Document:

EX-4.1

 Exhibit 4.1 
 Form of Note 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, 55 WATER STREET, NEW YORK, NEW YORK 10004, A NEW
YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 FOREST CITY ENTERPRISES, INC.

 7.375% SENIOR NOTE DUE 2034 
  

			
	 No. 2012-1
	  	$125,000,000                    
		
		  	CUSIP No. 345550 40 4                    

 Forest City Enterprises, Inc., a corporation duly organized and existing under the laws of Ohio (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED
TWENTY-FIVE MILLION DOLLARS ($125,000,000) (representing 5,000,000 units, each with a $25 principal amount) on February 1, 2034, and to pay interest thereon from the most recent Interest Payment Date to which interest has been paid or duly
provided for, quarterly on February 1, May 1, August 1 and November 1 in each year, at the rate of 7.375% per annum, until the principal hereof is paid or made available for payment, provided that any principal and
premium, and any such installment of interest, which is overdue shall bear interest at the rate of 9.375% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the January 15, April 15, July 15 or October 15 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or 

 
more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day months. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, The City of New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 -2-

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

									
		 		 	FOREST CITY ENTERPRISES, INC.	 	
					
	 [Seal]
  
	 		 	  
 By:
	 	  

 
	 	
		 		 		 	Title:	 	

 Attest: 

			
		
	 	 	
	Title:	 	

 This is one of the Securities referred to in the within-mentioned Indenture. 

 

													
	Dated: July __, 2012	 		 		 		 	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A.,
 as Trustee
	 	
		 		 		 		 		 	
							
		 		 		 		 	By:	 	  
	 	
		 		 		 		 		 	Authorized Signatory	 	

  
 -3-

 This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of May 19, 2003 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the
Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated as the 7.375% Senior Notes Due 2034. 
 The Securities constitute a further issuance of, and are
consolidated to form a single series with, the $100,000,000 aggregate principal amount of the Company’s Outstanding 7.375% Senior Notes Due 2034 that were previously issued on February 10, 2004. 

The Securities may be redeemed, at the option of the Company, in whole or in part, at any time, and prior to Maturity, upon not less than
30 nor more than 60 days notice mailed to each Holder of Securities to be redeemed at such Holder’s address appearing in the Security Register, in amounts of $25 or an integral multiple of $25, at a redemption price of 100% of the principal
amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to but excluding the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Date referred to on the face hereof, all as provided in the Indenture. 

The Indenture provides that, subject to certain conditions, if (i) certain Excess Proceeds are available to the Company as a result
of an Asset Disposition, or (ii) a Change of Control occurs, the Company shall be required to make an Offer to Purchase for all or a specified portion of the Securities of this series. 

In the event of redemption or purchase pursuant to an Offer to Purchase of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed or unpurchased portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 The Indenture contains provisions for Defeasance at any time of (i) the entire
indebtedness of this Security or (ii) certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth therein. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of
the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate 

  
 -4-

 
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all the Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the
times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained for such purpose in the Borough of
Manhattan, The City of New York, New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $25 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered
as the owner hereof for all purposes, whether or not this 

  
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Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 

  
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 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased in its entirety by the Company pursuant to the Indenture, check the box: 

 
  ̈ 

If you want to elect to have only a part of this Security purchased by the Company pursuant to the Indenture, state the amount: $

  

							
	Dated:	 		 	Your Signature:                        
                    
		 		 		 	 (Sign exactly as name appears on

the other side of this Security)

		 		 		 	
		 		 		 	
	Signature Guarantee:                       
                                         
                                         
                                   
		 		 		 	 (Signature must be guaranteed by an
 “eligible guarantor institution”
 meeting the requirements of the

Security Registrar, which requirements
 include
membership or participation in
 signature guarantee program as may be
 mined by the Security Registrar, all in
 accordance with the Securities Exchange

Act of 1934, as amended.)

  
 -7-Form of Transaction Agreement

 Exhibit 10.1 
 FORM OF 
 TRANSACTION AGREEMENT 

BY AND AMONG 
 NORTHERN TIER HOLDINGS LLC 
 NORTHERN TIER ENERGY GP LLC 

NORTHERN TIER ENERGY LLC 
 NORTHERN TIER ENERGY HOLDINGS LLC 
 NORTHERN TIER RETAIL HOLDINGS LLC

 AND 
 NORTHERN TIER ENERGY LP 
 DATED AS OF
                , 2012 

 TRANSACTION AGREEMENT* 

This Transaction Agreement, dated as of                 ,
2012 (this “Agreement”), is entered into by and among Northern Tier Holdings LLC, a Delaware limited liability company (“NTH”), Northern Tier Energy GP LLC, a Delaware limited liability company (“NT
GP”), Northern Tier Energy LLC, a Delaware limited liability company (“NTE LLC”), Northern Tier Energy Holdings LLC, a Delaware limited liability company (“NTE Holdings”), Northern Tier Retail Holdings LLC,
a Delaware limited liability company (“NTE Retail”) and Northern Tier Energy LP, a Delaware limited partnership (the “Partnership”). The above named entities are sometimes referred to herein as a
“Party” and collectively as the “Parties.” 
 RECITALS 

