Document:

Administration Agreement

 Exhibit 10.05 
 ADMINISTRATION AGREEMENT 
 BETWEEN 
 VALERO GP HOLDINGS, LLC 
 AND 
 VALERO GP, LLC 
 DATED AS OF
July 19, 2006 

 ADMINISTRATION AGREEMENT 
 This ADMINISTRATION AGREEMENT (this “Agreement”) is entered into as of July 19, 2006 and effective as of Effective Date, as defined
below, between VALERO GP HOLDINGS, LLC, a Delaware limited liability company (“Holdings”), and VALERO GP, LLC, a Delaware limited liability company (“Valero GP”). 
 RECITALS 
 WHEREAS, management of
Holdings has determined that certain executive management, accounting, legal, cash management, corporate finance and other administrative services required by Holdings should be performed by Valero GP in exchange for an administrative services fee;

 WHEREAS, on March 10, 2006, upon recommendation by management of Valero GP and the Conflicts Committee of the Board of Directors of
Valero GP (the “Conflicts Committee”), the Board of Directors of Valero GP approved the terms of this Agreement; 
 WHEREAS,
Valero GP has agreed to provide certain administrative services under this Agreement to Holdings; and 
 NOW, THEREFORE, for and in
consideration of the mutual covenants contained in this Agreement, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
 (a) “Affiliates” means entities that directly or indirectly through one or more intermediaries control, or are controlled by, or are under common control with, such party, and the term
“control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of an entity, whether through the ownership of voting securities, by contract or otherwise;
provided, however, that with respect to Valero GP, the term “Affiliate” shall exclude Holdings. 
 (b)
“Associate” means, when used to indicate a relationship with any Person, (a) any corporation or organization which such Person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any
class of voting stock or other voting interest; (b) any trust or other estate in which such Person has at least a 20% beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity; and (c) any relative
or spouse of such Person, or any relative of such spouse, who has the same principal residence as such Person. 
 (c) “Effective
Date” means the closing date of the initial public offering of Holdings. 

 (d) “force majeure” means any one or more of: (a) an act of God, (b) a strike,
lockout, labor difficulty or other industrial disturbance, (c) an act of a public enemy, war, blockade, insurrection or public riot, (d) lightning, fire, storm, flood or explosion, (e) governmental action, delay, restraint or
inaction, (f) judicial order or injunction, (g) material shortage or unavailability of equipment, or (h) any other cause or event, whether of the kind specifically enumerated above or otherwise, which is not reasonably within the
control of the party claiming suspension.. 
 (e) “Group” means a Person that with or through any of its Affiliates or
Associates has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent given to such Person in response to a proxy or consent solicitation made to ten or more
Persons), exercising investment power or disposing of any membership interests in Holdings with any other Person that beneficially owns, or whose Affiliates or Associates beneficially own, directly or indirectly, membership interests in Holdings.

 (f) “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust,
unincorporated organization or other enterprise (including an employee benefit plan), association, government agency or political subdivision thereof or other entity. 
 (g) “Valero Energy Affiliates” shall mean any and all Affiliates of Valero Energy Corporation. 
 ARTICLE II 
 PROVISION OF SERVICES 
 Section 2.1 Provision of Administrative Services by Valero GP. 
 (a) Administrative
Services. Valero GP or any Affiliate or designee of Valero GP shall provide to Holdings non-exclusive executive management, accounting, legal, cash management, corporate finance and other administrative services, and such other services as
Valero GP and Holdings may from time to time agree (the “Administrative Services”). 
 (b) Additional Services.
Valero GP or any Affiliate or designee of Valero GP shall provide Holdings with such other services as Holdings may request from time to time during the term of this Agreement and for such additional compensation as the parties may agree.

 (c) Direct Charges. Notwithstanding Section 1.1 (a) above, the following items will be directly charged to Holdings
(“Direct Charges”): 
 all third party expenses directly related to Holdings, including, but not limited to, public company
costs, outside legal fees, outside accounting fees, fees and expenses of directors, external advisors and consultants, and insurance costs, including but not limited to, directors and officers. 
  

