# EDGAR Filing Document

**Accession Number:** 0002080921
**File Stem:** 0001193125-26-015868
**Filing Date:** 2026-1
**Character Count:** 1817774
**Document Hash:** da874c8e1cb7d1cd2f55d982f576cc68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-015868.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001193125-26-015868

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARKO Petroleum Corp.
- **CENTRAL INDEX KEY:** 0002080921
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 393168808
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292265
- **FILM NUMBER:** 26540948

**BUSINESS ADDRESS:**
- **STREET 1:** 8565 MAGELLAN PKWY., STE 400
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23227
- **BUSINESS PHONE:** 804-730-1568

**MAIL ADDRESS:**
- **STREET 1:** 8565 MAGELLAN PKWY., STE 400
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23227

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on January 20, 2026.** 

**Registration No. 333-292265** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**AMENDMENT NO. 1** 

**TO** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## ARKO Petroleum Corp.
**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **5172** | **39-3168808** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**8565 Magellan Parkway** 

**Suite 400** 

**Richmond, Virginia 23227-1150** 

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

**Arie Kotler** 

**President and Chief Executive Officer** 

**8565 Magellan Parkway** 

**Suite 400** 

**Richmond, Virginia 23227-1150** 

**(804) 730-1568** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies to:***

---

| | | |
|:---|:---|:---|
| **Drew M. Altman, Esq.**<br> **Win Rutherfurd, Esq.**<br> **Greenberg Traurig, P.A.**<br> **333 S.E. 2nd Avenue, Suite 4400**<br> **Miami, Florida 33131**<br> **(305) 579-0500** | **Maury Bricks**<br> **General Counsel**<br> **ARKO Petroleum Corp.**<br> **8565 Magellan Parkway**<br> **Suite 400**<br> **Richmond, Virginia 23227-1150**<br> **(804) 730-1568** | **Stelios G. Saffos, Esq.**<br> **Michael Benjamin, Esq.**<br> **Kaj P. Nielsen, Esq.**<br> **Latham & Watkins LLP**<br> **1271 Avenue of Americas**<br> **New York, NY 10020**<br> **(212) 906-1200** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | 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 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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##### [**Table of Contents**](#toc)
**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

PRELIMINARY PROSPECTUS Subject to Completion Dated January 20, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** 

**ARKO Petroleum Corp.** 

**Class A Common Stock** 

This is the initial public offering of shares of Class A common stock of ARKO Petroleum Corp. We are offering shares of our Class A common stock.

Prior to this offering, there has been no public market for our Class A common stock. We anticipate that the initial public offering price will be between $ and $ per share. We have applied to list our Class A common stock on the Nasdaq Stock Market LLC ("Nasdaq") under the symbol "APC."

We will have two classes of common stock outstanding after this offering: Class A common stock and Class B common stock. Each share of Class A common stock entitles its holder to one vote on all matters presented to our stockholders generally. All of our Class B common stock, which we do not intend to list on any stock exchange, will be held indirectly by ARKO Corp. ("ARKO Parent"), our parent company, through one or more subsidiaries. Each share of Class B common stock entitles ARKO Parent to votes on all matters presented to our stockholders generally. Immediately following this offering, the holders of our Class A common stock will collectively hold % of the economic interests in us and % of the voting power in us, and ARKO Parent will hold the remaining % of the economic interests and % of the voting power in us. As a result of ARKO Parent's ownership of a majority of our outstanding voting power, ARKO Parent will have the ability to determine all matters requiring approval by our stockholders, including the election of our directors, amendment of our governing documents, and approval of certain major corporate transactions, and we will be a "controlled company" within the meaning of the corporate governance rules of Nasdaq; however, we do not currently expect or intend to rely on the "controlled company" exemptions from certain corporate governance requirements. See "Management—Controlled Company Exemptions" and "Risk Factors—Risks Related to Ownership of our Class A Common Stock and this Offering—We will be a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will qualify for, and may in the future rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements."

**INVESTING IN OUR SECURITIES INVOLVES A HIGH DEGREE OF RISK. SEE "[RISK FACTORS](#rom928360_6)" BEGINNING ON PAGE 33 TO READ ABOUT FACTORS YOU SHOULD CONSIDER BEFORE BUYING SHARES OF OUR CLASS A COMMON STOCK.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

---

| | | |
|:---|:---|:---|
| | **Per Share** | **Total** |
| Initial public offering price | $| $|
| Underwriting discounts and commissions (1) | $| $|
| Proceeds to us, before expenses | $| $|

---

(1) We have agreed to reimburse the underwriters for certain expenses in connection with this offering. See "Underwriting (Conflicts of Interest)."

We have also granted the underwriters an option for a period of 30 days to purchase up to an additional shares of our Class A common stock on the same terms set forth above to cover over-allotments, if any. See "Underwriting (Conflicts of Interest)."

Delivery of the shares of Class A common stock will be made on or about , 2026.

---

| | | |
|:---|:---|:---|
| **UBS Investment Bank** | **Raymond James** | **Stifel** |

---

---

| | |
|:---|:---|
| **Mizuho** | **Capital One Securities** |

---

**The date of this prospectus is , 2026.** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  [About This Prospectus](#rom928360_1) | **1** |
|  [Industry and Market Data](#rom928360_2) | **3** |
|  [Prospectus Summary](#rom928360_3) | **4** |
|  [The Offering](#rom928360_4) | **24** |
|  [Summary Condensed Combined Financial and Other Data](#rom928360_5) | **29** |
|  [Risk Factors](#rom928360_6) | **33** |
|  [Cautionary Note Regarding Forward-Looking Statements](#rom928360_7) | **65** |
|  [Use of Proceeds](#rom928360_8) | **68** |
|  [Capitalization](#rom928360_9) | **69** |
|  [Dilution](#rom928360_10) | **71** |
|  [Cash Dividend Policy](#rom928360_11) | **73** |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#rom928360_12) | **79** |
|  [Business](#rom928360_13) | **114** |
|  [Management](#rom928360_14) | **134** |
|  [Compensation Discussion and Analysis](#rom928360_15) | **140** |
|  [Description of Certain Indebtedness](#rom928360_16) | **154** |
|  [Description of Capital Stock](#rom928360_17) | **161** |
|  [Shares Eligible for Future Sale](#rom928360_18) | **167** |
|  [Principal Stockholders](#rom928360_19) | **170** |
|  [Certain Relationships and Related Party Transactions](#rom928360_20) | **171** |
|  [Material U.S. Federal Income Tax Considerations](#rom928360_21) | **179** |
|  [Underwriting (Conflicts of Interest)](#rom928360_22) | **184** |
|  [Legal Matters](#rom928360_23) | **193** |
|  [Experts](#rom928360_24) | **193** |
|  [Index to Financial Information](#rom928360_25) | **F-1** |

---

Neither we nor any of the underwriters have authorized anyone to provide any information or make any representations other than those contained in this prospectus or in any free writing prospectus filed with the Securities and Exchange Commission (the "SEC"). Neither we nor any of the underwriters take responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, shares of Class A common stock only in jurisdictions where such offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Class A common stock. Our business, financial condition, results of operations and prospects may have changed since such date**.**

For investors outside of the United States, neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about, and to observe any restrictions relating to, this offering and the distribution of this prospectus outside of the United States.

**Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

**i** 

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##### [**Table of Contents**](#toc)
About This Prospectus

As used in this prospectus, unless the context otherwise indicates, any reference to "ARKO Petroleum," "APC," "our Company," "the Company," "us," "we" and "our" refers, prior to the completion of the Transactions (as defined herein), including this offering, to the operations that primarily comprise the operations of ARKO Parent's wholly owned subsidiaries GPM Empire, LLC, a Delaware limited liability company formed in 2020, and GPM Petroleum LP, a Delaware limited partnership formed in 2015, which includes ARKO Parent's Wholesale and Fleet Fueling businesses and the supply of fuel to substantially all of ARKO Parent's retail convenience stores that sell fuel (collectively, the "Contributed Businesses"), and after the completion of the Transactions, including this offering, refers to ARKO Petroleum Corp., a Delaware corporation and the issuer of the shares of Class A common stock offered hereby, together with its consolidated subsidiaries and the operations that comprise the Contributed Businesses. References in this prospectus to "ARKO Parent" or "Parent" refer to ARKO Corp., a Delaware corporation, and its consolidated subsidiaries. We sometimes refer to our Class A common stock and our Class B common stock collectively as "common stock."

**Basis of Presentation** 

Except as otherwise disclosed in this prospectus, the historical combined financial statements and summary condensed combined financial data and other financial information included elsewhere in this prospectus are those of the Contributed Businesses, and have been prepared in U.S. dollars in conformity with accounting principles generally accepted in the United States ("GAAP"), except for the presentation of certain non-GAAP measures as discussed below. The Contributed Businesses' historical combined financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of ARKO Parent. The combined financial statements reflect the historical results of operations, financial position and cash flows of the Contributed Businesses and the allocation of certain ARKO Parent operating and corporate expenses relating to the Contributed Businesses based on the historical financial statements and accounting records of ARKO Parent. Accordingly, if the Contributed Businesses had operated as a stand-alone entity, its results may have differed materially from those presented in these combined financial statements. In the opinion of management, the assumptions underlying the Contributed Businesses' historical combined financial statements, including the basis on which the expenses have been allocated from ARKO Parent, are reasonable.

**Non-GAAP Financial Measures** 

In this prospectus, we present certain financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America, referred to herein as "non-GAAP." You should review the reconciliation and accompanying disclosures carefully in connection with your consideration of such non-GAAP measures and note that the way in which we calculate these measures may not be comparable to similarly titled measures employed by other companies. Specifically, we make use of the non-GAAP measures "EBITDA," "Adjusted EBITDA," "Discretionary Cash Flow," "Net Debt" and the "Ratio of Net Debt to Adjusted EBITDA."

EBITDA, Adjusted EBITDA, Discretionary Cash Flow, Net Debt and the Ratio of Net Debt to Adjusted EBITDA have been presented in this prospectus as supplemental measures of financial performance or liquidity that are not required by, or presented in accordance with, GAAP. We use EBITDA and Adjusted EBITDA for operational and financial decision-making and believe these measures are useful in

**1** 

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##### [**Table of Contents**](#toc)
**About This Prospectus** 

evaluating our performance because they eliminate certain items that we do not consider indicators of our operating performance. EBITDA and Adjusted EBITDA are also used by many of our investors, securities analysts, and other interested parties in evaluating our operational and financial performance across reporting periods. We believe that the presentation of EBITDA and Adjusted EBITDA provides useful information to investors by allowing an understanding of key measures that we use internally for operational decision-making, budgeting, evaluating acquisition targets, and assessing our operating performance. Discretionary Cash Flow is a liquidity measure we and third parties, such as industry analysts, investors, lenders, rating agencies and others, use to assess our ability to internally fund our acquisitions, pay distributions, and service or incur additional debt. Net Debt is used by management to measure the effective level of our indebtedness. The Ratio of Net Debt to Adjusted EBITDA is an important measure used by our management to evaluate our access to liquidity, and we believe it is a representation of our financial strength. The Ratio of Net Debt to Adjusted EBITDA is also frequently used by investors and credit rating agencies to analyze our operating performance. EBITDA, Adjusted EBITDA, Discretionary Cash Flow, Net Debt and the Ratio of Net Debt to Adjusted EBITDA should not be considered as alternatives to any financial measure derived in accordance with GAAP, including net income (loss). The presentations of these non-GAAP measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for the analysis of, our results as reported under GAAP. Because not all companies use identical calculations, the presentations of non-GAAP measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. For a discussion of the use of these measures and a reconciliation of the most directly comparable GAAP measures, see "Summary—Summary Condensed Combined Financial and Other Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Financial Measures."

**2** 

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##### [**Table of Contents**](#toc)
Industry and Market Data

Unless otherwise indicated, information contained in this prospectus concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. Any industry forecasts are based on data (including third-party data), models and experience of various professionals and are based on various assumptions, all of which are subject to change without notice. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements." These and other factors could cause results to differ materially from those expressed in the projections, assumptions and estimates made by the independent parties and by us.

**3** 

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Prospectus Summary

*This summary highlights selected information from this prospectus and does not contain all of the information that is important to you in making an investment decision. This summary is qualified in its entirety by the more detailed information included elsewhere in this prospectus. Before making your investment decision with respect to our Class A common stock, you should carefully read this entire prospectus, including the information under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the financial statements and notes thereto included elsewhere in this prospectus. Some of the statements in this prospectus constitute forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements."* 

*In this prospectus, unless the context otherwise indicates, any reference to "ARKO Petroleum," "APC," "our Company," "the Company," "us," "we" and "our" refers, prior to the completion of the Transactions, including this offering, to the operations that primarily comprise the operations of ARKO Parent's wholly owned subsidiaries GPM Empire, LLC, a Delaware limited liability company formed in 2020 ("GPME"), and GPM Petroleum LP, a Delaware limited partnership formed in 2015 ("GPMP"), which includes ARKO Parent's Wholesale and Fleet Fueling Businesses and the supply of fuel to substantially all of ARKO Parent's retail convenience stores that sell fuel (collectively, the "Contributed Businesses"), and after completion of the Transactions, including this offering, to ARKO Petroleum Corp., the issuer of the shares of Class A common stock offered hereby, together with its consolidated subsidiaries and the operations that comprise the Contributed Businesses. Our historical financial results as part of ARKO Parent contained in this prospectus may not be indicative of what our financial results may be in the future as a publicly-traded company that is no longer wholly owned by ARKO Parent or what our financial results would have been had we been such a company during the historical periods presented.* 

**About ARKO Petroleum Corp.** 

We are a growth-oriented, fuel distribution company and one of the largest wholesale fuel distributors by gallons in North America, supplying customers in more than 30 states across the Mid-Atlantic, Midwestern, Northeastern, Southeastern, and Southwestern United States ("U.S."). We were formed by ARKO Parent (Nasdaq: ARKO), one of the largest convenience store operators in the U.S. We primarily engage in the fee-based wholesale distribution of motor fuel to the retail sites operated by ARKO Parent that sell fuel ("ARKO Retail," "ARKO Retail Sites" or "related party sites") and to third-party dealers under long-term contracts, and we sell fuel at our fleet fueling locations. One of our key business objectives is to make quarterly cash distributions to stockholders and, over time, increase our quarterly cash distribution.

We operate through three reportable segments:

i. **Wholesale: Our Wholesale segment distributes fuel to gas stations operated by third-party dealers, sub-wholesalers, and bulk and spot purchasers (e.g., commercial, government, industrial businesses, and rack buying dealers), on either a cost-plus or a consignment basis, generally pursuant to long-term contracts.** 

ii. **Fleet Fueling:** Our Fleet Fueling segment includes the operation of proprietary and third-party cardlock
locations (unstaffed fueling locations that serve commercial vehicle fleets) that

**4** 

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**Prospectus Summary** 

primarily sell fuel to commercial and municipal entity customers, and we also generate revenue through commissions from the sale of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites. APC is one of the largest cardlock operators in the U.S. and maintains a leading position in the Mid-Atlantic region.

iii. **GPMP:** Our GPMP segment sells and supplies fuel to substantially all of the ARKO Retail Sites at our cost of fuel plus a fixed margin, and the GPMP segment charges a fixed fee to certain of the ARKO Retail Sites
that are not supplied by us. In addition, the GPMP segment includes intercompany transactions which are eliminated in the combined financials statements contained in this prospectus.

For the year ended December 31, 2024 and the nine-month period ended September 30, 2025, we distributed 2.1 billion gallons and 1.5 billion gallons, respectively, of fuel to our customers. We purchase our fuel from independent refining companies and major oil companies and then distribute it to customers using third-party haulers, and in certain cases our own trucks. We believe we have limited exposure to fluctuating commodity prices because we generally pass the cost of the fuel we distribute through to our customers. In addition, we are able to generate larger fuel margins (i) under consignment distribution arrangements with third-party dealers, where we maintain control of the fuel inventory and retail fuel pricing, and (ii) on fuel sales at our cardlock locations, compared to fuel supply arrangements.

We have a proven track record of long-term, sustainable growth in gallons distributed. Between January 1, 2020 and September 30, 2025, we grew our gallons distributed or sold by a compounded annual growth rate ("CAGR") of approximately 12%, driven primarily by the addition of 624 net new sites (inclusive of ARKO Retail Sites), bringing our total sites to 3,499 as of September 30, 2025, and our fuel margin by a CAGR of approximately 14% over the same time period.

As of September 30, 2025, our business operations included:

• Supplying fuel to 1,158 ARKO Retail Sites, pursuant to a long-term motor fuel distribution agreement with ARKO
Parent

• Supplying fuel to 2,053 gas stations operated by third-party dealers, pursuant to long-term agreements

• The operation of a total of 288 proprietary and third-party unstaffed cardlock locations

We have designed our operating model to be cost-and-capital-efficient based on the following characteristics: (i) the business requires a limited number of employees; (ii) relatively low operating costs, which generally result in high conversion of gross profit to Adjusted EBITDA<sup>1</sup> and, similarly, an attractive margin profile; and (iii) adding wholesale and cardlock sites is not expected to require substantial incremental corporate overhead, providing an opportunity to scale efficiently. Additionally, our cost-and-capital-efficient operating model, relatively low leverage and stable and growing cash flow profile, are expected to position us to consistently convert a high level of Adjusted EBITDA<sup>1</sup> into Discretionary Cash Flow<sup>1</sup>, enabling us to prioritize the return of capital to shareholders in the form of consistent and growing cash dividends.

<sup>1</sup> EBITDA, Adjusted EBITDA and Discretionary Cash Flow are non-GAAP measures. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

**5** 

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**Prospectus Summary** 

***Map of ARKO Petroleum Corp.'s Wholesale, ARKO Retail and Fleet Fueling Sites<sup>2</sup>***

![LOGO](g928360g60a01.jpg)

**Our Relationship with ARKO Parent** 

One of our principal strengths is our relationship with ARKO Parent, which operates one of the largest convenience store chains in the U.S. and is publicly listed on Nasdaq, with its common stock trading under the symbol "ARKO." In connection with this offering, ARKO Parent will contribute all of its Wholesale and Fleet Fueling business to APC together with the supply of fuel to the ARKO Retail Sites. After the completion of this offering, ARKO Parent, indirectly through its wholly-owned subsidiary, Arko Convenience Stores, LLC ("ACS"), will own shares of our Class B common stock, representing % of the economic interests in us and % of the combined voting power of our Class A common stock and Class B common stock (or % of the economic interests in us if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full). Upon completion of this offering, we will be a subsidiary of ARKO Parent and "controlled company" within the meaning of the rules of Nasdaq and, as a result, there may be conflicts of interest from time to time. ARKO Parent is expected to continue to own a significant controlling interest in APC following this offering and will therefore have the ability to determine all matters requiring approval by our stockholders, including the election of our directors, amendment of our governing documents, and approval of certain major corporate transactions. See "—Controlled Company Status." ARKO Parent is a committed customer and has agreed to purchase fuel from us as part of its ongoing supply needs pursuant to the Fuel Distribution Agreement (as defined herein) to be entered into with ARKO Parent in connection with this offering. Any conflicts of interest between ARKO Parent and us will be reviewed by our Board of Directors' Conflicts Committee (the "Conflicts Committee"). We will enter into certain contractual arrangements governing our commercial, operational and governance relationship with ARKO Parent, consisting of a Management Services Agreement, an Omnibus Agreement, an Employee and Intercompany Matters Agreement, a Fuel Distribution Agreement, a

<sup>2</sup> APC site location data as of September 30, 2025.

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**Prospectus Summary** 

Tax Matters Agreement, a Registration Rights Agreement and certain real estate arrangements**.** For a description of such agreements, see "Business—Agreements with ARKO Parent" and "Certain Relationships and Related Party Transactions." For more information regarding our arrangements with ARKO Parent, see the sections entitled "Risk Factors—Risks Related to the Transactions and our Governance Relationship with ARKO Parent" and "Management—Board Committees—Conflicts Committee."

ARKO Parent operates convenience stores that sell fuel products and merchandise to retail customers through more than 25 regional store brands. The vast majority of ARKO Parent-operated convenience stores sell fuel. For the year ended December 31, 2024, ARKO Parent's retail segment generated total revenues of $5.3 billion, including $1.8 billion of in-store sales and other revenues. During that same period, ARKO Parent sold 1.1 billion gallons of branded and unbranded fuel to its retail customers. For the nine-months ended September 30, 2025, ARKO Parent's retail segment generated total revenues of $3.4 billion, including $1.2 billion of in-store sales and other revenues. During that same period, ARKO Parent sold 704 million gallons of branded and unbranded fuel to its retail customers. We enjoy substantial purchasing power across our entire platform as a result of supplying fuel to ARKO Parent.

In October 2020, ARKO Parent significantly expanded its wholesale business following the acquisition of the business of Empire Petroleum Partners. Subsequently, ARKO Parent established its fleet fueling business following the acquisition of the fleet fueling division of Quarles Petroleum, incorporated in July 2022. ARKO Parent continued to grow the Wholesale and Fleet Fueling businesses through acquisitions from Transit Energy Group and WTG Fuels, respectively.

Future ARKO Retail organic growth and acquisitions benefit us by: (i) increasing our contracted gallons sold to ARKO Retail Sites and (ii) broadening the opportunity set of desirable M&A targets for us to include Wholesale and Fleet Fueling business that are part of retail companies which may be acquired by ARKO Parent, leveraging ARKO Parent's strong history of retail growth. Aside from ARKO Retail, no single customer currently accounts for more than approximately 1.0% of gallons annually. As we grow our business going forward, we plan to diversify our customer base and decrease our concentration of fuel distributed to ARKO Retail Sites.

In the middle of 2024, ARKO Parent commenced a multi-year transformation plan that includes the conversion of a meaningful number of ARKO Retail Sites to wholesale third-party dealer sites. Our sales team successfully converted 347 ARKO Retail Sites to third-party dealer sites from the beginning of 2024 through September 30, 2025 and is focused on converting additional sites in the future. Our sales team comprises employees of ARKO Parent's wholesale business who will become our employees. As of September 30, 2025, ARKO Parent has an aggregate of approximately 185 sites committed for future conversion which are currently under letter of intent or contract or have been converted since the end of the quarter, with a further meaningful pipeline for conversion ahead. Following the completion of this offering, ARKO Parent will continue to operate a significant retail business.

**7** 

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**Prospectus Summary**![LOGO](g928360g62a01.jpg)

*Note: Statistics are cumulative based on year end for its respective period. Gallon data is displayed in millions of gallons of fuel sold.* 

**Our Lines of Business** 

**Gallons Sold and Site Count (mm)<sup>5</sup>:**![LOGO](g928360g62a02.jpg)

<sup>3</sup> Includes immaterial gallons sold by GPMP to third-party dealers.

<sup>4</sup> Excludes gallons sold by our non-reportable segments.

<sup>5</sup> In July 2022, we added the Fleet Fueling segment to our business.

**8** 

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**Prospectus Summary**![LOGO](g928360g65a01.jpg)

**Wholesale Segment** 

Our Wholesale segment supplies fuel to gas stations operated by third-party dealers, sub-wholesalers, and bulk and spot purchasers on either a cost-plus, or consignment basis, the material terms of which are described below. For cost-plus fuel supply contracts, the dealer purchases the fuel from us, and we earn a fixed mark-up above our costs. Under consignment contracts, the Company owns the fuel product until sold to the final customer. Additionally, we generally retain any applicable prompt pay discounts and rebates we receive from our fuel suppliers. Historically, the majority of the fuel supply and consignment contracts with our dealers have been renewed at the end of their terms.

• **Fuel supply contracts**. As of September 30, 2025, we had 1,757 sites under fuel supply contracts on a
cost-plus basis. Our fuel supply contracts are generally exclusive supply agreements with an initial term of 10 years. As of September 30, 2025, the volume-weighted average remaining term for our cost-plus sites was approximately 5.2 years. In
addition, we supply fuel, on a cost-plus basis, to a number of additional bulk and spot customers on a non-exclusive basis. The sales price to the dealer is determined according to the terms of the relevant
contract, which typically reflects our total fuel costs plus the cost of transportation, taxes and our fixed margin. These terms limit our exposure to commodity price volatility. Furthermore, we generally retain any prompt pay discounts and rebates
from our fuel suppliers. Our dealers are either (i) "lessee-dealers," if the dealer leases the convenience store from us or (ii) "open-dealers," if the dealer owns or leases the site from another party. Property control at
the lessee-dealer sites provides us with value and flexibility, along with highly stable income streams. Because we control the underlying property, our relationships with lessee-dealers are generally more durable. Of the lessee-dealer sites, we
lease 340 locations and own 106 locations.

• **Consignment contracts.** As of September 30, 2025, we had 296 sites under consignment contracts. Under
these arrangements, we own the fuel until the time of sale to the final customer at the dealer site, and the gross profit from the sale of fuel is allocated between us and the dealer based on the terms of the relevant contract. There are two
possible methods of allocating profit under our consignment contracts: (i) gross profit is split based on a percentage; or (ii) we pay a fixed fee per gallon to the dealer and retain the remainder of the profit. Of the sites under
consignment contracts, we lease 130 locations and own 52 locations. As of September 30, 2025, the volume-weighted average remaining term for our consignment sites was approximately 4.6 years.

Historically, the majority of growth within our Wholesale segment has been through acquisitions. We intend to continue to grow our business through strategic and accretive acquisitions of

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**Prospectus Summary** 

wholesale distribution businesses both within our existing area of operations and in new geographic areas. Our experienced M&A team continually evaluates attractive, synergistic opportunities. Our scale and the experience of our management team gives us the flexibility to pursue a wide range of opportunities from bolt-on acquisitions to large-scale transactions. The wholesale distribution industry is fragmented, with a majority of wholesale fuel distributors operating on a smaller scale. In recent years there has been substantial consolidation involving such smaller fuel distributors, which we expect will continue. We believe there is a considerable opportunity for us to be a driver of that consolidation in our industry.

In addition to growth through acquisitions and obtaining new dealers through our internal sales efforts, we expect to continue to grow through the conversion of ARKO Retail Sites under ARKO Parent's multi-year transformation plan. During the nine months ended September 30, 2025, our Wholesale segment grew by 194 sites through the conversion of ARKO Retail Sites to third-party dealer sites as part of ARKO Parent's multi-year transformation plan.

*Key Wholesale segment highlights:* 

• Historically stable fuel margins

• Wholesale customers primarily operate under long-term, exclusive contracts

• Historically stable cash flows and limited commodity price risk

• The wholesale market is fragmented, and we believe ripe with potentially accretive acquisition opportunities that
can be integrated by APC's experienced M&A team

• Benefits from our economy of scale and relationships with all the major oil companies

• Limited ongoing maintenance capital expenditures have resulted in high conversion of EBITDA<sup>6</sup> to Discretionary Cash Flow<sup>6</sup>

As of September 30, 2025, the Wholesale segment supplied fuel to 2,053 sites. For the year ended December 31, 2024, the Wholesale segment sold 949 million gallons of fuel, generating revenues of $2.8 billion, and fuel contribution of $90 million. For the nine-month period ended September 30, 2025, the Wholesale segment sold 740 million gallons of fuel, generating revenues of $2.09 billion, and fuel contribution of $70.5 million.

**Fleet Fueling Segment** 

The Fleet Fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations) that sell fuel (primarily diesel) to commercial fleets (including light industrial trucks and commercial vehicles) and municipal entities. The Fleet Fueling segment generates additional revenue through commissions from the sale of fuel at third-party locations to customers using our proprietary fuel cards, which are accepted at a nationwide network of more than 320,000 retail and private fueling sites, truck stops, maintenance providers and service locations.

We believe we are a leading national cardlock operator, and we have a strong presence in the East Coast, West Texas and New Mexico. Our cardlock sites are strategically located in high-traffic corridors and service a diverse base of commercial customers across multiple industries.

<sup>6</sup> EBITDA and Discretionary Cash Flow are non-GAAP measures. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

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*Key Fleet Fueling segment highlights:* 

• As of September 30, 2025, diesel fuel accounted for approximately 80% of our fleet fuel sales, which
historically has generated more attractive margins relative to gasoline

• On-site labor is unnecessary to run cardlocks, creating attractive site
level economics

• Sites present efficient site design, optimal location selection with a built-in customer base due to a high concentration of commercial businesses

• New cardlock locations can offer high return, capital-efficient organic growth

• Third-party cardlocks generate revenue, and we expect that there is room to grow the number of third-party
cardlocks we supply through territorial expansion and moderate pricing power

• The fleet fueling market is fragmented and we believe ripe with potentially accretive acquisition opportunities
that can be integrated by APC's experienced M&A team

As of September 30, 2025, the Fleet Fueling segment operated a total of 288 sites. For the year ended December 31, 2024, the Fleet Fueling segment sold 149 million gallons of fuel, generating revenues of $525 million, and fuel contribution of $64 million. For the nine-month period ended September 30, 2025, the Fleet Fueling segment sold 108 million gallons of fuel, generating revenues of $366 million, and fuel contribution of $49.8 million.

**GPMP segment** 

Our GPMP segment includes the supply of fuel to substantially all of the ARKO Retail Sites at our cost of fuel (including taxes and transportation) plus a fixed margin (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) with ARKO Parent receiving any prompt pay discounts and rebates. The sales to ARKO Retail Sites, similar to our Wholesale cost-plus arrangements, limit our exposure to commodity price volatility. In addition, our GPMP segment charges a fixed fee (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) to certain of the ARKO Retail Sites that are not supplied by us. Our GPMP segment also includes inter-segment transactions for the sale of fuel to substantially all of our Wholesale locations at our cost of fuel (including taxes and transportation) plus a fixed margin (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) and charges a fixed fee (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) primarily to fleet fueling locations that are not supplied by our GPMP segment. All inter-segment transactions are eliminated in the combined financials statements included in this prospectus.

As of September 30, 2025, the GPMP segment supplied fuel to 1,158 ARKO Retail Sites. For the year ended December 31, 2024, the GPMP segment sold 1,023 million gallons of fuel to ARKO Retail Sites, generating from ARKO Retail Sites revenues of $3.0 billion and fuel contribution of $51 million. For the nine-month period ended September 30, 2025, the GPMP segment sold 661 million gallons of fuel to ARKO Retail Sites, generating from ARKO Retail Sites revenues of $1.79 billion and fuel contribution of $33 million.

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**Our Business Strategies** 

Our primary business objective is to maintain and sustainably grow cash flows and to make increasing cash distributions to our stockholders over time by increasing gallons sold. We intend to accomplish these objectives by executing the following strategies:

• **Focus on Stable, Fee-based Activities that Provide Long-term Value for our Stockholders by**:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintaining cash flow stability*** . We are committed to maintaining cash flow stability by continuing
to enter into cost plus, long-term supply contracts, which generally minimize commodity price risk due to our predominantly cost-plus model.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Continuing to leverage our relationships with fuel suppliers*** . We intend to continue to leverage our
strong relationships with major fuel suppliers to provide attractive fuel pricing to our customers, acquire additional wholesale distribution contracts with additional rebates.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Sustainably growing cash available for dividends to stockholders over time*** . Our primary goal is to
maximize investor returns through cash distributions by continuing to grow fuel distribution volumes and maintaining a conservatively capitalized balance sheet with ample financial flexibility.

• **Leverage Our Relationship with ARKO Parent to Maintain and Grow Stable Cash Flows by:** 

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increasing our fuel distribution volumes by growing volumes of fuel sold at both existing and new-to-industry ARKO Retail Sites*** . ARKO Parent is a committed customer and has agreed to continue purchasing fuel from us as part of its ongoing supply needs through
long-term contractual arrangements with us. ARKO Parent has recently begun investing its capital toward strategic sub-segments of its retail stores and new-to-industry sites, with a goal of increasing traffic and fuel gallons sold.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increasing our fuel distribution volumes through supplying fuel to new sites acquired by ARKO Parent*** . ARKO Parent has a proven track record of acquiring and integrating sizeable packages of convenience stores, and we anticipate future ARKO Parent acquisitions will provide APC with an opportunity to capitalize on additional fuel
volumes sold through new ARKO Retail sites.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Pursuing strategic acquisition opportunities with ARKO Parent*** . Given the ownership fragmentation
across the fuel distribution and retail convenience store industries, we believe that there is considerable opportunity for us to capitalize on industry consolidation. We intend to capitalize on the relationship between our business and ARKO
Parent's complementary retail business by jointly pursuing acquisition opportunities. Acquisitions exclusive to ARKO Retail will still offer the opportunity for us to concurrently grow through the purchase of fuel distribution rights.

• **Expand Our Third-Party Wholesale Distribution and Fleet Fueling Businesses by:** 

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increasing our wholesale dealer network through recruitment of new dealers*** . We plan to continue to
organically grow our Wholesale business by increasing the number of dealer locations. We benefit from a large-scale sales force of approximately 50 dedicated representatives actively pursuing new contracts and customers as an ordinary course of
business expansion. We also offer the option for our dealers to participate in our Preferred Vendor Program ("PVP"), which allows our dealers to receive the benefit of more competitive group pricing from non-fuel vendors while also providing us rebates on purchases from selected vendors and making such dealer relationships stickier.

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&nbsp;&nbsp;&nbsp;&nbsp;•  ***Growing our Fleet Fueling business by increasing fuel volumes with existing commercial accounts and municipalities and growing our network of accounts*** . We plan to grow our high-margin Fleet Fueling segment through investing in targeted equipment upgrades and branding enhancements to drive volume growth at existing sites. Additionally, our in-house sales team will be focused on organically growing existing and new accounts at our existing cardlocks.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Expand our Fleet Fueling footprint by building new locations*** . We intend to leverage our experienced
management team to identify attractive geographic markets for new-to-industry site development in both existing and new markets.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Executing attractive and accretive acquisitions and optimizing assets through effective integration*** . We have a strong track record of successfully acquiring and integrating smaller distributors and fleet fueling businesses that have expanded our market presence, operational scale and increased fuel volumes with fuel suppliers,
with minimal additional back-office costs. Our experienced M&A team is continually evaluating opportunities, leveraging a breadth of industry relationships, our strong reputation, and a long track record of success in both wholesale and fleet
fueling M&A. Our scale and the experience of our management team gives us the flexibility to pursue a wide range of acquisition opportunities from small bolt-on acquisitions to large-scale transactions. We
believe acquiring incremental dealer and cardlock locations may enhance our scale benefits by lowering fuel purchasing costs and creating a business with an attractive margin profile.

• **Maintain a Conservative Capital Structure with Enhanced Financial Flexibility by:** 

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Pursuing a conservatively capitalized balance sheet with disciplined financial policy*** . We plan to
maintain a conservative balance sheet that provides ample liquidity and financial flexibility. Based on our revolving borrowing capacity under our Capital One Line of Credit (as defined below) and cash on hand, we had liquidity of $444 million
as of December 31, 2024, consisting of approximately $25 million of cash and cash equivalents as of December 31, 2024, and approximately $418.7 million of availability under our Capital One Line of Credit. As of
September 30, 2025, we had indebtedness of $389 million and $33 million cash on hand, resulting in a ratio of total debt, net to net income for the last twelve months of 12.1x and a Ratio of Net Debt to Adjusted EBITDA<sup>7</sup> for the last twelve months of 3.4x. We are targeting what we believe to be a peer leading Ratio of Net Debt to Adjusted EBITDA of less than 2.5x immediately after giving effect to this offering and
the application of the proceeds from this offering as described in "Use of Proceeds." Based on our revolving borrowing capacity under our Capital One Line of Credit and cash on hand, we had liquidity of $451.7 million as of
September 30, 2025, consisting of approximately $33.0 million of cash and cash equivalents and $418.7 million of unused availability under our $800 million Capital One Line of Credit.

**Our Competitive Strengths** 

We believe that the following strengths will allow us to successfully execute our business strategies:

• **Experienced management team with an extensive track record of growth**. We believe our management
team's significant industry experience is a differentiated competitive advantage. The members of our management team have over 100 years of combined experience in the convenience store and fuel distribution industry.

<sup>7</sup> Net Debt, Adjusted EBITDA and Ratio of Net Debt to Adjusted EBITDA are non-GAAP measures. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

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• **Relationship with ARKO Parent**. One of our key strengths is our relationship with ARKO Parent, which
provides us with valuable scale advantages, growth opportunities, and a growing customer network, including 2.39 million enrolled members in its fas REWARDS<sup>®</sup> loyalty program, which is
available in all ARKO Retail Sites and offers members in store exclusive promotional pricing, in-app member only deals and the ability to earn points that can be redeemed for either fuel or merchandise savings. We believe that ARKO Parent will be
incentivized to grow our business because of its significant economic interest in us as our majority stockholder. Moreover, we believe that the relationship between our wholesale business and ARKO Parent's complementary retail business fosters
a mutually beneficial commercial relationship that allows us and ARKO Parent to benefit from our combined economies of scale and purchasing power.

• **Significantly scaled operations**. We are one of the largest wholesale fuel distributors in the U.S. and
believe we are uniquely positioned to gain market share in a highly fragmented market. We are also able to leverage our scale to enhance efficiencies, including capturing competitive pricing terms and offering multiple fuel branding options for our
customers through our strong relationships with our major fuel supply partners such as: BP, ExxonMobil, Marathon, Motiva, Shell, and Valero. We believe that the variety of branded and unbranded motor fuel that we distribute is a key competitive
advantage over many other wholesale fuel distributors. As an independent wholesale distributor with strong relationships with a diverse group of major oil companies, we are able to tailor our distribution of specific brands to dealers in geographic
regions with demonstrated brand preferences.

• **Ability to source, integrate and optimize acquisitions**. Our strong industry relationships and ability to
source and execute accretive acquisitions have allowed us to identify and negotiate transactions on attractive terms, which we expect to continue. Furthermore, we have successfully extracted synergies after integration by reducing overhead costs and
leveraging our economies of scale.

• **Conservatively capitalized balance sheet and strong liquidity profile**. We have a strong and conservative
financial position that allows us to effectively allocate capital, organically grow our volume of fuel distributed, and pursue opportunistic and accretive acquisitions to support our primary objective of providing long-term value to our stockholders
via the maximization of cash distributions.

**Summary of Conflicts of Interest with ARKO Parent** 

While our relationship with ARKO Parent is a significant strength, it is also a source of potential conflicts. Potential conflicts may arise between ARKO Retail and us in a number of areas relating to our strategic relationship, including but not limited to the nature, quality, and pricing of services ARKO Parent has agreed to provide us, and any new commercial arrangements between ARKO Parent and us in the future. The resolution of any potential conflicts or disputes between ARKO Parent and us may be less favorable to us than the resolution we might achieve if we were dealing with an unaffiliated third party. We expect to address any such conflicts by requiring specific matters that our Board of Directors believes may involve conflicts of interest to be reviewed and approved by our independent Conflicts Committee. Additionally, we expect a majority of our directors will also be directors of ARKO Parent. For a more detailed description of such conflicts of interest and the related risks, see "Risk Factors—Risks Related to the Transactions and our Governance Relationship with ARKO Parent" and "Certain Relationships and Related Party Transactions."

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**The Transactions** 

Prior to this offering, ARKO Parent will transfer certain real estate and equipment assets to the Contributed Businesses. In connection with the closing of this offering, we and ARKO Parent will complete a series of transactions whereby ARKO Parent will (i) transfer certain additional real estate and equipment assets to the Contributed Businesses, along with assigning, leasing or subleasing the leasehold interest in certain properties, (ii) contribute all of the issued and outstanding equity interests in the Contributed Businesses to us such that the Contributed Businesses will be our wholly owned subsidiaries, (iii) enter into, or amend, various agreements with us, including agreements pursuant to which our GPMP segment will be the exclusive supplier of motor fuel to ARKO Retail Sites, see "Business," (iv) amend and restate our certificate of incorporation to, among other things, provide for Class A common stock and Class B common stock, with the holders of our Class A common stock entitled to one vote per share and the holders of our Class B common stock entitled to votes per share, in each case on all matters submitted to a vote of our stockholders, and provide that shares of Class B common stock may only be owned by ARKO Parent and its affiliates (other than us), and (v) we will issue a wholly owned subsidiary of ARKO Parent shares of Class B common stock, representing % of the economic interests in us and % of the combined voting power of our Class A common stock and Class B common stock (or % of the economic interests in us if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full). Additionally, in connection with such transactions, certain of the ARKO Parent subsidiaries contributed to us will transfer to ARKO Parent certain real estate assets not related to the ongoing operations of the Contributed Businesses and we will enter into certain subleases, as the sublessee, and master leases, as cotenant or a sublessee, with ARKO Parent for the sites on which we operate.

We collectively refer to the foregoing transactions, this offering, as the "Transactions."

Immediately following the completion of the Transactions, ARKO Petroleum Corp. will be a holding company and its principal assets will be ARKO Parent's Wholesale and Fleet Fueling businesses and the supply of fuel to ARKO Retail Sites.

Following the Transactions, ARKO Parent will hold % of the total voting power of both classes of our common stock outstanding after this offering and will therefore have the ability to determine all matters requiring approval by our stockholders, including the election of our directors, amendment of our governing documents, and approval of certain major corporate transactions. See "—Controlled Company Status."

**Corporate Structure** 

The following diagram sets forth a simplified view of our corporate structure after giving effect to the completion of the Transactions, including this offering. This chart is for illustrative purposes only and does not represent all legal entities affiliated with ARKO Petroleum.

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**Prospectus Summary**![LOGO](g928360g40c97.jpg)

\* GPM Petroleum LP, its general partner and operating subsidiary are not guarantors under ARKO Parent's Senior Notes. See "Description of Certain Indebtedness" for additional information on our and ARKO Parent's debt instruments and the parties thereto.

\*\* GPM RE LP, holds fee simple interest in most of our real estate.

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**Prospectus Summary** 

**Corporate Information** 

ARKO Petroleum is a Delaware corporation and was incorporated on July 2, 2025. ARKO Petroleum's principal executive offices are located at 8565 Magellan Parkway, Suite 400, Richmond, Virginia 23227-1150 and its phone number is (804) 730-1568. ARKO Petroleum's website can be found at www. .com. The information contained on or accessible through ARKO Petroleum's website is not incorporated into, and does not form a part of, this prospectus.

**Our Industry** 

The U.S. fuel distribution industry is an advantaged industry for multiple reasons, including the resiliency of fossil fuel demand across economic cycles, the insulation from commodity fluctuations via an ability to pass cost increases through to consumers, the varied and diverse customer use cases, the contractual nature of customer contracts and the high-level of fragmentation in the industry. Our position in the industry is bolstered by our relationship with ARKO Parent, as well as our substantial scale and number of customers.

The wholesale motor fuel industry consists of sales of branded and unbranded gasoline and on-highway diesel to retail gas station operators and other wholesale distributors. We play an important role in the energy value chain as we provide smaller fueling station operators with access to major oil companies and independent refining companies. In many cases, these operators gain access to fuel products from major oil company branded fuel and associated imaging programs (branded fuel canopies, fueling equipment and loyalty programs), which enable them to compete more effectively with larger chains. As an alternative, independent station operators may choose to create their own fuel brand offering, in which case we are likely able to supply them with fuel products at lower prices than they would otherwise be able to obtain on their own.

In general, the price of motor fuels is influenced by crude oil prices, refining and transportation costs, and other factors, such as certain regulations and taxes, which vary from state to state. Wholesale distributors purchase branded and unbranded motor fuels from integrated oil companies and refiners and take delivery of the purchased motor fuel at a distribution terminal. The price at which a wholesale distributor generally purchases motor fuel is referred to as the "rack" price, which includes the seller's profit on the motor fuel. While certain geopolitical events, inclement weather and other factors can quickly disrupt the supply and price of crude oil or refined petroleum products, the impact on wholesale motor fuel prices may be delayed by several days or weeks. We sell motor fuels to our customers at prices that represent our cost of motor fuels plus a profit margin, helping to insulate us from commodity price risk per gallon.

The U.S. wholesale motor fuel distribution industry is intensely competitive. We compete with other fuel resellers and oil companies that market fuel directly to petroleum distributors and retailers. In the Fleet Fueling segment, we also compete against onsite delivered fuel companies; however, we believe that our large cardlock network and fleet fueling cards provide a competitive advantage. We compete, among other things, on the basis of price, service, and reliability. Today, our standing as a top ten independent fuel distributor by volume in the U.S. enables us to obtain attractive pricing and terms from fuel suppliers and thereby confers a pricing advantage as compared to smaller competitors. In addition, our scale, sophistication, access to numerous suppliers and supply points, as well as our robust energy logistics infrastructure ensure that we have

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competitive access to supply in periods of disruption, enhancing our ability to serve as a reliable supply partner to our customers.

The U.S. fuel distribution industry is highly fragmented, characterized by a large number of relatively small, independently owned and operated local distributors, which provides us with potentially attractive acquisition opportunities as well as a competitive advantage due to our scale. According to First Research, there are approximately 6,700 domestic wholesale fuel distributors, reflecting the fragmented nature of our industry. Additionally, the largest distributor has only an 8% market share. As a historically active acquiror of retail and wholesale fuel distributors, our M&A sourcing and integration capabilities serve as a point of strength as we observe an industry will have ample, highly strategic acquisition targets.

U.S. consumption of gasoline and distillate fuels has shown long term stability. In 2024, 194.8 billion gallons of gasoline and diesel fuel were supplied in the U.S. Excluding COVID-19 effects in 2020, volumes have remained between 8.7 to 9.3 million barrels per day of gasoline<sup>8</sup> and 3.7 to 4.2 million barrels per day of distillate fuels<sup>9</sup> since 2010, according to the U.S. Energy Information Administration ("EIA"). Moreover, the 2024 aggregate consumption returned to 94.4% of its pre-COVID peak in 2018, despite lingering work-from-home trends, improving vehicle fuel efficiency, and growing electric vehicle ("EV") sales. Internal combustion engines continue to comprise the vast majority of vehicles on the road and new vehicles sold, with EVs projected to hold just a 26% share of vehicles on the road by 2035.<sup>10</sup> Fueling stations have demonstrated the adaptability to evolve with consumer preferences and serve both traditional combustion engines and other types, including EVs as well as hybrids. Within this changing landscape, there is significant whitespace for growth, particularly for companies with an established market presence, proven adaptability to market demands, and operational scale.

<sup>8</sup> EIA. U.S. Product Supplied of Finished Motor Gasoline (Thousand Barrels per Day). Sourcekey: MGFEXUS2

<sup>9</sup> EIA. U.S. Product Supplied of Distillate Fuel Oil (Thousand Barrels per Day). Sourcekey: MDIUPUS2

<sup>10</sup> Edison Electric Institute. *Electric Vehicle Sales and the Charging Infrastructure Required Through 2035* Report. October 2, 2024.

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**Prospectus Summary** 

***Change in Vehicle Miles Traveled (VMT) vs. Gasoline Demand YoY***

![LOGO](g928360g51g71.jpg)

Source: FRED & EIA.

Total U.S. product supplied of finished motor gasoline has remained stable for years. Additionally, annual vehicle miles traveled in the U.S. has experienced steady growth, reflecting continued reliance on personal and commercial transportation. Motor gasoline is expected to remain a critical source over the next 20+ years, bolstered by recent shifts in the automotive landscape. Major manufacturers are scaling back previously announced electric vehicle initiatives as internal combustion engine vehicles are recapturing favor among consumers. Meanwhile, the total U.S. car parc has increased by over 70 million since 2000. Within this landscape, there is significant whitespace for growth, particularly for companies with strong market positioning and operational scale, further supporting sustained fuel demand. We are well-positioned within this environment with exposure to key growth markets across the country.

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***Gasoline and Diesel Supply (Millions of Gallons/Day)***

![LOGO](g928360g19x19.jpg)

Source: EIA.

As shown in the map below, the United States is divided into five Petroleum Administration Defense Districts or "PADDs." APC's suppliers and customers are mostly located in PADD 1 (East Coast), 2 (Midwest), and 3 (Gulf Coast). PADD 1 consists of 7 operating refineries that can handle 0.9MMbpd of crude oil and represent 35% of total U.S. gasoline consumption. PADD 2 consists of 25 operating refineries that can handle 4.2MMbpd of crude oil and represent 29% of total U.S. gasoline consumption. PADD 3 consists of 59 operating refineries that can handle 10.1MMbpd of crude oil and represent 16% of total U.S. gasoline consumption. According to the EIA, the U.S. consumes 20.3 million barrels of refined petroleum products per day, with 8.9 million being gasoline.

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**Prospectus Summary** 

***APC Footprint by PADD***

![LOGO](g928360g66a01.jpg)

Source: Company Data as of 9/30/2025.

**Controlled Company Status** 

For purposes of the Nasdaq rules, we are a "controlled company," meaning a listed company over which more than 50% of the total voting power is held by an individual, group or another company.

ARKO Parent will hold % of the total voting power of both classes of our common stock outstanding after this offering and will therefore have the ability to determine all matters requiring approval by our stockholders, including the election of our directors, amendment of our governing documents, and approval of certain major corporate transactions (see "Risk Factors—Risks Related to the Transactions and our Governance Relationship with ARKO Parent—ARKO Parent controls our Company and will have the ability to control the direction of our business"). As a result of the voting power held by ARKO Parent, we are eligible for exemptions from certain Nasdaq corporate governance requirements.

Under these rules, a controlled company may elect to be exempt from certain corporate governance requirements. We do not currently expect or intend to avail ourselves of the exemptions available for controlled companies under Nasdaq rules. However, our decision not to rely on the "controlled company" exemptions could change. As a result, you may in the future not have the same protection afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements. See "Management—Controlled Company Exemptions" and "Risk Factors—Risks Related to Ownership of our Class A Common Stock and this Offering—We will be a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will qualify for, and may in the future rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements."

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**Summary of Principal Risk Factors** 

Investing in our Class A common stock involves risks. You should carefully consider the risks described in "Risk Factors" beginning on page 29 before making a decision to invest in our Class A common stock. If any of these risks actually occur, our business, financial condition and results of operations would likely be materially adversely affected. In such case, the trading price of our Class A common stock would likely decline, and you may lose all or part of your investment. Set forth below is a summary of some of the principal risks we face:

• The wholesale motor fuel distribution industry and the fleet fueling business are characterized by intense
competition and fragmentation, and our failure to effectively compete could adversely affect our business, financial condition and results of operations;

• Our business could be adversely affected by sustained inflationary pressures which may decrease our operating
margins and increase working capital investments required to operate our business;

• Significant changes in demand for fuel-based modes of transportation and for trucking services could materially
adversely affect our business;

• We depend on several principal suppliers for our fuel purchases and third-party transportation providers for the
transportation of most of our motor fuel. A failure by a principal supplier to renew its supply agreement, a disruption in supply, a significant change in supplier relationships or a significant incident related to a supplier could have a material
adverse effect on our business and results of operations;

• A significant portion of our revenue is generated under fuel supply agreements with dealers that must be
renegotiated or replaced periodically. If we are unable to successfully renegotiate or replace these agreements, then our results of operations and financial condition could be adversely affected;

• If our acquisitions are not on economically acceptable terms, or if our acquisitions do not perform as we expect,
our future growth may be negatively impacted;

• The distribution, transportation and storage of motor fuels is subject to environmental protection and
operational safety laws and regulations, business interruptions and inherent hazards and risks that may expose us, our customers or suppliers, to significant costs and liabilities, which could have a material adverse effect on our business;

• We are subject to extensive tax liabilities imposed by multiple jurisdictions that potentially have a material
adverse effect on our financial condition and results of operations;

• The loss of key senior management personnel or the failure to recruit or retain qualified senior management
personnel could materially adversely affect our business;

• Significant disruptions of information technology systems, breaches of data security or other cybersecurity
incidents, or compromised data could materially adversely affect our business;

• We will remain a restricted subsidiary and guarantor under the Senior Notes Indenture (as defined herein) upon
completion of this offering and will be subject to various covenants under such indenture, which may adversely affect our operations;

• The agreements governing our indebtedness contain various restrictions and financial covenants that may restrict
our business and financing activities;

• Our level of indebtedness, together with ARKO Parent's indebtedness, the terms of our and its borrowings
and any future ARKO Parent credit ratings could adversely affect our ability to grow

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**Prospectus Summary** 

our business, our ability to make cash distributions to our stockholders and our credit ratings and profile;

• Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a
material adverse impact on our business, operating results and financial condition;

• ARKO Parent controls our Company and will have the ability to control the direction of our business;

• ARKO Parent's interests may conflict with our interests and the interests of our other stockholders.
Conflicts of interest or disputes between ARKO Parent and our Company could be resolved in a manner unfavorable to our Company and our other stockholders;

• The services that ARKO Parent will provide to us following the initial public offering may not be sufficient to
meet our needs, which may result in increased costs and otherwise adversely affect our business;

• If ARKO Parent terminates the Management Services Agreement, or defaults in the performance of its obligations
under such agreement, we may be unable to contract with a substitute service provider on similar terms, or at all;

• We may have received better terms from unaffiliated third parties than the terms we will receive in our
arrangements with ARKO Parent;

• Certain of our related party agreements limit ARKO Parent's liability and obligations to us;

• ARKO Parent may compete with us;

• We have no operating history as a separate public company, and our historical financial information is not
necessarily representative of the results we would have achieved as a separate public company and may not be a reliable indicator of our future results;

• There has been no public market for our Class A common stock prior to this offering, and the trading price
of our Class A common stock may be volatile;

• The continued concentrated ownership of our common stock could depress our Class A common stock price;

• We cannot predict the effect our multi-class structure may have on the market price of our Class A common
stock;

• Future sales or distributions of shares of our Class A common stock by ARKO Parent could depress our
Class A common stock price, impact our operations or result in a change in control of us;

• We are a holding company and our only material asset after completion of this offering will be our interests in
our subsidiaries, and we are accordingly dependent upon distributions from our subsidiaries to pay dividends and taxes and other expenses;

• We cannot guarantee the payment of any quarterly dividends on our common stock, or the timing or amount of any
such dividends;

• Certain provisions in our amended and restated certificate of incorporation or our debt facilities may
discourage, delay or prevent a change in control or prevent an acquisition of our business at a premium price; and

• Since we are deemed to be a controlled company within the meaning of the rules of Nasdaq, we qualify for, and may
in the future rely on, exemptions from certain corporate governance requirements, and investors will not have the same protections afforded to stockholders of companies that are subject to such requirements.

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The Offering

Shares of Class A Common Stock Offered by Us shares of Class A common stock (or shares of Class A common stock if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full).

Shares of Class A Common Stock to be Outstanding after this Offering shares of Class A common stock (or shares of Class A common stock if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full).

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| | |
|:---|:---|
| Over-allotment Option to Purchase Additional Shares of Class A Common Stock  | We have granted the underwriters an option to purchase up to an additional shares of Class A common stock from us. The underwriters may exercise this option at any time within 30 days following the date of this prospectus. |

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|:---|:---|
| Shares of Class B Common Stock Outstanding after this Offering  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class B common stock all of which will be beneficially owned by ARKO Parent. |

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|:---|:---|
| Use of Proceeds  | We estimate that the net proceeds from the sale of our Class A common stock in this offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $ million (or $ million if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full) based on an assumed initial public offering price of $ per share (the midpoint of the estimated public offering price range set forth on the cover page of this prospectus). |

---

We intend to use these net proceeds from this offering to repay certain indebtedness and for general corporate purposes. See "Description of Certain Indebtedness" and "Use of Proceeds."

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**The Offering** 

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|:---|:---|
| Conflicts of Interest  | Because certain affiliates of Raymond James & Associates, Inc. and Capital One Securities, Inc. are lenders under the GPMP Capital One Credit Facility (as defined below) and will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings under the GPMP Capital One Credit Facility, Raymond James & Associates, Inc. and Capital One Securities, Inc., each an Underwriter in this offering, are deemed to have a "conflict of interest" under Rule 5121 ("Rule 5121") of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Accordingly, this offering will be conducted in compliance with the requirements of FINRA Rule 5121, which requires, among other things, that a "qualified independent underwriter" participate in the preparation of, and exercise the usual standards of "due diligence" with respect to, the registration statement and this prospectus. UBS Securities LLC has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically including those inherent in Section 11 thereof. UBS Securities LLC will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify UBS Securities LLC against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. See "Use of Proceeds" and "Underwriting (Conflicts of Interest)" for additional information. |

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|:---|:---|
| Voting Rights; Controlled Company | The holders of our Class A common stock will be entitled to one vote per share and the holders of our Class B common stock will be entitled to votes per share, in each case on all matters submitted to a vote of our stockholders. Holders of shares of our Class A common stock and Class B common  |

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**The Offering** 

stock will vote together as a single class on all matters requiring approval by our common stockholders unless otherwise required by law. For a description of the rights of the holders of our Class A common stock, see the section entitled "Description of Capital Stock—Class A Common Stock." <br>

ARKO Parent, as the beneficial owner of 100% of the outstanding shares of our Class B common stock, which will represent % of the combined voting power of our Class A common stock and Class B common stock and % of the economic interests in us (or % of the economic interests in us if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full), will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions. See the sections entitled "Principal Stockholders" and "Description of Capital Stock."

Additionally, upon completion of this offering we will be a "controlled company" within the meaning of the corporate governance rules of Nasdaq; however, we do not currently expect or intend to rely on the "controlled company" exemptions from certain corporate governance requirements. See "Management—Controlled Company Exemptions" and "Risk Factors—Risks Related to Ownership of our Class A Common Stock and this Offering—We will be a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will qualify for, and may in the future rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements."

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**The Offering** 

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|:---|:---|
| Cash Dividend Policy  | Upon completion of this offering, we intend to pay a regular quarterly dividend to holders of our Class A and Class B common stock of $ per share of common stock ($ per share on an annualized basis), which amount may be changed in the future without advance notice. Our ability to pay a regular quarterly dividend is subject to various restrictions and other factors described in more detail under the caption "Cash Dividend Policy." |

---

We expect to pay a quarterly dividend on or about the th day following the expiration of each fiscal quarter to holders of our common stock of record on or about the th day following the last day of such fiscal quarter. With respect to our first dividend payable on , 20 , we intend to pay a pro-rated dividend (calculated from the completion date of this offering through and including , 20) of $ per share of common stock.

We believe, based on our financial forecast and related assumptions included in "Cash Dividend Policy—Estimated Discretionary Cash Flow for the Year ending December 31, 2026," that we will generate sufficient Discretionary Cash Flow to support a quarterly distribution of $ per share of common stock ($ per share on an annualized basis). However, we do not have a legal obligation to declare or pay dividends at such quarterly dividend level or at all. See "Cash Dividend Policy."

Risk Factors Any investment in the securities offered hereby is speculative and involves a high degree of risk. You should carefully consider the information set forth under "Risk Factors" and elsewhere in this prospectus.

Stock Exchange Listing We have applied to list our Class A common stock on Nasdaq under the symbol "APC."

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**The Offering** 

Unless otherwise noted, references in this prospectus to the number of shares of our common stock outstanding after this offering exclude (ii) shares of our Class A common stock reserved for issuance under the ARKO Petroleum Corp. 2026 Incentive Compensation Plan (the "2026 Plan"), which was adopted prior to this offering and (ii) shares of our Class A common stock reserved for issuance upon the subsequent conversion of our Class B common stock that will be immediately outstanding after this offering, as described in further detail below. See "Executive Compensation—ARKO Petroleum Corp. 2026 Incentive Compensation Plan" for additional information regarding our equity incentive plan.

Unless we indicate otherwise or unless the context otherwise requires, all information in this prospectus:

• assumes no exercise of the underwriters' over-allotment option to purchase additional shares of
Class A common stock;

• gives effect to the completion of the Transactions and our amended and restated bylaws, which will become
effective immediately prior to the consummation of this offering; and

• assumes an initial public offering price of $ per share, the midpoint of the estimated
public offering price range on the cover page of this prospectus.

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Summary Condensed Combined Financial and Other Data

The following tables set forth certain summary historical condensed combined financial data of the Contributed Businesses as of December 31, 2024, 2023 and 2022 and for each of the fiscal years ended December 31, 2024, 2023 and 2022, and as of September 30, 2025 and 2024 and for the nine months ended September 30, 2025 and 2024. The Contributed Businesses are the predecessor of ARKO Petroleum for financial reporting purposes. The summary historical financial data included below should be read together with the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Contributed Businesses' audited combined financial statements, and related notes thereto, and unaudited condensed combined financial statements, and the related notes thereto, included elsewhere in this prospectus. The financial data of the Contributed Businesses includes allocations of certain operating and corporate expenses from ARKO Parent determined based on what management considered to be the most reasonable reflection of Contributed Businesses' expenses for the periods presented.

The summary historical financial data as of December 31, 2024, 2023 and 2022 and for each of the fiscal years ended December 31, 2024 have been derived from the audited combined financial statements of the Contributed Businesses. The summary unaudited historical condensed combined financial data as of September 30, 2025 and 2024 and for the nine months ended September 30, 2025 and 2024 have been derived from the Contributed Businesses' unaudited condensed combined financial statements. The financial data presented for the interim periods are not necessarily indicative of the results for the full fiscal year.

The summary historical financial and other data of ARKO Petroleum has not been presented as ARKO Petroleum is a newly incorporated entity, has had no business transactions or activities to date and had no assets or liabilities during the periods presented in this section.

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**Summary Condensed Combined Financial and Other Data** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations Data:** | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| **Statement of Operations Data:** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** |
|  Revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue | $2433254 | $2573920 | $3351366 | $3607451 | $3515573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue—related party | 1787503 | 2313319 | 2964304 | 3313404 | 3542798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net | 44587 | 28939 | 40212 | 35805 | 26686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net—related party | 9555 | 8592 | 11857 | 11361 | 490 |
|  Total revenues | 4274899 | 4924770 | 6367739 | 6968021 | 7085547 |
|  Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs | 2309955 | 2454650 | 3192358 | 3454484 | 3387362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs—related party | 1754463 | 2274461 | 2913130 | 3260225 | 3492677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Site operating expenses, including allocated expenses | 72765 | 60161 | 81337 | 74916 | 47009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses, including allocated expenses | 32078 | 32433 | 42702 | 41834 | 31907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization, including allocated expenses | 40553 | 33529 | 46087 | 44155 | 32522 |
|  Total operating expenses | 4209814 | 4855234 | 6275614 | 6875614 | 6991477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses (income), net | 923 | (2966) | 123 | 2874 | 1231 |
|  Operating income | 64162 | 72502 | 92002 | 89533 | 92839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other financial expenses, net including allocated expenses | (31029) | (26793) | (36677) | (35064) | (14480) |
|  Income before income taxes | 33133 | 45709 | 55325 | 54469 | 78359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (8472) | (13033) | (15108) | (12890) | (19212) |
|  Net income | $24661 | $32676 | $40217 | $41579 | $59147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net income attributable to non-controlling interests |  |  |  | 197 | 231 |
|  Net income attributable to ARKO Petroleum Corp. | $24661 | $32676 | $40217 | $41382 | $58916 |
|  **Balance Sheet Data (at period end):** |  |  |  |  |  |
|  Cash and cash equivalents | $32993 | $14592 | $25086 | $17106 | $12079 |
|  Property and equipment, net | 227576 | 178451 | 198036 | 179268 | 151058 |
|  Total assets | 1246501 | 1030492 | 1085670 | 1016177 | 870506 |
|  Total debt, including current maturities | 388965 | 380778 | 382188 | 337809 | 259424 |
|  Total liabilities | 1203195 | 961199 | 1020100 | 909714 | 743381 |
|  Total net investment | 43306 | 69293 | 65570 | 106463 | 127125 |
|  **Cash Flows Data:** |  |  |  |  |  |
|  Net cash provided by (used in): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $63172 | $71660 | $106757 | $58803 | $75974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities | (13346) | (5107) | (9440) | (79646) | (54306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing activities | (42174) | (69067) | (89082) | 25399 | (9118) |
|  **Other Financial and Operating Data:** |  |  |  |  |  |
|  Adjusted EBITDA (1) | $106637 | $103721 | $139167 | $137295 | $126880 |
|  Discretionary Cash Flow (1) | $67790 | $59395 | $79868 | $86519 | $94381 |
|  Fuel gallons sold | 855391 | 829830 | 1108255 | 1119484 | 964542 |
|  Fuel gallons sold—related party | 660800 | 777160 | 1023480 | 1063580 | 1002420 |
|  Fuel gallons sold—total | 1516191 | 1606990 | 2131735 | 2183064 | 1966962 |
|  Fuel margin, cents per gallon (2) | 14.4 | 14.4 | 14.3 | 13.7 | 13.3 |
|  Fuel margin, cents per gallon—related party (2) | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
|  Fuel margin, cents per gallon—total (2) | 10.3 | 9.8 | 9.9 | 9.4 | 9.1 |

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(1) Adjusted EBITDA and Discretionary Cash Flow are non-GAAP financial
measures presented as supplemental measures of our financial performance and liquidity, respectively. We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by
excluding the gain or loss on disposal of assets, impairment charges, acquisition costs, share-based compensation expense, other non-cash items,

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**Summary Condensed Combined Financial and Other Data** 

and other unusual or non-recurring charges. Management uses Adjusted EBITDA for operational and financial decision-making and believes these measures are useful in evaluating our performance because they eliminate certain items that we do not consider indicators of our operating performance. Adjusted EBITDA should not be considered as a substitute for net income or any other financial measure presented in accordance with GAAP. We define Discretionary Cash Flow as net cash provided by operating activities, (i) less changes in operating assets and liabilities, maintenance capital expenditures, charges to allowance for credit losses, and non-cash rent income (expense), and (ii) plus acquisition costs, amortization of deferred income net of prepaid to related party, and certain other expenses (income). Discretionary Cash Flow will not reflect changes in working capital balances. Discretionary Cash Flow is a liquidity measure we and third parties, such as industry analysts, investors, lenders, rating agencies and others, use to assess our ability to internally fund our acquisitions, pay distributions, and service or incur additional debt. We believe that the presentation of Discretionary Cash Flow provides useful information to investors, securities analysts, and other interested parties for evaluating our liquidity. Discretionary Cash Flow should not be considered as a substitute for net cash provided by operating activities, the most directly comparable GAAP measure, or any other financial measure presented in accordance with GAAP. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Financial Measures."

(2) Calculated as fuel revenue less fuel costs divided by fuel gallons sold.

The following table contains a reconciliation of (i) net income to EBITDA and Adjusted EBITDA and (ii) net cash provided by operating activities to Discretionary Cash Flow for the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Net income**  | $24661 | $32676 | $40217 | $41579 | $59147 |
|  Interest and other financing expenses, net | 31029 | 26793 | 36677 | 35064 | 14480 |
|  Income tax expense | 8472 | 13033 | 15108 | 12890 | 19212 |
|  Depreciation and amortization | 40553 | 33529 | 46087 | 44155 | 32522 |
|  **EBITDA**  | 104715 | 106031 | 138089 | 133688 | 125361 |
|  Acquisition costs (a) | 379 | 72 | 79 | 2557 | 3075 |
|  Loss (gain) on disposal of assets and impairment charges (b) | 2618 | (1318) | 811 | 1046 | 360 |
|  Share-based compensation expense (c) | 605 | 535 | 876 | 608 | 288 |
|  Fuel and franchise taxes received in arrears (d) |  | (601) | (601) |  |  |
|  Adjustment to contingent consideration (e) | (1816) | (998) | (20) | (604) | (2204) |
|  Other (f) | 136 |  | (67) |  |  |
|  **Adjusted EBITDA**  | $106637 | $103721 | $139167 | $137295 | $126880 |
|  **Net cash provided by operating activities** | $63172 | $71660 | $106757 | $58803 | $75974 |
|  Changes in operating assets and liabilities | 6452 | (7134) | (20659) | 31547 | 17327 |
|  Maintenance capital expenditures (g) | (4163) | (4451) | (6152) | (5801) | (4040) |
|  Acquisition costs (a) | 379 | 72 | 79 | 2557 | 3075 |
|  Amortization of deferred income net of prepaid to related party | 4823 | 1883 | 2663 | 1407 | 1951 |

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**Summary Condensed Combined Financial and Other Data** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Fuel and franchise taxes received in arrears (d) |  | (601) | (601) |  |  |
|  Charges to allowance for credit losses | $(820) | $(653) | $(755) | $(1163) | $(525) |
|  Non-cash rent expense (income) (h) | (2180) | (1376) | (2033) | (1319) | 456 |
|  Other (i) | 127 | (5) | 569 | 488 | 163 |
|  **Discretionary Cash Flow**  | $67790 | $59395 | $79868 | $86519 | $94381 |
|  **Adjusted EBITDA**  | $106637 | $103721 | $139167 | $137295 | $126880 |
|  Cash received for interest | 409 | 157 | 296 | 16 | 43 |
|  Cash paid for interest and allocated interest | (29139) | (27681) | (36975) | (30215) | (12285) |
|  Cash paid for taxes | (5954) | (12351) | (16468) | (14776) | (16217) |
|  Maintenance capital expenditures (g) | (4163) | (4451) | (6152) | (5801) | (4040) |
|  **Discretionary Cash Flow**  | $67790 | $59395 | $79868 | $86519 | $94381 |

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(a) Eliminates costs incurred that are directly attributable to business acquisitions and salaries of employees whose primary job function is to execute our acquisition strategy and facilitate integration of acquired
operations.

(b) Eliminates the non-cash loss from the sale or disposal of property and equipment, the loss recognized upon the sale of related leased assets and impairment charges on property and
equipment and right-of-use assets related to closed and non-performing sites.

(c) Eliminates share-based compensation expense related to ARKO Parent's equity incentive program to incentivize, retain, and motivate our employees.

(d) Eliminates the receipt of historical fuel and franchise tax amounts for multiple prior periods.

(e) Eliminates fair value adjustments primarily related to the contingent consideration owed to the seller for the 2020 Empire acquisition.

(f) Eliminates other unusual or non-recurring items that we do not consider to be meaningful in assessing operating performance.

(g) Historically, ARKO Parent has not distinguished between maintenance capital expenditures, growth capital expenditures, and acquisition capital expenditures (other than with respect to business acquisitions). Maintenance
capital expenditures are capital expenditures made to maintain our long-term operating income or operating capacity, while growth and acquisition capital expenditures are capital expenditures that we expect will increase our operating income or
operating capacity over the long-term. For the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022, we estimated that approximately $4.2 million, $4.5 million, $6.2 million, $5.8 million and
$4.0 million of our capital expenditures were maintenance capital expenditures, respectively, and that $14.5 million, $2.4 million, $5.1 million, $6.2 million and $9.2 million of our capital expenditures were growth capital expenditures,
respectively.

(h) Non-cash rent (expense) income reflects the extent to which our GAAP rent expense recognized exceeded (or was less than) our cash rent payments. GAAP rent expense varies depending on the terms of our lease portfolio.
For newer leases, our rent expense recognized typically exceeds our cash rent payments, whereas, for more mature leases, rent expense recognized is typically less than our cash rent payments.

(i) Includes other unusual and non-recurring items and other amounts primarily related to additional consideration owed to the seller for the 2020 Empire acquisition.

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Risk Factors

*Investing in our Class A common stock involves a high degree of risk. You should carefully consider the following risk factors and all other information contained in this prospectus before purchasing our Class A common stock. If any of the following risks occur, our business, financial condition and results of operations could be materially and adversely affected. In that case, the trading price of our Class A common stock could decline, and you may lose some or all of your investment. Some statements in this prospectus, including statements in the following risk factors, constitute forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of various factors, including the risks and uncertainties described below. Please also see "Cautionary Note Regarding Forward-Looking Statements."* 

**RISKS RELATED TO OUR BUSINESS AND INDUSTRY** 

**The wholesale motor fuel distribution industry and the fleet fueling business are characterized by intense competition and fragmentation, and our failure to effectively compete could adversely affect our business, financial condition and results of operations.** 

The market for distribution of wholesale motor fuel and the fleet fueling business is highly competitive and fragmented, which results in narrow margins. We have numerous competitors, and some may have significantly greater resources and name recognition than we do. We rely on our ability to provide value added reliable services to maintain our margins and competitive position. If we were to fail to maintain the quality of our services, any or all of our wholesale customers could choose alternative distribution sources, decreasing our margins. Furthermore, major integrated oil companies may decide to distribute their own products in direct competition with us, or large wholesale customers may attempt to buy directly from the major integrated oil companies. The occurrence of any of these events could have a material adverse effect on our business and results of operations.

**Our business could be adversely affected by sustained inflationary pressures which may decrease our operating margins and increase working capital investments required to operate our business.** 

The U.S. inflation rate steadily rose in 2021 and into 2022 before eventually declining materially during 2023 and stabilizing at lower levels in 2024. Inflation remains elevated in 2025, with consumer prices increasing approximately 3.0% in the twelve-month period ended July 2025. A continued period of elevated inflation may further increase our costs for labor, services and materials, which, in turn, could cause our operating costs and capital expenditures to increase. Further, our customers also face ongoing inflationary pressures and resulting impacts, such as the tight labor market and supply chain disruptions. The Federal Reserve and other central banks have implemented policies in an effort to curb inflationary pressure on the costs of goods and services across the U.S., including the significant increases in prevailing interest rates that occurred during 2022 and 2023 as a result of the 525 aggregate basis point increase in the federal funds rate. While the Federal Reserve reduced benchmark interest rates by 75 basis points in late 2024, it has maintained benchmark interest-rate at around 4.25% to 4.50% through much of 2025. The Federal Reserve then recently reduced the target range to 4.0%-4.25% on September 17, 2025, to 3.75%-4.00% on October 29, 2025, and to 3.50%-3.75% on December 10, 2025. Despite these reductions, interest rates remain elevated compared to recent historical periods, and the future path of inflation and interest rates remain uncertain. Elevated interest rates may increase our cost of capital, constrain our access to financing, and slow economic growth. These factors, individually or collectively,

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**Risk Factors** 

may not be recoverable through price adjustments and could have an adverse effect on our operating margins, liquidity, results of operations, and financial condition.

**The motor fuel business is subject to seasonal trends, which may affect our earnings and ability to make distributions.** 

We and our customers experience more demand for motor fuel during the late spring and summer months than during the fall and winter. Travel, recreation and construction activities typically increase in these months in the geographic areas in which we operate, increasing the demand for motor fuel. Therefore, the volume of motor fuel that we distribute is typically somewhat higher in the second and third quarters of our fiscal year. As a result, our results from operations may vary from period to period, which would affect our earnings and may affect our ability to make cash distributions. Unfavorable weather conditions during the spring and summer months and a resulting lack of the expected seasonal upswings in traffic and sales could also adversely affect our customers' business, financial condition and results of operations, which may adversely affect our business, financial conditions and results of operations.

**Our financial condition and results of operations are influenced by changes in the wholesale prices of motor fuel, which may materially adversely impact our sales, operations, customers' financial condition and the availability of trade credit.**

Our operating results are influenced by prices for motor fuel, variable consignment and cardlock margins and the market for such products. Crude oil and domestic wholesale motor fuel markets are volatile. The margins we earn on our wholesale and fleet fueling segments' sales, and the gallons of fuel we sell, are dependent on a number of factors outside our control, including the overall supply of refined products, overall market conditions, the demand for these products, competition from third parties, and the price of crude oil and domestic wholesale motor fuel. General political conditions, tariffs, trade wars, acts of war or terrorism and instability in oil producing regions, particularly in the Middle East, Russia, Africa and South America, could significantly affect crude oil supplies and wholesale fuel prices. Significant increases and volatility in wholesale fuel prices could result in substantial increases in the retail price of motor fuel products, lower fuel gross margin per gallon, lower demand for such products and lower sales to customers and dealers. As motor fuel prices decrease, so do our prompt payment incentives, which are generally calculated as a percentage of the total purchase price of the motor fuel we distribute. Conversely, as motor fuel prices increase, the margins we realize at our consignment and certain of our cardlock locations generally decrease as a result of the delay with which retail prices respond to wholesale price changes. This volatility makes it extremely difficult to predict the impact future wholesale cost fluctuations will have on our financial condition and results of operations. We occasionally lock in fuel prices by committing to purchase fuel in the future at a certain price. If the spot price for fuel at the time we actually take delivery of such product is less than what we paid for it, our margins could be negatively impacted. Fuel futures contracts to hedge price volatility may not perform as intended, which may negatively impact our margins. Extended periods of market conditions that result in us earning margins lower than anticipated or in us selling fewer gallons of product to wholesale and fleet fueling customers, for any of the reasons set forth above or otherwise, could adversely affect our financial condition, results of operations and cash flows.

Additionally, when diesel fuel prices rise, this results in higher truck shipping costs which causes shippers to consider alternative means for transporting freight, which may reduce trucking business and, in turn, may reduce our fuel sales volume. High diesel fuel prices may also cause our trucking customers to seek cost savings throughout their businesses, including measures which reduce total fuel consumption and may in turn reduce our fuel sales volume.

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Finally, higher prices for motor fuel may reduce our access to trade credit or worsen the terms under which such credit is available to us or may affect independent dealers, who may have insufficient credit to purchase motor fuel from us at their historical volumes, which could have a material adverse effect on our financial condition and results of operations.

**Significant changes in demand for fuel-based modes of transportation and for trucking services could materially adversely affect our business.**

Our business is generally driven by growth of road traffic, demand for trucking services, and trends in travel and tourism. Automotive, industrial and power generation manufacturers are developing more fuel-efficient engines, hybrid engines, electric vehicles and alternative clean power systems. Developments aimed at reducing greenhouse gas ("GHG") emissions' contribution to climate change may decrease the demand or increase the cost for our major product, petroleum-based motor fuel. Attitudes toward this product and its relationship to the environment may significantly affect our effectiveness in marketing our product and sales. Efforts to steer the public toward non-petroleum-based fuel dependent modes of transportation such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles may foster a negative perception toward motor fuel or increase costs for our product, thus affecting the public's attitude toward our primary product. In 2024, electric vehicles accounted for approximately 8.1% of all light vehicle sales in the United States. In addition, truck and other vehicle manufacturers and our customers continue to focus on ways to improve motor vehicle fuel efficiency and conserve fuel, including use of truck platooning, or the electronic linking of trucks with a lead vehicle, heat and kinetic energy recovery technologies, substantially lighter "super trucks" and higher efficiency motor fuels. In addition, there are government regulations at both the state and federal level aimed at reducing emissions and increasing fuel efficiency (e.g., EV mandates, fuel efficiency standards and low emission zones) and other factors to accelerate the transition to electric vehicles, which could reduce demand for our products and services. Demand for trucking services in the U.S. generally reflects the amount of commercial activity in the U.S. economy. When the U.S. economy declines, demand for goods moved by trucks usually declines, and in turn demand for diesel fuel supplied by our fleet fueling segment typically declines, which could significantly harm our results of operations and financial condition.

Significant developments in any of the above-listed factors could lead to reductions in the demand for petroleum-based fuel and have a material adverse effect on our business, financial condition and results of operations.

**Negative events or developments associated with branded motor fuel suppliers could have a material adverse impact on our revenues.** 

The success of our operations is dependent, in part, on the continuing favorable reputation, market value and name recognition associated with the motor fuel brands sold at ARKO Parent's gas stations and to dealers. An event which adversely affects the value of those brands could have a negative impact on the volumes of motor fuel we distribute, which in turn could have a material adverse effect on our business, financial condition and results of operations.

**We depend on several principal suppliers for our fuel purchases and third-party transportation providers for the transportation of most of our motor fuel. A failure by a principal supplier to renew its supply agreement, a disruption in supply, a significant change in supplier relationships or a significant incident related to a supplier could have a material adverse effect on our business and results of operations.**

We depend on several principal suppliers for our fuel purchases. A significant disruption or operational failure affecting the operations of any of our suppliers, including its ability to have adequate supply at its

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fuel terminals, could materially impact the availability, quality and price of fuel we sell, cause us to incur substantial unanticipated costs and expenses, and adversely affect our business, financial condition and results of operations.

Our fuel supply agreements expire on various dates through June 2032. If any of our principal suppliers elects not to renew their contracts with us, we may be unable to replace the volume of motor fuel we currently purchase from such supplier on similar terms or at all. We rely upon our suppliers to timely provide the volumes and types of motor fuels for which they contract. In times of extreme market demand, supply disruption or as a result of futures market and geopolitical conditions, we may be unable to acquire enough fuel, including diesel fuel in particular, to satisfy the demand of our customers. Most of the motor fuel we distribute is transported from terminals to gas stations and cardlock locations by third-party transportation providers. Such providers may suspend, reduce or terminate their obligations to us if certain events (such as force majeure) occur, or may be subject to a shortage of drivers that results in a disruption in service. A change of key transportation providers, a disruption or cessation in services or supply provided by our providers, a significant change in our relationship with our suppliers or a significant accident or other incident involving a transportation provider could have a material adverse effect on our business, financial condition and results of operations.

**A significant portion of our revenue is generated under fuel supply agreements with dealers that must be renegotiated or replaced periodically. If we are unable to successfully renegotiate or replace these agreements, then our results of operations and financial condition could be adversely affected.**

A significant portion of our revenue is generated under fuel supply agreements with dealers. As these supply agreements expire, they must be renegotiated or replaced. Our fuel supply agreements generally have an initial term of 10 years. As of September 30, 2025, the volume-weighted average remaining term for our dealers was approximately 5.1 years. Our dealers have no obligation to renew their fuel supply agreements with us on similar terms or at all. We may be unable to renegotiate or replace our fuel supply agreements when they expire, and the terms of any renegotiated fuel supply agreements may not be as favorable as the terms of the agreements they replace. Whether these fuel supply agreements are successfully renegotiated or replaced is frequently subject to factors beyond our control. Such factors include fluctuations in motor fuel prices, a dealer's ability to pay for or accept the contracted volumes and a competitive marketplace for the services offered by us. If we cannot successfully renegotiate or replace our fuel supply agreements, or must renegotiate or replace them on less favorable terms, revenues from these agreements could decline and our results of operations and financial condition could be adversely affected.

**Because a substantial portion of our revenue is currently derived from ARKO Parent, any development that materially and adversely affects ARKO Parent's operations, financial condition or market reputation could have a material and adverse impact on us.** 

ARKO Parent is our most significant customer and accounted for approximately 47% and 42% of our revenue in the year ended December 31, 2024 and the nine-month period ended September 30, 2025, respectively, and we expect to derive a significant portion of our revenues from ARKO Parent in the near term. As a result, any event that adversely affects ARKO Parent's operations, financial condition, market reputation, liquidity, results of operations or cash flows may adversely affect our business and results of operations. Accordingly, we are indirectly subject to the business risks of ARKO Parent. Further, we are subject to the risk of non-payment or non-performance by ARKO Parent pursuant to contractual arrangements with ARKO Parent. We cannot predict the extent to which ARKO Parent's business would be impacted if conditions in our industry deteriorate, nor can we estimate the impact such conditions

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would have on ARKO Parent's ability to perform under its agreements with us. Any material non-payment or non-performance by any significant customer of ours, including ARKO Parent, would adversely affect our business and operating results.

**Changes in economic conditions, tax or trade policy, and consumer confidence in the U.S. could materially adversely affect our business.**

Our operations and the scope of services we provide are affected by changes in the macro-economic situation in the United States, which has a direct impact on consumer confidence and spending patterns. A number of key macro-economic factors, such as interest rates and unemployment, could have a negative effect on consumer habits and spending, and lead to lower demand for fuel.

Significant negative developments in the macro-economic environment in the United States could have a material adverse effect on our business, financial condition and results of operations.

**If our acquisitions are not on economically acceptable terms, or if our acquisitions do not perform as we expect, our future growth may be negatively impacted.** 

Our growth strategy includes the acquisition of other companies, contracts and assets that either complement or expand our existing businesses. Any such acquisitions will be subject to the negotiation of definitive agreements, applicable governmental approvals and consents, including under applicable antitrust laws, and, in certain instances, satisfactory financing arrangements. We cannot assure you that we will be able to identify suitable transactions and, even if we are able to identify such transactions, that we will be able to consummate any such transactions on economically acceptable terms. Any acquisitions that we pursue may involve a number of risks, including some or all of the following:

• the diversion of management's attention from our core business;

• the disruption of our ongoing business;

• inaccurate assessment of liabilities or assets and lack of adequate protections or potential related indemnities;

• the inability to successfully integrate our acquisitions;

• the inability to achieve the anticipated synergies and financial improvements;

• the loss of key customers or employees;

• increasing demands on our operational systems;

• the integration of information systems and internal control over financial reporting; and

• possible adverse effects on our reported results of operations or financial position.

We may be dependent on ARKO Parent to identify and pursue acquisition opportunities and to offer such opportunities to us pursuant to the terms of the Omnibus Agreement. We may not be able to grow through acquisitions if we or ARKO Parent are unable to identify attractive acquisition opportunities. There could be the potential for conflicts of interest when we and ARKO Parent jointly pursue acquisitions or other corporate opportunities that may be suitable for both companies. For example, conflicts may arise if there are issues or disputes under the commercial arrangements that will exist between ARKO Parent and us, including the Omnibus Agreement, in relation to such acquisitions or other matters. Furthermore, ARKO Parent is under no obligation to adopt a business strategy that favors us. Subject to the terms of the Omnibus Agreement, ARKO Parent may favor its own interests in negotiating the terms of any acquisitions jointly pursued by us and ARKO Parent. The directors and

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officers of ARKO Parent will have fiduciary duties that require them to make decisions in the best interests of the stockholders of ARKO Parent, which may be contrary to our interests. Such conflicts of interests and competing fiduciary obligations may inhibit our ability to grow or make additional acquisitions.

Our ability to grow and make acquisitions with cash on hand may be limited by our leverage, the terms of our and ARKO Parent's indebtedness, and our cash dividend policy described herein under "— Cash Dividend Policy."

There is intense competition for acquisition opportunities in our industry, and we may not be able to identify attractive acquisition opportunities. Competition for acquisitions may also increase the cost of, or cause us to refrain from, completing acquisitions. We may complete acquisitions, which, contrary to our expectations, ultimately do not prove to be accretive. If any of these events were to occur, our future growth may be negatively impacted.

**We may be unable to successfully integrate acquired operations or otherwise realize the expected benefits from our acquisitions, which could adversely affect the expected benefits from our acquisitions and our results of operations and financial condition.** 

Any acquisition involves the integration of the business of two companies that have previously operated independently. The difficulties of combining the operations of the two businesses include: integrating personnel with diverse business backgrounds; familiarizing employees with new systems; and combining different corporate cultures.

The process of integrating operations could cause an interruption of, or loss of momentum in, the activities of the business, and the loss of key personnel or customers. The diversion of management's attention and any delay or difficulty encountered in connection with the integration of the two companies' operations could have an adverse effect on our business and results of operations.

The success of our acquisitions depends, in part, on our ability to realize the anticipated benefits from combining the acquired business with ours. If we are unable to successfully integrate an acquired business, the anticipated benefits of such acquisition may not be realized fully or may take longer to realize than expected, which could have a material adverse effect on our business, financial condition and results of operations. For example, we may fail to realize the anticipated increase in earnings anticipated to be derived from an acquisition or the synergies expected, or there could be higher expenses related to the acquired business than expected. In addition, as with any acquisition, a significant decline in asset valuations or cash flows may also cause us not to realize expected benefits.

**The Russia-Ukraine War, Israel-Hamas War, events occurring in response thereto and any expansion of hostilities, as well as the political, economic and social instability in Venezuela and Iran, may have an adverse impact on our business, our future results of operations, and our overall financial performance.** 

The effects of the conflicts between Russia and Ukraine beginning in February 2022 and between Israel and Hamas beginning in October 2023, as well as the political, economic and social instability in Venezuela and Iran, on our business, financial condition, and results of operations are impossible to predict. Any increase in sanctions, escalation of the conflicts, including the regional or global expansion of hostilities, and other future developments could significantly affect the global economy, lead to market volatility and supply chain disruptions, have an adverse impact on energy prices, including prices for crude oil, other feedstocks, and refined petroleum products, have an adverse impact on the margins from our wholesale distribution and fleet fueling operations, and have a material adverse effect on our business, financial condition, and results of operations.

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**The distribution, transportation and storage of motor fuels is subject to environmental protection and operational safety laws and regulations, business interruptions and inherent hazards and risks that may expose us, our customers or suppliers, to significant costs and liabilities, which could have a material adverse effect on our business.**

Our operations—including the sale, distribution, transportation, and storage of fuel products—and those of our suppliers and customers are subject to various environmental, health, safety, and operational risks that could materially and adversely affect our business, financial condition, and results of operations.

We and our facilities, particularly the storage, transportation and sale of fuel products, as well as the operations of our suppliers and customers, are subject to extensive federal, state and local environmental, health and safety laws and regulations, in particular, those related to the quality of fuel products, the handling and disposal of hazardous wastes and the prevention and remediation of environmental contaminations. These continue to evolve and have generally become more stringent over time. We invest financial and managerial resources to comply with environmental laws and regulations and believe such investment will be necessary for the foreseeable future. Failure to comply with these laws and regulations may result in the assessment of administrative, civil, and criminal penalties, the imposition of remedial obligations, the issuance of orders enjoining our operations, or other claims and complaints. Additionally, our insurance and compliance costs may increase as a result of changes in environmental laws and regulations or changes in enforcement. These laws and regulations, as well as any new laws and regulations affecting fuel quality standards or the sale, distribution transportation and storage of motor fuels, have tended to become increasingly restrictive over time and could adversely affect our business and operating results by increasing our costs, limiting the demand for our products and services, or restricting our operations in the future. Most compliance costs are embedded in normal business operations. However, it is uncertain how much additional investment in technology, facilities or increased operating costs will be necessary to address hazardous materials, environmental restoration or new regulatory requirements.

Accidental leaks, spills, or other releases have occurred at our facilities and may continue to occur during our operations, potentially resulting in corrective actions, which can be costly, or environmental investigations at our facilities, leased locations, or third-party sites we manage. We may also face liability at non-company sites where our products have been handled or disposed of, particularly if prior practices—even if acceptable at the time—require remediation to meet current standards. Where releases of motor fuels, other pollutants, substances or wastes have occurred, federal and state laws and regulations, and our lease agreements, require that contamination caused by such releases be assessed and remediated to meet applicable clean-up standards. Certain environmental laws impose strict, joint and several liability without regard to negligence or fault on current and former site owners and operators for costs required to clean up and restore sites where motor fuels or other hazardous waste products have been disposed of or otherwise released. We may also be exposed to potential liability for personal injury or property damage caused by any release, spill, exposure or other accident involving such pollutants, substances or wastes. Private parties may also have the right to pursue legal actions to enforce compliance, as well as to seek damages for non-compliance, with environmental and safety laws and regulations or for personal injury or property damage. The costs associated with the investigation and remediation of contamination, as well as any associated third-party claims for damages or to impose corrective action obligations, could be substantial and could have a material adverse effect on us or our dealers.

Changes in product quality specifications, such as reduced sulfur content in refined petroleum products, or other more stringent requirements for fuels, including the production of fossil fuels, could

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reduce our ability to procure product, require us to incur additional handling costs or require the expenditure of capital. We may be unable to procure product or recover these costs through increased selling price.

Most of our fuel is transported by third-party carriers. A portion of fuel is transported in our own trucks; therefore, our operations are also subject to hazards and risks inherent in transporting motor fuel. These hazards and risks include, but are not limited to, fires, explosions, traffic accidents, spills, discharges and other releases, and cross-drops, any of which could result in distribution difficulties and disruptions, environmental pollution, governmentally imposed fines or clean-up obligations, personal injury or wrongful death claims, and other damage to our properties and the properties of others. Our operations are also subject to business interruptions from unplanned maintenance, fires, explosions, severe weather, power outages, labor disputes, acts of terrorism or other natural or man-made disasters. These events can result in serious injury or loss of life, property damage, environmental harm and significant financial losses. While we maintain insurance coverage, not all events may be fully insured or insurable or, if covered, the financial amount of such liabilities may exceed our policy limits or fall within applicable deductible or retention limits. Furthermore, our storage tanks are generally long-lived assets, and some have been in service for many years. The age and condition of our assets could result in increased maintenance or repair expenditures in the future. If any of our facilities, or those of our customers or suppliers, suffer significant damage or are forced to shut down for a significant period of time, it may have a material adverse effect on our results of operations and our financial condition as a whole.

The transportation of motor fuels, as well as the associated storage of such fuels, is subject to various federal, state and local environmental laws and regulations covering storage tanks, material releases, hazardous waste management, and employee safety. These regulations require permits, compliance with pollution standards and impose liability for pollution or non-compliance. Federal and state authorities, including the DOT and EPA, monitor compliance and may impose fines, penalties, or orders to halt operations.

Our business, and the businesses of our suppliers and customers, may also be affected by the adoption of environmental laws and regulations intended to address global climate change by limiting carbon emissions and introducing more stringent requirements for the exploration, drilling transportation, and use of crude oil and petroleum products. A number of state and regional efforts have emerged to address climate change and GHGs, including efforts that are aimed at tracking or reducing GHG emissions by means of cap-and-trade or carbon tax programs. Although it is not possible at this time to predict how new legislation or regulations that may be adopted to address GHG emissions would impact us, any future laws and regulations imposing reporting obligations on, or limiting emissions of GHGs from our or our suppliers' or customers' equipment and operations, could require us to incur costs to reduce or measure emissions of GHGs associated with operations. Restrictions on emissions of methane or carbon dioxide that may be imposed in various states or international jurisdictions, as well as international, state and local climate change initiatives, such as increased energy or fuel efficiency standards or mandates for renewable energy sources, could adversely affect our business or the business of our suppliers or customers. Widespread implementation of such laws and regulations may lead to a significant increase in the cost of petroleum-based fuels or otherwise lower demand for road transportation fuel, which may have a material adverse effect on our results of operations and our financial condition as a whole.

Upon entering office, the current federal U.S. administration issued a series of executive orders that signaled a significant shift in the United States energy, environmental and climate change policy from the

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prior U.S. presidential administration. Among other directives, such executive orders: (i) direct federal agencies to identify and exercise emergency authorities to facilitate conventional energy production, transportation and refining and call for the use of emergency regulations to expedite energy infrastructure projects; (ii) rescission of pre-existing executive actions meant to address climate change, including initiation of the withdrawal of the U.S. from the Paris Agreement and other climate change-focused international initiatives; (iii) promote energy exploration and production on federal lands and waters; (iv) mandate a review of existing regulations that may burden domestic energy development; and (v) pause disbursement of funds appropriated through the Inflation Reduction Act of 2022 and Infrastructure Investment and Jobs Act, including funds intended to support renewable energy and electric vehicle technologies. The administration has since proposed or promulgated a variety of regulatory initiatives, other executive actions and legislative proposals intended to further these and other policy priorities. These efforts include executive actions or legislative initiatives rescinding or limiting funding and tax provisions of the Inflation Reduction Act of 2022 in support of renewable energy technologies and electric vehicle adoption discussed above, including the One Big Beautiful Bill Act enacted on July 4, 2025, the outcome or effects of which cannot be predicted at this time. The long-term impact of such actions, and any future actions taken during the current administration, on our and our suppliers' and customers' operations or the demand for our products and services, if any, is difficult to predict at this time; however, they may result in increased activity from other policymakers, including at the state and local level, or from the private sector, which may adversely impact our operations or those of our value chain.

For more information on potential risks arising from environmental and occupational safety and health laws and regulations, please see "Business—Environmental and Other Government Regulations."

**We are subject to risks regarding sustainability matters.** 

There is ongoing scrutiny from investors, customers, policymakers and other stakeholders regarding companies' management of climate change, human capital, and various other sustainability matters. We or our Parent engage in various initiatives (including disclosures) to help manage such matters and address stakeholder expectations; however, such initiatives can be costly and may not have the desired effect. For example, many sustainability initiatives leverage methodologies, standards, and data that are complex and continue to evolve. As with other companies, we expect our approach and that of our Parent to evolve as well, and we cannot guarantee that the approach will align with the expectations or preferences of any particular stakeholder. Stakeholders have different, and at times conflicting, expectations. Both advocates and opponents of such matters are increasingly resorting to activism, including litigation, to advance their perspectives. Similarly, policymakers (including certain states) have taken various actions to advance or constrain consideration of certain sustainability matters, and this divergence may increase the cost and complexity of compliance and any associated risks. Addressing stakeholder expectations and regulatory requirements may be costly and any failure to successfully navigate such expectations or requirements may result in reputational harm, loss of customers or contracts, changes in the availability or cost of capital, regulatory or investor engagement, or other adverse impacts to our business.

**We and our customers and suppliers are required to obtain, maintain and comply with government permits, licenses and approvals, and failure to obtain, maintain, and comply with such permits, licenses and approvals could adversely affect us or our customers.** 

We and our customers and suppliers are required to obtain, maintain and comply with numerous federal, state and local government permits, licenses and approvals. Any of these permits, licenses or approvals

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may be subject to denial, revocation or modification under various circumstances. Failure to obtain or maintain such approvals or comply with the conditions of permits, licenses or approvals may adversely affect our operations by, for instance, temporarily suspending our activities or curtailing our work and may subject us to fines, penalties, injunctive relief and other sanctions. Although existing permits and licenses are routinely renewed by various regulators, renewal could be denied or jeopardized by various factors, including:

• failure to provide adequate financial assurance for closure;

• failure to comply with environmental, health and safety laws and regulations or permit conditions;

• local community, political or other opposition;

• executive action; and

• legislative action.

In addition, if new environmental legislation or regulations are enacted or implemented, or existing laws or regulations are amended or are interpreted or enforced differently, we may be required to obtain additional operating permits, licenses or approvals. Our inability to obtain, or to comply with, the permits, licenses and approvals required for our businesses could have a material adverse effect on us.

Furthermore, the permitting process for various projects requires significant investments of time and money by our customers and sometimes by us. There are no assurances that we or our customers will obtain the necessary permits for these projects. Applications for permits to operate newly constructed facilities, including air emissions permits, may be opposed by government entities, individuals or environmental groups, resulting in delays and possible non-issuance of the permits.

**Failure to comply with applicable laws and regulations could result in liabilities, penalties, costs, or license suspension or revocation that could have a material adverse effect on our business. In addition, future regulations, or more stringent enforcement of existing regulations, could increase those costs and liabilities, which could adversely affect our financial position and results of operations.** 

Our operations are subject to numerous federal, state and local laws and regulations, environmental laws and regulations, and various employment laws, including requirements for various licenses and registrations. To the extent we are not able to provide information that is required under such regulations because owners of our stock or our officers and directors do not provide the necessary documentation to comply or fail to comply with such regulations, we may have those licenses suspended or revoked, or new licenses may not be issued.

Our violation of, or inability to comply with, such regulations could expose us to regulatory sanctions ranging from criminal liability or monetary fines to the revocation or suspension of our permits and licenses for the sale of such products. We may also be subject to litigation including class action litigation which may result in substantial costs, expenses and damages related to legal proceedings. Such regulatory action or litigation could adversely affect our business, financial condition and results of operations.

Our failure to comply with applicable labor and employment laws pertaining to, among others, minimum wage, overtime, rest breaks, mandated healthcare benefits or paid time-off benefits could result

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in increased regulatory scrutiny, monetary fines and substantial costs and expenses related to legal proceedings.

Additionally, we may not be able to comply with new or amended laws and regulations that are adopted, and any new or amended laws and regulations could require us to modify our operations or equipment, shut down our facilities or obtain additional permits or approvals. Additionally, our customers and suppliers may not be able to comply with any new or amended laws and regulations, which could cause our customers or suppliers to curtail or cease operations.

**We may not have sufficient cash from operations after payment of our expenses, including payments to ARKO Parent and its affiliates, and establishment of cash reserves to enable us to pay the intended quarterly distribution to our stockholders.** 

The amount of cash we can distribute to our Class A common stockholders principally depends on the amount of cash we generate from our operations, which fluctuates from quarter to quarter based on, among other things:

• the volume of fuel we sell;

• the prices of, level of production of and demand for crude oil and refined fuel products;

• the level of our operating costs, including payments to ARKO Parent;

• prevailing economic conditions;

• our debt service requirements and other liabilities;

• fluctuations in our working capital needs;

• our ability to borrow funds and access capital markets;

• restrictions in our agreements governing our or ARKO Parent's debt;

• the level and timing of capital expenditures we make, including capital expenditures incurred in connection with
our growth projects;

• the cost of acquisitions, if any; and

• the amount of cash reserves established by us, which may increase in the future and which may in turn further
reduce the amount of Discretionary Cash Flow.

As a result of all these factors, we cannot guarantee that we will have sufficient cash generated from operations to pay the quarterly cash dividends to holders of our common stock. Furthermore, holders of our common stock should be aware that the amount of Discretionary Cash Flow depends primarily on our cash flow, and is not solely a function of profitability, which is affected by non-cash items. As a result, we may make distributions during periods when we record net losses and may not make distributions during periods when we record net income. We may incur other expenses or liabilities during a period that could significantly reduce or eliminate our Discretionary Cash Flow and, in turn, impair our ability to pay dividends to holders of our common stock during the period. Because we are a holding company, our ability to pay dividends on our common stock is limited by restrictions on the ability of our subsidiaries to pay dividends or make other distributions to us, including restrictions under the terms of the agreements governing our and ARKO Parent's indebtedness.

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**The assumptions underlying the forecasts and targeted growth rate presented elsewhere in this prospectus are inherently uncertain and subject to significant business, economic, financial, regulatory and competitive risks that could cause our actual cash available for distribution to differ materially from our forecasts.** 

The forecasts presented elsewhere in this prospectus were prepared using assumptions that our management believes are reasonable. See "Cash Dividend Policy—Assumptions and considerations." These include assumptions about (i) the proceeds from this offering, (ii) no material adverse effects to our business, industry or our suppliers', ARKO Parent's or any of our customers' businesses or operations on account of natural disasters, (iii) no material adverse change resulting from supply disruptions or reduced demand for fuel products, (iv) no material adverse changes in market, regulatory and overall economic conditions and (v) no material adverse changes in the existing regulatory framework. The forecasts assume that no unexpected risks materialize during the forecast periods. Any one or more than one of these assumptions may prove to be incorrect, in which case our actual results of operations will be different from, and possibly materially worse than, those contemplated by the forecasts. There can be no assurance that the assumptions underlying the forecasts presented elsewhere in this prospectus will prove to be accurate. Actual results for the forecast periods will likely vary from the forecast results and those variations may be material. We make no representation that actual results achieved in the forecast periods will be the same, in whole or in part, as those forecasted herein. The forecasts are provided as of the date of this offering and we are under no obligation to update the forecasts to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even if the assumptions underlying such forecasts have changed or are no longer applicable following the date of this offering.

**We are subject to extensive tax liabilities imposed by multiple jurisdictions that potentially have a material adverse effect on our financial condition and results of operations.** 

We are subject to extensive tax liabilities imposed by multiple jurisdictions, including income taxes, fuel excise taxes, sales and use taxes, payroll taxes, franchise taxes, and property taxes. Many of these tax liabilities are subject to periodic audits by the respective taxing authorities. Changes in the tax laws could arise as a result of the base erosion and profit shifting project undertaken by the Organization for Economic Co-operation and Development ("OECD"). In December 2022, the European Union ("EU") member states reached an agreement to implement the minimum tax component ("Pillar Two") of the OECD's tax reform initiative. The directive was enacted into the national law of the EU member states in 2023. If similar directives under Pillar Two are adopted by other taxing authorities, such changes could increase the amount of taxes we pay and therefore decrease our results of operations and cash flow. Additionally, substantial changes or reforms in the current tax regime could result in increased tax expenses and potentially have a material adverse effect on our financial condition and results of operations.

**The loss of key senior management personnel or the failure to recruit or retain qualified senior management personnel could materially adversely affect our business.**

We are dependent on the ability of both us and ARKO Parent to recruit, train and retain qualified individuals to manage our business. Economic factors, the state of the current labor market and availability of other employment options for our management personnel could impact our ability to recruit and retain qualified personnel that could have a material impact on our results of operations and impact our ability to execute upon our strategic goals. If we do not provide proper training and clear succession planning or are unable to entice the necessary talent to join our company and retain our employees over time, we may not have appropriate staff to be promoted to management roles as they

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become available. Additionally, we are dependent on certain key employees to operate our business and the loss of any of our executive officers or other key employees could harm our business.

**Unfavorable seasonal, weather or other climatic conditions could adversely affect our business.** 

Severe weather phenomena, such as hurricanes, floods, and blizzards, may adversely affect our results of operations due to increased costs associated with such weather conditions, possible significant damage to our dealer and cardlock locations and possible interruption of distributions to our wholesale customers, including ARKO Retail Sites and our dealer and fleet fueling sites. Temporary or long-term disruptions to our supply chain in connection with unfavorable weather conditions could impact our network of suppliers, significantly impacting the quality and pricing of fuel we sell. Climate change is expected to increase the frequency and intensity of these and other weather phenomena, as well as contribute to various chronic changes (including in meteorological and hydrological patterns) which may result in similar risks or otherwise adversely impact our operations. While we may, from time to time, take actions to mitigate associated risks, we cannot guarantee that such efforts will be successful. For example, an increase in frequency and intensity of natural disasters may adversely impact the availability or cost of insurance.

**We are subject to payment-related risks that may result in higher operating costs or the inability to process payments, either of which could harm our brand, reputation, business, financial condition and results of operations.** 

We and our dealers accept a variety of credit cards and debit cards and, accordingly, we and our dealers are, and will continue to be, subject to significant and evolving regulations and compliance requirements, including obligations to implement enhanced authentication processes that could result in increased costs and liability and reduce the ease of use of certain payment methods. Additionally, we pay, and in some cases pass-through, interchange and other fees, which may increase over time.

Europay, MasterCard and Visa, or EMV, is a global standard for credit cards that uses computer chips to authenticate and secure chip-card transactions. We may be liable for fraudulent credit card transactions at the fuel dispensers. As of September 30, 2025, a majority of the fuel dispensers owned by ARKO Parent were EMV-compliant.

We rely on fuel brands and independent service providers for payment processing, including credit and debit cards. If these fuel brands and independent service providers become unwilling or unable to provide these services to us, if the cost of using these providers increases, or if such providers have a data breach or mishandle our data, our business could be harmed. Additionally, there is a trend toward cardless payment methods, which may require additional investment to implement at our locations. As these trends develop, we will need to align our fleet card offering to the new technologies.

We are also subject to payment card association operating rules and agreements, including data security rules and agreements and certification requirements which could change or be reinterpreted to make it difficult or impossible for us to comply. In particular, we must comply with the Payment Card Industry Data Security Standard, or PCI DSS, a set of requirements designed to ensure that all companies that process, store or transmit payment card information maintain a secure environment to protect cardholder data. If we, or our third-party service providers, fail to comply with any of these rules or requirements, or if our, or our third-party service providers, data security systems are breached or compromised, we may be liable for losses incurred by card issuing banks or customers, subject to fines and higher transaction fees, lose our ability to accept credit or debit card payments from our customers,

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or process electronic fund transfers or facilitate other types of payments. Any failure to comply with such rules or requirements could significantly harm our brand, reputation, business, financial condition and results of operations.

**Significant disruptions of information technology systems, breaches of data security or other cybersecurity incidents, or compromised data could materially adversely affect our business.**

We rely on multiple information technology systems and a number of third-party vendor platforms (collectively, "IT Systems") in order to run and manage our daily operations, including for fuel pricing, payroll, accounting, budgeting, reporting, and site operations. Such IT Systems allow us to manage various aspects of our business, communicate with customers, and to provide reliable analytical information to our management. The future operation, success and growth of our business depends on streamlined processes made available through our uninhibited access to information systems, global communications, internet activity and other network processes. Like most other companies, despite our current cybersecurity risk management framework and process controls, our IT Systems and those of our third-party service providers and our customers, may be vulnerable to information security breaches, ransomware or extortion, mishandled data, acts of vandalism, computer viruses and interruption or loss of valuable business data. Stored data might be improperly accessed due to a variety of events beyond our control, including, but not limited to, damage and interruption from power loss or natural disasters, computer system and network failures, loss of telecommunications services, physical and electronic loss of access to data and information, terrorist attacks, hackers, security breaches or other security incidents, and computer viruses or attacks. We rely on third-parties to provide maintenance and support of our IT Systems, and to store our data (including customer data) and a failure of any of these third-parties to provide adequate and timely support, or compromise of these third-parties' systems, could adversely affect the operation of our IT Systems. We have technology security initiatives and disaster recovery plans in place to mitigate our risk to these vulnerabilities, but these measures may not be adequately designed or implemented to ensure that our operations are not disrupted or the data security breaches do not occur.

Hackers and data thieves are increasingly sophisticated and operate large-scale and complex attacks which may remain undetected until after they occur. Such attacks also may be further enhanced in frequency or effectiveness through threat actors' use of artificial intelligence. Any breach of our network or those of our vendors may result in damage to our reputation, the loss of valuable business data, the misappropriation of our valuable intellectual property or trade secret information, misappropriation of our customers' or employees' personal information, key personnel being unable to perform duties or communicate throughout the organization, loss of sales, significant costs for data restoration and other adverse impacts on our business. Despite our existing security procedures and controls, if our network or the network of one of our service providers was compromised, it could give rise to unwanted media attention, materially damage our customer relationships, harm our business, reputation, results of operations, cash flows and financial condition, result in fines or litigation, and may increase the costs we incur to protect against such information security breaches, such as increased investment in technology, the costs of compliance with consumer protection laws and costs resulting from consumer fraud. In addition, successful cyberattacks, data breaches, or data security incidents, at one of our vendors or other market participants, whether or not we are directly impacted, could lead to a general loss of customer confidence or affect our supply chain which could negatively affect us, including harming the market perception of the effectiveness of our security measures or harming the reputation of the industry in general, which could result in reduced use of our products and services.

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The costs of mitigating cybersecurity risks are significant and are likely to increase in the future. These costs include, but are not limited to, retaining the services of cybersecurity providers; compliance costs arising out of existing and future cybersecurity, data protection and privacy laws and regulations; costs related to maintaining redundant networks, data backups and other damage-mitigation measures; and extra administrative costs to mitigate risk and deal with any system breaches. While we maintain cyber liability insurance coverage through ARKO Parent, our insurance may not be sufficient to protect against all losses we may incur due to policy exclusions or if we suffer significant or multiple attacks.

**We are subject to evolving laws, regulations, standards, and contractual obligations related to data privacy and security regulations, and our actual or perceived failure to comply with such obligations could harm our reputation, subject us to significant fines and liability, or otherwise adversely affect our business.** 

We collect and store large amounts of data on our network, including sensitive information concerning our employees, customers and vendors. As such, we are subject to, or affected by, a number of federal, state, and local laws and regulations, as well as contractual obligations and industry standards, that impose certain obligations and restrictions with respect to data privacy and security, and govern our collection, storage, retention, protection, use, processing, transmission, sharing and disclosure of personal and other information including that of our employees, customers, and others. If we are found to have breached any such laws or regulations, we may be subject to enforcement actions that require us to change our business practices in a manner which may negatively impact our revenue, as well as expose us to litigation, fines, civil and/or criminal penalties and adverse publicity that could cause our customers to lose trust in us, negatively impacting our reputation and business in a manner that harms our financial position.

The U.S. Federal Trade Commission (the "FTC") and state governments require companies to implement data security and privacy measures appropriate to the sensitivity of customer information, business size, and available tools. Failure to meet these expectations may result in claims of unfair or deceptive practices under the Federal Trade Commission Act or similar state laws, leading to potential legal actions for privacy and data security violations.

Further, we make public statements about our use and disclosure of personal information through our privacy policies that are posted on our websites. The publication of our privacy policies and other statements that provide promises and assurances about data privacy and security can subject us to potential government or legal action if they are found to be deceptive, unfair or misrepresentative of our actual practices.

In addition, numerous states already have, and are looking to expand, data protection and privacy legislation requiring companies like ours to consider solutions to meet differing needs and expectations of customers. Similar laws have been proposed at the federal level, reflecting a trend toward more stringent privacy legislation in the United States. The enactment of such laws could have potentially conflicting requirements that would make compliance challenging and we may not be able to monitor and react to all developments in a timely manner.

Our failure, and/or the failure by ARKO Parent, who will provide us with substantially all of our operational and administrative services under the Management Services Agreement, or the various third-party service providers and partners with which we or ARKO Parent do business, to comply with applicable privacy policies or federal or state laws and regulations or any other obligations relating to privacy, data protection or information security, or any compromise of security that results in the unauthorized release of personal data or other user data, or the perception that any such failure or

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compromise has occurred, could negatively harm our brand and reputation, result in a loss sales and/or result in fines and/or proceedings by governmental agencies and/or customers, any of which could have a material adverse effect on our business, results of operations and financial condition.

**We lease certain of our sites from third parties; are jointly and severally liable under certain master leases; and our dealers control other sites, all of which could result in increased costs and disruptions to our operations.** 

We lease a portion of our sites from third parties or sublease from ARKO Parent, under long-term arrangements with various expiration dates.

We are also a party to master leases as a cotenant with ARKO Parent. Under such master leases, generally we are jointly and severally liable for the obligations of ARKO Parent thereunder, and, in the event ARKO Parent is unable to satisfy such obligations, we would be liable for such obligations, which could result in significant costs to us and materially adversely affect our business. Further, in the event the landlord terminates a lease or there is an event of default by ARKO Parent, we could be evicted from such premises, which could significantly disrupt our business operations. Although we have indemnity from ARKO Parent under certain of such lease arrangements, there can be no guarantee that ARKO Parent will be able to satisfy its indemnity obligations. We also lease or sublease properties to certain of our dealers, and a default by the dealer under its lease or sublease could result in us losing a supply relationship. Such defaults by a significant number of our dealers could materially adversely affect our business. See "Business—Real Estate—Real Estate Arrangements with ARKO Parent" and "Certain Relationships and Related Party Transactions—Real Estate Arrangements with ARKO Parent" for more information on these agreements.

Additionally, we are subject to the possibility that we are unable to renew such leases or are only able to do so with increased costs or more onerous terms.

The occurrence of any of the foregoing could have a material adverse effect on our business, financial condition, results of operations and cash available for dividends to our stockholders.

**We may not be able to lease sites we own or sublease sites we lease on favorable terms and any such failure could adversely affect our results of operations, financial condition and ability to make distributions to our stockholders.** 

We may lease or sublease certain sites to dealers. If we are unable to obtain tenants or subtenants on favorable terms for sites we own or lease, the resulting rental payments may be insufficient to cover our costs for the site. We cannot provide any assurance that the margins on our distribution of motor fuel to these sites will be sufficient to offset our operating costs or unfavorable lease terms. The occurrence of these events could adversely affect our results of operations, financial condition and ability to make distributions to our stockholders.

**Our business could suffer if we fail to adequately secure, maintain, and enforce our intellectual property rights.** 

We rely on our trademarks and trade names to distinguish some of our services from those of our competitors, and have registered or applied to register a limited number of trademarks. We cannot assure that our trademark applications will be approved. Third-parties may also oppose our trademark applications, or otherwise challenge our use of the trademarks. In the event that our trademarks are successfully challenged, we could be forced to rebrand our products or services, which could result in loss of brand recognition, and could require us to devote resources to advertising and marketing new brands.

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Further, we cannot assure that competitors will not infringe our trademarks, or that we will have adequate resources to enforce our trademarks. Any claims of intellectual property infringement, even those without merit, could be expensive and time consuming to defend and divert management's attention, cause us to cease making, licensing or using the products or services that incorporate the challenged intellectual property, require us to rebrand our products or services, if feasible, or require us to enter into royalty or licensing agreements in order to obtain the right to use a third-party's intellectual property.

We also rely on trademarks that we license from third-parties to identify the branded fuels that we supply. If we violate the terms of these licenses, we could be liable for damages, and the licenses could be terminated. The termination or non-renewal of any of these licenses could require us to rebrand or to replace the licensed goods and services, and accordingly could have a material adverse effect on our business, reputation, financial condition and results of operations.

**Our operations present risks which may not be fully covered by insurance.**

We carry comprehensive insurance through ARKO Parent against the hazards and risks underlying our operations. We believe our insurance policies are customary in the industry; however, some losses and liabilities associated with our operations may not be covered by our insurance policies. In addition, there can be no assurance that we will be able to obtain similar insurance coverage on favorable terms (or at all) in the future. Significant uninsured losses and liabilities could have a material adverse effect on our financial condition and results of operations. Furthermore, our insurance is subject to high deductibles. As a result, certain large claims, even if covered by insurance, may require a substantial cash outlay by us, which could have a material adverse effect on our financial condition and results of operations. Moreover, the deductibles and limits under our policies will be subject to certain sharing arrangements with ARKO Parent as set forth in the Employee and Intercompany Matters Agreement, which generally requires that we do not prejudice or limit ARKO Parent's recovery when pursuing claims thereunder. To the extent ARKO Parent experiences losses under the insurance policies, the limits of our coverage may be decreased.

**We will remain a restricted subsidiary and guarantor under the Senior Notes Indenture upon completion of this offering and will be subject to various covenants under such indenture, which may adversely affect our operations.** 

We will remain a restricted subsidiary and guarantor under the Senior Notes Indenture, so will be directly or indirectly affected by certain prohibitions and limitations contained therein, which may restrict our ability to undertake certain actions that might otherwise be considered beneficial. See "Description of Certain Indebtedness" for additional information about the Senior Notes, as well as the terms of ARKO Parent's credit facilities to which we have been, and will be through the consummation of this offering, contractually bound, and expected amendments to such facilities. Our status as a restricted subsidiary means that our ability to take certain actions, including undertaking certain transactions, upon completion of this offering will be restricted by the terms of such indenture. We will remain a restricted subsidiary until we are no longer a subsidiary of ARKO Parent. These covenants restrict, among other things, our ability to:

• incur or guarantee indebtedness;

• make certain investments and acquisitions;

• incur liens on assets or permit them to exist;

• enter into certain types of transactions with affiliates;

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• merge or consolidate with another company;

• transfer, sell, or otherwise dispose of assets; and

• pay dividends, or make distributions or certain other restricted payments, unless dividends are also paid on a pro-rata basis to ARKO Parent.

Each of these restrictions is subject to various exceptions, the availability of which may be affected by the extent to which ARKO Parent utilizes those exceptions as well as the financial condition and results of operations of ARKO Parent. The existence of these restrictions could adversely affect our ability to finance our future operations or capital needs or engage in, expand, or pursue our business activities, and it could also prevent us from engaging in certain transactions that might otherwise be considered beneficial to us. Due to its ownership and control of us, ARKO Parent has the ability to prevent us from taking actions that would cause ARKO Parent to violate such restrictions, or otherwise cause ARKO Parent to be in default under any of its credit arrangements. Additionally, in the future, ARKO Parent may determine that it is in its best interest to agree to more restrictive covenants, which may indirectly impede our business operations or affect our ability to pay dividends.

Events beyond our control, including changes in general business and economic conditions, may impair ARKO Parent's ability to comply with covenants in the Senior Notes Indenture, and a breach of any such covenants may result in an event of default. Upon the occurrence of an event of default, the noteholders may declare the notes immediately due and payable and/or exercise any and all remedial and other rights thereunder. ARKO Parent may be unable to repay any accelerated indebtedness, and we may not be able to repay any indebtedness pursuant to the guarantee or refinance any accelerated indebtedness on favorable terms, or at all, which could have an adverse effect on our financial condition or results of operations.

**The agreements governing our indebtedness contain various restrictions and financial covenants that may restrict our business and financing activities.**

We depend on the earnings and cash flow generated by our operations in order to meet our debt service obligations. The operating and financial restrictions and covenants in the GPMP Capital One Credit Facility (as defined herein), and any future financing agreements, may restrict our ability to finance future operations or expand our business activities. For example, the GPMP Capital One Credit Facility restricts, among other things, our ability to create liens, incur additional indebtedness or issue certain disqualified equity interests, make investments, loans or advances, engage in mergers or consolidations with or into other companies, sell assets and make other dispositions, pay dividends and distributions or repurchase capital stock, change the nature of its business, engage in sale-leaseback transactions, engage in transactions with affiliates, and repay certain indebtedness. In addition, the GPMP Capital One Credit Facility contains covenants requiring us to maintain certain financial ratios. See "Description of Certain Indebtedness—GPMP Capital One Credit Facility" for additional information.

Our ability to comply with these restrictions and covenants is uncertain and will be affected by the levels of cash flow from operations and other events or circumstances beyond our control. If market or other economic conditions deteriorate, our ability to comply with these covenants may be impaired. If we violate any provisions of the GPMP Capital One Credit Facility or any future credit facilities we enter into that are not cured or waived within the appropriate time periods provided in the agreements governing such indebtedness, a significant portion of our indebtedness may become immediately due and payable, and our lenders' commitment to make further loans to us under such credit facilities may terminate. We might not have, or be able to obtain, sufficient funds to make these accelerated payments.

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If we were unable to repay the accelerated amounts, the lenders under our secured credit facilities, such as the GPMP Capital One Credit Facility, could proceed against the collateral granted to them to secure such debt. If the payment of our debt is accelerated, our assets may be insufficient to repay such debt in full, which could result in our insolvency.

**Our level of indebtedness, together with ARKO Parent's indebtedness, the terms of our and its borrowings and any future ARKO Parent credit ratings could adversely affect our ability to grow our business, our ability to make cash distributions to our stockholders and our credit ratings and profile.** 

Together, we and ARKO Parent have a significant amount of debt. As of September 30, 2025, we had total debt, net of $389.0 million, including current maturities of $5.7 million, and ARKO Parent had an additional $522.6 million (exclusive of indebtedness included in our financial statements), including current maturities of $31.3 million, for which we have provided guarantees or under which we are otherwise contractually bound. Such significant level of debt could increase our vulnerability to general adverse economic and industry conditions and require us to dedicate a substantial portion of our cash flow from operations to service our or ARKO Parent's debt obligations, thereby reducing the availability of our cash flow to fund our growth strategy.

Furthermore, a higher level of indebtedness increases the risk that we or ARKO Parent may default under our respective obligations, which may include ARKO Parent's obligations under its commercial agreements with us. In the event ARKO Parent were to default under certain of its debt obligations, we could be materially adversely affected. We have no control over whether ARKO Parent remains in compliance with the provisions of its credit arrangements, except as such provisions may otherwise directly pertain to us. There is also the risk that if ARKO Parent were to default under certain of its debt obligations, ARKO Parent's creditors would attempt to assert claims against our assets during the litigation of their claims against ARKO Parent, even if we or our subsidiaries have not provided a guarantee of such debt or are otherwise contractually bound. The defense of any such claims could be costly and could materially impact our financial condition, even absent any adverse determination. In the event these claims were successful, our ability to meet our obligations to our creditors, make distributions and finance our operations could be materially adversely affected.

If we were to seek a credit rating in the future, our credit rating may be adversely affected by the leverage or any future credit rating of ARKO Parent, as credit rating agencies such as Standard & Poor's Ratings Services and Moody's Investors Service, Inc. may consider the leverage and credit profile of ARKO Parent and its affiliates because of their ownership interest in and control of us, our guarantee of the Senior Notes and because ARKO Parent accounts for a material portion of our fuel revenue and fuel contribution. Any adverse effect on our credit rating would increase our cost of borrowing or hinder our ability to raise financing in the capital markets, which would impair our ability to grow our business and make cash distributions to our stockholders.

**Our variable rate debt could adversely affect our financial condition and results of operations.**

Certain of our outstanding term loans and revolving credit facilities bear interest at variable rates, subjecting us to fluctuations in the short-term interest rate. Beginning in early 2022, in response to significant and prolonged increases in inflation, the U.S. Federal Reserve Board raised interest rates eleven times during 2022 and 2023, which increased the borrowing costs on our variable rate debt. The Federal Reserve Board then paused rate increases in the fourth quarter of 2023 following the deceleration of inflationary growth. More recently, the Federal Reserve began an easing cycle in September 2024 and has continued reducing its policy rate, including additional cuts in December 2024 and September,

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October and December 2025, and it may seek to further reduce interest rates, increase interest rates or maintain current interest rates. The timing, number and amount of any future interest rate changes are uncertain, and there can be no assurance that rates will continue to decrease at a rate currently predicted or at all, which would in turn negatively impact our borrowing costs. Any future federal fund rate increases could in turn make our financing activities, including those related to our acquisition activity, more costly and limit our ability to refinance existing debt when it matures or pay higher interest rates upon refinancing and increase interest expense on refinanced indebtedness. As of September 30, 2025, all of our debt bore interest at variable rates, which is based on CME Group's forward-looking Secured Overnight Financing Rate ("SOFR"). Consequently, significant increases in market interest rates would create substantially higher debt service requirements, which could have a material adverse effect on our overall financial condition, including our ability to service our indebtedness.

**Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business, operating results and financial condition.** 

The U.S. government imposes tariffs on certain foreign goods from time to time. Recently, the U.S. has implemented a range of new tariffs and increases to existing tariffs. While certain of the announced tariffs have been delayed, the U.S. government may in the future pause, reimpose or increase tariffs, and countries subject to such tariffs have and in the future may impose reciprocal tariffs or other restrictive trade measures in response. This in turn could require us to increase prices to our customers, which may reduce demand, or, if we are unable to increase prices, result in lowering our margin on products sold. There is currently significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, taxes, government regulations and tariffs. We cannot predict whether, and to what extent, current tariffs will continue or trade policies will change in the future. We cannot predict the extent to which the U.S. or other countries will impose quotas, duties, tariffs, taxes or other similar restrictions upon the import or export of our products in the future, nor can we predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business. The adoption and expansion of trade restrictions, the occurrence of a trade war, or other governmental action related to tariffs or trade agreements or policies has the potential to adversely impact demand for our products, our costs, our customers, our suppliers, and the U.S. economy, which in turn could have a material adverse effect on our business, operating results and financial condition.

**RISKS RELATED TO THE TRANSACTIONS AND OUR GOVERNANCE RELATIONSHIP WITH ARKO PARENT** 

**ARKO Parent controls our Company and will have the ability to control the direction of our business.** 

After the completion of this offering, ARKO Parent, indirectly through its wholly owned subsidiary, Arko Convenience Stores, LLC, will own shares of our Class B common stock, representing % of the economic interests in us, and % of the combined voting power of our Class A common stock and Class B common stock (or % of the economic interests in us if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full).

As long as ARKO Parent or its affiliates (other than us) owns more than 50% of the total voting power of both classes of our common stock, it will be able to control nearly all corporate actions that require a stockholder vote, regardless of the vote of any other stockholder. As a result, ARKO Parent will have the ability to control significant matters involving us, including:

• the election and removal of our directors;

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• determinations with respect to mergers, business combinations, dispositions of assets or other extraordinary
corporate transactions;

• certain amendments to our amended and restated certificate of incorporation;

• changes in capital structure, including the level of indebtedness;

• the number of shares of our common stock available for issuance under our equity incentive plans for our
prospective and existing employees; and

• agreements that may adversely affect us including, without limitation, certain master leases to which we and ARKO
Parent are party under which we are jointly and severally liable for ARKO Parent's obligations.

Alternatively, if ARKO Parent does not provide any requisite affirmative vote on matters requiring stockholder approval allowing us to take particular actions when requested, we will not be able to take such actions, and as a result, our business, financial condition, results of operations and cash flows may be adversely affected. Even if ARKO Parent owns 50% or less of our total voting power of both classes of our common stock, ARKO Parent will have the ability to substantially influence these matters for as long as it owns a significant portion of the voting power.

The interests of ARKO Parent may differ from our interests or those of our other stockholders and the concentration of control in ARKO Parent will limit other stockholders' ability to influence corporate matters. The concentration of ownership and voting power with ARKO Parent also may delay, defer or prevent an acquisition by a third party or other change of control of our Company and may make some transactions more difficult or impossible without the support of ARKO Parent, even if such events are in the best interests of our other stockholders. The concentration of voting power with ARKO Parent may have an adverse effect on the price of our Class A common stock. Our Company may take actions that our other stockholders do not view as beneficial, which may adversely affect our business, financial condition, results of operations and cash flows, and may cause the value of your investment to decline.

**ARKO Parent's interests may conflict with our interests and the interests of our other stockholders. Conflicts of interest or disputes between ARKO Parent and our Company could be resolved in a manner unfavorable to our Company and our other stockholders.** 

ARKO Parent could have interests that differ from, or conflict with, the interests of our other stockholders and could cause us to take certain actions even if the actions are not favorable to us or our other stockholders or are opposed by our other stockholders. If ARKO Parent is acquired or otherwise experiences a change in control, any acquirer or successor will be entitled to exercise ARKO Parent's voting control with respect to us.

Potential conflicts of interest or disputes may arise between ARKO Parent and us in a number of areas relating to our past or ongoing relationships, including:

• tax, employee benefits and indemnification;

• employee retention and recruiting;

• the nature, quality and pricing of services ARKO Parent has agreed to provide to us;

• business opportunities that may be attractive to both ARKO Parent and us; and

• any new commercial arrangements between ARKO Parent and us in the future.

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The resolution of any potential conflicts or disputes between ARKO Parent and us may be less favorable to us than the resolution we might achieve if we were dealing with an unaffiliated third party.

The various ancillary agreements that we intend to enter into with ARKO Parent and its affiliates will be of varying durations and may be amended upon agreement of the parties. See "Certain Relationships and Related Party Transactions." The terms of these agreements will be primarily determined by ARKO Parent, and, therefore, may not be representative of the terms we could obtain on a standalone basis or in negotiations with an unaffiliated third party. For as long as we are controlled by ARKO Parent, we may not be able to negotiate renewals or amendments to these agreements, if required, on terms as favorable to us as those we would be able to negotiate with an unaffiliated third party.

**Our amended and restated certificate of incorporation could prevent us from benefiting from corporate opportunities that might otherwise have been available to us.** 

Our amended and restated certificate of incorporation will include certain provisions regulating and defining the conduct of our affairs to the extent that they may involve ARKO Parent and its directors, officers, employees, agents and affiliates (except that we will not be deemed affiliates of ARKO Parent or its affiliates for purposes of these provisions) and our rights, powers, duties and liabilities and those of our directors, officers, managers, employees and agents in connection with our relationship with ARKO Parent. In general, and except as may be set forth in any agreement between us and ARKO Parent, these provisions will provide that ARKO Parent and its affiliates may carry on and conduct any business of any kind, nature or description, whether or not such business is competitive with or in the same or similar lines of business as us; ARKO Parent and its affiliates may do business with any of our customers, vendors and lessors; and ARKO Parent and its affiliates may make investments in any kind of property in which we may make investments. In addition, these provisions will provide that we renounce any interest or expectancy to participate in any business of ARKO Parent or its affiliates.

Moreover, our amended and restated certificate of incorporation will provide that we renounce any interests or expectancy in corporate opportunities which become known to (i) any of our directors, officers, managers, employees or agents who also are directors, officers, employees, agents or affiliates of ARKO Parent or its affiliates (except that we and our subsidiaries will not be deemed affiliates of ARKO Parent or its affiliates for the purposes of the provision) or (ii) ARKO or its affiliates (collectively the persons identified in clauses (i) and (ii), the "Covered Persons"). Generally, the Covered Persons who would otherwise owe fiduciary duties to us or our stockholders will not be liable to us or our stockholders for breach of any fiduciary duty solely by reason of the fact that any such person pursues or acquires any such corporate opportunity for the account of ARKO, itself, or its affiliates. This renunciation will not extend to corporate opportunities expressly offered to one of our directors, officers, managers, employees or agents, solely in his or her capacity as a director, officer, manager, employee or agent of us.

These provisions in our amended and restated certificate of incorporation will cease to apply at such time as (i) we and ARKO Parent and its affiliates are no longer affiliates of one another and (ii) none of the directors, officers, employees, agents or affiliates of ARKO Parent serve as our directors, officers, managers, employees or agents. The corporate opportunity provision may exacerbate conflicts of interest between ARKO Parent and us because the provision effectively permits one of our directors, officers, managers, employees or agents who also serves as a director, officer, employee, agent or affiliate of ARKO Parent or its affiliates to choose to direct a specified corporate opportunity to ARKO Parent or its affiliates instead of to us. Accordingly, we may lose such a corporate opportunity or suffer competitive harm, which could negatively impact our business or prospects.

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**The services that ARKO Parent will provide to us following the initial public offering may not be sufficient to meet our needs, which may result in increased costs and otherwise adversely affect our business.** 

Prior to completion of this offering, ARKO Parent performed various functions on our behalf including finance, information technology, legal, human resources, quality, supply chain and purchasing functions. Following this offering, we expect ARKO Parent to continue to provide many of such services to us for a fee provided for in the Management Services Agreement described in "Certain Relationships and Related Party Transactions—Management Services Agreement." ARKO Parent will not be obligated to provide these services in a manner that differs from the nature of the services today, and thus we may not be able to modify these services in a manner desirable to us. Further, if we no longer receive these services from ARKO Parent, we may not be able to perform these services ourselves or to find appropriate third party arrangements at a reasonable cost, and the cost may be higher than that charged by ARKO Parent.

**If ARKO Parent terminates the Management Services Agreement, or defaults in the performance of its obligations under such agreement, we may be unable to contract with a substitute service provider on similar terms, or at all.** 

We rely on ARKO Parent to provide us with executive management under the Management Services Agreement, and we may not have independent executive management or support personnel. The Management Services Agreement may be terminated under certain circumstances, including in the event of a change of control of the Company. Our future success depends significantly on the involvement of certain of ARKO Parent's senior managers and employees, who have valuable expertise in all areas of our business. ARKO Parent's ability to retain and motivate the senior managers and employees involved in the management of our business, as well as attract highly skilled employees, significantly affect our ability to run our business successfully and to execute our growth strategy. If we were to lose access to one or more of the senior managers provided for under the Management Services Agreement it might be difficult to appoint replacements. This could have an adverse impact on our business, financial condition, results of operations and cash flows. In light of ARKO Parent's familiarity with our assets, a substitute service provider may not be able to provide the same level of service due to lack of pre-existing synergies. If we cannot locate a service provider that is able to provide us with services substantially similar to those provided by ARKO Parent under the Management Services Agreement on similar terms, it would likely have a material adverse effect on our business, financial condition, results of operation and cash flows.

**We may have received better terms from unaffiliated third parties than the terms we will receive in our agreements with ARKO Parent.** 

The agreements we have entered into or will enter into with ARKO Parent in connection with the Transactions, including the Management Services Agreement, the Employee and Intercompany Matters Agreement, the Omnibus Agreement, the Fuel Distribution Agreement, the Tax Matters Agreement and certain other commercial agreements were prepared when we did not have a separate or disinterested board of directors.

As a result, the terms of those agreements may not reflect terms that would have resulted from arm's-length negotiations between unaffiliated third parties. Arm's-length negotiations between ARKO Parent and an unaffiliated third party in another form of transaction, such as a buyer in a sale of a business transaction, may have resulted in more favorable terms to the unaffiliated third party. For additional information, refer to the section entitled "Certain Relationships and Related Party Transactions."

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**The liability and obligations of ARKO Parent is limited under our arrangements with it and we have agreed to indemnify ARKO Parent against claims that it may face in connection with certain of such arrangements.** 

Under the Management Services Agreement, ARKO Parent will not assume any responsibility other than to provide or arrange for the provision of the services described therein in good faith and the provision or arrangement of such services is subject to a number of exceptions, which may leave us without sufficient operational or administrative support. ARKO Parent is generally not obligated to continue to employ or engage the requisite personnel or service provider, and if such resources are no longer available to ARKO Parent, a third party service provider objects to the provision of services to us or if another exception under the Management Services Agreement applies, ARKO Parent will not be obligated to provide us with the applicable service until we are able to hire the requisite personnel or onboard a satisfactory replacement service provider.

In addition, under the Employee and Intercompany Matters Agreement, we will be responsible for any liabilities associated with the participation in ARKO Parent's benefit plans, regardless of when such claims or liabilities are filed, reported or payable. Under that agreement, ARKO Parent may designate certain of directors and officers who, notwithstanding indemnification by ARKO Parent, shall look to us as the indemnitor of first resort. Additionally, under the Fuel Distribution Agreement, ARKO Parent may terminate our exclusive supplier relationship under certain circumstances upon short notice by paying liquidated damages, which may not fully compensate us for the disruption to our business.

In addition, under certain related party lease and sublease agreements, we are responsible for all taxes, insurance, utilities, maintenance, and environmental compliance obligations, and indemnify ARKO Parent and its affiliates for liabilities arising under such agreements, or may otherwise be liable for obligations of ARKO Parent and its affiliates under such agreements, including as a result of breaches outside of our control. See "Risk Factors—Risks Related to Our Business and Industry—We may not be able to lease sites we own or sublease sites we lease on favorable terms and any such failure could adversely affect our results of operations, financial condition and ability to make distributions to our stockholders" above.

These protections may result in ARKO Parent tolerating greater risks when making decisions than otherwise would be the case, expose us to unexpected costs related to employment matters and the risks of significant interruption in our business operations if ARKO Parent or its service providers are permitted to reduce to cease providing operational and administrative services on which we rely to conduct our business, which may materially affect our business and results of operations.

**Certain of the executive officers of ARKO Parent are also our directors and officers, which may create conflicts of interest or the appearance of conflicts of interest.** 

Certain of ARKO Parent's current executive officers are also our executive officers, and this could create, or appear to create, potential conflicts of interest when we and ARKO Parent encounter opportunities or face decisions that could have implications for both companies or in connection with the allocation of such officers' time between ARKO Parent and us. Additionally, Arie Kotler, our Chief Executive Officer and member of our board of directors, is also Chief Executive Officer and a member of the board of directors of ARKO Parent. Because of their current or former positions with ARKO Parent, our executive officers own equity interests in ARKO Parent. Continuing ownership of shares of ARKO Parent capital stock and current and future equity awards could create, or appear to create, potential conflicts of interest if we and ARKO Parent face decisions that could have implications for both ARKO Parent and us.

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**ARKO Parent may compete with us.** 

Notwithstanding ARKO Parent's continued ownership and control of the Company, ARKO Parent will not be restricted from competing with us other than with respect to offering us certain opportunities to participate in joint acquisitions under the Omnibus Agreement. If ARKO Parent in the future decides to engage in the type of business we conduct, it may have a competitive advantage over us, which may cause our business, financial condition and results of operations to be materially adversely affected.

