Document:

Exhibit 10.3

THIS EMPLOYMENT
AGREEMENT AND MUTUAL GENERAL RELEASE (the “Agreement”), made as of November 1,
2006, is entered into by The First Marblehead Corporation, a Delaware corporation with its
principal place of business at The Prudential Tower, 800 Boylston Street,
Boston, MA 02199-8157 (the “Company”), and Donald R. Peck, residing
at [intentionally omitted] (the “Employee”).

The Company
desires to continue to employ the Employee in the capacity set forth below, and
the Employee desires to be so employed by the Company. In consideration of the
mutual covenants and promises contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties hereto, the parties agree as follows:

1.                                       Term
of Employment.  The Company hereby
agrees to employ the Employee, and the Employee hereby accepts employment with
the Company, upon the terms set forth in this Agreement, for the period
commencing on November 1, 2006 (the “Commencement Date”) and ending on January
2, 2007 (such period constitutes the “Employment Period”), unless sooner
terminated in accordance with the provisions of Section 6.

2.                                       Title;
Capacity.  The Employee shall serve as
Senior Advisor to the Company’s Chief Executive Officer (the “CEO”). The
Employee shall provide services in connection with transition of the
responsibilities of the Chief Financial Officer to his successor, and shall
work under the supervision of, and shall have such authority as is delegated to
him by, the CEO.

The Employee
hereby accepts such employment and agrees to undertake such duties and
responsibilities inherent in the position of Senior Advisor and such related
duties and responsibilities as the CEO shall from time to time reasonably
assign to him. The Employee 

 

agrees to devote such business time, attention and energies to the
business and interests of the Company during the Employment Period as necessary
to perform his obligations.

The Employee
agrees to abide by the written rules, regulations, instructions, personnel
practices and policies of the Company generally applicable to senior level
executives and any changes therein which may be adopted from time to time by
the Company. The Employee acknowledges that he has been made aware that the
Company’s written rules and policies are available on line and may be accessed
by him now or at any time during the Employment Term.

3.                                       Invention,
Non-Disclosure, Non-Competition and Non-Solicitation Agreement.  The Employee will remain bound by the terms
of the Invention, Non-Disclosure, Non-Competition and Non-Solicitation
Agreement signed on September 12, 2005 (the “Non-Competition Agreement”). The
Non-Competition Agreement is hereby amended to provide that the restrictions
set forth in Section 4 thereof shall remain in effect until December 31, 2007.

4.                                       Exclusivity.  The Company and the Employee agree that the
Employee’s position as Senior Advisor to the CEO shall be exclusive in nature.
Specifically, during the Employment Period the Employee shall not be permitted
to provide services, whether as an employee, independent contractor or
otherwise, for entities, employers or individuals other than the Company.

5.                                       Compensation
and Benefits.

5.1                                 Salary.  The Company shall pay the Employee a semi-monthly
salary of $17,708.34 for the Employment Period, to begin on the Commencement
Date. On the last day of the Employment Period, the Company shall pay the Employee
a lump sum payment equal to six months of salary subject to adjustment for
applicable taxes (the “Final Payment”).

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5.2                                 Fringe
Benefits. During the Employment Period, the Employee shall be entitled to
all fringe benefits generally available to the Company’s senior executive
officers. Effective as of the end of the Employment Period, the Employee shall
be considered to have elected to continue receiving group medical insurance
pursuant to the federal “COBRA” law, 29 U.S.C. et seq. During the six month
period following the end of the Employment Period, the Company shall pay the
entire premium for such coverage as long as and to the extent the Employee
remains eligible for COBRA continuation. The Company will provide the Employee
materials explaining COBRA benefits. The Company shall provide to the Employee
at the Company’s expense employment transition services through Keystone
Partners, or through a provider of the Employee’s choice. Should the Employee
choose an alternate provider, the Company shall pay up to $10,000 toward such
alternate provider’s fee. Except as provided in this Section 5, the Employee
shall not be entitled to participate in any other benefit or bonus programs
sponsored or made available by the Company following the Employment Period.

