Document:

EX-10.1

 Exhibit 10.1 

CONTRIBUTION AGREEMENT 

dated as of July 1, 2015 

by and among 
 EQUILON
ENTERPRISES LLC 
 d/b/a SHELL OIL PRODUCTS US, 

SHELL MIDSTREAM PARTNERS, L.P. 

and 
 SHELL MIDSTREAM
OPERATING LLC 
  
  

 TABLE OF CONTENTS 

 

							
		
	 RECITALS
		 	1	  
		
	 ARTICLE I DEFINITIONS
		 	1	  
			
	 Section 1.1
		Definitions		 	1	  
		
	 ARTICLE II CONVEYANCE AND CLOSING
		 	6	  
			
	 Section 2.1
		Conveyance		 	6	  
			
	 Section 2.2
		Consideration		 	6	  
			
	 Section 2.3
		Closing		 	6	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SOPUS
		 	7	  
			
	 Section 3.1
		Organization		 	7	  
			
	 Section 3.2
		Authority and Approval		 	8	  
			
	 Section 3.3
		No Conflict; Consents		 	8	  
			
	 Section 3.4
		Capitalization; Title to Subject Interests		 	9	  
			
	 Section 3.5
		Financial Information; Undisclosed Liabilities		 	9	  
			
	 Section 3.6
		Title to Poseidon Properties; Condition of Assets		 	10	  
			
	 Section 3.7
		Litigation; Laws and Regulations		 	10	  
			
	 Section 3.8
		No Adverse Changes		 	10	  
			
	 Section 3.9
		Taxes		 	10	  
			
	 Section 3.10
		Environmental Matters		 	11	  
			
	 Section 3.11
		Licenses; Permits		 	11	  
			
	 Section 3.12
		Poseidon Contracts		 	12	  
			
	 Section 3.13
		Employees		 	12	  
			
	 Section 3.14
		Transactions with Affiliates		 	12	  
			
	 Section 3.15
		Insurance		 	13	  
			
	 Section 3.16
		Brokerage Arrangements		 	13	  
			
	 Section 3.17
		Books and Records		 	13	  
			
	 Section 3.18
		Regulatory Matters		 	13	  
			
	 Section 3.19
		Management Projections and Budget		 	13	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SHLX AND OPERATING
		 	13	  
			
	 Section 4.1
		Organization and Existence		 	13	  
			
	 Section 4.2
		Authority and Approval		 	14	  
			
	 Section 4.3
		No Conflict; Consents		 	14	  
			
	 Section 4.4
		Brokerage Arrangements		 	15	  

							
			
	 Section 4.5
		Litigation		 	15	  
			
	 Section 4.6
		Investment Intent		 	15	  
		
	ARTICLE V TAX MATTERS		 	15	  
			
	 Section 5.1
		Liability for Income Taxes		 	15	  
			
	 Section 5.2
		Transfer Taxes		 	16	  
			
	 Section 5.3
		Allocation of Consideration		 	16	  
			
	 Section 5.4
		Conflict		 	16	  
			
	 Section 5.5
		Tax Treatment		 	16	  
		
	ARTICLE VI INDEMNIFICATION		 	16	  
			
	 Section 6.1
		Indemnification of SHLX		 	16	  
			
	 Section 6.2
		Indemnification of SOPUS		 	17	  
			
	 Section 6.3
		Survival		 	17	  
			
	 Section 6.4
		Indemnification Procedures		 	18	  
			
	 Section 6.5
		Direct Claim		 	19	  
			
	 Section 6.6
		Limitations on Indemnification		 	19	  
			
	 Section 6.7
		Sole Remedy		 	19	  
		
	ARTICLE VII MISCELLANEOUS		 	20	  
			
	 Section 7.1
		Acknowledgements		 	20	  
			
	 Section 7.2
		Cooperation; Further Assurances		 	20	  
			
	 Section 7.3
		Expenses		 	20	  
			
	 Section 7.4
		Notices		 	20	  
			
	 Section 7.5
		Arbitration		 	21	  
			
	 Section 7.6
		Governing Law		 	22	  
			
	 Section 7.7
		Public Statements		 	22	  
			
	 Section 7.8
		Entire Agreement; Amendments and Waivers		 	22	  
			
	 Section 7.9
		Conflicting Provisions		 	22	  
			
	 Section 7.10
		Binding Effect and Assignment		 	23	  
			
	 Section 7.11
		Severability		 	23	  
			
	 Section 7.12
		Interpretation		 	23	  
			
	 Section 7.13
		Headings and Disclosure Letter		 	23	  
			
	 Section 7.14
		Multiple Counterparts		 	23	  
			
	 Section 7.15
		Action by SHLX		 	23	  

 CONTRIBUTION AGREEMENT 

This Contribution Agreement (this “Agreement”) is made as of July 1, 2015 and effective as of July 1, 2015, by and among Equilon
Enterprises LLC, a Delaware limited liability company d/b/a Shell Oil Products US (“SOPUS”), Shell Midstream Partners, L.P., a Delaware limited partnership (“SHLX”) and Shell Midstream Operating LLC, a Delaware
limited liability company that is wholly owned by SHLX (“Operating”). 
 RECITALS 

WHEREAS, SOPUS owns 36% of the issued and outstanding membership interests (the “Subject Interests”) in Poseidon Oil Pipeline Company, L.L.C.
(“Poseidon”); and 
 WHEREAS, SOPUS desires to contribute the Subject Interests to SHLX or its designee, and SHLX desires to accept and
acquire or to cause its designee to accept and acquire the Subject Interests in accordance with the terms of this Agreement (the “Transaction”); and 

WHEREAS, (a) the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors (the “Board of Directors”)
of Shell Midstream Partners GP LLC, the general partner of SHLX (the “General Partner”), has previously (i) received an opinion of Evercore Group L.L.C., the financial advisor to the Conflicts Committee (the “Financial
Advisor”), that the consideration to be distributed by SHLX pursuant to the Transaction is fair, from a financial point of view, to SHLX and its unitholders, other than the General Partner, Shell Midstream LP Holdings LLC and their
respective affiliates and (ii) based on the belief of the members of the Conflicts Committee that the consummation of the Transaction on the terms and conditions set forth in this Agreement would be not adverse to the best interests of the
Partnership Group (as defined in the First Amended and Restated Agreement of Limited Partnership of SHLX dated as of November 3, 2014 (the “Partnership Agreement”), unanimously approved the Transaction, such approval
constituted “Special Approval” for purposes of the Partnership Agreement, and unanimously recommended that the Board of Directors approve the Transaction and (b) subsequently, the Board of Directors has approved the Transaction. 

NOW, THEREFORE, in consideration of the premises and the respective representations, warranties, covenants, agreements and conditions contained herein, the
parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions. 
 The respective terms defined in this Section 1.1 shall, when used in this Agreement, have the respective meanings
specified herein, with each such definition equally applicable to both singular and plural forms of the terms so defined: 
 “Affiliate,”
means, with respect to any Person, any other Person that directly or indirectly Controls, is Controlled by or is under common Control with such Person; provided that such term when used (a) with respect to SOPUS, means any other Person that
directly or indirectly Controls, is Controlled by or is under common Control with SOPUS, including Shell Pipeline Company LP and excluding SHLX, the General Partner, Operating and its subsidiaries and equity interests and (b) with
respect to SHLX, the term “Affiliate” shall mean only the General Partner and Operating. No Person shall be deemed an Affiliate of any Person solely by reason of the exercise or existence of rights, interests or remedies under this
Agreement. 

  
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 “Agreement” has the meaning ascribed to such term in the preamble. 

“Applicable Law” has the meaning ascribed to such term in Section 3.3(a). 

“Assets” means all of the assets owned as of the Closing Date by Poseidon, including the Poseidon Pipeline. 

“Assignment Agreement” means the Assignment Agreement between SOPUS, Shell Pipeline GP LLC, Shell Transportation Holdings LLC, Shell Pipeline
Company LP, Shell Midstream LP Holdings LLC, the General Partner, SHLX and Operating dated as of the Closing Date. 
 “Board of Directors”
has the meaning ascribed to such term in the recitals. 
 “Business Day” means any day except a Saturday, a Sunday and any day in which in
Houston, Texas, United States shall be a legal holiday or a day on which banking institutions are authorized or required by law or other government action to close. 

“Ceiling Amount” has the meaning ascribed to such term in Section 6.6(a). 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act. 

“Closing” has the meaning ascribed to such term in Section 2.3. 

“Closing Date” means the date on which the Closing occurs. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the Securities and Exchange Commission. 

“Conflicts Committee” has the meaning ascribed to such term in the recitals. 

“Consideration” means Three Hundred Fifty Million United States Dollars ($350,000,000). 

“Control” and its derivatives mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Damages” means any losses, damages,
liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs and expenses (including court costs and reasonable attorneys’ and expert’s fees) of any and every kind or character, known or unknown, fixed or
contingent. 
 “Deductible Amount” has the meaning ascribed to such term in Section 6.6(a). 

“Delaware LLC Act” means the Delaware Limited Liability Company Act, as amended. 

“Direct Claim” has the meaning ascribed to such term in Section 6.5. 

“Disclosure Letter” has the meaning ascribed to such term in Article III. 

  
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 “Dispute” has the meaning ascribed to such term in Section 7.5(a). 

“Effective Time” means 12:01 a.m., Central Standard Time, on July 1, 2015. 

“Environmental Laws” means, without limitation, the following laws, in effect as of the Closing Date, as such law may be amended after the
Closing Date: (a) the Resource Conservation and Recovery Act; (b) the Clean Air Act; (c) CERCLA; (d) the Federal Water Pollution Control Act; (e) the Safe Drinking Water Act; (f) the Toxic Substances Control Act;
(g) the Emergency Planning and Community Right-to-Know Act; (h) the National Environmental Policy Act; (i) the Pollution Prevention Act of 1990; (j) the Oil Pollution Act of 1990; (k) the Hazardous Materials Transportation
Act; (l) the Federal Insecticide, Fungicide and Rodenticide Act; (m) all laws, statutes, rules, regulations, orders, judgments, decrees promulgated or issued with respect to the foregoing Environmental Laws by Governmental Authorities with
jurisdiction in the premises; and (n) any other federal, state or local statutes, laws, common laws, ordinances, rules, regulations, orders, codes, decisions, injunctions or decrees that regulate or otherwise pertain to the protection of the
environment, including, but not limited to, the management, control, discharge, emission, exposure, treatment, containment, handling, removal, use, generation, permitting, migration, storage, release, transportation, disposal, remediation,
manufacture, processing or distribution of Hazardous Materials that are or may present a threat to human health or the environment. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“FERC” means the United States Federal Energy Regulatory Commission. 

“Financial Advisor” has the meaning ascribed to such term in the recitals. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“General Partner” has the meaning ascribed to such term in the recitals. 

“Governmental Authority” means any federal, state, municipal or other government, governmental court, department, commission, board, bureau,
agency or instrumentality, whether foreign or domestic. 
 “Hazardous Materials” means (a) any substance, whether solid, liquid or
gaseous, that (i) is listed, defined or regulated as a “hazardous material,” “hazardous waste,” “solid waste,” “hazardous substance,” “toxic substance,” “pollutant” or
“contaminant,” or words of similar meaning or import found in any applicable Environmental Law or (ii) is or contains asbestos, polychlorinated biphenyls, radon, urea formaldehyde foam insulation, explosives, or radioactive materials;
(b) any petroleum, petroleum hydrocarbons, petroleum substances, petroleum or petrochemical products, natural gas, crude oil and any components, fractions, or derivatives thereof, any oil or gas exploration or production waste, and any natural
gas, synthetic gas and any mixtures thereof; (c) radioactive material, waste and pollutants, radiation, radionuclides and their progeny, or nuclear waste including used nuclear fuel; or (d) any substance, whether solid, liquid or gaseous,
that causes or poses a threat to cause contamination or nuisance on any properties, or any adjacent property or a hazard to the environment or to the health or safety of persons on or about any properties. 

“Knowledge,” as used in this Agreement with respect to a party hereof, means the actual knowledge of that party’s designated personnel
after due inquiry. The designated personnel for SOPUS and SHLX are set forth on Appendix A. 

  
 3 

 “Lien” means any mortgage, deed of trust, lien, security interest, pledge, conditional sales
contract, charge or encumbrance. 
 “Material Adverse Effect” means a material adverse effect on or a material adverse change in
(a) the value of the Assets, or the business, operations or financial condition of Poseidon, taken as a whole, other than any effect or change (i) that impacts the offshore crude oil transportation industry generally (including any change
in the prices of crude oil or other hydrocarbon products, industry margins or any regulatory changes or changes in Applicable Law or GAAP), (ii) in United States or global political or economic conditions or financial markets in general, or
(iii) resulting from the announcement of the transactions contemplated by this Agreement and the taking of any actions contemplated by this Agreement, provided, that in the case of clauses (i) and (ii), the impact on the Assets or the
business, operations or financial condition of Poseidon is not materially disproportionate to the impact on similarly situated assets or businesses in the offshore crude oil transportation industry, or (b) the ability of SOPUS to perform its
obligations under this Agreement and the Assignment Agreement or to consummate the transactions contemplated hereby or thereby. 
 “Minimum Claim
Amount” has the meaning ascribed to such term in Section 6.6(a). 
 “Notice” has the meaning ascribed to such term in
Section 7.4. 
 “Omnibus Agreement” means that certain Omnibus Agreement between SOPUS, SHLX, the General Partner, Operating
and Shell Oil Company, dated as of November 3, 2014. 
 “Operating” has the meaning ascribed to such term in the recitals. 