**RISKS RELATED TO OWNERSHIP OF OUR CLASS A COMMON STOCK AND THIS OFFERING** 

**We have no operating history as a separate public company, and our historical financial information is not necessarily representative of the results we would have achieved as a separate public company and may not be a reliable indicator of our future results.** 

The historical financial information we have included in this prospectus does not reflect what our financial position, results of operations or cash flows would have been had we been a separate public company during the historical periods presented, or what our financial position, results of operations or cash flows will be in the future as a separate public company. Prior to the Transactions, our businesses have been operated by ARKO Parent as part of its broader corporate organization, rather than as a separate public company. ARKO Parent performed various business functions for us such as finance, information technology, legal, human resources, licensing, risk management, fuel procurement, fuel pricing, supply chain and purchasing functions. Our historical financial results reflect allocations of corporate expenses from ARKO Parent or autonomous entity adjustments for such functions and may be different than the expenses we would have incurred had we operated as a separate public company. Following the Transactions, our costs related to such functions may therefore increase. Additionally, after the completion of the Transactions, including this offering, the cost of capital for our businesses may be higher than ARKO Parent's cost of capital prior to the Transactions. Other significant changes may occur in our cost structure, management, financing and business operations as a result of operating as a company separate from ARKO Parent.

**There has been no public market for our Class A common stock prior to this offering, and the trading price of our Class A common stock may be volatile.** 

There has been no public market for our Class A common stock prior to this offering, and an active trading market for our Class A common stock may not develop or be sustained. The initial public offering price of our Class A common stock was determined through negotiation between us and the underwriters. This price does not necessarily reflect the price at which investors in the market will be willing to buy and sell shares of our Class A common stock following this offering. In addition, the trading price of our Class A common stock may fluctuate significantly in response to a number of factors, most of which we cannot predict or control, including:

• price and volume fluctuations in the overall stock market or of fuel distribution stocks from time to time;

• actual or anticipated changes in our results of operations or fluctuations in our results of operations,
including due to the seasonality of our business;

• our incurrence of any additional indebtedness or any fluctuations in interest rates impacting our existing
indebtedness;

• our ability to produce timely and accurate financial statements;

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• the financial projections we may provide to the public, any changes in these projections, or our failure to meet
these projections;

• announcements by us or our competitors of new offerings or new or terminated significant contracts, commercial
relationships, acquisitions, or capital commitments;

• industry or financial analyst or investor reaction to our press releases, other public announcements and filings
with the SEC;

• rumors and market speculation involving us or other companies in our industry;

• price and volume fluctuations in the overall stock market from time to time;

• the expiration of market standoff or contractual lock-up agreements and
sales of shares of our Class A common stock by us or our stockholders;

• failure of industry or financial analysts to maintain coverage of us, changes in financial estimates by any
analysts who follow our company, or our failure to meet these estimates or the expectations of investors;

• actual or anticipated developments in our business or our competitors' businesses or the competitive
landscape generally;

• litigation or other proceedings involving us, our industry or both, or investigations by regulators into our
operations or those of our competitors;

• developments or disputes concerning our intellectual property rights or our solutions, or third-party proprietary
rights;

• new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

• any major changes in our management or our board of directors;

• the global political, economic, and macroeconomic climate, including but not limited to, actual or perceived
instability in the banking industry, potential uncertainty with respect to the federal debt ceiling and budget and potential government shutdowns related thereto, labor shortages, supply chain disruptions, potential recession, inflation, and rising
interest rates;

• the impact of political instability, natural disasters, war and/or events of terrorism, such as the conflict in
the Middle East and between Russia and Ukraine and the corresponding tensions created from such conflict between Russia, the United States and countries in Europe and the Middle East, as well as other countries such as China;

• actual or perceived cybersecurity breaches or incidents;

• any significant change in our management or board of directors; and

• sales of our Class A common stock by us, ARKO Parent, or our officers, directors and employees.

In addition, the trading price of our Class A common stock might also decline in reaction to events that affect other companies in our industry even if these events do not directly affect us. In the past, following periods of volatility in the overall market and the trading price of a particular company's securities, securities class action litigation has often been instituted against these companies. This litigation, if instituted against us, would result in substantial costs and a diversion of our management's attention and resources.

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Furthermore, the trading price of our Class A common stock may be adversely affected by third parties trying to drive down the trading price of our Class A common stock. Short sellers and others, some of whom post anonymously on social media, can negatively affect the trading price of our Class A common stock and may be positioned to profit if the trading price of our Class A common stock declines. These broad market and industry factors may seriously harm the trading price of our Class A common stock, regardless of our operating performance.

**The continued concentrated ownership of our common stock could depress our Class A common stock price.** 

Immediately following the completion of this offering, ARKO Parent will own shares of our Class B common stock, representing % of the economic interests in us, and % of the combined voting power of our Class A common stock and Class B common stock (or % of the economic interests in us if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full). The liquidity of shares of our Class A common stock in the market may be constrained for as long as ARKO Parent continues to hold a significant position in our common stock. A lack of liquidity in our Class A common stock could depress the price of our Class A common stock.

**We cannot predict the effect our multi-class structure may have on the market price of our Class A common stock.** 

We cannot predict whether our multi-class structure will result in a lower or more volatile market price of our Class A common stock, adverse publicity or other adverse consequences. For example, certain stock index providers have excluded or limited the eligibility of public companies with multiple classes of shares of common stock from being added to certain stock indices. The multi-class structure of our common stock would therefore make us ineligible for inclusion in indices with such restrictions and, as a result, mutual funds, exchange-traded funds, and other investment vehicles that attempt to passively track these indices may not invest in our Class A common stock.

In addition, several stockholder advisory firms and large institutional investors have been critical of the use of multi-class structures. Such stockholder advisory firms may publish negative commentary about our corporate governance practices or capital structure, which may dissuade large institutional investors from purchasing shares of our Class A common stock.

These actions could make our Class A common stock less attractive to other investors. As a result, the market price of our Class A common stock could be adversely affected.

**Future sales or distributions of shares of our Class A common stock by ARKO Parent could depress our Class A common stock price, impact our operations or result in a change in control of us.** 

Following completion of this offering, ARKO Parent will hold shares of Class B common stock, which is convertible into shares of Class A common stock. After this offering, and subject to the lock-up period described below under "Shares Eligible for Future Sale—Lock-up Agreements," ARKO Parent generally has the right at any time to sell or otherwise dispose of all or a portion of the shares of our Class B common stock or Class A common stock that it owns to third parties. A sale of a controlling interest in us to a third party would result in persons other than ARKO Parent controlling us and could result in a change of management or changes in our business operations and policies. Sales by ARKO Parent in the public market of substantial amounts of our Class A common stock or a spin-off to its stockholders also could depress the price of our Class A common stock.

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In addition, ARKO Parent will have the right, subject to certain conditions, to require us to file registration statements covering the sale of shares of our Class A common stock issuable upon conversion of its shares of our Class B common stock or to include such shares of our Class A common stock in other registration statements that we may file. In the event ARKO Parent exercises its registration rights and sells all or a portion of its shares of our Class A common stock, the price of our Class A common stock could decline. See "Shares Eligible for Future Sale—Sale of restricted shares."

**If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about us, our business or our market, or if they change their recommendations regarding our Class A common stock adversely, the trading price and trading volume of our Class A common stock could decline.** 

The trading market for our Class A common stock will depend, in part, on the research and reports that securities or industry analysts publish about us, our business, our market or our competitors. The analysts' estimates are based upon their own opinions and are often different from our estimates or expectations. If any of the analysts who cover us change their recommendation regarding our Class A common stock adversely, provide more favorable relative recommendations about our competitors, or publish inaccurate or unfavorable research about our business, the trading price of our Class A common stock would likely decline. If few securities analysts commence coverage of us, or if one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets and demand for our securities could decrease, which could cause the trading price and volume of our Class A common stock to decline.

**If you purchase our Class A common stock in this offering, you will incur immediate and substantial dilution in the book value of your shares.** 

Investors purchasing Class A common stock in this offering will pay a price per share that substantially exceeds the pro forma net tangible book value per share. As a result, investors purchasing Class A common stock in this offering will incur immediate dilution of $ per share, at the initial public offering price of $ per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and our pro forma net tangible book value per share as of September 30, 2025. For additional information on the dilution you may suffer as a result of investing in this offering, see the section entitled "Dilution."

This dilution is due to the substantially lower price paid by ARKO Parent for its shares of our Class B common stock purchased prior to this offering as compared to the price offered to the public in this offering for our Class A common stock.

**We are a holding company and our only material asset after completion of this offering will be our interests in our subsidiaries, and we are accordingly dependent upon distributions from our subsidiaries to pay dividends, taxes and other expenses.** 

We are a holding company and have no material assets other than our ownership of interests in various operating companies contributed to us by ARKO Parent in the Transactions and any assets that we may acquire. We do not have any independent means of generating revenue. We intend to cause our subsidiaries to make distributions to us in an amount sufficient to cover all applicable taxes payable and the quarterly dividends declared by us, along with costs to fund our operations. To the extent that we need funds to pay such quarterly cash dividend to holders of our Class A common stock or otherwise, and our subsidiaries are restricted from making such distributions under applicable law or regulation or are otherwise unable to provide such funds, it could materially adversely affect our liquidity and financial condition and limit our ability to pay dividends to holders of our common stock.

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**We will be a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will qualify for, and may in the future rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.** 

Upon completion of this offering, ARKO Parent will hold % of the total voting power of both classes of our common stock outstanding after this offering and will therefore have the ability to determine all matters requiring approval by our stockholders, including the election of our directors, amendment of our governing documents, and approval of certain major corporate transactions (see "Risk Factors—Risks Related to the Transactions and our Governance Relationship with ARKO Parent—ARKO Parent controls our Company and will have the ability to control the direction of our business"). As a result of the voting power held by ARKO Parent, we will be a "controlled company" within the meaning of the corporate governance rules of Nasdaq. Under these rules, a listed company of which more than 50% of the total voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including:

• the requirement that a majority of our board of directors consist of independent directors;

• the requirement that our nominating and corporate governance committee be composed entirely of independent
directors with a written charter addressing the committee's purpose and responsibilities, or if no such committee exists, that our director nominees be selected or recommended by independent directors constituting a majority of the
board's independent directors in a vote in which only independent directors participate;

• the requirement that our compensation committee be composed entirely of independent directors with a written
charter addressing the committee's purpose and responsibilities; and

• the requirement for an annual performance evaluation of our nominating and corporate governance and compensation
committees.

We do not currently expect or intend to rely on any of these exemptions, but there can be no assurance that we will not rely on these exemptions in the future. If we were to utilize some or all of these exemptions, you may not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq rules regarding corporate governance.

**We expect to incur additional costs as a result of being a public company, which may adversely affect our business, financial condition and results of operations.** 

Upon completion of this offering, we expect to incur costs associated with corporate governance requirements that will become applicable to us as a public company, including rules and regulations of the SEC, under the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and the Exchange Act, as well as the rules of Nasdaq. These rules and regulations are expected to significantly increase our accounting, legal and financial compliance costs and make some activities more time-consuming. We also expect these rules and regulations to make it more expensive for us to maintain directors' and officers' liability insurance. As a result, it may be more difficult for us to attract and retain qualified persons to serve on our board of directors or as executive officers. Accordingly, increases in costs incurred as a result of becoming a publicly traded company may adversely affect our business, financial condition and results of operations.

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**If we experience material weaknesses in the future or otherwise fail to maintain an effective system of internal controls in the future, we may not be able to accurately report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our Class A common stock.** 

As a result of becoming a public company, we will be required, under Section 404 of the Sarbanes-Oxley Act of 2002, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting beginning with our Annual Report on Form 10-K for the year ending December 31, 2026. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's annual and interim financial statements will not be detected or prevented on a timely basis.

We are further enhancing internal controls, processes and related documentation necessary to perform the evaluation needed to comply with Section 404. We may not be able to complete our evaluation, testing and any required remediation in a timely fashion. During the evaluation and testing process, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal controls are effective. The effectiveness of our controls and procedures may be limited by a variety of factors, including:

• faulty human judgment and simple errors, omissions or mistakes;

• fraudulent action of an individual or collusion of two or more people;

• inappropriate management override of procedures; and

• the possibility that any enhancements to controls and procedures may still not be adequate to assure timely and
accurate financial control.

Our auditors will be required to express an opinion on the effectiveness of our internal controls. If we are unable to confirm that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion on the effectiveness of our internal controls, we could lose investor confidence in the accuracy and completeness of our financial reports, which could cause the price of our Class A common stock to decline.

**Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.** 

Upon the closing of this offering, we will become subject to the periodic reporting requirements of the Exchange Act. We designed our disclosure controls and procedures to provide reasonable assurance that information we must disclose in reports we file or submit under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud may occur and not be detected.

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**Certain provisions in our amended and restated certificate of incorporation or our debt facilities may discourage, delay or prevent a change in control or prevent an acquisition of our business at a premium price.** 

Our amended and restated certificate of incorporation will include certain provisions which may have the effect of delaying or preventing a future takeover or change in control that stockholders may consider to be in their best interests. Among other things, our amended and restated certificate of incorporation will provide for (i) limitations on convening special stockholder meetings, which could make it difficult for our stockholders to adopt desired governance changes, (ii) a prohibition on stockholder action by written consent, (iii) a forum selection clause, which means certain litigation against us can only be brought in Delaware and (iv) authorized but unissued common stock and preferred stock, which are available for future issuances without stockholder approval. Our equity plans and our officers' employment agreements provide certain rights to plan participants and those officers, respectively, in the event of a change in control. For more information, see "Description of Capital Stock."

Under the Senior Notes Indenture, if certain specified change of control events occur, which may include the sale of all or substantially all of ARKO Petroleum's assets, each holder of the Senior Notes may require ARKO Parent to repurchase all of such holder's Senior Notes at a purchase price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. In addition, the GPMP Capital One Credit Facility provides for an event of default upon the occurrence of certain specified change of control events, which may include the sale of all or substantially all of ARKO Petroleum's assets.

**Our amended and restated certificate of incorporation will designate specific courts as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders' abilities to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.** 

Our amended and restated certificate of incorporation will provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum, to the fullest extent permitted by law, for (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, officers or other employees or stockholders to us or our stockholders, creditors or other constituents, or a claim of aiding and abetting any such breach of fiduciary duty, (3) any action asserting a claim against us or any of our directors or officers or other employees or stockholders arising pursuant to, or any action to interpret, apply, enforce any right, obligation or remedy under or determine the validity of, any provision of the Delaware General Corporation Law ("DGCL") or our amended and restated certificate of incorporation or amended and restated bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, (4) any action asserting a claim that is governed by the internal affairs doctrine, or (5) any other action asserting an "internal corporate claim" under the DGCL shall be the Court of Chancery of the State of Delaware (or, if and only if the Court of Chancery does not have subject matter jurisdiction, another state court sitting in the State of Delaware or, if and only if neither the Court of Chancery nor any state court sitting in the State of Delaware has subject matter jurisdiction, then the federal district court for the District of Delaware) (the "Delaware Forum Provision"). Notwithstanding the foregoing, our amended and restated certificate of incorporation will provide that the Delaware Forum Provision will not apply to any actions arising under the Securities Act or the Exchange Act. However, our amended and restated certificate of incorporation will provide that unless we consent in writing to the selection of an alternative forum, (i) the federal district court for the District of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act and (ii) the Court of Chancery of the State of

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Delaware and the federal district court for the District of Delaware shall be the sole and exclusive forums for the resolution of any derivative claim arising under the Exchange Act (the "Federal Forum Provision").

The Delaware Forum Provision and the Federal Forum Provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers and other employees. Alternatively, if a court were to find the Delaware Forum Provision or the Federal Forum Provision to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, financial condition or results of operations. Any person or entity purchasing or otherwise acquiring any interest in our shares of capital stock shall be deemed to have notice of and consented to the Delaware Forum Provision and the Federal Forum Provision, but will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder.

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Cautionary Note Regarding Forward-Looking Statements

This prospectus contains "forward-looking statements" within the meaning of applicable securities laws. All statements (other than statements of historical facts) in this prospectus regarding our prospects, expectations, intentions, plans, financial position and business strategy may constitute forward-looking statements. Forward-looking statements generally can be identified by the use of terminology such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "should," "predict," "project," "potential," "continue" or the negatives of these terms or variations of them or similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry in which we operate as well as our perceptions of historical trends, current conditions, expected future developments and other factors that we believe are appropriate in these circumstances. As you read and consider this prospectus, you should understand that these statements are not guarantees of performance or results. Forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance. They involve risks, uncertainties and assumptions. Many factors could affect our actual results and could cause actual results to differ materially from those expressed in the forward-looking statements.

Risks and uncertainties, the occurrence of which could adversely affect our business and cause actual results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively compete in the highly competitive fragmented motor fuel distribution industry and the
fleet fueling business;

&nbsp;&nbsp;&nbsp;&nbsp;• sustained inflationary pressures on costs for labor, services and materials, and high interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;• seasonal trends;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in the wholesale prices of motor fuel;

&nbsp;&nbsp;&nbsp;&nbsp;• significant changes in demand for fuel-based modes of transportation and for trucking services;

&nbsp;&nbsp;&nbsp;&nbsp;• negative events or developments associated with branded motor fuel suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;• dependency on several principal suppliers for our fuel purchases and third-party transportation providers for the
transportation of most of our motor fuel;

&nbsp;&nbsp;&nbsp;&nbsp;• significant portion of our revenue is generated under fuel supply agreements with dealers that must be
renegotiated or replaced periodically;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in economic conditions, tax or trade policy, and consumer confidence in the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions not on economically acceptable terms, or acquisitions that do not perform as expected;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully integrate acquired operations or otherwise realize the expected benefits from our
acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;• the Russia-Ukraine War, Israel-Hamas War, events occurring in response thereto and any expansion of hostilities,
as well as the political, economic and social instability in Venezuela and Iran;

&nbsp;&nbsp;&nbsp;&nbsp;• environmental protection and operational health and safety laws and regulations related to the distribution,
transportation and storage of motor fuels, or business interruptions and inherent hazards and risks that may expose us, our customers or suppliers, to significant costs and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability and our customers' and suppliers' ability to obtain, maintain and comply with government
permits, licenses and approvals;

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&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• generation of sufficient cash from operations after payment of our expenses, and establishment of cash reserves
to enable us to pay the intended quarterly distribution to our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;• extensive tax liabilities imposed by multiple jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;• the loss of key senior management personnel or the failure to recruit or retain qualified senior management
personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;• payment-related risks that may result in higher operating costs or the inability to process payments;

&nbsp;&nbsp;&nbsp;&nbsp;• significant disruptions of information technology systems, breaches of data security or other cybersecurity
incidents, or compromised data;

&nbsp;&nbsp;&nbsp;&nbsp;• evolving laws, regulations, standards, and contractual obligations related to data privacy and security
regulations, and our actual or perceived failure to comply with such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to renew leases of land on which certain of our sites are located, or our ability to renew such
leases with terms favorable to us;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to lease sites we own or sublease sites we lease on favorable terms;

&nbsp;&nbsp;&nbsp;&nbsp;• our failure to adequately secure, maintain, and enforce our intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;• our operations present risks which may not be fully covered by insurance;

&nbsp;&nbsp;&nbsp;&nbsp;• we will remain a restricted subsidiary and guarantor under the Senior Notes Indenture and will be subject to
various covenants;

&nbsp;&nbsp;&nbsp;&nbsp;• the agreements governing our indebtedness contain various restrictions and financial covenants;

&nbsp;&nbsp;&nbsp;&nbsp;• our level of indebtedness, together with ARKO Parent's indebtedness, the terms of our and its borrowings
and any future ARKO Parent credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;• our and ARKO Parent's variable rate debt;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences;

&nbsp;&nbsp;&nbsp;&nbsp;• the market price and trading volume of our Class A common stock may be volatile and could decline
significantly;

&nbsp;&nbsp;&nbsp;&nbsp;• continued concentrated ownership of our common stock could depress our Class A common stock price;

&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our multi-class structure on the market price of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• future sales or distributions of shares of our Class A common stock by ARKO Parent could depress our
Class A common stock price; and

&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties detailed under the section entitled "Risk Factors."

Additionally, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking statements contained in this prospectus might not prove to be accurate, and you should not place undue reliance upon them or

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**Cautionary Note Regarding Forward-Looking Statements** 

otherwise rely upon them as predictions of future events. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Use of Proceeds

We estimate that the net proceeds to us from the sale of shares of our Class A common stock in this offering will be approximately $ after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. This assumes an initial public offering price of $ per share, which is the midpoint of the estimated public offering price range on the cover page of this prospectus. If the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full, the net proceeds to us will be approximately $.

We intend to use the net proceeds from this offering to repay approximately $ of outstanding borrowings under our revolving credit facility provided pursuant to the GPMP Capital One Credit Facility, plus approximately $ of accrued and unpaid interest and related fees and expenses thereon. To the extent any proceeds from this offering remain after such repayment, we intend to use such remaining proceeds for general corporate purposes.

As of September 30, 2025, approximately $380.8 million was outstanding under our revolving credit facility under the GPMP Capital One Credit Facility, bearing interest at a weighted average rate of 7.4% per annum. Borrowings under the GPMP Capital One Credit Facility bear interest, at our election, at Adjusted Term SOFR plus a margin ranging from 2.25% to 3.25% per annum or an alternate base rate plus a margin ranging from 1.25% to 2.25% per annum, in each case depending on GPMP's consolidated total leverage ratio. The GPMP Capital One Credit Facility matures on May 5, 2028 and does not require scheduled principal payments prior to maturity. Borrowings to be repaid with the net proceeds of this offering were incurred for general partnership purposes, including working capital, capital expenditures and permitted acquisitions.

We cannot specify with certainty all of the uses of the net proceeds that we will receive from this offering. Accordingly, we will have broad discretion in the application of these proceeds, and our investors will be relying on the judgment of our management regarding the application of the net proceeds of this offering.

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the net proceeds that we receive from this offering by approximately $, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions payable by us. Similarly, each increase or decrease of 1.0 million in the number of shares of our Class A common stock offered by us would increase or decrease, as applicable, the net proceeds that we receive from this offering by approximately $, assuming the assumed initial public offering price remains the same and after deducting the estimated underwriting discounts and commissions payable by us.

The information discussed above is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing.

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Capitalization

The following table sets forth our cash and cash equivalents and capitalization as of September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to give effect to the issuance and sale of shares of our Class A common stock
offered by us in this offering at an assumed offering price of $ per share, which is the midpoint of the estimated price range appearing on the cover page of this prospectus, after deducting underwriting discounts and
commissions and estimated offering expenses payable by us, and the application of such proceeds as described in the section entitled "Use of Proceeds."

The information below is not necessarily indicative of what our cash and capitalization would have been had the offering been completed as of September 30, 2025. In addition, it is not indicative of our future cash and capitalization. This table should be read in conjunction with the Contributed Businesses' audited and unaudited combined financial statements and related notes thereto contained elsewhere in this prospectus*,* as well as "Prospectus Summary—Summary Combined Financial and Other Data," "Prospectus Summary—The Transactions," "Use of Proceeds," and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **As Adjusted<sup>(4</sup>)** |
|  | **(in thousands)** | **(in thousands)** |
|  Cash and cash equivalents | $32993 |  |
|  Debt, including current and long-term |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Line of Credit<sup>(1)</sup> | 377042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Debt<sup>(2)</sup> | 11923 |  |
|  Total debt, net | $388965 |  |
|  Stockholders' Equity |  |  |
|  Common stock: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A, par value $0.0001 per share; actual: No shares authorized, issued and outstanding as of September 30, 2025; as adjusted: 400,000,000 shares authorized, shares issued and outstanding<sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B, par value $0.0001 per share; actual: No shares authorized, issued and outstanding as of September 30, 2025; as adjusted: 200,000,000 shares authorized, shares issued and outstanding<sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock, par value $0.0001 per share; actual: No shares authorized, issued and outstanding as of September 30, 2025; as adjusted: 5,000 shares authorized, none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital |  |  |
|  ARKO Parent's net investment | 43306 |  |
|  Total Stockholders' Equity |  |  |
|  Total capitalization |  |  |

---

(1) Does not include $0.5 million of letters of credit outstanding under the Capital One Line of Credit. As of September 30, 2025, we had $418.7 million available for borrowing under the Capital One Line of
Credit.

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(2) Composed of (a) $2.4 million outstanding under the line of credit to purchase equipment and (b) $9.5 million of real estate loans. As of September 30, 2025, approximately $33.5 million remained
available under ARKO Parent's equipment line of credit. See "Description of Certain Indebtedness." In connection with the consummation of this offering, we expect ARKO Parent's credit agreement with M&T Bank will be
amended to remove our subsidiaries as borrowers or guarantors under such facility, and we will concurrently enter into the ARKO Parent Intercompany Notes (as defined herein), which will be subordinated and unsecured, with subsidiaries of ARKO Parent
in an aggregate principal amount equal to the portion of the M&T debt attributable to our business. The material terms of the ARKO Parent Intercompany Notes with respect to interest, maturity and the repayment of amounts thereunder will mirror
those contained in the M&T Credit Agreement, and are intended to reflect the economics of, and align our payment obligations with, the portion of the indebtedness outstanding under the M&T Credit Agreement that is attributable to our
business.

(3) As part of the Transactions, we will issue to ARKO Parent (in exchange for the 1,000 shares of common stock initially issued to ARKO Parent in connection with its incorporation, which shares will be cancelled as part of
the exchange)     shares of our Class B common stock. In this offering, we expect to issue     shares of Class A common stock (or     shares if the underwriters exercise
their over-allotment option in full).

(4) We intend to use the net proceeds from this offering to repay approximately $ of outstanding borrowings under our revolving credit facility provided pursuant to the GPMP Capital One Credit
Facility, plus approximately $ of accrued and unpaid interest and related fees and expenses thereon. See "Description of Certain Indebtedness" and "Use of Proceeds."

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Dilution

If you invest in our Class A common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share of our Class A common stock and the pro forma net tangible book value per share of our Class A common stock after this offering. Dilution results from the fact that the per share offering price of the Class A common stock is substantially in excess of the book value (deficit) per share attributable to the shares of our outstanding common stock, all of which, immediately prior to this offering, is held by ARKO Parent.

Net tangible book value per share of Class A common stock is determined by dividing our total tangible assets less our total liabilities by the number of shares of our common stock outstanding. As of September 30, 2025, we had a net tangible book value of $ million, or $ per share of Class A common stock.

After giving further effect to receipt of the net proceeds from our issuance and the sale of shares of Class A common stock in this offering at an assumed initial public offering price of $ per share of Class A common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions and offering expenses payable by us and the use of the proceeds of this offering, our pro forma net tangible book value as of September 30, 2025 would have been approximately $ million, or approximately $ per share of common stock. This amount represents an immediate increase in net tangible book value of $ per share to our existing stockholder and an immediate dilution of approximately $ per share to new investors participating in this offering. We determine dilution by subtracting the pro forma net tangible book value per share after this offering from the amount of cash that a new investor paid for a share of Class A common stock.

The following table illustrates the calculation of the amount of dilution per share that a purchaser of shares of our Class A common stock in this offering will incur given the assumptions above:

---

| | |
|:---|:---|
|  Assumed initial public offering price per share | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tangible book value per share as of September 30, 2025 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in net tangible book value per share attributable to new investors purchasing Class A common stock in this offering | $|
|  Pro forma net tangible book value per share of Class A common stock upon completion of this offering and the use of the proceeds of this offering as described under "Use of Proceeds" | $|
|  Dilution per share to new Class A common stock investors from this offering | $|

---

The above discussion and table exclude an aggregate of additional shares of our Class A common stock reserved for future awards pursuant to the 2026 Plan.

A $1.00 increase or decrease in the assumed initial public offering price of $ per share (the midpoint of the estimated public offering price range set forth on the cover page of this prospectus) would increase or decrease the pro forma net tangible book value per share after this offering by $ per share and increase or decrease the dilution to new investors in this offering by $ per share, in each case assuming the number of shares of Class A common stock offered by us, as set forth on the cover page of this prospectus, remains the same and less underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters exercise their option to purchase from us additional shares of our Class A common stock in full, the pro forma net tangible

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book value per share of our common stock would be $ per share, and the dilution in net tangible book value per share to investors in this offering would be $ per share of Class A common stock.

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Cash Dividend Policy

*You should read the following discussion of our cash dividend policy in conjunction with "—Assumptions and Considerations" below, which includes the factors and assumptions upon which we have based our cash dividend policy. In addition, you should read "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" for information regarding statements that do not relate strictly to historical or current facts and certain risks inherent in our business, which may impact our ability to pay cash dividends.* 

*This forecast of Adjusted EBITDA and Discretionary Cash Flow in future periods is based on the assumptions described below and other assumptions believed by us to be reasonable as of the date of this prospectus, and such forecast and the discussion below necessarily comprise forward-looking statements. These forward-looking statements are based upon estimates and assumptions about circumstances and events that have not yet occurred and are subject to all of the uncertainties inherent in making projections. This forecast should not be relied upon as fact or as an accurate representation of future results. Future results will be different from this forecast and the differences may be materially less favorable.* 

*For additional information regarding our historical results of operations, you should refer to financial statements included elsewhere in this prospectus.* 

**General** 

We currently intend to pay a regular quarterly cash dividend of $ per share to holders of our common stock, or $ per share on an annualized basis. Our Board of Directors will determine the amount, timing, and payment of any dividend in its sole discretion taking into account Discretionary Cash Flow, reserves for working capital and investment capital expenditures, debt service, the prudent conduct of our business, and other factors it deems relevant. Our objective is to pay our common stockholders a consistent and growing cash dividend that is sustainable on a long-term basis. Cash dividends paid in respect of our Class A common stock will also be paid in respect of our Class B common stock. As a result, dividends paid on our common stock will be received on a pro rata basis by holders of our Class A common stock and holders of our Class B common stock, which Class B common stock is held indirectly by ARKO Corp.

Our quarterly dividend will initially be set at $ per share of our common stock, or $ per share on an annualized basis, and the amount may be changed in the future without advance notice. We established our quarterly dividend level based upon a targeted payout ratio of approximately % of projected annual Discretionary Cash Flow, but the actual amount of any dividend will depend on the circumstances at the time it is determined by our Board of Directors. We expect to pay a quarterly dividend on or about the th day following the expiration of each fiscal quarter to holders of record of our Class A common stock and Class B common stock on or about the th day following the last day of such fiscal quarter. With respect to our first dividend payable on , 2026 to holders of record on , 2026, assuming a completion date for this offering of , 2026, we intend to pay a pro-rated initial dividend (calculated from the completion of the this offering through and including , 2026) of $ per share.

**Rationale for Our Dividend** 

We have established our quarterly dividend level after considering the cash flows we expect to generate from the Contributed Businesses, including the assumptions described below. Our Discretionary Cash

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**Cash Dividend Policy** 

Flow is likely to fluctuate from quarter to quarter, in some cases significantly, as a result of the seasonality of our business operations and purchasing and payment patterns which change based upon the day of the week and weather conditions, among other factors. Accordingly, during quarters in which our business operations generate Discretionary Cash Flow in excess of the amount necessary to pay our stated quarterly dividend, we may reserve a portion of the excess cash to fund cash distributions in future quarters. In quarters in which we do not generate sufficient cash available to fund our stated quarterly cash dividend, if our Board of Directors so determines, we may use sources of cash not included in our calculation of Discretionary Cash Flow, such as all or any portion of the cash on hand or net cash provided by financing activities, including borrowings under our credit facilities, to pay dividends to holders of our common stock. Although these other sources of cash may be substantial and available to fund a dividend payment in a particular period, we exclude these items from our calculation of Discretionary Cash Flow because we consider them non-recurring or otherwise not representative of the operating cash flows we typically expect to generate.

**Discretionary Cash Flow** 

For purposes of setting the level of our quarterly dividend, we primarily considered the forecasted Discretionary Cash Flow we expect to generate from the Contributed Businesses. Accordingly, we believe that an understanding of Discretionary Cash Flow is useful to investors in evaluating our ability to pay dividends pursuant to our stated cash dividend policy. Generally, we expect to calculate "Discretionary Cash Flow" each quarter as net cash provided by operating activities:

&nbsp;&nbsp;&nbsp;&nbsp;• less changes in operating assets and liabilities, maintenance capital expenditures, charges to allowance for
credit losses, and non-cash rent income (expense);

&nbsp;&nbsp;&nbsp;&nbsp;• plus acquisition costs, amortization of deferred income net of prepaid to related party, and certain other
expenses (income).

This measure is not a guarantee of actual dividends and should not be relied upon as an indicator of amounts that will be available in any future period. For a further discussion of non-GAAP metrics, such as Adjusted EBITDA and Discretionary Cash Flow and their limitations as analytical tools, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

**Limitations on Cash Dividends and Our Ability to Change Our Cash Dividend Policy** 

There is no guarantee that we will pay a quarterly cash dividend, or any quarterly cash dividends, to holders of our common stock. We do not have a legal obligation to pay our initial quarterly dividend or any other dividend, or a minimum dividend amount. We may change our cash dividend policy at any time, and such policy is subject to certain restrictions and uncertainties, including the following:

• Section 170 of the DGCL allows our Board of Directors to declare and pay dividends on the shares of our
common stock either:

&nbsp;&nbsp;&nbsp;&nbsp;• out of our surplus, as defined in and computed in accordance with the DGCL; or

&nbsp;&nbsp;&nbsp;&nbsp;• if there is no such surplus, out of our net profits for the fiscal year in which the dividend is declared and/or
the preceding fiscal year.

• We may lack sufficient cash to pay dividends to holders of our common stock due to cash flow shortfalls
attributable to a number of operational, commercial or other factors, including increases in our operating or general and administrative expenses, principal and interest payments on our outstanding debt, income tax expenses, working capital
requirements and capital expenditures or other anticipated cash needs.

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• We do not have a minimum quarterly dividend or employ structures intended to maintain or increase quarterly
dividends over time.

• Our Board of Directors has the authority to establish cash reserves for the prudent conduct of our business, and
the establishment of, or increase in, those reserves could result in a reduction in cash distributions to our stockholders. Neither our amended and restated certificate of incorporation nor our amended and restated bylaws will set a limit on the
amount of cash reserves that our Board of Directors may establish. Any decision to establish cash reserves made by our Board of Directors will be binding on our stockholders.

• Our credit facilities include customary affirmative and negative covenants, that, among other things, limit or
restrict our ability (as well as the ability of our subsidiaries) to pay dividends, as further described in "Description of Certain Indebtedness."

• Our sole cash-generating asset is our interest in our subsidiaries. Therefore, our cash flow and resulting
ability to make distributions are completely dependent upon the ability of our subsidiaries to make distributions.

**Estimated Discretionary Cash Flow for the Year ending December 31, 2026** 

We forecast that our Adjusted EBITDA and Discretionary Cash Flow for the year ending December 31, 2026 will be approximately $156 million and approximately $110 million, respectively. Such Discretionary Cash Flow amount (together with our other sources of liquidity) would be sufficient to pay our initial quarterly dividend of $ per share on all shares of our Class A common stock and Class B common stock outstanding immediately following completion of this offering for each quarter in the year ending December 31, 2026. We are not currently providing reconciliations of Adjusted EBITDA to net income or Discretionary Cash Flow to net cash provided by operating activities for the year ending December 31, 2026 due to the unavailability of certain required inputs for providing forecasts of such GAAP measures, and the related reconciliations, that are not available without unreasonable efforts, including depreciation and amortization related to our capital allocation as part of our focus on strategic and organic growth, as well as inputs related to working capital adjustments.

We are providing this forecast to supplement our historical combined financial statements and to support our belief that we will have sufficient Discretionary Cash Flow to allow us to pay a regular quarterly dividend on all of our common stock outstanding immediately after completion of this offering for each quarter in the year ending December 31, 2026, at our initial quarterly dividend of $ per share (or $ per share on an annualized basis). Please read "—Assumptions and Considerations" for further information as to the assumptions on which we have based our forecast.

Our forecast is a forward-looking statement and reflects our best estimates and judgment as of the date of this prospectus of the conditions we expect to exist and the results of operations of the Contributed Businesses for the year ending December 31, 2026. See "Cautionary Note Regarding Forward-Looking Statements." This forecast should be read together with the historical combined financial statements and the accompanying notes thereto included elsewhere in this prospectus and "Management's Discussion and Analysis of Financial Condition and Results of Operations." We believe that we have a reasonable basis for these assumptions and that, if these assumptions materialize, our actual results of operations will not materially differ from those reflected in our forecast, but we can give no assurance that our forecasted results will be achieved. The assumptions and estimates underlying the forecast, as described below under "—Assumptions and Considerations," are inherently uncertain and, although we consider them reasonable as of the date of this prospectus, they are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ

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materially from forecasted results, including, among others, the risks and uncertainties described in "Risk factors." For purposes of our forecast, we have assumed that no unexpected risks will materialize during the forecast period. Any of the risks discussed in this prospectus, to the extent they occur, could cause actual results of operations to vary materially from those that would enable us to generate sufficient cash available to pay the aggregate annualized regular quarterly dividend on all outstanding shares of our common stock for the year ending December 31, 2026, calculated at the initial quarterly dividend of $ per share per quarter (or $ per share on an annualized basis). Accordingly, there can be no assurance that the forecast will be indicative of our future performance or that actual results will not differ materially from those presented in the forecast. If our forecasted results are not achieved, we may not be able to pay a regular quarterly dividend to holders of our common stock at our initial quarterly dividend or at all. Inclusion of the forecast in this prospectus should neither be regarded as a fact nor a representation by us, the underwriters or any other person that the results contained in the forecast will be achieved.

The accompanying forecast was not prepared with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information. Neither our independent auditors, nor any other independent accountants, have compiled, examined or performed any procedures with respect to our forecast, nor have they expressed any opinion or any other form of assurance on our forecast or its achievability, and neither our independent auditors nor any other independent accountants assume responsibility for, or claim any association with, our forecast.

We do not undertake any obligation to release publicly any revisions or updates that we may make to the forecast, or the assumptions used to prepare the forecast, to reflect events or circumstances after the date of this prospectus. In light of this, the statement that we believe we will have sufficient cash available for distribution (together with our other sources of liquidity) in amounts sufficient to allow us to pay the full regular quarterly dividend on all of our common stock outstanding immediately after the completion of this offering for each quarter in the year ending December 31, 2026 (based on our initial quarterly dividend of $ per share (or $ per share on an annualized basis) should neither be regarded as a fact nor a representation by us, the underwriters or any other person that we will pay such dividends. Therefore, you are cautioned not to place undue reliance on this information.

***Assumptions and Considerations***

Set forth below are the material assumptions that we have made in connection with our ability to generate our estimated Adjusted EBITDA and Discretionary Cash Flow for the year ending December 31, 2026. The forecast has been prepared by and is the responsibility of our management. Our forecast reflects our judgment of the conditions we expect to exist and the course of action we expect to take during the forecast period. While the assumptions disclosed in this prospectus are not all inclusive, such assumptions are those that we believe are material to our forecasted results of operations. We believe we have a reasonable basis for these assumptions. However, we can give no assurance that our forecasted results will be achieved. We have assumed that no unexpected risks will materialize during the forecast periods. There will likely be differences between our forecasted and our historical results, and those differences may be material and adverse. If our forecast is not achieved, we may not be able to pay cash dividends on our common stock at the initial quarterly dividend level or at all.

***General Considerations***

• The forecast assumes that we will raise net proceeds of $184 million in this offering (after deducting
underwriting discounts and commissions and estimated offering expenses) through the issuance of    of our shares of Class A common stock at a price of $ per share. The forecast also

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assumes that the proceeds of this offering will be used as described in "Use of Proceeds" elsewhere in this prospectus, and that in connection with the completion of this offering, the other transactions contemplated upon under the heading "Prospectus Summary—The Transactions" will have been completed on or prior to the closing of this offering (other than the exercise by the underwriters of their over-allotment option to purchase additional shares of our Class A common stock).

The volume of motor fuel distributed by us is the primary factor that will influence whether the realized amount of Discretionary Cash Flow for the year ending December 31, 2026 will be above or below our forecast. Various factors can impact our volumes as described further under "Risk Factors—Risks Related to our Business and Industry" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Trends Impacting Our Business." Our forecast includes assumptions with respect to the gallons distributed or sold in the year ending December 31, 2026, including without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• For the forecast period, we have estimated that we will distribute approximately two billion gallons of motor
fuel in aggregate across all of our segments, which is consistent with the approximately two billion gallons we distributed for the twelve months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• Our estimated gallons for the forecast period include an assumption that we will add an additional
50 million gallons of volume for the year ending December 31, 2026 as a result of our acquisitions from third parties of businesses or assets in our wholesale segment, offsetting an estimated decline in gallons from comparable wholesale
sites consistent with historical trends. While we have identified two potential acquisition opportunities that are currently under exclusivity based on executed non-binding letters of intent, we have not
entered into definitive purchase agreements for any acquisitions, and in 2025 we did not pursue acquisition opportunities at our historical levels, as our management has focused on ARKO Parent's transformation plan, related dealerization
strategy and execution of this offering. While management believes this to be a reasonable assumption given the broad addressable market of acquisition targets and management's track record of identifying and successfully executing on
acquisition opportunities, our ability to identify and convert such opportunities, including the opportunities currently under letter of intent, is subject to a number of contingencies, known and unknown, and we cannot assure you that we will be
able to reach agreement with any acquisition target on the timing or terms that we have forecasted herein. See also "—If our acquisitions are not on economically acceptable terms, or if our acquisitions do not perform as we expect, our
future growth may be negatively impacted" and "—We may be unable to successfully integrate acquired operations or otherwise realize the expected benefits from our acquisitions, which could adversely affect the expected benefits
from our acquisitions and our results of operations and financial condition" under "Risk Factors—Risks Related to our Business and Industry." We would expect to finance any such acquisitions with additional borrowings under
our credit facilities.

Our forecast also includes assumptions with respect to fuel margins for the year ending December 31, 2026, including without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• For our GPMP segment, we have assumed and given effect to the 1.0 cent per gallon increase, from 5.0 cents per
gallon to 6.0 cents per gallon, in the fixed margin paid to us by ARKO Parent for the supply of fuel to substantially all of the ARKO Retail Sites as well as the fixed fee charged to certain ARKO Retail Sites that are not supplied by us.

&nbsp;&nbsp;&nbsp;&nbsp;• For our Wholesale segment, we expect our margin to slightly decline for the forecast period as we plan to
increase our short-term commercial gallons that generally have lower margins. However, we expect our margins on both fuel supply and consignment sites to remain stable for the forecast period as compared to fiscal years 2023, 2024 and the twelve
months ended September 30, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;• For our Fleet Fueling segment, we expect our margins to be between the margins we experienced in 2024 and 2025,
reflecting what we believe were elevated margins in 2025.

See "Risk Factors—Risks Related to our Business and Industry—Our financial condition and results of operations are influenced by changes in the wholesale prices of motor fuel, which may materially adversely impact our sales, operations, customers' financial condition and the availability of trade credit" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Trends Impacting Our Business."

In addition to the foregoing, our forecast described above is also based on the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;• In our estimates, we have included a full year benefit of ARKO Retail Sites converted to dealers through
December 31, 2025 and the partial year benefit of ARKO Retail Sites anticipated to be converted to dealers during the year ending December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• We estimate maintenance capital expenditures of approximately $10 million for the year ending
December 31, 2026, which is slightly greater than such expenditures for the twelve months ended September 30, 2025, primarily as a result of incremental capital expenditures related to replacement of point of sale equipment at consignment
locations in our Wholesale segment. We estimate investment capital expenditures of approximately $110 million to $130 million for the year ending December 31, 2026. Examples of investment capital expenditures include costs related to
mergers and acquisitions activities, the conversion of ARKO Parent Retail Sites to wholesale sites and new-to-industry cardlock sites in our Fleet Fueling segment. Maintenance capital expenditures reduce Discretionary Cash Flow but investment
capital expenditures do not.

&nbsp;&nbsp;&nbsp;&nbsp;• Based on net proceeds of $184 million in this offering and the use of proceeds as described in "Use of
Proceeds" and the foregoing assumptions, we have estimated a reduction of approximately $10 million in cash interest expense for the year ending December 31, 2026, as compared to approximately $38 million for the twelve months
ended September 30, 2025.

Additionally, our estimated results of operations for the forecast period are based on the following assumptions related to regulatory, industry and economic factors:

&nbsp;&nbsp;&nbsp;&nbsp;• no material adverse effects to our business, industry or our suppliers', ARKO Parent's or any of our
customers' businesses or operations;

&nbsp;&nbsp;&nbsp;&nbsp;• no material adverse effects to our business or industry on account of natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;• no material adverse change resulting from supply disruptions or reduced demand for fuel products;

&nbsp;&nbsp;&nbsp;&nbsp;• no material adverse changes to our wholesale contract renewal rates;

&nbsp;&nbsp;&nbsp;&nbsp;• no rapid and material commodity price changes;

&nbsp;&nbsp;&nbsp;&nbsp;• no material adverse change to tax rates applicable to us;

&nbsp;&nbsp;&nbsp;&nbsp;• no material adverse changes in market, regulatory and overall economic conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;• no material adverse changes in the existing regulatory framework.

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Management's Discussion and Analysis of Financial Condition and Results of Operations

*The following discussion and analysis provides information we believe is relevant to an assessment and understanding of our results of operations, financial condition, liquidity and cash flows for the periods presented below. This discussion should be read in conjunction with our unaudited interim and audited annual combined financial statements and related notes contained elsewhere in this prospectus. Additionally, the following discussion and analysis contains forward-looking statements about our expectations, beliefs, plans and intentions regarding our business, financial condition, results of operations, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those set forth under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" contained elsewhere in this prospectus.* 

**Overview** 

Based in Richmond, VA, we were incorporated under the laws of Delaware on July 2, 2025 as an indirect wholly owned subsidiary of ARKO Parent (Nasdaq: ARKO). Immediately prior to this offering, ARKO Parent will have contributed to us all of its Wholesale and Fleet Fueling businesses and the rights to supply fuel to substantially all of ARKO Parent's retail convenience stores that sell fuel (together, the "Business"). Our operations are primarily performed by our wholly owned subsidiaries: GPME and GPMP.

We are engaged in (i) wholesale activity, which includes the supply of fuel to gas stations operated by third-party dealers, (ii) fleet fueling, which includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations) and the issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites, and (iii) the wholesale distribution of fuel to substantially all of the ARKO Retail Sites operated by ARKO Parent (through its wholly owned subsidiary, GPM Investments, LLC ("GPM") and its wholly owned subsidiaries). As of September 30, 2025, we supplied fuel to 2,053 gas stations operated by dealers and to 1,158 ARKO Retail Sites, and we operated 288 cardlock locations (unstaffed fueling locations). We are well diversified geographically and as of September 30, 2025, operated in the District of Columbia and more than 30 states in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern United States.

**Description of Segments** 

Our reportable segments are described below.

*Wholesale Segment* 

Our wholesale segment supplies fuel to dealers, sub-wholesalers, and bulk and spot purchasers, on either a cost plus basis or consignment basis. For consignment arrangements, we retain ownership of the fuel

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

inventory at the site until the time of sale to the ultimate customer by the dealer, we are responsible for the pricing of the fuel to the end consumer, and we share the gross profit generated from the sale of the fuel by the dealers. In certain cases, gross profit is split based on a percentage and in others, we pay a fixed fee per gallon to the dealer. For cost plus arrangements, we sell fuel to dealers and bulk and spot purchasers on a fixed-fee basis. The sales price is determined according to the terms of the relevant agreement with the dealer, which generally includes a stated reference price for the fuel plus the cost of transportation and a margin. We generally retain any prompt pay discounts and rebates.

*Fleet Fueling Segment* 

Our fleet fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations), and commissions from the sales of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites.

*GPMP Segment* 

Our GPMP segment includes the sale and supply of fuel to substantially all ARKO Retail Sites, at our cost of fuel (including taxes and transportation) plus a fixed margin (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter), and the GPMP segment charges a fixed fee (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) to certain ARKO Retail Sites that are not supplied by us. In addition, the GPMP segment includes the sale of fuel to substantially all of our wholesale locations at our cost of fuel (including taxes and transportation) plus a fixed margin (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter), and the GPMP segment charges a fixed fee (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) primarily to fleet fueling locations that are not supplied by the GPMP segment. All inter-segment transactions are eliminated in our combined results of operations. Through the end of the second quarter of 2025, the GPMP segment also supplied fuel to a limited number of dealers.

**Basis of Presentation** 

The audited combined financial statements (the "annual combined financial statements") and the unaudited interim condensed combined financial statements (the "interim combined financial statements" and together, the "combined financial statements"), which are contained elsewhere in this prospectus, present our historical financial position, results of operations, changes in net investment and our cash flows in accordance with accounting principles generally accepted in the United States of America ("GAAP").

We have historically operated as part of ARKO Parent and not as a separate, publicly traded company. The combined financial statements have been derived from ARKO Parent's audited and reviewed consolidated financial statements and historical accounting records, carved out of the activity of ARKO Parent and combined. All revenues and costs as well as assets and liabilities directly associated with our Business have been included in the combined financial statements. The combined financial statements also include allocations of certain operating and corporate expenses from ARKO Parent relating to the Business. The allocations have been determined on a reasonable basis; however, the allocations are not necessarily representative of the amounts that would have been reflected in the combined financial statements had we been an entity that operated separately from ARKO Parent during the periods presented. Further, the combined financial statements are not reflective of what our results of operations, financial position, equity or cash flows might be in the future as a separate public company.

Immediately prior to this offering, we entered into a Management Services Agreement with ARKO Parent, whereby ARKO Parent has agreed to provide or cause to be provided certain services to us, which were previously included as part of the allocations from ARKO Parent. As consideration, we agreed to pay ARKO Parent a fee for such services. See the section entitled "Certain Relationships and

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Related Party Transactions." Related party allocations, including the method for such allocations, are discussed further in Note 17 to the annual combined financial statements.

For example, our historical combined financial statements include expense allocations for certain support functions that are provided on a centralized basis within ARKO Parent, such as certain ARKO Parent expenses and shared service functions provided by ARKO Parent. Following this offering, under the Management Services Agreement, ARKO Parent will continue to provide us with some of the services related to these functions for agreed-upon fees, and we will incur other costs to replace the services and resources that will not be provided by ARKO Parent. We will also incur additional costs as a separate public company. Our total costs related to such support functions may differ from the costs that were historically allocated to us from ARKO Parent. These additional costs are primarily for the following:

&nbsp;&nbsp;&nbsp;&nbsp;• additional personnel costs, including salaries, benefits and potential bonuses or stock-based compensation awards
for staff, including staff additions to replace support provided by ARKO Parent that is not covered by the Management Services Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;• corporate governance costs, including director and officer insurance costs, board of director compensation and
expenses, audit and other professional services fees, annual report and proxy statement costs, SEC filing fees, transfer agent fees, consulting and legal fees and Nasdaq listing fees.

Certain factors could impact the nature and amount of these separate public company costs, including the finalization of our staffing and infrastructure needs. We may incur different costs associated with being a standalone public company, which would result in costs that vary from the costs that have been allocated to us in the combined financial statements.

ARKO Parent used a centralized approach to cash management and financing of its operations, except with respect to GPMP, which has had, and continues to have, its own credit facility. See "—Liquidity and Capital Resources."

**Factors Affecting Results of Operations and Comparability** 

We achieved strong growth over the last decade, driven primarily by a highly successful acquisition strategy. In total, since 2013, we and ARKO Parent have consummated 26 transactions with an aggregate purchase price of approximately $1.8 billion, inclusive of third party related financing. Further, between January 1, 2015 and September 30, 2025, we and ARKO Parent grew our gallons distributed or sold by a CAGR of 14%. Most recently, in April 2024, we acquired the right to supply fuel to 21 convenience stores ARKO Parent acquired from a third-party located in Michigan (the "SpeedyQ Acquisition"). In March 2023, we acquired 181 dealer locations, a commercial, government, and industrial business, and certain distribution and transportation assets from Transit Energy Group, LLC (the "TEG Acquisition"), as well as the right to supply fuel to 135 convenience stores ARKO Parent acquired as part of the TEG Acquisition. In June 2023, we completed our acquisition of 68 proprietary GASCARD-branded cardlock sites and 43 private cardlock sites for fleet fueling operations located in Western Texas and Southeastern New Mexico from WTG Fuels Holdings, LLC (the "WTG Acquisition") and the right to supply fuel to the 24 convenience stores ARKO Parent acquired as part of the WTG Acquisition (together with the TEG Acquisition, the "2023 Acquisitions"). In July 2022, we completed our acquisition of certain assets from Quarles Petroleum, Incorporated (the "Quarles Acquisition"), which included on the acquisition date 121 proprietary Quarles-branded cardlock sites and 63 third-party cardlock sites for fleet fueling operations, and 46 dealer locations. Total consideration for the Quarles Acquisition was approximately $173 million, including approximately $43 million from ARKO Parent, excluding the payment for inventory acquired in the transaction, and approximately $130 million funded by Blue Owl under ARKO Parent's program agreement with Blue Owl. We earned back our entire portion of the ARKO Parent consideration by the end of the third quarter of 2023. In

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December 2022, we acquired the right to supply fuel to 31 convenience stores ARKO Parent acquired from a third-party (the "Pride Acquisition," and together with the Quarles Acquisition, the "2022 Acquisitions"). Our strategic acquisitions have had, and may continue to have, a significant impact on our reported results and can make period to period comparisons of results difficult.

Starting in the middle of 2024, ARKO Parent commenced a multi-year transformation plan that includes the conversion of a meaningful number of ARKO Retail Sites to dealer locations. The conversion of an ARKO Retail Site that had been supplied by GPMP to a dealer location effectively shifts that site from our GPMP segment to our wholesale segment. Through September 30, 2025, our sales team successfully converted 347 ARKO Retail Sites to dealer sites, and we expect that ARKO Parent will convert a meaningful number of additional sites throughout the balance of 2025 and 2026.

Our Wholesale and Fleet Fueling businesses and GPMP's wholesale distribution of fuel to substantially all of the ARKO Retail Sites have provided stable, ratable cash flows that can be deployed to pursue accretive acquisitions and invest in our business, and we believe our significant size and scale aids our efforts to successfully deploy our growth strategies, which we anticipate will result in value accretion. Additionally, we believe our low leverage profile and anticipated cash flows position us to consistently return capital to stockholders through dividends.

The following table provides a history of our acquisitions, site conversions and site closings for the periods noted, for the wholesale, fleet fueling and GPMP segments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Nine Months** <br>**Ended<br>September 30,** | **For the Nine Months** <br>**Ended<br>September 30,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** |
| <br>**Wholesale Segment <sup>1</sup>** | **2025** | **2024** | **2024** | **2023** | **2022** |
| Number of sites at beginning of period | 1922 | 1825 | 1825 | 1674 | 1628 |
| Acquired sites |  |  |  | 190 | 46 |
| Newly opened or reopened sites <sup>2</sup> | 16 | 30 | 39 | 83 | 74 |
| ARKO Retail Sites converted to consignment or fuel supply locations | 194 | 51 | 153 | 16 | 17 |
| Fuel supply locations converted to fleet fueling sites |  |  |  | (1) |  |
| Closed or divested sites | (79) | (74) | (95) | (137) | (91) |
| Number of sites at end of period | 2053 | 1832 | 1922 | 1825 | 1674 |

---

1 Excludes bulk and spot purchasers.

2 Includes all signed fuel supply agreements irrespective of fuel distribution commencement date.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Nine Months** <br>**Ended**<br>**September 30,** | **For the Nine Months** <br>**Ended**<br>**September 30,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** |
| <br>**Fleet Fueling Segment** | **2025** | **2024** | **2024** | **2023** | **2022** |
| Number of sites at beginning of period | 280 | 298 | 298 | 183 |  |
| Acquired sites |  |  |  | 111 | 184 |
| Newly opened or reopened sites | 11 | 1 | 1 | 6 |  |
| Fleet fueling sites converted from fuel supply locations |  |  |  | 1 |  |
| Closed or divested sites | (3) | (18) | (19) | (3) | (1) |
| Number of sites at end of period | 288 | 281 | 280 | 298 | 183 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Nine Months** <br>**Ended**<br>**September 30,** | **For the Nine Months** <br>**Ended**<br>**September 30,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** |
| <br>**GPMP Segment – related party sites (ARKO Retail Sites)** | **2025** | **2024** | **2024** | **2023** | **2022** |
| Number of sites at beginning of period | 1356 | 1499 | 1499 | 1357 | 1357 |
| Acquired sites |  | 21 | 21 | 166 | 31 |
| Newly opened or reopened sites | 2 | 1 | 1 | 1 |  |
| ARKO Retail Sites converted to consignment or fuel supply locations | (194) | (51) | (153) | (16) | (17) |
| Sites closed, divested or converted to rentals | (6) | (12) | (12) | (9) | (14) |
| Number of sites at end of period | 1158 | 1458 | 1356 | 1499 | 1357 |

---

**Trends Impacting Our Business** 

The number of fuel gallons we sell and the related margin that we earn per gallon significantly impact our results of operations. Fuel gallons sold to dealers at fuel supply locations and consignment agent locations are dependent on the volume at these locations, which is impacted by the macroeconomic environment, weather and other factors. Fuel gallons sold at proprietary and third-party cardlock locations and to ARKO Retail Sites are impacted by changes in the number of locations, macroeconomic environment, weather, crude oil pricing and other factors. Fuel margins for our fleet fueling sites and consignment locations can change rapidly because they are influenced by many factors, including: the wholesale cost of fuel; interruptions in supply caused by severe weather; supply chain disruptions; refinery mechanical failures; and competition in the local markets in which we operate.

The cost of our main products, gasoline and diesel fuel, is greatly impacted by the wholesale cost of fuel in the United States. We pass wholesale fuel cost changes to our customers including ARKO Retail Sites and our cost-plus customers and attempt to pass wholesale fuel cost changes to our fleet fueling and consignment customers through price changes; however, we are not always able to do so. Competitive conditions primarily affect the timing of any related increase or decrease in retail prices. We tend to realize lower fuel margins when the cost of fuel is increasing gradually over a longer period and higher fuel margins when the cost of fuel is declining or more volatile over a shorter period of time. Because market and geopolitical conditions constrain, from time to time, the supply of fuel, including diesel fuel in particular, we maintain terminal storage of diesel fuel for short-term supply needs for our fleet fueling sites.

Additionally, the significant increase in the rate of inflation in the U.S. in recent years and the effect of higher prevailing interest rates has reduced consumer purchasing power. The persistence of, or increase in, inflation could negatively impact the demand for our fuel, including due to consumers reducing travel, which could reduce sales volumes.

**How We Evaluate and Assess Our Business** 

Our management analyzes and evaluates our performance using a variety of financial measurements. Key measures include the following:

*Fuel Gallons Sold* 

Fuel gallons sold to dealers at fuel supply locations and consignment agent locations are dependent on the volume at these locations, which is impacted by the macroeconomic environment, weather and other factors. Fuel gallons sold at proprietary and third-party cardlock locations are impacted by attrition of commercial accounts and new cardlock locations.

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*Fuel Gallons Sold* – *Related Party*

Our fuel volume sold to related party locations (ARKO Retail Sites) is pursuant to a long-term fuel distribution contract with ARKO Parent at a fixed, volume-based fee. Fuel gallons sold to ARKO Retail Sites are impacted by the changes in the number of ARKO Retail Sites, the macroeconomic environment, weather, crude oil pricing and other factors. As ARKO Parent continues to convert ARKO Retail Sites to dealer locations, we expect that the number of fuel gallons sold to ARKO Parent will decrease while wholesale fuel gallons sold will increase.

*Fuel Contribution and Fuel Margin, Cents per Gallon* 

Fuel contribution is fuel revenue less fuel costs, and fuel margin, cents per gallon, is fuel contribution divided by the number of gallons sold.

In consignment arrangements, gross profit generated from the sale of the fuel is allocated between us and the dealer based on the terms of the relevant agreement with the dealer. In certain cases, gross profit is split based on a percentage and in others, we pay a fixed fee per gallon to the dealer. We arrange the delivery of fuel from our suppliers to our consignment locations.

In fuel supply arrangements, we sell fuel to dealers and bulk and spot purchasers on a fixed-fee basis. The sales price to the dealer is determined according to the terms of the relevant agreement with the dealer, which generally includes a stated reference price for the fuel plus the cost of transportation and a margin, and we usually retain any prompt pay discounts and rebates.

Fuel contribution related to proprietary and third-party cardlock locations is usually determined by market rates for fuel at the time of delivery to the ultimate customer.

*Fuel Contribution and Fuel Margin, Cents per Gallon* – *Related Party*

Fuel contribution related to related parties is a result of the fixed fee per gallon on the fuel we distribute to ARKO Parent. We arrange for fuel to be delivered from our suppliers to substantially all ARKO Retail Sites. The sales price to ARKO Parent includes the cost of transportation, with ARKO Parent retaining any prompt pay discounts and rebates. As a result, our cost to purchase fuel and any transportation costs that we incur are generally passed through to ARKO Parent, and therefore, do not have a substantial impact on our fuel contribution and fuel margin, cents per gallon relative to related parties.

*Comparable wholesale sites and comparable fleet fueling sites* 

In the following narratives, we disclose certain measures on a "comparable wholesale sites" or "comparable fleet fueling sites" basis, which are non-GAAP measures. Information disclosed on a "comparable wholesale sites" basis excludes wholesale sites added through the 2023 Acquisitions, the Quarles Acquisition and ARKO Retail Sites converted to dealers, until the first quarter in which these sites had a full quarter of wholesale activity in the prior year. Information disclosed on a "comparable fleet fueling sites" basis excludes fleet fueling sites added through the WTG Acquisition and the Quarles Acquisition until the first quarter in which these sites had a full quarter of fleet fueling activity in the prior year. See "Use of Non-GAAP Measures."

*Adjusted EBITDA* 

We define Adjusted EBITDA as net income before net interest expense, income taxes, depreciation and amortization, and excluding the gain or loss on disposal of assets, impairment charges, acquisition costs, share-based compensation expense, other non-cash items, and other unusual or non-recurring charges.

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We believe that the presentation of Adjusted EBITDA provides useful information to investors by allowing an understanding of key measures that we use internally for operational decision-making, budgeting, evaluating acquisition targets, and assessing our operating performance. Refer to "Use of Non-GAAP Measures" below for discussion of this non-GAAP performance measure and related reconciliation to net income.

*Discretionary Cash Flow* 

We define Discretionary Cash Flow as net cash provided by operating activities, (i) less changes in operating assets and liabilities, maintenance capital expenditures, charges to allowance for credit losses, and non-cash rent income (expense), and (ii) plus acquisition costs, amortization of deferred income net of prepaid to related party, and certain other expenses (income). We believe that the presentation of Discretionary Cash Flow provides useful information to investors for evaluating our liquidity. Refer to "Use of Non-GAAP Measures" below for discussion of this non-GAAP liquidity measure and related reconciliation to net cash provided by operating activities.

**Components of Operating Results** 

*Fuel Revenues* 

Our fuel revenues are primarily from the fee-based wholesale distribution of fuel to dealers under long-term contracts, and we sell fuel at our fleet fueling locations.

<u>Wholesale</u> 

&nbsp;&nbsp;&nbsp;&nbsp;• **Consignment arrangements—** In arrangements of this type, we own the fuel until the date of sale to the
ultimate customer by the dealers, and the gross profit generated from the sale of the fuel is allocated between us and the dealer based on the terms of the relevant agreement with the dealer. In certain cases, gross profit is split based on a
percentage, and in others, we pay a fixed fee per gallon to the dealer. We recognize revenues on the date of the sale to the ultimate customer (i.e., upon dispensing of the fuel by the customer).

&nbsp;&nbsp;&nbsp;&nbsp;• **Fuel supply arrangements—** In arrangements of this type, the dealer purchases the fuel from us, and we
recognize revenue upon delivery of the fuel to the dealer. The sales price to the dealer is determined according to the terms of the relevant agreement with the dealer, which generally includes a stated reference price of the fuel plus the cost of
transportation and a margin. We generally retain any prompt pay discounts and rebates.

<u>Fleet Fueling</u> 

&nbsp;&nbsp;&nbsp;&nbsp;• **Fuel revenue from cardlock locations** —Transaction prices for the sale of fuel at cardlock locations
are typically at market rates for the products at the time of delivery to the ultimate customer. We recognize revenues from the sale of fuel, less applicable discounts, upon delivery of the fuel to the ultimate customer, which is the point at which
control and title are transferred, the customer has accepted the product and the customer has significant risks and rewards of owning the product.

*Fuel Revenues – Related Party* 

Our fuel revenues – related party is from the fee-based wholesale distribution of fuel to ARKO Parent under long-term contracts.

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<u>GPMP</u> 

&nbsp;&nbsp;&nbsp;&nbsp;• **Revenues from the sale of fuel to substantially all of ARKO Retail Sites** —Revenues from the sale of
fuel are recorded at our cost of fuel (including taxes and transportation) plus a fixed margin (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter). The sales price to ARKO Parent includes the cost of
transportation, with ARKO Parent receiving any prompt pay discounts and rebates.

*Other Revenues* 

Other revenues include rental income from operating leases, on leased and subleased property to dealers and other third-parties, which we recognize on a straight-line basis based upon the term of the tenant's lease or sublease.

In addition, other revenues include commissions from the sale of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites, recognized at the time of the sale to the customer, as well as other fees paid by customers.

*Other Revenues – Related Party* 

Other revenues – related party include charges by GPMP of a fixed fee (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) to certain of ARKO Retail Sites that are not supplied by us, as well as revenues from transportation services provided to ARKO Retail Sites.

*Fuel Costs and Fuel Costs – Related Party* 

We include in fuel costs all costs incurred to acquire fuel, including the costs of purchasing and transporting inventory prior to delivery to customers. We primarily utilize third-party carriers to transport fuel inventory to each location.

We record discounts and rebates received from suppliers as a reduction of inventory cost if the discount or rebate is based upon purchases. Discounts and rebates conditional upon the volume of the purchases or on meeting certain other goals are included on a basis relative to the progress toward the goals required to obtain a discount or rebate, as long as receiving the discounts or rebates is reasonably assured and its amount can be reasonably estimated. The estimate of meeting the goals is based, among other things, on contract terms and historical purchases/sales as compared to required purchases/sales.

Certain upfront amounts paid to us by fuel suppliers for renovation and upgrade costs associated with the rebranding of gas stations are presented as a liability and are recorded to operations as a reduction of fuel costs on a straight-line basis relative to the period of the agreement.

*Site Operating Expenses, Including Allocated Expenses* 

Our site operating expenses include rent, credit card fees, repairs and maintenance, utilities, telephone, upkeep and taxes, insurance, supplies, and certain other expenses.

*General and Administrative Expenses, Including Allocated Expenses* 

Our general and administrative expenses include salaries and wages, licenses and permits, legal, audit and professional fees and certain other expenses, as well as an allocation for certain ARKO Parent corporate expenses and shared service functions provided by ARKO Parent. These expenses have been allocated on the basis of estimated usage based on allocation methodologies which include, but are not limited to, total revenues and number of employees. Costs related to being a publicly traded company were not included in the cost allocation in the combined financial statements.

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*Depreciation and Amortization, Including Allocated Expenses* 

Depreciation expense is recognized using the straight-line method over the estimated useful lives of the related assets, primarily including buildings and leasehold improvements, fuel equipment and office equipment. Amortization of leasehold improvements is recorded using the straight-line method based upon the shorter of the remaining terms of the leases including renewal periods that are reasonably assured or the estimated useful lives. Amortization of finite lived intangible assets is provided using the straight-line method of amortization over the estimated useful lives of the intangible assets.

*Interest and Other Financial Expenses, Net, Including Allocated Expenses* 

Interest expense is primarily comprised of interest incurred under our variable and fixed financing arrangements, primarily under our Capital One Line of Credit (as defined in "Liquidity and Capital Resources"), as well as interest related to financing lease liabilities and financial liabilities related to leases.

**Legislative Update** 

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was signed into law. The OBBB reinstated several key income tax provisions that were initially part of the U.S. Tax Cuts and Jobs Act of 2017, but which had been phased out in recent years or were set to expire in 2025, and made other changes to income tax provisions, many of which are not effective until 2026. The OBBB, among other things, repealed the mandatory capitalization of domestic research and development expenditures under Internal Revenue Code Section 174, extended the ability to take 100% bonus depreciation, reinstituted the EBITDA-based Section 163(j) calculation, revised international tax regimes, and accelerated the phase out of clean energy credits.

We have evaluated the impact of the OBBB and reflected its projected effects in the interim combined financial statements. Specifically, we anticipate a favorable impact on the timing of cash paid for taxes during 2025, resulting in a reduction of approximately $6.2 million for the year ending December 31, 2025. We do not anticipate that the OBBB will have a material impact on our effective tax rate for 2025. We will continue to monitor future guidance and developments related to the OBBB and will update our income tax disclosures as appropriate.

**Seasonality** 

Our business is seasonal, and our operating income in the second and third quarters has historically been significantly greater than in the first and fourth quarters as a result of the generally favorable climate and seasonal buying patterns of our customers.

**Results of Operations** 

The period-to-period comparisons of our results of operations contained in this Management's Discussion and Analysis of Financial Condition and Results of Operation have been prepared using the combined financial statements and the notes thereto, and the following discussion should be read in conjunction with such combined financial statements and related notes, which are contained elsewhere in this prospectus. All figures (other than related party) for fuel costs, fuel contribution and fuel margin per gallon exclude the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel, which are intercompany charges by GPMP.

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**Combined Results** 

The table below shows our combined results for the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022, together with certain key metrics.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months**<br>**Ended September 30,** | **For the Nine Months**<br>**Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue | $2433254 | $2573920 | $3351366 | $3607451 | $3515573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue – related party | 1787503 | 2313319 | 2964304 | 3313404 | 3542798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net | 44587 | 28939 | 40212 | 35805 | 26686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net – related party | 9555 | 8592 | 11857 | 11361 | 490 |
|  **Total revenues** | 4274899 | 4924770 | 6367739 | 6968021 | 7085547 |
|  **Operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs | 2309955 | 2454650 | 3192358 | 3454484 | 3387362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs – related party | 1754463 | 2274461 | 2913130 | 3260225 | 3492677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Site operating expenses, including allocated expenses | 72765 | 60161 | 81337 | 74916 | 47009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses, including allocated expenses | 32078 | 32433 | 42702 | 41834 | 31907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization, including allocated expenses | 40553 | 33529 | 46087 | 44155 | 32522 |
|  **Total operating expenses** | 4209814 | 4855234 | 6275614 | 6875614 | 6991477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses (income), net | 923 | (2966) | 123 | 2874 | 1231 |
|  **Operating income** | 64162 | 72502 | 92002 | 89533 | 92839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other financial expenses, net, including allocated expenses | (31029) | (26793) | (36677) | (35064) | (14480) |
|  **Income before income taxes** | 33133 | 45709 | 55325 | 54469 | 78359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (8472) | (13033) | (15108) | (12890) | (19212) |
|  **Net income** | $24661 | $32676 | $40217 | $41579 | $59147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net income attributable to non-controlling interests |  |  |  | 197 | 231 |
|  **Net income attributable to ARKO Petroleum Corp.** | $24661 | $32676 | $40217 | $41382 | $58916 |
|  Fuel gallons sold | 855391 | 829830 | 1108255 | 1119484 | 964542 |
|  Fuel gallons sold – related party | 660800 | 777160 | 1023480 | 1063580 | 1002420 |
|  Fuel gallons sold – total | 1516191 | 1606990 | 2131735 | 2183064 | 1966962 |
|  Fuel contribution <sup>1</sup> | $123299 | $119270 | $159008 | $152967 | $128211 |
|  Fuel contribution – related party <sup>1</sup> | $33040 | $38858 | $51174 | $53179 | $50121 |
|  Fuel contribution – total <sup>1</sup> | $156339 | $158128 | $210182 | $206146 | $178332 |
|  Fuel margin, cents per gallon <sup>2</sup> | 14.4 | 14.4 | 14.3 | 13.7 | 13.3 |
|  Fuel margin, cents per gallon – related party <sup>2</sup> | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
|  Fuel margin, cents per gallon – total <sup>2</sup> | 10.3 | 9.8 | 9.9 | 9.4 | 9.1 |
|  Adjusted EBITDA <sup>3</sup> | $106637 | $103721 | $139167 | $137295 | $126880 |
|  Net cash provided by operating activities | $63172 | $71660 | $106757 | $58803 | $75974 |
|  Discretionary Cash Flow <sup>3</sup> | $67790 | $59395 | $79868 | $86519 | $94381 |

---

1 Calculated as fuel revenue less fuel costs.

2 Calculated as fuel contribution divided by fuel gallons sold.

3 Refer to "*Use of Non-GAAP Measures"* below for discussion of these non-GAAP performance and liquidity measures and related reconciliation to net income and net cash provided by operating activities, as applicable.

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***Nine Months Ended September 30, 2025 versus Nine Months Ended September 30, 2024***

For the nine months ended September 30, 2025, fuel revenue decreased by $140.7 million or 5.5%, compared to the nine months ended September 30, 2024. The decrease in fuel revenue was attributable primarily to a decrease in the average price of fuel compared to the first three quarters of 2024 and fewer gallons sold at comparable wholesale sites and comparable fleet fueling sites in the first three quarters of 2025 compared to the first three quarters of 2024, due to a challenging macroeconomic environment and severe weather conditions in January and February 2025 in certain of the markets in which we operate, which was partially offset by the contribution of gallons from ARKO Retail Sites converted to dealers since the middle of 2024.

For the nine months ended September 30, 2025, fuel revenue – related party decreased by $525.8 million, or 22.7%, compared to the nine months ended September 30, 2024, resulting primarily from a decrease in the average price of fuel in the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, and a 116.4 million, or 15.0%, decrease in gallons sold, reflecting the challenging macroeconomic environment and ARKO Retail Sites converted to dealers, which was partially offset by incremental gallons sold relating to ARKO Parent's acquisition of retail sites during 2024.

For the nine months ended September 30, 2025, other revenues, net increased by $15.6 million, or 54.1%, compared to the nine months ended September 30, 2024, primarily due to additional rental income from ARKO Retail Sites that have been converted to dealers.

For the nine months ended September 30, 2025, other revenues, net – related party increased by $1.0 million, or 11.2%, compared to the nine months ended September 30, 2024, primarily due to additional revenue from the transportation of fuel to ARKO Retail Sites.

For the nine months ended September 30, 2025, total operating expenses decreased by $645.4 million, or 13.3%, compared to the nine months ended September 30, 2024. Fuel costs decreased by $144.7 million or 5.9%, compared to the nine months ended September 30, 2024 and fuel costs – related party decreased by $520.0 million, or 22.9%, compared to the nine months ended September 30, 2024, both consistent with the decrease in fuel revenues. For the nine months ended September 30, 2025, site operating expenses including allocated expenses increased by $12.6 million, or 21.0%, as compared to the nine months ended September 30, 2024 due to incremental expenses from ARKO Retail Sites converted to dealers.

For the nine months ended September 30, 2025, general and administrative expenses including allocated expenses decreased by $0.4 million, or 1.1%, compared to the nine months ended September 30, 2024.

For the nine months ended September 30, 2025, depreciation and amortization expenses including allocated expenses increased by $7.0 million, or 20.9%, compared to the nine months ended September 30, 2024 primarily due to assets related to ARKO Retail Sites that have been converted to dealers.

For the nine months ended September 30, 2025, other expenses (income), net increased by $3.9 million compared to the nine months ended September 30, 2024 primarily due to higher losses on disposal of assets and impairment charges in the first three quarters of 2025 as compared to the first three quarters of 2024.

Operating income was $64.2 million for the nine months ended September 30, 2025 compared to $72.5 million for the nine months ended September 30, 2024. The decrease in operating income was primarily due to lower fuel contribution from comparable wholesale sites and an increase in site

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operating expenses and depreciation and amortization expenses, which was partially offset by the benefit from ARKO Retail Sites that have been converted to dealers since the middle of 2024.

For the nine months ended September 30, 2025, interest and other financial expenses, net increased by $4.2 million compared to the nine months ended September 30, 2024 primarily due to higher interest expenses related to financial liabilities and financing leases, and approximately $3.4 million recorded as financial income in the first three quarters of 2024 related to the issuance of shares as payment of deferred consideration and the settlement of deferred consideration related to the TEG acquisition, partially offset by lower average interest rates in the first three quarters of 2025.

For the nine months ended September 30, 2025, income tax expense was $8.5 million compared to $13.0 million for the nine months ended September 30, 2024 and the effective tax rate for the nine months ended September 30, 2025 and 2024 was 25.6% and 28.5%, respectively.

For the nine months ended September 30, 2025, net income attributable to ARKO Petroleum Corp. was $24.7 million compared to $32.7 million for the nine months ended September 30, 2024.

For the nine months ended September 30, 2025, Adjusted EBITDA was $106.6 million compared to $103.7 million for the nine months ended September 30, 2024. Refer to "Use of Non-GAAP Measures" below for discussion of this non-GAAP performance measure and related reconciliation to net income.

***For the year ended December 31, 2024 compared to the year ended December 31, 2023***

For the year ended December 31, 2024, fuel revenue decreased by $256.1 million, or 7.1%, compared to the year ended December 31, 2023. The decrease in fuel revenue was attributable primarily to a decrease in the average price of fuel in 2024 compared to 2023 and a decrease in gallons sold, which were partially offset by incremental gallons related to the 2023 Acquisitions, as well as contribution of gallons from ARKO Retail Sites converted to dealers in the trailing 12 months period.

For the year ended December 31, 2024, fuel revenue – related party decreased $349.1 million, or 10.5%, compared to the year ended December 31, 2023, resulting primarily from a decrease in the average price of fuel in 2024 as compared to 2023 and a 40.1 million, or 3.8%, decrease in gallons sold, reflecting the challenging macro-economic environment and ARKO Retail Sites converted to dealers, which was partially offset by incremental gallons sold relating to ARKO Parent's acquisitions of retail sites during 2024 and 2023.

For the year ended December 31, 2024, other revenues, net increased $4.4 million, or 12.3%, compared to the year ended December 31, 2023, primarily due to additional revenue from the 2023 Acquisitions and from ARKO Retail Sites that have been converted to dealers.

For the year ended December 31, 2024, other revenues, net – related party increased $0.5 million, or 4.4%, compared to the year ended December 31, 2023.

For the year ended December 31, 2024, total operating expenses decreased $600.0 million, or 8.7%, compared to the year ended December 31, 2023. Fuel costs decreased $262.1 million, or 7.6% compared to 2023 and fuel costs – related party decreased $347.1 million, or 10.6%, compared to 2023, both consistent with the reduction in fuel revenues. For the year ended December 31, 2024, site operating expenses including allocated expenses increased $6.4 million, or 8.6%, compared to 2023 primarily due to incremental expenses as a result of the 2023 Acquisitions and expenses from ARKO Retail Sites that have been converted to dealers.

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For the year ended December 31, 2024, general and administrative expenses including allocated expenses increased $0.9 million, or 2.1%, compared to the year ended December 31, 2023, primarily due to incremental expenses associated with the 2023 Acquisitions and annual wage increases.

For the year ended December 31, 2024, depreciation and amortization expenses including allocated expenses increased $1.9 million, or 4.4%, compared to the year ended December 31, 2023 primarily due to assets acquired in connection with the 2023 Acquisitions as well as assets related to ARKO Retail Sites that have been converted to dealers.

For the year ended December 31, 2024, other expenses, net decreased $2.8 million compared to the year ended December 31, 2023 primarily due to lower acquisition costs.

Operating income was $92.0 million for the year ended December 31, 2024, compared to $89.5 million for the year ended December 31, 2023. The increase in operating income was primarily due to incremental income from the 2023 Acquisitions as well as the benefit from ARKO Retail Sites that have been converted to dealers in 2024. Reduced fuel contribution at comparable wholesale sites more than offset the increase in fleet fueling fuel contribution at comparable fleet fueling sites.

For the year ended December 31, 2024, interest and other financial expenses, net increased $1.6 million compared to the year ended December 31, 2023 primarily as a result of higher average outstanding debt balances, a higher average interest rate for 2024 and higher interest expenses related to financial liabilities, which was partially offset by $3.4 million recorded as financial income related to the settlement of deferred consideration in connection with the TEG Acquisition.

For the year ended December 31, 2024, income tax expense was $15.1 million compared to $12.9 million for the year ended December 31, 2023, and our effective tax rate for the years ended December 31, 2024 and 2023 was 27.3% and 23.7%, respectively.

For the year ended December 31, 2024, net income attributable to ARKO Petroleum Corp. was $40.2 million compared to $41.4 million for the year ended December 31, 2023.

For the year ended December 31, 2024, Adjusted EBITDA was $139.2 million compared to $137.3 million for the year ended December 31, 2023. Refer to "Use of Non-GAAP Measures" below for discussion of this non-GAAP performance measure and related reconciliation to net income.

***For the year ended December 31, 2023 compared to the year ended December 31, 2022***

For the year ended December 31, 2023, fuel revenue increased $91.9 million, or 2.6%, compared to the year ended December 31, 2022. The increase in fuel revenue was attributable primarily to incremental gallons sold related to the 2023 Acquisitions and the Quarles Acquisition, which was partially offset by a decrease in the average price of fuel compared to 2022.

For the year ended December 31, 2023, fuel revenue – related party decreased $229.4 million, or 6.5%, compared to the year ended December 31, 2022, caused by a decrease in the average price of fuel in 2023 as compared to 2022, which was partially offset by a 61.2 million, or 6.1%, increase in gallons sold primarily due to incremental gallons sold relating to ARKO Parent's acquisitions of retail sites during 2023 and 2022.

For the year ended December 31, 2023, other revenues, net increased $9.1 million, or 34.2%, compared to the year ended December 31, 2022, primarily due to additional revenue from the 2023 Acquisitions and the Quarles Acquisition.

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For the year ended December 31, 2023, other revenues, net – related party increased $10.9 million, compared to the year ended December 31, 2022, primarily due to additional revenue from the transportation of fuel to ARKO Retail Sites, which related to the transportation business acquired in the 2023 Acquisitions and the 2022 Acquisitions.

For the year ended December 31, 2023, total operating expenses decreased $115.9 million, or 1.7%, compared to the year ended December 31, 2022. Fuel costs increased $67.1 million or 2.0% as compared to 2022 while fuel costs – related party decreased $232.5 million, or 6.7%, compared to 2022, both consistent with the change in fuel revenues. For the year ended December 31, 2023, site operating expenses including allocated expenses increased $27.9 million, or 59.4%, as compared to 2022 due to incremental expenses as a result of the 2023 Acquisitions and the Quarles Acquisition.

For the year ended December 31, 2023, general and administrative expenses including allocated expenses increased $9.9 million, or 31.1%, compared to the year ended December 31, 2022 primarily due to incremental expenses associated with the 2023 Acquisitions and the Quarles Acquisition.

For the year ended December 31, 2023, depreciation and amortization expenses including allocated expenses increased $11.6 million, or 35.8%, compared to the year ended December 31, 2022 primarily due to assets acquired in connection with the 2023 Acquisitions and the Quarles Acquisition.

For the year ended December 31, 2023, other expenses, net increased $1.6 million, compared to the year ended December 31, 2022 primarily due to lower income recorded for the fair value adjustment of contingent consideration.

Operating income was $89.5 million for the year ended December 31, 2023, compared to $92.8 million for the year ended December 31, 2022. The decrease was primarily due to lower fuel contribution from comparable wholesale sites and an increase in site operating expenses, which was partially offset by incremental income from the 2023 Acquisitions and the Quarles Acquisition.

For the year ended December 31, 2023, interest and other financial expenses, net increased $20.6 million compared to the year ended December 31, 2022 primarily due to higher average outstanding debt balances, a higher average interest rate for 2023 and higher interest expenses related to financial liabilities.

For the year ended December 31, 2023, income tax expense was $12.9 million compared to $19.2 million for the year ended December 31, 2022 and our effective tax rate for the years ended December 31, 2023 and 2022 was 23.7% and 24.5%, respectively.

For the year ended December 31, 2023, net income attributable to ARKO Petroleum Corp. was $41.4 million compared to $58.9 million for the year ended December 31, 2022.

For the year ended December 31, 2023, Adjusted EBITDA was $137.3 million compared to $126.9 million for the year ended December 31, 2022. Refer to "Use of Non-GAAP Measures" below for discussion of this non-GAAP performance measure and related reconciliation to net income.

**Segment Results** 

***Disclosure of Incremental Contributions From Acquisitions***

In the discussion of our segment results, we disclose certain information with respect to our acquisitions on an "incremental" basis. For example, incremental fuel gallons sold with respect to recent acquisitions. Incremental amounts or gallons related to such acquisitions reflect only the change (i.e. increase) in the

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contribution of the acquisitions between the referenced periods in which they were not yet reflected in comparable wholesale sites or comparable fleet fueling sites results.

***Wholesale Segment***

The table below shows the results of the wholesale segment for the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022, together with certain key metrics for the segment.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue | $2052153 | $2149622 | $2802251 | $3041760 | $3236177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net | 36550 | 20294 | 28918 | 25628 | 23350 |
|  **Total revenues** | 2088703 | 2169916 | 2831169 | 3067388 | 3259527 |
|  **Operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs | 1981649 | 2081546 | 2711901 | 2948852 | 3138019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Site operating expenses, including allocated expenses | 41054 | 28239 | 39189 | 38914 | 36240 |
|  **Total operating expenses** | 2022703 | 2109785 | 2751090 | 2987766 | 3174259 |
|  **Operating income** | $66000 | $60131 | $80079 | $79622 | $85268 |
|  Fuel gallons sold – fuel supply locations | 624826 | 593479 | 794796 | 801260 | 746513 |
|  Fuel gallons sold – consignment agent locations | 115635 | 115997 | 154560 | 168005 | 156059 |
|  Fuel contribution <sup>1</sup> – fuel supply locations | $38854 | $35926 | $47930 | $48396 | $51065 |
|  Fuel contribution <sup>1</sup> – consignment agent locations | $31650 | $32150 | $42420 | $44512 | $47093 |
|  Fuel margin, cents per gallon <sup>2</sup> – fuel supply locations | 6.2 | 6.1 | 6.0 | 6.0 | 6.8 |
|  Fuel margin, cents per gallon <sup>2</sup> – consignment agent locations | 27.4 | 27.7 | 27.4 | 26.5 | 30.2 |

---

1 Calculated as fuel revenue less fuel costs; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.

2 Calculated as fuel contribution divided by fuel gallons sold.

***Nine Months Ended September 30, 2025 versus Nine Months Ended September 30, 2024***

*Wholesale Revenues* 

For the nine months ended September 30, 2025, fuel revenue decreased by $97.5 million, or 4.5%, compared to the nine months ended September 30, 2024, primarily due to a decrease in the average price of fuel in the first three quarters of 2025 as compared to the first three quarters of 2024, partially offset by a 31.0 million, or 4.4%, increase in gallons sold. The ARKO Retail Sites that have been converted to dealers since the middle of 2024 contributed 57.6 million gallons for the nine months ended September 30, 2025, which were partially offset by lower volumes at comparable wholesale sites, reflecting the challenging macroeconomic environment.

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For the nine months ended September 30, 2025, other revenues, net increased by $16.3 million, or 80.1%, compared to the nine months ended September 30, 2024, primarily due to additional rental income from ARKO Retail Sites that have been converted to dealers.

*Wholesale Operating Income* 

For the nine months ended September 30, 2025, wholesale operating income increased by $5.9 million compared to the nine months ended September 30, 2024. Additional operating income from ARKO Retail Sites converted to dealers since the middle of 2024 more than offset reduced operating income at comparable wholesale sites. An increase of $16.3 million in other revenues, net, combined with an increase in fuel contribution of approximately $2.4 million was partially offset by an increase in site operating expenses of $12.8 million in the first three quarters of 2025 compared to the first three quarters of 2024. These increases were primarily due to the ARKO Retail Sites converted to dealers since the middle of 2024.

At fuel supply locations, fuel contribution increased by $2.9 million, and fuel margin per gallon also increased for the first three quarters of 2025 compared to the first three quarters of 2024 due to $4.6 million of incremental contribution from the ARKO Retail Sites converted to dealers, which was partially offset by decreased prompt pay discounts related to lower fuel costs and lower volumes at comparable fuel supply wholesale sites primarily due to the macroeconomic environment and severe weather conditions in January and February 2025 in certain of the markets in which we operate.

At consignment agent locations, fuel contribution decreased by $0.5 million and fuel margin per gallon also decreased for the first three quarters of 2025 compared to the first three quarters of 2024, due to decreased prompt pay discounts related to lower fuel costs and lower volumes at comparable wholesale sites, primarily due to the macroeconomic environment and severe weather conditions in January and February 2025 in certain of the markets in which we operate, which was partially offset by the incremental contribution of $1.3 million from the ARKO Retail Sites converted to dealers.

***For the year ended December 31, 2024 compared to the year ended December 31, 2023***

*Wholesale Revenues* 

For the year ended December 31, 2024, fuel revenue decreased $239.5 million, or 7.9%, compared to the year ended December 31, 2023, caused by a 19.9 million, or 2.1%, decrease in gallons sold and a decrease in the average price of fuel in 2024 as compared to 2023. Of total gallons sold, the 2023 Acquisitions contributed approximately 18.4 million incremental gallons, and ARKO Retail Sites that have been converted to dealers contributed 10.4 million gallons, which were more than offset by lower volumes at comparable wholesale sites.

For the year ended December 31, 2024, other revenues, net increased $3.3 million or 12.8%, compared to the year ended December 31, 2023, primarily due to additional rental income.

*Wholesale Operating Income* 

For the year ended December 31, 2024, wholesale operating income increased $0.5 million compared to 2023. An increase of approximately $3.3 million in total other revenues, net, was partially offset by a decrease in fuel contribution of approximately $2.6 million in 2024 compared to 2023. At fuel supply locations, fuel contribution decreased by $0.5 million, and fuel margin per gallon remained consistent

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with 2023, primarily due to decreased prompt pay discounts related to lower fuel costs and lower volumes at comparable wholesale sites, which was partially offset by incremental contribution related to ARKO Retail Sites converted to dealers of $0.7 million, and the 2023 Acquisitions. At consignment agent locations, fuel contribution decreased $2.1million while fuel margin per gallon increased for 2024 compared to 2023, primarily due to incremental contribution of $0.5 million related to ARKO Retail Sites converted to dealers, and the 2023 Acquisitions, which was offset by lower rack-to-retail margins and decreased prompt pay discounts related to lower fuel costs.

For the year ended December 31, 2024, site operating expenses remained consistent with those in the year ended December 31, 2023.

***For the year ended December 31, 2023 compared to the year ended December 31, 2022***

*Wholesale Revenues* 

For the year ended December 31, 2023, fuel revenue decreased $194.4 million, or 6.0%, compared to the year ended December 31, 2022. Wholesale revenues were negatively impacted by a decrease in the average price of fuel in 2023 as compared to 2022, which was partially offset by a 7.4% increase in gallons sold. Of total gallons sold, the 2023 Acquisitions and the Quarles Acquisition contributed approximately 122.8 million incremental gallons, which were offset by lower volumes at comparable wholesale sites.

For the year ended December 31, 2023, other revenues, net increased $2.3 million or 9.8%, compared to the year ended December 31, 2022, primarily due to additional rental income.

*Wholesale Operating Income* 

For the year ended December 31, 2023, wholesale operating income decreased $5.6 million, caused by a decline in fuel contribution of approximately $5.3 million. At fuel supply locations, fuel contribution decreased by $2.7 million, and fuel margin per gallon also decreased for 2023 as compared to 2022, primarily due to decreased prompt pay discounts related to lower fuel costs and lower volumes at comparable wholesale sites, which was partially offset by the incremental contribution from the 2023 Acquisitions and the Quarles Acquisition. At consignment agent locations, fuel contribution decreased $2.6 million and fuel margin per gallon also decreased for 2023 as compared to 2022, primarily due to lower rack-to-retail margins and decreased prompt pay discounts related to lower fuel costs, which was partially offset by the incremental contribution from the 2023 Acquisitions and the Quarles Acquisition. In total, the 2023 Acquisitions and the Quarles Acquisition added approximately $11.0 million of incremental total fuel contribution.

For the year ended December 31, 2023, site operating expenses increased $2.7 million compared to the year ended December 31, 2022, primarily due to the 2023 Acquisitions.

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

***Fleet Fueling Segment***

The table below shows the results of the fleet fueling segment for the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022, together with certain key metrics for the segment. We added the fleet fueling segment only upon consummation of the Quarles Acquisition on July 22, 2022; therefore, the year ended December 31, 2022 does not reflect the operations of this segment for the entirety of 2022, which affects year-over-year comparability.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue | $359219 | $398266 | $515462 | $530937 | $270670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net | 6603 | 7004 | 9135 | 7818 | 2178 |
|  **Total revenues** | 365822 | 405270 | 524597 | 538755 | 272848 |
|  **Operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs | 309409 | 350309 | 451173 | 475037 | 242849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Site operating expenses | 20131 | 18861 | 24917 | 22298 | 8733 |
|  **Total operating expenses** | 329540 | 369170 | 476090 | 497335 | 251582 |
|  **Operating income** | $36282 | $36100 | $48507 | $41420 | $21266 |
|  Fuel gallons sold – proprietary cardlock locations | 98039 | 103216 | 136104 | 130995 | 57104 |
|  Fuel gallons sold – third-party cardlock locations | 9926 | 9575 | 12814 | 9832 | 2882 |
|  Fuel contribution <sup>1</sup> – proprietary cardlock locations | $47985 | $46789 | $62612 | $54685 | $27632 |
|  Fuel contribution <sup>1</sup> – third-party cardlock locations | $1825 | $1168 | $1677 | $1215 | $189 |
|  Fuel margin, cents per gallon <sup>2</sup> – proprietary cardlock locations | 48.9 | 45.3 | 46.0 | 41.7 | 48.4 |
|  Fuel margin, cents per gallon <sup>2</sup> – third-party cardlock locations | 18.4 | 12.2 | 13.1 | 12.4 | 6.5 |

---

1 Calculated as fuel revenue less fuel costs; excludes the estimated fixed fee paid to GPMP for the cost of fuel.

2 Calculated as fuel contribution divided by fuel gallons sold.

***Nine Months Ended September 30, 2025 versus Nine Months Ended September 30, 2024***

*Fleet Fueling Revenues* 

For the nine months ended September 30, 2025, fuel revenue decreased by $39.0 million, or 9.8%, and other revenues, net decreased by $0.4 million, compared to the nine months ended September 30, 2024. Fleet fueling revenues were negatively impacted by a 4.8 million, or 4.3%, decrease in gallons sold due primarily to movements in crude oil pricing and severe weather conditions in January and February 2025 that impacted certain of the markets in which we operate, and a decrease in the average price of fuel in the first three quarters of 2025 compared to the first three quarters of 2024.

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*Fleet Fueling Operating Income* 

For the nine months ended September 30, 2025, fuel contribution increased by $1.9 million compared to the nine months ended September 30, 2024. At proprietary cardlocks, fuel contribution increased by $1.2 million, and fuel margin per gallon also increased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to favorable diesel margins. At third-party cardlock locations, fuel contribution increased by $0.7 million, and fuel margin per gallon also increased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to the closure of underperforming third-party locations.

For the nine months ended September 30, 2025, site operating expenses increased by $1.3 million compared to the nine months ended September 30, 2024, primarily due to higher rent and insurance.

***For the year ended December 31, 2024 compared to the year ended December 31, 2023***

*Fleet Fueling Revenues* 

For the year ended December 31, 2024, fuel revenue decreased by $15.5 million, or 2.9%, and other revenues, net increased by $1.3 million, compared to the year ended December 31, 2023. Fleet fueling revenues were negatively impacted by a decrease in the average price of fuel in 2024 compared to 2023, which were partially offset by an 8.1 million increase in gallons sold, or 5.7%, primarily resulting from the WTG Acquisition.

*Fleet Fueling Operating Income* 

For the year ended December 31, 2024, fuel contribution increased by $8.4 million compared to the year ended December 31, 2023. At proprietary cardlocks, fuel contribution increased by $7.9 million, and fuel margin per gallon also increased for the year ended December 31, 2024, compared to the year ended December 31, 2023. At third-party cardlock locations, fuel contribution increased $0.5 million, and fuel margin per gallon also increased for 2024 compared to 2023. These changes were primarily due to higher volumes and the cardlocks acquired in the WTG Acquisition.

For the year ended December 31, 2024, site operating expenses increased $2.6 million compared to the year ended December 31, 2023 primarily due to the WTG Acquisition.

***For the year ended December 31, 2023 compared to the year ended December 31, 2022***

*Fleet Fueling Revenues* 

For the year ended December 31, 2023, fuel revenue increased by $260.3 million, or 96.2%, and other revenues, net increased by $5.6 million, as compared to the year ended December 31, 2022, with both increases primarily reflecting a full year of operations from the Quarles Acquisition, as compared to a partial year of operations in the prior year, and the WTG Acquisition.

*Fleet Fueling Operating Income* 

For the year ended December 31, 2023, fuel contribution increased by $28.1 million compared to the year ended December 31, 2022, reflecting a full year of operations from the Quarles Acquisition, as compared to a partial year of operations in the prior year, and the WTG Acquisition. At proprietary cardlocks, fuel contribution increased by $27.1 million, while fuel margin per gallon decreased for the year ended December 31, 2023, as compared to the year ended December 31, 2022, which period was impacted by historically high rack-to-retail margins and fuel price volatility.

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For the year ended December 31, 2023, site operating expenses increased $13.6 million compared to the year ended December 31, 2022 due to incremental expenses from the Quarles Acquisition and the addition of the WTG Acquisition.

***GPMP Segment***

The table below shows the results of the GPMP segment for the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022, together with certain key metrics for the segment.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue <sup>1</sup> – inter-segment | $1925105 | $2028446 | $2643084 | $2883992 | $3096959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue <sup>1</sup> – related party | 1787503 | 2313319 | 2964304 | 3313404 | 3542798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue – third party customers | 849 | 3017 | 3624 | 3681 | 5160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net | 540 | 638 | 838 | 939 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net <sup>1</sup> – inter-segment | 6330 | 6334 | 8455 | 8021 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net <sup>1</sup> – related party | 2007 | 2062 | 2781 | 2897 | 206 |
|  **Total revenues** | 3722334 | 4353816 | 5623086 | 6212934 | 6649592 |
|  **Operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs – inter-segment | 1888858 | 1993640 | 2596455 | 2836659 | 3052537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs – related party | 1754463 | 2274461 | 2913130 | 3260225 | 3492677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs – third party customers | 848 | 2900 | 3507 | 3675 | 5077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 2464 | 2625 | 3585 | 3162 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5519 | 5531 | 7371 | 7365 | 7369 |
|  **Total operating expenses** | 3652152 | 4279157 | 5524048 | 6111086 | 6560557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net |  |  |  | (598) |  |
|  **Operating income** | $70182 | $74659 | $99038 | $102446 | $89035 |
|  Fuel gallons sold – inter-segment | 724914 | 696225 | 932509 | 953942 | 888526 |
|  Fuel gallons sold – related party locations | 660800 | 777160 | 1023480 | 1063580 | 1002420 |
|  Fuel gallons sold – third party customers | 217 | 861 | 1044 | 1364 | 1592 |
|  Fuel contribution <sup>2</sup> – related party locations | $33040 | $38858 | $51174 | $53179 | $50121 |
|  Fuel margin, cents per gallon <sup>3</sup> – related party locations | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |

---

1 Includes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.

2 Calculated as fuel revenue less fuel costs.

3 Calculated as fuel contribution divided by fuel gallons sold.

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

***Nine Months Ended September 30, 2025 versus Nine Months Ended September 30, 2024***

*GPMP Revenues* 

For the nine months ended September 30, 2025, fuel revenue – inter-segment decreased by $103.3 million, or 5.1%, compared to the nine months ended September 30, 2024. The decrease was attributable to a decrease in gallons sold and a decrease in the average price of fuel for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

For the nine months ended September 30, 2025, fuel revenue – related party decreased by $525.8 million, or 22.7%, compared to the nine months ended September 30, 2024, caused by a decrease in the average price of fuel in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 and a 116.4 million, or 15.0%, decrease in gallons sold, reflecting the challenging macroeconomic environment and ARKO Retail Sites converted to dealers, which was slightly offset by incremental gallons sold relating to ARKO Parent's acquisition of ARKO Retail Sites during 2024.

For the nine months ended September 30, 2025 and 2024, other revenues, net were similar. Other revenues, net – inter-segment related to the fixed fee primarily charged to sites in the fleet fueling segment that were not supplied by GPMP (5.0 cents per gallon sold prior to January 1, 2026 and 6.0 cents per gallon thereafter) and were similar for the nine months ended September 30, 2025 and 2024. Other revenues, net – related party related to the fixed fee charged to certain ARKO Retail Sites that were not supplied by GPMP (5.0 cents per gallon sold prior to January 1, 2026 and 6.0 cents per gallon thereafter) and were similar for the nine months ended September 30, 2025 and 2024.

*GPMP Operating Income* 

For the nine months ended September 30, 2025, fuel contribution decreased by $4.5 million, compared to the nine months ended September 30, 2024, primarily due to greater gallons sold at a fixed margin to both ARKO Parent and the wholesale segment.

For the nine months ended September 30, 2025, general and administrative expenses decreased by $0.2 million compared to the nine months ended September 30, 2024, and depreciation and amortization expenses for the nine months ended September 30, 2025 remained consistent with the nine months ended September 30, 2024.

***For the year ended December 31, 2024 compared to the year ended December 31, 2023***

*GPMP Revenues* 

For the year ended December 31, 2024, fuel revenue – inter-segment decreased $240.9 million, or 8.4%, compared to the year ended December 31, 2023. The decrease was attributable to a decrease in gallons sold and a decrease in the average price of fuel for 2024 compared to 2023.

For the year ended December 31, 2024, fuel revenue – related party decreased $349.1 million, or 10.5%, compared to the year ended December 31, 2023, caused by a decrease in the average price of fuel in 2024 as compared to 2023 and a 40.1 million, or 3.8%, decrease in gallons sold, reflecting the challenging macroeconomic environment and ARKO Retail Sites converted to dealers, which was partially offset by incremental gallons sold relating to ARKO Parent's acquisition of ARKO Retail Sites during 2024 and 2023.

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

For the years ended December 31, 2024 and 2023, other revenues, net were similar. Other revenues, net – inter-segment related to the fixed fee primarily charged to sites in the fleet fueling segment that were not supplied by GPMP (5.0 cents per gallon sold prior to January 1, 2026 and 6.0 cents per gallon thereafter) and increased slightly for 2024 as compared to 2023. Other revenues, net – related party related to the fixed fee charged to certain ARKO Retail Sites that were not supplied by GPMP (5.0 cents per gallon sold prior to January 1, 2026 and 6.0 cents per gallon thereafter) and decreased slightly for 2024 as compared to 2023.

*GPMP Operating Income* 

Fuel margin decreased by $2.6 million for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily due to fewer gallons sold at a fixed margin to both ARKO Parent and the wholesale segment.

For the year ended December 31, 2024, total general and administrative expenses increased slightly from those in the year ended December 31, 2023, and depreciation and amortization expenses for 2024 remained consistent with 2023.

***For the year ended December 31, 2023 compared to the year ended December 31, 2022***

*GPMP Revenues* 

For the year ended December 31, 2023, fuel revenue – inter-segment decreased $213.0 million, or 6.9%, compared to the year ended December 31, 2022. The decrease in fuel revenue was attributable to a decrease in the average price of fuel, which was partially offset by an increase in gallons sold as compared to the prior year.

For the year ended December 31, 2023, fuel revenue – related party decreased $229.4 million, or 6.5%, compared to the year ended December 31, 2022, caused by a decrease in the average price of fuel in 2023 as compared to 2022, which was partially offset by a 61.2 million, or 6.1%, increase in gallons sold primarily due to incremental gallons sold relating to ARKO Parent's acquisition of ARKO Retail Sites during 2023 and 2022.

For the years ended December 31, 2023 and 2022, other revenues, net were similar and primarily related to rental income from certain sites leased to dealers. Other revenues, net – inter-segment related to the fixed fee primarily charged to sites in the fleet fueling segment that were not supplied by GPMP (5.0 cents per gallon sold prior to January 1, 2026 and 6.0 cents per gallon thereafter). Other revenues, net – related party related to the fixed fee charged to certain ARKO Retail Sites that were not supplied by GPMP (5.0 cents per gallon sold prior to January 1, 2026 and 6.0 cents per gallon thereafter), which were acquired by ARKO Parent in December 2022.

*GPMP Operating Income* 

Fuel margin increased by $5.9 million for the year ended December 31, 2023, compared to the year ended December 31, 2022, primarily due to greater gallons sold at a fixed margin.

For the year ended December 31, 2023, total general, administrative, depreciation and amortization expenses increased slightly from those in the year ended December 31, 2022.

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

**Use of Non-GAAP Measures** 

We disclose certain measures on a "comparable wholesale sites" or "comparable fleet fueling sites" basis, which are non-GAAP measures. Information disclosed on a "comparable wholesale sites" basis excludes wholesale sites added through the 2023 Acquisitions, the Quarles Acquisition and ARKO Retail Sites converted to dealers until the first quarter in which these sites had a full quarter of wholesale activity in the prior year. Information disclosed on a "comparable fleet fueling sites" basis excludes fleet fueling sites added through the WTG Acquisition and the Quarles Acquisition until the first quarter in which these sites had a full quarter of fleet fueling activity in the prior year. We believe that this information is useful for our investors, securities analysts, and other interested parties by providing greater comparability regarding our ongoing operating performance. Neither these measures nor those described below should be considered an alternative to measurements presented in accordance with GAAP).

We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets, impairment charges, acquisition costs, share-based compensation expense, other non-cash items, and other unusual or non-recurring charges. These measures should not be considered an alternative to measurements presented in accordance with GAAP. Both EBITDA and Adjusted EBITDA are non-GAAP financial measures.

We use EBITDA and Adjusted EBITDA for operational and financial decision-making and believe these measures are useful in evaluating our performance because they eliminate certain items that we do not consider indicators of our operating performance. EBITDA and Adjusted EBITDA are also used by many of our investors, securities analysts, and other interested parties in evaluating our operational and financial performance across reporting periods. We believe that the presentation of EBITDA and Adjusted EBITDA provides useful information to investors by allowing an understanding of key measures that we use internally for operational decision-making, budgeting, evaluating acquisition targets, and assessing our operating performance.

We define Net Debt as the sum of total debt, net, financing leases and financial liabilities, less cash and cash equivalents. Net Debt is used by management to measure the effective level of our indebtedness.

We define the Ratio of Net Debt to Adjusted EBITDA as the ratio derived by dividing Net Debt by Adjusted EBITDA. The Ratio of Net Debt to Adjusted EBITDA is an important measure used by our management to evaluate our access to liquidity, and we believe it provides useful information for investors as a representation of our financial strength by presenting the sustainability of our debt levels and our ability to take on additional debt against Adjusted EBITDA, which is used as an operating performance measure. The Ratio of Net Debt to Adjusted EBITDA is also frequently used by investors and credit rating agencies to analyze our operating performance.

We define Discretionary Cash Flow as net cash provided by operating activities, (i) less changes in operating assets and liabilities, maintenance capital expenditures, charges to allowance for credit losses, and non-cash rent income (expense), and (ii) plus acquisition costs, amortization of deferred income net of prepaid to related party, and certain other expenses (income). Discretionary Cash Flow will not reflect changes in working capital balances. Discretionary Cash Flow is a liquidity measure we and third parties, such as industry analysts, investors, lenders, rating agencies and others, use to assess our ability to internally fund our acquisitions, pay distributions, and service or incur additional debt. We believe that the presentation of Discretionary Cash Flow provides useful information to investors, securities analysts, and other interested parties for evaluating our liquidity.

EBITDA, Adjusted EBITDA, Discretionary Cash Flow, Net Debt and the Ratio of Net Debt to Adjusted EBITDA should not be considered as alternatives to any financial measure derived in accordance with

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GAAP, including net income. The presentations of these non-GAAP measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for the analysis of, our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

Because non-GAAP financial measures are not standardized, comparable wholesale sites, comparable fleet fueling sites, EBITDA, Adjusted EBITDA, Discretionary Cash Flow, Net Debt and the Ratio of Net Debt to Adjusted EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of these non-GAAP financial measures with those used by other companies.

The following table contains a reconciliation of (i) net income to EBITDA and Adjusted EBITDA and (ii) net cash provided by operating activities to Discretionary Cash Flow for the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months**<br>**Ended September 30,** | **For the Nine Months**<br>**Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Net income** | $24661 | $32676 | $40217 | $41579 | $59147 |
|  Interest and other financing expenses, net | 31029 | 26793 | 36677 | 35064 | 14480 |
|  Income tax expense | 8472 | 13033 | 15108 | 12890 | 19212 |
|  Depreciation and amortization | 40553 | 33529 | 46087 | 44155 | 32522 |
|  **EBITDA** | 104715 | 106031 | 138089 | 133688 | 125361 |
|  Acquisition costs (a) | 379 | 72 | 79 | 2557 | 3075 |
|  Loss (gain) on disposal of assets and impairment charges (b) | 2618 | (1318) | 811 | 1046 | 360 |
|  Share-based compensation expense (c) | 605 | 535 | 876 | 608 | 288 |
|  Fuel and franchise taxes received in arrears (d) |  | (601) | (601) |  |  |
|  Adjustment to contingent consideration (e) | (1816) | (998) | (20) | (604) | (2204) |
|  Other (f) | 136 |  | (67) |  |  |
|  **Adjusted EBITDA** | $106637 | $103721 | $139167 | $137295 | $126880 |
|  **Net cash provided by operating activities** | $63172 | $71660 | $106757 | $58803 | $75974 |
|  Changes in operating assets and liabilities | 6452 | (7134) | (20659) | 31547 | 17327 |
|  Maintenance capital expenditures (g) | (4163) | (4451) | (6152) | (5801) | (4040) |
|  Acquisition costs (a) | 379 | 72 | 79 | 2557 | 3075 |
|  Amortization of deferred income net of prepaid to related party | 4823 | 1883 | 2663 | 1407 | 1951 |
|  Fuel and franchise taxes received in arrears (d) |  | (601) | (601) |  |  |
|  Charges to allowance for credit losses | (820) | (653) | (755) | (1163) | (525) |
|  Non-cash rent (expense) income (h) | (2180) | (1376) | (2033) | (1319) | 456 |
|  Other (i) | 127 | (5) | 569 | 488 | 163 |
|  **Discretionary Cash Flow** | $67790 | $59395 | $79868 | $86519 | $94381 |
|  **Adjusted EBITDA** | $106637 | $103721 | $139167 | $137295 | $126880 |
|  Cash received for interest | 409 | 157 | 296 | 16 | 43 |
|  Cash paid for interest and allocated interest | (29139) | (27681) | (36975) | (30215) | (12285) |
|  Cash paid for taxes | (5954) | (12351) | (16468) | (14776) | (16217) |
|  Maintenance capital expenditures (g) | (4163) | (4451) | (6152) | (5801) | (4040) |
|  **Discretionary Cash Flow** | $67790 | $59395 | $79868 | $86519 | $94381 |

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(a) Eliminates costs incurred that are directly attributable to business acquisitions and salaries of employees whose primary job function is to execute our acquisition strategy and facilitate integration of acquired
operations.

(b) Eliminates the non-cash loss from the sale or disposal of property and equipment, the loss recognized upon the sale of related leased assets and impairment charges on property and
equipment and right-of-use assets related to closed and non-performing sites.

(c) Eliminates non-cash share-based compensation expense related to ARKO Parent's equity incentive program to incentivize, retain, and motivate our employees.

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(d) Eliminates the receipt of historical fuel and franchise tax amounts for multiple prior periods.

(e) Eliminates fair value adjustments primarily related to the contingent consideration owed to the seller for the 2020 Empire acquisition.

(f) Eliminates other unusual or non-recurring items that we do not consider to be meaningful in assessing operating performance.

(g) Historically, ARKO Parent has not distinguished between maintenance capital expenditures, growth capital expenditures, and acquisition capital expenditures (other than with respect to business acquisitions). Maintenance
capital expenditures are capital expenditures made to maintain our long-term operating income or operating capacity, while growth and acquisition capital expenditures are capital expenditures that we expect will increase our operating income or
operating capacity over the long-term. For the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022, we estimated that approximately $4.2 million, $4.5 million, $6.2 million,
$5.8 million and $4.0 million of our capital expenditures were maintenance capital expenditures, respectively, and that $14.5 million, $2.4 million, $5.1 million, $6.2 million and $9.2 million of our capital
expenditures were growth capital expenditures, respectively.

(h) Non-cash rent (expense) income reflects the extent to which our GAAP rent expense recognized exceeded (or was less than) our cash rent payments. GAAP rent expense varies depending
on the terms of our lease portfolio. For newer leases, our rent expense recognized typically exceeds our cash rent payments, whereas, for more mature leases, rent expense recognized is typically less than our cash rent payments.

(i) Includes other unusual or non-recurring items and other amounts primarily related to additional consideration owed to the seller for the 2020 Empire acquisition.

The following table contains a reconciliation of (i) net income to EBITDA and Adjusted EBITDA for the twelve months ended September 30, 2025 and (ii) total debt, net to Net Debt as of September 30, 2025, as well as (iii) the ratio of each of the most directly comparable GAAP measures to Net Debt and Adjusted EBITDA. See the table immediately above for a description of the adjustments to net income to arrive at EBITDA and Adjusted EBITDA.

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| | |
|:---|:---|
|  | **Twelve Months Ended<br>September 30, 2025** |
|  | **(in thousands,<br>except ratios)** |
|  **Net income** | $32202 |
|  Interest and other financing expenses, net | 40913 |
|  Income tax expense | 10547 |
|  Depreciation and amortization | 53111 |
|  **EBITDA** | 136773 |
|  Acquisition costs | 386 |
|  Loss on disposal of assets and impairment charges | 4747 |
|  Share-based compensation expense | 946 |
|  Adjustment to contingent consideration | (838) |
|  Other | 69 |
|  **Adjusted EBITDA** | $142083 |
|  | **As of<br>September 30, 2025** |
|  **Total debt, net** | $388965 |
|  Financing leases | 78342 |
|  Financial liabilities | 49292 |
|  Cash and cash equivalents | (32993) |
|  **Net Debt** | $483606 |
|  **Ratio of total debt, net to net income** | 12.1x |
|  **Ratio of Net Debt to Adjusted EBITDA** | 3.4x |

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

**Quarterly Financial Data** 

The following table sets forth selected historical quarterly combined statements of operations data for each of the seven quarterly periods ended September 30, 2025. The information for each of these quarters has been prepared on the same basis as the audited annual combined financial statements appearing elsewhere in this prospectus and, in our opinion, includes all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results of operations for these periods. This information should be read in conjunction with our audited combined financial statements and related notes appearing elsewhere in the prospectus. These quarterly results are not necessarily indicative of our operating results for a full year or any future period.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31,<br>2024** | **June 30,<br>2024** | **September 30,<br>2024** | **December 31,<br>2024** | **March 31,<br>2025** | **June 30,<br>2025** | **September 30,<br>2025** |
|  | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** | **(in thousands, except per gallon data)** |
|  **Statement of Operations Data:** |  |  |  |  |  |  |  |
|  **Revenues:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue | $807508 | $911673 | $854739 | $777446 | $756798 | $820871 | $855585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue – related party | 709153 | 828179 | 775987 | 650985 | 574416 | 604065 | 609022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net | 9734 | 9598 | 9607 | 11273 | 12957 | 15229 | 16401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net – related party | 2958 | 2889 | 2745 | 3265 | 3155 | 3219 | 3181 |
|  **Total revenues** | 1529353 | 1752339 | 1643078 | 1442969 | 1347326 | 1443384 | 1484189 |
|  **Operating expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs | 771427 | 868866 | 814357 | 737708 | 720211 | 776847 | 812897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs – related party | 697057 | 814777 | 762627 | 638669 | 563833 | 592799 | 597831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Site operating expenses, including allocated expenses | 20342 | 19935 | 19884 | 21176 | 22017 | 25389 | 25359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses, including allocated expenses | 10848 | 10944 | 10641 | 10269 | 10748 | 10392 | 10938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization, including allocated expenses | 11312 | 10588 | 11629 | 12558 | 13503 | 13301 | 13749 |
|  **Total operating expenses** | 1510986 | 1725110 | 1619138 | 1420380 | 1330312 | 1418728 | 1460774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (income) expenses net | (950) | (1577) | (439) | 3089 | 1195 | 882 | (1154) |
|  **Operating income** | 19317 | 28806 | 24379 | 19500 | 15819 | 23774 | 24569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other financial expenses, net, including allocated expenses | (6501) | (10156) | (10136) | (9884) | (9612) | (10356) | (11061) |
|  **Income before income taxes** | 12816 | 18650 | 14243 | 9616 | 6207 | 13418 | 13508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (4729) | (4709) | (3595) | (2075) | (1674) | (3390) | (3408) |
|  **Net income attributable to ARKO Petroleum Corp.** | $8087 | $13941 | $10648 | $7541 | $4533 | $10028 | $10100 |
|  **Other Financial and Operating Data:** |  |  |  |  |  |  |  |
|  Fuel gallons sold | 263849 | 284128 | 281853 | 278425 | 265277 | 290884 | 299230 |
|  Fuel gallons sold – related party | 241920 | 268040 | 267200 | 246320 | 211660 | 225325 | 223815 |
|  Fuel gallons sold – total | 505769 | 552168 | 549053 | 524745 | 476937 | 516209 | 523045 |
|  Fuel margin, cents per gallon <sup>1</sup> | 13.7 | 15.1 | 14.3 | 14.3 | 13.8 | 15.1 | 14.3 |
|  Fuel margin, cents per gallon – related party <sup>1</sup> | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
|  Fuel margin, cents per gallon – total <sup>1</sup> | 9.5 | 10.2 | 9.8 | 9.9 | 9.9 | 10.7 | 10.3 |

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1 Calculated as fuel contributions divided by fuel gallons sold.

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

**Liquidity and Capital Resources** 

Our primary sources of liquidity are cash flows from operations, availability under our credit facilities and our cash balances. Our principal liquidity requirements are the financing of current operations, funding capital expenditures (including acquisitions), satisfying our operating and financing lease obligations, and servicing debt. Additionally, we intend to distribute to our stockholders quarterly cash dividends taking into account Discretionary Cash Flow, after appropriate reserves for our working capital needs, investment capital expenditures, debt service and the prudent conduct of our business. Our Discretionary Cash Flow is likely to fluctuate from quarter to quarter, in some cases significantly, primarily as a result of the seasonality of our business operations and purchasing and payment patterns, which change based upon the day of the week. Accordingly, during quarters in which our business operations generate Discretionary Cash Flow in excess of the amount necessary to pay our stated quarterly dividend, we may reserve a portion of the excess to fund cash dividends in future quarters. In quarters in which we do not generate sufficient cash available to fund our stated quarterly cash dividend, we may use sources of cash not included in our calculation of Discretionary Cash Flow, such as net cash provided by financing activities, to pay dividends, subject to the discretion of our Board of Directors. We intend to maintain stable and, over time, increasing dividend payments. See "Cash Dividend Policy."

We finance our inventory purchases primarily from customary trade credit aided by relatively rapid inventory turnover, as well as cash generated from operations. Rapid inventory turnover allows us to conduct operations without the need for large amounts of cash and working capital. We largely rely on internally generated cash flows and borrowings for operations, which we believe are sufficient to meet our liquidity needs for the foreseeable future.

Our ability to meet our debt service obligations and other capital requirements, including capital expenditures, as well as the cost of acquisitions, will depend on our future operating performance which, in turn, will be subject to general economic, financial, business, competitive, legislative, regulatory and other conditions, many of which are beyond our control. As a normal part of our business, we will from time to time consider opportunities to repay, redeem, repurchase or refinance our indebtedness, depending on market conditions. Changes in our operating plans, lower than anticipated sales, increased expenses, acquisitions, or other events may cause us to seek additional debt or equity financing in future periods. Additional debt financing could impose increased cash payment obligations, as well as covenants that may restrict our operations. There can be no guarantee that financing will be available on acceptable terms or at all. As of September 30, 2025, all of our debt bears interest at variable rates, which subjects us to interest rate risk and may require that we use more of our cash flow for the payment of interest if prevailing interest rates increase. See also "Quantitative and Qualitative Disclosures about Market Risk—Interest Rate Risk."

As of September 30, 2025, we were in a strong liquidity position of approximately $451.7 million, consisting of approximately $33.0 million of cash and cash equivalents and $418.7 million of unused availability under our $800 million Capital One Line of Credit (as defined below), which we may elect to increase up to $1.0 billion, subject to obtaining additional financing commitments from current lenders or other banks, and subject to certain other terms. This liquidity position currently provides us with adequate funding to satisfy our contractual and other obligations from our existing cash balances. As of September 30, 2025, ARKO Parent had no outstanding borrowings under the $140.0 million PNC Line of Credit (as defined below), and $33.5 million of unused availability under the M&T equipment line of credit, described below.

To date, we have funded capital expenditures primarily through funds generated from operations, funds received from vendors, sale-leaseback transactions, the issuance of debt, existing cash and ARKO

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Parent's net investment. Future capital required to finance operations, pay dividends, consummate acquisitions, and renovate our sites is expected to come from cash on hand, cash generated by operations, availability under lines of credit, and additional long-term debt and equipment leases, as circumstances may dictate. We currently expect that our capital spending program will be primarily focused on maintaining our properties and equipment, renewal of supply agreements with dealers, pursuing new dealer contracts and acquiring additional dealer and cardlock locations, as well as expanding our fleet fueling footprint by building new locations. We do not expect such capital needs to adversely affect liquidity.

**Cash Flows** 

Net cash provided by (used in) operating activities, investing activities and financing activities for the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** | **2023** |
| **Net cash provided by (used in):** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $63172 | $71660 | $106757 | $58803 | $75974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities | (13346) | (5107) | (9440) | (79646) | (54306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing activities | (42174) | (69067) | (89082) | 25399 | (9118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $7652 | $(2514) | $8235 | $4556 | $12550 |

---

*Operating Activities* 

Cash flows provided by operations are our main source of liquidity. We have historically relied primarily on cash provided by operating activities, supplemented as necessary from time to time by borrowings on our credit facilities and other debt or equity transactions to finance our operations and to fund our capital expenditures. Cash flow provided by operating activities is primarily impacted by our net income and changes in working capital.

For the nine months ended September 30, 2025, cash flows provided by operating activities were $63.2 million compared to $71.7 million for the nine months ended September 30, 2024. The decrease was partially due to decreases in working capital as a result of the day of the week on which the third quarter ended in each year and approximately $1.2 million of higher net interest payments, which were partially offset by deferred income received from vendors, lower tax payments of $6.4 million and an increase in Adjusted EBITDA of $2.9 million.

For the year ended December 31, 2024, cash flows provided by operating activities were $106.8 million compared to $58.8 million for the year ended December 31, 2023. The increase was primarily the result of deferred income and dealer deposits received from dealers, incremental vendor incentives received and decreases in working capital, the result of the day of the week in which 2024 ended, and an increase in Adjusted EBITDA of $1.9 million, which were partially offset by approximately $6.5 million of higher net interest payments.

For the year ended December 31, 2023, cash flows provided by operating activities were $58.8 million compared to $76.0 million for the year ended December 31, 2022. The decrease was primarily the result of approximately $18.2 million of higher net interest payments, and changes in working capital, offset by an increase in Adjusted EBITDA of $10.4 million.

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*Discretionary Cash Flow* 

For the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024, 2023 and 2022, Discretionary Cash Flow was $67.8 million, $59.4 million, $79.9 million, $86.5 million and $94.4 million, respectively. Refer to "Use of Non-GAAP Measures" above for discussion of this non-GAAP liquidity measure and related reconciliation to net cash provided by operating activities.

*Investing Activities* 

Cash flows used in investing activities primarily reflect capital expenditures for acquisitions and replacing and maintaining existing facilities and equipment used in the business.

For the nine months ended September 30, 2025, cash used in investing activities increased by $8.2 million to $13.3 million from $5.1 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, we utilized $17.0 million for capital expenditures, including the purchase of fee properties, upgrades to fuel dispensers and other investments in our sites.

For the nine months ended September 30, 2024, we utilized $6.8 million for capital expenditures, including upgrades to fuel dispensers and other investments in our sites.

For the year ended December 31, 2024, cash used in investing activities decreased by $70.2 million to $9.4 million from $79.6 million for the year ended December 31, 2023. For the year ended December 31, 2024, we utilized $11.3 million for capital expenditures, including upgrades to fuel dispensers and other investments in our sites.

For the year ended December 31, 2023, cash used in investing activities increased by $25.3 million to $79.6 million from $54.3 million for the year ended December 31, 2022. For the year ended December 31, 2023, we utilized $12.0 million for capital expenditures, including upgrades to fuel dispensers and other investments in our sites. The net consideration paid for the 2023 Acquisitions was $135.7 million, which included the $81.8 million paid by Blue Owl Real Estate Fund VI OP LP (f/k/a Oak Street Real Estate Capital Fund VI OP, LP) and certain of its affiliates (collectively, "Blue Owl") under ARKO Parent's standby real estate purchase, designation and lease program agreement with Blue Owl, reflecting our net cash outflow of $53.9 million.

For the year ended December 31, 2022, cash used for investing activities was $54.3 million. For the year ended December 31, 2022, we spent $13.3 million for capital expenditures, including upgrades to fuel dispensers and other investments in our sites. The net consideration paid for the Quarles Acquisition was $184.2 million, which included the $129.3 million paid by Blue Owl, of which $20.2 million was included in financing activity, reflecting our net cash outflow of $54.9 million. There was a $31.8 million sale of short-term investments, which was used to repay long-term debt.

*Financing Activities* 

Cash flows from financing activities primarily consist of increases and decreases in the principal amount of our lines of credit and debt as well as net transfers to ARKO Parent.

For the nine months ended September 30, 2025, financing activities consisted primarily of net receipts of $2.4 million for long-term debt, repayments of $0.9 million for financing leases and $43.7 million of net transfers to ARKO Parent.

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For the nine months ended September 30, 2024, financing activities consisted primarily of net receipts of $41.1 million from long-term debt and $93.0 million of net transfers to ARKO Parent. We also made an early payment of $17.2 million, as payment in full and as a discount to the $25.0 million deferred consideration in the TEG Acquisition, which would have been due on March 1, 2025.

For the year ended December 31, 2024, financing activities consisted primarily of net receipts of $40.4 million from long-term debt, which was offset by repayments of $0.2 million for financing leases, $3.4 million for additional consideration payments related to the 2020 acquisition of the business of Empire Petroleum Partners, LLC (the "Empire Acquisition") and $108.8 million of net transfers to ARKO Parent. We also made an early payment of $17.2 million, as payment in full and as a discount to the $25.0 million deferred consideration in the TEG Acquisition, which would have been due on March 1, 2025.

For the year ended December 31, 2023, financing activities consisted primarily of net receipts of $76.4 million from long-term debt and $16.4 million of consideration paid by Blue Owl related to the 2023 Acquisitions, which transactions were accounted for as sale-leasebacks, offset by repayments of $0.1 million for financing leases, $3.5 million for additional consideration payments related to the Empire Acquisition and $63.8 million of net transfers to ARKO Parent.

For the year ended December 31, 2022, financing activities consisted primarily of net receipts of $27.2 million from long-term debt, $20.2 million of consideration paid by Blue Owl related to the Quarles Acquisition, which transaction was accounted for as sale-leaseback, offset by repayments of $0.1 million for financing leases, $5.9 million for additional consideration payments related to the Empire Acquisition and $50.3 million of net transfers to ARKO Parent.

**Indebtedness** 

***Credit Facilities***

*Financing Agreements with M&T Bank* 

ARKO Parent has a credit agreement with M&T Bank, of which certain of our subsidiaries are co-borrowers (the "M&T Credit Agreement"). This credit agreement provides a line of credit for up to $45.0 million to purchase equipment on or before September 2026, which may be borrowed in tranches, of which, as of September 30, 2025, $2.4 million outstanding was attributable to the Business. As of September 30, 2025, approximately $33.5 million remained available under ARKO Parent's equipment line of credit. Additionally, this credit agreement originally provided for an aggregate original principal amount of $49.5 million of real estate loans (the "M&T Term Loans").

On May 13, 2025, ARKO Parent entered into an amendment to its credit agreement with M&T Bank to increase the aggregate original principal amount of the M&T Term Loans from $49.5 million to $83.7 million. The additional $34.2 million principal amount of the M&T Term Loans, of which $5.5 million original principal amount was attributable to the Business, accrues interest at SOFR plus 2.25%, matures in May 2030 and is payable in monthly installments based on a fifteen-year amortization schedule, with the balance of the loan payable at maturity. As of September 30, 2025, $9.7 million aggregate principal amount of the outstanding M&T Term Loans was attributable to the Business.

Each additional equipment loan tranche under such credit agreement will have a term of up to five years from the date it is advanced, payable in equal monthly payments of principal plus interest of SOFR (as

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defined in the agreement) plus 2.75%. The M&T Term Loans bear interest at SOFR Adjusted (as defined in the agreement) plus 2.75% to 3.00% (depending on the loan), mature in June 2026 or November 2028 (depending on the loan) and are payable in monthly installments based on a fifteen-year amortization schedule, with the balance of each loan payable at maturity.

In connection with the amendment, the existing M&T Term Loans outstanding as of the date of such amendment began to accrue interest at SOFR plus 2.25%, the interest rate applicable to any M&T Term Loans incurred following the date of such amendment, and the borrowings under the M&T line of credit for purchases of equipment began to accrue interest, at ARKO Parent's discretion, at either a fixed rate based on M&T Bank's five-year cost of funds as of the applicable date of each tranche plus 2.25% or a floating rate at SOFR plus 2.25%.

The M&T Term Loans are secured by the real property of 78 sites acquired with the proceeds of such loans and certain other properties, including real property of 21 of 22 sites that ARKO Parent acquired in the second quarter of 2025 for aggregate consideration of $22.4 million, of which seven sites were attributable to the Business as of September 30, 2025.

In connection with the consummation of this offering, we expect the M&T Credit Agreement will be amended to remove our subsidiaries as borrowers or guarantors thereunder, and we will concurrently enter into the ARKO Parent Intercompany Notes with subsidiaries of ARKO Parent in an aggregate principal amount equal to the portion of the debt under the M&T Credit Agreement attributable to our business, which we expect to be approximately $14.9 million. The material terms of the ARKO Parent Intercompany Notes with respect to interest, maturity and the repayment of amounts thereunder will mirror those contained in the M&T Credit Agreement, and are intended to reflect the economics of, and align our payment obligations with, the portion of the indebtedness outstanding under the M&T Credit Agreement that is attributable to our business, and our assets that previously served as collateral under the M&T Credit Agreement will be released from M&T's security interest.

*Financing Agreement with PNC Bank, National Association ("PNC")* 

ARKO Parent and certain subsidiaries (including certain of our subsidiaries as co-borrowers) have a financing arrangement with PNC (as amended, the "PNC Credit Agreement") that provides a secured revolving credit facility for purposes of financing working capital (the "PNC Line of Credit"). The calculation of the availability under the PNC Credit Agreement is determined monthly subject to terms and limitations as set forth in the PNC Credit Agreement, taking into account the balances of receivables, inventory and letters of credit, among other things. PNC has a first priority lien on receivables, inventory and rights in bank accounts (other than assets that cannot be pledged due to regulatory or contractual obligations). As of September 30, 2025, ARKO Parent had no outstanding borrowings under the PNC Line of Credit.

In connection with the consummation of this offering, we expect the PNC Credit Agreement will be amended, restated, and separated to, among other things, remove our subsidiaries as co-borrowers from the separated ARKO Parent PNC Credit Agreement and that certain of our subsidiaries will enter into a separate amended and restated credit agreement with PNC providing for a secured revolving credit facility with substantially similar terms as those under the PNC Line of Credit. We expect the aggregate principal amount available under ARKO Parent's amended PNC Line of Credit to be up to $56 million and our credit facility with PNC to be up to $84 million, for total aggregate availability of $140 million which is the aggregate principal availability under the existing PNC Line of Credit.

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*Financing Agreement with a Syndicate of Banks Led by Capital One, National Association ("Capital One")* 

GPMP has a revolving credit facility with a syndicate of banks led by Capital One, National Association, in an aggregate principal amount of up to $800 million (the "Capital One Line of Credit"). At GPMP's request, the Capital One Line of Credit can be increased up to $1.0 billion, subject to obtaining additional financing commitments from current lenders or from other banks, and subject to certain terms as detailed in the Capital One Line of Credit. The Capital One Line of Credit is available for general GPMP purposes, including working capital, capital expenditures and permitted acquisitions.

The Capital One Line of Credit matures on May 5, 2028. As of September 30, 2025 , approximately $380.8 million was drawn on the Capital One Line of Credit, $0.5 million of letters of credit were outstanding under the Capital One Line of Credit and approximately $418.7 million was available thereunder.

The Capital One Line of Credit bears interest, as elected by GPMP at: (a) Adjusted Term SOFR (as defined in the agreement) plus a margin of 2.25% to 3.25% or (b) a rate per annum equal to the alternate base rate (as defined in the agreement) plus a margin of 1.25% to 2.25%. The margin is determined according to a formula in the Capital One Line of Credit that depends on GPMP's leverage.

***Guarantee of ARKO Parent Senior Notes***

On October 21, 2021, ARKO Parent completed a private offering of $450.0 million aggregate principal amount of 5.125% Senior Notes due 2029 (the "Senior Notes"), which are guaranteed, jointly and severally on an unsecured senior basis, by certain of ARKO Parent's wholly owned domestic subsidiaries, including us and certain of our subsidiaries (the "Guarantors"); however, neither GPMP nor any of its subsidiaries is a Guarantor.

The Senior Notes Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the Senior Notes Indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Senior Notes Indenture, the trustee thereunder (the "Trustee") or the holders of at least 25% in aggregate principal amount of the Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all the Senior Notes immediately due and payable. The Guarantors have unconditionally and irrevocably guaranteed, jointly and severally, on a senior unsecured basis, (a) the full and punctual payment of principal of and interest on the Senior Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of ARKO Parent under the Senior Notes Indenture and the Senior Notes and (b) the full and punctual performance within applicable grace periods of all other obligations of ARKO Parent under Senior Notes the Indenture and the Senior Notes (collectively, the "Guaranteed Obligations").

Upon the failure of ARKO Parent to pay the principal of, or interest on, any of its obligations under the Senior Notes when and as the same become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor, upon receipt of written demand by the Trustee, must pay, or cause to be paid, in cash, to the holders of the Senior Notes or the Trustee an amount equal to the sum of (A) the unpaid amount of such Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of ARKO Parent to the holders of the Senior Notes and the Trustee. Pursuant to the Senior Notes Indenture, each Guarantor is entitled to contribution from all other Guarantors based on the respective net assets of all the Guarantors at the time of such payment.

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The guarantees of the ARKO Parent Senior Notes by us and certain of our subsidiaries represent an off-balance sheet obligation. We believe that the likelihood of the Guarantors, including us, being required to make payments under their respective guarantees is remote based on ARKO Parent's current financial condition and anticipated financial performance. However, if ARKO Parent's financial condition deteriorates, then the possibility of the Guarantors being called upon to fulfill their obligations under the Senior Notes Indenture would increase.

**Critical Accounting Estimates** 

The preparation of financial statements and related disclosures in conformity with GAAP and this discussion and analysis of its financial condition and operating results require the our management to make judgments, assumptions and estimates that affect the amounts reported. Note 2, "Summary of Significant Accounting Policies," of the combined financial statements, contained elsewhere in this prospectus, describes the significant accounting policies and methods used in the preparation of the combined financial statements. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our combined financial statements.

*Application of ASC 842, Leases ("ASC 842")* 

The lease liabilities and right-of-use assets are significantly impacted by the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Our determination of whether it is reasonably certain that an extension option will be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;• Our determination of whether it is reasonably certain a purchase option will be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;• Some of the lease agreements include an increase in the consumer price index coupled with a multiplier and a
percentage increase cap effectively assures the cap will be reached each year. We determine, based on past experience and consumer price index increase expectations, if these types of variable payments are in-substance fixed payments, in which case such payments are included in the lease payments and measurement of the lease liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;• The discount rates used in the calculations of the right-of-use assets and lease liabilities are based on our incremental borrowing rates and are primarily affected by economic environment, differences in the duration of each lease and the nature of the
leased asset.

*Environmental provision and reimbursement assets* 

We estimate the anticipated environmental costs with respect to contamination arising from the operation of gasoline marketing operations and the use of aboveground and underground storage tanks as well as the costs of other exposures and recognize a liability when these losses are anticipated and can be reasonably estimated. Reimbursement for these expenses from various state underground storage tank trust funds or from insurance companies is recognized as an asset and included in other current assets or non-current assets, as appropriate. The scope of the reimbursement asset and liability is estimated by a third-party at least twice a year and adjustments are made according to past experience, changing conditions and changes in governmental policies.

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*Liability for dismantling and removing aboveground and underground storage tanks and restoring the site on which the storage tanks are located* 

The liability is based on our estimates with respect to the external costs which will be necessary to remove the aboveground and underground storage tanks in the future, regulatory requirements, discount rate and an estimate of the length of the useful life of the storage tanks.

*Property and equipment and amortizable intangible assets* 

We evaluate property and equipment and amortizable intangible assets for impairment when facts and circumstances indicate that the carrying values of such assets may not be recoverable. When evaluating for impairment, we first compare the carrying value of the asset to the asset's estimated future undiscounted cash flows. If the estimated undiscounted future cash flows are less than the carrying value of the asset, we determine if we have an impairment loss by comparing the carrying value of the asset to the asset's estimated fair value and recognize an impairment charge when the asset's carrying value exceeds its estimated fair value. The adjusted carrying amount of the asset becomes its new cost basis and is depreciated over the asset's remaining useful life.