WHEREAS, NTH holds 100% of the limited partner interests in the Partnership (the “Initial LP Interest”), and NT
GP holds a non-economic general partner interest in the Partnership. 
 WHEREAS, on June 7, 2012, NTH and NT GP
entered into an Agreement of Limited Partnership (the “Original LPA”). 
 WHEREAS, NTH holds all of the
limited liability company interests in NTE LLC (the “NTE Interests”). 
 WHEREAS, each of the following
actions will occur at the times specified hereafter: 
  

	 	1.	NTH shall contribute, assign, transfer, convey and deliver the NTE Interests to the Partnership in exchange for NTH Common Units, NTH PIK Common Units and the right to
receive the Deferred Issuance and Distribution. 

  

	 	2.	The Initial LP Interest held by NTH will be redeemed. 

  

	 	3.	The Partnership will contribute, assign, transfer, convey and deliver 0.01% of the NTE Interests to NTE Holdings in exchange for all of the limited liability company
interests in NTE Holdings. 

  

	 	4.	NTE LLC will contribute, assign, transfer, convey and deliver all of its limited liability company interests in its wholly-owned subsidiaries, Northern Tier Retail LLC
and Northern Tier Bakery LLC, to NTE Retail in exchange for all of the limited liability company interests in NTE Retail. 

  

	 	5.	In connection with a firm commitment underwritten offering of the Common Units (the “Offering”), the public, through the Underwriters, will contribute
cash to the Partnership pursuant to the Underwriting Agreement, net of the Underwriting Discount, in exchange for Common Units. 

  

	 	6.	 The Partnership will (a) pay expenses incurred in connection with the Offering, (b) contribute $30 million to NTE LLC to repay $29 million of
senior secured notes previously issued by NTE LLC at a redemption price of 103% of the 

	 	
principal amount thereof, (c) make a payment of $40 million to Marathon Petroleum Company, LP (“Marathon”), (d) contribute $92 million to NTE LLC to be paid to J.
Aron & Company, (e) distribute approximately $             million to NTH, of which $             million
will be used to redeem a preferred membership interest in NTH held by Marathon and $             million will be distributed to ACON Refining Partners, L.L.C., TPG Refining, L.P. and
certain members of the management team of NT GP and (f) contribute the remainder of proceeds from the Offering (not including any proceeds from any exercise of the Underwriters’ Option, which will be distributed to NTH pursuant to Article
III) to NTE LLC as a capital contribution to fund capital expenditures and general partnership purposes. 

WHEREAS, each of the Parties and the stockholders, members, partners, boards of directors or managers of the Parties, as the case
may be, have taken all corporate, partnership, limited liability company or other action, as the case may be, required to be taken to approve the transactions contemplated by this Agreement. 

WHEREAS, the Partnership may adjust upward or downward the number of Firm Units, with corresponding adjustments to the number of
NTH Common Units, to be offered to the public through the Underwriters. 
 NOW THEREFORE, in consideration of the
foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereto hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 The following defined terms will have the meaning given below: 
 “Common
Unit” has the meaning set forth in the LP Agreement. 
 “Deferred Issuance and Distribution” has the
meaning set forth in the LP Agreement. 
 “Effective Time” means the date and time of the delivery of the Firm
Units and payment therefor as set forth in Section 4 of the Underwriting Agreement. 
 “Firm Units” means
the Common Units to be sold to the Underwriters pursuant to the terms of the Underwriting Agreement, but does not include any Option Units. 
 “LP Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Partnership, substantially in the form attached as Appendix A to the prospectus constituting
Part I of the Registration Statement. 
 “NTH Common Units” means
             Common Units to be issued to NTH, without taking into account any exercise of the Underwriters’ Option; provided that if the Partnership increases the number of Firm
Units, the NTH Common Units will be decreased by a number of Common Units equal to 115% (to accommodate the corresponding increase in the number of Option Units 

  
 2 

 
and Deferred Issuance and Distribution) of such increase and if the Partnership decreases the number of Common Units offered to the public through the Underwriters, the NTH Common Units will be
increased by a number of Common Units equal to 115% of such decrease. 
 “NTH PIK Common Units” means
             PIK Common Units to be issued to NTH. 