“Partnership Agreement” has the meaning ascribed to such term in the recitals. 

“Permitted Liens” means all: (a) mechanics’, materialmen’s, repairmen’s, employees’ contractors’
operators’, carriers’, workmen’s or other like Liens or charges arising by operation of law, in the ordinary course of business or incident to the construction or improvement of any of the Assets, in each case, for amounts not yet
delinquent (including any amounts being withheld as provided by law); (b) Liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business;
(c) immaterial defects and irregularities in title, encumbrances, exceptions and other matters that, singularly or in the aggregate, will not materially interfere with the ownership, use, value, operation or maintenance of the Assets to which
they pertain or SOPUS’s ability to perform its obligations hereunder with respect thereto; (d) Liens for Taxes that are not yet due and payable; (e) pipeline, utility and similar easements and other rights in respect of surface
operations; (f) Liens supporting surety bonds, performance bonds and similar obligations issued in connection with the Assets; (g) all rights to consent, by required notices to, filings with, or other actions by Governmental Authorities or
third parties in connection with the sale or conveyance of easements, rights of way, licenses, facilities or interests therein if they are customarily obtained subsequent to the sale or conveyance; and (h) all Liens and interests described on
Section 1.1 of the Disclosure Letter. 
 “Person” means an individual or entity, including any partnership, corporation,
association, trust, limited liability company, joint venture, unincorporated organization or other entity. 
 “Poseidon” has the meaning
ascribed to such term in the recitals. 

  
 4 

 “Poseidon Contracts” means (a) every material contract to which Poseidon is a party or to
which any Asset is subject as of the date of this Agreement and which remains executory in whole or in part and (b) the Poseidon LLC Agreement. 

“Poseidon Financial Statements” has the meaning ascribed to such term in Section 3.5(a). 

“Poseidon LLC Agreement” means the Limited Liability Company Agreement of Poseidon Oil Pipeline Company, L.L.C. dated as of February 14,
1996, as amended by (a) that certain First Amendment to the Limited Liability Company Agreement of Poseidon Oil Pipeline Company, L.L.C. dated as of July 1, 1996; (b) that certain Second Amendment to the Limited Liability Company
Agreement of Poseidon Oil Pipeline Company, L.L.C. dated as of April 1, 1999; (c) that certain Third Amendment to the Limited Liability Company Agreement of Poseidon Oil Pipeline Company, L.L.C. dated as of December 20, 2005;
(d) that certain Fourth Amendment to the Limited Liability Company Agreement of Poseidon Oil Pipeline Company, L.L.C. dated as of November 12, 2014; and (e) that certain Fifth Amendment to the Limited Liability Company Agreement of
Poseidon Oil Pipeline Company, L.L.C. dated as of June 30, 2015. 
 “Poseidon Permits” has the meaning ascribed to such term in
Section 3.11(a). 
 “Poseidon Pipeline” means the proprietary Gulf of Mexico pipeline system owned by Poseidon, which at its
western side begins at the Garden Banks 72 “A” platform and runs easterly along the Outer Continental Shelf to the Poseidon-owned South Marsh Island 205 “A” platform. The Poseidon Pipeline includes a bi-directional pipeline
between the Souh Marsh Island 205 “A” platform and the Ship Shoal 332 “A” platform, where the Poseidon Pipeline turns northward and delivers into Shell Pipeline tankage at Houma, Louisiana. 

“Rules” has the meaning ascribed to such term in Section 7.5(a). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“SHLX” has the meaning ascribed to such term in the preamble. 

“SHLX Indemnified Parties” has the meaning ascribed to such term in Section 6.1. 

“SOPUS” has the meaning ascribed to such term in the preamble. 

“SOPUS Indemnified Parties” has the meaning ascribed to such term in Section 6.2. 

“Subject Interests” has the meaning ascribed to such term in the recitals. 

“Tax” means any and all U.S. federal, state, local or foreign net income, gross income, gross receipts, sales, use, ad valorem, transfer,
franchise, capital stock, profits, margin, license, license fee, environmental, customs duty, unclaimed property or escheat payments, alternative fuels, mercantile, lease, service, withholding, payroll, employment, unemployment, social security,
disability, excise, severance, registration, stamp, occupation, premium, property (real or personal), windfall profits, fuel, value added, alternative or add on minimum, estimated or other similar taxes, duties, levies, customs, tariffs, imposts or
assessments (including public utility commission property tax assessments) imposed by any Governmental Authority, together with any interest, penalties or additions thereto payable to any Governmental Authority in respect thereof or any liability
for the payment of any amounts of any of the foregoing types as a result of being a member of an affiliated, consolidated, combined or unitary group, or being a party to any agreement or arrangement whereby liability for payment of such amounts was
determined or taken into account with reference to the liability of any other Person. 

  
 5 

 “Tax Return” means any return, declaration, report, statement, election, claim for refund or
other written document, together with all attachments, amendments and supplements thereto, filed with or provided to, or required to be filed with or provided to, a Governmental Authority in respect of Taxes. 

“Transaction” means (a) the contribution and transfer of the Subject Interests and (b) the distribution of the Consideration. 

“Transfer Taxes” has the meaning ascribed to such term in Section 5.2. 

“Tribunal” has the meaning ascribed to such term in Section 7.5(b). 

Section 1.2 Construction. 
 In constructing
this Agreement: (a) the word “includes” and its derivatives means “includes, without limitation” and corresponding derivative expressions; (b) the currency amounts referred to herein, unless otherwise specified, are in
United States dollars; (c) whenever this Agreement refers to a number of days, such number shall refer to calendar days unless business days are specified; (d) unless otherwise specified, all references in this Agreement to
“Article,” “Section,” “Disclosure Letter,” “Exhibit,” “preamble” or “recitals” shall be references to an Article, Section, Disclosure Letter, Exhibit, preamble or recitals hereto; and
(e) whenever the context requires, the words used in this Agreement shall include the masculine, feminine and neuter and singular and the plural. 

ARTICLE II 

CONVEYANCE AND CLOSING 

Section 2.1 Conveyance. 
 Upon the terms and
subject to the conditions set forth in this Agreement and in the Assignment Agreement, at the Closing, SOPUS shall contribute, transfer, assign, and convey the Subject Interests to Operating, free and clear of all Liens (other than restrictions
under applicable federal and state securities laws), and Operating, in its capacity as designee of SHLX, shall accept and acquire the Subject Interests from SOPUS. 

Section 2.2 Consideration. 
 The aggregate
amount of consideration for the Subject Interests to be distributed by SHLX shall be the Consideration. 
 Section 2.3 Closing. 

(a) The closing of the Transaction (the “Closing”) shall take place simultaneously with the execution of this Agreement, but
the Transaction, including the transfer to SHLX of the risk of loss and reward relating to the Subject Interests and the underlying Assets, shall be effective as of the Effective Time. The Closing will be held at the offices of SOPUS at 910
Louisiana Street, Houston, Texas 77002. 
 (b) At the Closing, SHLX or its designee shall deliver, or cause to be delivered, the following:

  

	 	(i)	the Consideration by wire transfer in immediately available funds paid to SOPUS or its designee(s); 

  
 6 

	 	(ii)	a certificate of good standing of recent date of SHLX; and 

  

	 	(iii)	such other certificates, instruments of conveyance and documents as may be reasonably requested by SOPUS at least two (2) Business Days prior to the Closing Date to carry out the intent and purposes of the
Agreement. 

 (c) At the Closing, Operating or its designee shall deliver, or cause to be delivered, the following: 

 

	 	(i)	a duly executed counterpart of the Assignment Agreement to SOPUS; 

  

	 	(ii)	a duly executed counterpart to the notice of transfer required by Section 3.07 of the Poseidon LLC Agreement, which will be delivered to the Company; and 

 

	 	(iii)	a duly executed Assumption Agreement to the Poseidon LLC Agreement or other document reasonably satisfactory to SOPUS agreeing to be bound by all the terms and conditions, as then in effect, of the Poseidon LLC
Agreement in accordance with Section 3.06 of the Poseidon LLC Agreement. 

 (d) At the Closing, SOPUS or its designee
shall deliver, or cause to be delivered, the following: 
  

	 	(i)	a duly executed counterpart of the Assignment Agreement to Operating; 

  

	 	(ii)	a certificate of good standing of recent date of each of SOPUS and Poseidon; 

  

	 	(iii)	foreign qualification certificates of recent date of Poseidon; 

  

	 	(iv)	a duly executed counterpart to the notice of transfer required by Section 3.07 of the Poseidon LLC Agreement, which will be delivered to the Company; and 

 

	 	(v)	such other certificates, instruments of conveyance and documents as may be reasonably requested by SHLX at least two (2) Business Days prior to the Closing Date to carry out the intent and purposes of this
Agreement. 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SOPUS 

SOPUS hereby represents and warrants to SHLX that, except as disclosed in the disclosure letter delivered to SHLX on the date of this Agreement
(“Disclosure Letter”) (it being understood that any information set forth on any section of the Disclosure Letter shall be deemed to apply to and qualify all sections or subsections of this Agreement to the extent that it is
reasonably apparent on its face that such information is relevant to such other sections or subsections): 
 Section 3.1 Organization.

 (a) SOPUS is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware and has
all requisite limited partnership power and authority to own, operate and lease its properties and assets and to carry on its business as now conducted. 

(b) Poseidon is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware and has
all requisite limited liability company power and authority to own, operate and lease its properties and assets and to carry on its business as now conducted. Poseidon is duly licensed or qualified to do business and is in good standing in the
states in which the character of the properties and assets owned or held by it or the nature of the business conducted by it requires it to be so licensed or qualified, except where the failure to be so qualified or in good standing would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. SOPUS has made available to SHLX true and complete copies of the organizational documents of Poseidon as in effect as of the date of this Agreement. 

  
 7 

 Section 3.2 Authority and Approval. 

(a) SOPUS has full limited liability company power and authority to execute and deliver this Agreement and the Assignment Agreement, to
consummate the transactions contemplated hereby and thereby and to perform all of the obligations hereof and thereof to be performed by it. The execution and delivery by SOPUS of this Agreement and the Assignment Agreement, the consummation of the
transactions contemplated hereby and thereby and the performance of all of the obligations hereof and thereof to be performed by SOPUS have been duly authorized and approved by all requisite limited liability company action on the part of SOPUS.

 (b) This Agreement has been duly executed and delivered by SOPUS and constitutes the valid and legally binding obligation of SOPUS,
enforceable against it in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors’
rights and remedies generally and by general principles of equity (whether applied in a proceeding at law or in equity). 
 Section 3.3 No
Conflict; Consents. 
 Except as set forth on Section 3.3 of the Disclosure Letter: 

(a) The execution, delivery and performance of this Agreement and the Assignment Agreement by SOPUS does not, and the fulfillment and
compliance with the terms and conditions hereof and thereof and the consummation of the transactions contemplated hereby and thereby will not, (i) violate, conflict with, result in any breach of, or require the consent of any Person under, any
of the terms, conditions or provisions of the certificate of formation or limited partnership agreement or other organizational documents of SOPUS or Poseidon; (ii) conflict with or violate any provision of any law or administrative rule or
regulation or any judicial, administrative or arbitration order, award, judgment, writ, injunction or decree applicable to SOPUS or Poseidon (“Applicable Law”); (iii) conflict with, result in a breach of, constitute a default
under (whether with notice or the lapse of time or both), or accelerate or permit the acceleration of the performance required by, or require any consent, authorization or approval under, or result in the suspension, termination or cancellation of,
or in a right of suspension, termination or cancellation of, any indenture, mortgage, agreement, contract, commitment, license, concession, permit, lease, joint venture or other instrument to which SOPUS or Poseidon is a party or by which either of
them or any of the Assets are bound; or (iv) result in the creation of any Lien (other than Permitted Liens) on any of the Assets or on the Subject Interests under any such indenture, mortgage, agreement, contract, commitment, license,
concession, permit, lease, joint venture or other instrument, except in the case of clauses (ii), (iii) and (iv) for those items which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect or
result in any material liability or obligation of SHLX or Operating (other than any liability or obligation hereunder); and 
 (b) No
consent, approval, license, permit, order or authorization of any Governmental Authority or other Person is required to be obtained or made by SOPUS or Poseidon with respect to the Subject Interests in connection with the execution, delivery and
performance of this Agreement and the Assignment Agreement or the consummation of the transactions contemplated hereby or thereby, except (i) as have been waived or obtained or with respect to which the time for asserting such right has expired
or (ii) for those which individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect (including such consents, approvals, licenses, permits, orders or authorizations that are not customarily obtained prior
to the Closing and are reasonably expected to be obtained in the ordinary course of business following the Closing). 