*Impairment of goodwill* 

We evaluate the need for impairment with regard to goodwill once a year or with greater frequency if there are indicators of impairment exist. Goodwill is tested for impairment by first comparing the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of a reporting unit is determined according to assumptions and computations we set.

We perform an annual assessment to evaluate whether an impairment of goodwill exists. We performed the evaluation with the assistance of independent assessor which, for purposes of determining the fair value of the GPMP reporting unit to which the goodwill was attributed, utilized the income approach, namely, the present value of the future cash flows forecasted to be derived from the reporting unit, as well as the market approach.

For the 2024 annual impairment test, the data used for the income approach was directly linked to our internal projections for 2025 through 2029. The long-term growth rate used in the terminal year was (0.6%) for the GPMP reporting unit, in accordance with the relevant weighted average long-term nominal growth rate. The cash flows used assumed an unlevered, debt-free basis with no deduction for interest of debt principal to present the cash flows available for debt and equity holders. The discount rate was determined based on the risk profile of the reporting unit, and was derived from its weighted average cost of capital ("WACC") as assessed by management with the assistance of an independent assessor. The WACC took into account both debt and equity. The discount rate applied to the cash flow projections was approximately 8.5%.

The impairment review was sensitive to changes in the key assumptions used. Our key assumptions included revenue and profit growth, capital expenditures, external industry data and past experiences. The major assumptions that could result in significant sensitivities were the discount rate, the long-term growth rate and capital expenditures. Sensitivity analyses were performed by applying various reasonable scenarios whereby the long-term growth rate and discount rate were adjusted within a reasonable range. None of the sensitivity scenarios indicated a potential impairment.

*Deferred tax assets* 

We account for income taxes and the related accounts in accordance with FASB ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax liabilities and assets are determined based on the difference between

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the financial statement and tax basis of assets and liabilities using enacted rates expected to be in effect during the year in which the differences reverse. Deferred tax assets are recognized for future tax benefits and credit carryforwards to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. We periodically assess the likelihood that we will be able to recover our deferred tax assets and reflect any changes in estimates in the valuation allowance. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.

We are required to make judgments, estimates and assumptions to establish the amount of deferred tax assets to be recognized based on timing differences, the expected taxable income and its sources and the tax planning strategy.

**Quantitative and Qualitative Disclosures about Market Risk** 

*Commodity Price Risk* 

We have limited exposure to commodity price risk as a result of the payment and volume-related discounts in certain of our fuel supply contracts with our fuel suppliers, which are based on the market price of motor fuel. Significant increases in fuel prices could result in significant increases in the retail price of fuel and in lower sales to dealers, fleet fueling customers and ARKO Retail Sites. When fuel prices rise, some of our dealers may have insufficient credit to purchase fuel from us at their historical volumes. In addition, significant and persistent increases in the retail price of fuel could also diminish consumer demand, which could subsequently diminish the volume of fuel we distribute to ARKO Retail Sites. From time to time, we make use of derivative commodity instruments to manage risks associated with an immaterial number of gallons designed to offset changes in the price of fuel that are directly tied to firm commitments to purchase diesel fuel.

*Interest Rate Risk* 

We may be subject to market risk from exposure to changes in interest rates based on our financing, investing, and cash management activities. As of December 31, 2024, 2023 and 2022, the interest rate on our Capital One Line of Credit was 7.4%, 8.2%, and 6.6%, respectively. As of December 31, 2024, 2023 and 2022, the interest rate on the M&T Term Loans attributable to the Business was 7.7%, 8.5% and 7.3%, respectively. The interest rate on the variable portion of the M&T equipment loans attributable to the Business was 7.4% and 8.1% as of December 31, 2024 and 2023, respectively, and no loan was attributable to the Business as of December 31, 2022. As of September 30, 2025 and September 30, 2024, the interest rate on our Capital One Line of Credit was 7.4% and 8.1%, respectively. As of September 30, 2025 and September 30, 2024, the interest rate on the M&T Term Loans attributable to the Business was 6.6% and 8.3%, respectively. The interest rate on the variable portion of the M&T equipment loans attributable to the Business was 6.6% and 8.1% as of September 30, 2025 and September 30, 2024, respectively. As of September 30, 2025, all of our debt bears interest at variable rates. Based on the outstanding balances at December 31, 2024 and September 30, 2025, if our Capital One Line of Credit and M&T loans bearing variable interest rate increases by 1%, then our debt service on an annual basis would increase in each case by approximately $3.9 million. Interest rates on commercial bank borrowings and debt offerings could be higher than current levels, causing our financing costs to increase accordingly. Although this could limit our ability to raise funds in the debt capital markets, we expect to remain competitive with respect to acquisitions and capital projects, as our competitors would likely face similar circumstances. For additional information regarding our interest rate risk, see "Risk Factors—Risks Related to Our Business and Industry—Our variable rate debt could adversely affect our financial condition and results of operations."

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Business

**Overview** 

We are a growth-oriented, fuel distribution company and one of the largest wholesale fuel distributors by gallons in North America, supplying customers in more than 30 states across the U.S. We were formed by ARKO Parent (Nasdaq: ARKO), one of the largest convenience store operators in the U.S. We primarily engage in the fee-based wholesale distribution of motor fuel to ARKO Retail Sites and to third-party dealers under long-term contracts, and we sell fuel at our fleet fueling locations. One of our key business objectives is to make quarterly cash distributions to stockholders and, over time, increase our quarterly cash distribution.

We operate through three reportable segments:

i. **Wholesale:** Our Wholesale segment distributes fuel to gas stations operated by third-party dealers, sub-wholesalers, and bulk and spot purchasers (e.g., commercial,
government, industrial businesses, and rack buying dealers), on either a cost-plus or a consignment basis, generally pursuant to long-term contracts.

ii. **Fleet Fueling:** Our Fleet Fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations that serve commercial vehicle fleets) that primarily sell fuel
to commercial and municipal entity customers, and we also generate revenue through commissions from the sale of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites. APC is one of the largest
cardlock operators in the U.S. and maintains a leading position in the Mid-Atlantic region.

iii. **GPMP:** Our GPMP segment sells and supplies fuel to substantially all of the ARKO Retail Sites at our cost of fuel plus a fixed margin, and the GPMP segment charges a fixed fee to certain of the ARKO Retail
Sites that are not supplied by us. In addition, the GPMP segment includes intercompany transactions which are eliminated in the combined financials statements contained in this prospectus.

For the year ended December 31, 2024 and the nine-month period ended September 30, 2025, we distributed 2.1 billion gallons and 1.5 billion gallons, respectively, of fuel to our customers. We purchase our fuel from independent refining companies and major oil companies and then distribute it to customers using third-party haulers, and in certain cases our own trucks. We believe we have limited exposure to fluctuating commodity prices because we generally pass the cost of the fuel we distribute through to our customers. In addition, we are able to generate larger fuel margins (i) under consignment distribution arrangements with third-party dealers, where we maintain control of the fuel inventory and retail fuel pricing, and (ii) on fuel sales at our cardlock locations, compared to fuel supply arrangements.

We have a proven track record of long-term, sustainable growth in gallons distributed. Between January 1, 2020 and September 30, 2025, we grew our gallons distributed or sold by a compounded annual growth rate (CAGR) of approximately 12%, driven primarily by the addition of 624 net new sites (inclusive of ARKO Retail Sites), bringing our total sites to 3,499 as of September 30, 2025, and our fuel margin by a CAGR of approximately 14% over the same time period.

As of September 30, 2025, our business operations included:

• Supplying fuel to 1,158 ARKO Retail Sites, pursuant to a long-term motor fuel distribution agreement with ARKO
Parent

• Supplying fuel to 2,053 gas stations operated by third-party dealers, pursuant to long-term agreements

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• The operation of a total of 288 proprietary and third-party unstaffed cardlock locations

We have designed our operating model to be cost-and-capital-efficient based on the following characteristics: (i) the business requires a limited number of employees; (ii) relatively low operating costs, which generally result in high conversion of gross profit to Adjusted EBITDA<sup>11</sup> and, similarly, an attractive margin profile; and (iii) adding wholesale and cardlock sites is not expected to require substantial incremental corporate overhead, providing an opportunity to scale efficiently. Additionally, our cost-and-capital-efficient operating model, relatively low leverage and stable and growing cash flow profile, are expected to position us to consistently convert a high level of Adjusted EBITDA<sup>11</sup> into Discretionary Cash Flow<sup>11</sup>, enabling us to prioritize the return of capital to shareholders in the form of consistent and growing cash dividends.

***Map of ARKO Petroleum Corp.'s Wholesale, ARKO Retail and Fleet Fueling Sites<sup>12</sup>***

![LOGO](g928360g60a01.jpg)

**Our Relationship with ARKO Parent** 

One of our principal strengths is our relationship with ARKO Parent, which operates one of the largest convenience store chains in the U.S. and is publicly listed on Nasdaq, with its common stock trading under the symbol "ARKO." In connection with this offering, ARKO will contribute all of its Wholesale and Fleet Fueling business to APC together with the supply of fuel to the ARKO Retail Sites. After the completion of this offering, ARKO Parent, indirectly through its wholly-owned subsidiary, Arko Convenience Stores, LLC ("ACS"), will own shares of our Class B common stock, representing % of the economic interests in us and % of the combined voting power of our Class A common stock and Class B common stock (or % of the economic interests in us if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full). Upon completion of this offering, we will be a subsidiary of ARKO Parent and "controlled company" within

<sup>11</sup> EBITDA, Adjusted EBITDA and Discretionary Cash Flow are non-GAAP measures. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

<sup>12</sup> APC site location data as of September 30, 2025.

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the meaning of the rules of Nasdaq and, as a result, there may be conflicts of interest from time to time. ARKO Parent is expected to continue to own a significant controlling interest in APC following this offering and will therefore have the ability to determine all matters requiring approval by our stockholders, including the election of our directors, amendment of our governing documents, and approval of certain major corporate transactions. See "—Controlled Company Status." ARKO Parent is a committed customer and has agreed to purchase fuel from us as part of its ongoing supply needs pursuant to the Fuel Distribution Agreement to be entered into with ARKO Parent in connection with this offering. Any conflicts of interest between ARKO Parent and us will be reviewed by our Conflicts Committee. We will enter into certain contractual arrangements governing our commercial, operational and governance relationship with ARKO Parent, consisting of a Management Services Agreement, an Omnibus Agreement, an Employee and Intercompany Matters Agreement, a Fuel Distribution Agreement, a Tax Matters Agreement, a Registration Rights Agreement and certain real estate arrangements**.** For a description of such agreements, see "Business—Agreements with ARKO Parent" and "Certain Relationships and Related Party Transactions." For more information regarding our arrangements with ARKO Parent, see the sections entitled "Risk Factors—Risks Related to the Transactions and our Governance Relationship with ARKO Parent" and "Management—Board Committees—Conflicts Committee."

ARKO Parent operates convenience stores that sell fuel products and merchandise to retail customers through more than 25 regional store brands. The vast majority of ARKO Parent-operated convenience stores sell fuel. For the year ended December 31, 2024, ARKO Parent's retail segment generated total revenues of $5.3 billion, including $1.8 billion of in-store sales and other revenues. During that same period, ARKO Parent sold 1.1 billion gallons of branded and unbranded fuel to its retail customers. For the nine-months ended September 30, 2025, ARKO Parent's retail segment generated total revenues of $3.4 billion, including $1.2 million of in-store sales and other revenues. During that same period, ARKO Parent sold 704 million gallons of branded and unbranded fuel to its retail customers. We enjoy substantial purchasing power across our entire platform as a result of supplying fuel to ARKO Parent.

In October 2020, ARKO Parent significantly expanded its wholesale business following the acquisition of the business of Empire Petroleum Partners. Subsequently, ARKO Parent established its fleet fueling business following the acquisition of the fleet fueling division of Quarles Petroleum, Incorporated in July 2022. ARKO Parent continued to grow the Wholesale and Fleet Fueling businesses through acquisitions from Transit Energy Group and WTG Fuels, respectively.

Future ARKO Retail organic growth and acquisitions benefit us by: (i) increasing our contracted gallons sold to ARKO Retail Sites and (ii) broadening the opportunity set of desirable M&A targets for us to include wholesale and fleet fueling business that are part of retail companies which may be acquired by ARKO Parent, leveraging ARKO Parent's strong history of retail growth. Aside from ARKO Retail, no single customer currently accounts for more than approximately 1.0% of gallons annually. As we grow our business going forward, we plan to diversify our customer base and decrease our concentration of fuel distributed to ARKO Retail Sites.

In the middle of 2024, ARKO Parent commenced a multi-year transformation plan that includes the conversion of a meaningful number of ARKO Retail Sites to wholesale third-party dealer sites. Our sales team successfully converted 347 ARKO Retail Sites to third-party dealer sites from the beginning of 2024 through September 30, 2025 and is focused on converting additional sites in the future. Our sales team comprises employees of ARKO Parent's wholesales business who will become our employees. As of September 30, 2025, ARKO Parent has an aggregate of approximately 185 sites committed for future conversion which are currently under letter of intent or contract or have been converted since the end of the quarter, with a further meaningful pipeline for conversion ahead. Following the completion of this offering, ARKO Parent will continue to operate a significant retail business.

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**Business**![LOGO](g928360g54w51.jpg)

*Note: Statistics are cumulative based on year end for its respective period. Gallon data is displayed in millions of gallons of fuel sold.* 

**Our Lines of Business** 

Gallons Sold and Site Count (mm)<sup>15</sup>:

![LOGO](g928360g47f31.jpg)

<sup>13</sup> Includes immaterial gallons sold by the GPMP segment to third-party dealers.

<sup>14</sup> Excludes gallons sold by our non-reportable segments.

<sup>15</sup> In July 2022, we added the Fleet Fueling segment to our business.

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**Business**![LOGO](g928360g86f33.jpg)

**Wholesale Segment** 

Our Wholesale segment supplies fuel to gas stations operated by third-party dealers, sub-wholesalers, and bulk and spot purchasers on either a cost-plus, or consignment basis, the material terms of which are described below. For cost-plus fuel supply contracts, the dealer purchases the fuel from us, and we earn a fixed mark-up above our costs. Under consignment contracts, the Company owns the fuel product until sold to the final customer. Additionally, we generally retain any applicable prompt pay discounts and rebates we receive from our fuel suppliers. Historically, the majority of the fuel supply and consignment contracts with our dealers have been renewed at the end of their terms.

• **Fuel supply contracts**. As of September 30, 2025, we had 1,757 sites under fuel supply contracts on a
cost-plus basis. Our fuel supply contracts are generally exclusive supply agreements with an initial term of 10 years. As of September 30, 2025, the volume-weighted average remaining term for our cost-plus sites was approximately 5.2 years. In
addition, we supply fuel, on a cost-plus basis, to a number of additional bulk and spot customers on a non-exclusive basis. The sales price to the dealer is determined according to the terms of the relevant
contract, which typically reflects our total fuel costs plus the cost of transportation, taxes and our fixed margin. These terms limit our exposure to commodity price volatility. Furthermore, we generally retain any prompt pay discounts and rebates
from our fuel suppliers. Our dealers are either (i) "lessee-dealers," if the dealer leases the convenience store from us or (ii) "open-dealers," if the dealer owns or leases the site from another party. Property control at
the lessee-dealer sites provides us with value and flexibility, along with highly stable income streams. Because we control the underlying property, our relationships with lessee-dealers are generally more durable. Of the lessee-dealer sites, we
lease 340 locations and own 106 locations.

• **Consignment contracts.** As of September 30, 2025, we had 296 sites under consignment contracts. Under
these arrangements, we own the fuel until the time of sale to the final customer at the dealer site, and the gross profit from the sale of fuel is allocated between us and the dealer based on the terms of the relevant contract. There are two
possible methods of allocating profit under our consignment contracts: (i) gross profit is split based on a percentage; or (ii) we pay a fixed fee per gallon to the dealer and retain the remainder of the profit. Of the sites under
consignment contracts, we lease 130 locations and own 52 locations. As of September 30, 2025, the volume-weighted average remaining term for our consignment sites was approximately 4.6 years.

Historically, the majority of growth within our Wholesale segment has been through acquisitions. We intend to continue to grow our business through strategic and accretive acquisitions of wholesale distribution businesses both within our existing area of operations and in new geographic areas. Our experienced M&A team continually evaluates attractive, synergistic opportunities. Our scale and the experience of our management team gives us the flexibility to pursue a wide range of opportunities from bolt-on acquisitions to large-scale transactions. The wholesale distribution industry is fragmented, with a

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majority of wholesale fuel distributors operating on a smaller scale. In recent years there has been substantial consolidation involving such smaller fuel distributors, which we expect will continue. We believe there is a considerable opportunity for us to be a driver of that consolidation in our industry.

In addition to growth through acquisitions and obtaining new dealers through our internal sales efforts, we expect to continue to grow through the conversion of ARKO Retail Sites under ARKO Parent's multi-year transformation plan. During the nine months ended September 30, 2025, our Wholesale segment grew by 194 sites through the conversion of ARKO Retail Sites to third-party dealer sites as part of ARKO Parent's multi-year transformation plan.

*Key Wholesale segment highlights:* 

• Historically stable fuel margins

• Wholesale customers primarily operate under long-term, exclusive contracts

• Historically stable cash flows and limited commodity price risk

• The wholesale market is fragmented, and we believe ripe with potentially accretive acquisition opportunities that
can be integrated by APC's experienced M&A team

• Benefits from our economy of scale and relationships with all the major oil companies

• Limited ongoing maintenance capital expenditures have resulted in high conversion of EBITDA<sup>16</sup> to Discretionary Cash Flow<sup>16</sup>

As of September 30, 2025, the Wholesale segment supplied fuel to 2,053 sites. For the year ended December 31, 2024, the Wholesale segment sold 949 million gallons of fuel, generating revenues of $2.8 billion, and fuel contribution of $90 million, and for the nine-month period ended September 30, 2025, the Wholesale segment sold 740 million gallons of fuel, generating revenues of $2.09 billion, and fuel contribution of $70.5 million.

**Fleet Fueling Segment** 

The Fleet Fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations) that sell fuel (primarily diesel) to commercial fleets (including light industrial trucks and commercial vehicles) and municipal entities. The Fleet Fueling segment generates additional revenue through commissions from the sale of fuel at third-party locations to customers using our proprietary fuel cards, which are accepted at a nationwide network of more than 320,000 retail and private fueling sites, truck stops, maintenance providers and service locations.

We believe we are a leading national cardlock operator, and we have a strong presence in the East Coast, West Texas and New Mexico. Our cardlock sites are strategically located in high-traffic corridors and service a diverse base of commercial customers across multiple industries.

*Key Fleet Fueling segment highlights:* 

• As of September 30, 2025, diesel fuel accounted for approximately 80% of our fleet fuel sales, which
historically has generated more attractive margins relative to gasoline

• On-site labor is unnecessary to run cardlocks, creating attractive site
level economics

<sup>16</sup> EBITDA and Discretionary Cash Flow are non-GAAP measures. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

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• Sites present efficient site design, optimal location selection with a built-in customer base due to a high concentration of commercial businesses

• New cardlock locations can offer high return, capital-efficient organic growth

• Third-party cardlocks generate revenue, and we expect that there is room to grow the number of third-party
cardlocks we supply through territorial expansion and moderate pricing power

• The fleet fueling market is fragmented and we believe ripe with potentially accretive acquisition opportunities
that can be integrated by APC's experienced M&A team

As of September 30, 2025, the Fleet Fueling segment operated a total of 288 sites. For the year ended December 31, 2024, the Fleet Fueling segment sold 149 million gallons of fuel, generating revenues of $525 million, and fuel contribution of $64 million and for the nine-month period ended September 30, 2025, the Fleet Fueling segment sold 108 million gallons of fuel, generating revenues of $366 million, and fuel contribution of $49.8 million.

**GPMP segment** 

Our GPMP segment includes the supply of fuel to substantially all of the ARKO Retail Sites at our cost of fuel (including taxes and transportation) plus a fixed margin (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter), with ARKO Parent receiving any prompt pay discounts and rebates. The sales to ARKO Retail Sites, similar to our Wholesale cost-plus arrangements, limit our exposure to commodity price volatility. In addition, the GPMP segment charges a fixed fee (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) to certain of the ARKO Retail Sites that are not supplied by us. Our GPMP segment also includes inter-segment transactions for the sale of fuel to substantially all of our Wholesale locations at our cost of fuel (including taxes and transportation) plus a fixed margin (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) and charges a fixed fee (5.0 cents per gallon prior to January 1, 2026 and 6.0 cents per gallon thereafter) primarily to fleet fueling locations that are not supplied by the GPMP segment. All inter-segment transactions are eliminated in the combined financials statements included in this prospectus.

As of September 30, 2025, the GPMP segment supplied fuel to 1,158 ARKO Retail Sites. For the year ended December 31, 2024, the GPMP segment sold 1,023 million gallons of fuel to ARKO Retail Sites, generating from ARKO Retail Sites revenues of $3.0 billion and fuel contribution of $51 million. For the nine-month period ended September 30, 2025, the GPMP segment sold 661 million gallons of fuel to ARKO Retail Sites, generating from ARKO Retail Sites revenues of $1.79 billion and fuel contribution of $33 million.

**Our Business Strategies** 

Our primary business objective is to maintain and sustainably grow cash flows and to make increasing cash distributions to our stockholders over time by increasing gallons sold. We intend to accomplish these objectives by executing the following strategies:

• **Focus on Stable, Fee-based Activities that Provide Long-term Value for our Stockholders by:** 

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintaining cash flow stability*** . We are committed to maintaining cash flow stability by continuing
to enter into cost plus, long-term supply contracts, which generally minimize commodity price risk due to our predominantly cost-plus model.

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&nbsp;&nbsp;&nbsp;&nbsp;•  ***Continuing to leverage our relationships with fuel suppliers*** . We intend to continue to leverage our
strong relationships with major fuel suppliers to provide attractive fuel pricing to our customers, acquire additional wholesale distribution contracts with additional rebates.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Sustainably growing cash available for dividends to stockholders over time*** . Our primary goal is to
maximize investor returns through cash distributions by continuing to grow fuel distribution volumes and maintaining a conservatively capitalized balance sheet with ample financial flexibility.

• **Leverage Our Relationship with ARKO Parent to Maintain and Grow Stable Cash Flows by:** 

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increasing our fuel distribution volumes by growing volumes of fuel sold at both existing and new-to-industry ARKO Retail Sites*** . ARKO Parent is a committed customer and has agreed to continue purchasing fuel from us as part of its ongoing supply needs through
long-term contractual arrangements with us. ARKO Parent has recently begun investing its capital toward strategic sub- segments of its retail stores and new-to-industry sites, with a goal of increasing traffic and fuel gallons sold.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increasing our fuel distribution volumes through supplying fuel to new sites acquired by ARKO Parent*** . ARKO Parent has a proven track record of acquiring and integrating sizeable packages of convenience stores, and we anticipate future ARKO Parent acquisitions will provide APC with an opportunity to capitalize on additional fuel
volumes sold through new ARKO Retail sites.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Pursuing strategic acquisition opportunities with ARKO Parent*** . Given the ownership fragmentation
across the fuel distribution and retail convenience store industries, we believe that there is considerable opportunity for us to capitalize on industry consolidation. We intend to capitalize on the relationship between our business and ARKO
Parent's complementary retail business by jointly pursuing acquisition opportunities. Acquisitions exclusive to ARKO Retail will still offer the opportunity for us to concurrently grow through the purchase of fuel distribution rights.

• **Expand Our Third-Party Wholesale Distribution and Fleet Fueling Businesses by:** 

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increasing our wholesale dealer network through recruitment of new dealers*** . We plan to continue to
organically grow our Wholesale business by increasing the number of dealer locations. We benefit from a large-scale sales force of approximately 50 dedicated representatives actively pursuing new contracts and customers as ordinary course of
business expansion. We also offer the option for our dealers to participate in our PVP, which allows our dealers to receive the benefit of more competitive group pricing from non-fuel vendors while also
providing us rebates on purchases from selected vendors and making such dealer relationships stickier.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Growing our Fleet Fueling business by increasing fuel volumes with existing commercial accounts and municipalities and growing our network of accounts*** . We plan to grow our high-margin Fleet Fueling segment through investing in targeted equipment upgrades and branding enhancements to drive volume growth at existing sites. Additionally, our in-house sales team will be focused on organically growing existing and new accounts at our existing cardlocks.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Expand our Fleet Fueling footprint by building new locations*** . We intend to leverage our experienced
management team to identify attractive geographic markets for new-to-industry site development in both existing and new markets.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Executing attractive and accretive acquisitions and optimizing assets through effective integration*** . We have a strong track record of successfully acquiring and integrating smaller distributors and fleet fueling businesses that have expanded our market presence, operational scale and increased fuel volumes with fuel suppliers,
with minimal additional back-office costs. Our experienced M&A team

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is continually evaluating opportunities, leveraging a breadth of industry relationships, our strong reputation, and a long track record of success in both wholesale and fleet fueling M&A. Our scale and the experience of our management team gives us the flexibility to pursue a wide range of acquisition opportunities from small bolt-on acquisitions to large-scale transactions. We believe acquiring incremental dealer and cardlock locations may enhance our scale benefits by lowering fuel purchasing costs and creating a business with an attractive margin profile.

• **Maintain a Conservative Capital Structure with Enhanced Financial Flexibility by:** 

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Pursuing a conservatively capitalized balance sheet with disciplined financial policy*** . We plan to
maintain a conservative balance sheet that provides ample liquidity and financial flexibility. Based on our revolving borrowing capacity under our Capital One Line of Credit (as defined below) and cash on hand, we had liquidity of $444 million
as of December 31, 2024, consisting of approximately $25 million of cash and cash equivalents as of December 31, 2024, and approximately $418.7 million of availability under our Capital One Line of Credit. As of
September 30, 2025, we had indebtedness of $389 million and $33 million cash on hand, resulting in total debt, net to net income for the last twelve months of 12.1x and a Ratio of Net Debt to Adjusted EBITDA<sup>17</sup> for the last twelve months of 3.4x. We are targeting what we believe to be a peer leading Ratio of Net Debt to Adjusted EBITDA of less than 2.5x immediately after giving effect to this offering and
the application of the proceeds from this offering as described in "Use of Proceeds." Based on our revolving borrowing capacity under our Capital One Line of Credit and cash on hand, we had liquidity of $451.7 million as of
September 30, 2025, consisting of approximately $33.0 million of cash and cash equivalents and $418.7 million of unused availability under our $800 million Capital One Line of Credit.

**Our Competitive Strengths** 

We believe that the following strengths will allow us to successfully execute our business strategies:

• **Experienced management team with an extensive track record of growth**. We believe our management
team's significant industry experience is a differentiated competitive advantage. The members of our management team have over 100 years of combined experience in the convenience store and fuel distribution industry.

• **Relationship with ARKO Parent**. One of our key strengths is our relationship with ARKO Parent, which
provides us with valuable scale advantages, growth opportunities, and a growing customer network, including 2.39 million enrolled members in its fas REWARDS<sup>®</sup> loyalty program, which is
available in all ARKO Retail Sites and offers members in store exclusive promotional pricing, in-app member only deals and the ability to earn points that can be redeemed for either fuel or merchandise savings. We believe that ARKO Parent will be
incentivized to grow our business because of its significant economic interest in us as our majority stockholder. Moreover, we believe that the relationship between our wholesale business and ARKO Parent's complementary retail business fosters
a mutually beneficial commercial relationship that allows us and ARKO Parent to benefit from our combined economies of scale and purchasing power.

• **Significantly scaled operations**. We are one of the largest wholesale fuel distributors in the U.S. and
believe we are uniquely positioned to gain market share in a highly fragmented market. We are also able to leverage our scale to enhance efficiencies, including capturing competitive pricing terms and offering multiple fuel branding options for our
customers through our strong relationships with our major fuel supply partners such as: BP, ExxonMobil, Marathon, Motiva, Shell, and Valero.

<sup>17</sup> Net Debt, Adjusted EBITDA and Ratio of Net Debt to Adjusted EBITDA are non-GAAP measures. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

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We believe that the variety of branded and unbranded motor fuel that we distribute is a key competitive advantage over many other wholesale fuel distributors. As an independent wholesale distributor with strong relationships with a diverse group of major oil companies, we are able to tailor our distribution of specific brands to dealers in geographic regions with demonstrated brand preferences.

• **Ability to source, integrate and optimize acquisitions**. Our strong industry relationships and ability to
source and execute accretive acquisitions have allowed us to identify and negotiate transactions on attractive terms, which we expect to continue. Furthermore, we have successfully extracted synergies after integration by reducing overhead costs and
leveraging our economies of scale.

• **Conservatively capitalized balance sheet and strong liquidity profile**. We have a strong and conservative
financial position that allows us to effectively allocate capital, organically grow our volume of fuel distributed, and pursue opportunistic and accretive acquisitions to support our primary objective of providing long-term value to our stockholders
via the maximization of cash distributions.

**Summary of Conflicts of Interest with ARKO Parent** 

While our relationship with ARKO Parent is a significant strength, it is also a source of potential conflicts. Potential conflicts may arise between ARKO Retail and us in a number of areas relating to our strategic relationship, including but not limited to the nature, quality, and pricing of services ARKO Parent has agreed to provide us, and any new commercial arrangements between ARKO Parent and us in the future. The resolution of any potential conflicts or disputes between ARKO Parent and us may be less favorable to us than the resolution we might achieve if we were dealing with an unaffiliated third party. We expect to address any such conflicts by requiring specific matters that our Board of Directors believes may involve conflicts of interest to be reviewed and approved by our independent Conflicts Committee. Additionally, we expect a majority of our directors will also be directors of ARKO Parent. For a more detailed description of such conflicts of interest and the related risks, see "Risk Factors—Risks Related to the Transactions and our Governance Relationship with ARKO Parent" and "Certain Relationships and Related Party Transactions."

**The Transactions** 

Prior to this offering, ARKO Parent will transfer certain real estate and equipment assets to the Contributed Businesses. In connection with the closing of this offering, we and ARKO Parent will complete a series of transactions whereby ARKO Parent will (i) transfer certain additional real estate and equipment assets to the Contributed Businesses, along with assigning, leasing or subleasing the leasehold interest in certain properties, (ii) contribute all of the issued and outstanding equity interests in the Contributed Businesses to us such that the Contributed Businesses will be our wholly owned subsidiaries, (iii) enter into, or amend, various agreements with us, including agreements pursuant to which our GPMP segment will be the exclusive supplier of motor fuel to ARKO Retail Sites, see "Business," (iv) amend and restate our certificate of incorporation to, among other things, provide for Class A common stock and Class B common stock, with the holders of our Class A common stock entitled to one vote per share and the holders of our Class B common stock entitled to votes per share, in each case on all matters submitted to a vote of our stockholders, and provide that shares of Class B common stock may only be owned by ARKO Parent and its affiliates (other than us), and (v) we will issue a wholly owned subsidiary of ARKO Parent shares of Class B common stock, representing % of the economic interests in us and % of the combined voting power of our Class A common stock and Class B common stock (or % of the economic interests in us if the underwriters exercise their over-allotment option to purchase additional shares of Class A common stock in full). Additionally, in

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connection with such transactions, certain of the ARKO Parent subsidiaries contributed to us will transfer to ARKO Parent certain real estate assets not related to the ongoing operations of the Contributed Businesses and we will enter into certain subleases, as the sublessee, and master leases, as cotenant or a sublessee, with ARKO Parent for the sites on which we operate.

We collectively refer to the foregoing transactions, this offering, as the "Transactions."

Immediately following the completion of the Transactions, ARKO Petroleum Corp. will be a holding company and its principal assets will be ARKO Parent's Wholesale and Fleet Fueling businesses and the supply of fuel to ARKO Retail Sites.

**Our Industry** 

The U.S. fuel distribution industry is an advantaged industry for multiple reasons, including the resiliency of fossil fuel demand across economic cycles, the insulation from commodity fluctuations via an ability to pass cost increases through to consumers, the varied and diverse customer use cases, the contractual nature of customer contracts and the high-level of fragmentation in the industry. Our position in the industry is bolstered by our relationship with ARKO Parent, as well as our substantial scale and number of customers.

The wholesale motor fuel industry consists of sales of branded and unbranded gasoline and on-highway diesel to retail gas station operators and other wholesale distributors. We play an important role in the energy value chain as we provide smaller fueling station operators with access to fuel products from major oil companies and independent refining companies. In many cases, these operators gain access to major oil company branded fuel and associated imaging programs (branded fuel canopies, fueling equipment and loyalty programs), which enable them to compete more effectively with larger chains. As an alternative, independent station operators may choose to create their own fuel brand offering, in which case we are likely able to supply them with fuel products at lower prices than they would otherwise be able to obtain on their own.

In general, the price of motor fuels is influenced by crude oil prices, refining and transportation costs, and other factors, such as certain regulations and taxes, which vary from state to state. Wholesale distributors purchase branded and unbranded motor fuels from integrated oil companies and refiners and take delivery of the purchased motor fuel at a distribution terminal. The price at which a wholesale distributor generally purchases motor fuel is referred to as the "rack" price, which includes the seller's profit on the motor fuel. While certain geopolitical events, inclement weather and other factors can quickly disrupt the supply and price of crude oil or refined petroleum products, the impact on wholesale motor fuel prices may be delayed by several days or weeks. We sell motor fuels to our customers at prices that represent our cost of motor fuels plus a profit margin, helping to insulate us from commodity price risk per gallon.

The U.S. wholesale motor fuel distribution industry is intensely competitive. We compete with other fuel resellers and oil companies that market fuel directly to petroleum distributors and retailers. In the Fleet Fueling segment, we also compete against onsite delivered fuel companies; however, we believe that our large cardlock network and fleet fueling cards provide a competitive advantage. We compete, among other things, on the basis of price, service, and reliability. Today, our standing as a top ten independent fuel distributor by volume in the U.S. enables us to obtain attractive pricing and terms from fuel suppliers and thereby confers a pricing advantage as compared to smaller competitors. In addition, our scale, sophistication, access to numerous suppliers and supply points, as well as our robust energy logistics infrastructure ensure that we have competitive access to supply in periods of disruption, enhancing our ability to serve as a reliable supply partner to our customers.

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The U.S. fuel distribution industry is highly fragmented, characterized by a large number of relatively small, independently owned and operated local distributors, which provides us with potentially attractive acquisition opportunities as well as a competitive advantage due to our scale. According to First Research, there are approximately 6,700 domestic wholesale fuel distributors, reflecting the fragmented nature of our industry. Additionally, the largest distributor has only an 8% market share. As a historically active acquiror of retail and wholesale fuel distributors, our M&A sourcing and integration capabilities serve as a point of strength as we observe an industry will have ample, highly strategic acquisition targets.

U.S. consumption of gasoline and distillate fuels has shown long term stability. In 2024, 194.8 billion gallons of gasoline and diesel fuel were supplied in the U.S. Excluding COVID-19 effects in 2020, volumes have remained between 8.7 to 9.3 million barrels per day of gasoline<sup>18</sup> and 3.7 to 4.2 million barrels per day of distillate fuels<sup>19</sup> since 2010, according to EIA. Moreover, the 2024 aggregate consumption returned to 94.4% of its pre-COVID peak in 2018, despite lingering work-from-home trends, improving vehicle fuel efficiency, and growing EV sales. Internal combustion engines continue to comprise the vast majority of vehicles on the road and new vehicles sold, with EVs projected to hold just a 26% share of vehicles on the road by 2035.<sup>20</sup> Fueling stations have demonstrated the adaptability to evolve with consumer preferences and serve both traditional combustion engines and other types, including EVs as well as hybrids. Within this changing landscape, there is significant whitespace for growth, particularly for companies with an established market presence, proven adaptability to market demands, and operational scale.

***Change in Vehicle Miles Traveled (VMT) vs. Gasoline Demand YoY***

![LOGO](g928360g81g47.jpg)

Source: FRED & EIA.

Total U.S. product supplied of finished motor gasoline has remained stable for years. Additionally, annual vehicle miles traveled in the U.S. has experienced steady growth, reflecting continued reliance on

<sup>18</sup> EIA. U.S. Product Supplied of Finished Motor Gasoline (Thousand Barrels per Day). Sourcekey: MGFEXUS2

<sup>19</sup> EIA. U.S. Product Supplied of Distillate Fuel Oil (Thousand Barrels per Day). Sourcekey: MDIUPUS2

<sup>20</sup> Edison Electric Institute. *Electric Vehicle Sales and the Charging Infrastructure Required Through 2035* Report. October 2, 2024.

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personal and commercial transportation. Motor gasoline is expected to remain a critical source over the next 20+ years, bolstered by recent shifts in the automotive landscape. Major manufacturers are scaling back previously announced electric vehicle initiatives as internal combustion engine vehicles are recapturing favor among consumers. Meanwhile, the total U.S. car parc has increased by over 70 million since 2000. Within this landscape, there is significant whitespace for growth, particularly for companies with strong market positioning and operational scale, further supporting sustained fuel demand. We are well-positioned within this environment with exposure to key growth markets across the country.

***Gasoline and Diesel Supply (Millions of Gallons/Day)***

![LOGO](g928360g32x32.jpg)

Source: EIA.

As shown in the map below, the United States is divided into five PADDs. APC's suppliers and customers are mostly located in PADD 1 (East Coast), 2 (Midwest), and 3 (Gulf Coast). PADD 1 consists of 7 operating refineries that can handle 0.9MMbpd of crude oil and represent 35% of total U.S. gasoline consumption. PADD 2 consists of 25 operating refineries that can handle 4.2MMbpd of crude oil and represent 29% of total U.S. gasoline consumption. PADD 3 consists of 59 operating refineries that can handle 10.1MMbpd of crude oil and represent 16% of total U.S. gasoline consumption. According to the EIA, the U.S. consumes 20.3 million barrels of refined petroleum products per day, with 8.9 million being gasoline.

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***APC Footprint by PADD***

![LOGO](g928360g65n14.jpg)

Source: Company Data as of 9/30/2025.

**Agreements with ARKO Parent** 

***Management Services Agreement***

We will depend on corporate and administrative services provided by ARKO Parent and its employees, under a Management Services Agreement to be entered into immediately prior to the completion of this offering (the "Management Services Agreement"). Under the Management Services Agreement, ARKO Parent will continue to perform or arrange for a broad range of services for our benefit, including support in the areas of operations, human resources, payroll and benefits administration, finance and accounting, financial and public company reporting, information technology, legal, real estate management, executive services and general administrative services, subject to certain conditions set forth therein.

The Management Services Agreement is designed to ensure continuity of operations and provide us with access to centralized resources that ARKO Parent has historically managed on behalf of our business prior to the consummation of the Transactions. The scope of services may be modified from time to time by mutual agreement of the parties, and the related fees are generally based on cost allocations, usage or other metrics, plus reimbursement of direct expenses. Any material amendment or modification to, or waiver under the Management Services Agreement shall be subject to the review and approval by our Conflicts Committee, which will consist of at least two directors who are independent under the Nasdaq corporate governance standards and do not also serve on the ARKO Parent Board of Directors.

The Management Services Agreement shall remain in effect until terminated by mutual consent of the parties, upon a change of control of us, upon failure to pay undisputed fees or a material breach, subject to cure periods, or if a service provided by ARKO Parent is no longer required by us.

For more information, see "Certain Relationships and Related Party Transactions—Management Services Agreement."

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***Omnibus Agreement***

Immediately prior to the completion of this offering, we will enter into an Amended and Restated Omnibus Agreement (the "Omnibus Agreement") with ARKO Parent, providing that, until the expiration or earlier termination of the Fuel Distribution Agreement, our subsidiaries will be the exclusive distributors of motor fuel volumes required by ARKO Parent and its affiliates, subject to limited exceptions as described in the Fuel Distribution Agreement below. We believe this will ensure a long-term, exclusive fuel supply relationship for our operations.

The Omnibus Agreement also governs acquisition and other accretive opportunities and how they will be allocated among the parties. If opportunities arise for either us or ARKO Parent to acquire convenience stores, wholesale motor fuel distribution contracts, dealer or consignment locations, fleet fueling locations, or related fuel distribution assets, ARKO Parent will be offered the opportunity to acquire the convenience store businesses, while we will be offered the opportunity to acquire wholesale, fleet fueling and supply-related businesses, at a purchase price that the parties negotiate in good faith.

The Omnibus Agreement may be terminated by either party if the other commits a material default that is not cured within 30 days of written notice.

For more information, see "Certain Relationships and Related Party Transactions—Omnibus Agreement."

***Employee and Intercompany Matters Agreement***

Immediately prior to the completion of this offering, we will enter into an Employee and Intercompany Matters Agreement (the "Employee and Intercompany Matters Agreement") with ARKO Parent and its subsidiaries, which will govern the allocation of employee benefit and compensation plans, and certain shared obligations between us and our affiliates following this offering.

The Employee and Intercompany Matters Agreement provides for ARKO Parent's continued participation of our employees in 401(k), non-qualified deferred compensation plan, health and welfare and other benefit plans until such time as we may establish such plans, provided that any such plan we establish shall assume the liabilities with respect to our eligible employees under the analogous ARKO Parent plan and we shall provide such employees with the same benefits as provided by, or accrued under, such ARKO Parent plan. Outstanding and future equity awards to our employees under ARKO Parent's equity incentive plans will continue to vest, if at all, pursuant to their terms, until such time as our and ARKO Parent's boards of directors and related compensation committees agree that such awards shall be converted to awards under our equity incentive plans. The Employee and Intercompany Matters Agreement also provides for the assumption of liabilities relating to our employees and former employees, and the allocation of costs associated with payroll taxes, workers' compensation and employee programs.

For so long as ARKO Parent or its affiliates own more than 50% of our outstanding equity, the Employee and Intercompany Matters Agreement provides we shall continue to be covered by ARKO Parent insurance policies, except with respect to our directors and officers insurance, and we may seek recoveries thereunder, provided that we do not prejudice or limit ARKO Parent's recovery under such policies for its own claims. To the extent (i) any self-insured retention or deductible must be shared because a claim relates to both the ARKO Parent and us or (ii) the applicable policy maximum is reached in any policy year, our Conflicts Committee and ARKO Parent shall negotiate in good faith to determine

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a fair and equitable allocation. The Employee and Intercompany Matters Agreement also governs the allocation of indemnity obligations with respect to officers and directors of both entities, confidentiality and legal privilege matters, cooperation in litigation, and covenants with respect to compliance with the terms of the Senior Notes Indenture, including our obligation not to utilize any of the "baskets" therein without ARKO Parent's consent, ARKO Parent's agreement to indemnify us from any and all payment obligations arising thereunder and reimburse us for any amounts which we remit to the trustee thereunder.

In addition, the Employee and Intercompany Matters Agreement grants us and our subsidiaries a non-transferable, non-exclusive, royalty-free license to use the "GPM" name and related marks. Ownership of the name and marks remains with GPM, and our use must comply with GPM's quality standards. This license terminates upon the termination of the Employee and Intercompany Matters Agreement.

The Employee and Intercompany Matters Agreement may be terminated only by mutual consent of all parties, except that upon a change of control of us or GPM, one party may terminate the agreement upon no fewer than 60 days' prior written notice to the other party.

For more information, see "Certain Relationships and Related Party Transactions—Employee and Intercompany Matters Agreement."

***Fuel Distribution Agreement***

Immediately prior to the completion of this offering, we will enter into a Third Amended, Restated and Consolidated Fuel Distribution Agreement (the "Fuel Distribution Agreement") with ARKO Parent and certain of its subsidiaries. The Fuel Distribution Agreement will regulate the terms and conditions regarding the purchase, sale and exclusive distribution of branded and unbranded gasoline (all grades), diesel fuel, ethanol, biodiesel and kerosene (the "Products") for the convenience stores and gasoline facilities operated by ARKO Parent and its applicable subsidiaries (the "Stations").

The Fuel Distribution Agreement requires ARKO Parent to exclusively source from us all of its fuel requirements for the Stations, subject to certain limited exceptions, such as pre-existing supply contracts, governmental allocation restrictions, or circumstances outside of ARKO Parent's control. The Fuel Distribution Agreement establishes pricing based on the applicable rack price plus a fixed adder, together with applicable taxes, fees and surcharges. Under the Fuel Distribution Agreement, we agreed to be the exclusive supplier of Products for the Stations for a period of ten years, subject to earlier termination under certain circumstances, including termination for convenience, subject to ARKO Parent paying liquidated damages.

Additionally, the Fuel Distribution Agreement also governs the circumstances under which stations may be removed from our exclusive supplier arrangement, such as station closures, lease expirations or sales to non-affiliates, subject to certain conditions as set forth in the Fuel Distribution Agreement, and the conditions under which we or ARKO Parent may replace branded fuel products, at the cost of the initiating party. In addition, the Fuel Distribution Agreement requires ARKO Parent to market and sell branded fuel sold by us in accordance with certain brand standards and governs the non-exclusive license granted by us, with consent of the branded fuel suppliers, to ARKO Parent.

For more information, see "Certain Relationships and Related Party Transactions—Fuel Distribution Agreement."

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***Tax Matters Agreement***

Immediately prior to the completion of this offering, we and ARKO Parent will enter into a Tax Matters Agreement (the "Tax Matters Agreement") that will govern our and ARKO Parent's respective rights, responsibilities and obligations with respect to certain tax matters, including tax liabilities (including responsibility and potential indemnification obligations for taxes attributable to our business and taxes arising, under certain circumstances, in connection with the Transactions and the transfer of shares of our common stock by means of a pro rata distribution by ARKO Parent to its stockholders, if pursued), tax attributes, tax contests and tax returns (including our inclusion in the U.S. federal consolidated group tax return, and certain other combined or similar group tax returns, with ARKO Parent during such time as the minimum ownership requirements are met, and our continuing joint and several liability with ARKO Parent for such tax returns).

For more information, see "Certain Relationships and Related Party Transactions—Tax Matters Agreement."

***Registration Rights Agreement***

On the date this offering is completed, we will enter into a registration rights agreement with ARKO Parent pursuant to which, among other things, we will grant ARKO Parent and its affiliates certain registration rights with respect to our Class A common stock issuable upon conversion of the Class B common stock owned by ARKO Parent and its affiliates.

For more information, see "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

**Real Estate** 

We control a long-term real estate portfolio composed of 189 owned locations and 624 leased locations as of September 30, 2025. Of the owned portfolio, 158 were dealer sites and 31 were cardlock locations. Of the leased properties, 470 were dealer sites and 154 were cardlock locations. APC's weighted-average remaining lease length as of September 30, 2025 was 15.0 years.

***Real Estate Arrangements with ARKO Parent***

In connection with this offering, there are various agreements amongst us, ARKO Parent and its related entities, pursuant to which we lease certain of our sites from third parties, sublease from ARKO Parent, or act as cotenant with ARKO Parent under master leases. An assignment, assumption, master sublease and bill of sale agreement assigns current subleases with operations from GPM (ARKO Parent) entities to GPME, contains a bill of sale for the equipment moved from the GPM entities to GPME, and subleases properties from GPM parties to GPME for sites already dealerized. There are also lease agreements related to GPM RE-owned real property, wherein we lease the real property to GPM (for certain current ARKO Retail Sites). Lastly, there will be sublease agreements for single site deals between various GPM entities as sublessor and GPME as sublessee relating to leased sites will be dealerized in the future. See "Certain Relationships and Related Party Transactions—Real Estate Arrangements with ARKO Parent."

**Competition** 

The wholesale business is competitive. In the wholesale segment, we supply fuel to third-parties both at sites owned or leased by dealers, and bulk and spot purchasers. For sites that we do not own or lease, in the renewal of contracts, we compete with refiners that distribute their own products, as well as other independent third-party motor fuel distributors.

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In order to mitigate this competition, we typically offer our third party dealers competitive pricing within the framework of our existing fuel supply agreements, such as those we have with BP, ExxonMobil, Marathon, Motiva, Shell and Valero, with the advantage that we distribute fuel sourced from a number of major oil company suppliers which allows us to approach a wide variety of branded and unbranded dealers in order to offer a variety of alternative supply arrangements. Wholesale fuel distributors typically compete by offering lesser collateral requirements and larger incentives and/or rebates to enter into contracts. We believe we have competitive arrangements with respect to fuel equipment, which provides an advantage when negotiating contracts with equipment suppliers by allowing us to be more competitive on upfront investments at sites.

Cardlocks compete against retail gas stations, especially those with a significant number of high-flow diesel pumps, however, we believe that our cardlock footprint allows for easier access and more efficient fueling for commercial vehicles than traditional retail fueling locations. Site growth in the fleet fueling segment is driven by commercial customers outsourcing the provision of on-site fleet fueling. The primary competitors for third-party sites are companies that provide delivered fuels, with national, regional and local companies offering this service. We believe that we are well positioned in the industry because we combine the ability to utilize our proprietary cardlock sites with our fleet card product sales.

We believe that the primary barriers to entering our industry are the significant financial strength required to enter into agreements with suppliers of fuel products and competition from other fuel companies and retail chains.

**Environmental and Other Government Regulations** 

Our operations are subject to numerous legal and regulatory restrictions and requirements at the federal, state and local levels. With regard to fuel, these restrictions and requirements relate primarily to the transportation, storage, and sale of petroleum products, including stringent environmental protection requirements. In our wholesale segment, we are also subject to the Petroleum Marketing Practices Act, which is a federal law that applies to the relationships between fuel suppliers and wholesale distributors, as well as between wholesale distributors and dealers, regarding the marketing of branded fuel.

With respect to data collected by us or on our behalf, including credit card information and data related to customers, we are subject to federal, state and local requirements related to the possession, use and disclosure of personally identifiable information, including mandated procedures to be followed in the event a data breach were to occur.

We hold various federal, state, and local licenses and permits, some of which are perpetual, but most of which must be renewed annually. These include general business licenses and licenses and permits that are required in connection with the sale of fuel.

Our operations are subject to federal and state laws governing such matters as minimum wage, overtime, rest breaks, working conditions and employment eligibility requirements. New and proposed regulations at local, state and federal levels have affected minimum wage rates, paid time-off and paid sick leave.

With respect to environmental, health and safety regulations, we are subject to a comprehensive framework of local, state and federal laws and regulations governing our properties and operations, including, but not limited to, the transportation, storage and sale of fuel. These regulations significantly impact our operations and necessitate strict adherence to the requirements set forth by the U.S. Environmental Protection Agency ("EPA") and other federal and state agencies. Any failure to comply

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with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, imposition of remedial obligations, and the issuance of injunctions delaying or prohibiting operations. In addition, the long-term trend in environmental regulation is to place more restrictions on activities that may affect the environment, and thus, any changes in, or more stringent enforcement of, these laws and regulations that result in more stringent and costly pollution control equipment, or delays in the permitting or performance of projects, or additional or more stringent waste handling, storage, transport, disposal or remediation requirements could have a material adverse effect on our operations and financial position. Key applicable federal statutes include the Comprehensive Environmental Response, Compensation, and Liability Act; the Resource Conservation and Recovery Act; the Clean Air Act; the Occupational Safety and Health Act; the Hazardous Materials Transportation Act; the Energy Policy and Conservation Act; and analogous local and state laws and regulations. Compliance with these laws is essential to our commitment to environmental stewardship and operational integrity.

The EPA and several states also regulate the ownership and operation of underground fuel storage tanks ("USTs"), the release of hazardous substances into the air, water and land; the storage, handling disposal and transportation of hazardous materials; restrictions on exposure to hazardous substances and maintaining safety and health of employees who handle or are exposed to such substances. These regulations require UST owners to demonstrate that they have the financial capacity to pay for environmental cleanup associating with USTs. Several states in which we conduct business have state-sponsored trust fund programs that allow for the sharing and reimbursement of the costs of corrective measures incurred by UST owners. In addition, we are subject to regulations regarding fuel quality and air emissions.

We cannot be assured that future events, such as changes in existing laws or enforcement policies, the promulgation of new laws or regulations or the development or discovery of new facts or conditions adverse to our operations will not cause us to incur significant costs. While we focus on our compliance with current environmental, health and safety regulations, we acknowledge the potential for policy shifts that could impact our operations. For example, on January 20, 2025, the current U.S. administration issued a series of executive orders and memoranda signaling a shift in environmental and energy policy in the United States, including the revocation of approximately 80 former administration executive orders related to public health, the environment, climate change and climate-related financial risks. The current administration also declared a "national energy emergency," directing agencies to expedite conventional energy projects, and several agencies have undertaken actions of a deregulatory nature in accordance with the executive orders, memoranda and emergency declaration. While the extent of the current U.S. administration's changes to the environmental regulatory landscape is unknown at this time, it is possible that additional changes in the future could impact our results of operation and those of our suppliers and customers.

We are committed to compliance with all applicable environmental laws and regulations. Nevertheless, we have ongoing remediation obligations at certain of our facilities to address contamination and spills, both historical and more recent, and we expect that we could be required to remediate additional sites in the future due to the risks inherent to our business. We allocate a portion of our capital expenditure program to compliance with environmental laws and regulations and environmental remediation. We do not expect such capital expenditures to be material for the year ending December 31, 2025. ARKO Parent's environmental department maintains direct interaction with federal, state and local environmental agencies across all jurisdictions in which we operate so that we remain informed of regulatory developments and to promote compliance with evolving environmental standards. As part of our environmental risk management process, ARKO Parent engages qualified environmental consultants and service providers. These experts assist in analyzing our exposure to environmental risks, developing

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remediation plans and implementing corrective actions as necessary. We believe this collaborative approach effectively manages potential environmental liabilities while upholding our commitment to sustainability.

**Legal Proceedings** 

We are not currently a party to any material legal proceedings other than legal proceedings arising in the ordinary course of our business. In the future, we may be party to other various legal proceedings, including administrative and regulatory proceedings, arising in the ordinary course of our business. Although it is not possible to predict the substance or outcome of any of such proceedings, we do not have reason to believe such matters, individually and in the aggregate, will have a material adverse effect on our business, financial condition or results of operations.

**Human Capital Resources** 

Following the completion of this offering, full-time ARKO Parent employees who currently provide services to us will become our employees in connection with the Transactions. Our employees shall be entitled to participate in ARKO Parent's benefits plan and professional development programs until such time as we adopt such plans or develop such programs as contemplated by the Employee and Intercompany Matters Agreement. We expect that all of our executive management personnel will be employees of ARKO Parent or one of its subsidiaries, devoting a portion of their time to our business and affairs pursuant to the terms of the Management Services Agreement. For a discussion of the services individuals from ARKO Parent will provide us following the completion of this offering, including our executive management team, see "Management," "Compensation Discussion & Analysis" and "Certain Relationships and Related Party Transactions—Management Services Agreement."

**Intellectual Property** 

We rely on trademarks that we own and trademarks we license from third-parties to protect our brands and identify the source of our goods and services. We have registered or applied to register many of our trademarks with the United States Patent and Trademark Office. We license various marks in relation to the branded fuels that we supply, including "BP," "Exxon," "Marathon," "Shell," and "Valero."

We rely on other forms of intellectual property to help establish and maintain our competitive advantage, including proprietary software, trade secrets and other proprietary and confidential information. We also rely on our own proprietary and confidential information, including trade secrets and a limited amount of proprietary software, to conduct our business and preserve our position in the market. As a key part of our broader risk management strategy, we use access controls and contractual restrictions in an effort to prevent unauthorized use or disclosure of our proprietary or confidential information.

**Suppliers** 

We purchase motor fuel primarily from large, integrated oil companies and independent refiners under supply agreements. As of September 30, 2025, 1,876 dealer locations and 958 ARKO Retail Sites sold branded fuel. We sell branded fuel under brand names including, among others, BP<sup>®</sup>, Exxon<sup>®</sup>, Marathon<sup>®</sup>, Shell<sup>®</sup> and Valero<sup>®</sup> brand names. In addition, as of September 30, 2025, we purchase unbranded fuel to supply 177 dealer locations, 200 ARKO Retail Sites and 288 cardlock locations. We believe that offering branded fuel enables us to maintain a secure fuel supply.

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Management

**Executive Officers, Directors and Director Nominees** 

The following table sets forth certain information as of the date of this prospectus concerning the individuals who are expected to serve as our executive officers and directors upon the completion of this offering.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
|  **Executive Officers:** |  |  |
|  Arie Kotler | 51 | President and Chief Executive Officer and currently our sole director |
|  Jordan Mann | 45 | Chief Financial Officer |
|  Maury Bricks | 50 | General Counsel and Secretary |
|  **Non-Employee Directors:** |  |  |
|  Carlos Maurer | 57 | Director Nominee |
|  Kirk T. Rogers | 63 | Director Nominee |

---

**Executive Officers** 

***Arie Kotler***, our President and Chief Executive Officer and currently our sole director since inception, has served as the Chairman and Chief Executive Officer of ARKO Parent since December 22, 2020, and as President since January 15, 2021. Mr. Kotler also serves as Chief Executive Officer of GPM, a role he has held since September 2011, and was previously President of GPM from April 2015 through December 31, 2025. From November 2005 through December 2020, Mr. Kotler served as Chairman and Chief Executive Officer of Arko Holdings, Ltd., which was a publicly traded company on the Tel Aviv Stock Exchange and GPM's controlling owner until it merged with Haymaker Acquisition Corp. II to form ARKO Parent. Through November 2005, Mr. Kotler served as the Chairman of GPM after forming GPM and initiating and managing the acquisition of fas mart and shore stop in 2003. From 2011 to 2014, Mr. Kotler served as a director and, from 2012 to 2014, he served as Chairman of Malrag 2011 Engineering and Construction Ltd., formerly a publicly traded company on the Tel Aviv Stock Exchange. Since 2011, Mr. Kotler has served as Chairman of Ligad Investments & Building Ltd., a corporation which was publicly traded on the Tel Aviv Stock Exchange until it was taken private in January 2013, and which is currently 50% owned by the Company. Through his in-depth knowledge of our business, along with his industry and public company experience, Mr. Kotler is instrumental in setting strategic direction and developing and executing financial and operating strategies.

***Jordan Mann***, our Chief Financial Officer, joined the Company in October 2025, and served as interim Chief Financial Officer (and interim principal financial and accounting officer) of ARKO Parent from October 2025 until December 2025. Mr. Mann has also served as Senior Vice President of Corporate Strategy, Capital Markets and Investor Relations of ARKO Parent since May 2023. Mr. Mann previously worked in investment banking at Morgan Stanley as an executive director from September 2021 to March 2023, prior to which he worked in investment banking at Credit Suisse as a Director from August 2015 to September 2021. Mr. Mann graduated with B.S. in Economics from Duke University and a J.D. from Harvard Law School.

***Maury Bricks***, our General Counsel and Secretary since inception, has served as General Counsel and Secretary of ARKO Parent since December 22, 2020. Mr. Bricks has served as General Counsel and Secretary

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of GPM since January 2013. Prior to joining GPM, from 2005 to 2013, Mr. Bricks was an attorney with Greenberg Traurig, LLP, an international law firm. Before joining Greenberg Traurig, LLP, Mr. Bricks worked in finance for the pipeline and retail natural gas divisions of Shell Oil Company. Mr. Bricks graduated from the University of Texas with both a Bachelor of Business Administration in Finance and a Bachelor of Arts in the Plan II Honors Program; from the London School of Economics and Political Science, with distinction, with a Masters in Accounting and Finance; and from the University of Michigan, magna cum laude, with a Juris Doctorate. Mr. Bricks holds the Chartered Financial Analyst<sup>®</sup> designation.

**Non-Employee Directors and Director Nominees** 

***Carlos Maurer*** has agreed to serve on our Board of Directors upon completion of this offering. Mr. Maurer previously served in various roles at Shell Plc (NYSE: SHL) from 1997 to 2024, including more recently as Executive Vice President, Sectors & Decarbonization at Shell PLC (UK) from 2021 to 2023, Executive Vice President, Global Commercial at Shell Eastern Petroleum (Singapore) from 2020 to 2021, and Chief Executive Officer of Penzoil Quaker State Co. and Senior Vice President of Lubricants America at Shell Oil (US) from 2017 to 2020. Before joining Shell, Mr. Maurer served as a Production Planner, Sales Development Manager and Associate LATAM Regional Director for McDermott International. Mr. Maurer currently serves on the board of directors of Verdalia, an energy platform focused on biomethane production and infrastructure in Europe, on the board of directors of D2Zero, a decarbonization platform founded by SCF Partners that integrates service providers delivering solutions for industrial and energy infrastructure, and on the board of directors of Windfall Bio, a biotechnology company focused on methane-to-fertilizer solutions. He also serves as a senior advisor to Warburg Pincus LLC, a global private equity firm, where he provides strategic and sector-related advisory support. Mr. Maurer graduated with a Bachelor of Science in Industrial Engineering from Texas A&M University and a Master of Business Administration from Rice University.

We believe Mr. Maurer is qualified to serve on the Board of Directors based on his significant executive and board director experience, as well as his expertise across energy, industrials and transportation.

***Kirk T. Rogers*** has agreed to serve on our Board of Directors upon completion of this offering. He is a Certified Public Accountant in the states of Maryland, Virginia and New York. From 2018 to 2024, Mr. Rogers served as a Finance Consulting Partner with RSM US LLP and from 2006 to 2017, he served as an Audit Partner at Grant Thornton LLP. Prior to that, Mr. Rogers served as an Audit Principal at Reznick Group P.C. Mr. Rogers holds a Bachelor of Science in Accounting from the University of Maryland (Magna Cum Laude).

We believe Mr. Rogers is qualified to serve on the Board of Directors based on his experience as a finance executive and his extensive background in both public and private financial reporting, budgeting and forecasting, merger and acquisition activities and related due diligence, and purchase accounting.

**Family Relationships** 

There are no family relationships between any of our officers or directors.

**Board Composition** 

Our business and affairs are managed under the direction of our Board of Directors. Upon the completion of this offering, our Board of Directors will consist of members, of which will be appointed prior to or in connection with the completion of this offering. The size of the Board of Directors can be changed by a vote of its members. Vacancies on the Board of Directors

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When considering whether directors have the experience, qualifications, attributes or skills, taken as a whole, to enable our Board of Directors to effectively satisfy its oversight responsibilities in light of our business and structure, the Board of Directors focuses primarily on each person's background and experience as reflected in the information discussed in the directors' respective biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business.

**Independence of our Board of Directors** 

We expect our Board of Directors will consist of a majority of independent directors upon or before the completion of this offering. Upon or before the completion of this offering, we expect that of the members of our Board of Directors will qualify as "independent" under the Nasdaq corporate governance standards, and we intend to expand our Board of Directors to include at least two additional independent directors who do not also serve on the ARKO Parent Board of Directors. Our Board of Directors has determined as of the date of this prospectus that each of is an independent director as defined under the Nasdaq corporate governance standards.

**Controlled Company Exemptions** 

We have applied to list our Class A common stock on Nasdaq. Because ARKO Parent will control a majority of the voting power of our outstanding voting stock upon completion of this offering, we will be a "controlled company" within the meaning of the corporate governance rules of Nasdaq. Under these rules, a listed company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including (i) the requirement that a majority of our Board of Directors consist of independent directors, (ii) the requirement that we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (iii) the requirement that our director nominations be made, or recommended to our full Board of Directors, by our independent directors or by a nominations committee that consists entirely of independent directors and that we adopt a written charter or board resolution addressing the nominations process. We do not currently expect or intend to rely on any of these exemptions; however, our decision not to rely on the "controlled company" exemptions could change. As a result, we may choose to change our Board of Directors or committee composition in the future to manage our corporate governance in accordance with these exemptions and you may in the future not have the same protection afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements. See "Management—Controlled Company Exemptions" and "Risk Factors—Risks Related to Ownership of our Class A Common Stock and this Offering—We will be a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will qualify for, and may in the future rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements."

**Board Committees** 

Our board of directors will establish, effective upon the completion of this offering, audit, compensation, conflicts, and nominating and governance committees. Each committee will operate under a charter approved by our Board. Members will serve on these committees until their respective resignations or until otherwise determined by our Board. In the future, our Board may establish other committees, as it

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deems appropriate, to assist it with its responsibilities. Following this offering, copies of each committee's charter will be available on our website, located at www. .com. Information contained on or accessible through our website does not form a part of this prospectus and is not incorporated by reference herein.

***Audit Committee***

Our Audit Committee will consist of , and , with serving as the chair. The Audit Committee will assist our Board of Directors in fulfilling its legal and fiduciary obligations in matters involving our accounting, auditing, financial reporting, internal control, cybersecurity and legal compliance functions by, among other things, approving the services performed by our independent registered public accounting firm and reviewing their reports regarding our accounting practices and systems of internal accounting controls. The Audit Committee will also oversee the audit efforts of our independent registered public accounting firm and take those actions as it deems necessary to satisfy itself that the independent registered public accounting firm is independent of management. All members of our Audit Committee will meet the requirements for independence of Audit Committee members under applicable SEC and Nasdaq rules, and all such members will meet the requirements for financial literacy under the applicable rules and regulations of the SEC and Nasdaq. In addition, qualifies as an "Audit Committee financial expert," as such term is defined in Item 407 of Regulation S-K.

***Compensation Committee***

Our Compensation Committee will consist of , and , with serving as the chair. The Compensation Committee will determine our general compensation policies and the compensation provided to our officers. The Compensation Committee will also make recommendations to our Board regarding director compensation. In addition, the Compensation Committee will review and determine equity-based compensation for our directors and officers and administers our equity incentive plans. Our Compensation Committee will also oversee our corporate compensation programs. Each member of our Compensation Committee will be independent, as defined under the Nasdaq listing rules, and also satisfy Nasdaq's additional independence standards for Compensation Committee members. Each member of our Compensation Committee will be a non-employee director (within the meaning of Rule 16b-3 under the Exchange Act).

The Compensation Committee may establish and delegate authority to one or more subcommittees consisting of one or more of its members, when the Compensation Committee deems it appropriate to do so in order to carry out its responsibilities. In carrying out its responsibilities, the Compensation Committee shall be entitled to rely upon the advice and information that it receives in its discussions and communications with management and such experts, advisors and professionals with whom the Compensation Committee may consult.

***Nominating and Corporate Governance Committee***

Our Nominating and Corporate Governance Committee will consist of , and , with serving as the chair. The Nominating and Corporate Governance Committee will be responsible for identifying individuals qualified to become Board members, consistent with criteria approved by the Board, with the goal of creating a balance of knowledge, experience and diversity, recommending that the Board select the director nominees for election at each annual meeting of stockholders, recommending to the Board criteria for Board and committee membership, developing and recommending to the Board a set of Corporate Governance Guidelines and reviewing and reassessing the adequacy of such guidelines annually and recommending any proposed changes to the Board,

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**Management** 

overseeing periodic evaluations of the Board and its committees, exercising sole authority to retain and terminate any search firms that are to be used by the Company to assist in identifying director candidates and reviewing and discussing with the Board corporate succession plans for the CEO and other key officers of the Company. Each member of our Nominating and Corporate Governance Committee will be independent as defined under the Nasdaq listing rules.

***Conflicts Committee***

Following completion of this offering, we intend to expand the size of our Board of Directors to include at least two additional independent directors that do not serve on the ARKO Parent Board of Directors, and we intend that such disinterested independent directors shall be the sole members of our Conflicts Committee. The Conflicts Committee will review specific matters that our Board of Directors believes may involve conflicts of interest (including certain transactions with ARKO Parent or affiliates of ARKO Parent). The Conflicts Committee will determine if the resolution of the conflict of interest is fair and reasonable to us. The members of the Conflicts Committee may not be directors, officers, or employees of ARKO Parent and must meet the independence standards established by Nasdaq and the Exchange Act to serve on an audit committee of a board of directors. Any matters approved by the Conflicts Committee will be conclusively deemed to be fair and reasonable to us, approved by us, our subsidiaries and our stockholders and not a breach of any duties that the Company or its affiliates or associates may owe to us or our stockholders.

**Role of Our Board of Directors in Risk Oversight** 

Our Board of Directors is responsible for overseeing our risk management process. Our Board of Directors focuses on our general risk management strategy, the most significant risks facing us, and oversees the implementation of risk mitigation strategies by management. Our Board of Directors is also apprised of particular risk management matters in connection with its general oversight and approval of corporate matters and significant transactions.

**Compensation Committee Interlocks and Insider Participation** 

We currently operate as part of ARKO Parent. As a result, we did not have a compensation committee or any other committee serving a similar function when the compensation of our executive officers was established for fiscal year 2025. None of our executive officers serves as a member of the Board of Directors or compensation committee (or other committee performing equivalent functions) of any entity that has one or more executive officers serving on our Board of Directors or compensation committee.

**Code of Ethics** 

Upon the completion of this offering, our Board of Directors will adopt a code of conduct that applies to all of our directors, officers and employees, including any persons serving as a principal executive officer, principal financial officer, principal accounting officer and controller and persons performing similar functions. Upon completion of this offering, the full text of the code of conduct will be available on our website located at . In addition, we intend to post on our website all disclosures that are required by law or the Nasdaq listing standards concerning any amendments to, or waivers from, any provision of the code. The information contained on or accessible through our website does not form a part of this prospectus and is not incorporated by reference herein.

**Non-Employee Director Compensation** 

None of our current directors has received compensation for his or her service as our director. After the completion of this offering, we expect that our Board of Directors will adopt a compensation program

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**Management** 

for our non-management directors with compensation elements that may consist of a combination of an annual cash or equity based retainer for board service, additional retainers for service on a standing committee or as the chair of a standing committee, and/or annual grants of equity based awards under our 2026 Plan, the precise amounts, terms and conditions of which have not yet been determined. Further, each director will be indemnified for his actions associated with being a director to the fullest extent permitted under Delaware law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Compensation Discussion and Analysis

**Introduction** 

This Compensation Discussion and Analysis ("CD&A") is organized into the following key sections:

• ARKO Parent's Executive Compensation Objectives and Philosophy;

• Compensation-Determination Process and Executive Compensation; and

• Anticipated Compensation Program Following this Offering.

This CD&A provides detailed compensation information regarding the following individuals who we expect will serve as our named executive officers upon completion of this offering ("NEOs"):

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| | |
|:---|:---|
| **Name** | **Position** |
| Arie Kotler | President, Chief Executive Officer and currently our sole director |
| Jordan Mann | Chief Financial Officer |
| Maury Bricks | General Counsel and Secretary |

---

We currently operate as part of ARKO Parent, and we do not expect to directly employ any of the executives responsible for managing our business. All of our NEOs are executive officers of, or employed by, ARKO Parent, and we expect that our NEOs will allocate their time between managing our business and managing ARKO Parent's business, which, following this offering, will primarily comprise the operation of ARKO Parent's owned chain of convenience stores. Because all of our NEOs will be employed by ARKO Parent or one of its subsidiaries, the responsibility and authority for compensation-related decisions for our executive officers will reside with ARKO Parent's board of directors or compensation committee, as applicable. ARKO Parent has the ultimate decision-making authority with respect to the total compensation of the NEOs who are employed by ARKO Parent. Any such compensation decisions will not be subject to any approvals by our Board of Directors or any committees thereof, except with respect to awards that may be granted under our 2026 Plan.

Our NEOs, as well as other employees of ARKO Parent who provide services to us, may participate in employee benefit plans and arrangements sponsored by ARKO Parent, including plans that may be established in the future. In addition, certain of our officers and certain employees of ARKO Parent who provide services to us currently hold grants under ARKO Parent's existing equity incentive plans and will retain these grants after the completion of this offering. We will not reimburse ARKO Parent for compensation related expenses attributable to any executive's or employee's time dedicated to providing services to us. For details on the amounts we will pay ARKO Parent following this offering for management services, see "Certain relationships and related party transactions—Management Services Agreement." Accordingly, this CD&A primarily relates to ARKO Parent's compensation programs and compensation philosophy, which, as described above, will continue to apply with respect to our NEOs for the currently foreseeable future. More information on ARKO Parent's compensation programs and compensation philosophy for fiscal year 2025 will be fully disclosed in ARKO Parent's filings with the SEC.

In connection with the completion of this offering, we plan to adopt the 2026 Plan. Certain of our officers, employees and non-employee directors, and other key employees of ARKO Parent who make significant contributions to our business, will be eligible to receive awards under the 2026 Plan. All determinations with respect to awards to be made under the 2026 Plan will be made by our Board of Directors or a committee thereof. The terms of the 2026 Plan will be outlined in detail in this registration statement once the terms of such plan have been determined by ARKO Parent's compensation committee (the "ARKO Compensation Committee").

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**Compensation Discussion and Analysis** 

This CD&A addresses the material elements of ARKO Parent's compensation programs and policies, including ARKO Parent's overall compensation philosophy, program objectives, and how ARKO Parent's management arrived at specific compensation policies and decisions involving our NEOs.

**ARKO Parent's Executive Compensation Objectives and Philosophy** 

ARKO Parent's compensation philosophy is based on the following objectives:

• Attract, retain and motivate executives who are capable of advancing ARKO Parent's mission and strategy;
and

• Reward executives in a manner aligned with ARKO Parent's financial performance.

To achieve ARKO Parent's objectives, ARKO Parent delivers executive compensation to its executive officers through a combination of the following components:

• base salary;

• cash bonus opportunities;

• equity compensation, including performance-based equity; and

• broad-based employee benefits.

ARKO Parent's long-term incentive ("LTI") awards (which may be granted in the form of shares, stock options, time-based restricted stock units ("RSUs"), performance-based restricted stock units ("PSUs") or a combination thereof) consists of equity awards linked to ARKO Parent's performance and long-term value creation in an effort to align the interests of the ARKO Parent named executive officers with ARKO Parent's stockholders as described below, and time-based equity awards intended to foster share ownership that aligns the ARKO Parent named executive officers' long-term interests with stockholders of ARKO Parent. ARKO Parent primarily grants LTI equity in the form of time-based RSUs and PSUs, which awards are designed to attract and retain individuals with the qualifications to manage and lead ARKO Parent by motivating such persons to develop professionally and contribute to the achievement of ARKO Parent's financial and operational goals. ARKO Parent believes in placing a meaningful portion of the compensation package at risk through the grant of PSUs which align recipients' long-term interests with those of ARKO Parent's stockholders by tying a greater portion of ARKO Parent's executives' compensation to the achievement of ARKO Parent's long-term strategic plan and goals, complemented with grants of RSUs, which are designed to promote retention and executive continuity.

ARKO Parent primarily uses EBITDA (as defined below) as the performance metric for LTIs, including the PSUs issued to ARKO Parent's named executive officers and cash bonuses paid to ARKO Parent's named executive officers. The performance level is measured versus ARKO Parent's board-approved Annual Budgeted EBITDA (as defined below). This performance metric is also used as the financial performance metric for certain ARKO Parent corporate-level and field-level employee cash bonuses. ARKO Parent chose EBITDA as the performance metric for the PSUs because it believes that it is a key indicator of its operating performance and a strong equity valuation metric.

"EBITDA" is defined as GPM's net income plus interest, taxes, depreciation & amortization, (gain)/loss on disposal of fixed assets, impairment charges, acquisition costs, other noncash items, and unusual or nonrecurring items. ARKO Parent chose this definition because GPM is its primary operating entity. "GPM" refers to ARKO Parent's primary operating subsidiary, GPM Investments, LLC.

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**Compensation Discussion and Analysis** 

"Annual Budgeted EBITDA" is defined as budgeted EBITDA for a fiscal year as approved by ARKO Parent's board of directors within the first sixty days of the fiscal year to which it relates, as may be adjusted by ARKO Parent's board of directors, within its discretion, for mergers and acquisitions, store closures and similar extraordinary non-recurring items.

ARKO Parent believes that actual EBITDA is the most relevant performance metric at this point of time for its executives, because (i) it believes EBITDA reflects ARKO Parent's core performance and operational results, (ii) EBITDA is influenced, in part by the efforts of ARKO Parent's executives to enhance sales, grow margin and reduce cost and expenses, and (iii) EBITDA is a metric reviewed by ARKO Parent's investors when evaluating ARKO Parent.

**ARKO Parent's Compensation Determination Process; Role of Compensation Consultant and Management** 

The ARKO Compensation Committee, on behalf of ARKO Parent's board of directors, discharges the board of directors' responsibilities relating to compensation of ARKO Parent's directors and executive officers, oversees ARKO Parent's overall compensation structure, policies and programs, and reviews ARKO Parent's processes and procedures for the consideration and determination of director and executive compensation. We currently expect that the ARKO Compensation Committee will similarly oversee and determine the foregoing compensation matters with respect to our NEOs following this offering, other than with respect to awards under our equity compensation programs.

The primary objective of the ARKO Compensation Committee is to develop and implement compensation policies and plans that ensure the attraction and retention of key management personnel, the motivation of management to achieve ARKO Parent's corporate goals and strategies, and the alignment of the interests of management with the long-term interests of ARKO Parent's stockholders.

At the beginning of each year, ARKO Parent's board of directors approves the Annual Budgeted EBITDA, which is then used as a metric for ARKO Parent's equity LTI and cash awards to its named executive officers. ARKO Parent's board of directors periodically reviews the approved Annual Budgeted EBITDA to determine whether adjustments are appropriate as a result of mergers and acquisitions, store closures and similar extraordinary non-recurring items.

Pursuant to its charter, the ARKO Compensation Committee is authorized to, and has direct responsibility for, the appointment, compensation and oversight of the work of any compensation consultant retained by the ARKO Compensation Committee. For the 2024 fiscal year, the ARKO Compensation Committee engaged Mercer (US) as its independent compensation consultant to assist with ARKO Parent's 2024 compensation program. Mercer (US) has served as the ARKO Compensation Committee's independent compensation consultant since 2021. The ARKO Compensation Committee assessed the independence of Mercer (US) pursuant to SEC rules prior to this latest engagement and did not identify any conflict of interest that would prevent it from independently advising the ARKO Compensation Committee.

In 2024, the compensation consultant attended selected meetings of the ARKO Compensation Committee and advised the committee on the following matters, among others: executive compensation peer group review; market review of executive compensation levels and compensation mix; design and development of performance measures for the chief executive officer's target bonus and LTI, and process for requesting stockholder approval for increasing the number of shares authorized under the ARKO 2020 Plan (as defined below) at ARKO Parent's 2024 annual meeting of stockholders.

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**Compensation Discussion and Analysis** 

Early in each year, the ARKO Compensation Committee approves equity awards and cash bonuses for its named executive officers (other than Mr. Kotler). The awards to ARKO Parent's other named executive officers are based on recommendations of ARKO Parent's chief executive officer, which are based in part on (i) the chief executive officer's assessment of these executives' contribution to ARKO Parent and the need to retain these executives, and (ii) prior year award amounts.

The ARKO Compensation Committee additionally considers other factors in making decisions on executive pay adjustments, including individual and company performance, experience, time in position and for roles other than ARKO Parent's chief executive officer, the recommendations of ARKO Parent's chief executive officer. With respect to equity awards, the ARKO Compensation Committee has also delegated authority to its chief executive officer to issue equity awards to non-executive officers subject to a cap on the size of each such award and a maximum amount that can be issued annually.

**Compensation Elements** 

As further described below, for fiscal year 2024, ARKO Parent's executive compensation program, including with respect to our NEOs, is primarily composed of base salary, bonuses, LTIs and deferred compensation under the ARKO 2020 Plan (as defined below).

The following is a discussion and analysis of each component of ARKO Parent's executive compensation program:

***Base Salary***

Annual base salaries compensate our NEOs for fulfilling the requirements of their respective positions at ARKO Parent and provide them with a predictable and stable level of cash income relative to their total compensation.

***Bonuses***

Our NEOs are entitled to certain bonuses under ARKO Parent's compensation program and their respective employment agreements, including discretionary bonuses from time to time.

***Long-Term Incentives (LTIs)***

Under Mr. Kotler's employment agreement with ARKO Parent, his long-term incentive target ("LTI Target") is 350% of his base salary.

*Cash LTIs* 

ARKO Parent believes that aligning annual cash bonuses for its named executive officers with ARKO Parent's performance serves the primary objectives of ARKO Parent's compensation philosophy.

Accordingly, in fiscal year 2024, ARKO Parent granted a portion of the annual LTI awards for Mr. Bricks in the form of cash ("Cash LTIs") and subject to the same metrics as ARKO Parent's EBITDA-based PSUs. The Cash LTIs are granted in conjunction with the grant of PSUs and are allocated to each of the three years in the PSU performance cycle, and each portion is earned and payable, if at all, consistent with the performance results and associated payout percentages for the PSUs for each individual year. The amount of Cash LTIs, if any, earned each year is paid annually at or shortly after the time the results for the preceding year are approved by the ARKO Compensation Committee. ARKO Parent believes that basing the Cash LTIs on the same performance metrics as its PSUs with the same payout percentage further aligns ARKO Parent's named executive officer's interests with development

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**Compensation Discussion and Analysis** 

within ARKO Parent's existing operational and strategic metrics while providing a cash incentive to complement ARKO Parent's equity LTIs.

*Equity LTIs* 

ARKO Parent's 2024 equity grants were made with a mix of performance-based and time-based awards, predominantly weighted towards performance conditions. In 2024, ARKO Parent granted (i) Mr. Bricks equity grants consisting of approximately 35% RSUs, 48% PSUs and 17% Cash LTIs, and (ii) Mr. Kotler equity grants consisting of approximately 33% RSUs and 67% PSUs.

The PSUs have three-year cliff vesting and the RSUs vest ratably over three years. ARKO Parent believes these vesting periods are consistent with market practices and promote retention.

ARKO Parent believes its 2024 awards provided market-aligned long-term incentive opportunities.

*Performance-based Restricted Stock Units* 

PSU grants, which are primarily based on the EBITDA performance metric, vest at the end of a three-year performance period. The payout of shares earned, if any, is at the end of the three-year cycle, provided the recipient continues to be employed by ARKO Parent as of the end of such performance period. The determination of the actual number of shares issued is based on the greater of (a) the sum of the PSUs earned for each of the three fiscal years during the performance period based on actual EBITDA compared to the Annual Budgeted EBITDA for each such year or (b) the average of actual EBITDA compared to the Annual Budgeted EBITDA for the three fiscal years with a cap applied at 110% when averaging each year.

The following table shows the threshold and target achievement levels of the Annual Budgeted EBITDA and the corresponding payout levels to our NEOs for fiscal year 2024. Payout levels between the stated levels of achievement increase in 5% increments for each additional percentage of the Annual Budgeted EBITDA achieved, up to the target level.

---

| | | | |
|:---|:---|:---|:---|
| **Performance Metric and PSU payout level:** | **Threshold** | **Target** | **Maximum** |
|  Annual Budgeted EBITDA | 90% | 100% | 110% or over |
|  Payout Level | 50% | 100% | 150% |

---

In 2024, ARKO Parent achieved below 90% of Annual Budgeted EBITDA, and in 2025, the ARKO Compensation Committee accordingly determined the Threshold for the year had not been reached. This applied to (i) all PSUs granted as part of the 2022 LTI, the 2023 LTI and the 2024 LTI, and (ii) ARKO Parent's named executive officers Cash LTIs granted in March 2022, 2023 and 2024 with respect to the portion earned and payable for 2024.

In addition, in 2024, the ARKO Compensation Committee granted Mr. Kotler PSUs in 2024 with vesting tied to ARKO Parent stock price targets to be achieved by December 31, 2026 in order to more closely tie a portion of Mr. Kotler's pay to stock price performance.

ARKO Parent believes that the above awards are in-line with the market practices, are tied to ARKO Parent's board of directors approved annual budgets and performance targets, and ARKO Parent calibrates the threshold and maximum achievement levels to investor expectations.

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***No Payment of Dividends on Unvested Stock Awards***

ARKO Parent does not grant to recipients any rights, benefits, or entitlements with respect to the shares corresponding to the awards granted (including no rights to receive any dividend) unless and until those shares are vested.

***ARKO Parent's Incentive Compensation Clawback Policy***

All of ARKO Parent's award agreements include a "clawback" provision which permits ARKO Parent to recoup equity or other compensation provided under the applicable plan or otherwise in accordance with any of its policies to the extent that ARKO Parent, in its discretion, determines to be necessary or appropriate to comply with any clawback policy.

In November 2023, in accordance with the final clawback policy rules adopted by the SEC and Nasdaq, ARKO Parent's board of directors adopted a clawback policy, which was filed with the SEC as Exhibit 97.1 to its 2023 Annual Report on Form 10-K (the "Clawback Policy"). The Clawback Policy is administrated by ARKO Parent's board of directors or, if so designated by its board of directors, the ARKO Compensation Committee, and generally provides for the mandatory recovery of erroneously awarded excess "incentive-based compensation" from all current and former covered ARKO Parent executives, as defined in the Clawback Policy, which is inclusive of ARKO Parent's named executive officers, in the event ARKO Parent is required to prepare an accounting restatement of its financial statements due to its material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the then current period or left uncorrected in the then current period. Such mandatory recovery applies to all such excess compensation received by a covered executive officer during the three completed fiscal years immediately preceding the earlier of (i) the date that ARKO Parent's board of directors, a committee of its board of directors or authorized officer concluded (or reasonably should have concluded) that ARKO Parent is required to prepare such an accounting restatement and (ii) the date a legally authorized body directs ARKO Parent to prepare an accounting restatement and any transition period (that results from a change in ARKO Parent's fiscal year) of less than nine months within or immediately following those three completed fiscal years. The administrator of the Clawback Policy may designate additional persons as subject to such mandatory recovery provisions and may designate other persons as subject to the Clawback Policy, but for whom recovery of such compensation is subject to the discretion of the administrator.

In connection with this offering, we will adopt a clawback policy that is substantially identical to the Clawback Policy and we expect that award agreements under the 2026 Plan will contain a clawback provision that mirrors such policy.

***ARKO Corp. 2020 Incentive Compensation Plan***

ARKO Parent's equity awards are granted under the ARKO Corp. 2020 Incentive Compensation Plan (the "ARKO 2020 Plan"), which is administered by the ARKO Compensation Committee.

RSUs provide the award recipient the right to receive, upon the vesting date of such RSUs, one share of ARKO Parent's common stock for each vested RSU. Each RSU vests in accordance with the schedule determined at the time of grant, subject to the grantee's continued employment or service with ARKO Parent through the vesting date.

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PSUs provide the award recipient the right to receive, upon the vesting date of such PSUs, one share of ARKO Parent's common stock for each vested PSU. PSUs generally vest (or fail to vest) at the end of a three-year performance period, based on the performance metrics specified in the applicable PSU Agreement, subject to the additional requirement that the grantee remain in continuous service with ARKO Parent through the vesting date.

Stock options provide non-qualified stock options to purchase shares of ARKO Parent's common stock, subject to the vesting of such stock options, at an applicable exercise price per share.

***ARKO Petroleum Corp. 2026 Incentive Compensation Plan***

The terms of the 2026 Plan will be outlined in detail in this registration statement once the terms of such plan have been determined by the ARKO Compensation Committee.

***ARKO Parent Benefits and Perquisites***

*Tax Gross-Ups* 

ARKO Parent does not provide tax gross-ups with respect to any element of compensation.

*Employee Benefit Plans* 

Our NEOs will continue to be eligible to participate in ARKO Parent's employee benefit plans, including its medical, disability and life insurance plans, in each case, on the same basis as all of its other employees. ARKO Parent also pays the employee portion of group medical coverage for Mr. Kotler. The employee benefit plans are designed to assist in attracting and retaining skilled employees critical to ARKO Parent's long-term success. ARKO Parent also maintains a 401(k) plan for the benefit of its eligible employees, including our NEOs, as discussed below.

*401(k) Plan* 

ARKO Parent maintains a retirement savings plan, or 401(k) plan, open to all employees from their first day at work, that provides eligible U.S. employees with an opportunity to save for retirement on a tax advantaged basis. Under the 401(k) Plan, eligible employees may defer up to 75% of their compensation subject to applicable annual contribution limits imposed by the Code (as defined herein), and limits imposed by non-discrimination testing. ARKO Parent's employees' pre-tax contributions are allocated to each participant's individual account and participants are immediately and fully vested in their contributions. ARKO Parent matches a portion of employee contributions according to the 401(k) plan (subject to Internal Revenue Service limits and non-discrimination testing). For 2025, the matching contribution was 50% of the first 6% of eligible contributions made by the participants for such plan year. The 401(k) plan is intended to be qualified under Section 401(a) of the Code with the 401(k) plan's related trust intended to be tax exempt under Section 501(a) of the Code. As a tax-qualified retirement plan, contributions to the 401(k) plan and earnings on those contributions are not taxable to the employees until distributed from the 401(k) plan.

***Non-Qualified Deferred Compensation***

ARKO Parent offers a select group of management and key employees who contribute materially to ARKO Parent's continued growth, development and future business success an opportunity to defer a portion of their compensation (in the form of salary and bonuses) under ARKO Parent's Non-Qualified Plan, or NQP.

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**Compensation Discussion and Analysis** 

***Pension Benefits***

ARKO Parent does not maintain any pension benefit or retirement plans other than the 401(k) plan.

**Employment, Severance or Change in Control Agreements** 

None of our NEOs currently have contracts of employment with us; however, certain of our NEOs are entitled to certain severance arrangements in connection with certain terminations of employment with ARKO Parent pursuant to their respective employment agreements with ARKO Parent or GPM. ARKO Parent will bear the full cost of any such payments and benefits, and no portion of such payments will be charged back to us. None of our NEOs currently participate in any arrangements that would result in the payment of any amounts or provision of any benefits as a result of a termination of such NEOs service as one of our executive officers or a change in control of us if such event did not also result in a termination of service with ARKO Parent or a change in control of ARKO Parent, as applicable. However, our Board of Directors may from time to time determine to include change in control provisions relating to us in award agreements for awards under our 2026 Plan. See "Potential Payments upon Termination or Change in Control" for a discussion of certain rights of our NEOs upon termination of their employment with ARKO Parent or upon the occurrence of certain events.

***Employment Agreements***

Each of our named executive officers is currently party to an employment agreement with ARKO Parent or GPM that sets his base annual salary (subject to review and discretionary increases by the ARKO Parent board of directors, the ARKO Compensation Committee or ARKO Parent's chief executive officer), eligibility to participate in certain of ARKO Parent's benefits and perquisites and, in some cases, certain parameters for annual bonuses, the terms and conditions of which are generally determined by the ARKO Compensation Committee, in its discretion. Certain of these employment agreements provide for severance payments upon certain events of termination with ARKO Parent. If ARKO Parent terminates the executive "without cause," or the executive elects to terminate employment for "good reason," he may be entitled to up to two times base salary paid over two years or his base salary for a certain severance period following such termination, plus any earned and accrued but unpaid bonus, the reimbursement of any previously-incurred job-related expenses, and in some cases a certain period of continued health insurance coverage for the executive and his family. For purposes of these employment agreements, "good reason" generally includes, (i) a material or non-de minimis, as applicable, diminution in the nature or scope of the executive's responsibilities, authorities, title or duties, (ii) a material reduction in the executive's annual base salary from the annual base salary in effect in the immediately prior year, (iii) the relocation of the executive's principal office location requiring the executive to relocate to a different geographic area, or (iv) a material breach of the executive's employment agreement by ARKO Parent, subject, in certain cases, to cure periods.

ARKO Parent considers maintenance of a strong management team essential to its success and recognizes that the uncertainty that may exist among ARKO Parent's management with respect to their "at-will" employment with it could result in the departure or distraction of management personnel to ARKO Parent's detriment. Accordingly, ARKO Parent determined that severance arrangements are appropriate to encourage the continued attention and dedication of certain members of its management team and to allow them to focus on the value to equity holders of strategic alternatives without concern for the impact on their continued employment.

**Mann Offer Letter** 

In connection with Jordan Mann's appointment as ARKO Parent's interim Chief Financial Officer, Mr. Mann entered into an offer letter, dated October 6, 2025, pursuant to which Mr. Mann became

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entitled to, among other things: (i) a base salary at an annual rate of $350,000; (ii) commencing in 2026, approximately $250,000 (based on the value on the grant date) of RSUs which time-vest in 1/3 increments over three years; and (iii) approximately $250,000 (based on the value on the grant date) in target value of PSUs which vest after three years based on then-current performance criteria. The foregoing awards are governed by the terms and conditions of the applicable plan and award agreements. In addition, Mr. Mann is eligible to participate in any employee plans and programs in effect from time to time, as are made available to similarly situated employees of ARKO Parent.

**Hedging Policy** 

Pursuant to the insider trading policy we will adopt in connection with this offering, we will prohibit our directors, executive officers and certain designated employees from engaging in hedging, short sales, trading in publicly traded put or call options or trading on margin involving our or ARKO Parent securities.

**Our Pledging Policy** 

Pursuant to the insider trading policy we will adopt in connection with this offering, we will require pre-notification if any of our directors, executive officers and certain designated employees wish to pledge our securities as collateral for a loan (or modify an existing pledge). Our insider trading policy will provide that the securities subject to such a pledge shall be subject to all of our other restrictions on trading in the Company's securities.

**Summary Compensation Table** 

The following table presents information regarding the compensation earned or received by our NEOs for services rendered to ARKO Parent in all capacities in which they served during the fiscal years ended December 31, 2025, 2024 and 2023, as applicable.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal<br>Position** | **Year** | | **Salary**<br> **($)** | **Bonus<br>($)(1)** | **Stock<br>Awards<br>($)(2)** | **Option<br>Awards<br>($)(2)** | **Non-Equity<br>Incentive Plan<br>Compensation<br>($)(3)** | **All Other<br>Compensation<br>($)(4)** | **Total**<br> **($)** |
|  Arie Kotler, | 2025 | (5) |  |  |  |  |  |  |  |
|  *President, Chief Executive Officer and Director* | 2024 |  | 1181139 |  | 2804317 |  | 795497 | 14213 | 4795166 |
|  *President, Chief Executive Officer and Director* | 2023 |  | 1146731 |  | 2673511 | 1336754 | 885128 | 6445 | 6048569 |
|  *President, Chief Executive Officer and Director* |  |  |  |  |  |  |  |  |  |
|  Jordan Mann,  | 2025 |  | 270296 |  | 431830 |  |  | 375 | 702501 |
|  *Chief Financial Officer* |  |  |  |  |  |  |  |  |  |
|  Maury Bricks, | 2025 | (5) |  |  |  |  |  |  |  |
|  *General Counsel and Secretary*  | 2024 |  | 476960 | 40000 | 950004 |  |  | 24610 | 1491574 |
|  *General Counsel and Secretary*  | 2023 |  | 430594 | 140000 | 950004 |  | 50000 | 26636 | 1597234 |

---

(1) The amounts shown in this column represent the discretionary bonuses earned by Mr. Bricks in 2023 and the $10,000 quarterly bonuses earned by Mr. Bricks in 2024 and 2023.

(2) The amounts in these columns reflect the aggregate grant date fair value of stock or option awards, as applicable,
granted and computed in accordance with ASC 718, *Compensation-Stock Compensation*. For a discussion of the assumptions relating to these valuations with respect to the amounts for Mr. Kotler and Mr. Bricks in 2024 and 2023, see Note
18—Share-Based Compensation to ARKO Parent's audited financial statements included in Item 8 of ARKO Parent's 2024 Annual Report on Form 10-K. For a discussion of the assumptions relating to
these valuations in 2025 see the similarly titled note to the ARKO Parent's audited financial statements in Item 8 of ARKO Parent's 2025 Annual Report on Form 10-K once filed. The amounts for the performance-based restricted stock units
included in the stock awards column reflect the grant date fair value computed in accordance with FASB ASC Topic 718 based upon the probable outcome of the performance conditions as of the grant date. The number of stock awards granted to
Mr. Kotler on April 16, 2024, as detailed in the Grants of Plan-Based Awards table

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**Compensation Discussion and Analysis** 

below, was determined based on the fair value of these awards as of February 29, 2024, which was the grant date of the stock awards to the other named executive officers of ARKO Parent. Assuming the highest level of performance achievement as of the grant date, the aggregate grant date fair value of the performance-based restricted stock granted in 2024 for Mr. Kotler and Mr. Bricks would have been: Mr. Kotler—$2,300,757; and Mr. Bricks—$825,003. Assuming the highest level of performance achievement as of the grant date, the aggregate grant date fair value of the performance-based restricted stock granted in 2025 for Mr. Mann would have been $321,974.

(3) The amounts shown in this column represent an annual bonus opportunity with a target equal to 150% of Mr. Kotler's current base salary (the "Target Bonus") earned by Mr. Kotler in 2024 and
2023, and Cash LTI earned by Mr. Bricks in 2023. For 2024, Mr. Kotler declined to receive $795,497 of his Target Bonus to which he was entitled because no cash bonuses were paid to other executives for 2024 performance, with the exception
of the fixed quarterly bonus paid to Mr. Bricks (which bonus is more akin to salary and has since been eliminated in favor of an increase in Mr. Bricks's base salary). See "Bonuses" and "Cash LTIs."

(4) The amounts shown in this column include the amount paid for the employee-paid portion of group medical coverage for Mr. Kotler totaling $13,523 in 2024, 401(k) matching contributions for Mr. Bricks totaling
$801 in 2024, matching contributions made under the NQP for Mr. Bricks totaling $16,159 in 2024, imputed income for group term life insurance for Mr. Mann totaling $375 for 2025 and for Mr. Kotler totaling $690 for 2024, and imputed income
for group term life insurance and car allowances for Mr. Bricks totaling $7,650 for 2024. Mr. Bricks and Mr. Mann were also provided with group life insurance and group medical coverage that are not included in the table above, because
they are provided under broad-based, non-discriminatory benefit plans.

(5) Mr. Kotler's and Mr. Bricks's 2025 compensation will be fully disclosed in ARKO Parent's filings with the SEC.

**Grants of Plan-Based Awards in 2025** 

The following table provides supplemental information relating to grants of plan-based awards made to our NEOs during 2025 by ARKO Parent under the ARKO 2020 Plan.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name/Award Type** | **Grant<br>Date** | **Estimated Future Payouts Under<br>Non-Equity Incentive<br>Plan Awards (1)** | **Estimated Future Payouts Under<br>Non-Equity Incentive<br>Plan Awards (1)** | **Estimated Future Payouts Under<br>Non-Equity Incentive<br>Plan Awards (1)** | **Estimated Future Payouts<br>Under Equity Incentive Plan**<br>**Awards(2)** | **Estimated Future Payouts<br>Under Equity Incentive Plan**<br>**Awards(2)** | **Estimated Future Payouts<br>Under Equity Incentive Plan**<br>**Awards(2)** | **Estimated Future Payouts<br>Under Equity Incentive Plan**<br>**Awards(2)** | **Estimated Future Payouts<br>Under Equity Incentive Plan**<br>**Awards(2)** |  | **All Other<br>Stock<br>Awards;<br>Number of<br>Shares of<br>Stock or<br>Units (#)** | | **All Other<br>Option<br>Awards;<br>Number of<br>Securities<br>Underlying<br>Options (#)** | **Exercise<br>Price of<br>Option<br>Awards<br>($/share)** | **Grant Date<br>Fair Value of<br>Stock and<br>Option<br>Awards**<br> **($) (5)** |
| **Name/Award Type** | **Grant<br>Date** | **Threshold<br>($)** | **Target**<br> **($)** | **Maximum<br>($)** | **Threshold<br>(#)** | | **Target<br>(#)** | | **Maximum<br>(#)** | | **All Other<br>Stock<br>Awards;<br>Number of<br>Shares of<br>Stock or<br>Units (#)** | | **All Other<br>Option<br>Awards;<br>Number of<br>Securities<br>Underlying<br>Options (#)** | **Exercise<br>Price of<br>Option<br>Awards<br>($/share)** | **Grant Date<br>Fair Value of<br>Stock and<br>Option<br>Awards**<br> **($) (5)** |
|  Arie Kotler |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Bonus |  | 939033 | 1878065 | 2817098 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted Stock Units | 3/5/2025 |  |  |  |  |  |  |  |  |  | 312373 | (3) |  |  | 1327585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance-Based Restricted Stock Units | 3/12/2025 |  |  |  | 78093 |  | 156186 |  | 234279 |  |  |  |  |  | 602878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance-Based Restricted Stock Units - Stock Price | 3/12/2025 |  |  |  | 247711 |  | 495422 |  | 743133 |  |  |  |  |  | 1065157 |
|  Jordan Mann |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted Stock Units | 3/3/2025 |  |  |  |  |  |  |  |  |  | 37445 | (3) (4) |  |  | 217181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance-Based Restricted Stock Units | 3/3/2025 |  |  |  | 16520 | (4) | 33040 | (4) | 49560 | (4) |  |  |  |  | 189319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance-Based Restricted Stock Units - Stock Price | 3/3/2025 |  |  |  | 22026 |  | 22026 |  | 33039 |  |  |  |  |  | 25330 |
|  Maury Bricks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash LTI |  | 100000 | 200000 | 300000 |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted Stock Units | 3/3/2025 |  |  |  |  |  |  |  |  |  | 69750 | (3) |  |  | 290160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance-Based Restricted Stock Units | 3/3/2025 |  |  |  | 34875 |  | 69750 |  | 104625 |  |  |  |  |  | 290160 |

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(1) The amounts reflect the potential range of payments under the Target Bonus, annual short-term incentive bonus and Cash LTI plans. The actual payments earned are reflected in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table, and, with respect to Mr. Kotler and Mr. Bricks, will be similarly reflected in the ARKO Parent's Summary
Compensation Table in its filings with the SEC. The Cash LTI is granted in conjunction with the grant of PSUs and is allocated to each of the three years in the PSU performance cycle, and each portion is earned and payable, if at all, consistent
with the performance results and associated payout percentages for the PSUs for each individual year.

(2) The amounts reflect a range of PSUs that vest, if at all, based on achievement of performance targets with a three-year performance period with any shares earned vesting after the end of such period in accordance with
the applicable award agreement, including certain PSUs granted to Mr. Kotler and Mr. Mann which are subject to vesting upon the ARKO Parent common stock achieving a certain specified price per share during the performance period. The amounts
under Threshold reflect the threshold award under the PSUs, which is 50% of the target amount for Mr. Kotler and Mr. Bricks, and same as the target amount for Mr. Mann. The amounts under Maximum reflect the greatest potential award under the PSUs,
which is 150% of the target amount. The ARKO Compensation Committee will determine the performance against pre-established targets to determine payout of the PSUs, if any, at the end of the performance period.

(3) The grants provided for vesting in three equal annual installments beginning on March 5, 2026 for Mr. Kotler and March 3, 2026 for Messrs. Mann and Bricks.

(4) For certain of the RSUs and PSUs granted to Mr. Mann in the year ended December 31, 2025, ARKO Parent agreed to issue a capped number of incremental shares to Mr. Mann if the ARKO Parent's stock price on the
vesting dates of such awards is below a certain threshold price (written put options components). These awards were classified as equity instruments and valued based on the fair market value of the underlying stock together with the net fair value
of the written put options on the grant date.

(5) Represents the aggregate grant date fair value of the target amount calculated in accordance with FASB ASC Topic 718.

**Outstanding Equity Awards at 2025 Fiscal Year End** 

The following table presents information about outstanding equity awards of ARKO Parent held by our NEOs as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Award<br>Type** | **Unexercised/Not<br>Vested Securities<br>Outstanding (#)** | **Exercisable<br>Securities<br>Outstanding (#)** | **Option<br>Exercise<br>Price<br>($/share)** | **Option<br>Expiration<br>Date** | **Market<br>Value ($)(1)** | **Vesting Schedule of Unexercised/Not<br>Vested Securities Outstanding** |
|  Arie Kotler | Options |  | 126000 | 10.00 | 3/6/2031 |  | Fully vested |
|  | Options |  | 452903 | 8.49 | 3/2/2032 |  | Fully vested |
|  | Options |  | 318489 | 10.00 | 3/2/2032 |  | Fully vested |
|  | Options | 136430 | 272860 | 8.58 | 3/2/2033 |  | 100% on March 1, 2026 |
|  | RSUs | 139161 |  |  |  | 631791 | 50% on March 1, 2026 and 2027 |
|  | RSUs | 312373 |  |  |  | 1418173 | 1/3 on March 5, 2026, and 1/3 on March 1, 2027 and 2028 |
|  | PSUs | 186959 |  |  |  | 848794 | The performance period ending on December 31, 2025(2) |
|  | PSUs | 156557 |  |  |  | 710769 | The performance period ending on December 31, 2026(2) |
|  | PSUs | 298784 |  |  |  | 1356479 | The performance period ending on December 31, 2026(3) |
|  | PSUs | 156186 |  |  |  | 709084 | The performance period ending on December 31, 2027(2) |
|  | PSUs | 495422 |  |  |  | 2249216 | The performance period ending on December 31, 2027(3) |
|  Jordan Mann | RSUs | 7308 |  |  |  | 33178 | 100% on March 1, 2026 |
|  | RSUs | 18376 |  |  |  | 83427 | 50% on March 1, 2026 and 2027 |
|  | RSUs | 37445 |  |  |  | 170000 | 1/3 on March 3, 2026, 1/3 on March 1, 2027 and 2028 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Award<br>Type** | **Unexercised/Not<br>Vested Securities<br>Outstanding (#)** | **Exercisable<br>Securities<br>Outstanding (#)** | **Option<br>Exercise<br>Price<br>($/share)** | **Option<br>Expiration<br>Date** | **Market<br>Value<br>($)(1)** | **Vesting Schedule of Unexercised/Not<br>Vested Securities Outstanding** |
|  | PSUs | 18270 |  |  |  | 82946 | The performance period ending on March 1, 2026(3) |
|  | PSUs | 18270 |  |  |  | 82946 | The performance period ending on March 1, 2026(3) |
|  | PSUs | 22971 |  |  |  | 104288 | The performance period ending on March 1, 2027(3) |
|  | PSUs | 22971 |  |  |  | 104288 | The performance period ending on March 1, 2027(3) |
|  | PSUs | 17228 |  |  |  | 78215 | The performance period ending on December 31, 2026(2) |
|  | PSUs | 33040 |  |  |  | 150002 | The performance period ending on December 31, 2027(2) |
|  | PSUs | 22026 |  |  |  | 99998 | The performance period ending on March 1, 2028(3) |
|  Maury Bricks | RSUs | 15540 |  |  |  | 70552 | 100% on March 1, 2026 |
|  | RSUs | 40837 |  |  |  | 185400 | 50% on March 1, 2026 and 2027 |
|  | RSUs | 69750 |  |  |  | 316665 | 1/3 on March 3, 2026, 1/3 on March 1, 2027 and 2028 |
|  | PSUs | 38462 |  |  |  | 174617 | The performance period ending on December 31, 2025(2) |
|  | PSUs | 63170 |  |  |  | 286792 | The performance period ending on December 31, 2026(2) |
|  | PSUs | 69750 |  |  |  | 316665 | The performance period ending on December 31, 2027(2) |

---

(1) Based on ARKO Parent's closing stock price of $4.54 on December 31, 2025.

(2) Performance-based grants that, subject to meeting the applicable three-year performance targets set forth in the grant agreement, will vest in a single vesting event upon the ARKO Compensation Committee determining that
the performance criteria has been met; amounts are based on the probable outcome of such performance-based vesting conditions as of December 31, 2025.

(3) The grants are a performance-based grant that, subject to ARKO Parent's common stock achieving a certain specified price per share during the performance period set forth in the grant agreement, will vest in a
single vesting event upon the determination by the ARKO Compensation Committee that the performance criteria has been met; the amount presented above is based on the probable outcome of such performance-based vesting conditions as of
December 31, 2025.

**Option Exercises and Stock Vested in 2025** 

The following table provides information concerning the exercises of ARKO Parent stock options and the vesting of ARKO Parent RSUs and PSUs in 2025 on an aggregated basis for each of our NEOs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
| <br>**Name** | **Number of Shares<br>Acquired on<br>Exercise (#)** | **Value Realized on<br>Exercise ($)** | **Number of Shares<br>Acquired on<br>Vesting (#)** | **Value Realized on<br>Vesting ($)** |
|  Arie Kotler |  |  | 362478 | 1634776 |
|  Jordan Mann |  |  | 16497 | 74401 |
|  Maury Bricks |  |  | 77921 | 351424 |

---

**Pension Benefits Table** 

None of our NEOs participated in any defined benefit pension plans in 2025.

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**Non-Qualified Deferred Compensation** 

ARKO Parent offers a select group of management and key employees who contribute materially to ARKO Parent's continued growth, development and future business success an opportunity to defer a portion of their compensation under ARKO Parent's NQP. The NQP allows these employees to defer up to 90% of their annual base salary and cash bonuses. Distributions under the NQP begin on a date that is within 30 days of the participant's separation from service, except in the case of specified employees where no distributions will be made until six months after separation from service or, if earlier, the date of the specified employee's death. Participants may elect to receive deferred amounts in a lump sum or in at least two, but not more than ten, consecutive annual installments. Participants can elect from investment alternatives made available as investment options for their deferred compensation and gains and losses on these investments are credited to their respective accounts.

For each plan year, ARKO Parent makes a discretionary match, however, that amount is reduced, dollar for dollar, by the amount of employer matching contributions that ARKO Parent contributes to the participant's 401(k) plan for such plan year. In addition, ARKO Parent may also make additional matching contributions and discretionary contributions, in ARKO Parent's sole discretion, on a participant by participant basis.

Tax rules limit the amount that executives may contribute under the 401(k) plan and therefore also limit ARKO Parent's match under the 401(k) plan for executives. The NQP matching contribution is intended to reflect the amount of the matching contribution which is limited by the tax laws. As of the date of this prospectus ARKO Parent has not determined the NQP matching contribution amounts for our NEOs, which amounts, if any, will be disclosed in future filings.

**Potential Payments Upon Termination or Change in Control** 

The employment agreements and/or applicable equity award agreements of our NEOs with ARKO Parent or GPM provide for certain payments and benefits in the event of certain terminations of employment. The following table illustrates the payments and benefits that Mr. Mann would have received pursuant to certain of his equity award agreements if ARKO Parent experienced a change in control on December 31, 2025 or his employment with ARKO Parent had terminated on December 31, 2025 for any of the reasons described in the tables. Mr. Mann's offer letter with ARKO Parent described above does not expressly contemplate payments and benefits in the event of his termination of employment. The payments and benefits that each of Mr. Kotler and Mr. Bricks would have received under their respective employment agreements with ARKO Parent or GPM if ARKO Parent experienced a change in control on December 31, 2025 or their respective employment with ARKO Parent had terminated on such date will be fully disclosed in ARKO Parent's filings with the SEC. The amounts presented in the tables are estimates and do not necessarily reflect the actual value of the payments and

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of the benefits that would be received by Mr. Mann, which would only be known at the time that employment terminates, or the change of control occurs, as applicable.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Executive Compensation Element** | **Termination<br>for Any<br>Reason ($)** | **Termination<br>due to Death or<br>Disability ($)** | **Termination<br>for Good<br>Reason or<br>Without Cause<br>($)** | **Termination<br>for Good<br>Reason or<br>Without Cause<br>Following a<br>Change in<br>Control ($)(1)** | **Termination<br>for Good<br>Reason or<br>Without Cause<br>Following a<br>Change in<br>Control ($)(2)** |
|  | **Jordan Mann** | **Jordan Mann** | **Jordan Mann** | **Jordan Mann** | **Jordan Mann** |
|  **Long-Term Incentives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of Accelerated Grants (3)(4)(5) |  | 543271 |  | 543271 | 371369 |
|  **Total Long-Term Incentives** |  | **543271** |  | **543271** | **371369** |
|  **Grand Total** |  | **543271** |  | **543271** | **371369** |

---

(1) If within 12 months after a change in control of ARKO Parent occurs, the NEO's continuous service is terminated by ARKO Parent without cause or by the NEO for good reason, the value of the accelerated grants
amount is calculated based on a pro rata amount of the PSUs (if any) payable after the end of the three years performance period. Such pro rata amount is to be calculated based on the actual number of calendar months during each fiscal year in the
performance period in which the NEO was in the continuous service of ARKO Parent for at least the first six months of such fiscal year.

(2) If, in connection with a change in control of ARKO Parent, the surviving company does not assume the PSUs, the value of the accelerated grants amount is calculated based on (a) the percentage of PSUs earned based on the
actual performance level for the fiscal year(s) during the performance period which are completed prior to the date of such change in control, plus (b) pro rata of the target amount of shares for the fiscal year in which the change in control occurs
if the date of such change in control occurs after the end of the first six months of a fiscal year.

(3) Non-vested RSUs become immediately vested.

(4) Amount represents the PSUs and RSUs that would have been subject to accelerated vesting multiplied by the $4.54 closing price of ARKO Parent's stock on December 31, 2025.

(5) In case of "Termination due to Death or Disability" and "Termination for Good Reason or Without Cause Following a Change in Control," for awards subject to performance-based vesting conditions,
amounts are based on the probable outcome of such performance-based vesting conditions as of the last day of the year.

**Director Compensation** 

Any officer of ARKO Parent who also serves as one of our directors will not receive additional compensation for his or her service as one of our directors. Currently, Arie Kotler, ARKO Parent's chairman, Chief Executive Officer and President, is the only ARKO Parent officer who serves on our Board of Directors. Our directors who are not officers or employees of ARKO Parent will receive compensation as "non-employee directors" as set by our Board of Directors. In connection with the consummation of this offering, we intend to approve and implement a compensation program for our non-employee directors. The material terms of the non-employee director compensation program have not yet been determined; once determined, the material terms will be disclosed in a future filing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Description of Certain Indebtedness

*We summarize below the material terms of our and ARKO Parent's material debt agreements. We refer you to the exhibits to the registration statement of which this prospectus forms a part for complete copies of such agreements, as this summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to all of the provisions of such agreements.* 

**GPMP Capital One Credit Facility** 

On May 5, 2023, GPMP, entered into a certain second amended and restated credit agreement (as amended on March 26, 2024 and January 13, 2026, the "GPMP Capital One Credit Facility") with Capital One, as administrative agent, GPM Petroleum, LLC, a wholly owned subsidiary of GPMP, as guarantor, certain other lenders party thereto, which provides for a secured revolving credit facility (the "Capital One Line of Credit") in an aggregate principal amount of up to $800 million (including revolving loans, swingline loans and letters of credit), with an option for GPMP to increase, subject to obtaining additional financing commitments from current lenders or from other banks, and subject to certain additional terms contained in the GPMP Capital One Credit Facility, the aggregate availability to $1 billion. The Capital One Line of Credit is available for general partnership purposes, including working capital, capital expenditures and permitted acquisitions. The GPMP Capital One Credit Facility matures on May 5, 2028 and does not require principal payments until maturity.

On January 13, 2026, GPMP, GPM Petroleum, LLC, Capital One and the lenders party to the GPMP Capital One Credit Facility entered into Amendment No. 2 to the facility in anticipation of the consummation of this offering, including, without limitation, revisions to (i) expand the definition of change of control to capture change of ARKO Parent's ownership in us or our ownership of GPMP, (ii) permit GPMP to use net proceeds from this offering to make certain acquisitions, restricted payments and affiliate loans to GPM Empire, in each case subject to certain conditions, (iii) remove a mandatory prepayment with the net proceeds from an initial public offering of GPMP, (iv) replace delivery of the GPMP financial statements with certain other financial statements, including those we will file with the SEC in our periodic reports, (v) permit disposition or assignment of material contracts to GPM Empire, and (vi) expand the events of default provision to include certain breaches material debt or contractual obligations (including our agreements with ARKO Parent described elsewhere in this prospectus), bankruptcy events and legal judgements involving us and our subsidiaries. The effectiveness of this amendment is conditioned upon, among other things, the consummation of this offering within 120 days following the amendment's execution date and the use of at least 90% of the net proceeds from this offering to prepay the outstanding balance under the GPMP Capital One Credit Facility, which prepayment amount may be reduced to the extent such proceeds are used in compliance with the terms of the GPMP Capital One Credit Facility. In connection with the effectiveness of this amendment, we will pledge our equity interest in GPMP and GPM Empire will enter into a separate non-recourse guarantee of GPMP's and GPM Petroleum, LLC's obligations under the GPMP Capital One Credit Facility, which is limited to the collateral described under " —Security" below.

As of September 30, 2025, approximately $380.8 million was drawn on the Capital One Line of Credit, $0.5 million of letters of credit were outstanding and approximately $418.7 million was available thereunder.

***Interest Rate and Fees***

The Capital One Line of Credit bears interest, as elected by GPMP at: (a) Adjusted Term SOFR (as defined in the GPMP Capital One Credit Facility) plus a margin of 2.25% to 3.25% or (b) a rate per

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**Description of Certain Indebtedness** 

annum equal to an Alternate Base Rate (as defined in the GPMP Capital One Credit Facility) plus a margin of 1.25% to 2.25%. The applicable margin is determined according to a formula in the Capital One Line of Credit that depends on GPMP's consolidated total leverage ratio. The interest is being paid in quarterly installments under alternative base rate loans, and for SOFR loans, the interest is being paid at the end of each applicable SOFR period, but at least every three months.

GPMP is required to pay a quarterly commitment fee to the lenders under the Capital One Line of Credit in respect of any unutilized revolving credit facility commitments thereunder, ranging from 0.30% to 0.50% per annum, depending upon GPMP's consolidated total leverage ratio, calculated in accordance with the terms of the GPMP Capital One Credit Facility.

GPMP also pays certain recurring fees under the GPMP Capital One Credit Facility, including (i) letter of credit fees equal to the applicable margin for revolving loans that are SOFR loans per annum on the average daily maximum amount available to be drawn under each letter of credit from the date of issuance to the date of expiration, (ii) issuing lender fees and (ii) administrative fees.

***Prepayments***

GPMP may voluntarily prepay outstanding amounts drawn under the Capital One Line of Credit at any time without premium or penalty, subject to minimum principal payment amounts. Prepayments are required in connection with the incurrence of indebtedness (except for indebtedness permitted under the GPMP Capital One Credit Facility). GPMP may voluntarily permanently reduce the unused portion of the Capital One Line of Credit at any time or from time to time, subject to certain conditions.

***Security***

The Capital One Line of Credit is secured by substantially all of GPMP's and its subsidiaries' properties and assets, and pledges of the equity interests in all present and future subsidiaries (subject to certain exceptions as permitted under the Capital One Line of Credit), and, following effectiveness of Amendment No. 2 to the facility described above, GPM Empire's interest in, and proceeds from, our agreements with ARKO Parent described elsewhere in this prospectus and our fuel supply agreements with certain of our fuel supply partners and a pledge of our equity interests in GPMP.

***Certain Covenants and Events of Default***

The GPMP Capital One Credit Facility contains a number of covenants that restrict, subject to certain exceptions, the ability of each of the GPMP, the guarantors under the GPMP Capital One Credit Facility and their respective subsidiaries to (i) create liens, (ii) incur additional indebtedness or issue certain disqualified equity interests, (iii) make investments, loans or advances, (iv) engage in mergers or consolidations with or into other companies, (v) sell assets and make other dispositions, (vi) pay dividends and distributions or repurchase capital stock, (vii) change the nature of its business, (viii) engage in sale-leaseback transactions, (ix) engage in transactions with affiliates, and (x) repay certain indebtedness.

In addition, the GPMP Capital One Credit Facility requires that the GPMP's consolidated total leverage ratio as of the end of any fiscal quarter be less than 4.25 to 1.00, except from and after the last day of the fiscal quarter in which a material acquisition (as described in the GPMP Capital One Credit Facility) occurs to and including the last day of the second full fiscal quarter following the fiscal quarter in which such material acquisition occurred, in which case such ratio may not exceed 4.75:1.00, and that GPMP's consolidated interest coverage expense ratio as of the end of any fiscal quarter be greater than 2.50 to 1.00.

The GPMP Capital One Credit Facility also contains customary affirmative covenants and events of default.

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**Description of Certain Indebtedness** 

**Senior Notes** 

On October 21, 2021, ARKO Parent issued $450 million in aggregate principal amount of Senior Notes in a private placement to certain qualified institutional buyers in reliance on Rule 144A under the Securities Act, and to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act, under an indenture, dated October 21, 2021, among itself, substantially all of ARKO Parent's wholly owned domestic subsidiaries as guarantors and U.S. Bank National Association, as trustee (as amended and supplemented from time to time, the "Senior Notes Indenture"). The Senior Notes mature on November 15, 2029 and accrue interest at the rate of 5.125% per annum, which is payable semi-annually in arrears on May 15 and November 15 of each year.

***Guarantees***

The Senior Notes are guaranteed on a senior unsecured basis by ARKO Parent's existing and future direct and indirect wholly owned domestic subsidiaries, including ARKO Petroleum, subject to certain exceptions, including GPMP, which is an "Excluded Subsidiary," as defined on the Senior Notes Indenture.

***Optional Redemption and Change of Control Offers***

ARKO Parent may redeem some or all of the Senior Notes at any time at certain redemption prices as described in the Senior Notes Indenture, plus accrued and unpaid interest up to, but excluding, the applicable redemption date. At any time, and from time to time, ARKO Parent may redeem up to 40% of the original principal amount of the Senior Notes (calculated after giving effect to the issuance of additional notes, if any) at a redemption price of 105.125% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the applicable redemption date, with the net cash proceeds of certain equity offerings. If ARKO Parent experiences a Change of Control (as defined in the Senior Notes Indenture), ARKO Parent may be required to offer to repurchase the Senior Notes at a purchase price equal to 101% of their aggregate principal amount of the Senior Notes plus accrued and unpaid interest, if any, to, but excluding, the date of such repurchase.

***Covenants***

The Senior Notes Indenture contains customary restrictive covenants that, among other things, generally limit the ability of ARKO Parent and substantially all of its subsidiaries, including ARKO Petroleum, to (i) create liens, (ii) pay dividends, acquire shares of capital stock and make payments on subordinated debt, (iii) place limitations on distributions from certain subsidiaries, (iv) issue or sell the capital stock of certain subsidiaries, including ARKO Petroleum, (v) sell assets, (vi) enter into transactions with affiliates, (vii) effect mergers and (viii) incur indebtedness. Pursuant to the restriction on the sale of capital stock of certain subsidiaries, the Senior Notes Indenture requires that ARKO Parent apply an amount equal to 100% of the Net Available Cash (as defined in the Senior Notes Indenture) from sale of shares of Class A common stock in this offering to reduce, prepay, defease, redeem, purchase or otherwise retire (i) the outstanding principal amount of Permitted Indebtedness (as defined in the Senior Notes Indenture) under credit facilities incurred pursuant to the terms of the Senior Notes Indenture or (ii) any other Senior Indebtedness (as defined in the Senior Notes Indenture) of ARKO Parent or any guarantor of the Senior Notes within 365 days of the receipt of such Net Available Cash, which ARKO Parent intends to satisfy by . See "Use of Proceeds." The Senior Notes and the guarantees rank equally in right of payment with all of ARKO Parent's and the guarantors' respective existing and future senior unsubordinated indebtedness and are effectively subordinated to all of ARKO Parent's and the guarantors' existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and are structurally subordinated to any existing and future obligations of ARKO Parent's subsidiaries that are not guarantors.

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As of September 30, 2025, ARKO Parent was in compliance with all covenants under the Senior Notes Indenture.

**M&T Credit Agreement** 

On November 21, 2023, GPM entered into a Third Amended and Restated Credit Agreement, by and among GPM, certain of its subsidiaries as co-borrowers, and M&T Bank ("M&T") (as amended on May 13, 2025, together with that certain third amended and restated master covenant agreement, dated as of May 13, 2025, the "M&T Credit Agreement"), which provides for a line of credit for up to $45.0 million to purchase equipment on or before September 2026 (the "M&T Equipment Line of Credit"), which may be borrowed in tranches, each of which is evidenced by a term note, as well as an amended aggregate original principal amount of $83.7 million of real estate loans (such real estate loans, collectively, the "M&T Real Estate Loans").

***Interest Rate and Fees***

In connection with entering into the amendment dated as of May 13, 2025 to the M&T Credit Agreement, the M&T Real Estate Loans outstanding as of the date of such amendment began to accrue interest at SOFR plus 2.25%, the interest rate applicable to any M&T Real Estate Loans incurred following the date of such amendment, and borrowings under the M&T Equipment Line of Credit began to accrue interest, at GPM's discretion, at either a fixed rate based on M&T's five-year cost of funds as of the applicable date of each tranche plus 2.25% or a floating rate at SOFR plus 2.25%. Payments on the M&T Real Estate Loans are made in monthly installments of interest plus principal, which principal payments are based on a fifteen-year amortization schedule, with the balance of each loan payable at maturity. Payments on borrowings under the M&T Equipment Line of Credit are made in monthly installments of interest plus principal, which principal payments are based on an amortization schedule calculated based on the term of such borrowing, each of which may have a term of up to five years.

***Maturity***

Loans under the M&T Equipment Line of Credit mature up to five years after the date of the applicable tranche's issuance. The M&T Real Estate Loans mature in June 2026, November 2028, June 2026 or May 2030, depending on the loan.

***Prepayments***

GPM may voluntarily prepay an equipment loan tranche and the incurred under the M&T Credit Agreement at any time, subject, in certain cases, to a prepayment premium.

***Security***

The M&T Real Estate Loans are secured by the real property acquired with the proceeds of such loans and certain other properties. Loans under the M&T Equipment Line of Credit are secured by the equipment acquired with the proceeds of such loans.

***Certain Covenants and Events of Default***

The M&T Credit Agreement contains a number of covenants that restrict, subject to certain exceptions, the ability of each of GPM and the other borrowers under the M&T Credit Agreement and their respective subsidiaries to (i) create liens, (ii) incur additional indebtedness or issue certain preferred stock (iii) make investments, loans or advances, (iv) engage in mergers or consolidations with or into other companies, (v) sell assets and make other dispositions, (vi) pay dividends and distributions or repurchase capital stock, (vii) change the nature of its business, (viii) engage in transactions with affiliates and (ix) repay certain indebtedness.

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In addition, the M&T Credit Agreement requires that GPM's total leverage ratio (as described in the M&T Credit Agreement) as of the end of any fiscal quarter to be no greater than 6.50 to 1.00, and that GPM, on a consolidated basis, maintain a debt service coverage ratio with respect to the M&T Real Estate Loans (as described in the M&T Credit Agreement) of not less than 1.35 to 1.0, measured on a trailing 12 month basis. In addition, certain acquisitions under the M&T Credit Agreement require that, upon giving effect to such acquisition on a pro forma basis, a fixed charge coverage ratio of the parties to the agreement, on a consolidated basis, would be not less than 1:10 to 1.00, measured on a trailing 12-month basis.

The M&T Credit Agreement also contains customary affirmative covenants and events of default.

***Amendment and ARKO Parent Intercompany Notes***

In connection with the consummation of this offering, we expect the M&T Credit Agreement will be amended to remove our subsidiaries as borrowers or guarantors thereunder, and we will concurrently enter into subordinated, unsecured intercompany notes with subsidiaries of ARKO Parent in an aggregate principal amount equal to the portion of the debt under the M&T Credit Agreement attributable to our business (the "ARKO Parent Intercompany Notes"), which we expect to be approximately $14.9 million. The material terms of the ARKO Parent Intercompany Notes with respect to interest, maturity and the repayment of amounts thereunder will mirror those contained in the M&T Credit Agreement, and are intended to reflect the economics of, and align our payment obligations with, the portion of the indebtedness outstanding under the M&T Credit Agreement that is attributable to our business, and our assets that previously served as collateral under the M&T Credit Agreement will be released from M&T's security interest.

**GPM PNC Facility** 

On February 28, 2020, GPM Investments, LLC and certain subsidiaries as borrowers entered into a certain third amended, restated and consolidated revolving credit and security agreement (as amended through December 20, 2022, the "GPM PNC Facility"), with PNC Bank, National Association, as agent, certain of the Company subsidiaries party thereto, and certain other lenders party thereto, which provides for a secured revolving credit facility (the "GPM PNC Line of Credit") in an aggregate principal amount of up to $140 million (including revolving loans, swingline loans and letters of credit) for purposes of financing working capital and permitted acquisitions. The calculation of the availability under the GPM PNC Line of Credit is determined monthly subject to terms and limitations as set forth in the GPM PNC Facility, taking into account, among other things, the balances of certain receivables, inventory and letters of credit.

In connection with the consummation of this offering, we expect the PNC Credit Agreement will be amended, restated and separated to, among other things, remove our subsidiaries as co-borrowers from the separated ARKO Parent PNC Credit Facility and that certain of our subsidiaries will enter into a separate amended and restated credit agreement with PNC providing for a secured revolving credit facility with substantially similar terms as those under the PNC Line of Credit. We expect the aggregate principal amount available under ARKO Parent's amended PNC Line of Credit to be up to $56 million and our credit facility with PNC to be up to $84 million, for total aggregate availability of $140 million which is the aggregate principal availability under the existing PNC Line of Credit.

***Interest Rate and Fees***

The GPM PNC Line of Credit bears interest, as elected by GPM at: (a) Term SOFR plus an applicable margin of 1.25% to 1.75% or (b) an applicable margin of 0.00% to 0.50% plus an Alternate Base Rate,

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which is equal to the greatest of (i) the PNC base rate, (ii) the overnight bank funding rate plus 0.50%, and (iii) Simple SOFR plus 1.00%, subject to the definitions set in the agreement. Every quarter, the Term SOFR margin rate, the alternate base rate margin rate and the letter of credit margin rate are updated based on the quarterly average undrawn availability of the GPM PNC Line of Credit. The interest is being paid in monthly installments under alternate base rate loans, and for Term SOFR loans, the interest is paid at the end of each applicable Term SOFR period, but at least every three months.

The GPM PNC Facility contemplates future amendment by us and PNC to provide for the replacement of Term SOFR with the daily simple SOFR plus SOFR adjustment as described in the GPM PNC Facility, or an alternate benchmark rate, giving consideration to, among other things, any evolving or then-prevailing market convention including any applicable recommendations made by the relevant governmental body and the related benchmark replacement adjustment as described in the GPM PNC Facility.

ARKO Parent also pays certain recurring fees under the GPM PNC Facility, including (i) letter of credit fees on the aggregate face amounts of outstanding letters of credit plus a fronting fee to the issuing bank and (ii) administration fees.

***Maturity***

The GPM PNC Line of Credit matures on December 22, 2027 and does not require principal payments until maturity.

***Prepayments***

GPM may voluntarily prepay outstanding amounts drawn under the GPM PNC Line of Credit at any time without premium or penalty. Prepayments are required in connection with (i) the disposition of collateral provided under the GPM PNC Facility, other than inventory in the ordinary course of business and (ii) receipt of cash contributions or proceeds from certain equity issuances upon failure to comply with a certain undrawn availability formula under the GPM PNC Facility.

***Security***

Under the GPM PNC Facility, PNC has a first priority lien on receivables, inventory and rights in bank accounts (other than assets that cannot be pledged due to regulatory or contractual obligations).

***Certain Covenants and Events of Default***

The GPM PNC Facility contains a number of covenants that restrict, subject to certain exceptions, the ability of each of the GPM and the other borrowers under the GPM PNC Facility, and their respective subsidiaries to (i) create liens or make certain pledges, (ii) incur additional indebtedness or issue certain disqualified equity interests, (iii) make investments, loans or advances, (iv) engage in mergers or consolidations with or into other companies, (v) sell assets and make other dispositions or arrangements with respect to collateral under GPM PNC Facility, (vi) pay dividends and distributions or repurchase capital stock, (vii) change the nature of its business, (viii) engage in sale-leaseback transactions (ix) engage in transactions with affiliates and (x) repay certain indebtedness.

In addition, the GPM PNC Facility requires that the GPM comply with a certain undrawn availability formula described in the GPM PNC Facility.

The GPM PNC Facility also contains customary affirmative covenants and events of default.

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***Amended ARKO Parent and APC PNC Facilities***

In connection with the consummation of this offering, we expect the PNC Credit Agreement will be amended, restated and separated to, among other things, remove our subsidiaries as co-borrowers from the separated ARKO Parent PNC Credit Facility and that certain of our subsidiaries will enter into a separate amended and restated credit agreement with PNC providing for a secured revolving credit facility with substantially similar terms as those under the PNC Line of Credit. We expect the aggregate principal amount available under both ARKO Parent's amended PNC Line of Credit and our credit facility with PNC to be the same as under the existing PNC Line of Credit.

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Description of Capital Stock

The following summary of the material terms of our common stock and preferred stock is not intended to be a complete summary of the rights and preferences of such securities. We urge you to read our amended and restated certificate of incorporation and amended and restated bylaws in their entirety, which are included as exhibits to the registration statement of which this prospectus forms a part, for a complete description of the rights and preferences of our common stock.

**Authorized and Outstanding Stock** 

Immediately prior to the consummation of this offering, we will file an amended and restated certificate of incorporation and we will adopt amended and restated bylaws. Our amended and restated certificate of incorporation will authorize capital stock consisting of:

• 400,000,000 shares of Class A common stock, par value $0.0001 per share;

• 200,000,000 shares of Class B common stock, par value $0.0001 per share; and

• 5,000 shares of preferred stock, par value $0.0001 per share.

Historically, we have had one class of common stock. As of September 30, 2025, there was one holder of record of our common stock. Prior to the consummation of this offering, we will change our share structure from one class of common stock to two classes of common stock.

After consummation of this offering, we expect to have shares of our Class A common stock outstanding (or shares if the underwriters exercise their over-allotment option in full), shares of our Class B common stock outstanding and no shares of preferred stock outstanding. We have applied to list our Class A common stock on Nasdaq under the symbol "APC."

***Class A Common Stock***

*Voting Rights* 

Each share of Class A common stock is entitled to one vote on each matter submitted to a vote of our holders of common stock, including the election of directors. Class A common stock does not have the right to cumulate votes in the election of directors.

*Dividends* 

Holders of our Class A common stock are entitled to receive dividends or other distributions when and if declared by our Board of Directors. The right of our Board of Directors to declare dividends, however, is subject to any rights of the holders of other classes of our capital stock and the availability of sufficient funds under the DGCL law to pay dividends. See "Cash Dividend Policy." In addition, our ability to pay dividends depends on certain restrictions in our debt agreements. See "Description of Certain Indebtedness."

*Liquidation, Dissolution and Winding Up* 

In the event of our voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, after payments to creditors and subject to any preferential liquidation, dissolution or winding up rights of holders of any then outstanding shares of our preferred stock, the holders of shares of Class A common stock are entitled to share ratably (together with the holders of Class B common stock) in all of our remaining assets and funds available for distribution to holders of shares of common stock.

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*Preemptive or Other Rights* 

Holders of shares of Class A common stock do not have any preemptive, subscription, redemption or conversion rights.

***Class B Common Stock***

Our Class B common stock is substantially identical to our Class A common stock except: (i) each share of Class A common stock is entitled to one vote on all matters submitted to a vote of our stockholders, and each share of Class B common stock is entitled to votes per share on all matters submitted to a vote of our stockholders; and (ii) Class B common stock is convertible at any time into Class A common stock on a one-for-one basis at the option of the stockholder.

We do not intend to list our Class B common stock on any stock exchange.

***Preferred Stock***

We are authorized to issue preferred stock with such designation, rights and preferences as may be determined from time to time by our Board of Directors. Accordingly, the Board of Directors is empowered, without approval by the holders of our Class A common stock or Class B common stock, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of our Class A common stock and Class B common stock. In the event of issuance, the preferred stock could be utilized, under certain circumstances, as a method of discouraging, delaying or preventing a change in control of the Company or making removal of management more difficult.

***Controlled Company***

After this offering, ARKO Parent will control a majority of our outstanding voting power and will therefore have the ability to determine all matters requiring approval by our stockholders, including the election of our directors, amendment of our governing documents, and approval of certain major corporate transactions (see "Risk Factors—Risks Related to the Transactions and our Governance Relationship with ARKO Parent—ARKO Parent controls our Company and will have the ability to control the direction of our business"). As a result of the voting power held by ARKO Parent, we will qualify as a "controlled company" within the meaning of corporate governance rules of Nasdaq. Under these rules, a listed company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company." However, we do not currently expect or intend to rely on the "controlled company" exemptions from certain corporate governance requirements. See "Management—Controlled Company Exemptions."

**Transfer Agent** 

The Transfer Agent for our common stock will be . We will agree to indemnify in its role as transfer agent, its agents and each of its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

**Certain Anti-Takeover Provisions of Delaware Law** 

***Special Meetings of Stockholders; Action by Written Consent***

Our amended and restated bylaws will provide that special meetings of our stockholders may be called, prior to the date on which ARKO Parent ceases to beneficially own at least % of the outstanding voting power of our common stock (such event, the "Trigger Event"), by or at the direction of the Board

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of Directors or the Chairman of the Board of Directors (the "Chairman") at the request of holders of not less than a majority of the combined voting power of our common stock, and, from and after the Trigger Event, only by or at the direction of the Board, the Chairman or our Chief Executive Officer.

Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless our certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation will preclude stockholder action by written consent from and after the Trigger Event.

These provisions could have the effect of delaying until the next stockholder meeting any stockholder actions, even if they are favored by the holders of a majority of the Company's outstanding voting securities.

***Advance Notice Requirements for Stockholder Proposals and Director Nominations***

Our amended and restated bylaws will provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder's notice will need to be received by the company secretary at our principal executive offices not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Our amended and restated bylaws will also specify certain requirements as to the form and content of such stockholder's notice. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

***Authorized but Unissued Shares***

Our authorized but unissued common stock and preferred stock will be available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

***Exclusive Forum Selection***

The amended and restated certificate of incorporation will provide that unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum, to the fullest extent permitted by law, for (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, officers or other employees or stockholders to us or our stockholders, creditors or other constituents, or a claim of aiding and abetting any such breach of fiduciary duty, (3) any action asserting a claim against us or any of our directors or officers or other employees or stockholders arising pursuant to, or any action to interpret, apply, enforce any right, obligation or remedy under or determine the validity of, any provision of the DGCL or our amended and restated certificate of incorporation or amended and restated bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, (4) any action asserting a

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claim that is governed by the internal affairs doctrine, or (5) any other action asserting an "internal corporate claim" under the DGCL shall be the Court of Chancery of the State of Delaware (or, if and only if the Court of Chancery does not have subject matter jurisdiction, another state court sitting in the State of Delaware or, if and only if neither the Court of Chancery nor any state court sitting in the State of Delaware has subject matter jurisdiction, then the federal district court for the District of Delaware) (the "Delaware Forum Provision"). Notwithstanding the foregoing, our amended and restated certificate of incorporation will provide that the Delaware Forum Provision will not apply to any actions arising under the Securities Act or the Exchange Act. However, our amended and restated certificate of incorporation will provide that unless we consent in writing to the selection of an alternative forum, (i) the federal district court for the District of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act and (ii) the Court of Chancery of the State of Delaware and the federal district court for the District of Delaware shall be the sole and exclusive forums for the resolution of any derivative claim arising under the Exchange Act (the "Federal Forum Provision"). Additionally, any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Company shall be deemed to have notice of and consented to the Delaware Forum Provision and the Federal Forum Provision.

