certificate of insurance (in form and substance satisfactory to Wells Fargo) evidencing that the required coverages are in place.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall provide Wells Fargo with at least 30 calendar days' notice prior to any cancellation or expiry (without replacement) of any insurance policy or coverage limit referred to in sub-paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall comply with all notice and reporting requirements in the foregoing policies and timely pay all premiums.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall be responsible for any deductibles or retentions that are applicable to the insurance required pursuant to this clause.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The mere purchase and existence of insurance does not reduce or release either Party from any liability incurred or assumed under this Agreement or the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company shall use commercially reasonable efforts to ensure that at all times Wells Fargo shall be named as an additional insured, lender loss payee and/or loss payee, as applicable, with respect to the property and casualty policies maintained by the Company in accordance with this clause.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company must ensure that at all times each Approved Location is expressly named as a location subject to the Cargo Stock throughput policy described at sub-clause (a)(i) above.

&nbsp;&nbsp;&nbsp;&nbsp;11. **Trade Controls, Sanctions and Boycotts** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, nothing in this Agreement, the ISDA Master Agreement or any Confirmation is intended, and nothing herein should be interpreted or construed, to induce or require either party hereto to act in any manner (including taking or failing to take any actions in connection with a Swap Transaction) which is penalized or prohibited under any laws, regulations, decrees, ordinances, orders, demands, requests, rules or requirements of the United States of America applicable to such party which relate to international boycotts of any type.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, neither party shall be obliged to perform any obligation otherwise required by this Agreement, the ISDA Master Agreement or any Swap Transaction (including, without limitation, an obligation to (i) perform, deliver, accept, sell, purchase, pay or receive monies to, from, or through any person, or (ii) engage in any other acts) if such actions would be in violation of, or expose such party to punitive measures under, any laws, regulations, decrees, ordinances, orders, demands, requests, rules or requirements of the United States of America, the European Union, any EU Member State, the United Kingdom, any other country or the United Nations applicable to that party relating to Sanctions, Anti-Money Laundering Laws, Anti-Corruption Laws, foreign trade controls, export controls, non-proliferation, anti-terrorism and similar laws.

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&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party represents and warrants to the other party on the date of this Agreement, and shall be deemed to represent and warrant on each Weekly Observation Date, that it is not the subject of any Sanctions or located, organized or resident in a country or territory that is the subject of Sanctions and that it has instituted, maintains and, to its knowledge, complies with policies, procedures and controls reasonably designed to prevent violations of Sanctions, Anti-Corruption Laws, and Anti-Money Laundering Laws to which it is subject. Neither Party shall knowingly engage in any transaction or activity hereunder that is prohibited by applicable Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws, or that could otherwise knowingly cause the other Party to be in violation of Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws except to the extent permitted by law. Each Party represents to the other Party that neither it nor, to its knowledge, any of its Subsidiaries is on any list of targets identified or designated pursuant to any Sanctions, is owned or controlled by persons on such lists, has any assets in any target on such lists or is the target of any territorial or country-based Sanctions program.

&nbsp;&nbsp;&nbsp;&nbsp;12. **Payment and Tax** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments made by each Party to the other Party under this Agreement (including the Structuring Fee, WF Expenses and each component of the Transaction Fee) shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deemed to be payments made under the ISDA Master Agreement for the purposes of Section 2(d) (*Deduction or Withholding for Tax*) thereof (and except as otherwise provided in Section 2(d) of the ISDA Master Agreement with respect to any Indemnifiable Tax (as defined in the ISDA Master Agreement) imposed on such payment, the amount of any deductions or withholdings thereon required by Applicable Law shall be treated for all purposes of the Transaction Documents as having been paid to the person in respect of which such deductions or withholdings were made); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) made in immediately available cleared funds on the due date (subject, in the case of the Transaction Fee, to "Multiple Transaction Payment Netting" for the purposes of the ISDA Master Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall, and shall cause its Affiliates to, provide all such information as the other Party may reasonably require to enable it to comply with its Tax obligations under the Transaction Documents and reasonably cooperate, as and to the extent reasonably requested by the other Party, in connection with the filing of Tax returns and any audit, examination or other proceeding with respect to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;13. **Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to sub-clause 13(b) below, the Company agrees to indemnify, defend and hold harmless Wells Fargo, and its directors, officers, employees, agents and permitted assigns, from and against all claims, losses, liabilities, damages, judgments, awards, fines, penalties, costs and expenses (including reasonable and documented attorneys' fees and disbursements actually incurred) directly caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any breach of representation or warranty or failure to perform any covenant or agreement herein by the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any violation of Applicable Law by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company's failure to comply with its obligations under the terminaling, pipeline and lease agreements underlying the Storage Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company's gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) injury, disease, or death of any person or damage to or loss of any property, fine or penalty, any of which is caused by the Company or its employees, representatives, agents or contractors in exercising any rights or performing any obligations under this Agreement or any other Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) actual or alleged presence or release of Environmental Hazards in connection with the Transaction Documents or the transactions contemplated thereby, or any liability under any Environmental Law related in any way to or asserted in connection with the Transaction Documents or the transactions contemplated thereby;

*provided that* such indemnity shall not be available to the extent that such claims, losses or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence, fraud or willful misconduct of Wells Fargo. Indemnification under this clause 13 shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Limitation of Liability .** EXCEPT AS OTHERWISE PROVIDED HEREIN, NO PARTY SHALL BE REQUIRED TO PAY OR BE LIABLE FOR SPECIAL, PUNITIVE, EXEMPLARY, INCIDENTAL, CONSEQUENTIAL, OR INDIRECT DAMAGES (WHETHER OR NOT ARISING FROM ITS NEGLIGENCE) TO ANY OTHER PARTY ARISING FROM, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY SWAP TRANSACTION; <u>PROVIDED</u>, <u>HOWEVER</u>, THAT NOTHING IN THIS PROVISION SHALL AFFECT THE ENFORCEABILITY OF THIS AGREEMENT. IF AND TO THE EXTENT ANY PAYMENT REQUIRED TO BE MADE PURSUANT TO THIS AGREEMENT IS DEEMED TO CONSTITUTE LIQUIDATED DAMAGES, THE PARTIES ACKNOWLEDGE AND AGREE THAT SUCH DAMAGES ARE DIFFICULT OR IMPOSSIBLE TO DETERMINE AND THAT SUCH PAYMENT IS INTENDED TO BE A REASONABLE AND GENUINE PRE-ESTIMATE AND APPROXIMATION OF THE AMOUNT OF SUCH DAMAGES AND NOT A PENALTY.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company's obligations to defend, indemnify, and hold Wells Fargo harmless under the terms of the Transaction Documents shall not vest any rights in any third party (except as expressly provided for in this clause 13), nor shall they be considered an admission of liability or responsibility for any purposes other than those enumerated in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party agrees to notify the other as soon as practicable after receiving notice of any claim or suit brought against it within the indemnities of this Agreement, shall furnish to the other the complete details within its knowledge and shall render all reasonable assistance requested by the other in the defense; *provided that*, the failure to give such notice shall not affect the indemnification provided hereunder, except to the extent that the Company is materially adversely affected by such failure. Each Party shall have the right but not the duty to participate, at its own expense, with counsel of its own selection, in the defense and settlement thereof without relieving the other of any obligations hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall pay all reasonable, documented, out-of-pocket expenses incurred by Wells Fargo and its Affiliates in connection with the enforcement of Wells Fargo's rights under or in connection with this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;14. **Confidentiality** 

Each Party agrees that the Transaction Documents and all material, non-public information regarding each Party delivered to the other Party hereunder, its respective operations, assets, and existing and contemplated business plans, trading strategies and blending strategies ("**Confidential Information**") shall be treated by the receiving Party in a confidential manner, and shall not be disclosed by the receiving Party to any third party, except:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to its attorneys and other professional advisors, accountants, auditors, consultants, employees, directors and officers, and to its banks, lenders, and insurance providers;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to its Subsidiaries and Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;(c) as may be required by court order or Applicable Law, as requested by a Governmental Authority, or as required by any stock exchange on which a Party's or its Affiliate's shares are listed;

&nbsp;&nbsp;&nbsp;&nbsp;(d) as may be required by regulatory authorities, so long as such authorities are informed of the confidential nature of such information;

&nbsp;&nbsp;&nbsp;&nbsp;(e) as may be required by statute, judicial decision, or judicial or administrative order, rule, or regulation or by any Governmental Authority pursuant to any subpoena or other legal process; provided that (i) prior to any disclosure under this sub-clause (e), the disclosing party agrees to provide the other party with prior notice thereof, to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior notice to the other party pursuant to the terms of the applicable statute, judicial decision, or judicial or administrative order, rule, or regulation or subpoena or other legal process and (ii) any disclosure under this sub-clause (e) shall be limited to the portion of the Confidential Information as may be required by such statute, decision, or judicial or administrative order, rule, or regulation or subpoena or other legal process;

&nbsp;&nbsp;&nbsp;&nbsp;(f) as may be agreed to in advance in writing by the other party;

&nbsp;&nbsp;&nbsp;&nbsp;(g) as to any such information that is or becomes generally available to the public (other than as a result of prohibited disclosure by a party);

&nbsp;&nbsp;&nbsp;&nbsp;(h) as to the economic terms of a proposed transaction to third parties: (i) as may be necessary to accomplish the execution, processing, clearing, settlement or trade reporting of a transaction required by law, regulation or contract, or (ii) to accomplish any risk management purpose including establishing or adjusting one or more anticipatory hedges or other positions intended to manage or mitigate relevant market risk, liquidity risk and/or counterparty credit exposure (on an individual transaction or portfolio basis, in the same or related product), for the Company that may be generated by one or more transactions; or

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&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with any litigation or other adversary proceeding involving parties hereto, which such litigation or adversary proceeding involves claims related to the rights or duties of such parties under this Agreement or the other Transaction Documents; *provided that* prior to any disclosure to any third party under this sub-clause (i) with respect to litigation involving any third party, the disclosing party agrees, to the extent practicable and in conformance with any relevant court order and Applicable Law, to provide the other party with prior written notice thereof;

*provided* that, notwithstanding anything herein to the contrary, the Parties (and their respective employees, representatives or other agents) are authorized to disclose to any person the U.S. federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Parties relating to that treatment and structure, without the Parties imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

&nbsp;&nbsp;&nbsp;&nbsp;15. **Governing Law and Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT SHALL BE GOVERNED 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH OF THE PARTIES HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION SITUATED IN THE COUNTY OF NEW YORK, (WITHOUT RECOURSE TO ARBITRATION UNLESS BOTH PARTIES AGREE IN WRITING), AND TO SERVICE OF PROCESS BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DELIVERED TO THE PARTY AT THE ADDRESS INDICATED IN PART 4(a) (*Addresses for Notices*) OF THE SCHEDULE TO THE ISDA MASTER 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

&nbsp;&nbsp;&nbsp;&nbsp;16. **Definitions** 

For the purposes of this Agreement, capitalized terms used and not otherwise defined shall have the meanings given to them in the ISDA Master Agreement, and:

**"Affiliate"** means, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership of a majority of the voting power of the entity or person;

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**"Affiliated Storage Operator"** means, with respect to a relevant Approved Location, an Affiliate of the Company that owns or operates such Approved Location (and, to the extent required by applicable law, licensed) in the business of storing or transporting the relevant Commodity(ies) for hire and responsible for storing or transporting the relevant Commodity(ies) at the applicable Approved Location as bailee and/or warehouseman;

**"Anti-Corruption Laws"** means the U.S. Foreign Corrupt Practices Act of 1977, as amended; the U.K. Bribery Act 2010, as amended; and any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which a Party (or its Subsidiaries or Affiliates, as applicable) is located or doing business;

**"Anti-Money Laundering Laws"** means the Applicable Law in any jurisdiction in which a party (or its Subsidiaries or Affiliates, as applicable) is located or doing business that relates to money laundering, any predicate crime to money laundering or any financial record keeping and reporting requirements related thereto;

**"Applicable Law"** means (i) any law, statute, regulation, code, ordinance, license, decision, order, writ, injunction, decision, directive, judgment, policy, decree and any judicial or administrative interpretations thereof, (ii) any agreement, concession or arrangement with any Governmental Authority and (iii) any license, permit or compliance requirement, including Environmental Law, in each case as may be applicable to either party or the subject matter of the Agreement or this Agreement;

**"Approved Location"** means, subject to clauses 1(d) through (g) (*Term & Exclusivity*) (inclusive):

&nbsp;&nbsp;&nbsp;&nbsp;(a) each Approved Tank at the Company's owned or leased facilities for the storage or transportation of the Commodities subject to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Refinery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the Offsite Storage Locations;

&nbsp;&nbsp;&nbsp;&nbsp;(b) each Approved Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) each such additional location as Wells Fargo and the Company may agree to include as Approved Locations for the purposes of the Transaction Documents;

**"Approved Tanks"** means the Commodity storage tanks owned and operated by the Company or by third parties as further identified and described on Schedule 2 (*Approved Locations*);

**"Approved Vessel"** means a vessel that is nominated by the Company and approved by Wells Fargo in its sole discretion in relation to a specific FOB cargo of a Commodity purchased by the Company for delivery to the Refinery System, for which Wells Fargo has received the relevant 3/3 original bills of lading in accordance with clause 4(f)(i) (*Commodities, Inventory Reporting and Inspection*) above (or such other documents and evidence as Wells Fargo may accept in its sole discretion, in advance of receipt of such 3/3 original bills of lading, including without limitation (a) email copies of such bills of lading and (b) tracking numbers for the relevant courier of the originals being promptly couriered to Wells Fargo; *provided* that if Wells Fargo does not accept the email copies and the tracking numbers in order to designate the relevant vessel as an Approved Vessel in advance of receipt of the original bills of lading, Wells Fargo shall provide an explanation to the Company upon request as to why it will not accept such other evidence);

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*provided further,* that notwithstanding anything to the contrary express or implied elsewhere herein, Wells Fargo shall have the right to reject a vessel notwithstanding any prior acceptance of a vessel (whether originally nominated, as a substitute vessel, or in relation to any previous delivery of Commodities) (i) if such vessel is involved in any incident or more recent adverse and documented information regarding the vessel becomes available to Wells Fargo at any time up prior to Wells Fargo making a prepayment in respect of Swap Transactions relating to the relevant cargo of a Commodity, Wells Fargo requests further information from the Company regarding such incident or information and such incident or other circumstances are not resolved to the satisfaction of Wells Fargo (acting reasonably); or (ii) if the acceptance of such vessel would entail a breach of Applicable Laws applicable to Wells Fargo or to the Refinery System; or (iii) if the Company has not provided all the required documentation and information relating to such vessel when required to do so under this Agreement;

**"Business Day"** means a day (excluding a Saturday or Sunday) on which banks are open for general business in New York;