  
 8 

 Section 3.4 Capitalization; Title to Subject Interests. 

(a) SOPUS owns, beneficially and of record, the Subject Interests and will convey good title, free and clear of all Liens, to the Subject
Interests to SHLX or its designee. Except (i) as expressly provided in the Poseidon LLC Agreement, (ii) the contribution of the Subject Interests contemplated by this Agreement; and (iii) restrictions under applicable federal and
state securities laws, the Subject Interests are not subject to any agreements or understandings with respect to their voting or transfer, stockholders agreement, pledge agreement, buy-sell agreement, right of first refusal, preemptive right or
proxy arrangement. The Subject Interests have been duly authorized and are validly issued, fully paid and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act). 

(b) Except as expressly provided in the Poseidon LLC Agreement, there are (i) no authorized or outstanding subscriptions, warrants,
options, convertible securities or other rights (contingent or otherwise) to purchase or otherwise acquire from Poseidon any equity interests of or in Poseidon, (ii) no commitments on the part of Poseidon to issue membership interests, shares,
subscriptions, warrants, options, convertible securities or other similar rights, and (iii) no equity securities of Poseidon reserved for issuance for any such purpose. Poseidon has no obligation (contingent or other) to purchase, redeem or
otherwise acquire any of its equity securities or interests. To SOPUS’ Knowledge, except as expressly provided in the Poseidon LLC Agreement and in this Agreement and except as set forth on Section 3.4(b) of the Disclosure Letter,
there is no voting trust or agreement, stockholders agreement, pledge agreement, buy-sell agreement, right of first refusal, preemptive right or proxy relating to any equity securities of Poseidon. Poseidon owns no equity interests in any other
Person. 
 Section 3.5 Financial Information; Undisclosed Liabilities. 

(a) SOPUS has provided to SHLX a true and complete copy of the audited financial statements as of December 31, 2014 of Poseidon on a
consolidated basis (the “Poseidon Financial Statements”). To SOPUS’ Knowledge, the Poseidon Financial Statements present fairly in all material respects the financial position of Poseidon as of the date thereof. To SOPUS’
Kowledge, (i) there are no material off balance sheet arrangements of Poseidon, and (ii) the Poseidon Financial Statements have been prepared in accordance with GAAP consistently applied throughout the periods presented. 

(b) To SOPUS’ Knowledge, except as set forth on Section 3.5(b) of the Disclosure Letter, there are no liabilities or
obligations of Poseidon of any nature (whether known or unknown and whether accrued, absolute, contingent or otherwise) and there are no facts or circumstances that would reasonably be expected to result in any such liabilities or obligations,
whether arising in the context of federal, state or local judicial, regulatory, administrative or permitting agency proceedings, other than (i) liabilities or obligations reflected or reserved against in the Poseidon Financial Statements,
(ii) current liabilities incurred in the ordinary course of business since December 31, 2014, and (iii) liabilities or obligations (whether known or unknown and whether accrued, absolute, contingent or otherwise) that are not
material. 

  
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 Section 3.6 Title to Poseidon Properties; Condition of Assets. 

(a) To SOPUS’ Knowledge, as of the date hereof, Poseidon has (i) good and marketable fee simple title to the owned real property used
or held for use by Poseidon for the conduct of Poseidon’s business, free and clear of any Liens (other than Permitted Liens or as set forth on Section 3.6(a) of the Disclosure Letter) and (ii) a valid, binding and enforceable
leasehold interest in each of the leased properties used or held for use by Poseidon for the conduct of Poseidon’s business, free and clear of any Liens (other than Permitted Liens or as set forth on Section 3.6(a) of the Disclosure
Letter). 
 (b) Except as set forth on Section 3.6(b) of the Disclosure Letter, to SOPUS’ Knowledge: 

(i) the Assets are (x) in good operating condition and repair (normal wear and tear excepted), (y) free from any
material defects (other than Permitted Encumbrances) and (z) suitable for the purposes for which they are currently used; and 

(ii) none of the Assets is in need of maintenance or repairs except for ordinary, routine maintenance and except for regularly
scheduled overhauls from time to time. 
 Section 3.7 Litigation; Laws and Regulations. 

To SOPUS’ Knowledge, except as set forth on Section 3.7 of the Disclosure Letter: 

(a) there are no (i) civil, criminal or administrative actions, suits, claims, hearings, arbitrations or proceedings pending or,
threatened against Poseidon, (ii) judgments, orders, decrees or injunctions of any Governmental Authority, whether at law or in equity, against Poseidon or (iii) pending or threatened investigations by any Governmental Authority against
Poseidon, except in each case, for those items that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) Poseidon is not in violation of or in default under any Applicable Law, except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. 
 Section 3.8 No Adverse Changes. 

To SOPUS’ Knowledge, except as set forth on Section 3.8 of the Disclosure Letter, since December 31, 2014: 

(a) there has not been a Material Adverse Effect; and 

(b) there has not been any damage, destruction or loss to any material portion of the Assets, whether or not covered by insurance, in excess
of One Million Dollars ($1,000,000). 
 Section 3.9 Taxes. 

(a) Except as would not reasonably be expected to have a Material Adverse Effect, to SOPUS’ Knowledge (i) all Tax Returns required to
be filed by or with respect to Poseidon, the Assets or the operations of Poseidon have been filed on a timely basis (taking into account all extensions of due dates); (ii) all Taxes owed by Poseidon, or any of its Affiliates with respect to
Poseidon, the Assets or the operations of Poseidon, as applicable, which are or have become due, have been timely paid, other than Taxes the amount or validity of which is being contested in good faith by appropriate proceedings for which an
adequate reserve has been established therefor; (iii) there are no Liens on any of the Assets that arose in connection with any failure (or alleged failure) to pay any Tax on Poseidon or the Assets other than Liens for Taxes not yet due and
payable or the amount or validity of which is being contested in good faith by appropriate proceedings for which an adequate reserve has been established therefor; and (iv) there is no pending action, proceeding or investigation for assessment
or collection of Taxes and no Tax assessment, deficiency or adjustment has been asserted or proposed with respect to Poseidon, the Assets or the operations of Poseidon. 

  
 10 

 (b) Poseidon is treated as a partnership for U.S. federal income tax purposes and has in effect
or shall be eligible to make an election pursuant to Section 754 of the Code. 
 (c) Except as set forth on Section 3.9(c) of
the Disclosure Letter, SOPUS’s interest in Poseidon has not been sold or exchanged in the prior 12 months and SOPUS has not received notice of a transfer or deemed transfer of any other interest in Poseidon that has occurred in the 12 month
period prior to the Transaction. 
 Section 3.10 Environmental Matters. 

Except as disclosed in Section 3.10 of the Disclosure Letter, or as would not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect, to SOPUS’ Knowledge: 
 (a) Poseidon and its assets, operations and business are in compliance with applicable
Environmental Laws, which compliance includes the possession and maintenance of, and compliance with, all material permits required under all Environmental Laws; 

(b) no circumstances exist with respect to Poseidon or its assets, operations or business that give rise to an obligation by Poseidon or its
operators to investigate or remediate the presence, on-site or offsite, of Hazardous Materials under any applicable Environmental Laws; 

(c) Poseidon has not received any written communication from a Governmental Authority that remains unresolved alleging that it may be in
violation of any Environmental Law or any Permit issued pursuant to Environmental Law; 
 (d) none of Poseidon, or its assets, operations or
business are subject to any pending or threatened, claim, action, suit, investigation, inquiry or proceeding under any Environmental Law (including designation as a potentially responsible party under CERCLA or any similar local or state law); 

(e) all notices, permits, permit exemptions, licenses or similar authorizations, if any, required to be obtained or filed by Poseidon under
any Environmental Law in connection with its assets, operations and business have been duly obtained or filed, are valid and currently in effect, and Poseidon and its assets, operations and business are in compliance with such authorizations; and

 (f) there has been no release of any Hazardous Material into the environment by Poseidon, or its assets, operations or business, or by a
third party except in compliance with applicable Environmental Law. 
 Section 3.11 Licenses; Permits. 

As of the date of this Agreement, except as set forth in Section 3.11 of the Disclosure Letter, to SOPUS’ Knowledge: 

 

	 	(a)	Poseidon has all licenses, permits and authorizations issued or granted or waived by Governmental Authorities that are necessary for the conduct of its business as now being conducted (collectively,
“Poseidon Permits”), except, in each case, for such items for which the failure to obtain or have waived would not result in a Material Adverse Effect. 

  
 11 

	 	(b)	All Poseidon Permits are validly held by Poseidon or its operator and are in full force and effect, except as would not reasonably be expected to have a Material Adverse Effect. 

 

	 	(c)	Poseidon has complied with all terms and conditions of the Poseidon Permits, except as would not reasonably be expected to have a Material Adverse Effect. 

 

	 	(d)	There is no outstanding written notice nor any other notice of revocation, cancellation or termination of any Poseidon Permit, except, in each case, as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. 

  

	 	(e)	No proceeding is pending or threatened with respect to any alleged failure by Poseidon to have any material Poseidon Permit necessary for the operation of any of the Assets or the conduct of Poseidon’s business.

 Section 3.12 Poseidon Contracts. 

Except as set forth on Section 3.12 of the Disclosure Letter: 
  

	 	(a)	to SOPUS’ Knowledge, each Poseidon Contract is valid, binding and enforceable in all material respects and in full force and effect, subject to the effects of bankruptcy, insolvency, reorganization, moratorium or
similar Laws affecting creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

 

	 	(b)	to SOPUS’ Knowledge, each Poseidon Contract will continue to be so valid, binding and enforceable and in full force and effect on terms identical to those contemplated in (a) above following the consummation
of the transactions contemplated by this Agreement; 

  

	 	(c)	to SOPUS’ Knowledge, (x) neither Poseidon nor any applicable counterparty thereto is in breach or default of any Poseidon Contract, and (y) no event has occurred that, with notice or lapse of time, would
constitute a breach or default under any Poseidon Contract; and 

  

	 	(d)	none of SOPUS or any of its Affiliates is in breach or default of any Poseidon Contract to which it is a party, and no event has occurred that, with notice or lapse of time, would constitute a breach or default by any
such party under any such Poseidon Contract. 

 Section 3.13 Employees. 

To SOPUS’ Knowledge, Poseidon does not have, and has not had, any employees nor has it maintained or contributed to, and is not subject to any liability
in respect of, any employee benefit or welfare plan of any nature, including plans subject to ERISA. 
 Section 3.14 Transactions with
Affiliates. 
 To SOPUS’ Knowledge, except as otherwise contemplated in this Agreement, Poseidon is not and was not as of the Effective Time, a
party to any agreement, contract or arrangement with any of its Affiliates, other than those disclosed on Section 3.12 of the Disclosure Letter. 

  
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 Section 3.15 Insurance. 

Section 3.15 of the Disclosure Letter sets forth a list of the material insurance policies that Poseidon holds or SOPUS holds with respect to
Poseidon and the Subject Interests, whether SOPUS or Poseidon is the beneficiary. Such policies are in full force and effect, and all premiums due and payable under such policies have been paid, SOPUS has received no written notice of any pending or
threatened termination of, or indication of an intention not to renew, such policies. 
 Section 3.16 Brokerage Arrangements. 

SOPUS has not entered (directly or indirectly) into any agreement with any Person that would obligate SOPUS or any of its Affiliates, or Poseidon, to pay any
commission, brokerage or “finder’s fee” or other similar fee in connection with this Agreement or the Assignment Agreement or the transactions contemplated hereby or thereby. 

Section 3.17 Books and Records. 
 Accurate
copies of all books and records maintained by, or made available to, SOPUS with respect to Poseidon and the Subject Interests have been made available for inspection to SHLX. 

Section 3.18 Regulatory Matters. 
 Poseidon is
not subject to rate regulation by the Federal Energy Regulatory Commission (the “FERC”). No approval or consent by any state public utility commission (or equivalent federal or state regulatory authority) or the U.S. Bureau of Ocean Energy
Management is required in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby, except to the extent that any failure to obtain such approval, either individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 Section 3.19 Management Projections and Budget. 

The projections and budgets regarding Poseidon identified on Section 3.19 of the Disclosure Letter, which were provided to SHLX (including those
provided to the Financial Advisor) by SOPUS and its Affiliates as part of SHLX’s review in connection with this Agreement, were prepared based upon assumptions that SOPUS’s management believed to be reasonable as of the dates thereof and
were consistent with SOPUS’s management’s reasonable expectations at the time they were prepared. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF SHLX AND OPERATING 

SHLX and Operating hereby jointly and severally represent and warrant to SOPUS as follows: 

Section 4.1 Organization and Existence. 