5.3                                 Reimbursement
of Expenses.  The Company shall
reimburse the Employee for all reasonable travel, entertainment and other
expenses incurred or paid by the Employee in connection with, or related to,
the performance of his duties, responsibilities or services under this
Agreement, upon presentation by the Employee of documentation, expense statements,
vouchers and/or such other supporting information as the Company may request,
provided, however, that the amount available for such travel, entertainment and
other expenses may be fixed in advance by the Company.

5.4                                 Stock
Options.  Any stock options
previously granted by the Company to the Employee prior to November 1, 2006
shall be governed by the Stock Option Plan or individual Stock Option Agreement
under which such stock options were granted, provided,

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however, that Section 2.01(v) of the Grant of
Incentive Stock Option dated April 3, 2003 (the “Option Agreement”) between the
Company and the Employee is hereby amended to provide that the Employee may
exercise the Option (as defined in the Option Agreement) with respect to 15,000
shares of Common Stock scheduled to vest on the fourth anniversary of the Date
of Grant (such number of shares reflecting all stock splits and dividends since
April 3, 2003) anytime from the date hereof until the date determined in
accordance with the provisions of Section 3.02 of the Option Agreement and
shall be considered fully vested as of the date hereof for purposes of Section
3.02 of the Option Agreement. The 15,000 shares referred to in the preceding
sentence shall be adjusted to reflect any stock splits and stock dividends with
a record date after the date hereof and before the exercise of the Option. It
is expressly understood by the parties that this Agreement shall have no effect
on any vested and unexercised options provided under the Option Agreement
except for those described in Section 2.01(v) of the Option Agreement.

6.                                       Employment
Termination.  The employment of the
Employee by the Company pursuant to this Agreement shall terminate upon the
occurrence of any of the following:

6.1                                 At
the expiration of the Employment Period, at which time the Employee
acknowledges that the Company will have no obligation to employ him in any
capacity whatsoever;

6.2                                 The
death of the Employee; or

6.3                                 At
the election of the Employee upon not less than ten (10) days’ prior written
notice of termination.

7.                                       Effect
of Termination.

7.1                                 Termination
at the Expiration of the Employment Period, or at the Election of the Employee.
Upon termination at the expiration of the Employment Period, the

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Company shall
pay to the Employee the compensation and benefits otherwise payable to him
under Section 5 including any accrued but unused vacation time through December
31, 2006, and the Final Payment. Upon termination at the election of the
Employee pursuant to Section 6.3, the Company shall pay to the Employee the
compensation and benefits otherwise payable to him under Section 5 including
any accrued but unused vacation time through the last day of his actual
employment by the Company, and the Final Payment.

7.2                                 Termination
for Death .  If the Employee’s
employment is terminated by death, the Company shall pay to the estate of the
Employee the compensation which would otherwise be payable to the Employee up
to the end of the month in which the termination of his employment because of death
occurs, and the Final Payment.

7.3                                 Continuing
Obligations.  The Non-Competition
Agreement shall survive the termination of the Employee’s employment pursuant
to this Agreement.

8.                                       Litigation Cooperation.  The
Employee agrees to continue to serve the Company
as a litigation consultant and in connection therewith, to cooperate with the
Company in (i) the defense or prosecution of any claims or actions involving
matters in which he was involved while employed by the Company or about which
he has knowledge, which already have been brought or which may be brought in
the future against or on behalf of the Company, and (ii) responding to,
cooperating with, or contesting any governmental audit, inspection, inquiry,
proceeding or investigation, which relate to events or occurrences that
transpired during his employment with the

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Company. The Employee’s
cooperation in connection with such claims or actions shall include, without
implication of limitation: promptly notifying the Company in writing of any
subpoena, interview, investigation, request for information, or other material
contact concerning events or occurrences that transpired during his employment
with the Company that relate to litigation or imply that it may relate to
litigation, consulting with counsel for the Company to prepare for discovery or
trial; to testify truthfully as a witness when reasonably requested and at
reasonable times requested by the Company; to meet with counsel or other
delegated representatives of the Company; to assist in the preparation of
responses to and to cooperate with the Company’s processing of governmental
audits, inspections, inquiries, proceedings or investigations related to events
or occurrences that transpired during his employment with the Company. The
Company agrees that it will attempt to accommodate the Employee’s work schedule
when requesting his participation in the above activities and to reimburse the
Employee for any reasonable out-of-pocket expenses, including reasonable
attorneys’ fees, that he incurs in connection with such cooperation, subject to reasonable documentation. The Company will exercise
its rights under this Section so as not to interfere unreasonably with the
Employee’s personal schedule or ability to engage in gainful employment.