**"Collateral"** has the meaning given to it in the Security Agreement;

**"Commodity"** means each of the feedstocks and renewable products identified in the table attached hereto as Part 2 (*Commodity Group Constituents*) of Schedule 1 (*Commodity Groups and Commodities*), in the column headed "Commodity";

**"Commodity Group"** means each of the groups of Commodities (i) identified in the table attached hereto as Part 1 (*Commodity Group Parameters*) of Schedule 1 (*Commodity Groups and Commodities*), in the column headed "Commodity Group";

**"Commodity Limit"** means $100,000,000;

**"Commodity Reference Price"** has, in respect of a Commodity Group and a Swap Transaction, the meaning set out in the confirmation evidencing that Swap Transaction;

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**"Creditor Acknowledgement Due Date"** has the meaning given to it in clause 4(h) (*Commodities, Inventory Reporting and Inspection*) above;

**"CSA"** means the Credit Support Annex to the Schedule to the ISDA Master Agreement;

**"Current Swap Transaction"** has the meaning given to it in clause 3(a) (*Incremental Swaps in Relation to Cargoes*) above;

**"Deposit Account Control Agreement"** means the Deposit Account Control Agreement in relation to the Supplier Payables Account to be entered into between Wells Fargo and the Company;

**"Document of Title"** means a document of title (including any applicable electronic documents of title) (a) in a single authoritative copy which is unique, identifiable and, except as otherwise provided in Section 7-106 of the UCC, unalterable; (b) that is negotiable document of title under Section 7-104 of the UCC and satisfies the requirements of due negotiation set forth in Section 7-501 of the UCC, and, if applicable, satisfies the requirements of "control" over any electronic Documents of Title in accordance with Section 7-106 of the UCC, (c) that is issued by a Storage Operator giving the holder of that document of title a right of possession to specific lot(s) of Commodity stored in the applicable Account, which right may be transferred through endorsement of such document under Section 7-501 of the UCC or by giving "control" over such document under Section 7-106 of the UCC and (d) that constitutes a "warehouse receipt" as such term is defined at Section 1-201 of the UCC, including without limitation any holding certificate issued by a Storage Operator pursuant to a Storage Agreement or Creditor Acknowledgement;

**"Effective Date"** means, in respect of a Swap Transaction, the date identified as such in the confirmation evidencing that Swap Transaction, as determined in accordance with clause 2(c) (*Series of Swap Transactions*) above;

**"Encumbrance"** means any mortgage, charge, assignment (including by way of security), pledge, hypothecation, lien, right of set-off, proprietary interest, claim or interest in respect of title or ownership, right of possession or control, retention of title provision or trust (for the purpose of, or which has the effect of, granting security) or any other security interest of any kind whatsoever, or any agreement, whether conditional or otherwise, to create any of the same, or any agreement to sell or otherwise dispose of any Commodity whereby such Commodity is subject to a right, option or obligation of the Company or any Affiliate of the Company (or any person that would be an Affiliate of the Company as defined in section 14 of the ISDA Master Agreement) to acquire or re-acquire it;

**"Environment"** means ecological systems, living organisms (including human beings) and all or any of the following media (whether alone or in combination): ambient air; land; land covered with water; and water (including water under or within land or in pipe or sewerage systems and sea, ground and surface water);

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**"Environmental Hazards"** means, without limitation, all or any of the following: Hazardous Materials, land contaminated by Hazardous Materials, discharges of Hazardous Materials to land, groundwater, surface and coastal waters and sewers and the sea, emissions of Hazardous Materials to air, noise exceeding applicable limits under Environmental Law, common law and statutory nuisance, trespass and negligence (with regard to Hazardous Materials), radiation, radioactive substances and materials;

**"Environmental Law"** means all applicable laws and regulations, directives, conventions, protocols, statutory guidance, codes of practice, and industry standards in force at any time relating to Hazardous Materials, the protection of health and safety (to the extent relating to Hazardous Materials), the Environment, or Environmental Hazards;

**"Fee and Expense Letter"** means that certain Fee and Expense Letter dated on or about the date hereof between the Company and Wells Fargo, as amended, modified and supplemented from time to time;

**"GAAP"** means generally accepted accounting practices as in effect from time to time in the United States, consistently applied;

**"Good Industry Practices"** means, at a particular time and as applicable to any particular Approved Location, using standards, practices, methods and procedures and exercising reasonable judgment, skill, care, diligence, prudence and foresight that would be reasonably expected to be observed by a skilled and experienced individual in carrying out the business of the Company for facilities of similar type and scale as the applicable Approved Location and under similar circumstances, in light of the facts known at the time a decision is made. For the avoidance of doubt, Good Industry Practice is not intended to be limited to the optimum practices, methods or acts to the exclusion of all others (unless such practice, method or act is the only practice, method or act that complies with Applicable Law), but rather to be a range of good and proper practices, methods and acts;

**"Governmental Authority"** means any federal, state, regional, local, or municipal governmental body, agency, instrumentality, authority or entity established or controlled by a government or subdivision thereof, including any legislative, administrative or judicial body, or any person purporting to act therefor;

**"Guaranty"** has the meaning given to it in the Schedule to the ISDA Master Agreement;

**"Hazardous Event"** means (i) any breach of or failure by the Company or a Storage Operator to comply with any Environmental Law or any consent required by any Environmental Law or (ii) the occurrence of any event described by the insurance provisions known as the Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical and Electromagnetic Weapons Exclusion Clause CL.370 dated 10/11/03 (RACCBE) and events covered by the Institute Cyber Attack Exclusion Clause CL.380 dated 10/11/03, if such breach, failure to comply or occurrence would have a material adverse effect on the ability of the Storage Operator to safely store or handle the Collateral Inventory in accordance with Applicable Law and Good Industry Practices (including without limitation with respect to contamination by Environmental Hazards);

**"Hazardous Material"** means any substance that is listed, defined, or regulated as a "hazardous material", "hazardous waste", "solid waste", "hazardous substance", "contaminant", "pollutant" or "toxic substance" under any Environmental Law. Hazardous Material shall also include petroleum, crude oil or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas, and synthetic gas usable for fuel (or mixtures of natural gas and such synthetic gas);

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**"Hedged Advance Rate**" has the meaning given to it in the Fee and Expense Letter;

**"Incremental Prepayment Cap"** has the meaning given to it in the Fee and Expense Letter;

**"Initial Creditor Acknowledgement"** means the letter agreement among Wells Fargo, the Company and Par Hawaii Refining, LLC entered into on or about the date hereof;

**"Inventory Determination Time"** means 00:00:01 a.m. (Hawaii-Aleutian Standard Time) on any day;

**"ISDA Master Agreement"** means the ISDA 2002 Master Agreement dated as of the date hereof between Wells Fargo and the Company, as amended, modified and supplemented from time to time including pursuant to the schedules and annexes thereto which make specific reference thereto;

**"LC Facility Agreement"** means the Letter of Credit Facility Agreement to be entered into between Wells Fargo (as the "Issuing Bank") and the Company (as the "Applicant");

**"Material Adverse Effect"** means any event or circumstance which: (a) is materially adverse to: (i) the business, operations, assets or condition (financial or otherwise) of the Company; or (ii) the ability of the Company to perform its obligations under this Agreement or any other Transaction Document; or (b) affects the validity or enforceability of this Agreement or any other Transaction Document or any right or remedy of Wells Fargo in a manner which is materially adverse to the interests of Wells Fargo under this Agreement or any other Transaction Document;

**"Month-End Date"** means, in respect of a Monthly Series of Swap Transactions, the Monthly Observation Date falling in the calendar month to which that Monthly Series relates;

**"Month-Start Date"** means, in respect of a Monthly Series of Swap Transactions, the Trade Date for the initial Swap Transactions of that Monthly Series, being the Monthly Observation Date falling in the calendar month immediately prior to the calendar month to which that Monthly Series relates;

**"Monthly Observation Date"** means the last Weekly Observation Date in each calendar month during the Term; *provided that* the first Monthly Observation Date in the Term shall be October 3, 2025;

**"Monthly Series"** means a series of Swap Transactions each having their respective Swap Valuation Date falling in the same calendar month (and each having the same "Settlement Date" as specified in the relevant confirmations evidencing such Swap Transactions);

**"New Month"** has the meaning given to it in clause 2(b) (*Series of Swap Transactions*) above;

**"Notional Quantity"** means, in respect of a Swap Transaction and a Commodity Group, the quantity of that Commodity Group identified as such in the confirmation evidencing that Swap Transaction, as determined in accordance with clause 2(d) or 3 above (as applicable);

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**"Offsite Storage Locations"** means the logistics terminals owned and operated by the Company or by third parties as further identified and described on Schedule 2 (*Approved Locations*);

**"Permitted Encumbrance"** means, with respect to any Collateral, (a) the lien over such Collateral in favor of Wells Fargo granted under the Security Agreement or any other Transaction Document; (b) any warehouseman's liens or mechanic's liens securing Permitted Unpaid Warehouseman's or Mechanic's Fees; (c) any lien over such Collateral in favor of an Affiliated Storage Operator or other Affiliate of the Company for unpaid storage, handling, carriage, labor, services or materials fees or charges owing to such Affiliated Storage Operator that are junior to Wells Fargo's security interest in such Collateral as confirmed by such Affiliate in the relevant Creditor Acknowledgement; (d) Encumbrances for Taxes, assessments or governmental charges or levies not yet due or that 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 Company in accordance with GAAP; (e) any banker's lien or right of set-off upon bank accounts (including the Supplier Payables Account) and deposits of funds therein in favor of the relevant banks or other depositary institutions to the extent of unpaid fees, costs or expenses in relation to such accounts; and (f) 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 in the ordinary course of business;

**"Permitted Unpaid Warehouseman**'**s or Mechanic**'**s Fees"** means any storage, handling, carriage, labor, services and materials fees and charges and any other amounts due and payable by the Company to any Storage Operator holding any part of the Collateral Inventory or any other person owning, operating or performing work in relation to the Collateral Inventory or any Approved Location and that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) are not overdue for a period of more than forty five (45) days or (ii) are being contested in good faith and by appropriate proceedings diligently conducted; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) in aggregate with any other such fees or charges owing to that person or any other such persons, (i) do not exceed $500,000 or (ii) have been fully collateralized by the Company to Wells Fargo in cash or by a letter of credit or a surety bond on terms and issued by a bank acceptable to Wells Fargo (acting in good faith and in a commercially reasonable manner);

**"Prepayment Amount"** has the meaning given to it in the Fee and Expense Letter;

**"Prepayment Date"** means, in respect of a Monthly Series of Swap Transactions, the date specified as such in the relevant confirmations evidencing such Swap Transactions;

**"Refinery"** means the renewable fuels manufacturing facility owned by the Company and located at 91-325 Komohana Street, Kapolei, Hawaii 96707;

**"Refinery System"** means, collectively, the Refinery and the Offsite Storage Locations;

**"Release Date"** means the first date falling on or after the end of the Term (or any Early Termination Date duly designated in accordance with the ISDA Master Agreement) on which:

&nbsp;&nbsp;&nbsp;&nbsp;(a) there are no outstanding Swap Transactions; and

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&nbsp;&nbsp;&nbsp;&nbsp;(b) any amounts owing from the Company to Wells Fargo pursuant to the Transaction Documents have been fully and irrevocably satisfied;

**"Sanctions"** means individually and collectively, respectively, any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and restrictions and anti-terrorism laws imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future statute or Executive Order, (b) the United Nations Security Council, (c) the European Union or any European Union member state, (d) His Majesty's Treasury of the United Kingdom, or (e) any other Governmental Authority with jurisdiction over a party (or its Subsidiaries or Affiliates, as applicable);

**"Security Agreement"** has the meaning given to it in the Schedule to the ISDA Master Agreement;

**"Settlement Date"** means, in respect of a Monthly Series of Swap Transactions, the date specified as such in the relevant confirmations evidencing such Swap Transactions;

**"Specified Schedule"** has the meaning given to it in clause 5 (*Specified Schedule Changes*);

**"Specified Schedule Change"** has the meaning given to it in clause 5 (*Specified Schedule Changes*);

**"Storage Agreement"** means an agreement between the Company and a Storage Operator in respect of the storage of any Commodity in an Approved Location;

**"Storage Facility Event"** means that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) either Party becomes aware (i) that a Storage Operator has ceased to be authorized under Applicable Law to operate as such; or (ii) of any event or circumstance that has a material adverse effect on the ability of any Storage Operator to provide safe and secure storage of Commodities at the Approved Location in accordance with Applicable Law (including without limitation Environmental Law) and Good Industry Practices, in either case unless such event or circumstance is cured within seven calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;(b) a Storage Operator suffers an event or circumstance set out in Section 5(a)(vii) (*Bankruptcy*) of the ISDA Master Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(c) a Document of Title issued by such Storage Operator ceases to be valid for the purposes of delivery in connection therewith and such Document of Title is not re-designated as valid or replaced with an equivalent and valid Document of Title within fifteen days of being declared invalid;

&nbsp;&nbsp;&nbsp;&nbsp;(d) an Approved Location (excluding Approved Vessels) ceases to be subject to a Storage Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(e) any Storage Operator expressly repudiates any Creditor Acknowledgement previously given by it, or otherwise disputes the rights and remedies of Wells Fargo in the Collateral Inventory held by that Storage Operator as set out in such Creditor Acknowledgement, for any reason whatsoever other than as a result of Wells Fargo's action;

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&nbsp;&nbsp;&nbsp;&nbsp;(f) Wells Fargo notifies the Company that a Storage Operator or an Approved Vessel has been designated as an asset freeze target or in any other manner has become the subject of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;(g) a Storage Operator (i) invokes rights under a force majeure clause in any Storage Agreement or other contract, agreement or documentation related to the storage of any Collateral Inventory, (ii) such invocation of force majeure restricts the ability of the Company to withdraw any part of the relevant Collateral Inventory and (iii) such restriction persists for more than fourteen calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;(h) any other event or circumstance occurs (including, without limitation, an act of piracy, civil unrest, terrorism or hostile seizure of, or expropriation of, or restriction of access to, an Approved Location or any Collateral Inventory, or compulsory acquisition of an Approved Location or any part of the Collateral Inventory) which, in the reasonable opinion of Wells Fargo, (i) has a material adverse effect on the ability of any Storage Operator to safely store or handle the Collateral Inventory, or (ii) materially adversely affects Wells Fargo's ability to enforce its security interests under the Security Agreement, including to withdraw any Collateral Inventory from any Approved Location (*provided that* this sub-paragraph (ii) shall not apply to the extent the impairment affects a portion of the Collateral Inventory representing less than 1% of the prevailing value of the entire Collateral Inventory (but for such degradation) and is rectified within seven calendar days);