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 (d) Nature and Quality of Services. The quality of the Administrative Services shall be
substantially identical to those provided to subsidiaries and Affiliates of Valero GP. 
 Section 2.2 Fees for Administrative
Services. 
 (a) Commencing on the Effective Date of this Agreement, and for each contract year thereafter, Holdings shall pay to Valero
GP an annual fee (the “Administrative Services Fee”). The Administrative Services Fee shall be $500,000 per year, subject to adjustment as provided in Section 2.2(b). 
 (b) On the last day of each contract year starting with the contract year ending December 31, 2006, and prior to the beginning of the next contract
year, the Administrative Services Fee shall be increased by an amount equal to Valero GP’s general annual merit increase percentage for the just completed contract year. 
 (c) Valero GP, with the approval and consent of the Conflicts Committee, may agree to further modifications in the Administrative Services Fee in
connection with changed levels of Administrative Services provided to Holdings due to modifications of Holdings’ operations through acquisitions or otherwise. 
 (d) The parties hereto acknowledge that the Administrative Services Fee is intended to reflect Valero GP’s actual costs to provide the Administrative Services. At the end of each contract year, the scope of the
Administrative Services and the related Administrative Services Fee are subject to review either at the request of Valero GP or Holdings, in either case by providing 10 days written notice to the other party but in no event later than 60 days before
the end of the applicable contract year, with such review to be completed no later than March 31 of the immediately following contract year, with any modification of the Administrative Services Fee, other than as provided in Sections 2.2
(b) and 2.4, subject to the consent and approval of the Conflicts Committee. 
 (e) Any fees payable hereunder for periods less than a
full contract year shall be prorated for the period for which services were provided based on the actual number of days elapsed and a year of 365 days. 
 Section 2.3 Payment of Fees. 
 (a) The fees to be paid pursuant to this Agreement shall be paid
by Holdings in equal monthly installments in arrears within 30 days of the end of the month. 
 (b) To the extent reasonably practicable, all
third party invoices for Direct Charges shall be submitted to Holdings for payment. For Direct Charges not paid directly by Holdings, if any, Valero GP shall present Holdings with an invoice within 10 days after the end of each calendar month that
reflects an amount equal to all Direct Charges reimbursable to Valero GP. Holdings shall pay such sum within 30 days of the end of the applicable calendar month. 
 Section 2.4 Cancellation or Reduction of Services. Holdings may terminate or reduce the level of any Administrative Service on 60 days’ prior written notice to Valero GP. Upon such termination or
reduction, the Administrative Services Fee shall be reduced accordingly, whether on a temporary or a permanent basis, for such time as such service is reduced or terminated. 
  

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 Section 2.5 Term. The provisions of this Article II will apply until this Agreement is
terminated or amended in accordance with Section 3.1 or Section 3.12, respectively. 
 ARTICLE III 
 MISCELLANEOUS 
 Section 3.1
Termination/Change of Control. 
 (a) This Agreement shall terminate on December 31, 2011 (the “Initial Term”);
provided that this Agreement shall automatically continue for successive two-year terms after the Initial Term unless or until six months’ advance notice is given by Valero GP to terminate this Agreement, in which case this Agreement shall
terminate six months after such notice is delivered. Notwithstanding the foregoing, Holdings (i) may terminate the provision of one or more Administrative Services or reduce the level of one or more Administrative Services, in each case in
accordance with the provisions of Section 2.4 hereof and (ii) shall have the right at any time to terminate this Agreement by giving written notice to Valero GP, and in such event this Agreement shall terminate six months from the date on
which such notice is given. 
 (b) Notwithstanding Section 3.1(a), if a Change of Control of Holdings or Valero GP occurs, this
Agreement shall terminate. The following shall constitute a Change of Control: 
 (i) Holdings shall cease to own, directly
or indirectly, 100% of each of Valero GP and Riverwalk Logistics, L.P., a Delaware limited partnership (“Riverwalk”); 
 (ii) both (A) the Valero Energy Affiliates shall be in the aggregate the legal or beneficial owners (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of less than a majority
of the combined voting power of the then total membership interests (including all securities which are convertible into membership interests) of Holdings, and (B) any Person or Group of Persons acting in concert as a partnership or other Group
(a “Group of Persons”), other than one or more of the Valero Energy Affiliates, shall be the legal or beneficial owner (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of more than 20% of the
combined voting power of the then total membership interests (including all securities which are convertible into membership interests) of Holdings, provided, that a “Group of Persons” shall not include the underwriter in any firm
underwriting undertaken in connection with the initial public offering or any subsequent public offering of Holdings; or 
 (iii) occupation of a majority of the seats (other than vacant seats) on the Board of Directors (or Board of Managers) of Holdings by Persons who were neither (A) nominated by the board of directors of Holdings nor (B) appointed
by directors, a majority of whom were so nominated. 
  

