Document:

glp_Ex_10-2

		
			Exhibit 10.2
		

		
			AMENDMENT NO. 1 TO EQUITY DISTRIBUTION AGREEMENT
		

		
			This Amendment No. 1 (this “Amendment”) to the Equity Distribution Agreement, dated as of May 19, 2015 (the “Agreement”), by and among Global Partners LP, a Delaware limited partnership (the “Partnership”), Global GP LLC, a Delaware limited liability company (the “General Partner”), Global Operating LLC, a Delaware limited liability company (“Global Operating” and, together with the Partnership and the General Partner, the “Partnership Parties”), and Wells Fargo Securities, LLC and BMO Capital Markets Corp. (each a “Manager” and, collectively, the “Managers” and, together with the Partnership Parties, the “Parties”), is entered into on and as of August 5, 2016 (the “Effective Date”). Capitalized terms used and not defined in this Amendment have the meanings ascribed thereto in the Agreement.
		

		
			WHEREAS, the Partnership filed a registration statement on Form S-3 (File Number 333-212172), which was declared effective on July 5, 2016 (the “New Registration Statement”), pursuant to which it wishes to sell Units available for issuance under the Agreement; and
		

		
			WHEREAS, the Parties wish to amend certain terms of the Agreement to reference the New Registration Statement and make certain related corresponding changes.
		

		
			NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
		

		
			Section 1.  Amendments to Agreement.
		

		
			(a)  The first two sentences of the second paragraph of Section 1 are hereby deleted in their entirety and replaced with the following:
		

		
			The Partnership has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), with the Commission a registration statement on Form S-3 (File No. 333-212172), including a base prospectus, relating to the Units to be issued from time to time by the Partnership, and which incorporates by reference documents that the Partnership has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”).  On or prior to the date that the first Units are sold (after August 5, 2016) pursuant to the terms of this Agreement, the Partnership will prepare a prospectus supplement specifically relating to the Units (the “Prospectus Supplement”) to the base prospectus included as part of such registration statement.  
		

		
			(b)  The first paragraph of Section 2(a) is hereby deleted in its entirety and replaced with the following:
		

		
			Registration; Definitions; No Stop Order. A registration statement on Form S-3 relating to the Units (File No. 333-212172) has (i) been prepared by the Partnership in conformity with the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations (the “Rules and 
		

		
			

		 

 

		

			 

		

		

		
			Regulations”) of the Securities and Exchange Commission (the “Commission”) thereunder; (ii)  been filed with the Commission under the Securities Act; and (iii) become effective under the Securities Act.  Copies of such registration statement and any amendment thereto have been made available by the Partnership to you as the Managers.
		

		
			Section 2.  Effectiveness.  This Amendment shall be effective as of the date hereof for all future offers and sales under the Agreement.
		

		
			Section 3.  Representations and Warranties.  The Partnership Parties represent to the Managers that they have duly authorized, executed and delivered this Amendment.
		

		
			Section 4.  Continuing Effect.  Except as expressly amended by this Amendment, the Agreement remains in full force and effect in accordance with its respective terms and is hereby in all respects ratified and confirmed.
		

		
			Section 5.  References to Agreements.  All references to the Agreement in the Agreement or in any other document executed or delivered in connection therewith, shall, from the date hereof, be deemed a reference to the Agreement as amended hereby.
		

		
			Section 6.  Applicable Law.  This Amendment shall be governed by and construed in accordance with the law governing the Agreement.
		

		
			Section 7.  Counterparts.  This Amendment may be signed in one or more counterparts, each of which, when executed and delivered, shall constitute an original and all of which together shall constitute one and the same agreement.
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the Effective Date.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Global Partners LP

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: Global GP LLC, its general partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Edward J. Faneuil

				
	
					
						 

					
					
						 

					
					
						Name: Edward J. Faneuil

				
	
					
						 

					
					
						 

					
					
						Title: Executive Vice President, General Counsel and Secretary

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Global GP LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Edward J. Faneuil

				
	
					
						 

					
					
						 

					
					
						Name: Edward J. Faneuil

				
	
					
						 

					
					
						 

					
					
						Title: Executive Vice President, General Counsel and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Global Operating LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Edward J. Faneuil

				
	
					
						 

					
					
						 

					
					
						Name: Edward J. Faneuil

				
	
					
						 

					
					
						 

					
					
						Title: Executive Vice President, General Counsel and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Accepted:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Wells Fargo Securities, LLC

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ John S. Cronin

					
					
						 

				
	
					
						 

					
					
						Name: John S. Cronin

					
					
						 

				
	
					
						 

					
					
						Title: Managing Director

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						BMO Capital Markets Corp.