**"Storage Operator"** means each Affiliated Storage Operator and each Third Party Storage Operator;

**"Structuring Fee"** has the meaning given to it in the Fee and Expense Letter;

**"Subsidiary"** means, with respect to any person (the "**parent**"), (a) any corporation, partnership, joint venture, limited liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as (b) any other corporation, partnership, joint venture, limited liability company, association or other entity (i) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power, or in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise controlled by the parent or one or more subsidiaries of the parent (where for such purposes, "control" means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and all of the material policies of a person, whether through the ownership of equity interests, by contract, or otherwise);

**"Supplier Payables Account"** has the meaning given to it in the Fee and Expense Letter;

**"Swap Valuation Date"** means, in respect of a Swap Transaction, the date identified as such in the confirmation evidencing that Swap Transaction, as determined in accordance with clause 2(c) (*Series of Swap Transactions*) above;

**"Tax"** means any tax, fee, tariff or assessment imposed, assessed, or levied by any Governmental Authority, including (but not limited to) sales, use, excise, privilege, stamp, value added, customs duties, ad valorem, or property taxes; together with any penalties, fines or interest imposed by any Governmental Authority thereon;

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**"Third Party Storage Operator"** means, with respect to a relevant Approved Location, the person that is not an Affiliate of the Company that owns or operates such Approved Location (and, to the extent required by applicable law, licensed) in the business of storing or transporting the relevant Commodity(ies) for hire and responsible for storing or transporting the relevant Commodity(ies) at the applicable Approved Location as bailee and/or warehouseman;

**"Transaction Document"** means each of this Agreement, the ISDA Master Agreement (including the Schedule and Credit Support Annex thereto), the LC Facility Agreement (upon its execution and delivery), each Confirmation of a Swap Transaction, the Security Agreement, the Guaranty, the Deposit Account Control Agreement (upon its execution and delivery), each Creditor Notice, each Creditor Acknowledgement and each other document or agreement designated as such by agreement in writing between the Company and Wells Fargo;

**"Transaction Fee"** has the meaning given to it in the Fee and Expense Letter;

**"UCC"** means the Uniform Commercial Code as adopted by the jurisdiction governing a Storage Operator's document of title (and section references are to the Model Uniform Commercial Code and are intended to correspond to the same substantive provisions contained in the specific codes adopted in the controlling jurisdictions, to the extent that section references differ);

**"Unacknowledged Location"** has the meaning given to it in clause 4(g) (*Commodities, Inventory Reporting and Inspection*) above;

**"USD**" or "**U.S. Dollars"** means the lawful currency of the United States of America;

**"Weekly Observation Date"** means Thursday in each calendar week during the Term, or if such day is not a Business Day, then the immediately following Business Day;

**"WF Expenses"** means all reasonable out of pocket costs, fees and expenses incurred by Wells Fargo in its review, evaluation, negotiation and execution of the Transaction and any Transaction Documents; *provided that*, such amount shall not in aggregate exceed the WF Expenses Cap; and

**"WF Expenses Cap"** has the meaning given to it in the Fee and Expense Letter.

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Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Agreement and returning it to us or by sending to us a letter, e-mail or facsimile substantially similar to this letter, which letter or facsimile sets forth the material terms of this Agreement and indicates agreement to those terms.

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| |
|:---|
| **WELLS FARGO BANK, N.A.** |
| By<u>:/s/ Rilla Park</u><br>Name: Rilla Park |
| Title: Authorized Signatory |
| Date: 9/15/2025 |

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| |
|:---|
| **HAWAII RENEWABLES, LLC** |
| By: <u>/s/ Shawn Flores</u><br>Name: Shawn Flores |
| Title: Chief Financial Officer |
| Date: October 2, 2025 |

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[*Signature Page to Framework Agreement*]

## Exhibit 10.2

**Exhibit 10.2**

![wf01.jpg](wf01.jpg)

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**SCHEDULE**

to the

**ISDA 2002 MASTER AGREEMENT**

dated as of October 2, 2025 between

**WELLS FARGO BANK, N.A.** ("Party A")

and **HAWAII RENEWABLES, LLC** ("Party B")

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| | |
|:---|:---|
| Part 1. | **<u>Termination Provisions</u>** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Specified Entity"** means, (i) with respect to Party A, none, and (ii) with respect to Party B for the purposes of Sections 5(a)(v), 5(a)(vi) and 5(a)(vii), each of the Parent and MidCo, where "**Parent**" means Par Pacific Holdings, Inc., and "**MidCo**" means Hawaii Renewables Holdings, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Specified Transaction"** has its meaning as defined in Section 14, provided that for purposes of Section 5(a)(v), Specified Transaction shall also mean (i) the LC Facility Agreement (upon execution and delivery thereof) and (ii) any Physical Commodity Transaction; provided further that an Event of Default shall not occur under Section 5(a)(v)(i) for any failure to make or take delivery of a commodity under a Physical Commodity Transaction if such failure results from force majeure or such commodity (or a means for making or taking delivery of such commodity) is unavailable to effect such delivery for a reason unrelated to the financial condition of the relevant party (or its Credit Support Provider or Specified Entity) acting in good faith or (ii) in respect of a Physical Commodity Transaction where the value of the relevant commodities is less than $25,000,000. "**LC Facility Agreement**" means the Letter of Credit Facility Agreement to be entered into between Party A and Party B, as amended, modified and supplemented from time to time including pursuant to the schedules and annexes thereto which make specific reference thereto. "**Physical Commodity Transaction**" means any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) which is a transaction for purchasing (or repurchasing), selling (or reselling) or delivering one or more commodities, whether on a spot basis or for future delivery, or for borrowing, lending, transporting or storing one or more commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Cross Default"** applies to Party A and Party B, *provided that* the words "or becoming capable at such time of being declared" in Section 5(a)(vi) of the Agreement shall be deemed to be deleted.

**"Threshold Amount"** means, in relation to Party A, an amount equal to 3% of its Shareholders' Equity (or its equivalent in another currency); and in relation to Party B, $35,000,000 (or its equivalent in another currency).<br>

For the purposes of the foregoing, "**Shareholders**' **Equity**" means an amount equal to Party A's total assets minus its total liabilities, as reflected on Party A's fourth quarter Call Report filed with the FDIC as of Party A's most recent calendar year.<br>

**"Specified Indebtedness"** has the meaning set forth in Section 14 (excluding indebtedness in respect of bank deposits received in the ordinary course of business) and shall also include any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of Financial Market Transactions. For purposes herein, "**Financial Market Transactions**" means any transaction of a type specified in the definition of Specified Transaction which is entered into between a party hereto and any other entity.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Credit Event Upon Merger"** does not apply to either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"Automatic Early Termination"** does not apply to either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **"Termination Currency"** means U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Additional Termination Event** applies to Party B. "**Additional Termination Event**" means, with respect to Party B (which will be the sole Affected Party, except as provided below), the occurrence of any of the following events, in respect of which all Transactions will be Affected Transactions (except as provided below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Change of Control occurs, where "**Change of Control**" means Parent ceases to own, directly or indirectly, at least 50% of the Equity Interests in Party B (other than with the prior written consent of Party A, not to be unreasonably withheld, conditioned or delayed), and "**Equity Interests**" means, with respect to any person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such person, including, if such person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, but excluding debt securities convertible or exchangeable into such equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as of any Valuation Date, the Overhedged Commodity Volume in respect of any Commodity Group is greater than zero (where "Valuation Date" and "Overhedged Commodity Volume" have the meanings given to them in the Credit Support Annex),

*provided that* in the case of sub-paragraph (g)(ii) above, (A) Party A shall be deemed to be the sole Affected Party for the purposes of Section 6(b)(iv) only (and accordingly only Party B may designate an Early Termination Date in accordance with that Section) and (B) notwithstanding anything to the contrary in the Agreement, Party B may only exercise such right once per calendar month (or more frequently as may be mutually agreed from time to time); and

*further provided that* upon the designation of an Early Termination Event pursuant to sub-paragraph (g)(ii) above, each Affected Transaction shall be deemed to be divided into two separate Transactions, each on identical terms except that (unless otherwise agreed between the parties):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) one such Transaction (the "**Terminating Transaction**") shall have a Notional Quantity of each Commodity Group equal to the product of (A) the pre-division Notional Quantity of that Commodity Group as of the Valuation Date giving rise to the relevant Additional Termination Event and (B) a percentage equal to the Overhedged Commodity Volume divided by the Hedged Commodity Volume (as defined in the Credit Support Annex) as of that Valuation Date (in each case in respect of the relevant Commodity Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the other such Transaction (the "**Remaining Transaction**") shall have a Notional Quantity of each Commodity Group equal to the remainder of the pre-division Notional Quantity of that Commodity Group as of the Valuation Date giving rise to the relevant Additional Termination Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Prepayment Amount shall be allocated proportionally between the Terminating Transaction and the Remaining Transaction;

and only the Terminating Transaction shall be an Affected Transaction in relation to the Additional Termination Event constituted by Additional Termination Event, and accordingly the Remaining Transaction shall carry on in full force and effect notwithstanding the prior designation of an Early Termination Date in respect of the relevant pre-division Affected Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) following execution and delivery thereof, the LC Facility Agreement ceases to be in full force and effect or shall terminate; or either Party A or Party B ceases to be a party to the LC Facility Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) Party A ceases to be a Secured Party under the Security Agreement; (B) Party B's obligations to Party A under this Agreement and the LC Facility Agreement (following execution and delivery thereof) fail at any time to be guaranteed by the Guaranty or secured by liens on collateral under, and pursuant to the terms of, the Security Agreement; or (C) all or substantially all of the liens on collateral under the Security Agreement or the value of the guarantees under the Guaranty will be or has been released except pursuant to and in accordance with the terms of the Security Agreement or Guaranty, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Failure to Pay grace period**. Section 5(a)(i) shall be amended to read in its entirety as follows:

"(i) ***Failure to Pay or Deliver***. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before:<br>

(A) in the case of a payment, the first Local Business Day after notice of such failure is given to the party (or second Local Business Day after notice of such failure is given to the party, if such (1) failure to pay is caused by administrative or technical error or omission and (2) it has provided the other party with evidence reasonably acceptable to the other party that it had sufficient available funds to meet its payment obligations to the other party on the due date for payment); or<br>

(B) in the case of a delivery, the first Local Delivery Day after notice of such failure is given to the party;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Affected Transactions**. Notwithstanding anything to the contrary in this Agreement, if an Illegality, Tax Event upon Merger or Tax Event has occurred and is continuing with respect to a Swap Transaction (as defined in the Framework Agreement), then for purposes of Section 6(b) of this Agreement all Swap Transactions (as defined in the Framework Agreement) shall be Affected Transactions.

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| | |
|:---|:---|
| Part 2. | **<u>Tax Representations</u>** |

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(a) **Payer Tax Representations.** For the purpose of Section 3(e) of this Agreement, each party makes the following representation:<br>

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under this Agreement.<br>

In making this representation, a party may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) or 3(g) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement, and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement, and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.<br>

(b) **Payee Tax Representations.** For the purpose of Section 3(f) of this Agreement:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party A makes the following representation(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It is a national banking association organized or formed under the laws of the United States and is a "United States person" (within the meaning of Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended) for United States federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Party A is considered a bank and a financial institution as defined under Section 241-1 of the Hawaii Revised Statutes. Pursuant to 237-24.8(a)(1)(A) of the Hawaii Revised Statutes, any amounts Party A receives as a financial institution related to interest, discount, points, commitment fees, loan fees, loan origination charges, and finance charges which are part of the computed annual percentage rate of interest and which are contracted and received for the use of money shall not be subject to Hawaii General Excise tax when billed to Party B.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Party A makes no other Payee Tax Representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Party B makes the following representation(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is organized or formed under the laws of a state within the United States, and it is (or, if Party B is disregarded for United States federal income tax purposes, its beneficial owner is) a "United States person" (within the meaning of Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended) for United States federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Party B makes no other Payee Tax Representations.

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| | |
|:---|:---|
| Part 3. | **<u>Documents</u>** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Tax Forms**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Delivery of Tax Forms**. For the purpose of Section 4(a)(i) of this Agreement, and without limiting Section 4(a)(iii), each party agrees to duly complete, execute and deliver to the other party the tax forms specified below with respect to it (A) upon execution of this Agreement, (B) promptly upon reasonable demand by the other party and (C) promptly upon learning that any such form previously provided by the party has become obsolete or incorrect. Such tax forms are covered by Section 3(d) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Tax Forms to be Delivered by Party A**:

A correct, complete and duly executed U.S. Internal Revenue Service Form W-9 (or successor thereto), together with any appropriate attachments, that certifies that Party A is a United States person and exempt from U.S. federal backup withholding tax on payments to Party A under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Tax forms to be Delivered by Party B**:

A correct, complete and duly executed U.S. Internal Revenue Service Form W-9 (or successor thereto), together with any appropriate attachments, that certifies that Party B is (or, if it is disregarded as an entity separate from another person for U.S. federal income tax purposes, then such other person) a United States person and exempt from U.S. federal backup withholding tax on payments to Party B under this Agreement.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Delivery of Documents.** When it delivers this Agreement, each party shall also deliver its closing documents to the other party in form and substance reasonably satisfactory to the other party.