(a) SHLX is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware and has all
requisite limited partnership power and authority to own, operate and lease its properties and assets and to carry on its business as now conducted. 

  
 13 

 (b) Operating is a limited liability company duly formed, validly existing and in good standing
under the laws of the State of Delaware and has all requisite limited liability company power and authority to own, operate and lease its properties and assets and to carry on its business as now conducted. 

Section 4.2 Authority and Approval. 

(a) Each of SHLX and Operating has full limited partnership power and authority or full limited liability company power and authority, as
applicable, to execute and deliver this Agreement, to consummate the transactions contemplated hereby and to perform all of the obligations hereof to be performed by it. The execution and delivery of this Agreement, the consummation of the
transactions contemplated hereby and thereby and the performance of all of the obligations hereof and thereof to be performed by SHLX and Operating have been duly authorized and approved by all requisite limited partnership or limited liability
company action of SHLX and Operating, as applicable. 
 (b) This Agreement has been duly executed and delivered by or on behalf of SHLX and
Operating, and constitutes the valid and legally binding obligation of SHLX and Operating, enforceable against SHLX and Operating in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights and remedies generally and by general principles of equity (whether applied in a proceeding at law or in equity). 

Section 4.3 No Conflict; Consents. 

(a) The execution, delivery and performance of this Agreement by SHLX and Operating does not, and the fulfillment and compliance with the terms
and conditions hereof and thereof and the consummation of the transactions contemplated hereby and thereby will not, (i) violate, conflict with, result in any breach of, or require the consent of any Person under, any of the terms, conditions
or provisions of the certificate of limited partnership or limited partnership agreement of SHLX or the certificate of formation or limited liability company agreement of Operating; (ii) conflict with or violate any provision of any law or
administrative rule or regulation or any judicial, administrative or arbitration order, award, judgment, writ, injunction or decree applicable to SHLX, Operating or any property or asset of SHLX or Operating; (iii) conflict with, result in a
breach of, constitute a default under (whether with notice or the lapse of time or both), or accelerate or permit the acceleration of the performance required by, or require any consent, authorization or approval under, any indenture, mortgage,
agreement, contract, commitment, license, concession, permit, lease, joint venture or other instrument to which SHLX or Operating is a party or by which it is bound or to which any of its property is subject, except in the case of clauses
(ii) and (iii) for those items which, individually or in the aggregate, would not reasonably be expected to affect the ability of either SHLX or Operating to perform its obligations under this Agreement or to consummate the transactions
contemplated hereby or thereby. 
 (b) No consent, approval, license, permit, order or authorization of any Governmental Authority or other
Person is required to be obtained or made by or with respect to SHLX or Operating in connection with the execution, delivery, and performance of this Agreement or the consummation of the transactions contemplated hereby and thereby, except
(i) as have been waived or obtained or with respect to which the time for asserting such right has expired or (ii) for those which individually or in the aggregate would not reasonably be expected to affect the ability of either SHLX or
Operating to perform its obligations under this Agreement or to consummate the transactions contemplated hereby or thereby (including such consents, approvals, licenses, permits, orders or authorizations that are not customarily obtained prior to
the Closing and are reasonably expected to be obtained in the ordinary course of business following the Closing). 

  
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 Section 4.4 Brokerage Arrangements. 

Neither SHLX nor Operating has entered (directly or indirectly) into any agreement with any Person that would obligate SHLX. Operating or any of their
respective Affiliates to pay any commission, brokerage or “finder’s fee” or other similar fee in connection with this Agreement or the transactions contemplated hereby or thereby. 

Section 4.5 Litigation. 
 There are no civil,
criminal or administrative actions, suits, claims, hearings, arbitrations, investigations or proceedings pending or, or to SHLX’s Knowledge, threatened that (a) question or involve the validity or enforceability of any of SHLX’s or
Operating’s obligations under this Agreement or (b) seek (or reasonably might be expected to seek) (i) to prevent or delay the consummation by SHLX or Operating of the transactions contemplated by this Agreement or (ii) damages
in connection with any such consummation. 
 Section 4.6 Investment Intent. 

Operating is accepting the Subject Interests for its own account with the present intention of holding the Subject Interests for investment purposes and not
with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act or state securities laws. SHLX and Operating acknowledge that the Subject Interests will not be registered under the Securities Act
or any applicable state securities law, and that such Subject Interests may not be transferred or sold except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and pursuant to state
securities laws and regulations as applicable. 
 ARTICLE V 

TAX MATTERS 
 Section 5.1
Liability for Income Taxes. 
 (a) SOPUS shall be liable for, and shall indemnify, defend and hold harmless SHLX and Operating
from any unpaid income taxes (including related penalties and interest) imposed on or incurred by or with respect to the Subject Interests or the assets related to the Subject Interests, attributable to any taxable period ending on or prior to the
Closing Date or portion thereof to the extent occurring on or prior to the Closing Date. 
 (b) SHLX and Operating shall be liable for any
income taxes (including related penalties and interest) imposed on or incurred by or with respect to the Subject Interests or the assets related to the Subject Interests attributable to any taxable period beginning after the Closing Date or portion
thereof to the extent occurring after the Closing Date. 
 (c) Whenever it is necessary for purposes of this Article V to determine
the amount of any Taxes imposed on or incurred by or with respect to the Subject Interests or the assets related to the Subject Interests for a taxable period beginning before and ending after the Closing Date which is allocable to the period ending
on or prior to the Closing Date, the determination shall be made in accordance with the Poseidon LLC Agreement. 

  
 15 

 (d) If SHLX receives a refund of any income taxes (including related penalties and interest) that
SOPUS is responsible for hereunder, or if SOPUS receives a refund of any income taxes (including related penalties and interest) that SHLX is responsible for hereunder, the party receiving such refund shall, within ninety (90) days after
receipt of such refund, remit it to the party which has responsibility for such Taxes hereunder. The parties shall cooperate in order to take all necessary and reasonable steps to claim any such refund. 

(e) For federal income tax purposes, the parties agree to report any payments with respect to Section 5.1, Section 6.1
and Section 6.2 as an adjustment to the Consideration. 
 Section 5.2 Transfer Taxes. 

All transfer, documentary, sales, use, stamp, registration and other similar Taxes and fees arising out of or in connection with the transactions effected
pursuant to this Agreement (the “Transfer Taxes”) shall be borne by the party to whom such obligation is imposed. Such party shall file all necessary Tax Returns and other documentation with respect to such Transfer Taxes. If
required by Applicable Law, SOPUS and SHLX shall, and shall cause their respective Affiliates to, join in the execution of any such Tax Returns and other documentation. 

Section 5.3 Allocation of Consideration. 
 The
parties will use commercially reasonable efforts to agree upon an allocation of the Consideration to the Subject Interests and further among the Assets for U.S. federal income tax purposes in compliance with the principles of Section 1060 of
the Code, and the Treasury Regulations thereunder, and Treasury Regulation Section 1.755-1, as applicable. 
 Section 5.4 Conflict.

 In the event of a conflict between the provisions of this Article V and any other provisions of this Agreement, the provisions of this
Article V shall control. 
 Section 5.5 Tax Treatment. 

The Parties agree that the Transaction shall be treated for Tax purposes as a contribution of property to a partnership subject to the disguised sale rules
under Treasury Regulation Sections 1.707-3, 1.707-4 and 1.707-5. 
 ARTICLE VI 

INDEMNIFICATION 

Section 6.1 Indemnification of SHLX. 
 Subject
to the limitations set forth in this Agreement, SOPUS shall indemnify, defend and hold SHLX, its subsidiaries and their respective securityholders, directors, officers, and employees, and the officers, directors and employees of the General Partner,
but otherwise excluding SOPUS and its Affiliates (the “SHLX Indemnified Parties”), harmless from and against any and all Damages suffered or incurred by any SHLX Indemnified Party as a result of or arising out of (a) any breach
or inaccuracy of a representation or warranty of SOPUS in this Agreement and (b) any breach of any agreement or covenant on the part of SOPUS made under this Agreement or in connection with the transactions contemplated hereby or thereby;
provided, however, that, for purposes of determining the amount of any Damages 

  
 16 

 
suffered or incurred by the SHLX Indemnified Parties for Damages other than those described in the final proviso of this Section 6.1, SHLX’s ownership of only 36% of the membership
interests of Poseidon shall be taken into account such that the aggregate Damages suffered or incurred shall be deemed to equal no more than 36% of the total of such Damages for Poseidon; provided, further, however, that, the amount of any Damages
suffered or incurred as a result of any breach or inaccuracy of a representation set forth in Section 3.1 (Organization), Section 3.2 (Authority and Approval), Section 3.4 (Ownership; Title to Subject Interests),
Section 3.9(c) (Taxes) and Section 3.16 (Brokerage Arrangements) would equal 100% of the total of such Damages. Any indemnification provided pursuant to this Agreement shall not be duplicative of any indemnification provided
pursuant to the Omnibus Agreement. 
 Section 6.2 Indemnification of SOPUS. 

Subject to the limitations set forth in this Agreement, SHLX and Operating, jointly and severally, shall indemnify, defend and hold SOPUS, its Affiliates
(other than any of SHLX Indemnified Parties) and their respective securityholders, directors, officers, agents, representatives and employees (the “SOPUS Indemnified Parties”) harmless from and against any and all Damages suffered
or incurred by the SOPUS Indemnified Parties as a result of or arising out of (a) any breach or inaccuracy of a representation or warranty of SHLX or Operating in this Agreement, or (b) any breach of any agreement or covenant on the part
of SHLX or Operating made under this Agreement or in connection with the transactions contemplated hereby or thereby. Any indemnification provided pursuant to this Agreement shall not be duplicative of any indemnification provided pursuant to the
Omnibus Agreement. 
 Section 6.3 Survival. 

All the provisions of this Agreement shall survive the Closing, notwithstanding any investigation at any time made by or on behalf of any party hereto,
provided that the representations and warranties set forth in Article III and Article IV shall terminate and expire on the date that is eighteen (18) months following the Closing Date, except (a) the representations and
warranties of SOPUS set forth in Section 3.9 (Taxes) shall survive until the date that is sixty (60) days after the expiration of the applicable statutes of limitations (including all periods of extension and tolling), (b) the
representations and warranties of SOPUS set forth in Section 3.10 (Environmental Matters) shall terminate and expire on the third (3rd) anniversary of the Closing Date, (c) the representations and warranties of SOPUS set forth
in Section 3.1 (Organization), Section 3.2 (Authority and Approval), Section 3.4(a) (Ownership) and Section 3.16 (Brokerage Arrangements) shall survive until the expiration of the applicable statute of
limitations and (d) the representations and warranties of SHLX set forth in Section 4.1 (Organization and Existence), Section 4.2 (Authority and Approval) and Section 4.4 (Broker Arrangements) shall survive
until the expiration of the applicable statute of limitations. After a representation and warranty has terminated and expired, no indemnification shall or may be sought pursuant to this Article VIII on the basis of that representation and
warranty by any Person who would have been entitled pursuant to this Article VIII to indemnification on the basis of that representation and warranty prior to its termination and expiration, provided that in the case of each representation
and warranty that shall terminate and expire as provided in this Section 6.3, no claim presented in writing for indemnification pursuant to this Article VIII on the basis of that representation and warranty prior to its
termination and expiration shall be affected in any way by that termination and expiration. The indemnification obligations under this Article VIII or elsewhere in this Agreement shall apply regardless of whether any suit or action results
solely or in part from the active, passive or concurrent negligence or strict liability of the indemnified party. The covenants and agreements entered into pursuant to this Agreement to be performed after the Closing shall survive the Closing. 

  
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 Section 6.4 Indemnification Procedures. 

(a) The indemnified party hereunder agrees that within a reasonable period of time after it becomes aware of facts giving rise to a claim for
indemnification under this Article VI, it will provide notice thereof in writing to the indemnifying party, specifying the nature of and specific basis for such claim. 

(b) The indemnifying party shall have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims
brought against the indemnified party that are covered by the indemnification under this Article VI, including the selection of counsel, determination of whether to appeal any decision of any court and the settling of any such claim or any
matter or any issues relating thereto; provided, however, that no such settlement for only the payment of money shall be entered into without the consent of the indemnified party, which consent shall not be unreasonably withheld, conditioned or
delayed, unless it includes a full release of the indemnified party from such claim; provided further, that no such settlement containing any form of injunctive or similar relief shall be entered into without the prior written consent of the
indemnified party, which consent shall not be unreasonably delayed or withheld. 
 (c) The indemnified party agrees to cooperate in good
faith and in a commercially reasonably manner with the indemnifying party, with respect to all aspects of the defense of and pursuit of any counterclaims with respect to any claims covered by the indemnification under this Article VI,
including the prompt furnishing to the indemnifying party of any correspondence or other notice relating thereto that the indemnified party may receive, permitting the name of the indemnified party to be utilized in connection with such defense and
counterclaims, the making available to the indemnifying party of any files, records or other information of the indemnified party that the indemnifying party considers relevant to such defense and counterclaims, the making available to the
indemnifying party of any employees of the indemnified person and the granting to the indemnifying party of reasonable access rights to the properties and facilities of the indemnified party; provided, however, that in connection therewith the
indemnifying party agrees to use reasonable efforts to minimize the impact thereof on the operations of the indemnified party and further agrees to maintain the confidentiality of all files, records, and other information furnished by the
indemnified party pursuant to this Section 6.4. The obligation of the indemnified party to cooperate with the indemnifying party as set forth in the immediately preceding sentence shall not be construed as imposing upon the indemnified
party an obligation to hire and pay for counsel in connection with the defense of and pursuit of any counterclaims with respect to any claims covered by the indemnification set forth in this Article VI, provided, however, that the indemnified
party may, at its own option, cost and expense, hire and pay for counsel in connection with any such defense and counterclaims. The indemnifying party agrees to keep any such counsel hired by the indemnified party informed as to the status of any
such defense or counterclaim, but the indemnifying party shall have the right to retain sole control over such defense and counterclaims so long as the indemnified party is still seeking indemnification hereunder. 