9.                                       Releases

9.1                                 Release
by the Employee.  The Employee hereby
fully, forever, irrevocably and unconditionally releases, remises and
discharges the Company, its officers, directors, stockholders, corporate
affiliates, agents and employees (each in their individual and corporate capacities)
(hereinafter the “Released Parties”) from any and all claims, charges,
complaints, demands, actions, causes of action, suits, rights, debts, sums of
money, costs, accounts, reckonings, covenants, contracts, agreements, promises,
doings, omissions, damages, executions, obligations, liabilities, and expenses
(including attorneys’ fees and costs), of every kind and nature which he ever
had or now has against the Company, its officers, directors, stockholders,
corporate affiliates, agents and employees in such capacities, including, but
not limited to, all claims arising out of his employment, all employment
discrimination claims under

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Title VII of the Civil Rights Act of 1964,42 U.S.C.
§2000e et seq., the Age Discrimination in
Employment Act, 29 U.S.C., §621 et seq.,
the Americans With Disabilities Act, 42 U.S.C., §12101 et seq., the Massachusetts Fair Employment Practices Act, M.G.L.
c.151 B, § 1 et seq., all claims arising
out of the Massachusetts Civil Rights Act, M.G.L. c.12 §§11H and 11I, the Massachusetts
Equal Rights Act, c.93 §102 and 103 and M.G.L. c.214, §1C , all damages arising
out of all employment discrimination claims, wrongful discharge claims or other
common law claims and damages including but not limited to, actions in tort,
defamation and breach of contract; all claims to any non-vested ownership
interest in the Company contractual or otherwise, including but not limited to
claims to stock or stock options, except as described in Section 5.4, and any
claim or damage arising out of your employment with or separation from the
Company (including a claim for retaliation) under any common law theory or any
federal. State or local statute or ordinance not expressly referenced above;
provided however that nothing in this Agreement prevents you from filing,
cooperating with or participating in any proceeding before the EEOC or a state
Fair Employment Practices Agency (except that you acknowledge that you may not
be able to recover any monetary benefits in connection with any such claim,
charge or proceeding). Notwithstanding the foregoing, this release does not
include and will not preclude: (a) claims for unemployment compensation; (b)
rights, if any, to defense and indemnification from the Company for actions
taken by you in the course and scope of your employment with the Company and
its subsidiaries and affiliates; and/or (c) claims, actions or rights arising
under or to enforce the terms of this Agreement.

9.2                                 Release
by the Company.  In consideration of
the exchange of the promises contained herein and for such other good
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Company hereby fully, forever, irrevocably and unconditionally

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releases, remises and discharges the Employee from
any and all claims, charges, complaints, demands, actions, causes of action,
suits, rights, debts, sums of money, loans, judgments, liens, costs, accounts,
reckonings, covenants, contracts, agreements, promises, doings, omissions,
damages (including compensatory, punitive or liquidated damages), executions,
obligations, liabilities and
expenses (including attorneys’ fees and costs), of every kind and nature that
it ever had or now has against the Employee, known or unknown, at law or
equity or otherwise, including, but not limited to, all claims arising out
of the Employee’s employment with and/or separation from the Company;
provided, however, that nothing in this Agreement prevents the
Company from bringing a claim: (a) that arises from any intentional misconduct
engaged in by the Employee as an employee, officer
or director of the Company, including, but not limited to,
misappropriation, theft or fraud; (b) for breach of fiduciary duty as an
employee, officer or director of the Company; (c) in defense of or in
response to any claim by the Employee for indemnification and/or
advancement of fees; or (d) arising under this Agreement.

10.                                 Acknowledgments.  The Employee acknowledges that he has been
given twenty-one (21) days to consider this Agreement and that the Company
advised him to consult with an attorney of his own choosing prior to signing
this Agreement. The Employee may revoke this Agreement for a period of seven
(7) days after the execution of this Agreement, and the Agreement shall not be
effective or enforceable until the expiration of this seven (7) day revocation
period. The Employee understands and agrees that by entering into this
Agreement he is waiving any and all rights or claims he may have under The Age
Discrimination in Employment Act, as amended by the Older Workers Benefit
Protection Act, and that he has received consideration beyond that to which he
was previously entitled.