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 Section 3.2 No Third Party Beneficiary. The provisions of this Agreement are enforceable
solely by the parties to the Agreement and no limited partner, assignee, member or other person shall have the right, separate and apart from the parties hereto, to enforce any provisions of this Agreement or to compel an party to this Agreement to
comply with the terms of this Agreement. 
 Section 3.3 No Fiduciary Duties. Neither party hereto shall have any fiduciary
obligations or duties to the other party by reason of this Agreement. Subject to the (i) Omnibus Agreement among Valero Energy Corporation (as successor to Ultramar Diamond Shamrock Corporation), Valero GP, Riverwalk, Valero L.P. and Valero
Logistics Operations, L.P., dated as of April 16, 2001, as such agreement may be amended from time to time, and (ii) Non-Compete Agreement among Holdings, Valero GP, Riverwalk and Valero L.P., dated as of
[            ], 2006, as such agreement may be amended from time to time, any party hereto may conduct any activity or business for its own profit whether or not such activity or business
is in competition with any activity or business of the other party. 
 Section 3.4 Limited Warranty; Limitation of Liability

 Valero GP represents that it will provide or cause the services to be provided to Holdings with reasonable care and in accordance with
all applicable laws, rules, and regulations, including without limitation those of the Federal Energy Regulatory Commission. EXCEPT AS SET FORTH IN THE IMMEDIATELY PRECEDING SENTENCE AND IN SECTION 2.1 (d), ALL PRODUCTS OBTAINED FOR HOLDINGS ARE AS
IS, WHERE IS, WITH ALL FAULTS AND VALERO GP MAKES NO (AND HEREBY DISCLAIMS AND NEGATES ANY AND ALL) REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO
THE SERVICES RENDERED OR PRODUCTS OBTAINED FOR HOLDINGS. FURTHERMORE, HOLDINGS MAY NOT RELY UPON ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING THE WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE MADE TO VALERO GP BY
ANY PARTY (INCLUDING, AN AFFILIATE OR DESIGNEE OF VALERO GP) PERFORMING SERVICES ON BEHALF OF VALERO GP HEREUNDER, UNLESS SUCH PARTY MAKES AN EXPRESS WARRANTY TO HOLDINGS. HOWEVER, IN THE CASE OF SERVICES PROVIDED BY A THIRD PARTY FOR HOLDINGS, IF
THE THIRD PARTY PROVIDER OF SUCH SERVICES MAKES AN EXPRESS WARRANTY TO HOLDINGS, HOLDINGS IS ENTITLED TO CAUSE VALERO GP TO RELY ON AND TO ENFORCE SUCH WARRANTY. 
 IT IS EXPRESSLY UNDERSTOOD BY HOLDINGS THAT VALERO GP AND ITS AFFILIATES AND DESIGNEES SHALL HAVE NO LIABILITY FOR THE FAILURE OF THIRD PARTY PROVIDERS TO PERFORM ANY SERVICES HEREUNDER AND FURTHER THAT VALERO GP AND
ITS AFFILIATES AND DESIGNEES SHALL HAVE NO LIABILITY WHATSOEVER FOR THE SERVICES PROVIDED BY ANY SUCH THIRD PARTY UNLESS IN EITHER EVENT SUCH SERVICES ARE PROVIDED IN A MANNER WHICH WOULD EVIDENCE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT ON THE
PART OF VALERO GP OR ITS AFFILIATES OR DESIGNEES BUT VALERO GP SHALL, ON BEHALF OF HOLDINGS, PURSUE ALL RIGHTS AND REMEDIES UNDER 
  