(d) In determining the amount of any Damages for which the indemnified party is entitled to indemnification under this Agreement, the gross
amount of the indemnification will be reduced by (i) any insurance proceeds realized by the indemnified person in respect of such Damages from third party insurers, and such correlative insurance benefit shall be net of any expenses related to
the receipt of such proceeds, including any premium adjustments that become due and payable by the indemnified party as a result of such claim, and (ii) all amounts recovered by the indemnified party in respect of such Damages under contractual
indemnities from third persons. 

  
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 Section 6.5 Direct Claim. 

Any claim by an indemnified party with respect to any Damages which do not result from a claim for indemnity involving a third party (a “Direct
Claim”) will be asserted by giving the indemnifying party reasonably prompt written notice thereof, stating the nature of such claim in reasonable detail and indicating the estimated amount, if practicable. The indemnifying party will have
a period of ninety (90) days from receipt of such Direct Claim within which to respond to such Direct Claim. If the indemnifying party does not respond within such ninety (90) day period, the indemnifying party will be deemed to have
accepted such Direct Claim. If the indemnifying party rejects such Direct Claim, the indemnified party will be free to seek enforcement of its rights to indemnification under this Agreement. 

Section 6.6 Limitations on Indemnification. 

(a) To the extent that SHLX Indemnified Parties would otherwise be entitled to indemnification for Damages pursuant to
Section 6.1(a), SOPUS shall be liable only if (i) the Damages with respect to any individual claim exceed One Hundred Thousand Dollars ($100,000) (the “Minimum Claim Amount”) and (ii) the Damages for all claims
that exceed the Minimum Claim Amount exceed, in the aggregate, One Million Dollars ($1,000,000) (the “Deductible Amount”), and then SOPUS shall be liable only for Damages to the extent of any excess over the Deductible Amount. In no
event shall SOPUS’s aggregate liability to SHLX Indemnified Parties under Section 6.1 exceed Thirty-Five Million Dollars ($35,000,000) (the “Ceiling Amount”). Notwithstanding the foregoing, the Deductible Amount and
the Ceiling Amount shall not apply to breaches or inaccuracies of representations and warranties contained in Section 3.1, Section 3.2, Section 3.4, Section 3.9, Section 3.16 and
Section 3.17, provided, that SOPUS’s aggregate liability for all claims under this Agreement, including for breaches or inaccuracies of representations and warranties contained in such sections and for breaches of covenants, shall
not exceed the Consideration. 
 (b) For purposes of determining the amount of Damages, with respect to any asserted claim for
indemnification by a SHLX Indemnified Party, such determination shall be made without regard to any qualifier as to “material,” “materiality” or Material Adverse Effect expressly contained in Article III (except in the case of
the term Material Contract); provided that this Section 6.6(b) shall not so modify the representations and warranties for purposes of first determining whether a breach of any representation or warranty has occurred. 

(c) Additionally, neither SOPUS, on the one hand, nor SHLX and Operating, on the other hand, will be liable as an indemnitor under this
Agreement for any consequential, incidental, special, indirect or exemplary damages suffered or incurred by the indemnified party or parties except to the extent resulting pursuant to Third Party Indemnity Claims. 

Section 6.7 Sole Remedy. 
 No party shall have
liability under this Agreement or the transactions contemplated hereby except as is provided in Article V or this Article VI (other than claims or causes of action arising from fraud or willful misconduct). 

  
 19 

 ARTICLE VII 

MISCELLANEOUS 
 Section 7.1
Acknowledgements. 
 Each party acknowledges that it has relied on the representations and warranties of the other party expressly and
specifically set forth in this Agreement, including, in the case of SHLX and Operating, the Disclosure Letter attached hereto. Such representations and warranties constitute the sole and exclusive representations and warranties of the parties hereto
in connection with the transactions contemplated hereby, and the parties hereto understand, acknowledge and agree that all other representations and warranties of any kind or nature, whether expressed, implied or statutory, oral or written, past or
present, are specifically disclaimed. 
 Section 7.2 Cooperation; Further Assurances. 

SOPUS, SHLX and Operating shall use their respective commercially reasonable efforts to obtain all approvals and consents required by or necessary for the
transactions contemplated by this Agreement. Each of the parties acknowledges that certain actions may be necessary with respect to the matters and actions contemplated by this Agreement such as making notifications and obtaining consents or
approvals or other clearances that are material to the consummation of the transactions contemplated hereby, and each agrees to take all appropriate action and to do all things necessary, proper or advisable under Applicable Laws and regulations to
make effective the transactions contemplated by this Agreement; provided, however, that nothing in this Agreement will require any party hereto to hold separate or make any divestiture not expressly contemplated herein of any asset or otherwise
agree to any restriction on its operations or other burdensome condition which would in any such case be material to its assets, liabilities or business in order to obtain any consent or approval or other clearance required by this Agreement. 

Section 7.3 Expenses. 
 Except as otherwise
provided herein and regardless of whether the transactions contemplated hereby are consummated, each party shall pay its own expenses incident to this Agreement and all action taken in preparation for carrying this Agreement into effect. 

Section 7.4 Notices. 
 Any notice, request,
instruction, correspondence or other document to be given hereunder by any party hereto to another party hereto (herein collectively called “Notice”) shall be in writing and delivered in person, by courier service requiring
acknowledgment of receipt of delivery as follows: 
 If to SOPUS, addressed to: 

Equilon Enterprises LLC d/b/a Shell Oil Products US 

One Shell Plaza 
 910 Louisiana
Street 
 Houston, Texas 77002 

Attn: Assistant General Counsel-Downstream Americas 

Facsimile: (713) 241-6161 
 If to SHLX
and/or Operating, addressed to: 
 Shell Midstream Partners, L.P. 

c/o Shell Midstream Partners GP LLC, its general partner 

One Shell Plaza 
 910 Louisiana
Street 
 Houston, Texas 77002 

Attn: General Counsel 
 Facsimile:
(713) 241-6161 

  
 20 

 Notice given by personal delivery or courier service shall be effective upon actual receipt. Any party may change
any address to which Notice is to be given to it by giving Notice as provided above of such change of address. 
 Section 7.5 Arbitration.

 (a) Any dispute, controversy or claim arising out of or in connection with this Agreement or its subject matter or formation, whether
in tort, contract, under statute or otherwise, including any question regarding its existence, validity, interpretation, breach or termination, and including any non-contractual claim (a “Dispute”), shall be finally and exclusively
resolved by arbitration under the arbitration rules of the American Arbitration Association (the “Rules”), which Rules are deemed to be incorporated by reference into this Agreement. 

(b) The arbitral tribunal (the “Tribunal”) shall consist of three arbitrators, to be appointed in accordance with the Rules.

 (c) The seat of the arbitration shall be Houston, Texas. 

(d) The language of the arbitration shall be English. 

(e) Any award rendered by the Tribunal shall be made in writing and shall be final and binding on the parties to this Agreement. The parties
to this Agreement undertake to carry out the award without delay. 
 (f) All aspects of the arbitration shall be confidential. Save to the
extent required by law or pursuant to any proceedings to enforce or challenge an award, no aspect of the proceedings, documentation, or any partial or final award or order or any other matter connected with the arbitration shall be disclosed to any
other person by either party or its counsel, agents, corporate parents, affiliates or subsidiaries without the prior written consent of the other party / parties. 

(g) Nothing in this Section 7.5 shall be construed as preventing any party from seeking conservatory or similar interim relief
from any court with competent jurisdiction. 
 (h) In respect of any Dispute, each party to this Agreement expressly waives any right to
claim or recover from the other party and the Tribunal is not empowered to award punitive, exemplary, moral, multiple or similar non-compensatory damages. 

(i) Articles 3 and 9 of the International Bar Association (IBA) Rules on the Taking of Evidence in International Arbitration shall apply to
the arbitration. 
 (j) Each Party hereby waives, to the fullest extent permitted by law: (i) any right under the laws of any
jurisdiction to apply to any court or other judicial authority to determine any preliminary point of law, except as expressly provided in Section 7.5(g) and/or (ii) any right it may otherwise have under the laws of any jurisdiction
to appeal or otherwise challenge the award, other than on the same grounds on which recognition and enforcement of an award may be refused under Article V of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards
of 1958. 
 (k) Judgment upon any award and/or order may be entered in any court having jurisdiction thereof. 

  
 21 

 Section 7.6 Governing Law. 

(a) This Agreement shall be subject to and governed by the laws of the State of Texas. Each Party hereby submits to the exclusive jurisdiction
of the state and federal courts in the State of Texas and to venue in the state courts in Harris County, Texas and in the federal courts of Harris County, Texas. 

(b) Each of the parties to this Agreement irrevocably waives any and all right to trial by jury in any legal proceeding between the parties
arising out of or relating to this Agreement or the transactions contemplated by this Agreement. 
 (c) Each party to this Agreement waives,
to the fullest extent permitted by Applicable Law, any right it may have to receive damages from any other party based on any theory of liability for any special, indirect, consequential (including lost profits), exemplary or punitive damages
(except to the extent that any such damages are included in indemnifiable losses resulting from a third party claim in accordance with Article VI). 

Section 7.7 Public Statements. 
 The parties
hereto shall consult with each other and no party shall issue any public announcement or statement with respect to this Agreement or the transactions contemplated hereby without the consent of the other party, unless the party desiring to make such
announcement or statement, after seeking such consent from the other parties, obtains advice from legal counsel that a public announcement or statement is required by Applicable Law or stock exchange regulations. 

Section 7.8 Entire Agreement; Amendments and Waivers. 

(a) This Agreement and the Assignment Agreement constitute the entire agreement among the parties with respect to the subject matter hereof and
supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. Each party to this Agreement agrees that no other party to this Agreement (including its agents and
representatives) has made any representation, warranty, covenant or agreement to or with such party relating to this Agreement or the transactions contemplated hereby, other than those expressly set forth herein and in the Assignment Agreement. 

(b) No supplement, modification or waiver of this Agreement shall be binding unless executed in writing by each party to be bound thereby. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall any such waiver constitute a continuing waiver unless otherwise expressly
provided. 
 Section 7.9 Conflicting Provisions. 

This Agreement and the Assignment Agreement, read as a whole, set forth the parties’ rights, responsibilities and liabilities with respect to the
transactions contemplated by this Agreement. In this Agreement and the Assignment Agreement, and as between them, specific provisions prevail over general provisions. In the event of a conflict between this Agreement and the Assignment Agreement,
this Agreement shall control. 

  
 22 

 Section 7.10 Binding Effect and Assignment. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns, but neither this
Agreement nor any of the rights, benefits or obligations hereunder shall be assigned or transferred, by operation of law or otherwise, by any party hereto without the prior written consent of each other party; provided that SHLX and Operating may
assign their right to receive the Subject Interests hereunder to a wholly-owned subsidiary without the written consent of SOPUS provided that SHLX and Operating shall not be relieved of any obligations or liabilities hereunder as a result of any
such assignment. Nothing in this Agreement, express or implied, is intended to confer upon any person or entity other than the parties hereto and their respective permitted successors and assigns, any rights, benefits or obligations hereunder,
except for express language with respect to SHLX Indemnified Parties and the SOPUS Indemnified Parties contained in the indemnification provisions of Article VI. 

Section 7.11 Severability. 
 If any provision
of the Agreement is rendered or declared illegal or unenforceable by reason of any existing or subsequently enacted legislation or by decree of a court of last resort, SOPUS and SHLX shall promptly meet and negotiate substitute provisions for those
rendered or declared illegal or unenforceable, but all of the remaining provisions of this Agreement shall remain in full force and effect. 

Section 7.12 Interpretation. 
 It is expressly
agreed by the parties that this Agreement shall not be construed against any party, and no consideration shall be given or presumption made, on the basis of who drafted this Agreement or any provision hereof or who supplied the form of this
Agreement. Each party agrees that this Agreement has been purposefully drawn and correctly reflects its understanding of the transactions contemplated by this Agreement and, therefore, waives the application of any law, regulation, holding or rule
of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

Section 7.13 Headings and Disclosure Letter. 