Although we believe these provisions will benefit us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court may determine that these provisions are unenforceable, and to the extent they are enforceable, the provisions may have the effect of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

***Section 203 of the Delaware General Corporation Law***

A Delaware corporation may elect in its certificate of incorporation or bylaws not to be governed by this particular Delaware law. Under the amended and restated certificate of incorporation, we will not opt out of Section 203 of the DGCL. This statute prevents certain Delaware corporations, under certain circumstances, from engaging in a "business combination" with:

• a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an "interested
stockholder");

• an affiliate of an interested stockholder; or

• an associate of an interested stockholder, for three years following the date that the stockholder became an
interested stockholder.

A "business combination" includes a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if

• our board of directors approves the transaction that made the stockholder an "interested
stockholder," prior to the date of the transaction;

• after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that
stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

• on or subsequent to the date of the transaction, the business combination is approved by our board of directors
and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

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Our authorized but unissued common stock and preferred stock will be available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

***Vacancies and Newly Created Directorships***

Our amended and restated certificate of incorporation will provide that any newly created directorships resulting from an increase in the number of directors or any vacancies on our Board of Directors will be filled by a majority vote of the remaining directors then in office. Any director elected or appointed to fill a vacancy not resulting from an increase in the number of directors shall have the same remaining term as that of his or her predecessor.

**Limitation on Liability and Indemnification of Directors and Officers** 

Our amended and restated certificate of incorporation will provide that our officers and directors will be indemnified by us to the fullest extent authorized by Delaware law, as it now exists or may in the future be amended. In addition, and as permitted under Delaware law, our amended and restated certificate of incorporation will provide that our directors will not be personally liable for monetary damages to us or our stockholders for breaches of their fiduciary duty as directors, and our officers will not be personally liable for monetary damages for certain breaches of their fiduciary duty of care.

Prior to or upon consummation of this offering, we will enter into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification that will be provided for in our amended and restated certificate of incorporation. Our amended and restated bylaws will also permit us to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification. We intend to purchase a policy of directors' and officers' liability insurance that will insure our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and will insure us against our obligations to indemnify our officers and directors.

These provisions may discourage stockholders from bringing a lawsuit against our directors and officers for breach of their fiduciary duties. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**Conflicts of Interest** 

Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. Our amended and restated certificate of incorporation will, to the extent permitted by Delaware law,

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renounce any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to ARKO Parent or any of its officers, directors, agents, stockholders, members, partners, affiliates and subsidiaries (other than us and our subsidiaries), including any of the foregoing who serves as a director or officer of the Company. Such person will therefore have no duty to communicate or present such corporate opportunities to us, and will have the right to either hold any such corporate opportunity for their (and their affiliates') own account and benefit or to recommend, assign or otherwise transfer such corporate opportunity to persons other than us, including to any officers, directors or stockholders or their respective affiliates (other than those who are employees of the Company or its subsidiaries).

**Listing of Securities** 

We have applied to list our Class A common stock on Nasdaq under the symbol "APC." We do not intend to apply to list our Class B common stock on any exchange.

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Shares Eligible for Future Sale

Prior to this offering, there has been no public market for our Class A common stock. Future sales of substantial amounts of our Class A common stock in the public market could adversely affect prevailing market prices for shares of our Class A common stock. Furthermore, because not all of the shares of our Class A common stock outstanding will be available for sale immediately after this offering because of contractual and legal restrictions on resale described below, sales of substantial amounts of shares of our Class A common stock in the public market after such restrictions lapse could adversely affect the prevailing market price for shares of our Class A common stock as well as our ability to raise equity capital in the future.

Upon completion of this offering, we will have shares of Class A common stock (or shares if the underwriters exercise their over-allotment option in full) outstanding. Subject to any restrictions under the lock-up agreement, other contractual restrictions on resale and the provisions of Rule 144 described below, all of the shares of our Class A common stock to be sold in this offering will be freely tradable without restriction or further registration under the Securities Act.

Restricted securities may be sold in the public market only if they qualify for an exemption from registration under the Securities Act, including sales effected in accordance with Rule 144 under the Securities Act, which is summarized below, or pursuant to a registration statement that is effective under the Securities Act.

**Sale of restricted shares** 

All of the shares of Class A common stock sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except that any shares purchased by or owned by our "affiliates," as that term is defined in Rule 144 under the Securities Act, may generally be sold publicly only in compliance with the limitations of Rule 144 described below. As defined in Rule 144, an affiliate of an issuer is a person that directly or indirectly, through one or more intermediaries, controls, or is controlled by or is under common control with, such issuer.

Immediately following the completion of this offering, ARKO Parent will beneficially own 100% of our outstanding Class B common stock, which is convertible on a one-for-one basis into shares of Class A common stock at ARKO Parent's election. Shares beneficially owned by ARKO Parent will be "restricted securities" as that term is used in Rule 144. Subject to contractual restrictions, including the lock-up agreement described below, ARKO Parent will be entitled to sell these shares in the public market only if the sale of such shares is registered with the SEC or if the sale of such shares qualifies for an exemption from registration under Rule 144 or any other applicable exemption under the Securities Act. At such time as these restricted shares become unrestricted and available for sale, the sale of these restricted shares, whether pursuant to Rule 144 or otherwise, may have a negative effect on the price of our Class A common stock.

Prior to the completion of this offering, we expect to enter into the Registration Rights Agreement with a subsidiary of ARKO Parent that requires us to register under the Securities Act the resale of shares of our Class A common stock issuable upon conversion of our Class B common stock, subject to the lock-up agreement described below. See the section entitled "Certain Relationships and Related Party Transactions—Registration Rights Agreement." Such securities registered under any registration statement will be available for sale in the open market unless restrictions apply.

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**Lock-Up Agreement** 

ARKO Parent will enter into a lock-up agreement under which it will agree not to sell or otherwise transfer shares of our Class A common stock or securities convertible into or exchangeable for shares of our Class A stock as applicable, for a period of 180 days after the date of this prospectus. These lock-up restrictions may be extended in specified circumstances and are subject to certain exceptions. For more information, see "Underwriting (Conflicts of Interest)." As a result of these contractual restrictions, shares of our Class A common stock and the other securities subject to lock-up agreements will not be eligible for sale until these agreements expire or the restrictions are waived by the underwriters. When determining whether or not to release our Class A common stock and other securities from lock-up agreements, will consider, among other factors, the holder's reasons for requesting the release, the number of shares for which the release is being requested and market conditions at the time of the request.

In addition, we will agree with the underwriters not to sell any shares of our Class A common stock or securities convertible into or exchangeable for shares of our Class A common stock for a period of 180 days after the date of this prospectus, subject to certain exceptions, including for sales in connection with this offering or with the grant or exercise of stock based equity awards. The underwriters may, at any time, waive these restrictions.

**Rule 144** 

The shares of our Class A common stock sold in this offering will generally be freely transferable without restriction or further registration under the Securities Act, except that any shares of our Class A common stock held by an "affiliate" of ours may not be resold publicly except in compliance with the registration requirements of the Securities Act or under an exemption under Rule 144 or otherwise. Rule 144 permits our Class A common stock that has been acquired by a person who is an affiliate of ours, or has been an affiliate of ours within the past three months, to be sold into the market in an amount that does not exceed, during any three-month period, the greater of:

---

| | |
|:---|:---|
| Ø | 1% of the total number of shares of our common stock outstanding; or  |

---

Ø the average weekly reported trading volume of our common stock on Nasdaq for the four calendar weeks prior to the sale.

Such sales are also subject to specific manner of sale provisions, a six-month holding period requirement, notice requirements and the availability of current public information about us.

Rule 144 also provides that a person who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has for at least six months beneficially owned shares of our Class A common stock that are restricted securities, will be entitled to freely sell such shares of our Class A common stock subject only to the availability of current public information regarding us. A person who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned for at least one year shares of our Class A common stock that are restricted securities, will be entitled to freely sell such shares of our Class A common stock under Rule 144 without regard to the current public information requirements of Rule 144.

**Rule 701** 

In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchases shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of the registration statement of which this prospectus forms a part is

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entitled to sell such shares 90 days after such effective date in reliance on Rule 144. Our affiliates can resell shares in reliance on Rule 144 without having to comply with the holding period requirement, and non-affiliates of the issuer can resell shares in reliance on Rule 144 without having to comply with the current public information and holding period requirements.

**Registration Statement on Form S-8** 

We intend to file with the SEC a registration statement on Form S-8 covering the shares of our Class A common stock reserved for issuance under the 2026 Plan. That registration statement is expected to be filed and become effective as soon as practicable after the closing of this offering. Upon effectiveness, the shares of our Class A common stock that will be covered by that registration statement and issued pursuant to the terms of the 2026 Plan will be eligible for sale by the recipient in the public market subject to the lock-up agreements and, with respect to any shares of Class A common stock held by our affiliates, the Rule 144 restrictions described above.

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Principal Stockholders

The following table sets forth information regarding the beneficial ownership of our Class A common stock and our Class B common stock immediately following the completion of the Transactions, including this offering, for:

• each person known by us to be the beneficial owner of more than 5% of any class of our outstanding common stock;

• each of our executive officers;

• each of our directors; and

• all of our executive officers and directors as a group.

The following information has been presented in accordance with the SEC's rules and is not necessarily indicative of beneficial ownership for any other purpose. Under the SEC's rules, beneficial ownership of a class of capital stock as of any date includes any shares of that class as to which a person, directly or indirectly, has or shares voting power or investment power as of that date and also any shares as to which a person has the right to acquire sole or shared voting or investment power as of or within 60 days after that date through the exercise of any stock option, warrant or other right (including any conversion or redemption right).

We have based our calculation of the percentage of beneficial ownership after this offering on shares of our Class A common stock issued by us in our initial public offering and shares of Class A common stock and shares of Class B common stock outstanding immediately after the completion of this offering, assuming that the underwriters do not exercise their over-allotment option to purchase up to an additional shares of our Class A common stock from us in full.

Unless otherwise indicated, we believe that each person named in the table below has sole voting and investment power with respect to all shares of common stock beneficially owned by him.

Unless otherwise noted, the business address of each of these stockholders is c/o ARKO Petroleum Corp., 8565 Magellan Parkway, Suite 400, Richmond, VA 23227.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A Common Stock**<br>**Beneficially Owned** | **Class A Common Stock**<br>**Beneficially Owned** | **Class B Common Stock<br>Beneficially Owned** | **Class B Common Stock<br>Beneficially Owned** | **Percentage of Total<br>Voting Power After<br>the Offering (%)** |
| <br>**Name and Address of Beneficial Owner(1)** | **Number of<br>Shares** | **Percentage<br>of Class(1)** | **Number of<br>Shares** | **Percentage<br>of Class** | **Percentage of Total<br>Voting Power After<br>the Offering (%)** |
|  **5% Stockholder** |  |  |  |  |  |
|  ARKO Corp. |  |  |  |  |  |
|  **Directors and Named Executive Officers** |  |  |  |  |  |
|  Arie Kotler |  |  |  |  |  |
|  Jordan Mann |  |  |  |  |  |
|  Maury Bricks |  |  |  |  |  |

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Certain Relationships and Related Party Transactions

Set forth below is a description of certain relationships and related person transactions between us or our subsidiaries and our directors, executive officers or holders of more than 5% of our outstanding capital stock. The summaries of certain provisions of our related party agreements are qualified in their entirety by reference to all of the provisions of such agreements. Such agreements, or the forms thereof, are filed as exhibits to the registration statement of which this prospectus forms a part. See "Description of Certain Indebtedness—Senior Notes" for additional information.

**Management Services Agreement** 

We will depend on corporate and administrative services provided by ARKO Parent and its employees under the Management Services Agreement to be entered into immediately prior to the completion of this offering. Pursuant to the Management Services Agreement, ARKO Parent will agree to continue to perform or arrange for a broad range of services for our benefit, including support in the areas of operations, human resources, payroll and benefits administration, finance and accounting, financial and public company reporting, information technology, legal, real estate management, executive services and general administrative services, subject to certain conditions set forth therein. The scope of services may be adjusted from time to time by mutual written agreement of the parties.

The Management Services Agreement provides, among other things, the following:

• <u>Fees and Expenses</u>. As consideration for such services, we will pay fees to ARKO Parent based on
allocations or a flat fee, subject to periodic adjustments. We will also reimburse ARKO Parent for reasonable out-of-pocket expenses incurred in providing the services,
including costs of licenses, insurance, taxes, audit fees, compliance costs and expenses associated with our status as a public company.

• <u>Term and Termination</u>. The Management Services Agreement shall remain in effect until terminated: (i) by
mutual written consent of the parties, (ii) by any party upon a change of control of us, (iii) on the second anniversary of the date on which ARKO Parent distributes shares of our common stock in a transaction intended to qualify as a tax-deferred
distribution pursuant to Section 355 of the Code, or (iv) by any party upon written notice to the other party upon failure by us to pay undisputed fees or reimbursable expenses, or a material breach, in either case not cured within the applicable
cure period, or upon the filing of a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency law. Any services provided by ARKO Parent to us may also be terminated if we no longer require such services.

• <u>Confidentiality and Proprietary Materials</u>. The parties are subject to customary provisions regarding
confidentiality of information, ownership of proprietary materials and compliance with applicable laws, including data protection and third-party license requirements.

• <u>Independent Contractor</u>. ARKO Parent will provide the services as an independent contractor, and employees
of ARKO Parent will remain employees of ARKO Parent.

**Omnibus Agreement** 

Immediately prior to the completion of this offering, we will enter into the Omnibus Agreement with ARKO Parent, providing that, for a period of 10 years, our subsidiaries will be the exclusive distributors of motor fuel volumes required by ARKO Parent and its affiliates, subject to limited exceptions as described in the Fuel Distribution Agreement below.

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**Certain Relationships and Related Party Transactions** 

The Omnibus Agreement also provides reciprocal rights to participate in certain acquisition opportunities and other accretive opportunities. Until the expiration or earlier termination of the Fuel Distribution Agreement, ARKO Parent is required to present to us any proposal to acquire from a third party any convenience stores selling gasoline, wholesale motor fuel distribution agreements, dealer sites, independently operated or consignment locations, or any other fleet or wholesale fuel distribution assets, contracts or operations (each, an "ARKO Parent Proposed Acquisition"), and we are required to present to ARKO Parent any proposal to acquire from a third party any convenience stores selling gasoline which are operated by such seller on a retail basis as part of a larger acquisition, provided that if such third party only operates retail sites (and not any dealer or fleet locations), such transaction shall be referred to ARKO Parent to negotiate with such third party and us as an ARKO Parent Proposed Acquisition (each, an "APC Proposed Acquisition"). In such cases, ARKO Parent will be offered the opportunity to acquire any convenience store business included in an APC Proposed Acquisition, and we will be offered the opportunity to acquire (i) any dealer and fleet business associated with a ARKO Parent Proposed Acquisition and (ii) the rights to supply fuel to ARKO Parent in connection with the convenience stores to be acquired in such ARKO Parent Proposed Acquisition. Following notice of a proposed acquisition, ARKO Parent and we must negotiate in good faith to determine terms for joint pursuit of the transaction and the related fuel supply arrangements. Each party may elect not to participate in a proposed acquisition. If either ARKO Parent or we decline within the specified period, the other party may proceed independently and, if applicable, offer third parties the right to participate. In the event an ARKO Parent acquisition is consummated without our participation, we are still obligated to distribute fuel to the newly acquired convenience stores under the terms of the Fuel Distribution Agreement, with pricing based on our cost plus the alternate fuel sales rate until a new supply arrangement is agreed. Any decision by us to participate in a proposed acquisition or any other funding for an accretive opportunity, and the terms of such participation, will be subject to approval by our Conflicts Committee.

The Omnibus Agreement may be terminated by either party if the other commits a material default that is not cured within 30 days of written notice. The Omnibus Agreement shall be construed in accordance with and governed by the substantive laws of the State of Delaware.

**Employee and Intercompany Matters Agreement** 

Immediately prior to the completion of this offering, we will enter into the Employee and Intercompany Matters Agreement with ARKO Parent and its subsidiaries, which will govern the allocation of employee benefit and compensation plans, and certain shared obligations between us and our affiliates following this offering.

The Employee and Intercompany Matters Agreement provides, among other things, the following:

• <u>401(k), Non-Qualified Plan and Health and Welfare Plans</u>. Our
employees will initially participate in ARKO Parent's 401(k) plan, non-qualified deferred compensation plan, and health and welfare benefit plans until such time as we may establish our such own plans.
Upon adoption, we will conduct trust-to-trust transfers of account balances of eligible employees. Additionally, we will give each eligible employee full credit for
purposes of eligibility, vesting, and determination of level of benefits for prior service with ARKO Parent to the same extent such service was recognized by the corresponding benefit plans. We will be responsible for all liabilities associated with
employees' participation in ARKO Parent's benefit plans.

• <u>Equity Compensation</u>. Following the consummation of this offering, we will use commercially reasonable
efforts to maintain effective registration statements on Form S-8 with the SEC for our 2026 Plan. Outstanding awards under the ARKO 2020 Plan held by our employees will either continue to vest under their
current terms or, if permissible and approved, be converted into awards under the 2026 Plan. We will bear the expense of such awards and related payroll costs.

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• <u>Payroll Taxes and Workers' Compensation</u>. The parties agree to treat us as a "successor
employer" and ARKO Parent as a "predecessor" for payroll tax purposes and to cooperate to avoid duplicative Form W-2 reporting. For so long as we participate in ARKO Parent's
workers' compensation programs, benefit plans or 401(k) arrangements, ARKO Parent will allocate or pass through premiums, deductibles, claims and costs to us in the same manner as currently allocated.

• <u>Insurance and Indebtedness</u>. Until ARKO Parent and its subsidiaries cease to hold more than 50% of our
equity, we will continue to be insured under ARKO Parent's shared insurance policies. We will be entitled to coverage for claims reported prior to that date. Additionally, we agree that, for so long as we are a Guarantor or Restricted
Subsidiary under, and as defined in the Senior Notes Indenture, we shall comply with the terms and conditions of the Senior Notes Indenture and not use any of the "baskets" provided in the Senior Notes Indenture without ARKO
Parent's prior consent. ARKO Parent and we agree that, for so long as we are a Guarantor or Restricted Subsidiary under the Senior Notes Indenture, ARKO Parent will not extend the duration of the obligations under the Senior Notes Indenture,
increase the principal amount owing under the Senior Notes Indenture, and indemnify us from any and all payment obligations arising under the Senior Notes Indenture and reimburse us for any amounts which we remit to the trustee under the Senior
Notes Indenture.

• <u>License of Name and Mark</u>. We were granted a non-transferable, non-exclusive, royalty-free license to use the "GPM" name and related marks. Ownership of the name, marks and associated goodwill remains with GPM, and we may not contest GPM's ownership or claim
any rights in them. Any use of the marks must comply with quality standards established by ARKO Parent, with the current quality of our products and services deemed acceptable.

• <u>Term and Termination</u>. The Employee and Intercompany Matters Agreement may be terminated only by mutual
consent of all parties, except that upon a change of control of us or GPM, one party may terminate the agreement upon no fewer than 60 days' prior written notice to the other party.

**Fuel Distribution Agreement** 

Immediately prior to the completion of this offering, we will enter into the Fuel Distribution Agreement with ARKO Parent and certain of its subsidiaries. The Fuel Distribution Agreement will regulate the terms and conditions regarding the purchase, sale and exclusive distribution of Products for the Stations. Additionally, the Fuel Distribution Agreement provides that all ARKO Parent's employees in the fuel pricing department will be transferred to become our employees, and we will provide fuel pricing services to ARKO Parent.

Under the Fuel Distribution Agreement, we agreed to be the exclusive supplier of Products for the Stations for a period of ten years, subject to earlier termination under certain circumstances, including termination for convenience, subject to ARKO Parent paying liquidated damages. The Fuel Distribution Agreement may also be terminated in accordance with the Petroleum Marketing Practices Act or in the event of price regulation or force majeure.

ARKO Parent is required to purchase from us all of ARKO Parent's requirements for Product at the Stations, subject to certain limited exceptions, such as pre-existing supply contracts, governmental allocation restrictions, or circumstances outside of ARKO Parent's control. In the event we are unable to distribute all motor fuel volumes that ARKO Parent desires to purchase from us, ARKO Parent may purchase from third parties its requirements of any motor fuel volumes in excess of the amounts of such motor fuel supplied by us. Additionally, with respect to Stations located in certain states, ARKO Parent may purchase Product for such Stations from third parties so long as ARKO Parent provides an accounting of each gallon of Product purchased for such and pays us an amount equal to the Adder (as defined below) for each such gallon purchased from third parties.

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**Certain Relationships and Related Party Transactions** 

Pursuant to the Fuel Distribution Agreement, a Station is automatically removed from the agreement if it is closed, if the lease for such Station terminates or expires, or if it is sold to a non-affiliate, provided that in the case of a sale to a non-affiliate, our consent is required to remove such Station, unless ARKO Parent has agreed to substitute one or more locations as Stations which will require the supply of no less than equivalent volume of Product within six months of such sale, we become a direct supplier of fuel to such Station, or such sale does not cause the decrease in the aggregate volume of Product sold at Stations under the Fuel Distribution Agreement to exceed 10% of the aggregate volume of Product sold by us under the Fuel Distribution Agreement during the full 12 month period preceding the sale in question.

Product is supplied at the "Rack Price" (as defined in the Fuel Distribution Agreement), plus an adder of six cents ($0.06) per gallon (the "Adder") (an increase from the five cents ($0.05) per gallon prior to January 1, 2026), subject to applicable taxes, fees and surcharges. Title and risk of loss of a Product pass to ARKO Parent when such Product is placed in the tank at the Station. ARKO Parent is responsible for payment by electronic funds transfer within five days of invoice, and late payments bear interest at the rate specified in the Fuel Distribution Agreement. ARKO Parent is entitled to prompt payment discounts and other supplier rebates, to the extent offered by fuel suppliers and earned by us.

The Fuel Distribution Agreement also contains provisions relating to the use of branded fuel supplier trademarks and the allocation of rebranding costs. Subject to the ARKO Parent's approval, we may substitute current branded fuel trademarks with those of another major fuel supplier, in which case we are responsible for the costs of signage replacement and any debranding penalties (the "Supplier-Initiated Rebranding Costs"). ARKO Parent may also request to substitute brands or become unbranded, but in that case ARKO Parent must bear the related costs, including signage replacement, debranding penalties, and any other expenses associated with the change. Upon expiration, nonrenewal or termination of the Fuel Distribution Agreement, or upon demand by a branded supplier, ARKO Parent's rights to use branded fuel trademarks will terminate and ARKO Parent must discontinue use of such marks, with any removal or covering costs borne by ARKO Parent. ARKO Parent is entitled to rebranding and image enhancement incentives, but is obligated to repay to us any unamortized branding costs, renewal incentive reimbursements, penalties for failing to meet image requirements, and costs related to signage removal and site debranding (other than Supplier-Initiated Rebranding Costs).

Pursuant to the Fuel Distribution Agreement, ARKO Parent is obligated to maintain the Stations in compliance with brand image standards, to handle and store Products in accordance with environmental and operational requirements, and to indemnify us for losses relating to noncompliance or breaches of the Fuel Distribution Agreement.

Under the Fuel Distribution Agreement, ARKO Parent must comply with all applicable environmental laws at the Stations, including those governing pollution, hazardous substances, and waste management. In the event of a spill or release, ARKO Parent must promptly notify authorities, take corrective action, inform us, and maintain daily monitoring and records of underground storage tanks for inspection. ARKO Parent also agrees to indemnify us and hold us harmless against any claims, losses, damages, liabilities, or costs (including attorneys' fees) arising from the ARKO Parent's operations, including environmental contamination, legal noncompliance, equipment defects, or breaches of the Fuel Distribution Agreement.

**Tax Matters Agreement** 

In connection with the Transactions, we will enter into a tax matters agreement with ARKO Parent (the "Tax Matters Agreement"). The Tax Matters Agreement governs our and ARKO Parent's respective rights, responsibilities, and obligations with respect to certain tax matters (including tax liabilities, tax attributes, tax returns, and tax audits).

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**Certain Relationships and Related Party Transactions** 

Prior to the Transactions, our income, assets and operations and those of our subsidiaries were included in the income tax returns filed by ARKO Parent's consolidated group for U.S. federal income tax purposes (the "ARKO Consolidated Group"). Following the Transactions, for so long as ARKO Parent maintains an aggregate ownership representing at least 80% of the total voting power and at least 80% of the total value of our common stock, we will continue to be included in the ARKO Consolidated Group, as well as in certain other consolidated, combined or unitary groups that include ARKO Parent and/or certain of its subsidiaries (each such group, an "ARKO Tax Group"). Each member of a consolidated group for federal income tax purposes during any part of a consolidated return year is jointly and severally liable for the tax on the consolidated return of such year and for any subsequently determined deficiency thereon. Similarly, in some jurisdictions, each member of a consolidated, combined or unitary group for state, local or foreign income tax purposes is jointly and severally liable for the state, local or foreign income tax liability of each other member of such consolidated, combined or unitary group. Accordingly, although the Tax Matters Agreement allocates tax liabilities between us and ARKO Parent, for any period in which we were or are included in the ARKO Consolidated Group or any ARKO Tax Group, we could be liable in the event that any income tax liability was incurred, but not discharged, by any other member of the ARKO Consolidated Group or any ARKO Tax Group, as the case may be. Depending on the tax classification of our current or future subsidiaries now and in the future, and other relevant facts, the foregoing obligations can also apply with respect to certain of our current or future subsidiaries.

The Tax Matters Agreement provides for methods of apportioning tax liabilities between us and ARKO Parent, and we are generally responsible for the tax liabilities apportioned to and directly incurred by us.

The Tax Matters Agreement addresses our and ARKO Parent's respective rights, responsibilities, and obligations in the event ARKO Parent distributes to its stockholders all or a portion of the shares of our common stock that it holds (an "ARKO Parent Distribution"). We have agreed not to knowingly take or fail to take any actions that could reasonably be expected to preclude ARKO Parent's ability to undertake the ARKO Parent Distribution, or result in the ARKO Parent Distribution failing to qualify as a transaction that is generally tax-free, for U.S. federal income tax purposes, under Section 355 of the Code and, to the extent applicable, under certain non-U.S. income tax laws. In the event that the ARKO Parent Distribution takes place, we have agreed not to take certain actions, during the two-year period following the ARKO Parent Distribution, that are designed to preserve the tax-free nature of the ARKO Parent Distribution for U.S. federal income tax purposes. Specifically, during such period, except in specific circumstances, we and our subsidiaries generally would be prohibited from taking the following actions without first obtaining the opinion of tax counsel or a tax ruling to the effect that such actions will not result in the ARKO Parent Distribution failing to qualify as a tax-free spin-off: (i) ceasing to conduct our business, (ii) entering into certain transactions pursuant to which all or a portion of the shares of our common stock or certain of our and our subsidiaries' assets would be acquired, (iii) liquidating, merging or consolidating with any other person, (iv) issuing equity securities beyond certain thresholds, (v) repurchasing our shares other than in certain open-market transactions, (vi) amending our charter or taking any other action that would affect the voting rights of our capital stock, or (vii) taking or failing to take any other action that would be reasonably likely to cause the ARKO Parent Distribution to fail to qualify as a transaction that is generally tax-free for U.S. federal income tax purposes and, to the extent applicable, for certain non-U.S. income tax purposes. Additionally, we generally are responsible for, among other things, (a) any taxes resulting from the failure of the ARKO Parent Distribution to qualify as a tax-free transaction to the extent such taxes are attributable to, or result from, any action or failure to act by us, or certain transactions involving us following the ARKO Parent Distribution, and (b) a percentage of such taxes to the extent such taxes are not attributable to, or do not result from, any action or failure to act by either us or ARKO Parent.

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**Certain Relationships and Related Party Transactions** 

**Real Estate Arrangements with ARKO Parent** 

In connection with this offering, there are various agreements amongst us, ARKO Parent and its related entities, pursuant to which we lease certain of our sites from third parties, sublease from ARKO Parent, or act as cotenant with ARKO Parent under master leases. An assignment, assumption, master sublease and bill of sale agreement assigns current subleases with operations from GPM (ARKO Parent) entities to GPME, contains a bill of sale for the equipment moved from the GPM entities to GPME, and subleases properties from GPM parties to GPME for sites already dealerized. There are also lease agreements, for single site or multi-site leases, each related to GPM RE-owned real property, wherein we will lease the properties to GPM (for certain current ARKO Retail Sites). Lastly, there will be sublease agreements for single site deals between various GPM entities as sublessor and GPME as sublessee relating to leased sites which will be dealerized in the future. Such lease/sublease agreements provide that if more than one person or entity (e.g., shareholders or partners) constitute or comprise lessee or sublessee under such agreements, the obligations of lessee or sublessee, as applicable, shall be joint and several. Additionally, upon a default, the lessor/sublessor may terminate the applicable lease or sublease, reenter and repossess the premises that are the subject of such agreement and lease to any other person, or exercise any other rights and remedies available to it. All of the foregoing agreements contain general indemnity obligations of the parties thereto and are governed by the laws of the state in which the relevant property subject to the agreement is located. See "Risk Factors—We lease certain of our sites from third parties; are jointly and severally liable under certain master leases; and our dealers control other sites, all of which could result in increased costs and disruptions to our operations" for more information on the risks these agreements present to us.

**ARKO Parent Intercompany Notes** 

In connection with the consummation of this offering, we expect the M&T Credit Agreement will be amended to remove our subsidiaries as borrowers or guarantors under such agreement, and we will concurrently enter into the ARKO Parent Intercompany Notes in an aggregate principal amount equal to the portion of the debt thereunder attributable to our business at such time. As of September 30, 2025, approximately $11.9 million under the M&T Credit Agreement was attributable to our business, which we expect to be approximately $14.9 million. The material terms of the ARKO Parent Intercompany Notes with respect to interest, maturity and the repayment of amounts thereunder will mirror those contained in the M&T Credit Agreement, and are intended to reflect the economics of, and align our payment obligations with, the portion of the indebtedness outstanding under the M&T Credit Agreement that is attributable to our business. See "Description of certain indebtedness—M&T Credit Agreement" for additional details on the M&T Credit Agreement.

**Registration Rights Agreement** 

Immediately prior to the completion of this offering, ARKO Parent will enter into the Registration Rights Agreement with us. The Registration Rights Agreement will provide ARKO Parent with the following demand, shelf and piggyback registration rights with respect to the shares of Class A common stock issuable upon conversion of the Class B common stock owned by it and its affiliates:

• after the completion of this offering, ARKO Parent and its affiliates (other than us) will have the right to
cause us to conduct an unlimited number of demand registrations, subject to certain customary restrictions, which demand registrations may take the form of a shelf registration;

• once we are eligible to do so, ARKO Parent and its affiliates will have the right to cause us to file and have
declared effective a shelf registration statement on Form S-3 with respect to all of the shares of Class A common stock issuable upon conversion of their Class B common stock; and

• ARKO Parent and its affiliates will have the right to participate in certain registered offerings by us.

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**Certain Relationships and Related Party Transactions** 

The Registration Rights Agreement also will contain customary provisions relating to cooperation with the registration process, black-out periods and customary securities law indemnity provisions in favor of the selling stockholders. With certain customary exceptions, we will be required to bear all registration expenses, other than underwriting discounts and commissions and transfer taxes, associated with any registration of shares pursuant to the Registration Rights Agreement.

**Indemnification Agreements** 

We have entered into, or prior to the consummation of this offering will have entered into, indemnification agreements with each of our directors and executive officers. Each indemnification agreement provides for indemnification and advancements by us of certain expenses and costs relating to claims, suits or proceedings arising from his or her service to us or, at our request, service to other entities, as officers or directors to the maximum extent permitted by applicable law.

For more information regarding these indemnification arrangements, see the section entitled "Management—Limitation on Liability and Indemnification of Directors and Officers." We believe that these indemnification agreements are necessary to attract and retain qualified persons as directors and officers.

**Related Party Transaction Policy** 

Our Board recognizes the fact that transactions with related persons present a heightened risk of conflicts of interests (or the perception thereof). Our Board will adopt a written policy with respect to transactions with related persons that is in conformity with the requirements for issuers having publicly held common stock that is listed on Nasdaq in connection with the completion of this offering, and as a result the transactions described above were not reviewed under such policy.

We believe that a conflict exists whenever an outside interest could actually or potentially influence the judgment or actions of an individual in the conduct of our business and that conflicts of interest may arise when an employee or director, or a member of his or her family, receives improper personal benefits as a result of his or her position.

Our policy will provide that directors and employees must avoid conflicts or the appearance of conflicts, and that employees should avoid any outside financial interests that might conflict with our interests. Such outside interests could include, among other things:

• personal or family financial interests in, or indebtedness to, enterprises that have business relations with us,
such as relatives who are employed by or own an interest in consultants or suppliers;

• acquiring any interest in outside entities or properties in which we have an interest or potential interest;

• conduct of any business not on our behalf with any consultant, contractor, supplier or distributor doing business
with us or any of their officers or employees, including service as a director or officer of, or employment or retention as a consultant by, such persons; and

• serving on the board of directors of an outside entity whose business competes with our business.

Under our policy, employees will be required to report any material transaction or relationship that could result in a conflict of interest to our compliance officer.

Our Conflicts Committee will be responsible for the review, approval, or ratification of any potential conflict of interest transaction involving any of our directors or executive officers, director nominees, any person known by us to be the beneficial owner of more than 5% of our outstanding capital stock, or any

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**Certain Relationships and Related Party Transactions** 

family member of or related party to such persons, including any transaction required to be reported under Item 404(a) of Regulation S-K promulgated by the SEC.

In reviewing any such proposed transaction, our Conflicts Committee will be tasked to consider all relevant facts and circumstances, including the commercial reasonableness of the terms, the benefit or perceived benefit, or lack thereof, to us, opportunity costs of alternate transactions, the materiality and character of the related person's direct or indirect interest and the actual or apparent conflict of interest of the related person.

Our organizational and ownership structure and strategy involve a number of relationships that may give rise to conflicts of interest between us and our stockholders on the one hand, and ARKO Parent, on the other hand. In particular, conflicts of interest could arise, among other reasons, because:

• our relationship with ARKO Parent involves a number of arrangements pursuant to which ARKO Parent provides us
with various services, and circumstances may arise in which these arrangements will need to be amended or new arrangements will need to be entered into;

• ARKO Parent's liability is limited under our arrangements with it, and we have agreed to indemnify ARKO
Parent against claims, liabilities, losses, damages, costs or expenses which it may face in connection with those arrangements, which may lead it to assume greater risks when making decisions than it otherwise would if such decisions were being made
solely for its own account, or may give rise to legal claims for indemnification that are adverse to the interests of our stockholders; and

• ARKO Parent will have the effective ability to designate a majority of our Board of Directors and, therefore, it
will continue to control us and could cause us to make distributions based on ARKO Parent's interests.

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Material U.S. Federal Income Tax Considerations

The following is a discussion of certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of shares of our common stock. This discussion is limited to certain U.S. federal income tax considerations to beneficial owners of our common stock who are initial purchasers of such common stock pursuant to this offering and hold the common stock as a capital asset within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). This discussion assumes that any distributions made by us on our common stock and any consideration received by a holder in consideration for the sale or other disposition of our common stock will be in U.S. dollars.

This summary is based upon U.S. federal income tax laws as of the date of this prospectus, which is subject to change or differing interpretations, possibly with retroactive effect. This discussion is a summary only and does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances, including but not limited to the alternative minimum tax, the Medicare tax on certain net investment income and the different consequences that may apply if you are subject to special rules that apply to certain types of investors, including but not limited to:

• banks, financial institutions or financial services entities;

• broker-dealers or traders in securities;

• governments or agencies or instrumentalities thereof;

• regulated investment companies;

• real estate investment trusts;

• tax-qualified retirement plans or "qualified foreign pension
funds";

• expatriates or former long-term residents of the United States;

• persons that actually or constructively own five percent or more (by vote or value) of our shares;

• persons that acquired our common stock pursuant to an exercise of employee share options, in connection with
employee share incentive plans or otherwise as compensation;

• insurance companies;

• dealers or traders subject to a mark-to-market method of accounting with respect to our common stock;

• persons holding our common stock as part of a "straddle," constructive sale, hedge, conversion or
other integrated or similar transaction;

• U.S. holders (as defined below) whose functional currency is not the U.S. dollar;

• partnerships (or entities or arrangements classified as partnerships or other pass-through entities for U.S.
federal income tax purposes) and any beneficial owners of such entities;

• tax-exempt entities;

• controlled foreign corporations;

• passive foreign investment companies ; and

• corporations that accumulate earnings to avoid U.S. federal income tax.

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**Material U.S. Federal Income Tax Considerations** 

If a partnership (including an entity or arrangement treated as a partnership or other pass-thru entity for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner, member or other beneficial owner in such partnership will generally depend upon the status of the partner, member or other beneficial owner, the activities of the partnership and certain determinations made at the partner, member or other beneficial owner level. If you are a partner, member or other beneficial owner of a partnership holding our common stock, you are urged to consult your tax advisor regarding the tax consequences of the acquisition, ownership and disposition of our common stock.

This discussion is based on the Code, and administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations as of the date hereof, which are subject to change, possibly on a retroactive basis, and changes to any of which subsequent to the date of this prospectus may affect the tax consequences described herein. This discussion does not address any aspect of state, local or non-U.S. taxation, or any U.S. federal taxes other than income taxes (such as gift and estate taxes).

We have not sought, and do not expect to seek, a ruling from the U.S. Internal Revenue Service (the "IRS") as to any U.S. federal income tax consequence described herein. The IRS may disagree with the discussion herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the statements in this discussion. You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or foreign jurisdiction.

THIS DISCUSSION IS ONLY A SUMMARY OF CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK. EACH PROSPECTIVE INVESTOR IN OUR COMMON STOCK IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK, INCLUDING THE APPLICABILITY AND EFFECT OF ANY U.S. FEDERAL NON-INCOME, STATE, LOCAL, AND NON-U.S. TAX LAWS.

**U.S. Holders** 

This section applies to you if you are a "U.S. holder." A U.S. holder is a beneficial owner of our common stock who or that is, for U.S. federal income tax purposes:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized in or
under the laws of the United States, any state thereof or the District of Columbia;

• an estate the income of which is subject to U.S. federal income tax purposes regardless of its source; or

• a trust, if (i) a court within the United States is able to exercise primary supervision over the
administration of the trust and one or more United States persons (as defined in the Code) have authority to control all substantial decisions of the trust or (ii) it has a valid election in effect under Treasury Regulations to be treated as a
United States person.

*Taxation of Distributions*. If we pay distributions in cash or other property (other than certain distributions of our stock or rights to acquire our stock) to U.S. holders of shares of our common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a

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**Material U.S. Federal Income Tax Considerations** 

return of capital that will be applied against and reduce (but not below zero) the U.S. holder's adjusted tax basis in our common stock. Any remaining excess will be treated as gain realized on the sale or other disposition of the common stock and will be treated as described under "U.S. Holders—Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock" below.

Dividends we pay to a U.S. holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding period is satisfied. With certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment interest deduction limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder may constitute "qualified dividend income" that will be subject to tax at the maximum tax rate accorded to long-term capital gains. If the holding period requirements are not satisfied, then a corporation may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend amount, and non-corporate U.S. holders may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential rate that applies to qualified dividend income.

*Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock*. Upon a sale or other taxable disposition of our common stock, a U.S. holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. holder's adjusted tax basis in the common stock. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. holder's holding period for the common stock so disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S. holders may be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.

Generally, the amount of gain or loss recognized by a U.S. holder is an amount equal to the difference between (i) the sum of the amount of cash and the fair market value of any property received in such disposition and (ii) the U.S. holder's adjusted tax basis in its common stock so disposed of. A U.S. holder's adjusted tax basis in its common stock generally will equal the U.S. holder's acquisition cost less any prior distributions treated as a return of capital.

*Information Reporting and Backup Withholding*. In general, information reporting requirements may apply to distributions paid to a U.S. holder and to the proceeds of the sale or other disposition of our common stock, unless the U.S. holder is an exempt recipient (such as a corporation). Backup withholding may apply to such payments if the U.S. holder fails to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a credit against a U.S. holder's U.S. federal income tax liability and may entitle such holder to a refund, provided the required information is timely furnished to the IRS.

**Non-U.S. Holders** 

This section applies to you if you are a "Non-U.S. holder." As used herein, the term "Non-U.S. holder" means a beneficial owner of our common stock who or that is neither a U.S. holder nor a partnership or other pass-through entity.

*Taxation of Distributions*. In general, any distributions we make to a Non-U.S. holder of shares of our common stock, to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes

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**Material U.S. Federal Income Tax Considerations** 

and, provided such dividends are not effectively connected with the Non-U.S. holder's conduct of a trade or business within the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of 30%, unless such Non-U.S. holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). Any distribution not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S. holder's adjusted tax basis in its shares of our common stock and, to the extent such distribution exceeds the Non-U.S. holder's adjusted tax basis, as gain realized from the sale or other disposition of the common stock, which will be treated as described under "Non-U.S. Holders—Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock" below. In addition, if we determine that we are likely to be classified as a "United States real property holding corporation" (see "Non-U.S. Holders—Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock" below), we generally will withhold 15% of any distribution that exceeds our current and accumulated earnings and profits.

The withholding tax generally does not apply to dividends paid to a Non-U.S. holder if such dividends are effectively connected with the Non-U.S. holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base maintained by such Non-U.S. holder in the United States), and such Non-U.S. holder provides an IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. holder's conduct of a trade or business within the United States. Instead, the effectively connected dividends will be subject to regular U.S. federal income tax as if the Non-U.S. holder were a U.S. resident, subject to an applicable income tax treaty providing otherwise. A corporate Non-U.S. holder receiving effectively connected dividends may also be subject to an additional "branch profits tax" imposed at a rate of 30% (or a lower applicable treaty rate).

*Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock*. A Non-U.S. holder generally will not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition of our common stock unless:

• the gain is effectively connected with the conduct by the Non-U.S. holder
of a trade or business within the United States (and, under certain income tax treaties, is attributable to a United States permanent establishment or fixed base maintained by the Non-U.S. holder);

• the Non-U.S. holder is a nonresident alien individual and is present in
the United States for a period or periods aggregating 183 days or more in the taxable year of the disposition and certain other conditions are met; or

• we are or have been a "United States real property holding corporation" for U.S. federal income tax
purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that the Non-U.S. holder held our common stock, and, in the case where shares of our common stock
are regularly traded on an established securities market, the Non-U.S. holder has owned, directly or constructively, more than 5% of our common stock at any time within the shorter of the five-year period
preceding the disposition or such Non-U.S. holder's holding period for the shares of our common stock. There can be no assurance that our common stock will be treated as regularly traded on an
established securities market for this purpose.

Unless an applicable treaty provides otherwise, gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S. holder were a U.S. resident. Any gains described in the first bullet point above of a Non-U.S. holder that is a foreign corporation may also be subject to an additional "branch profits tax" imposed at a 30% rate (or lower treaty rate).

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**Material U.S. Federal Income Tax Considerations** 

If the second bullet point applies to an individual Non-U.S. holder, such Non-U.S. holder will generally be required to pay a flat 30% tax on the gain derived from the taxable disposition of our common stock, which gain may be offset by certain U.S. source capital losses, provided that such Non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses.

If the third bullet point above applies to a Non-U.S. holder, gain recognized by such holder on the sale, exchange or other disposition of our common stock will be subject to tax at generally applicable U.S. federal income tax rates. In addition, if our common stock is not treated as regularly traded on an established securities market, a buyer of our common stock from such holder may be required to withhold U.S. federal income tax at a rate of 15% of the amount realized upon such disposition. We will be classified as a United States real property holding corporation if the fair market value of our "United States real property interests" equals or exceeds 50% of the sum of the fair market value of our worldwide real property interests plus our other assets used or held for use in a trade or business, as determined for U.S. federal income tax purposes. We do not expect to be a United States real property holding corporation immediately after consummation of this offering.

*Information Reporting and Backup Withholding*. Information returns will be filed with the IRS in connection with payments of distributions and the proceeds from a sale or other disposition of shares of common stock. A Non-U.S. holder may have to comply with certification procedures to establish that it is not a United States person in order to avoid backup withholding requirements, such as by furnishing a valid IRS Form W-8BEN, W8-BEN-E or W-8ECI. However, information returns are required to be filed with the IRS in connection with any distributions on shares of our common stock paid to a Non-U.S. holder, regardless of whether any tax was actually withheld. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a Non-U.S. holder will be allowed as a credit against such holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.

*FATCA Withholding Taxes*. Provisions commonly referred to as "FATCA" impose withholding of 30% on payments of dividends on our common stock to "foreign financial institutions" (which is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S. information reporting and due diligence requirements (generally relating to ownership by United States persons of interests in or accounts with those entities) have been satisfied by, or an exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form W-8BEN-E). Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Under certain circumstances, a Non-U.S. holder might be eligible for refunds or credits of such withholding taxes, and a Non-U.S. holder might be required to file a U.S. federal income tax return to claim such refunds or credits. Thirty percent withholding under FATCA was scheduled to apply to payments of gross proceeds from the sale or other disposition of property that produces U.S.-source interest or dividends beginning on January 1, 2019, but in December of 2018, the IRS released proposed regulations that, if finalized in their proposed form, would eliminate the obligation to withhold on gross proceeds. Although these proposed Treasury Regulations are not final, taxpayers generally may rely on them until final Treasury Regulations are issued. Prospective investors should consult their tax advisors regarding the effects of FATCA on their investment in our common stock.

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Underwriting (Conflicts of Interest)

UBS Securities LLC and Raymond James & Associates, Inc. are acting as representatives (the "Representatives") of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the number of shares of our Class A common stock set forth opposite its name below.

---

| | |
|:---|:---|
| **Underwriter** | **Number of**<br> **Shares of Class A<br>Common Stock** |
|  UBS Securities LLC |  |
|  Raymond James & Associates, Inc. |  |
|  Stifel, Nicolaus & Company, Incorporated |  |
|  Mizuho Securities USA LLC |  |
|  Capital One Securities, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |

---

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the shares of our Class A common stock sold under the underwriting agreement if any of these shares of our Class A common stock are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the shares of our Class A common stock, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the shares of our Class A common stock, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Commissions and Discounts** 

The representatives have advised us that the underwriters propose initially to offer the shares of our Class A common stock to the public at the public offering price set forth on the cover page of this prospectus and to dealers at that price less a concession not in excess of $ per share. After the initial offering, the public offering price, concession or any other term of the offering may be changed.

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**Underwriting** 

The following table shows the public offering price, underwriting discount and proceeds before expenses to us. The information assumes either no exercise or full exercise by the underwriters of their option to purchase additional shares of our Class A common stock.

---

| | | | |
|:---|:---|:---|:---|
| | **Per Share** | **Without Option** | **With Option** |
|  Public offering price | $| $| $|
|  Underwriting discount | $| $| $|
|  Proceeds, before expenses, to ARKO Petroleum Corp. | $| $| $|

---

The expenses of the offering, not including the underwriting discount, are estimated at $ and are payable by us. We have also agreed to reimburse the underwriters for certain of their expenses in an amount up to $.

**Option to Purchase Additional Shares of our Class A Common Stock** 

We have granted an option to the underwriters, exercisable for 30 days after the date of this prospectus, to purchase up to additional shares of our Class A common stock to cover over-allotments, if any, at the public offering price, less the underwriting discount. If the underwriters exercise this over-allotment option, each will be obligated, subject to conditions contained in the underwriting agreement, to purchase a number of additional shares of our Class A common stock proportionate to that underwriter's initial amount reflected in the above table.

**No Sales of Similar Securities** 

We, our executive officers and directors and our other existing security holders have agreed not to sell or transfer any common stock or securities convertible into, exchangeable for, exercisable for, or repayable with common stock, for 180 days after the date of this prospectus without first obtaining the written consent of . Specifically, we and these other persons have agreed, with certain limited exceptions, not to directly or indirectly

• offer, pledge, sell or contract to sell any common stock,

• sell any option or contract to purchase any common stock,

• purchase any option or contract to sell any common stock,

• grant any option, right or warrant for the sale of any common stock,

• lend or otherwise dispose of or transfer any common stock,

• request or demand that we file or make a confidential submission of a registration statement related to the
common stock, or

• enter into any hedging, swap, loan or other agreement or any transaction that transfers, in whole or in part, the
economic consequence of ownership of any common stock whether any such hedging, swap, loan or transaction is to be settled by delivery of shares of Class A common stock or other securities, in cash or otherwise.

This lock-up provision applies to common stock and to securities convertible into or exchangeable or exercisable for or repayable with common stock. It also applies to common stock owned now or acquired later by the person executing the agreement or for which the person executing the agreement later acquires the power of disposition.

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**Underwriting** 

**Nasdaq Capital Market Listing** 

We expect the shares of our Class A common stock to be approved for listing on the Nasdaq Capital Market, subject to notice of issuance, under the symbol "APC."

Before this offering, there has been no public market for our common stock. The initial public offering price will be determined through negotiations between us and the Representatives. In addition to prevailing market conditions, the factors to be considered in determining the initial public offering price are

• the valuation multiples of publicly traded companies that the representatives believe to be comparable to us,

• our financial information,

• the history of, and the prospects for, our company and the industry in which we compete,

• an assessment of our management, its past and present operations, and the prospects for, and timing of, our
future revenues,

• the present state of our development, and

• the above factors in relation to market values and various valuation measures of other companies engaged in
activities similar to ours.

An active trading market for the shares of our Class A common stock may not develop. It is also possible that after the offering the shares of our Class A common stock will not trade in the public market at or above the initial public offering price.

The underwriters do not expect to sell more than 5% of the shares of our Class A common stock in the aggregate to accounts over which they exercise discretionary authority.

**Price Stabilization, Short Positions and Penalty Bids** 

Until the distribution of the shares of our Class A common stock is completed, SEC rules may limit underwriters and selling group members from bidding for and purchasing our common stock. However, the representatives may engage in transactions that stabilize the price of the common stock, such as bids or purchases to peg, fix or maintain that price.

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**Underwriting** 

downward pressure on the price of the shares of our Class A common stock in the open market after pricing that could adversely affect investors who purchase in the offering. Stabilizing transactions consist of various bids for or purchases of shares of our Class A common stock made by the underwriters in the open market prior to the completion of the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares of our Class A common stock sold by or for the account of such underwriter in stabilizing or short covering transactions.

Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of our common stock. As a result, the price of our common stock may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions on the Nasdaq Capital Market, in the over-the-counter market or otherwise.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

**Electronic Distribution** 

In connection with the offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Other Relationships** 

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Conflicts of Interest** 

Because certain affiliates of Raymond James & Associates, Inc. and Capital One Securities, Inc. are a lenders under the GPMP Capital One Credit Facility and will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings under the GPMP Capital One Credit Facility, Raymond James & Associates, Inc. and Capital One Securities, Inc., each an Underwriter in this offering, are deemed to have a "conflict of interest" under FINRA Rule 5121. Accordingly, this offering is being conducted in compliance with the requirements of FINRA Rule 5121, which requires, among other

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things, that a "qualified independent underwriter" participate in the preparation of, and exercise the usual standards of "due diligence" with respect to, the registration statement and this prospectus. UBS Securities LLC has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically including those inherent in Section 11 thereof. UBS Securities LLC will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify UBS Securities LLC against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. Raymond James & Associates, Inc. and Capital One Securities, Inc. will not confirm any sales to any account over which they exercise discretionary authority without the specific written approval of the account holder. See "Use of Proceeds" for additional information.

**Notes to Prospective Investors in the European Economic Area** 

In relation to each member state of the European Economic Area (each a "Relevant State"), no shares of our Class A common stock have been offered or will be offered pursuant to this offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares of our Class A common stock which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares of our Class A common stock may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

a. to any legal entity which is a qualified investor as defined under Article 2 the Prospectus Regulation;

b. to fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

c. in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of shares of our Class A common stock shall require the Company or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or publish an Annex IX document pursuant to Article 1(4) of the Prospectus Regulation.

Each person in a Relevant State who initially acquires any shares of our Class A common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the Company and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.

In the case of any shares of our Class A common stock being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares of our Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Relevant State to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale.

The Company, the underwriters, and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

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**Underwriting** 

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of our Class A common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of our Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of our Class A common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

The above selling restriction is in addition to any other selling restrictions set out below.

**Notice to Prospective Investors in the United Kingdom** 

In relation to the United Kingdom ("UK"), no shares of our Class A common stock have been offered or will be offered pursuant to the offering to the public in the United Kingdom except that the shares of our Class A common stock may be offered to the public in the United Kingdom at any time:

(a) where the offer is conditional on the admission of the shares of our Class A common stock to trading on the London Stock Exchange plc's main market (in reliance on the exception in paragraph 6(a) of
Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 ("POATR"));

(b) to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;

(c) to fewer than 150 persons (other than qualified investors as defined under paragraph 15 of Schedule 1 of the POATR), subject to obtaining the prior consent of the representatives for any such offer; or

(d) in any other circumstances falling within Part 1 of Schedule 1 of the POATR.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares of our Class A common stock in the United Kingdom means the communication to any person which presents sufficient information on: (a) the shares of our Class A common stock to be offered; and (b) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the shares of our Class A common stock.

**Notice to Prospective Investors in Switzerland** 

The shares of our Class A common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares of our Class A common stock or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, the Company or the shares of our Class A common stock have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares of our Class A common stock will not be supervised by, the Swiss Financial Market Supervisory Authority, and the offer of shares of our Class A common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares of our Class A common stock.

**189** 

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**Underwriting** 

**Notice to Prospective Investors in the Dubai International Financial Centre** 

This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of our Class A common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares of our Class A common stock offered should conduct their own due diligence on the shares of our Class A common stock. If you do not understand the contents of this prospectus you should consult an authorized financial advisor.

**Notice to Prospective Investors in Australia** 

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the shares of our Class A common stock may only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares of our Class A common stock without disclosure to investors under Chapter 6D of the Corporations Act.

The shares of our Class A common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares of our Class A common stock must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

**Notice to Prospective Investors in Hong Kong** 

The shares of our Class A common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the shares of our

**190** 

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**Underwriting** 

Class A common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of our Class A common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

**Notice to Prospective Investors in Japan** 

The shares of our Class A common stock have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations, and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

**Notice to Prospective Investors in Singapore** 

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the shares of our Class A common stock were not offered or sold or caused to be made the subject of an invitation for subscription or purchase and will not be offered or sold or caused to be made the subject of an invitation for subscription or purchase, and this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of our Class A common stock, has not been circulated or distributed, nor will it be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares of our Class A common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

a. a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals,
each of whom is an accredited investor; or

b. a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based
derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or
that trust has acquired the shares of our Class A common stock pursuant to an offer made under Section 275 of the SFA except:

c. to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

d. where no consideration is or will be given for the transfer;

**191** 

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**Underwriting** 

e. where the transfer is by operation of law; or

f. as specified in Section 276(7) of the SFA.

**Notice to Prospective Investors in Canada** 

The shares of our Class A common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the shares of our Class A common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**192** 

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Legal Matters

Greenberg Traurig, LLP, which has acted as our counsel in connection with this offering, will pass upon the validity of the shares of our Class A common stock being offered by this prospectus. Certain legal matters in connection with this offering will be passed upon for the underwriters by Latham & Watkins LLP.

Experts

The audited combined financial statements of ARKO Petroleum Corp. and affiliates (referred to elsewhere in this prospectus as the Contributed Businesses) as of December 31, 2024 and 2023 and for the three years in the period ended December 31, 2024 included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

The audited balance sheet of ARKO Petroleum Corp. as of August 31, 2025 included in this prospectus and elsewhere in the registration statement has been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

**193** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Index to Financial Information

---

| | |
|:---|:---|
|  | **Page** |
|  **ARKO Petroleum Corp.** |  |
|  **Balance Sheet as of August 31, 2025:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#osl928360_1) | **F-2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balance sheet as of August 31, 2025](#osl928360_2) | **F-3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to balance sheet](#osl928360_3) | **F-4** |
|  **Contributed Businesses** |  |
|  **Combined Financial Statements as of December 31, 2024 and 2023 and for the three years ended December 31, 2024:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#osl928360_4) | **F-5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined balance sheets as of December 31, 2024 and 2023](#osl928360_5) | **F-6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined statements of operations for the years ended December 31, 2024, 2023 and 2022](#osl928360_6) | **F-7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined statements of changes in net investment for the years ended December 31, 2024, 2023 and 2022](#osl928360_7) | **F-8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined statements of cash flows for the years ended December 31, 2024, 2023 and 2022](#osl928360_8) | **F-9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to combined financial statements](#osl928360_9) | **F-12** |
|  **Unaudited Condensed Combined Financial Statements** |  |
|  **Nine Months Ended September 30, 2025 and 2024** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed combined balance sheets as of September 30, 2025 and December 31, 2024](#osl928360_10) | **F-60** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed combined statements of operations for the nine month periods ended September 30, 2025 and 2024](#osl928360_11) | **F-61** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed combined statements of changes in net investment for the nine month periods ended September 30, 2025 and 2024](#fin928360_12) | **F-62** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed combined statements of cash flows for the nine month periods ended September 30, 2025 and 2024](#fin928360_13) | **F-63** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to condensed combined financial statements](#fin928360_14) | **F-66** |

---

**F-1** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders

ARKO Petroleum Corp.

**OPINION ON THE FINANCIAL STATEMENT** 

We have audited the accompanying balance sheet of ARKO Petroleum Corp. (a Delaware corporation) (the "Company") as of August 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of August 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**BASIS FOR OPINION** 

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

**CRITICAL AUDIT MATTERS** 

Critical audit matters are matters arising from the current period audit of the financial statement that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statement and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2025.

Charlotte, North Carolina

September 15, 2025

**F-2** 

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**ARKO Petroleum Corp.** 

**BALANCE SHEET** 

---

| | |
|:---|:---|
| | **August 31, 2025** |
| **ASSETS** |  |
|  **Total assets** | $0.10 |
|  **Shareholder's Equity** |  |
|  Common stock, par value $0.0001, 1,000 shares authorized, issued and outstanding | $0.10 |
|  **Total Shareholder's Equity** | $0.10 |

---

**The accompanying notes are an integral part of this financial statement.** 

**F-3** 

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**ARKO Petroleum Corp.** 

**NOTES TO BALANCE SHEET** 

**1. Nature of Operations** 

ARKO Petroleum Corp. (the "Company") was formed in July 2025 as a Delaware corporation and (indirectly) a wholly owned subsidiary of ARKO Corp., a Delaware corporation ("ARKO") whose common stock and publicly-traded warrants are listed on the Nasdaq Stock Market under the symbols "ARKO" and "ARKOW," respectively, for the purpose of completing a public offering and related transactions in order to carry on the business of the Contributed Businesses (as defined below). In August 2025, ARKO agreed to contribute $0.10 to the Company in exchange for 1,000 shares of the Company's common stock, par value $0.0001 per share.

There have been no other transactions involving the Company as of August 31, 2025. Upon, or immediately prior to, the Company's initial public offering of its common stock, ARKO will contribute to the Company its wholesale business, fleet fueling business and the rights to supply fuel to substantially all of ARKO's retail convenience stores that sell fuel (the "Contributed Businesses").

The Company, upon the transfer of the Contributed Businesses, will be engaged (i) in wholesale activity, which includes the supply of fuel to gas stations operated by third-party dealers, (ii) in fleet fueling, which includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations) and the issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites, and (iii) in wholesale distribution of fuel to substantially all of the gas stations operated by ARKO. The Company's operations will primarily be performed by the following wholly owned subsidiaries (and their respective subsidiaries) to be contributed to the Company by ARKO: GPM Empire, LLC, a Delaware limited liability company formed in 2020, and GPM Petroleum LP, a Delaware limited partnership formed in 2015.

**2. Basis of Presentation** 

This balance sheet has been prepared in accordance with accounting principles generally accepted in the United States of America. Since the Company has had no activity since its inception, separate statements of income, changes in equity and cash flows have not been presented.

**3. Subsequent Events** 

Subsequent to the balance sheet date, on September 5, 2025, ARKO funded $1,000 to the Company, which was deposited in the Company's bank account. The Company has evaluated events and transactions that occurred subsequent to August 31, 2025, through September 15, 2025, the date this financial statement was available to be issued, and no additional material subsequent events or transactions requiring disclosure were identified.

**F-4** 

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##### [**Table of Contents**](#toc)
Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders

ARKO Petroleum Corp.

**OPINION ON THE FINANCIAL STATEMENTS** 

We have audited the accompanying combined balance sheets of ARKO Petroleum Corp. and affiliates (the "Company") (see Notes 1 and 2 to the financial statements) as of December 31, 2024 and 2023, the related combined statements of operations, changes in net investment, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "combined financial statements"). In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

**BASIS FOR OPINION** 

These combined financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's combined financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**CRITICAL AUDIT MATTERS** 

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2025.

Charlotte, North Carolina

September 15, 2025

**F-5** 

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**ARKO Petroleum Corp.** 

**COMBINED BALANCE SHEETS** 

(in thousands)

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
| **ASSETS** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $25086 | $17106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables, net | 88185 | 120186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 24448 | 26705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid to related party, current portion | 4230 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 29174 | 26248 |
|  **Total current assets** | 171378 | 194280 |
|  **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 198036 | 179268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets under operating leases | 318140 | 238558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets under financing leases, net | 19256 | 8865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 76687 | 76687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | 175163 | 196228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset | 69170 | 68649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid to related party | 12301 | 14939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | 45539 | 38703 |
|  **Total assets** | $1085670 | $1016177 |
| **LIABILITIES** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, current portion | $1277 | $920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 90136 | 104434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 53950 | 72180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases, current portion | 18532 | 14592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing leases, current portion | 3566 | 93 |
|  **Total current liabilities** | 167461 | 192219 |
|  **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net | 380911 | 336889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligation | 36767 | 31258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | 324592 | 241442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing leases | 25915 | 11533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 84454 | 96373 |
|  **Total liabilities** | 1020100 | 909714 |
|  **Commitments and contingencies - see Note 12** |  |  |
|  **Net investment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parent's net investment | 65570 | 106447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest |  | 16 |
|  **Total net investment** | 65570 | 106463 |
|  **Total liabilities and net investment** | $1085670 | $1016177 |

---

**The accompanying notes are an integral part of these combined financial statements.** 

**F-6** 

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**ARKO Petroleum Corp.** 

**COMBINED STATEMENTS OF OPERATIONS** 

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  **Revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue<sup>1</sup> | $3351366 | $3607451 | $3515573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue—related party<sup>2</sup> | 2964304 | 3313404 | 3542798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net | 40212 | 35805 | 26686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net—related party | 11857 | 11361 | 490 |
|  **Total revenues** | 6367739 | 6968021 | 7085547 |
|  **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs<sup>1</sup> | 3192358 | 3454484 | 3387362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs—related party<sup>2</sup> | 2913130 | 3260225 | 3492677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Site operating expenses, including allocated expenses | 81337 | 74916 | 47009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses, including allocated expenses | 42702 | 41834 | 31907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization, including allocated expenses | 46087 | 44155 | 32522 |
|  **Total operating expenses** | 6275614 | 6875614 | 6991477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses, net | 123 | 2874 | 1231 |
|  **Operating income** | 92002 | 89533 | 92839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other financial income, including allocated income | 3734 | 16 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other financial expenses, including allocated expenses | (40411) | (35080) | (14523) |
|  **Income before income taxes** | 55325 | 54469 | 78359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (15108) | (12890) | (19212) |
|  **Net income** | $40217 | $41579 | $59147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net income attributable to non-controlling interests |  | 197 | 231 |
|  **Net income attributable to ARKO Petroleum Corp.** | $40217 | $41382 | $58916 |
|  Supplemental information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Includes excise tax of: | $578479 | $572287 | $477929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> Includes excise tax of: | 555902 | 573970 | 535303 |

---

**The accompanying notes are an integral part of these combined financial statements.** 

**F-7** 

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**ARKO Petroleum Corp.** 

**COMBINED STATEMENTS OF CHANGES IN NET INVESTMENT** 

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Parent's Net<br>Investment** | **Non-Controlling<br>Interests** | **Total Net<br>Investment** |
|  **Balance at December 31, 2021** | $110730 | $224 | $110954 |
|  Transactions with non-controlling interests | 159 | (159) |  |
|  Distributions to non-controlling interests |  | (240) | (240) |
|  Net transfers to Parent | (42736) |  | (42736) |
|  Net income | 58916 | 231 | 59147 |
|  **Balance at December 31, 2022** | $127069 | $56 | $127125 |
|  Transactions with non-controlling interests | (3) | 3 |  |
|  Distributions to non-controlling interests |  | (240) | (240) |
|  Net transfers to Parent | (62001) |  | (62001) |
|  Net income | 41382 | 197 | 41579 |
|  **Balance at December 31, 2023** | $106447 | $16 | $106463 |
|  Transactions with non-controlling interests | 16 | (16) |  |
|  Net transfers to Parent | (81110) |  | (81110) |
|  Net income | 40217 |  | 40217 |
|  **Balance at December 31, 2024** | $65570 | $— | $65570 |

---

**The accompanying notes are an integral part of these combined financial statements.** 

**F-8** 

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**ARKO Petroleum Corp.** 

**COMBINED STATEMENTS OF CASH FLOWS** 

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  **Cash flows from operating activities:** |  |  |  |
|  Net income | $40217 | $41579 | $59147 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 46087 | 44155 | 32522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (1360) | (1886) | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets and impairment charges | 811 | 1046 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from settlement related to business acquisition (see Note 3) | (3438) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs  | 1471 | 1382 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred income | (7012) | (6249) | (6603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of prepaid to related party | 4349 | 4842 | 4652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligation | 901 | 806 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash rent | 2033 | 1319 | (456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charges to allowance for credit losses | 755 | 1163 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 876 | 608 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustment of financial assets and liabilities | 353 | (265) | (2509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating activities, net | 55 | 1850 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in trade receivables | 31246 | (17365) | (50759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in inventory | 2328 | 1373 | (735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | (9090) | (12245) | (14015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in related party assets | (1905) | (512) | (4586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accounts payable | (14300) | (12898) | 36779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other current liabilities | 335 | 2305 | 4312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in asset retirement obligation | (745) | (23) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in non-current liabilities | 12790 | 7818 | 11710 |
|  Net cash provided by operating activities | $106757 | $58803 | $75974 |

---

**The accompanying notes are an integral part of these combined financial statements.** 

**F-9** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**COMBINED STATEMENTS OF CASH FLOWS (cont'd)** 

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  **Cash flows from investing activities:** |  |  |  |
|  Purchase of property and equipment | $(11258) | $(11979) | $(13260) |
|  Proceeds from sale of property and equipment | 1818 | 68058 | 111292 |
|  Business and asset acquisitions, net of cash |  | (135725) | (184163) |
|  Proceeds from the sale of investments |  |  | 31825 |
|  Net cash used in investing activities | (9440) | (79646) | (54306) |
|  **Cash flows from financing activities:** |  |  |  |
|  Receipt of long-term debt, net | 42454 | 77257 | 60000 |
|  Repayment of debt | (2062) | (879) | (32830) |
|  Principal payments on financing leases | (150) | (98) | (101) |
|  Early settlement of deferred consideration related to business acquisition (see Note 3) | (17155) |  |  |
|  Proceeds from sale-leaseback |  | 16378 | 20220 |
|  Payment of Additional Consideration | (3354) | (3505) | (5913) |
|  Net transfers to Parent | (108815) | (63754) | (50254) |
|  Distributions to non-controlling interests |  |  | (240) |
|  Net cash (used in) provided by financing activities | (89082) | 25399 | (9118) |
|  **Net increase in cash and cash equivalents and restricted cash** | 8235 | 4556 | 12550 |
|  Cash and cash equivalents and restricted cash, beginning of year | 17106 | 12550 |  |
|  **Cash and cash equivalents and restricted cash, end of year** | $25341 | $17106 | $12550 |
|  **Reconciliation of cash and cash equivalents and restricted cash** |  |  |  |
|  Cash and cash equivalents, beginning of year | $17106 | $12079 | $— |
|  Restricted cash, beginning of year |  | 471 |  |
|  Cash and cash equivalents and restricted cash, beginning of year | $17106 | $12550 | $— |
|  Cash and cash equivalents, end of year | $25086 | $17106 | $12079 |
|  Restricted cash, end of year | 255 |  | 471 |
|  Cash and cash equivalents and restricted cash, end of year | $25341 | $17106 | $12550 |

---

**The accompanying notes are an integral part of these combined financial statements.** 

**F-10** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**COMBINED STATEMENTS OF CASH FLOWS (cont'd)** 

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  **Supplementary cash flow information:** |  |  |  |
|  Cash received for interest | $296 | $16 | $43 |
|  Cash paid for interest and allocated interest | 36975 | 30215 | 12285 |
|  Cash paid for taxes | 16468 | 14776 | 16217 |
|  **Supplementary noncash activities:** |  |  |  |
|  Parent's net investment for Parent-controlled sites converted to fuel supply or consignment locations | 5088 | 1145 | 2470 |
|  Purchase of property and equipment under leases | 30790 | 1337 | 1801 |
|  Disposals of leases of property and equipment | 2813 | 2600 | 991 |
|  Parent's investment for TEG First Installment Payment (see Note 3) | 21741 |  |  |
|  Deferred consideration related to business acquisitions |  | 39872 |  |

---

**The accompanying notes are an integral part of these combined financial statements.** 

**F-11** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS** 

**1. General** 

ARKO Petroleum Corp. (the "Company") was formed in July 2025 as a Delaware corporation and a wholly owned subsidiary of ARKO Corp., a Delaware corporation ("ARKO") whose common stock and publicly-traded warrants are listed on the Nasdaq Stock Market under the symbols "ARKO" and "ARKOW," respectively.

The accompanying combined financial statements primarily include the historical accounting records of ARKO and its subsidiaries' (collectively, the "Parent") wholesale business, fleet fueling business and the supply of fuel to substantially all of ARKO's retail convenience stores that sell fuel (together, the "Business"), which will be contributed to the Company upon, or immediately prior to, the Company's initial public offering of its common stock, and have been carved out of the activity of the Parent and combined. The Company's operations will primarily be performed by the following wholly owned subsidiaries (and their respective subsidiaries) to be contributed to the Company by the Parent: GPM Empire, LLC, a Delaware limited liability company formed in 2020 ("GPME"), and GPM Petroleum LP, a Delaware limited partnership formed in 2015 ("GPMP"). The Company is engaged (i) in wholesale activity, which includes the supply of fuel to gas stations operated by third-party dealers, (ii) in fleet fueling, which includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations) and the issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites, and (iii) in wholesale distribution of fuel to substantially all of the gas stations operated by the Parent (through its wholly owned subsidiary, GPM Investments, LLC ("GPM") and its wholly owned subsidiaries). As of December 31, 2024, the Business included the supply of fuel to 1,922 gas stations operated by dealers, the supply of fuel to 1,356 gas stations operated by the Parent, and the operation of 280 cardlock locations, in the District of Columbia and throughout more than 30 states in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern United States ("U.S.").

The Company has three reportable segments: wholesale, fleet fueling and GPMP. Refer to Note 20 below for further information with respect to the segments.

**2. Summary of Significant Accounting Policies** 

**Basis of Presentation** 

The accompanying combined financial statements represent the results of operations, financial position and cash flows of the Business, inclusive of assumptions and allocations made to depict the Business on a standalone basis, and have been derived from the audited consolidated financial statements of the Parent. The combined financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). These combined financial statements reflect the historical results of operations, financial position and cash flows of the Business for the periods presented. Accordingly, if the Business had operated as a standalone entity, its results may have differed materially from those presented in these combined financial statements. The carve-out transaction involves the reorganization of the Business and its net assets under common control; therefore, the historical cost basis for the Business' net assets used in the combined financial statements is the same as the Parent's historical cost basis for these net assets.

All revenues and costs as well as assets and liabilities directly associated with the Business have been included in the combined financial statements. These combined financial statements also include

**F-12** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

allocations of certain operating and corporate expenses from the Parent relating to the Business based on the historical financial statements and accounting records of the Parent. See Note 17 for more information about the expenses allocated from the Parent. The expense allocation has been determined based on what management considered to be the most reasonable reflection of the Business' expenses for the periods presented. However, the allocation may not reflect the costs the Business would have incurred if it had operated as a separate, standalone entity for the periods presented or if the Business had been operated by a different parent entity. Any costs associated with the preparation of the combined financial statements have been excluded from these combined financial statements.

The Parent used a centralized approach to cash management and financing of its operations. Financial transactions relating to the Business are accounted for through the Parent's net investment account. Accordingly, none of the Parent's cash, cash equivalents or debt at the corporate level have been assigned to the Business in the combined financial statements, except for the Capital One Line of Credit and certain M&T Bank financing as further described in Note 11. The Parent's net investment represents the Parent's interest in the recorded net assets of the Business.

All significant transactions between the Business and the Parent are reflected within the Parent's net investment within these combined financial statements, and all significant intercompany balances and transactions within the Business have been eliminated in the combined financial statements.

**Accounting Periods** 

The Company's fiscal periods end on the last day of the month, and its fiscal year ends on December 31. This results in the Company experiencing fluctuations in current assets and current liabilities due to purchasing and payment patterns which change based upon the day of the week. As a result, working capital can change from period to period not only due to changing business operations, but also due to a change in the day of the week on which a period ends.

**Use of Estimates** 

In the preparation of combined financial statements, management may make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include lease liabilities; impairment of goodwill, intangible, right-of-use and fixed assets; environmental assets and liabilities; deferred tax assets; and asset retirement obligations.

**Cash and Cash Equivalents** 

The Company considers all unrestricted highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents, of which there were $21.0 million and $8.2 million as of December 31, 2024 and 2023, respectively. Cash and cash equivalents are maintained at several financial institutions, and, at times, balances may exceed federally insured limits.

**Restricted Cash** 

The Company classifies as restricted cash any cash and cash equivalents that are currently restricted from use in order to comply with agreements with third-parties.

**F-13** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

**Trade Receivables** 

The majority of trade receivables are typically from dealers, fleet fueling customers and credit card companies in the ordinary course of business. Balances due in respect of credit cards processed through the Company's fuel suppliers and other providers are collected within two to three days depending upon the day of the week of the purchase and time of day of the purchase. Receivables from dealers are typically due within one to 30 days and are stated as amounts due. Accounts that are outstanding longer than the payment terms are considered past due.

At each balance sheet date, the Company recognizes a loss allowance for expected credit losses on trade receivables. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The expected credit losses on trade receivables are estimated based on historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecasted direction of conditions at the reporting date, including time value of money where appropriate. The expected credit loss is estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate, as long as the discount impact is material. The Company records an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

The Company writes off receivable amounts when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Company's recovery procedures, taking into account legal advice, as appropriate. Any recoveries made are recognized in profit or loss. The Company did not experience significant write-offs for the years ended December 31, 2024, 2023 or 2022.

**Inventory** 

Inventory is stated at the lower of cost or net realizable value. Fuel inventory cost is determined using the average cost on a first-in, first-out (FIFO) basis. Inventory cost is net of vendor rebates or discounts in the event that they can be attributed to inventory. The net realizable value is an estimate of the sales price in the ordinary course of business less an estimate of the costs required in order to execute the sale.

**Property and Equipment** 

Property and equipment are carried at cost or, if acquired through a business combination, at the fair value of the assets as of the acquisition date, less accumulated depreciation and accumulated impairment losses. Expenditures for maintenance and repairs are charged directly to expense when incurred and major improvements are capitalized. Depreciation is recognized using the straight-line method over the estimated useful lives of the related assets as follows:

---

| | | |
|:---|:---|:---|
| | **Range in Years** | **Range in Years** |
|  Buildings and leasehold improvements |  | 15 to 40 |
|  Signs |  | 5 to 15 |
|  Other equipment (primarily office equipment) |  | 5 to 7 |
|  Computers, software and licenses |  | 3 to 5 |
|  Motor vehicles |  | 7 |
|  Fuel equipment |  | 5 to 30 |

---

**F-14** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

Amortization of leasehold improvements is recorded using the straight-line method based upon the shorter of the remaining terms of the leases including renewal periods that are reasonably assured or the estimated useful lives.

**Impairment of Long-lived Assets** 

The Company reviews its long-lived assets, including property and equipment, right-of-use assets and amortizable intangible assets, for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If a review indicates that the assets will not be recoverable, based on the expected undiscounted net cash flows of the related asset, an impairment loss is recognized to the extent carrying value of the assets exceeds their estimated fair value and the asset's carrying value is reduced to fair value. Impairment losses related to property and equipment and right-of-use assets of $1.5 million, $2.2 million and $0.4 million were recorded in relation to closed and non-performing sites as an expense within other expenses, net in the combined statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively. No material impairment was recognized for long-lived intangible assets during the years ended December 31, 2024, 2023 or 2022.

**Business Combinations** 

The Company applies the provisions of ASC 805, Business Combinations, and allocates the fair value of purchase consideration to the tangible and intangible assets acquired, and liabilities assumed based on their estimated fair values. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. In subsequent periods, the goodwill is measured at cost less accumulated impairment losses.

If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is recognized immediately within other expenses, net in the combined statements of operations as a gain on bargain purchase.

When the consideration transferred in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination.

In common-control transactions, any difference between the fair value of purchase consideration and the total net assets recognized by the Company is treated as a capital transaction with Parent and reflected in the combined financial statements as a transfer to Parent.

**Goodwill and Intangible Assets** 

Goodwill represents the excess of cost over fair value of net assets of businesses acquired. For the purpose of impairment testing, goodwill is allocated to each reporting unit (or groups of reporting units) expected to benefit from the synergies of the business combination. Intangible assets acquired in a business combination are recorded at fair value as of the date acquired. Amortization of finite lived

**F-15** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

intangible assets is provided using the straight-line method of amortization over the estimated useful lives of the intangible assets, with a weighted average remaining amortization period as of December 31, 2024, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Range in Years** | **Range in Years** | **Weighted Average<br>Remaining<br>Amortization Period** | **Weighted Average<br>Remaining<br>Amortization Period** |
|  Goodwill |  | Indefinite life |  | Indefinite life |
|  Wholesale fuel supply contracts |  | 3 to 14 |  | 8 |
|  Non-contractual customer relationships |  | 20 |  | 18 |

---

Goodwill is reviewed annually on October 1 for impairment, or more frequently if indicators of impairment exist, such as disruptions in the business, unexpected significant declines in operating results or a sustained market capitalization decline. In the goodwill impairment test, the reporting unit's carrying amount (including goodwill) and its fair value are compared. If the estimated fair value of a reporting unit is less than its carrying amount, an impairment charge is recognized for the deficit up to the amount of goodwill recorded.

The Company completed the annual impairment analyses for goodwill for the years ended December 31, 2024, 2023 and 2022, and no impairment was recognized.

**Non-controlling Interest** 

These combined financial statements reflect the application of ASC 810, Consolidation, which establishes accounting and reporting standards that require: (i) the ownership interest in subsidiaries held by parties other than the Parent to be clearly identified and presented in the combined balance sheets within net investment, but separate from the Parent's net investment, (ii) the amount of net income attributable to the Parent and the non-controlling interest to be clearly identified and presented on the face of the combined statements of operations, and (iii) changes in the Parent's ownership interest while the Parent retains its controlling financial interest in its subsidiary to be accounted for consistently.

A non-controlling interest was previously recorded for the interests owned in the Company's subsidiary, GPMP, by the seller in the Parent's 2019 acquisition of convenience stores from a third-party and was classified in the combined statements of changes in net investment as 'Non-controlling interests.' Beginning January 2024 and as of December 31, 2024, the Parent, directly and through its wholly owned subsidiary, holds 100% of the limited partnership interests in GPMP (as of December 31, 2023 – 99.8%); therefore, the Business no longer reports a non-controlling interest.

**Fair Value Measurements** 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the item being valued.

Significant estimates of fair value include, among other items, tangible and intangible assets acquired and liabilities assumed through business combinations, certain leases, contingent consideration in business combinations, and financial derivative instruments. The Company also uses fair value measurements to routinely assess impairment of long-lived assets, intangible assets and goodwill.

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

**Revenue Recognition** 

Revenue is recognized when control of the promised goods or services is transferred to the customers. This requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a single point in time or over time, based on when control of goods and services transfers to a customer. Control is transferred to the customer over time if the customer simultaneously receives and consumes the benefits provided by the Company's performance. If a performance obligation is not satisfied over time, the Company satisfies the performance obligation at a single point in time.

Revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services.

When the Company satisfies a performance obligation by transferring control of goods or services to the customer, revenue is recognized against contract assets in the amount of consideration to which the Company is entitled. When the consideration amount received from the customer exceeds the amounts recognized as revenue, the Company recognizes a contract liability for the excess.

An asset is recognized related to the costs incurred to obtain a contract (e.g. sales commissions) if the costs are specifically identifiable to a contract, the costs will result in enhancing resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. These capitalized costs were approximately $6.7 million and $4.4 million as of December 31, 2024 and 2023, respectively, were recorded as a part of other current assets and other non-current assets on the combined balance sheets, and were amortized on a systematic basis consistent with the pattern of transfer of the goods or services to which such costs relate. Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $1.8 million, $1.4 million and $2.3 million, respectively, and were included in fuel costs in the combined statements of operations. The Company expenses the costs to obtain a contract, as and when they are incurred, in cases where the expected amortization period is one year or less.

The Company recognizes a contract asset when making upfront incentive payments to dealers. Certain of the upfront consideration represents a prepaid incentive, as these payments are not made for distinct services provided by the dealer. Others represent payments for equipment installed at a dealer location. The prepaid incentives were approximately $43.8 million and $37.9 million as of December 31, 2024 and 2023, respectively, were recorded as a part of other current assets and other non-current assets on the combined balance sheets and were amortized as a reduction of revenue over the term of the specific agreement. Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $5.1 million, $4.0 million and $3.0 million, respectively.

The Company evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis. In performing this analysis, the Company considers first whether it controls the goods before they are transferred to the customers and if it has the ability to direct the use of the goods or obtain benefits from them. The Company also considers the following indicators: (1) the primary obligor, (2) the latitude in establishing prices and selecting suppliers, and (3) the inventory risk borne by the Company before and after the goods have been transferred to the customer. When the Company acts as principal, revenue is recorded on a gross basis. When the Company acts as agent, revenue is recorded on a net basis.

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

Certain fuel and sales taxes are invoiced by fuel suppliers or collected from customers and remitted to governmental agencies either directly, or through suppliers, by the Company. Whether these taxes are presented on a gross or net basis is dependent on whether the Company is acting as a principal or agent in the sales transaction. Fuel excise taxes are presented on a gross basis for fuel sales because the Company is acting as the primary obligor, has pricing latitude, and is also exposed to inventory and credit risks.

Revenue recognition patterns are described below by reportable segment:

**<u>Wholesale</u>** 

---

| | |
|:---|:---|
| Ø | **Consignment arrangements—**In arrangements of this type, the Company owns the fuel until the date of sale to the ultimate customer by the dealers, and the gross profit generated from the sale of the fuel is allocated between the Company and the dealer based on the terms of the relevant agreement with the dealer. In certain cases, gross profit is split based on a percentage and in others, the Company pays a fixed fee per gallon to the dealer. The Company recognizes revenues on the date of the sale to the ultimate customer (namely, upon dispensing of the fuel by the consumer which is the date of transfer of control, risks and rewards to the ultimate customer).  |

---

---

| | |
|:---|:---|
| Ø | **Fuel supply arrangements—**In arrangements of this type, the dealer purchases the fuel from the Company. The Company recognizes revenue upon delivery of the fuel to the dealer which is the date of transfer of ownership of the fuel to the dealer. The sales price to the dealer is determined according to the terms of the relevant agreement with the dealer, which generally includes a stated reference price for the fuel plus the cost of transportation and a margin, with the Company generally retaining any prompt pay discounts and rebates.  |

---

**<u>Fleet Fueling</u>** 

---

| | |
|:---|:---|
| Ø | **Fuel revenue from cardlock locations**—Revenues from the sale of fuel, less applicable discounts, are recognized upon delivery of the fuel to the ultimate customer, which is the point at which control and title are transferred, the customer has accepted the product and the customer has significant risks and rewards of owning the product. The Company typically has a right to payment once control of the product is transferred to the ultimate customer. At third-party cardlock locations, the Company remains the owner of the fuel until the date of sale to the ultimate customer. Transaction prices for these products are typically at market rates for the products at the time of delivery to the ultimate customer. Payment terms require customers to pay shortly after delivery and do not contain significant financing components.  |

---

---

| | |
|:---|:---|
| Ø | **Commissions on proprietary fuel cards**—The Company receives a commission from the sale of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites. The commission is recognized at the time of the sale to the customer.  |

---

**<u>GPMP</u>** 

---

| | |
|:---|:---|
| Ø | **Fuel revenues from related parties**—Revenues from the sale of fuel to substantially all of the Parent's retail sites are recorded upon delivery of the fuel at the Company's cost of fuel (including taxes and transportation) plus a fixed margin (currently 5.0 cents per gallon). The sales price to the Parent includes the cost of transportation, with the Parent receiving any prompt pay discounts and rebates.  |

---

---

| | |
|:---|:---|
| Ø | **Other revenues from related parties**—The Company charges a fixed fee to certain of the Parent's retail sites which are not supplied by the Company.  |

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

Refer to Note 20 for disclosure of the revenue disaggregated by segment and product line, as well as a description of the reportable segment operations.

**Fuel Costs** 

The Company records discounts and rebates received from suppliers as a reduction of inventory cost if the discount or rebate is based upon purchases. Discounts and rebates conditional upon the volume of the purchases or on meeting certain other goals are included in the combined financial statements on a basis relative to the progress toward the goals required to obtain a discount or rebate, as long as receiving the discounts or rebates is reasonably assured and its amount can be reasonably estimated. The estimate of meeting the goals is based, among other things, on contract terms and historical purchases/sales as compared to required purchases/sales.

The Company includes in fuel costs all costs incurred to acquire fuel, including the costs of purchasing and transporting inventory prior to delivery to customers. The Company primarily utilizes third-party carriers to transport fuel inventory to each location. Fuel costs do not include any depreciation of property and equipment as there are no significant amounts that could be attributed to fuel costs. Accordingly, depreciation is separately classified in the combined statements of operations.

Certain upfront amounts paid to the Company by fuel suppliers for renovation and upgrade costs associated with the rebranding of gas stations are presented as a liability and are recorded to operations as a reduction of fuel costs on a straight-line basis relative to the period of the agreement. In the event that the Company does not comply with the conditions of the agreement with the supplier, the Company may be required to repay the unamortized balance of the amount received or grant to the supplier based on the amortization schedule as defined in each applicable agreement. These amounts are classified in other non-current liabilities, except for the current maturity which is classified in other current liabilities.

Total purchases from suppliers who accounted for 10% or more of total purchases for the periods presented were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Fuel products—Supplier A | $786868 | $864021 | $974156 |
|  Fuel products—Supplier B | 782141 | 800932 | 758856 |
|  Fuel products—Supplier C | 636690 | 708764 | 870982 |
|  Fuel products—Supplier D | \* | 565639 | 608660 |

---

\* Purchases did not exceed 10% in the period

**Environmental Costs** 

Environmental expenditures related to existing conditions, resulting from past or current operations and from which no current or future benefit is discernible, are expensed. A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Expenditures that extend the life of the related property or prevent future environmental contamination are capitalized.

**F-19** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

**Income Taxes** 

Income taxes were prepared under the separate return method, consistent with the provisions of ASC 740, Income Taxes, and demonstrate the tax impact on the Company had it not been eligible to be included in a consolidated income tax return with the Parent. The combined financial statement reflected the income tax expense and deferred tax assets or liabilities attributable to the Company.

Current and deferred taxes are recognized in profit or loss, except when they arise from the initial accounting for a business acquisition, in which case the tax effect is included in the accounting for the business acquisition. The current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided using the asset and liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax assets are recognized for future tax benefits and credit carryforwards to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date. Deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on the tax rates (and tax laws) that have been enacted by the end of the reporting periods. After determining the total amount of deferred tax assets, a determination is made as to whether it is more likely than not that some portion of the deferred tax assets will not be realized. If it is determined that a deferred tax asset is not likely to be realized, a valuation allowance is established. Deferred tax assets and deferred tax liabilities are offset if the Company had a legally enforceable right to offset current tax assets against current tax liabilities and the deferred tax relates to the same taxable entity and the same tax authority.

Uncertain tax positions meeting the more likely than not recognition threshold are measured and recognized in the combined financial statements at the largest amount of benefit that has a greater than 50% likelihood of being realized upon settlement.

Cash paid for taxes due during each reporting period was paid by the Parent and settled through equity in alignment with ASC 740.

The Company classifies interest and penalties related to income tax matters as a component of income tax expense in the combined statements of operations.

**Derivative Instruments and Hedging Activities** 

The Company accounts for financial derivative instruments at fair value and applies hedge accounting rules when applicable. The Company utilizes derivative instruments related to ultra-low sulfur diesel to offset changes in the fair value of its firm commitments to purchase diesel fuel that is ultimately delivered to certain of its fleet fueling sites and certain of its dealer locations.

These instruments are accounted for as fair value hedges of a firm commitment upon proper qualification. The Company assesses at inception and on an ongoing basis whether a derivative instrument accounted for as a hedge is highly effective in offsetting changes in the fair value of the hedged item (that is, the unrecognized firm commitment). The gain or loss on the hedging instrument is recognized currently in earnings within fuel costs in the combined statement of operations, for the period

**F-20** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

in which the changes in fair value occur. The gain or loss (that is, the change in fair value) on the hedged item attributable to the hedged risk designated as being hedged adjusts the carrying amount of the related hedged item and is simultaneously recognized in earnings within fuel costs in the combined statements of operations, as an adjustment to the carrying amount of that hedged item (that is, the Company recognizes as assets or liabilities the changes in the fair value of the firm commitment that are attributable to the risk being hedged and that arise while the hedge of the firm commitment exists). When the underlying assets are purchased in accordance with the terms of the hedged firm commitment, the initial cost basis in the acquired assets is adjusted by the amount of the firm commitment that was recognized as an asset or liability under the fair value hedging model. See Note 18 and Note 19 for further information about the Company's derivatives.

**Share-Based Compensation** 

ASC 718, Compensation—Stock Compensation, requires the cost of all share-based payments to employees to be recognized in the statements of operations and establishes fair value as the measurement objective in accounting for share-based payment arrangements of ARKO. ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards on the date of grant.

Restricted share units are valued based on the fair market value of the underlying stock on the date of grant. The Company records compensation expense for these awards based on the grant date fair value of the award, recognized ratably over the vesting period of the award. Additionally, certain awards include performance and market conditions. For awards with performance conditions, share-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period.

The Company recognizes compensation expense related to stock-based awards with graded vesting on a straight-line basis over the vesting period. The Company's share-based compensation expense is adjusted for forfeitures when they are incurred.

**Employee Benefits** 

The Parent has a 401(k) retirement plan for the Company's employees who may contribute up to 75% of eligible wages as defined in the plan, subject to limitations defined in the plan and applicable law. The Parent matches a percentage of employee contributions according to the plan. The Parent has a deferred compensation plan for certain employees who may contribute up to 90% of eligible wages as defined in the plan, subject to limitations defined in the plan and applicable law. The Parent matches a percentage of employee contributions according to the plan. The expense for the Parent's matching contributions on behalf of the Company's employees for both of these plans was approximately $0.4 million, $0.3 million and $0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

**Leases** 

The Company recorded on the combined balance sheets the right-of-use assets and lease liabilities if the Company or any of its subsidiaries are an obligor of a lease agreement or expected to assume the lease obligation related to a lease arrangement entered into by the Parent. Similarly, the Company has accounted for the subleases as if the Company or any of its subsidiaries are a sublessor of a sublease agreement if it is expected to assume and benefit from the sublease arrangement entered into by the Parent.

**F-21** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

**The Company as Lessee** 

The Company assesses whether a contract is, or contains, a lease at inception of the contract. A contract contains a lease on the basis of whether the Company has the right to control the use of an identified asset for a period of time in exchange for consideration. While assessing whether a contract conveys the right to control the use of an identified asset, the Company assesses whether, throughout the period of use, it has both of the following:

Ø the right to obtain substantially all of the economic benefits from use of the identified assets; and

Ø the right to direct the use of the identified asset.

The lease term is the non-cancellable period of a lease together with periods covered by an option to extend the lease if the Company is reasonably certain it will exercise that option.

In assessing the lease term, the Company takes into account extension options that, at initial recognition, it is reasonably certain it will exercise. The likelihood of the exercise of the extension options is examined considering, among other things, the lease payments during the extension periods in relation to the market prices, significant improvements in the leased properties that are expected to have a significant economic benefit during the extension period, actual profitability characteristics and expected profitability of the property, the remaining non-cancellable period, the number of years under the extension periods, location of the leased property and the availability of suitable alternatives.

Because the interest rate implicit in the lease cannot be readily determined, the Company generally utilizes the incremental borrowing rates of the Company. These rates are defined as the interest rates that the Company would have to pay, on the commencement date of the lease, to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in the lease agreement and in a similar economic environment.

Lease payments included in the measurement of the lease liability consist of:

Ø fixed lease payments (including in-substance fixed payments), including those in extension option periods which are reasonably certain to be exercised;

Ø variable lease payments that depend on an index, initially measured using the index at the commencement date; and

Ø the exercise price of purchase options, if the Company is reasonably certain it would exercise the options.

Variable rents that do not depend on an index or rate and which are not in-substance fixed lease payments (for example, payments that are determined as a percentage of sales) are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs and are included in site operating expenses in the combined statements of operations.

For variable lease payments that depend on an index or a rate (such as the consumer price index or a market interest rate), on the commencement date, the lease payments were initially measured using the index or rate at the commencement date. The Company does not remeasure the lease liability for changes in future lease payments arising from changes in an index or rate unless the lease liability is remeasured for another reason. Therefore, after initial recognition, such variable lease payments are recognized in statements of operations as they are incurred.

**F-22** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

The Company determines if the lease is an operating lease or a financing lease and recognizes right-of-use assets and lease liabilities for all leases, except for short-term leases (lease term of one year or less) and leases of low value assets. For these leases, the Company recognizes lease expense on a straight-line basis over the lease term.

At the commencement date, the lease liability is measured at the present value of future lease payments that are not paid at that date (not including payments made at the commencement date of the lease), discounted generally using the relevant incremental borrowing rate, and presented as a separate line item in the combined balance sheets. The operating lease liability is subsequently remeasured each period at the present value of future lease payments that are not paid at that date. The financing lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

Some of the lease agreements include an increase in the consumer price index coupled with a multiplier and a percentage increase cap effectively assures the cap will be reached each year. The Company determined, based on past experience and consumer price index increase expectations, that these types of variable payments are in-substance fixed payments and such payments are included in the measurement of the lease liabilities as of the date of the initial lease liability measurement.

The Company remeasures the lease liability (and makes corresponding adjustments to the related right-of-use asset) whenever the following occurs:

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| | |
|:---|:---|
| Ø | the lease term has changed as a result of, among other factors, a change in the assessment of exercising an extension option or a purchase option that results from the occurrence of a significant event or a significant change in circumstances that is within the Company's control, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; or  |

---

---

| | |
|:---|:---|
| Ø | a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. For lease modifications that decrease the scope of the lease, the lessee recognizes in profit or loss any gain or loss relating to the partial or full termination of the lease.  |

---

The right-of-use asset is measured at cost and presented as a separate line item in the combined balance sheets. The cost of the right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, and any initial direct costs. In business combinations, the amount is adjusted to reflect favorable or unfavorable terms of the lease relative to market terms. Subsequently, the right-of-use asset under operating leases is measured at the carrying amount of the lease liability, adjusted for prepaid or accrued lease payments, unamortized lease incentives received and accumulated impairment losses. The right-of-use asset under financing leases is measured at cost less accumulated depreciation and accumulated impairment losses.

Whenever the Company incurs an obligation for costs (either on the commencement date or consequently) to dismantle and remove a leased asset, restore the site on which it is located, or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized. The costs are included in the related right-of-use asset.

**F-23** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

Right-of-use assets under financing leases are depreciated based on the straight-line method over the shorter period of the lease term and the useful life of the underlying asset, with weighted average depreciation periods as follows:

---

| | | |
|:---|:---|:---|
| | **Years** | **Years** |
|  Leasehold improvements, buildings and real estate assets |  | 28 |
|  Equipment |  | 5 |

---

If the lease transfers ownership of the underlying asset to the Company by the end of the lease term or if the cost of the right-of-use asset reflects that the Company will exercise a purchase option, the Company will depreciate the right-of-use asset from the commencement date to the end of the useful life of the underlying asset.

The Company adjusts the right-of-use asset and as a result, the depreciation period in the following periods, if it remeasures the respective lease liability.

**The Company as Lessor** 

Leases for which the Company is a lessor are classified as sales-type, direct financing or operating leases. When the Company is an intermediate lessor, it accounts for the head lease and the sublease as separate contracts. The sublease is classified as a sales-type, direct financing or operating lease by reference to the head lease's underlying asset.

Whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership to the lessee, the contract is classified as a sales-type, or direct financing. All other leases are classified as operating leases.

Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. For a sublease that is classified as an operating lease, the right-of-use asset related to the head lease or the fixed asset is not derecognized, and the Company continues to depreciate the leased asset over its useful life. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and depreciated on a straight-line basis over the lease term. Rental income on leased and subleased property to dealers and other third-parties is recognized on a straight-line basis based upon the term of the tenant's lease or sublease.

With respect to a lease for which the Company is a lessor and classified as sales-type, or direct financing lease, the Company derecognizes the right-of-use asset related to the head lease or the underlying asset and recognizes a net investment in the lease. For a sales-type lease, the lessor recognizes any selling profit or loss and initial direct costs (if applicable) at the commencement date. For a direct financing lease, the lessor recognize any selling loss immediately and defers the initial direct costs and selling profit within the net investment in the lease. Income from the lease is recognized based on the interest income from the net investment over the lease term.

**New Accounting Pronouncements** 

**Segment Reporting—**In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (topic 280): Improvements to

**F-24** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements. The amendments in ASU 2023-07 are effective for annual periods beginning January 1, 2024, and interim periods beginning on January 1, 2025 for the Company. The Company has adopted this standard for its combined financial statements.

**New Accounting Pronouncements Not Yet Adopted and Certain Legislation** 

**Expense Disaggregation Disclosures**—In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The requirements should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its disclosures.

**Income Taxes**—In December 2023, the FASB issued a new standard to improve income tax disclosures. The guidance requires disclosure of disaggregated income taxes paid, prescribes standardized categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will be effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently assessing the impact of adopting this standard on its income tax disclosures.

**One Big Beautiful Bill Act**—On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the 2017 U.S. Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the OBBBA's impact on its future financial statements.

**3. Acquisitions** 

**SpeedyQ Acquisition** 

On April 9, 2024, the Parent acquired certain assets from a third-party, including 21 SpeedyQ Markets gas stations and nine additional landbank sites located in Michigan (the "SpeedyQ Acquisition"). At the closing, the Company paid $6.0 million, financed with the Capital One Line of Credit (as defined in Note 11 below), for the right to supply fuel to the sites, which sites were added to the existing distribution agreement with the Parent with a 10 year term for the newly added sites. As the SpeedyQ Acquisition was a common-control transaction with the Parent and the Company did not recognize any identifiable net assets in the acquisition, for accounting purposes, the $6.0 million consideration paid by the Company was treated as a capital transaction with Parent and reflected in the combined financial statements as a transfer to Parent.

**F-25** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

**Transit Energy Group, LLC** 

On March 1, 2023, the Parent completed the acquisition of certain assets from Transit Energy Group, LLC and certain of its affiliated entities (collectively, "TEG") pursuant to a purchase agreement entered on September 9, 2022, as amended (the "TEG Purchase Agreement"), including (i) 135 gas stations, (ii) fuel supply rights to 181 dealer locations, (iii) a commercial, government, and industrial business, including certain bulk plants, and (iv) certain distribution and transportation assets, all in the southeastern U.S. (the "TEG Acquisition"). At the closing, the Company also purchased the right to supply fuel to the retail sites, which sites were added to the existing distribution agreement with the Parent with a 10 year term for the newly added sites. The purchase price for the TEG Acquisition was, as of closing, approximately $370 million, plus the value of inventory at the closing, of which $50 million was to be deferred and payable in two annual payments of $25 million (the "Installment Payments"), which the Parent was entitled to elect to pay in either cash or, subject to the satisfaction of certain conditions, shares of ARKO common stock, on the first and second anniversaries of the closing. The Company agreed to pay a portion of the Installment Payments. As a result, at the closing, the Company recorded a liability of approximately $40 million related to the Installment Payments. In total, the Company paid approximately $147 million for the TEG Acquisition, of which $55.0 million was financed with the Capital One Line of Credit.

Blue Owl under the Parent's Program Agreement (each as defined in Note 7) paid the balance of the non-deferred purchase price for fee simple ownership in 104 sites. At the closing, pursuant to the Program Agreement, the Parent entered into a master lease with Blue Owl for the sites Blue Owl acquired in the transaction under customary lease terms. For accounting purposes, the transaction with Blue Owl was treated as a sale-leaseback. Because the sale-leaseback was off-market, a financial liability was recorded, resulting in interest expense recognized over the lease term. Additionally, right-of-use assets and operating lease liabilities were recorded in connection with the operating lease, after reducing for accounting purposes from the contractual lease payments the amount attributable to the repayment of the additional financing.

The TEG Acquisition was considered a common-control transaction with the Parent, therefore, for accounting purposes, $47.9 million out of the consideration paid by the Company was treated as a capital transaction with Parent and reflected in the combined financial statements as a transfer to Parent.

Pursuant to the TEG Purchase Agreement, on March 1, 2024, ARKO issued shares of ARKO common stock to TEG in respect of the first Installment Payment (the "First Installment Shares").

On March 26, 2024, the Parent and TEG entered into a second amendment to the TEG Purchase Agreement (the "TEG Purchase Agreement Amendment"), pursuant to which, in full satisfaction of all Installment Payments, (i) the Parent repurchased the First Installment Shares from TEG for an aggregate purchase price of approximately $19.3 million in cash, and (ii) the Company paid to TEG an additional amount in cash equal to approximately $17.2 million in satisfaction of the Company's portion of the second Installment Payment, which would have otherwise been due on March 1, 2025. The aggregate amount of $36.5 million was financed with the Capital One Line of Credit. The TEG Purchase Agreement Amendment additionally terminated TEG's indemnity obligations under the TEG Purchase Agreement and extended the transition services agreement entered into between the Parent and TEG. As a result of this transaction, the Company recorded a net gain of approximately $3.4 million, which was recorded as a component of interest and other financial income in the combined statement of operations for the year ended December 31, 2024.

**F-26** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

The Business includes the assets and rights acquired in the TEG Acquisition, other than the acquired gas stations, which comprise a portion of the Parent's operations (the "TEG Business"). The amounts allocated in the combined financial statements were as follows:

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| | |
|:---|:---|
| | **Amount<br>(in thousands)** |
|  **<u>Fair value of consideration transferred:</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash (investment from Parent) | $21913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability resulting from deferred purchase price | 39872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Line of Credit | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consideration provided by Blue Owl | 30624 |
|  | 147409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Parent | (47866) |
|  **Total consideration** | $99543 |
|  **<u>Assets acquired and liabilities:</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | $3168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 51186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 16400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets under operating leases | 7082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental receivables | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset | 15490 |
|  ***Total assets*** | 94733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | (492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental liabilities | (1394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations | (3659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | (5449) |
|  ***Total liabilities*** | (10994) |
|  Total identifiable net assets | 83739 |
|  Goodwill | $15804 |
|  Transfer to Parent, net | $(25953) |
|  Capital One Line of Credit | 55000 |
|  Consideration provided by Blue Owl | 30624 |
|  Net cash outflow | $59671 |

---

The Company included identifiable tangible and intangible assets and identifiable liabilities at their respective fair values based on the information available to the Company's management on the TEG Acquisition closing date, including, among other things, a valuation performed by external consultants. Specifically, the valuation of the wholesale fuel supply contracts was performed by an external consultant using the income approach with a weighted average discount rate of 10.5%. The useful life of the wholesale fuel supply contracts on the date of acquisition was 10 years.

**F-27** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

As a result of the accounting treatment of the TEG Acquisition, the Company recorded goodwill of approximately $15.8 million attributable to the opportunity to add significant volume to the Business, all of which was allocated to the GPMP segment. None of the goodwill recognized is tax deductible for U.S. income tax purposes.

Acquisition-related costs of approximately $1.1 million and $0.5 million have been excluded from the consideration transferred and have been recognized as an expense within other expenses, net in the combined statements of operations for the years ended December 31, 2023 and 2022, respectively. No acquisition-related costs were recognized for the year ended December 31, 2024.

Results of operations for the TEG Business for the period subsequent to the acquisition closing date have been included in the combined statement of operations for the year ended December 31, 2023. For the period from the TEG Acquisition closing date through December 31, 2023, the Company recognized $659.4 million in revenues and $1.2 million of net loss related to the TEG Business.

**WTG Fuels Holdings, LLC** 

On June 6, 2023, the Parent completed the acquisition of certain assets from WTG Fuels Holdings, LLC and certain other sellers party thereto (collectively, "WTG") pursuant to an asset purchase agreement entered into by the Parent on December 6, 2022, including (i) 24 Uncle's gas stations located across Western Texas, and (ii) 68 proprietary GASCARD-branded cardlock sites and 43 private cardlock sites for fleet fueling operations located in Western Texas and Southeastern New Mexico (the "WTG Acquisition"). At the closing, the Company purchased the right to supply fuel to the retail sites, which sites were added to the existing distribution agreement with the Parent with a 10 year term for the newly added sites.

The purchase price for the WTG Acquisition was approximately $140.0 million, plus the value of inventory at the closing. The Company paid approximately $84 million of the purchase price in cash, including the value of inventory and other closing adjustments, of which $19.2 million was financed with the Capital One Line of Credit. Blue Owl, under the Program Agreement, paid the balance of the purchase price for fee simple ownership in 33 properties. At the closing, pursuant to the Program Agreement, the Parent entered into master leases with Blue Owl for the sites Blue Owl acquired in the transaction under customary lease terms. For accounting purposes, the transaction with Blue Owl was treated as a sale-leaseback. Because the sale-leaseback was off-market, a financial liability was recorded, resulting in interest expense recognized over the lease term. Additionally, right-of-use assets and operating lease liabilities were recorded in connection with the operating lease, after reducing for accounting purposes from the contractual lease payments the amount attributable to the repayment of the additional financing.

The WTG Acquisition was considered a common-control transaction with the Parent, therefore, for accounting purposes, $7.8 million out of the consideration paid by the Company was treated as a capital transaction with Parent and reflected in the combined financial statements as a transfer to Parent.

**F-28** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

The Business includes the assets and rights acquired in the WTG Acquisition, other than the acquired gas stations, which comprise a portion of the Parent's operations (the "WTG Business"). The amounts allocated in the combined financial statements were as follows:

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| | |
|:---|:---|
|  | **Amount** |
|  | **(in thousands)** |
|  **<u>Fair value of consideration transferred:</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash (investment from Parent) | $13421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Line of Credit | 19200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consideration provided by Blue Owl | 51188 |
|  | 83809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Parent | (7755) |
|  **Total consideration** | $76054 |
|  **<u>Assets acquired and liabilities:</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | $3298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 52940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 13470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets under operating leases | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental receivables | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset | 2928 |
|  ***Total assets*** | 73693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental liabilities | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations | (5456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | (1271) |
|  ***Total liabilities*** | (6828) |
|  Total identifiable net assets | 66865 |
|  Goodwill | $9189 |
|  Consideration paid in cash (investment from Parent, net) | $5666 |
|  Capital One Line of Credit | 19200 |
|  Consideration provided by Blue Owl | 51188 |
|  Net cash outflow | $76054 |

---

The Company included identifiable tangible and intangible assets and identifiable liabilities at their respective fair values based on the information available to the Company's management on the WTG Acquisition closing date, including, among other things, a valuation performed by external consultants. The useful life of the customer relationships related to the proprietary cardlock sites and the proprietary fuel cards that give customers access to a nationwide network of fueling sites was estimated at 20 years. The useful life of the wholesale fuel supply contracts to third party dealers was estimated at three years and the useful life of the wholesale fuel supply contracts to the retail sites was estimated at 10 years.

As a result of the accounting treatment of the WTG Business, the Company recorded goodwill of approximately $9.2 million attributable to the opportunity to add significant volume to the Business, all of which was allocated to the GPMP segment. None of the goodwill recognized is tax deductible for U.S. income tax purposes.

**F-29** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

Acquisition-related costs of approximately $1.1 million and $0.3 million have been excluded from the consideration transferred and have been recognized as an expense within other expenses, net in the combined statements of operations for the years ended December 31, 2023 and 2022, respectively. No acquisition-related costs were recognized for the year ended December 31, 2024.

Results of operations for the WTG Business for the period subsequent to the acquisition closing date have been included in the combined statement of operations for the year ended December 31, 2023. For the period from the WTG Acquisition closing date through December 31, 2023, the Company recognized $89.7 million in revenues and $0.9 of net income related to the WTG Acquisition.

*Quarles Acquisition* 

On July 22, 2022, the Company consummated its acquisition from Quarles Petroleum, Incorporated of certain assets (the "Quarles Acquisition"), including 121 proprietary Quarles-branded cardlock sites and 63 third-party cardlock sites for fleet fueling operations, and 46 dealer locations, including certain lessee-dealer sites.

The total consideration for the Quarles Acquisition was approximately $170 million plus the value of inventory on the closing date, subject to customary closing adjustments. The Company financed $40 million of the purchase price with the Capital One Line of Credit, and Blue Owl, under the Program Agreement, paid approximately $129.3 million of the consideration in exchange for fee simple ownership in 39 sites. At the closing, pursuant to the Program Agreement, the Company amended one of its master leases with Blue Owl to add the sites Blue Owl acquired in the transaction under customary lease terms. For accounting purposes, the transaction with Blue Owl was treated as a sale-leaseback. Because the sale-leaseback was off-market, a financial liability of $20.2 million was recorded, resulting in interest expense recognized over the lease term. Additionally, right-of-use assets and operating lease liabilities of approximately $61.6 million were recorded in connection with the operating lease, after reducing for accounting purposes from the contractual lease payments the amount attributable to the repayment of the additional financing.

The details of the Quarles Acquisition were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
|  | **(in thousands)** |
|  **<u>Fair value of consideration transferred:</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash (investment from Parent) | $14847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Line of Credit | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability resulting from contingent consideration | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consideration provided by Blue Owl | 129316 |
|  **Total consideration** | $184989 |

---

**F-30** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

---

| | |
|:---|:---|
|  | **Amount** |
|  | **(in thousands)** |
|  **<u>Assets acquired and liabilities:</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | $12300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 146055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets under operating leases | 32916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 30010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental receivables | 8 |
|  ***Total assets*** | 222470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | (1168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental liabilities | (316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations | (5195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | (30802) |
|  ***Total liabilities*** | (37481) |
|  Total identifiable net assets | 184989 |
|  Goodwill | $— |
|  Consideration paid in cash (investment from Parent) | $14847 |
|  Capital One Line of Credit | 40000 |
|  Consideration provided by Blue Owl | 129316 |
|  Net cash outflow | $184163 |

---

The Company included identifiable tangible and intangible assets and identifiable liabilities at their respective fair values based on the information available to the Company's management on the Quarles Acquisition closing date, including, among other things, a valuation performed by external consultants. The useful life of the wholesale fuel supply contracts was 4.3 years, the useful life of the contracts related to the third-party cardlock sites was two years, and the useful life of the customer relationships related to the proprietary cardlock sites and the proprietary fuel cards that give customers access to a nationwide network of fueling sites was 20 years.

The Company's accounting treatment of the Quarles Acquisition resulted in no goodwill being recorded.

Acquisition-related costs of approximately $0.2 million and $2.3 million have been excluded from the consideration transferred and have been recognized as an expense within other expenses, net in the combined statements of operations for the years ended December 31, 2023 and 2022, respectively. No acquisition-related costs were recognized for the year ended December 31, 2024.

Results of operations for the Quarles Acquisition for the period subsequent to the acquisition closing date have been reflected in the combined statement of operations for the year ended December 31, 2022. For the period from the Quarles Acquisition closing date through December 31, 2022, the Company recognized $317.2 million in revenues and $13.7 million in net income related to the Quarles Acquisition.

**F-31** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

*Pride Convenience Holdings, LLC Acquisition* 

On December 6, 2022, the Parent acquired all of the issued and outstanding membership interests in Pride Convenience Holdings, LLC, which operated 31 gas stations in Connecticut and Massachusetts (the "Pride Acquisition"), pursuant to its purchase agreement with Pride Parent, LLC. At the closing, the Company paid $20.0 million, financed with the Capital One Line of Credit, for the right to distribute fuel to the retail sites acquired in Connecticut, which sites were added to the existing distribution agreement with the Parent with a 10 year term for the newly added sites, and the right to charge a fixed fee to retail sites acquired in Massachusetts, which sites purchase fuel directly from third-party suppliers. As the Pride Acquisition was a common-control transaction with the Parent and the Company did not recognize any identifiable net assets in the acquisition, for accounting purposes, the $20.0 consideration paid by the Company was treated as a capital transaction with Parent and reflected in the combined financial statements as a transfer to Parent.

*Impact of Business Combinations (unaudited)* 

The unaudited supplemental pro forma financial information presented below was prepared based on the historical information of the Company and the acquired operations and gives pro forma effect to the TEG Acquisition, WTG Acquisition and Quarles Acquisition described above using the assumption that such acquisitions had occurred on January 1, 2022. The unaudited supplemental pro forma financial information does not give effect to the potential impact of current financial conditions, any anticipated synergies, operating efficiencies or cost savings that resulted, or may have resulted, from the acquisitions or any integration costs. The unaudited pro forma financial information is not necessarily indicative of what the actual results of operations would have been had these business combinations occurred on January 1, 2022 nor is it indicative of future results.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Total revenue | $6367739 | $7263328 | $8823053 |
|  Net income | 40217 | 41906 | 64652 |

---

**4. Trade Receivables, Net** 

Trade receivables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Credit card receivables | $22786 | $43700 |
|  Fleet fueling customer credit accounts receivable, net | 38404 | 44705 |
|  Dealers credit accounts receivable, net | 26995 | 31781 |
|  Total trade receivables, net | $88185 | $120186 |

---

**F-32** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

An allowance for credit losses is provided based on management's evaluation of outstanding accounts receivable. The Company had reserved $1.7 million and $1.6 million for uncollectible fleet fueling customers, dealers and customer credit accounts receivable as of December 31, 2024 and 2023, respectively.

**5. Other Current Assets** 

Other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Vendor receivables | $10402 | $11576 |
|  Contract assets related to incentive payments to dealers | 6250 | 4648 |
|  Sales commissions and other prepaid expenses | 2188 | 1559 |
|  Environmental receivables | 239 | 183 |
|  Income tax receivable | 116 | 40 |
|  Other current assets | 9979 | 8242 |
|  Total other current assets | $29174 | $26248 |

---

Rebate receivables from fuel suppliers are typically collected within one to 12 months.

**6. Other Non-Current Assets** 

Other non-current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Contract assets related to incentive payments to dealers | $37583 | $33215 |
|  Sales commissions and other prepaid expenses | 5763 | 3984 |
|  Environmental receivables | 1172 | 1083 |
|  Other non-current assets | 1021 | 421 |
|  Total other non-current assets | $45539 | $38703 |

---

**7. Property and Equipment, Net** 

Property and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Land | $60597 | $53550 |
|  Buildings and leasehold improvements | 58143 | 44951 |
|  Equipment | 186711 | 146910 |
|  Accumulated depreciation | (107415) | (66143) |
|  Total property and equipment, net | $198036 | $179268 |

---

**F-33** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

As of December 31, 2024 and 2023, the table above included $117.7 million and $79.8 million, respectively, of property and equipment leased to others.

Depreciation expense was $24.4 million, $23.2 million and $14.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

*Standby Real Estate Program* 

On May 3, 2021, the Parent entered into a standby real estate purchase, designation and lease program agreement with Blue Owl Real Estate Fund VI OP LP (f/k/a Oak Street Real Estate Capital Fund VI OP, LP) and certain of its affiliates (collectively, "Blue Owl"), which has been amended on several occasions (as amended, the "Program Agreement").

Under and subject to the terms of the Program Agreement, from May 2, 2023 through September 30, 2025, subject to certain early termination events, Blue Owl agreed to purchase up to $1.0 billion of convenience store and gas station real property, cardlock locations and, subject to Blue Owl's consent, other types of real property that GPM or an affiliate thereof may acquire, including in connection with the Parent's acquisitions of businesses from third-parties (each, a "Property"). In March 2025, the Program Agreement terminated in accordance with its terms.

Pursuant to the Program Agreement, upon any acquisition of a Property by Blue Owl, or an affiliate thereof, the Parent, or an affiliate thereof, entered into a triple-net lease agreement with Blue Owl or such affiliate pursuant to which the Parent or such affiliate leases such Property from Blue Owl or such affiliate based upon commercial terms contained in the Program Agreement. The purchase price for any Property was similarly subject to commercial terms agreed upon by the Parent and Blue Owl in the Program Agreement and if in connection with the acquisition of convenience stores and gas stations from third-parties, consistent with the agreed upon purchase price or designation rights with the seller of the real estate.

**8. Goodwill and Intangible Assets** 

*Goodwill* 

The Company reports revenue and operating results for its reportable segments: wholesale, fleet fueling and GPMP (see Note 20 for a description of these segments). The following summarizes the activity in goodwill, by segment:

---

| | |
|:---|:---|
|  | **GPMP** |
|  | **(in thousands)** |
|  Beginning balance, January 1, 2023 | $51694 |
|  Goodwill attributable to acquisitions during the year | 24993 |
|  Ending balance, December 31, 2023 | $76687 |
|  Ending balance, December 31, 2024 | $76687 |

---

**F-34** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

*Intangible Assets, Net* 

Intangible assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Wholesale fuel supply agreements | $219082 | $219082 |
|  Non-contractual customer relationships | 38520 | 38520 |
|  Other intangibles | 510 | 510 |
|  Accumulated amortization – Wholesale fuel supply agreements | (78339) | (59349) |
|  Accumulated amortization – Non-contractual customer relationships | (4100) | (2174) |
|  Accumulated amortization – Other intangibles | (510) | (361) |
|  | $175163 | $196228 |

---

Amortization expense related to definite lived intangible assets was $21.1 million, $20.6 million and $17.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Estimated amortization expense for each of the next five years and thereafter is expected to be as follows:

---

| | |
|:---|:---|
| **Future Amortization Expense** | **Amount** |
|  | **(in thousands)** |
| 2025 | $20839 |
| 2026 | 20708 |
| 2027 | 19765 |
| 2028 | 19765 |
| 2029 | 19765 |
|  Thereafter | 74321 |
|  | $175163 |

---

**9. Other Current Liabilities** 

The components of other current liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Accrued employee costs | $1493 | $1625 |
|  Fuel and other taxes | 17774 | 19768 |
|  Accrued expenses | 16461 | 13903 |
|  Accrued insurance liabilities | 1630 | 1245 |
|  Environmental liabilities | 566 | 598 |
|  Deferred vendor income | 7125 | 5444 |
|  Liabilities resulting from Additional Consideration and Contingent Consideration | 5601 | 5524 |
|  Deferred payments related to acquisitions (see Note 3) |  | 21529 |
|  Financial liabilities | 914 | 782 |
|  Other accrued liabilities | 2386 | 1762 |
|  Total other current liabilities | $53950 | $72180 |

---

**F-35** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

*Additional Consideration and Contingent Consideration* 

Part of the consideration payable to the sellers in the Parent's acquisition of the business of Empire Petroleum Partners, LLC ("Empire") in 2020 was as follows:

• On each of the first five anniversaries of October 6, 2020, the Empire sellers will be paid an amount of
$4.0 million (total of $20.0 million) (the "Additional Consideration"). If the Empire sellers are entitled to amounts on account of the Contingent Consideration (as defined below), these amounts will initially be applied to
accelerate payments on account of the Additional Consideration. For the years ended December 31, 2024, 2023 and 2022, the Company paid the Empire sellers $4.0 million, $4.0 million and $6.1 million of Additional Consideration,
respectively.

• An amount of up to $45.0 million (the "Contingent Consideration") will be paid to the Empire
sellers according to mechanisms set forth in the Empire purchase agreement, with regard to the occurrence of the certain events during the five years following October 6, 2020. The measurement and payment of the Contingent Consideration will be
made once a year.

*Financial Liabilities* 

The current and non-current portions of financial liabilities were related to off-market sale-leaseback transactions with Blue Owl related to the acquisitions of TEG and WTG in 2023 and to the Quarles Acquisition in 2022.

**10. Other Non-current Liabilities** 

The components of other non-current liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Environmental liabilities | $2192 | $2072 |
|  Deferred vendor income | 29198 | 27481 |
|  Liabilities resulting from Additional Consideration and Contingent Consideration |  | 3514 |
|  Deferred payments related to acquisitions (see Note 3) |  | 20315 |
|  Financial liabilities (see Note 9) | 40469 | 35044 |
|  Dealer deposits | 10778 | 7947 |
|  Other non-current liabilities | 1817 |  |
|  Total other non-current liabilities | $84454 | $96373 |

---

**11. Debt** 

The components of debt were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  M&T debt | $6237 | $5782 |
|  Capital One Line of Credit | 375951 | 332027 |
|  Total debt, net | $382188 | $337809 |
|  Less current portion | (1277) | (920) |
|  Total long-term debt, net | $380911 | $336889 |

---

**F-36** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

*Financing Agreements* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type of financing** | **Original**<br> **principal**<br> **amount of<br>financing** | **Financing payment<br>terms** | **Interest rate** | **Interest<br>rate as of<br>December 31,<br>2024** | **Amount<br>financed as of<br>December 31,<br>2024<br>(in thousands)** | **Balance as of<br>December 31,<br>2024<br>(net of<br>deferred<br>financing<br>costs)<br>(in thousands)** |
| **GPM Empire, LLC** | **GPM Empire, LLC** | **GPM Empire, LLC** | **GPM Empire, LLC** | **GPM Empire, LLC** | **GPM Empire, LLC** | **GPM Empire, LLC** |
| M&T Term Loans | $49.5 million | Original principal attributable to the Business of $4.6 million is paid in equal monthly installments based on a 15-year amortization schedule with a balance due on the maturity date of June 10, 2026. | SOFR (as defined in the agreement) plus 3.00% | 7.74% | Attributable to the Business: $3,487 | Attributable to the Business: $3,466 |
| M&T Equipment Line of Credit | Up to $45 million | Original principal attributable to the Business of $3.8 million is being paid in equal monthly principal installments with the balance due on various maturity dates through September 2028.<br>Each additional equipment loan tranche borrowed will have a term of up to five years from the date it is advanced. | Fixed rate of 6.90% or SOFR (as defined in the agreement) plus 2.75% | 6.90%<br>to<br>7.38% | Attributable to the Business: $2,778 | Attributable to the Business: $2,771 |

---

**F-37** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type of financing** | **Original**<br> **principal**<br> **amount of<br>financing** | **Financing payment<br>terms** | **Interest rate** | **Interest<br>rate as of<br>December 31,<br>2024** | **Amount<br>financed as of<br>December 31,<br>2024<br>(in thousands)** | **Balance as of<br>December 31,<br>2024<br>(net of<br>deferred<br>financing<br>costs)<br>(in thousands)** |
| PNC Line of Credit | Up to $140 million | Maturity date of December 22, 2027. | For revolving advances that are Term SOFR Loans: SOFR Adjusted plus Term SOFR (as defined in the agreement) plus 1.25% to 1.75%<br>For revolving advances that are domestic rate loans: Alternate Base Rate (as defined in the agreement) plus 0% to 0.5%<br>Every quarter, the margin rates are updated based on the quarterly average undrawn availability of the line of credit.<br>Unused fee - 0.375% or 0.25% if usage is 25% or more | 5.68% |  |  |
| **GPMP** | **GPMP** | **GPMP** | **GPMP** | **GPMP** | **GPMP** | **GPMP** |
| Capital One Line of Credit | Up to $800 million | The full amount of the principal is due on the maturity date of May 5, 2028. | For SOFR Loans: Adjusted Term SOFR (as defined in the agreement) plus 2.25% to 3.25%<br>For alternate base rate loans: Alternate Base Rate (as defined in the agreement) plus 1.25% to 2.25%<br>The margin is determined according to a formula that depends on GPMP's leverage.<br>Unused fee ranges from 0.3% to 0.50% | 7.43% | $380,800<br>No borrowings under the Alternate Base rate<br>$418,700 unused | $375951 |
|  **Total** |  |  |  |  |  | $382188 |

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**F-38** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

*M&T Bank Credit Agreement* 

The Parent has a credit agreement with M&T Bank, of which certain of the Company's subsidiaries are co-borrowers. This credit agreement provides a line of credit for up to $45.0 million to purchase equipment on or before September 2026, which may be borrowed in tranches, of which, as of December 31, 2024, $2.8 million outstanding was attributable to the Business. Additionally, this credit agreement originally provided for an aggregate original principal amount of $49.5 million of real estate loans (the "M&T Term Loans"), of which, as of December 31, 2024, $3.5 million principal amount outstanding was attributable to the Business. As of December 31, 2024, approximately $29.1 million remained available under the Parent's equipment line of credit.

Each additional equipment loan tranche under such credit agreement will have a term of up to five years from the date it is advanced, payable in equal monthly payments of principal plus interest of SOFR (as defined in the agreement) plus 2.75%. The M&T Term Loans bear interest at SOFR Adjusted (as defined in the agreement) plus 2.75% to 3.00% (depending on the loan), mature in June 2026 or November 2028 (depending on the loan) and are payable in monthly installments based on a fifteen-year amortization schedule, with the balance of each loan payable at maturity.

On May 13, 2025, the Parent entered into an amendment to its credit agreement with M&T Bank to increase the aggregate original principal amount of the M&T Term Loans from $49.5 million to $83.7 million. The additional $34.2 million principal amount of the M&T Term Loans, of which $5.1 million was attributable to the Business, matures in May 2030 and is payable in monthly installments based on a fifteen-year amortization schedule, with the balance of the loan payable at maturity, and bears interest at SOFR plus 2.25%. The M&T Term Loans are secured by the real property of 78 sites acquired with the proceeds of such loans and certain other properties, including real property of 21 of 22 sites that the Parent acquired in the second quarter of 2025 for aggregate consideration of $22.4 million, of which five sites are attributable to the Business.

In connection with the amendment, the existing M&T Term Loans outstanding as of the date of such amendment began to accrue interest at SOFR plus 2.25%, the interest rate applicable to any M&T Term Loans incurred following the date of such amendment, and the borrowings under the M&T line of credit for purchases of equipment began to accrue interest, at the Parent's discretion, at either a fixed rate based on M&T Bank's five-year cost of funds as of the applicable date of each tranche plus 2.25% or a floating rate at SOFR plus 2.25%.

The Parent has granted a mortgage in the real estate of 50 sites and certain fixtures at these and other sites (of which 10 sites are part of the Business) as collateral to support the M&T Term Loans. The equipment loans are secured by the equipment acquired with the proceeds of such loans.

*Financing Agreement with PNC Bank, National Association ("PNC")* 

The Parent and certain subsidiaries (including certain of the Company's subsidiaries as co-borrowers) have a financing arrangement with PNC (as amended, the "PNC Credit Agreement") that provides a line of credit for purposes of financing working capital (the "PNC Line of Credit"). The calculation of the availability under the PNC Credit Agreement is determined monthly subject to terms and limitations as set forth in the PNC Credit Agreement, taking into account the balances of receivables, inventory and letters of credit, among other things. PNC has a first priority lien on receivables, inventory and rights in bank accounts (other than assets that cannot be pledged due to regulatory or contractual obligations). As of December 31, 2024 and 2023, the Company had no outstanding borrowings under the PNC Line of Credit.

**F-39** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

The PNC Line of Credit contains customary restrictive covenants and events of default.

*Financing Agreement with a Syndicate of Banks led by Capital One, National Association* 

GPMP has a revolving credit facility with a syndicate of banks led by Capital One, National Association, with an aggregate principal amount of availability thereunder of $800 million (as amended, the "Capital One Line of Credit"). At GPMP's request, availability under the Capital One Line of Credit can be increased up to $1.0 billion, subject to obtaining additional financing commitments from current lenders or from other banks, and subject to certain other terms as detailed in the Capital One Line of Credit. On March 26, 2024, GPMP, Capital One and the guarantors and lenders party thereto entered into an amendment to the Capital One Line of Credit, which facilitated the borrowing and use of up to $36.5 million of the Capital One Line of Credit for the settlement of the Installment Payments as provided for in the TEG Purchase Agreement Amendment. The other material terms of the Capital One Line of Credit remained unchanged.

The Capital One Line of Credit is available for general partnership purposes, including working capital, capital expenditures and permitted acquisitions. All borrowings and letters of credit under the Capital One Line of Credit are subject to the satisfaction of certain customary conditions, including the absence of any default or event of default and the accuracy of representations and warranties. The Capital One Line of Credit is secured by substantially all of GPMP and its subsidiaries' properties and assets, and pledges of the equity interests in all present and future subsidiaries (subject to certain exceptions as permitted under the Capital One Line of Credit).

*Letters of Credit* 

---

| | | |
|:---|:---|:---|
| **Financing Facility** | **Amount<br>available for<br>letters<br>of credit** | **Letters of<br>credit issued<br>as of<br>December 31,<br>2024** |
|  PNC Line of Credit | $40.0 million | $8.2 million<br>Attributable to the<br>Business:<br>$0 |
|  Capital One Credit Facility | $40.0 million | $0.5 million |

---

The letters of credit were issued in connection with certain workers' compensation and general insurance liabilities and fuel purchases from one supplier. The letters of credit will be drawn upon only if the Parent does not comply with the time schedules for the payment of associated liabilities.

**F-40** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

*Future Scheduled Payments* 

Total scheduled future principal payments required and amortization of deferred financing costs attributable to the Business under all of the foregoing debt agreements were as follows as of December 31, 2024:

---

| | |
|:---|:---|
| | **Amount** |
|  | **(in thousands)** |
| 2025 | $1293 |
| 2026 | 4067 |
| 2027 | 889 |
| 2028 | 380816 |
|  | 387065 |
|  Deferred financing costs | (4877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | $382188 |

---

*Deferred Financing Costs* 

Deferred financing costs of $0.03 million and $5.8 million were incurred for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the gross value of deferred financing costs of $7.4 million and $7.3 million, respectively, and accumulated amortization of $2.5 million and $1.0 million, respectively, were recorded as a direct reduction from the carrying amount of the associated debt liabilities. Amortization of deferred financing costs was $1.5 million, $1.4 million and $1.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Such amounts were classified as a component of interest and other financial expenses in the combined statements of operations.

*Financial Covenants* 

The M&T Credit Agreement requires the Parent to maintain a leverage ratio and a debt service coverage ratio.

The Capital One Line of Credit requires GPMP to maintain certain financial covenants, including a leverage ratio and an interest coverage expense ratio. 

The PNC Credit Agreement (i) provides for certain enhanced financial reporting requirements in the event that the usage of the PNC Line of Credit exceeds certain thresholds, and (ii) requires that the undrawn availability of the PNC Line of Credit be equal to or greater than 10%, subject to certain exceptions.

As of December 31, 2024, the Company and the Parent were in compliance with all of the obligations and financial covenants under the terms and provisions of its loans with financial institutions.

**12. Commitments and Contingencies** 

*Senior Notes* 

On October 21, 2021, the Parent completed a private offering of $450.0 million aggregate principal amount of 5.125% Senior Notes due 2029 (the "Senior Notes"), which are guaranteed, jointly and

**F-41** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

severally on an unsecured basis, by certain of the Parent's wholly owned domestic subsidiaries, including the Company and certain of its subsidiaries (the "Guarantors"); however, neither GPMP nor any of its subsidiaries is a Guarantor.

The indenture governing the Senior Notes (the "Indenture") provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the Indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Indenture, the trustee thereunder (the "Trustee") or the holders of at least 25% in aggregate principal amount of the Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all the Senior Notes immediately due and payable. The Guarantors have unconditionally and irrevocably guaranteed, jointly and severally, on a senior unsecured basis, (a) the full and punctual payment of principal of and interest on the Senior Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Parent under the Indenture and the Senior Notes and (b) the full and punctual performance within applicable grace periods of all other obligations of the Parent under the Indenture and the Senior Notes (collectively, the "Guaranteed Obligations").

Upon the failure of the Parent to pay the principal of, or interest on, any of its obligations under the Senior Notes when and as the same become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor, upon receipt of written demand by the Trustee, must pay, or cause to be paid, in cash, to the holders of the Senior Notes or the Trustee an amount equal to the sum of (A) the unpaid amount of such Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of the Parent to the holders of the Senior Notes and the Trustee. Pursuant to the Indenture, each Guarantor is entitled to contribution from all other Guarantors based on the respective net assets of all the Guarantors at the time of such payment.

The Company believes that the likelihood of the Guarantors, including the Company, being required to make payments under their respective guarantees is remote based on the Parent's current financial condition and anticipated financial performance. However, if the Parent's financial condition deteriorates, then the possibility of the Guarantors being called upon to fulfill their obligations under the Indenture would increase.

The Indenture contains customary restrictive covenants that, among other things, generally limit the ability of the Parent and substantially all of its subsidiaries, including the Guarantors, to (i) create liens, (ii) pay dividends, acquire shares of capital stock and make payments on subordinated debt, (iii) place limitations on distributions from certain subsidiaries, (iv) issue or sell the capital stock of certain subsidiaries, (v) sell assets, (vi) enter into transactions with affiliates, (vii) effect mergers and (viii) incur indebtedness.

The Senior Notes and the guarantees rank equally in right of payment with all of the Parent's and the Guarantors' respective existing and future senior unsecured indebtedness and are effectively subordinated to all of the Parent's and the Guarantors' existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and are structurally subordinated to any existing and future obligations of subsidiaries of the Parent and the Company that are not Guarantors.

**F-42** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

*Environmental Liabilities and Contingencies* 

The Company is responsible for certain environmental costs and legal expenses arising in the ordinary course of business. See Note 14 for further discussion.

*Asset Retirement Obligation* 

As part of the fuel operations at its proprietary cardlock locations, at most of the owned and leased locations leased to dealers, at certain other dealer locations and third-party cardlock locations where the Company owns storage tanks or otherwise agreed to be contractually liable for tank maintenance, there are aboveground and underground storage tanks ("UST") for which the Company is responsible. The future cost to remove a storage tank is recognized over the estimated remaining useful life of the storage tank, or if sooner, the termination of the applicable lease. A liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset is recorded at the time a storage tank is installed. The amount added to equipment or right-of-use asset is amortized and accretion expense is recognized in connection with the discounted liability over the remaining life of the respective storage tanks. The accretion of the asset retirement obligation is recorded in interest and other financial expenses in the combined statements of operations.

The estimated liability is based upon historical experience in removing storage tanks, estimated tank useful lives, external estimates as to the cost to remove the tanks in the future and current and anticipated federal and state regulatory requirements governing the removal of tanks, and discounted. The asset retirement obligations are re-evaluated annually and revisions to the liability could occur due to changes in estimates of tank removal costs or timing, tank useful lives or whether federal or state regulators enact new guidance on the removal of such tanks.

A reconciliation and roll forward of the liability for the removal of its storage tanks was as follows:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  **Beginning Balance as of January 1,** | $31278 | $20480 |
|  Acquisitions |  | 9115 |
|  Contribution to Parent for Parent-controlled sites converted to fuel supply or consignment locations | 5011 | 920 |
|  Accretion expense | 901 | 806 |
|  Adjustments | 322 | (20) |
|  Retirement of tanks | (745) | (23) |
|  **Ending Balance as of December 31, (\*)** | $36767 | $31278 |

---

---

| | |
|:---|:---|
| (\*) | $0 and $20 thousand were recorded to other current liabilities in the combined balance sheets as of December 31, 2024 and 2023, respectively. |

---

*Fuel Vendor Agreements* 

The Company enters into fuel supply contracts with various major fuel suppliers. These fuel supply contracts have expiration dates at various times through June 2032. In connection with certain of these fuel supply and related incentive agreements, the Company received certain upfront payments and other vendor assistance payments for rebranding costs and other incentives. If the Company defaults under the

**F-43** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

terms of any contract, including not purchasing committed fuel purchase volume, or terminates any supply agreement prior to the end of the applicable term, the Company must refund and reimburse the respective fuel supplier for the unearned unamortized portion of the payments received to date, based on the amortization schedule outlined in each respective agreement and refund other benefits from each supplier subject to the terms that were set in the incentive agreement, as well as pay a penalty with regard to the early termination if applicable. The payments are amortized and recognized as a reduction to fuel costs using the straight-line method based on the term of each agreement or based on fuel volume purchased. The amount of the unamortized deferred vendor income liability was $36.2 million and $32.8 million as of December 31, 2024 and 2023, respectively, which were recorded in other current and non-current liabilities on the combined balance sheets. The legal liability period in these fuel supply agreements can extend beyond the amortization period, and differ in the amortization schedule, used for book purposes. The Parent has agreed to indemnify the Company for certain defaults and violations by the Parent.