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11.                                 Voluntary
Assent.  The Employee affirms that no
other promises or agreements of any kind have been made to or with him by any
person or entity whatsoever to cause him to sign this Agreement, and that he
fully understands the meaning and intent of this Agreement. The Employee states
and represents that he has had an opportunity to fully discuss and review the
terms of this Agreement with an attorney. The Employee further states and
represents that he has carefully read this Agreement, understands the contents
herein, freely and voluntarily assents to all of the terms and conditions
hereof, and signs his name of his own free act.

12.                                 Notices.
 All notices required or permitted under
this Agreement shall be in writing and shall be deemed effective upon personal
delivery or upon deposit in the United States Post Office, by registered or
certified mail, postage prepaid, addressed to the other party at the address
shown above, or at such other address or addresses as either party shall
designate to the other in accordance with this Section 12.

13.                                 Pronouns.  Whenever the context may require, any
pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular forms of nouns and pronouns shall
include the plural, and vice versa.

14.                                 Non-Disparagement.  The Employee agrees not to make any
statement, written or oral, which disparages the Company, its respective
officers, or management and business practices, or which disrupts or impairs
the Company’s normal operations. The provisions of this Section 14 shall not
apply to any truthful statement required to be made by the Employee in any
legal proceeding, required filing under the securities laws, or pursuant to any
governmental or regulatory investigation. Likewise, the Company agrees that its
directors and officers shall not make any statement, written or oral, which
disparages the Employee. The Company agrees to provide a positive written
letter of recommendation for the Employee on request.

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15.                                 Entire
Agreement.  This Agreement
constitutes the entire agreement between the parties and supersedes all prior
agreements and understandings, whether written or oral, relating to the subject
matter of this Agreement.

16.                                 Amendment.  This Agreement may be amended or modified
only by a written instrument executed by both the Company and the Employee.

17.                                 Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts (without reference to the conflicts of laws provisions thereof).
Any action, suit or other legal proceeding arising under or relating to any
provision of this Agreement shall be commenced only in a court of the
Commonwealth of Massachusetts (or, if appropriate, a federal court located
within Massachusetts), and the Company and the Employee each consents to the
jurisdiction of such a court.

18.                                 Successors
and Assigns.  This Agreement shall be
binding upon and inure to the benefit of both parties and their respective
successors and assigns, including any corporation with which, or into which,
the Company may be merged or which may succeed to the Company’s assets or
business, provided, however, that the obligations of the Employee are personal
and shall not be assigned by him.

19.                                 Waivers.  No delay or omission by the Company in
exercising any right under this Agreement shall operate as a waiver of that or
any other right. A waiver or consent given by the Company on any one occasion
shall be effective only in that instance and shall not be construed as a bar or
waiver of any right on any other occasion.

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20.                                 Captions.  The captions of the sections of this
Agreement are for convenience of reference only and in no way define, limit or
affect the scope or substance of any section of this Agreement.

21.                                 Severability.  In case any provision of this Agreement shall
be invalid, illegal or otherwise unenforceable, the validity, legality and
enforceability of the remaining provisions shall in no way be affected or
impaired thereby.

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year set forth above.

	
  

  	
  THE FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Peter B. Tarr

  
	
   

  	
   

  	
  Peter B. Tarr

  
	
   

  	
   

  	
  Chairman and
  General Counsel

  
	
   

  	
   

  	
  Date Signed:
  November 1, 2006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
    /s/ Donald R. Peck          November
  1, 2006

  
	
   

  	
   

  	
  Donald R. Peck                      Date
  Signed

  

 

 11Exhibit 10.03

NON-COMPETE AGREEMENT

THIS NON-COMPETE AGREEMENT (this “Agreement”)
is entered into this 19th day of July, 2006, and effective as of the
Effective Time (as defined below), by and among Valero GP Holdings, LLC, a
Delaware limited liability company (“Holdings”),
Valero L.P., a Delaware limited partnership (the “MLP”),
Riverwalk Logistics, L.P., a Delaware limited partnership and general partner
of the MLP (“Riverwalk”), and Valero GP, LLC,
a Delaware limited liability company and general partner of Riverwalk (“Valero GP” and together with the MLP, Riverwalk, and their
respective Subsidiaries, the “Partnership Parties”).