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| | | | |
|:---|:---|:---|:---|
| **Party**  | **Documents to be delivered by such party** | **Delivery due date** | **Covered by** §**3(d)**  |
| Party B | A copy of Party B's organizational documents, including any relevant constitutional documents and any articles of incorporation or certificate of formation, and any amendments thereto. | Upon execution of this Agreement and with respect to any subsequent material amendment, at or promptly following the time of such amendment; *provided that* delivery will be deemed to be made to the extent such documents are publicly available. | Yes |
| Party B | A duly executed incumbency certificate of Party B certifying the name, true signature and authority of each person authorized to execute this Agreement (including Confirmations and the Credit Support Annex) and each other Transaction Document. | Upon execution of this Agreement, and for any Confirmation, promptly upon request. | Yes |
| Party B | A certified copy of the resolutions or written consent of Party B's board of directors, board of managers or members authorizing the execution, delivery and performance of this Agreement (including Confirmations and the Credit Support Annex) and each other Transaction Document, and authorizing Party B to enter into Transactions hereunder. | Upon execution of this Agreement and for any Transaction of a type not covered by such resolutions previously delivered, promptly upon request. | Yes |
| Party B | Party B's annual report containing audited financial statements prepared in accordance with U.S. GAAP and certified by independent certified public accountants for each fiscal year. | As soon as available and in any event within 120 days after the end of each fiscal year of Party B. | Yes, provided that Party B shall be deemed to represent, in lieu of the representation in Section 3(d) of the Agreement in respect of all such financial statements so deemed to be delivered, that such financial statements fairly present in all material respects the financial condition and results of operation of Party B in accordance with GAAP in all material respects as of the date set forth therein. |

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| | | | |
|:---|:---|:---|:---|
| **Party** | **Documents to be delivered by such party** | **Delivery due date** | **Covered by** §**3(d)** |
| Party B | Party B's unaudited financial statements, including (i) the balance sheets showing Party B's financial position as of the end of each fiscal quarter, (ii) supporting profit and loss statements and (iii) statements of cash flows for each fiscal quarter, prepared in accordance with U.S. GAAP. | If requested by Party A, as soon as available and in any event within 75 days after the end of each fiscal quarter of Party B. | Yes, provided that Party B shall be deemed to represent, in lieu of the representation in Section 3(d) of the Agreement in respect of all such financial statements so deemed to be delivered, that such financial statements fairly present in all material respects the financial condition and results of operation of Party B in accordance with GAAP in all material respects as of the date set forth therein. |
| Party A and Party B | Each Transaction Document, duly executed by each party thereto. | In respect of (i) each Transaction Document listed in the definition thereof as of the date of this Agreement other than the Creditor Notices and the Creditor Acknowledgements, on or prior to the date of this Agreement, (ii) each Initial Creditor Acknowledgement, to the extent required, in accordance with the Framework Agreement, (iii) each other Creditor Acknowledgement relating to a Third Party Storage Operator, to the extent required, in accordance with the Framework Agreement and (iv) any other Transaction Document, promptly upon execution of such Transaction Document. | No |
| Party B | A copy of each Storage Agreement, and any amendments thereto. | Promptly upon the execution of each Storage Agreement and with respect to any subsequent amendment, at or promptly following the time of such amendment. | Yes |

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| | | | |
|:---|:---|:---|:---|
| **Party** | **Documents to be delivered by such party** | **Delivery due date** | **Covered by** §**3(d)** |
| Party B | Evidence in form and substance reasonably acceptable to Party A that all Encumbrances (other than Permitted Encumbrances) on the "Collateral" subject to the Security Agreement shall have been released and copies of all UCC-3 termination statements or amendments required to be filed in connection with the release of such liens. | Upon execution of this Agreement in respect of any "Collateral" subject to the Security Agreement; or thereafter, promptly upon agreement between the parties to include an additional Approved Location for purposes of the Transaction Documents. | Yes |
| Party B | A UCC-1 Financing Statement necessary to perfect Party A's security interest in the "Collateral" subject to the Security Agreement, naming Party B as "debtor" and Party A as "secured party" and specifically describing the "Collateral" as defined in the Security Agreement. | Upon execution of this Agreement. | Yes |
| Party B | Such other information regarding Party B's financial condition, business and operations as Party A may reasonably request, except to the extent that disclosure of such information would violate any applicable law, court order, arbitration or mediation proceeding order, or stock exchange requirement or any confidentiality obligations binding upon it. | Promptly upon request. | Yes |
| Party B | Opinions of legal counsel to Party B addressed to Party A in respect of (i) the capacity and authority of Party B to enter into the Transaction Documents and carry out the transactions contemplated thereby and (ii) the legality, enforceability and binding effect of the obligations undertaken by Party B in the Transaction Documents. | Upon execution of this Agreement. | No |

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| | |
|:---|:---|
| Part 4. | **<u>Miscellaneous</u>** |

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(a) **Addresses for Notices.** For purposes of Section 12(a) of this Agreement, all notices to a party shall, with respect to any particular Transaction, be sent to its address or facsimile number specified in the relevant Confirmation (or as specified below if not specified in the relevant Confirmation), provided that any notice under Section 5 or 6 of this Agreement, and any notice under this Agreement not related to a particular Transaction, shall be sent to a party at its address specified below (and in the case of a notice under Section 5 or 6, shall be delivered by hand or overnight courier and not by email), provided further that any notice under the Credit Support Annex shall be sent to a party at its address or facsimile number specified in the Credit Support Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **To Party A:**

**Wells Fargo Bank, N.A.**

333 Market Street

28th Floor

MAC A0119-280

San Francisco, CA 94105

Email: PhysicalOilLiquids@wellsfargo.com

Attention: Documentation Group

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **To Party B:**

**Hawaii Renewables, LLC**

825 Town & Country Ln

Suite 1500

Houston, TX 77024

Attention: Treasury

Phone: +1 (713) 969-2156

Email: treasury@parpacific.com

With a copy to: legalnotices@parpacific.com

(b) **Process Agent.** For the purpose of Section 13(c) of this Agreement, neither party appoints a Process Agent hereunder.

(c) **Offices.** Section 10(a) applies.

(d) **Multibranch Party.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party A is a Multibranch Party and may act through its San Francisco or Charlotte Office or its London Branch, as specified in the relevant Confirmation and if any Confirmation for a Transaction is sent or executed by Party A without specifying its Office, it will be presumed that Party A's Office for that Transaction is its San Francisco Office, absent notice to the contrary from Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Party B is not a Multibranch Party.

(e) **"Calculation Agent"** means Party A, unless an Event of Default has occurred and is continuing with respect to Party A, in which case Party B may select a replacement Calculation Agent (for so long as such Event of Default is continuing) that is a nationally recognized leading dealer active in the market for the derivative products requiring calculations and determinations ("**Leading Independent Dealer**") that is independent of either party (and its Affiliates) and is approved by Party A (such approval not to be unreasonably withheld). The reasonable costs of employing the replacement Calculation Agent shall be borne equally by both parties.

(f) **Dispute Resolution**. If a party in good faith disputes the amount determined by the Calculation Agent to be due and payable under this Agreement, that party shall nonetheless pay to the other party the full amount as determined by the Calculation Agent by the due date and shall inform the Calculation Agent and the other party in writing of the portion of the determined amount with which it disagrees and why it disagrees. The parties shall cooperate in resolving each dispute expeditiously (and in any event within three (3) Local Business Days). If the parties agree that the disputing party does not owe some or all of the disputed amount, then to the extent such amount was previously paid by that party, the other party shall return such disputed amount to the disputing party, together with interest at the Non-default Rate from the date such amount was disputed by the disputing party in accordance with this Agreement, within one (1) Local Business Day of such agreement.

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(g) Capitalized terms used in this Schedule without definition shall have the meanings assigned in the Framework Agreement (as defined below).

(h) **"Credit Support Document"** means each of the following: (i) the Credit Support Annex hereto dated as of the date of this Agreement, executed and delivered by Party A and Party B, (ii) with respect to Party B, the pledge and security agreement dated as of the date of this Agreement and executed by Party B in favor of Party A, as amended or supplemented from time to time (the "**Security Agreement**"), (iii) with respect to Party B, the Framework Agreement (as defined in Part 5 below), (iv) with respect to Party B, the guaranty dated as of the date of this Agreement and executed by Par Pacific Holdings, Inc. (the "**Parent**") in favor of Party A, as amended or supplemented from time to time (the "**Guaranty**"), (v) with respect to Party B, the Deposit Account Control Agreement (as defined in the Framework Agreement) and (vi) with respect to Party B, any other document which by its terms secures, guarantees or otherwise supports Party B's obligations under the Transaction Documents from time to time, whether or not this Agreement, any Transaction, or any type of Transaction entered into hereunder is specifically referenced or described in any such document.

The parties agree that the definitions and provisions contained in the ISDA Non-ECP Guarantor Exclusionary Terms published by the International Swaps and Derivatives Association, Inc., on April 18, 2013 are incorporated and apply to the Agreement.

(i) **"Credit Support Provider"** means, in relation to Party A, not applicable.

**"Credit Support Provider"** means, in relation to Party B, the Parent.

(j) **Governing Law and Jurisdiction.** To the extent not otherwise preempted by U.S. Federal law, this Agreement and all matters arising out of or relating to this Agreement will be governed by and construed in accordance with the law of the State of New York (without giving effect to any provision of New York law that would cause another jurisdiction's laws to be applied). Section 13(b) of the Agreement is hereby amended by deleting the word "non-exclusive" appearing in subparagraph (i)(2) thereof and substituting therefor the word "exclusive", provided that nothing in Section 13(b) shall prohibit a party from bringing an action to enforce a money judgment in any other jurisdiction.

(k) **<u>WAIVER OF JURY TRIAL</u>. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING IN CONNECTION WITH THIS AGREEMENT, ANY CREDIT SUPPORT DOCUMENT TO WHICH IT IS A PARTY, OR ANY TRANSACTION.**

(l) **Netting of Payments.** "Multiple Transaction Payment Netting" will apply for purposes of Section 2(c) of this Agreement and for the purposes of Multiple Transaction Payment Netting only, the Credit Support Annex hereto shall be deemed to be a Transaction subject to and forming part of this Agreement.

(m) **"Affiliate"** has its meaning as defined in Section 14.

(n) **Absence of Litigation.** For purposes of Section 3(c), "Specified Entity" means in relation to Party A and Party B, None.

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(o) **No Agency.** The provisions of Section 3(g) of this Agreement will apply.

(p) **Additional Representation** will apply. For the purpose of Section 3 of this Agreement, the following will each constitute an Additional Representation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Relationship Between Parties.** Each party will be deemed to represent to the other party on the date on which it enters into a Transaction Document that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Non-Reliance.* It is acting for its own account, and it has made its own independent decisions to enter into the Transaction Document and as to whether the Transaction Document is appropriate or proper for it based solely upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party or any of its Affiliates (or its respective representatives) as investment advice or as a recommendation to enter into the Transaction Document, it being understood that information and explanations related to the terms and conditions of any Transaction Document will not be considered investment advice or a recommendation to enter into the Transaction Document. No communication (written or oral) received from the other party or any of its Affiliates (or its respective representatives) will be deemed to be an assurance or guarantee as to the expected results of the Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Assessment and Understanding.* It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction Document based solely upon its own evaluation of the Transaction Document (including the present and future results, consequences, risks, and benefits thereof, whether financial, accounting, tax, legal, or otherwise) or that of its own advisers. It is also capable of assuming, and assumes, the risks of the Transaction Document. It also understands that the terms under which any Transaction may be terminated early are set forth in this Agreement (or in the relevant Confirmation), and any early termination of a Transaction other than pursuant to such terms is subject to mutual agreement of the parties confirmed in writing, the terms of which may require one party to pay an early termination fee to the other party based upon market conditions prevailing at the time of early termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Status of Parties.* The other party is not acting as a fiduciary for or an adviser to it in respect of the Transaction Document, and any agency, brokerage, advisory or fiduciary services that the other party (or any of its Affiliates) may otherwise provide to the party (or to any of its Affiliates) excludes the Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Eligibility.** Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that it is an "eligible contract participant" within the meaning of the Commodity Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **ERISA.** Each party represents to the other party at all times hereunder that it is not (i) an employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), or a plan as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "**Code**"), subject to Title I of ERISA or Section 4975 of the Code, or a plan as so defined but which is not subject to Title I of ERISA or Section 4975 of the Code but is subject to another law materially similar to Title I of ERISA or Section 4975 of the Code (each of which, an "**ERISA Plan**"), (ii) a person or entity acting on behalf of an ERISA Plan, or (iii) a person or entity the assets of which constitute assets of an ERISA Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **Recording of Conversations.** Each party (i) consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of the parties or any of their Affiliates in connection with this Agreement or any Transaction or potential Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of such recording to, its relevant personnel and those of its Affiliates and (iii) agrees, to the extent permitted by applicable law, that such recordings may be submitted in evidence in any Proceedings.

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| | |
|:---|:---|
| Part 5. | **<u>Other Provisions</u>** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **2002 Master Agreement Protocol**. Annexes 1 through 13 (inclusive) and Section 6 of the 2002 Master Agreement Protocol published on July 15, 2003 by the International Swaps and Derivatives Association, Inc. are hereby incorporated by reference in, and shall form part of, this Agreement. References in the 2002 Master Agreement Protocol to "2002 Master" will be deemed references to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Change of Account.** Any account designated by a party pursuant to Section 2(b) shall be in the same legal and tax jurisdiction as the original account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Set-Off.** Section 6(f) is hereby amended by inserting the words "or to any Affiliate of the Payer" immediately after the words "to the Payer".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Certain Swap Trading Relationship Documentation Terms.** CFTC Regulation 23.504 requires that Party A include in "swap trading relationship documentation" certain statements and notice provisions regarding (i) Party A's status (and, if applicable, Party B's status) as an "insured depository institution," "financial company" or "covered financial company", and (ii) the effect of clearing swaps on a derivatives clearing organization. Such statements and notice provisions are contained in the Wells Fargo Terms of Business for Swap Transactions between the parties, which statements and notice provisions are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **ISDA 2018 U.S. Resolution Stay Protocol**. If, prior to the date of this Agreement, both parties hereto have adhered to the ISDA 2018 U.S. Resolution Stay Protocol, as published by the International Swaps and Derivatives Association, Inc. as of July 31, 2018 (the "**ISDA U.S. QFC Protocol** "), the terms of the ISDA U.S. QFC Protocol shall be incorporated into and form a part of this Agreement. For purposes of incorporating the ISDA U.S. QFC Protocol, each party shall be deemed to have the same status as "Regulated Entity" and/or Adhering Party (as such terms are defined therein) applicable to it under the ISDA U.S. QFC Protocol and this Agreement shall be deemed to be a "Protocol Covered Agreement" (as defined therein).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Foreign Account Tax Compliance Act**. The following provision shall apply in respect of this Agreement (including the Schedule hereto, any Credit Support Annex and each Transaction that has been or will be entered into hereunder) and shall survive the termination of any Transaction or Confirmation:

"<u>Withholding Tax imposed on payments to non-U.S. counterparties under the United States Foreign Account Tax Compliance Act</u>. "Tax" as used in Part 2(a) of this Schedule (Payer Tax Representation) and "Indemnifiable Tax" as defined in Section 14 of this Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a "**FATCA Withholding Tax**"). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Deduction or Withholding for Tax**. Section 2(d)(i)(4)(B) is hereby amended by adding the words "or 3(g)" in the first line after the words "Section 3(f)".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Termination of the Agreement**. If no Transactions (or any present or future payment obligations, contingent or otherwise, thereunder other than indemnification obligations in effect while no claim has been asserted) are outstanding under this Agreement, either party may terminate this Agreement upon thirty days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **No Speculation**. Party B represents at all times hereunder that each Transaction under this Agreement has not been entered into for the purpose of speculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Bona Fide Hedging Transaction Representation**. Party B represents that, unless it has otherwise notified Party A in writing prior to executing a Transaction, each commodity derivative Transaction it enters into under this Agreement **  is a bona fide hedging transaction or position, as such term is defined under CFTC Rule 150.1 (17 CFR § 150.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Scope of Agreement**. Party A and Party B each acknowledges and agrees that the only Transactions subject to and forming part of the Agreement shall be commodity swap transactions (each an "**IM Swap Transaction**") entered into pursuant to the Framework Agreement for Commodity Swap Transactions (the "**Framework Agreement**") between the parties dated on or about the date of the Agreement.

**[SIGNATURE PAGE FOLLOWS THIS PAGE]**

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**IN WITNESS WHEREOF**, the parties have executed this Schedule by their duly authorized signatories as of the date hereof.