*Purchase Commitments* 

In the ordinary course of business, the Company has entered into agreements with fuel suppliers to purchase inventories for varying periods of time. The fuel vendor agreements with suppliers require minimum volume purchase commitments of gasoline, which vary throughout the period of supply agreements and distillates annually. The future minimum volume purchase requirements under the existing supply agreements are based on gallons, with a purchase price at prevailing market rates for wholesale distributions. If the Company fails to purchase the required minimum volume during a contract year, the underlying supplier's exclusive remedies (depending on the magnitude of the failure) are either termination of the supply agreement and/or an agreed monetary compensation. Based upon the Company's current and future expected purchases, it does not anticipate incurring penalties for volume shortfalls other than isolated de minimis exceptions.

The total future minimum gallon volume purchase requirements from fuel vendors were as follows:

---

| | |
|:---|:---|
| | **Gallons** |
|  | **(in thousands)** |
| 2025 | 1346467 |
| 2026 | 945445 |
| 2027 | 613713 |
| 2028 | 238496 |
| 2029 | 130408 |
|  Thereafter | 326020 |
|  Total | 3600549 |

---

*Legal Matters* 

The Parent and the Company are a party to various legal actions, as both plaintiff and defendant, in the ordinary course of business. The Company's management believes, based on estimations with support from legal counsel for these matters, that these legal actions are routine in nature and incidental to the operation of the Business and that it is not reasonably probable that the ultimate resolution of these matters will have a material adverse impact on the Business, financial condition, results of operations and cash flows.

**F-44** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

**13. Leases** 

*Lessee* 

As of December 31, 2024, the Parent and the Company collectively leased 328 dealer locations, 154 cardlock locations and certain office and storage spaces, including land and buildings in certain cases. Most of the lease agreements are for long-term periods, ranging from 15 to 20 years, and generally include several renewal options for extension periods for five to 25 years. Additionally, the Parent and the Company leases certain store equipment, office equipment, automatic tank gauges and fuel dispensers.

As of December 31, 2024, 181 of these dealer and cardlock locations were leased directly by the Company. In addition, as of December 31, 2024, the Company or its subsidiaries leased jointly and severally with the Parent from third party lessors 233 sites, of which 99 sites were attributable to the Business. As of December 31, 2024, the total lease liabilities related to such joint and several agreements amounted to $342.0 million, of which $112.0 million related to the Business and was recorded on the combined balance sheet.

As of December 31, 2024, there were approximately 780 sites which are leased by the Parent and the Company collectively (including jointly and severally with the Company) under 34 separate master lease agreements, of which 240 sites are attributable to the Business. Master leases with four lessors encompass a total of approximately 685 sites, of which 208 sites are attributable to the Business. Master leases with the same landlord contain cross-default provisions, in most cases. In most instances of leases of multiple stores from one landlord, each one under a separate lease agreement, the lease agreements contain cross-default provisions between all or some of the other lease agreements with the same landlord.

The lease agreements include lease payments that are set at the beginning of the lease, but which may increase by a specified increment or pursuant to a formula both during the course of the initial period and any additional option periods. Some of the lease agreements include escalation clauses based on the consumer price index, with the majority of these lease agreements including an increase in the consumer price index coupled with a multiplier and a percentage increase cap which effectively assures the cap will be reached each year. Lease payments determined as in-substance fixed payments are included in the lease payments used for the measurement of the lease liabilities. Some of the lease agreements include lease payments which are contingent upon fuel and merchandise sales (these amounts were not material during the above periods). In some of the lease agreements, the right of first refusal to purchase the sites from the lessor is given and in some of the lease agreements an option to purchase the sites from the lessor is given.

The leases are typically triple net leases whereby the lessee is responsible for the repair and maintenance at the site, insurance and property taxes in addition to environmental compliance.

**F-45** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

The components of lease cost recorded on the combined statements of operations were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Finance lease cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right-of-use assets | $628 | $376 | $322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on lease liabilities | 1052 | 704 | 562 |
|  Operating lease costs included in site operating expenses | 36791 | 32254 | 21726 |
|  Operating lease costs included in general and administrative expenses | 947 | 1045 | 589 |
|  Lease cost related to variable lease payments, short-term leases and leases of low value assets | 600 | 609 | 418 |
|  Right-of-use asset impairment charges and (gain) loss on disposals of leases, net | (1068) | 885 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total lease costs** | $38950 | $35873 | $23574 |

---

For the years ended December 31, 2024, 2023 and 2022, total cash outflows for leases were approximately $36.3 million, $32.6 million and $23.2 million for operating leases, respectively, and $1.2 million, $0.8 million and $0.7 million for financing leases, respectively.

Supplemental balance sheet data related to leases recorded on the combined balance sheets was as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  **Operating leases** |  |  |
|  **Assets** |  |  |
|  Right-of-use assets under operating leases | $318140 | $238558 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases, current portion | 18532 | 14592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | 324592 | 241442 |
|  Total operating leases | 343124 | 256034 |
|  Weighted average remaining lease term (in years) | 13.6 | 13.6 |
|  Weighted average discount rate | 7.7% | 7.6% |
|  **Financing leases** |  |  |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | $27035 | $11083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated amortization | (7779) | (2218) |
|  Right-of-use assets under financing leases, net | 19256 | 8865 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing leases, current portion | 3566 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing leases | 25915 | 11533 |
|  Total financing leases | 29481 | 11626 |
|  Weighted average remaining lease term (in years) | 18.2 | 26.3 |
|  Weighted average discount rate | 7.7% | 7.6% |

---

**F-46** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

As of December 31, 2024 future minimum payments related to operating lease obligations and financing lease obligations recorded on the combined balance sheets were as set forth in the following table. The minimum lease payments presented below include periods for which an option is reasonably certain to be exercised and do not take into consideration any future consumer price index adjustments for these agreements.

---

| | | |
|:---|:---|:---|
| | **Operating** | **Financing** |
|  | **(in thousands)** | **(in thousands)** |
| 2025 | $44070 | $5617 |
| 2026 | 43961 | 2849 |
| 2027 | 43128 | 2884 |
| 2028 | 41927 | 2956 |
| 2029 | 41394 | 3010 |
|  Thereafter | 365402 | 44336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross lease payments | $579882 | $61652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: imputed interest | (236758) | (32171) |
|  Total lease liabilities | $343124 | $29481 |

---

*Lessor* 

The Parent or the Company leases and subleases owned and leased properties to dealers and other tenants and subtenants which are accounted for as operating or sales-type leases. The majority of leases and subleases are for periods of up to 10 years, which may be a fixed period or a shorter period with an option or series of renewal options, and in certain cases with additional renewal options past such 10-year period. Some of the lease agreements include lease payments which are based upon the tenant's or subtenant's sales subject to fixed minimum lease payments. At the time that an agreement is entered into, the dealers and other tenants and subtenants often post a security deposit as collateral. Total operating lease income was approximately $25.1 million, $21.5 million and $17.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Lease income is included in other revenues, net in the combined statements of operations.

As of December 31, 2024, future minimum payments to be received under these operating leases were as follows:

---

| | |
|:---|:---|
| | **Amount** |
|  | **(in thousands)** |
| 2025 | $34247 |
| 2026 | 30197 |
| 2027 | 27144 |
| 2028 | 21496 |
| 2029 | 19462 |
|  Thereafter | 76233 |
|  | $208779 |

---

**F-47** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

**14. Environmental Liabilities** 

The Business is subject to certain federal and state environmental laws and regulations associated with sites at which it stores and sells fuel and other fuel products, as well as locations owned, leased, or where there is a contractual obligation that results in the Parent or the Company being the tank operator or owner but are operated by third-party dealers.

Costs incurred to comply with federal and state environmental regulations are accounted for as follows:

• Annual payments for registration of storage tanks are recorded as prepaid expenses when paid and expensed
throughout the year.

• Environmental compliance testing costs of storage tanks are expensed as incurred.

• Payments for upgrading and installing corrosion protection for tank systems and installation of leak detectors
and overfill/spill devices are capitalized and depreciated over the expected remaining useful life of the relevant equipment, UST or the lease period of the relevant site in which the UST is installed, whichever is shorter.

• Costs for removal of storage tanks located at selected dealer locations and certain cardlock locations are
classified under the asset retirement obligation section as described in Note 12.

• A liability for future remediation costs of contaminated sites related to storage tanks as well as other
exposures, is established when such losses are probable and reasonably estimable. Reimbursement for these expenses from government funds or from insurance companies is recognized as a receivable. The liabilities and receivables are not discounted to
their present value. The net change in the reimbursement asset and liability for future remediation costs is recorded in site operating expenses in the combined statements of operations. The adequacy of the reimbursement asset and liability is
evaluated by a third-party at least twice annually and adjustments are made based on past experience, changing environmental conditions and changes in government policy.

As of December 31, 2024 and 2023, environmental obligations totaled $2.8 million and $2.7 million, respectively. These amounts were recorded as other current and non-current liabilities in the combined balance sheets. Environmental reserves have been established on an undiscounted basis based upon internal and external estimates in regard to each site. It is reasonably possible that these amounts will be adjusted in the future due to changes in estimates of environmental remediation costs, the timing of the payments or changes in federal and/or state environmental regulations.

The Parent maintains certain environmental insurance policies and participates in various state underground storage tank funds that entitle the Company to be reimbursed for remediation costs. Estimated amounts that will be recovered from the insurance policies and various state funds for the exposures totaled $1.4 million and $1.3 million as of December 31, 2024 and 2023, respectively, and were recorded as other current and non-current assets in the combined balance sheets.

**F-48** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

The undiscounted amounts of future estimated payments and anticipated recoveries from insurance policies and various state funds as of December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Payments** | **Recoveries** | **Net<br>Obligations** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| 2025 | $566 | $239 | $327 |
| 2026 | 806 | 576 | 230 |
| 2027 | 496 | 335 | 161 |
| 2028 | 163 | 73 | 90 |
| 2029 | 163 | 73 | 90 |
|  Thereafter | 564 | 115 | 449 |
|  Total Future Payments and Recoveries | $2758 | $1411 | $1347 |

---

**15. Income Taxes** 

The Company files federal, state and local income tax returns in jurisdictions with varying statutes of limitation. The Company is classified as a Corporation and files on a consolidated, unitary or combined basis with the Parent for U.S. federal and most state jurisdictions for income tax purposes.

Effective January 26, 2024, the Company became 100% owner of GPMP, which then became classified as a disregarded entity for U.S. federal tax purposes. As a result, the change in tax status from nontaxable to taxable, caused the recognition and derecognition of certain deferred taxes which has been reflected in the continuing operations as of the date of which the change in tax status occurred. The Company recorded a one-time non-cash tax expense in the amount of approximately $1.5 million for the year ended December 31, 2024 to reflect the temporary differences between the financial statement and tax basis of GPMP at the time of the change in status.

The benefits of tax positions are not recorded unless it is more likely than not the tax position will be sustained upon challenge by the appropriate tax authorities. As of both December 31, 2024 and 2023, the Company has not recorded a reserve for unrecognized tax benefits.

The Company is subject to examination in certain filing jurisdictions and tax years ending after December 31, 2020, remain open.

Earnings before income taxes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Domestic (U.S.) | $55325 | $54469 | $78359 |
|  Foreign |  |  |  |
|  Total | $55325 | $54469 | $78359 |

---

**F-49** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

The components of the income tax provision were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Current: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic federal | $13475 | $12028 | $13250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic state and local | 2993 | 2748 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current | 16468 | 14776 | 16217 |
|  Deferred: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic federal | (1250) | (1124) | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic state and local | (110) | (762) | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred | (1360) | (1886) | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income tax expense | $15108 | $12890 | $19212 |

---

The reconciliation of significant differences between income tax expense applying the U.S. statutory rate and the actual income tax expense at the effective rate were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Income tax expense at the statutory rate | $11618 | 21.0% | $11439 | 21.0% | $16456 | 21.0% |
|  Increases (decreases): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in entity status (\*) | 1500 | 2.7% |  | 0.0% |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest in partnership |  | 0.0% | (49) | (0.1)% | (58) | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State income taxes, net of federal income tax benefit | 2029 | 3.6% | 1458 | 2.7% | 2788 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-deductible expenses | 38 | 0.1% | 42 | 0.1% | 26 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other rate differentials | (77) | (0.1)% |  | 0.0% |  | 0.0% |
|  Total | $15108 | 27.3% | $12890 | 23.7% | $19212 | 24.5% |

---

(\*) refer to details above.

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

Significant components of deferred income tax assets and liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
| | **2024** | **2023** |
|  | **(in thousands)** | **(in thousands)** |
|  Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligation | $9192 | $7820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligations | 93036 | 66913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial liabilities | 10346 | 8957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 1090 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income | 5499 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel supply agreements | 82728 | 79151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental liabilities | 337 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in partnership |  | 17698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 377 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest limitation carryforward | 1829 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1058 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax assets | 205492 | 186942 |
|  Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment | (38809) | (36427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | (11216) | (18618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | (84193) | (61863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (1904) | (1328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (200) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities | (136322) | (118293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax asset | $69170 | $68649 |

---

**16. Share-Based Compensation** 

The compensation committee of the Parent's board of directors (the "Parent Board") has approved the grant of non-qualified restricted stock units ("RSUs"), and shares of Parent's common stock to certain Company employees under the ARKO Corp. 2020 Incentive Compensation Plan (as amended, the "Plan"). Vesting periods are assigned to RSUs on a grant-by-grant basis at the discretion of the Parent Board. The Parent issues new shares of Parent's common stock upon vesting of RSUs.

**F-51** 

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

*Restricted Stock Units and Performance-based Restricted Stock Units* 

The following table summarizes share activity related to RSUs and performance-based RSUs ("PSUs") with respect to the Company's employees:

---

| | | |
|:---|:---|:---|
| | **RSUs and<br>PSUs** | **Weighted<br>Average<br>Grant Date<br>Fair Value<br>per Share** |
|  | **(in thousands)** | |
|  **Nonvested RSUs and PSUs, January 1, 2022** |  | $— |
|  Granted | 117 | 8.49 |
|  **Nonvested RSUs and PSUs, December 31, 2022** | 117 | $8.49 |
|  Granted | 138 | 8.49 |
|  Released | (10) | 8.49 |
|  Performance-based share adjustment | (21) | 8.61 |
|  **Nonvested RSUs and PSUs, December 31, 2023** | 224 | $8.48 |
|  Granted | 285 | 6.53 |
|  Released | (21) | 8.49 |
|  Performance-based share adjustment | (84) | 7.53 |
|  **Nonvested RSUs and PSUs, December 31, 2024** | 404 | $7.30 |

---

The fair value of RSUs and PSUs released during both of the years ended December 31, 2024 and 2023 was $0.1 million. No RSUs or PSUs were released in 2022.

In the years ended December 31, 2024, 2023 and 2022, the Parent granted approximately 170 thousand, 104 thousand and 88 thousand PSUs, respectively, to Company employees which, subject to achieving certain performance criteria, could result in the issuance of shares of Parent's common stock up to 150% of the number of PSUs granted, net of PSUs forfeited. The PSUs were awarded to certain members of senior management of the Company and cliff vest at the end of a three-year period, subject to the achievement of specific performance criteria measured over such period. The number of PSUs that will ultimately vest is contingent upon the recipient continuing to be in the continuous service through the last day of the performance period and a certification by the compensation committee of the Parent Board that the applicable performance criteria have been met.

The Parent assesses the probability of achieving the performance criteria on a quarterly basis, and the compensation committee of the Parent Board determines whether the performance criteria were satisfied, and certifies the award's vesting percentage, if any, during the fiscal quarter following the end of the applicable performance period. In the first quarter of 2024, the compensation committee of the Parent Board determined that the performance criteria for the performance period ended December 31, 2023 had been met and certified that the percentage of PSUs that vested with respect to the target amount for the 2021 PSU grants was 100%. During the years ended December 31, 2024 and 2023, the number of PSUs was adjusted for the probability of achieving the performance criteria, resulting in the recording of a reduction of expense of approximately $0.3 million and $0.1 million in 2024 and 2023, respectively, based on the grant date fair value. No adjustment was made in 2022.

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

As of December 31, 2024, total unrecognized compensation cost related to RSUs and PSUs was approximately $1.5 million, which is expected to be recognized over a weighted average period of approximately 1.8 years.

*Share-Based Compensation Cost* 

Total share-based compensation cost recorded for the Company's employees for the years ended December 31, 2024, 2023 and 2022 was $0.9 million, $0.6 million and $0.3 million, respectively, and included in general and administrative expenses on the combined statements of operations.

**17. Related Party Transactions** 

*Fuel Distribution Agreements* 

i. Fuel distribution agreements – the Company is a party to the majority of the agreements with fuel suppliers relating to the supply of fuel to the Parent and its subsidiaries, and the Parent guarantees the
obligations under certain of such agreements.

ii. Distribution agreement with the Parent – the Parent is party to an exclusive supply agreement with the Company related to substantially all of the Parent's sites, pursuant to which the Parent purchases fuel
from the Company at the Company's cost of fuel including taxes and transportation, plus a fixed margin. Such supply arrangements are in effect until May, 15, 2028 or with respect to sites acquired in June 2018 or later, for 10 years from the
date of the applicable acquisition.

iii. The Company charges a fixed fee per gallon sold to a limited number of the Parent's retail convenience stores that are not supplied by the Company.

*Omnibus Agreement* 

The Company is party to an omnibus agreement with GPM dated January 12, 2016, as amended on April 18, 2023, pursuant to which, among other things the Company received: (i) an initial 10-year right of first offer, extended until May 15, 2028, to purchase the right to distribute fuel to GPM for newly acquired convenience stores at a negotiated rate; and (ii) an initial 10-year right, extended until May 15, 2028, to participate in transactions with GPM to acquire any distribution contracts and to negotiate the fuel supply terms for distributing fuel to GPM for any convenience stores, independent or lessee dealers, or consignment locations included in a potential acquisition under consideration by GPM, to the extent the Company is able to reach an agreement on terms. In addition, the omnibus agreement provides that the Company is obligated to distribute any volumes for stores that GPM acquires in the future, either at a negotiated rate pursuant to the right of first offer to purchase fuel distribution rights or the alternate fuel sales rate, as described in the omnibus agreement.

*Leases and Sublease arrangements* 

The Company and the Parent are jointly and severally liable for the obligations under lease agreements under which the Company is also a tenant as described in Note 13.

*Parent's Net Investment* 

The Parent uses a centralized approach to cash management and financing of its operations. Financial transactions relating to the Business are accounted for through the Parent's net investment account,

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

except for the Capital One Line of Credit and certain M&T Bank financing. The Parent's net investment represents the Parent's interest in the recorded net assets of the Business. All significant transactions between the Business and the Parent have been included in the combined financial statements.

*Transactions with the Parent* 

Transactions between the Business and the Parent have been included in these combined financial statements and forgiven at the time the transaction was recorded. The total net effect of the settlement of these transactions with the Parent is reflected in the combined statements of cash flows as a financing activity and in the combined balance sheets as the Parent's net investment. The components of the net transfers to the Parent were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Investments attributable to acquisitions during the year, net | $— | $(20287) | $19607 |
|  Investment attributable to TEG First Installment Payment (see Note 3) | 21741 |  |  |
|  Net investments attributable to Parent-controlled sites converted to fuel supply or consignment locations during the year | 5088 | 1145 | 2470 |
|  Stock-based compensation granted by Parent | 876 | 608 | 288 |
|  Net transfers to Parent | (108815) | (43467) | (65101) |
|  | $(81110) | $(62001) | $(42736) |

---

*Allocation of Parent Depreciation Expenses* 

The depreciation expenses included in the combined statements of operations include an allocation of depreciation for certain locations' property and equipment owned by Parent. These expenses have been allocated to the Business on the basis of usage based on specific site allocation.

*Allocation of General and Administrative Expenses* 

The general and administrative expenses included in the combined statements of operations include an allocation for certain Parent expenses and shared service functions provided by the Parent. These expenses have been allocated to the Business on the basis of estimated usage based on allocation methodologies which include, but are not limited to, total revenues and number of employees. Costs related to being a publicly traded company were not included in the cost allocation.

The Company's management believes the assumptions regarding the allocation of general and administrative expense from the Parent are reasonable. Nevertheless, the combined financial statements may not include the actual expenses that would have been incurred had the Business operated as a standalone company during the years ended December 31, 2024, 2023 and 2022. Actual costs that would have been incurred if the Business had operated as a standalone company would depend on multiple factors, including, but not limited to, organizational structure and strategic decisions made in various areas, including information technology and infrastructure. The Business may incur different costs associated with being a standalone public company and, therefore, would result in costs that vary from the allocation in the combined financial statements.

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

**18. Financial Derivative Instruments** 

The Company makes limited use of derivative instruments (futures contracts) to manage certain risks related to diesel fuel prices. The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features. The Company currently uses derivative instruments that are traded primarily over national exchanges such as the New York Mercantile Exchange ("NYMEX"). For accounting purposes, the Company has designated its derivative contracts as fair value hedges of firm commitments.

As of December 31, 2024 and 2023, the Company had fuel futures contracts to hedge approximately 2.9 million gallons and 1.2 million gallons, respectively, of diesel fuel for which the Company had a firm commitment to purchase. As of December 31, 2024 and 2023, the Company had an asset derivative with a fair value of approximately $0.3 million and $0.1 million respectively, recorded in other current assets and a firm commitment with a fair value of approximately $0.3 million and $0.1 million, respectively, recorded in other current liabilities on the combined balance sheet.

As of December 31, 2024 and 2023, there was $0.3 million and approximately $0, respectively, of cash collateral provided to counterparties that was classified as restricted cash on the combined balance sheets. All cash flows associated with purchasing and selling fuel derivative instruments are classified as other operating activities, net in the combined statements of cash flows.

**19. Fair Value Measurements and Financial Instruments** 

The Company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e. observable inputs) and the lowest priority to data lacking transparency (i.e. unobservable inputs). An instrument's categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.

**Level 1:** Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.

**Level 2:** Inputs to the valuation methodology include quoted market prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

**Level 3:** Inputs to the valuation methodology are unobservable and significant to the fair value adjustment.

The fair value of cash and cash equivalents, trade receivables, accounts payable and other current liabilities approximated their carrying values as of December 31, 2024 and 2023 primarily due to the short-term maturity of these instruments. The fair value of the other long-term debt approximated their respective carrying values as of December 31, 2024 and 2023 due to the frequency with which interest rates are reset based on changes in prevailing interest rates. The fair value of fuel futures contracts was determined using NYMEX quoted values.

The Contingent Consideration from the Empire acquisition in 2020 is measured at fair value at the end of each reporting period and amounted to $3.7 million and $3.4 million as of December 31, 2024 and

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

2023, respectively. The fair value methodology for the Contingent Consideration liability is categorized as Level 3 because inputs to the valuation methodology are unobservable and significant to the fair value adjustment. Approximately $(0.4) million, $(0.3) million and $0.3 million were recorded as a component of interest and other financial (expenses) income in the statements of operations for the change in the fair value of the contingent consideration for the years ended December 31, 2024, 2023 and 2022, respectively, and approximately $20.0 thousand, $0.6 million and $2.2 million of income were recorded as a component of other expenses, net in the statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively.

**20. Segment Reporting** 

The reportable segments were determined based on information reviewed by the Company's chief operating decision maker ("CODM") for operational decision-making purposes, and the segment information is prepared on the same basis that the CODM reviews such financial information. The Company's reportable segments are wholesale, fleet fueling and GPMP. Arie Kotler, the Company's President, Chief Executive Officer and Chairman of the Parent Board is the CODM. The CODM utilizes operating income from each segment to assess its operating performance and to make decisions about allocating resources to each segment. In reviewing segment operating income each month, the CODM compares actual results to budgets and prior-year performance. Based on this analysis, the CODM allocates incremental capital spending and prioritizes strategic and business development initiatives across the segments. The CODM also uses this measure to make decisions on budgets, acquisitions, growth capital expenditures, and management's compensation.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that rent expenses for each segment are recognized and measured on the basis of cash payments.

The wholesale segment supplies fuel to dealers, sub-wholesalers and bulk and spot purchasers, on either a cost plus or consignment basis. For consignment arrangements, the Company retains ownership of the fuel inventory at the site, is responsible for the pricing of the fuel to the end consumer, and shares the gross profit generated from the sale of fuel with the consignment dealers. For cost-plus arrangements, the Company sells fuel to dealers and bulk and spot purchasers on a fixed-fee basis. The sales price is determined according to the terms of the relevant agreement, which typically reflects the Company's total fuel costs plus the cost of transportation and a margin, with the Company generally retaining any prompt pay discounts and rebates.

The fleet fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations), and commissions from the sales of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites.

The GPMP segment includes the sale and supply of fuel to substantially all of the Parent's retail gas stations, at the Company's cost of fuel (including taxes and transportation) plus a fixed margin (currently 5.0 cents per gallon), and a fixed fee (currently 5.0 cents per gallon) charged to certain of the Parent's retail sites which are not supplied by the Company. The Parent's retail sites are classified as related party sites. In addition, the GPMP segment includes the sale of fuel to substantially all of the Company's wholesale locations at the Company's cost of fuel (including taxes and transportation) plus a fixed margin (currently 5.0 cents per gallon) and charges a fixed fee (currently 5.0 cents per gallon) primarily to fleet fueling locations which are not supplied by GPMP. All inter-segment transactions are eliminated in the combined financials statements. Through the second quarter of 2025, GPMP also supplied fuel to a limited number of dealers.

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

The "All Other" segment includes the results of non-reportable segments that do not meet both quantitative and qualitative criteria as defined under ASC 280, Segment Reporting.

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses were included within the amounts shown, however, the fuel costs in the Wholesale and Fleet Fueling segments exclude the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.

The majority of general and administrative expenses, depreciation and amortization, net other expenses, income taxes and minor other income items are not allocated to the segments. Other segment expenses include utilities, telephone, upkeep and taxes, insurance, supplies, and certain other expenses. Other segment expenses in the GPMP segment also include general and administrative expenses, depreciation and amortization, and other income, net.

With the exception of goodwill as described in Note 8 above, assets and liabilities relevant to the reportable segments are generally not assigned to any particular segment, but rather, managed and reviewed by the CODM at the combined level. All reportable segment revenues were generated from sites within the U.S. and substantially all of the Company's assets were within the U.S. No external customer represented more than 10% of revenues.

Inter-segment transactions primarily included the sale of fuel to substantially all of the Company's wholesale locations at the Company's cost of fuel plus a fixed margin and a fixed fee charged by GPMP primarily to sites that sell fuel in the fleet fueling segment which are not supplied by GPMP. The effect of these inter-segment transactions was eliminated in the combined financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Wholesale** | **Fleet Fueling** | **GPMP** | **All Other** | **Total** |
|  | | **(in thousands)** | | | |
|  **Revenues** |  |  |  |  |  |
|  Fuel revenue | $2802251 | $515462 | $3624 | $30029 | $3351366 |
|  Fuel revenue—related party |  |  | 2964304 |  | 2964304 |
|  Other revenues, net | 28918 | 9135 | 838 | 1321 | 40212 |
|  Other revenues, net—related party |  |  | 2781 | 9076 | 11857 |
|  **Total revenues from external customers** | $2831169 | $524597 | $2971547 | $40426 | $6367739 |
|  **Inter-segment revenues** | $— | $— | $2651539 | $11320 | $2662859 |
|  Fuel costs | $2711901 | $451173 | $3507 |  |  |
|  Fuel costs—related party |  |  | 2913130 |  |  |
|  Fuel costs—inter-segment |  |  | 2596455 |  |  |
|  Credit card fees | 7651 | 4249 |  |  |  |
|  Rent, included allocated expenses | 24419 | 11204 |  |  |  |
|  Repairs and maintenance | 3156 | 4201 |  |  |  |
|  Other segment expenses | 3963 | 5263 | 10956 | 52126 |  |
|  **Operating income (loss) from segments** | $80079 | $48507 | $99038 | $(380) | $227244 |
|  Interest and other financial expenses, net |  |  | $(31698) |  | $(31698) |

---

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2023** | **Wholesale** | **Fleet Fueling** | **GPMP** | **All Other** | **Total** |
|  | | **(in thousands)** | | | |
|  **Revenues** |  |  |  |  |  |
|  Fuel revenue | $3041760 | $530937 | $3681 | $31073 | $3607451 |
|  Fuel revenue—related party |  |  | 3313404 |  | 3313404 |
|  Other revenues, net | 25628 | 7818 | 939 | 1420 | 35805 |
|  Other revenues, net—related party |  |  | 2897 | 8464 | 11361 |
|  **Total revenues from external customers** | 3067388 | 538755 | 3320921 | 40957 | 6968021 |
|  **Inter-segment revenues** | $— | $— | $2892013 | $11179 | $2903192 |
|  Fuel costs | $2948852 | $475037 | $3675 |  |  |
|  Fuel costs—related party |  |  | 3260225 |  |  |
|  Fuel costs—inter-segment |  |  | 2836659 |  |  |
|  Credit card fees | 9398 | 3997 |  |  |  |
|  Rent, included allocated expenses | 21482 | 10172 |  |  |  |
|  Repairs and maintenance | 3309 | 3690 |  |  |  |
|  Other segment expenses | 4725 | 4439 | 9929 | 50189 |  |
|  **Operating income from segments** | $79622 | $41420 | $102446 | $1947 | $225435 |
|  Interest and other financial expenses, net |  |  | $(29487) |  | $(29487) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2022** | **Wholesale** | **Fleet Fueling** | **GPMP** | **All Other** | **Total** |
|  | | | **(in thousands)** | | |
|  **Revenues** |  |  |  |  |  |
|  Fuel revenue | $3236177 | $270670 | $5160 | $3566 | $3515573 |
|  Fuel revenue—related party |  |  | 3542798 |  | 3542798 |
|  Other revenues, net | 23350 | 2178 | 1024 | 134 | 26686 |
|  Other revenues, net—related party |  |  | 206 | 284 | 490 |
|  **Total revenues from external customers** | 3259527 | 272848 | 3549188 | 3984 | 7085547 |
|  **Inter-segment revenues** | $— | $— | $3100404 | $3376 | $3103780 |
|  Fuel costs | $3138019 | $242849 | $5077 |  |  |
|  Fuel costs—related party |  |  | 3492677 |  |  |
|  Fuel costs—inter-segment |  |  | 3052537 |  |  |
|  Credit card fees | 9701 | 1915 |  |  |  |
|  Rent, included allocated expenses | 18576 | 4103 |  |  |  |
|  Repairs and maintenance | 2511 | 913 |  |  |  |
|  Other segment expenses | 5452 | 1802 | 10266 | 7072 |  |
|  **Operating income from segments** | $85268 | $21266 | $89035 | $288 | $195857 |
|  Interest and other financial expenses, net |  |  | $(11654) |  | $(11654) |

---

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**ARKO Petroleum Corp.** 

**NOTES TO COMBINED FINANCIAL STATEMENTS — (Continued)** 

A reconciliation of operating income from reportable segments to income before income taxes on the combined statements of operations was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Operating income from reportable segments | $227624 | $223488 | $195569 |
|  All other operating (loss) income | (380) | 1947 | 288 |
|  Intercompany charges by GPMP (1) | (55253) | (55649) | (48080) |
|  Interest and other financial expenses, net | (31698) | (29487) | (11654) |
|  **Amounts not allocated to segments:** |  |  |  |
|  Site operating expenses, including allocated expenses | (2033) | (1319) | 456 |
|  General and administrative expenses, including allocated expenses | (39117) | (38672) | (29010) |
|  Depreciation and amortization, including allocated expenses | (38716) | (36790) | (25153) |
|  Other expenses, net | (123) | (3472) | (1231) |
|  Interest and other financial expenses, net | (4979) | (5577) | (2826) |
|  Income before income taxes | $55325 | $54469 | $78359 |

---

(1) Represents the estimated fixed margin or fixed fee (currently 5.0 cents per gallon) paid to GPMP for the cost of fuel and recorded by GPMP as inter-segment revenues.

**21. Subsequent Events** 

The Company has evaluated subsequent events through September 15, 2025, the date the combined financial statements were available to be issued. Other than as described in Notes 1, 2, 7 and 11, no events were identified that required recognition or disclosure in the combined financial statements.

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**ARKO Petroleum Corp.** 

**CONDENSED COMBINED BALANCE SHEETS** 

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $32993 | $25086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash |  | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables, net | 104381 | 88185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | 23672 | 24448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid to related party, current portion | 3393 | 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 35698 | 29174 |
|  **Total current assets** | 200137 | 171378 |
|  **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 227576 | 198036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets under operating leases | 394341 | 318140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets under financing leases, net | 51310 | 19256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 76687 | 76687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | 159532 | 175163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax asset | 68766 | 69170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid to related party | 11667 | 12301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | 56485 | 45539 |
|  **Total assets** | $1246501 | $1085670 |
| **Liabilities** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, current portion | $5674 | $1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 99935 | 90136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 54178 | 53950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases, current portion | 24715 | 18532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing leases, current portion | 1757 | 3566 |
|  **Total current liabilities** | 186259 | 167461 |
|  **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net | 383291 | 380911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligation | 44466 | 36767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | 406710 | 324592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing leases | 76585 | 25915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 105884 | 84454 |
|  **Total liabilities** | 1203195 | 1020100 |
|  **Commitments and contingencies — see Note 9** |  |  |
|  **Net investment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parent's net investment | 43306 | 65570 |
|  **Total net investment** | 43306 | 65570 |
|  **Total liabilities and net investment** | $1246501 | $1085670 |

---

**The accompanying notes are an integral part of these condensed combined financial statements.** 

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**ARKO Petroleum Corp.** 

**CONDENSED COMBINED STATEMENTS OF OPERATIONS** 

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
| | **2025** | **2024** |
|  **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue<sup>1</sup> | $2433254 | $2573920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel revenue—related party<sup>2</sup> | 1787503 | 2313319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net | 44587 | 28939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues, net—related party | 9555 | 8592 |
|  **Total revenues** | 4274899 | 4924770 |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs<sup>1</sup> | 2309955 | 2454650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuel costs—related party<sup>2</sup> | 1754463 | 2274461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Site operating expenses, including allocated expenses | 72765 | 60161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses, including allocated expenses | 32078 | 32433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization, including allocated expenses | 40553 | 33529 |
|  **Total operating expenses** | 4209814 | 4855234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses (income), net | 923 | (2966) |
|  **Operating income** | 64162 | 72502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other financial income, including allocated income | 408 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other financial expenses, including allocated expenses | (31437) | (30388) |
|  **Income before income taxes** | 33133 | 45709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (8472) | (13033) |
|  **Net income attributable to ARKO Petroleum Corp.** | $24661 | $32676 |
|  Supplemental information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Includes excise tax of: | $448996 | $432610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> Includes excise tax of: | $360527 | $422927 |

---

**The accompanying notes are an integral part of these condensed combined financial statements.** 

**F-61** 

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**ARKO Petroleum Corp.** 

**CONDENSED COMBINED STATEMENTS OF CHANGES IN NET INVESTMENT** 

(Unaudited, in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Parent's Net<br>Investment** | **Non-Controlling<br>Interests** | **Total Net<br>Investment** |
|  **Balance at January 1, 2024** | $106447 | $16 | $106463 |
|  Transactions with non-controlling interests | 16 | (16) |  |
|  Net transfer to Parent | (69846) |  | (69846) |
|  Net income | 32676 |  | 32676 |
|  **Balance at September 30, 2024** | $69293 | $— | $69293 |
|  **Balance at January 1, 2025** | $65570 | $— | $65570 |
|  Net transfer to Parent | (46925) |  | (46925) |
|  Net income | 24661 |  | 24661 |
|  **Balance at September 30, 2025** | $43306 | $— | $43306 |

---

**The accompanying notes are an integral part of these condensed combined financial statements.** 

**F-62** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**CONDENSED COMBINED STATEMENTS OF CASH FLOWS** 

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
| | **2025** | **2024** |
|  **Cash flows from operating activities:** |  |  |
|  Net income | $24661 | $32676 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 40553 | 33529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 2518 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on disposal of assets and impairment charges, net | 2618 | (1318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from settlement related to business acquisition |  | (3438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 1119 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred income | (7960) | (5174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of prepaid to related party | 3137 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligation | 836 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash rent | 2180 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charges to allowance for credit losses | 820 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 605 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustment of financial assets and liabilities | (1272) | (702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating activities, net | (191) | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in trade receivables | (17016) | 10288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in inventory | 94 | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | (7984) | (6026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in related party assets | (4965) | (1905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in accounts payable | 9796 | (10308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in other current liabilities | (2402) | 3035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in asset retirement obligation | (479) | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in non-current liabilities | 16504 | 9204 |
|  Net cash provided by operating activities | $63172 | $71660 |

---

**The accompanying notes are an integral part of these condensed combined financial statements.** 

**F-63** 

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**ARKO Petroleum Corp.** 

**CONDENSED COMBINED STATEMENTS OF CASH FLOWS (cont'd)** 

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months**<br>**Ended September 30,** | **For the Nine Months**<br>**Ended September 30,** |
| | **2025** | **2024** |
|  **Cash flows from investing activities:** |  |  |
|  Purchase of property and equipment | $(16978) | $(6815) |
|  Proceeds from sale of property and equipment | 3632 | 1708 |
|  Net cash used in investing activities | (13346) | (5107) |
|  **Cash flows from financing activities:** |  |  |
|  Receipt of long-term debt, net | 4871 | 42454 |
|  Repayment of debt | (2456) | (1318) |
|  Principal payments on financing leases | (926) | (50) |
|  Early settlement of deferred consideration related to business acquisition |  | (17155) |
|  Net transfers to Parent | (43663) | (92998) |
|  Net cash used in financing activities | (42174) | (69067) |
|  **Net increase (decrease) in cash and cash equivalents and restricted cash** | 7652 | (2514) |
|  Cash and cash equivalents and restricted cash, beginning of period | 25341 | 17106 |
|  **Cash and cash equivalents and restricted cash, end of period** | $32993 | $14592 |
|  **Reconciliation of cash and cash equivalents and restricted cash** |  |  |
|  Cash and cash equivalents, beginning of period | $25086 | $17106 |
|  Restricted cash, beginning of period | 255 |  |
|  Cash and cash equivalents and restricted cash, beginning of period | $25341 | $17106 |
|  Cash and cash equivalents, end of period | $32993 | $14592 |
|  Restricted cash, end of period |  |  |
|  Cash and cash equivalents and restricted cash, end of period | $32993 | $14592 |

---

**The accompanying notes are an integral part of these condensed combined financial statements.** 

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**ARKO Petroleum Corp.** 

**CONDENSED COMBINED STATEMENTS OF CASH FLOWS (cont'd)** 

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
| | **2025** | **2024** |
|  **Supplementary cash flow information:** |  |  |
|  Cash received for interest | $409 | $157 |
|  Cash paid for interest and allocated interest | 29139 | 27681 |
|  Cash paid for taxes | 5954 | 12351 |
|  **Supplementary noncash activities:** |  |  |
|  Parent's net investment for Parent-controlled sites converted to fuel supply or consignment locations | $(3867) | $876 |
|  Parent's investment for TEG First Installment Payment |  | 21741 |
|  Purchases of equipment in accounts payable and accrued expenses | 1651 |  |
|  Purchase of property and equipment under leases | 9252 | 28415 |
|  Disposals of leases of property and equipment | 4332 | 2686 |

---

**The accompanying notes are an integral part of these condensed combined financial statements.** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS (Unaudited)** 

**1. General** 

ARKO Petroleum Corp. (the "Company") was formed in July 2025 as a Delaware corporation and a wholly owned subsidiary of ARKO Corp., a Delaware corporation ("ARKO") whose common stock is listed on the Nasdaq Stock Market under the symbol "ARKO."

The accompanying condensed combined financial statements primarily include the historical accounting records of ARKO and its subsidiaries' (collectively, the "Parent") wholesale business, fleet fueling business and the supply of fuel to substantially all of ARKO's retail convenience stores that sell fuel (together, the "Business"), which will be contributed to the Company upon, or immediately prior to, the Company's initial public offering of its common stock, and have been carved out of the activity of the Parent and combined. The Company's operations will primarily be performed by the following wholly owned subsidiaries (and their respective subsidiaries) to be contributed to the Company by the Parent: GPM Empire, LLC, a Delaware limited liability company formed in 2020 ("GPME"), and GPM Petroleum LP, a Delaware limited partnership formed in 2015 ("GPMP"). The Company is engaged in (i) wholesale activity, which includes the supply of fuel to gas stations operated by third-party dealers, (ii) fleet fueling, which includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations) and the issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites, and (iii) wholesale distribution of fuel to substantially all of the gas stations operated by the Parent (through its wholly owned subsidiary, GPM Investments, LLC ("GPM") and its wholly owned subsidiaries). As of September 30, 2025, the Business included the supply of fuel to 2,053 gas stations operated by dealers, the supply of fuel to 1,158 gas stations operated by the Parent, and the operation of 288 cardlock locations, in the District of Columbia and throughout more than 30 states in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern United States ("U.S.").

The Company has three reportable segments: wholesale, fleet fueling and GPMP. Refer to Note 8 below for further information with respect to the segments.

**2. Summary of Significant Accounting Policies** 

*Basis of Presentation* 

The accompanying condensed combined financial statements (the "interim financial statements") represent the results of operations, financial position and cash flows of the Business, inclusive of assumptions and allocations made to depict the Business on a standalone basis, and have been derived from the reviewed condensed consolidated financial statements of the Parent. The interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial statements reflect the historical results of operations, financial position and cash flows of the Business for the periods presented. Accordingly, if the Business had operated as a standalone entity, its results may have differed materially from those presented in the interim financial statements. The carve-out transaction involves the reorganization of the Business and its net assets under common control; therefore, the historical cost basis for the Business' net assets used in the interim financial statements is the same as the Parent's historical cost basis for these net assets.

All revenues and costs as well as assets and liabilities directly associated with the Business have been included in the interim financial statements. The interim financial statements also include allocations of

**F-66** 

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

certain operating and corporate expenses from the Parent relating to the Business based on the historical financial statements and accounting records of the Parent. See Note 10 for more information about the expenses allocated from the Parent. The expense allocation has been determined based on what management considered to be the most reasonable reflection of the Business' expenses for the periods presented. However, the allocation may not reflect the costs the Business would have incurred if it had operated as a separate, standalone entity for the periods presented or if the Business had been operated by a different parent entity. Any costs associated with the preparation of the interim financial statements have been excluded from the interim financial statements.

The Parent used a centralized approach to cash management and financing of its operations. Financial transactions relating to the Business are accounted for through the Parent's net investment account. Accordingly, none of the Parent's cash, cash equivalents or debt at the corporate level have been assigned to the Business in the interim financial statements, except for the Capital One Line of Credit and certain M&T Bank financing as further described in the annual combined financial statements, as defined below. The Parent's net investment represents the Parent's interest in the recorded net assets of the Business.

All significant transactions between the Business and the Parent are reflected within the Parent's net investment within the interim financial statements, and all significant intercompany balances and transactions within the Business have been eliminated in the interim financial statements.

*Interim Financial Statements* 

The interim financial statements as of September 30, 2025 and for the nine months ended September 30, 2025 and 2024 are unaudited and have been prepared in accordance with U.S. GAAP for interim financial information and Regulation S-X promulgated by the Securities and Exchange Commission (the "SEC") for interim reporting. In the opinion of management, all adjustments (consisting of normal and recurring adjustments except those otherwise described herein) considered necessary for a fair presentation have been included in the accompanying interim financial statements. However, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. Therefore, the interim financial statements should be read in conjunction with the audited combined financial statements and accompanying notes of the Company included elsewhere in this prospectus for the year ended December 31, 2024 (the "annual combined financial statements").

The same significant accounting policies, presentation and methods of computation used in the preparation of the annual combined financial statements have been used in the preparation of the interim financial statements.

*Accounting Periods* 

The Company's fiscal periods end on the last day of the month, and its fiscal year ends on December 31. This results in the Company experiencing fluctuations in current assets and current liabilities due to purchasing and payment patterns which change based upon the day of the week. As a result, working capital can change from period to period not only due to changing business operations, but also due to a change in the day of the week on which a period ends.

*Use of Estimates* 

In the preparation of interim financial statements, management may make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities

**F-67** 

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

at the date of the interim financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include lease liabilities; impairment of goodwill, intangible, right-of-use and fixed assets; environmental assets and liabilities; deferred tax assets; and asset retirement obligations.

*Trade Receivables* 

The majority of trade receivables are typically from dealers, fleet fueling customers and credit card companies in the ordinary course of business. Balances due in respect of credit cards processed through the Company's fuel suppliers and other providers are collected within two to three days depending upon the day of the week, and time of the day, of the purchase. Receivables from dealers are typically due within one to 30 days and are stated as amounts due. Accounts that are outstanding longer than the payment terms are considered past due. At each balance sheet date, the Company recognizes a loss allowance for expected credit losses on trade receivables. As of September 30, 2025, September 30, 2024, December 31, 2024 and December 31, 2023, net trade receivables totaled $104.4 million, $109.2 million, $88.2 million and $120.2 million, respectively.

*Revenue Recognition* 

Revenue is recognized when control of the promised goods or services is transferred to the customers. This requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a single point in time or over time, based on when control of goods and services transfers to a customer. Control is transferred to the customer over time if the customer simultaneously receives and consumes the benefits provided by the Company's performance. If a performance obligation is not satisfied over time, the Company satisfies the performance obligation at a single point in time.

Revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services.

When the Company satisfies a performance obligation by transferring control of goods or services to the customer, revenue is recognized against contract assets in the amount of consideration to which the Company is entitled. When the consideration amount received from the customer exceeds the amounts recognized as revenue, the Company recognizes a contract liability for the excess.

An asset is recognized related to the costs incurred to obtain a contract (e.g. sales commissions) if the costs are specifically identifiable to a contract, the costs will result in enhancing resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. These capitalized costs were approximately $7.9 million, $5.9 million, $6.7 million and $4.4 million as of September 30, 2025, September 30, 2024, December 31, 2024 and December 31, 2023, respectively, were recorded as a part of other current assets and other non-current assets on the condensed combined balance sheets and were amortized on a systematic basis consistent with the pattern of transfer of the goods or services to which such costs relate. Amortization expense for each of the nine months ended September 30, 2025 and 2024 was $1.3 million, and was included in fuel costs in the condensed combined statements of operations. The Company expenses the costs to obtain a contract, as and when they are incurred, in cases where the expected amortization period is one year or less.

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

The Company recognizes a contract asset when making upfront incentive payments to dealers. Certain of the upfront consideration represents a prepaid incentive, as these payments are not made for distinct services provided by the dealer. Others represent payments for equipment installed at a dealer location. The prepaid incentives were approximately $49.9 million, $42.9 million, $43.8 million and $37.9 million as of September 30, 2025, September 30, 2024, December 31, 2024 and December 31, 2023, respectively, were recorded as a part of other current assets and other non-current assets on the condensed combined balance sheets and were amortized as a reduction of revenue over the term of the specific agreement. Amortization expense for the nine months ended September 30, 2025 and 2024 was $4.7 million and $3.8 million, respectively.

The Company evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or a net basis. In performing this analysis, the Company considers first whether it controls the goods before they are transferred to the customers and if it has the ability to direct the use of the goods or obtain benefits from them. The Company also considers the following indicators: (1) the primary obligor, (2) the latitude in establishing prices and selecting suppliers, and (3) the inventory risk borne by the Company before and after the goods have been transferred to the customer. When the Company acts as principal, revenue is recorded on a gross basis. When the Company acts as agent, revenue is recorded on a net basis.

Certain fuel and sales taxes are invoiced by fuel suppliers or collected from customers and remitted to governmental agencies either directly, or through suppliers, by the Company. Whether these taxes are presented on a gross or net basis is dependent on whether the Company is acting as a principal or agent in the sales transaction. Fuel excise taxes are presented on a gross basis for fuel sales because the Company is acting as the primary obligor, has pricing latitude, and is also exposed to inventory and credit risks.

Refer to Note 8 for disclosure of the revenue disaggregated by segment and product line, as well as a description of the reportable segment operations.

*Income Taxes* 

Income taxes were prepared under the separate return method, consistent with the provisions of ASC 740, Income Taxes, and demonstrate the tax impact on the Company had it not been eligible to be included in a consolidated income tax return with the Parent. The interim financial statements reflected the income tax expense and deferred tax assets or liabilities attributable to the Company. Cash paid for taxes due during each reporting period was paid by the Parent and settled through equity in alignment with ASC 740.

*Leases* 

The Company recorded on the condensed combined balance sheets the right-of-use assets and lease liabilities if the Company or any of its subsidiaries are an obligor of a lease agreement or expected to assume the lease obligation related to a lease arrangement entered into by the Parent. Similarly, the Company has accounted for the subleases as if the Company or any of its subsidiaries are a sublessor of a sublease agreement if it is expected to assume and benefit from the sublease arrangement entered into by the Parent.

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

*Legislative Update* 

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was signed into law. The OBBB reinstated several key income tax provisions that were initially part of the U.S. Tax Cuts and Jobs Act of 2017, but which been phased out in recent years or were set to expire in 2025, and made other changes to income tax provisions, many of which are not effective until 2026. The OBBB, among other things, repealed the mandatory capitalization of domestic research and development expenditures under Internal Revenue Code Section 174, extended the ability to take 100% bonus depreciation, reinstituted the EBITDA-based Section 163(j) calculation, revised international tax regimes, and accelerated the phase out of clean energy credits.

The Company has evaluated the impact of the OBBB and reflected its projected effects in the interim financial statements. Specifically, the Company anticipates a favorable impact on the timing of cash paid for taxes during 2025, resulting in a reduction of approximately $6.2 million for the year ending December 31, 2025. The Company does not anticipate that the OBBB will have a material impact on its effective tax rate for 2025. The Company will continue to monitor future guidance and developments related to the OBBB and will update its income tax disclosures as appropriate.

**3. Debt** 

The components of debt were as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
|  | **(in thousands)** | **(in thousands)** |
|  M&T debt | $11923 | $6237 |
|  Capital One Line of Credit | 377042 | 375951 |
|  Total debt, net | $388965 | $382188 |
|  Less current portion | (5674) | (1277) |
|  Total long-term debt, net | $383291 | $380911 |

---

*M&T Bank Credit Agreement* 

On May 13, 2025, the Parent entered into an amendment to its credit agreement with M&T Bank to increase the aggregate original principal amount of the real estate loans thereunder (the "M&T Term Loans") from $49.5 million to $83.7 million. The additional $34.2 million principal amount of the M&T Term Loans, of which $5.1 million was attributable to the Business, matures in May 2030 and is payable in monthly installments based on a fifteen-year amortization schedule, with the balance of the loan payable at maturity, and bears interest at SOFR plus 2.25%. The M&T Term Loans are secured by the real property of 78 sites acquired with the proceeds of such loans and certain other properties, including real property of 21 of 22 sites that the Parent acquired in the second quarter of 2025 for aggregate consideration of $22.4 million, of which seven sites acquired were attributable to the Business as of September 30, 2025.

The M&T Term Loans accrue interest at SOFR plus 2.25%, and the borrowings under the M&T line of credit for purchases of equipment accrue interest, at the Parent's discretion, at either a fixed rate based on M&T Bank's five-year cost of funds as of the applicable date of each tranche plus 2.25% or a floating rate at SOFR plus 2.25%.

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

**4. Leases** 

As of September 30, 2025, the Parent and the Company collectively leased 470 dealer locations, 154 cardlock locations, former store locations, rental sites and certain office and storage spaces, including land and buildings in certain cases. Most of the lease agreements are for long-term periods, ranging from 15 to 20 years, and generally include several renewal options for extension periods for five to 25 years. Additionally, the Parent and the Company leases certain store equipment, office equipment, automatic tank gauges, fuel dispensers and vehicles.

As of September 30, 2025, 180 of these dealer and cardlock locations were leased directly by the Company. In addition, as of September 30, 2025, the Company or its subsidiaries leased jointly and severally with the Parent from third party lessors 233 sites, of which 119 sites were attributable to the Business. As of September 30, 2025, lease liabilities related to such joint and several agreements aggregated to $339.3 million, of which $138.7 million related to the Business and were recorded on the condensed combined balance sheet.

The components of lease cost recorded on the condensed combined statements of operations were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
| | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
|  Finance lease cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of right-of-use assets | $1650 | $309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on lease liabilities | 3006 | 655 |
|  Operating lease costs included in site operating expenses | 39710 | 26534 |
|  Operating lease costs included in general and administrative <br>expenses | 406 | 515 |
|  Lease cost related to variable lease payments, short-term <br>leases and leases of low value assets |  | 59 |
|  Right-of-use asset impairment charges and loss (gain) on <br>disposals of leases | 1306 | (1628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total lease costs** | $46078 | $26444 |

---

**5. Financial Derivative Instruments** 

The Company makes limited use of derivative instruments (futures contracts) to manage certain risks related to diesel fuel prices. The Company does not hold any derivatives for speculative purposes, and it does not use derivatives with leveraged or complex features. The Company currently uses derivative instruments that are traded primarily over national exchanges such as the New York Mercantile Exchange ("NYMEX"). For accounting purposes, the Company has designated its derivative contracts as fair value hedges of firm commitments.

As of September 30, 2025 and December 31, 2024, the Company had fuel futures contracts to hedge approximately 1.8 million gallons and 2.9 million gallons, respectively, of diesel fuel for which the Company had a firm commitment to purchase. As of September 30, 2025 and December 31, 2024, the Company had an asset derivative with a fair value of approximately $0.02 million and $0.3 million,

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

respectively, recorded in other current assets, and a firm commitment with a fair value of approximately $0.02 million and $0.3 million, respectively, recorded in other current liabilities on the condensed consolidated balance sheets.

As of September 30, 2025 and December 31, 2024, there was $0 and $0.3 million, respectively, of cash collateral provided to counterparties that was classified as restricted cash on the condensed combined balance sheets. All cash flows associated with purchasing and selling fuel derivative instruments are classified as other operating activities, net in the condensed combined statements of cash flows.

**6. Share-Based Compensation** 

The compensation committee of the Parent's board of directors (the "Parent Board") has approved the grant of non-qualified restricted stock units ("RSUs") and shares of Parent's common stock to certain Company employees under the ARKO Corp. 2020 Incentive Compensation Plan (as amended, the "Plan"). Vesting periods are assigned to RSUs on a grant-by-grant basis at the discretion of the Parent Board and except in certain limited situations, all awards are subject to a minimum vesting period of one year. The Parent issues new shares of Parent's common stock upon vesting of RSUs.

*Restricted Stock Units and Performance-based Restricted Stock Units* 

The following table summarizes share activity related to RSUs and performance-based RSUs ("PSUs") with respect to the Company's employees:

---

| | | |
|:---|:---|:---|
| | **RSUs and<br>PSUs** | **Weighted Average<br>Grant Date Fair<br>Value per Share** |
|  | **(in thousands)** | |
|  **Nonvested RSUs and PSUs, December 31, 2024** | 404 | $7.30 |
|  Granted | 211 | 5.76 |
|  Released | (126) | 7.90 |
|  Forfeited | (78) | 6.53 |
|  Performance-based share adjustment | (30) | 6.94 |
|  **Nonvested RSUs and PSUs, September 30, 2025** | 381 | $6.43 |

---

During the nine months ended September 30, 2025, the Parent granted approximately 134 thousand PSUs to Company employees, which, subject to achieving certain performance criteria, could result in the issuance of a number of shares of the Parent's common stock equal to up to 150% of the number of PSUs granted. The PSUs were awarded to certain members of senior management of the Company and cliff vest at the end of a three-year period, subject to the achievement of specific performance criteria measured over such period. The number of PSUs that will ultimately vest is contingent upon the recipient continuing to be in continuous service with the Parent or the Company through the last day of the performance period and a certification by the compensation committee of the Parent Board that the applicable performance criteria have been met.

For certain of the RSUs and PSUs granted in the nine months ended September 30, 2025, the Parent has agreed to issue a capped number of incremental shares to the recipients if the Parent's stock price on the vesting dates of such awards is below a certain threshold price (written put options components). These

**F-72** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

awards were classified as equity instruments and valued based on the fair market value of the underlying stock together with the net fair value of the written put options on the grant date.

The Parent assesses the probability of achieving the performance criteria on a quarterly basis, and the compensation committee of the Parent Board determines whether the performance criteria were satisfied, and certifies the award's vesting percentage, if any, during the fiscal quarter following the end of the applicable performance period. In the first quarter of 2025, the compensation committee of the Parent Board determined that the performance criteria for the performance period ended December 31, 2024 had been met and certified that the percentage of PSUs that vested with respect to the target amount for the PSUs granted in 2022 was 75%. During the nine months ended September 30, 2025, the number of PSUs was adjusted for the probability of achieving the performance criteria, resulting in the recording of a reduction of expense of approximately $0.1 million in the nine months ended September 30, 2025 based on the grant date fair value.

The fair value of RSUs and PSUs released during the nine months ended September 30, 2025 was approximately $0.6 million.

As of September 30, 2025, total unrecognized compensation cost related to RSUs and PSUs was approximately $1.3 million, which is expected to be recognized over a weighted average period of approximately 1.7 years.

*Share-Based Compensation Cost* 

Total share-based compensation cost recorded for the Company's employees for the nine months ended September 30, 2025 and 2024 was $0.6 million and $0.5 million, respectively, and included in general and administrative expenses on the condensed combined statements of operations.

**7. Fair Value Measurements and Financial Instruments** 

The fair value of cash and cash equivalents, trade receivables, accounts payable and other current liabilities approximated their carrying values as of September 30, 2025 and December 31, 2024 primarily due to the short-term maturity of these instruments. The fair value of the other long-term debt approximated their respective carrying values as of September 30, 2025 and December 31, 2024 due to the frequency with which interest rates are reset based on changes in prevailing interest rates. The fair value of fuel futures contracts was determined using NYMEX quoted values.

The contingent consideration from the acquisition of the business of Empire Petroleum Partners, LLC in 2020 is measured at fair value at the end of each reporting period and amounted to $2.5 million and $3.7 million as of September 30, 2025 and December 31, 2024, respectively. The fair value methodology for the contingent consideration liability is categorized as Level 3 because inputs to the valuation methodology are unobservable and significant to the fair value adjustment. Approximately $0.3 million was recorded as a component of interest and other financial expenses in the condensed combined statements of operations for the change in the fair value of the contingent consideration for each of the nine months ended September 30, 2025 and 2024, and approximately $1.6 million and $1.0 million of income was recorded as a component of other expenses (income), net in the condensed combined statements of operations for the nine months ended September 30, 2025 and 2024, respectively.

**F-73** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

**8. Segment Reporting** 

The reportable segments were determined based on information reviewed by the Company's chief operating decision maker ("CODM") for operational decision-making purposes, and the segment information is prepared on the same basis that the CODM reviews such financial information. The Company's reportable segments are wholesale, fleet fueling and GPMP. Arie Kotler, the Company's President and Chief Executive Officer, is the CODM. The CODM utilizes operating income from each segment to assess its operating performance and to make decisions about allocating resources to each segment. In reviewing segment operating income each month, the CODM compares actual results to budgets and prior-year performance. Based on this analysis, the CODM allocates incremental capital spending and prioritizes strategic and business development initiatives across the segments. The CODM also uses this measure to make decisions on budgets, acquisitions, growth capital expenditures, and management's compensation.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that rent expenses for each segment are recognized and measured on the basis of cash payments.

The wholesale segment supplies fuel to dealers, sub-wholesalers and bulk and spot purchasers, on either a cost plus or consignment basis. For consignment arrangements, the Company retains ownership of the fuel inventory at the site, is responsible for the pricing of the fuel to the end consumer, and shares the gross profit generated from the sale of fuel with the consignment dealers. For cost-plus arrangements, the Company sells fuel to dealers and bulk and spot purchasers on a fixed-fee basis. The sales price is determined according to the terms of the relevant agreement, which typically reflects the Company's total fuel costs plus the cost of transportation and a margin, with the Company generally retaining any prompt pay discounts and rebates.

The fleet fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations), and commissions from the sales of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites.

The GPMP segment includes the sale and supply of fuel to substantially all of the Parent's retail gas stations, at the Company's cost of fuel (including taxes and transportation) plus a fixed margin (currently 5.0 cents per gallon), and a fixed fee (currently 5.0 cents per gallon) charged to certain of the Parent's retail sites that are not supplied by the Company. The Parent's retail sites are classified as related party sites. In addition, the GPMP segment includes the sale of fuel to substantially all of the Company's wholesale locations at the Company's cost of fuel (including taxes and transportation) plus a fixed margin (currently 5.0 cents per gallon) and a fixed fee (currently 5.0 cents per gallon) charged primarily to fleet fueling locations that are not supplied by GPMP. All inter-segment transactions are eliminated in the interim financial statements. Through the end of the second quarter of 2025, GPMP also supplied fuel to a limited number of dealers.

The "All Other" segment includes the results of non-reportable segments that do not meet both quantitative and qualitative criteria as defined under ASC 280, Segment Reporting.

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses were included within the amounts shown, however, the fuel costs in the wholesale and fleet fueling segments exclude the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

The majority of general and administrative expenses, depreciation and amortization, net other expenses, income taxes and minor other income items are not allocated to the segments. Other segment expenses include utilities, telephone, upkeep and taxes, insurance, supplies, and certain other expenses. Other segment expenses in the GPMP segment also include general and administrative expenses, depreciation and amortization, and other income, net.

With the exception of goodwill, assets and liabilities relevant to the reportable segments are generally not assigned to any particular segment, but rather, managed and reviewed by the CODM at the combined level. All reportable segment revenues were generated from sites within the U.S. and substantially all of the Company's assets were within the U.S.

Inter-segment transactions primarily included the sale of fuel by GPMP to substantially all of the Company's wholesale locations at the Company's cost of fuel plus a fixed margin and a fixed fee charged by GPMP primarily to sites that sell fuel in the fleet fueling segment that are not supplied by GPMP. The effect of these inter-segment transactions was eliminated in the interim financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Wholesale** | **Fleet<br>Fueling** | **GPMP** | **All Other** | **Total** |
| **For the Nine Months Ended September 30, 2025** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Revenues** |  |  |  |  |  |
|  Fuel revenue | $2052153 | $359219 | $849 | $21033 | $2433254 |
|  Fuel revenue—related party |  |  | 1787503 |  | 1787503 |
|  Other revenues, net | 36550 | 6603 | 540 | 894 | 44587 |
|  Other revenues, net—related party |  |  | 2007 | 7548 | 9555 |
|  **Total revenues from external customers** | $2088703 | $365822 | $1790899 | $29475 | $4274899 |
|  **Inter-segment revenues** | $— | $— | $1931435 | $8552 | $1939987 |
|  Fuel costs | $1981649 | $309409 | $848 |  |  |
|  Fuel costs—related party |  |  | 1754463 |  |  |
|  Fuel costs—inter-segment |  |  | 1888858 |  |  |
|  Credit card fees | 5328 | 3325 |  |  |  |
|  Rent, included allocated expenses | 28815 | 8604 |  |  |  |
|  Repairs and maintenance | 3256 | 3318 |  |  |  |
|  Other segment expenses | 3655 | 4884 | 7983 | 36001 |  |
|  **Operating income from segments** | $66000 | $36282 | $70182 | $2026 | $174490 |
|  Interest and other financial expenses, net |  |  | $(23248) |  | $(23248) |

---

**F-75** 

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##### [**Table of Contents**](#toc)
**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Wholesale** | **Fleet<br>Fueling** | **GPMP** | **All Other** | **Total** |
| **For the Nine Months Ended September 30, 2024** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Revenues** |  |  |  |  |  |
|  Fuel revenue | $2149622 | $398266 | $3017 | $23015 | $2573920 |
|  Fuel revenue – related party |  |  | 2313319 |  | 2313319 |
|  Other revenues, net | 20294 | 7004 | 638 | 1003 | 28939 |
|  Other revenues, net – related party |  |  | 2062 | 6530 | 8592 |
|  **Total revenues from external customers** | $2169916 | $405270 | $2319036 | $30548 | $4924770 |
|  **Inter-segment revenues** | $— | $— | $2034780 | $8741 | $2043521 |
|  Fuel costs | $2081546 | $350309 | $2900 |  |  |
|  Fuel costs – related party |  |  | 2274461 |  |  |
|  Fuel costs – inter-segment |  |  | 1993640 |  |  |
|  Credit card fees | 5912 | 3226 |  |  |  |
|  Rent, included allocated expenses | 16848 | 8362 |  |  |  |
|  Repairs and maintenance | 2402 | 3233 |  |  |  |
|  Other segment expenses | 3077 | 4040 | 8156 | 40143 |  |
|  **Operating income (loss) from segments** | $60131 | $36100 | $74659 | $(854) | $170036 |
|  Interest and other financial expenses, net |  |  | $(23701) |  | $(23701) |

---

A reconciliation of operating income from reportable segments to income before income taxes on the condensed combined statements of operations was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
| | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
|  Operating income from reportable segments | $172464 | $170890 |
|  All other operating income (loss) | 2026 | (854) |
|  Intercompany charges by GPMP <sup>1</sup> | (42577) | (41318) |
|  Interest and other financial expenses, net | (23248) | (23701) |
|  **Amounts not allocated to segments:** |  |  |
|  Site operating expenses, including allocated expenses | (2180) | (1376) |
|  General and administrative expenses, including allocated expenses | (29614) | (29808) |
|  Depreciation and amortization, including allocated expenses | (35034) | (27998) |
|  Other (expenses) income, net | (923) | 2966 |
|  Interest and other financial expenses, net | (7781) | (3092) |
|  Income before income taxes | $33133 | $45709 |

---

<sup>1</sup> Represents the estimated fixed margin or fixed fee (currently 5.0 cents per gallon) paid to GPMP for the cost of fuel and recorded by GPMP as inter-segment revenues.

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

**9. Commitments and Contingencies** 

*Senior Notes* 

On October 21, 2021, the Parent completed a private offering of $450.0 million aggregate principal amount of 5.125% Senior Notes due 2029 (the "Senior Notes"), which are guaranteed, jointly and severally on an unsecured basis, by certain of the Parent's wholly owned domestic subsidiaries, including the Company and certain of its subsidiaries (the "Guarantors"); however, neither GPMP nor any of its subsidiaries is a Guarantor.

The indenture governing the Senior Notes (the "Indenture") provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the Indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Indenture, the trustee thereunder (the "Trustee") or the holders of at least 25% in aggregate principal amount of the Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all the Senior Notes immediately due and payable. The Guarantors have unconditionally and irrevocably guaranteed, jointly and severally, on a senior unsecured basis, (a) the full and punctual payment of principal of and interest on the Senior Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Parent under the Indenture and the Senior Notes and (b) the full and punctual performance within applicable grace periods of all other obligations of the Parent under the Indenture and the Senior Notes (collectively, the "Guaranteed Obligations").

Upon the failure of the Parent to pay the principal of, or interest on, any of its obligations under the Senior Notes when and as the same become due, whether at maturity, by acceleration, by redemption or otherwise, each Guarantor, upon receipt of written demand by the Trustee, must pay, or cause to be paid, in cash, to the holders of the Senior Notes or the Trustee an amount equal to the sum of (A) the unpaid amount of such Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of the Parent to the holders of the Senior Notes and the Trustee. Pursuant to the Indenture, each Guarantor is entitled to contribution from all other Guarantors based on the respective net assets of all the Guarantors at the time of such payment.

The Company believes that the likelihood of the Guarantors, including the Company, being required to make payments under their respective guarantees is remote based on the Parent's current financial condition and anticipated financial performance. However, if the Parent's financial condition deteriorates, then the possibility of the Guarantors being called upon to fulfill their obligations under the Indenture would increase.

The Indenture contains customary restrictive covenants that, among other things, generally limit the ability of the Parent and substantially all of its subsidiaries, including the Guarantors, to (i) create liens, (ii) pay dividends, acquire shares of capital stock and make payments on subordinated debt, (iii) place limitations on distributions from certain subsidiaries, (iv) issue or sell the capital stock of certain subsidiaries, (v) sell assets, (vi) enter into transactions with affiliates, (vii) effect mergers and (viii) incur indebtedness.

The Senior Notes and the guarantees rank equally in right of payment with all of the Parent's and the Guarantors' respective existing and future senior unsecured indebtedness and are effectively subordinated

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS — (Continued)** 

to all of the Parent's and the Guarantors' existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and are structurally subordinated to any existing and future obligations of subsidiaries of the Parent and the Company that are not Guarantors.

*Environmental Liabilities and Contingencies* 

The Business is subject to certain federal and state environmental laws and regulations associated with sites at which it stores and sells fuel and other fuel products, as well as at locations owned, leased, or at which there is a contractual obligation that results in the Parent or the Company being the tank operator or owner but are operated by third-party dealers. As of September 30, 2025 and December 31, 2024, environmental obligations totaled $3.1 million and $2.8 million, respectively. These amounts were recorded as other current and non-current liabilities on the condensed combined balance sheets. Environmental reserves have been established on an undiscounted basis based upon internal and external estimates in regard to each site. It is reasonably possible that these amounts will be adjusted in the future due to changes in estimates of environmental remediation costs, the timing of the payments or changes in federal and/or state environmental regulations.

The Parent maintains certain environmental insurance policies and participates in various state underground storage tank funds that entitle the Company to be reimbursed for remediation costs. Estimated amounts that will be recovered from the insurance policies and various state funds for the exposures totaled $1.7 million and $1.4 million as of September 30, 2025 and December 31, 2024, respectively, and were recorded as other current and non-current assets on the condensed combined balance sheets.

*Asset Retirement Obligation* 

As part of the fuel operations at its proprietary cardlock locations, at most of the owned and leased locations leased to dealers, at certain other dealer locations and third-party cardlock locations where the Company owns storage tanks or otherwise has agreed to be contractually liable for tank maintenance, there are aboveground and underground storage tanks for which the Company is responsible. The future cost to remove a storage tank is recognized over the estimated remaining useful life of the storage tank, or if sooner, the termination of the applicable lease. A liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset is recorded at the time a storage tank is installed. The estimated liability is based upon historical experience in removing storage tanks, estimated tank useful lives, external estimates as to the cost to remove the tanks in the future and current and anticipated federal and state regulatory requirements governing the removal of tanks, and discounted. The Company has recorded an asset retirement obligation of $44.5 million and $36.8 million at September 30, 2025 and December 31, 2024, respectively. The current portion of the asset retirement obligation is included in other current liabilities on the condensed combined balance sheets.

*Program Agreement* 

Under and subject to the terms of the Program Agreement with Blue Owl (both as defined in Note 7 to the annual combined financial statements), Blue Owl had agreed, from May 2, 2023 through September 30, 2025, to purchase up to $1.0 billion of convenience store and gas station real property, cardlock locations and other types of real property that GPM or an affiliate thereof may acquire. In March 2025, the Program Agreement terminated in accordance with its terms.

**F-78** 

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS — (Continued)** 

*Legal Matters* 

The Parent and the Company are parties to various legal actions, as both plaintiffs and defendants, in the ordinary course of business. The Company's management believes, based on estimations with support from legal counsel for these matters, that these legal actions are routine in nature and incidental to the operation of the Business and that it is not reasonably probable that the ultimate resolution of these matters will have a material adverse impact on the Business, financial condition, results of operations and cash flows.

**10. Related Party Transactions** 

There have been no material changes to the description of related party transactions as set forth in the annual combined financial statements.

*Transactions with the Parent* 

Transactions between the Business and the Parent have been included in the interim financial statements and forgiven at the time the respective transactions were recorded. The total net effect of the settlement of these transactions with the Parent is reflected in the condensed combined statements of cash flows as a financing activity and in the condensed combined balance sheets as the Parent's net investment. The components of the net transfers to the Parent were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months<br>Ended September 30,** | **For the Nine Months<br>Ended September 30,** |
| | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
|  Investment attributable to TEG First Installment Payment <sup>1</sup> | $— | $21741 |
|  Net investments attributable to Parent-controlled sites converted to fuel <br>supply or consignment locations during the year | (3867) | 876 |
|  Stock-based compensation granted by Parent | 605 | 535 |
|  Net transfers to Parent | (43663) | (92998) |
|  | $(46925) | $(69846) |

---

<sup>1</sup> Refer to Note 3 in the annual combined financial statements for further details of the TEG transaction.

*Allocation of Parent Depreciation Expenses* 

The depreciation expenses included in the condensed combined statements of operations include an allocation of depreciation for certain locations' property and equipment owned by the Parent. These expenses have been allocated to the Business on the basis of usage based on specific site allocation.

*Allocation of General and Administrative Expenses* 

The general and administrative expenses included in the condensed combined statements of operations include an allocation for certain Parent expenses and shared service functions provided by the Parent. These expenses have been allocated to the Business on the basis of estimated usage based on allocation methodologies which include, but are not limited to, total revenues and number of employees. Costs related to being a publicly traded company were not included in the cost allocation.

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**ARKO Petroleum Corp.** 

**NOTES TO CONDENSED COMBINED FINANCIAL STATEMENTS** — **(Continued)** 

The Company's management believes the assumptions regarding the allocation of general and administrative expense from the Parent are reasonable. Nevertheless, interim financial statements may not include the actual expenses that would have been incurred had the Business operated as a standalone company during the nine months ended September 30, 2025 and 2024. Actual costs that would have been incurred if the Business had operated as a standalone company would depend on multiple factors, including, but not limited to, organizational structure and strategic decisions made in various areas, including information technology and infrastructure. The Business may incur different costs associated with being a standalone public company and, therefore, would result in costs that vary from the allocation in the interim financial statements.

**11. Subsequent Events** 

The Company has evaluated subsequent events through December 19, 2025, the date the interim financial statements were available to be issued. No events were identified that required recognition or disclosure in the interim financial statements.

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##### [**Table of Contents**](#toc)
**Shares** 

**ARKO Petroleum Corp.** 

**Class A Common Stock** 

**Preliminary Prospectus** 

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| | | |
|:---|:---|:---|
| **UBS Investment Bank** | **Raymond James** | **Stifel** |

---

---

| | |
|:---|:---|
| **Mizuho** | **Capital One Securities** |

---

Prospectus dated , 2026

Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

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Part II

Information not required in prospectus

**Item 13.** **Other Expenses of Issuance and Distribution.** <br>

The following table sets forth all fees and expenses, other than the underwriting discounts and commissions payable solely by us in connection with the offer and sale of the securities being registered. All amounts shown are estimated except for the SEC registration fee, the Financial Industry Regulatory Authority, Inc., or FINRA, filing fee and the exchange listing fee.

---

| | |
|:---|:---|
| **Expense** | |
|  SEC registration fee | $\* |
|  FINRA filing fee | \* |
|  Nasdaq listing fee | \* |
|  Accounting fees and expenses | \* |
|  Legal fees and expenses | \* |
|  Printing expenses | \* |
|  Transfer agent and registrar fees | \* |
|  Miscellaneous expenses | \* |
|  Total | $\* |

---

\* To be filed by amendment

**Item 14.** **Indemnification of Directors and Officers.** <br>

Section 145(a) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party to or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), because he or she is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding, if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

Section 145(b) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor because the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made with respect to any claim, issue or matter as to which he or she shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, he or she is fairly and reasonably entitled to indemnity for such expenses that the Court of Chancery or other adjudicating court shall deem proper.

**II-1** 

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**Part II Information not required in prospectus** 

Section 145(g) of the DGCL provides, in general, that a corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of his or her status as such, whether or not the corporation would have the power to indemnify the person against such liability under Section 145 of the DGCL.

We have entered into indemnification agreements with each of our directors and officers. These agreements provide that we will indemnify each of our directors and such officers to the fullest extent permitted by law and our amended and restated certificate of incorporation and amended and restated bylaws.

We also maintain a general liability insurance policy which covers certain liabilities of our directors and officers arising out of claims based on acts or omissions in their capacities as directors or officers.

In any underwriting agreement we enter into in connection with the sale of Class A common stock being registered hereby, the underwriters will agree to indemnify, under certain conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act against certain liabilities.

**Item 15.** **Recent Sales of Unregistered Securities.** <br>

On July 2, 2025, ARKO Petroleum Corp. agreed to issue 1,000 shares of common stock, par value $0.0001 per share, to ARKO Convenience Stores, LLC, which shares will be cancelled upon the consummation of this offering. The issuance was exempt from registration under Section 4(a)(2) of the Securities Act, as a transaction by an issuer not involving any public offering.

**Item 16.** **Exhibits and Financial Statements.** <br>

(a) *Exhibits*.

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| | | |
|:---|:---|:---|
| **Exhibit No.** |  | **Description** |
| 1.1 | \* | Form of Underwriting Agreement |
| 3.1 | \* | Form of Amended and Restated Certificate of Incorporation of ARKO Petroleum Corp., to be in effect upon the consummation of this offering. |
| 3.2 | \* | Form of Amended and Restated Bylaws of ARKO Petroleum Corp., to be in effect upon the consummation of this offering. |
| 5.1 | \* | Opinion of Greenberg Traurig, LLP. |
| 10.1 | +\* | Form of Indemnification Agreement between ARKO Petroleum Corp. and each of its directors and executive officers. |
| 10.2 | +\* | ARKO Petroleum Corp. 2026 Incentive Compensation Plan. |
| 10.3 |  | [Second Amended and Restated Credit Agreement, dated May 5, 2023, by and among GPM Petroleum LP, the guarantors party thereto, Capital One, National Association, and the lenders party thereto (incorporated herein by reference to Exhibit 10.1 to ARKO Corp.'s Current Report on Form 8-K, filed on May 8, 2023).](http://www.sec.gov/Archives/edgar/data/1823794/000095017023018465/arko-ex10_1.htm) |

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##### [**Table of Contents**](#toc)
**Part II Information not required in prospectus** 

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| | | |
|:---|:---|:---|
| **Exhibit No.** |  | **Description** |
| 10.4 |  | [First Amendment to Second Amended and Restated Credit Agreement, dated as of March 26, 2024, by and among GPM Petroleum LP, the guarantors party thereto, Capital One, National Association, and the lenders party thereto (incorporated herein by reference to Exhibit 10.2 to ARKO Corp.'s Current Report on Form 8-K, filed on March 28, 2024).](http://www.sec.gov/Archives/edgar/data/1823794/000095017024037603/arko-ex10_2.htm) |
| 10.5# |  | [Second Amendment to Second Amended and Restated Credit Agreement, dated as of January 13, 2026, by and among GPM Petroleum LP, the guarantors party thereto, Capital One, National Association, and the lenders party thereto.](d928360dex105.htm) |
| 10.6 | # | [Form of Management Services Agreement, by and between ARKO Corp. and ARKO Petroleum Corp.](d928360dex106.htm) |
| 10.7 |  | [Form of Amended and Restated Omnibus Agreement, by and among ARKO Corp., ARKO Petroleum LP, GPM Petroleum GP, LLC, GPM Petroleum, LLC, GPM Empire, LLC and GPM Investments, LLC.](d928360dex107.htm) |
| 10.8 |  | [Form of Employee and Intercompany Matters Agreement, by and among ARKO Corp., Arko Convenience Stores, LLC, GPM Investments, LLC, ARKO Petroleum Corp. and certain subsidiaries and affiliates.](d928360dex108.htm) |
| 10.9 |  | [Form of Third Amended, Restated and Consolidated Fuel Distribution Agreement, by and among ARKO Petroleum Corp., GPM Petroleum, LLC, GPM Empire, LLC, and GPM Investments, LLC.](d928360dex109.htm) |
| 10.10 | \* | Tax Matters Agreement, dated , 2026, by and between ARKO Corp. and ARKO Petroleum Corp. |
| 10.11 | \* | Form of Registration Rights Agreement, by and between us and ARKO Corp. |
| 10.12 |  | [Form of ARKO Parent Intercompany Note](d928360dex1012.htm) |
| 21.1 | \* | List of subsidiaries. |
| 23.1 |  | [Consent of Grant Thornton LLP (ARKO Petroleum Corp.)](d928360dex231.htm) |
| 23.2 |  | [Consent of Grant Thornton LLP (Contributed Businesses)](d928360dex232.htm) |
| 23.3 | \* | Consent of Greenberg Traurig, LLP (contained in its opinion filed as Exhibit 5.1). |
| 24.1 | \*\* | [Power of Attorney (included on the signature page to the initial filing of the registration statement).](http://www.sec.gov/Archives/edgar/data/2080921/000119312525325826/d928360ds1.htm#ii928360_1) |
| 99.1 | \*\* | [Consent of Carlos Maurer to be named Director Nominee.](http://www.sec.gov/Archives/edgar/data/2080921/000119312525325826/d928360dex991.htm) |
| 99.2 | \*\* | [Consent of Kirk Rogers to be named Director Nominee.](http://www.sec.gov/Archives/edgar/data/2080921/000119312525325826/d928360dex992.htm) |
| 107 | \*\* | [Filing Fee Table.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/2080921/000119312525325826/d928360dexfilingfees.htm) |

---

\* To be filed by amendment.

\*\* Previously filed.

+ Indicates management contract or compensatory plan.

# Portions of this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The Registrant undertakes to furnish a copy of all omitted schedules and exhibits to the SEC upon its request.

**Item 17.** **Undertakings.** <br>

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as

**II-3** 

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##### [**Table of Contents**](#toc)
**Part II Information not required in prospectus** 

expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction, the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby further undertakes that:

(1) For purposes of determining any liability under the Securities Act the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of
prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

(2) For the purpose of determining any liability under the Securities Act each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

**II-4** 

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##### [**Table of Contents**](#toc)
Signatures

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the County of Henrico, Commonwealth of Virginia, on the January 20, 2026.

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| | |
|:---|:---|
| **ARKO PETROLEUM CORP.** | **ARKO PETROLEUM CORP.** |
| By: | /s/ Arie Kotler |
| Name: | Arie Kotler |
| Title: | President, Chief Executive Officer and Director |

---

**II-5** 

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##### [**Table of Contents**](#toc)
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name**  | **Title**  | **Date**  |
| \*<br> Arie Kotler | President, Chief Executive Officer and Director (Principal Executive Officer) | January 20, 2026 |
| \*<br> Jordan Mann | Chief Financial Officer (Principal Financial and Accounting Officer) | January 20, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Arie Kotler |
|  | Arie Kotler |
|  | Attorney-in-Fact |

---

**II-6**

## Exhibit 10.5

**Exhibit 10.5** 

*Execution Version*

**SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT** 

**THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT**, dated as of January 13, 2026 (this "***Agreement***") is by and among the Lenders party hereto, **GPM PETROLEUM LP**, a Delaware limited partnership (the "***Borrower***"), the Guarantors party hereto and **CAPITAL ONE, NATIONAL ASSOCIATION**, as Administrative Agent (the "***Administrative*** ***Agent***"), Swingline Lender and an Issuing Lender.

**RECITALS:** 

**WHEREAS**, reference is hereby made to the Second Amended and Restated Credit Agreement, dated as of May 5, 2023, by and among the Borrower, the guarantors party thereto from time to time, the lenders party thereto (collectively, the "***Lenders***" and individually, a "***Lender***") from time to time, and Capital One, National Association, as Administrative Agent and the other agents and parties party thereto from time to time (as previously amended prior to the date hereof and as the same may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, including by this Agreement, the "***Credit Agreement***"; capitalized terms used and not otherwise defined herein being used herein as therein defined); and

**WHEREAS**, the Borrower has requested, and the Administrative Agent and the Lenders party hereto have agreed, to make certain amendments to the Credit Agreement as more specifically described herein.

**NOW, THEREFORE**, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

SECTION 1. <u>Amendment of Existing Credit Agreement</u>. As of the Second Amendment Effective Date, the Credit Agreement, Schedule 3.16 to the Credit Agreement, and Exhibit 5.2(a) to the Credit Agreement, are hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth on the pages of the Credit Agreement attached as <u>Exhibit A</u> hereto.

SECTION 2. <u>Reaffirmation and Confirmation of Credit Documents</u>. Each of the Credit Parties hereby (a) acknowledges the existence, validity and enforceability of this Agreement, (b) confirms and ratifies all of its obligations under the Credit Agreement (immediately after giving effect to this Agreement), each Security Document and the other Credit Documents to which it is party, including its respective guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of the Credit Agreement, each Security Document and each of the other Credit Documents to which it is party, and (c) agrees that such guarantees, pledges, grants of security interests and other obligations, and the terms of the Credit Agreement, each Security Document and each of the other Credit Documents to which it is a party, are not impaired or adversely affected in any manner whatsoever and shall continue to be in full force and effect in accordance with their terms and, as applicable, shall guarantee and secure all secured Obligations under the Credit Agreement, as modified pursuant to this Agreement. The parties hereto acknowledge and agree that all references to the "Credit Agreement" (or words of similar import) in the Credit Documents (including each Security Document) refer to the Credit Agreement as amended and supplemented by this Agreement without impairing any such obligations or Liens in any respect.

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SECTION 3. <u>Conditions to Effectiveness</u>. The effectiveness of this Agreement is subject to the satisfaction or waiver of each of the following conditions (the date on which such conditions are satisfied or waived, the "***Second Amendment Effective Date***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Execution of Amendment</u>. The Administrative Agent shall have received a counterpart of this Agreement, executed and delivered by the Borrower, the Guarantors and the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Execution of Credit Documents</u>. The Administrative Agent shall have received counterparts of each of the GPM Empire Security Agreement, the Capital One Engagement Letter and the Pledge Agreement and such documents shall be in form and substance satisfactory to the Administrative Agent and the Lenders and shall be executed by a duly authorized officer of the applicable Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Collateral Rights Agreement</u>. The Administrative Agent shall have received a counterpart of the Collateral Rights Agreement from PNC Bank and such Collateral Rights Agreement shall be in form and substance satisfactory to the Administrative Agent and the Lenders and shall be executed by a duly authorized officer of PNC Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>ARKO Petroleum Offering</u>. There has been an issuance of common Equity Interests of ARKO Petroleum Corp. either (i) in an initial primary public offering pursuant to an effective registration statement on Form S-1 filed with the SEC in accordance with the Securities Act or (ii) to a third party in a private placement resulting in net cash proceeds of no less than the amount included in the marketing materials provided to Lenders (the "<u>ARKO Petroleum Offering</u>"); <u>provided</u> that in order for this condition to be satisfied, an ARKO Petroleum Offering pursuant to (x) <u>clause (i)</u> of this Section must be completed within one hundred twenty (120) days of the execution date of this Agreement or (y) <u>clause (ii)</u> of this Section must be completed within sixty (60) days of the execution date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Proceeds from ARKO Petroleum Offering</u>. Satisfactory evidence shall be provided to the Administrative Agent that not less than 90% of any net cash proceeds of the ARKO Petroleum Offering shall have been contributed to the Borrower for limited partnership interests and shall have been used to make a prepayment under the Credit Agreement in accordance with Section 2.6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>ARKO Petroleum Structure</u>. The organizational structure of ARKO Petroleum and its Subsidiaries shall be satisfactory to the Administrative Agent and the Lenders in its reasonable discretion; <u>provided</u> that, without limiting such approval rights, the organizational structure presented to Administrative Agent on December 11, 2025 are deemed to be acceptable to Administrative Agent and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Authority Documents</u>. The Administrative Agent shall have received the following:

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Articles of Incorporation/Charter Documents</u>. Copies of certified articles of incorporation or other charter documents, as applicable, of each Credit Party, each Pledgor and GPM Empire certified (A) by an officer of such Credit Party, such Pledgor or GPM Empire (pursuant to an officer's certificate in form and substance satisfactory to the Administrative Agent), as applicable, as of the Second Amendment Effective Date to be true and correct and in force and effect as of such date, and (B) to be true and complete as of a recent date by the appropriate Governmental Authority of the state of its incorporation or organization, as applicable, and all such documents shall be satisfactory to the Administrative Agent and the Lenders. 

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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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Resolutions</u>. Copies of resolutions of the board of directors, general partner or comparable managing body of each Credit Party, each Pledgor and GPM Empire approving and adopting this Agreement, the transactions contemplated hereby and authorizing execution and delivery of the Agreement and the other Credit Documents, certified by an officer of such Credit Party, such Pledgor or GPM Empire (pursuant to an officer's certificate in form and substance satisfactory to the Administrative Agent), as applicable, as of the Second Amendment Effective Date to be true and correct and in force and effect as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Bylaws/Operating</u> <u>Agreement</u><u>/</u><u>Partnership Agreement</u>. A copy of the bylaws, partnership agreement or comparable operating or limited liability company agreement of each Credit Party, each Pledgor and GPM Empire certified by an officer of such Credit Party, such Pledgor or GPM Empire (pursuant to an officer's certificate in form and substance satisfactory to the Administrative Agent), as applicable, as of the Second Amendment Effective Date to be true and correct and in force and effect as of such date and all such agreements shall be satisfactory to the Administrative Agent and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Good Standing</u>. Original certificates of good standing, existence or its equivalent with respect to each Credit Party, each Pledgor and GPM Empire certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation or organization and each other state in which assets owned or leased by any of the Credit Parties, Pledgors or GPM Empire are located or in which the failure to so qualify and be in good standing could reasonably be expected to have a Material Adverse Effect. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Incumbency</u>. An incumbency certificate of each Responsible Officer of each Credit Party, each Pledgor and GPM Empire authorized to execute and deliver the Credit Documents certified by an officer (pursuant to an officer's certificate in form and substance satisfactory to the Administrative Agent) to be true and correct as of the Second Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Personal Property</u> <u>Collateral</u>. The Administrative Agent shall have received the following, in form and substance satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Lien Searches</u>. Certified copies, each as of a recent date, of UCC searches in the jurisdictions specified in the Perfection Certificate with respect to each Credit Party, each Pledgor and GPM Empire, together with copies of all filings disclosed by such searches;

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>UCC Filings</u>. Completed UCC financing statements for each appropriate jurisdiction as is necessary or appropriate, in the Administrative Agent's sole discretion, to perfect the Administrative Agent's security interest in the 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Equity Certificates</u>. Certificates, if any, evidencing the Equity Interests pledged to the Administrative Agent pursuant to the Security Agreement and the Pledge Agreement and undated transfer powers with respect thereto, duly executed in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Legal Opinion of Counsel</u>. The Administrative Agent shall have received an opinion or opinions of counsel for the Credit Parties, the Pledgors and GPM Empire, dated the Second Amendment Effective Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Solvency Certificate</u>. The Administrative Agent shall have received a Solvency Certificate prepared by the chief financial officer or other Responsible Officer approved by the Administrative Agent of ARKO Petroleum, the Borrower or GPM Empire, as applicable, as to the financial condition, solvency and related matters of (i) ARKO Petroleum and its Subsidiaries, (ii) the Credit Parties and their Subsidiaries and (iii) GPM Empire and its Subsidiaries, in substantially the form of <u>Exhibit</u> <u>4.1(g)</u> to the Credit Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Material Contracts</u>. The Borrower shall have delivered copies of each Material Contract to the Administrative Agent, certified by a Responsible Officer of the Borrower as being true, correct and complete and Material Affiliate Contracts shall be satisfactory to the Administrative Agent and the Lenders; <u>provided</u> that, without limiting such approval rights set forth above, the drafts of the Material Affiliate Contracts delivered to Administrative Agent on December 19, 2025 are deemed to be acceptable to Administrative Agent and the Lenders. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Perfection Certificate</u>. The Administrative Agent shall have received a Perfection Certificate, dated as of the Second Amendment Effective Date, duly executed and delivered by each Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Closing Certificate</u>. The Administrative Agent shall have received a certificate or certificates executed by a Responsible Officer of the Borrower, the Pledgors or GPM Empire, as applicable, as of the Second Amendment Effective Date, in form and substance satisfactory to the Administrative Agent stating that (i) there does not exist any pending or ongoing, action, suit, investigation, litigation or proceeding in any court or before any other Governmental Authority (A) affecting this Agreement or the other Credit Documents, that has not been settled, dismissed, vacated, discharged or terminated prior to the Second Amendment Effective Date or (B) that purports to affect any Credit Party, any Pledgor, GPM Empire or any of their Subsidiaries, or the transactions contemplated hereby, which action, suit, investigation, litigation or proceeding could reasonably be expected to have a Material Adverse Effect, that has not been settled, dismissed, vacated, discharged or terminated prior to the Second Amendment Effective Date, and (ii) immediately after giving effect to this Agreement, the other Credit Documents, and all the transactions contemplated to occur on the Second Amendment Effective Date, (A) no Default or Event of Default exists, (B) all representations and warranties contained herein and in the other Credit Documents (1) with respect to representations and warranties that contain a materiality qualification, are true and correct and (2) with respect to representations and warranties that do not contain a materiality qualification, are true and correct in all material respects, in each case, as if made on and as of such date, except for any representation or warranty made as of an earlier date, which representation and warranty shall be true and correct or true and correct in all material respects, as applicable, as of such earlier date, and (C) the Credit Parties are in pro forma compliance with each of the initial financial covenants set forth in Section 5.9 of the Credit Agreement (as evidenced through detailed calculations of such financial covenants on a schedule to such certificate) as of the last day of the most recently ended fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Financial Statements and Financial Projections</u>. The Administrative Agent and the Lenders shall have received copies of (i) a pro forma balance sheet for the Borrower and its Subsidiaries and (ii) the Financial Projections certified by the chief financial officer of the Borrower, each of which shall be satisfactory to the Administrative Agent and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Know Your Customer</u>. The Borrower, each other Credit Party, each Pledgor and GPM Empire shall have provided all documentation and other information reasonably requested by the Administrative Agent or any Lender at least 10 days prior to the Second Amendment Effective Date in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, in each case at least five (5) Business Days prior to the Second Amendment Effective Date. To the extent qualifying as a "legal entity customer" under the Beneficial Ownership Regulation, the Borrower shall have delivered a Beneficial Ownership Certification.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Material Adverse Effect</u>. Since December 31, 2024, there shall not have occurred any event or condition that has had or could be reasonably expected, either individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Due Diligence</u>. The Administrative Agent shall have completed all legal, tax, accounting, business, financial, environmental, title, and ERISA due diligence concerning the Borrower and its Subsidiaries, the Pledgors and their Subsidiaries, and GPM Empire in each case in scope and with results in all respects satisfactory to the Administrative Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Additional Documents</u>. The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Fees and Expenses</u>. The Administrative Agent and the Lenders shall have received all fees and amounts due and payable, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder, under the Engagement Letter and under the Credit Agreement (including, without limitation, the reasonable fees and expenses of Latham & Watkins LLP, counsel to the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>GPM Empire Deposit Account</u>. The Administrative Agent shall have received evidence that the deposit account or accounts of GPM Empire to be covered by the GPM Empire Deposit Account Control Agreement have been established in a manner satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Schedule 3.19 to the Credit Agreement</u>. The Borrower shall have delivered to the Administrative Agent an updated and complete Schedule 3.19 to the Credit Agreement in accordance with Section 3.19 of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Consummation of Amendment to the PNC Facility</u>. An amendment or amendment and restatement to the PNC Facility, in form and substance reasonably acceptable to the Administrative Agent, has been consummated on or prior to the Second Amendment Effective Date.

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For purposes of determining compliance with the conditions specified in this <u>Section</u> <u>3</u>, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the Second Amendment Effective Date specifying its objection thereto.

SECTION 4. <u>Post-Closing Matters</u>. Within thirty (30) days of the Second Amendment Effective Date (or such longer period as agreed to in writing by the Administrative Agent in its sole discretion), GPM Empire shall have delivered to the Administrative Agent the GPM Empire Deposit Account Control Agreement in form and substance satisfactory to the Administrative Agent.

SECTION 5. <u>Representations and Warranties of the Credit Parties</u>. Each Credit Party hereby represents and warrants, as of the Second Amendment Effective Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the representations and warranties contained in Article III of the Credit Agreement and in each of the other Credit Documents is true and correct in all material respects (except with respect to representations and warranties which are expressly qualified by materiality, which shall be true and correct in all respects) on and as of the Second Amendment Effective Date as if made on and as of such date except to the extent that such representations and warranties expressly specifically refer to an earlier date (in which case such representations and warranties are true and correct in all material respects as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default exists as of the Second Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There has not been a termination, amendment, modification or supplement to any Material Contract delivered pursuant to <u>Section</u> <u>3(k)</u> hereof after the execution of this Agreement that would be materially adverse to the Lenders.

SECTION 6. <u>Exhibit A Modifications</u>. The Borrower, each Guarantor party hereto and each Lender party hereto each hereby agree and acknowledge that, without any further consent from any Credit Party or Lender, prior to or upon the Second Amendment Effective Date, the Administrative Agent is authorized to fill in the dates and names of documents within the Credit Agreement attached as <u>Exhibit A</u> hereto to the extent such dates and names have been left blank as of the date hereof.

SECTION 7. <u>Effects on Credit Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended herein, all Credit Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Credit Documents, nor constitute a waiver of any provision of the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Credit Parties and the other parties hereto acknowledge and agree that this Agreement shall constitute a Credit Document.

SECTION 8. <u>Amendments; Execution in Counterparts.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall not constitute an amendment of any other provision of the Credit Agreement not referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Borrower and any other Credit Party that would require a waiver or consent of the Lenders or the Administrative Agent. Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed by the Borrower, the Administrative Agent and the Lenders party hereto. This Agreement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or other electronic submission shall be effective as delivery of a manually executed counterpart hereof. The words "execution," "signed," "signature," and words of like import in this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 9. <u>GOVERNING LAW; WAIVER OF JURY TRIAL</u>. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER CREDIT DOCUMENTS. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION AND IN SECTION 9.16 OF THE CREDIT AGREEMENT.

[Remainder of page intentionally left blank]

------

**IN WITNESS WHEREOF**, each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first set forth above.

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| | |
|:---|:---|
| **GPM PETROLEUM LP**, as the Borrower | **GPM PETROLEUM LP**, as the Borrower |
| By: | GPM Petroleum GP, LLC, its general partner |
| By | /s/ Arie Kotler |
| Name: | Arie Kotler |
| Title: | Chief Executive Officer |
| By: | /s/ Maury Bricks |
| Name: | Maury Bricks |
| Title: | General Counsel |
| **GPM PETROLEUM, LLC**, as a Guarantor | **GPM PETROLEUM, LLC**, as a Guarantor |
| By: | /s/ Arie Kotler |
| Name: | Arie Kotler |
| Title: | Chief Executive Officer |
| By: | /s/ Maury Bricks |
| Name: | Maury Bricks |
| Title: | General Counsel |

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Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **CAPITAL ONE, NATIONAL ASSOCIATION** | **CAPITAL ONE, NATIONAL ASSOCIATION** |
| as Administrative Agent, a Lender, Swingline Lender and Issuing Lender | as Administrative Agent, a Lender, Swingline Lender and Issuing Lender |
| By: | /s/ Gabrielle Mason |
| Name: | Gabrielle Mason |
| Title: | Duly Authorized Signatory |

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Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **BANK OF AMERICA, N.A.,**<br> as a Lender | **BANK OF AMERICA, N.A.,**<br> as a Lender |
| By: | /s/ Colleen Landau |
| Name: | Colleen Landau |
| Title: | Senior Vice President |

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Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **KEYBANK, NATIONAL ASSOCIATION,**<br> as a Lender | **KEYBANK, NATIONAL ASSOCIATION,**<br> as a Lender |
| By: | /s/ Amra Rausche |
| Name: | Amra Rausche |
| Title: | Senior Vice President |

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Signature Page to

Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **Santander Bank, N.A.**<br> as a Lender | **Santander Bank, N.A.**<br> as a Lender |
| By: | /s/ Jack Kelly |
| Name: | Jack Kelly |
| Title: | Senior Vice President |

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Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **Wells Fargo Bank, N.A.,**<br> as a Lender | **Wells Fargo Bank, N.A.,**<br> as a Lender |
| By: | /s/ Todd Alcantara |
| Name: | Todd Alcantara |
| Title: | Managing Member |

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Signature Page to

Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **Fifth Third Bank, National Association,**<br> as a Lender | **Fifth Third Bank, National Association,**<br> as a Lender |
| By: | /s/ Nate Calloway |
| Name: | Nate Calloway |
| Title: | Officer |

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Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **Raymond James Bank,**<br> as a Lender | **Raymond James Bank,**<br> as a Lender |
| By: | /s/ Chad E Colby |
| Name: | Chad E Colby |
| Title: | Managing Director |

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Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **ATLANTIC UNION BANK,**<br> as a Lender | **ATLANTIC UNION BANK,**<br> as a Lender |
| By: | /s/ Matthew Sawyer |
| Name: | Matthew Sawyer |
| Title: | Managing Director |

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Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **JPMORGAN CHASE BANK, N.A.,**<br> as a Lender | **JPMORGAN CHASE BANK, N.A.,**<br> as a Lender |
| By: | /s/ Leigh P. Rose |
| Name: | Leigh P. Rose |
| Title: | Authorized Signer |

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Second Amendment to Second Amended and Restated Credit Agreement

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| | |
|:---|:---|
| **Consented to by:** | **Consented to by:** |
| **TRUIST BANK,**<br> as a Lender | **TRUIST BANK,**<br> as a Lender |
| By: | /s/ Lisa Garling |
| Name: | Lisa Garling |
| Title: | Director |

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Second Amendment to Second Amended and Restated Credit Agreement

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**EXHIBIT A** 

**CREDIT AGREEMENT** 

(See attached.)

------

***Execution Version*** 

**SECOND AMENDED AND RESTATED CREDIT AGREEMENT** 

dated as of May 5, 2023,

among

**GPM PETROLEUM LP,** 

as the Borrower,

Certain Subsidiaries of the Borrower

from time to time party hereto,

as Guarantors,

**CAPITAL ONE, NATIONAL ASSOCIATION,** 

as Administrative Agent,

**BANK OF AMERICA, N.A., KEYBANK NATIONAL ASSOCIATION,** 

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

as Co-Syndication Agents,

**FIFTH THIRD BANK, NATIONAL ASSOCIATION<u>, and</u>** 

**RAYMOND JAMES BANK** 

as Co-Documentation Agents

and

The Lenders from time to time party hereto

**CAPITAL ONE, NATIONAL ASSOCIATION,** 

**BOFA SECURITIES, INC.,** 

**KEYBANC CAPITAL MARKETS INC.<u>,</u>** 

**SANTANDER BANK, N.A.<u>,</u>** 

**WELLS FARGO BANK, N.A.<u>,</u>** 

as Joint Lead Arrangers and Joint Bookrunners

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<u>**TABLE OF CONTENTS**</u> 

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| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | **1** |
| Section 1.1 | Defined Terms | **1** |
| Section 1.2 | Types of Loans | **36<u>44</u>** |
| Section 1.3 | Other Definitional Provisions | **36<u>44</u>** |
| Section 1.4 | Accounting Terms; GAAP | **36<u>45</u>** |
| Section 1.5 | Time References | **37<u>46</u>** |
| Section 1.6 | Execution of Documents | **37<u>46</u>** |
| Section 1.7 | Divisions | **37<u>46</u>** |
| Section 1.8 | Letter of Credit Amounts | **38<u>46</u>** |
| Section 1.9 | Interest Rates | **38<u>46</u>** |
| ARTICLE II THE LOANS; AMOUNT AND TERMS | ARTICLE II THE LOANS; AMOUNT AND TERMS | **38<u>47</u>** |
| Section 2.1 | Revolving Loans | **38<u>47</u>** |
| Section 2.2 | Letter of Credit Subfacility | **40<u>49</u>** |
| Section 2.3 | Swingline Loan Subfacility | **45<u>54</u>** |
| Section 2.4 | Fees | **48<u>57</u>** |
| Section 2.5 | Commitment Reductions | **48<u>57</u>** |
| Section 2.6 | Prepayments | **49<u>58</u>** |
| Section 2.7 | Default Rate and Payment Dates | **50<u>59</u>** |
| Section 2.8 | Conversion Options | **51<u>60</u>** |
| Section 2.9 | Computation of Interest and Fees; Usury | **51<u>60</u>** |
| Section 2.10 | Pro Rata Treatment and Payments | **52<u>62</u>** |
| Section 2.11 | Non-Receipt of Funds by the Administrative Agent | **53<u>63</u>** |
| Section 2.12 | Inability to Determine Interest Rate; Effect of Benchmark Transition Event | **55<u>64</u>** |
| Section 2.13 | Yield Protection | **57<u>66</u>** |
| Section 2.14 | Compensation for Losses | **58<u>67</u>** |
| Section 2.15 | Taxes | **59<u>68</u>** |
| Section 2.16 | Illegality | **63<u>72</u>** |
| Section 2.17 | Mitigation Obligations; Replacement of Lenders | **63<u>73</u>** |
| Section 2.18 | Cash Collateral | **64<u>74</u>** |
| Section 2.19 | Defaulting Lenders | **65<u>75</u>** |
| Section 2.20 | Incremental Revolving Facility | **68<u>78</u>** |
| Section 2.21 | Return of Payments | **69<u>79</u>** |
| ARTICLE III REPRESENTATIONS AND WARRANTIES | ARTICLE III REPRESENTATIONS AND WARRANTIES | **72<u>82</u>** |
| Section 3.1 | Financial Statements | **72<u>82</u>** |
| Section 3.2 | No Material Adverse Effect | **73<u>83</u>** |
| Section 3.3 | Corporate Existence; Compliance with Law; Patriot Act Information | **73<u>83</u>** |

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i

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| | | |
|:---|:---|:---|
| Section 3.4 | Corporate Power; Authorization; Enforceable Obligations | **74<u>84</u>** |
| Section 3.5 | Approvals; No Conflicts; No Default | **74<u>84</u>** |
| Section 3.6 | No Material Litigation | **74<u>84</u>** |
| Section 3.7 | Investment Company Act | **75<u>85</u>** |
| Section 3.8 | Margin Regulations | **75<u>85</u>** |
| Section 3.9 | ERISA | **75<u>85</u>** |
| Section 3.10 | Environmental Matters | **75<u>85</u>** |
| Section 3.11 | Use of Proceeds | **76<u>87</u>** |
| Section 3.12 | Capitalization | **77<u>87</u>** |
| Section 3.13 | Ownership | **77<u>87</u>** |
| Section 3.14 | [Reserved.] | **77<u>87</u>** |
| Section 3.15 | Taxes | **77<u>87</u>** |
| Section 3.16 | Real Property | **77<u>87</u>** |
| Section 3.17 | Solvency | **78<u>88</u>** |
| Section 3.18 | Compliance with FCPA and Anti-Corruption Laws | **78<u>88</u>** |
| Section 3.19 | Material Contracts | **78<u>88</u>** |
| Section 3.20 | Brokers' Fees | **78<u>89</u>** |
| Section 3.21 | Labor Matters | **79<u>89</u>** |
| Section 3.22 | Accuracy and Completeness of Information | **79<u>89</u>** |
| Section 3.23 | Common Enterprise | **79<u>89</u>** |
| Section 3.24 | Insurance | **79<u>90</u>** |
| Section 3.25 | Security Documents | **79<u>90</u>** |
| Section 3.26 | Classification of Senior Indebtedness | **80<u>90</u>** |
| Section 3.27 | Anti-Terrorism and Anti-Money Laundering Law Compliance | **80<u>90</u>** |
| Section 3.28 | Responsible Officer | **80<u>91</u>** |
| Section 3.29 | Regulation H | **80<u>91</u>** |
| ARTICLE IV CONDITIONS PRECEDENT | ARTICLE IV CONDITIONS PRECEDENT | **81<u>91</u>** |
| Section 4.1 | Conditions to Closing Date | **81<u>91</u>** |
| Section 4.2 | Conditions to All Extensions of Credit | **85<u>96</u>** |
| ARTICLE V AFFIRMATIVE COVENANTS | ARTICLE V AFFIRMATIVE COVENANTS | **86<u>96</u>** |
| Section 5.1 | Financial Statements | **86<u>97</u>** |
| Section 5.2 | Certificates; Other Information | **87<u>98</u>** |
| Section 5.3 | Payment of Taxes and Other Obligations | **89<u>100</u>** |
| Section 5.4 | Existence; Conduct of Business | **89<u>101</u>** |
| Section 5.5 | Maintenance of Property; Insurance | **89<u>101</u>** |
| Section 5.6 | Books and Records; Inspection Rights | **90<u>102</u>** |
| Section 5.7 | Notices | **90<u>102</u>** |
| Section 5.8 | Environmental Laws | **91<u>103</u>** |
| Section 5.9 | Financial Covenants | **92<u>103</u>** |
| Section 5.10 | Additional Guarantors | **92<u>104</u>** |
| Section 5.11 | Compliance with Law | **93<u>104</u>** |
| Section 5.12 | Pledged Assets | **93<u>104</u>** |
| Section 5.13 | Compliance with Terms of Leaseholds | **94<u>106</u>** |

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ii

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| | | |
|:---|:---|:---|
| Section 5.14 | Compliance with Agreements; Maintenance of Material Contracts | **94<u>106</u>** |
| Section 5.15 | Use of Proceeds | **95<u>106</u>** |
| Section 5.16 | Further Assurances | **95<u>106</u>** |
| Section 5.17 | Preparation of Environmental Reports | **95<u>107</u>** |
| Section 5.18 | Mortgages; Primary Banking; Insurance Endorsements; Control Agreements | **96<u>107</u>** |
| ARTICLE VI NEGATIVE COVENANTS | ARTICLE VI NEGATIVE COVENANTS | **98<u>109</u>** |
| Section 6.1 | Indebtedness | **98<u>109</u>** |
| Section 6.2 | Liens | **99<u>111</u>** |
| Section 6.3 | Nature of Business | **102<u>114</u>** |
| Section 6.4 | Consolidation, Merger, Sale of Assets, etc. | **102<u>114</u>** |
| Section 6.5 | Investments, Loans and Acquisitions | **103<u>115</u>** |
| Section 6.6 | Transactions with Affiliates | **104<u>116</u>** |
| Section 6.7 | Ownership of Subsidiaries; Restrictions | **105<u>117</u>** |
| Section 6.8 | Corporate Changes | **105<u>117</u>** |
| Section 6.9 | Limitation on Restricted Actions | **105<u>117</u>** |
| Section 6.10 | Restricted Payments | **106<u>118</u>** |
| Section 6.11 | Amendments to Organization Documents, Material Contracts, or Fiscal Year End; Prepayments of other Indebtedness | **106<u>119</u>** |
| Section 6.12 | Hedging Agreements | **107<u>120</u>** |
| Section 6.13 | Sale and Leaseback | **107<u>120</u>** |
| Section 6.14 | Anti-Terrorism Laws | **107<u>120</u>** |
| ARTICLE VII EVENTS OF DEFAULT | ARTICLE VII EVENTS OF DEFAULT | **108<u>121</u>** |
| Section 7.1 | Events of Default | **108<u>121</u>** |
| Section 7.2 | Acceleration; Remedies | **111<u>125</u>** |
| ARTICLE VIII THE ADMINISTRATIVE AGENT | ARTICLE VIII THE ADMINISTRATIVE AGENT | **111<u>125</u>** |
| Section 8.1 | Appointment and Authority | **111<u>125</u>** |
| Section 8.2 | Nature of Duties | **112<u>126</u>** |
| Section 8.3 | Exculpatory Provisions | **112<u>126</u>** |
| Section 8.4 | Reliance by Administrative Agent | **113<u>127</u>** |
| Section 8.5 | Notice of Default | **113<u>127</u>** |
| Section 8.6 | Non-Reliance on Administrative Agent and Other Lenders | **114<u>128</u>** |
| Section 8.7 | Indemnification | **114<u>128</u>** |
| Section 8.8 | Administrative Agent in Its Individual Capacity | **114<u>129</u>** |
| Section 8.9 | Resignation of Administrative Agent | **115<u>129</u>** |
| Section 8.10 | Collateral and Guaranty Matters | **116<u>130</u>** |
| Section 8.11 | [Reserved.] | **116<u>131</u>** |
| Section 8.12 | Agency for Perfection | **117<u>131</u>** |
| Section 8.13 | Proof of Claim | **117<u>131</u>** |
| Section 8.14 | Treasury Management Agreements and Secured Hedging Agreements | **118<u>132</u>** |

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| | | |
|:---|:---|:---|
| ARTICLE IX MISCELLANEOUS | ARTICLE IX MISCELLANEOUS | **118<u>132</u>** |
| Section 9.1 | Amendment or Waiver; Acceleration by Required Lenders | **118<u>132</u>** |
| Section 9.2 | Notices | **121<u>136</u>** |
| Section 9.3 | No Waiver; Cumulative Remedies | **123<u>137</u>** |
| Section 9.4 | Survival of Representations and Warranties | **123<u>137</u>** |
| Section 9.5 | Payment of Expenses and Taxes; Indemnity | **123<u>137</u>** |
| Section 9.6 | Successors and Assigns; Participations | **125<u>139</u>** |
| Section 9.7 | Right of Set-off; Sharing of Payments | **130<u>145</u>** |
| Section 9.8 | **Table of Contents** and Section Headings | **131<u>146</u>** |
| Section 9.9 | Counterparts; Effectiveness; Electronic Execution | **131<u>146</u>** |
| Section 9.10 | Severability | **133<u>148</u>** |
| Section 9.11 | Integration | **133<u>148</u>** |
| Section 9.12 | Governing Law | **133<u>148</u>** |
| Section 9.13 | Consent to Jurisdiction; Service of Process and Venue | **133<u>149</u>** |
| Section 9.14 | Confidentiality | **134<u>149</u>** |
| Section 9.15 | Acknowledgments | **135<u>150</u>** |
| Section 9.16 | Waivers of Jury Trial | **136<u>151</u>** |
| Section 9.17 | Patriot Act Notice | **136<u>151</u>** |
| Section 9.18 | Resolution of Drafting Ambiguities | **136<u>151</u>** |
| Section 9.19 | Subordination of Intercompany Debt | **136<u>151</u>** |
| Section 9.20 | Continuing Agreement | **136<u>152</u>** |
| Section 9.21 | Press Releases and Related Matters | **137<u>152</u>** |
| Section 9.22 | Appointment of Borrower | **137<u>152</u>** |
| Section 9.23 | No Advisory or Fiduciary Responsibility | **137<u>152</u>** |
| Section 9.24 | Responsible Officers | **138<u>153</u>** |
| Section 9.25 | Amendment and Restatement | **138<u>154</u>** |
| Section 9.26 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | **140<u>155</u>** |
| Section 9.27 | Certain ERISA Matters | **140<u>156</u>** |
| Section 9.28 | Acknowledgement Regarding Any Supported QFCs | **142<u>157</u>** |
| ARTICLE X GUARANTY | ARTICLE X GUARANTY | **143<u>158</u>** |
| Section 10.1 | The Guaranty | **143<u>158</u>** |
| Section 10.2 | Bankruptcy | **143<u>159</u>** |
| Section 10.3 | Nature of Liability | **144<u>159</u>** |
| Section 10.4 | Independent Obligation | **144<u>159</u>** |
| Section 10.5 | Authorization | **144<u>160</u>** |
| Section 10.6 | Reliance | **144<u>160</u>** |
| Section 10.7 | Waiver | **144<u>160</u>** |
| Section 10.8 | Limitation on Enforcement | **146<u>161</u>** |
| Section 10.9 | Confirmation of Payment | **146<u>162</u>** |
| Section 10.10 | Eligible Contract Participant | **146<u>162</u>** |
| Section 10.11 | Keepwell | **146<u>162</u>** |

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iv

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<u>Schedules</u> 

Schedule 1.1 Lender Commitments

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| | |
|:---|:---|
| **Schedule 1.2** | **Distribution Contract**  |

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Schedule 3.3 Patriot Act Information

Schedule 3.9 ERISA Matters

Schedule 3.12 Subsidiaries

Schedule 3.16 Real Property; Business Locations

Schedule 3.19 Material Contracts

Schedule 6.2 Liens

Schedule 9.2 Notices

<u>Exhibits</u> 

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| | |
|:---|:---|
| Exhibit 1.1(a) | Form of Assignment and Assumption  |

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| | |
|:---|:---|
| Exhibit 1.1(b) | Form of Joinder Agreement  |

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| | |
|:---|:---|
| Exhibit 1.1(c) | Form of Notice of Borrowing  |

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| | |
|:---|:---|
| Exhibit 1.1(d) | Form of Notice of Conversion/Extension  |

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| | |
|:---|:---|
| Exhibit 2.1(e) | Form of Revolving Loan Note  |

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| | |
|:---|:---|
| Exhibit 2.4(d) | Form of Swingline Loan Note  |

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| | |
|:---|:---|
| Exhibit 2.15(a) | Form of U.S. Tax Compliance Certificate  |

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| | |
|:---|:---|
| Exhibit 2.15(b) | Form of U.S. Tax Compliance Certificate  |

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| | |
|:---|:---|
| Exhibit 2.15(c) | Form of U.S. Tax Compliance Certificate  |

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| | |
|:---|:---|
| Exhibit 2.15(d) | Form of U.S. Tax Compliance Certificate  |

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| | |
|:---|:---|
| Exhibit 4.1(h) | Form of Solvency Certificate  |

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| | |
|:---|:---|
| Exhibit 5.2(a) | Form of Compliance Certificate  |

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vi

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This SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 5, 2023 (this "<u>Agreement</u>"), is entered into by and among GPM PETROLEUM LP, a Delaware limited partnership (together with its successors and assigns, the "<u>Borrower</u>"), the Guarantors (as hereinafter defined) from time to time party hereto, the Lenders (as hereinafter defined) from time to time party hereto, and CAPITAL ONE, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the "<u>Administrative Agent</u>"), and as the Issuing Lender (as defined below).

<u>RECITALS</u>:

WHEREAS, the Borrower and the Guarantors are party to that certain Amended and Restated Credit Agreement, dated as of July 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the "<u>Existing Credit Agreement</u>"), among the Borrower, the guarantors party thereto from time to time, Capital One, National Association, as administrative agent, the lenders party thereto from time to time, and the other parties party thereto.

WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the Lenders mutually desire to amend and restate the Existing Credit Agreement in its entirety.

NOW, THEREOF, in consideration of the premises and the mutual covenants contained herein, the parties hereto hereby agree that the Existing Credit Agreement is hereby amended and restated in its entirety as follows:

<u>AGREEMENT</u>:

ARTICLE I

DEFINITIONS

Section 1.1 <u>Defined Terms</u>.

As used in this Agreement, the following terms have the following meanings:

"<u>Acquisition</u>" shall mean any transaction or series of related transactions for the purpose or resulting, directly or indirectly, in the acquisition (whether for cash, property, services, assumption of Indebtedness, securities or otherwise) of (a) Equity Interests, other ownership interests or other securities of any Person, (b) bonds, notes or debentures of any Person, (c) any assets of any Person, or (d) any Person by way of merger, consolidation, amalgamation or any combination with such Person.

"<u>Adjusted Term SOFR</u>" shall mean, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation, plus (b) the Term SOFR Adjustment; <u>provided</u>, that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.

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"<u>Administrative Agent</u>" shall have the meaning set forth in the first paragraph of this Agreement and shall include any successors in such capacity.

"<u>Administrative Questionnaire</u>" shall mean an Administrative Questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" shall mean, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by, or is under common Control with, the Person specified.

"<u>Agreement</u>" shall mean this Second Amended and Restated Credit Agreement, as may from time to time be amended, modified, amended and restated, supplemented or restated.

"<u>Alternate Base Rate</u>" shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day <u>plus</u> 1/2 of 1% and (c) the sum of (i) Adjusted Term SOFR calculated for each such day based on an Interest Period of one month determined two (2) Business Days prior to such day <u>plus</u> (ii) 1.00%, in each instance as of such date of determination. For purposes hereof: "<u>Prime Rate</u>" shall mean, at any time, the rate of interest per annum publicly announced or otherwise identified from time to time by the Administrative Agent at its principal office in the United States of America as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in the Prime Rate occurs. The parties hereto acknowledge that the rate announced publicly by the Administrative Agent as its Prime Rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks; and "<u>Federal Funds Effective Rate</u>" shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve **System<u>Bank of New York</u>** arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published on the next succeeding Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive in the absence of manifest error) (A) that it is unable to ascertain the Federal Funds Effective Rate, for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms above or (B) that the Prime Rate or Term SOFR no longer accurately reflects an accurate determination of the prevailing Prime Rate or Term SOFR, the Administrative Agent may select a reasonably comparable index or source to use as the basis for the Alternate Base Rate, until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in any of the foregoing will become effective on the effective date of such change in the Federal Funds Effective Rate, the Prime Rate or Adjusted Term SOFR for an Interest Period of one (1) month.

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"<u>Alternate Base Rate Loans</u>" shall mean Loans that bear interest at an interest rate based on the Alternate Base Rate.

"<u>Applicable Margin</u>" shall mean, for any day, the rate per annum set forth below opposite the applicable level then in effect (based on the Consolidated Total Leverage Ratio), it being understood that the Applicable Margin for (a) Revolving Loans that are Alternate Base Rate Loans shall be the percentage set forth under the column "Alternate Base Rate Margin," (b) Revolving Loans that are SOFR Loans shall be the percentage set forth under the column "SOFR Margin & L/C Fee," (c) the Letter of Credit Fee shall be the percentage set forth under the column "SOFR Margin & L/C Fee," and (d) the Commitment Fee shall be the percentage set forth under the column "Commitment Fee":

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| | | | | |
|:---|:---|:---|:---|:---|
| **Applicable Margin** | **Applicable Margin** | **Applicable Margin** | **Applicable Margin** | **Applicable Margin** |
| **Level** | **Consolidated Total Leverage Ratio** | **SOFR<br>Margin<br>& L/C<br>Fee** | **Alternate<br>Base<br>Rate<br>Margin** | **Commitment<br>Fee** |
|  I | Less than 2.50 to 1:00 | 2.25% | 1.25% | 0.300% |
|  II | Greater than or equal to 2.50 to 1.00 but less than 3.00 to 1.00 | 2.50% | 1.50% | 0.375% |
|  III | Greater than or equal to 3.00 to 1.00 but less than 3.50 to 1.00 | 2.75% | 1.75% | 0.375% |
|  IV | Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 | 3.00% | 2.00% | 0.500% |
|  V | Greater than or equal to 4.00 to 1.00 | 3.25% | 2.25% | 0.500% |

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The Applicable Margin shall, in each case, be determined and adjusted quarterly on the date five (5) Business Days after the date on which the Administrative Agent has received from the Borrower the quarterly financial information (in the case of the first three fiscal quarters of the Borrower's fiscal year), the annual financial information (in the case of the fourth fiscal quarter of the Borrower's fiscal year) and the certifications required to be delivered to the Administrative Agent and the Lenders in accordance with the provisions of <u>Section 5.1(a)</u>, <u>Section 5.1(b)</u> and <u>Section 5.2(a)</u> (each an "<u>Interest Determination Date</u>"). Such Applicable Margin shall be effective from such Interest Determination Date until the next such Interest Determination Date. After the Closing Date, if the Credit Parties fail to provide the financial information or certifications in accordance with the provisions of <u>Section 5.1(a)</u>, <u>Section 5.1(b)</u> and <u>Section 5.2(a)</u>, the Applicable Margin shall, on the date five (5) Business Days after the date by which the Credit Parties were so required to provide such financial information or certifications to the Administrative Agent and the Lenders, be based on Level V until such date as such information or certifications or corrected information or corrected certificates are provided, whereupon the Level shall be determined by the then current Consolidated Total Leverage Ratio. Notwithstanding the foregoing, the initial Applicable Margin shall be determined based on the pro forma Consolidated Total Leverage Ratio as certified by a

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Responsible Officer of the Borrower on the Closing Date pursuant to <u>Section 4.1(l)</u> until the financial information and certificates required to be delivered pursuant to <u>Section 5.1(b)</u> and <u>Section 5.2(a)</u> for the fiscal quarter ended March 31, 2023, have been delivered to the Administrative Agent, for distribution to the Lenders. In the event that any financial statement or certification delivered pursuant to <u>Section 5.1</u> or <u>Section 5.2</u> is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an "<u>Applicable Period</u>") than the Applicable Margin applied for such Applicable Period, the Borrower shall immediately (a) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Period, (b) determine the Applicable Margin for such Applicable Period based upon the corrected Compliance Certificate, and (c) immediately pay to the Administrative Agent for the benefit of the Lenders the accrued additional interest and other fees owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly distributed by the Administrative Agent to the Lenders entitled thereto. It is acknowledged and agreed that nothing contained herein shall limit the rights of the Administrative Agent and the Lenders under the Credit Documents, including their rights under <u>Section 2.7</u> and <u>Section 7.1</u>.

"<u>Applicable Percentage</u>" shall mean, with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented by such Revolving Lender's Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentage shall be determined based on the Revolving Commitments most recently in effect, giving effect to any assignments.

<u>**"Applicable Transaction" shall have the meaning set forth in the definition of**</u> <u>**"Permitted Affiliate Loan."**</u>

"<u>Approved Bank</u>" shall have the meaning set forth in the definition of "Cash Equivalents."

"<u>Approved Fund</u>" shall mean any Fund that is administered, managed or underwritten by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

<u>**"ARKO Parent" shall mean ARKO Corp., a Delaware corporation.**</u>

<u>**"ARKO Petroleum" shall mean ARKO Petroleum Corp., a Delaware corporation.**</u>

**<u>"ARKO Petroleum Offering" shall mean any issuance of common Equity Interests of ARKO Petroleum (i)</u>** *<u>in an initial primary public offering pursuant to an effective registration statement on Form S-1 filed with the SEC in accordance with the Securities Act</u>* **<u>to be consummated within one hundred twenty (120) days of the Second Amendment Effective Date or (ii) to a third party in a private placement resulting in net cash proceeds of no less than the amount included in the marketing materials provided to Lenders consummated on or prior to the Second Amendment Effective Date.</u>** 

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<u>**"ARKO Petroleum Offering Paydown Amount" shall mean the amount of net cash proceeds of any ARKO Petroleum Offering that is used to make a prepayment under this Agreement in accordance with Section 2.6(a), which amount shall be permanently reduced by the amount of (i) Consideration paid for any Permitted Paydown Permitted Acquisition, (ii) any Permitted Paydown Restricted Payment, and (iii) any Permitted Affiliate Loan (which permanent reduction shall be unaffected by any repayment thereof).**</u>

"<u>Arrangers</u>" shall mean, collectively, Capital One, National Association, BofA Securities, Inc., KeyBanc Capital Markets Inc., Santander Bank, N.A., and Wells Fargo Bank, N.A.

"<u>Assignment and Assumption</u>" shall mean an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by <u>Section 9.6</u>), and accepted by the Administrative Agent, in substantially the form of <u>Exhibit 1.1(a)</u> or any other form approved by the Administrative Agent.

"<u>Auto-Extension Letter of Credit</u>" shall have the meaning set forth in <u>Section 2.2(l)</u>.

"<u>Available Tenor</u>" shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 2.12(b)(iv)</u>.

"<u>Bail-In Action</u>" shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" shall mean (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bankruptcy Code</u>" shall mean the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time.

"<u>Bankruptcy Event</u>" shall mean any of the events described in <u>Section 7.1(e)</u>.

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"<u>Base Rate Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR."

"<u>Benchmark</u>" shall mean, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.12(b)</u>.

"<u>Benchmark Replacement</u>" shall mean with respect to any Benchmark Transition Event, the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; <u>provided</u> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.

"<u>Benchmark Replacement Adjustment</u>" shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities.

"<u>Benchmark Replacement Conforming Changes</u>" shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), the definition of "U.S. Government Securities Business Day," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of <u>Section 2.12(a)</u> and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents).

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"<u>Benchmark Replacement Date</u>" shall mean the earlier to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of <u>clause (1)</u> or <u>(2)</u> of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of <u>clause (3)</u> of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such <u>clause (3)</u> and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of <u>clause (1)</u> or <u>(2)</u> with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the **Board of Governors of the** Federal Reserve **System<u>Board</u>**, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>" shall mean in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"<u>Benchmark Unavailability Period</u>" shall mean the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.12(b)</u> and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.12(b)</u>.

"<u>Beneficial Ownership Certification</u>" shall mean a certificate regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" shall mean 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" shall mean any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan."

"<u>BHC Act Affiliate</u>" shall have the meaning set forth in <u>Section 9.28(b)</u>.

"<u>Borrower</u>" shall have the meaning set forth in the first paragraph of this Agreement.

"<u>Borrowing Date</u>" shall mean, in respect of any Loan, the date such Loan is made.

"<u>Building</u>" shall mean a "Building" or "Manufactured (Mobile) Home," each as defined in the applicable Flood Insurance Laws.

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"<u>Business Day</u>" shall mean any day other than a Saturday, Sunday or other day on which commercial banks in Richmond, Virginia or New York, New York are authorized or required by law to close and, when determined in connection with notices and determinations in respect of SOFR or any SOFR Loan or any funding, conversion, continuation, Interest Period or payment of any SOFR Loan, that is also a U.S. Government Securities Business Day.

**"<u>Capital</u>**<u> </u>*<u>Lease</u>" shall mean any lease of property, real or personal, the obligations with respect to which are required to be capitalized on a balance sheet of the lessee* **in accordance with GAAP.**

**"<u>Capital Lease Obligations</u>" shall mean, with respect to each Capital** *Lease, the amount of the liability reflecting the aggregate discounted amount of future payments under such* **Capital Lease calculated in accordance with GAAP, statement of financial accounting standards No. 13** *(as amended and modified from time to time) and any corresponding future interpretations by the Financial Accounting Standards Board or any successor thereto relating to a* **Capital Lease determined in accordance with GAAP.**

"<u>Capital One</u>" shall mean Capital One, National Association.

"<u>Capital One Engagement Letter</u>" shall mean that certain Engagement Letter, dated as of **April 17<u>December 12</u>**, **2023<u>2025</u>**, among **GPM Investments<u>ARKO Petroleum</u>**, the Borrower and the Administrative Agent.

"<u>Cash Collateral</u>" shall have a meaning correlative to the definition of Cash Collateralize and shall include the proceeds of such cash collateral and other credit support.

"<u>Cash Collateralize</u>" shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Lender or Swingline Lender (as applicable) and the Lenders, as collateral for LOC Obligations, obligations in respect of Swingline Loans, or obligations of Lenders to fund participations in respect of either thereof (as the context may require), cash or deposit account balances or, if the Issuing Lender or Swingline Lender benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent and (b) the Issuing Lender or the Swingline Lender, as applicable.

"<u>Cash Equivalents</u>" shall mean (a) securities issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof (<u>provided</u> that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than twelve months from the date of acquisition ("<u>Government Obligations</u>"), (b) Dollar denominated time deposits, certificates of deposit, Eurodollar time deposits and Eurodollar certificates of deposit of (i) any domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000 or (ii) any bank whose short-term commercial paper rating at the time of the acquisition thereof is at least A-1 or the equivalent thereof from S&P is at least P-1 or the equivalent thereof from Moody's (any such bank being an "<u>Approved Bank</u>"), in each case with maturities of not more than 364 days from the date of acquisition, (c) commercial paper and variable or fixed rate notes issued by any

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Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody's and maturing within six months of the date of acquisition, (d) repurchase agreements with a term of not more than thirty (30) days with a bank or trust company (including a Lender) or a recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of America, (e) obligations of any state of the United States or any political subdivision thereof for the payment of the principal and redemption price of and interest on which there shall have been irrevocably deposited Government Obligations maturing as to principal and interest at times and in amounts sufficient to provide such payment, (f) money market accounts subject to Rule 2-a7 of the Investment Company Act of 1940 ("Rule 2a-7") which consist primarily of cash and cash equivalents set forth in <u>clauses (a)</u> through <u>(e)</u> above and of which 95% shall at all times be comprised of First Tier Securities (as defined in Rule 2a-7) and any remaining amount shall at all times be comprised of Second Tier Securities (as defined in Rule 2a-7) and (g) shares of any so-called "money market fund"; <u>provided</u> that such fund is registered under the Investment Company Act of 1940, has net assets of at least $500,000,000 and has an investment portfolio with an average maturity of 365 days or less.

"<u>CERCLA</u>" shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

"<u>CERCLIS</u>" shall mean the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency.

"<u>CFC</u>" shall mean any Subsidiary that is a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"<u>Change in Law</u>" shall mean the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; <u>provided</u>, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law," regardless of the date enacted, adopted or issued.

"<u>Change of Control</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&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) **GPM Investments<u>ARKO Petroleum</u>** shall cease to own **and control**, directly or indirectly, **Equity Interests in the Borrower representing at least 35%** *of the aggregate voting power represented by the issued and outstanding*<u>**100% of the**</u> limited partner Equity Interests **in<u>of</u>** the Borrower;

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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;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or group (within the meaning of the Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), other than by GPM Investments (directly or indirectly), of Equity Interests representing more than 50% of** *the aggregate voting power represented by the issued and outstanding limited* **partner Equity Interests in the Borrower and such Person or group shall be entitled to vote such Equity Interests pursuant to the terms of the Partnership Agreement;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(ii)**</u> **(iii)** within any period of twelve (12) consecutive calendar months, individuals who were (A) members of the board of managers, or similar governing body, of the General Partner on the first day of such period, (B) appointed or nominated by such individuals referred to in the foregoing <u>clause (A)</u>, or <u>(C)</u> appointed or nominated by **GPM Investments<u>officers or directors of ARKO Petroleum</u>**, shall not constitute a majority of the members of the board of managers, or similar governing body, of the General Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(iii)**</u> **(iv) GPM Investments**<u>**ARKO Petroleum**</u> shall cease to own, directly or indirectly, <u>**the**</u> Equity Interests of the General Partner representing **at least a majority<u>100%</u>** of the aggregate voting power and non-voting economic interests represented by the issued and outstanding Equity Interests in the General Partner or cease to possess the power to direct or cause the direction of the management or policies of the General Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(iv)**</u> **(v)** the General Partner shall cease to be the sole general partner of the Borrower or in any way cease to possess the power to direct or cause the direction of the management or policies of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(v)**</u> **(vi)** except for transactions permitted by Section 6.4, the Borrower shall cease to own and Control, directly or indirectly, all of the Equity Interests of GPM Opco or any other Credit Party; **or**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii) a "Change of Control" (as defined in the Partnership Agreement as in effect on the date of this Agreement).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(vi)**</u> <u>**ARKO Parent and the Permitted Holders, collectively, shall cease to own or control (including through voting agreements), directly or indirectly, the Equity Interests of ARKO Petroleum representing at least 35% of (A) the aggregate voting power or (B) the economic interests represented by the issued and outstanding Equity Interests in ARKO Petroleum;**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(vii)**</u> <u>**within any period of twelve (12) consecutive calendar months, a majority of the members of the board of directors or other equivalent governing body of ARKO Petroleum shall cease to be composed of (A) individuals who were members of that board or equivalent governing body on the first day of such period, (B) individuals whose election or nomination**</u>

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<u>**to that board or equivalent governing body was approved by individuals referred to in clause (A) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (C) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (A) and (B) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body;**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(viii)</u> <u>any "person" or "group" (as such terms are used in Sections</u>** <u>**13(d) and 14(d) of the Exchange Act (but excluding any employee benefit plan of such person and its Subsidiaries, or any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)) other than ARKO Parent or a Permitted Holder, shall become the "beneficial owner" (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of either (a) more than thirty-five percent (35%)**</u>*<u>of the aggregate voting power represented by the issued and outstanding</u>*<u>**Equity Interests in ARKO Petroleum or (b) more than fifty percent (50%) of the economic interests represented by the issued and outstanding Equity Interests in ARKO Petroleum;**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ix)</u>** **<u>any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act (but excluding any employee benefit plan of such person and its Subsidiaries, or any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)) other than any Permitted Holder, shall become the "beneficial owner" (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of more than fifty percent (50%) of either (a)</u>***<u>the aggregate voting power represented by the issued and outstanding</u>* **<u>Equity Interests in ARKO Parent or (b) the economic interests represented by the issued and outstanding Equity Interests in ARKO Parent;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(x)</u>** **<u>ARKO Petroleum shall cease to own, directly or indirectly, 100% of the limited liability company Equity Interests of GPM Empire.</u>**

"<u>Closing Date</u>" shall have the meaning set forth in <u>Section 4.1</u>.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" shall mean a collective reference to the collateral which is identified in, and at any time will be covered by, the Security Documents and any other property or assets of a Credit Party, whether tangible or intangible and whether real or personal, that may from time to time secure all or any part of the Obligations.

<u>**"Collateral Rights Agreement" shall mean that certain Collateral Rights Agreement dated as of the Second Amendment Effective Date by and between PNC Bank, National Association and the Administrative Agent.**</u>

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"<u>Commitment</u>" shall mean the Revolving Commitments, the LOC Commitment and the Swingline Commitment, individually or collectively, as appropriate.

"<u>Commitment Fee</u>" shall have the meaning set forth in <u>Section 2.4(a)</u>.

"<u>Commitment Period</u>" shall mean (a) with respect to Revolving Loans and Swingline Loans, the period from and including the Closing Date to, but excluding, the Revolving Maturity Date, and (b) with respect to Letters of Credit, the period from and including the Closing Date to, but excluding, the date that is thirty (30) days prior to the Revolving Maturity Date.

"<u>Committed Funded Exposure</u>" shall mean, as to any Lender at any time, the aggregate of the LOC Obligations and principal amount of outstanding Loans, in each case, owing to such Lender and Participation Interests of such Lender at such time.

"<u>Commodity Exchange Act</u>" shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended.

"<u>Commonly Controlled Entity</u>" shall mean an entity, whether or not incorporated, which is under common control with the Borrower within the meaning of Section 4001(b)(1) of ERISA or is part of a group which includes the Borrower and which is treated as a single employer under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 412 of the Code to the extent required by such Section, Section 414(m) or (o) of the Code.