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Michael Starzan

					
					
						 

				
	
					
						 

					
					
						Name: Michael Starzan

					
					
						 

				
	
					
						 

					
					
						Title: DirectorExhibit

EXHIBIT 10.1

Zions Bancorporation
2016 - 2018 Value Sharing Plan

Objective:  The purpose of the 2016 – 2018 Zions Bancorporation Value Sharing Plan (the “Plan”) is to provide a three year cash incentive plan for selected members of the senior management team and other key employees of Zions Bancorporation (the “Company”). It is designed to create long-term shareholder value by focusing the Participant’s attention on achieving superior results relative to financial objectives, credit quality and other important initiatives over a three year period. 

Eligibility:  Selected key members of the senior management group and other key managers of the Bank (“Participants”) as determined by the Zions Bancorporation Board of Directors (the “Board”) or its Compensation Committee (the “Committee”), or by the Company’s CEO, under authority delegated by the Committee. 

Effective Date: January 1, 2016 through December 31, 2018 (the “Award Period”) with performance measured over the time period from January 1, 2016 to December 31, 2016 (the “Performance Period”)

Payment of Awards: Subject to limitations enumerated in the “Other Administrative Provisions” section of the Plan, the incentive awards, if any, earned under this Plan will be paid within ninety days after the end of the Award Period. 

Plan Administrator: The Plan is to be governed and interpreted by the Committee.

How the Plan Works:  

		
	1)
	Establishment of Award Fund

An Award Fund will be established, the size of which will be determined by the Committee. Funding of the Award Fund is contingent upon Zions Bancorporation achieving its publically communicated targets related to:

		
	•
	Total Non-Interest Expenses below $1.58 billion for 2016; and 

		
	•
	Efficiency Ratio below 66% for 2016 and the low 60’s for 2017. 

Failure to achieve both of the targets referenced above could reduce funding (or eliminate funding altogether) to the extent necessary to achieve both targets for all of the 2016-2018 Value Sharing Plans (VSPs).

The Committee will assign a quartile rating to the Company’s overall performance, based upon its performance as measured by the quartile ratings it achieves for each of six performance categories. The Committee will further determine, within that quartile rating, whether performance was in the “low,” “medium,” or “high” range within that quartile, each of which is assigned a per-unit award value (refer to Appendix II).  
 
The Committee will have the authority to use their informed discretion to modify the formulaic 

per-unit award determinations upward or downward up to 25% (subject to an aggregate payout cap of $1.20/unit) from the recommended per-unit funding “markers” assigned to each quartile to better align value determinations with performance results and risk outcomes.   
 

The six performance categories and their relative weightings include: 
 
		
	1.)
	Zions Bancorporation’s Adjusted Pre-tax Pre-Provision Earnings (“PTPP Earnings”) – 20%; 

		
	2.)
	Zions Bancorporation’s Net Charge-Offs – 20%; 

		
	3.)
	Zions Bancorporation’s Adjusted Total Non-Interest Expense – 15%; 

		
	4.)
	Zions Bancorporation’s Adjusted Non-Interest Income – 15%; 

		
	5.)
	Zions Bancorporation’s Return on Average Assets (relative to Zions Bancorporation peer companies) – 15%; and, 

		
	6.)
	Zions Bancorporation’s Risk Adjusted Net Interest Margin (relative to Zions Bancorporation peer companies) – 15%. 
 

These metrics are more fully defined in Section 5 and Appendix I. 

		
	2)
	Participation Units

Each Participant designated by the Committee shall be awarded a specific number of Participation Units (“Units”), representing a pro-rata claim, in proportion to the total number of authorized Units, on any Award Fund established under this Plan during the Award Period.

		
	3)
	Initial Nominal Value Determination:

Shortly following the conclusion of the 12-month performance period, the assigned per-unit value will be multiplied by the total number of units awarded to each Participant to determine their individual initial nominal award values. 