**WELLS FARGO BANK, N.A.**

By: <u>/s/ Rilla Park</u>

Name: Rilla Park

Title: Authorized Signatory

**HAWAII RENEWABLES, LLC**

By: <u>/s/ Shawn Flores</u>

Name: Shawn Flores

Title: Chief Financial Officer

[*Signature Page to the ISDA Schedule*]

## Exhibit 10.3

**Exhibit 10.3**

*Execution Version*

**PLEDGE AND SECURITY AGREEMENT**

This **PLEDGE AND SECURITY AGREEMENT** (this "**Security Agreement**"), dated as of October 2, 2025, is made by Hawaii Renewables, LLC, a Delaware limited liability company (the "**Company**"), in favor of Wells Fargo Bank, N.A., a national banking association (the "**Secured Party**").

**RECITALS**:

**WHEREAS**, the Company and the Secured Party are parties to (i) that certain ISDA 2002 Master Agreement, dated as of October 2, 2025 (the "**ISDA Master Agreement**"), including the Credit Support Annex to the Schedule thereto, and (ii) the Framework Agreement of even date therewith (the "**Framework Agreement**");

**WHEREAS**, pursuant to the Transaction Documents, the Company and the Secured Party may enter into swap transactions from time to time in respect of certain notional quantities of soybean oil and crude oil, conditioned upon, among other things, the execution and delivery of this Security Agreement; and

**WHEREAS**, the Company has determined that the execution, delivery and performance of this Security Agreement directly benefit, and are in the best interest of, the Company.

**NOW, THEREFORE**, in order to comply with the terms and conditions of the Transaction Documents, for and in consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of all of which being hereby acknowledged, the Company and the Secured Party hereby agree as follows:

**SECTION 1. DEFINITIONS AND INTERPRETATION**

1.1 **Reference to the ISDA Master Agreement and the Framework Agreement**. Reference is hereby made to the ISDA Master Agreement and the Framework Agreement for a statement of the terms thereof. All capitalized terms used in this Security Agreement that are defined in the ISDA Master Agreement or the Framework Agreement or in Article 8 or 9 of the Code and which are not otherwise defined herein shall have the same meanings herein as set forth therein; <u>provided</u> that terms used herein which are defined in the Code on the date hereof shall continue to have the same meaning notwithstanding any replacement or amendment of such statute except as the Secured Party may otherwise determine.

1.2 **Statutory Terms**. The following terms shall have the respective meanings provided for in the Code: "Accounts", Cash Proceeds", "Deposit Account", "Documents", "Goods", "Instruments", "Noncash Proceeds", "Proceeds", and "Record".

1.3 **Definitions**. As used in this Security Agreement, the following terms shall have the respective meanings indicated below, such meanings to be applicable equally to both the singular and plural forms of such terms:

**"Applicable Program**" means the RFS, the LCFS or any other U.S., state or regional program pursuant to which Environmental Attributes may be generated.

**"BTCs**" means biodiesel fuels tax credits established under Section 40A of the Internal Revenue Code of 1986, as amended.

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**"CARB**" means the California Air Resources Board or its successor.

**"Clean Fuel Production Credit**" means the clean fuel production tax credit established under Section 45Z of the Internal Revenue Code of 1986, as amended, for the domestic production of clean transportation fuel.

**"Code**" means the Uniform Commercial Code as in effect from time to time in the State of New York.

**"Collateral**" means the following:

(a) all Inventory located at the Approved Locations;

(b) any Environmental Attributes associated with any Inventory at the Approved Locations;

(c) all rights to insurance pertaining to sub-clauses (a) and (b) above (excluding business interruption insurance);

(d) all Receivables constituting identifiable proceeds of any assets referred to in the preceding sub-clauses (a), (b) and (c) (the "**Specified Receivables**");

(e) all Documents and Instruments pertaining to sub-clauses (a) and (b) above, including but not limited to all bills of lading;

(f) the Supplier Payables Account;

(g) the Company EMTS Account, to the extent containing any RINs associated with any Inventory at the Approved Locations;

(h) the Company LCFS Account, to the extent containing any LCFS associated with any Inventory at the Approved Locations;

(i) all accounts maintained with a governmental entity for the purpose of holding, transferring, tracking or otherwise recording any interest in any Environmental Attributes associated with any Inventory at the Approved Locations; and

(j) all Proceeds, including all Cash Proceeds and Noncash Proceeds, and products of any and all of the foregoing Collateral;

in each case, howsoever the Company's interest therein may arise or appear (whether by ownership, security interest, claim or otherwise), excluding, however, (i) any assets of the Company constituting "Posted Credit Support" that now or hereafter come into the possession, custody, or control of the Secured Party (or its agent or designee) as defined in and pursuant to the Credit Support Annex to the Schedule to the ISDA Master Agreement and subject to a valid and perfected first priority security interest in favor of the Secured Party thereunder and (ii) any proceeds or products of any Collateral that constitute taxes that have been collected or withheld.

**"Company**" has the meaning assigned to such term in the preamble hereto.

**"Company EMTS Account**" means the EPA Moderated Transaction System Account for RINs maintained in the name of the Company with EMTS, with identifier number 6693.

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**"Company LCFS Account**" means an account showing the LCFS Credits generated or transferred, purchased or acquired by Company, and as established with CARB or another governmental authority pursuant to the LCFS.

**"EMTS**" means the EPA Moderated Transaction System, as defined in 40 C.F.R. §80.1401 and regulated under the RFS.

**"Environmental Attributes**" means any and all credits, benefits, emission reductions, offsets and allowances, howsoever entitled, attributable to the production, sale, combustion or other use of renewable products, or their displacement or reduction in the use of conventional energy generation, Greenhouse Gas emissions, pollutants or transportation fuel, heating oil or jet fuel, including, without limitation, (i) GHG Attributes and any and all avoided emissions of pollutants to the air, soil or water such as sulfur oxides (SOx), nitrogen oxides (NOx), carbon oxides (COx) and other pollutants, (ii) any renewable fuel credits or attributes that can be produced, generated or otherwise attributed to the production, sale, delivery or use of renewable products under an Applicable Program, including, without limitation, RINs under the RFS, renewable energy certificates under state low carbon fuel programs such as LCFS Credits, and BTCs, in each case that are associated with the Inventory at Approved Locations and detached therefrom, and for so long as such Inventory remains at an Approved Location, and (iii) any Tax Credits that can be produced, generated or otherwise attributed to the production, sale, delivery or use of renewable products, including, without limitation, Clean Fuel Production Credits and WA SAF Credits, in each case that are associated with the Inventory at Approved Locations and detached therefrom, and for so long as such Inventory remains at an Approved Location (the "**Specified Tax Credits**").

**"Equity Contribution Agreement**" means that certain Equity Contribution Agreement by and among the Company, Par Pacific Holdings, Inc. and Alohi Renewable Energy LLC dated July 21, 2025, as amended, supplemented or restated from time to time.

**"GHG Attribute**" means (i) any certificates issued in relation to the biomethane under a biofuel certification program; (ii) any avoided emissions of carbon dioxide (CO2), methane (CH4), and other Greenhouse Gases attributable to the destruction of methane or the biomethane that have been determined by the United Nations Intergovernmental Panel on Climate Change to contribute to the actual or potential threat of altering the Earth's climate by trapping heat in the atmosphere, including all offset credits or other benefits issued, generated or retired in respect of such avoided emissions and including Lifecycle Greenhouse Gas Emissions; and (iii) the reporting rights to the foregoing attributes.

**"Greenhouse Gas**" means carbon oxides (including carbon dioxide (CO2)), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons, perfluorocarbons, sulphur hexafluoride, or any other substance or combination of substances that may become regulated or designated as Greenhouse Gases under any federal, state or local law or regulation, or any emission reduction registry, trading system, or reporting or reduction program for Greenhouse Gas emission reductions that is established, certified, maintained, or recognized by any international, governmental (including U.N., U.S. federal, state, or local agencies), or non-governmental agency from time to time, in each case measured in increments of one metric tonne of carbon dioxide equivalent.

**"Inventory**" means any of the Company's Inventory (as such term is defined Section 9-102 of the Code) consisting of Commodities.

**"IRS**" means the Internal Revenue Service of the United States.

**"IRS Form**" has the meaning set forth in Section 4.1.

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**"LC Facility Agreement**" has the meaning given to such term in the Framework Agreement.

**"LCFS Credits**" means credits generated and traded under the Low Carbon Fuel Standard, with each credit equal to one (1) metric tonne of carbon dioxide reduction as compared to the baseline CO2 emissions under the LCFS.

**"Lifecycle Greenhouse Gas Emissions**" means the aggregate quantity of Greenhouse Gas emissions (including direct emissions and significant indirect emissions from land use changes), as determined under an Applicable Program, related to the full fuel lifecycle, including all stages of fuel and feedstock production and distribution, from feedstock generation or extraction through the distribution and delivery and use of the finished fuel to the ultimate consumer, where the mass values for all Greenhouse Gases are adjusted to account for their relative global warming potential.

**"Low Carbon Fuel Standard**" or "**LCFS**" means the regulations, orders, decrees and standards issued by CARB or other applicable governmental authority implementing or otherwise applicable to the Low Carbon Fuel Standard set forth in the California Code of Regulations at Title 17, §§ 95480 et seq., and each successor regulation, as may be subsequently amended, supplemented or restated from time to time.

**"Perfection Requirements**" has the meaning set forth in Section 3(e).

**"Receivables**" means, as to the Company, all accounts receivable, whether billed or unbilled, arising out of the sale of Inventory in the ordinary course of business.

**"RFS**" means the Renewable Fuel Standard Program under the Energy Policy Act of 2005 and the Energy Independence and Security Act of 2007 and its implementing regulations, including, without limitation, 40 C.F.R. Part 80, Subpart M as amended, restated or supplemented to date.

**"RIN**" or "**Renewable Identification Number**" means a thirty-eight (38) character numeric code that is generated by the producer or importer of renewable fuel representing gallons of renewable fuel produced/imported and assigned to batches of renewable fuel that are transferred to others such that a change of ownership is effected, or any similar successor instrument thereof.

**"RVO**" means any Renewable Volume Obligation as defined in 40 C.F.R. § 80.1407 and regulated as part of the RFS.

**"Secured Obligations**" means all obligations of the Company from time to time existing in respect of the ISDA Master Agreement, the Framework Agreement, the LC Facility Agreement and any other Transaction Document.

**"Secured Party**" has the meaning assigned to such term in the preamble hereto.

**"Specified Receivables**" has the meaning set forth in sub-clause (d) of "Collateral" definition.

**"Specified Tax Credits**" has the meaning set forth in sub-clause (iii) of "Environmental Attributes" definition.

**"Tax Credits**" means (i) Clean Fuel Production Credits, (ii) WA SAF Credits, and (iii) any other tax credits that can be produced, generated or otherwise attributed to the production, sale, delivery or use of renewable products.

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**"Termination Date**" has the meaning set forth in Section 9.4(a).

**"WA SAF Credit**" means the tax credit established under *Engrossed Substitute Senate Bill 5447* (2023 Reg. Sess.) of the State of Washington and any successor or related legislation, rules or regulations, providing a tax credit for the production, blending or use of sustainable aviation fuel in the State of Washington that achieves a verified Lifecycle Greenhouse Gas Emissions reduction of at least 50% compared to conventional jet fuel.

**SECTION 2. GRANT OF SECURITY INTEREST AS SECURITY FOR SECURED OBLIGATIONS**.

As continuing collateral security for the payment, performance and observance of all of the Secured Obligations, the Company hereby pledges and assigns to the Secured Party (and its successors and permitted assigns), and grants to the Secured Party (and its successors and permitted assigns) a continuing security interest in and to the Collateral, wherever located and whether now or hereafter existing and whether now owned or hereafter acquired, of every kind and description, tangible or intangible.

**SECTION 3. REPRESENTATIONS AND WARRANTIES**.

The Company represents and warrants to the Secured Party on the date of this Security Agreement as follows:

(a) <u>Schedule I</u> sets forth a complete and accurate list as of the date hereof of (i) the exact legal name of the Company, (ii) the jurisdiction of organization of the Company, (iii) the type of organization of the Company, (iv) the organizational identification number of the Company (or states that no such organizational identification number exists), (v) the chief executive office of the Company, (vi) the place where the Company keeps its records concerning Accounts, (vii) the Company EMTS Account, and (viii) the Company LCFS Account (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof).

(b) Schedule 2 to the Framework Agreement sets forth the name and address of any person that has, as of the date of this Security Agreement, possession of any Inventory at Approved Locations with an aggregate market value greater than $5,000,000. As of the date of this Security Agreement and except as set forth on Schedule 2 to the Framework Agreement, no Inventory with an aggregate market value greater than $5,000,000 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.

(c) The Company is and will be at all times the sole and exclusive owner of, or otherwise have and will have adequate rights in, 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 exclusive owner thereof) free and clear of any liens except for the Permitted Encumbrances. No effective financing statement or other instrument similar in effect covering all or any part of the Collateral is on file in any recording or filing office except such as may have been filed to perfect or protect any Permitted Encumbrances.

(d) The grant of the security interest hereunder will not contravene any law or contractual obligation binding on or otherwise affecting the Company or any of its Collateral in any material respect and will not result in, or require the creation of, any lien upon or with respect to any of its Collateral.

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(e) No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or any other Person, is required for (i) the due execution, delivery and performance by the Company of this Security Agreement, (ii) the grant by the Company of the security interest purported to be created hereby in the Collateral or (iii) to the best of the Company's knowledge, the exercise by the Secured Party of any of its rights and remedies hereunder, in each case, except (A) for consents, approvals, authorizations, or other orders or actions that have already been obtained or given (as applicable) and that are still in force and (B) the satisfaction of the Perfection Requirements by the filing of financing statements or other documents. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or any other Person, is required for the perfection of the security interest purported to be created hereby in the Collateral, except (1) for the filing under the Uniform Commercial Code as in effect in the State of Delaware, (2) with respect to any action or filing that may be necessary to obtain control of Collateral constituting Deposit Accounts, the taking of such actions or the making of such filings, and (3) the Secured Party having possession of all Documents, Instruments and cash constituting Collateral (subclauses (1)—(3), each a "**Perfection Requirement**" and collectively, the "**Perfection Requirements**").

(f) This Security Agreement creates a legal, valid and enforceable security interest in favor of the Secured Party in the Collateral as security for the Secured Obligations. Upon satisfying the Perfection Requirements, the Secured Party shall have perfected its security interests to the extent that a security interest in such Collateral can be perfected by way of the Perfection Requirements. Such security interests are, or in the case of Collateral in which the Company obtains rights after the date hereof, will be, perfected, first priority security interests, subject in priority only to the Permitted Encumbrances, and the recording of such instruments of assignment described above. Such Perfection Requirements and all other action necessary to perfect and protect such security interest have been duly made or taken, except for (i) the Secured Party having possession of all Instruments and Documents and cash constituting Collateral after the date hereof and (ii) the other filings and recordations and actions described in Section 3(e) hereof.