"<u>Compliance Certificate</u>" shall have the meaning set forth in <u>Section 5.2(a)</u>.

<u>**"Conflicts Committee" shall mean the Conflicts Committee of the Board of Directors of ARKO Petroleum**</u>*<u>, which Conflicts Committee shall consist exclusively of directors considered "independent" of the Credit Parties and their Affiliates in accordance with the criteria set forth in Section 303A of the New York Stock Exchange Manual or Rule 5606(a)(2) of the NASDAQ Rules (and such Conflicts Committee will be comprised of at least two (2) "independent" directors (or such greater number required by the exchange upon which the Borrower is then trading)</u>***<u>.</u>**

"<u>Connection Income Taxes</u>" shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consideration</u>" shall mean, in connection with an Acquisition, the aggregate consideration paid, including borrowed funds, cash, the issuance of securities or notes, the assumption or incurring of liabilities (direct or contingent), the payment of consulting fees (excluding any fees payable to any investment banker in connection with such Acquisition) or fees for a covenant not to compete and any other consideration paid; <u>provided</u>, however, that prior to the Required Lender Notice Date, the definition of Consideration shall not include any consideration paid in the form of the issuance of Equity Interests (other than Disqualified Equity) of the Borrower.

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"Consolidated" shall mean, when used with reference to financial statements or financial statement items of the Borrower and its Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.

"<u>Consolidated EBITDA</u>" shall mean, for any period of determination, without duplication, (a) Consolidated Net Income for such period <u>plus</u> (b) the sum of the following to the extent deducted in calculating Consolidated Net Income for such period: (i) Consolidated Interest Expense for such period, (ii) tax expense (including, without limitation, any federal, state, local and foreign income and similar taxes) of the Credit Parties and their Subsidiaries for such period, (iii) depreciation and amortization expense of the Credit Parties and their Subsidiaries for such period, (iv) other non-cash charges (excluding reserves for future cash charges) of the Credit Parties and their Subsidiaries for such period, (v) transaction fees and expenses incurred in connection with negotiation, execution, and delivery of this Agreement and the consummation of the Transactions incurred during such period and on or before the Closing Date, in an aggregate amount not to exceed $5,000,000 and only to the extent such fees and expenses are reasonable and customary for such transactions, as approved by the Administrative Agent in its sole discretion and (vi) reasonable and customary transaction costs and expenses incurred in connection with Permitted Acquisitions (irrespective of whether such Permitted Acquisitions close) in an aggregate amount for all Permitted Acquisitions not to exceed $2,000,000 (or such greater amount approved in writing by the Required Lenders), <u>minus</u> (c) non-cash charges previously added back to Consolidated Net Income in determining Consolidated EBITDA to the extent such non-cash charges have become cash charges during such period, <u>minus</u> (d) any other non-recurring, non-cash gains during such period (including, without limitation, (i) gains from the sale or exchange of assets and (ii) gains from early extinguishment of Indebtedness or Hedging Agreements of the Credit Parties and their Subsidiaries). Consolidated EBITDA shall be calculated after giving effect to, without duplication, any Permitted Acquisition made during the applicable period of determination as if such Permitted Acquisition had occurred on the first day of such period.

"<u>Consolidated Interest Coverage Ratio</u>" shall mean, as of any date of determination, for the Credit Parties and their Subsidiaries on a Consolidated basis, the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense, in each case, determined on a trailing four-quarter basis.

"<u>Consolidated Interest Expense</u>" shall mean, for any period of determination, the total interest expense paid in cash (including, without limitation, amortization of debt discount, capitalized interest and the interest component under **Capital<u>Finance</u>** Leases and synthetic leases, tax retention operating leases, off-balance sheet loans and similar off-balance sheet financing products or the portion of any payments or accruals in connection with any of the foregoing allocable to interest expense) for such period of the Credit Parties and their Subsidiaries on a Consolidated basis; <u>provided</u>, <u>however</u>, that Consolidated Interest Expense shall not include upfront fees paid in connection with this Agreement or any facility for borrowed money in which fees are paid from the proceeds of such facility.

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"<u>Consolidated Net Income</u>" shall mean, for any period of determination, the net income or loss (excluding (a) extraordinary losses and extraordinary gains, and (b) income of any Person in which the Borrower and its Subsidiaries has an interest (which interest does not cause the net income or loss of such other Person to be consolidated with the net income or loss of the Borrower and its Subsidiaries in accordance with GAAP), except to the extent of any net income actually distributed as a cash dividend or other cash distribution by such Person during such period to the Borrower or its Subsidiaries) of the Credit Parties and their Subsidiaries on a Consolidated basis for such period, all as determined in accordance with GAAP.

"<u>Consolidated Total Debt</u>" shall mean, as of any date of determination, the sum (without duplication) of all Indebtedness of the Borrower and its Subsidiaries (other than pursuant to <u>clause (h)</u> or <u>(i)</u> (except to the extent of unreimbursed drafts) of the definition of Indebtedness), all as determined on a Consolidated basis.

"<u>Consolidated Total Leverage Ratio</u>" shall mean, as of any date of determination, for the Credit Parties and their Subsidiaries on a Consolidated basis, the ratio of (a) Consolidated Total Debt on such date to (b) Consolidated EBITDA determined on a trailing four-quarter basis.

"<u>Control</u>" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. For the purposes of this definition, and without limiting the generality of the foregoing, any Person that owns directly or indirectly 10% or more of the Equity Interests having ordinary voting power for the election of the directors or other governing body of a Person will be deemed to "control" such other Person. "Controlling" and "Controlled" have meanings correlative thereto.

"<u>Co-Documentation Agents</u>" shall mean Fifth Third Bank, National Association and Raymond James Bank.

"<u>Co-Syndication Agents</u>" shall mean Bank of America, N.A., KeyBank National Association, Wells Fargo Bank, N.A., and Santander Bank, N.A.

"<u>Covered Entity</u>" shall have the meaning set forth in <u>Section 9.28(b)</u>. "<u>Covered Party</u>" shall have the meaning set forth in <u>Section 9.28(a)</u>.

"<u>Credit Documents</u>" shall mean this Agreement, the First Amendment, the Notes, the Joinder Agreements (if any), the Letters of Credit, the LOC Documents, the **GPM Investments Letter Agreement, the** Security Documents, the Capital One Engagement Letter, and any other fee letter entered into between the Borrower or any other Credit Party and the Administrative Agent, the Arrangers or any Lender from time to time in respect of the Extensions of Credit, and all other agreements, instruments and certificates delivered to the Administrative Agent under or in connection with this Agreement.

"<u>Credit Party</u>" shall mean any of the Borrower or the other Guarantors.

"<u>Debtor Plan</u>" shall have the meaning set forth in <u>Section 9.6(f)(iii)</u>.

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"<u>Debtor Relief Laws</u>" shall mean the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.

"<u>Default</u>" shall mean any of the events specified in <u>Section 7.1</u>, whether or not any requirement for the giving of notice or the lapse of time, or both, or any other condition, has been satisfied.

"<u>Default Rate</u>" shall mean (a) when used with respect to the Obligations, other than Letter of Credit Fees, an interest rate equal to (i) for Alternate Base Rate Loans (A) the Alternate Base Rate <u>plus</u> (B) the Applicable Margin applicable to Alternate Base Rate Loans <u>plus</u> (C) 2.00% per annum and (ii) for SOFR Loans, (A) Adjusted Term SOFR <u>plus</u> (B) the Applicable Margin applicable to SOFR Loans <u>plus</u> (C) 2.00% per annum, (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Margin applicable to Letter of Credit Fees <u>plus</u> 2.00% per annum and (c) when used with respect to any other fee or amount due hereunder, a rate equal to the Applicable Margin applicable to Alternate Base Rate Loans <u>plus</u> 2.00% per annum.

"<u>Default Right</u>" shall have the meaning set forth in <u>Section 9.28(b).</u>

"<u>Defaulting Lender</u>" shall mean, subject to <u>Section 2.19(b)</u>, any Lender that, (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Lender or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund a Loan hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (<u>provided</u> that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject

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of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of <u>clauses (a)</u> through <u>(d)</u> above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section 2.19(b)</u>) upon delivery of written notice of such determination to the Borrower, each Issuing Lender, each Swingline Lender and each Lender.

"<u>Deposit Account Control Agreement</u>" shall mean an agreement, among a Credit Party, a depository institution, and the Administrative Agent, which agreement is in a form acceptable to the Administrative Agent and which provides the Administrative Agent with "control" (as such term is used in Article 9 of the UCC) over the deposit account(s) described therein, as the same may be amended, modified, extended, restated, replaced, or supplemented from time to time.

"<u>Disposition</u>" shall have the meaning set forth in <u>Section 6.4(a)</u>.

"<u>Disqualified Equity</u>" shall have the meaning specified in the definition of "Indebtedness."

"<u>Distribution Contract</u>" shall mean that certain **fuel distribution agreement listed on <u>Schedule 1.2.</u><u>Third Amended, Restated and Consolidated Fuel Distribution Agreement dated as of [ ] but effective as of [ ], by and among ARKO Petroleum, GPM Opco, GPM Empire and GPM Investments.</u>**

"<u>Dollars</u>" and "<u>$</u>" shall mean dollars in lawful currency of the United States of America.

"<u>Domestic Lending Office</u>" shall mean, initially, the office of each Lender designated as such Lender's Domestic Lending Office shown in such Lender's Administrative Questionnaire; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office of such Lender at which Alternate Base Rate Loans of such Lender are to be made.

"<u>Domestic Subsidiary</u>" shall mean any Subsidiary that is organized and existing under the laws of the United States or any state or commonwealth thereof or under the laws of the District of Columbia.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in <u>clause (a)</u> of this definition, or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in <u>clauses (a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

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"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, Norway, and the United Kingdom.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Electronic Transmission</u>" means each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System.

"<u>Eligible Assignee</u>" shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) subject to any approvals required under <u>Section 9.6(b)(iii)</u>; <u>provided</u> that notwithstanding the foregoing, "Eligible Assignee" shall not include (A) **GPM Investments<u>ARKO Petroleum</u>** or any Credit Party or any of their respective Affiliates or Subsidiaries, or (B) any Defaulting Lender (or any of their Affiliates).

<u>**"Employee and Intercompany Matters Agreement" shall mean that certain Employee and Intercompany Matters Agreement dated as of [ ] but effective as of [ ], by and among ARKO Petroleum and its Subsidiaries, GPM Investments, ARKO Parent and other related entities.**</u>

"<u>Environmental Laws</u>" shall mean any and all applicable foreign, federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time be in effect during the term of this Agreement.

"<u>Equity Interests</u>" shall mean (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general, preferred or limited), (d) in the case of a limited liability company, membership interests and (e) any other interest or participation that confers or could confer on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, without limitation, options, warrants and any other "equity security" as defined in Rule 3a11-1 of the Exchange Act.

"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>ERISA Event</u>" shall mean: (a) a Reportable Event with respect to a Plan; (b) a withdrawal by the Borrower or any Commonly Controlled Entity from a Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any Commonly Controlled Entity from a Multiemployer Plan or notification that a Multiemployer

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Plan is in Reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any Commonly Controlled Entity.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Event of Default</u>" shall have the meaning set forth in <u>Section 7.1</u>.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

"<u>Excluded Swap Obligation</u>" shall mean, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guaranty of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes illegal.

"<u>Excluded Taxes</u>" shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under <u>Section 2.17(b)</u>) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section 2.15</u>, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with <u>Section 2.15(g)</u> and (d) any U.S. federal withholding Taxes imposed under FATCA.

"<u>Existing Credit Agreement</u>" shall have the meaning set forth in the Recitals.

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"<u>Exiting Lender</u>" shall mean any lender that is a party to the Existing Credit Agreement that has not executed and delivered this Agreement (and will not have a Commitment hereunder) as of the Closing Date.

"<u>Extension of Credit</u>" shall mean, as to any Lender, the making of a Loan by such Lender, any conversion of a Loan from one type to another type, any extension of any Loan or the issuance, extension or renewal of, or participation in, a Letter of Credit or Swingline Loan by such Lender.

"<u>E-Fax</u>" means any system used to receive or transmit faxes electronically.

"<u>E-Signature</u>" means the process of attaching to or logically associating with an Electronic Transmission an electronic symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic Transmission.

"<u>E-System</u>" means any electronic system approved by <u>**Administrative**</u> Agent, including Syndtrak<sup>®</sup>, Intralinks<sup>®</sup> and ClearPar<sup>®</sup> and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by <u>**Administrative**</u> Agent, any of its Related Persons or any other Person, providing for access to data protected by passcodes or other security system.

"<u>FATCA</u>" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code.

"<u>Federal Funds Effective Rate</u>" shall have the meaning set forth in the definition of "Alternate Base Rate."

**"**<u>**Federal Reserve Bank of New York's Website**</u>**" shall mean the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.**

"<u>Federal Reserve Board</u>" shall mean the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.

<u>**"Finance**</u> *<u>Lease" shall mean any lease of property, real or personal, the obligations with</u> <u>respect to which are required to be capitalized on a balance sheet of the lessee</u>*<u>**, as such term is defined under GAAP.**</u>

<u>**"Finance Lease Obligations" shall mean, with respect to each Finance**</u>*<u>Lease, the</u> <u>amount of the liability reflecting the aggregate discounted amount of future payments under such</u>*<u>**Finance Lease calculated in accordance with GAAP, Accounting Standards Codification Topic 842**</u> *<u>(as amended and modified from time to time) and any corresponding future</u>* <u>interpretations by the Financial Accounting Standards Board or any successor thereto relating</u> *<u>to a</u>*<u>**Finance Lease determined in accordance with GAAP.**</u>

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"<u>First Amendment</u>" shall mean that certain First Amendment to Second Amended and Restated Credit Agreement, dated as of March 26, 2024, by and among the Borrower, the other Credit Parties party thereto, the Administrative Agent and the Lenders party thereto.

"<u>Flood Insurance Laws</u>" shall mean (a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (c) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time, (d) the Flood Insurance Reform Act of 2004, (e) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto and (f) any regulations promulgated under any of the foregoing.

"<u>Floor</u>" shall mean zero.

"<u>Foreign Lender</u>" shall mean a Lender that is not a U.S. Person.

"<u>Foreign Subsidiary</u>" shall mean any Subsidiary that is not a Domestic Subsidiary.

"<u>Fronting Exposure</u>" shall mean, at any time there is a Defaulting Lender, (a) with respect to any Issuing Lender, such Defaulting Lender's Applicable Percentage of the outstanding LOC Obligations with respect to Letters of Credit issued by such Issuing Lender other than LOC Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting Lender's Applicable Percentage of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"<u>FSHCO</u>" shall mean any Subsidiary (including a disregarded entity for U.S. federal income tax purposes) that owns (directly or through its Subsidiaries) no material assets other than Equity Interests of one or more Foreign Subsidiaries that are CFCs.

"<u>Fuel Supply Contract</u>" shall mean, collectively, each of the fuel supply contracts of <u>**GPM Empire,**</u> the Borrower or any of **its<u>their respective</u>** Subsidiaries (i) which accounts for more than 10% of the aggregate gallons of fuel supplied to **all Credit Parties<u>GPM Empire, the Borrower and their respective Subsidiaries</u>** during any 12-month period, or (ii) the breach, cancellation, termination or non-renewal of which could reasonably be expected to have a Material Adverse Effect, including, without limitation**,** fuel supply agreements with Valero Marketing and Supply Company, **BP Products North America Inc.,** Motiva Enterprises, LLC**, Equilon Enterprises LLC dba Shell Oil Products US**, Marathon Petroleum Company LP, and any of their respective Affiliates.

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"<u>Fund</u>" shall mean any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.

"<u>GAAP</u>" shall mean generally accepted accounting principles in effect in the United States of America (or, in the case of Foreign Subsidiaries with significant operations outside the United States of America, generally accepted accounting principles in effect from time to time in their respective jurisdictions of organization or formation) applied on a consistent basis.

"<u>General Partner</u>" shall mean GPM Petroleum GP, LLC, a Delaware limited liability company.

"<u>Government Obligations</u>" shall have the meaning set forth in the definition of "Cash Equivalents."

"<u>Governmental Authority</u>" shall mean the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

<u>**"GPM Empire" shall mean GPM Empire, LLC, a Delaware limited liability company.**</u>

<u>**"GPM Empire Deposit Account Control Agreement" shall mean a deposit account control agreement or other control agreement satisfactory to the Administrative Agent, by and among GPM Empire, the applicable depository institution and the Administrative Agent, for the benefit of the Secured Parties.**</u>

<u>**"GPM Empire Security Agreement" shall mean that certain Security Agreement, Undertaking Agreement and Guarantee dated as of the Second Amendment Effective Date, by GPM Empire in favor of the Administrative Agent for the benefit of the Secured Parties.**</u>

"<u>GPM Investments</u>" shall mean GPM Investments, LLC, a Delaware limited liability company.

"<u>GPM Investments Letter Agreement</u>" shall mean the letter agreement, in form and substance satisfactory to the Administrative Agent, dated as of the Closing Date, pursuant to which GPM Investments agrees to provide certain of its financial information and other information described therein to the Administrative Agent for distribution to the Lenders on a periodic basis until the Revolving Maturity Date.

"<u>GPM Opco</u>" shall mean GPM Petroleum, LLC, a Delaware limited liability company.

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"<u>Guarantor</u>" shall mean any of the Borrower (with respect to Obligations of its Subsidiaries) or any of the Subsidiaries of the Borrower (with respect to Obligations of the Borrower or any other Subsidiary of the Borrower) that are or may from time to time become parties to this Agreement or a separate Guaranty.<u>**For the avoidance of doubt, and without limiting the effect of the GPM Empire Security Agreement, GPM Empire shall not be deemed a Guarantor (or Credit Party) hereunder by virtue of its execution of the GPM Empire Security Agreement.**</u>

"<u>Guaranty</u>" shall mean the guaranty set forth in <u>Article X</u> and any other separate guaranty in form and substance satisfactory to the Administrative Agent delivered by <u>**any**</u> Subsidiary of the Borrower after the Closing Date.

"<u>Guaranty Obligations</u>" shall mean, with respect to any Person, without duplication, any obligations of such Person (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner, whether direct or indirect, and including, without limitation, any obligation, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of any such Indebtedness or to maintain working capital, solvency or other balance sheet condition of such other Person (including, without limitation, keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements) for the benefit of any holder of Indebtedness of such other Person, (c) to lease or purchase property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (d) to otherwise assure or hold harmless the holder of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made.

"<u>Hedging Agreements</u>" shall mean, with respect to any Person, any agreement entered into to protect such Person against fluctuations in interest rates, or currency or raw materials values, including, without limitation, any interest rate swap, cap or collar agreement or similar arrangement between such Person and one or more counterparties, any foreign currency exchange agreement, currency protection agreements, commodity purchase or option agreements or other interest or exchange rate hedging agreements and any other agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

"<u>Indebtedness</u>" shall mean, with respect to any Person, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (d) all obligations (including, without limitation, earnout obligations but only to the extent such earnout obligations are recorded as liabilities on such Person's balance sheet in accordance with GAAP)

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of such Person incurred, issued or assumed as the deferred purchase price of property or services purchased by such Person (other than trade debt incurred in the ordinary course of business and not more than 90 days past due unless being contested in good faith and for which adequate reserves have been established in accordance with GAAP) which would appear as liabilities on a balance sheet of such Person, (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (f) all Guaranty Obligations of such Person with respect to Indebtedness of another Person, (g) the principal portion of all **Capital<u>Finance</u>** Lease Obligations <u>plus</u> any accrued interest thereon, (h) all net obligations of such Person under Hedging Agreements, (i) the maximum amount of all letters of credit issued or bankers' acceptances facilities created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (j) all Equity Interests (other than the Preferred A Units) issued by such Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments, redemption or other acceleration for cash on a date prior to the Revolving Maturity Date ("<u>Disqualified Equity</u>"), (k) the principal balance outstanding under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product <u>plus</u> any accrued interest thereon, (l) all obligations of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer unless such obligations are expressly made non-recourse to such Person, in which case, such non-recourse obligations shall be excluded from the definition of Indebtedness; <u>provided</u> that, in the event such obligations are recourse, only the amount of such Person's liability for such obligations shall be included as Indebtedness hereunder, (m) obligations of such Person under non-compete agreements to the extent such obligations are quantifiable contingent obligations of such Person under GAAP principles, and (n) all non-contingent obligations of a Credit Party or any of its Subsidiaries under a Fuel Supply Contract or any other agreement to which such Credit Party or Subsidiary is a party to pay, repay, reimburse or indemnify any counterparty under any such agreement for branding expenses, in each case, resulting from the termination of any such agreement<u>**net of any amounts which GPM Investments, GPM Empire, or their respective Subsidiaries are contractually required to reimburse to Borrower**</u>.

"<u>Indemnified Taxes</u>" shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Indemnitee</u>" shall have the meaning set forth in <u>Section 9.5(b)</u>.

"<u>Industry Competitor</u>" means, on any date, any Person (other than any Credit Party or any of their respective Subsidiaries) that is actively engaged, directly or indirectly, as one of its principal businesses in the wholesale fuel distribution business and has been designated by the Borrower as an "Industry Competitor" by written notice to the Administrative Agent and the Lenders not less than 15 Business Days prior to such date; <u>provided</u> that the term "Industry Competitor" shall not include any Person that the Borrower has subsequently designated as no longer being an "Industry Competitor" by written notice delivered to the Administrative Agent and the Lenders from time to time.

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"<u>Insolvency</u>" shall mean, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of such term as used in Section 4245 of ERISA.

"<u>Intercompany Debt</u>" shall have the meaning set forth in <u>Section 9.19</u>.

"<u>Interest Determination Date</u>" shall have the meaning specified in the definition of "Applicable Margin."

"<u>Interest Payment Date</u>" shall mean (a) as to any Alternate Base Rate Loan, the last Business Day of each March, June, September and December, (b) as to any SOFR Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any SOFR Loan having an Interest Period longer than three months, (i) each three (3) month anniversary following the first day of such Interest Period and (ii) the last day of such Interest Period, (d) as to any Loan which is the subject of a mandatory prepayment required pursuant to <u>Section 2.6(b)</u>, the date on which such mandatory prepayment is due, and (e) as to any Revolving Loan, the Revolving Facility Termination Date.

"<u>Interest Period</u>" shall mean, with respect to any SOFR Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) initially, the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such SOFR Loan and ending one, three or six months thereafter, in each case, subject to availability to all applicable Lenders, as selected by the Borrower in the Notice of Borrowing or Notice of Conversion given with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) thereafter, each period commencing on the last day of the immediately preceding Interest Period applicable to such SOFR Loan and ending one, three or six months thereafter, subject to availability to all applicable Lenders, as selected by the Borrower by irrevocable notice to the Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto; <u>provided</u> that the foregoing provisions are subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&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) if any Interest Period pertaining to a SOFR Loan would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Interest Period pertaining to a SOFR Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month;

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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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Borrower fails to give notice as provided above, the Borrower shall be deemed to have selected a SOFR Loan with an Interest Period of one month to replace the affected SOFR Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Interest Period in respect of any Revolving Loan shall extend beyond the Revolving Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no more than six (6) SOFR Loans may be in effect at any time. For purposes hereof, SOFR Loans with different Interest Periods shall be considered as separate SOFR Loans, even if they begin on the same date and have the same duration, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new SOFR Loan with a single Interest Period.

"<u>Investment</u>" shall mean, for any Person, (a) any acquisition of assets constituting a business unit of, or all or substantially all of the assets of, any other Person, (b) the acquisition of Equity Interests of any other Person, (c) any deposit with, or advance, loan or other capital contribution to, assumption of Indebtedness of, purchase or other acquisition of any other Indebtedness or equity participation or interest in, or other extension of credit to, any other Person (other than deposits made in the ordinary course of business) or (d) any Guaranty Obligation (including any support for a letter of credit issued on behalf of such Person) incurred for the benefit of any other Person. For purposes of calculating covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for certain increases or decreases in the value of such investment. "Investment" shall exclude extensions of trade credit and capital expenditures by any Credit Party in the ordinary course of business.

**"<u><u>IPO</u></u>" shall mean (a) the issuance of common Equity Interests of the Borrower *in an initial primary public offering pursuant to an effective registration statement on Form S-1 filed with the SEC in accordance with the Securities Act*** **or (b) the registration of any common (or equivalent) Equity Interests of the Borrower under Section 12 of the Exchange Act pursuant to the filing of a Form 8-A under the Exchange Act (or any successor forms thereto) in connection with the direct registration of such Equity Interest on a nationally recognized securities exchange in the United States, in each case on terms and conditions and subject to documentation that shall in each case be in form and substance reasonably satisfactory to the Administrative Agent.**

"<u>IRS</u>" shall mean the United States Internal Revenue Service.

"<u>issue</u>" shall mean, with respect to any Letter of Credit, to issue or extend the expiry of, or to renew or increase the amount of, or to otherwise amend, such Letter of Credit; and the terms "<u>issued</u>," "<u>issuing</u>" and "<u>issuance</u>" have corresponding meanings.

"<u>Issuing Lender</u>" shall mean (a) Capital One or (b) such other Lender that agrees to serve as an Issuing Lender, as designated by the Borrower and approved by the Administrative Agent to issue Letters of Credit hereunder, together with any successor to any such Issuing Lender hereunder.

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"<u>Issuing Lender Fees</u>" shall have the meaning set forth in <u>Section 2.4(c)</u>.

"<u>Joinder Agreement</u>" shall mean a Joinder Agreement in substantially the form of <u>Exhibit 1.1(b)</u>, executed and delivered by a Subsidiary in order to become a Credit Party in accordance with the provisions of <u>Section 5.10</u>.

"<u>Lender</u>" shall mean any of the several banks and other financial institutions as are**,** or may from time to time become parties to this Agreement, including any Issuing Lender, any Revolving Lender and the Swingline Lender; <u>provided</u> that notwithstanding the foregoing, "Lender" shall not include any Credit Party or any of the Credit Party's Affiliates or Subsidiaries.

"<u>Letter of Credit</u>" shall mean any standby letter of credit issued by the Issuing Lender pursuant to the terms hereof, as such letter of credit may be amended, modified, restated, extended, renewed, increased, replaced or supplemented from time to time in accordance with the terms of this Agreement.

"<u>Letter of Credit Expiration Date</u>" shall have the meaning set forth in <u>Section 2.2(a)</u>.

"<u>Letter of Credit Facing Fee</u>" shall have the meaning set forth in <u>Section 2.4(c)</u>.

"<u>Letter of Credit Fee</u>" shall have the meaning set forth in <u>Section 2.4(b)</u>.

"<u>Lien</u>" shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, (a) any conditional sale or other title retention agreement and any **Capital<u>Finance</u>** Lease having substantially the same economic effect as any of the foregoing and (b) the filing of, or the agreement to give, any UCC financing statement).

**"<u>Liquidity</u>" shall mean the amount (if positive) equal to the sum of (a) the amount of unused Revolving Commitments available to be drawn (including without breaching <u>Section 5.9</u> on a Pro Forma Basis) by the Borrower under the Revolving Facility in accordance with this Agreement plus (b) unrestricted cash and Cash Equivalents of the Credit Parties and cash and Cash Equivalents in accounts pledged in favor of the Administrative Agent at such time.**

"<u>Loan</u>" shall mean a Revolving Loan and/or Swingline Loan, as appropriate.

"<u>LOC Commitment</u>" shall mean the commitment of the Issuing Lender to issue Letters of Credit and with respect to each Revolving Lender, the commitment of such Revolving Lender to purchase Participation Interests in the Letters of Credit up to such Lender's Revolving Commitment Percentage of the LOC Committed Amount.

"<u>LOC Committed Amount</u>" shall have the meaning set forth in <u>Section 2.2(a)</u>.

"<u>LOC Documents</u>" shall mean, with respect to each Letter of Credit, any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or (b) any collateral for such obligations.

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"<u>LOC Obligations</u>" shall mean, at any time, the sum of (a) the maximum amount which is, or at any time thereafter may become, available to be drawn under Letters of Credit then outstanding, assuming compliance with all requirements for drawings referred to in such Letters of Credit <u>plus</u> (b) without duplication, the aggregate amount of all drawings under Letters of Credit honored by the Issuing Lender but not theretofore reimbursed.

<u>**"M&T Facility" shall mean one or more real estate and equipment loan facilities for**</u> <u>**GPM Empire approved by the Administrative Agent in its sole discretion.**</u>

<u>**"Management Services Agreement" shall mean that certain Management Services Agreement, dated as of [ ] but effective as of [ ] by and among ARKO Parent, on behalf of itself and its Subsidiaries, and ARKO Petroleum, on behalf of itself and its Subsidiaries.**</u>

"<u>Mandatory LOC Borrowing</u>" shall have the meaning set forth in <u>Section 2.2(f)</u>.

"<u>Mandatory Swingline Borrowing</u>" shall have the meaning set forth in <u>Section 2.3(b)(ii)</u>.

"<u>Material Acquisition</u>" shall mean, any Acquisition (whether in one or more related transactions) to the extent the Consideration payable by any Credit Party or any of its Subsidiaries for such Acquisition exceeds $30,000,000.

"<u>Material Adverse Effect</u>" shall mean a material adverse effect on (a) the business, operations, property, assets or condition (financial or otherwise) of the Borrower or of the Credit Parties and their Subsidiaries taken as a whole, (b) the ability of the Borrower or of the Credit Parties, taken as a whole, to perform their obligations, when such obligations are required to be performed, under this Agreement, any of the Notes or any other Credit Document or (c) the validity or enforceability of this Agreement, any of the Notes or any of the other Credit Documents, the Administrative Agent's Liens (for the benefit of the Secured Parties) on the Collateral or the priority of such Liens or the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder.

"<u>Material Affiliate Contracts</u>" shall **have the meaning set forth in Section 6.11(c).<u>mean, any Material Contract with an Affiliate, including the Omnibus Agreement, the SBI and Fuel Supply Agreement, the Distribution Contract, the Management Services Agreement, and the Employee and Intercompany Matters Agreement.</u>**

"<u>Material Contracts</u>" shall mean, collectively, the Omnibus Agreement, the <u>**SBI and Fuel Supply Agreement, the**</u> Distribution Contract **and<u>, the Management Services</u> <u>Agreement, the Employee and Intercompany Matters Agreement,</u>** the Fuel Supply Contracts**,** and each other contract or agreement of a Credit Party <u>**or GPM Empire and its Subsidiaries**</u> (i) relating to fuel distribution which accounts for more than 10% of the aggregate gallons of fuel distributed by **all<u>the</u>** Credit Parties <u>**and GPM Empire and their respective Subsidiaries**</u> during

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any 12-month period, or (ii) the <u>**assignment,**</u> breach, cancellation, termination or non-renewal of which could reasonably be expected to have a Material Adverse Effect, <u>**in**</u> each case, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time as expressly permitted by the terms of this Agreement.

"<u>Material Event</u>" shall mean any event, condition or circumstance that occurs or arises that has or could reasonably be expected to have a Material Adverse Effect.

"<u>Materials of Environmental Concern</u>" shall mean any gasoline or petroleum (including crude oil or any extraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, perchlorate, polychlorinated biphenyls and urea-formaldehyde insulation.

"<u>Moody's</u>" shall mean Moody's Investors Service, Inc.

"<u>Mortgage Instrument</u>" shall mean any mortgage, deed of trust or deed to secure debt in form and substance satisfactory to the Administrative Agent executed by a Credit Party in favor of the Administrative Agent, for the benefit of the Secured Parties.

"<u>Mortgaged Property</u>" shall mean any owned real property of a Credit Party that is or will become encumbered by a Mortgage Instrument in favor of the Administrative Agent in accordance with the terms of this Agreement.

"<u>Multiemployer Plan</u>" shall mean a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>Non-Consenting Lender</u>" shall mean any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all or all affected Lenders in accordance with the terms of <u>Section 9.1</u> and (b) has been approved by the Required Lenders.

"<u>Non-Defaulting Lender</u>" shall mean, at any time, each Lender that is not a Defaulting Lender at such time.

"<u>Non-Extension Notice Date</u>" shall have the meaning set forth in <u>Section 2.2(l)</u>.

"<u>Note</u>" or "<u>Notes</u>" shall mean the Revolving Loan Notes and/or the Swingline Loan Note, collectively, separately or individually, as appropriate.

"<u>Notice of Borrowing</u>" shall mean a request for a Revolving Loan borrowing pursuant to <u>Section 2.1(b)</u> or a request for a Swingline Loan borrowing pursuant to <u>Section 2.3(b)(i)</u>, as appropriate. A Form of Notice of Borrowing is attached as <u>Exhibit 1.1(c)</u>.

"<u>Notice of Conversion/Extension</u>" shall mean the written notice of conversion of a SOFR Loan to an Alternate Base Rate Loan or an Alternate Base Rate Loan to a SOFR Loan, or extension of a SOFR Loan, in each case substantially in the form of <u>Exhibit 1.1(d)</u>.

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"<u>NPL</u>" shall mean the National Priorities List under CERCLA.

"<u>Obligations</u>" shall mean any and all obligations, Indebtedness, indemnities and other liabilities of and amounts owing or to be owing (including interest accruing at any post-default rate and interest accruing after the filing of any proceeding under any Debtor Relief Law, relating to any Credit Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) by any Credit Party (whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising): (a) to the Administrative Agent, the Issuing Lender, any trustee or any Lender under any Credit Document; (b) to any Secured Hedging Agreement Counterparty under any Secured Hedging Agreement; (c) to any Treasury Management Counterparty under any Treasury Management Agreement; and (d) all renewals, extensions and/or rearrangements of any of the above; <u>provided</u>, however, that with respect to any particular Credit Party, the secured Obligations owing by such Credit Party, or secured by Liens granted by such Credit Party, shall not include any Excluded Swap Obligations in respect of such Credit Party.

"<u>Omnibus Agreement</u>" shall mean**, (i)** that certain <u>**Amended and Restated**</u> Omnibus Agreement, dated as of **January 12, 2016<u>[ ] but effective as of [ ]</u>**, by and among <u>**ARKO Parent, ARKO Petroleum,**</u> the Borrower, the General Partner, **<u>GPM Opco, GPM Empire</u>** and GPM Investments**, as amended by that certain Amendment No. 1 to Omnibus Agreement, dated as of April 19, 2023, and (ii) at any time on and after the date on which the IPO is completed, any amendment, restatement, amendment and restatement or replacement of the Omnibus Agreement, in form and substance reasonably satisfactory to the Administrative Agent, in each case, as the same may be further amended, restated, modified and/or supplemented from time to time to the extent expressly permitted by the terms of this Agreement**.<u>.</u>

"<u>Operating Lease</u>" shall mean, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any property (whether real, personal or mixed) which is not a **Capital<u>Finance</u>** Lease other than any such lease in which that Person is the lessor.

"<u>Organization Documents</u>" shall mean, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-United States jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating or limited liability company agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

"<u>Other Connection Taxes</u>" shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan or Credit Document).

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"<u>Other Taxes</u>" shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Credit Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 2.17</u>).

"<u>Owned Convenience Stores</u>" shall mean the convenience store properties owned by any Credit Party and listed on <u>Schedule 3.16</u> (as may be supplemented from time to time by the Borrower pursuant to written notice to the Administrative Agent).

"<u>Participant</u>" shall have the meaning assigned to such term in <u>clause (d)</u> of <u>Section 9.6</u>.

"<u>Participant Register</u>" shall have the meaning specified in <u>clause (d)</u> of <u>Section 9.6</u>.

"<u>Participation Interest</u>" shall mean a participation interest purchased by a Revolving Lender in LOC Obligations as provided in <u>Section 2.2(c)</u> and in Swingline Loans as provided in <u>Section 2.3</u>.

"<u>Partnership Agreement</u>" shall mean, the **Third Amended and Restated Agreement of Limited Partnership of GPM Petroleum LP, a Delaware limited partnership, dated December 3, 2019<u>[ ]</u>**, as the same may be amended, restated, modified and/or supplemented from time to time to the extent expressly permitted by the terms of this Agreement and in form and substance reasonably satisfactory to the Administrative Agent.

"<u>Patriot Act</u>" shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time.

"<u>Payment Event of Default</u>" shall mean an Event of Default specified in <u>Section 7.1(a)</u>.

"<u>PBGC</u>" shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

"<u>Perfection Certificate</u>" shall have the meaning as set forth in the Security Agreement.

"<u>Periodic Term SOFR Determination Day</u>" shall have the meaning set forth in the definition of "Term SOFR."

"<u>Permitted Acquisition</u>" shall mean an acquisition or any series of related acquisitions by a Credit Party of (a) all or substantially all of the assets or a majority of the outstanding Voting Stock or economic interests of a Person that is incorporated, formed or organized in the United

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States, (b) a Person that is incorporated, formed or organized in the United States by a merger, amalgamation or consolidation or any other combination with such Person or (c) any division, line of business or other business unit or other assets of a Person that is incorporated, formed or organized in the United States (such Person or such division, line of business or other business unit of such Person shall be referred to herein as the "<u>Target</u>"), in each case that is a type of business (or assets used in a type of business) permitted to be engaged in by the Credit Parties and their Subsidiaries pursuant to <u>Section 6.3</u>, in each case so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&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) no Default or Event of Default shall then exist or would exist after giving effect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&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) with respect to any Material Acquisition, prior to the consummation thereof, the Required Lenders shall have consented in writing to such Material Acquisition and approved the purchase agreement and all other material definitive agreements governing such Material Acquisition**; <u>(it being understood that, except to the extent a Credit Party elects for such Material Acquisition to be funded through the available ARKO Petroleum Offering Paydown Amount remaining at the time of such Material Acquisition (any such acquisition, a "Permitted Paydown Permitted Acquisition"), the Lenders shall be permitted to consider, among other factors in their sole discretion, whether and to what degree the acquisition is accretive to the payments owing to the Borrower under the SBI and Fuel Supply Agreement);</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Credit Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect to the acquisition on a Pro Forma Basis, the Credit Parties are in compliance with each of the financial covenants set forth in <u>Section 5.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent and the Lenders shall have received (A) a description of the material terms of such acquisition and any other information reasonably requested by the Administrative Agent, (B) in each case, to the extent available, most recently available audited financial statements or management-prepared financial statements of the Target for its two most recent fiscal years and for any fiscal quarters ended within the fiscal year to date, (C) Consolidated projected income statements of the Credit Parties and their Subsidiaries (giving effect to such acquisition), and (D) not less than five (5) Business Days prior to the consummation of any Permitted Acquisition subject to the reporting requirements of (iii) above, a certificate executed by a Responsible Officer of the Borrower certifying that such Permitted Acquisition complies with the requirements of this Agreement and that no Default or Event of Default has occurred and is continuing or would result from such acquisition; and

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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;&nbsp;&nbsp;&nbsp;&nbsp;(v) such acquisition shall not be a "hostile" acquisition and shall have been approved by the Board of Directors (or equivalent) and/or shareholders (or equivalent) of the applicable Credit Party and the Target (to the extent required by their respective Organization Documents or applicable law).

Notwithstanding the foregoing, the acquisition by GPM Opco of certain assets of WTG Fuels Holdings, LLC, in accordance with that certain Asset Purchase Agreement, dated as of December 6, 2022, as amended, by and among GPM Southeast, LLC, GPM Opco, WTG Fuels Holdings, LLC, and the other parties party thereto as in effect on the Closing Date shall constitute a Permitted Acquisition.

<u>**"Permitted Affiliate Loan" shall mean an Investment in the form of loans by the Borrower to GPM Empire and its Subsidiaries with respect to which all of the following criteria are satisfied (and with respect to which a Responsible Officer of the Borrower has made a written certification to the Administrative Agent and such certification is received at least five (5) Business Days prior to the date of such Permitted Affiliate Loan):**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u> <u>Such Permitted Affiliate Loan shall be used to fund (A) the construction of a new to industry or raze and rebuild convenience store, gas station or cardlock to be operated or supplied by GPM Empire, (B) the acquisition of new dealer contracts by GPM Empire or (C) any other acquisition by GPM Empire in a similar line of business to GPM Empire's current business (any such transaction described in clauses (A), (B) or (C), an "Applicable Transaction");</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u> <u>no Default or Event of Default shall then exist or would exist immediately after giving effect to such Permitted Affiliate Loan;</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u> <u>after giving effect to such Permitted Affiliate Loan and the use of proceeds thereof on a Pro Forma Basis, the Credit Parties shall be in compliance with each of the financial covenants set forth in Section 5.9 (and the Borrower's certification of the same shall include reasonable detail satisfactory to the Administrative Agent);</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iv)</u> <u>such Permitted Affiliate Loan is related to a transaction that is expected to result in a material increase (determined by the Borrower in good faith relative to the size of the transaction) in the amount of Product (as defined in the SBI and Fuel Supply Agreement) purchased by GPM Empire and is expected to be materially accretive (determined by the Borrower in good faith relative to the size of the transaction) to the payments owing to the Borrower under the SBI and Fuel Supply Agreement;</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(v)</u> <u>the Administrative Agent and the Lenders shall have received a description of the material terms of such transaction described in</u><u> </u><u>clause (i) of this definition, including financial projections satisfactory to the Administrative Agent;</u>** 

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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;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(vi)</u> <u>the transaction funded by such Permitted Affiliate Loan is not adverse to the Lenders;</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(vii)</u> <u>the Administrative Agent and the Lenders shall have received</u> <u>a copy of any agreement, instrument or other document evidencing such Permitted Affiliate Loan (the "Affiliate Loan Agreement") and such agreement shall be acceptable to the Administrative Agent in its sole discretion, including that the facility evidenced by such Affiliate Loan Agreement shall not be revolving in nature;</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(viii)</u> <u>such Affiliate Loan Agreement shall become Collateral and be</u> <u>subject to a first priority Lien in favor of Administrative Agent for the benefit of the Secured Parties;</u>** 

<u>**provided that, with regard to one or more Applicable Transactions that collectively have aggregate Consideration over the term of this Agreement not to exceed ten million dollars ($10,000,000), the Borrower may elect not to satisfy the conditions in clauses (iv) and (v) above (or clause (iv) or (v) of the definition of Permitted Paydown Restricted Payment, as applicable) .**</u>

<u>**Further, in order for an Investment described above to qualify as a Permitted Affiliate Loan, the Credit Parties and GPM Empire shall be required to use reasonable best efforts to ensure that any assets acquired directly or indirectly with the proceeds of such Permitted Affiliate Loan are promptly made subject to a Lien in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to arrangements satisfactory to the Administrative Agent in its sole discretion; provided that the Administrative Agent in its sole discretion may elect to forgo any Lien on assets acquired in connection with such Permitted Affiliate Loan or enter into any intercreditor or subordination arrangements in connection with any such granting of Liens. It is understood that if APC or any of its Subsidiaries grants a Lien to another secured party on any such assets acquired directly or indirectly with the proceeds of such Permitted Affiliate Loan (other than (x) Liens in favor of the secured parties under the PNC Facility that do not represent an expansion of the types of collateral historically granted to the secured parties under the PNC Facility (or its predecessor facility) and (y) Liens on real estate and equipment acquired in connection with the Applicable Transaction to secure new money loans made by M&T Bank under the M&T Facility to fund the Applicable Transaction), the "reasonable best efforts" standard described in the immediately preceding sentence shall be deemed not to be satisfied.**</u>

<u>**"Permitted Holder" shall mean (i) Arie Kotler (together with (a) his spouse and children (natural or adopted); and (b) the estate, heirs, executors, successors or administrators upon or as a result of the death, incapacity or incompetency of such person for purposes of the protection and management of such person's assets), (ii) any Person in which Arie Kotler, directly or indirectly, beneficially owns at 50% of the total voting power**</u>

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<u>**of the Voting Stock of such Person, (iii) any "person" (as such term is used in Section**</u> <u>**13(d)(3) of the Exchange Act) or "group" (within the meaning of Section 13(d) of the Exchange Act) of which Arie Kotler holds, directly or indirectly, voting or dispositive control over the Voting Stock of such company or any direct or indirect parent of such company, held by such person or group, and (iv) any Person of which Arie Kotler is the executive chairman, chairman or chief executive officer.**</u>

"<u>Permitted Investments</u>" shall have the meaning set forth in <u>Section 6.5</u>.

"<u>Permitted Liens</u>" shall have the meaning set forth in <u>Section 6.2</u>.

<u>**"Permitted Paydown Permitted Acquisition" shall have the meaning set forth in the definition of Permitted Acquisition.**</u>

<u>**"Permitted Paydown Restricted Payment" shall mean a Restricted Payment with respect to which all of the following criteria are satisfied (and with respect to which a Responsible Officer of the Borrower has made a written certification to the Administrative Agent and such certification is received at least five (5) Business Days prior to the date of such Restricted Payment):**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u> <u>Such Restricted Payment shall be used to fund (A) the construction of a new to industry or raze and rebuild convenience store, gas station or cardlock to be operated or supplied by GPM Empire, (B) the acquisition of new dealer contracts by GPM Empire or (C) any other acquisition by GPM Empire in a similar line of business to GPM Empire's current business;</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u> <u>no Default or Event of Default shall then exist or would exist immediately after giving effect to such Restricted Payment;</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u> <u>after giving effect to such Restricted Payment and the use of proceeds thereof on a Pro Forma Basis, the Credit Parties shall be in compliance with each of the financial covenants set forth in Section 5.9 (and the Borrower's certification of same shall include reasonable detail satisfactory to the Administrative Agent);</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iv)</u> <u>such Restricted Payment is related to a transaction that is expected to result in a material increase (determined by the Borrower in good faith in good faith relative to the size of the transaction) in the amount of Product (as defined in the SBI and Fuel Supply Agreement) purchased by GPM Empire and is expected to be materially accretive (determined by the Borrower in good faith in good faith relative to the size of the transaction) to the payments owing to the Borrower under the SBI and Fuel Supply Agreement;</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(v)</u> <u>the Administrative Agent and the Lenders shall have received a description of the material terms of such transaction described in</u><u> </u><u>clause (i) of this definition, including financial projections satisfactory to the Administrative Agent; and</u>** 

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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;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(vi)</u> <u>the transaction funded by such Restricted Payment is not adverse to the Lenders;</u>** 

<u>**provided that, with regard to one or more Applicable Transactions that collectively have aggregate Consideration over the term of this Agreement not to exceed ten million dollars ($10,000,000), the Borrower may elect not to satisfy the conditions in clauses (iv) and (v) above (or clause (iv) or (v) of the definition of Permitted Affiliate Loan, as applicable).**</u>

<u>**Further, in order for a Restricted Payment described above to qualify as a Permitted Paydown Restricted Payment, the Credit Parties and GPM Empire shall be required to use reasonable best efforts to ensure that any assets acquired in connection with such Restricted Payment are promptly made subject to a Lien in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to arrangements satisfactory to the Administrative Agent in its sole discretion; provided that the Administrative Agent in its sole discretion may elect to forgo any Lien on assets acquired in connection with such Restricted Payment or enter into any intercreditor or subordination arrangements in connection with any such granting of Liens. It is understood that if APC or any of its Subsidiaries grants a Lien to another secured party on any such assets acquired directly or indirectly with the proceeds of such Restricted Payment (other than (x) Liens in favor of the secured parties under the PNC Facility that do not represent an expansion of the types of collateral historically granted to the secured parties under the PNC Facility (or its predecessor facility) and (y) Liens on real estate and equipment acquired in connection with the Applicable Transaction to secure new money loans made by M&T Bank under the M&T Facility to fund the Applicable Transaction), the "reasonable best efforts" standard described in the immediately preceding sentence shall be deemed not to be satisfied.**</u>

"<u>Person</u>" shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Phase I Reports</u>" shall have the meaning set forth in <u>Section 3.10(d)</u>.

"<u>Plan</u>" shall mean, as of any date of determination, any employee benefit plan which is covered by Title IV of ERISA and in respect of which any Credit Party or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

*"<u>Prime Rate</u>" shall have the meaning set forth in the definition of "Alternate Base Rate."* 

<u>**"Pledge Agreement" shall mean that certain Pledge and Undertaking Agreement dated as of the Second Amendment Effective Date by and between the Pledgors and the Administrative Agent.**</u>

<u>**"Pledgors" shall mean collectively the General Partner and ARKO Petroleum.**</u>

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<u>**"PNC Facility" shall mean the asset based loan facility pursuant to that certain Amended and Restated Revolving Credit and Security Agreement dated as of [ ] by and among, GPM Empire, GPM RE LP and GPM Transportation Company, LLC, as borrowers, and PNC Bank, National Association, as lender and agent.**</u>

"<u>Preferred A Units</u>" shall mean the "Class A Preferred Units" under and as defined in the Partnership Agreement.

*<u>"Prime Rate" shall have the meaning set forth in the definition of "Alternate Base Rate."</u>* 

"<u>Pro Forma Basis</u>" shall mean, with respect to any transaction, that such transaction shall be deemed to have occurred as of the first day of the four-quarter period (or twelve month period, as applicable) ending as of the most recent quarter end (or month end, as applicable) preceding the date of such transaction for which financial statement information is available.

"<u>PTE</u>" shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Qualified ECP Guarantor</u>" shall mean, in respect of any Swap Obligation, each Guarantor that has total assets exceeding $10,000,000 at the time such Swap Obligation is incurred**<u>,</u>** or such other person as constitutes an ECP under the Commodity Exchange Act or any regulations promulgated thereunder.

"<u>QFC</u>" shall have the meaning set forth in <u>Section 9.28(b)</u>.

"<u>QFC Credit Support</u>" shall have the meaning set forth in <u>Section 9.28</u>.

"<u>Recipient</u>" shall mean (a) the Administrative Agent, (b) any Lender and (c) any Issuing

Lender, as applicable.

"<u>Register</u>" shall have the meaning set forth in <u>Section 9.6(c)</u>.

"<u>Reimbursement Obligation</u>" shall mean the obligation of the Borrower, or any other

Credit Party, as the case may be, to reimburse the Issuing Lender pursuant to <u>Section 2.2(d)</u> for amounts drawn under Letters of Credit.

"<u>Related Parties</u>" shall mean, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person's Affiliates.

"<u>Relevant Governmental Body</u>" shall mean the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

"<u>Reorganization</u>" shall mean, with respect to any Multiemployer Plan, the condition that such Plan is in reorganization within the meaning of such term as used in Section 4241 of ERISA.

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"<u>Reportable Event</u>" shall mean any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty-day notice period is waived under PBGC Reg. §4043.

"<u>Required Lenders</u>" shall mean, as of any date of determination, Lenders holding more than 50% of the sum of (i) Revolving Credit Exposures and (ii) unused Revolving Commitments at such time; <u>provided</u>, <u>however</u>, that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders, Obligations (including Participation Interests) owing to such Defaulting Lender and such Defaulting Lender's Commitments.

"<u>Required Lender Notice Date</u>" shall mean the date on which the Administrative Agent delivers to the Borrower a notice, at the direction of the Required Lenders, that the Required Lender Notice Date is in effect.

"<u>Requirement of Law</u>" shall mean, as to any Person, (a) its Organization Documents, and (b) all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities of any Governmental Authority, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority; in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"<u>Resolution Authority</u>" shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" shall mean, the chief executive officer, president, executive vice president, chief financial officer, treasurer, controller<u>**, general counsel (except with respect to financial matters),**</u> or manager **<u>(except with respect to financial matters)</u>** of a Credit Party**,** or in the case of any Credit Party which is a partnership, shall also mean the chief executive officer, president, executive vice president, chief financial officer, treasurer, controller<u>**, general counsel (except with respect to financial matters),**</u> or manager **<u>(except with respect to financial</u> <u>matters)</u>** of the general partner of such Credit Party. Any document delivered hereunder that is signed by a Responsible Officer of a Credit Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Credit Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Credit Party.

"<u>Restricted Payment</u>" shall mean (a) any dividend or other distribution, direct or indirect, on account of any shares (or equivalent) of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, or (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding.

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"<u>Revolving Commitment</u>" shall mean, with respect to each Revolving Lender, the commitment of such Revolving Lender to make Revolving Loans in an aggregate principal amount at any time outstanding up to an amount equal to such Revolving Lender's Revolving Commitment Percentage of the Revolving Committed Amount as specified on <u>Schedule 1.1</u> (as may be modified pursuant to <u>Section 2.20</u>).

"<u>Revolving Commitment Percentage</u>" shall mean, for each Lender, the percentage identified as its Revolving Commitment Percentage on <u>Schedule 1.1</u> or in the Assignment and Assumption pursuant to which such Lender became a Lender hereunder or in the joinder agreement or amendment contemplated in <u>Section 2.20</u>, as such percentage may be modified in connection with any assignment made in accordance with the provisions of <u>Section 9.6(b)</u>.

"<u>Revolving Committed Amount</u>" shall have the meaning set forth in <u>Section 2.1(a)</u>.

"<u>Revolving Credit Exposure</u>" shall mean, as to any Revolving Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Loans and such Revolving Lender's participation in LOC Obligations and Swingline Loans at such time.

"<u>Revolving Facility</u>" shall have the meaning set forth in <u>Section 2.1(a)</u>.

"<u>Revolving Facility Termination Date</u>" shall mean the earlier of the Revolving Maturity Date and the date on which the Revolving Commitments have been terminated pursuant to <u>Section 7.2</u>.

"<u>Revolving Lender</u>" shall mean, as of any date of determination, a Lender holding a Revolving Commitment, a Revolving Loan or a Participation Interest on such date.

"<u>Revolving Loan</u>" shall have the meaning set forth in <u>Section 2.1(a)</u>.

"<u>Revolving Loan Note</u>" or "<u>Revolving Loan Notes</u>" shall mean the promissory notes of the Borrower provided pursuant to <u>Section 2.1(e)</u> in favor of any of the Revolving Lenders evidencing the Revolving Loan provided by any such Revolving Lender pursuant to <u>Section 2.1(a)</u>, individually or collectively, as appropriate, as such promissory notes may be amended, modified, extended, restated, replaced, or supplemented from time to time.

"<u>Revolving Maturity Date</u>" shall mean May 5, 2028; <u>provided</u>, <u>further</u>, that if any such date is not a Business Day, the Revolving Maturity Date shall be the immediately preceding Business Day.

"<u>S&P</u>" shall mean Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc.

"<u>Sarbanes-Oxley</u>" shall mean the Sarbanes-Oxley Act of 2002.

<u>**"SBI and Fuel Supply Agreement" shall mean that certain Agreement Regarding SBI and Fuel Supply, dated as of [ ] but effective as of [ ], by and among GPM Empire and the Borrower.**</u>

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"<u>SEC</u>" shall mean the Securities and Exchange Commission or any successor Governmental Authority.

<u>**"Second Amendment" shall mean that certain Second Amendment to Second Amended and Restated Credit Agreement, dated as of January 13, 2026, by and among the Borrower, the other Credit Parties party thereto, the Administrative Agent and the Lenders party thereto.**</u>

<u>**"Second Amendment Effective Date" shall have the definition set forth in the**</u> <u>**Second Amendment.**</u>

"<u>Secured Hedging Agreement</u>" shall mean any Hedging Agreement of any Credit Party with a Secured Hedging Agreement Counterparty.

"<u>Secured Hedging Agreement Counterparty</u>" shall mean a Lender or an Affiliate of a Lender (or a Person who was a Lender or an Affiliate of a Lender at the time of execution of a Hedging Agreement) who has entered into a Hedging Agreement with any of the Credit Parties.

"<u>Secured Parties</u>" shall mean the Administrative Agent, each Issuing Lender, each Swingline Lender, each other Lender, the Secured Hedging Agreement Counterparties and the Treasury Management Counterparties.

"<u>Securities Account Control Agreement</u>" shall mean an agreement, among a Credit Party, a securities intermediary, and the Administrative Agent, which agreement is in a form acceptable to the Administrative Agent and which provides the Administrative Agent with "control" (as such term is used in Articles 8 and 9 of the UCC) over the securities account(s) described therein.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, together with any amendment thereto or replacement thereof and any rules or regulations promulgated thereunder.

"<u>Securities Laws</u>" shall mean the Securities Act, the Exchange Act, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect on any applicable date hereunder.

"<u>Security Agreement</u>" shall mean the Second Amended and Restated Pledge and Security Agreement, in form and substance satisfactory to the Administrative Agent, dated as of the Closing Date, and executed by the Credit Parties in favor of the Administrative Agent, for the benefit of certain Secured Parties.

"<u>Security Documents</u>" shall mean the Security <u>**Agreement, the Pledge Agreement, the GPM Empire Security Agreement, the GPM Empire Deposit Account Control Agreement, the Collateral Rights**</u> Agreement, any Deposit Account Control Agreement, any Securities Account Control Agreement, the Mortgage Instruments, each Perfection Certificate, all other agreements, documents and instruments granting to the Administrative Agent, for the benefit of the Secured Parties, Liens or security interests to secure the Obligations whether now or

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hereafter executed and/or filed, and all other agreements, documents and instruments executed and/or delivered or filed in connection with the granting, attachment and perfection of the Administrative Agent's security interests and Liens arising thereunder, including, without limitation, UCC financing statements.

"<u>Single Employer Plan</u>" shall mean any Plan that is not a Multiemployer Plan.

"<u>SOFR</u>" shall mean a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" shall mean the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

**"<u>SOFR Administrator's Website</u>" shall mean the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.**

"<u>SOFR Loan</u>" shall mean a Loan that bears interest based on Term SOFR.

"<u>Specified Default</u>" shall mean an Event of Default under <u>Section 7.1(a)</u>, <u>Section 7.1(c)</u> by virtue of a violation of <u>Section 5.9</u> or <u>Section 7.1(e)</u>.

"<u>Subordinated Debt</u>" shall mean any Indebtedness incurred by any Credit Party which by its terms is specifically subordinated in right of payment to the prior payment of the Obligations and contains subordination and other terms acceptable to the Administrative Agent.

"<u>Subsidiary</u>" shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.

Unless otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

"<u>Supported QFC</u>" shall have the meaning set forth in <u>Section 9.28</u>.

"<u>Swap Obligations</u>" shall mean, with respect to any Guarantor, an obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

"<u>Swingline Commitment</u>" shall mean the commitment of the Swingline Lender to make Swingline Loans in an aggregate principal amount at any time outstanding up to the Swingline Committed Amount, and the commitment of the Revolving Lenders to purchase Participation Interests in the Swingline Loans as provided in <u>Section 2.3(b)(ii)</u>, as such amounts may be reduced from time to time in accordance with the provisions hereof**<u>.</u>**

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"<u>Swingline Committed Amount</u>" shall mean the amount of the Swingline Lender's Swingline Commitment as specified in <u>Section 2.3(a)</u>.

"<u>Swingline Lender</u>" shall mean Capital One and any successor swingline lender.

"<u>Swingline Loan</u>" shall have the meaning set forth in <u>Section 2.3(a)</u>.

"<u>Swingline Loan Note</u>" shall mean the promissory note of the Borrower in favor of the Swingline Lender evidencing the Swingline Loans provided pursuant to <u>Section 2.3(d)</u>, as such promissory note may be amended, modified, extended, restated, replaced, or supplemented from time to time.

"<u>Target</u>" shall have the meaning set forth in the definition of "Permitted Acquisition."

"<u>Taxes</u>" shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term SOFR</u>" shall mean,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any calculation with respect to an Alternate Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "<u>Base Rate Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the

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Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate <u>**Term**</u> SOFR Determination Day.

"<u>Term SOFR Adjustment</u>" shall mean, for any calculation of the applicable interest rate for an Alternate Base Rate Loan or SOFR Loan, a percentage per annum equal to ten (10) basis points.

"<u>Term SOFR Administrator</u>" shall mean the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

"<u>Term SOFR Reference Rate</u>" shall mean the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR.

"<u>Trade Date</u>" shall have the meaning set forth in <u>Section 9.6(f)</u>.

"<u>Tranche</u>" shall mean the collective reference to (a) SOFR Loans whose Interest Periods begin and end on the same day and (b) Alternate Base Rate Loans made on the same day.

"<u>Transactions</u>" shall mean the execution, delivery and performance by each Credit Party of this Agreement and each other Credit Document to which it is a party, the refinancing of the Existing Credit Agreement, the borrowing of Loans, the use of the proceeds thereof, the issuance of Letters of Credit hereunder, and the grant of Liens by each Credit Party on Collateral pursuant to the Security Documents to which it is a party, and the amendment and restatement of this Agreement.

"<u>Treasury Management Agreement</u>" shall mean any agreement governing the provision of (a) commercial credit cards, (b) stored value cards, or (c) treasury or cash management services, including deposit accounts, funds transfers, automated clearinghouse services, auto-borrow services, zero balance accounts, returned check concentration, controlled disbursement services, lockboxes, account reconciliation and reporting services, trade finance services, overdraft protection, and interstate depository network services.

"<u>Treasury Management Counterparty</u>" shall mean each Lender or Affiliate of a Lender that enters into a Treasury Management Agreement with a Credit Party; <u>provided</u> that if such Person at any time ceases to be a Lender or an Affiliate of a Lender, as the case may be, such Person shall no longer be a Treasury Management Counterparty.

"<u>UCC</u>" shall mean the Uniform Commercial Code from time to time in effect in any applicable jurisdiction.

"<u>UK Financial Institution</u>" shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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"<u>UK Resolution Authority</u>" shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>U.S. Government Securities Business Day</u>" shall mean any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>" shall mean any Person that is a "United States Person" as defined in section 7701(a)(30) of the Code.

"<u>U.S. Special Resolution Regimes</u>" shall have the meaning set forth in <u>Section 9.28</u>.

"<u>U.S. Tax Compliance Certificate</u>" shall have the meaning assigned to such term in paragraph (g) of <u>Section 2.15</u>.

"<u>Voting Stock</u>" shall mean, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote may be or have been suspended by the happening of such a contingency.

"<u>Withholding Agent</u>" shall mean any Credit Party and the Administrative Agent.

"<u>Write-Down and Conversion Powers</u>" shall mean, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.2 <u>Types of Loans</u>. For purposes of this Agreement, Loans may be classified and referred to by type (e.g., a "<u>SOFR Loan</u>" or a "<u>Alternate Base Rate Loan</u>").

Section 1.3 <u>Other Definitional Provisions</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words

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"include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, amended and restated or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's permitted successors and assigns, (c) the words "herein," "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, (f) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (g) all terms defined in this Agreement shall have the defined meanings when used in any other Credit Document or any certificate or other document made or delivered pursuant hereto.

Section 1.4 <u>Accounting Terms; GAAP</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the most recently delivered audited Consolidated financial statements of **the Borrower<u>ARKO Petroleum</u>**, <u>except</u> as otherwise specifically prescribed herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Changes in GAAP</u>. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Credit Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); <u>provided</u> that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained herein or in any other Credit Document, for all purposes hereunder and under any other Credit Document, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to (i) any change to GAAP as a result of the adoption of Accounting Standards Codification Topic 842, or any other

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proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as an operating lease liability where such lease (or such similar arrangement) was not required to be so treated under GAAP as in effect on December 31, 2015, (ii) any election under Accounting Standards Codification 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other **Liabilities<u>liabilities</u>** of any Credit Party or any Subsidiary of any Credit Party at "fair value" and (iii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

Section 1.5 <u>Time References</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

Section 1.6 <u>Execution of Documents</u>. Unless otherwise specified, all Credit Documents and all other certificates executed in connection therewith must be signed by a Responsible Officer.

Section 1.7 <u>Divisions</u>. For all purposes under the Credit Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

Section 1.8 <u>Letter of Credit Amounts</u>. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; <u>provided</u>, <u>however</u>, that with respect to any Letter of Credit that, by its terms or the terms of any LOC Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

Section 1.9 <u>Interest Rates</u>. The Administrative Agent and its Affiliates and their respective officers, directors, agents and employees**<u>:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not be responsible to any Secured Party, the Borrower, any other Credit Party or any other Person, or have any liability for, any incorrect or inaccurate determination of Term SOFR or the Alternate Base Rate for any purpose under any Credit Document; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) do not warrant or accept responsibility for, and shall not have any liability with respect to (i) the continuation of, administration of, submission of, calculation of or any other matter related to Alternate Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Alternate Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Alternate Base Rate, the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Alternate Base Rate, the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

ARTICLE II

THE LOANS; AMOUNT AND TERMS

Section 2.1 <u>Revolving Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Revolving Commitment</u>. During the Commitment Period, subject to the terms and conditions hereof, the Revolving Lenders severally, but not jointly, agree to make revolving credit loans in Dollars ("<u>Revolving Loans</u>") to the Borrower from time to time in an aggregate principal amount of up to $800,000,000 (as increased from time to time as provided in <u>Section 2.20(a)</u> and as such aggregate maximum amount may be reduced from time to time as provided in <u>Section 2.5</u>, the "<u>Revolving Committed Amount</u>") for the purposes hereinafter set forth (such facility, the "<u>Revolving Facility</u>"); <u>provided</u>, <u>however</u>, that (i) with regard to each Revolving Lender individually, the sum of such Revolving Lender's Revolving Commitment Percentage of the aggregate principal amount of outstanding Revolving Loans <u>plus</u> such Revolving Lender's Revolving Commitment Percentage of outstanding Swingline Loans <u>plus</u> such Revolving Lender's Revolving Commitment Percentage of outstanding LOC Obligations shall not exceed such Revolving Lender's Revolving Commitment and (ii) with regard to the Revolving Lenders collectively, the sum of the aggregate principal amount of outstanding Revolving Loans <u>plus</u> outstanding Swingline Loans <u>plus</u> outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect. Revolving Loans may consist of Alternate Base Rate Loans or SOFR Loans, or a combination thereof, as the Borrower may request, and may be repaid and reborrowed in accordance with the provisions hereof. SOFR Loans and Alternate Base Rate Loans shall be made by each Revolving Lender at its Domestic Lending Office.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Revolving Loan Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Notice of Borrowing</u>. The Borrower shall request a Revolving Loan borrowing by delivering a written Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing, which delivery may be by fax) to the Administrative Agent not later than 11:00 A.M. on the proposed date of the requested borrowing in the case of Alternate Base Rate Loans, and on the third (3rd) Business Day prior to the date of the requested borrowing in the case of SOFR Loans. Each such Notice of Borrowing shall be irrevocable and shall specify (A) that a Revolving Loan is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount to be borrowed, and (D) whether the borrowing shall be comprised of Alternate Base Rate Loans, SOFR Loans or a combination thereof, and if SOFR Loans are requested, the Interest Period(s) therefor. If the Borrower shall fail to specify in any such Notice of Borrowing (1) an applicable Interest Period in the case of a SOFR Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (2) the type of Revolving Loan requested, then such notice shall be deemed to be a request for a SOFR Loan for an Interest Period of one month. The Administrative Agent shall give notice to each Revolving Lender promptly upon receipt of each Notice of Borrowing, the contents thereof and each such Revolving Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Minimum Amounts</u>. Each Revolving Loan that is made as an Alternate Base Rate Loan shall be in a minimum aggregate amount of $1,000,000 and in integral multiples of $100,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less). Each Revolving Loan that is made as a SOFR Loan shall be in a minimum aggregate amount of $1,000,000 and in integral multiples of $100,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u> (iii)** <u>Advances</u>. Each Revolving Lender will make its Revolving Commitment Percentage of each Revolving Loan borrowing available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent specified in <u>Section 9.2</u>, or at such other office as the Administrative Agent may designate in writing, by 2:00 P.M. on the date specified in the applicable Notice of Borrowing, in Dollars and in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent by crediting the account of the Borrower on the books of such office (or such other account that the Borrower may designate in writing to the Administrative Agent) with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u> (c)** <u>Repayment</u>. Subject to the terms of this Agreement, Revolving Loans may be borrowed, repaid and reborrowed during the Commitment Period, subject to <u>Section</u> <u>2.6(a)</u>. The principal amount of all Revolving Loans shall be due and payable in full on the Revolving Facility Termination Date, unless accelerated sooner pursuant to <u>Section 7.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> (d) <u>Interest</u>. Subject to the provisions of Section 2.7, Revolving Loans shall bear interest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Alternate Base Rate Loans</u>. During such periods as any Revolving Loans shall be comprised of Alternate Base Rate Loans, each such Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base Rate <u>plus</u> the Applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>SOFR Loans</u>. During such periods as Revolving Loans shall be comprised of SOFR Loans, each such SOFR Loan shall bear interest at a per annum rate equal to the sum of Adjusted Term SOFR <u>plus</u> the Applicable Margin.

Interest on Revolving Loans shall be payable in arrears on each Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(f)</u> (e)** <u>Revolving Loan Notes; Covenant to Pay</u>. The Borrower's obligation to pay each Revolving Lender shall be evidenced by this Agreement and, upon such Revolving Lender's request, by a duly executed promissory note of the Borrower to such Revolving Lender substantially in the form of <u>Exhibit 2.1(e)</u>. The Borrower covenants and agrees to pay the Revolving Loans in accordance with the terms of this Agreement.

Section 2.2 <u>Letter of Credit Subfacility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Issuance</u>. Subject to the terms and conditions hereof and of the LOC Documents, during the Commitment Period the Issuing Lender shall issue, and the Revolving Lenders shall participate in, standby Letters of Credit for the account of the Borrower from time to time upon request in a form acceptable to the Issuing Lender; <u>provided</u>, <u>however</u>, that (i) the aggregate amount of LOC Obligations shall not at any time exceed $40,000,000 (the "<u>LOC Committed Amount</u>"), (ii) the sum of the aggregate principal amount of outstanding Revolving Loans <u>plus</u> outstanding Swingline Loans <u>plus</u> outstanding LOC Obligations shall not at any time exceed the Revolving Committed Amount then in effect, (iii) all Letters of Credit shall be denominated in Dollars and (iv) Letters of Credit shall be issued for any lawful business purposes and shall be issued as standby letters of credit, including in connection with workers' compensation and other insurance programs. Except as expressly agreed in writing upon by all the Revolving Lenders, no Letter of Credit shall have an original expiry date more than twelve (12) months from the date of issuance; <u>provided</u>, <u>however</u>, so long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended periodically from time to time on the request of the Borrower or annually in accordance with <u>Section 2.2(l)</u>; <u>provided</u>, <u>further</u>, that no Letter of Credit, as originally issued or as extended, shall have an expiry date extending beyond the date that is seven (7) days prior to the Revolving Maturity Date (the "<u>Letter of Credit Expiration Date</u>"). Each Letter of Credit shall comply with the related LOC Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. Each Letter of Credit issued hereunder shall be in a minimum original face amount of $50,000 or such lesser amount as approved by the Issuing Lender. No Letter of Credit shall be issued if it would be in contravention of any applicable law or the standard policies and practices and of the Issuing Lender applicable to all applicants.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice and Reports</u>. The request for the issuance of a Letter of Credit shall be submitted to the Issuing Lender at least five (5) Business Days prior to the requested date of issuance, along with a duly executed copy of the Issuing Lender's standard form of application and agreement for letters of credit. The Issuing Lender will promptly upon request provide to the Administrative Agent for dissemination to the Revolving Lenders a detailed report specifying the Letters of Credit which are then issued and outstanding and any activity with respect thereto which may have occurred since the date of any prior report, and including therein, among other things, the account party, the beneficiary, the face amount, expiry date as well as any payments or expirations which may have occurred. The Issuing Lender will further provide to the Administrative Agent promptly upon request copies of the Letters of Credit. The Issuing Lender will provide to the Administrative Agent promptly upon request a summary report of the nature and extent of LOC Obligations then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Participations</u>. Each Revolving Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a risk participation from the Issuing Lender in such Letter of Credit and the obligations arising thereunder and any Collateral relating thereto, in each case in an amount equal to its Revolving Commitment Percentage of the obligations under such Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its Revolving Commitment Percentage of the obligations arising under such Letter of Credit; <u>provided</u> that any Person that becomes a Revolving Lender after the Closing Date shall be deemed to have purchased a Participation Interest in all outstanding Letters of Credit on the date it becomes a Lender hereunder and any Letter of Credit issued on or after such date, in each case in accordance with the foregoing terms. Without limiting the scope and nature of each Revolving Lender's participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any LOC Document, each such Revolving Lender shall pay to the Issuing Lender its Revolving Commitment Percentage of such unreimbursed drawing in same day funds pursuant to and in accordance with the provisions of <u>subsection (d)</u> hereof. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event, including those set forth in <u>Section 2.2(e)</u>. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reimbursement</u>. In the event of any drawing under any Letter of Credit, the Issuing Lender will promptly notify the Borrower and the Administrative Agent. The Borrower shall reimburse the Issuing Lender on the day of drawing under any Letter of Credit if notified prior to 1:00 P.M. on a Business Day or, if after 1:00 P.M., on the following Business Day (either with the proceeds of a Revolving Loan obtained hereunder or otherwise) in same day funds as provided herein or in the LOC Documents. If the Borrower fails to reimburse the Issuing Lender as provided herein, the unreimbursed amount of such drawing shall automatically bear interest at a per annum rate equal to the Default Rate. Unless the Borrower immediately

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notifies the Issuing Lender and the Administrative Agent of its intent to otherwise reimburse the Issuing Lender, the Borrower shall be deemed to have requested a Mandatory LOC Borrowing in the amount of the drawing as provided in <u>subsection (e)</u> hereof, the proceeds of which will be used to satisfy the Reimbursement Obligations. The Borrower's Reimbursement Obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim or defense to payment the Borrower may claim or have against the Issuing Lender, the Administrative Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or any other Person, including, without limitation, any defense based on any failure of the Borrower to receive consideration or the legality, validity, regularity or unenforceability of the Letter of Credit. The Administrative Agent will promptly notify the other Revolving Lenders of the amount of any unreimbursed drawing**<u>,</u>** and each Revolving Lender shall promptly pay to the Administrative Agent for the account of the Issuing Lender, in Dollars and in immediately available funds, the amount of such Revolving Lender's Revolving Commitment Percentage of such unreimbursed drawing. Such payment shall be made on the Business Day**<u>,</u>** such notice is received by such Revolving Lender from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding the Business Day such notice is received. If such Revolving Lender does not pay such amount to the Administrative Agent for the account of the Issuing Lender in full upon such request, such Revolving Lender shall, on demand, pay to the Administrative Agent for the account of the Issuing Lender interest on the unpaid amount during the period from the date of such drawing until such Revolving Lender pays such amount to the Administrative Agent for the account of the Issuing Lender in full at a rate per annum equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Effective Rate and thereafter at a rate equal to the Alternate Base Rate. Each Revolving Lender's obligation to make such payment to the Issuing Lender, and the right of the Issuing Lender to receive the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the acceleration of the Obligations hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Obligations Absolute, Etc</u>. The Borrower's obligation to reimburse the Issuing Lender for amounts paid on account of drafts honored under Letters of Credit shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (1) any lack of validity or enforceability of this Agreement or any other Credit Document, any Letter of Credit, any LOC Document, or any term or provision therein, (2) the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit, any Issuing Lender or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction, (3) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (4) payment by the Issuing Lender under a Letter of Credit issued by the Issuing Lender against presentation of a draft or other document that does not comply with the terms of such Letter of Credit or any LOC Document, or any payment made by any Issuing Lender under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,

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debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit, or (5) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this subsection (e), constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower's obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Lender, nor any of their Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Lender; <u>provided</u> that the foregoing shall not be construed to excuse the Issuing Lender from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Lender's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Lender (as finally determined by a court of competent jurisdiction), such Issuing Lender shall be deemed to have exercised all requisite care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Lender that issued such Letter of Credit may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. The Borrower hereby waives presentment for payment (except the presentment required by the terms of any Letter of Credit) and notice of dishonor, protest and notice of protest with respect to drafts honored under the Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Repayment with Revolving Loans</u>. On any day the Borrower requests, or is deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "<u>Mandatory LOC Borrowing</u>") shall be made (without giving effect to any termination of the Commitments pursuant to <u>Section 7.2</u>) pro rata based on each Revolving Lender's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to <u>Section 7.2</u>) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans on the day such notice is received by the Revolving Lenders from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment

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shall be made at or before 12:00 P.M. on the Business Day next succeeding the day such notice is received, in each case <u>notwithstanding</u> (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in <u>Section4.2</u> are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in <u>Section 2.1(b)</u>, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith fund its Participation Interests in the outstanding LOC Obligations on the Business Day such notice to fund is received by such Revolving Lender from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding the Business Day such notice is received; <u>provided</u>, <u>further</u>, that in the event any Lender fails to fund its Participation Interest as required herein, then the amount of such Revolving Lender's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Modification, Extension</u>. The issuance of any supplement, modification, amendment, renewal, or extension to any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>ISP98 and UCP</u>. Unless otherwise expressly agreed by the Issuing Lender and the Borrower or other account party, when a Letter of Credit is issued, (i) the rules of the "International Standby Practices 1998," published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to each standby Letter of Credit, and (ii) the rules of The Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each documentary Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conflict with LOC Documents</u>. In the event of any conflict between this Agreement and any LOC Document, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Designation of Subsidiaries as Account Parties</u>. Notwithstanding anything to the contrary set forth in this Agreement, including, without limitation, <u>Section 2.2(a)</u>, if a Letter of Credit is in support of any obligations of, or is for the account of a Credit Party or a Subsidiary of the Borrower, the Borrower shall be obligated to reimburse each Issuing Lender hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Credit Parties or its other Subsidiaries inures to the benefit of the Borrower, and that the Borrower's business derives substantial benefits from the businesses of such Credit Parties or other Subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Cash Collateral</u>. At any point in time in which there is a Defaulting Lender, or as of the Letter of Credit Expiration Date, any LOC Obligations for any reason remain outstanding, the Issuing Lender may require the Borrower to Cash Collateralize the LOC Obligations pursuant to <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Auto-Extension Letter of Credit</u>. At the request of the Borrower in any notice delivered pursuant to <u>Section 2.2(b)</u>, the Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an "<u>Auto-Extension Letter of Credit</u>"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit the Issuing Lender to prevent any such extension at least once in each twelve-month period (commencing with the date of the issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "<u>Non-Extension Notice Date</u>") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Lender, the Borrower shall not be required to make a specific request to the Issuing Lender for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the extension of such Letter of Credit at any time; <u>provided</u>, <u>however</u>, that the Issuing Lender shall not permit any such extension if (A) the Issuing Lender has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of <u>clause (ii)</u> or <u>(iii)</u> of <u>Section 2.2(a)</u> or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable conditions specified in <u>Section 4.2</u> is not then satisfied, and in each such case directing the Issuing Lender not to permit such extension.

Section 2.3 <u>Swingline Loan Subfacility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Swingline Commitment</u>. During the Commitment Period, subject to the terms and conditions hereof, the Swingline Lender, in its individual capacity, may, in its discretion and in reliance upon the agreements of the other Lenders set forth in this Section, make certain revolving credit loans to the Borrower (each a "<u>Swingline Loan</u>" and, collectively, the "<u>Swingline Loans</u>") for the purposes hereinafter set forth; <u>provided</u>, <u>however</u>, (i) the aggregate principal amount of Swingline Loans outstanding at any time shall not exceed $15,000,000 (the "<u>Swingline Committed Amount</u>"), and (ii) the sum of the aggregate principal amount of outstanding Revolving Loans <u>plus</u> outstanding Swingline Loans <u>plus</u> outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect. Swingline Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Swingline Loan Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Notice of Borrowing and Disbursement</u>. To request a Swingline Loan, the Borrower shall notify the Administrative Agent and Swingline Lender by telephone (and shall subsequently confirm and deliver, by hand delivery, facsimile, E-Fax or (subject to compliance with below) e-mail, a duly completed and executed Notice of Borrowing to the Administrative Agent and the Swingline Lender), not later than 1:00 P.M. on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and the amount of the requested Swingline Loan. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit account of Borrower with the Swingline Lender or otherwise to an account as directed by Borrower in the applicable Notice of Borrowing by 3:00 p.m. on the requested date of such Swingline Loan. The Borrower shall not request a Swingline Loan if at the time of or immediately after giving effect to such request a Default has occurred and is continuing or would result therefrom. Swingline Loans shall be made in minimum amounts of $100,000, shall bear interest at the Alternate Base Rate <u>plus</u> the Applicable Margin and shall be payable in full by the Borrower upon demand of the Swingline Lender. Swingline Loan borrowings hereunder shall be made in minimum amounts of $100,000 (or the remaining available amount of the Swingline Committed Amount if less) and in integral amounts of $100,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Repayment of Swingline Loans</u>. Each Swingline Loan borrowing shall be due and payable on the Revolving Maturity Date. The Swingline Lender may, at any time, in its sole discretion, repay outstanding Swingline Loans by debiting any deposit account maintained by the Borrower or any other Credit Party with the Swingline Lender (to the extent of any funds available in such account at the time) or, by written notice to the Borrower and the Administrative Agent, demand repayment of its Swingline Loans by way of a Revolving Loan borrowing, in which case the Borrower shall be deemed to have requested a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans in the amount of such Swingline Loans; <u>provided</u>, <u>however</u>, that, in the following circumstances, any such demand shall also be deemed to have been given one Business Day prior to each of (A) the Revolving Maturity Date, (B) the occurrence of any Bankruptcy Event, (C) upon acceleration of the Obligations hereunder, whether on account of a Bankruptcy Event or any other Event of Default, and (D) the exercise of remedies in accordance with the provisions of <u>Section 7.2</u> (each such Revolving Loan borrowing made on account of any such deemed request therefor as provided herein being hereinafter referred to as "<u>Mandatory Swingline Borrowing</u>"). Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans promptly upon any such request or deemed request on account of each Mandatory Swingline Borrowing in the amount and in the manner specified in the preceding sentence on the date such notice is received by the Revolving Lenders from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding the date such notice is received <u>notwithstanding</u> (1) the amount of Mandatory Swingline Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (2) whether any conditions specified in <u>Section 4.2</u>

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are then satisfied, (3) whether a Default or an Event of Default then exists, (4) failure of any such request or deemed request for Revolving Loans to be made by the time otherwise required in <u>Section 2.1(b)(i)</u>, (5) the date of such Mandatory Swingline Borrowing, or (6) any reduction in the Revolving Committed Amount or termination of the Revolving Commitments immediately prior to such Mandatory Swingline Borrowing or contemporaneously therewith. In the event that any Mandatory Swingline Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code), then each Revolving Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Swingline Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrower on or after such date and prior to such purchase) from the Swingline Lender such Participation Interest in the outstanding Swingline Loans as shall be necessary to cause each such Revolving Lender to share in such Swingline Loans ratably based upon its respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to <u>Section 7.2</u>); <u>provided</u> that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender until the date as of which the respective Participation Interest is purchased, and (y) at the time any purchase of a Participation Interest pursuant to this sentence is actually made, the purchasing Revolving Lender shall be required to pay to the Swingline Lender interest on the principal amount of such Participation Interest purchased for each day from and including the day upon which the Mandatory Swingline Borrowing would otherwise have occurred to but excluding the date of payment for such Participation Interest, at the rate equal to, if paid within two (2) Business Days of the date of the Mandatory Swingline Borrowing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate. The Borrower shall have the right to repay the Swingline Loan in whole or in part from time to time in accordance with <u>Section 2.6(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Interest on Swingline Loans</u>. Subject to the provisions of <u>Section 2.7</u>, Swingline Loans shall bear interest at a per annum rate equal to the Alternate Base Rate <u>plus</u> the Applicable Margin for Revolving Loans that are Alternate Base Rate Loans. Interest on Swingline Loans shall be payable in arrears on each Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Swingline Loan Note; Covenant to Pay</u>. The Swingline Loans shall be evidenced by this Agreement and, upon request of the Swingline Lender, by a duly executed promissory note of the Borrower in favor of the Swingline Lender in the original amount of the Swingline Committed Amount and substantially in the form of <u>Exhibit 2.4(d)</u>. The Borrower covenants and agrees to pay the Swingline Loans in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cash Collateral</u>. At any point in time in which there is a Defaulting Lender, the Swingline Lender may require the Borrower to Cash Collateralize the outstanding Swingline Loans pursuant to <u>Section 2.18</u>.

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Section 2.4 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Commitment Fee</u>. Subject to <u>Section 2.19</u>, in consideration of the Revolving Commitments, the Borrower agrees to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a commitment fee (the "<u>Commitment Fee</u>") in an amount equal to the Applicable Margin per annum on the average daily unused amount of the Revolving Committed Amount. The Commitment Fee shall be calculated quarterly in arrears. For purposes of computation of the Commitment Fee, LOC Obligations shall be considered usage of the Revolving Committed Amount**<u>,</u>** but Swingline Loans shall not be considered usage of the Revolving Committed Amount. The Commitment Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter, commencing on the first date to occur after the Closing Date, and on the Revolving Facility Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Letter of Credit Fees</u>. Subject to <u>Section 2.19</u>, in consideration of the LOC Commitments, the Borrower agrees to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a fee (the "<u>Letter of Credit Fee</u>") equal to the Applicable Margin for Revolving Loans that are SOFR Loans per annum on the average daily maximum amount available to be drawn under each Letter of Credit from the date of issuance to the date of expiration. The Letter of Credit Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter, commencing on the first date to occur after the Closing Date, and on the Revolving Facility Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Issuing Lender Fees</u>. In addition to the Letter of Credit Fees payable pursuant to <u>subsection (b)</u> hereof, the Borrower shall pay to the Issuing Lender for its own account without sharing by the other Lenders the reasonable and customary charges from time to time of the Issuing Lender with respect to the amendment, transfer, administration, cancellation and conversion of, and drawings under, such Letters of Credit (collectively, the "<u>Issuing Lender Fees</u>"). The Issuing Lender may charge**,** and retain for its own account without sharing by the other Lenders, an additional facing fee (the "<u>Letter of Credit Facing Fee</u>") of 0.125% per annum on the average daily maximum amount available to be drawn under each such Letter of Credit issued by it. The Issuing Lender Fees and the Letter of Credit Facing Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter, commencing on the first date to occur after the Closing Date, and on the Revolving Facility Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Administrative Fee</u>. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times in the Capital One Engagement Letter or as separately agreed in writing between the Borrower and the Administrative Agent.

Section 2.5 <u>Commitment Reductions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voluntary Reductions</u>. The Borrower shall have the right to terminate or permanently reduce the unused portion of the Revolving Committed Amount at any time or from time to time upon not less than five (5) Business Days' prior written notice to the Administrative Agent (which shall notify the Lenders thereof as soon as practicable) of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction which shall be in a minimum amount of $5,000,000 or a whole multiple of $1,000,000

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in excess thereof and shall be irrevocable and effective upon receipt by the Administrative Agent; <u>provided</u> that no such reduction or termination shall be permitted if after giving effect thereto, and to any prepayments of the Revolving Loans made on the effective date thereof, the sum of the aggregate principal amount of outstanding Revolving Loans <u>plus</u> outstanding Swingline Loans <u>plus</u> outstanding LOC Obligations would exceed the Revolving Committed Amount then in effect. Any reduction in the Revolving Committed Amount shall be applied to the Revolving Commitment of each Revolving Lender in according to its Revolving Commitment Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>LOC Committed Amount</u>. If the Revolving Committed Amount is reduced below the then current LOC Committed Amount, the LOC Committed Amount shall automatically be reduced by an amount such that the LOC Committed Amount equals the Revolving Committed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Swingline Committed Amount</u>. If the Revolving Committed Amount is reduced below the then current Swingline Committed Amount, the Swingline Committed Amount shall automatically be reduced by an amount such that the Swingline Committed Amount equals the Revolving Committed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Commitment Terminations</u>. The Revolving Commitments, the Swingline Commitment and the LOC Commitment shall automatically terminate on the Revolving Facility Termination Date.

Section 2.6 <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Optional Prepayments and Repayments</u>. The Borrower shall have the right to repay the Loans in whole or in part from time to time; <u>provided</u>, <u>however</u>, that each partial prepayment or repayment of (i) Loans that are Alternate Base Rate Loans shall be in a minimum principal amount of $1,000,000 and integral multiples of $100,000 in excess thereof (or the remaining outstanding principal amount), (ii) Loans that are SOFR Loans shall be in a minimum principal amount of $1,000,000 and integral multiples of $100,000 in excess thereof (or the remaining outstanding principal amount) and (iii) Swingline Loans shall be in a minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof (or the remaining outstanding principal amount). The Borrower shall give three Business Days' irrevocable notice of prepayment in the case of SOFR Loans and same-day irrevocable notice on any Business Day in the case of Alternate Base Rate Loans, to the Administrative Agent (which shall notify the Lenders thereof as soon as practicable). To the extent the Borrower elects to repay the Revolving Loans and/or Swingline Loans, amounts prepaid under this Section shall be applied to the Revolving Loans and/or Swingline Loans, as applicable of the Revolving Lenders in accordance with their respective Revolving Commitment Percentages. Within the foregoing parameters, prepayments under this Section shall be applied first to Alternate Base Rate Loans and then to SOFR Loans in direct order of Interest Period maturities. All prepayments under this Section shall be subject to <u>Section 2.14</u>, but otherwise without premium or penalty. Interest on the principal amount prepaid shall be payable on the next occurring Interest Payment Date that would have occurred had such loan not been prepaid or, at the request of the Administrative Agent, interest on the principal amount prepaid shall be payable on any date that a prepayment is made hereunder through the date of prepayment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mandatory Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Revolving Committed Amount</u>. If at any time after the Closing Date, the sum of the aggregate principal amount of outstanding Revolving Loans <u>plus</u> outstanding Swingline Loans <u>plus</u> outstanding LOC Obligations exceed the Revolving Committed Amount, the Borrower shall immediately prepay the Revolving Loans and Swingline Loans and (after all Revolving Loans and Swingline Loans have been repaid) Cash Collateralize the LOC Obligations in an amount sufficient to eliminate such excess (such prepayment to be applied as set forth in Section 2.6(b)(**<u>iv</u><u>iii</u>**) below).

&nbsp;&nbsp;&nbsp;&nbsp;&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) Immediately upon receipt by any Credit Party or any Subsidiary of any Credit Party of the proceeds of the incurrence of Indebtedness (other than proceeds from the incurrence of Indebtedness permitted under <u>Section 6.1</u>), the Borrower shall deliver, or cause to be delivered, to the Administrative Agent an amount equal to such proceeds for application in accordance with <u>Section</u> <u>2.6(b)(</u>**<u>iv</u><u>iii</u>**) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Within five (5) Business Days of the IPO, the Borrower shall deliver, or cause to be delivered, to the Administrative Agent an amount equal to the net cash proceeds raised in the IPO for application in accordance with <u>Section 2.6(b)(iv)</u> below.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u> (iv)** <u>Application of Mandatory Prepayments</u>. All amounts required to be prepaid pursuant to <u>Section 2.6(b)(i)</u>, <u>**and**</u> <u>(b)(ii</u>**<u>)</u> and <u>(b)(iii</u>**) shall be applied (1) first to the outstanding Swingline Loans, (2) second to the outstanding Revolving Loans, and (3) third to Cash Collateralize the LOC Obligations.

Section 2.7 <u>Default Rate and Payment Dates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If all or a portion of the principal amount of any Loan which is a SOFR Loan is not paid when due or continued as a SOFR Loan in accordance with the provisions of <u>Section 2.8</u> (whether at the stated maturity, by acceleration or otherwise), such overdue principal amount of such Loan shall be converted to an Alternate Base Rate Loan at the end of the Interest Period applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence and during the continuance of a (i) Bankruptcy Event or a Payment Event of Default, the principal of and, to the extent permitted by law, interest on, the Loans and any other amounts owing hereunder or under the other Credit Documents shall automatically bear interest at a rate per annum which is equal to the Default Rate and (ii) any other Event of Default hereunder, at the option of the Required Lenders, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall automatically bear interest, at a per annum rate which is equal to the Default Rate, in each case from the date of such Event of Default until such Event of

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Default is waived in accordance with <u>Section 9.1</u>. Any default interest owing under this <u>Section</u> <u>2.7(b)</u> shall be due and payable on the earlier to occur of (x) demand by the Administrative Agent (which demand the Administrative Agent shall make if directed by the Required Lenders) and (y) the Revolving Maturity Date.

Section 2.8 <u>Conversion Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may, in the case of Revolving Loans, elect from time to time to convert Alternate Base Rate Loans to SOFR Loans or to continue SOFR Loans, by delivering a Notice of Conversion/Extension to the Administrative Agent at least three Business Days prior to the proposed date of conversion or continuation. In addition, the Borrower may elect from time to time to convert all or any portion of a SOFR Loan to an Alternate Base Rate Loan by giving the Administrative Agent irrevocable written notice thereof by 11:00 A.M. one (1) Business Day prior to the proposed date of conversion. If the date upon which an Alternate Base Rate Loan is to be converted to a SOFR Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. SOFR Loans may only be converted to Alternate Base Rate Loans on the last day of the applicable Interest Period. If the date upon which a SOFR Loan is to be converted to an Alternate Base Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. All or any part of outstanding Alternate Base Rate Loans may be converted as provided herein; <u>provided</u> that (i) no Loan may be converted into a SOFR Loan when any Default or Event of Default has occurred and is continuing and (ii) partial conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof. All or any part of outstanding SOFR Loans may be converted as provided herein; <u>provided</u> that partial conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any SOFR Loans may be continued as such upon the expiration of an Interest Period with respect thereto by compliance by the Borrower with the notice provisions contained in <u>Section 2.8(a)</u>; <u>provided</u>, that no SOFR Loan may be continued as such when any Default or Event of Default has occurred and is continuing, in which case such Loan shall be automatically converted to an Alternate Base Rate Loan at the end of the applicable Interest Period with respect thereto. If the Borrower fails to give timely notice of an election to continue a SOFR Loan, or the continuation of SOFR Loans is not permitted hereunder, such SOFR Loans shall be automatically converted to Alternate Base Rate Loans at the end of the applicable Interest Period with respect thereto.

Section 2.9 <u>Computation of Interest and Fees; Usury</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest payable hereunder with respect to any Alternate Base Rate Loan based on the Prime Rate shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days elapsed. All other fees, interest and all other amounts payable hereunder shall be calculated on the basis of a 360-day year for the actual days elapsed. The

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Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of Term SOFR on the Business Day of the determination thereof. Any change in the interest rate on a Loan resulting from a change in the Alternate Base Rate shall become effective as of the opening of business on the day on which such change in the Alternate Base Rate becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the computations used by the Administrative Agent in determining any interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is the intent of the Lenders and the Credit Parties to conform to and contract in strict compliance with applicable usury law from time to time in effect. All agreements between the Lenders and the Credit Parties are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including, but not limited to, prepayment or acceleration of the maturity of any Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable law. If, from any possible construction of any of the Credit Documents or any other document, interest would otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this paragraph and such interest shall be automatically reduced to the maximum nonusurious amount permitted under applicable law, without the necessity of execution of any amendment or new document. If any Lender ever receives anything of value which is characterized as interest on the Loans under applicable law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of the Credit Documents does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of interest on account of such Indebtedness does not exceed the maximum nonusurious amount permitted by applicable law.

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Section 2.10 <u>Pro Rata Treatment and Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Allocation of Payments Prior to Exercise of Remedies</u>. Each borrowing of Loans and any reduction of the Commitments shall be made pro rata according to the respective Revolving Commitment Percentages, of the Lenders. Unless otherwise required by the terms of this Agreement, each payment under this Agreement shall be applied, <u>first</u>, to any fees then due and owing by the Borrower pursuant to <u>Section 2.4</u>, <u>second</u>, to interest then due and owing hereunder by the Borrower and, <u>third</u>, to principal then due and owing hereunder and under this Agreement by the Borrower. Each payment on account of any fees pursuant to <u>Section 2.4</u> shall be made pro rata in accordance with the respective amounts due and owing (except as to the Letter of Credit Facing Fees and the Issuing Lender Fees which shall be paid to the Issuing Lender). Each optional repayment and prepayment by the Borrower on account of principal of and interest on the Loans shall be applied to such Loans, as applicable, on a pro rata basis and, to the extent applicable, in accordance with the terms of <u>Section 2.6(a)</u>. Each mandatory prepayment on account of principal of the Loans shall be applied to such Loans, as applicable, on a pro rata basis and, to the extent applicable, in accordance with <u>Section 2.6(b)</u>. All payments (including prepayments) to be made by the Borrower on account of principal, interest and fees shall be made without defense, set-off or counterclaim and shall be made to the Administrative Agent for the account of the Lenders at the Administrative Agent's office specified on <u>Section 9.2</u> in Dollars and in immediately available funds not later than 1:00 P.M. on the date when due. The Administrative Agent shall distribute such payments to the Lenders entitled thereto promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the SOFR Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a SOFR Loan becomes due and payable on a day other than a Business Day, such payment date shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Allocation of Payments After Exercise of Remedies</u>. All proceeds realized from the liquidation or other Disposition of Collateral or otherwise received after maturity of the Revolving Loans, whether by acceleration or otherwise, shall be applied: (1) first, to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Administrative Agent in its capacity as such; (2) second, pro rata to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Revolving Lenders and each Issuing Lender and Swingline Lender; (3) third, pro rata to payment of accrued interest on the Revolving Loans and the Swingline Loans; (4) fourth, pro rata to payment of (A) principal outstanding on the Revolving Loans and the Swingline Loans, (B) Obligations referred to in <u>clause (b)</u> of the definition of the term "Obligations" owing to a Secured Hedging Agreement Counterparty, and (C) Obligations referred to in <u>clause (c)</u> of the definition of the term "Obligations" owing to a Treasury Management Counterparty; (5) fifth, to serve as Cash Collateral to be held by the Administrative Agent to secure the LOC Obligations; (6) sixth, all other Obligations and (7) seventh, any excess, after all of the Obligations shall have been indefeasibly paid in full in cash, shall be paid to the Borrower or as otherwise required by any Requirement of Law.

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Section 2.11 <u>Non-Receipt of Funds by the Administrative Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Funding by Lenders; Presumption by Administrative Agent</u>. Unless the Administrative Agent receives written notice from a Lender prior to the proposed date of any Extension of Credit that such Lender will not make available to the Administrative Agent such Lender's share of such Extension of Credit, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with this Agreement and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Extension of Credit available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Alternate Base Rate Loans. If the Borrower and such Lender pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Extension of Credit to the Administrative Agent, then the amount so paid shall constitute such Lender's Loan included in such Extension of Credit. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments by Borrower; Presumptions by Administrative Agent</u>. Unless the Administrative Agent receives notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lender hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under <u>subsections (a)</u> and <u>(b)</u> of this Section shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Satisfy Conditions Precedent</u>. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Extension of Credit set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms thereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Obligations of Lenders Several</u>. The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and Swingline Loans and to make payments pursuant to <u>Section 9.5(c)</u> are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any such payment under <u>Section 9.5(c)</u> on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under <u>Section 9.5(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Funding Source</u>. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

Section 2.12 <u>Inability to Determine Interest Rate; Effect of Benchmark Transition</u> <u>Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Agreement, if (i) the Administrative Agent reasonably determines (which determination shall be conclusive and binding absent manifest error) that, by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist for ascertaining Term SOFR for such Interest Period, or (ii) the Required Lenders reasonably determine (which determination shall be conclusive and binding absent manifest error) that Term SOFR does not adequately and fairly reflect the cost to such Lenders of funding SOFR Loans that the Borrower has requested be outstanding as a SOFR Tranche during such Interest Period, the Administrative Agent shall forthwith give telephone notice of such determination, confirmed in writing, to the Borrower, and the Lenders at least two (2) Business Days prior to the first day of such Interest Period. Unless the Borrower shall have notified the Administrative Agent upon receipt of such telephone notice that it wishes to rescind or modify its request regarding such SOFR Loans, any Loans that were requested to be made as SOFR Loans shall be made as Alternate Base Rate Loans and any Loans that were requested to be converted into or continued as SOFR Loans shall remain as or be converted into Alternate Base Rate Loans. Until any such notice has been withdrawn by the Administrative Agent, no further Loans shall be made as, continued as, or converted into, SOFR Loans for the Interest Periods so affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effect of Benchmark Transition Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Credit Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this <u>Section 2.12(b)</u> will occur prior to the applicable Benchmark Transition Start Date.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Benchmark Replacement Conforming Changes</u>. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date and, if applicable, Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.12(b)(iv)</u> and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.12</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this <u>Section 2.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Unavailabilityof Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to <u>clause (i)</u> above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a SOFR Loan of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Alternate Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Alternate Base Rate based upon the then-current or such tenor for such Benchmark, as applicable, will not be used in any determination of Alternate Base Rate.

Section 2.13 <u>Yield Protection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Increased Costs Generally</u>. If any Change in Law:

&nbsp;&nbsp;&nbsp;&nbsp;&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) imposes, modifies or deems applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender or the Issuing Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&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) subjects any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in <u>clauses (b)</u> through <u>(d)</u> of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposes on any Lender or the Issuing Lender or the London interbank market any other condition, cost or expense (in each case, other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing is to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, such Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, Issuing Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, Issuing Lender or other Recipient, the Borrower will pay to such Lender, Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, Issuing Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Capital Requirements</u>. If any Lender or the Issuing Lender determines that any Change in Law affecting such Lender or the Issuing Lender or any lending office of such Lender or such Lender's or the Issuing Lender's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's or the Issuing Lender's capital or on the capital of such Lender's or the Issuing Lender's holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender's or the Issuing Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or the Issuing Lender's policies and the policies of such Lender's or the Issuing Lender's holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender's or the Issuing Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certificates for Reimbursement</u>. A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delay in Requests</u>. Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or the Issuing Lender's right to demand such compensation, <u>provided</u> that the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date such Lender or Issuing Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender's or Issuing Lender's intention to claim compensation therefore (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof).

Section 2.14 <u>Compensation for Losses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly, but in any event, within ten (10) Business Days, compensate such Lender for and hold such Lender harmless from any loss, cost or expense (in each case, other than Taxes) incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&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) any continuation, conversion, payment or prepayment of any Loan other than an Alternate Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

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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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than an Alternate Base Rate Loan on the date or in the amount notified by the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any assignment of a SOFR Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to <u>Section 2.17</u>;

including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

With respect to <u>Section 2.12</u>, <u>Section 2.14</u> and <u>Section 2.16</u>, each Lender shall treat the Borrower in the same manner as such Lender treats other similarly situated borrowers.

Section 2.15 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Issuing Lender</u>. For purposes of this <u>Section 2.15</u>, the term "Lender" includes any Issuing Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Credit Party under any Credit Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Credit Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Other Taxes by the Borrower</u>. The Credit Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification by the Borrower</u>. The Credit Parties shall jointly and severally indemnify each Recipient, within thirty (30) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses

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arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent, within thirty (30) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 9.6(d)</u> relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Credit Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Credit Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this <u>Section 2.15</u>, such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Status of Lenders</u>. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 2.15(g)(ii)(A)</u>, <u>(ii)(B)</u> and <u>(ii)(D)</u> below) shall not be required if in the Lender's judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Credit Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Credit Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of <u>Exhibit 2.15(a</u>) to the effect that (A) such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent a Foreign Lender is not the beneficial owner executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit 2.15(b)</u> or <u>Exhibit 2.15(c)</u>, IRS Form W-9, and/or other

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certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit 2.15(d</u>) on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&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) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&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) if a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>clause (D)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section 2.15</u> (including by the payment of additional amounts pursuant to this <u>Section 2.15</u>), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (<u>plus</u> any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Survival</u>. Each party's obligations under this <u>Section 2.15</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Credit Document.

Section 2.16 <u>Illegality</u>. Notwithstanding any other provision of this Agreement, if any Change in Law makes it unlawful for such Lender or its Domestic Lending Office to make or maintain SOFR Loans as contemplated by this Agreement, (a) such Lender shall promptly notify the Administrative Agent and the Borrower thereof, (b) the commitment of such Lender hereunder to make SOFR Loans or continue SOFR Loans as such shall forthwith be suspended until the Administrative Agent gives notice that the condition or situation which gave rise to the suspension no longer exists, and (c) such Lender's Loans then outstanding as SOFR Loans, if any, shall be converted on the last day of the Interest Period for such Loans or within such earlier period as required by law as Alternate Base Rate Loans. The Borrower hereby agrees to promptly pay any Lender, upon its demand, any additional amounts necessary to compensate such Lender for actual and direct costs (but not including anticipated profits) reasonably incurred by such Lender in making any repayment in accordance with this Section including, but not limited to, any interest or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its SOFR Loans hereunder. A certificate (which certificate shall include a description of the basis for the computation) as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its lending office) to avoid or to minimize any amounts which may otherwise be payable pursuant to this Section; <u>provided</u>, <u>however</u>, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be material.

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Section 2.17 <u>Mitigation Obligations; Replacement of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section 2.13</u>, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.15</u>, or cannot make or maintain SOFR Loans pursuant to <u>Section 2.16</u>, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.13</u>, <u>Section 2.15</u> or <u>Section 2.16</u>, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Replacement of Lenders</u>. If any Lender requests compensation under <u>Section 2.14</u>, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.15</u>, or if any Lender cannot make or maintain SOFR Loans pursuant to <u>Section 2.18</u>, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 9.6</u>), all of its interests, rights (other than its existing rights to payments pursuant to <u>Section 2.13</u>, <u>Section 2.15</u> or <u>Section 2.16</u>) and obligations under this Agreement and the related Credit Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&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) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in <u>Section 9.6(b)(iv)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&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) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents (including any amounts under <u>Section 2.14</u>) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.13</u> or payments required to be made pursuant to <u>Section 2.15</u> or <u>Section 2.16</u>, such assignment will result in a reduction in such compensation or payments thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such assignment does not conflict with applicable law; and

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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;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of any assignment resulting from a Lender becoming a Non- Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

Section 2.18 <u>Cash Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Collateral</u>. At any time that there exists a Defaulting Lender, or if, as of the Letter of Credit Expiration Date, any LOC Obligations for any reason remain outstanding, in each case, within one (1) Business Day following the written request of the Administrative Agent, the Issuing Lender (with a copy to the Administrative Agent) or any Swingline Lender (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize (i) all Fronting Exposure of the Issuing Lender and the Swingline Lender with respect to such Defaulting Lender (determined after giving effect to <u>Section 2.19</u> and any Cash Collateral provided by the Defaulting Lender) and (ii) if the Letter of Credit Expiration Date has occurred, all LOC Obligations then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Grant of Security Interest</u>. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Lenders and the Lenders (including the Swingline Lender), and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders' obligations to which such Cash Collateral may be applied pursuant to <u>clause (c)</u> below. If at any time the Administrative Agent, Issuing Lender or Swingline Lender determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure, the Borrower will, promptly upon demand by the Administrative Agent, Issuing Lender or Swingline Lender pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section or <u>Section 2.19</u> in respect of Letters of Credit or Swingline Loans, shall be held and applied to the satisfaction of the specific LOC Obligations, Swingline Loans, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination of Requirement</u>. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall no longer be required to be held as Cash Collateral pursuant to this <u>Section 2.18</u> following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent, each Issuing Lender and each Swingline Lender that there exists excess Cash Collateral; <u>provided</u> that, subject to <u>Section 2.19</u>, the Person providing Cash Collateral and each Issuing Lender and Swingline Lender may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations.

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Section 2.19 <u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defaulting Lender Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and <u>Section 9.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VII</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 9.7</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first,* to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *second,* to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender or Swingline Lender hereunder; *third,* to Cash Collateralize the Issuing Lender's or Swingline Lender's Fronting Exposure in accordance with <u>Section 2.18</u>; *fourth,* as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *fifth,* if so determined by the Administrative Agent and the Borrower, to be held in a non- interest bearing deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lender's and the Swingline Lender's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement in accordance with <u>Section 2.18</u>; *sixth,* to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Lenders or Swingline Lenders against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; *seventh,* so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *eighth,* to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (A) such payment is a payment of the principal

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amount of any Loans or LOC Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share and (B) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <u>Section 4.2</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LOC Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LOC Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LOC Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable facility without giving effect to <u>Section 2.19(a)(iv)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.19(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Commitment Fees</u>. No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Letter of Credit Fees</u>. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Reallocation of Fees</u>. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to <u>clause (A)</u> or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in LOC Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to <u>clause (iv)</u> below, (y) pay to each Issuing Lender and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender's or Swingline Lender's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Letter of Credit Fee.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Participations to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in LOC Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender's Revolving Commitment) but only to the extent that (x) the conditions set forth in <u>Section 4.2</u> are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time) and (y) such reallocation does not cause the aggregate Committed Funded Exposure of any Non- Defaulting Lender to exceed such Non-Defaulting Lender's Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Cash Collateral, Repayment of Swingline Loans</u>. If the reallocation described in <u>clause (iv)</u> above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) *first,* prepay Swingline Loans in an amount equal to the Swingline Lender's Fronting Exposure and (y) *second,* Cash Collateralize the Issuing Lender's Fronting Exposure in accordance with the procedures set forth in <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Borrower, the Administrative Agent and each Swingline Lender and Issuing Lender, in their sole discretion, agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to <u>Section 2.19(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>New Swingline Loans/Letters of Credit</u>. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

Section 2.20 <u>Incremental Revolving Facility</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Request for Increase</u>. Provided no Default or Event of Default has occurred and is continuing, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower shall have the right at any time after the Closing Date to effectuate on one or more occasions, but limited to four in the aggregate, an increase in the Revolving Committed Amount (and the aggregate Revolving Commitments of the Lenders) by sending a notice to the Administrative Agent requesting such increase and increasing the Revolving Commitment of a Lender or by causing a Person that at such time is not a Lender to become a Lender (without the consent of any other Lender); <u>provided</u> that (i) any such request for an increase shall be in a minimum amount of $25,000,000, and the aggregate amount of all such increases shall not exceed $200,000,000, (ii) after giving effect to an increase in the Revolving Commitments pursuant to this <u>Section 2.20</u>, the Revolving Committed Amount shall not exceed $1,000,000,000, and (iii) no Lender's Revolving Commitment shall be increased without such Lender's prior written consent. No Lender shall have any obligation to agree to such increase and no Lender shall have any right of first refusal (or similar right) to provide such increase in the Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lender Elections to Increase</u>. Any increase in the Revolving Commitments of an existing Lender shall be pursuant to an increase agreement in form and substance satisfactory to the Administrative Agent and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Lenders</u>. The Borrower may also invite additional Eligible Assignees (subject to any required approvals that would be applicable under <u>Section 9.6(b)(iii)</u>) to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Effective Date and Allocations</u>. If the Revolving Committed Amount is increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the "<u>Increase Effective Date</u>") and the final allocation of such increase. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increase and the Increase Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Conditions to Effectiveness of Increase</u>. As a condition precedent to such increase, the Borrower shall deliver to the Administrative Agent a certificate of each Credit Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Credit Party (i) certifying and attaching the resolutions adopted by such Credit Party approving or consenting to such increase, and (ii) in the case of the Borrower, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in <u>Article III</u> and the other Credit Documents are true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (B) no Default or Event of Default has occurred and is continuing. Any increase pursuant to this <u>Section 2.20</u> shall be subject to the following additional conditions:

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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;&nbsp;&nbsp;&nbsp;&nbsp;(i) as of such date, giving effect to amounts drawn or to be drawn pursuant to this Agreement (as increased pursuant to this <u>Section 2.20</u>) as of such date and the anticipated use of the proceeds thereof, the Borrower shall be in *pro forma* compliance (including any *pro forma* Consolidated EBITDA of any planned acquisition to be funded with such increase) with the financial covenants contained in <u>Section 5.9</u> as of the last day of the most recent fiscal quarter of the Borrower for which financial statements have been delivered pursuant to <u>Section</u> <u>5.1(a)</u> or <u>(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&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) the Borrower shall have delivered a certificate of a Responsible Officer of each Credit Party certifying as to attached resolutions or written consents approving or consenting to such increase in the Revolving Commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent reasonably requested by the Administrative Agent, the Borrower shall have delivered customary legal opinions and other documents, which shall in no event be more extensive than those requirements set forth in <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise consented to by the Administrative Agent and the Lenders, the Borrower shall prepay any Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to <u>Section 2.14</u>) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Revolving Commitments under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendments</u>. The Administrative Agent is authorized to enter into, on behalf of the Lenders, the Issuing Lender and the Swingline Lender any amendment to this Agreement or any other Credit Document as may be necessary to incorporate the terms of any such increase in the Revolving Commitments under this Section.

Section 2.21 <u>Return of Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Administrative Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received by the Administrative Agent from the Borrower and such related payment is not received by the Administrative Agent, then the Administrative Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim, defense, or deduction of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Administrative Agent determines at any time that any amount received by the Administrative Agent under this Agreement or any other Credit Document must be returned to any Credit Party or paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Credit Document, the Administrative Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender will repay to the Administrative Agent on demand any portion of such amount that the Administrative Agent has distributed to such Lender, together with interest at such rate, if any, as the Administrative Agent is required to pay to any Credit Party or such other Person, without setoff, counterclaim or deduction of any kind, and the Administrative Agent will be entitled to set-off against future distributions to such Lender any such amounts (with interest) that are not repaid on demand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&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) If the Administrative Agent notifies a Lender, Issuing Lender, or other Secured Party, or any Person who has received funds on behalf of a Lender, Issuing Lender, or other Secured Party (any such Lender, Issuing Lender, other Secured Party or other recipient, a "<u>Payment Recipient</u>"), that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Lender, other Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and held in trust for the benefit of the Administrative Agent, and such Lender, Issuing Lender, or other Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds <u>**Effective**</u> Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this <u>Section 2.21(c)(i)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Without limiting the immediately preceding <u>Section 2.21(c)(i)</u>, each Payment Recipient hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment (a "<u>Payment Notice</u>"), (y) that was not preceded or accompanied by a Payment Notice, or (z) that such Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case, then (1) in the case of immediately preceding <u>clauses (x)</u> or <u>(y)</u>, an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (2) an error has been made (in the case of immediately preceding <u>clause (z)</u>), in each case, with respect to such payment, prepayment or repayment.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender, Issuing Lender and Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender, Issuing Lender or Secured Party under any Credit Document, or otherwise payable or distributable by the Administrative Agent to such Lender, Issuing Lender or Secured Party from any source, against any amount due to the Agent under <u>Section</u> <u>**2.11**</u><u>**2.21**</u><u>(c)(i)</u> above or under the indemnification provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Borrower and each other Credit Party hereby agree that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be contractually subrogated (irrespective of whether the Administrative Agent may be equitably subrogated) to all the rights of such Lender, Issuing Lender, or other Secured Party under the Credit Documents with respect to such amount, (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of making such Erroneous Payment, and (z) to the extent that an Erroneous Payment was in any way or at any time credited as a payment or satisfaction of any of the Obligations, the Obligations or part thereof that were so credited, and all rights of the applicable Lender, Issuing Lender, other Secured Party or the Administrative Agent, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received; <u>provided</u>, <u>however</u>, the amount of such Erroneous Payment that is comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of making such Erroneous Payment shall be credited as a payment or satisfaction of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each party's obligations, agreements and waivers under this <u>Section 2.11(c)</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, Issuing Lender, or other Secured Party, the termination of any Commitment or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Credit Document.

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ARTICLE III

REPRESENTATIONS AND WARRANTIES

To induce the Lenders to enter into this Agreement and to make the Extensions of Credit herein provided for, the Credit Parties (to the extent applicable to each such Credit Party) hereby represent and warrant to the Administrative Agent and to each Lender that:

Section 3.1 <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower has furnished to the Administrative Agent and the Lenders complete and correct copies of: (i) the audited consolidated balance sheets of the Borrower and its consolidated Subsidiaries for the fiscal year ended December 31, 2020, December 31, 2021 and December 31, 2022 and the related audited consolidated statements of income, shareholders' equity, and cash flows of the Borrower and its consolidated Subsidiaries for such fiscal years, accompanied by the report thereon of Grant Thornton LLP or other nationally recognized accounting firm reasonably acceptable to the Administrative Agent; (ii) the interim unaudited consolidated balance sheet, and the related statements of income and of cash flows, of the Borrower and its Subsidiaries for each quarterly period ended since December 31, 2022, for which financial statements are available; (iii) the pro forma balance sheet and income statement of the Borrower and its Subsidiaries for the four-quarter period most recently ended prior to the Closing Date for which financial statements are available giving pro forma effect to the Transactions as if the Transactions occurred at the beginning of such period; and (iv) the pro forma balance sheet of the Borrower and its Subsidiaries as of the Closing Date giving pro forma effect to the Transactions as if the Transactions had occurred as of such date. All such financial statements have been prepared in accordance with GAAP, consistently applied (except as stated therein). The financial statements referred to in <u>clauses (i)</u> and <u>(ii)</u> fairly present in all material respects the financial position of the Borrower and its Subsidiaries as of the respective dates indicated and the consolidated results of their operations and cash flows for the respective periods indicated, subject in the case of any such financial statements that are unaudited, to normal audit adjustments. The financial statements referred to in <u>clauses (iii)</u> and <u>(iv)</u> fairly present in all material respects the financial position of the Borrower and its Subsidiaries, it being acknowledged and agreed by the Lenders that such financial statements were prepared on the basis of assumptions, data, information, tests, or conditions believed to be reasonable at the time such financial statements were prepared. The Borrower and its Subsidiaries did not have, as of the date of the latest financial statements referred to above, and will not have as of the Closing Date after giving effect to the incurrence of Loans hereunder and the consummation of the other Transactions, any material or significant contingent liability or liability for taxes, long-term lease or unusual forward or long-term commitment that is not reflected in the foregoing financial statements or the notes thereto in accordance with GAAP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The financial projections of the Borrower and its Subsidiaries (which shall be annually for the term of the Revolving Facility) delivered to the Administrative Agent and the Lenders prior to the **Closing<u>Second Amendment Effective</u>** Date (collectively, the "Financial <u>Projections</u>") were prepared on behalf of the Borrower in good faith after taking into account historical levels of business activity of the Borrower and its Subsidiaries, known trends, including general economic trends, and all other information, assumptions and estimates considered by management of the Borrower and its Subsidiaries to be pertinent thereto; <u>provided</u>, <u>however</u>, that no representation or warranty is made as to the impact of future general economic conditions or as to whether the projected consolidated results as set forth in the Financial Projections will actually be realized, it being recognized by the Lenders that such projections as to future events are not to be viewed as facts and that actual results for the periods covered by the Financial Projections may differ materially from the Financial Projections. No facts are known to the Borrower as of the Closing Date which, if reflected in the Financial Projections, would result in a Material Adverse Effect. The Financial Projections shall not be inconsistent with any information provided to the Lenders in connection with the Revolving Facility.

Section 3.2 <u>No Material Adverse Effect</u>. Since December 31, 2022, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect.

Section 3.3 <u>Corporate Existence; Compliance with Law; Patriot Act Information</u>. Each of the Credit Parties (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, (b) has the requisite power and authority and the legal right to own and operate all its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged and has taken all actions necessary to maintain all rights, privileges, licenses and franchises necessary or required in the normal conduct of its business except those rights, privileges, licenses and franchises, the lack of which could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (c) is duly qualified to conduct business and in good standing under the laws of (i) the jurisdiction of its organization or formation, (ii) the jurisdiction where its chief executive office is located and (iii) each other jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification except to the extent that the failure to so qualify or be in good standing in any such other jurisdiction could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (d) is in compliance with all Requirements of Law, except to the extent such non-compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Set forth on <u>Schedule 3.3</u> as of the Closing Date is the following information for each Credit Party: the exact legal name and any former legal names of such Credit Party in the four (4) months prior to the Closing Date, the state of incorporation or organization, the type of organization, the jurisdictions in which such Credit Party is qualified to do business, the chief executive office, the principal place of business, the organization identification number and the federal tax identification number.

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Section 3.4 <u>Corporate Power; Authorization; Enforceable Obligations</u>. The Transactions are within each Credit Party's corporate, limited liability company, or partnership powers and have been duly authorized by all necessary corporate, limited liability company, or partnership action and, if required, equity owner action (including, without limitation, any action required to be taken by any class of directors of the Borrower or any other Person, whether interested or disinterested, in order to ensure the due authorization of the Transactions). Each Credit Document to which it is a party has been duly executed and delivered on behalf of each Credit Party. Each Credit Document to which it is a party constitutes a legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally, by the unenforceability under certain circumstances under law or court decisions of provisions providing for the indemnification or contribution to a party with respect to liability when such indemnification or contribution is contrary to public policy and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

Section 3.6 <u>No Material Litigation</u>. No litigation, investigation, claim, criminal prosecution, civil investigative demand, imposition of criminal or civil fines and penalties, or any other proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Credit Parties, without a duty to investigate, threatened in writing by or against any Credit Party or any of its Subsidiaries or against any of its or their respective properties or revenues (a) with respect to the Credit Documents or any Extension of Credit or any of the Transactions, or (b) which could reasonably be expected to have a Material Adverse Effect. No permanent injunction, temporary restraining order or similar decree has been issued against any Credit Party or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect.

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Section 3.7 <u>Investment Company Act</u>. No Credit Party is an "investment company," or a company "controlled" by an "investment company," within the meaning of the Investment Company Act of 1940, as amended.

Section 3.8 <u>Margin Regulations</u>. No part of the proceeds of any Extension of Credit hereunder will be used directly or indirectly for any purpose that violates, or that would require any Lender to make any filings in accordance with, the provisions of Regulation T, U or X of the **Board of Governors of the** Federal Reserve **System<u>Board</u>** as now and from time to time hereafter in effect. The Credit Parties and their Subsidiaries (a) are not engaged, principally or as one of their important activities, in the business of extending credit for the purpose of "purchasing" or "carrying" "margin stock" within the respective meanings of each of such terms under Regulation U and (b) taken as a group do not own "margin stock" except as identified in the financial statements referred to in <u>Section 3.1</u> or delivered pursuant to <u>Section 5.1</u> and the aggregate value of all "margin stock" owned by the Credit Parties and their Subsidiaries taken as a group does not exceed 25% of the value of their assets.

Section 3.9 <u>ERISA</u>. Neither a Reportable Event nor an "accumulated funding deficiency" (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Single Employer Plan, and each Single Employer Plan has complied in all material respects with the applicable provisions of ERISA and the Code. No termination of a Single Employer Plan has occurred resulting in any liability that has remained underfunded, and no Lien on the assets of the Borrower or any Commonly Controlled Entity in favor of the PBGC or a Plan has arisen, during such five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by an amount that could reasonably be expected to have a Material Adverse Effect. None of the Credit Parties or any of their respective Subsidiaries is currently subject to any liability for a complete or partial withdrawal from a Multiemployer Plan. Except as set forth on <u>Schedule 3.9</u>, no Commonly Controlled Entity (other than the Borrower and its Subsidiaries) is currently subject to any liability for a complete or partial withdrawal from a Multiemployer Plan.

Section 3.10 <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Parties and their respective Subsidiaries conduct in the ordinary course of business a review of the effect of Environmental Laws and claims alleging potential liability or responsibility under any Environmental Law or for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Credit Parties have reasonably concluded that such Environmental Laws (including any costs to comply with Environmental Laws) and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for notices or listings of any release, discharge, or disposal of any Materials of Environmental Concern, any storage tanks, impoundments, septic tanks, pits, sumps, lagoons, contamination, or asbestos as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: none of the Credit Parties and their respective Subsidiaries have received from any Person, including but not limited to any Governmental Authority, any written notice of liability or potential liability under any Environmental Law; none of the properties currently owned or operated by any Credit Party or any of its Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or, to the knowledge of the Credit Parties and their Subsidiaries, is adjacent to any such property and neither any Credit Party nor any of its Subsidiaries has received any written notice that any property formerly owned or operated by any Credit Party or any of its Subsidiaries is listed on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; there are no and, to knowledge of the Credit Parties and their Subsidiaries, never have been any surface impoundments, septic tanks, pits, sumps or lagoons in which Materials of Environmental Concern are being or have been treated, stored or disposed on any property currently owned or operated by any Credit Party or any of its Subsidiaries or, to the best of the knowledge of the Borrower, on any property formerly owned or operated by the Borrower or any of its Subsidiaries; during the period of ownership or operation of any property by any Credit Party or any of its Subsidiaries, no contamination has been found in any well located on property currently owned or operated by any Credit Party or any of its Subsidiaries; there is no asbestos or asbestos-containing material on any property currently owned or operated by the Borrower or any of its Subsidiaries; and Materials of Environmental Concern have not been released, discharged or disposed of on, under, at, or migrating to or from any property currently or, to the knowledge of the Credit Parties or their Subsidiaries, formerly owned or operated by any Credit Party or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except for any investigation, assessment, remedial action, or response action undertaken by or on behalf of any Credit Party or any of its Subsidiaries as could not reasonably be expected to result in a Material Adverse Effect, and except for any use, storage, generation, disposal, treatment, transport, or handling of any Materials of Environmental Concern as could not reasonably be expected to have a Material Adverse Effect, neither any Credit Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Materials of Environmental Concern at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Materials of Environmental Concern generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any Credit Party or any of its Subsidiaries are stored and have been disposed of in a manner not reasonably expected to result in liability to any Credit Party or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower has delivered to the Administrative Agent all requested Phase I environmental site assessments prepared in accordance with ASTM International Standard E1527-13 for each applicable real property site owned, operated or leased by Borrower or any of its Subsidiaries prepared by a qualified environmental consultant reasonably acceptable to Administrative Agent (the "<u>Phase I Reports</u>").

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Section 3.11 <u>Use of Proceeds</u>. The proceeds of the Extensions of Credit will only be used as provided in <u>Section 5.15</u>.

Section 3.12 <u>Capitalization</u>. As of the Closing Date, <u>Schedule 3.12</u> sets forth a true, complete and accurate description of the equity capital structure of the Borrower's Subsidiaries showing, for each such Subsidiary, accurate ownership percentages of the equityholders of record and accompanied by a statement of authorized and issued Equity Interests for each such Subsidiary. Except as set forth on <u>Schedule 3.12</u>, as of the Closing Date (a) there are no preemptive rights, outstanding subscriptions, warrants or options to purchase any Equity Interests of any Credit Party, (b) there are no obligations of any Credit Party to redeem or repurchase any of its Equity Interests and (c) there is no agreement, arrangement or plan to which any Credit Party is a party or of which any Credit Party has knowledge that could directly or indirectly affect the capital structure of any Credit Party. The Equity Interests of each Credit Party described on <u>Schedule 3.12</u> (i) are validly issued and fully paid and non-assessable (to the extent such concepts are applicable to the respective Equity Interests) and (ii) are owned of record and beneficially as set forth on <u>Schedule 3.12</u>, free and clear of all Liens (other than Liens created under the Security Documents).

Section 3.13 <u>Ownership</u>. Each of the Credit Parties and its Subsidiaries is the owner of, and has record title to or a valid leasehold interest in, all of its real property and good title or a valid license to use all of its other assets except for defects that do not materially interfere with the ordinary conduct of its business. Such real property and other assets constitute all assets in the aggregate material to the conduct of the business of the Credit Parties and their Subsidiaries, and (after giving effect to the Transactions) none of such assets is subject to any Lien other than Permitted Liens. The Borrower and each other Credit Party owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and such Credit Party does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

Section 3.14 [<u>Reserved.</u>]

Section 3.15 <u>Taxes</u>. Each of the Credit Parties and its Subsidiaries has filed, or caused to be filed, all U.S. federal income Tax returns and all other material Tax returns (federal, state, local and foreign) required to be filed and paid (a) all amounts of taxes shown thereon to be due (including interest and penalties) and (b) all other material Taxes (including mortgage recording Taxes, documentary stamp Taxes and intangibles Taxes) owing by it, except for such Taxes (i) that are not yet delinquent or (ii) that are being contested in good faith and by proper proceedings, and against which adequate reserves are being maintained in accordance with GAAP. None of the Credit Parties or their Subsidiaries has knowledge as of the Closing Date of any proposed material tax assessments against it or any of its Subsidiaries.

Section 3.16 <u>Real Property</u>. Set forth on <u>Schedule 3.16</u>, as of the **Closing<u>Second Amendment Effective</u>** Date, is a list of all real property owned and leased by each Credit Party and each of its Subsidiaries, which list includes all Owned Convenience Stores as of the Closing Date. Set forth on <u>Schedule 3.16</u> as of the **Closing<u>Second Amendment Effective</u>** Date is a list

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of (i) each headquarter location of the Credit Parties (and an indication if such location is leased or owned), (ii) each other location where any significant administrative or governmental functions are performed (and an indication if such location is leased or owned) and (iii) each other location where the Credit Parties maintain any books or records (electronic or otherwise) (and an indication if such location is leased or owned).

Section 3.17 <u>Solvency</u>. The Credit Parties are solvent on a consolidated basis and are able to pay their debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, and the fair saleable value of the Credit Parties' assets, measured on a going concern basis, exceeds all probable liabilities, including those to be incurred pursuant to this Agreement. The Credit Parties do not have, on a consolidated basis, unreasonably small capital in relation to the business in which they are or propose to be engaged. The Credit Parties have not incurred, on a consolidated basis, and the Credit Parties do not believe that they will incur debts beyond their ability to pay such debts as they become due. In executing the Credit Documents and consummating the Transactions, none of the Credit Parties intends to hinder, delay or defraud either present or future creditors or other Persons to which one or more of the Credit Parties is or will become indebted. On the Closing Date, the foregoing representations and warranties shall be made both before and after giving effect to the Transactions.

Section 3.18 <u>Compliance with FCPA and Anti-Corruption Laws</u>. Each of the Credit Parties and their Subsidiaries is in compliance with all applicable anti-corruption laws, including the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, *et seq.,* and any foreign counterpart thereto. No Credit Party or any Subsidiary thereof, nor to the knowledge of the Credit Party, any director, officer, agent, employee, or other person acting on behalf of any Credit Party or any Subsidiary thereof, has taken any action, directly or indirectly, that would result in a violation of applicable anti-corruption laws. None of the Credit Parties or their Subsidiaries has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to such Credit Party or its Subsidiary or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, *et seq.*

Section 3.19 <u>Material Contracts</u>. Set forth on <u>Schedule 3.19</u> is a complete list, as of the **Closing<u>Second Amendment Effective</u>** Date, of all Material Contracts **of the Borrower and each other Credit Party**, including all amendments thereto. Except as set forth on such <u>Schedule 3.19</u>, all such Material Contracts are in full force and effect on the **Closing<u>Second Amendment Effective</u>** Date. Neither the Borrower nor any other Credit Party is in breach under any Material Contract in any way **that could reasonably be expected to have<u>(other than an immaterial breach under</u>** a Material **Adverse Effect<u>Contract that is not a Material Affiliate</u> <u>Contract)</u>**, and to the knowledge of the Borrower and each other Credit Party, no other Person that is party thereto is in breach under any Material <u>**Affiliate Contract and no other Person that is party thereto is in breach under any Material**</u> Contract in any way that could **reasonably be expected to have a Material Adverse Effect<u>materially adversely effect the</u>**

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<u>**Borrower, any other Credit Party or the Lenders**</u>. None of the Material Contracts prohibits or in any way restricts the Transactions. Each of the Material Contracts is currently in the name of, or has been assigned to, a Credit Party <u>**or GPM Empire**</u> (with the consent or acceptance of each other party thereto if and to the extent that such consent or acceptance is required thereunder), <u>**as applicable, which except in the case of Fuel Supply Contracts that are transferred from the Credit Parties to GPM Empire after the Second Amendment Effective Date, are the same parties as on the Second Amendment Effective Date,**</u> and, except as a result of anti-assignment provisions that are not rendered unenforceable by applicable laws, a security interest in each of the Material Contracts may be granted to the Administrative Agent. The Borrower and the other Credit Parties have delivered to the Administrative Agent a complete and current copy of each Material Contract existing on the **Closing<u>Second Amendment Effective</u>** Date.

Section 3.20 <u>Brokers' Fees</u>. None of the Credit Parties or their Subsidiaries has any obligation to any Person in respect of any finder's, broker's, investment banking or other similar fee in connection with any of the Transactions other than the closing and other fees payable pursuant to the Transactions.

Section 3.21 <u>Labor Matters</u>. There are no collective bargaining agreements or Multiemployer Plans covering the employees of the Credit Parties or any of their Subsidiaries as of the Closing Date and none of the Credit Parties or their Subsidiaries (a) has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years or (b) has knowledge of any potential or pending strike, walkout or work stoppage. No unfair labor practice complaint is pending against any Credit Party or any of its Subsidiaries. There are no strikes, walkouts, work stoppages or other material labor difficulty pending or threatened against any Credit Party.

Section 3.22 <u>Accuracy and Completeness of Information</u>. None of the written factual information heretofore (other than any projections, any third-party data and any information of a general economic or industry-specific nature) or contemporaneously furnished by or on behalf of any Credit Party or any of its Subsidiaries to the Administrative Agent, the Arrangers, any Issuing Lender or any Lender for purposes of or in connection with this Agreement or any other Credit Document, or any Transaction (in each case as modified or supplemented by other information so furnished), contains a material misstatement of a fact or omits to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading in any material respect. As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.

Section 3.23 <u>Common Enterprise</u>. The successful operation and condition of each of the Credit Parties is dependent on the continued successful performance of the functions of the Credit Parties as a whole and the successful operation of each of the Credit Parties is dependent on the successful performance and operation of each other Credit Party. Each Credit Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from (i) the successful operations of each of the other Credit Parties and (ii) the credit extended by the Lenders to the Borrower hereunder, both in their separate capacities and as members of the group of companies.

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Each Credit Party has determined that execution, delivery, and performance of this Agreement and any other Credit Documents to be executed by such Credit Party is within its purpose, will be of direct and indirect benefit to such Credit Party, and is in its best interest.

Section 3.24 <u>Insurance</u>. The properties of the Credit Parties and their Subsidiaries are insured with companies having an A.M. Best Rating of at least A- and who are not Affiliates of the Credit Parties, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where any Credit Party or the applicable Subsidiary operates. Such insurance coverage complies with the requirements set forth in <u>Section 5.5(b)</u>.

Section 3.25 <u>Security Documents</u>. The provisions of the Security Documents are effective to create in favor of the applicable Secured Parties described therein a legal, valid and enforceable first priority Lien (subject to Permitted Liens) on all right, title and interest of the respective Credit Parties in the Collateral described therein. Except for filings completed prior to the Closing Date or as contemplated hereby and by the Security Documents, no filing or other action will be necessary to perfect or protect such Liens required to be perfected hereby or thereby.

Section 3.26 <u>Classification of Senior Indebtedness</u>. The Obligations constitute "Senior Indebtedness," "Designated Senior Indebtedness" or any similar designation under and as defined in any agreement governing any Subordinated Debt and the subordination provisions set forth in each such agreement are legally valid and enforceable against the parties thereto, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally, by the unenforceability under certain circumstances under law or court decisions of provisions providing for the indemnification or contribution to a party with respect to liability when such indemnification or contribution is contrary to public policy and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

Section 3.27 <u>Anti-Terrorism and Anti-Money Laundering Law Compliance</u>. Each of the Borrower and its Subsidiaries is and will remain in compliance in all material respects with all U.S. economic sanctions laws, Executive Orders and implementing regulations as promulgated by the U.S. Treasury Department's Office of Foreign Assets Control. No Credit Party and no Subsidiary or, to the knowledge of any Credit Party, an Affiliate of a Credit Party (i) is a Person designated by the U.S. government on the list of the Specially Designated Nationals and Blocked Persons (the "<u>SDN List</u>") with which a U.S. Person cannot deal with or otherwise engage in business transactions, (ii) is a Person who is otherwise the target of U.S. economic sanctions laws such that a U.S. Person cannot deal or otherwise engage in business transactions with such Person, (iii) is a Person organized or resident in a country or territory subject to comprehensive U.S. economic sanctions or (**iii<u>iv</u>**) is controlled by (including without limitation by virtue of such person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any person or entity on the SDN List or a foreign government that is the target of U.S. economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any other Credit Document would be prohibited under U.S. law. The Credit Parties, each of their Subsidiaries and each of their Affiliates are in compliance with all

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laws related to terrorism or money laundering, including (a) all applicable requirements of the Currency and Foreign Transactions Reporting Act of 1970 (31 U.S.C. 5311 et. seq., (the Bank Secrecy Act)), as amended by Title III of the USA Patriot Act, (b) the Trading with the Enemy Act, (c) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (66 Fed. Reg. 49079), any other enabling legislation, executive order or regulations issued pursuant or relating thereto and (d) other applicable federal or state laws relating to "know your customer" or anti-money laundering rules and regulations.

Section 3.28 <u>Responsible Officer</u>. Set forth on the incumbency certificate delivered pursuant to <u>Section 4.1(c)(v)</u> are the Responsible Officers that are permitted to sign Credit Documents on behalf of the Credit Parties and holding the offices indicated next to their respective names, in each case as of the Closing Date. As of the Closing Date, such Responsible Officers are the duly elected and qualified officers of such Credit Party and are duly authorized to execute and deliver, on behalf of the respective Credit Party, this Agreement and the other Credit Documents.<u>**The Credit Parties may update the incumbency certificate from time to time to indicate the then-current Responsible Officers.**</u>

Section 3.29 <u>Regulation H</u>. Except to the extent that flood insurance in form and substance satisfactory to the Administrative Agent and otherwise in compliance with the Flood Insurance Laws has been obtained with respect thereto, no Building that is located on any Mortgaged Property is located in a special flood hazard area as designated by any Governmental Authority.