R E C I T A L

The parties hereto desire, by their execution of this
Agreement, to evidence the terms and conditions pursuant to which business
opportunities available to the Partnership Parties and Holdings and their
respective affiliates (other than the Partnership Parties) will be addressed.

WHEREAS, Valero Energy
Corporation (“Valero Energy”), Valero GP,
Riverwalk, the MLP and Valero Logistics Operations, L.P. are parties to the
Amended and Restated Omnibus Agreement, dated as of March 31, 2006 (the “Omnibus Agreement”), pursuant to which Holdings, as a
Controlled Valero Affiliate (as defined in the Omnibus Agreement), is prohibited
from engaging in a Restricted Business (as defined in the Omnibus Agreement);

WHEREAS, Valero Energy has
stated its intent to reduce its ownership of Holdings, which would result in
Holdings no longer being a Controlled Valero Affiliate and no longer being
bound by the terms of the Omnibus Agreement;

WHEREAS, it is the intent of the
parties hereto to be bound by the provisions of this Agreement effective
immediately upon Holdings no longer being bound by the provisions of the
Omnibus Agreement.

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 hereto agree as follows:

ARTICLE I:

Definitions

1.1          Definitions.

(a)           Capitalized terms
used herein but not defined herein shall have the meanings given them in the
MLP Agreement.

(b)           As used in this
Agreement, the following terms shall have the respective meanings set forth
below:

 

 

“Affiliate”
shall have the meaning attributed to such term in the MLP Agreement.

“Agreement”
shall mean this Non-Compete Agreement, as it may be amended, modified, or
supplemented from time to time.

“Conflicts Committee”
means a committee of the Board of Directors of Holdings or Valero GP, as
applicable, as defined in the Holdings Agreement or the MLP Agreement,
respectively.

“Effective Time”
means the time at which Holdings is no longer a Controlled Valero Affiliate
under the terms of the Omnibus Agreement.

 “Holdings” means Valero GP Holdings, LLC, a Delaware limited
liability company, and any successors thereto.

“Holdings Agreement” means
the Second Amended and Restated Limited Liability Company Agreement of
Holdings, and any amendments thereto and restatements thereof.

 “Logistics Business” means any business, asset or group of
assets related the transportation, storage or terminalling of crude oil,
feedstocks or refined petroleum products (including petrochemicals), in the
United States or internationally that is not a Public Equity Security.

“Logistics Business Notice”
shall have the meaning set forth in Section 2.1(b).

 “MLP” means Valero L.P., a Delaware limited partnership, and
any successors thereto.

“MLP Agreement”
means the Third Amended and Restated Agreement of Limited Partnership of the
MLP, and any amendments thereto and restatements thereof.

 “Partnership Parties” means Valero GP, the MLP, Riverwalk and
their respective Subsidiaries.

“Person” means
an individual or a corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association, government agency or
political subdivision thereof or other entity.

 “Public Equity Securities” shall mean (i) general partner
interests (or securities which have characteristics similar to general partner
interests) and incentive distribution rights or similar rights in publicly
traded partnerships or interests in Persons that own or control such general
partner or similar interests (collectively, “GP Interests”)
and securities convertible, exercisable, exchangeable or otherwise representing
ownership or control of such GP Interests and (ii) incentive distribution
rights and limited partner interests (or securities which have characteristics
similar to incentive distribution rights or limited partner interests) in
publicly traded partnerships or interests in Persons that own or control such
limited partner or similar 

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interests (collectively, “non-GP
Interests”); provided that such non-GP Interests are owned by the
owners of the GP Interests being acquired or their respective Affiliates.

“Public Equity Securities
Notice” shall have the meaning set forth in Section 2.1(b).

“Riverwalk”
means Riverwalk Logistics, L.P., a Delaware limited partnership, and any
successors thereto.

“Valero GP”
means Valero GP, LLC, a Delaware limited liability company, and any successors
thereto.