(g) The Company has complied and shall comply with the RFS (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. Any substitute or replacement RINs allocated to the Company in the foregoing manner shall be the property of the Company and constitute part of the Collateral hereunder.

**SECTION 4. COVENANTS AS TO THE COLLATERAL**.

Unless the Secured Party shall otherwise consent in writing:

4.1 **Further Assurances**. The Company will take such action and execute, acknowledge and deliver, at its own expense, such agreements, instruments or other documents as the Secured Party may reasonably require from time to time in order (i) to perfect and protect, or maintain the perfection of, the security interest and lien purported to be created hereby; (ii) to enable the Secured Party to exercise and enforce its rights and remedies hereunder in respect of the Collateral; or (iii) otherwise to effect the purposes of this Security Agreement, including, without limitation: (1) executing and filing (to the extent, if any, that the Company's signature is required thereon) or authenticating the filing of, such financing or continuation statements, or amendments thereto, (2) furnishing to the Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Secured Party may reasonably request, and as provided hereunder and under the Transaction Documents, all in reasonable detail, (3) executing and filing in a timely fashion with the IRS Form 2848 Power of Attorney (the "**IRS Form**"), and (4) taking all actions required by law in any relevant Uniform Commercial Code jurisdiction, or by other law as applicable in any foreign jurisdiction to grant or maintain a perfected security interest in the Collateral. The Company shall not take or fail to take any action which could in any manner impair the validity or enforceability of the Secured Party's security interest in and lien on any Collateral including against any other Lien, except the Permitted Encumbrances.

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4.2 **Location of Inventory**. The Company will not allow any person (other than any operator of an Approved Location) to possess Inventory located at Approved Locations with an aggregate market value in excess of $5,000,000; provided that, notwithstanding the terms of Section 9.1, upon the entry into any amendment to a new Schedule 2 to the Framework Agreement in accordance with the terms of the Framework Agreement, the Company may allow any party identified on any such new Schedule 2 to the Framework Agreement to possess Inventory with an aggregate market value in excess of $5,000,000, <u>provided</u> further that (i) all action has been or will be taken to grant to the Secured Party a perfected, first priority security interest in such Inventory located at the applicable Approved Location (subject only to Permitted Encumbrances) in favor of the Secured Party and (ii) the Secured Party's rights in such Inventory located at the applicable Approved Location, including, without limitation, the existence, perfection and priority of the security interest created hereby in such Inventory located at the applicable Approved Location, are not adversely affected thereby.

4.3 **Provisions Concerning the Specified Receivables**.

(a) The Company will, except as otherwise provided in this Section 4.3, continue to collect, at its own expense, all amounts due or to become due under the Specified Receivables. In connection with such collections, the Company will take such action as the Company may deem necessary or advisable to enforce collection or performance of the Specified Receivables; <u>provided</u>, <u>however</u>, that the Secured Party shall have the right at any time, upon the occurrence and during the continuance of an Event of Default with respect to the Company, to notify the obligors under any Specified Receivables of the assignment of such Specified Receivables to the Secured Party and to direct such obligors to make payment of all amounts due or to become due to the Company thereunder directly to the Secured Party or its designated agent and, upon such notification and at the expense of the Company and to the extent permitted by law, to enforce collection of any such Specified Receivables and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as the Company might have done. After receipt by the Company of a notice from the Secured Party that the Secured Party has notified, intends to notify, or has enforced or intends to enforce the Company's rights against the obligors under any Specified Receivables upon the occurrence and during the continuance of an Event of Default with respect to the Company (as referred to in the proviso to the immediately preceding sentence), (1) all amounts and proceeds (including Instruments but excluding amounts constituting taxes that have been collected or withheld) received by the Company in respect of the Specified Receivables shall be received in trust for the benefit of the Secured Party hereunder, shall be segregated from other funds of the Company and shall be forthwith paid over to the Secured Party or its designated agent in the same form as so received (with any necessary endorsement) to be held as cash collateral and applied as specified in the ISDA Master Agreement and Framework Agreement, and (2) the Company will not adjust, settle or compromise the amount or payment of any Specified Receivables or release wholly or partly any obligor thereof or allow any credit or discount thereon. Any such securities, cash, investments and other items so received by the Secured Party or its designated agent shall (in the sole and absolute discretion of the Secured Party) be held as additional Collateral for the Secured Obligations.

4.4 **Control**. The Company hereby agrees to take any or all action that may be necessary that the Secured Party may reasonably request in order for the Secured Party to obtain control of the Collateral for purposes of the perfection of the security interest purported to be created hereby in the Collateral, including, without limitation, complying with reasonable instructions of duly appointed agents or designees of the Secured Party as a "secured party" with respect to the Collateral under the control of such agent or designee.

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4.5 **Records; Inspection and Reporting**.

(a) The Company agrees to maintain, at its own cost and expense, such books and records with respect to the Collateral as are consistent with its current practices and in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Company, and in any event, complete and accurate in all material respects.

(b) The Company will promptly notify the Secured Party of any amendment, modification or other change to its (i) name, (ii) organizational identification number, (iii) Federal Employer Identification Number, (iv) jurisdiction of organization, (v) chief executive office, (vi) the Company EMTS Account, or (vii) the Company LCFS Account as set forth in <u>Schedule I</u>.

4.6 **Taxes.** At any time after the occurrence and during the continuation of an Event of Default, at its option, the Secured Party may discharge past due taxes, assessments, charges, fees, liens, security interests or other encumbrances at any time levied or placed on the Collateral that are not being contested or being contested in accordance with applicable law under which they are levied or placed, and may pay for the maintenance and preservation of the Collateral, to the extent the Company fails to do so as required by this Security Agreement or the other Transaction Documents, and the Company agrees to reimburse the Secured Party upon written request for any payment made or expense incurred by Secured Party pursuant to the foregoing authorization and such payments and expenses shall be additional Secured Obligations secured hereby; provided, however, that nothing in this paragraph shall be interpreted as excusing the Company from the performance of, or imposing any obligation on the Secured Party to cure or perform, any covenants or other promises of the Company with respect to taxes, assessments, charges, fees, liens, security interests or other encumbrances and maintenance relating to the Collateral.

4.7 **Environmental Attributes.** At any time after the occurrence and during the continuation of an Event of Default (and without limiting any other rights or remedies of the Secured Party hereunder, under any other Transaction Document or otherwise), the Company agrees that, upon the reasonable request of the Secured Party, it will promptly execute such documents and take such actions as the Secured Party reasonably deems necessary or appropriate and consistent with the relevant Applicable Program to enable the Secured Party to execute transactions relating to the Environmental Attributes that are part of the Collateral hereunder, including, without limitation, the appointment of an entity designated by the Secured Party as authorized to execute transactions on the relevant systems related to any Applicable Programs, including but not limited to the EMTS system, and to enter into product transfer documents or similar agreements for the transfer of the relevant Environmental Attributes, including but not limited to RINs.

4.8 **Specified Tax Credits.** The Company shall complete and maintain the relevant electronic pre-filing registration of any Specified Tax Credits that are part of the Collateral, with the IRS or relevant state tax authority, including providing information about the Company, the intended eligible credit, and the eligible credit project. At any time after the occurrence and during the continuation of an Event of Default (and without limiting any other rights or remedies of the Secured Party hereunder, under any other Transaction Document or otherwise), the Company agrees that, upon the reasonable request of the Secured Party, with respect to any Specified Tax Credits that are part of the Collateral hereunder, the Company shall provide the Secured Party with (a) the registration number for each eligible credit property provided by the IRS upon the completion of the pre-filing registration, (b) the required minimum documentation described in Treasury Regulations Section 1.6418-2(b)(5)(iv)**,** and (c) any other information necessary for the Secured Party to claim the transferred Specified Tax Credits or other eligible credit.

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4.9 **IRS Form**. The Company (i) shall file or cause to be filed the IRS Form and any relevant state tax forms within twenty Business Days of the date of this Agreement and (ii) shall not revoke or cause to be revoked the IRS Form once filed.

4.10 **Tax Credit Proceeds**. The Company agrees that on and after the Closing Date (as defined in the Equity Contribution Agreement), so long as the Collateral under this Security Agreement includes Specified Tax Credits and proceeds thereof, the Company shall not distribute any Specified Tax Credits or proceeds thereof, in each case, that are part of the Collateral hereunder, to any Member (as defined in the Equity Contribution Agreement), unless the Company provides written notice to Wells Fargo, in which case, the applicable Tax Credits specified in such notice, together with proceeds thereof, shall not be included within the calculation of Other Eligible Collateral Value under and as defined in the CSA).

**SECTION 5. ADDITIONAL PROVISIONS CONCERNING THE COLLATERAL.**

5.1 **Financing Statements**. To the maximum extent permitted by applicable law, and for the purpose of taking any action that the Secured Party may reasonably deem necessary or advisable to accomplish the purposes of this Security Agreement, the Company hereby (i) authorizes the Secured Party to execute any such agreements, instruments or other documents in the Company's name and to file such agreements, instruments or other documents in the Company's name and in any appropriate filing office, (ii) authorizes the Secured Party at any time and from time to time to file, one or more financing or continuation statements and amendments thereto, relating to the Collateral (including, without limitation, any such financing statements that (A) describe the Collateral as "all assets" or "all personal property" (or words of similar effect) or that describe or identify the Collateral by type or in any other manner as the Secured Party may determine, regardless of whether any particular asset of the Company falls within the scope of Article 9 of the Uniform Commercial Code or whether any particular asset of the Company constitutes part of the Collateral, and (B) contain any other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement, continuation statement or amendment, including, without limitation, whether the Company is an organization, the type of organization and any organizational identification number issued to the Company) and (iii) ratifies such authorization to the extent that the Secured Party has filed any such financing statements, continuation statements, or amendments thereto, prior to the date hereof. A photocopy or other reproduction of this Security Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.

5.2 **Power of Attorney**. The Company hereby irrevocably appoints the Secured Party as its attorney-in-fact and proxy, with full authority in the place and stead of the Company and in the name of the Company or otherwise, upon the occurrence and during the continuation of an Event of Default with respect to the Company, to take any action and to execute any instrument that the Secured Party may deem necessary or advisable to accomplish the purposes of this Security Agreement including, without limitation, upon the occurrence and during the continuation of an Event of Default with respect to the Company (i) to obtain and adjust insurance required pursuant to the Transaction Documents, (ii) to ask, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any Collateral, (iii) to receive, endorse, and collect any drafts or other Instruments and Documents in connection with clause (i) or (ii) above, (iv) to file any claims or take any action or institute any proceedings which the Secured Party may deem necessary or desirable for the collection of any Collateral or otherwise to enforce the rights of the Secured Party with respect to any Collateral, (v) to execute assignments, licenses and other documents to enforce the rights of the Secured Party with respect to any Collateral, (vi) to pay or discharge taxes or liens levied or placed upon or threatened against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Secured Party (in its sole discretion), and such payments made by the Secured Party shall constitute additional Secured Obligations of the Company to the Secured Party, be due and payable immediately without demand, and shall bear interest from the date payment of said amounts is demanded at the default rate as set out in the ISDA Master Agreement, (vii) to prepare and submit the IRS Form if and to the extent that the Company has revoked any such form previously submitted or not filed by the deadline specified in Section 4.9 above, and (viii) to sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, assignments, verifications and notices in connection with Accounts and other documents relating to the Collateral. This power is coupled with an interest and is irrevocable until the Termination Date.

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5.3 **Advances**. Upon the occurrence and during the continuance of an Event of Default with respect to the Company, the Secured Party may itself perform, or cause performance of, such agreement or obligation, in the name of the Company or the Secured Party, and the fees and expenses of the Secured Party incurred in connection therewith shall be payable by the Company and constitute additional Secured Obligations of the Company to the Secured Party, be due and payable immediately without demand and bear interest from the date payment of said amounts is demanded at the default rate as set out in the ISDA Master Agreement.

5.4 **Exercising of Rights**. The Company hereby releases the Secured Party from, and indemnifies the Secured Party against, any claims, causes of action and demands at any time arising out of or with respect to any actions taken or omitted to be taken by the Secured Party under the powers of attorney, proxy or license, granted herein (other than with respect to any claims, causes of action or demands arising from the Secured Party's gross negligence or willful misconduct).

5.5 **No Duty to Exercise Powers**. The powers conferred on the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Other than the exercise of reasonable care to assure the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Secured Party shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against other parties or any other rights pertaining to any Collateral and shall be relieved of all responsibility for any Collateral in its possession upon surrendering it or tendering surrender of it to the Company (or whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct). The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Secured Party accords its own property, it being understood that the Secured Party shall not have responsibility for ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not the Secured Party has or is deemed to have knowledge of such matters. The Secured Party shall not be liable or responsible for any loss or damage to any of the Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehouseman, carrier, forwarding agency, consignee or other agent or bailee selected by the Secured Party in good faith (other than with respect to any claims, causes of action or demands arising from the Secured Party's gross negligence or willful misconduct).

5.6 **Environmental Attributes**. The Company and the Secured Party agree that all Environmental Attributes shall constitute "General Intangibles" as defined under the Code.

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**SECTION 6. REMEDIES UPON DEFAULT.** 

6.1 **General Remedies**. Upon the occurrence and during the continuance of an Event of Default with respect to the Company, the Secured Party may exercise in respect of the Collateral, in addition to any other rights and remedies provided for herein or otherwise available to it, all of the rights and remedies of a secured party upon default under the Code (whether or not the Code applies to the affected Collateral), and also may:

(a) take absolute control of the Collateral, including, without limitation, transfer into the Secured Party's name or into the name of its nominee or nominees (to the extent the Secured Party has not theretofore done so) and thereafter receive all payments made thereon, give all consents, waivers and ratifications in respect thereof and otherwise act with respect thereto as though it were the outright owner thereof, in each case to the extent permitted under the UCC and pursuant to the power of attorney granted under the IRS Form,

(b) require the Company to, and the Company hereby agrees that it will at its expense and upon reasonable request of the Secured Party forthwith, assemble all or part of the Collateral as directed by the Secured Party and make it available to the Secured Party at a place or places to be designated by the Secured Party that is reasonably convenient to both parties, and the Secured Party may enter into and occupy any premises owned or leased by the Company where the Collateral or any part thereof is located or assembled for a reasonable period in order to effectuate the Secured Party's rights and remedies hereunder or under law, without obligation to the Company in respect of such occupation, and

(c) with written notice, as specified below, and without any obligation to prepare or process the Collateral for sale, (A) sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Secured Party's offices, at any exchange or broker's board or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Secured Party may deem commercially reasonable and/or (B) lease, license or otherwise dispose of the Collateral or any part thereof; in each case, (A) and (B), on commercially reasonable terms.