ARTICLE IV

CONDITIONS PRECEDENT

Section 4.1 <u>Conditions to Closing Date</u>. This Agreement shall not become effective until the Business Day on which each of the following conditions is satisfied (or waived in accordance with <u>Section 9.1</u>) (the "<u>Closing Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Fees and Expenses</u>. The Administrative Agent, the Arrangers and the Lenders shall have received all commitment, facility and agency fees and all other fees and amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder (including, without limitation, the reasonable fees and expenses of Latham & Watkins LLP, counsel to the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Execution of Credit Agreement and Credit Documents</u>. The Administrative Agent shall have received (i) counterparts of this Agreement, executed by a duly authorized officer of each party hereto, (ii) for the account of each Revolving Lender requesting a promissory note, a duly executed Revolving Loan Note, (iii) for the account of the Swingline Lender requesting a promissory note, the Swingline Loan Note, (iv) counterparts of the Security Agreement and (v) counterparts of each of the GPM Investments Letter Agreement, the Capital One Engagement Letter and any other Credit Document required to be executed and delivered on or before the Closing Date. In the case of each of <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u>, <u>(iv)</u> and <u>(v)</u>, such Credit Documents shall be in form and substance satisfactory to the Administrative Agent and the Lenders and shall be executed by duly authorized officers of the Credit Parties or other Person, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority Documents</u>. The Administrative Agent shall have received the following:

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Articles of Incorporation/Charter Documents</u>. Copies of certified articles of incorporation or other charter documents, as applicable, of each Credit Party certified (A) by an officer of such Credit Party (pursuant to an officer's certificate in form and substance satisfactory to the Administrative Agent) as of the Closing Date to be true and correct and in force and effect as of such date, and (B) to be true and complete as of a recent date by the appropriate Governmental Authority of the state of its incorporation or organization, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Resolutions</u>. Copies of resolutions of the board of directors, general partner or comparable managing body of each Credit Party approving and adopting the Credit Documents, the Transactions and authorizing execution and delivery thereof, certified by an officer of such Credit Party (pursuant to an officer's certificate in form and substance satisfactory to the Administrative Agent) as of the Closing Date to be true and correct and in force and effect as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Bylaws/Operating Agreement/Partnership Agreement</u>. A copy of the bylaws, partnership agreement or comparable operating or limited liability company agreement of each Credit Party certified by an officer of such Credit Party (pursuant to an officer's certificate in form and substance satisfactory to the Administrative Agent) as of the Closing Date to be true and correct and in force and effect as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Good Standing</u>. Original certificates of good standing, existence or its equivalent with respect to each Credit Party certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation or organization and each other state in which assets owned or leased by any of the Credit Parties are located or in which the failure to so qualify and be in good standing could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Incumbency</u>. An incumbency certificate of each Responsible Officer of each Credit Party authorized to execute and deliver the Credit Documents certified by an officer (pursuant to an officer's certificate in form and substance satisfactory to the Administrative Agent) to be true and correct as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Legal Opinion of Counsel</u>. The Administrative Agent shall have received an opinion or opinions of counsel for the Credit Parties, dated the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Personal Property Collateral</u>. The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&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) certified copies, each as of a recent date, of (A) UCC searches in the jurisdictions specified in the Perfection Certificate with respect to each Credit Party, together with copies of all filings disclosed by such searches, (B) tax and judgment lien searches, bankruptcy and pending lawsuit searches or equivalent reports or searches listing all effective lien notices or comparable documents that name any Credit Party as debtor and that are filed in the state and county jurisdictions in which any Credit Party is organized or maintains its principal place of business, and (C) such other searches that the Administrative Agent reasonably requests;

&nbsp;&nbsp;&nbsp;&nbsp;&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) completed UCC financing statements for each appropriate jurisdiction as is necessary or appropriate, in the Administrative Agent's sole discretion, to perfect the Administrative Agent's security interest in the 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certificates, if any, evidencing the Equity Interests pledged to the Administrative Agent pursuant to the Security Agreement and undated transfer powers with respect thereto, duly executed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) duly executed consents as are necessary, in the Administrative Agent's sole discretion, to perfect the Lenders' security interest in the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent required to be delivered pursuant to the terms of the Security Documents, all instruments, documents and chattel paper in the possession of any of the Credit Parties, together with allonges or assignments as may be necessary or appropriate to perfect the Administrative Agent's and the Lenders' security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Liability, Casualty, Property and Business Interruption Insurance</u>. The Administrative Agent shall have received copies of insurance policies and certificates of insurance evidencing liability (including, without limitation, in respect of pollution), casualty, property and business interruption insurance meeting the requirements set forth herein or in the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Solvency Certificate</u>. The Administrative Agent shall have received an officer's certificate prepared by the chief financial officer or other Responsible Officer approved by the Administrative Agent of the Borrower as to the financial condition, solvency and related matters of the Credit Parties and their Subsidiaries, after giving effect to the Transactions and the initial borrowings under the Credit Documents, in substantially the form of <u>Exhibit 4.1(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Notice of Borrowing</u>. The Administrative Agent shall have received a Notice of Borrowing with respect to the Loans to be made on the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Existing Indebtedness of the Credit Parties</u>. All of the existing Indebtedness for borrowed money of the Credit Parties and their Subsidiaries (other than Indebtedness permitted to exist pursuant to <u>Section 6.1</u>) shall be repaid in full and all security interests related thereto shall be terminated; <u>provided</u> that the Borrower's Indebtedness under the Existing Credit Agreement shall be refinanced hereunder and the security interests related thereto shall remain in full force and effect and secure the Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Financial Statements</u>. The Administrative Agent and the Lenders shall have received copies of the financial statements referred to in <u>Section 3.1</u>, the Financial Projections in each case certified by the chief financial officer of the Borrower, and any supplemental financial information with respect to GPM Investments, as may be reasonably requested by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Closing Certificate</u>. The Administrative Agent shall have received a certificate or certificates executed by a Responsible Officer of the Borrower as of the Closing Date, in form and substance satisfactory to the Administrative Agent stating that (i) there does not exist any pending or ongoing, action, suit, investigation, litigation or proceeding in any court or before any other Governmental Authority (A) affecting this Agreement or the other Credit Documents, that has not been settled, dismissed, vacated, discharged or terminated prior to the Closing Date or (B) that purports to affect any Credit Party or any of its Subsidiaries, or any Transaction, which action, suit, investigation, litigation or proceeding could reasonably be expected to have a Material Adverse Effect, that has not been settled, dismissed, vacated, discharged or terminated prior to the Closing Date, and (ii) immediately after giving effect to this Agreement, the other Credit Documents, and all the Transactions contemplated to occur on such date, (A) no Default or Event of Default exists, (B) all representations and warranties contained

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herein and in the other Credit Documents (1) with respect to representations and warranties that contain a materiality qualification, are true and correct and (2) with respect to representations and warranties that do not contain a materiality qualification, are true and correct in all material respects, in each case, as if made on and as of such date, except for any representation or warranty made as of an earlier date, which representation and warranty shall be true and correct or true and correct in all material respects, as applicable, as of such earlier date, and (C) the Credit Parties are in pro forma compliance with each of the initial financial covenants set forth in <u>Section 5.9</u> (as evidenced through detailed calculations of such financial covenants on a schedule to such certificate) as of the last day of the most recently ended fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Material Contracts</u>. The Borrower shall have delivered copies of each of the Material Contracts to the Administrative Agent, certified by a Responsible Officer of the Borrower as being true, correct and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Funds Flow</u>. The Borrower shall have prepared and delivered to the Administrative Agent a funds flow for the Transactions, in form and substance satisfactory to the Administrative Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Know Your Customer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) The Borrower and each other Credit Party and GPM Investments shall have provided all documentation and other information reasonably requested by the Administrative Agent or any Lender at least 10 days prior to the anticipated closing in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, in each case at least five (5) Business Days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&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) To the extent qualifying as a "legal entity customer" under the Beneficial Ownership Regulation, the Borrower shall have delivered a Beneficial Ownership Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Perfection Certificate</u>. The Administrative Agent shall have received a Perfection Certificate, dated as of the Closing Date, duly executed and delivered by each Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Lien Termination</u>. The Administrative Agent shall have received appropriate UCC and other termination statements, mortgage releases and such other documentation as shall be necessary to terminate, release or assign to the Administrative Agent all Liens encumbering any of the assets of the Credit Parties, other than Permitted Liens, in each case, in proper form for filing, registration or recordation in the appropriate jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Material Adverse Effect</u>. Since December 31, 2022, there shall not have occurred any event or condition that has had or could be reasonably expected, either individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Due Diligence</u>. The Administrative Agent shall have completed all legal, tax, accounting, business, financial, environmental, title, and ERISA due diligence concerning the Borrower and its Subsidiaries, in each case in scope and with results in all respects satisfactory to the Administrative Agent in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Additional Documents</u>. The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request. Without limiting the generality of the provisions of <u>Section 8.4</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.1</u>, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 4.2 <u>Conditions to All Extensions of Credit</u>. The obligation of each Lender to make any Extension of Credit hereunder is subject to the satisfaction of the following conditions precedent on the date of making such Extension of Credit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties</u>. The representations and warranties made by the Credit Parties herein, in the other Credit Documents and which are contained in any certificate furnished at any time under or in connection herewith shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects, in each case on and as of the date of such Extension of Credit as if made on and as of such date except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and correct or true and correct in all material respects, as applicable, as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Default or Event of Default</u>. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been waived in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Incremental Facility</u>. If an increase in Revolving Commitments is requested pursuant to <u>Section 2.20</u>, all conditions set forth in <u>Section 2.20</u> shall have been satisfied.

Each request for an Extension of Credit and each acceptance by the Borrower of any such Extension of Credit shall be deemed to constitute representations and warranties by the Credit Parties as of the date of such Extension of Credit that the conditions set forth above in paragraphs (a) through (c), as applicable, have been satisfied.

ARTICLE V

AFFIRMATIVE COVENANTS

Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as this Agreement is in effect, (b) until the Commitments have

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terminated, and (c) the Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full in cash, such Credit Party shall, and shall cause each of their Subsidiaries, to:

Section 5.1 <u>Financial Statements</u>.

Furnish to the Administrative Agent and each of the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Financial Statements</u>. As soon as available and in any event **no later than<u>(i) on</u>** the earlier of **(i) to the extent applicable,<u>the (A) ninety (90) days after the</u> <u>end of the fiscal year of ARKO Petroleum and (B)</u>** the date **the Borrower<u>that</u> <u>ARKO</u> <u>Petroleum</u>** is required by the SEC to deliver its Form 10-K for each fiscal year **of the Borrower and (ii) ninety (90) days after the end of each fiscal year of the Borrower**, a copy of <u>**(1)**</u> the Consolidated balance sheet of **the Borrower<u>ARKO Petroleum</u>** and its Subsidiaries as of the end of such fiscal year and the related Consolidated statements of **income and retained earnings<u>operations, shareholders' equity</u>** and of cash flows of **the Borrower<u>ARKO Petroleum</u>** and its Subsidiaries for such year, which shall be audited by a firm of independent certified public accountants of nationally recognized standing reasonably acceptable to the Administrative Agent**,** setting forth**<u>,</u>** in each case**<u>,</u>** in comparative form the figures for the previous year<u>**to the extent required by the SEC rules**</u>, reported on without a statement with respect to "going concern" or like qualification, statement or exception, or qualification indicating that the scope of the audit was inadequate to permit such independent certified public accountants to certify such financial statements without such qualification**; <u>and (ii) on the earlier of the (A) 120 days after the end of the fiscal year of ARKO Petroleum and (B) 30 days after the date that ARKO Petroleum is required by the SEC to deliver its Form 10-K for each fiscal year, (2) the consolidating balance sheet of ARKO Petroleum and its Subsidiaries as of the end of each fiscal year and the related consolidating statements of operations and of cash flows of ARKO Petroleum and its Subsidiaries for such year, in each case, setting forth in comparative form the figures for the previous year, for the financial figures for which comparative figures are required by the Securities Laws. For the avoidance of doubt, delivery of consolidating statements pursuant to the forgoing clause (2) shall include a consolidated balance sheet and consolidated statements of operations and consolidated cash flows of the Borrower and its subsidiaries and such consolidating statements may be unaudited;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Financial Statements</u>. As soon as available and in any event no later than **the earlier of (i) to the extent applicable, the date the Borrower is required by the SEC to deliver its Form 10-Q for any fiscal quarter of the Borrower and (ii)** forty-five (45) days after the end of each of the first three (3) fiscal quarters of the Borrower (including, for the avoidance of doubt, the fiscal quarter ended March 31, 2023), a copy of the Consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such period and related Consolidated statements of **income and retained earnings<u>operations</u>** and of cash flows for the Borrower and its Subsidiaries for such quarterly period and for the portion of the fiscal year ending with such period, in each case setting forth in comparative form Consolidated figures for the corresponding period or periods of the preceding fiscal year (subject to normal recurring year-end audit adjustments and of the predecessor entity, as applicable) and including management discussion and analysis of operating results inclusive of operating metrics in comparative form; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Operating Budget and Cash Flow</u>. As soon as available, but in any event within thirty (30) days after the end of each fiscal year (or such later date that is up to ten (10) Business Days thereafter as may be agreed by the Administrative Agent), a copy of the detailed annual operating budget or business plan approved by management of the Borrower including cash flow projections of the Borrower and its Subsidiaries for the next four fiscal quarter period prepared on a quarterly basis, in form and detail reasonably acceptable to the Administrative Agent and the Lenders, together with a summary of the material assumptions made in the preparation of such annual budget or plan; any such financial statements shall be prepared in accordance with GAAP applied consistently throughout the periods reflected therein and further accompanied by a description of, and an estimation of the effect on the financial statements on account of, a change, if any, in GAAP as provided in <u>Section 1.4(b)</u> (subject, in the case of interim statements, to normal recurring year-end audit adjustments and the absence of footnotes) and, in the case of the annual and quarterly financial statements, provided in accordance with <u>Section 5.1(a)</u> and <u>(b)</u> above.

Notwithstanding the foregoing, financial statements and reports required to be delivered pursuant to the foregoing provisions of this Section may be delivered through Electronic Transmission and if so, shall be deemed to have been delivered on the date on which the Administrative Agent receives such reports from the Borrower through Electronic Transmission; <u>provided</u> that, upon the Administrative Agent's request, the Borrower shall provide paper copies of any documents required hereby to the Administrative Agent.

Section 5.2 <u>Certificates; Other Information</u>.

Furnish to the Administrative Agent and each of the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Concurrently<u>concurrently</u>** with the delivery of the financial statements referred to in <u>Section 5.1(a)</u> and <u>Section 5.1(b)</u> above, a certificate of a Responsible Officer substantially in the form of <u>Exhibit 5.2(a)</u> ("<u>Compliance Certificate</u>") stating, among other things, that (i) such financial statements present fairly the financial position of the Credit Parties<u>**, ARKO Petroleum,**</u> and their Subsidiaries**<u>, as applicable,</u>** for the periods indicated in conformity with GAAP applied on a consistent basis and (ii) such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate. Such certificate shall also include the calculations in reasonable detail required to indicate compliance with <u>Section 5.9</u> as of the last day of such period**.<u>;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Promptly<u>promptly</u>** after **<u>(i)</u>** entering into, terminating, **materially** amending or modifying or otherwise replacing the Distribution Contract<u>**, the SBI**</u> and **<u>Fuel</u> <u>Supply Agreement,</u>** the Omnibus Agreement**<u>,</u>** or**, <u>to the extent applicable to a Credit Party,</u> <u>any other Material Affiliate Contract or (ii) terminating,</u>** amending or modifying any other Material Contract **in a manner that is materially adverse to the Lenders<u>(other than immaterial amendments or modifications, ancillary provisions, or site-specific documents)</u>**, true correct and complete copies of any such replacement agreement, document evidencing termination of any Material Contract (other than a Material Contract replaced in the ordinary course of business) or other document **materially** amending or otherwise modifying such agreement, and a copy of any Material Contract upon request from the Agent**.<u>;</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Promptly<u>promptly</u>** upon their becoming available, (i) copies of all reports (other than those provided pursuant to <u>Section 5.1</u> and those which are of a promotional nature) and other financial information (other than K-1s) which any Credit Party sends to its public limited partners, shareholders or owners, (ii) copies of all reports and all registration statements and prospectuses, if any, which any Credit Party has filed with**,** the SEC (or any successor or analogous Governmental Authority) or any securities exchange or other private regulatory authority**,<u>;</u>** (iii) all material reports from the SEC **or<u>,</u>** federal or state environmental or health and safety agencies and (iv) all press releases and other statements made available by any of the Credit Parties to the public concerning material developments in the business of any of the Credit Parties**.<u>;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Promptly<u>promptly</u>** after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Credit Party or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to this <u>Section 5.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Substantially<u>substantially</u>** concurrently with a change or renewal of insurance coverage, a report summarizing the insurance coverage (specifying type, amount and carrier) in effect for each Credit Party and its Subsidiaries and containing such additional information as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably specify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Promptly,<u>promptly</u>** and in any event within five (5) Business Days after receipt thereof by any Credit Party<u>**, ARKO Petroleum**</u> or any Subsidiary thereof, copies of each written notice or other correspondence received from the SEC (or comparable agency in any applicable **non-U<u>non U</u>**.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other **operational<u>operation</u>** results of any Credit Party<u>**, ARKO Petroleum**</u> or any Subsidiary thereof**;<u>.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Not<u>not</u>** later than five (5) Business Days after receipt thereof by any Credit Party<u>**, ARKO Petroleum**</u> or any Subsidiary thereof, copies of all written notices, requests and other documents (including amendments, waivers and other modifications) so received under or pursuant to any instrument, indenture, loan or credit or similar agreement and, from time to time upon request by the Administrative Agent, such information and reports regarding such instruments, indentures and loan and credit and similar agreements as the Administrative Agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Promptly<u>promptly</u>**, and in any event within five (5) Business Days after receipt thereof by any Credit Party or any Subsidiary thereof, copies of each written notice, complaint, action or proceeding against any Credit Party or any of its Subsidiaries alleging any noncompliance with, liability or potential liability under, any Environmental Law that could reasonably be expected to have a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Concurrently<u>concurrently</u>** with the delivery of the financial statements referred to in <u>Section 5.1(a)</u> and <u>Section 5.1(b)</u> a certificate signed by a Responsible Officer of the Borrower setting forth any changes to the information required pursuant to the Perfection Certificate of any Credit Party or confirming that there has been no change in such information since the date of the most recently delivered or updated Perfection Certificate of any Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **On<u>on</u>** a monthly basis within forty-five (45) days of the last day of the calendar month, a gas volume **realization** report of the Credit Parties in reasonable detail **on a per station basis** as at the close of trade on the last day of the prior calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Promptly<u>promptly</u>** following any request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer" requirements under the PATRIOT Act or other applicable anti-money laundering laws, including, without limitation, the Beneficial Ownership Regulation; **and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Promptly<u>promptly</u>**, such additional information regarding the business, financial, legal or other affairs of <u>**ARKO Petroleum or**</u> any Credit Party, or compliance with the terms of the Credit Documents, as the Administrative Agent or any Lender may from time to time reasonably request.

Notwithstanding anything herein to the contrary, documents required to be delivered pursuant to <u>Section 5.2(c)</u> (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which **the Borrower<u>ARKO Petroleum</u>** posts such documents, or provides a link thereto on **the Borrower's<u>its</u>** website on the internet at the following website address www.sec.gov/edgar or (ii) on which such documents are posted on **the Borrower's<u>ARKO Petroleum's</u>** behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). The Administrative Agent shall have no obligation to request the delivery of, or to maintain paper copies of, the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

Section 5.3 <u>Payment of Taxes and Other Obligations</u>. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, subject, where applicable, to specified grace periods, (a) all of its material Taxes and (b) all of its other material obligations and liabilities of whatever nature in accordance with industry practice, in each case except when the amount or validity of any such Taxes, obligations and liabilities and costs is currently being contested in good faith by appropriate proceedings and reserves, if applicable, in conformity with GAAP with respect thereto have been provided on the books of the Credit Parties.

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Section 5.4 <u>Existence; Conduct of Business</u>. Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, consents, privileges and franchises material to the conduct of its business and maintain, if necessary, its qualification to do business in each other jurisdiction in which its properties are located or the ownership of its properties requires such qualification, except where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect; <u>provided</u> that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under this Agreement.

Section 5.5 <u>Maintenance of Property; Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Keep all property material to the conduct of its business in good working order and condition (ordinary wear and tear and obsolescence excepted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintain with financially sound and reputable insurance companies (<u>provided</u>, <u>however</u>, that this <u>Section 5.5</u> will not be deemed breached if any insurance company with which the Credit Parties maintain insurance becomes financially troubled and the Credit Parties reasonably promptly obtain coverage from a different, financially sound insurer) liability, casualty, property and business interruption insurance (including, without limitation, insurance with respect to its tangible Collateral) in at least such amounts and against at least such risks as are usually insured against by companies engaged in the same or a similar business; and furnish to the Administrative Agent, upon the request of the Administrative Agent, full information as to the insurance carried. The Administrative Agent shall be named (i) as lenders' loss payee, as its interest may appear with respect to any property insurance, and (ii) as additional insured, as its interest may appear, with respect to any such liability insurance, and each provider of any such insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments to be furnished to the Administrative Agent, that it will give the Administrative Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled, and such policies shall provide that no act or default of the Credit Parties or any of their Subsidiaries or any other Person shall affect the rights of the Administrative Agent or the Lenders under such policy or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case of any material loss, damage to or destruction of the Collateral of any Credit Party or any part thereof, such Credit Party shall promptly give written notice thereof to the Administrative Agent generally describing the nature and extent of such damage or destruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to each portion of Mortgaged Property on which any Building is located, the Borrower shall, and shall cause its Subsidiaries to, obtain flood insurance **in<u>, which may be private flood insurance, in</u>** such total amount as the Administrative Agent or the Required Lenders may from time to time require, to the extent such flood insurance coverage is available, if at any time the area in which any such Building is located is designated as a "flood hazard area" in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), and otherwise comply with the Flood Insurance Laws. In addition, to the extent the Borrower or any of its Subsidiaries fails to obtain or maintain satisfactory flood insurance required pursuant to the preceding sentence with respect to any relevant property, the Administrative Agent shall be permitted to, in its sole discretion, and, at the direction of the Required Lenders, shall, obtain forced placed insurance at the Borrower's expense to ensure compliance with any applicable Flood Insurance Laws.

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Section 5.6 <u>Books and Records; Inspection Rights</u>. (a) Keep proper books of record and account as needed to allow it to provide the financial statements and reports required hereunder, and (b) permit any representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its Responsible Officers and independent accountants, all at such reasonable times and as often as reasonably requested; <u>provided</u> that so long as no Event of Default has occurred and is continuing, such visits and inspections shall occur no more than twice in any calendar year.

Section 5.7 <u>Notices</u>.

Give notice in writing to the Administrative Agent (which shall promptly transmit such notice to each Lender) of any of the following promptly, but in any event within three (3) Business Days after any Credit Party knows thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any development or event which could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration by or before any arbitrator or Governmental Authority against or affecting the Borrower, any other Credit Party<u>**, any Pledgor or GPM Empire**</u> not previously disclosed in writing to the Lenders or any material adverse development in any action, suit, proceeding, investigation or arbitration (whether or not previously disclosed to the Lenders) that, in either case, if adversely determined, could reasonably be expected to result in liability to the Borrower **and<u>,</u>** the other Credit Parties<u>**, the Pledgors or GPM Empire**</u> in excess of $2,500,000, not fully covered by insurance, subject to normal deductibles; (d) the occurrence of any ERISA Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any material change in accounting policies or financial reporting practices by the Borrower<u>**, ARKO Petroleum**</u> or any of its Subsidiaries**<u>, other than as required by a change in GAAP</u>**, including any determination by the Borrower that the calculation of the financial covenants set forth in <u>Section 5.9</u> was inaccurate and a proper calculation would have resulted in higher pricing for the applicable period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification.

Each notice pursuant to this Section shall be accompanied by a statement of **an<u>a</u>** Responsible Officer setting forth details of the occurrence referred to therein and stating what action the Credit Parties propose to take with respect thereto. In the case of any notice of a Default or Event of Default, the Borrower shall specify that such notice is a Default or Event of Default notice on the face thereof.

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Section 5.8 <u>Environmental Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, comply with, and use its commercially reasonable efforts to ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and comply with and maintain, and use its commercially reasonable efforts to ensure that all such tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with all applicable lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith by appropriate proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Defend, indemnify and hold harmless the Administrative Agent and the Lenders, and their respective employees, agents, officers and directors and affiliates, from and against any and all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, known or unknown, contingent or otherwise, arising out of, or in any way relating to the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Credit Parties or any of their Subsidiaries or their properties, or any orders, requirements or demands of Governmental Authorities related thereto, including, without limitation, reasonable attorney's and consultant's fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking indemnification therefor. The agreements in this paragraph shall survive repayment of the Obligations and all other amounts payable hereunder and termination of the Commitments and the Credit Documents.

Section 5.9 <u>Financial Covenants</u>.

Comply with the following financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Consolidated Total Leverage Ratio</u>. The Consolidated Total Leverage Ratio, calculated as of the last day of each fiscal quarter of the Borrower (including, for the avoidance of doubt, the fiscal quarter ended March 31, 2023), or as of any other date on a Pro Forma Basis, shall be less than 4.25 to 1.00; <u>provided</u> that the Consolidated Total Leverage Ratio may equal or exceed 4.25 to 1.00, but in no event shall exceed 4.75:1.00, from and after the last day of the fiscal quarter in which a Material Acquisition occurs to and including the last day of the second full fiscal quarter following the fiscal quarter in which such Material Acquisition occurred; <u>provided</u>, <u>further</u>, that notwithstanding the foregoing, for the fiscal quarter ended March 31, 2023, and the fiscal quarter ending June 30, 2023, the Consolidated Total Leverage Ratio may equal or exceed 4.25 to 1.00, but in no event shall exceed 4.75:1.00.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consolidated Interest Coverage Ratio</u>. The Consolidated Interest Coverage Ratio, calculated as of the last day of each fiscal quarter of the Borrower (including, for the avoidance of doubt, the fiscal quarter ended March 31, 2023), or as of any other date on a Pro Forma Basis, shall be greater than 2.50 to 1.00.

Section 5.10 <u>Additional Guarantors</u>. The Credit Parties will cause each of their Subsidiaries, whether newly formed, after acquired or otherwise existing to promptly (and in any event within ten (10) days after such Subsidiary is formed or acquired (or such longer period of time as agreed to by the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement; <u>provided</u>, <u>however</u>, no Foreign Subsidiary or FSHCO shall be required to become a Guarantor to the extent such Guaranty would result in a material adverse tax consequence for the Borrower, and Pride Transportation, LLC, shall not be required to become a Guarantor prior to the date that is sixty (60) days after the Closing Date (or such later date as may be agreed by the Administrative Agent in its sole discretion). In connection therewith, the Credit Parties shall give notice to the Administrative Agent not less than ten (10) days prior to creating a Subsidiary (or such shorter period of time as agreed to by the Administrative Agent in its reasonable discretion)**,** or acquiring the Equity Interests of any other Person. In connection with the foregoing, the Credit Parties shall deliver to the Administrative Agent, with respect to each new Guarantor to the extent applicable, substantially the same documentation required pursuant to <u>Section 4.1(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(f)</u> and <u>Section 4.1(g)</u> and the documentation required under <u>Section 5.12</u> and such other documents or agreements as the Administrative Agent may reasonably request.

Section 5.11 <u>Compliance with Law</u>. Comply with all Requirements of Law and orders (including, without limitation, Environmental Laws, ERISA and the Patriot Act), and all applicable restrictions imposed by all Governmental Authorities, applicable to it and the Collateral if noncompliance with any such Requirements of Law, order or restriction could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.12 <u>Pledged Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Equity Interests</u>. Each Credit Party will cause 100% of the Equity Interests in each of its direct or indirect Domestic Subsidiaries (unless such Domestic Subsidiary is a FSHCO, is owned directly or indirectly by a Foreign Subsidiary or is a shell holding company pending consummation of a Permitted Acquisition) and 65% (to the extent the pledge of a greater percentage would be unlawful or would cause any materially adverse tax consequences to the Borrower or any Guarantor) of the voting Equity Interests and 100% of the non-voting Equity Interests of the Foreign Subsidiaries it directly owns, in each case to the extent owned by such Credit Party, to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the Security Documents or such other security documents as the Administrative Agent shall reasonably request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Personal Property</u>. Subject to the terms of <u>subsection (c)</u> below, each Credit Party will cause all of its tangible and intangible personal property now existing or hereafter acquired by it to be subject at all times to a first priority, perfected Lien (subject in each case to Permitted Liens and any excluded assets set forth in the Security Documents) in favor of the Administrative Agent for the benefit of the applicable Secured Parties to secure the applicable Obligations pursuant to the terms and conditions of the Security Documents. Each Credit Party shall, and shall cause each of its Subsidiaries to, adhere to the covenants set forth in the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Real Property</u>. To the extent otherwise permitted hereunder, if any Credit Party intends to acquire a fee ownership interest in any real property after the Closing Date with a fair market value in excess of $1,000,000, individually and in the aggregate when taken together with all other such acquisitions since the Closing Date, it shall provide to the Administrative Agent within 60 days of such acquisition (or such extended period of time as agreed to by the Administrative Agent) the information and reports it requests pursuant to <u>Section 5.17</u> and, upon the request of the Administrative Agent, it shall also provide within 30 days of such request (or such extended period of time as agreed to by the Administrative Agent), a Mortgage Instrument to cause such fee ownership interest in such real property to be subject at all times to a first priority, perfected Lien (subject in each case to Permitted Liens) in favor of the Administrative Agent and such other documentation as the Administrative Agent may reasonably request in connection with the foregoing, including, without limitation, documentation listed in <u>Section 5.18(a)</u>, all in form and substance reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mortgaged Real Property</u>. To the extent that any Building that is located on real property that is subject to (or is intended to be subject to) a Mortgage, the Borrower shall, or shall cause the relevant Subsidiary to, promptly provide the Administrative Agent (for distribution to the Lenders) such information as the Administrative Agent (on behalf of itself or any Lender) may reasonably request in order for the Administrative Agent (or such Lender) to obtain a standard life of loan flood hazard determination form for such property and otherwise confirm compliance with the Flood Insurance Laws. Notwithstanding anything in any Credit Document to the contrary, to the extent that any Credit Party is required to grant a Mortgage on any real property on which any Building is located (the "<u>Additional Improved Real Property</u>"), prior to the execution and delivery of such Mortgage with respect to such Additional Improved Real Property, the Administrative Agent shall provide to the Lenders (which may be delivered electronically) (i) a standard life of loan flood hazard determination form for such Additional Improved Real Property, and (ii) if such Additional Improved Real Property is in a special flood hazard area, (A) a notice acknowledged by the Borrower of that fact and (if applicable) that flood insurance coverage is not available and (B) if flood insurance is available in the community in which such Additional Improved Real Property is located, a policy of flood insurance in compliance with Flood Insurance Laws. To the extent that any such Additional Improved Real Property is subject to the provisions of the Flood Insurance Laws, upon the earlier of (i) twenty (20) Business Days from the date the information required by the immediately preceding sentence is provided to the Lenders and (ii) receipt by the Administrative Agent of a notice from each Lender (which may be delivered electronically) that such Lender has completed all necessary flood insurance diligence with respect to such Additional Improved Real Property, the Administrative Agent may permit the execution and delivery of the applicable Mortgage in favor of the Administrative Agent.

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Section 5.13 <u>Compliance with Terms of Leaseholds</u>. Make all payments and otherwise perform all obligations in respect of all leases of real property to which the Borrower or any of the other Credit Parties or their Subsidiaries is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated or any rights to renew such leases to be forfeited or cancelled, provide to the Administrative Agent evidence of the exercise of any renewal rights with respect to any such leases, notify the Administrative Agent of any default by any party with respect to such leases, and cooperate with the Administrative Agent in all respects to cure any such default, and cause each of its Subsidiaries to do so, except, in any case, where the failure to do so, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

Section 5.14 <u>Compliance with Agreements; Maintenance of Material Contracts</u>. (a) Comply with all agreements, contracts and instruments binding on it or affecting its properties or business (other than **a Material Affiliate<u>the SBI and Fuel Supply Agreement or the Distribution</u>** Contract), including, without limitation, each Material Contract (other than **a Material Affiliate<u>the SBI and Fuel Supply Agreement or the Distribution</u>** Contract), and maintain each Material Contract (other than **a Material Affiliate<u>the SBI and Fuel Supply Agreement or the Distribution</u>** Contract) in full force and effect (after giving effect to any amendments, substitutions, replacements, renewals, restatements or similar modifications, in each case, <u>**permitted**</u> pursuant to <u>Section 6.11(c))</u>, except in each case to the extent that such noncompliance or termination could not reasonably be expected to **have a Material Adverse Effect or otherwise be materially adverse to the Lenders<u>be adverse to the Borrower, any other Credit Party or the Lenders, or the Administrative Agent has provided its prior written consent to the Borrower of any such noncompliance or termination</u>**, and (b) comply with and maintain **each Material Affiliate<u>the SBI and Fuel Supply Agreement and the Distribution</u>** Contract in full force and effect (after giving effect to any amendments, substitutions, replacements, rewards, restatements or similar modifications, in each case,<u>**permitted**</u> pursuant to <u>Section 6.11(c)</u>), except to the extent that the **Administrative Agent has<u>Required Lenders have</u>** provided **its<u>their</u>** prior written consent **(not to be unreasonably withheld)** to the Borrower of any such noncompliance or termination.

Section 5.15 <u>Use of Proceeds</u>. The proceeds of the Extensions of Credit under the Revolving Facility from and after the Closing Date shall only be used by the Borrower to (a) refinance the Borrower's Indebtedness under the Existing Credit Agreement, (b) to pay any costs, fees, commissions, and expenses of the Credit Parties incurred in connection with this Agreement and the Transactions and (c) for working capital and other general business purposes, including without limitation, to finance permitted capital expenditures<u>**, purchasing the right to supply fuel to additional sites,**</u> and Permitted Acquisitions.

Section 5.16 <u>Further Assurances</u>. Upon the reasonable request of the Administrative Agent, promptly perform or cause to be performed any and all acts and execute or cause to be executed any and all documents for filing under the provisions of the UCC or any other Requirement of Law which are necessary or advisable to maintain in favor of the Administrative Agent, for the benefit of the Secured Parties, Liens on the Collateral that are duly perfected in accordance with the requirements of, or the obligations of the Credit Parties under, the Credit Documents and all applicable Requirements of Law.

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Section 5.17 <u>Preparation of Environmental Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Phase I Reports</u>. Based upon the review of the Phase I Reports, the Administrative Agent may require the Borrower to promptly undertake and complete, at its sole cost and expense, whatever additional investigation or remediation the Administrative Agent or the Required Lenders may reasonably request, but in no event shall any such request require any action that would not otherwise be required to comply with <u>Section 5.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Additional Environmental Reports</u>. At the request of the Administrative Agent (acting only at the written direction of the Required Lenders) from time to time, provide, at the expense of the Borrower, to the Administrative Agent within sixty (60) days after the Administrative Agent has made a request for such report or data setting forth a basis for the request, a reasonable and customary environmental site assessment report or other reasonable environmental data for any of its properties described in such request, indicating the presence or absence of Materials of Environmental Concern or any violation of Environmental Laws and the estimated cost of any compliance, removal or remedial action in connection with any Materials of Environmental Concern on such properties prepared by an environmental consulting firm of nationally recognized standing selected by the Borrower and reasonably acceptable to the Administrative Agent (taking into account the internal policies of the Lenders concerning environmental reviews and engagement of environmental consultants); without limiting the generality of the foregoing, if the Administrative Agent after consultation with the Borrower reasonably determines at any time that a material risk exists that any such report will not be provided within the time referred to above, the Administrative Agent may, in lieu of requiring the Borrower to provide such report within the time referred to above, retain an environmental consulting firm of nationally recognized standing to prepare such report at the expense of the Borrower (a copy of which will be provided to the Borrower at its request), and the Borrower hereby grants and agrees to cause any Subsidiary that owns any property described in such request to grant at the time of such request to the Administrative Agent, the Lenders, such firm and any agents or representatives thereof an irrevocable non-exclusive license, subject to the rights of tenants, to enter on their respective properties to undertake such an assessment. Within ten (10) days after receipt or finalization thereof, the Credit Parties shall deliver to the Administrative Agent any other environmental reports prepared by or on behalf of the Credit Parties in the ordinary course of business.

Section 5.18 <u>Mortgages; Primary Banking; Insurance Endorsements; Control</u> <u>Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Real Property Matters</u>. Subject to <u>Section 5.12(d)</u>, upon the request of the Administrative Agent, with respect to any or all of the real property owned by such Credit Party, each Credit Party shall have delivered to the Administrative Agent within 30 days after such request (or such longer period as agreed to in writing by the Administrative Agent in its sole discretion) all of the following with respect to such owned real property:

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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;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Mortgage Instrument in form and substance satisfactory to the Administrative Agent duly executed by an authorized officer of such Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&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) an American Land Title Association (ALTA) mortgagee title insurance policy or policies, or unconditional commitments therefor (a "Title Policy") issued by a title insurance company reasonably satisfactory to the Administrative Agent (a "Title Company"), in an amount not less than the amount reasonably required therefor by the Administrative Agent (taking into account the estimated value of the property involved), insuring fee simple title to such real property vested in the applicable Credit Party and assuring the Administrative Agent that the applicable Mortgage Instrument creates a valid and enforceable first priority mortgage lien on the respective real property encumbered thereby, subject only to Permitted Liens, which Title Policy (1) shall include an endorsement for mechanics' liens, for revolving, "variable rate" and future advances under this Agreement and for any other matters reasonably requested by the Administrative Agent, and (2) shall provide for affirmative insurance and such reinsurance as the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a title report issued by the Title Company with respect thereto, dated not more than 30 days prior to the date of execution of the applicable Mortgage Instrument and satisfactory in form and substance to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) copies of all recorded documents listed as exceptions to title or otherwise referred to in the Title Policy or in such title report relating to such real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such other documents required by <u>Section 5.12(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the extent reasonably requested by the Administrative Agent, a survey, in form and substance reasonably satisfactory to the Administrative Agent, of such real property, certified in a manner satisfactory to the Administrative Agent by a licensed professional surveyor reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a certificate of the Borrower identifying any Phase I, Phase II or other environmental report received in draft or final form by any Credit Party during the five year period prior to the date of execution of the Mortgage Instrument relating to such real property and/or the operations conducted therefrom, or stating that no such draft or final form reports have been requested or received by any Credit Party (or its counsel), together with true and correct copies of all such environmental reports so listed (in draft form, if not finalized);

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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;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an opinion of local counsel admitted to practice in the jurisdiction in which such real property is located, reasonably satisfactory in form and substance to the Administrative Agent, as to the validity and effectiveness of such Mortgage Instrument as a lien on such real property encumbered thereby, and covering such other matters of law in connection with the execution, delivery, recording and enforcement of such Mortgage Instrument as the Administrative Agent may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with respect to each Operating Lease, a duly executed subordination agreement in form and substance satisfactory to the Administrative Agent; <u>provided</u> that, the Credit Parties shall not be required to deliver such subordination agreement to the Administrative Agent if, after using commercially reasonable efforts, the Credit Parties were unable to obtain a duly executed counterpart of such subordination agreement from the lessee under such Operating Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Credit Parties shall at all times maintain their primary banking relationship (including, without limitation, the establishment of transaction-related bank accounts, main operating accounts and treasury management and investment accounts) with Capital One and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within 30 days following the Closing Date (or such longer period as agreed to in writing by the Administrative Agent in its sole discretion), the Credit Parties shall have delivered to the Administrative Agent endorsements, in form and substance reasonably satisfactory to the Administrative Agent, naming the Administrative Agent as additional insured or lender's loss payee, as applicable, with respect to the general liability, pollution liability and property and casualty insurance policies applicable to the Credit Parties and their assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Within 30 days following the Closing Date (or such longer period as agreed to in writing by the Administrative Agent in its sole discretion), the Credit Parties shall have delivered to the Administrative Agent Deposit Account Control Agreements satisfactory to the Administrative Agent to the extent required to be delivered pursuant to the terms hereof or the other Security Documents.

ARTICLE VI

NEGATIVE COVENANTS

Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as this Agreement is in effect, (b) until the Commitments have terminated and (c) the Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full in cash, that:

Section 6.1 <u>Indebtedness</u>. No Credit Party will, nor will it permit any Subsidiary to, contract, create, incur, assume or permit to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness arising or existing under this Agreement and the other Credit Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indebtedness of the Credit Parties and their Subsidiaries consisting of **Capital<u>Finance</u>** Leases or Indebtedness incurred to provide all or a portion of the purchase price or cost of construction of an asset in an aggregate amount not to exceed $2,500,000 at any time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) unsecured intercompany Indebtedness among the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness and obligations owing under Hedging Agreements entered into to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness arising from agreements providing for indemnification and purchase price adjustment obligations or similar obligations, or from guarantees or letters of credit, surety bonds or performance bonds securing the performance of any Credit Party or its Subsidiaries pursuant to such agreements, in connection with Dispositions, other sales of assets or Permitted Acquisitions, in each case, expressly permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Guaranty Obligations in respect of Indebtedness of a Credit Party to the extent such Indebtedness is permitted to exist or be incurred pursuant to this Section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness incurred to finance the payment of insurance premiums incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any guarantee of the obligations of any Credit Party as a tenant under any lease (which lease is not a **Capital<u>Finance</u>** Lease) or a purchaser in connection with any Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness owed in respect of overdrafts and related liabilities arising in the ordinary course of business from treasury, depository and cash management services or from automated clearing-house transfers of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Indebtedness consisting of obligations under deferred compensation arrangements, and non-competition agreements, incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) additional Indebtedness consisting of obligations under adjustments of purchase price, earnouts or similar arrangements in an aggregate amount not to exceed $2,500,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness in respect of performance, surety or appeal bonds provided in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness in respect of take-or-pay obligations of the Borrower or any of its Subsidiaries contained in supply arrangements, in each case, in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness of any Person that becomes a Subsidiary of the Borrower or another Credit Party after the date hereof in accordance with the terms of <u>Section 6.5</u>, which Indebtedness is existing at the time such Person becomes a Subsidiary of the Borrower (other than Indebtedness incurred solely in contemplation of such Person's becoming a Subsidiary of the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Indebtedness constituting unsecured Subordinated Debt, <u>provided</u> that (i) no Default or Event of Default shall then exist or immediately after incurring any of such Indebtedness will exist, (ii) the documentation with respect to such Indebtedness shall be in form and substance satisfactory to the Administrative Agent, (iii) the Borrower and its Subsidiaries shall be in compliance with the financial covenants set forth in <u>Section 5.9</u> both immediately before and after giving pro forma effect to the incurrence of such Indebtedness, and (iv) the aggregate outstanding principal amount of Indebtedness permitted by this subpart (q) shall not exceed $2,500,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) additional unsecured Indebtedness of the Borrower or any of its Subsidiaries, <u>provided</u> that the aggregate outstanding principal amount of all such Indebtedness does not exceed $2,500,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Indebtedness under <u>clause (n)</u> of the definition thereof to <u>**the**</u> extent such Indebtedness arises under <u>**any**</u> fuel supply **contracts<u>contract</u>** (including the Fuel Supply Contracts) with non-Affiliates in an aggregate amount not to exceed $5,000,000 at any time (it being agreed that the outstanding amount of such Indebtedness shall be calculated net of advances for branding expenses paid to the applicable Credit Party by a counterparty to one or more new Fuel Supply Contracts to replace in whole or in part any such terminated Fuel Supply Contracts).

Section 6.2 <u>Liens</u>. The Credit Parties will not, nor will they permit any Subsidiary to, contract, create, incur, assume or permit to exist any Lien with respect to any of their respective property or assets of any kind (whether real or personal, tangible or intangible), whether now existing or hereafter acquired, except for the following (the "<u>Permitted Liens</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens securing purchase money Indebtedness and **Capital<u>Finance</u>** Lease Obligations (and refinancings thereof) to the extent permitted under <u>Section 6.1(c)</u>; <u>provided</u>, that (i) any such Lien attaches to such property concurrently with or within thirty (30) days after the acquisition thereof and (ii) such Lien attaches solely to the property so acquired in such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for taxes, assessments, charges or other governmental levies not yet due or as to which the period of grace (not to exceed sixty (60) days), if any, related thereto has not expired or which are being contested in good faith by appropriate proceedings; <u>provided</u> that adequate reserves with respect thereto are maintained on the books of any Credit Party or its Subsidiaries, as the case may be, in conformity with GAAP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) statutory Liens such as carriers', warehousemen's, mechanics', materialmen's, landlords', repairmen's or other like statutory Liens arising in the ordinary course of business securing obligations which are not overdue for a period of more than thirty (30) days**<u>,</u>** or which are being contested in good faith by appropriate proceedings; <u>provided</u> that a reserve or other appropriate provision shall have been made therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) pledges or deposits in connection with workers' compensation, unemployment insurance and other social security legislation (other than any Lien imposed by ERISA) and deposits securing liability to insurance carriers under insurance or self-insurance arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens arising by virtue of Uniform Commercial Code financing statement filings (i) regarding Operating Leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business; (ii) filed in error; or (iii) filed by a Person not authorized to make such filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) easements, rights of way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens existing on the Closing Date and set forth on <u>Schedule 6.2</u>; <u>provided</u> that (i) no such Liens shall at any time be extended to cover property or assets other than the property or assets subject thereto on the Closing Date and improvements thereon and (ii) the principal amount of the Indebtedness secured by such Lien shall not be extended, renewed, refunded or refinanced except to the extent permitted pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens arising in the ordinary course of business by virtue of any contractual, statutory or common law provision relating to banker's Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any zoning, building or similar laws or rights reserved to or vested in any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) restrictions on transfers of securities imposed by applicable Securities Laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens arising out of judgments or awards not resulting in an Event of Default; <u>provided</u> that the applicable Credit Party or Subsidiary shall in good faith be prosecuting an appeal or proceedings for review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Credit Party or any Subsidiary thereof in the ordinary course of its business and covering only the assets so leased, licensed or subleased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens in favor of the Administrative Agent, Issuing Lender and/or Swingline Lender to Cash Collateralize or otherwise secure the obligations of a Defaulting Lender to fund risk participations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens granted in the ordinary course of business on the unearned portion of insurance premiums and on any loss payments which reduce the unearned portion of insurance premiums securing the financing of insurance premiums to the extent the financing is permitted under <u>Section 6.1(h)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) leases, subleases, licenses and sublicenses of assets, in each case, entered into by the Borrower or any of its Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **[reserved]<u>Liens permitted by the Collateral Rights Agreement</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens for the benefit of non-Affiliate counterparties to fuel supply agreements, terminaling agreements, pipeline agreements, and storage agreements entered into in the ordinary course of business on deposits, funds, credits, credit card settlement accounts, fuel purchased from such counterparty or delivered through the pipelines or stored with such counterparties, or other property of a similar scope and nature, which Liens secure the Borrower's or the applicable Subsidiary's obligations under such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens on advances of cash or Cash Equivalents in favor of any non-Affiliate seller of any property purchased by the Borrower or any of its Subsidiaries in a Material Acquisition that has been approved in writing by the Required Lenders, which advances are to be applied against the purchase price for such Material Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens on advances of cash or Cash Equivalents in an aggregate amount not to exceed $3,000,000 at any time in favor of any non-Affiliate seller of any property purchased by the Borrower or any of its Subsidiaries in a Permitted Acquisition (other than a Material Acquisition), which advances are to be applied against the purchase price for such Permitted Acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) additional Liens so long as the principal amount of Indebtedness and other obligations secured thereby does not exceed $2,500,000 in the aggregate.

Notwithstanding the foregoing, if a Credit Party grants a Lien on any of its assets in violation of this Section, then it shall be deemed to have simultaneously granted an equal and ratable Lien on any such assets in favor of the Administrative Agent for the ratable benefit of the Secured Parties, to the extent such Lien has not already been granted to the Administrative Agent.

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Section 6.3 <u>Nature of Business</u>. Except as otherwise expressly provided in this Agreement, no Credit Party will, nor will it permit any Subsidiary to, materially alter the character of its business in any material respect from that conducted as of the Closing Date and any business substantially related or incident thereto.

Section 6.4 <u>Consolidation, Merger, Sale of Assets, etc</u>. The Credit Parties will not, nor will they permit any Subsidiary to,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dissolve, liquidate or wind up its affairs, or sell, transfer, lease or otherwise dispose of its property or assets (each a "<u>Disposition</u>") or agree to do so at a future time, except that if no Default or Event of Default shall have occurred and be continuing or would result therefrom the following, without duplication, shall be expressly permitted:

&nbsp;&nbsp;&nbsp;&nbsp;&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) (A) the sale of inventory in the ordinary course of business; (B) the conversion of cash into Cash Equivalents and Cash Equivalents into cash; and (C) leases, subleases, rights of way, easements, licenses, and sublicenses that, individually and in the aggregate, do not materially interfere with the ordinary conduct of the business of the Borrower or its Subsidiaries or do not materially detract from the value or the use of the property which they affect;

&nbsp;&nbsp;&nbsp;&nbsp;&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) the sale, lease, transfer or other disposition of machinery, parts and equipment no longer used or useful in the conduct of the business of the Credit Parties or any of their Subsidiaries or worn out or obsolete machinery, parts and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) the sale, lease or transfer of property or assets from one Credit Party to another Credit Party, including by way of merger, or (y) dissolution of any Credit Party (other than the Borrower) to the extent any and all assets of such Credit Party are distributed to another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Dispositions of any fixed asset to the extent that (i) such fixed asset is exchanged for credit against the purchase price of a similar replacement fixed asset or (ii) the proceeds of such Disposition are substantially contemporaneously applied to the purchase price of any similar replacement fixed asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Dispositions pursuant to <u>clause (b)</u> of this Section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Dispositions of property or assets in connection with the formation or operation of joint ventures in accordance with <u>Section 6.5</u>, and Dispositions of Investments in joint ventures; **and**

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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;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the sale, lease or transfer of property or assets not to exceed (x) $2,000,000 in the aggregate in any fiscal year and (y) $5,000,000 in the aggregate during the term of this Agreement so long as in each case the consideration for each such sale, lease or transfer represents fair market value and at least 75% of such consideration consists of cash; **or<u>and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ix) the Disposition or assignment of any Material Contract to GPM Empire on or after the Second Amendment Effective Date, subject to compliance with Section 6.11(c); or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into any transaction of merger or consolidation, except for (i) Investments or acquisitions permitted pursuant to <u>Section 6.5</u> so long as the Credit Party subject to such merger or consolidation is the surviving entity, (ii) (y) the merger or consolidation of a Subsidiary that is not a Credit Party with and into a Credit Party; <u>provided</u> that such Credit Party will be the surviving entity or the surviving entity executes and delivers a Joinder Agreement and (z) the merger or consolidation of a Credit Party with and into another Credit Party; <u>provided</u> that if the Borrower is a party thereto, the Borrower will be the surviving **corporation<u>entity</u>**, and (iii) the merger or consolidation of a Subsidiary that is not a Credit Party with and into another Subsidiary that is not a Credit Party<u>**; provided that notwithstanding the foregoing provisions of this Section 6.4(b), no Credit Party shall merge or consolidate with GPM Empire**</u>.

Section 6.5 <u>Investments, Loansand Acquisitions</u>. The Credit Parties will not, nor will they permit any Subsidiary to, make any Investment or agree to make any Investment except for the following (the "<u>Permitted Investments</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) receivables owing to the Credit Parties or any of their Subsidiaries or any receivables and advances to suppliers, in each case if created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments in and loans to any Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) loans and advances to officers, directors and employees in an aggregate amount not to exceed $100,000 at any time outstanding; <u>provided</u> that such loans and advances shall comply with all applicable Requirements of Law (including Sarbanes-Oxley);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Permitted Acquisitions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(h) Permitted Affiliate Loans; provided that the aggregate amount of such Permitted Affiliate Loans shall not exceed the available ARKO Petroleum Offering Paydown Amount remaining at the time of incurrence;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u> (h)** (i) Investments in and loans to any Subsidiary which is not a Credit Party**,** (ii) Investments in the form of loans to Affiliates of the Borrower who are not Credit Parties**,<u>;</u>** and (iii) Investments in the form of loans to purchasers in connection with any Disposition permitted pursuant to <u>Section 6.4</u>; <u>provided</u> that, with respect to the foregoing Investments set forth in this <u>clause (</u>**h<u>i</u>**<u>)</u>, the aggregate amount of all such Investments shall not exceed $2,500,000 at any time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(j)</u> (i)** Guarantees permitted by <u>Section 6.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(k)</u> (j)** Investments consisting of any deferred portion of the sales price received by the Borrower or any Subsidiary in connection with any Disposition permitted pursuant to <u>Section 6.4</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(l)</u> (k)** additional loan advances and/or Investments of a nature not contemplated by the foregoing clauses hereof; <u>provided</u> that such loans, advances and/or Investments made pursuant to this clause shall not exceed an aggregate amount of $2,500,000 at any one time outstanding.

Section 6.6 <u>Transactions with Affiliates</u>. The Credit Parties will not, nor will they permit any Subsidiary to, enter into any transaction or series of transactions, whether or not in the ordinary course of business, with any officer, director, shareholder or Affiliate other than on terms and conditions substantially as favorable as would be obtainable in a comparable arm's-length transaction with a Person other than an officer, director, shareholder or Affiliate, other than (a) transactions solely between or among Credit Parties, (b) any Restricted Payment permitted by <u>Section 6.10</u>; (c) any employment or compensation agreement, deferred compensation plans, employee benefits plan, equity incentive or equity-based plans, profits interests, officer, supervisor and director indemnification agreements or insurance, stay bonuses, severance or similar agreements and arrangements, in the ordinary course of business, (d) reasonable and customary director, officer, supervisor and employee fees and compensation and other benefits (including retirement, health, stock option and other benefit plans) and indemnification arrangements; (e) **at any time after the date on which the IPO is completed,** any transaction <u>**involving an Affiliate other than ARKO Petroleum and its Subsidiaries**</u> approved by the Conflicts Committee **of the Board of Directors of the General Partner of the Borrower***, which Conflicts Committee shall consist exclusively of directors considered "independent" of the Credit Parties and their Affiliates in accordance with the criteria set forth in Section 303A of the New York Stock Exchange Manual or Rule 5606(a)(2) of the NASDAQ Rules (and such Conflicts Committee will be comprised of at least two (2) "independent" directors (or such greater number required by the exchange upon which the Borrower is then trading)* **(the "<u>Conflicts Committee</u>")),** shall be deemed, for purposes of this Agreement, to be on terms and conditions substantially as favorable as would be obtainable on a comparable arm's-length transaction with a person other than an officer, director, shareholder or Affiliate of the Credit Parties and their respective Subsidiaries; **and** (f) <u>**Permitted**</u>

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**<u>Investments; and (g)</u>** the transactions expressly described in the **Distribution Contract or the Omnibus Agreement,** <u>**provided**</u> **that notwithstanding anything to the contrary in the Omnibus Agreement, the Administrative Fee (as defined therein on the date hereof) shall not be increased to**<u>**Material Affiliate Contracts, provided that the Borrower shall not be permitted to pay any management, administrative or similar fee under any Material Affiliate Contract in**</u> an amount in excess of $1,500,000 **<u>per annum</u>** without the prior written consent of the Required Lenders.

Section 6.7 <u>Ownership of Subsidiaries; Restrictions</u>. The Credit Parties will not, nor will they permit any Subsidiary to, without the written consent of the Administrative Agent, create, form or acquire any Subsidiaries, except for Subsidiaries that (i) become Credit Parties and enter into a Joinder Agreement as required by the terms hereof or (ii) constitute Foreign Subsidiaries that are created or acquired in connection with Permitted Acquisitions. The Credit Parties will not sell, transfer, pledge or otherwise dispose of any Equity Interests in any of their Subsidiaries, nor will they permit any of their Subsidiaries to issue, sell, transfer, pledge or otherwise dispose of any of their Equity Interests, except in a transaction permitted by <u>Section 6.4</u>.

Section 6.8 <u>Corporate Changes</u>. No Credit Party shall (a) (i) except as permitted under <u>Section 6.4</u>, alter its legal existence or, in one transaction or a series of transactions, merge into or consolidate with any other entity, or sell all or substantially all of its assets, (ii) change its state of incorporation or organization without providing thirty (30) days' prior written notice to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent) and without filing (or confirming that the Administrative Agent has filed) such financing statements and amendments to any previously filed financing statements as the Administrative Agent may require, or (iii) change its registered legal name without providing thirty (30) days' prior written notice to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent) and without filing (or confirming that the Administrative Agent has filed) such financing statements and amendments to any previously filed financing statements as the Administrative Agent may require, (b) have more than one state of incorporation, organization or formation or (c) change its accounting method (except in accordance with GAAP) in any manner adverse to the interests of the Lenders without the prior written consent of the Required Lenders.

Section 6.9 <u>Limitation on Restricted Actions</u>. The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make any other distributions to any Credit Party on its Equity Interests or with respect to any other interest or participation in, or measured by, its profits, (b) pay any Indebtedness or other obligation owed to any other Credit Party, (c) make loans or advances to any other Credit Party, (d) sell, lease or transfer any of its properties or assets to any other Credit Party, or (e) act as a Guarantor and pledge its assets pursuant to the Credit Documents or any renewals, refinancings, exchanges, refundings or extension thereof or amend or otherwise modify the Credit Documents, except for such encumbrances or restrictions existing under or by reason of (i) this Agreement and the other Credit Documents, (ii) applicable law, (iii) any document or instrument governing Indebtedness incurred pursuant to <u>Section 6.1(c)</u> so long as any such restriction contained therein relates only to a limitation on the ability of such Person to

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grant a Lien on the asset or assets constructed or acquired in connection therewith, (iv) any document or instrument governing any Permitted Lien so long as any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien, (v) customary non-assignment provisions in leases, licenses, permits and other agreements entered into in the ordinary course of business, (vi) obligations that are binding on a Person at the time such Person first becomes a Subsidiary of the Borrower or any of the other Credit Parties, or (vii) customary restrictions contained in an agreement relating to a Disposition that limit the transfer of encumbrances of the property or assets relating to such Disposition pending consummation thereof so long as any such restriction contained therein relates only to the asset or assets subject to such Disposition.

Section 6.10 <u>Restricted Payments</u>. The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly, declare, order, make or set apart any sum for or pay any Restricted Payment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to make dividends or other distributions payable solely in the same class of Equity Interests of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make dividends or other distributions payable to the Credit Parties or Subsidiaries of the Credit Parties which are the parent companies of such Subsidiary (directly or indirectly through its Subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) so long as no Default or Event of Default then exists and is continuing or would result therefrom, **(i) at any time on or prior to the date on which the IPO is completed,** the Borrower may make Restricted Payments up to the amount of Available Cash (as defined in the Partnership Agreement as of the **Closing Date)<u>Second Amendment Effective Date); provided that if any such Restricted Payments are made</u>** from cash generated **other than** from **an<u>the</u>** incurrence of Loans hereunder **(provided that from and after March 26, 2024, up to $36,500,000 in the aggregate during the term of the Revolving Facility may come from the one-time incurrence of Loans hereunder so long as (x) in connection therewith, the deferred purchase price obligations arising under that certain Asset Purchase Agreement, dated as of September 9, 2022 (as in effect on the Closing Date), entered into in connection with the acquisition of certain assets from Transit Energy Group, LLC will be deemed satisfied in full and (y) no violation of any Securities Laws shall result from such Restricted Payment and any use thereof) and (ii) after the date on which the IPO is completed, the Borrower may make Restricted Payments in accordance with the cash distribution policy adopted by the General Partner pursuant to any amendment, restatement or replacement of the Partnership Agreement approved in writing by the Administrative Agent;<u>, the Borrower shall be in pro forma compliance with the financial covenants set forth in Section 5.9 and the amount of Restricted Payments made from the incurrence of Loans hereunder pursuant to this clause (c) shall not exceed $18,000,000 per fiscal year or $25,000,000 in aggregate through the Maturity Date;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to purchase, redeem or otherwise acquire its Equity Interests with the proceeds received from a substantially concurrent issuance of new Equity Interests (other than Disqualified Equity);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to redeem or convert its Equity Interests or make any payment, in each case, in connection with any employee benefit plan or arrangement sponsored by the Credit Parties entered into in the ordinary course of business; **and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower may pay any Restricted Payment within sixty (60) days after the date of declaration thereof, if at the date of declaration such Restricted Payment would have otherwise been permitted to be made under this <u>Section 6.10</u> unless a Specified Default or a Material Event has occurred and is continuing at the time such Restricted Payment is to be made, or would occur after giving effect to the making of such Restricted Payment**<sup>.</sup><u>; and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(g)</u> <u>Permitted Paydown Restricted Payments; provided that the aggregate amount of such Permitted Paydown Restricted Payments shall not exceed the available ARKO Petroleum Offering Paydown Amount remaining at the time of incurrence.</u>** 

Section 6.11 <u>Amendments to Organization Documents, Material Contracts,or Fiscal Year End; Prepayments of other Indebtedness</u>. The Credit Parties will not, nor will they permit any Subsidiary to, without the prior written consent of the Required Lenders<u>**(or the Administrative Agent when specified below)**</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend, modify, waive or extend or permit the amendment, modification, waiver or extension of any term of any document governing or relating to any Subordinated Debt in any manner that would be adverse to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amend, supplement or otherwise modify or replace or terminate (or permit to be amended, supplemented or modified or replaced or terminated) its Organization Documents in any manner that would be materially adverse to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) amend, supplement or otherwise modify **or replace or terminate** (or permit to be amended, supplemented or modified or *replaced or terminated) or waive any of its rights under the* **Omnibus Agreement or any other<u>) (x) any</u>** Material Contract **with an Affiliate (collectively, "<u>Material Affiliate Contracts</u>")<u>(other than the SBI and Fuel Supply Agreement or the Distribution Contract) in a manner that is materially adverse to the Borrower, any other Credit Party or the Lenders,</u>** without the prior written consent of the Administrative Agent **not to be unreasonably withheld (provided that this clause shall not restrict the replacement of the Omnibus Agreement in connection with the IPO in accordance with the definition of "Omnibus Agreement"), (ii) amend, supplement or otherwise modify or replace or terminate (or permit to be amended, supplemented, modified, replaced or terminated) any Material<u>or (y) the SBI and Fuel Supply Agreement or the Distribution</u>** Contract (other than **a Material Affiliate Contract) to the extent such amendment, waiver or modification is materially adverse to the<u>, in each case, immaterial changes or to add additional gallons or locations), without the consent of the Required</u>** Lenders, (**iii<u>ii</u>**) assign to any Person (other than any other Credit Party) any of its rights under any Material Contract **unless otherwise permitted under <u>Section 6.4(a)(iii)</u> or <u>Section 6.4(b)</u>, or (iv)<u>; provided that the Borrower and its Subsidiaries may assign their rights under any Fuel Supply Contract to GPM Empire so long as (1) there is no Default or Event of Default that occurs or is continuing on or after the date of such assignment, (2) such assignment does not cause a Material Adverse Effect and (3) such assignment is not materially adverse</u>**

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<u>**to the Lenders, (iii) replace, terminate (or permit to be replaced or terminated) or**</u> waive any of its rights of material value under any Material Contract (other than **a Material Affiliate<u>SBI and Fuel Supply Agreement or the Distribution</u>** Contract) to the extent such **waiver is materially <u>is adverse to the Lenders, without the prior written consent of the Administrative Agent, or (iv) replace, terminate (or permit to be</u>***<u>replaced or terminated) or waive any of its rights under the</u>*<u>**SBI and Fuel Supply Agreement or the Distribution Agreement, without the prior written consent of the Required Lenders; provided that any amendment, modification, or supplement to any Material Contract that is solely to extend the term of such Material Contract shall not be deemed to be**</u> adverse to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change the last day of its fiscal year from December 31 of each year, or the last days of the first three fiscal quarters in each of its fiscal years from March 31, June 30 and September 30 of each year, respectively; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make (or give any notice in respect of) any payment or prepayment of principal of, premium, if any, or interest on, redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to any Subordinated Debt.

Section 6.12 <u>Hedging Agreements</u>. The Credit Parties will not, nor will they permit any Subsidiary to, enter into any Hedging Agreements with any Person other than other Hedging Agreements in respect of commodities or interest rates that are entered into for the purpose of hedging exposure to interest rates or commodity price risk (including basis risk) and that are not for speculative purposes. In no event shall any Hedging Agreement contain any requirement, agreement or covenant for any Credit Party to maintain or post collateral (other than pursuant to a Security Document) or margin to secure its obligations under such Hedging Agreement or to cover market exposures.

Section 6.13 <u>Sale and Leaseback</u>. The Credit Parties shall not, nor shall they permit any Subsidiary to, enter into any arrangement, directly or indirectly, with any Person whereby it sells or transfers any property, whether now owned or hereafter acquired, and thereafter rent or lease such property which it intends to use for substantially the same purpose or purposes as the property being sold or transferred.

Section 6.14 <u>Anti-Terrorism Laws</u>. No Credit Party nor any of their respective Subsidiaries shall be subject to or in violation of any law, regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list, Executive Order No. 13224 or the Patriot Act) that prohibits or limits the conduct of business with or the receiving of funds, goods or services to or for the benefit of certain Persons specified therein or that prohibits or limits any Lender from making any advance or extension of credit to the Borrower or from otherwise conducting business with the Borrower or any other Credit Party.

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ARTICLE VII

EVENTS OF DEFAULT

Section 7.1 <u>Events of Default</u>. An Event of Default shall exist upon the occurrence of any of the following specified events (each an "<u>Event of Default</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment</u>. (i) The Borrower fails to pay any principal on any Loan or Note when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof or thereof; or (ii) the Borrower fails to reimburse the Issuing Lender for any LOC Obligations when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof; or (iii) the Borrower fails to pay any interest on any Loan or any fee or other amount payable hereunder when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof and such failure shall continue unremedied for three (3) Business Days; or (iv) or any Guarantor shall fail to pay on the Guaranty in respect of any of the foregoing or in respect of any other Guaranty Obligations hereunder (after giving effect to the grace period in <u>clause (iii)</u>); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Misrepresentation</u>. Any representation or warranty made or deemed made either (i) herein shall prove to have been incorrect, false or misleading in any material respect (except to the extent such representations or warranties are qualified by materiality as written in which case, the same shall be true as written) on or as of the date made or deemed made or (ii) in the other Credit Documents or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection with this Agreement shall prove to have been incorrect, false or misleading in any material respect (except to the extent such representations or warranties are qualified by materiality as written in which case, the same shall be true as written) on or as of the date made or deemed made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Covenant Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Any Credit Party<u>**, any Pledgor or GPM Empire**</u> fails to perform, comply with or observe any term, covenant or agreement applicable to it contained in any of <u>**(x)**</u> Section 5.1, Section 5.2(a), Section 5.3, Section 5.4, <u>Section 5.5(a)</u>, <u>Section 5.7</u>, <u>Section 5.9</u>, <u>Section 5.10</u>, <u>Section 5.12</u>, <u>Section 5.14</u>, <u>Section 5.15</u>, <u>Section 5.17</u> **or<u>,</u>** <u>Section 5.18</u>**,** or <u>Article VI</u><u>**of the Credit Agreement; (y) Section 4.11, Section 4.12 or Section 8.02 of the GPM Empire Security Agreement or (z)Section 7 of the Pledge Agreement**</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&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) Any Credit Party<u>**, any Pledgor or GPM Empire**</u> fails to comply with any other covenant contained in this Agreement or the other Credit Documents or any other agreement, document or instrument among any Credit Party, <u>**any Pledgor, GPM Empire,**</u> the Administrative Agent and the Lenders or executed by any Credit Party<u>**, any Pledgor or GPM Empire**</u> in favor of the Administrative Agent or the Lenders <u>**applicable to it**</u> (other than as described in <u>Section 7.1(a)</u> or <u>Section 7.1(c)(i)</u> above) and, with respect to this <u>clause (ii)</u> only, such breach or failure to comply is not cured within thirty (30) days of its occurrence; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indebtedness Cross-Default</u>. (i)<u>**(x)**</u> Any Credit Party**<u>, any Subsidiary thereof</u>** or any **of its Subsidiaries<u>Pledgor</u>** defaults in any payment of principal of or interest on any Indebtedness (other than the Indebtedness pursuant to the Credit Documents) in a principal amount outstanding of at least $2,500,000 **for the Credit Parties and any of their Subsidiaries** in the aggregate <u>**or (y) GPM Empire defaults in any payment of principal of or interest on any Indebtedness (other than the Indebtedness pursuant to the Credit Documents) in a principal amount outstanding of at least $10,000,000 in the aggregate, in each case of clause (x) and (y),**</u> beyond any applicable grace period (not to exceed thirty (30) days), if any, provided in the instrument or agreement under which such Indebtedness was created; or (ii)<u>**(x)**</u> any Credit Party<u>**, any Subsidiary thereof**</u> or any **of its Subsidiaries<u>Pledgor</u>** defaults in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Indebtedness pursuant to the Credit Documents) in a principal amount outstanding of at least $2,500,000 in the aggregate **for the Credit Parties and their Subsidiaries or<u>or (y) GPM Empire defaults in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Indebtedness pursuant to the Credit Documents) in a principal amount outstanding of at least $10,000,000 in the aggregate, in each case of clause (x) and (y),</u>** contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs or condition exists, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or to be repurchased, prepaid, deferred or redeemed (automatically or otherwise); or (iii)<u>**(x)**</u> any Credit Party**<u>, any Subsidiary thereof</u>** or any **of its Subsidiaries<u>Pledgor</u>** breaches or defaults any payment obligation under any Hedging Agreement which breach or default remains unremedied for five (5) Business Days and**, with respect to clause (iii) above,** as a result of which the swap termination value owed by any such Person exceeds $2,500,000**; or <u>or (y) GPM Empire breaches or defaults any payment obligation under any Hedging Agreement which breach or default remains unremedied for five (5) Business Days and as a result of which the swap termination value owed by any such Person exceeds $10,000,000; or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Bankruptcy Default</u>. (i) **A<u>Any</u>** Credit Party **or any of its Subsidiaries<u>,</u> <u>any Pledgor, GPM Empire or any Subsidiary of the forgoing</u>** commences any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or **a<u>any</u>** Credit Party **or any of its Subsidiaries<u>, any Pledgor, GPM Empire or any Subsidiary of the forgoing</u>** makes a general assignment for the benefit of its creditors; or (ii) there shall be commenced against **a<u>any</u>** Credit Party **or any of its Subsidiaries<u>, any Pledgor, GPM Empire or any Subsidiary of the forgoing</u>** any case, proceeding or other action

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of a nature referred to in <u>clause (i)</u> above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there is commenced against **a<u>any</u>** Credit Party **or any of its Subsidiaries<u>, any Pledgor, GPM Empire or any Subsidiary of the forgoing</u>** any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of their assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) **a<u>any</u>** Credit Party **or any of its Subsidiaries<u>, any Pledgor, GPM Empire or any Subsidiary of the forgoing</u>** takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in <u>clause (i)</u>, <u>(ii)</u>, or <u>(iii)</u> above; or (v) **a<u>any</u>** Credit Party **or any of its Subsidiaries<u>, any Pledgor, GPM Empire or any Subsidiary of the forgoing</u>** becomes generally not, or becomes unable to, or admits in writing its inability to, pay its debts as they become due; **or<u>provided that this clause (e) shall not apply to (I) Subsidiaries of GPM Empire that collectively (1) have aggregate annual revenue of less than one million dollars ($1,000,000) and (2) have aggregate total assets of less than two million five hundred thousand dollars ($2,500,000) or (II) GPM Transportation Company, LLC, in each case, so long as the underlying circumstances that contributed to such bankruptcy event applicable to such Subsidiaries under this clause (e) are not expected to create any liabilities for ARKO Petroleum or any of its other Affiliates in excess of two million five hundred thousand dollars ($2,500,000) in the aggregate; or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Judgment Default</u>. (i) One or more judgments or decrees is entered against a Credit Party **or any of its Subsidiaries<u>, a Pledgor or any Subsidiary of the forgoing</u>** involving in the aggregate a liability (to the extent not covered by insurance) of $2,500,000 or more and all such judgments or decrees have not been paid and satisfied, vacated, discharged, stayed or bonded pending appeal within thirty (30) days from the entry thereof or (ii) any injunction, temporary restraining order or similar decree shall be issued against a Credit Party **or any of its Subsidiaries<u>, a Pledgor or any Subsidiary of the forgoing</u>** that, individually or in the aggregate, could result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>ERISA Default</u>. The occurrence of any of the following: (i) any Person shall engage in any "prohibited transaction" (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any "accumulated funding deficiency" (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan (other than a Permitted Lien) arises on the assets of the Credit Parties or any Commonly Controlled Entity, (iii) a Reportable Event occurs with respect to, or proceedings commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan terminates for purposes of Title IV of ERISA, (v) a Credit Party, any of its Subsidiaries or any Commonly Controlled Entity incurs, or in the reasonable opinion of the Required Lenders is likely to incur, any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer Plan or (vi) any other similar event or condition occurs or exists with respect to a Plan, in any case, which has had or could reasonably be expected to have a Material Adverse Effect; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Change of Control</u>. A Change of Control occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Invalidity of Guaranty</u>. At any time after the execution and delivery thereof, any material provision of the Guaranty, for any reason other than the satisfaction in full of all Obligations, ceases to be in full force and effect (other than in accordance with its terms) or is declared to be null and void, or any Credit Party contests the validity, enforceability, perfection or priority of the Guaranty, any Credit Document, or any Lien granted thereunder in writing or deny in writing that it has any further liability, including with respect to future advances by the Lenders, under any Credit Document to which it is a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Invalidity of Credit Documents</u>. Any Credit Document fails to be in full force and effect or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers, priority and privileges purported to be created thereby (except as such documents are terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities and provisions which by their terms survive) or any Lien fails to be a first priority, perfected Lien (subject to Permitted Liens) on a material portion of the Collateral; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Subordinated Debt</u>. Any default (which is not waived or cured within the applicable period of grace)**<u>,</u>** or event of default occurs under any Subordinated Debt; or the subordination provisions under any Subordinated Debt ceases to be in full force and effect or ceases to give the Lenders the rights, powers and privileges purported to be created thereby; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Classification as Senior Debt</u>. The Obligations shall cease to be classified as "Senior Indebtedness," "Designated Senior Indebtedness" or any similar designation under any Subordinated Debt instrument; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(m)</u> <u>Breach or Invalidity of Material Contracts. (i) Any breach, default, assignment, termination, amendment, supplement, modification, or waiver of the Credit Parties rights under any Material Contract (except in each case as may be permitted by both Section 5.14 and Section 6.11(c)), (ii) any invalidity or claimed invalidity (other than a claim of invalidity by the Administrative Agent or the Lenders) of any Material Contract (other than the SBI and Fuel Supply Agreement or the Distribution Contract) that is adverse to the Borrower, any other Credit Party or the Lenders, or (iii) any invalidity or claimed invalidity (other than a claim of invalidity by the Administrative Agent or the Lenders) of the SBI and Fuel Supply Agreement or the Distribution Contract.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m) <u>[Reserved]</u>; or**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n) <u>Environmental Indemnity</u>. If (i) the Borrower or any Subsidiary has any liability for any Covered Environmental Losses (as defined in the Omnibus Agreement) and has failed to assert its rights for indemnification under the Omnibus Agreement after a Responsible Officer of such Credit Party has become aware of such liability, (ii) GPM Investments fails to indemnify the Borrower or any of its Subsidiaries, as applicable, after** 

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**GPM Investments receives demand from the Borrower or any of its Subsidiaries, as applicable, for such indemnification (in each case of clauses (i) and (ii) above, in the manner provided for, and in accordance with the procedures set forth, in Section 3.3 of the Omnibus Agreement), or (iii) the Borrower or any Subsidiary has paid any such liability in cash which has not been reimbursed in full in cash by GPM Investments within 60 days after the Borrower or such Subsidiary, as applicable, has made such payment.**

Section 7.2 <u>Acceleration; Remedies</u>. Upon the occurrence and during the continuance of an Event of Default, then, and in any such event, (a) if such event is a Bankruptcy Event, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon), and all other amounts under the Credit Documents (including, without limitation, the maximum amount of all contingent liabilities under Letters of Credit) shall immediately become due and payable, and (b) if such event is any other Event of Default, any or all of the following actions may be taken: (i) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; (ii) the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the Notes to be due and payable forthwith and direct the Borrower to pay to the Administrative Agent Cash Collateral as security for the LOC Obligations for subsequent drawings under then outstanding Letters of Credit an amount equal to the maximum amount of which may be drawn under Letters of Credit then outstanding, whereupon the same shall immediately become due and payable; and/or (iii) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, exercise such other rights and remedies as provided under the Credit Documents and under applicable law.

ARTICLE VIII

THE ADMINISTRATIVE AGENT

Section 8.1 <u>Appointment and Authority</u>. Each of the Lenders and the Issuing Lender hereby irrevocably appoints Capital One to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lender, and neither the Borrower nor any other Credit Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Credit Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead**,** such term is used as a matter of market custom**,** and is intended to create or reflect only an administrative relationship between contracting parties.

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Section 8.2 <u>Nature of Duties</u>. Anything herein to the contrary notwithstanding, none of the bookrunners, Arrangers or other agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender, the Swingline Lender or the Issuing Lender hereunder. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent**,** and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any subagents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 8.3 <u>Exculpatory Provisions</u>. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Credit Documents, and its obligations hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents), <u>provided</u> that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

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The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in <u>Section 9.1</u> and <u>Section 7.2</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent in writing by the Borrower, a Lender or an Issuing Lender.

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in <u>Article IV</u> or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

Section 8.4 <u>Reliance by Administrative Agent</u>. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person**,** and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 8.5 <u>Notice of Default</u>. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, the Administrative

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Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; <u>provided</u>, <u>however</u>, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement expressly requires that such action be taken, or not taken, only with the consent or upon the authorization of the Required Lenders, or all of the Lenders, as the case may be.

Section 8.6 <u>Non-Relianceon Administrative Agentand Other Lenders</u>. Each Lender and the Issuing Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representation or warranty to it and that no act by the Administrative Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder.

Section 8.7 <u>Indemnification</u>. The Lenders severally agree to indemnify the Administrative Agent, the Issuing Lender, and the Swingline Lender in its capacity hereunder and their Affiliates and their respective officers, directors, agents and employees (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective Revolving Commitment Percentages, in effect on the date on which indemnification is sought under this Section, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Obligations) be imposed on, incurred by, or asserted against any such indemnitee in any way relating to or arising out of any Credit Document or any documents contemplated by or referred to herein or therein or the Transactions or any action taken or omitted by any such indemnitee under or in connection with any of the foregoing; <u>provided</u>, <u>however</u>, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from such indemnitee's gross negligence, bad faith or willful misconduct, as determined by a court of competent jurisdiction. The agreements in this Section shall survive the termination of this Agreement and payment of the Notes, any Reimbursement Obligation and all other amounts payable hereunder.

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Section 8.8 <u>Administrative Agent in Its Individual Capacity</u>. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Credit Parties or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

Section 8.9 <u>Resignation of Administrative Agent</u>. The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lender and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the "<u>Resignation Effective Date</u>"), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall nonetheless become effective in accordance with such notice on the Resignation Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to <u>clause (d)</u> of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor has been so appointed by the Required Lenders and has accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the "<u>Removal Effective Date</u>"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any Collateral held by the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Credit Documents, the retiring Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or

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removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent's resignation or removal hereunder and under the other Credit Documents, the provisions of this Article and <u>Section 9.5</u> shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any resignation by or removal of Capital One, as Administrative Agent pursuant to this Section shall also constitute its resignation or removal of as Issuing Lender and Swingline Lender. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Issuing Lender and Swingline Lender, (ii) the retiring or removed Issuing Lender and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (iii) the successor Issuing Lender shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring or removed Issuing Lender to effectively assume the obligations of the retiring or removed Issuing Lender with respect to such Letters of Credit.

Section 8.10 <u>Collateral and Guaranty Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Lenders irrevocably authorize and direct the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&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) to release any Lien on any Collateral granted to or held by the Administrative Agent under any Credit Document (A) upon termination of the Commitments and payment in full in cash of all Obligations (other than contingent indemnification obligations for which no claim has been made or cannot be reasonably identified by an Indemnitee based on the then-known facts and circumstances) and the expiration or termination of all Letters of Credit, (B) that is transferred or to be transferred as part of or in connection with any sale or other disposition permitted under <u>Section 6.4</u>, or (C) subject to <u>Section 9.1</u>, if approved, authorized or ratified in writing by the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&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) to subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Credit Document to the holder of any Lien on such Collateral that is permitted by <u>Section 6.2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to release any Guarantor from its obligations under the applicable Guaranty if such Person ceases to be a Guarantor as a result of a transaction permitted hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with a termination or release pursuant to this Section, the Administrative Agent shall promptly execute and deliver to the applicable Credit Party, at the Borrower's expense, all documents that the applicable Credit Party reasonably requests to evidence such termination or release. Upon request by the Administrative Agent at any time, the Required Lenders shall confirm in writing the Administrative Agent's authority to release or subordinate its interest in particular types or items of Collateral, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section.

Section 8.11 [<u>Reserved.</u>]

Section 8.12 <u>Agency for Perfection</u>. The Administrative Agent and each Lender hereby appoints the Administrative Agent and each other Lender as agent and bailee for the purpose of perfecting the security interests in and Liens upon the Collateral in assets that, in accordance with Article 9 of the UCC, can be perfected only by possession or control (or where the security interest of a secured party with possession or control has priority over the security interest of another secured party) and the Administrative Agent and each Lender hereby acknowledges that it holds possession of or otherwise controls any such Collateral for the benefit of the Administrative Agent and the Lenders as secured party. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent's request therefor shall deliver such Collateral to the Administrative Agent or in accordance with the Administrative Agent's instructions. Without limiting the generality of the foregoing, each Lender hereby appoints the Administrative Agent for the purpose of perfecting the Administrative Agent's Liens on all deposit accounts and securities accounts of any Credit Party. Each Credit Party by its execution and delivery of this Agreement hereby consents to the foregoing.

Section 8.13 <u>Proof of Claim</u>. The Lenders and the Credit Parties hereby agree that in case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrower or any of the Guarantors, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent has made any demand on the Borrower or any of the Guarantors) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Loans and any other Obligations that are owing and unpaid and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their agents and counsel and all other amounts due the Lenders and the Administrative Agent hereunder) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

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and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent consents to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent and other agents hereunder. Nothing herein contained shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lenders or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. Further, nothing contained in this Section shall affect or preclude the ability of any Lender to (i) file and prove such a claim in the event that the Administrative Agent has not acted within ten (10) days prior to any applicable bar date and (ii) require an amendment of the proof of claim to accurately reflect such Lender's outstanding Obligations.

Section 8.14 <u>Treasury Management Agreements and Secured Hedging Agreements</u>. Except as otherwise expressly set forth herein or in any Guaranty or any Security Document, no Treasury Management Counterparty or Secured Hedging Agreement Counterparty that obtains the benefits of <u>Section 2.10(b)</u>, any Guaranty, or any Security Document by virtue of the provisions hereof or of any Guaranty or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this <u>Article VIII</u> to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Treasury Management Agreements or Secured Hedging Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Treasury Management Counterparty or Secured Hedging Agreement Counterparty, as the case may be.

ARTICLE IX

MISCELLANEOUS

Section 9.1 <u>Amendment or Waiver; Acceleration by Required Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended, changed, waived or otherwise modified <u>unless</u> such amendment, change, waiver or other modification is in writing and signed by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent acting at the written direction of the Required Lenders; <u>provided</u>, <u>however</u>*,* that**<u>:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&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) no change, waiver or other modification shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) increase the amount of any Commitment of any Lender hereunder, without the written consent of such Lender;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) extend or postpone the Revolving Facility Termination Date or the maturity date provided for herein that is applicable to any Loan of any Lender, extend or postpone the expiration date of any Letter of Credit as to which such Lender has a Participation Interest beyond the latest expiration date for a Letter of Credit provided for herein, or extend or postpone any scheduled expiration or termination date provided for herein that is applicable to a Commitment of any Lender, without the written consent of such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) reduce the principal amount of any Loan made by any Lender, or reduce the rate or extend, defer or delay the time of payment of, or excuse the payment of, principal or interest thereon (excluding mandatory prepayments and other than as a result of (x) waiving the applicability of any post-default increase in interest rates or (y) any amendment or modification of any financial covenant hereunder (or any defined term used therein)), without the written consent of such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) reduce the amount of any Reimbursement Obligation as to which any Lender is has a Participation Interest, or reduce the rate or extend the time of payment of, or excuse the payment of, interest thereon (other than as a result of (x) waiving the applicability of any post-default increase in interest rates or (y) any amendment or modification of any financial covenant hereunder (or any defined term used therein)), without the written consent of such Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) reduce the rate or extend the time of payment of, or excuse the payment of, any fees to which any Lender is entitled hereunder or under any other Credit Document (other than as a result of (x) waiving the applicability of any post-default increase in interest rates or (y) any amendment or modification of any financial covenant hereunder (or any defined term used therein)), without the written consent of such Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&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) no change, waiver or other modification or termination shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) release the Borrower from any of its obligations hereunder without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) release the Borrower or any other Credit Party from obligations under <u>Article X</u> without the written consent of each Lender affected thereby, *except,* in the case of a Guarantor, in accordance with a transaction permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) release all or substantially all of the Collateral without the written consent of each Lender, *except* in connection with a transaction permitted under this Agreement;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) subordinate (i) the Obligations in right of payment or (ii) the Liens on a material portion of the Collateral securing the Obligations, in any such case, without the consent of each Lender directly affected thereby, *except* in connection with a transaction permitted under this Agreement as of the Closing Date<u>**or the Second Amendment Date**</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) amend, modify or waive any provision of this <u>Section 9.1</u>, <u>Section 2.10</u> or any other provision of any of the Credit Documents pursuant to which the consent or approval of all Lenders, or a number or specified percentage or other required grouping of Lenders or Lenders having Commitments, is by the terms of such provision explicitly required without the written consent of each Lender affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) reduce the percentage specified in, or otherwise modify, the definition of Required Lenders without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) amend, modify or waive any provision of <u>Section 2.6(b)(ii)</u>, <u>Section 2.10(b)</u> or <u>Section 9.7(b)</u> without the written consent of each Lender affected thereby.

Notwithstanding the foregoing, any amendment, change, waiver or other modification to the Capital One Engagement Letter shall only require the written agreement of the parties thereto. The Administrative Agent and the Borrower may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Credit Documents or to enter into additional Credit Documents as the Administrative Agent reasonably deems appropriate to effectuate the terms of <u>Section 2.12(b)</u> in accordance with the terms of <u>Section 2.12(b)</u>.

Any waiver or consent with respect to this Agreement given or made in accordance with this Section shall be effective only in the specific instance and for the specific purpose for which it was given or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of <u>Section 2.2</u> or any other provision in this Agreement specifically relating to Letters of Credit or the rights and duties of any Issuing Lender may be amended without the consent of any Issuing Lender adversely affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of <u>Article VIII</u> may be amended without the consent of the Administrative Agent**<u>,</u>** and no provision of <u>Section 2.3</u> may be amended without the consent of the Swingline Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In no event shall the Required Lenders, without the prior written consent of each Lender, direct the Administrative Agent to accelerate and demand payment of the Loans held by one Lender without accelerating and demanding payment of all other Loans or to terminate the Commitments of one or more Lenders without terminating the Commitments of all Lenders. Each Lender agrees that, except as otherwise provided in any of the Credit Documents and without the prior written consent of the Required Lenders, it will not take any legal action or institute any action or proceeding against any Credit Party with respect to any of the Obligations or Collateral**,** or accelerate or otherwise enforce its portion of the Obligations. Without limiting the generality of the foregoing, none of Lenders may exercise any right that it might otherwise have under applicable law to credit bid at foreclosure sales, uniform commercial code sales or other similar sales or dispositions of any of the Collateral except as authorized by the Required Lenders. Notwithstanding anything to the contrary set forth in this <u>Section 9.1(d)</u> or elsewhere herein, each Lender shall be authorized to take such action to preserve or enforce its rights against any Credit Party where a deadline or limitation period is otherwise applicable and would, absent the taking of specified action, bar the enforcement of Obligations held by such Lender against such Credit Party, including the filing of proofs of claim in any insolvency proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any of the foregoing to the contrary, the consent of the Borrower and the other Credit Parties shall not be required for any amendment, modification or waiver of the provisions of <u>Article VIII</u> (other than the provisions of <u>Section 8.9</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any of the foregoing to the contrary, the Credit Parties and the Administrative Agent, without the consent of any Lender, may enter into<u>**(i)**</u> any amendment, modification or waiver of any Credit Document, or enter into any new agreement or instrument, to (**i<u>x</u>**) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law or (**ii<u>y</u>**) correct any obvious error or omission of a technical nature, in each case that is immaterial (as determined by the Administrative Agent), in any provision of any Credit Document, if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof<u>**and (ii) (x) the Collateral Rights Agreement and (y) any applicable intercreditor, subordination, collateral rights or similar agreement with the holders of Indebtedness or obligations permitted by this Agreement**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (i) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (ii) to the extent such amendment, waiver or consent impacts such Defaulting Lender more than the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the avoidance of doubt and notwithstanding any provision to the contrary contained in this <u>Section 9.1</u>, this Agreement may be amended (or amended and restated) with the written consent of the Credit Parties and the Administrative Agent in accordance with <u>Section 2.20(g)</u>.

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Section 9.2 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or E-Fax as set forth on <u>Schedule 9.2</u>.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile or E-Fax shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day). Notices delivered through Electronic Transmission to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Electronic Communications</u>. Notices and other communications to the Lenders, the Swingline Lender and the Issuing Lender hereunder may be delivered or furnished by Electronic Transmission (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, <u>provided</u> that the foregoing shall not apply to notices to any Lender, the Swingline Lender or the Issuing Lender pursuant to <u>Article II</u> if such Lender, the Swingline Lender or the Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by Electronic Transmission. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by Electronic Transmission pursuant to procedures approved by it, <u>provided</u> that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing <u>clause (i)</u>, of notification that such notice or communication is available and identifying the website address therefor; <u>provided</u> that, for both <u>clauses</u> (i) and <u>(ii)</u> above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change of Address, Etc.</u> Any party hereto may change its address or facsimile or E-Fax number for notices and other communications hereunder by notice to the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Platform</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Credit Party agrees that the Administrative Agent may make the Communications (as defined below) available to the Lenders by posting the Communications on Intralinks or a substantially similar E-System (collectively, the "<u>Platform</u>").

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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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Platform is provided "as is" and "as available." The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "<u>Agent Parties</u>") have any liability to the Borrower or the other Credit Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower's, any Credit Party's or the Administrative Agent's transmission of communications through the Platform. "<u>Communications</u>" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Credit Party pursuant to any Credit Document or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or any Issuing Lender by means of Electronic Transmission pursuant to this Section, including through the Platform.

Section 9.3 <u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

Section 9.4 <u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the Notes and the making of the Loans; <u>provided</u> that all such representations and warranties shall terminate on the date upon which the Commitments have been terminated**<u>,</u>** and all Obligations have been paid in full in cash.

Section 9.5 <u>Payment of Expenses and Taxes; Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Costs and Expenses</u>. The Credit Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof

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(whether or not the Transactions are consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Lender and the Swingline Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or Swingline Loan or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender, the Issuing Lender or the Swingline Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender, the Swingline Lender or the Issuing Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Credit Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by the Credit Parties</u>. The Credit Parties shall indemnify the Arrangers, the Administrative Agent (and any sub-agent thereof), each Lender, the Issuing Lender and the Swingline Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, penalties, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Credit Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Credit Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Materials of Environmental Concern on or from any property owned or operated by any Credit Party or any of its Subsidiaries, or any liability under Environmental Law related in any way to any Credit Party or any of its Subsidiaries or any of their respective properties, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Credit Party, and regardless of whether any Indemnitee is a party thereto, <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (A) the gross negligence or willful misconduct of such Indemnitee, (B) a breach in bad faith by such Indemnitee of its obligations under the Credit Documents or (C) disputes solely among Indemnitees not involving any act or omission by the Borrower or any other Credit Party (other than any claims against an Indemnitee in its capacity or fulfilling its role as the Administrative Agent or an Arranger with respect to the Revolving Facility), in the case of each of the foregoing <u>clauses (A)</u>, <u>(B)</u> and <u>(C)</u>, as determined by a court of competent jurisdiction by a final and non-appealable judgment. This <u>Section (b)</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from non-Tax claims.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reimbursement by Lenders</u>. To the extent that the Credit Parties for any reason fail to indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender, Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Lender, Swingline Lender or such Related Party, as the case may be, such Lender's Revolving Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the Issuing Lender or Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), Issuing Lender or Swingline Lender in connection with such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Waiver of Consequential Damages, Etc</u>. Without limiting the Credit Parties' indemnity obligations set forth above, to the fullest extent permitted by applicable law, no party hereto shall assert, and each of the parties hereto hereby waives, any claim against any such other party or any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payments</u>. All amounts due under this Section shall be payable promptly and in no event later than five (5) days after demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Survival</u>. The agreements contained in this Section shall survive the resignation of the Administrative Agent, the Swingline Lender and the Issuing Lender, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of the Obligations.

Section 9.6 <u>Successors and Assigns; Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns Generally</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,

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expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assignments by Lenders</u>. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); <u>provided</u> that any such assignment shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Minimum Amounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case of an assignment of the entire remaining amount of a Commitment of an assigning Lender and the Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of a Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if "Trade Date" is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000; (<u>provided</u>, <u>however</u>, that simultaneous assignments shall be aggregated in respect of a Lender and its Approved Funds), unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Proportionate Amounts</u>. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this <u>clause (ii)</u> shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Tranches on a non-pro rata basis.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Required Consents</u>. No consent shall be required for any assignment except to the extent required by <u>paragraph (b)(i)(B)</u> of this Section and, in addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; <u>provided</u> that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of such facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the consent of the Issuing Lender and Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Revolving Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Assignment and Assumption</u>. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Assignment to Certain Persons</u>. No such assignment shall be made to (A) any Credit Party or any Credit Party's Affiliates or Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this <u>clause (B)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>No Assignment to Natural Persons</u>. No such assignment shall be made to a natural person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Certain Additional Payments</u>. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as

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appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of <u>Section 2.13</u> and <u>Section 9.5</u> with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Register</u>. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Participations</u>. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person or **GPM Investments<u>ARKO Petroleum</u>** or the Borrower or any of their respective Affiliates or Subsidiaries) (each, a "<u>Participant</u>") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); <u>provided</u> that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Borrower, the Administrative Agent, the Issuing Lenders and Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under <u>Section 9.5(c)</u> with respect to any payments made by such Lender to its Participant(s).

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Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>Section 9.1</u> that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of <u>Section 2.13</u>, <u>Section 2.14</u> and <u>Section 2.15</u> (subject to the requirements and limitations therein, including the requirements under <u>Section 2.15(g)</u> (it being understood that the documentation required under <u>Section 2.15(g)</u> shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; <u>provided</u> that such Participant (A) agrees to be subject to the provisions of <u>Section 2.17</u> as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under <u>Section 2.13</u> or <u>Section 2.15</u>, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of <u>Section 2.17</u> with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 9.7</u> as though it were a Lender; <u>provided</u> that such Participant agrees to be subject to <u>Section 9.7</u> as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Credit Documents (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certain Pledges</u>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; <u>provided</u> that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Industry Competitors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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) No assignment or participation shall be made to any Person that was an Industry Competitor as of the date (the "<u>Trade Date</u>") on which the assigning Lender entered into a binding agreement to sell and assign all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrower has consented to such assignment in writing in its sole and absolute discretion, in which case such Person will not be considered an Industry Competitor for the purpose of such assignment or participation). For the avoidance of doubt, with respect to any assignee that becomes an Industry Competitor after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period referred to in, the definition of the term "Industry Competitor"), (A) such assignee shall not retroactively be disqualified from becoming a Lender and (B) the execution by the Borrower of an Assignment and Assumption with respect to such assignee will not by itself result in such assignee no longer being considered an Industry Competitor. Any assignment in violation of this <u>clause (f)(i)</u> shall not be void, but the other provisions of this <u>clause (f)</u> shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&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) If any assignment or participation is made to any Industry Competitor without the Borrower's prior written consent in violation of <u>clause (i)</u> above, or if any Person becomes an Industry Competitor after the applicable Trade Date, the Borrower may, at its sole expense and effort, upon notice to the applicable Industry Competitor and the Administrative Agent, (A) terminate any Commitment of such Industry Competitor and repay all obligations of the Borrower owing to such Industry Competitor in connection with such Commitment, (B) require such Industry Competitor to assign, without recourse (in accordance with and subject to the restrictions contained in this <u>Section 9.6</u>), all of its interest, rights and obligations under this Agreement to one or more Persons that meet the requirements to be an Eligible Assignee and is not an Industry Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, Industry Competitors that become Lenders or Participants (A) will not (x) have the right to receive information, reports or other materials provided to the Lenders by the Borrower, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B)(x) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Credit Document, each such Industry Competitor will be deemed to have consented in the same proportion as the Lenders that are not Industry Competitors consented to such matter, and (y) for purposes of voting on any reorganization or plan of

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liquidation pursuant to any Debtor Relief Laws (each a "<u>Debtor Plan</u>"), each Industry Competitor party hereto hereby agrees (1) not to vote on such Debtor Plan, (2) if such Industry Competitor does vote on such Debtor Plan notwithstanding the restriction in the foregoing <u>clause (1)</u>, such vote will be deemed not to be in good faith and shall be "designated" pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Debtor Plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by any party for a determination by the bankruptcy court (or other applicable court of competent jurisdiction) effectuating the foregoing <u>clause (2)</u>.

Section 9.7 <u>Right of Set-off; Sharing of Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Default has occurred and is continuing, each Lender, the Issuing Lender, the Swingline Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender, the Swingline Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Credit Party against any and all of the obligations of the Borrower or such Credit Party now or hereafter existing under this Agreement or any other Credit Document to such Lender, the Swingline Lender or the Issuing Lender, irrespective of whether or not such Lender, the Swingline Lender or the Issuing Lender has made any demand under this Agreement or any other Credit Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch, office or affiliate of such Lender, the Swingline Lender or the Issuing Lender different from the branch, office or Affiliate holding such deposit or obligated on such Indebtedness; <u>provided</u> that in the event that any Defaulting Lender exercises any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section 2.19</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lender, the Swingline Lender and the other Lenders, and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the Swingline Lender, the Issuing Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Swingline Lender, the Issuing Lender or their respective Affiliates may have. Each Lender, the Swingline Lender and the Issuing Lender agree to notify the Borrower and the Administrative Agent promptly after any such setoff and application, <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender, by exercising any right of setoff or counterclaim or otherwise, obtains payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender's receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its <u>pro</u> <u>rata</u> share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the Administrative Agent of such fact, and (ii) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in Letters of Credit to any assignee or participant, other than to any Credit Party or any Subsidiary thereof (as to which the provisions of this paragraph shall apply) or (z) (1) any amounts applied by the Swingline Lender to outstanding Swingline Loans and (2) any amounts received by the Issuing Lender and/or Swingline Lender to secure the obligations of a Defaulting Lender to fund risk participations hereunder.

Section 9.8 <u>**Table of Contents** and Section Headings</u>. The table of contents and the Section and subsection headings herein are intended for convenience only and shall be ignored in construing this Agreement.

Section 9.9 <u>Counterparts; Effectiveness; Electronic Execution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Counterparts; Effectiveness</u>. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in <u>Section 4.1</u>, this Agreement shall become effective when it has been executed by the Borrower, the Guarantors, the Lenders and the Administrative Agent and the Administrative Agent have received copies hereof and thereof (electronically or otherwise), and thereafter this Agreement shall be binding upon and inure to the benefit of the Borrower, the Guarantors, the Administrative Agent and each Lender and their respective successors and permitted assigns. Delivery of an executed counterpart of a signature page of this Agreement by Electronic Transmission or E-Signature shall be effective as delivery of a manually executed counterpart of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Electronic Execution of Assignments</u>. The words "execution," "signed," "signature," and words of like import in any Credit Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authorization</u>. Subject to the provisions of <u>Section 9.2</u>, each of the Administrative Agent, Lenders, each Credit Party and each of their Affiliates, is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic Transmissions in connection with any Credit Document and the transactions contemplated therein. Each Credit Party and each Secured Party hereto acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by hereby authorizing the transmission of Electronic Transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Signatures</u>. Subject to the provisions of <u>Section 9.2</u>, (i)(A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each E-Signature on any such posting shall be deemed sufficient to satisfy any requirement for a "signature" and (C) each such posting shall be deemed sufficient to satisfy any requirement for a "writing," in each case including pursuant to any Credit Document, any applicable provision of any UCC, the federal Uniform Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and any substantive or procedural Requirement of Law governing such subject matter, (ii) each such posting that is not readily capable of bearing either a signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which the Administrative Agent, each other Secured Party and each Credit Party may rely and assume the authenticity thereof, (iii) each such posting containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and (iv) each party hereto or beneficiary hereto agrees not to contest the validity or enforceability of any posting on any E-System or E-Signature on any such posting under the provisions of any applicable Requirement of Law requiring certain documents to be in writing or signed; <u>provided</u>, <u>however</u>, that nothing herein shall limit such party's or beneficiary's right to contest whether any posting to any E-System or E-Signature has been altered after transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Separate Agreements</u>. All uses of an E-System shall be governed by and subject to, in addition to <u>Section 9.2</u> and this <u>Section 9.9</u>, the separate terms, conditions and privacy policy posted or referenced in such E-System (or such terms, conditions and privacy policy as may be updated from time to time, including on such E-System) and related contractual obligations executed by the Administrative Agent and Credit Parties in connection with the use of such E-System.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>LIMITATION OF LIABILITY</u>. ALL E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED "AS IS" AND "AS AVAILABLE." NONE OF THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY OF THEIR AFFILIATES WARRANTS THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN. NO WARRANTY OF ANY KIND IS MADE BY THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY OF THEIR AFFILIATES IN CONNECTION WITH ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS. Each of the Borrower, the other Credit Parties executing this Agreement and the Secured Parties agrees that the Administrative Agent has no responsibility for maintaining or providing any equipment, software, services or any testing required in connection with any Electronic Transmission or otherwise required for any E-System.

Section 9.10 <u>Severability</u>. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 9.11 <u>Integration</u>. This Agreement and the other Credit Documents represent the entire agreement of the Borrower, the other Credit Parties, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, the Borrower, the other Credit Parties, or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or therein. This Agreement and the other Credit Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

Section 9.12 <u>Governing Law</u>. THIS AGREEMENT AND EACH OTHER CREDIT DOCUMENT (OTHER THAN THE LETTERS OF CREDIT, TO THE EXTENT SPECIFIED BELOW, AND EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN A CREDIT DOCUMENT) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF CREDIT OR, IF NO LAWS OR RULES ARE SO DESIGNATED, THE INTERNATIONAL STANDBY PRACTICES (ISP98 — INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NUMBER 590 (THE "ISP98 RULES")) AND, AS TO MATTERS NOT GOVERNED BY THE ISP98 RULES, THE LAW OF THE STATE OF NEW YORK.

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Section 9.13 <u>Consent to Jurisdiction; Service of Process and Venue</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY LITIGATION OR OTHER PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, ANY CREDIT DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE LENDERS, THE ISSUING LENDER OR THE CREDIT PARTIES IN CONNECTION HEREWITH OR THEREWITH; <u>PROVIDED</u>, <u>HOWEVER</u>, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE ADMINISTRATIVE AGENT'S OPTION, IN THE COURTS OF ANY JURISDICTION, INCLUDING ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN <u>SECTION 9.2</u>. EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO IN CLAUSE (a) ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY PARTY HERETO HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SUCH PARTY HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN CREDIT DOCUMENTS. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THAT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

Section 9.14 <u>Confidentiality</u>. Each of the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process in which case, the Administrative Agent, shall, to the extent permitted by law, inform the Credit Parties promptly in advance thereof so that the Credit Parties may seek a protective order or other appropriate remedy, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder, under any other Credit Document or any action or proceeding relating to this Agreement, any other Credit Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement

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containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (g) (i) any actual or prospective party (or its partners, directors, officers, employees, managers, administrators, trustees, agents, advisors or other representatives) to any swap or derivative or similar transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (ii) an investor or prospective investor in securities issued by an Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in such securities issued by the Approved Fund, (iii) a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in connection with the administration, servicing and reporting on the assets serving as collateral for securities issued by an Approved Fund, or (iv) a nationally recognized rating agency that requires access to information regarding the Credit Parties, the Loans and Credit Documents in connection with ratings issued in respect of securities issued by an Approved Fund (in each case, it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (h) with the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the Swingline Lender, the Issuing Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower.

For purposes of this Section, "<u>Information</u>" shall mean all information received from any Credit Party or any of its Subsidiaries <u>**or their Affiliates**</u> relating to any Credit Party or any of its Subsidiaries or <u>**their Affiliates or**</u> any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender, the Swingline Lender or the Issuing Lender on a nonconfidential basis prior to disclosure by any Credit Party or any of its Subsidiaries<u>**or their Affiliates**</u>; <u>provided</u> that, in the case of information received from any Credit Party or any of its Subsidiaries after the **date hereof<u>Closing Date</u>**, such information is clearly identified in writing at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

Section 9.15 <u>Acknowledgments</u>. The Borrower and the other Credit Parties each hereby acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been advised by counsel in the negotiation, execution and delivery of each Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrower or any other Credit Party arising out of or in connection with this Agreement and the relationship between the Administrative Agent and the Lenders, on one hand, and the Borrower and the other Credit Parties, on the other hand, in connection herewith is solely that of creditor and debtor; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no joint venture exists among the Lenders and the Administrative Agent or among the Borrower, the Administrative Agent or the other Credit Parties and the Lenders.

Section 9.16 <u>Waivers of Jury Trial</u>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.17 <u>Patriot Act Notice</u>. Each Lender and the Administrative Agent (for itself and not on behalf of any other party) hereby notifies the Borrower that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower<u>**, ARKO Petroleum**</u> and the other Credit Parties, which information includes the name and address of the Borrower<u>**, ARKO Petroleum**</u> and the other Credit Parties and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower<u>**, ARKO Petroleum**</u> and the other Credit Parties in accordance with the Patriot Act.

Section 9.18 <u>Resolution of Drafting Ambiguities</u>. Each Credit Party acknowledges and agrees that it was represented by counsel in connection with the execution and delivery of this Agreement and the other Credit Documents to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof.

Section 9.19 <u>Subordination of Intercompany Debt</u>. Each Credit Party agrees that all intercompany Indebtedness among Credit Parties (the "<u>Intercompany Debt</u>") is subordinated in right of payment, to the prior payment in full in cash of all Obligations. Notwithstanding any provision of this Agreement to the contrary, <u>provided</u> that no Event of Default has occurred and is continuing, the Credit Parties may make and receive payments with respect to the Intercompany Debt to the extent otherwise permitted by this Agreement; <u>provided</u> that in the event of and during the continuation of any Event of Default, no payment shall be made by or on behalf of any Credit Party on account of any Intercompany Debt. In the event that any Credit Party receives any payment of any Intercompany Debt at a time when such payment is prohibited by this Section, such payment shall be held by such Credit Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the Administrative Agent.

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Section 9.20 <u>Continuing Agreement</u>. This Agreement shall be a continuing agreement and shall remain in full force and effect until all Obligations (other than those obligations that expressly survive the termination of this Agreement) have been paid in full in cash and all Commitments and Letters of Credit have been terminated. Upon termination, the Credit Parties shall have no further obligations (other than those obligations that expressly survive the termination of this Agreement) under the Credit Documents and the Administrative Agent shall, at the request and expense of the Borrower, deliver all the Collateral in its possession to the Borrower and release all Liens on the Collateral; <u>provided</u> that should any payment, in whole or in part, of the Obligations be rescinded or otherwise required to be restored or returned by the Administrative Agent or any Lender, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, then the Credit Documents shall automatically be reinstated and all Liens of the Administrative Agent shall reattach to the Collateral and all amounts required to be restored or returned and all costs and expenses incurred by the Administrative Agent or any Lender in connection therewith shall be deemed included as part of the Obligations.

Section 9.21 <u>Press Releases and Related Matters</u>. The Credit Parties and their Affiliates agree that they will not in the future issue any press releases or other public disclosure using the name of Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Credit Documents without the prior written consent of such Person, unless (and only to the extent that) the Credit Parties or such Affiliate is required to do so under law and then, in any event, the Credit Parties or such Affiliate will use commercially reasonable efforts to consult with such Person before issuing such press release or other public disclosure. <u>**Notwithstanding the foregoing, no consent or consultation shall be required for the Credit Parties and their Affiliates to publicly file this Agreement or any Other Document to the extent such filing is required by Securities Laws.**</u> Subject to the prior consent of the Credit Parties, which consent shall not be unreasonably withheld, the Administrative Agent or any Lender may publish customary advertising material relating to the Transactions using the name, product photographs, logo or trademark of the Credit Parties.

Section 9.22 <u>Appointment of Borrower</u>. Each of the Guarantors hereby appoints the Borrower to act as its agent for all purposes under this Agreement and agrees that (a) the Borrower may execute such documents on behalf of such Guarantor as the Borrower deems appropriate in its sole discretion and each Guarantor shall be obligated by all of the terms of any such document executed on its behalf, (b) any notice or communication delivered by the Administrative Agent or the Lender to the Borrower shall be deemed delivered to each Guarantor and (c) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed by the Borrower on behalf of each Guarantor.

Section 9.23 <u>No Advisory or Fiduciary Responsibility</u>. In connection with all aspects of each Transaction, each of the Credit Parties acknowledges and agrees, and acknowledges its Affiliates' understanding, that: (a) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm's-length commercial transaction between the Credit Parties and their Affiliates, on the one hand, and the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders on the other hand, and the Credit Parties are capable of

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evaluating and understanding and understands and accepts the terms, risks and conditions of the Transactions and by the other Credit Documents (including any amendment, waiver or other modification hereof or thereof); (b) in connection with the process leading to such transaction, the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders are not and have not been acting solely as a principal and is not the financial advisor, agent or fiduciary, for any Credit Party or any of their Affiliates, stockholders, creditors or employees or any other Person; (c) none of the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Credit Party with respect to any of the Transactions or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders have advised or are currently advising any Credit Party or any of its Affiliates on other matters) and none of the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders, have any obligation to any Credit Party or any of their Affiliates with respect to the Transactions except those obligations set forth herein and in the other Credit Documents; (d) each of the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Credit Parties and their Affiliates, and none of the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders have any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (e) none of the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders have provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the Transactions (including any amendment, waiver or other modification hereof or of any other Credit Document) and the Credit Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the Credit Parties hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against each of the Administrative Agent, Arrangers, Co-Syndication Agents and Co-Documentation Agents, Issuing Lender and Lenders with respect to any breach or alleged breach of agency or fiduciary duty.

Section 9.24 <u>Responsible Officers</u>. The Administrative Agent and each of the Lenders are authorized to rely upon the continuing authority of the Responsible Officers with respect to all matters pertaining to the Credit Documents including, but not limited to, the selection of interest rates, the submission of requests for Extensions of Credit and certificates with regard thereto. Such authorization may be changed only upon written notice to Administrative Agent accompanied by (a) an updated incumbency certificate and (b) evidence, reasonably satisfactory to Administrative Agent, of the authority of the Person giving such notice and such notice shall be effective not sooner than five (5) Business Days following receipt thereof by Administrative Agent (or such earlier time as agreed to by the Administrative Agent).

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Section 9.25 <u>Amendment and Restatement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the Closing Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement, and the Existing Credit Agreement shall thereafter be of no further force and effect, except that the Borrower, the Administrative Agent and the Lenders agree that (i) the "Indebtedness" incurred by the Borrower under and as defined in the Existing Credit Agreement (whether or not such Indebtedness is contingent as of the Closing Date) shall continue to exist under and be evidenced by this Agreement and the other Credit Documents, (ii) the Lenders under the Existing Credit Agreement hereby waive the reimbursement of any breakage costs incurred on the Closing Date under Section 2.17 of the Existing Credit Agreement, (iii) the Existing Credit Agreement shall continue to evidence the representations and warranties made by the Borrower prior to the Closing Date, (iv) except as expressly stated herein or amended, amended and restated or otherwise modified, the other Credit Documents are ratified and confirmed as remaining unmodified and in full force and effect with respect to all Indebtedness, and (v) the Existing Credit Agreement shall continue to evidence any action or omission performed or required to be performed pursuant to the Existing Credit Agreement prior to the Closing Date (including any failure, prior to the Closing Date, to comply with the covenants contained in the Existing Credit Agreement). The amendments and restatements set forth herein shall not cure any breach thereof or any "Default" or "Event of Default" under and as defined in the Existing Credit Agreement existing prior to the Closing Date. This Agreement is not in any way intended to constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any portion of such obligations and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms and conditions of this Agreement and the Administrative Agent's, the Lenders', the Swingline Lender's and the Issuing Lender's rights and remedies under this Agreement and the other Credit Documents shall apply to all of the Indebtedness incurred under the Existing Credit Agreement and the Letters of Credit issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On and after the Closing Date, (i) all references to the Existing Credit Agreement (or to any amendment or any amendment and restatement thereof) in the Credit Documents (other than this Agreement) shall be deemed to refer to the Existing Credit Agreement, as amended and restated hereby (as it may be further amended, modified or restated), (ii) all references to any section (or subsection) of the Existing Credit Agreement in any Credit Document (but not herein) shall be amended to become, *mutatis mutandis*, references to the corresponding provisions of this Agreement and (iii) except as the context otherwise provides, on or after the Closing Date, all references to this Agreement herein (including for purposes of indemnification and reimbursement of fees) shall be deemed to be references to the Existing Credit Agreement, as amended and restated hereby (as it may be further amended, modified or restated).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver, whether or not similar and, except as expressly provided herein or in any other Credit Document, all terms and conditions of the Credit Documents remain in full force and effect unless specifically amended hereby or by any other Credit Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The "Lenders" party to the Existing Credit Agreement and any Lenders not party to the Existing Credit Agreement have agreed among themselves, if applicable, effective as of the Closing Date, to reallocate the respective Commitments (as defined in the Existing Credit Agreement) and corresponding outstanding Loans of such "Lenders" under the Existing Credit Agreement to be the Commitments and corresponding outstanding Loans hereunder as contemplated by <u>Schedule 1.1</u> to this Agreement. On the Closing Date and after giving effect to such reallocation and adjustment of the Commitments, the Commitments of each Lender shall be as set forth on <u>Schedule 1.1</u> hereto and each Lender shall own its Revolving Commitment Percentage of the outstanding Loans. The reallocation and adjustment to the Commitments of each Lender as contemplated by this <u>Section 9.25</u> shall be deemed to have been consummated pursuant to the terms of the Assignment and Assumption attached as <u>Exhibit 1.1(a)</u> hereto as if each of the Lenders had executed an Assignment and Assumption with respect to such reallocation and adjustment. The Borrower and the Administrative Agent hereby consent to such reallocation and adjustment of the Commitments. The Administrative Agent hereby waives the processing and recordation fee set forth in <u>Section 9.6</u> with respect to the assignments and reallocations of the Commitments contemplated by this <u>Section 9.25</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On and after the Closing Date, (i) each Exiting Lender shall cease to be a Lender under this Agreement, (ii) no Exiting Lender shall have any obligations or liabilities as a Lender under this Agreement with respect to the period from and after the Closing Date and, without limiting the foregoing, no Exiting Lender shall have any Commitment under this Agreement or any LOC Obligations outstanding hereunder and (iii) no Exiting Lender shall have any rights under the Existing Credit Agreement, this Agreement or any other Loan Document as a Lender (other than rights under the Existing Credit Agreement expressly stated to survive the termination of the Existing Credit Agreement and the repayment of amounts outstanding thereunder) and each such Exiting Lender's receipt in cash of an amount to repay such Exiting Lender's Loans in full under the Existing Credit Agreement shall be deemed to be a consent to the transactions contemplated hereby.

Section 9.26 <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-in Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&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) a reduction in full or in part or cancellation of any such liability;

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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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 9.27 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&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) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&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) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

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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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding <u>clause (a)</u>, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

Section 9.28 <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for Secured Hedging Agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this <u>Section 9.28</u>, the following terms have the following meanings:

"<u>BHC Act Affiliate</u>" of a party shall mean an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Covered Entity</u>" shall mean any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&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) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

ARTICLE X

GUARANTY

Section 10.1 <u>The Guaranty</u>. In order to induce the Lenders to enter into this Agreement and to extend credit hereunder and in recognition of the direct benefits to be received by the Guarantors from the Extensions of Credit hereunder, each of the Guarantors hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely as surety the full and prompt payment when due, whether upon maturity, by acceleration or otherwise, of any and all of the Obligations. The Guaranty set forth in this <u>Article X</u> is a guaranty of timely payment and not of collection. The word "indebtedness" is used in this <u>Article X</u> in its most comprehensive sense and includes any and all advances, debts, obligations and liabilities of the Credit Parties, including specifically all Obligations, arising in connection with this Agreement or any of the other Credit Documents, Secured Hedging Agreement or Treasury Management Agreement, in each case, heretofore, now, or hereafter made, incurred or created, whether voluntarily or involuntarily, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether or not such indebtedness is from time to time reduced, or extinguished and thereafter increased or incurred, whether the Credit Parties may be liable individually or jointly with others, whether or not recovery upon such indebtedness may be or hereafter become barred by any statute of limitations, and whether or not such indebtedness may be or hereafter become otherwise unenforceable.

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Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, to the extent the obligations of a Guarantor are adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of each such Guarantor hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code).

Section 10.2 <u>Bankruptcy</u>. Additionally, each of the Guarantors unconditionally and irrevocably guarantees jointly and severally the payment of any and all Obligations whether or not due or payable by any Credit Party upon the occurrence of any Bankruptcy Event and unconditionally promises to pay such Obligations to the Administrative Agent for the account of the Lenders and to any Secured Hedging Agreement Counterparty or Treasury Management Counterparty, on demand, in lawful money of the United States. Each of the Guarantors further agrees that to the extent that any Credit Party shall make a payment or a transfer of an interest in any property to the Administrative Agent, any Lender or any Secured Hedging Agreement Counterparty or Treasury Management Counterparty, which payment or transfer or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise is avoided, and/or required to be repaid to such Credit Party, the estate of such Credit Party, a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made.

Section 10.3 <u>Nature of Liability</u>. The liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the Obligations whether executed by any such Guarantor, any other Guarantor or by any other party, and no Guarantor's liability hereunder shall be affected or impaired by (a) any direction as to application of payment by any Credit Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by any Credit Party, or (e) any payment made to the Administrative Agent, the Lenders or any Secured Hedging Agreement Counterparty or Treasury Management Counterparty on the Obligations which the Administrative Agent, such Lenders or such Secured Hedging Agreement Counterparty or Treasury Management Counterparty received from any Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each of the Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding.

Section 10.4 <u>Independent Obligation</u>. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor or the Borrower, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Borrower and whether or not any other Guarantor or the Borrower is joined in any such action or actions.

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Section 10.5 <u>Authorization</u>. Each of the Guarantors authorizes each of the Administrative Agent, the Lenders, the Treasury Management Counterparties and the Secured Hedging Agreement Counterparties without notice or demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Obligations or any part thereof in accordance with this Agreement, including any increase or decrease of the rate of interest thereon, (b) take and hold security from any Guarantor or any other party for the payment of this Guaranty or the Obligations and exchange, enforce waive and release any such security, (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent and the Lenders in their discretion may determine, (d) release or substitute any one or more endorsers, Guarantors, the Borrower or other obligors and (e) to the extent otherwise permitted herein, release or substitute any Collateral.

Section 10.6 <u>Reliance</u>. It is not necessary for the Administrative Agent, the Lenders or any Secured Hedging Agreement Counterparty or Treasury Management Counterparty to inquire into the capacity or powers of any Credit Party or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

Section 10.7 <u>Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to require the Administrative Agent, any Lender or any Secured Hedging Agreement Counterparty or Treasury Management Counterparty to (i) proceed against the Borrower, any other Guarantor or any other party, (ii) proceed against or exhaust any security held from the Borrower, any other Guarantor or any other party, or (iii) pursue any other remedy. Each of the Guarantors waives any defense based on or arising out of any defense of the Borrower, any other Guarantor or any other party other than payment in full in cash of the Obligations (other than contingent indemnification obligations for which no claim has been made or cannot be reasonably identified by an Indemnitee based on the then-known facts and circumstances), including, without limitation, any defense based on or arising out of the disability of the Borrower, any other Guarantor or any other party, or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Credit Party other than payment in full in cash of the Obligations. The Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent or a Lender, Treasury Management Counterparty or Secured Hedging Counterparty by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Administrative Agent or any Lender, Treasury Management Counterparty or Secured Hedging Counterparty may have against the Credit Party or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations have been paid in full in cash and the Commitments have been terminated. Each

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of the Guarantors waives any defense arising out of any such election by the Administrative Agent or any of the Lenders, Treasury Management Counterparties or Secured Hedging Counterparties even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantors against the Borrower or any other party or any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Guarantors waives all presentments, demands for performance, protests and notices, including, without limitation, notices of nonperformance, notice of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or incurring of new or additional Obligations. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower's financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks which such Guarantor assumes and incurs hereunder**,** and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise such Guarantor of information known to it regarding such circumstances or risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Guarantors hereby agrees it will not exercise any rights of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Administrative Agent or any Lender, any Secured Hedging Agreement Counterparty or any Treasury Management Counterparty against the Borrower or any other Guarantor of the Obligations owing to the Administrative Agent or the Lenders or such Secured Hedging Agreement Counterparty or Treasury Management Counterparty (collectively, the "<u>Other Parties</u>") or any contractual, statutory or common law rights of reimbursement, contribution or indemnity from any Other Party which it may at any time otherwise have as a result of this Guaranty until such time as the Obligations shall have been paid in full in cash and the Commitments have been terminated. Each of the Guarantors hereby further agrees not to exercise any right to enforce any other remedy which the Administrative Agent, the Lenders or any Secured Hedging Agreement Counterparty or Treasury Management Counterparty may now have or may hereafter have against any Other Party, any endorser or any other guarantor of all or any part of the Obligations and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lenders and/or the Secured Hedging Agreement Counterparties and Treasury Management Counterparties to secure payment of the Obligations until such time as the Obligations (other than contingent indemnification obligations for which no claim has been made or cannot be reasonably identified by an Indemnitee based on the then-known facts and circumstances) shall have been paid in full in cash and the Commitments have been terminated.

Section 10.8 <u>Limitation on Enforcement</u>. This Guaranty may be enforced only by the action of the Administrative Agent acting upon the instructions of the Required Lenders and that no Lender, Secured Hedging Agreement Counterparty or Treasury Management Counterparty shall have any right individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Lenders under the terms of this Agreement and for the benefit of any Secured Hedging Agreement Counterparty or Treasury Management Counterparty under its Secured Hedging Agreement or Treasury Management Agreement, as applicable.

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Section 10.9 <u>Confirmation of Payment</u>. The Administrative Agent and the Lenders will, upon request after payment of the Obligations which are the subject of this Guaranty and termination of the Commitments relating thereto, confirm to the Borrower, the Guarantors or any other Person that such indebtedness and obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of <u>Section 10.2</u>.

Section 10.10 <u>Eligible Contract Participant</u>. Notwithstanding anything to the contrary in any Credit Document, no Guarantor shall be deemed under this <u>Article X</u> to be a guarantor of any Swap Obligations if such Guarantor was not an "eligible contract participant" as defined in

§ 1a(18) of the Commodity Exchange Act, at the time the guarantee under this <u>Article X</u> becomes effective with respect to such Swap Obligation and to the extent that the providing of such guarantee by such Guarantor would violate the Commodity Exchange Act; <u>provided</u>, <u>however</u>, that in determining whether any Guarantor is an "eligible contract participant" under the Commodity Exchange Act, the guarantee of the Obligations of such Guarantor under this <u>Article X</u> by a Guarantor that is also a Qualified ECP Guarantor shall be taken into account.

Section 10.11 <u>Keepwell</u>. Without limiting anything in this <u>Article X</u>, each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time to each Guarantor that is not an "eligible contract participant" under the Commodity Exchange Act at the time the guarantee under this <u>Article X</u> becomes effective with respect to any Swap Obligation, to honor all of the Obligations of such Guarantor under this <u>Article X</u> in respect of such Swap Obligations (<u>provided</u>, <u>however</u>, that each Qualified ECP Guarantor shall only be liable under this <u>Section 10.11</u> for the maximum amount of such liability that can be hereby incurred without rendering its undertaking under this <u>Section 10.11</u>, or otherwise under this <u>Article X</u>, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The undertaking of each Qualified ECP Guarantor under this <u>Section 10.11</u> shall remain in full force and effect until termination of the Commitments and payment in full in cash of all Loans and other Obligations. Each Qualified ECP Guarantor intends that this <u>Section 10.11</u> constitute, and this <u>Section 10.11</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each Guarantor that would otherwise not constitute an "eligible contract participant" under the Commodity Exchange Act.

[Signature Pages **Follow<u>Intentionally Omitted</u>**]

## Exhibit 10.6

**Exhibit 10.6** 

**FORM OF** 

**MANAGEMENT SERVICES AGREEMENT** 

This **MANAGEMENT SERVICES AGREEMENT** (this "*Agreement*"), dated as of ________, 202_, is by and between ARKO Corp., a Delaware corporation ("*ARKO*"), on behalf of itself and its subsidiaries other than the APC Group ("*ARKO Group*"), and ARKO Petroleum Corp., a Delaware corporation, on behalf of itself and its subsidiaries ("*APC Group*"), and shall become effective immediately prior to the closing of the initial public offering of the Class A common stock of APC (the "*IPO*"). Each of APC Group and ARKO Group is sometimes referred to herein as a "*Party*" and collectively, as the "*Parties*."

**INTRODUCTION** 

**WHEREAS**, ACS, a wholly owned subsidiary of ARKO, formed APC, as a wholly owned subsidiary of ACS; immediately following the effectiveness of this Agreement, APC will issue and sell Class A common stock to the public in the IPO; and following the IPO, APC will be a "controlled company" (as defined by the applicable rules of the Nasdaq Stock Market, LLC).

**WHEREAS**, following the IPO, APC Group will require certain members of the ARKO Group to provide services to the APC Group, and ARKO Group has agreed to provide or cause to be provided such services on the terms and conditions set forth herein; and

**WHEREAS**, the Parties have each determined that it is desirable to enter into this Agreement.

**NOW THEREFORE**, in consideration of the promises and the mutual covenants and agreements contained herein, the Parties, intending to be legally bound, hereby agree as follows:

SECTION 1. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "*ACS*" means Arko Convenience Stores, LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "*APC*" means ARKO Petroleum Corp, a Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "*APC Group*" has the meaning set forth in the Preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "*Business*" means the business of APC Group, as the same may exist from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "*Business Day*" means a day other than a Saturday, Sunday, or any day on which commercial banks in Virginia or Texas are authorized or required by law to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "*Change of Control*" means the consummation of any transaction or series of related transactions (however structured or evidenced) which (a) results in ARKO Group no longer directly or indirectly controlling more than 50% of the combined voting power of the capital stock of APC entitled to vote generally in the election of directors of APC; (b) involves the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the assets of APC Group taken as a whole; or (c) results in APC no longer directly or indirectly controlling more than 50% of the combined voting power of GPM Empire, LLC or GPM Petroleum, LLC (or their successor by merger).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "*Confidential Information*" means financial, technical, sales, marketing, development, personnel, and other information, records, or data, including, without limitation, customer lists, trade secrets, designs, product formulations, product specifications or any other proprietary or confidential information of a Party, irrespective of form or medium on which it is stored. Confidential Information shall not include information which: (a) is known to the public other than due to a breach by a Party of its confidentiality obligations under this Agreement; (b) is independently developed by the receiving Party without use of the Confidential Information of the disclosing Party; or (c) is rightfully received from a third party who is not under and does not thereby breach an obligation of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "*Conflicts Committee*" means a committee of the Board of Directors of APC composed entirely of two or more directors, each of whom is determined by such board to be independent under the independence standards for directors who serve on an audit committee of a board of directors established by the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder and by the national securities exchange on which any class of APC's stock is then listed or admitted to trading and who do not also serve on the Board of Directors of ARKO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "*Executive Services*" means services provided by the officers of a member of the APC Group who are also employees of the ARKO Group when such officer is acting in the capacity of an officer of a member of the APC Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "*Fees*" means the fees associated with the Services as set forth on the <u>Exhibit</u> <u>A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "*Force Majeure Events*" has the meaning set forth in <u>Section</u> <u>25</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "*Intellectual Property*" means any and all of the following in any jurisdiction throughout the world: (i) trademarks and service marks, including all applications and registrations and the goodwill connected with the use of and symbolized by the foregoing; (ii) copyrights, including all applications and registrations, and works of authorship, whether or not copyrightable; (iii) trade secrets and confidential know-how; (iv) patents and patent applications; (v) websites and internet domain name registrations; and (vi) all other intellectual property and industrial property rights and assets, and all rights, interests and protections that are associated with, similar to, or required for the exercise of, any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "*Laws*" means all applicable laws, statutes, ordinances, codes, rules, regulations, orders, writs, injunctions, judgments, decrees, and other pronouncements having the effect of law of any federal, state, local, or foreign government, or any political subdivision thereof, or any agency, department, commission, board, bureau, or instrumentality of any such government or political subdivision, or any court or arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "*Non-Defaulting Party*" has the meaning set forth in <u>Section</u> <u>7(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "*Party*" or "*Parties*" has the meaning set forth in the Preamble.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "*Permits*" means all permits, licenses, franchises, directives, approvals, authorizations, clearances, closures, waivers, consents or exemptions, required to be obtained from Governmental Authorities pursuant to applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "*Proprietary Materials*" means all information, data and knowledge furnished or made available by ARKO Group or a Third Party Provider to APC Group as part of the Services, or used in the performance of Services, and copies thereof, including software, documentation, techniques, tools, templates, processes, procedures, discoveries, inventions and technical data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "*Reimbursable Expenses*" has the meaning set forth in <u>Section</u> <u>5(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "*Service*" or "*Services*" has the meaning set forth in <u>Section</u> <u>2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "*Third Party Provider*" means any Person other than ARKO Group or its employees.

SECTION 2. <u>Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the terms and subject to the conditions set forth in this Agreement, ARKO Group agrees to provide (or cause to be provided) to APC Group, the services set forth on <u>Exhibit</u> <u>A</u> attached hereto, each on and pursuant to the terms set forth therein and herein (each, a "*Service*," and, collectively, the "*Services*"), in good faith and with the same standards of care that ARKO Group exercises in performing similar services for itself. APC Group shall not resell or permit the resale of any of the Services to any Person whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (i) ARKO Group receives a service, hardware, license, or other rights from a Third Party Provider and such service, hardware, license, or other rights is necessary for ARKO Group to provide Services to APC Group in accordance with the terms of this Agreement, and such Third Party Provider demands that ARKO Group cease providing such Service in order to comply with the terms of any agreement with such Third Party Provider or threatens ARKO Group in writing (including email) that it believes ARKO Group to be in breach of such agreement with the Third Party Provider, or and ARKO Group is unable, after notifying APC Group and making commercially reasonable efforts, to procure equivalent services from an alternative provider, in any such case, ARKO Group shall no longer be obligated to provide any such Services to APC Group; provided that ARKO Group and APC Group shall cooperate to find a commercially reasonable alternative arrangement for the provision of such Services, and, if such alternative arrangement is agreed upon, then <u>Exhibit A</u> shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any tasks necessary to accomplish the Services, even if such services or tasks are not themselves expressly set forth on <u>Exhibit A</u>, are deemed to be part of the Services to be performed pursuant to this Agreement. From time to time, APC Group or ARKO Group may desire to implement changes to the Services or APC may request that ARKO Group perform additional services required for the operation of the Business. In such case, the requesting Party will notify the other Party of the desired change and the Parties shall discuss in good faith the nature of the modification to the Services and any resulting changes in fees, costs, specifications and scheduling. Changes to Services will be effective only upon the mutual written agreement of the Parties. Any additional services provided by ARKO Group shall constitute Services under this Agreement and be subject in all respects to the provisions of this Agreement as if fully set forth on <u>Exhibit A</u>. Any material modifications to the Services shall require the approval of the Conflicts Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) APC Group acknowledges that ARKO Group is not engaged in the business of providing Services of the type provided hereunder to third parties. If ARKO Group reasonably believes that it is unable to provide any Service (after ARKO Group shall have used commercially reasonable efforts to provide such Service), then ARKO Group shall promptly notify APC and such Parties shall negotiate in good faith with respect to a course of action to provide an alternative Service, and <u>Exhibit A</u> shall be amended accordingly. ARKO Group shall use commercially reasonable efforts to provide the Services to APC Group on a continuous basis. Nothing in this Agreement shall require ARKO Group to modify or change any of its information technology or other systems in order to provide the Services so long as the Services are provided in a manner consistent with how ARKO Group provides such Services to itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ARKO Group shall have the right, in its sole and reasonable discretion, to (i) designate which personnel it will assign to perform the Services and (ii) remove and replace such personnel at any time. ARKO Group is not obligated to hire any additional employees or maintain the employment of any specific employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ARKO Group reserves the right, at its discretion, to subcontract the performance of any of the Services (other than the Executive Services) to a Third Party Provider; provided that as between ARKO Group and APC Group, ARKO Group shall be solely liable for any actions or inactions of such Third Party Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) APC Group and ARKO Group agree to cooperate, to provide such information, and to take such actions in good faith and as may be reasonably required to assist each other to implement or give effect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the extent technology, software, information systems or other property (collectively, "*Technology*") of third parties licensed by or made available to ARKO Group is used by APC Group in connection with Services, APC Group shall comply in all material respects with the terms of ARKO Group's agreements with such third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained in this Agreement, nothing in this Agreement shall obligate ARKO Group or APC Group to undertake any activity that would violate any applicable Law or any contract with any Person; provided that, the Parties shall cooperate to modify the applicable Services so that such Services may be provided in compliance with such Law or Contract as soon as reasonably possible.

SECTION 3. <u>Confidential Information; Ownership of Proprietary Materials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The receiving Party agrees to keep confidential the Confidential Information of the disclosing Party and shall not disclose, or permit any third party or entity access to, the Confidential Information (or any portion thereof) without prior written permission of the disclosing Party (except such disclosure or access which is required to perform any obligations under this Agreement); and the receiving Party shall ensure that any employees, or any third parties who receive access to the Confidential Information, are advised of the confidential and proprietary nature thereof and are prohibited from copying, utilizing or otherwise revealing the Confidential Information in violation of this Agreement. Without limiting the foregoing, the receiving Party agrees to employ with regard to the Confidential Information procedures no less restrictive than the procedures used by it to protect its own Confidential Information. Notwithstanding the

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foregoing, the receiving Party may disclose, or may permit disclosure of, Confidential Information (i) to its auditors, attorneys, financial advisors, bankers and other appropriate consultants and advisors who have a need to know such Information for auditing and other professional purposes and are informed of the obligation to hold such Information confidential and in respect of whose failure to comply with such obligations, the applicable Party will be responsible; (ii) if such Party is required or compelled to disclose any such Confidential Information by judicial or administrative process or by other requirements of Law or stock exchange rule or is advised by outside counsel in connection with a proceeding brought by a governmental entity that it is advisable to do so; (iii) as required in connection with any legal or other proceeding by one Party against the other Party or in respect of claims by one Party against the other Party brought in a proceeding; (iv) as necessary in order to permit a Party to prepare and disclose its financial statements in connection with any regulatory filings or tax returns; (v) as necessary for a Party to enforce its rights or perform its obligations under this Agreement; or (vi) to governmental entities in accordance with applicable procurement regulations and contract requirements. Notwithstanding the foregoing, in the event that any demand or request for disclosure of Confidential Information is made by a third party pursuant to clause (ii), (iii) or (vi) above, the applicable Party shall promptly notify (to the extent permissible by Law) the Party to whom the Confidential Information relates of the existence of such request, demand or disclosure requirement and shall provide such affected Party a reasonable opportunity to seek an appropriate protective order or other remedy, which such Party will cooperate in obtaining to the extent reasonably practicable. In the event that such appropriate protective order or other remedy is not obtained, the Party which faces the disclosure requirement shall furnish only that portion of the Confidential Information that is required to be disclosed and shall take commercially reasonable steps to ensure that confidential treatment is accorded such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If ARKO Group furnishes to APC Group any Proprietary Materials pursuant to this Agreement, ARKO Group shall retain exclusive ownership therein (including all rights to Intellectual Property inherent therein and appurtenant thereto). All Confidential Information of a Party shall remain the property of such Party, notwithstanding its disclosure to a receiving Party hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly upon discovery of (i) an actual or suspected breach of the privacy or security of any data belonging to the other Party or (ii) any violation of any privacy or data security Laws with respect to data belonging to the other Party, the discovering Party shall use commercially reasonable efforts to provide notice to the other Parties explaining the nature and scope of the incident and reasonably cooperate with the other Parties in any investigation and remediation that the Parties mutually agree are reasonably necessary (including any forensic investigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties agree that irreparable damage may occur in the event that the provisions of this Section 3 were not performed in accordance with their specific terms. Accordingly, it is hereby agreed that the Parties shall be entitled to seek an injunction or injunctions to enforce specifically the terms and provisions hereof in any court having jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity.

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SECTION 4. <u>Mutual Access, Coordination and Cooperation</u>. Each Party shall make reasonably available on a timely basis to the other Party all information and materials in such Party's possession reasonably requested by the other Party to enable it to provide or receive the Services hereunder. Each Party shall grant the other Party reasonable access, during regular business hours and at such other times as are reasonably required, to such Party's premises for the purpose of providing or receiving the Services hereunder. Each Party shall provide timely decisions, approvals and acceptances in order that the other Party may perform its obligations under this Agreement in a timely and efficient manner. ARKO Group's delay in performing or failure to perform any of its obligations under this Agreement shall be excused (and ARKO Group shall not be liable to APC Group) if and to the extent such delay or failure results from APC Group's failure to provide any of the foregoing or to perform any of its obligations hereunder.