The headings of the several Articles and Sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the
meaning or interpretation of this Agreement. The Disclosure Letter and the Exhibits referred to herein are attached hereto and incorporated herein by this reference, and unless the context expressly requires otherwise, the Disclosure Letter and such
Exhibits are incorporated in the definition of “Agreement.” 
 Section 7.14 Multiple Counterparts. 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. 
 Section 7.15 Action by SHLX. 

With respect to any action, notice, consent, approval or waiver that is required to be taken or given or that may be taken or given by SHLX with respect to the
transactions contemplated hereby, such action, notice, consent, approval or waiver shall be taken or given by the Conflicts Committee on behalf of SHLX. 

[Signature page follows.] 

  
 23 

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

 

			
	Equilon Enterprises LLC d/b/a Shell Oil Products US
		
	By:		 /s/ Shawn J. Carsten

	Name:		Shawn J. Carsten
	Title:		Vice President, Finance and Treasurer
	
	Shell Midstream Partners, L.P.
	
	By: Shell Midstream Partners GP LLC, its general partner
		
	By:		 /s/ Susan M. Ward

	Name:		Susan M. Ward
	Title:		Vice President and Chief Financial Officer
	
	Shell Midstream Operating LLC
		
	By:		 /s/ Susan M. Ward

	Name:		Susan M. Ward
	Title:		Vice President and Chief Financial Officer

 Signature Page to Contribution Agreement 

 Appendix A 

The designated personnel for SOPUS and SHLX, for purposes of “Knowledge” in this Agreement, are set forth below. 

 

	 	1.	Margaret C. Montana 

  

	 	2.	Kevin Nichols 

  

	 	3.	Rebecca Wawack 

  

	 	4.	Jeff Whitworth 

  

	 	5.	Jason Dollar 

 Appendix AEX-10.2

 Exhibit 10.2 

SHELL MIDSTREAM PARTNERS 

364-DAY REVOLVING CREDIT FACILITY AGREEMENT 

DATED AS OF JUNE 29, 2015 

SHELL MIDSTREAM PARTNERS, L.P 

as the Borrower 
 AND

 SHELL TREASURY CENTER (WEST) INC. 

as the Lender 

  
 1 

 THIS SHELL MIDSTREAM PARTNERS 364-DAY REVOLVING CREDIT FACILITY AGREEMENT is dated as of June 29,
2015 but effective as of June 30, 2015 and made between: 
  

	(1)	SHELL MIDSTREAM PARTNERS, L.P (the “Borrower”); and 

  

	(2)	SHELL TREASURY CENTER (WEST) INC. (the “Lender”). 

 WHEREAS: 

The Lender and the Borrower desire to enter into a 364-Day Revolving Credit Facility Agreement pursuant to which the Lender agrees to make available to the
Borrower a 364-day revolving credit facility for an amount not exceeding the Commitment (as defined below). 
 IT IS AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	 	1.1	Definitions 

 In this revolving credit facility agreement: 

“Affiliate” means, for any entity, any entity which it directly or indirectly controls, is controlled by, or is under common
control with it. For this purpose “control” means the direct or indirect ownership of in aggregate fifty percent (50%) or more of the voting rights in an entity; provided that the Borrower shall not be deemed to be an Affiliate of the
Lender and vice versa. 
 “Agreement” means this Revolving Credit Facility Agreement between the Lender and the Borrower.

 “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration. 
 “Availability Period” means the period from and including June 30, 2015, to and including the date
falling one (1) Business Day before the Facility Repayment Date. 
 “Available Facility” means the Commitment minus:

  

	 	(a)	the amount of any outstanding Loans under the Facility; and 

  

	 	(b)	the amount of any proposed Loans for which a Utilisation Request has been delivered in accordance with Clause 5. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in New York and
either of London or Rio de Janeiro, Brazil. 
 “Closing Date” means the date of this Agreement. 

“Commitment” means one hundred million United States Dollars (USD $100,000,000), as such amount may be reduced or increased
in accordance with the provisions of this Agreement. 
 “Commitment Fee” has the meaning set forth in Clause 6(c). 

“Commitment Fee Rate” means 12 basis points (.12%) per annum. 

“Commitment Increase Agreement” has the meaning set forth in Clause 2.2. 

  
 2 

 “Commitment Increase Notice” has the meaning set forth in Clause 2.2. 

“Default” means an Event of Default or any event or circumstance specified in Clause 16 which would (with the expiry of
a grace period, the giving of notice, the making of any determination under this Agreement or any combination of any of the foregoing) be an Event of Default. 

“Disruption Event” means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Loan (or otherwise in
order for the transactions contemplated by this Agreement to be carried out) which disruption is not caused by, and is beyond the control of, either of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing either Party: 

 

	 	(i)	from performing its payment obligations under this Agreement; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of this Agreement, 

 and
which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 
 “Event of
Default” means any event or circumstance specified as such in Clause 16. 
 “Facility” means the short term
revolving credit facility made available under this Agreement as described in Clause 2. 
 “Facility Repayment Date” means
June 29, 2016, as such date may be extended in accordance with the terms of this Agreement. 
 “Financial
Indebtedness” means any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with generally accepted accounting principles in the United States of America, be treated as a finance or capital
lease; 

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; or 

 

	 	(g)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (f) above. 

  
 3 

 “Fee Payment Date” means the twenty-fifth (25th) day of April, July, October and January in each year or, if that is not a Business Day, the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there
is not)and the Facility Repayment Date. 
 “Group Company” means and includes Royal Dutch Shell plc and any entity (other
than the Lender) which Royal Dutch Shell plc from time to time directly or indirectly controls. For this purpose: 
  

	 	(a)	an entity directly controls another entity if it owns more than fifty per cent (50%) of the voting rights of the other entity; and 

 

	 	(b)	an entity indirectly controls another entity if a series of entities can be specified beginning with the first entity and ending with the other entity, so related that each entity of the series (except the ultimate
controlling entity) is directly controlled by one or more of the entities earlier in the series. 

 “Interest Payment
Date” means, in relation to each Loan and subject to Clause 20.3, any Prepayment Date and the Repayment Date. 
 “Interest
Period” means, in respect of each Loan, the period commencing from the Utilisation Date of that Loan and ending on the Loan Repayment Date for that Loan. 

“Issuance Fee” shall have the meaning set forth in Clause 6(b). 

“LIBOR” means, in relation to any Loan: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for US Dollars for the Interest Period of that Loan) the arithmetic mean of the rates (rounded to four (4) decimal places) as supplied to the Lender at its request quoted by the
Reference Banks to leading banks in the London interbank market, 

 as at 11 a.m. on the Quotation Day for the offering of
deposits in US Dollars for a three (3) month period. 
 “Loan” means each loan made or to be made under the Facility
or the principal amount outstanding for the time being of that loan. 
 “Loan Repayment Date” means the date a Loan is
scheduled to be repaid, as confirmed pursuant to Clause 5.3(c) of this Agreement, which shall in no event be later than the Facility Repayment Date. 

“Material Adverse Effect” means a material adverse effect on the ability of the Borrower to perform its payment obligations
under this Agreement. 
 “Month” means a period starting on one day in a calendar month and ending on the numerically
corresponding day in the next calendar month, except that: 
  

	 	(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately
preceding Business Day; 

  
 4 

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month. 

“Party” means a party to this Agreement. 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined, the day which is two
(2) Business Days before the first day of that period. 
 “Reference Banks” means the principal London offices of HSBC
plc, Citibank N.A. and BNP Paribas or such other banks as may be appointed by the Lender in consultation with the Borrower. 

“Representations” means each representation made by the Borrower in Clause 14. 

“Screen Rate” means the ICE Benchmark Administration’s London interbank offered rate for US Dollars for three months,
displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Lender may specify another page or service displaying the appropriate rate after consultation with the Borrower. 

“Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any
other agreement or arrangement having a similar effect. 
 “Tax” means any tax, levy, impost, duty or other charge or
withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Unpaid Sum” means any sum due and payable but unpaid by the Borrower under this Agreement. 

“Utilisation” means a utilisation of all or part of the Commitment under this Agreement. 

“Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made. 

“Utilisation Fee” has the meaning set forth in Clause 6(d). 

“Utilisation Fee Rate” means LIBOR plus 104 basis points (LIBOR + 1.04%) per annum. 

“Utilisation Request” means a notice from the Borrower requesting a drawdown under the Facility in the form attached to
Schedule 1. 
 “Shell Midstream Partners, L.P” means Shell Midstream Partners, L.P registered in Delaware with registered
company number 46-5223743 and registered address at The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801, USA. 
  

	 	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, any reference in this Agreement to: 

  

	 	(i)	the “Lender”, the “Borrower” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

  
 5 

	 	(ii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	any other agreement or instrument is a reference to that other agreement or instrument as amended, novated, supplemented, extended or restated; 

 

	 	(iv)	a “person” includes any individual, firm, company, limited liability company or LLC, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership
(whether or not having separate legal personality); 

  

	 	(v)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department
or regulatory, self-regulatory or other authority or organisation; 

  

	 	(vi)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	 	(vii)	a time of day is a reference to London time, unless otherwise specified. 

  

	 	(b)	Section, Clause and Schedule headings are for ease of reference only. 

  

	 	(c)	A Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has not been remedied or waived.

  

	2.	THE FACILITY 

  

	 	2.1	Commitment 

 Subject to the terms of this Agreement, the Lender makes available to the
Borrower a US Dollar revolving credit facility in an aggregate amount equal to the Commitment. 
  

	 	2.2	Increase of Commitment 

 If, immediately prior to and immediately after giving effect to
any increase in the Commitment pursuant to this Clause 2.2, no Default, Event of Default of Material Adverse Effect would of occurred and be continuing, the Borrower may at any time and from time to time, but in no event more than two (2) times
per calendar year, request an increase in the Commitment by notice to the Lender in writing of the amount of such proposed increase (such notice, a “Commitment Increase Notice”); provided, however, that (i) each
such increase request shall be in an amount of not less than $10,000,000; and (ii) the Commitment would not exceed $200,000,000 after giving effect to such increase. Within 10 days after receipt of the Commitment Increase Notice, the Lender
shall either (y) notify the Borrower of its decision to decline the Borrower’s offer to increase the Commitment; or (z) accept the Borrower’s offer to increase the Commitment and execute an agreement (a “Commitment
Increase Agreement”) in substantially the form attached hereto as Exhibit A. The Lender shall have no obligation whatsoeverto increase the Commitment. Execution of a Commitment Increase Agreement shall be irrevocable and shall be
effective upon satisfaction of the conditions to effectiveness set forthin such agreement. 

  
 6 

	3.	PURPOSE 

  

	 	3.1	Purpose 

 The Borrower shall apply all amounts borrowed by it under this Agreement for
its working capital or general corporate purposes. 
  

	 	3.2	Monitoring 

 The Lender is not bound to monitor or verify the application of any amount
borrowed pursuant to this Agreement. 
  

	4.	CONDITIONS OF UTILISATION 

 Conditions precedent 

The Lender will only be obliged to comply with Clause 2 if on the date of the Utilisation Request and on the proposed Utilisation Date: 

 

	 	(a)	no Default is continuing or would result from the proposed Loan; and 

  

	 	(b)	the Representations to be made by the Borrower are true in all material respects. 

  

	5.	UTILISATION 

  

	 	5.1	Utilisation Request 

 The Borrower may utilise the Facility by delivery to the Lender of
a duly completed Utilisation Request not later two (2) Business Days prior to the proposed Utilisation Date and Lender shall make the Loan available in immediately available funds by close of business (New York City time) on the Utilisation
Date. 
  

	 	5.2	Change or Cancellation of a Utilisation Request 

 A Utilisation Request shall be
irrevocable and will not be regarded as having been duly completed unless: 
  

	 	(a)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(b)	the amount of the proposed Loan must be an amount which is not more than the Available Facility; and 

  

	 	(c)	it specifies the account and bank to which the proceeds of the utilisation are to be credited. 

  

	 	5.3	Confirmation of Terms 

 Promptly upon receipt of a duly completed Utilisation Request,
and in no event later than two (2) Business Days after receipt of such Utilisation Request, the Lender shall make available to the Borrower, electronically or otherwise, the following information 

 

	 	(a)	the amount of the Loan in US Dollars; 

  

	 	(b)	the rate of interest to be charged with respect to the Loan, as calculated under Section 8.1 of this Agreement; and 

  

	 	(c)	the Loan Repayment Date. 

  
 7 

	6.	REPAYMENT AND FEES 

  

	 	(a)	Each Loan will be repaid in full together with any accrued and unpaid interest thereon by the Borrower on the relevant Loan Repayment Date, net of any previous prepayments made in accordance with this Agreement. All
Loans, together with accrued and unpaid interest thereon, outstanding as of the Facility Repayment Date shall immediately become due and payable to Lender on the Facility Repayment Date. 