The Secured Party shall give the Company ten calendar days' prior notice of the intention to make any disposal of the Collateral and state the time and place of any public sale or the time after which any private sale or other disposition of the Collateral is to be made. The Company agrees this notice shall constitute reasonable notification. If the Secured Party sells any of the Collateral upon credit, the Company will be credited only with payments actually received by the Secured Party from the purchaser thereof, and if such purchaser fails to pay for the Collateral, the Secured Party may resell the Collateral and the Company shall be credited with proceeds of such sale. The Secured Party shall not be obligated to make any sale or other disposition of Collateral regardless of notice of sale having been given. The Secured Party may, acting reasonably, adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Company hereby waives any claims against the Secured Party arising by reason of the fact that the price at which the Collateral may have been sold at a private sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the Secured Obligations, even if the Secured Party accepts the first offer received and does not offer the Collateral to more than one offeree, and waives all rights that the Company may have to require that all or any part of the Collateral be marshaled upon any sale (public or private) thereof, unless the Secured Party has acted with gross negligence or willful misconduct, or with fraudulent intent. The Company hereby acknowledges that (A) any such sale of the Collateral by the Secured Party shall be made without warranty, (B) the Secured Party may specifically disclaim any warranties of title, possession, quiet enjoyment or the like, (C) the Secured Party may bid (which bid may be, in whole or in part, in the form of cancellation of indebtedness), if permitted by law, for the purchase, lease, license or other disposition of the Collateral or any portion thereof for the account of the Secured Party and (D) such actions set forth in clauses (A), (B) and (C) above shall not adversely affect the commercial reasonableness of any such sale of the Collateral.

As an alternative to exercising the power of sale herein conferred upon it, the Secured Party may proceed by a suit or suits at law or in equity to foreclose this Security Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 6.1 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the Code or its equivalent in other jurisdictions.

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6.2 **Cash Proceeds**. Any cash held by the Secured Party (or its agent or designee) as Collateral and all Cash Proceeds (excluding any Cash Proceeds that constitute taxes that have been collected or withheld) received by the Secured Party (or its agent or designee) in respect of any sale of or collection from, or other realization upon, all or any part of the Collateral, may, in the discretion of the Secured Party, be held by the Secured Party (or its agent or designee) as collateral for, and/or then or at any time upon the occurrence of an Event of Default and the continuance thereof be applied in whole or in part by the Secured Party against, all or any part of the Secured Obligations in such order as the Secured Party shall elect, consistent with the provisions of the Transaction Documents. Any surplus of such cash or Cash Proceeds held by the Secured Party (or its agent or designee) and remaining after the Termination Date shall be paid over to the Company or to such other person as directed by a court of competent jurisdiction.

6.3 **Deficiency**. In the event that the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which the Secured Party is legally entitled, the Company shall be liable for the deficiency, together with interest thereon at the highest rate specified in any applicable Transaction Document for interest on overdue principal thereof or such other rate as shall be fixed by applicable law, together with the costs of collection and the fees, costs, expenses and other client charges of any attorneys employed by the Secured Party to collect such deficiency.

6.4 **No Effect on Commercial Reasonableness**. The Company hereby acknowledges that if the Secured Party complies with any mandatory applicable requirements of law in connection with a disposition of the Collateral, such compliance will not adversely affect the commercial reasonableness of any sale or other disposition of the Collateral.

6.5 **Marshaling**. The Secured Party shall not be required to marshal any present or future collateral security (including, but not limited to, this Security Agreement and the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of the Secured Party's rights hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that the Company lawfully may, the Company hereby agrees that it will not invoke any law relating to the marshalling of collateral which might cause delay in or impede the enforcement of the Secured Party's rights under this Security Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Company hereby irrevocably waives the benefits of all such laws.

6.6 **Access.** In addition to the rights and remedies hereunder, upon the occurrence and during the continuance of an Event of Default, (i) the Secured Party shall have the right upon reasonable notice and at reasonable times to enter and reasonably remain upon the various premises of the Company without cost or charge to the Secured Party, and reasonably use the same, together with books and records of the Company for the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the Collateral, whether by foreclosure, auction or otherwise, (ii) upon reasonable notice and at reasonable times, the Secured Party may remove Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively collect or liquidate such Collateral and (iii) if the Secured Party exercises its right to take possession of the Collateral, the Company shall also at its expense take any and all other commercially reasonable actions requested by the Secured Party to preserve and protect the security interest hereby granted in the Collateral, such as placing and maintaining signs indicating the security interest of the Secured Party, appointing overseers for the Collateral and maintaining inventory records.

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6.7 **Right of Set-Off.** Upon the occurrence and during the continuance of an Event of Default, the Secured Party may exercise any rights of set-off against any Collateral in the form of cash amounts, accounts, and deposits as provided for in Section 6(f) of the ISDA Master Agreement, or otherwise as available under law or in equity.

6.8 **Application of Proceeds**. Subject to the provisions of the Transaction Documents, upon the occurrence and continuance of an Event of Default with respect to the Company, the Secured Party shall apply all proceeds (excluding any proceeds that constitute taxes that have been collected or withheld) that it shall receive from any collection, sale or other disposition of Collateral, as well as any Collateral consisting of cash, as follows:

FIRST, to the payment of all costs and expenses reasonably incurred by the Secured Party in connection with such collection, sale or other disposition or otherwise in connection with this Security Agreement, the Transaction Documents, or any of the Secured Obligations, including all court costs and the fees and expenses of its agents and internal and outside legal counsel, the repayment of all advances made by the Secured Party hereunder or under the Agreement or the other Transaction Documents on behalf of the Company and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under the Agreement or the other Transaction Documents;

SECOND, to the payment in full of the remaining Secured Obligations then outstanding; and

THIRD, to the Company or such other person as directed by a court of competent jurisdiction.

Upon any collection, sale or other disposition of Collateral by the Secured Party (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Secured Party or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Secured Party or such officer or be answerable in any way for the misapplication thereof.

6.9 **Permitted Sales**. Notwithstanding anything in this Security Agreement to the contrary, so long as no Event of Default shall have occurred and be continuing, the Company may, subject to Section 1(g) of the Framework Agreement, use, convey, sell, lease, assign, transfer or otherwise dispose of, or blend all or any part of any of the Collateral.

6.10 **Liability for Compliance with the RFS.** The Company and the Secured Party agree that nothing in any of the Transaction Documents shall be interpreted or deemed to impart any responsibility to the Secured Party to comply with the RFS (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 Security Agreement and the other Transaction Documents.

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6.11 **Liability with Respect to Specified Receivables.** Anything herein to the contrary notwithstanding, the Company shall remain liable under the Specified Receivables to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of the relevant agreements. The Secured Party shall not have any obligation or liability under the Specified Receivables (or the relevant agreements) by reason of or arising out of this Security Agreement or the receipt by the Secured Party of any payment relating to the Specified Receivables pursuant hereto, nor shall the Secured Party be obligated in any manner to perform any of the obligations of the Company under or pursuant to the Specified Receivables (or the relevant agreements), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party under the Specified Receivables (or the relevant agreements), to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. This Section 6.11 shall survive the termination, satisfaction or discharge of all the other Secured Obligations.

**SECTION 7. NOTICES.** 

All notices and other communications provided for hereunder shall be given in accordance with the notice provisions of the ISDA Master Agreement.

**SECTION 8. SECURITY INTERESTS ABSOLUTE.** 

8.1 **Security Interests Absolute**. All rights of the Secured Party, all liens and all obligations of the Company hereunder shall be absolute and unconditional irrespective of (i) any lack of validity or enforceability of the ISDA Master Agreement, the Framework Agreement or any other Transaction Document, (ii) any change in the time, manner or place of payment of, or in any other term in respect of, all or any of the Secured Obligations, or any other amendment or waiver of or consent to any departure from the ISDA Master Agreement, the Framework Agreement or any other Transaction Document, (iii) any exchange or release of, or non-perfection of any lien on any Collateral, or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations, or (iv) any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Company in respect of the Secured Obligations. All authorizations and agencies contained herein with respect to any of the Collateral are irrevocable and powers coupled with an interest, other than upon release, as provided by Section 9.4.

8.2 **Waiver**. The Company hereby waives any requirement that the Secured Party protect, secure, perfect or insure any security interest or other lien on any property subject thereto or exhaust any right or take any action against the Company or any other Person or any collateral.

**SECTION 9. MISCELLANEOUS.**

9.1 **Amendments and Waivers**. No amendment of any provision of this Security Agreement (including any Schedule attached hereto) shall be effective unless it is in writing and signed by the Company and the Secured Party, and no waiver of any provision of this Security Agreement, and no consent to any departure by the Company therefrom, shall be effective unless it is in writing and signed by the Secured Party, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

9.2 **No Waiver; Remedies Cumulative**. No failure on the part of the Secured Party to exercise, and no delay in exercising, any right hereunder or under any other Transaction Document shall operate as a waiver thereof, except as expressly specified in a Transaction Document; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies of the Secured Party provided herein and in the other Transaction Documents are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights of the Secured Party under any Transaction Document against any party thereto are not conditional or contingent on any attempt by such Person to exercise any of its rights under any other Transaction Document against such party or against any other Person, including but not limited to, the Company.

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9.3 **Continuing Security Interest and Assignment**. This Security Agreement shall create a continuing security interest in the Collateral and shall (a) be binding upon the Company and its successors and assigns and (b) inure, together with the rights and remedies of the Secured Party hereunder and each of its permitted successors, transferees and assigns and their respective officers, directors, employees, affiliates, agents, advisors and controlling Persons; provided that, except as expressly permitted by the Transaction Documents, the Company shall not assign or otherwise transfer any of its rights or obligations under this Security Agreement without the prior written consent of the Secured Party and any attempted assignment or transfer without such consent shall be null and void.

9.4 **Termination and Release**.

(b) If any of the Collateral shall be sold, transferred or otherwise disposed of by the Company in a transaction permitted under Section 6.9 hereof, then the lien created pursuant to this Security Agreement in such Collateral shall be automatically released.

The Secured Party, at the request and sole expense, as long as such expenses are reasonably incurred, of the Company, shall execute and deliver to the Company all releases and other documents reasonably necessary or advisable for the release of the liens created hereby on such Collateral; provided that the Company shall provide to the Secured Party such evidence of such transaction's compliance with the Transaction Documents as the Secured Party shall reasonably request.

9.5 **Reinstatement**. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of the Company's assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment or performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a "voidable preference," "fraudulent conveyance," or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

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9.6 **APPLICABLE LAW**. **THIS SECURITY AGREEMENT SHALL BE GOVERNED 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 EXCEPT (I) AS REQUIRED BY MANDATORY PROVISIONS OF LAW AND (II) TO THE EXTENT THAT THE VALIDITY AND PERFECTION OR THE PERFECTION AND THE EFFECT OF PERFECTION OR NON-PERFECTION OF THE SECURITY INTERESTS CREATED HEREBY, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAW OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.**

9.7 **CONSENT TO JURISDICTION**

(a) 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 WRITING), AND TO SERVICE OF PROCESS BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DELIVERED TO THE PARTY AT THE ADDRESS INDICATED IN PART 4(a) (Addresses for Notices) OF THE SCHEDULE TO THE ISDA MASTER 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.

(b) 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 SECURITY AGREEMENT.

9.9 **Transaction Document**. This Security Agreement is and shall be deemed to be a (i) Transaction Document for all purposes hereof, under the Framework Agreement and under the ISDA Master Agreement and (ii) a Credit Support Document under the ISDA Master Agreement.

9.10 **Severability**. In case any provision in or obligation hereunder or any other Transaction Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

9.11 **Headings**. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

9.12 **Counterparts; Integration; Effectiveness**. This Security Agreement may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. This Security Agreement constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.

9.13 **Electronic Execution**. The words "execution," "signed," "signature," and words of like import in this Security Agreement and the other Transaction Documents shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state laws based on the Uniform Electronic Transactions Act.

9.14 **Updates to Schedules**. For purposes of this Security Agreement, all references to <u>Schedules</u> attached hereto shall be deemed to refer to each such Schedule as updated from time to time in accordance with the terms of this Security Agreement.

[*Signatures on Following Pages*]

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IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

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| | | |
|:---|:---|:---|
| **THE COMPANY:**  | **HAWAII RENEWABLES, LLC**  | **HAWAII RENEWABLES, LLC**  |
|  | By:  | <u>/s/ Shawn Flores</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Shawn Flores  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Chief Financial Officer  |

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Signature Page to Pledge and Security Agreement

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**ACKNOWLEDGED AND AGREED:**

**WELLS FARGO BANK, N.A.**

as Secured Party

By: <u>/s/ Rilla Park</u>

Name: Rilla Park

Title: Authorized Signatory

Acknowledgement Page to Pledge and Security Agreement

## Exhibit 10.4

**Exhibit 10.4**

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| | |
|:---|:---|
| **(Bilateral Form)** | **(ISDA Agreements Subject to New York Law Only)** |

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## ISDA®
International Swaps and Derivatives Association, Inc.

**CREDIT SUPPORT ANNEX**

to the Schedule to the

**ISDA 2002 MASTER AGREEMENT**

dated as of October 2, 2025

between

**WELLS FARGO BANK, N.A.** ("Party A")

and

**HAWAII RENEWABLES, LLC** ("Party B")

This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to above (this "**Agreement**"), is part of its Schedule and is a Credit Support Document under this Agreement with respect to each party.

Accordingly, the parties agree as follows: -

**Paragraphs 1 - 12. Incorporation**

Paragraphs 1 through 12 inclusive of the ISDA Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law Only) published in 1994 by the International Swaps and Derivatives Association, Inc. (the "***CSA***") are incorporated herein by reference and made a part hereof.

***Secured Party and Pledgor Redefined***. Paragraph 1(b) is hereby amended in its entirety to read as follows:

"(b) **Secured Party and Pledgor**. Notwithstanding anything contained in this Annex to the contrary, (i) all references in this Annex to the "Secured Party", all references in Paragraphs 2 and 9 of this Annex to "other party " and references in Paragraph 11(b) of this Annex to "a party" and "that party", will be to Party A exclusively, and (ii) all references in this Annex to the "Pledgor", all references in Paragraphs 2 and 9 of this Annex to "Each party" or "a party", and the reference in Paragraph 11(b) of this Annex to "other party", will be to Party B exclusively."