SECTION 5. <u>Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As consideration for provision of the Services, APC Group shall pay ARKO Group the Fees. The Fees set forth on <u>Exhibit A</u> shall be billed on a cadence determined by ARKO Group in its reasonable discretion. APC Group (i) shall pay ARKO Group the applicable Fees and (ii) shall reimburse ARKO Group for all reasonable and documented out-of-pocket third-party expenses incurred by ARKO Group in connection with providing the Services (the "*Reimbursable Expenses*"), in each case, in accordance with the invoicing procedures in <u>Section</u> <u>5(b)</u>. Any unpaid amounts (other than amounts being disputed in writing pursuant to <u>Section</u> <u>5(b)</u>) shall accrue interest from the scheduled due date until the date that such amounts are fully paid to ARKO Group at a rate equal to the lesser of (i) twelve percent (12%) per annum and (ii) the highest rate permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ARKO Group shall provide APC Group with invoices reflecting in reasonable detail the Fees owed for the Services for the period being billed, together with reasonable supporting documentation with respect to the Reimbursable Expenses. For the avoidance of doubt, "Reimbursable Expenses" shall include, but shall not be limited to, any costs, fees or penalties incurred by ARKO Group when cancelling an agreement or service prior to the expiration of such agreement or service contract as a result of any Service(s) being terminated by APC Group per the terms of this Agreement (the "*Termination Fees*"). Fixed Fees shall be paid in advance and any variable Fees and Reimbursable Expenses shall be paid in arrears, with the Fixed Fees being due and payable in the first Business Day of each month. All amounts properly billed for Reimbursable Expenses and for variable Fees shall be due and payable thirty (30) days of the date the invoice is received. If APC Group disputes, in good faith, any Fees or Reimbursable Expenses, then APC Group shall deliver notice of such dispute to ARKO Group, and the Parties shall in good faith discuss and settle such amount promptly following APC Group's notice thereof. APC Group may withhold any disputed amount, without interest or penalty, pending resolution thereof in accordance with the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ARKO Group shall have the right to offset amounts owed by APC Group pursuant to this Agreement against any amounts then owed by ARKO Group to APC Group.

SECTION 6. <u>Taxes</u>. Any sales and use taxes assessed on the provision of the Services hereunder shall be paid by APC Group. The Parties shall be responsible for and shall withhold and/or pay, as may be required by applicable Law, all taxes pertaining to the employment of their respective employees and personnel.

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SECTION 7. <u>Term of Agreement; Termination</u>. This Agreement shall remain in effect until terminated as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by any Party upon no less than sixty (60) days written notice if a Change of Control occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on the second anniversary of the date on which ARKO distributes shares of capital stock of APC in a transaction intended to qualify as a tax-deferred distribution pursuant to Section 355 of the Internal Revenue Code of 1986, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by any Party (the "*Non-Defaulting Party*") upon written notice to the other Party if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to ARKO Group only, APC Group fails to pay any undisputed Fees or Reimbursable Expenses within thirty (30) calendar days following a scheduled due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such other Party commits a material breach of this Agreement and such breach continues uncured for a period of thirty (30)) calendar days following a written request to cure such breach from the Non-Defaulting Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such other Party files, or has filed against it, a petition for voluntary or involuntary bankruptcy (which is not dismissed within sixty (60) days of such involuntary filing) or pursuant to any other insolvency Law or makes or seeks to make a general assignment for the benefit of its creditors or applies for or consents to the appointment of a trustee, receiver or custodian for it or a substantial part of its property.

Any Service provided hereunder may be terminated by APC Group if it no longer requires such Service upon no less than thirty (30) days written notice to ARKO Group; provided that APC Group shall reimburse ARKO Group for any Reimbursable Expenses incurred in connection with the termination of such Services.

SECTION 8. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party hereby represents and warrants to the other Party that: (a) the execution, delivery and performance of this Agreement has been duly and validly authorized; and (b) this Agreement constitutes the valid and binding obligations of such Party, enforceable against such party in accordance with its terms (subject to bankruptcy, moratorium, and other Laws affecting the enforcement of creditors' rights generally and subject to the application of specific performance and other equitable principles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT, THE SERVICES ARE PROVIDED "AS-IS" AND ARKO GROUP DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THIS AGREEMENT. ARKO Group DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, EXCEPT TO THE EXTENT THAT ANY WARRANTIES IMPLIED BY LAW CANNOT BE VALIDLY WAIVED.

SECTION 9. <u>[Reserved]</u>.

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SECTION 10. <u>Assignment</u>. Neither this Agreement nor any of the rights and obligations of the Parties hereunder may be assigned by either Party without the prior written consent of the other Party, except to an Affiliate of such Party; provided, however, that such assignment shall not relieve the assigning Party of its obligations hereunder. Subject to the first sentence of this <u>Section</u> <u>10</u>, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns, and no other Person shall have any right, obligation or benefit hereunder. Any attempted assignment or transfer in violation of this <u>Section</u> <u>10</u> shall be void.

SECTION 11. <u>No Third Party Beneficiaries</u>. Except as provided in <u>Section</u> <u>10</u>, this Agreement is for the sole benefit of the Parties and their permitted assigns and nothing herein expressed or implied shall give or be construed to give to any Person, other than the Parties and such assigns, any legal or equitable rights hereunder.

SECTION 12. <u>Notices</u>. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (provided that no automated notice of delivery failure is received by the sender) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient or (d) on the third (3<sup>rd</sup>) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the addresses set forth on the Notices Schedule attached hereto (or at such other address for a Party as shall be specified in a notice given in accordance with this <u>Section</u> <u>12</u>):

SECTION 13. <u>Headings; Construction</u>. The descriptive headings of the Sections of this Agreement are inserted for convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. All references herein to "Sections" shall be deemed to be references to sections hereof unless otherwise indicated. The words "include" and "including" shall not be construed as terms of limitation and shall be deemed to be followed with "without limitation." The word "or" shall not be exclusive.

SECTION 14. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile transmission, electronic mail transmission (e.g., in .PDF format), or by any electronic signature platform (e.g. DocuSign or Vinesign) will constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile, electronic mail (e.g., in .PDF format), or by any electronic signature platform (e.g. DocuSign or Vinesign) will be deemed to be their original signatures for any purpose whatsoever.

SECTION 15. <u>Integrated Contract</u>. This Agreement, including the Exhibits hereto, and any written amendments to the foregoing satisfying the requirements of <u>Section</u> <u>22</u> herein, constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede any previous agreements and understandings between the Parties with respect to such matters. Each Exhibit hereto is hereby incorporated in and made a part of this Agreement as if set forth in full herein.

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SECTION 16. <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

SECTION 17. <u>Governing Law; Jurisdiction; Venue</u>. This Agreement and all claims and causes of action (whether based in contract, tort or otherwise) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance thereof shall be governed and construed in accordance with the laws of the State of Delaware, without regard to conflicts of law principles of such state that would result in the application of the laws of any jurisdiction other than those of the State of Delaware. Each Party hereby irrevocably and unconditionally (a) submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and any Delaware state appellate courts therefrom for any action, suit or proceeding arising out of or relating to this Agreement (unless the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, in which case such matter shall be brought before any state or federal court located in the State of Delaware), and each Party hereby irrevocably and unconditionally agrees not to commence any such action, suit or proceeding except in such courts, (b) waives any objection to the laying of venue of any such action, suit or proceeding in any such courts and (c) waives and agrees not to plead or claim that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Each of the Parties further agrees that service of any process, summons, notice or document by registered mail to its address set forth above shall be effective service of process for any action, suit or proceeding brought against it.

SECTIONS 18-20 [Reserved].

SECTION 21. <u>Dispute Resolution</u>. With respect to matters arising out of or relating to this Agreement requiring dispute resolution, the Parties shall follow the dispute resolution process outlined in this <u>Section</u> <u>21</u>. In the event of such a dispute, any Party may, at any time, give notice to the other Party requesting to discuss actions that might be taken to resolve such dispute. Promptly upon a Party's receipt of such notice, the issue shall be submitted to the respective executive officers designated by Parties in writing, who shall comprise the Escalation Committee (the "*Escalation Committee*"), and the Parties shall cause the Escalation Committee to meet to negotiate in good faith to resolve such dispute. With respect to any material disputes, the Conflicts Committee must, on behalf of APC Group, approve any decision by the Escalation Committee.

SECTION 22. <u>Amendments and Waivers</u>. This Agreement may be amended or modified, and any of the terms, covenants or conditions hereof may be waived, only by an instrument in writing signed by each of the Parties or, in the case of a waiver, by or on behalf of the party waiving compliance. Any material amendment, modification, or waiver must be approved by the Conflicts Committee.

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SECTION 23. <u>Independent Contractor</u>. At all times during the term of this Agreement, ARKO Group shall be an independent contractor with the sole right to supervise, manage, operate, assign, control and direct the performance of the Services and the sole obligation to employ, compensate and manage its employees and business affairs. For such time as any employees of ARKO Group are providing the Services to APC Group under this Agreement, such employees will remain employees of ARKO Group, and shall not be deemed to be employees of APC Group for any purpose. Except as contemplated in connection with the Services, none of the Parties shall act or represent or hold itself out as having authority to act as an agent or partner of any other Party, or in any way bind or commit any other Party to any obligations. Nothing contained in this Agreement shall be deemed or construed to create a partnership or joint venture, to create the relationships of employee/employer or principal/agent, or otherwise create any liability whatsoever for any Party with respect to the indebtedness, liabilities, obligations or actions of any other Party or any of its respective officers, directors, members, managers, employees, stockholders, agents or representatives, or any other Person. Notwithstanding the foregoing or anything else herein to the contrary, when performing Executive Services, the officers of APC shall be subject to the direction of the Board of Directors of APC.

SECTION 24. <u>Survival</u>. The provisions of <u>Section</u> <u>3</u>, <u>Section</u> <u>5</u>, <u>Section</u> <u>6</u> and <u>Section</u> <u>10</u> through <u>Section</u> <u>26</u> shall survive the expiration or earlier termination of this Agreement for any reason whatsoever.

SECTION 25. <u>Force Majeure</u>. ARKO Group shall not be in default hereunder by reason of any failure or delay in the performance of its obligations hereunder where such failure or delay is due to any cause (except financial) beyond the reasonable control of ARKO Group, including, to the extent satisfying the foregoing, strikes, labor disputes, civil disturbances, riot, rebellion, invasion, pandemic, epidemic, hostilities, war, terrorism, embargo, natural disaster, acts of God, flood, fire, sabotage, accident, delay in transportation, loss and destruction of property, intervention by a governmental entity, change in Laws or other events or any other circumstances or causes beyond ARKO Group's reasonable control ("*Force Majeure Events*"), and ARKO Group shall be excused from such performance to the extent such performance is prevented, restricted, interrupted or suspended as a result of such Force Majeure Event. ARKO Group shall (a) provide written notice to APC Group of any such default or delay in its performance of obligations resulting from a Force Majeure Event as soon as reasonably practicable upon learning of such Force Majeure Event and (b) use commercially reasonable efforts to resume the performance of Services as soon as reasonably practicable.

SECTION 26. **<u>Waiver of Jury Trial</u>. Each Party hereby waives, to the fullest extent permitted by Law, any right it may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated by this Agreement or disputes relating hereto.** 

[*Signatures begin on next page*]

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IN WITNESS WHEREOF the Parties have caused this Agreement to be executed as of the date first set forth above by their duly authorized representatives.

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| | |
|:---|:---|
| **ARKO Petroleum Corp.** | **ARKO Petroleum Corp.** |
| [______________] | [______________] |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **ARKO Corp.:** | **ARKO Corp.:** |
| ARKO Corp.,<br> a Delaware corporation | ARKO Corp.,<br> a Delaware corporation |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Management Services Agreement*]

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**<u>Notices Schedule</u>**

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| | |
|:---|:---|
| If to APC Group: | c/o GPM Investments, LLC<br> Attn: Chief Executive Officer<br> 8565 Magellan Parkway, Suite 400<br> Richmond, VA 23227<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br>and<br>c/o GPM Investments, LLC<br> Attn: General Counsel<br> 8565 Magellan Parkway, Suite 400<br> Richmond, VA 23227<br> Telephone: [\*\*\*]<br> Email: [\*\*\*] |
| If to ARKO Group: | c/o GPM Investments, LLC<br> Attn: Chief Executive Officer<br> 8565 Magellan Parkway, Suite 400<br> Richmond, VA 23227<br> Telephone: [\*\*\*]<br> Email: [\*\*\*]<br>and<br>c/o GPM Investments, LLC<br> Attn: General Counsel<br> 8565 Magellan Parkway, Suite 400<br> Richmond, VA 23227<br> Telephone: [\*\*\*]<br> Email: [\*\*\*] |

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## Exhibit 10.7

**Exhibit 10.7** 

**FORM OF** 

**AMENDED AND RESTATED** 

**OMNIBUS AGREEMENT** 

**among** 

**ARKO CORP.** 

**ARKO PETROLEUM CORP.** 

**GPM PETROLEUM LP,** 

**GPM PETROLEUM GP, LLC** 

**GPM PETROLEUM, LLC** 

**GPM EMPIRE, LLC** 

**and** 

**GPM INVESTMENTS, LLC** 

This AMENDED AND RESTATED OMNIBUS AGREEMENT (this "**<u>Agreement</u>**") is entered into on, and effective immediately prior to the closing of the initial public offering of the common stock of ARKO Petroleum Corp., a Delaware corporation ("**<u>APC</u>**") (the "**<u>Effective Date</u>**"), among ARKO Corp., a Delaware corporation (the "**<u>Parent</u>**") GPM Investments, LLC, a Delaware limited liability company ("**<u>GPM</u>**"), APC, GPM Petroleum GP, LLC, a Delaware limited liability company (the "**<u>General Partner</u>**"), GPM Petroleum LP, a Delaware limited partnership (the "**<u>Partnership</u>**"), GPM Petroleum, LLC, a Delaware limited liability company (the "**<u>Operating Company</u>**"), and GPM Empire, LLC, a Delaware limited liability company ("**<u>GPME</u>**"; APC and its direct and indirect subsidiaries individually and collectively, the "**<u>APC Group</u>**"). The foregoing-named entities are sometimes referred to in this Agreement each as a "**<u>Party</u>**" and collectively as the "**<u>Parties</u>**."

**RECITALS:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. GPM, the General Partner and the Partnership entered into that certain Omnibus Agreement on January 12, 2016 ("**<u>Original Effective Date</u>**"), as amended on April 18, 2023 (the "**<u>Original Omnibus Agreement</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Parties desire, subject to the terms and conditions set forth herein, to amend and restate the Original Omnibus Agreement and to add certain other entities as Parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Parties desire by their execution of this Agreement to evidence their agreement, as more fully set forth in <u>Article II</u>, with respect to certain business opportunities to be offered to the APC Group by the GPM Entities (as defined herein) and certain obligations of the GPME to the GPM Entities.

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In consideration of the premises and the covenants, conditions and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

**ARTICLE I** 

**Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **<u>Definitions</u>**

As used in this Agreement, the following terms shall have the respective meanings set forth below:

"**<u>Alternate Fuel Sales Rate</u>**" means a per gallon fee approximating GPME's administrative costs to provide fuel to the GPM Entities, which shall, unless otherwise mutually agreed by the Parties, equal the (a) the Adder (as defined in the GPM Distribution Contract) *plus* (b) GPME's actual cost to purchase such fuel (after all rebates and discounts) *minus* (c) the fee that GPME is required to pay to the Operating Company (currently 5.9 cents per gallon), whether such fee is a payment to acquire fuel or a licensing fee.

"**<u>APC Proposed Acquisition</u>**" means a proposal to acquire from a third party any convenience stores selling gasoline which are operated by such seller on a retail (and not dealer) basis as part of a larger acquisition; it being understood that if such third party only operates retail (and not any dealer or fleet locations), such transaction shall be referred to GPM to negotiate with such third party and the APC Group as a GPM Proposed Acquisition.

"**<u>Conflicts Committee</u>**" means a committee of the Board of Directors of APC composed entirely of two or more directors, each of whom is determined by such board, after reasonable inquiry, to be independent under the independence standards for directors who serve on an audit committee of a board of directors established by the Exchange Act and the rules and regulations of the Commission thereunder and by the National Securities Exchange on which any class of APC's stock is listed or admitted to trading and who do not also serve on the Board of Directors of ARKO Corp.

"**<u>Control</u>**," including the correlative terms "**<u>Controlling</u>**," "**<u>Controlled</u>** by" and "**<u>Under Common Control with</u>**" means possession, directly or indirectly (through one or more intermediaries), of the power to direct or cause the direction of management or policies (whether through ownership of Equity Interests, by contract or otherwise) of a Person.

"**<u>Exchange Act</u>**" means the Securities Exchange Act of 1934, as amended.

"**<u>GPM Distribution Contract</u>**" means that certain Third Amended, Restated, and Consolidated Fuel Distribution Agreement, effective [________], 2026 among APC, the Operating Company, GPME and GPM, as the same may be amended, amended and restated, or replaced from time to time.

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"**<u>GPM Entities</u>**" means GPM and any Person controlled, directly or indirectly, by GPM, other than the APC Group; and "**<u>GPM Entity</u>**" means any of the GPM Entities.

"**<u>GPM Proposed Acquisition</u>**" means a proposal to acquire from a third party any convenience stores selling gasoline, wholesale motor fuel distribution agreements, dealer sites, independently operated or consignment locations, or any other fleet or wholesale fuel distribution assets, contracts or operations or any entity that owns the same, on a stand-alone basis or as part of a larger acquisition.

"**<u>Person</u>**" means an individual or a corporation, limited liability company, partnership, joint venture, trust, business trust, employee benefit plan, unincorporated organization, association, government body or agency or political subdivision thereof or other entity.

"**<u>Proposed Acquisition</u>**" means either a GPM Proposed Acquisition or an APC Proposed Acquisition.

**ARTICLE II** 

**Business Opportunities Offered to the GPME** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **<u>Exclusive Right and Obligation to Distribute Motor Fuel Volumes Sold by GPM</u>**. Except as permitted by the GPM Distribution Contract, from the period beginning on the Effective Date until the expiration of the GPM Distribution Contract or early termination of the GPM Distribution Contract in accordance with its terms, (a) each GPM Entity is required to purchase all motor fuel volumes that it sells for its own account from the GPME; and (b) the GPME shall distribute all motor fuel volumes that the GPM Entities may desire to purchase from the GPME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **<u>Right to Participate in Acquisitions and other Accretive Opportunities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the period beginning on the Effective Date until the expiration of the GPM Distribution Contract or early termination of the GPM Distribution Contract in accordance with its terms, GPM shall present to the APC Group each GPM Proposed Acquisition and APC shall present to GPM each APC Proposed Acquisition such that (i) GPM shall be offered the opportunity to acquire the convenience stores business included in any APC Proposed Acquisition and (ii) the APC Group shall be offered the opportunity to acquire both (A) any dealer and fleet business associated with a GPM Proposed Acquisition and (B) the rights to supply fuel to GPM in connection with the convenience stores to be acquired in such GPM Proposed Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly following the receipt of notice of a Proposed Acquisition, GPM and the APC Group shall (i) negotiate in good faith to determine the terms upon which to jointly pursue the Proposed Acquisition pursuant to the terms of this Agreement and (ii) to negotiate the fuel supply terms for distributing fuel to any convenience stores to be operated by GPM as self-operated retail locations included in such Proposed Acquisition, subject to the exceptions provided for in the GPM Distribution Contract. Each of GPM and the APC Group may elect not to participate in such Proposed Acquisition. If within seven (7) days after receipt of the Proposed Acquisition offer, any of GPM and the APC Group has not elected to participate in such Proposed Acquisition, the other Party may proceed with the Proposed Acquisition and if applicable can offer

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third parties the right to participate. In the event the Proposed Acquisition is consummated without participation by the APC Group, unless such GPM Entity is able to purchase fuel through a pre-existing Supply agreement, the GPME shall be obligated to distribute fuel to the newly acquired convenience stores to be operated by GPM as self-operated retail in accordance with the terms and conditions set forth in the GPM Distribution Contract, other than the price for such fuel, which price shall be set the Alternate Fuel Sales Rate until such time, if any, as GPM and the GPME agree to a fuel supply arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the foregoing, GPM may, but is not obligated to, request that the APC Group provide customary funding associated with GPM building new-to-industry sites on terms mutually agreeable to GPM and the APC Group, which terms may include, by way of example only, an extension of the GPM Distribution Contract with respect to such new-to-industry sites, or an increased per gallon fee for gallons distributed to such new-to-industry sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) APC Group's decision whether or not to participates in a Proposed Acquisition or any other funding for an accretive opportunity, and the terms under which APC Group so participates, will be subject to the approval of the Conflicts Committee.

**ARTICLE III** 

**Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **<u>Choice of Law; Submission to Jurisdiction</u>**. This Agreement shall be subject to and governed by the laws of the State of Delaware, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state. Each Party hereby submits to the jurisdiction of the state and federal courts in the State of Delaware and to venue in Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **<u>Notice</u>**. All notices or requests or consents provided for by, or permitted to be given pursuant to, this Agreement must be in writing and must be given by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in person to such Party. Notice given by personal delivery or mail shall be effective upon actual receipt. All notices to be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below or at such other address as such Party may stipulate to the other Parties in the manner provided in this <u>Section</u> <u>5.2</u>.

<u>For notice to GPM</u>:

GPM Investments, LLC

8565 Magellan Parkway, Suite 400

Richmond, Virginia 23227

Attention: General Counsel

<u>For notice to the APC Group</u>:

ARKO Petroleum Corp.

8565 Magellan Parkway, Suite 400

Richmond, Virginia 23227

Attention: General Counsel

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **<u>Entire Agreement</u>**. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **<u>Termination</u>**. Any Party may terminate this Agreement if the other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes insolvent or commits an act of bankruptcy or takes advantage of any law for the benefit of debtors or such Party's creditors, or if a receiver is appointed for such Paty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commences any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the other Party makes a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the other Party any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there is commenced against the other Party any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of their assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) the other Party takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the other Party becomes generally not, or becomes unable to, or admits in writing its inability to, pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fails to perform, satisfy or discharge any material term, covenant, agreement, condition, warranty, obligation or duty set forth in this Agreement and such failure continues for thirty (30) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the other Party engages in fraud or criminal misconduct relevant to the operation of the business of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **<u>Effect of Waiver or Consent</u>**. No waiver or consent, express or implied, by any Party to or of any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a Party to complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations period has run.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 **<u>Amendment or Modification</u>**. This Agreement may be amended or modified from time to time only by the written agreement of all the Parties*; provided, however,* that the GPME may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification of this Agreement that would be adverse in any material respect to the holders of common stock of APC. Each such instrument shall be reduced to writing and shall be designated on its face an "**<u>Amendment</u>**" or an "**<u>Addendum</u>**" to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 **<u>Assignment; Third-Party Beneficiaries</u>**. No Party shall have the right to assign any of its rights or obligations under this Agreement without the consent of the other Parties hereto. Except as contemplated by the preceding sentence, this Agreement does not create any rights or benefits for any entity or individual other than the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 **<u>Successors</u>**. This Agreement shall bind and inure to the benefit of the Parties and to their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 **<u>Continuation of Work During Dispute</u>**. Notwithstanding any dispute, it shall be the responsibility of each Party to continue to perform its obligations under this Agreement pending resolution of the dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 **<u>Counterparts</u>**. This Agreement may be executed in any number of counterparts, including facsimile counterparts, with the same effect as if all signatory Parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 **<u>Severability</u>**. If any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable by a court or regulatory body of competent jurisdiction, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 **<u>Rules of Construction</u>**. Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Article numbers and Section numbers refer to Articles and Sections of this Agreement. Unless otherwise specifically indicated or the context otherwise requires, the terms "**<u>include</u>**," "**<u>includes</u>**" and "**<u>including</u>**" as used in this Agreement shall be deemed to be followed by the words "**<u>without limitation</u>**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 **<u>Further Assurances</u>**. In connection with this Agreement and all transactions contemplated by this Agreement, each Party agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 **<u>Withholding or Granting of Consent</u>**. Unless otherwise provided herein, each Party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 **<u>Laws and Regulations</u>**. Notwithstanding any provision of this Agreement to the contrary, no Party shall take any act, or fail to take any act, under this Agreement which would violate any applicable law, statute, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 **<u>Negation of Rights of Limited Partners, Assignees and Third Parties</u>**. Except as set forth in <u>Section</u> <u>5.7</u>, the provisions of this Agreement are enforceable solely by the Parties, and no stockholder, limited partner, member or assignee of GPM, the GPME or other Person shall have the right, separate and apart from GPM or the GPME, to enforce any provision of this Agreement or to compel any Party to comply with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Representations and Warranties. In connection with the transactions contemplated by this Agreement, each Party hereby severally and not jointly represents and warrants to each other Party that the following statements are correct as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Party is (a) an individual or (b) a corporation, limited partnership, limited liability company or other entity, as the case may be, duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution and delivery by such Party of this Agreement and the performance of the obligations contemplated hereby are within such Party's powers and have been duly authorized by all necessary action on the part of such Party. This Agreement has been duly executed and delivered by such Party. This Agreement constitutes a valid and legally binding agreement of such Party, enforceable against such Party in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors' rights generally and (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No order, license, consent, authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental body, agency or official is required by or with respect to such Party in connection with the execution, delivery and performance by such Party of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The execution, delivery and performance by such Party of this Agreement does not and will not (a) violate the certificate of incorporation, bylaws, certificate of limited partnership, agreement of limited partnership, certificate of formation, limited liability company agreement or other organizational documents of such Party, (b) violate any law, rule, regulation, judgment, injunction, order or decree applicable to or binding upon such Party, (c) result in a breach of, or constitute a default under, any contract, agreement, license, lease or other commitment to which such Party is a party or is bound or (d) require any consent or other action by any Person under, constitute a default under (with due notice or lapse of time or both), or give rise to any right of termination, cancellation or acceleration of any right or obligation of such Party under any provision of any agreement or other instrument binding upon such Party, except in each of the cases described in clauses (b) through (d), for any violation, breach or default which would not reasonably be expected, individually or in the aggregate, to prohibit, materially delay or materially and adversely impact such Party's performance of its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 **<u>Legal Compliance</u>**. The Parties acknowledge and agree that this Agreement, and all services provided under this Agreement, are intended to comply with any and all laws and legal obligations and that this Agreement should be construed and interpreted with this purpose in mind.

*[Signature Page Follows]* 

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IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Effective Date.

---

| | |
|:---|:---|
| **GPM INVESTMENTS, LLC** | **GPM INVESTMENTS, LLC** |
| By: |  |
| Name: | Arie Kotler |
| Title: | Chief Executive Officer and President |
| By: |  |
| Name: |  |
| Title: |  |
| **ARKO PETROLEUM CORP.** | **ARKO PETROLEUM CORP.** |
| By: |  |
| Name: | Arie Kotler |
| Title: | Chief Executive Officer and President |
| By: |  |
| Name: |  |
| Title: |  |
| **GPM PETROLEUM LP** | **GPM PETROLEUM LP** |
| By: | GPM Petroleum GP, LLC, its general partner |
| By: |  |
| Name: | Arie Kotler |
| Title: | Chairman, Chief Executive Officer and |
|  | President |
| By: |  |
| Name: |  |
| Title: |  |

---

*Signature Page to the Omnibus Agreement* 

------

---

| | |
|:---|:---|
| **GPM PETROLEUM GP, LLC** | **GPM PETROLEUM GP, LLC** |
| By: |  |
| Name: | Arie Kotler |
| Title: | Chairman, Chief Executive Officer and President |
| By: |  |
| Name: |  |
| Title: |  |
| **GPM PETROLEUM, LLC** | **GPM PETROLEUM, LLC** |
| By: |  |
| Name: | Arie Kotler |
| Title: | Chief Executive Officer and President |
| By: |  |
| Name: |  |
| Title: |  |
| **GPM EMPIRE, LLC** | **GPM EMPIRE, LLC** |
| By: |  |
| Name: | Arie Kotler |
| Title: | Chief Executive Officer and President |
| By: |  |
| Name: |  |
| Title: |  |

---

## Exhibit 10.8

**Exhibit 10.8** 

**FORM OF** 

**EMPLOYEE AND INTERCOMPANY MATTERS AGREEMENT** 

This EMPLOYEE AND INTERCOMPANY MATTERS AGREEMENT (this "<u>Agreement</u>"), dated as of [___], 2026, is made by and among ARKO Corp., a Delaware corporation ("<u>ARKO</u>"), Arko Convenience Stores, LLC, a Delaware limited liability company ("<u>ACS</u>"), GPM Investments, LLC, a Delaware limited liability company ("<u>GPM</u>"), the other parties listed as "Additional GPM Parties" on the signature pages hereto, ARKO Petroleum Corp., a Delaware corporation ("<u>APC</u>"), and the other parties listed as "Additional APC Parties" on the signature pages hereto.

<u>RECITALS</u> 

A. APC is currently a wholly owned subsidiary of ACS.

B. In connection with the IPO, immediately prior to the Effective Time, certain entities are being contributed to APC, certain assets are being contributed to the APC Group, and certain employees of GPM will be transferred to APC (the "<u>Transactions</u>").

C. To facilitate the Transactions, the parties deem it appropriate and in their respective best interests to enter into this Agreement for the purpose of allocating among them certain assets, Liabilities and responsibilities with respect to certain shared obligations, in each case as set forth herein, including, without limitation, those related to indebtedness, insurance, employment matters, employee compensation and benefit plans and programs.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I

<u>DEFINITIONS</u> 

In addition to the other terms defined elsewhere in this Agreement, the following terms shall have the respective meanings set forth below:

"<u>APC Benefit Plans</u>" means any Benefit Plan sponsored or maintained or contributed to by APC or any member of the APC Group (or their respective predecessors), and any Benefit Plan assumed or adopted by APC or any member of the APC Group, specifically excluding any GPM Benefit Plan.

"<u>APC Employees</u>" means employees of APC or any member of the APC Group, regardless of whether any such individual is actively at work or is not actively at work as a result of disability or illness or a leave of absence.

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"<u>APC Group</u>" means APC and its subsidiaries.

"<u>ARKO Corp.</u>" means ARKO Corp., a Delaware corporation.

"<u>ARKO Group</u>" means ARKO Corp., including its subsidiaries, other than the APC Group.

"<u>Benefit Plan</u>" means, with respect to an entity, each plan, program, arrangement, agreement or commitment (whether written or unwritten, formal or informal) that is an employment, consulting, non-competition or deferred compensation agreement, or an executive compensation, incentive bonus or other bonus, employee pension, profit-sharing, savings, retirement, supplemental retirement, stock option, stock purchase, stock appreciation rights, restricted stock, other equity-based compensation, severance pay, salary continuation, life, health, hospitalization, wellness, sick leave, vacation pay, disability or accident insurance plan, or other employee benefit plan, program, arrangement, agreement or commitment, (a) including any "employee benefit plan" (as defined in Section 3(3) of ERISA), sponsored or maintained by such entity (or to which such entity contributes or is required to contribute or has any Liabilities, directly or indirectly, contingent or fixed) and (b) excluding any indemnification obligations, other than any obligations contained in any of the foregoing.

"<u>Change of Control</u>" means the consummation of any transaction or series of related transactions (however structured or evidenced) which: (a) results in ARKO Group no longer directly or indirectly controlling more than 50% of the combined voting power of the capital stock of APC entitled to vote generally in the election of directors of APC; (b) involves the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the assets of the APC Group taken as a whole; or (c) results in APC no longer directly or indirectly controlling more than 50% of the combined voting power of either of GPM Empire, LLC or GPM Petroleum, LLC (or their successor by merger).

"<u>COBRA</u>" means the Consolidated Omnibus Budget and Reconciliation Act of 1985, as amended.

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended.

"<u>Conflicts Committee</u>" means a committee of the Board of Directors of APC composed entirely of two or more directors, each of whom is determined by such board to be independent under the independence standards for directors who serve on an audit committee of a board of directors established by the Exchange Act and by the national securities exchange on which any class of APC's stock is then listed or admitted to trading and who do not also serve on the Board of Directors of ARKO.

"<u>Effective Time</u>" means immediately prior to the consummation of the IPO on the IPO Closing Date.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

------

"<u>Former APC Employees</u>" means former employees of APC or any member of the APC Group, or any predecessor company thereto.

"<u>GPM Benefit Plans</u>" means any Benefit Plan sponsored or maintained by GPM or any member of the GPM Group, specifically excluding any APC Benefit Plan.

"<u>GPM Group</u>" means GPM's subsidiaries, GPM, ACS, and ARKO, which, for avoidance of doubt, following the Effective Time does not include any members of the APC Group.

"<u>HIPAA</u>" means the Health Insurance Portability and Accountability Act of 1996, as amended.

"<u>Indenture</u>" means that certain Indenture, dated as of October 21, 2021, by and among ARKO Corp., the Guarantors party thereto and U.S. Bank National Association, as Trustee with respect to ARKO Corp.'s 5.125% Senior Notes Due 2029 (the "<u>Notes</u>").

"<u>IPO</u>" means an underwritten public offering of Class A Common Stock of APC.

"<u>IPO Closing Date</u>" means the date on which the consummation of the IPO occurs.

"<u>Laws</u>" means all applicable laws, statutes, ordinances, codes, rules, regulations, orders, writs, injunctions, judgments, decrees, and other pronouncements having the effect of law of any federal, state, local, or foreign government, or any political subdivision thereof, or any agency, department, commission, board, bureau, or instrumentality of any such government or political subdivision, or any court or arbitrator.

"<u>Liability</u>" means any and all debts, guarantees, assurances, commitments, liabilities, responsibilities, losses, remediation, deficiencies, damages, fines, penalties, settlements, sanctions, costs, expenses, interest and obligations of any nature or kind, whether accrued or fixed, absolute or contingent, matured or unmatured, accrued or not accrued, asserted or unasserted, liquidated or unliquidated, foreseen or unforeseen, known or unknown, reserved or unreserved or determined or determinable, including those arising under any Law, claim (including any third party claim), demand, action or order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any governmental authority or arbitration tribunal, or those arising under any contract, agreement, obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment or undertaking, or any fines, damages or equitable relief that is imposed, in each case, including all costs and expenses relating thereto.

"<u>Management Services Agreement</u>" means the Management Services Agreement, effective as of the Effective Time, entered into between ARKO and APC, each on behalf of themselves and their respective subsidiaries (other than, in the case of ARKO, the APC Group).

"<u>Notes</u>" has the meaning given to such term in the definition of "Indenture."

"<u>Person</u>" means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability entity, any other entity and any governmental authority.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Shared Policies</u>" means insurance policies that cover at least one member of the GPM Group and one member of the APC Group.

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ARTICLE II

<u>401(K), NONQUALIFIED DEFERRED COMPENSATION,</u> 

<u>AND HEALTH AND WELFARE PLANS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>401(k) Plan</u>. Members of the APC Group which employ employees eligible for the GPM Investments 401(k) Plan (the "<u>GPM 401(k) Plan</u>") shall become "participating employers" (as such term is defined in the GPM 401(k) Plan) in the GPM 401(k) Plan until such time as APC establishes and adopts its own 401(k) plan (the "<u>APC 401(k) Plan</u>"). Upon adoption by APC of the APC 401(k) plan, APC shall require that the trust that funds the APC 401(k) Plan accept a direct trust-to-trust transfer of the account balances of such eligible employees of APC and the APC Group from the trust that funds the GPM 401(k) Plan, which transfer shall include without limitation such employees' loans taken out under the GPM 401(k) Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Nonqualified Deferred Compensation Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The participation of employees of APC or any member of the APC Group in the GPM Investments, LLC Non-Qualified Plan (the "<u>GPM Nonqualified Plan</u>") shall continue until such time as APC or any member of the APC Group adopts a nonqualified deferred compensation plan for APC's executive employees. All deferral elections under the GPM Nonqualified Plans shall remain in effect for the year(s) to which they relate subject to the terms and conditions of the GPM Nonqualified Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If APC or any member of the APC Group adopts a nonqualified deferred compensation plan for employees, APC (or the applicable member of the APC Group that adopted such plan) agrees to assume all Liabilities associated with payment of account balances attributable to APC Employees or Former APC Employees under the GPM Nonqualified Plans, all in accordance with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Health and Welfare Benefit Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by GPM, APC Group companies' participation in GPM's health and welfare benefit plans (collectively, "<u>GPM H&W Plan</u>"), shall continue until such time as APC adopts, or APC causes one of its subsidiaries to adopt, a health and welfare benefit plan subject to ERISA (each, an "<u>APC Health and Welfare Benefit Plan</u>"). Effective upon the adoption of an APC Health and Welfare Benefit Plan, APC (or its subsidiary(ies)) shall, subject to any actively-at-work requirements, permit and facilitate participation of eligible employees of APC and each member of the APC Group (and their dependents and beneficiaries), who, were, as of the date immediately prior to the adoption of the APC Health and Welfare Benefit Plan, eligible to participate in the GPM H&W Plan. APC shall waive or cause to be waived all limitations as to preexisting conditions or waiting periods with respect to participation and coverage requirements applicable to each APC Group Employee under the applicable APC Health and Welfare Benefit Plan in which APC Group Employees participate (or are eligible to participate) to the same extent that such conditions and waiting periods were satisfied or waived under an analogous GPM Welfare Plan. APC shall provide or cause each APC Group Employee to be provided with credit for any co-payments, deductibles or other out-of-pocket amounts paid during the plan year in which the APC Group Employees become eligible to participate in the applicable APC Health and Welfare Benefit Plan in satisfying any applicable co-payments, deductibles or other out-of-pocket requirements under such plan for such plan year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as APC or its subsidiary(ies) that employ or employed participants in the APC Health and Welfare Benefit Plan or participants in any other employee benefit program (x) are, when combined with GPM or any of its subsidiaries (other than APC or any of its subsidiaries) treated as a "single employer" under Code Section 414(b) or 414(c) or successor provisions and the regulations thereunder, or (y) would otherwise be aggregated with GPM or any of its subsidiaries (other than APC or any of its subsidiaries) for purposes of performing applicable nondiscrimination tests (all as determined by GPM in its reasonable discretion), APC or APC shall ensure or APC shall cause its applicable subsidiary to ensure that the APC Health and Welfare Benefit Plan does not contain terms or conditions that vary from those of the GPM H&W Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Service Recognition</u>.

With respect to the APC 401(k) Plan, any non-qualified plan adopted by APC, and each APC Health and Welfare Benefit Plan, APC shall, and shall cause each member of the APC Group to, give each APC Group Employee full credit for purposes of eligibility, vesting, and determination of level of benefits for such APC Group Employee's prior service with GPM or any predecessor thereto, to the same extent such service was recognized by the corresponding GPM Benefit Plan; provided, that, such service shall not be recognized to the extent it would result in the duplication of benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Plan Liabilities</u>.

Notwithstanding anything in this Agreement to the contrary, APC shall be responsible for any Liabilities associated with the participation by APC Employees and Former APC Employees (and their dependents or beneficiaries) in the GPM H&W Plan, GPM 401(k) Plan, and GPM Nonqualified Plan incurred prior to terminating participation in such Benefit Plan, no matter when such claims or Liabilities are filed, reported or payable; provided, however, that any premiums, claims and other administrative costs shall be allocated or passed through in accordance with Article V of this Agreement and with the Management Services Agreement. These Liabilities include, for avoidance of doubt, any matching contributions and contributions to HAS plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Compliance</u>. So long as any member of the GPM Group, on the one hand, and any member of the APC Group, on the other hand, are considered to be within a "controlled group" for purposes of any Benefit Plan, the parties shall (a) cooperate with each other prior to taking any material action that could have an adverse impact on, or increase the costs to, the other party or such Benefit Plan; and (b) cooperate with each other, including by providing any information or assistance reasonably requested by the other party, with respect to compliance by each party with the administration and the terms any such Benefit Plan and applicable Law.

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ARTICLE III

<u>EQUITY COMPENSATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Equity Compensation/SEC Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon adoption of its own equity-based incentive compensation plan, if APC chooses in its discretion to adopt such a plan, APC agrees to use commercially reasonable efforts to file with the SEC and maintain effective registration statements under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), with respect to the equity that may be awarded under such equity-based incentive compensation plan (including any successor or replacement plan, the "<u>APC LTIP</u>") to the extent any such registration statement is required by applicable Law. APC shall be responsible for taking all appropriate action (i) to administer the APC LTIP so that it complies with applicable Law, including compliance with Section 16 of the Exchange Act; and (ii) to the extent shares for issuance under the APC LTIP are not registered under the Securities Act as of the IPO Closing Date, to, as promptly as reasonably practicable following the later of the adoption of the APC LTIP or the IPO Closing Date, register shares under the Securities Act for issuance under the APC LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to restricted stock unit awards issued to employees of APC or any member of the APC Group (or such entities' predecessors) under the ARKO Corp. 2020 Incentive Compensation Plan (the "<u>ARKO LTIP</u>"), which awards remain unvested or otherwise outstanding as of the IPO Closing Date and any awards made to employees of APC or a member of the APC Group under the ARKO LTIP made after the IPO Closing Date (collectively, "<u>Outstanding GPM Awards</u>"): (i) such Outstanding GPM Awards shall vest or continue to vest and be settled or forfeited according to their terms and conditions (including the same time-based and, unless otherwise agreed to by the ARKO Corp. Board of Directors or its Compensation Committee and the APC Board of Directors or its Compensation Committee. performance-based vesting schedule and conditions), or (ii) later, following the Effective Time, if legally permissible as determined by the ARKO Corp. Board of Directors or its Compensation Committee, and agreed to by the APC Board of Directors or its Compensation Committee, be converted (in whole or in part, as applicable) into awards issued under the APC LTIP, all according to the terms of the applicable ARKO LTIP and award agreement and the applicable APC LTIP and award agreement, it being understood that all or any portion of such Outstanding GPM Award that is converted into an award issued under the APC LTIP shall be forfeited under the applicable ARKO LTIP in exchange for such awards issued under the APC LTIP. To the extent such conversion or exchange occurs, the conversion or exchange of any awards shall be based on an adjustment ratio adopted by the APC Board or the APC Compensation Committee in its sole and absolute discretion for purposes of making equitable adjustments to the awards that will continue to be held by APC Group Employees. Notwithstanding anything to the contrary in the foregoing, ARKO's Board of Directors or its Compensation Committee shall have the exclusive authority to determine the treatment of any Outstanding GPM Awards in the event of a subsequent spin-off or sale of ARKO's direct or indirect retained interest in APC and its subsidiaries consistent with the terms of the ARKO LTIP or its successor LTIP and award agreements applicable thereunder.

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ARTICLE IV

<u>PAYROLL TAX</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Payroll Taxes and Reporting</u>. The parties shall, to the extent practicable, (i) treat APC or a member of the APC Group as a "successor employer" and GPM as a "predecessor," within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code, with respect to APC Group Employees for purposes of Taxes imposed under the United States Federal Unemployment Tax Act or the United States Federal Insurance Contributions Act, and (ii) cooperate with each other to avoid, to the extent possible, the filing of more than one IRS Form W-2 with respect to each APC Group Employee for the calendar year in which the IPO occurs.

ARTICLE V

<u>WORKERS' COMPENSATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Workers' Compensation and Benefits</u>. For so long as APC or any member of the APC Group continues to participate in: (i) any workers compensation programs of GPM or any member of the GPM Group, (ii) any health and welfare plans of GPM or any member of the GPM Group (including for the sake of clarity, any COBRA participation), (iii) the GPM 401(k) Plan, (iv) the GPM Nonqualified Plans or (v) the GPM Investments, LLC Texas Occupational Injury Benefit Plan, GPM shall allocate or pass through, as applicable, the premiums, deductibles, self-inured retentions, claims and other costs and expenses under any such program or plan, as applicable, to APC and members of the APC Group in the same manner that GPM administers and allocates or passes through such premiums, claims and costs thereunder to members of the APC Group as of the date of this Agreement.

ARTICLE VI

<u>CERTAIN COMPENSATION MATTERS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Equity and Bonus Allocation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Because the Outstanding GPM Awards are equity compensation for services rendered to APC or member(s) of the APC Group (or their predecessors), the actual amounts paid in cash for payroll and all other taxes withheld, in each case by any member of the ARKO Group, due to their settlement and/or exercise shall be reimbursed by APC or a member of the APC Group to the ARKO Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) APC or the applicable employer member of the APC Group shall remain responsible for payment of any short-term incentive/annual bonuses or any other bonuses, incentives, performance-based compensation, or other perquisites payable to employees employed by APC or a member of the APC Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Liabilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Effective Time, except as otherwise expressly provided for in this Agreement, APC shall, or shall cause one or more members of the APC Group to, assume or retain, as applicable, and APC shall, or shall cause one or more members of the APC Group, to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities, whenever incurred, under all APC Benefit Plans and (ii) all Liabilities, whenever incurred, with respect to the employment, service, termination of employment or termination of service of all APC Employees and of all Former APC Employees, and the respective dependents and beneficiaries of such APC Employees and Former APC Employees; provided*,* however, that if the APC Employee or Former APC Employee to which any such Liability relates is or was an employee

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exclusively of APC at the time such Liability arose, APC shall pay, perform, fulfill and discharge, in due course in full, such Liability. For avoidance of doubt, this shall include any and all workers' compensation injuries, incidents, conditions, claims or coverage, whenever incurred (including claims incurred prior to, but not reported as of, such time). To the extent APC is not able to assume any such Liability or the administration, management or payment of any such claim solely because of the operation of applicable Law, GPM shall retain such Liabilities and APC shall reimburse and otherwise fully indemnify GPM for all such Liabilities, including the costs of administering the plans, programs or arrangements under which any such Liabilities have accrued or otherwise arisen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time after the Effective Time, APC (acting directly or through a member of the APC Group) shall promptly reimburse GPM and ARKO, upon GPM's reasonable request and the presentation by GPM or ARKO of such substantiating documentation as the payor may reasonably request, for the cost of any Liabilities satisfied by GPM or any member of the GPM Group that are, pursuant to this Agreement, the responsibility of APC or any member of the APC Group.

ARTICLE VII

<u>INSURANCE, INDEBTEDNESS, AND CORPORATE MATTERS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Insurance Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the Effective Time until the date on which ARKO or its subsidiaries cease to hold in excess of 50% of the outstanding equity of APC, or if earlier, if APC chooses to obtain its own insurance coverage (the "<u>Coverage End Date</u>"), the members of the APC Group shall continue to be insured on the terms and subject to the limits in place at the Effective Time under the Shared Policies and shall be entitled to receive coverage thereunder to the same extent as the GPM Group, in each case to the extent permitted under such applicable policy. As of the Coverage End Date, the coverage under all Shared Policies shall continue in force only for the benefit of the GPM Group and not for the benefit of the APC Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Shared Policy with an unaffiliated third party insurer cover APC Group Liabilities that shall have been reported to such unaffiliated third party insurer before the Coverage End Date under an occurrence-based or claims-made policy (collectively, "<u>Covered Claims</u>"), then the members of the APC Group may claim coverage for such Covered Claims under such Shared Policy and receive any insurance recoverables with respect thereto, without any prejudice or limitation to GPM seeking insurance under such Shared Policy for its own claims. GPM agrees to reasonably cooperate with the APC Group concerning the pursuit of coverage with respect to any such Covered Claim, in each case at the expense of the APC Group (to the extent such expenses are not covered by the applicable Shared Policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party shall be responsible for complying with the terms of the Shared Policies to obtain coverage for such Covered Claims, including if the applicable Shared Policy requires any payments to be made in connection therewith (including self-insured retentions or deductibles), and the applicable Party shall make any such required payments and maintain any required or appropriate accruals or reserves for such Covered Claims. To the extent (i) any self-insured retention or deductible must be shared because a Covered Claim relates to both the GPM Group and the APC Group or (ii) the policy maximum is reached in any policy year, APC (acting through its Conflicts Committee) and GPM shall negotiate in good faith to determine a fair and equitable allocation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Further Assurances</u>. To the extent that any transfers of assets or assumptions of liabilities contemplated by the Transactions have not been consummated as of the Effective Time, the parties agree to cooperate with each other and use commercially reasonable efforts to effect such transfers or assumptions while holding such assets or liabilities for the benefit of the appropriate party so that all the benefits and burdens relating to such asset or liability inure to the party entitled to receive or assume such asset or liability. Each party agrees to use commercially reasonable efforts to take, or to cause to be taken, all actions, and to do, or to cause to be done, all things reasonably necessary under applicable law or contractual obligations to consummate and make effective the transactions contemplated as part of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Special Cooperation in Litigation Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party shall reasonably assist the other party in connection with requests for information from, audits or other examinations of, such other party by a governmental entity, in each case, except as otherwise set forth in this Agreement, the Management Services Agreement, or may otherwise be agreed to by the parties in writing, at no additional cost to the party requesting such assistance other than for the actual out-of-pocket costs incurred by any such other party, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party shall make available to the other parties, upon reasonable written request, its officers, directors, employees and agents (taking into account the business demands of such individuals) as witnesses to the extent that (i) such individuals may reasonably be required to testify in connection with the prosecution or defense of any action in which the requesting party may from time to time be involved (except for claims, demands or actions in which one or more parties is adverse to one or more other party); and (ii) there is no conflict in the action between the requesting party and the other party. A party providing a witness to the other party shall be entitled to receive from the recipient of such witness services, upon the presentation of invoices therefor, payments for such amounts, relating to supplies, disbursements and other out-of-pocket expenses (which shall not include the costs of salaries and benefits of employees who are witnesses or any pro rata portion of overhead or other costs of employing such employees which would have been incurred by such employees' employer regardless of the employees' service as witnesses), as may be reasonably incurred and properly paid under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Indemnitor of First Resort</u>. Certain of the directors and officers of APC who are designated by ARKO or its subsidiaries (the "<u>ARKO D&O Indemnitees</u>") have or will have rights to indemnification, advancement of expenses and/or insurance provided by ARKO or certain of its subsidiaries (collectively, the "<u>ARKO Indemnitors</u>") in connection with their service as directors or officers of APC or its subsidiaries. Notwithstanding any such rights to indemnification, advancement of expenses and/or insurance provided by any ARKO Indemnitor, (a) APC or its subsidiaries, as applicable, is the indemnitor of first resort (i.e., APC's or its subsidiary's obligations to the ARKO D&O Indemnitees are primary, and any obligation of the ARKO Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any ARKO D&O Indemnitee are secondary); (b) APC or its subsidiaries,

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as applicable, shall be required to advance the full amount of expenses incurred by the ARKO D&O Indemnitees and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement, any other agreement between APC or its subsidiaries, on the one hand, and the ARKO D&O Indemnitees, on the other hand, or the certificate of incorporation or bylaws (or equivalent governing documents) of APC and its subsidiaries; and (c) APC, on behalf of itself and its subsidiaries, hereby irrevocably waives, relinquishes and releases each of the ARKO Indemnitors from any and all claims against any of the ARKO Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. In addition, notwithstanding any advancement or payment by the ARKO Indemnitors to or on behalf of any ARKO D&O Indemnitee with respect to any claim for which a ARKO D&O Indemnitee has sought or may seek indemnification from APC or its subsidiaries, (i) none of APC's or its subsidiaries' obligations hereunder shall be affected; (ii) the ARKO Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such APC D&O Indemnitee, as applicable, against APC and its subsidiaries; and (iii) for the avoidance of doubt, all damages, costs, losses and other Liabilities incurred by any ARKO D&O Indemnitee in connection with his or her service as a director or officer of APC or any of its subsidiaries shall constitute APC Liabilities. For the elimination of doubt, nothing contained herein shall impair or otherwise adversely affect the rights of any ARKO D&O Indemnitee to indemnification and advancement of expenses under (i) the applicable certificate of incorporation, bylaws or other governing documents of any member of the ARKO Group or the APC Group or (ii) any agreement to which such ARKO D&O Indemnitee is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Covenants Regarding the Indenture</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each member of the APC Group covenants and agrees that, for so long as it is a Guarantor or Restricted Subsidiary under, and as defined in, the Indenture: (i) it shall at all times comply with the terms and conditions of the Indenture; (ii) it shall take no action nor omit to take any action which may reasonably cause a violation of any of the representations, warranties, covenants or other terms of the Indenture; and (iii) it shall not without ARKO's prior consent in ARKO's sole discretion, utilize any of the "baskets" provided for in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ARKO and the GPM Group covenant and agree that, for so long as any member of the APC Group is a Guarantor or Restricted Subsidiary under, and as defined in, the Indenture: they (i) shall at all times comply with the terms and conditions of the Indenture; (ii) shall take no action nor omit to take any action which may reasonably cause a violation of any of the representations, warranties, covenants or other terms of the Indenture; (iii) will not extend the duration of the obligations under the Indenture, increase the principal amount owing under the Indenture, or enter into additional debt obligations which require a guarantee or restriction by any member of the APC Group under the indenture; and (iv) will indemnify, defend and hold harmless the APC Group from any and all payment obligations arising under the Indenture and shall reimburse each member of the APC Group for any amounts which any such member of the APC Group remits to (x) the Trustee under the Indenture or (y) any holder of Notes in accordance with the Indenture.

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ARTICLE VIII

<u>LEGAL PRIVILEGE</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Privilege With Respect to Related Party Transactions and Services</u>. To the extent a party comes into privileged information of any other party in connection with the provision or the receipt of services under the Management Services Agreement or any of the matters provided for herein, the parties hereby agree that the common interest privilege shall attach, to the maximum extent permitted by applicable Laws, to such information (it being understood that such common interest shall not diminish, terminate or otherwise affect any attorney-client privilege, protection pursuant to the work product doctrine or other privilege or protection under this Agreement or otherwise of any Party with respect to any such information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Privilege With Respect to Historical Information</u>. The parties recognize that legal and other professional services that have been and will be provided prior to the Effective Time have been and will be rendered for the collective benefit of ARKO and its subsidiaries, and that each of the members of the GPM Group and the APC Group should be deemed to be the client with respect to such pre-Effective Time services for the purposes of asserting all privileges, immunities, or other protections from disclosure which may be asserted under applicable Laws, including attorney-client privilege, joint defense privilege, common interest privilege, and protection under the work-product doctrine ("<u>Privilege</u>"). The parties shall have a shared Privilege with respect to all information subject to Privilege ("<u>Privileged Information</u>") which relates to such pre-Effective Time services. For the avoidance of doubt, Privileged Information includes services rendered by legal counsel retained or employed by any party (or any member of such party's group), including outside counsel and in-house counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Post-IPO Privileged Services</u>. The parties recognize that legal and other professional services will be provided following the Effective Time to each of the GPM Group and the APC Group. The Parties further recognize that certain of such post-IPO services will be rendered solely for the benefit of the GPM Group or the APC Group, as the case may be, while other such post-IPO services may be rendered with respect to claims, proceedings, litigation, disputes, or other matters which involve both the GPM Group and the APC Group. With respect to such post-IPO services and related Privileged Information, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Privileged Information relating to any claims, proceedings, litigation, disputes or other matters which involve both the GPM Group and the APC Group shall be subject to a shared Privilege among the parties involved in the claims, proceedings, litigation, disputes, or other matters at issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Section, Privileged Information relating to post-IPO services provided solely to: (i) any member of the GPM Group; or (ii) any member of the APC Group shall not be deemed shared between the parties; provided, that the foregoing shall not be construed or interpreted to restrict the right or authority of the parties (x) to enter into any further agreement, not otherwise inconsistent with the terms of this Agreement, concerning the sharing of Privileged Information, or (y) otherwise to share Privileged Information without waiving any Privilege which could be asserted under applicable Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Process with Respect to Privileged Information</u>. The parties agree as follows regarding all Privileged Information with respect to which the Parties shall have a shared Privilege:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 8.4(c), no party may waive, allege or purport to waive, any Privilege which could be asserted under any applicable Laws, and in which any other party has a shared Privilege, without the consent of the other party (such consent not to be unreasonably withheld or conditioned). Consent shall be in writing, or shall be deemed to be granted unless written objection is made within 30 days after written notice is given to such other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a dispute arises between or among the parties or their respective groups regarding whether a Privilege should be waived to protect or advance the interest of any party, each party agrees that it shall negotiate in good faith, and shall endeavor to minimize any prejudice to the rights of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any litigation or dispute between the parties, or any members of their respective groups, either such party may waive a Privilege in which the other party or member of such group has a shared Privilege, without obtaining the consent of the other party; provided that such waiver of a shared Privilege shall be effective only as to the use of Privileged Information with respect to the litigation or dispute between the parties and/or the applicable members of their respective groups, and shall not operate as a waiver of the shared Privilege with respect to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>No Unintentional Waiver</u>. The transfer of all information pursuant to this Agreement, the Management Services Agreement, and the other agreements among the parties hereto is made in reliance on the agreements set forth in this Article VIII, to maintain the confidentiality of Privileged Information and to assert and maintain any applicable Privilege. The access to information being granted pursuant to such agreements, the agreement to provide witnesses and individuals pursuant to this Agreement, the furnishing of notices and documents and other cooperative efforts contemplated herein, and the transfer of Privileged Information between the parties pursuant to this Agreement shall not be deemed a waiver of any Privilege that has been or may be asserted under this Agreement.

ARTICLE IX

<u>LICENSE OF NAME AND MARK</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Grant of License</u>. Upon the terms and conditions set forth in this Article IX, GPM hereby grants and conveys to each of the entities currently or hereafter comprising a part of the APC Group a nontransferable, nonexclusive, royalty free right and license ("<u>License</u>") to use the name "GPM" (the "<u>Name</u>") and any associated or related marks (the "<u>Mark</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Ownership and Quality</u>. The APC Group agrees that ownership of the Name and the Mark and the goodwill relating thereto shall remain vested in GPM both during the term of this License and thereafter, and the APC Group further agrees, never to challenge, contest or question the validity of GPM's ownership of the Name and Mark or any registration thereto by GPM. In connection with the use of the Name and the Mark, the APC Group shall not in any manner represent that they have any ownership in the Name and the Mark or registration thereof

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except as set forth herein, and the APC Group acknowledges that the use of the Name and the Mark shall not create any right, title or interest in or to the Name and the Mark, and all use of the Name and the Mark by the APC Group shall inure to the benefit of GPM. The APC Group agrees, to use the Name and Mark in accordance with such quality standards established by GPM and communicated to the APC Group from time to time, it being understood that the products and services offered by the members of the APC Group immediately before the Effective Time are of a quality that is acceptable to GPM and justifies the License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Termination</u>. The License shall terminate upon termination of this Agreement.

ARTICLE X

<u>MISCELLANEOUS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Sharing of Information</u>. Subject to any limitations imposed by applicable Law, GPM and APC (acting directly or through members of the GPM Group or the APC Group, respectively) shall provide to the other and their respective representatives, agents and vendors all information relevant to the performance of the parties to this Agreement. The parties shall also enter into any business associate agreements that may be required for the sharing of any information pursuant to this Agreement to comply with the requirements of HIPAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>GPM Benefit Plans/Right to Amend</u>. Nothing in this Agreement shall prohibit GPM or any other member of the GPM Group from amending, modifying or terminating any GPM Benefit Plan at any time within its sole discretion, provided that any such amendment, modification or termination shall not relieve GPM or any member of the GPM Group from any obligation herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Consent of Third Parties</u>. If any provision of this Agreement is dependent on the consent of a third party and such consent is withheld, the parties to this Agreement shall use their commercially reasonable efforts to implement the applicable provisions of this Agreement to the fullest extent practicable. If any provision of this Agreement cannot be implemented due to the failure to obtain any such third-party consent, the parties to this Agreement shall negotiate in good faith to implement the provision in a mutually satisfactory manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Regulatory Compliance/WARN</u>. The parties to this Agreement shall, in connection with the actions taken pursuant to this Agreement, reasonably cooperate in making any and all appropriate filings required under the Code, ERISA and any applicable securities Laws. Notwithstanding anything set forth in this Agreement to the contrary, none of the transactions contemplated by or undertaken by this Agreement or the IPO is intended to and shall not constitute or give rise to an "employment loss" or employment separation within the meaning of the federal Worker Adjustment and Retraining Notification (WARN) Act, or any other federal, state, or local law or legal requirement addressing mass employment separations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Fiduciary Matters</u>. It is acknowledged that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of conduct under ERISA, and no party to this Agreement shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith determination that to do so would violate such a fiduciary duty or standard. Each party to this Agreement shall be responsible for taking such actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities and shall fully release and indemnify the other party hereto for any Liabilities caused by the failure to satisfy any such responsibility.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>No Third-Party Rights</u>. The provisions of this Agreement are solely for the benefit of the parties hereto (and the other members of the GPM Group and the APC Group) and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or Persons any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement, including any employee, former employee (and each of the foregoing Person's dependents and beneficiaries) of the GPM Group, APC or the APC Group. Furthermore, nothing in this Agreement is (a) intended to confer upon any employee or former employee of GPM, APC or any member of the GPM Group or the APC Group any right to continued employment, or any recall or similar rights to an individual on layoff or any type of leave, or (b) to be construed to relieve any insurance company of any responsibility for any employee benefit under any Benefit Plan or any other Liability. Nothing in this Agreement is intended as an amendment to any Benefit Plan or employment practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Entire Agreement</u>. This Agreement, together with the applicable portions of the Management Services Agreement, constitutes the entire agreement among the parties to this Agreement with respect to the subject matter of this Agreement and supersedes any previous agreements and understandings between or among the parties with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Effective Date of this Agreement</u>. Once executed by all parties, this Agreement shall become effective as of the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Amendment; Waiver</u>. This Agreement shall not be amended, modified or supplemented except by a written instrument signed by an authorized representative of each of GPM and APC. Notwithstanding the foregoing, in the event that APC directly or indirectly acquires or creates a subsidiary which is not otherwise a direct or indirect subsidiary of APC and which employs employees, the parties to this Agreement agree to re-negotiate this Agreement in good faith in order to, among other items, reflect that APC or such new subsidiary shall be responsible for Liabilities associated with such employees, including but not limited to their (and their dependents') participation in APC Benefit Plans and/or GPM Benefit Plans. Any of the terms, covenants or conditions contained herein may be waived only by an instrument in writing signed by the party against whom such waiver is to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in subsection (b) below, this Agreement may be terminated only by the mutual consent of each of the parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of a Change of Control, or upon the occurrence of a change in control (as defined in the GPM LTIP) of GPM, each of GPM and APC, shall have the right to terminate this Agreement upon no fewer than 60 days' prior written notice given to such other party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Survival</u>. The provisions of <u>Article I</u>, <u>Section</u> <u>2.2(b)</u>, <u>Section</u> <u>2.3(b)</u>, <u>Section</u> <u>2.5</u>, <u>Section</u> <u>2.6</u>, <u>Section</u> <u>3.1(b)</u>, <u>Article V</u>, <u>Article VI</u>, <u>Article VII</u>, and <u>Article X</u> shall survive the expiration or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 <u>Governing Law; Jurisdiction; Venue</u>. This Agreement and all claims and causes of action (whether based in contract, tort or otherwise) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance thereof shall be governed and construed in accordance with the laws of the State of Delaware, without regard to conflicts of law principles of such state that would result in the application of the laws of any jurisdiction other than those of the State of Delaware. Each party hereby irrevocably and unconditionally (a) submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and any Delaware state appellate courts therefrom for any action, suit or proceeding arising out of or relating to this Agreement (unless the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, in which case such matter shall be brought before any state or federal court located in the State of Delaware), and each party hereby irrevocably and unconditionally agrees not to commence any such action, suit or proceeding except in such courts, (b) waives any objection to the laying of venue of any such action, suit or proceeding in any such courts and (c) waives and agrees not to plead or claim that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Each of the parties further agrees that service of any process, summons, notice or document by registered mail to its address set forth above shall be effective service of process for any action, suit or proceeding brought against it.

*[Signature Pages Follow]* 

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**IN WITNESS WHEREOF,** the parties to this Agreement have caused this Agreement to be signed by their authorized representatives as of the date first above written.

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| |
|:---|
| **ARKO Corp.** |
| **Arko Convenience Stores, LLC** |
| **GPM Investments, LLC** |
| By: |
| Name: Arie Kotler |
| Title: Chief Executive Officer |
| By: |
| Name: Galagher Jeff |
| Title: Chief Financial Officer |

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[*signatures continue on following pages*]

*[Signature Page to Employee and Intercompany Matters Agreement]*

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| |
|:---|
| **<u>Additional GPM Parties</u>** |
| Admiral Real Estate I, LLC |
| Broyles Hospitality, LLC |
| Colonial Pantry Holdings, LLC |
| Florida Convenience Stores, LLC |
| GPM1, LLC |
| GPM2, LLC |
| GPM3, LLC |
| GPM4, LLC |
| GPM5, LLC |
| GPM6, LLC |
| GPM7, LLC |
| GPM8, LLC |
| GPM9, LLC |
| GPM Apple, LLC |
| GPM Gas Mart Realty Co, LLC |
| GPM Southeast, LLC |
| GPM Midwest, LLC |
| GPM Midwest 18, LLC |
| Marsh Village Pantries, LLC |
| Mundy Realty, LLC |
| Next Door Group LLC |
| Next Door RE Property, LLC |
| Pantry Property, LLC |
| Palm Food Stores, LLC |
| Pride Convenience Holdings, LLC |
| Pride Management, LLC |
| Pride Operating, LLC |
| Village Pantries Merger Sub, LLC |
| Village Pantry Specialty Holding LLC |
| Village Pantry, LLC |
| Viva Pantry and Petro Operations, LLC |
| Village Variety Store Operations, LLC |
| Worsley Operating Company, LLC |
| By: |
| Name: Arie Kotler |
| Title: Chief Executive Officer |
| By: |
| Name: Galagher Jeff |
| Title: Chief Financial Officer |

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[*signatures continue on following page*]

*[Signature Page to Employee and Intercompany Matters Agreement]*

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| |
|:---|
| **ARKO Petroleum Corp.** |
| By: |
| Name: Arie Kotler |
| Title: Chief Executive Officer |
| By: |
| Name: Jordan Mann |
| Title: Chief Financial Officer |
| <u>**Additional APC Parties**</u> |
| GPM Empire, LLC |
| GPM Petroleum GP, LLC |
| GPM Petroleum, LLC |
| GPM Petroleum LP |
| GPM RE, LLC |
| GPM Transportation Company, LLC |
| Pine Belt Oil Company, LLC |
| Ramco, LLC |
| By: |
| Name: Arie Kotler |
| Title: Chief Executive Officer |
| By: |
| Name: Galagher Jeff |
| Title: Chief Financial Officer |

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*[Signature Page to Employee and Intercompany Matters Agreement]*

## Exhibit 10.9

**Exhibit 10.9** 

**FORM OF** 

**THIRD AMENDED, RESTATED AND CONSOLIDATED FUEL DISTRIBUTION AGREEMENT** 

THIS THIRD AMENDED, RESTATED AND CONSOLIDATED FUEL DISTRIBUTION AGREEMENT (this "**<u>Agreement</u>**") is made and entered into on the date of, and immediately prior to the closing of the initial public offering of the class A common stock of ARKO PETROLEUM CORP., a Delaware corporation ("**<u>APC</u>**"), to be retroactively effective as of the first day of the calendar month in which such closing occurs (the "**<u>Effective Date</u>**") among GPM PETROLEUM, LLC, a Delaware limited liability company ("**<u>SBI Holder</u>**"), GPM EMPIRE, LLC, a Delaware limited liability company ("**<u>Licensee Supplier</u>**"), and GPM INVESTMENTS, LLC, a Delaware limited liability company ("**<u>GPM Investments</u>**"), on behalf of itself and all of its current and future direct and indirect wholly-owned subsidiaries, and other affiliates operating convenience stores and gas stations other than APC and its subsidiaries (such entities, individually and collectively, a "**<u>Purchaser</u>**"), each of the parties to the Agreement having its principal place of business at 8565 Magellan Parkway, Suite 400, Richmond, Virginia 23227.

**<u>WITNESSETH</u>**

WHEREAS, SBI Holder is currently engaged in the sale and distribution of branded and unbranded gasoline (all grades), diesel fuel, ethanol, biodiesel and kerosene (the "**<u>Product</u>**"). SBI Holder is currently the exclusive supplier of the Product for all (subject to Section 1(b)) of the convenience stores and gasoline facilities operated by Purchaser (the "**<u>Stations</u>**") pursuant to that certain Second Amended and Restated Fuel Distribution Agreement dated September 30, 2020 (as further amended, the "**<u>Prior Fuel Distribution Agreement</u>**").

WHEREAS, SBI Holder and Licensee Supplier have entered into that certain Agreement Regarding SBI and Fuel Supply (the "**<u>SBI Agreement</u>**") pursuant to which, as of the Effective Date, (a) SBI Holder assigned to Licensee Supplier, and Licensee Supplier assumed from SBI Holder all of SBI Holder's rights and obligations to purchase fuel under its contracts with fuel suppliers and (b) SBI Holder granted to Licensee Supplier the SBI License (as defined in the SBI Agreement) in exchange for the Licensing Fee (as defined in the SBI Agreement) which permits Licensee Supplier to be the exclusive distributor of the Product to the Purchaser under this Agreement.

WHEREAS, in addition to the supply of fuel, Purchaser desires for SBI Holder to provide certain fuel pricing services to Purchaser.

NOW, THEREFORE, in consideration of the mutual promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legal bound, hereby agree as follows:.

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1. **<u>Exclusive Supplier</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Applicable Term (as defined below), Licensee Supplier shall be the sole and exclusive supplier of the Product to be sold from the Stations, and Purchaser shall sell from the Stations only the Product supplied by Licensee Supplier , subject to <u>Section</u> <u>2(c)</u>. Licensee Supplier hereby agrees to supply Purchaser with such grades and quantities of the Product as Purchaser shall order, excepting interruptions covered in <u>Section</u> <u>11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser expressly covenants and agrees that, during the Applicable Term and except as otherwise provided herein, Purchaser will not obtain Product for the Stations from any source other than Licensee Supplier and will not deliver Product purchased hereunder to any location other than the Stations. In the event of a breach of the foregoing covenant, in addition to any other right or remedy afforded to Licensee Supplier under this Agreement or under any applicable law, statute or regulation, (i) Licensee Supplier and Purchaser acknowledge and agree that it would be extremely difficult to accurately determine the amount of damages suffered by Licensee Supplier as a result of such breach and (ii) Purchaser further agrees that money damages may not be a sufficient remedy for any breach of the foregoing covenant, and that Licensee Supplier also shall be entitled to seek specific performance, injunctive relief or other equitable relief as a remedy for any such breach without the necessity of posting a bond or other security, except as may be expressly mandated under any applicable federal or state statute. Each of the foregoing remedies shall be in addition to and not in lieu of or at the exclusion of any and all other remedies available to Licensee Supplier under this Agreement or at law or equity. Notwithstanding the foregoing, Licensee Supplier acknowledges that if a Station is required by Licensee Supplier to acquire fuel from a specified supplier other than Licensee Supplier (whether (v) due to excise tax limitations; (w) as a requirement of a lease; (x) due to a restrictive covenant on real estate; (y) due to such Station being acquired subject to a jobber agreement which cannot be terminated or assigned to Licensee Supplier; *provided* that Purchaser shall be required to purchase its motor fuel requirements for any such store from the SBI Holder as soon as reasonably possible and, in any case, no later than the expiration of the remaining initial term of the applicable pre-existing supply agreement; or (z) otherwise due to circumstances outside of Purchaser's control), then Purchaser may obtain fuel in compliance with, and to the extent required by, such requirement or as otherwise permitted by Licensee Supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Station shall be automatically removed from this Agreement in the event that (i) Purchaser closes such Station, (ii) Purchaser's lease for such Station terminates or expires for any reason or (iii) Purchaser sells such location to a third party who is not an affiliate of Purchaser and Purchaser has not entered into an agreement to supply Product to such Station; *provided* that, in the case of this <u>Section</u> <u>1(c)(iii)</u>, consent of Licensee Supplier is required to remove such Station from this Agreement unless (x) Purchaser has agreed to substitute one or more locations as Stations(s) which will require the supply of no less than equivalent volume of Product within 6 months of such sale, (y) Licensee Supplier becomes a direct supplier of fuel to the third party who will operate such Station, or (z) such sale does not cause the decrease in the aggregate volume of Product sold at Stations under this Agreement (such volume of Product with respect to each sold Station to be calculated as of the prior full 12 month period preceding such sale) to exceed 10% of the aggregate volume of Product sold by Licensee Supplier under this Agreement during the full 12 month period preceding the sale in question.

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2. **<u>Volume Commitments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Applicable Term, unless earlier terminated by Purchaser in accordance with <u>Section</u> <u>10</u>, the quantity of Product covered by this Agreement shall be all of Purchaser's requirements for the Stations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, during any period of this Agreement for which the amount of any such Product that Licensee Supplier is required to supply to Purchaser is prescribed by government rules, regulations or orders, the quantity of such Product to be supplied by Licensee Supplier to Purchaser covered hereby shall be the quantity so prescribed instead of the quantity described in <u>Section</u> <u>2(a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that Licensee Supplier is unable to distribute all motor fuel volumes that Purchaser desires to purchase from Licensee Supplier Purchaser may purchase from third parties its requirements of any motor fuel volumes in excess of the amounts of such motor fuel supplied by Licensee Supplier. Additionally, with respect to Stations located in Massachusetts, Purchaser and its subsidiaries may purchase Product for such Stations from third parties so long as Purchaser provides an accounting of each gallon of Product purchased for such and pays Licensee Supplier an amount equal to the Adder for each such gallon purchased from third parties.

3. **<u>Delivery and Risk of Loss</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deliveries of Product where Licensee Supplier arranges for transportation shall be made at Purchaser's sole expense f.o.b. at the delivery point. The Product shall be delivered by Licensee Supplier to Purchaser directly or through Purchaser's hired common carrier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In all cases, title to, and risk of loss of, all Product shall pass from Licensee Supplier to Purchaser when such Product is placed in the tank at the Station.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the Product costs set forth in <u>Section</u> <u>4</u> below, Purchaser shall pay to Licensee Supplier the actual cost of freight to the Stations after all discounts and rebates are applied, with such payment due to SBI Holder in accordance with <u>Section</u> <u>5</u>. Purchaser shall strictly comply with all applicable rules and regulations of terminals and facilities at which Purchaser receives Product from Licensee Supplier.

4. **<u>Product Cost</u>**. Purchaser shall pay Licensee Supplier the Rack Price, as hereinafter defined, for its purchases of the Product, plus (i) all applicable taxes, fees and governmental surcharges, and (ii) the Adder. The term "**<u>Rack Price</u>**" shall mean the posted rack price of the branded fuel supplier or unbranded seller of such Product, as applicable, in effect at the terminal of origin for its wholesalers as of the time and date of delivery to Purchaser. The term "**<u>Adder</u>**" shall mean six cents ($0.06) per gallon, unless the foregoing Adder is adjusted by mutual agreement of Purchaser and Licensee Supplier; it being understood that Purchaser shall consent in good faith to any adjustment proposed by Licensee Supplier due to an increase in its costs of performing services hereunder. Purchaser shall retain and be entitled to (x) any prompt payment discounts and (y) all other discounts or rebates for all Stations, as offered by the branded fuel supplier (or any unbranded supplier) and earned by Licensee Supplier or any other discounts allowed by law, and Licensee Supplier shall use its commercially reasonable efforts to make its payments to its suppliers in a manner that maximizes such discounts and rebates; it being

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understood that Purchaser's ability to receive such discounts and rebates was material in Purchaser's agreement to the payment terms herein. All prices charged by Licensee Supplier are subject to the provisions of applicable law. It is agreed that any duty, tax, fee or other charge which Licensee Supplier may be required to collect or pay under any municipal, state, federal or other laws now in effect or hereafter enacted with respect to the production, manufacture, inspection, transportation, storage, sale, delivery or use of the Product covered by this Agreement shall be added to the prices to be paid by Purchaser for Product purchased hereunder.

5. **<u>Credit, Payment and Credit Cards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to all amounts owed to Licensee Supplier hereunder, Purchaser shall pay Licensee Supplier via electronic funds transfers ("**<u>EFT</u>**"), which EFTs shall be activated by SBI Holder in accordance with this <u>Section</u> <u>5(a)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided in <u>Section</u> <u>5(a)(ii)</u>, Purchaser shall pay all amounts due to Licensee Supplier five (5) days from the date of the applicable invoice from Licensee Supplier, including the amounts due in accordance with <u>Sections 3</u> and <u>4</u>. Any EFT will be activated by SBI Holder on the bank and account designated by Purchaser. The amount drafted will be the total charges due and payable by Purchaser for the Product and the applicable freight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser shall also pay for taxes and any other charges and fees associated with the sales of the Product, with such payment to be made on invoice unless otherwise agreed by SBI Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any money owed by Purchaser to Licensee Supplier after the due date shall bear interest at the rate of the lesser of (a) 1% per month (12% annual percentage rate) and (b) the maximum interest rate permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All bills and statements rendered to Purchaser by Licensee Supplier during any month shall conclusively be presumed to be true and correct after sixty (60) days following the end of any such month, unless within such sixty (60) day period, Purchaser delivers to SBI Holder written exception thereto setting forth the item or items questioned and the basis therefor. Time is of the essence in Purchaser's complying with this provision. Notwithstanding the foregoing, Purchaser hereby acknowledges and agrees that, with respect to deliveries made at any terminal to Purchaser's transport trucks or common carrier, if any, the amount of Product purchased as stated by the terminal shall be deemed to be accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless restricted by a Product brand, Purchaser may arrange for its own credit card processing. If any of the Product sold at a Station is branded, Purchaser shall be bound by all of the terms and conditions of any branded fuel SBI Holder's credit card guide, as amended from time to time, including but not limited to the requirement to accept and honor for processing all credit cards identified in such credit card guide. To the extent SBI Holder receives credit card receipts for the Stations, Licensee Supplier shall, subject to <u>Section</u> <u>5(e)</u>, remit such receipts to Purchaser via EFT on a daily basis; provided that, Purchaser shall be solely responsible for credit sales tickets not evidencing deliveries of products or services authorized by the credit card guide, those which are not completed in accordance with the requirements thereof and other chargebacks and in such event, the value of such credit sales tickets shall immediately become due and owing to SBI Holder and may be deducted from subsequent EFTs of credit card receipts from Licensee Supplier to Purchaser. Purchaser and SBI Holder agree that all credit card sales at the Stations shall be made pursuant to the branded fuel SBI Holder's required point of sale system for processing credit cards and Purchaser shall bear the expense of the credit card fees for such sales.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser hereby represents and warrants to Licensee Supplier that the sale of petroleum and other products at the Stations is and will be in compliance with the Payment Card Industry ("**<u>PCI</u>**") data security standards, as such standards are in effect from time to time. SBI Holder acknowledges that as of the Effective Date not all of Purchaser's outside dispensers are EMV compliant. Purchaser hereby agrees to indemnify and hold harmless SBI Holder from any breach of such PCI and EMV standards by Purchaser during the Applicable Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Licensee Supplier shall have the right, but not the obligation, to offset any indebtedness owed by SBI Holder to Purchaser against any indebtedness owed by Purchaser to Licensee Supplier, whether arising from the receipt of credit card proceeds or otherwise.

6. **<u>Marketing and Advertising; Handling of the Product; Maintenance; Fuel Pricing Services</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser agrees to market the Product under the brands, trade names and trademarks established for the Product, and not to sell the petroleum products of other branded fuel suppliers during the Applicable Term, except as permitted hereby. Purchaser agrees that Purchaser shall maintain the Stations in strict compliance with each applicable brand's image standards, as such standards are changed from time to time during the Applicable Term. Purchaser acknowledges that such trademarks are owned by or used by the applicable branded fuel supplier, which retains the right, subject to requirements of law, to withdraw these from Purchaser at any time notwithstanding any request or demand by Licensee Supplier to the contrary. Subject to the approval of the applicable branded fuel suppliers, Licensee Supplier grants to Purchaser the non-exclusive right to use such Licensee Supplier's proprietary marks in connection with the advertising, marketing, and resale of the branded Product purchased from Licensee Supplier under this Agreement. Purchaser agrees that, with respect to any Station where it sells branded Product, petroleum products of other branded suppliers or unbranded products will not be sold by Purchaser at such Station under the applicable branded supplier's proprietary marks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall be responsible for the handling and marketing, including all point of sale materials, of the Product, including charges therefor, and shall comply with all requirements of any governmental agency and the branded fuel supplier with respect thereto. Purchaser shall not allow or permit any Product sold hereunder to be mislabeled, misbranded or contaminated by mixture or adulteration with any other motor fuel, if applicable, or with any other material. This includes contamination by water. Licensee Supplier shall not be liable, nor shall Licensee Supplier reimburse any customer of Purchaser for any damages, repairs or losses that result from contaminated gasoline dispensed into a vehicle by Purchaser or Purchaser's agents, representatives, or employees. Purchaser covenants and agrees that all petroleum products to be sold at the Stations will be provided by Licensee Supplier hereunder, and no petroleum products to be sold at the Stations will be provided by any other supplier.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser is solely responsible for all exterior maintenance and all interior maintenance at the Stations, including, without limitation, the maintenance and replacement of the underground storage tanks, subsurface systems, dispensing equipment and consoles and all other equipment associated with the sale of the Product at the Stations, the maintenance of the lights on the canopy and identification sign effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) APC agrees to provide the Fuel Pricing Services to Purchaser. As used herein (the "**<u>Fuel Pricing Services</u>**" means researching pricing in relevant markets, utilizing software to optimize pricing, and sending pricing to Stations. Notwithstanding the foregoing, Purchaser has the right in its sole discretion to change the price at any Station at any time.

7. **<u>Branding; Rebranding; Amortization of Costs of Improvements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Purchaser's approval, Licensee Supplier shall have the right to substitute the current branded fuel supplier trademarks for trademarks owned or controlled by any other major fuel supplier. In the event of such substitution at the request of Licensee Supplier, Licensee Supplier undertakes to arrange for and bear the cost, if any, of the replacement of such signs, symbols, and similar indicia which must be replaced as a consequence of such substitution and any other cost or expense related to such substitution and Licensee Supplier shall bear any penalties or costs, including, but not limited to, image repayment or recapture obligation as the result of debranding such Station (all of the foregoing, collectively "**<u>Licensee Supplier-Initiated Rebranding Costs</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser may at any time request to substitute the current branded fuel supplier trademarks for trademarks owned or controlled by any other major fuel supplier for whom Licensee Supplier is a jobber or to become unbranded at any Station. In the event of such substitution at the request of Purchaser, Purchaser undertakes to arrange for and bear the cost, if any, of the replacement of such signs, symbols, and similar indicia which must be replaced as a consequence of such substitution and any other cost or expense related to such substitution and Purchaser shall bear any penalties or costs, including, but not limited to, image repayment or recapture obligation as the result of debranding such Station.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon termination, nonrenewal, or expiration of this Agreement or prior thereto upon demand by a branded supplier, Purchaser's right to use the proprietary marks of such branded fuel supplier will terminate, and Purchaser shall discontinue the posting, mounting, display or other use of such branded fuel supplier's proprietary marks. In the event that Purchaser fails to do so to the satisfaction of such branded supplier or Licensee Supplier, subject to applicable law, the branded fuel supplier and Licensee Supplier (i) shall have the right to cause any and all signage, placards, and other displays bearing the proprietary marks to be removed from the Stations; and (ii) shall have the right to use any means necessary to remove, cover or obliterate the proprietary marks, including entry to the Stations to do so. In the event the branded fuel supplier or Licensee Supplier take any such action hereunder, Purchaser shall bear all costs and expenses thereof, including without limitation the costs of removing, obliterating, or covering the proprietary marks.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser shall be entitled to all rebranding and image enhancement incentives, bonuses and other payments including, but not limited to, incentives related to (i) the conversion of retail sites into branded sites, (ii) the demolition of retail sites and (iii) the construction of branded sites (collectively with clauses (i) and (ii), "**<u>Branding Costs</u>**") offered by any branded fuel supplier. Purchaser shall promptly repay to Licensee Supplier, upon written demand of Licensee Supplier, (i) any unamortized Branding Costs, (ii) any unamortized renewal incentive reimbursements, including, but not limited to, payments made pursuant to any promissory notes issued by Licensee Supplier to a branded fuel supplier, (iii) any penalties pertaining to the failure to meet image requirements and guidelines, including, but not limited to, attorney's fees and (iv) any costs related to signage removal and site de-branding other than Licensee Supplier-Initiated Rebranding Costs, including, but not limited to, attorney's fees. Licensee Supplier shall maintain records indicating the total amount due and owing from Purchaser with respect hereto and shall, upon written request by Purchaser, provide Purchaser with copies of such records.

8. **<u>Environmental Matters</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser hereby represents and warrants that it is and will at all times be in compliance in all material respects with all requirements imposed by any law, rule, regulation, or order of any federal, state or local executive, legislative, judicial, regulatory or administrative agency, board or authority in effect and applicable to the Stations and the operation of Purchaser's business at the Stations which relate to (i) pollution or protection of the air, surface water, ground water or land; (ii) solid, gaseous or liquid waste generation, treatment, storage, disposal or transportation; (iii) exposure to hazardous or toxic substances; and (iv) regulation of the manufacture, processing, distribution in commerce, use, or storage of chemical substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Product spill, leak or release occurs at the Stations in connection with Purchaser's operation thereof or otherwise, or if any representation and warranty in <u>Section</u> <u>8(a)</u> should cease to become true at any time during the Applicable Term, Purchaser shall (i) to the extent applicable, notify the appropriate governmental authorities and (ii) take such action as required by the governmental authority having jurisdiction, to clean up the spill, leak or release or other contamination and prevent further damage. If Licensee Supplier or SBI Holder incurs any loss due to the environmental condition of the Stations or the environmental damage caused by Purchaser in the operation of their business (including natural resources damages, penalties for noncompliance or costs incurred in complying with environmental laws), Purchaser shall pay Licensee Supplier or SBI Holder, as applicable, on demand the amount of any such losses and costs. This remedy is in addition to Licensee Supplier's and SBI Holder's other remedies and indemnities under this Agreement or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall be responsible for compliance with all regulations relating to inventory controls maintenance of all underground storage tanks, and Purchaser shall measure the inventory of all underground storage tanks daily by tank sticking (on a per grade basis) or other industry-accepted measurement technique, and reconcile the measured inventory with meter readings daily. Purchaser shall keep a daily log of all underground storage tank inventory readings at the Stations and all other government mandated environmental records. All such records and logs shall be available for inspection by Licensee Supplier and SBI Holder at any reasonable time.

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9. **<u>Indemnification</u>**. Purchaser agrees to indemnify, pay, and hold harmless SBI Holder, Licensee Supplier and each of their affiliates and all of their respective officers, directors, members, managers, partners, employees, shareholders, advisors, agents, and other representatives of each of the foregoing and their respective successors and permitted assigns (each, an "**<u>Indemnified Party</u>**") from and against any and all actual losses, claims, damages, actions, judgments, suits, costs, expenses, disbursements, and liabilities, joint or several, of any kind or nature whatsoever (including the reasonable and documented out-of-pocket fees and disbursements of counsel for any Indemnified Party, and including any out-of-pocket costs associated with any discovery or other information requests), whether direct, indirect, special, or consequential and whether based on any federal, state, or foreign laws, statutes, rules, or regulations (including securities and commercial laws, statutes, rules, or regulations) on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any Indemnified Party, in any manner relating to or arising out of, in connection with, or as a result of (i) this Agreement, the Prior Fuel Distribution Agreement, Product, the transactions contemplated herein, or any related guarantees, security documents, agreements, instruments, or other documents, (ii) the negotiation, formulation, preparation, execution, delivery, or performance of the foregoing, (iii) any claim, litigation, investigation, or proceeding relating to the foregoing, regardless of whether any Indemnified Party is a party thereto and whether or not the transactions contemplated hereby are consummated, (iv) the negligent or willful misconduct of Purchaser or any of its employees or agents, in connection with the handling, storage or sale of the Product on or from the Stations, (v) any violation by Purchaser or any of its employees or agents, of any law, rule, regulation or ordinance now existing or hereinafter enacted, promulgated or modified with respect to the hauling, handling, storage or sale of the Product, including any environmental contamination, (vi) any defects in the equipment used by Purchaser with respect to the transporting, storage, handling or dispensing of the Product, or (vii) any breach, default, violation, misrepresentation or breach of warranty by Purchaser in or under this Agreement or any other agreement or instrument executed by Purchaser in connection with this Agreement or the transactions contemplated herein (such foregoing amounts, collectively, the "**<u>Losses</u>**" and the obligation of Purchaser, the "**<u>Indemnification Obligations</u>**"). Purchaser shall reimburse, indemnify, and hold harmless each Indemnified Party reasonably promptly, but in no event later than 30 days following written demand therefor. Notwithstanding anything to the contrary contained in this Agreement, the Indemnification Obligations set forth herein shall survive the expiration or termination of this Agreement and (ii) shall be binding on any successor or assign of SBI Holder, Licensee Supplier and the successors or assigns to any material portion of its business and assets.

10. **<u>Term</u>**. This Agreement shall be in effect for a term beginning on the Effective Date and shall end on the date that is ten (10) years following the last day of the month in which the Effective Date occurs (the "**<u>Applicable Term</u>**").

11. **<u>Force Majeure</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in this Agreement, in the event that either party hereto is hindered, delayed or prevented by "force majeure" in the performance of this Agreement, the obligation of the party so affected shall be suspended and proportionally abated during the continuance of the force majeure condition and the party so affected shall not be liable in damages or otherwise for its failure to perform. The term "force majeure" as used herein shall mean any cause whatsoever beyond the control of either party hereto, including, but not limited to (i) act of God, flood, fire, explosion, war, riot, strike and other labor disturbance; (ii) failure in, or inability to obtain on reasonable terms, raw materials, finished products, transportation facilities, storage facilities and/or manufacturing facilities; (iii) diminution, nonexistence or redirection of

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supplies as a result of compliance by the branded fuel supplier, voluntary or otherwise, with any request, order, requisition or necessity of the government or any governmental officer, agent or representative purporting to act under authority, or with any governmental or industry rationing, allocation or supply program; and (iv) the branded fuel supplier's inability to meet the demand for its products at the branded fuel supplier's normal and usual source points for supplying SBI Holder, regardless of the branded fuel SBI Holder's reasoning for its inability to meet the demand for its products, including whether the branded fuel supplier may have been forced to divert certain supplies from such source points in order to alleviate shortages at other distribution points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Agreement, if, for any reason, any branded fuel supplier is unable to supply the requirements of all of its customers of any Product and such supply constriction affects Licensee Supplier, Licensee Supplier's obligation while such condition exists shall, at its option, be reduced to the extent necessary in its sole judgment and discretion to apportion fairly and reasonably among Licensee Supplier's customers the amount of product which it is able to supply. Purchaser shall not hold Licensee Supplier responsible in any manner for any losses or damages which either party may claim as a result of any such apportionment. Licensee Supplier shall not be required to make up any deficiency in any Product not delivered as a result of any such apportionment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this <u>Section</u> <u>11</u> shall excuse Purchaser from making payment when due for purchases made under the Agreement.

12. **<u>Inspection of Records; Audit</u>**. Purchaser acknowledges that Licensee Supplier shall have a right to inspect Purchaser's operation of its business and the operation of the motor fuel dispensing business for each Station, and in particular shall have a right to verify that Purchaser is complying with all its contractual obligations contained in this Agreement and is complying with all federal, state and local laws and regulations pertaining to environmental protection and trademark use. In order to verify that Purchaser is complying with all its contractual obligations and all environmental laws and trademark laws, Purchaser hereby agrees that Licensee Supplier may enter Purchaser's places of business, including the Stations, for purposes of conducting an inspection and audit. As part of any inspection and audit, Licensee Supplier shall be allowed to review all records including, but not limited to, all records of purchases, deliveries, sales and inventory reconciliation. SBI Holder may, at any reasonable time and without prior notice, conduct a walk through and visual inspection of the Stations.

13. **<u>Relationship of the Parties</u>**. Purchaser is an independent organization with the exclusive right to direct and control its business operations, including the establishment of the prices at which products and merchandise are sold at the Stations, subject to applicable laws and regulations.

14. **<u>Waiver; Jurisdiction; Amendment and Restatement of Prior Fuel Distribution Agreement; Entire Agreement; etc</u>**. The failure of any party to require strict performance by any other party hereunder, or any course of dealing between the parties hereto, shall not be deemed a waiver of any of the terms or conditions of this Agreement or of any right or remedy available to either party at law or in equity. Purchaser and Licensee Supplier covenant and agree that this Agreement shall be interpreted and enforced in accordance with the laws of the Commonwealth of Virginia, without regard to its choice of law rules that would result in the application of the laws of any jurisdiction other than those of the Commonwealth of Virginia. This Agreement shall not

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be amended or modified, and no waiver of any provision hereof shall be effective, unless set forth in a written instrument duly executed by the parties hereto. The Prior Fuel Distribution Agreement is hereby amended and restated to read in its entirety as set forth in this Agreement. This Agreement contains the entire agreement between the parties relating to the matters addressed herein and the transactions contemplated hereunder and supersedes, amends and restates, all prior and contemporaneous negotiations, undertakings and agreements, whether written or oral, between the parties and their affiliates including the Prior Fuel Distribution Agreement. It is hereby agreed to and understood by the parties to this Agreement that if SBI Holder obtains a judgment against Purchaser for breach of any provisions hereof, SBI Holder's contract damages include all attorney's fees and other litigation expenses incurred by SBI Holder in obtaining such judgment. This Agreement shall be binding upon, and inure to the benefit of the parties hereto and their respective successors, permitted assigns and legal representatives. THE PARTIES HERETO SHALL AND THEY HEREBY DO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT.

15. **<u>Laws</u>**. Purchaser recognizes that it is handling hazardous substances and agrees that in receiving, storing, handling, offering for sale, selling, delivering for use, exchanging in trade or using itself Product purchased from Licensee Supplier, Purchaser will in all respects exercise the strictest care required by law and that it will comply with any and all applicable federal, state and local laws, ordinances, as exist now or hereinafter come into force, including, but not limited to, those governing dispensing equipment, pollution, the maximum sulfur content of fuel, the maximum reid vapor pressure of motor fuel, the oxygen content of motor fuel, the dying requirements for diesel fuel, the maximum lead content of motor fuel and the labeling of pump stands and dispensers of motor fuel, the use and labeling of product containers, the use, maintenance and labeling of product storage tanks, the prevention of spills, leaks, venting or other improper escape from product containers or storage tanks, and the method of cleanup or disposal of product which has leaked, spilled, vented or otherwise improperly escaped from containers or storage tanks. PURCHASER WILL DEFEND, INDEMNIFY AND HOLD SELLER, ITS SUCCESSORS AND ASSIGNS, HARMLESS AGAINST ALL LOSSES, CLAIMS, CAUSES OF ACTION, PENALTIES, FINES, LIABILITIES, ATTORNEYS' FEES AND INTEREST ARISING OUT OF PURCHASER'S FAILURE TO COMPLY WITH THE PRECEDING SENTENCE, and such failure by Purchaser shall entitle Licensee Supplier to cancel this Agreement immediately as it applies to the Product affected by such failure or other products which require the same standard of care.

16. **<u>Price Regulation</u>**. Notwithstanding any other provision of this Agreement to the contrary, if any state or local law, rule, regulation, or order (a) regulating the price at which Product to be sold hereunder may be sold to Purchaser or (b) limiting the discretion of Licensee Supplier to determine to whom it will sell such Product, becomes effective during the Applicable Term in any state in which such Product is to be sold hereunder, Licensee Supplier shall have the right to cease supplying Product to the impacted Station(s) for so long as such regulation or limitation is in effect.

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17. **<u>Notices</u>**. Any notice required hereunder shall be in writing and shall be hand delivered, sent by registered or certified mail, sent by overnight delivery service or sent via email. The notice addresses of SBI Holder and Purchaser shall be their respective principal places of business as specified herein, or such other place as a party shall specify in writing to the other. Any such notices shall take effect upon hand delivery, delivery by overnight delivery service or three (3) days after the mailing thereof, as applicable. Any notice given by email shall be deemed to have been given as of the date transmitted by email (or if transmitted after the recipient's normal business hours, on the next business day, and provided that no automated notice of delivery failure is received by the sender).

18. **<u>Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be terminated upon expiration of the term stated in <u>Section</u> <u>10</u> or as otherwise provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated by Licensee Supplier:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if Purchaser commences any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the other party makes a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the other party any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there is commenced against the other party any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of their assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) the other party takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the other party becomes generally not, or becomes unable to, or admits in writing its inability to, pay its debts as they become due (each of the foregoing, a "**<u>Bankruptcy Event</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Purchaser fails to pay any amounts when due in accordance with the terms of this Agreement and such failure shall continue unremedied for thirty (30) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Purchaser fails to perform, satisfy or discharge any term, covenant, agreement, condition, warranty, obligation or duty set forth in this Agreement and such failure continues for thirty (30) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) under the circumstances described as causes for termination by Licensee Supplier in <u>Section</u> <u>16</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if Purchaser engages in fraud or criminal misconduct relevant to the operation of the business of Purchaser;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if possession of the Stations by Purchaser is interrupted by act of any government or agency thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if there occurs any other circumstance under which termination of a franchise is permitted under the provisions of the Petroleum Marketing Practices Act (P.L. 95-297).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated by Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if Licensee Supplier incurs a Bankruptcy Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if Licensee Supplier fails to perform, satisfy or discharge any term, covenant, agreement, condition, warranty, obligation or duty set forth in this Agreement and such failure continues for thirty (30) days after written notice is provided by Purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if Licensee Supplier engages in fraud or criminal misconduct relevant to the operation of the business of SBI Holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time upon ninety (90) days' notice to Licensee Supplier if Purchaser sells all or substantially all of its business (through a single transaction or a series of related transactions, including any disposition by means of an asset sale, merger, consolidation or similar transaction) and the party that acquires of Purchaser's business does not assume this Agreement;

*provided* that in connection with any termination or breach of this Agreement by any party hereto, Purchaser shall pay Licensee Supplier liquidated damages in an amount equal to (A) the Adder multiplied by (B) the number of gallons of Product Purchaser was obligated to purchase pursuant to this Agreement that remains unpurchased at the time of such termination. For purposes of such calculation, the amount of unpurchased gallons shall be equal to (x) the average of the monthly gallons purchased during the most recent twelve month period (or if twelve months have not yet elapsed then such lesser period as have elapsed) during the term of the Agreement multiplied by (y) the number of months remaining in the Applicable Term. The parties acknowledge and agree that such termination for convenience or breach by Purchaser would cause SBI Holder to suffer substantial economic damages and losses of types and in amounts which are impossible to compute and ascertain with certainty. Accordingly, the parties agree that the liquidated damages provided for in this paragraph represent a fair, reasonable and appropriate estimate of damages and are not intended as a penalty. The liquidated damages provisions set forth herein solely relates to a termination of this Agreement or Purchaser's breach of this Agreement, as applicable, and shall be in addition to, and not in lieu of, any amounts due in connection with a termination of the Amended and Restated Omnibus Agreement between the parties hereto and certain other parties and any successor agreement thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any termination of this Agreement by SBI Holder shall be accompanied by such notice from SBI Holder as may be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination of this Agreement by any party for any reason shall not relieve the parties of any obligation theretofore accrued under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The parties hereto acknowledge that during the Applicable Term, if (a) Licensee Supplier fails to timely and completely make full payment of the Licensing Fee to SBI Holder when due under the SBI Agreement, (b) Licensee Supplier breaches its indemnification obligations to SBI Holder under this Agreement or the SBI Agreement, and such breach is not cured in the timeframe permitted by the applicable agreement, (c) any party breaches (and such breach is not cured in the timeframe permitted by this Agreement) or terminates this Agreement, (d) Licensee Supplier breaches (and such breach is not cured in the timeframe permitted by the SBI Agreement) or terminates any provision of the SBI Agreement or (e) Licensee Supplier breaches (and such breach is not cured in the timeframe permitted by the applicable Fuel Supplier Agreement) or terminates any Fuel Supplier Agreement in any manner that is adverse to SBI Holder or the Administrative Agent, SBI Holder shall have the right to revoke the SBI License. Upon such revocation, Licensee Supplier shall immediately cease and desist from supplying the Product, such right to distribute the Product to Purchaser shall revert to SBI Holder, and SBI Holder shall, and hereby agrees to, assume all obligations of Licensee Supplier herein from and after the date of such reversion.

19. **<u>Sale or Assignment</u>**. No party shall assign its rights or delegate its duties under this Agreement, in whole or in part, without first receiving written consent from the other parties, which consent shall be subject to such party's sole discretion. Notwithstanding the foregoing, each party may collaterally assign its rights under this Agreement to Capital One, National Association (in its capacity as the administrative agent under that certain Second Amended and Restated Credit Agreement (the "**<u>Credit Agreement</u>**"), dated as of May 5, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof) (the "**<u>Administrative Agent</u>**"), grant a lien on this Agreement and any proceeds hereof to the Administrative Agent and hereby consent to any transfer to, or with the prior written consent of, the Administrative Agent. Furthermore, the Administrative Agent may transfer its rights under this Agreement pursuant to any collateral assignment, lien or foreclosure to any transferee without the consent of any party hereto.

20. **<u>Compliance with Laws; Severability of Provisions</u>**. The parties expressly agree that it is not the intention of any party to violate statutory or common law and that if any section, sentence, paragraph, clause or combination of same is in violation of any law, such sections, sentences, paragraphs, clauses or combination of same shall be inoperative and the remainder of this Agreement shall remain binding upon the parties hereto unless in the judgment of a party hereto, the remaining portions hereof are inadequate to properly define the rights and obligations of the parties, in which event such party shall have the right, upon making such determination, to thereafter terminate this Agreement upon written notice to the other.

21. **<u>Entire Agreement</u>**. This writing is intended by the parties to be a final, complete and exclusive statement of their agreement about the matters covered herein. This Agreement, together with the SBI Agreement, the Amended and Restated Omnibus Agreement, and the documents referred to herein or therein, contains the exclusive entire and final understanding of the parties with respect to the subject matter hereof. THERE ARE NO ORAL UNDERSTANDINGS, REPRESENTATIONS OR WARRANTIES AFFECTING IT. No amendment or alterations to this Agreement shall have any effect unless made in writing and signed by an authorized representative of each party hereto.

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22. **<u>Representations and Warranties; Limitation of Liability</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the transactions contemplated by this Agreement, each party hereby severally and not jointly represents and warrants to each other party that the following statements are correct as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such party is (a) an individual or (b) a corporation, limited partnership, limited liability company or other entity, as the case may be, duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by such party of this Agreement and the performance of the obligations contemplated hereby are within such party's powers and have been duly authorized by all necessary action on the part of such party. This Agreement has been duly executed and delivered by such party. This Agreement constitutes a valid and legally binding agreement of such party, enforceable against such party in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors' rights generally and (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No order, license, consent, authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental body, agency or official is required by or with respect to such party in connection with the execution, delivery and performance by such party of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The execution, delivery and performance by such party of this Agreement does not and will not (a) violate the certificate of incorporation, bylaws, certificate of limited partnership, agreement of limited partnership, certificate of formation, limited liability company agreement or other organizational documents of such party, (b) violate any law, rule, regulation, judgment, injunction, order or decree applicable to or binding upon such party, (c) result in a breach of, or constitute a default under, any contract, agreement, license, lease or other commitment to which such party is a party or is bound or (d) require any consent or other action by any Person under, constitute a default under (with due notice or lapse of time or both), or give rise to any right of termination, cancellation or acceleration of any right or obligation of such party under any provision of any agreement or other instrument binding upon such party, except in each of the cases described in clauses (b) through (d), for any violation, breach or default which would not reasonably be expected, individually or in the aggregate, to prohibit, materially delay or materially and adversely impact such party's performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee Supplier warrants that the Product supplied hereunder will conform to the promises and affirmations of fact made in Licensee Supplier's current technical literature and printed advertisements, if any, related specifically to such product(s) and that it will convey good title to the product(s) supplied hereunder, free of all liens. THE FOREGOING WARRANTIES ARE EXCLUSIVE AND ARE IN LIEU OF ALL OTHER WARRANTIES, WHETHER WRITTEN, ORAL OR IMPLIED. THE WARRANTY OF MERCHANTABILITY AND WARRANTY OF FITNESS FOR PARTICULAR PURPOSE ARE EXPRESSLY EXCLUDED AND DISCLAIMED.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SBI HOLDER AND LICENSEE SUPPLIER SHALL NOT BE LIABLE FOR ANY, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES INCLUDING ANY LOSS OF PROFIT, EVEN IF SBI HOLDER OR LICENSEE SUPPLIER IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

23. **<u>Operating Standards</u>**. Purchaser shall conduct the operation of its business described hereunder in a clean and safe manner and shall otherwise conduct no business which could interfere with SBI Holder's sale or supply of Product or damage the goodwill of SBI Holder. Without limiting the foregoing, Purchaser shall fully comply with the standards of any branded fuel SBI Holder at any Station which bears such brand.

24. [reserved]

25. **<u>Attorney's Fees</u>**. It is hereby agreed to and understood by the parties to this Agreement that if any party obtains a judgment against any other party for breach of any provisions hereof, the judgment holder's contract damages include all attorney's fees and other litigation expenses incurred by such judgment holder in obtaining such judgment. For the avoidance of doubt, in the event that all parties are determined to be prevailing parties as to different claims comprising the same cause of action, each party shall be entitled to recover its attorneys' fees that relate to the specific claim or claims as to which such party was the prevailing party.

26. **<u>Nature of Agreement/No Third-Party Beneficiary</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the granting and execution of this Agreement, it is agreed that there shall be no contractual obligation to extend or renew the period or terms of this Agreement in any way, and the parties agree that this Agreement shall not be considered or deemed to be any form of "joint venture" or "partnership" at the Stations of Purchaser or otherwise. This Agreement shall bind the respective executors, administrators, personal representatives, permitted assigns, and successors of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement is intended for the sole benefit of the parties hereto. Nothing contained herein shall be deemed, interpreted, or construed to create, or express any intent to create, third-party beneficiary rights in favor of any person or entity, except for any indemnified party (or other person entitled to be indemnified pursuant to this Agreement; <u>provided</u> that it is acknowledged and agreed that each Indemnified Party is a third party beneficiary with respect to Section 5 hereof and shall be permitted to enforce such provision in accordance with its terms..

27. **<u>Insurance</u>**. Purchaser shall obtain comprehensive general liability insurance covering operations and premises, complete operations and products liability and contractual liability, all with limits reasonably required by SBI Holder and consistent with past practice. The insurance will name SBI Holder, its officers, members, managers, and successors, assignees, subsidiaries and affiliates as an additional insured, and Purchaser shall furnish SBI Holder with certificates of such insurance which provide that coverage will not be canceled or materially changed prior to thirty (30) days' advance written notice to SBI Holder.

28. **<u>Non-Exclusive Territory</u>**. Nothing in this Agreement grants Purchaser an exclusive territory to market and resell any petroleum products. SBI Holder reserves the right to market and sell, and authorize others to market and sell, petroleum products in any manner SBI Holder chooses, including through its own retail outlets or through designated wholesalers or other retailers.

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29. **<u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original hereof, but all of which, together, shall constitute a single agreement. Electronic signatures (including via Docusign) and facsimile or other electronically scanned and transmitted signatures (including by email attachment) shall be deemed originals for all purposes of this Agreement.

30. **<u>Accord</u>**. The parties have discussed the provisions of this Agreement and find them fair and mutually satisfactory and further agree that in all respects the provisions are reasonable and of material significance to the relationship of the parties hereunder.

*[signature page follows]* 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above to be effective as of the Effective Date.

---

| | | |
|:---|:---|:---|
| GPM PETROLEUM, LLC | GPM PETROLEUM, LLC |  |
| By: |  | By: |
| Name: | Arie Kotler | Name: |
| Title: | President and CEO | Title: |
| GPM EMPIRE, LLC | GPM EMPIRE, LLC |  |
| By: |  | By: |
| Name: | Arie Kotler | Name: |
| Title: | President and CEO | Title: |
| GPM INVESTMENTS, LLC | GPM INVESTMENTS, LLC |  |
| By: |  | By: |
| Name: | Arie Kotler | Name: |
| Title: | President and CEO | Title: |

---

[Signature Page to Third Amended, Restated, and Consolidated Fuel Distribution Agreement]

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Exhibit A

## Exhibit 10.12

**Exhibit 10.12** 

**FORM OF SUBORDINATED UNSECURED PROMISSORY NOTE** 

**TO THE EXTENT SET FORTH HEREIN AND/OR REQUIRED BY THE FINANCING DOCUMENTS AND INSTRUMENTS GOVERNING THE COMPANY'S OBLIGATIONS AS EITHER A BORROWER OR GUARANTOR UNDER FINANCING FROM INSTITUTIONAL LENDERS, INCLUDING, WITHOUT LIMITATION, FINANCING FROM PNC BANK, NATIONAL ASSOCIATION (BOTH AS LENDER AND AS AGENT FOR OTHER LENDERS), AND ANY FINANCING GOVERNED BY THE TERMS OF AN INDENTURE, IN EACH CASE, AS THE SAME MAY BE AMENDED, RESTATED AND/OR MODIFIED FROM TIME TO TIME ("<u>INSTITUTIONAL FINANCING</u>"), THE OBLIGATIONS OF THE COMPANY TO THE HOLDER UNDER THIS NOTE ARE HEREBY SUBJECT AND SUBORDINATE TO THE INSTITUTIONAL FINANCING TO THE EXTENT REQUIRED BY THE TERMS OF SUCH FINANCING DOCUMENTS AND INSTRUMENTS.** 

**_________, 2026 (the "<u>Date of Issuance</u>")** 

[GPM EMPIRE, LLC, a Delaware limited liability company] [GPM RE LP, a Delaware limited partnership] (the "<u>Company</u>"), hereby promises to pay to GPM INVESTMENTS, LLC, a Delaware limited liability company (together with any transferee permitted under the terms hereof, the "<u>Holder</u>"), in no event later than the Maturity Date, the aggregate unpaid principal amount made to the Company under this Subordinated Unsecured Promissory Note (this "<u>Note</u>") in the amount of [GPME: ($)] [GPM RE: ($)], together with interest thereon calculated in accordance with the provisions of this Note.

**1. <u>Interest and Fees</u>**. The unpaid Principal Amount of this Note shall earn interest calculated on the basis of a 360-day year for the actual number of days of each year (365 or 366), from and including the date the proceeds of this Note are disbursed to, but not including, the date all amounts hereunder are paid in full, at a rate per year which shall be variable at 2.25 percentage points above the greater of (a) the Variable Loan Rate (as defined in the Variable Rate Rider attached as Annex A, incorporated herein by reference), or (b) 0.00% (the "<u>Index Floor</u>"). .

**2. <u>Payment of Principal on Note</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Payment Due Date</u>" means the tenth (10th) day of the applicable calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>First Installment Payment Date</u>" means the Payment Due Date in the month of [_______], 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Maturity Date</u>" of this Note means the Payment Due Date in the month of [_______], 20[__].<sup>1</sup>

<sup>1</sup> 15 year term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Repayment Terms</u>. The Company shall pay to the Holder the Principal Amount and interest owing pursuant to this Note in installments as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) One Hundred Seventy-Nine (179) consecutive monthly installments of principal, each in the amount of [GPME $] [GPM RE: $], plus accrued and unpaid interest, due and payable on the First Installment Payment Date and each Payment Due Date thereafter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ONE (1) FINAL INSTALLMENT, due and payable on the Maturity Date, in an amount equal to the outstanding Principal Amount, together with all other amounts outstanding hereunder, including, without limitation, accrued interest, costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The amortization period for this loan is one hundred eighty (180) months, meaning that this is the approximate number of months that would be needed to repay the Principal Amount in full, based on the installment amount and payment frequency stated above. The amortization period may be longer than the term of this loan and shall not compromise the enforceability of the Maturity Date. Absent manifest error, the Holder's determination of any amount due in connection herewith shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Optional Prepayments</u>. The Company may, at any time and from time to time without premium or penalty, upon notice given at least three (3) days prior to making such payment, prepay all or any portion of the outstanding principal amount of, or interest on, this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Application of Payments</u>. Payments under this Note shall be applied (i) first to the payment of accrued interest hereunder until all such interest is paid, and (ii) second the repayment of the principal outstanding hereunder.

**3. <u>Representations</u>**. The Company hereby represents and warrants to the Holder that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organizational Status; Authorization</u>. The Company is duly organized, validly existing, and in good standing under the laws of its jurisdiction of organization and is duly qualified and in good standing in every other jurisdiction where it is doing business, and the execution, delivery and performance by the Company of this Note (i) are within its authority, (ii) have been duly authorized and (iii) do not conflict with or contravene its governance documents. The execution, delivery and performance of the Company's obligations and exercise of its rights under the Note and, including, without limitation, the making of the loan under this Note, (i) do not require any consents that have not been obtained and (ii) are not and will not be in conflict with or prohibited or prevented by (A) any law, rule or regulation or (B) any governance document, minute or resolution or (C) any instrument, agreement or provision thereof, in each case binding on the Company or affecting any of its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Execution and Binding Effect</u>. Upon execution and delivery thereof, this Note shall constitute the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors' rights generally and by general equitable principles.

------

**4. <u>Events of Default</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition</u>. For purposes of this Note, an "<u>Event of Default</u>" shall be deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company fails to pay (x) when due and payable (whether at maturity or otherwise) the full amount of any principal payment on this Note or (y) any interest or other amounts due on this Note within three (3) Business Days of the due date for any such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any representation or warranty made by the Company under this Note shall prove to have been false in any material respect when made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company defaults in the due observance or performance of any other covenant, condition or agreement contained herein and such default shall not be remedied within thirty (30) days of written notice thereof by the Holder to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) the Company makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due; (B) an order, judgment or decree is entered adjudicating the Company bankrupt or insolvent; (C) any order for relief with respect to the Company is entered under the Bankruptcy Code; (D) the Company petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Company, or of any substantial part of the assets of the Company, or commences any proceeding relating to the Company under any bankruptcy reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or (E) any such petition or application is filed, or any such proceeding is commenced, against the Company and either (y) the Company by any act indicates its approval thereof, consent thereto or acquiescence therein or (z) such petition, application or proceeding is not dismissed within 60 days.

The foregoing shall constitute Events of Default whatever the reason or cause for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consequences of Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Event of Default has occurred and is continuing, the interest rate on this Note shall increase immediately by an increment of three percent (3%) per annum, such interest rate to be applied retroactively to the date of the occurrence of the Event of Default, until such time as the Event of Default has been cured or waived, to the extent permitted by law. Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph). Additionally, if the Company fails to pay, within ten (10) days of its due date, any amount due and owing pursuant to this Note the Company shall immediately pay to the Holder a late charge equal to the greatest of (a) $50.00, or (b) five percent (5%) of the delinquent amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If an Event of Default of the type described in **Section 4(a)(iv)** has occurred, the aggregate principal amount of this Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto) shall become immediately due and payable without any action on the part of the Holder, and the Company shall immediately pay to the Holder all amounts due and payable with respect to this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If an Event of Default other than of the type described in **Section 4(a)(iv)** has occurred, the aggregate principal amount of this Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto) may, at the option of the Holder become immediately due and payable, and the Company shall immediately pay to the Holder all amounts due and payable with respect to this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Holder shall also have any other rights which the Holder may have been afforded under any contract or agreement at any time and any other rights which the Holder may have pursuant to applicable law.

**5. <u>Definitions</u>**. For purposes of this Note, the following capitalized terms have the following meaning.

"<u>Bankruptcy Code</u>" means title 11 of the United States Code.

"<u>Person</u>" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust (including any beneficiary thereof), a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

**6. <u>Amendment and Waiver</u>**. Except as otherwise expressly provided herein, the provisions of this Note may only be amended and the Company may only take any action herein prohibited, or omit to perform any act herein required to be performed by it, if the Company has obtained the prior written consent of the Holder of this Note. Notwithstanding anything to the contrary contained herein, until the Senior Obligations (as defined below) shall have been Paid in Full (as defined in the Credit Agreement, defined below), **Section 16** may not be amended or modified without the prior written consent of the Agent (defined below), which consent may be given or withheld in the Agent's sole discretion.

**7. <u>Assignment and Transfer</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Holder</u>. (i) The Holder may not assign (or grant a participation interest in) all or any portion of this Note without prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company</u>. The Company may not assign its obligations under this Note at any time absent the prior written consent of the Holder. The Company shall maintain a register evidencing all transfers of this Note.

**8. <u>Cancellation</u>**. After all principal, accrued interest and all other amounts at any time owed on this Note have been paid in full, this Note shall be surrendered to the Company for cancellation and shall not be reissued.

**9. <u>Payments</u>**. All payments to be made to the Holder shall be made in the lawful money of the United States of America in immediately available funds.

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**10. <u>Place of Payment</u>**. Payments of principal and interest shall be delivered to the Holder at such address as is specified by prior written notice by the Holder.

**11. <u>Governing Law</u>**. All questions concerning the construction, validity and interpretation of this Note will be governed by and construed in accordance with the domestic laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

**12. <u>Waiver of Presentment, Demand and Dishonor</u>**. The Company hereby waives presentment for payment, protest, demand, notice of protest, notice of nonpayment and diligence with respect to this Note, and waives and renounces all rights to the benefits of any statute of limitations or any moratorium, appraisement, exemption, or homestead now provided or that hereafter may be provided by any federal or applicable state statute, including but not limited to exemptions provided by or allowed under the Bankruptcy Code, both as to itself and as to all of its property, whether real or personal, against the enforcement and collection of the obligations evidenced by this Note and any and all extensions, renewals, and modifications hereof.

**13. <u>Business Days</u>**. If any payment is due, or any time period for giving notice or taking action expires, on a day which is a Saturday, Sunday, legal holiday or day banks are closed in the State of New York, the payment shall be due and payable on, and the time period shall automatically be extended to, the next business day immediately following such Saturday, Sunday, legal holiday or day banks are closed, and interest shall continue to accrue at the required rate hereunder until any such payment is made.

**14. <u>Usury Laws</u>**. It is the intention of the Company and the Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. If the maturity of this Note is accelerated by reason of an election by the Holder resulting from an Event of Default, voluntary prepayment by the Company or otherwise, then earned interest may never include more than the maximum amount permitted by law, computed from the date hereof until payment, and any interest in excess of the maximum amount permitted by law shall be canceled automatically and, if theretofore paid, shall at the option of the Holder either be rebated to the Company or credited on the principal amount of this Note, or if this Note has been paid, then the excess shall be rebated to the Company. The aggregate of all interest (whether designated as interest, service charges, points or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time. If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Company.

**15. <u>Waiver of Jury Trial; Consent to Jurisdiction</u>**. THE COMPANY (AND, BY VIRTUE OF ITS ACCEPTANCE HEREOF, THE HOLDER) HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LITIGATION, ACTION, PROCEEDING, CROSS-CLAIM, OR COUNTERCLAIM IN ANY COURT (WHETHER BASED ON CONTRACT,

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TORT, OR OTHERWISE) ARISING OUT OF, RELATING TO OR IN CONNECTION WITH (i) THIS NOTE OR THE VALIDITY, PERFORMANCE, INTERPRETATION, COLLECTION OR ENFORCEMENT HEREOF OR (ii) THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, AUTHORIZATION, EXECUTION, DELIVERY, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. THE COMPANY (AND, BY VIRTUE OF ITS ACCEPTANCE HEREOF, THE HOLDER) FURTHER HEREBY WAIVES ANY RIGHT OF OFFSET OR RIGHT TO INTERPOSE ANY COUNTERCLAIM IN ANY SUCH ACTION, EXCEPT FOR COMPULSORY COUNTERCLAIMS. THE COMPANY (AND, BY VIRTUE OF ITS ACCEPTANCE HEREOF, THE HOLDER) HEREBY EXPRESSLY SUBMITS IN ADVANCE TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF VIRGINIA IN ANY ACTION OR PROCEEDING RELATING TO ANY CLAIM, DISPUTE OR OTHER MATTER PERTAINING DIRECTLY OR INDIRECTLY TO THIS NOTE.

**16. <u>Subordination; Restrictions on Payment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Subordinated Indebtedness Subordinate to Senior Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and the Holder hereby agree that any payment under this Note or any judgment arising therefrom (the "<u>Subordinated Indebtedness</u>") is and shall be subordinate, to the extent and in the manner hereinafter set forth, to the prior (i) Payment in Full (as defined in the Credit Agreement referred to below) of all Obligations (as defined in the Credit Agreement referred to below) now or hereafter existing under the Amended and Restated Revolving Credit and Security Agreement, dated as of [_____], 2026 (as amended, restated, amended and restated, supplemented, refinanced, replaced or otherwise modified from time to time, the "<u>Credit Agreement</u>"), made by and between, among others, the Company and PNC Bank, National Association, as agent (the "<u>Agent</u>") and as a lender, whether for principal, interest (including, without limitation, interest accruing after the filing of a petition initiating any Bankruptcy Event (as defined below), whether or not such interest accrues after the filing of such petition or is an allowed claim in any such proceeding), fees, expenses, indemnities, premiums, or other obligations owed by the Company, the Borrowers (as defined in the Credit Agreement) or the Guarantors (as defined in the Credit Agreement), from time to time, to the Agent or the Lenders (as defined in the Credit Agreement) (collectively, the "<u>Senior Parties</u>") (such obligations, collectively, the "<u>Senior Credit Obligations</u>") and (ii) payment in full of all obligations of the Company in respect of its Guarantee (as defined in that certain Indenture, dated as of October 21, 2021, by and among ARKO Corp, each of the guarantors party thereto and U.S. Bank National Association, as Trustee, Registrar and Paying Agent, in respect of ARKO Corp.'s 5.125% Senior Notes due 2029 (the "<u>Note Guarantee Obligations</u>" and, together with the "<u>Senior Credit Obligations</u>," the "<u>Senior Obligations</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition of the Company or its debts, whether voluntary or involuntary, in any bankruptcy, insolvency, arrangement, reorganization, receivership, relief or other similar case or proceeding under any federal or state bankruptcy or similar law or upon a general assignment for the benefit of creditors or any other related marshalling of the assets and liabilities of the Company or otherwise (any such occurrence a "<u>Bankruptcy Event</u>"), the Senior Obligations shall first be Paid in Full before the Holder shall be

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entitled to receive any payment or distribution of any kind (whether in cash, property or securities) in respect of all or any of the Subordinated Indebtedness, and any payment or distribution of any kind (whether in cash, property or securities) that otherwise would be payable or deliverable upon, or with respect to, the Subordinated Indebtedness, including, without limitation, in any such Bankruptcy Event shall be paid or delivered directly to the Agent for the account of the Senior Parties until the Senior Obligations shall have been Paid in Full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained herein, no payment shall be made by or on behalf of the Company for or on account of any Subordinated Indebtedness, and the Holder shall not take or receive from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner, including, without limitation, from or by way of collateral, payment of all or any portion of the Subordinated Indebtedness except that the Company may make, and the Holder may receive, scheduled payments of principal and interest so long as, prior to and after giving effect to any such payment, the payment conditions set forth in Section 7.8(s) of the Credit Agreement are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>In Furtherance of Subordination</u>. At the Company's expense, the Holder shall take such action (including such actions as may be reasonably requested by the Agent) as may be necessary or appropriate to effectuate, as between the Senior Parties, on the one hand, and the Holder, on the other hand, the subordination as provided hereunder with respect to the Senior Obligations. The Holder hereby agrees that all payments or distributions (whether in cash, property or securities) upon or with respect to the Subordinated Indebtedness that are received by the Holder contrary to the provisions of these subordination provisions shall be received in trust for the benefit of the Senior Parties, shall be segregated from other funds and property held by the Holder and shall be forthwith paid over to the Agent for the account of the Senior Parties in the same form as so received (with any necessary indorsement). The Agent is hereby authorized to demand specific performance of the provisions of this section at any time when the Holder or the Company shall have failed to comply with any of the provisions of this section applicable to it. The Holder hereby irrevocably waives any defense based on the adequacy of a remedy at law, which might be asserted as a bar to such remedy of specific performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Rights of Subrogation</u>. No payment or distribution to any Senior Party pursuant to the provisions of this **Section 16** shall entitle the Holder to exercise any right of subrogation in respect thereof until the Senior Obligations shall have been Paid in Full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Enforcement Actions</u>. Until the Senior Obligations have been Paid in Full, the Holder will not exercise any remedies under this Note or with respect to the Company or commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against the Company, including, without limitation, the commencement of any Bankruptcy Event against the Company, and shall not take any collateral or security to secure the repayment of this Note, other than instituting the default rate of interest in <u>Section</u> <u>4(b)(i)</u> hereof; <u>provided, however</u>, that, notwithstanding the foregoing, the Holder may accelerate the Subordinated Indebtedness if any part is not paid when due and obtain a judgment against the Company that will not, in law or equity, as of the date such judgment is obtained, result in a lien against any of the assets or property of the Company and shall not record the judgment, accept a lien in respect of the judgment (other than a lien that automatically attaches by virtue of a change in law after such judgment has been obtained, in which case the Holder shall not be in breach of this clause (d), but

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shall promptly take steps necessary to release, discharge or disclaim such lien and hereby waives and disclaims any right to assert any rights or remedies in respect of such lien or its status as a secured creditor in any proceeding) or seek to execute on, or otherwise enforce, such judgment until the Senior Obligations have been Paid in Full. In the event of a breach of this clause (d) by the Holder, the Company and the Agent shall be entitled to an injunction or injunctions to enforce specifically the Holder's covenants and agreements under this clause (d), without the requirement of posting a bond or other security or making a showing of irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of Acceptance</u>. The Holder and the Company each hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Senior Obligations and any requirement that any Senior Party protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against the Company or any other person or entity or any collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Waiver; Remedies</u>. No failure on the part of any Senior Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Continuing Agreement; Assignments Under the Financing Agreement</u>. The provisions of this **Section 16** constitute a continuing agreement and shall (i) remain in full force and effect until the Senior Obligations are Paid in Full, (ii) be binding upon the Holder, Company and their respective successors and assigns, and (iii) inure to the benefit of, and be enforceable by, the Senior Parties and their respective successors, transferees and assigns. The provisions of this **Section 16** shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Senior Obligations is rescinded or must otherwise be returned by any Senior Party upon a Bankruptcy Event or otherwise, all as though such payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Third Party Beneficiary</u>. Each Senior Party is a third party beneficiary of this **Section 16** and may enforce the provisions of this **Section 16** against the Holder. Other than the third party beneficiaries expressly set forth in this **Section 16**, there are no other third party beneficiaries to this **Section 16**, implied or otherwise, and such Persons are only third party beneficiaries with respect to **Section 16**.

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**IN WITNESS WHEREOF**, the Company has executed and delivered this Promissory Note on the Date of Issuance.

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| | |
|:---|:---|
| **[GPM EMPIRE, LLC** | **[GPM EMPIRE, LLC** |
| By: |  |
|  | Galagher Jeff |
|  | CFO |
| By: |  |
|  | Maury Bricks |
|  | General Counsel] |
| **[GPM RE LP** | **[GPM RE LP** |
| **By:** | **GPM EMPIRE, LLC,**<br> **its General Partner** |
| By: |  |
|  | Galagher Jeff |
|  | CFO |
| By: |  |
|  | Maury Bricks |
|  | General Counsel] |

---

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**Acknowledged and Agreed:** 

---

| | |
|:---|:---|
| **GPM INVESTMENTS, LLC** | **GPM INVESTMENTS, LLC** |
| By: |  |
|  | Name: Arie Kotler |
|  | Title: CEO |
| By: |  |
|  | Name: Galagher Jeff |
|  | Title: CFO |

---

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**<u>Annex A</u>**

**VARIABLE RATE RIDER** 

**(Daily Simple SOFR)** 

**DEFINITIONS.** As used in the Note and this Variable Rate Rider (Daily Simple SOFR) (this "Rider"), each capitalized term shall have the meaning specified in the Note, and the following terms shall have the indicated meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **"Bank"** shall mean M&T BANK, a New York banking corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **"Base Rate"** shall mean the rate per annum equal to the greater of (i) two (2)
percentage points above the rate of interest announced by the Bank each day as its prime rate of interest ("Prime Rate"), or (ii) 3.25% (the "Base Rate Floor").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **"Borrower"** shall mean GPM EMPIRE, LLC, a Delaware limited liability company **[and GPM RE LP, a Delaware limited partnership]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **"Business Day"** shall mean any day other than Saturday, Sunday or other day on which
commercial banking institutions in New York, New York are authorized or required by law or other governmental action to remain closed for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **"Daily Simple SOFR"** shall mean for any day (a "SOFR Rate Day"), a rate per annum
equal to SOFR for the day (such day "*i*") that is five (5) U.S. Government Securities Business Days<sup></sup>prior to (i) if such SOFR Rate Day is a U.S. Government Securities
Business Day, such SOFR Rate Day, or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by
the SOFR Administrator on the SOFR Administrator's Website. If by 5:00 pm (ET) on the second (2<sup>nd</sup>) U.S. Government Securities Business Day immediately following any day
" *i*," the SOFR in respect of such day "*i*" has not been published on the SOFR Administrator's Website (and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred), then the SOFR
for such day "*i*" will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; <u>provided</u> that any SOFR
determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and
including the effective date of such change in SOFR without notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **" SOFR "** shall mean, with respect to any U.S. Government Securities Business
Day, a rate per annum equal to the secured overnight financing rate for such U.S. Government Securities Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **"SOFR Administrator"** shall mean the Federal Reserve Bank of New York (or a successor
administrator of the secured overnight financing rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **"SOFR Administrator's Website"** shall mean the website of the Federal Reserve Bank of
New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **" SOFR Loan Rate "** shall mean Daily Simple SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **"SOFR Rate Day"** shall have the meaning specified in the definition of Daily Simple SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. **"U.S. Government Securities Business Day"** shall mean any day other than Saturday, Sunday or
other day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. **"Variable Loan Rate"** shall mean the SOFR Loan Rate.

**ADDITIONAL PROVISIONS.** 

**Modification to Payment Due Date.** Notwithstanding any provision to the contrary in the Note, if in any particular month the applicable payment due date is not a Business Day, the payment due date shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such payment due date shall be the immediately preceding Business Day.

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**Conversion to Base Rate Upon Default.** Unless the Holder shall otherwise and in its sole discretion consent in writing, if (i) an event of default (with respect to any payment obligation or otherwise, as may be defined or described in the Note or related documents) has occurred and is continuing, or (ii) there exists a condition or event that, with the passage of time, the giving of notice, or both, shall constitute such an event of default, the Holder, in its sole discretion, may convert the applicable interest rate to the Base Rate, and each reference in the Note and herein to the applicable interest rate shall be deemed to be a reference to the Base Rate. Nothing herein shall be construed to be a waiver by the Holder of its right to have the outstanding principal balance accrue interest at the Default Rate, accelerate the indebtedness and/or exercise any other remedies available to the Holder under the terms hereof or applicable law.

**Repayment Upon Conversion to Base Rate.** Except as otherwise provided herein, during the time of any conversion of the applicable interest rate to the Base Rate, whether temporary or permanent, and whether pursuant to an event of default or otherwise, and without compromising any other rights and remedies of the Holder, and in the absence of the Holder exercising any such other rights or remedies as may be applicable, Borrower shall continue to repay all indebtedness in accordance with the terms of the Note. The determination by the Holder of the foregoing amounts shall, in the absence of manifest error, be conclusive and binding upon Borrower.

**Illegality.** If the Bank shall determine that the introduction of any law (statutory or common), treaty, rule, regulation, guideline or determination of an arbitrator or of a governmental authority or in the interpretation or administration thereof, has made it unlawful, or that any central bank or other governmental or regulatory authority has asserted that it is unlawful or otherwise impermissible for the Bank to make or maintain loans using the then-current applicable interest rate index, then, on notice thereof by the Holder to Borrower, the Holder may (i) suspend the maintaining of the loan hereunder using the then-current applicable interest rate index until the Holder shall have notified Borrower that the circumstances giving rise to such determination shall no longer exist, and/or (ii) convert the applicable interest rate for the loan hereunder to the Base Rate, subject to the terms of the section below entitled "Inability to Determine SOFR; Effect of Benchmark Transition Event."

**Inability to Determine SOFR; Effect of Benchmark Transition Event.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Bank shall determine (which determination shall be conclusive and binding on Borrower) that for any
reason SOFR cannot be determined, other than as a result of a Benchmark Transition Event, the Holder will give notice of such determination to Borrower. Thereafter, the Holder may not make or maintain the loan hereunder using the SOFR Loan Rate
until the Holder revokes such notice in writing, and until such revocation, the Holder may convert the applicable interest rate to the Base Rate, subject to the provisions below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Benchmark Replacement. Notwithstanding anything to the contrary herein or in the Note or any related agreement,
upon the occurrence of a Benchmark Transition Event, the Holder may unilaterally amend the terms of the Note to replace the SOFR Loan Rate (or the then-current Benchmark) with a Benchmark Replacement. Any such amendment will become effective as soon
as practicable for the Holder and upon notice to the Borrower, without any further action or consent of the Borrower. No replacement of SOFR (or the then-current Benchmark) with a Benchmark Replacement pursuant to this Section titled
"Inability to Determine SOFR; Effect of Benchmark Transition Event" ("this Section") will occur prior to the applicable Benchmark Transition Start Date. Borrower shall pay all out-of-pocket costs (including reasonable attorney fees) incurred by the Holder in connection with any amendment and related actions contemplated in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the
Bank will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary in the Note or in any related document or agreement, any amendments implementing such Benchmark Replacement
Conforming Changes will become effective without any further action or consent of the Borrower or any other party hereto. The Bank and the Holder shall not be liable to the Borrower for any Benchmark Replacement Conforming Changes made by the Bank
in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notices; Standards for Decisions and Determinations. The Holder will provide notification to the Borrower
(which may at the Bank's discretion be electronic, part of a billing statement, a general notice to customers or other communication) of the implementation of any Benchmark Replacement and the effectiveness of any Benchmark Replacement
Conforming Changes, within a reasonable time prior to such implementation and effectiveness, as applicable. Any determination, decision or election that may be made by the Bank pursuant to this Section, including, without limitation, any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection,
will be conclusive and binding upon the Borrower and any other parties hereto absent manifest error and may be made in the Bank's sole discretion and without consent from the Borrower, except, in each case, as expressly required pursuant to
this Section, and shall not be the basis of any claim of liability of any kind or nature against the Bank by any party hereto, all such claims being hereby waived individually by each party hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Benchmark Unavailability Period. Upon the Borrower's receipt of notice of the commencement of a Benchmark
Unavailability Period, the Borrower may revoke (as applicable) any request for an advance/borrowing of, conversion to, or continuation of a loan based on the SOFR Loan Rate (or the then-current Benchmark) to be made, converted or continued during
any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request (as applicable) into a request for an advance/borrowing of or conversion to a loan that shall accrue interest at the Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Bank and the Holder do not warrant or accept responsibility for, and shall not have any liability with
respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Benchmark, any component definition thereof or rates referenced in the definition thereof or any alternative, successor or
replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same
value or economic equivalence of, or have the same volume or liquidity as, the Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement
Conforming Changes. The Bank may select information sources or services in its reasonable discretion to ascertain the Benchmark, in each case pursuant to the terms hereof, and shall have no liability to the Borrower or any other person or entity for
damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such
rate (or component thereof) provided by any such information source or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Certain Defined Terms. As used in this Section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Benchmark" means the SOFR Loan Rate or any subsequent Benchmark Replacement that has become
effective hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Benchmark Replacement" means the sum of: (a) the alternate benchmark rate that has
been selected by the Bank giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market
convention for determining a rate of interest as a replacement to the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral credit facilities and (b) the related Benchmark Replacement Adjustment; provided that, if the
Benchmark Replacement as so determined would be less than the current benchmark rate floor with respect to the SOFR Loan Rate (if any, the "Floor"), the Benchmark Replacement will be deemed to be such Floor for the purposes hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Benchmark Replacement Adjustment" means, with respect to any replacement of the then-current
Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Bank giving due
consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such then-current Benchmark with the applicable Unadjusted Benchmark
Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such
then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Benchmark Replacement Conforming Changes" means, with respect to any Benchmark Replacement,
any technical, administrative or operational changes (including, without limitation, changes to the definition of "Business Day," the definition of "Interest Period," timing and frequency of determining rates and making
payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Bank
decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Bank in a manner substantially consistent with market practice (or, if the Bank decides that adoption
of any portion of such market practice is not administratively feasible or if the Bank determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Bank decides is
reasonably necessary in connection with the administration of the loan evidenced hereby).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "Benchmark Replacement Date" means the earlier to occur of the following events with respect to the
then-current Benchmark:

1) in the case of clause (a) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 

2) in the case of clause (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein, and (ii) the announced or stated date as of which all applicable tenors of such Benchmark will no longer be representative. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "Benchmark Transition Event" means, with respect to any then-current Benchmark, the occurrence of a
public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal
Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased, or will cease on a specified date, to provide such Benchmark (or all tenors of such Benchmark applicable to the loan
evidenced hereby), permanently or indefinitely, <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any applicable tenors of such Benchmark or (b) all applicable
tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and indicating that representativeness will not be restored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "Benchmark Transition Start Date" means in the case of a Benchmark Transition Event, the earlier of
(i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 180th day prior to the expected date of such event as of such public
statement or publication of information (or if the expected date of such prospective event is fewer than 180 days after such statement or publication, the date of such statement or publication).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "Benchmark Unavailability Period" means the period (if any) (x) beginning at the time
that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder in accordance with this Section and (y) ending at the time that a Benchmark Replacement
has replaced the then-current Benchmark for all purposes hereunder in accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "Relevant Governmental Body" means the Federal Reserve Board and/or the Federal Reserve Bank
of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "Unadjusted Benchmark Replacement" means the Benchmark Replacement excluding the Benchmark
Replacement Adjustment.

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We have issued our report dated September 15, 2025, with respect to the financial statement of ARKO Petroleum Corp. contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Charlotte, North Carolina

January 20, 2026

## Exhibit 23.2

**Exhibit 23.2** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We have issued our report dated September 15, 2025, with respect to the combined financial statements of ARKO Petroleum Corp. and affiliates contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Charlotte, North Carolina

January 20, 2026