		
	4)
	Final Cash Settlement of the Initial Nominal Values:

The initial nominal value amounts granted under this plan are subject to potential reductions or eliminations, upon the occurrence of certain dramatic events at the sole discretion of the Committee. Dramatic events would include (but, not be limited to) the Company or Bank experiencing significant stress due to severe deterioration in asset quality, earnings, fraud, malfeasance, material errors or reputational harm during the 24 month deferral period running from January 1, 2017 to December 31, 2018. 
 
The initial nominal value amount, if any, will be settled in cash during the first quarter of 2019.

		
	5)
	Definitions of Factors:

A)Pre-tax Pre-provision (PTPP) Income is defined as the total of the following items (but, not limited to) during the Performance Period:

Net interest income plus non-interest income, less non-interest operating expenses 
adjusted for the following items: 

		
	▪
	Equity securities gains (losses)

		
	▪
	Fixed income securities gains (losses)

		
	▪
	Net impairment losses on investment securities

		
	▪
	Debt extinguishment costs

		
	▪
	Income and expense associated with FDIC supported loan portfolios

		
	▪
	Fair value and nonhedge derivative income (losses)

		
	▪
	Provision for unfunded lending commitments

		
	▪
	Severance and/or other appropriate restructuring costs

		
	▪
	Transactions costs related to matters that result in after-tax benefits for the Company 
Plus or (minus), 

Equitable adjustments, as follows:

		
	•
	any adjustment deemed necessary by the Committee to normalize PTPP Earnings as a result of unusual and extraordinary changes in internal cost or income allocations during the Performance Period resulting from reclassifications or changes in allocation methodologies which produce material changes in costs or income which are not offset by a corresponding change in income or costs within the Company; 

		
	•
	any other adjustments, which, in the sole discretion of the Committee, are required to equitably reflect operating performance during the Performance Period.  

		
	B)
	Net Charge Offs will be calculated using the net charge-off amounts reflected in the Bank’s regulatory call reports for the relevant periods. 

C)Adjusted Total Direct Expense     Total direct expense adjusted for the following:

		
	•
	Income and expense associated with FDIC supported loan portfolios

		
	•
	Provision for unfunded lending commitments

		
	•
	Debt extinguishment costs

		
	•
	Severance and/or other appropriate restructuring costs

		
	•
	Transactions costs related to matters that result in after-tax benefits for the Company

    
D)Adjusted Non-Interest Income:  Non-Interest Income adjusted for the following: 

		
	•
	Fair value and nonhedge derivative income (losses)

		
	•
	Equity securities gains (losses)

		
	•
	Fixed income securities gains (losses)

		
	•
	Net impairment losses on investment securities

		
	•
	FHLB/Federal Reserve dividends

		
	•
	BOLI gains/losses on sales of assets      

 
E)Return on Average Assets:  Zions Bancorporation Return on Average Assets during the performance period measured relative to the same metric for Zions Bancorporation peer companies during the same time period. May include adjustments deemed appropriate by the Compensation Committee to accommodate anomalies in liquidity management or other unique events.
          
F)Risk Adjusted Net Interest Margin:  Zions Bancorporation Risk-Adjusted Net Interest Margin defined as Net Interest Margin minus Net Charge-Offs during the performance period 

measured relative to the same metric for Zions Bancorporation peer companies during the same time period 

G)

		
	4)
	Other Administrative Provisions

		
	(1)
	This is a discretionary Plan governed and interpreted by the Committee, whose decisions shall be final. The intent of the Plan is to fairly reward Participants for increasing shareholder value. If any adjustments need to be made to allow this Plan to accomplish its purpose, the Committee in its sole discretion can make those adjustments.

		
	(2)
	The Committee may, at its sole discretion, alter the terms of the Plan at any time during an Award Period.

		
	(3)
	Participants will not vest in any benefits available under the Plan until any payments hereunder are made after the conclusion of the Award Period.