ARTICLE II:

Business Opportunities

2.1          Public
Equity Securities Opportunity.  (a)     During
the term of this Agreement, the Partnership Parties are prohibited from acquiring
Public Equity Securities unless and until the opportunity to acquire such
Public Equity Securities has been offered to Holdings and Holdings has declined
or abandoned such opportunity as provided in Section 2.1(b).

(b)           If any of the
Partnership Parties becomes aware of an opportunity to acquire Public Equity
Securities from a third party that it wishes to pursue, then as soon as
practicable, Valero GP (on behalf of the Partnership Parties) shall notify
Holdings of such opportunity (the “Public
Equity Securities Notice”) and deliver to Holdings all information
prepared by or on behalf of the Partnership Parties relating to the Public
Equity Securities.  As soon as
practicable, but in any event within 30 days after receipt of such notification
and information, Holdings shall notify the Partnership Parties that either (i)
Holdings has elected, with the approval of a majority of the members of the
Conflicts Committee, not to cause Holdings to pursue the opportunity to acquire
such Public Equity Securities, or (ii) Holdings has elected to pursue the
opportunity to acquire such Public Equity Securities.  If at any time Holdings abandons such
opportunity, as evidenced (x) in writing by Holdings, or (y) by Holdings’
failure to consummate the acquisition of the Public Equity Securities within
one year of the Public Equity Securities Notice, the Partnership Parties shall
have the unrestricted right to pursue such opportunity.

2.2          Logistics
Business Opportunity.  (a)  During the term of this Agreement, Holdings
is prohibited from acquiring a Logistics Business unless and until the
opportunity to acquire such Logistics Business has been offered to the
Partnership Parties and the Partnership Parties have declined or abandoned such
opportunity as provided in Section 2.2(b).

(b)           If Holdings becomes
aware of an opportunity to acquire a Logistics Business from a third party that
it wishes to pursue, then as soon as practicable, Holdings shall notify Valero
GP (on behalf of the Partnership Parties) of such opportunity (the “Logistics Business Notice”) and deliver to
Valero GP all information prepared by or on behalf of Holdings relating to the
Logistics Business.  As soon as
practicable, but in any event within 30 days after receipt of such notification
and information, Valero GP (on behalf of the Partnership Parties) shall notify Holdings
that either (i) Valero GP has elected, with the approval of a majority of the
members of the Conflicts Committee, not to cause the Partnership Parties to
pursue the opportunity to acquire such Logistics Business, or (ii) Valero GP
(on behalf of the Partnership Parties) has elected to 

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pursue the opportunity to acquire such Logistics
Business.  If at any time the Partnership
Parties abandon such opportunity, as evidenced (x) in writing by Valero GP (on
behalf of the Partnership Parties), or (y) by the Partnership Parties’ failure
to consummate the acquisition of the Logistics Business within one year of the
Logistics Business Notice, Holdings shall have the unrestricted right to pursue
such opportunity.

2.3          No
Obligation to Present Business Opportunities. Other than as
set forth Section 2.1 with respect to Public Equity Securities, none of the
Partnership Parties shall have any obligation to present any business
opportunity (including, but not limited to, Logistics Businesses) to Holdings
and its Affiliates.  Other than as set
forth in Section 2.2 with respect to Logistics Businesses, Holdings shall have
no obligation to present any business opportunity (including, but not limited
to, Public Equity Securities) to the Partnership Parties and their Affiliates.

2.4          Term

  This Agreement shall remain in effect for as
long as Holdings or any of its Affiliates owns directly or indirectly 20% or
more of Valero GP or Riverwalk or their successors.

ARTICLE III:

Miscellaneous

3.1          Choice
of Law.  This Agreement
shall be subject to and governed by the laws of the State of Texas, excluding
any conflicts-of-law rule or principle that might refer to the construction or
interpretation of this Agreement to the laws of another state.

3.2          Notice.  All notices or requests or consents provided
for 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 or by telecopier or
telegram to such party.  Notice given by
personal delivery or mail shall be effective upon actual receipt.  Notice given by telegram or telecopier shall
be effective upon actual receipt if received during the recipient’s normal
business hours, or at the beginning of the recipient’s next business day after
receipt if not received during the recipient’s normal business hours.  All notices to be sent to a party pursuant to
this Agreement shall be sent to or made at the address set forth below such
party’s signature to this Agreement, or at such other address as such party may
stipulate to the other parties in the manner provided in this Section 3.2.