“Option Units” means the Common Units that the Partnership will agree to issue upon exercise of the Underwriters’
Option. 
 “PIK Common Unit” has the meaning set forth in the LP Agreement. 

“Registration Statement” means the Registration Statement on Form S-1 initially filed on December 13, 2011
with the Securities and Exchange Commission (Registration No. 333-178457), as amended. 
 “Underwriters”
means the underwriting syndicate listed in Schedule I of the Underwriting Agreement. 
 “Underwriters’
Discount” means the Underwriters’ discount as provided by the Underwriting Agreement. 

“Underwriters’ Option” means a number of Common Units equal to 15% of the Firm Units, which the Partnership will
agree to sell to the Underwriters, at their option, pursuant to the Underwriting Agreement. 
 “Underwriting
Agreement” means a firm commitment underwriting agreement to be entered into among the Partnership, NT GP, NTE LLC, NTE Holdings LLC and the Underwriters, in substantially the form attached as Exhibit 1.1 to the Registration Statement.

 ARTICLE II 
 CONTRIBUTIONS 
 Concurrently with the Effective Time, the following capital
contributions and transactions shall be completed in the order set forth below. 
 Section 2.1 Execution of LP Agreement.

 NTH and NT GP shall amend and restate the Original LPA by executing the LP Agreement, with such changes as are necessary
to reflect any adjustment to the number of Firm Units and Option Units as the Partnership may agree with the Underwriters and such other changes as the Partnership, NT GP and NTH may agree. 

Section 2.2 Contribution of NTE Interests by NTH. 
 NTH shall contribute, convey, assign, transfer and deliver the NTE Interests to the Partnership, its successors and assigns, for its and their own use forever, and the Partnership shall accept the NTE
Interests, in exchange for (a) NTH Common Units, (b) NTH PIK Common Units 

  
 3 

 
and (c) the right to receive the Deferred Issuance and Distribution. In connection with the contribution provided for in this Section 2.2, NTH has agreed pursuant to the Settlement
Agreement and Release entered into as of May 4, 2012 by and between NTE LLC and Marathon (the “Settlement Agreement”) to satisfy certain obligations of NTE LLC under that agreement by paying cash and issuing an NTH equity
interest to Marathon. Because for federal income tax purposes the Partnership and NTE LLC will both be treated as disregarded from NTH prior to the Offering and their respective assets and liabilities will be treated as being part of NTH, for
federal income tax purposes the obligations of NTE LLC that NTH agrees to satisfy will be treated as liabilities of NTH that are retained by NTH and satisfied directly by NTH pursuant to the Settlement Agreement. 

Section 2.3 Redemption of Initial LP Interest. 
 The Initial LP Interest held by NTH shall be redeemed for $[    ]. 
 Section 2.4 Contribution of an NTE Interest. 
 The Partnership shall
contribute, assign, transfer, convey and deliver 0.01% of the NTE Interests to NTE Holdings, its successors and assigns, for its and their own use forever, and NTE Holdings shall accept such interest in exchange for all of the limited liability
company interests in NTE Holdings. On the day following the day of the capital contribution described in Section 2.6, NTE Holdings will elect to be treated as a corporation for federal tax purposes. 

Section 2.5 Contribution of Interests in Northern Tier Retail LLC and Northern Tier Bakery LLC. 

NTE LLC shall contribute, assign, transfer, convey and deliver all of its limited liability company interests in its wholly-owned
subsidiaries, Northern Tier Retail LLC and Northern Tier Bakery LLC, to NTE Retail, its successors and assigns, for its and their own use forever, and NTE Retail shall accept such interests, in exchange for all of the limited liability company
interests in NTE Retail. Prior to the day of the capital contribution described in Section 2.6, NTE Retail will elect to be treated as a corporation for federal tax purposes. 

Section 2.6 Underwriter Cash Contribution. 
 The Parties acknowledge that the Partnership is undertaking the Offering, and the Underwriters are to agree, pursuant to the Underwriting Agreement, to make a capital contribution to the Partnership of an
amount determined pursuant to the terms of the Underwriting Agreement in exchange for the issuance by the Partnership to the Underwriters of the Firm Units. 
 Section 2.7 Payment of Expenses and Cash Contribution by the Partnership. 