**Paragraph 13. Elections and Variables**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Security Interest for***"  ***Obligations*** ". The term "  ***Obligations***" as used in this Annex includes no obligations of Secured Party and no additional obligations with respect to Pledgor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Credit Support Obligations.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***Delivery Amount, Return Amount and Credit Support Amount.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **"*Delivery Amount*"** has the meaning specified in Paragraph 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **"*Return Amount*"** has the meaning specified in Paragraph 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **"*Credit Support Amount*"** means, for any Valuation Date (i) the Secured Party's Exposure for that Valuation Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) the Pledgor's Threshold; provided, however, that (x) in the case where there exist Independent Amounts applicable to the Pledgor, the Credit Support Amount will not be less than the aggregate of all Independent Amounts applicable to the Pledgor, and (y) in all other cases, the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount results in an amount less than zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ***Eligible Collateral***. Subject to the provisions of this Annex, each of the following items will qualify as "Eligible Collateral":

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| | | | |
|:---|:---|:---|:---|
|  |  | **Party B** | **Valuation** <br> **Percentage** |
| (A) | *Cash:* immediately available cash funds that are denominated in U.S. Dollars. | YES | 100% |
| (B) | *Other Eligible Collateral.* Such other assets as may be agreed in writing between the parties for purposes of this Annex, together with the applicable Valuation Percentage, *provided that* such other assets are acceptable to Party A's collateral operations team and eligible for capital netting against Party A's hedge exposures in relation to the IM Swap Transactions (as defined in the Schedule to the Agreement) (as determined by Party A in good faith); *further provided that* such other assets shall constitute Eligible Collateral up to a maximum Value equal to the portion of the Exposure that is attributable to the Overhedged Commodity Volume (if any) (as defined in the Fee and Expense Letter, where "Fee and Expense Letter" has the meaning given to it in the Framework Agreement, as defined in the Schedule to the Agreement). | YES |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ***Other Eligible Support***. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ***Thresholds.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **"*Independent Amount*"**means for Party A: zero.

***"Independent Amount*"**means for Party B: zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **"*Threshold*"** means for Secured Party: Infinity.

***"Threshold*"** means for Pledgor: zero.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **"*Minimum Transfer Amount*"** means with respect to Secured Party: $250,000; and

***"Minimum Transfer Amount*"** means with respect to Pledgor: $250,000,

*provided* that if an Event of Default or Full Close-out Additional Termination Event exists with respect to a party, the Minimum Transfer Amount for that party shall be zero, *provided further* that if the Secured Party is holding Posted Collateral and the Credit Support Amount required to be maintained by the Pledgor is, or is deemed to be, zero for any day, then for purposes of Paragraph 3(b), the Secured Party's Minimum Transfer Amount for that day will be deemed to be zero with respect to that Posted Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) ***Rounding*.** The Delivery Amount and the Return Amount will be rounded up and down respectively to the nearest integral multiple of $10,000.

(c) ***Valuation and Timing.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"*Valuation Agent*"** means Party A, provided it is acknowledged that the function of the Valuation Agent hereunder is administrative in nature, Party A is not acting as Party B's agent, advisor or fiduciary for such purpose, and Party B shall remain responsible for making its own demands for a Delivery Amount or Return Amount based on the Valuation Agent's calculations of Value and Exposure provided to Party B for the relevant Valuation Date. As specified in the definition of Exposure in Paragraph 12, any calculation of Exposure will be a mid-market estimate, and therefore will not show an actual market price at which an offer would be made for unwinding any Transaction. Instead, it will show a mathematical approximation of a market value derived from proprietary models as of a given date based on certain assumptions regarding past, present and future market conditions. All such models and assumptions are subject to change and shall remain the Valuation Agent's proprietary and confidential property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"*Valuation Date*"** means each Weekly Observation Date (as defined in the Framework Agreement, as defined in the Schedule to the Agreement); *provided*, that "Valuation Date" shall also include each date on which Party A receives the 3/3 original bills of lading for any Commodity cargo in respect of which Party A has issued an LC (or the immediately following Local Business Day if such bills of lading are received after the close of business on a Local Business Day or on a day that is not a Local Business Day) (being an "**Ad Hoc LC Valuation Date**", and to the extent that an Ad Hoc LC Valuation Date falls on a date that is a regularly scheduled Valuation Date, such the Valuation Agent shall treat such Ad Hoc LC Valuation Date, and the calculations and determinations made in relation thereto, separately for the purposes of this Annex), and which in either case in relation to a demand under Paragraph 3 shall be the Local Business Day immediately preceding the day of demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **"*Valuation Time*"** means the close of business in New York City on the Valuation Date or date of calculation, as applicable; *provided* that the calculations of Value and Exposure will be made as of approximately the same time on the same date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **"*Notification Time*"** means 12:00 p.m., New York time, on a Local Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ***Transfer Timing***. For purposes of Paragraph 4(b), if a demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the immediately following Local Business Day; if a demand is made after the Notification Time, then the relevant Transfer will be made not later than the close of business on the second following Local Business Day; *provided that* in respect of an Ad Hoc LC Valuation Date, (A) a demand for the Transfer of Eligible Credit Support or Posted Credit Support will be deemed automatically to have been duly made by the relevant party prior to the Notification Time and (B) the relevant Transfer will be made not later than the close of business on the same Local Business Day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) For purposes of Paragraph 8(b)(iv)(B), "Value" shall have its meaning as defined in Paragraph 12 of this Annex, except the words "multiplied by the applicable Valuation Percentage, if any" shall be disregarded.

(d) ***Conditions Precedent and Secured Party***'***s Rights and Remedies.*** The following Termination Events will be a ****"***Specified Condition***" for the party specified (that party being the Affected Party if the Termination Event occurs with respect to that party):

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| | | |
|:---|:---|:---|
|  | **Party A** | **Party B** |
| Additional Termination Events | NO | YES, subject as provided below |
| Illegality | YES | YES |

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*provided that*, in the case of an Illegality, if the Affected Party would be entitled to receive Eligible Credit Support or Posted Credit Support from the other party but for that Specified Condition, then (i) the parties may exercise their rights under Section 6(b)(iv)(2)(A) of this Agreement for such Illegality whether or not the Waiting Period has expired, and (ii) Section 6(b)(iv)(2)(B) of this Agreement will not apply if the Affected Party fails to receive Eligible Credit Support or Posted Credit Support from the other party as the result of an event under Section 5(b)(i)(2) of this Agreement being a Specified Condition; and

*further provided that* the Additional Termination Event set out at Part 1(g)(ii) of the Schedule to the Agreement shall not constitute a Specified Condition hereunder.

(e) ***Substitution***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"*Substitution Date*"**has the meaning specified in Paragraph 4(d)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ***Consent.*** The Pledgor is not required to obtain the Secured Party's consent for any substitution pursuant to Paragraph 4(d).

(f) ***Dispute Resolution.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"*Resolution Time*"** means 1:00 p.m., New York time, on the third Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ***Value***. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support consisting of securities will be calculated based upon the mid-point between the bid and offered purchase rates or prices for that Posted Credit Support as reported on the Bloomberg electronic service as of the Resolution Time, or if unavailable, as quoted to the Valuation Agent as of the Resolution Time by a dealer in that Posted Credit Support of recognized standing selected in good faith by the Valuation Agent, which calculation shall include any unpaid interest on that Posted Credit Support.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ***Alternative***. The provisions of Paragraph 5 will apply; provided that sub-clauses (1) and (2) of Paragraph 5 are amended to read as follows:

"(1) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on (X) the Local Business Day that the Transfer otherwise would have been due if no dispute had existed in the case of (I) above, or (Y) the Local Business Day following the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount (subject to accounting between the parties upon resolution of the dispute or recalculation otherwise in accordance with this Paragraph) to the other party not later than (X) the Local Business Day that the Transfer otherwise would have been due if no dispute had existed, in the case of (I) above, or (Y) the Local Business Day following the date of Transfer, in the case of (II) above,"

and further provided that (i) references in Paragraph 5 to calculations of the Exposure for any Transactions or quotations for any Transactions shall include calculations of or quotations for the value of the relevant asset(s) by which the Exposure is reduced in accordance with the calculation thereof, as applicable; (ii) the Parties shall resolve each dispute expeditiously (and in any event within three (3) Local Business Days); and (iii) a new sub-clause (iii) will be added in Paragraph 5 as follows:

"(iii) If and to the extent that any dispute regarding the calculation of a Delivery Amount or a Return Amount relates to the Valuation Agent's determination of any amount or quantity that is also used by the Calculation Agent for the purposes of determining any amount payable under an IM Swap Transaction (or vice versa), the parties acknowledge and agree that, at the election of the Calculation Agent or the Valuation Agent (as applicable), the same amount or quantity shall be used for the purposes of both determinations (both following the resolution of that dispute and for the purposes of determining the amounts payable between the parties while such dispute is pending).".

(g) ***Holding and Using Posted Collateral.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***Eligibility to Hold Posted Collateral; Custodians***.

Subject to paragraph 6(c), the Secured Party will be entitled to hold Posted Collateral itself or through a Custodian pursuant to Paragraph 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ***Use of Posted Collateral.*** The provisions of Paragraph 6(c) will apply.

(h) ***Distributions and Interest Amount.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***Interest Rate.*** The "Interest Rate" in respect of Cash in the form of U.S. Dollars for any day will be the SOFR (Collateral Rate) (as defined herein). For any day on which the SOFR (Collateral Rate) is not published, then the SOFR (Collateral Rate) published on the immediately preceding day shall be utilized. "SOFR (Collateral Rate)" has the meaning given in the ISDA Collateral Agreement Interest Rate Definitions, Version 3.0.

For the purpose of computing the Interest Amount, the amount of interest computed for each day of the Interest Period shall be compounded daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ***Transfer of Positive Interest Amount or AV Negative Interest Amount*.** The Transfer of the amount of a positive Interest Amount will be made on the first Local Business Day of each calendar month; and the Transfer of an AV Negative Interest Amount will be made on the first Local Business Day of each calendar month; provided that if the parties have entered into a series of IM Swap Transactions on a "Monthly Observation Date" (as defined in and pursuant to the Framework Agreement) in respect of that month, then the positive Interest Amount or AV Negative Interest Amount (as applicable) will instead be payable by the relevant party on the "Prepayment Date" in respect of that series of IM Swap Transactions (as defined in the relevant confirmations evidencing such IM Swap Transaction).

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The foregoing specified timing for the Transfer of Interest Amounts shall remain in effect in respect of Interest Amounts which are positive but shall also apply for the Transfer of AV Negative Interest Amounts, so that the Transfer of a positive Interest Amount and the Transfer of an AV Negative Interest Amount, as applicable, shall be made as provided herein, regardless of whether the amount to be transferred on any date is a positive Interest Amount or an AV Negative Interest Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ***Alternative to Positive Interest Amount or AV Negative Interest Amount.*** The provisions of Paragraph 6(d)(ii) will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ***ISDA 2014 Collateral Agreement Negative Interest Protocol Amendments***. This Annex is hereby amended by incorporating the amendments specified for a "Protocol Covered Collateral Agreement" that is a "1994 New York Law CSA" appearing in Paragraphs 1(i) through (ix) of the Attachment to the ISDA 2014 Collateral Agreement Negative Interest Protocol as published by the International Swaps and Derivatives Association, Inc. on May 12, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ***Distributions***. The definition of "***Distributions***" in Paragraph 12 of the Annex is amended to add the following at the end thereof:

"If amounts constituting Distributions would, if the Pledgor were the holder of the Posted Collateral at all relevant times, be required to be paid to the Pledgor subject to a U.S. federal withholding Tax (as defined in the Agreement, as amended from time to time), then references to such Distributions shall be deemed to be references to the net amounts which would be received by the Pledgor after the application of such U.S. federal withholding Tax, failing which all Distributions shall be determined without regard to any U.S. federal withholding Tax."

(i) ***Additional Representation(s).*** Not applicable.

(j) ***Other Eligible Support and Other Posted Support.*** Not applicable.

(k) ***Demands and Notices.*** All demands, specifications and notices under this Annex will be made to a party as follows unless otherwise specified from time to time by that party for purposes of this Annex in a written notice given to the other party:

**To Party A:**

**WELLS FARGO BANK, N.A.**

550 S. Tryon St., 6th Floor

Coll Mgmt – MAC – D1086-063

Charlotte, NC 28202

Attention: Collateral Management

Phone: (704) 410-9218

Email: collateral.mgmt@wellsfargo.com

**To Party B:**

**HAWAII RENEWABLES, LLC**

825 Town & Country Ln

Suite 1500

Houston, TX 77024

Attention: Treasury

Phone: +1 (713) 969-2156

Email: treasury@parpacific.com

With a copy to: legalnotices@parpacific.com

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(l) ***Addresses for Transfers.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For each Transfer hereunder to Party A, instructions will be provided by Party A for that specific Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For each Transfer hereunder to Party B, instructions will be provided by Party B for that specific Transfer; provided *that* in relation to any Transfer to Party B arising in respect of an Ad Hoc LC Valuation Date, the relevant Transfer shall be paid by Party A to the Supplier Payables Account notwithstanding any instruction by Party B to the contrary.

(m) ***Other Provisions*.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***Exposure***. The definition of "Exposure" in Paragraph 12 shall be deemed to be deleted and instead "***Exposure***" shall mean, for each Valuation Date, or other date for which Exposure is calculated, an amount in U.S. Dollars determined in accordance with the Fee and Expense Letter; and (i) if such amount is positive, then Party A shall be deemed to have an Exposure to Party B equal to such amount (and Party B has no Exposure to Party A), or (ii) if such amount is negative then Party B shall be deemed to have an Exposure to Party A equal to the absolute value of such amount (and Party A has no Exposure to Party B), and in either case "Credit Support Amount" shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ***Additional Definitions****.* Paragraph 12 of the Annex is amended by adding the following definitions thereto in alphabetical order such that any version thereof in effect prior to such amendment shall be deemed replaced:

*"****"Full Close-out Additional Termination Event*"** means, for a party, an Additional Termination Event for which all Transactions would be Affected Transactions and such party would be the Affected Party."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ***Grace Period****.* Clause (i) of Paragraph 7 is hereby amended to read in its entirety as follows:

"(i) that party fails (or fails to cause its Custodian) to make, when due, any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as applicable, required to be made by it and that failure continues for one Local Business Day (or two Local Business Days, if such (A) failure to pay is caused by administrative or technical error and (B) it has provided the other party with evidence reasonably acceptable to the other party that it had sufficient available funds to meet its payment obligations to the other party on the due date for payment)) after notice of that failure is given to that party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ***Expenses.*** Paragraph 10(b) is amended by adding the following at the end thereof:

"Notwithstanding this Paragraph 10(b), Section 2(d) of the Agreement shall apply to any Indemnifiable Tax imposed on a payment or deemed payment by the Secured Party to the Pledgor described in Paragraph 6(d)."

(n) ***2002 Master Agreement Protocol Amendments*.** This Annex is hereby amended by incorporating the amendments appearing in paragraphs (a) through (d) (inclusive) of Annex 14 of the 2002 Master Agreement Protocol published on July 15, 2003 by the International Swaps and Derivatives Association, Inc.

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**IN WITNESS WHEREOF** the parties have executed this Credit Support Annex as of the date hereof.

**WELLS FARGO BANK, N.A.**

By: <u>/s/ Rilla Park</u>

Name: Rilla Park

Title: Authorized Signatory

**HAWAII RENEWABLES, LLC**

By: <u>/s/ Shawn Flores</u>

Name: Shawn Flores

Title: Chief Financial Officer

[*Signature Page to Credit Support Annex*]