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 ANY SUCH THIRD PARTY CONTRACT. HOLDINGS AGREES THAT THE REMUNERATION PAID TO VALERO GP HEREUNDER FOR THE SERVICES TO BE
PERFORMED REFLECT THIS LIMITATION OF LIABILITY AND DISCLAIMER OF WARRANTIES. IN NO EVENT SHALL VALERO GP BE LIABLE TO HOLDINGS OR ANY OTHER PERSON FOR ANY INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES RESULTING FROM ANY ERROR IN THE PERFORMANCE OF
SERVICES OR FROM THE BREACH OF THIS AGREEMENT, REGARDLESS OF THE FAULT OF VALERO GP, ANY VALERO GP AFFILIATE OR DESIGNEE, OR ANY THIRD PARTY PROVIDER OR WHETHER VALERO GP, ANY VALERO GP AFFILIATE OR DESIGNEE, OR THE THIRD PARTY PROVIDER ARE WHOLLY,
CONCURRENTLY, PARTIALLY, OR SOLELY NEGLIGENT. TO THE EXTENT ANY THIRD PARTY PROVIDER HAS LIMITED ITS LIABILITY TO VALERO GP OR ITS AFFILIATE OR DESIGNEE FOR SERVICES UNDER AN OUTSOURCING OR OTHER AGREEMENT, HOLDINGS AGREES TO BE BOUND BY SUCH
LIMITATION OF LIABILITY FOR ANY PRODUCT OR SERVICE PROVIDED TO HOLDINGS BY SUCH THIRD PARTY PROVIDER UNDER VALERO GP’S OR SUCH AFFILIATE’S OR DESIGNEE’S AGREEMENT. 
 Section 3.5 Force Majeure. If either party to this Agreement is rendered unable by force majeure to carry out its obligations under this
Agreement, other than a party’s obligation to make payments as provided for herein, that party shall give the other party prompt written notice of the force majeure with reasonably full particulars concerning it. Thereupon, the obligations of
the party giving the notice, insofar as they are affected by the force majeure, shall be suspended during, but no longer than the continuance of, the force majeure. The affected party shall use all reasonable diligence to remove or remedy the force
majeure situation as quickly as practicable. 
 The requirement that any force majeure situation be removed or remedied with all reasonable
diligence shall not require the settlement of strikes, lockouts or other labor difficulty by the party involved, contrary to its wishes. Rather, all such difficulties may be handled entirely within the discretion of the party concerned. 

Section 3.6 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each signatory
party hereto agrees to execute and deliver such additional documents and instruments as may be required for a party to provide the services hereunder and to perform such other additional acts as may be necessary or appropriate to effectuate, carry
out, and perform all of the terms and provisions of this Agreement. 
 Section 3.7 Notices. Any notice, request, demand,
direction or other communication required or permitted to be given or made under this Agreement to a party shall be in writing and may be given by hand delivery, postage prepaid first-class mail delivery, delivery by a reputable international
courier service guaranteeing next business day delivery or by facsimile (if confirmed by one of the foregoing methods) to such party at its address noted below: 
  

	 	(a)	in the case of Valero GP, to: 

 Valero GP, LLC 

One Valero Way 
 San Antonio, Texas 78249

 Attention: Legal Department 
 Telecopy: (210) 345-4861 
  

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	 	(b)	in the case of Holdings, to: 

 Valero GP Holdings, LLC

 One Valero Way 
 San Antonio,
Texas 78249 
 Attention: Legal Department 
 Telecopy: (210) 345-xxxx 
 or at such other address of which notice may have been given by such party in accordance
with the provisions of this Section. 
 Section 3.8 Counterparts. This Agreement may be executed in several counterparts, no one
of which needs to be executed by all of the parties. Such counterpart, including a facsimile transmission of this Agreement, shall be deemed to be an original and shall have the same force and effect as an original. All counterparts together shall
constitute but one and the same instrument. 
 Section 3.9 Applicable Law. The provisions of this Agreement shall be construed in
accordance with the laws of the State of Texas, excluding any conflicts of law rule or principle that might refer the construction or interpretation hereof to the laws of another jurisdiction. 
 Section 3.10 Binding Effect; Assignment. Except for the ability of Valero GP to cause one or more of the Administrative Services to be
performed by a third party provider or an Affiliate of Valero GP, 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. 
 Section 3.11 Invalidity of Provisions. In the event that one or more of the provisions contained in this Agreement shall be invalid, illegal
or unenforceable in any respect under any applicable law, the validity, legality or enforceability of the remaining provisions hereof shall not be affected or impaired thereby. 
 Section 3.12 Modification; Amendment. This Agreement may be amended or modified from time to time only by a written amendment signed by both
parties hereto; provided however, that Valero GP may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification to this Agreement that, in the reasonable discretion of Valero GP, will adversely affect the
holders of common units of the Partnership. 
 Section 3.13 Entire Agreement. This Agreement constitutes the whole and entire
agreement between the parties hereto and supersedes any prior agreement, undertaking, declarations, commitments or representations, verbal or oral, in respect of the subject matter hereof. 
  

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

			
	Valero GP, LLC
		
	By:	 	 /s/ Curtis V. Anastasio

	Name:	 	Curtis V. Anastasio
	Title:	 	President and Chief Executive Officer
	
	VALERO GP HOLDINGS, LLC
		
	By:	 	 /s/ Steven A. Blank

	Name:	 	Steven A. Blank
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

 SIGNATURE PAGE TO ADMINISTRATION AGREEMENTNon-compete Agreement

 Exhibit 10.06 
 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 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. 
  

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 “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 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 
  

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 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 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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 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. 
 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 
  

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 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] 
  

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 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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