The Parties acknowledge an intention for (a) the payment by the Partnership of expenses incurred in connection with the Offering
(excluding the Underwriters’ Discount), (b) a contribution of $30 million to NTE LLC to repay $29 million of NTE LLC’s senior secured notes at a redemption price of 103% of the principal amount thereof, (c) the making of a
payment of $40 million to Marathon, (d) a contribution of $92 million to NTE LLC to be paid to J. Aron 

  
 4 

 
& Company, (e) the distribution of approximately $             million to NTH, of which
$             million will be used to redeem a preferred membership interest in NTH held by Marathon and
$             million will be distributed to ACON Refining Partners, L.L.C., TPG Refining, L.P. and certain members of the management team of NT GP and (f) the contribution of the
remainder of proceeds from the Offering (not including any proceeds from any exercise of the Underwriters’ Option, which will be distributed to NTH pursuant to Article III) to NTE LLC to fund capital expenditures and general partnership
purposes. 
 ARTICLE III 
 DEFERRED ISSUANCE AND DISTRIBUTION 
 Upon the earlier to occur of the
expiration of the Underwriters’ Option period or the exercise in full of the Underwriters’ Option, the Partnership shall issue to NTH a number of additional Common Units that is equal to the excess, if any, of (a) the total number of
Option Units over (b) the aggregate number of Common Units, if any, actually purchased by and issued to the Underwriters pursuant to the exercise(s) of the Underwriters’ Option. Upon each exercise of the Underwriters’ Option, the
Partnership shall distribute to NTH an amount of cash equal to the proceeds therefrom net of the Underwriters’ Discount with respect to each such exercise. 
 ARTICLE IV 
 MISCELLANEOUS 

Section 4.1 Further Assurances. 
 From time to time, and without any further consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices,
releases, acquittances and other documents, and to do all such other acts and things, all in accordance with applicable law, as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties,
rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are intended to be so granted, (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns
beneficial and record title to the interests contributed and assigned by this Agreement or intended to be so and (c) more fully and effectively carry out the purposes and intent of this Agreement. 

Section 4.2 Successors and Assigns. 
 The Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. 
 Section 4.3 No Third Party Rights. 
 The provisions of this Agreement are
intended to bind the Parties as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of
any of the provisions of this Agreement. 

  
 5 

 Section 4.4 Severability. 

If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws
of any political body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or
provisions held to be invalid, and an equitable adjustment shall be made and necessary provision added so as to give effect to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement. 

Section 4.5 Entire Agreement. 
 This Agreement and the instruments referenced herein supersede all previous understandings or agreements among the Parties, whether oral or written, with respect to the subject matter of this Agreement
and such instruments. This Agreement and such instruments contain the entire understanding of the Parties with respect to the subject matter hereof and thereof. No understanding, representation, promise or agreement, whether oral or written, is
intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties after the date of this Agreement. 

Section 4.6 Amendment or Modification. 
 This Agreement may be amended or modified at any time or from time to time only by a written instrument, specifically stating that such written instrument is intended to amend or modify this Agreement,
signed by each of the Parties. 
 Section 4.7 Construction. 

All Article and Section headings in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or
construction of any of the provisions hereof. All references herein to Articles and Sections shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections of this Agreement. The words
“hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, and not to any particular provision of this Agreement. All personal pronouns used in
this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The use herein of the word “including” following any general statement,
term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without
limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such
general statement, term or matter. 
 Section 4.8 Counterparts. 

This Agreement may be executed in any number of counterparts with the same effect as if all Parties had signed the same document. All
counterparts shall be construed together and 

  
 6 

 
shall constitute one and the same instrument. The delivery of an executed counterpart copy of this Agreement by facsimile or electronic transmission in PDF format shall be deemed to be the
equivalent of delivery of the originally executed copy thereof. 
 Section 4.9 Deed; Bill of Sale; Assignment.

 To the extent required and permitted by applicable law, this Agreement shall also constitute a “deed,” “bill of
sale” or “assignment” of the assets and interests referenced herein. 
 Section 4.10 Applicable Law.

 This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the
principles of conflicts of law. 
 [Signature Page Follows] 

  
 7 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties as of the date
first written above. 
  

					
	NORTHERN TIER HOLDINGS LLC
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	NORTHERN TIER ENERGY GP LLC
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	NORTHERN TIER ENERGY LLC
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	NORTHERN TIER RETAIL HOLDINGS LLC
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 SIGNATURE PAGE 

TRANSACTION AGREEMENT 

 
					
	NORTHERN TIER ENERGY HOLDINGS LLC
		
	By:	 	 
		 	 Name:
	 	
		 	 Title:
	 	
	
	 NORTHERN TIER ENERGY LP

	
	By: Northern Tier Energy GP LLC, its general             partner
		
	By:	 	 
		 	 Name:
	 	
		 	 Title:
	 	

 SIGNATURE PAGE 

TRANSACTION AGREEMENT

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