 

	 	(b)	On the Closing Date or within five (5) Business Days of the date of this Agreement, Borrower shall pay to Lender an issuance fee (the “Issuance Fee”) of ninety thousand US dollars ($90,000).

  

	 	(c)	Borrower shall pay Lender a commitment fee (the “Commitment Fee”) for the period from and including the Closing Date to the Facility Repayment Date, computed at the Commitment Fee Rate on the average daily
amount of the Available Facility during the period for which payment is made. The Commitment Fee shall be payable quarterly in arrears on each Fee Payment Date, commencing on the first of such dates to occur after the Closing Date.

  

	 	(d)	With respect to each Loan, Borrower shall pay Lender a utilisation fee (the “Utilisation Fee”) on the average daily principal amount of the Loan, computed at the Utilisation Fee Rate; provided, however, that
if any portion of the Loan remains outstanding after the relevant Loan Repayment Date, Borrower shall continue to pay the Utilisation Fee with respect to such unpaid portion of the Loan. In any quarter in which a Utilisation is outstanding, the
Utilisation Fee shall be payable quarterly in arrears on each Fee Payment Date. 

  

	7.	PREPAYMENT AND CANCELLATION 

  

	 	7.1	Illegality 

 If at any time prior to the Repayment Date, it becomes unlawful in any
applicable jurisdiction for the Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan: 
  

	 	(a)	the Lender shall promptly notify the Borrower upon becoming aware of that event; 

  

	 	(b)	the Commitment will be immediately cancelled; and 

  

	 	(c)	the Borrower shall prepay the Loan in full, together with all accrued interest and fees payable hereunder, on the date specified by the Lender in the notice delivered to the Borrower (being no earlier than the last day
of any applicable grace period permitted by law). 

  

	 	7.2	Voluntary prepayment of Loans 

 The Borrower may prepay the whole or any part of any
Loan by giving at least two (2) Business Days’ written notice to the Lender. 
  

	 	7.3	Termination of Commitments 

  

	 	(a)	The Borrower may at any time terminate the Commitments; provided that the Borrower shall not terminate the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with
Section 7.2, the aggregate principal amount of the Loans would exceed the Commitments then in effect. 

  
 8 

	 	(b)	The Borrower shall notify the Lender of any election to terminate or reduce the Commitments under this Section 7.3 at least two (2) Business Days prior to the effective date of such termination or
reduction, specifying such election and the effective date thereof. 

  

	 	7.4	Restrictions 

 Any notice of cancellation or prepayment given by any Party under this
Clause 7 shall be irrevocable provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be
revoked by the Borrower (by notice to the Lender on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent and, unless a contrary indication appears in this
Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 
  

	 	(a)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and without premium or penalty. 

 

	 	(b)	Any amounts repaid by the Borrower under this Agreement may be re-borrowed. 

  

	 	(c)	No amount of the Commitment cancelled under this Agreement may be subsequently reinstated. 

  

	8.	INTEREST 

  

	 	8.1	Calculation of interest 

 The rate of interest on each Loan for each Interest Period
shall be the 3 month LIBOR as of the Quotation Day relating to such Interest Period. 
  

	 	8.2	Payment of interest 

 The Borrower shall pay accrued interest on each Loan on the
Repayment Date and any prepayment date. 
  

	 	8.3	Default interest 

  

	 	(a)	If the Borrower fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment)
at a rate which, subject to paragraph (b) below, is two per cent (2%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan for successive Interest
Periods. Any interest accruing under this Clause 8.3 shall be immediately payable by the Borrower on demand by the Lender. 

  

	 	(b)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

  
 9 

	9.	CHANGES TO THE CALCULATION OF INTEREST 

  

	 	9.1	Absence of quotations 

 Subject to Clause 9.2, if LIBOR is to be determined by reference
to the Reference Banks but a Reference Bank does not supply a quotation by 11 a.m. on the Quotation Day, the 3 month LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 

 

	 	9.2	Market disruption 

 In this Agreement “Market Disruption Event” means
at or about noon on the Quotation Day for the relevant Interest Period if the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Lender to determine 3 month LIBOR for US Dollars. If a Market Disruption
Event occurs in relation to a Loan for any Interest Period, then the rate of interest on that Loan for the Interest Period shall be the percentage rate per annum which is the rate notified to the Borrower by the Lender as soon as practicable and in
any event before interest is due to be paid in respect of that Loan, to be that which expresses the latest Screen Rate available before 11 a.m. on the Quotation Day for the offering of deposits in US Dollars for a three (3) month period. 

 

	10.	INCREASED COSTS 

  

	 	10.1	Increased costs 

  

	 	(a)	Subject to Clause 10.2 the Borrower shall, within three (3) Business Days of a demand by the Lender, pay the amount of any Increased Costs incurred by the Lender or any of its Affiliates as a result of (i) the
introduction of or any change in (or in the interpretation, administration or application of) any applicable law or regulation or (ii) compliance with any applicable law or regulation made after the date of this Agreement. 

 

	 	(b)	In this Agreement “Increased Costs” means: 

  

	 	(i)	an additional or increased cost; or 

  

	 	(ii)	a reduction of any amount due and payable under this Agreement, 

 which is incurred or suffered
by the Lender or any of its Affiliates to the extent that it is attributable to the Lender having entered into the Commitment or funding or performing its obligations under this Agreement. 

 

	 	10.2	Exceptions 

 Clause 10.1 does not apply to the extent any Increased Cost is attributable
to the wilful breach by the Lender or its Affiliates of any law or regulation or to the transfer, assignment or subparticipation of this Facility in accordance with Clause 18. 

 

	11.	TAX GROSS-UP AND INDEMNITY 

  

	 	11.1	No deduction 

 All payments by the Borrower under this Agreement shall be made without
any deduction and free and clear of and without deduction for or on account of any Taxes, except to the extent that the Borrower is required by law to make payment subject to any Taxes. 

 

	 	11.2	Indemnity 

  

	 	(a)	If any relevant Tax or amounts in respect of relevant Tax must be deducted from any amounts payable or paid by the Borrower to the Lender under this Agreement, the Borrower shall pay such additional amounts as may be
necessary to ensure that the Lender receives on the due date a net amount equal to the full amount which it would have received had the payment not been made subject to the relevant Tax. 

  
 10 

	 	(b)	Borrower’s obligation to pay additional amounts pursuant to Clause 11.2(a) shall not apply to the extent that such additional amounts are the result of, with respect to the Lender, (i) income or franchise
Taxes imposed on (or measured by) its net income by the United States of America, or by any laws of the jurisdiction in which the Lender is located, (ii) any branch profits Taxes imposed by the United States of America, (iii) any United
States federal withholding Tax payable as a result of the Lender’s failure to comply with Clause 11.3, or (iv) due to the transfer, assignment or subparticipation of this Facility in accordance with Clause 18. 

 

	 	11.3	Exemptions 

 If the Lender is entitled to an exemption from or reduction of withholding
tax under any law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement, it shall deliver to the Borrower, prior to the first Utilisation and at such
other time(s) prescribed by law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by law as will permit such payments to be made without withholding or at a reduced rate. 

 

	12.	MITIGATION BY THE LENDER 

  

	 	12.1	Mitigation 

  

	 	(a)	The Lender shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant
to, any of Clause 7.1 or 10 including (but not limited to) transferring its rights and obligations under this Agreement to another Affiliate. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of the Borrower under this Agreement. 

  

	 	12.2	Limitation of liability 

  

	 	(a)	The Borrower shall indemnify the Lender for all costs and expenses reasonably incurred by the Lender as a result of steps taken by it under Clause 12.1. 

 

	 	(b)	The Lender is not obliged to take any steps under Clause 12.1 if, in its opinion (acting reasonably), to do so might be prejudicial to it. 

 

	13.	COSTS AND EXPENSES 

 The Borrower shall, within fifteen (15) Business Days of
demand, pay to the Lender the amount of all loss, liability, costs and expenses (including legal fees) incurred by the Lender in connection with: 
  

	 	(a)	the occurrence of any Event of Default; or 

  

	 	(b)	the enforcement of, or the preservation of any rights under, this Agreement. 

  
 11 

	14.	REPRESENTATIONS 

 The Borrower makes the representations and warranties set out in this
Clause 14 to the Lender on the date of this Agreement. 
  

	 	14.1	Due Incorporation 

 The Borrower: 

 

	 	(a)	is a duly incorporated limited liability company validly existing under the law of its jurisdiction of incorporation; and 

  

	 	(b)	has the power to own its assets and carry on its business as it is being conducted. 

  

	 	14.2	Binding obligations 

 The obligations expressed to be assumed by it in this Agreement
are legal, valid, binding and enforceable obligations, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

  

	 	14.3	Non-conflict with other obligations 

 The entry into and performance by it of, and the
transactions contemplated by, this Agreement do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its subsidiaries or any of its assets. 

  

	 	14.4	Power and authority 

 It has the power to enter into, perform and deliver, and has taken
all necessary action to authorise its entry into, performance and delivery of, this Agreement. 
  

	 	14.5	Validity and admissibility in evidence 

 All Authorisations required or desirable: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in this Agreement to which it is a party; and 

 

	 	(b)	to make this Agreement admissible in evidence in its jurisdiction of incorporation, 

 have been
obtained or effected and are in full force and effect. 
  

	 	14.6	Deduction of Tax 

 Subject to receipt by the Borrower from the Lender of the documents
referred to in Clause 11.3, it is not required to make any deduction for or on account of tax from any payment it may make under this Agreement. 
  

	 	14.7	No filing or stamp taxes 

 Under the law of its jurisdiction of incorporation it is not
necessary that this Agreement be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the this Agreement or the transactions contemplated by
this Agreement. 

  
 12 

	 	14.8	No Default 

  

	 	(a)	No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

  

	 	(b)	No other event or circumstance is outstanding, which constitutes a default under any other agreement or instrument which is binding on it or any of its subsidiaries or to which its (or any of its subsidiaries’)
assets are subject which might reasonably be expected to have a Material Adverse Effect. 

  

	 	14.9	Pari passu ranking 

 Its payment obligations under this Agreement rank at least pari
passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. In the event that a lender is permitted to and receives Security under the terms of
any other Financial Indebtedness of the Borrower, the Lender shall be secured hereunder on substantially similar terms. 
  

	 	14.10	No proceedings pending or threatened 

 No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of
its subsidiaries. 
  

	 	14.11	Authorisations 

 Under the laws of Delaware all authorisations required on its part in
the United States of America with its entry into, performance and validity and enforceability of this Agreement have been obtained or effected (as appropriate) and are in full force and effect. 

 

	 	14.12	No Misleading Information 

  

	 	(a)	Any factual information provided by the Borrower to the Lender in connection with this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is
stated. 

  

	 	(b)	Nothing has occurred or been omitted from the information provided to the Lender in connection with this Agreement and no information has been given or withheld that results in the information provided being untrue or
misleading in any material respect. 

  

	 	14.13	Compliance with Law 

 The Borrower has complied in all respects with all laws to which
it may be subject, if failure to comply would materially impair its ability to perform its obligations under this Agreement. 
  

	 	14.14	Repetition 

 The Representations are deemed to be made by the Borrower by reference to
the facts and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period. 
  

	15.	GENERAL COVENANTS 

 The undertakings in this Clause 15 remain in force from the date of
this Agreement for so long as any amount is outstanding under this Agreement. 

  
 13 

	 	15.1	Authorisations 

 The Borrower shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Lender of, 

 any Authorisation required under any law or
regulation of its jurisdiction of incorporation to enable it to perform its obligations under this Agreement and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of this Agreement.

  

	 	15.2	Compliance with laws 

 The Borrower shall comply in all respects with all laws to which
it may be subject, if failure so to comply would materially impair its ability to perform its obligations under this Agreement. 
  

	 	15.3	Negative pledge 

 The Borrower shall not create or permit to subsist any Security over
any of its assets other than such Security as agreed between the Lender and the Borrower. 
  

	 	15.4	Pari Passu Ranking 

 The Borrower shall procure that its payment obligations under this
Agreement do and will rank at least pari passu with all its other present and future unsecured and unsubordinated obligations, except for obligations mandatorily preferred by laws of general application. 

 

	 	15.5	No additional indebtedness 

 The borrower shall not incur additional indebtedness either
through loans, issuing bonds, notes, debentures, loan stock or any similar instrument, except for: 
  

	 	a)	Bank loans or Group company loans up to USD 600,000,000. 

 without the express written consent
of the Lender. 
  

	16.	EVENTS OF DEFAULT 

 Each of the events or circumstances set out in this Clause 16 is an
Event of Default. 
  

	 	16.1	Non-payment 

 The Borrower does not pay on the due date any amount payable pursuant to
this Agreement at the place in which it is required to be paid unless its failure to pay is caused by: 
  

	 	(a)	an administrative or technical error; or 

  

	 	(b)	a Disruption Event, 

 and repayment is made within two (2) Business Days of its due date.