		
	(4)
	A Participant must be employed by the Company or one of its affiliates at the time payment is made in order to receive a payout of Participant’s Unit award and if Participant ceases to be so employed at any time Participant’s Unit award shall automatically be forfeited and cancelled without consideration and without further action by Participant; provided, however, that 

		
	(i)
	In the event of Participant’s termination by the Company or an affiliate or normal or early retirement, management or, if Participant is a member of the Executive Management Committee (or “EMC”), the Committee shall have the discretion to make a “Pro Rata Adjustment” to Participant’s Unit award, provided further that notwithstanding the foregoing any such adjusted Unit award shall automatically be forfeited and cancelled without consideration and without further action by Participant immediately upon (x) Participant’s commencement of, or agreement to commence, employment with or provision of services (whether as a director, consultant or otherwise) to another company that is in the financial services industry unless such employment or provision of services is specifically approved by management or the Committee, as the case may be, (y) Participant making any derogatory or damaging statements (verbally, in writing or otherwise) about the Company or any of its affiliates, the management or the board of directors of the Company or any affiliate, the products, services or business condition of the Company or any affiliate in any public way to anyone who could make those statements public or to customers of, vendors to or counterparties of the Company or any affiliate, or (z) Participant violating any duty of confidentiality owed to the Company or its affiliates under the policies or procedures of the Company and its affiliates, including the Company’s employee handbook, code of conduct and similar materials, or under federal or state law, or Participant misappropriating or misusing any proprietary information or assets of the Company and its affiliates, including intellectual property rights; and 

		
	(ii)
	In the event of Participant’s “Termination of Employment” by reason of Participant’s death or “Disability”, a Pro Rata Adjustment shall be made to Participant’s unit award.  

In the event a Participant’s Unit award is subjected to a “Pro Rata Adjustment”, Participant (or his/her estate) shall be entitled to receive a pro-rata incentive payout of his or her Unit award at the conclusion of the Award Period. This award will be based 

upon the Participant’s calculated award for the full Award Period as approved by the Committee and will be prorated for the number of full calendar quarters within the Award Period the Participant was engaged as an officer of the Company or its affiliates prior to Termination of Employment in the circumstances described above. For purposes of this Plan, the terms “Termination of Employment,” “Retirement” and “Disability” shall have the meanings assigned to them in the form of Standard Restricted Stock Unit Award Agreement used by the Company in making annual equity awards to employees.

		
	(5)
	The Company shall retain the right to withhold payment of incentives otherwise earned under this Plan to any individual Participant or to all Participants as a group in the event of a significant deterioration in the Company’s or the Bank’s financial condition, if so required by regulatory authorities, or for any other reason considered valid by the Board in its sole discretion including but not limited to those set out in the Company’s Incentive Compensation Clawback Policy as in effect at any time during or subsequent to the Award Period. 

		
	(6)
	The terms of this plan are subject to and limited by applicable law, including, without limitation, the Sarbanes Oxley Act of 2002, the Dodd-Frank Act, and regulations or guidance issued by the Board of Governors of the Federal Reserve System or other regulatory agencies.

		
	(7)
	Designation as a Participant in the Plan does not create a contract of employment for any specified time, nor shall such act to alter or amend the Company’s “at-will” policy of employment. 

		
	(8)
	In the event a Participant transfers within Zions Bancorporation during the Award Period, management or, if Participant is a member of the EMC, the Committee shall have the discretion to maintain such Participant’s full Unit award under this plan, to divide and allocate such full award between Zions entities with which Participant has been employed during the Award Period or to transfer and allocate such award to a single other Zions entity with which Participant has been employed during the Award Period (and to make corresponding adjustments to Award Funds).

 
		
	(9)
	In the event of a change in control of the Company (as defined in the Company’s Change in Control Agreements), the Plan will be terminated and payments shall be made in accordance with the provisions of section 3 (b) of the Change in Control Agreements, provided that the reference in Section 3(b) to “average annual growth in Earnings per Share and the average Tangible Return on Equity” shall be deemed to refer to the award determination methodology set forth in this plan.

		
	(10)
	This document is intended to provide a guideline for the creation and distribution of incentive compensation. Nothing herein creates a contractual obligation binding on the Board or the Committee, and no Participant shall have any legal rights with respect to an Award until such Award is distributed.

APPENDIX I

The following is the VSP Scorecard applicable over the Performance Period.

APPENDIX II

The following is the VSP funding determination chart to be used by the Board Compensation Committee

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