3.3          Entire
Agreement; Supersedure. 
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.

3.4          Effect
of Waiver or Consent. 
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 

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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.

3.5          Amendment
or Modification.  This
Agreement may be amended or modified from time to time only by the written
agreement of all the parties hereto. 
Each such instrument shall be reduced to writing and shall be designated
on its face an “Amendment” or an “Addendum” to this Agreement.

3.6          Assignment.  No party shall have the right to assign its
rights or obligations under this Agreement, by operation of law or otherwise,
without the consent of the other parties hereto.

3.7          Counterparts.  This Agreement may be executed in any number
of 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.

3.8          Severability.  If any provision of this Agreement or the
application thereof to any Person or circumstance shall be held invalid or
unenforceable to any extent, 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.

3.9          Gender,
Parts, Articles and Sections. 
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 Parts, Articles and Sections of this Agreement, unless the
context otherwise requires.

3.10        Further
Assurances.  In
connection with this Agreement and all transactions contemplated by this
Agreement, each signatory party hereto agrees to execute and deliver such
additional documents and instruments and to perform such additional acts as may
be necessary or appropriate to effectuate, carry out and perform all of the
terms, provisions and conditions of this Agreement and all such transactions.

3.11        Withholding
or Granting of Consent. 
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.

3.12        Laws
and Regulations. 
Notwithstanding any provision of this Agreement to the contrary, no
party hereto shall be required to take any act, or fail to take any act, under
this Agreement if the effect thereof would be to cause such party to be in
violation of any applicable law, statute, rule or regulation.

 5
 

 

3.13        Binding
Effect.  This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
heirs, executors, administrators, successors, legal representatives and
permitted assigns.

3.14        Negotiation
of Rights of Limited Partners, Assignees, and Third Parties.  The provisions of this Agreement are
enforceable solely by the parties to this Agreement, and no limited Partner, assignee,
member or other Person shall have the right to enforce any provision of this
Agreement or to compel any party to this Agreement to comply with the terms of
this Agreement.

[SIGNATURE PAGES
FOLLOW]

 6
 

 

IN WITNESS WHEREOF, the Parties have caused this
Agreement to be duly executed by their respective authorized officers as of the
Effective Date.

	
  

  	
  VALERO GP HOLDINGS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven A. Blank

  
	
   

  	
  Name: 

  	
  Steven A. Blank

  
	
   

  	
  Title: 

  	
  Senior Vice President, Chief Financial Officer and
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Address for Notice:

  	
   

  
	
   

  	
   

  
	
   

  	
  One Valero Way

  
	
   

  	
  San Antonio, Texas 78249

  
	
   

  	
  Facsimile No.: (210) 353-8361

  
	
   

  	
   

  
	
   

  	
  VALERO L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Riverwalk Logistics, L.P.,

  its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Valero GP, LLC,

  its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Curtis V. Anastasio

  
	
   

  	
  Name:

  	
  Curtis V. Anastasio

  
	
   

  	
  Title:

  	
  Chief Executive Officer and President

  
	
   

  	
   

  
	
   

  	
  Address for Notice:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  One Valero Way

  
	
   

  	
  San Antonio, Texas 78249

  
	
   

  	
  Facsimile No.: (210) 370-4392

  
								

 

 7
 

 

	
  

  	
  RIVERWALK LOGISTICS,
  L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Valero Logistics GP, LLC,

  its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Curtis V.
  Anastasio

  
	
   

  	
  Name: 

  	
  Curtis V. Anastasio

  
	
   

  	
  Title: 

  	
  Chief Executive Officer and President

  
	
   

  	
   

  
	
   

  	
  Address for Notice:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  One Valero Way

  San Antonio, Texas 78249

  Facsimile No.: (210) 370-4392

  
	
   

  	
   

  
	
   

  	
  VALERO GP, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Curtis V. Anastasio

  
	
   

  	
  Name:

  	
  Curtis V. Anastasio

  
	
   

  	
  Title:

  	
  Chief Executive Officer and President

  
	
   

  	
   

  
	
   

  	
  Address for Notice:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  One Valero Way

  San Antonio, Texas 78249

  Facsimile No.: (210) 370-4392

  
								

 

 8

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