  

	 	16.2	Breach of Covenant 

 If there is a material breach of any of the covenants in Clause 15,
which if capable of remedy, is not remedied within ten (10) Business Days of receipt of written notice from the Lender, requiring such breach to be remedied. 

  
 14 

	 	16.3	Misrepresentation 

 Any representation or statement made or deemed to have been made by
the Borrower in this Agreement or any other document delivered by or on behalf of the Borrower under or in connection with this Agreement is or proves to have been materially incorrect or misleading when made or deemed to have been made. 

 

	 	16.4	Cross default 

  

	 	(a)	Any Financial Indebtedness of the Borrower is not paid when due nor within any originally applicable grace period. 

  

	 	(b)	Any Financial Indebtedness of the Borrower is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). 

 

	 	(c)	Any commitment for any Financial Indebtedness of the Borrower is cancelled or suspended by a creditor of the Borrower as a result of an event of default (however described). 

 

	 	(d)	Any creditor of the Borrower becomes entitled to declare any Financial Indebtedness of the Borrower due and payable prior to its specified maturity as a result of an event of default (however described).

  

	 	(e)	No Event of Default will occur under this clause 16.4 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within clauses 16.4(a) to 16.4(d) above is less than one hundred
million US Dollars (USD 100,000,000) (or its equivalent in any other currency or currencies). 

  

	 	16.5	Insolvency 

  

	 	(a)	The Borrower is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one
or more of its creditors with a view to rescheduling any of its Financial Indebtedness. 

  

	 	(b)	A moratorium is declared in respect of any Financial Indebtedness of the Borrower. 

  

	 	16.6	Insolvency proceedings 

 Any corporate action, legal proceeding, filing or other
procedure or step is taken in relation to: 
  

	 	(a)	the suspension (provisional or otherwise) of payments, a moratorium of any Financial Indebtedness, the bankruptcy, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of
arrangement or otherwise) of the Borrower or any of its assets; 

  

	 	(b)	the making of a general assignment for the benefit of its creditors; 

  

	 	(c)	the appointment of a liquidator, receiver, administrative receiver, administrator, trustee in bankruptcy, compulsory manager or other similar officer in respect of the Borrower or any of its assets; or

  

	 	(d)	enforcement of any Security over any assets of the Borrower, 

 or any analogous procedure or
step is taken in any jurisdiction. 

  
 15 

	 	16.7	Creditors’ process 

 Any expropriation, attachment, sequestration, distress or
execution either before judgment or under an execution, affecting any asset or assets of the Borrower having a book value of ten million US Dollars (USD $10,000,000) or more, excluding any such action which is being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted. 
  

	 	16.8	Unlawfulness and Invalidity 

  

	 	(a)	It is or becomes unlawful for the Borrower to perform any of its material obligations under this Agreement. 

  

	 	(b)	Any obligation(s) of the Borrower under this Agreement is not or ceases to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the
Lender under this Agreement. 

  

	 	(c)	This Agreement ceases to be in full force and effect or is alleged by either party to be ineffective. 

  

	 	16.9	Repudiation 

 The Borrower repudiates this Agreement or evidences an intention to
repudiate this Agreement. 
  

	 	16.10	Acceleration 

 On and at any time after the occurrence of an Event of Default which is
continuing, the Lender may by notice to the Borrower: 
  

	 	(a)	cancel the Commitment whereupon it shall immediately be cancelled; and/or 

  

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under this Agreement be immediately due and payable, whereupon they shall become immediately due and
payable. 

  

	17.	TERMINATION EVENT 

 In the event the Group Companies dispose of their aggregate
shareholding in the Borrower (whether held directly or indirectly), the Lender shall have the right to terminate the Facility by giving the Borrower forty-five (45) days’ prior written notice requiring repayment of all outstanding amounts
by the end of that forty-five day period or as otherwise agreed between the Borrower and the Lender. 
  

	18.	CHANGES TO THE LENDER 

 The Lender may transfer, assign or sub-participate all or any
part of its commitments under the Facility to a Group Company with the Borrower’s prior written consent, such consent not to be unreasonably withheld or delayed. 
  

	19.	CHANGES TO THE BORROWER 

 The Borrower may not assign any of its rights or transfer any
of its rights or obligations under this Agreement. 

  
 16 

	20.	PAYMENT MECHANICS 

  

	 	20.1	Payments to the Lender 

  

	 	(a)	On each date on which the Borrower is required to make a payment under this Agreement, the Borrower shall make the same available to the Lender (unless a contrary indication appears in this Agreement) for value on the
due date at the time as specified by the Lender as being customary at the time for settlement of transactions in the place of payment. 

  

	 	(b)	Payment shall be made in US Dollars to such account with such bank as the Lender specifies. 

  

	 	20.2	No set-off by the Borrower 

 All payments to be made by the Borrower under this
Agreement shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	 	20.3	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest shall be payable on the principal or Unpaid Sum at the rate payable on the original due date.

  

	 	20.4	Currency of account 

 US Dollars are the currency of account and payment for any sum due
from the Borrower under this Agreement. 
  

	21.	SET-OFF 

 The Lender may set off any matured obligation due from the Borrower under this
Agreement against any matured obligation owed by the Lender to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either
obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	22.	NOTICES 

  

	 	22.1	Communications in writing 

 Any communication to be made under or in connection with
this Agreement shall be made in writing and, unless otherwise stated, may be made by e-mail or letter. 
  

	 	22.2	Addresses 

 The address (and the department or officer, if any, for whose attention the
communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Agreement is: 
  

	 	(a)	in the case of the Borrower, that identified with its name below; 

  
 17 

	 	(b)	in the case of the Lender, that identified with its name below, with the FACILITY UTILISATION REQUEST also being sent electronically to the following email addresses: 

 

	 	i.	gxsifstodealingroommailbox@SHELL.com; 

  

	 	ii.	gxsiftoexternalmarketsteam@SHELL.com; 

 or any substitute address or department or
officer as the Party may notify to the other Party with not less than five (5) Business Days’ notice. 
  

	 	22.3	Delivery 

 Any communication or document made or delivered by one person to another
under or in connection with this Agreement will only be effective when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address and, if a
particular department or officer is specified as part of its address details provided under Clause 22.2, if addressed to that department or officer. 
  

	 	22.4	English language 

 Any communication or document to be made or delivered under or in
connection with this Agreement must be in English. 
  

	23.	CALCULATIONS AND CERTIFICATES 

  

	 	23.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with this Agreement, the entries made in the accounts maintained by the Lender are prima facie evidence of the matters to which they relate. 
  

	 	23.2	Certificates and Determinations 

 Any certification or determination by the Lender of a
rate or amount under this Agreement is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	 	23.3	Day count convention 

 Any interest, commission or fee accruing under this Agreement
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of three hundred and sixty (360) days or, in any case where the practice in the London interbank market differs, in accordance with that
market practice. 
  

	24.	PARTIAL INVALIDITY 

 If, at any time, any provision of this Agreement is or becomes
illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired. 
  

	25.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of the Lender, any right or remedy under this Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and
remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	26.	AMENDMENTS 

 No variation or amendment of this Agreement or the obligations of the
Borrower hereunder shall be valid unless it is in writing and signed by or on behalf of each of the Parties.  

  
 18 

	27.	COUNTERPARTS 

 This Agreement may be executed in any number of counterparts, and this has
the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 
  

	28.	GOVERNING LAW 

 This Agreement shall be governed by the laws of the state of New York.

  

	29.	EFFECTIVE DATE 

 This Agreement shall come into effect on the date hereof. 

(Signature Page Follows) 

  
 19 

 This Agreement has been entered into as of the date stated at the beginning of this Agreement. 

 

			
	Signed by:
	
	SHELL MIDSTREAM PARTNERS, L.P.
	
	C/O Shell Midstream Partners GP LLC
	910 Louisiana Street
	Houston, Texas 77002
	Facsimile: 832 337 3525
	Attention: Treasurer
		
	By:		SHELL MIDSTREAM PARTNERS GP LLC
			Its General partner

			
		
	By:		 /s/ Susan M. Ward

	Name:		Susan M. Ward
	Title:		Vice President and Chief Financial Officer
	
	Signed by:
	
	SHELL TREASURY CENTER (WEST) INC.
	
	Facsimile: 832-337-0025
	Attention: Treasurer
		
	By:		 /s/ Eric Moses

	Name:		Eric Moses
	Title:		Treasurer

 Signature Page to Working Capital Facility Agreement 

 SCHEDULE 1 

Notice 
 Utilisation
Request 
 From: SHELL MIDSTREAM PARTNERS, L.P 

To: Shell Treasury Center (West) Inc 
 Dated: 

Dear Sirs 
 SHELL MIDSTREAM PARTNERS 364-DAY
CREDIT FACILITY AGREEMENT 
 DATED AS OF June [    ], 2015 

(the “Agreement”) 
  

	 	1.	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

 

	 	2.	We wish to borrow a Loan on the following terms: 

 Proposed Utilisation Date:
[                    ] (or, if that is not a Business Day, the next Business Day) 

Amount: [                    ] 

Proposed Loan Repayment Date:
[                    ] 
  

	 	3.	We confirm that each condition specified in Clause 4 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

 

	 	4.	The proceeds of this Loan should be credited to [account]. 

  

	 	5.	This Utilisation Request is irrevocable. 

  

	
	Sincerely,
	
	  

	Authorised signatory for
	SHELL MIDSTREAM PARTNERS, L.P

  
 SCHEDULE 1 

 Schedule 2 

FORM OF COMMITMENT INCREASE AGREEMENT 

This Commitment Increase Agreement dated as of [*], 2015 (this “Agreement”) is by and between (1) SHELL MIDSTREAM PARTNERS, L.P (the
“Borrower”); and (2) SHELL TREASURY CENTER (WEST) INC. (the “Lender”) under that certain 364-Day Revolving Credit Facility dated as of June 29, 2015 and effective as of June 30, 2015 (as amended, restated, supplemented or
otherwise modified from time to time, the “364-Day Facility”) by and between the Borrower and the Lender. Capitalized terms that are defined in the Credit Agreement and not defined herein are used herein as therein defined. 

PRELIMINARY STATEMENTS 
 A. Pursuant to
Clause 2.2 of the 364-Day Facility, Borrower has the right, subject to the terms and conditions thereof, to effectuate from time to time an increase in the total Commitment under the Credit Agreement by agreeing with Lender to do so. 

B. Borrower has given notice to Lender of its intention to increase the Commitment pursuant to such Clause 2.2 from $* to $*, and Lender is willing to agree
thereto. 
 AGREEMENT 
 Accordingly, the
parties hereto agree as follows: 
 1.0    Increase of Commitment. Pursuant to Section 2.2 of the 364-Day Facility, the
Commitment is hereby increased by $* (the “Commitment Increase”) from $* to $*. 
 2.0    Representation and
Warranties of Borrower. Borrower represents and warrants as follows: 
 (a)    The execution, delivery and
performance by Borrower of this Agreement are within Borrower’s limited partnership powers, have been duly authorized by all necessary limited partnership action and do not (i) violate the Company’s organizational documents or (ii) result
in a breach of, or default under, any existing obligation of the Company under any indenture, loan agreement or other similar material agreement or instrument binding on the Company. 

(b)    No authorization, consent or approval of any Governmental Authority is required to be obtained or made by the
Company as a condition to its valid execution, delivery and performance of this Agreement. 
 (c)    This Agreement
constitutes a valid and binding agreement of the Company enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights
generally and equitable principles of general applicability. 
 (d)    The Commitment, including any increases pursuant
to Clause 2.2 thereof, does not exceed $200,000,000. 
 (e)    No Default, Event of Default or Material Adverse Effect
has occurred and is continuing. 
 3.0    Effectiveness. This Agreement shall become effective upon the receipt by Lender
of the following: 
 (a)    counterparts of, or telecopied or otherwise electronically transmitted, signature pages of,
this Agreement executed by Borrower; 
 (b)    payment by Borrower of an increase issuance fee equal to the product of
the Commitment Increase times 9 basis points (.09%); and 
 (c)    resolutions of Borrower authorizing the
increase in the Commitment contemplated hereby and, 
 (d)    if requested by Lender, any other conditions to the
effectiveness of this Agreement, including, without limitation, legal opinions of counsel to Borrower, in each case in form and substance reasonably satisfactory to Lender. 

4.0    Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York, without regard to any change of law provision that would require the application of the law of another jurisdiction. 

5.0    Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts and may be delivered in original or facsimile or other electronic form, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. 
 This Agreement has been entered into as of the date stated at the beginning of this Agreement. 

 

			
	SHELL MIDSTREAM PARTNERS, L.P
		
	 By:
	 	 SHELL MIDSTREAM PARTNERS GP LLC

Its General partner

		
	By:	 	  

	Name:	 	Susan M. Ward
	Title:	 	Vice President and Chief Financial Officer
	
	SHELL TREASURY CENTER (WEST) INC.
		
	By:	 	  

	Name:	 	Eric Moses
	Title:	 	Treasurer

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