Document:

EX-10.8

 Exhibit 10.8 

[*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS OMITTED AND IS NOTED WITH “[*.*].” AN
UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
 Contract No. 126226 

BRANDED DISTRIBUTOR MARKETING AGREEMENT 

(MULTI-BRAND) 
 This
Distributor Marketing Agreement (“Agreement”) is entered into by and between VALERO MARKETING AND SUPPLY COMPANY (“VMSC”) and GPM INVESTMENTS, LLC (“Distributor”). 

RECITALS 
 A. VMSC
is a supplier of refined petroleum gasoline and diesel products (the “Products”) marketed under the “Valero”, “Shamrock”, “Diamond Shamrock” and/or “Beacon” brand names and certain associated
trademarks, trade names, color schemes, the color teal, trade dress, service marks, signs, symbols, slogans, designs and other trade indicia owned or controlled by VMSC. Such brand names and associated items are collectively referred to herein as
the “Marks.” The Marks are recognized in the petroleum marketing industry and by the consuming public and have significant goodwill value. VMSC is willing to supply Products to Distributor and to permit Distributor to utilize
certain of the Marks as designated by VMSC in connection with sale and marketing of Products by Distributor pursuant to the terms and conditions set forth in this Agreement. 

B. Distributor desires to purchase Products from VMSC exclusively for resale through “Valero”, “Shamrock”,
“Diamond Shamrock” and/or “Beacon” branded fuel dispensing stations approved, in writing from time to time by VMSC (the “Stations”) operated by Distributor and by approved sublicensees of Distributor
(“Dealers”), subject to the terms and conditions of this Agreement. The decision to grant or refuse such approval of any Station shall be within the sole and absolute discretion of VMSC. 

THEREFORE, in consideration of the terms, covenants, and conditions set forth in this Agreement, VMSC and Distributor agree to the following:

 TERMS AND CONDITIONS 

1. Term. This Agreement shall be in full force and effect commencing January 1, 2012 (the “Commencement
Date”). This Agreement shall terminate automatically without notice at midnight on December 31, 2021 (the “Expiration Date”), unless sooner terminated as provided for herein. 

2. Products and Quantities. 

(A) In each calendar month, VMSC agrees to sell and Distributor agrees to purchase [*.*] of the quantity of each Product set forth on
Exhibit A attached hereto and made a part hereof [*.*]. Distributor shall purchase Products on a ratable basis throughout the month. 

(B) Quantities of Products less than the monthly maximum not purchased by Distributor shall not be carried forward to purchases in future
months. Furthermore, in the event Distributor purchases, with VMSC’s consent, quantities of Products in excess of the maximum 

  
 1 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 
quantities, any such purchase shall be subject to the terms and conditions of this Agreement. VMSC shall not be under any obligation to deliver additional Products in excess of the monthly
maximum. 
 (C) Distributor acknowledges that its obligation to purchase during each calendar month the volume of Products described in
Paragraph 2(A) above is a material and important part of the consideration for this Agreement. VMSC reserves the right to require periodic reports from Distributor during the term regarding sales of Products from, and deliveries of Products to, each
Station, as well as other matters as specified by VMSC. Such reporting requirements may be modified from time-to-time during the term by VMSC on notice to Distributor. As of the Commencement Date, and continuing throughout the term of this
Agreement, the following reporting requirement shall be in effect: within 30 days after the completion of each calendar month, Distributor shall submit to VMSC, via VMSC’s wholesale marketing portal located at the web site address
www.valero.com, such information as requested from VMSC from time to time, including without limitation, the total volume of Products sold, by Station, during such calendar month. 

(D) VMSC reserves the right, at any time and from time-to-time during the term, after notice to Distributor (which may be given by DTN or
other electronic means), to charge a higher price for non-ratable liftings or over-liftings as described in this paragraph. The notice to Distributor shall specify (i) an effective date, (ii) the time period over which liftings will be
measured (the “Lifting Period”) during the term the notice is in effect, (iii) the maximum volume allowed to be lifted without a higher price during any Lifting Period (the “Lifting Period Maximum”), and
(iv) the amount of the higher price, or the method by which the higher price will be determined, on all volume of Products lifted during the Lifting Period above the Lifting Period Maximum. The notice may designate an end date or state that it
shall remain effective until further notice from VMSC. The notice may define the Lifting Period as daily, a 10-day period, monthly, or any other time period. The notice shall also specify whether liftings will be measured on a Station-by-Station or
an Agreement-wide volume basis. The exercise of VMSC’s rights under this paragraph shall not affect any other remedies available to VMSC for a breach of this Agreement by Distributor. 

(E) Distributor must inform VMSC in writing within [*.*] of any claimed deficiencies in either the quantity or quality of Products received;
otherwise, both quantity or quality shall be conclusively established to conform to the specifications in the delivery document. 
 (F) Each
Product shall meet VMSC’s specifications in effect at the time of delivery, and VMSC warrants the title to all Products sold hereunder, but VMSC OTHERWISE MAKES NO WARRANTIES OF QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE AS
TO ANY PRODUCT SOLD HEREUNDER, AND NONE SHALL BE IMPLIED. 
 3. Title, Delivery, Measurement. Products purchased by Distributor from
VMSC shall be sold by VMSC f.o.b. the Delivery Points (as specified in Paragraph 5 of this Agreement). Products shall be delivered into tank trucks supplied by Distributor or its carriers. Title to and risk of loss for all Products purchased
hereunder shall pass to Distributor when the 

  
 2 

 
Product flows from the device connecting the delivery vessel to the receiving vessel. The term “gallon” shall mean one U.S. gallon of 231 cubic inches. Quantities of Products
delivered hereunder shall be computed on the basis of volume and adjusted to standard temperatures of 60 degrees Fahrenheit, or otherwise in accordance with VMSC’s customary practice at the applicable Delivery Point, unless otherwise required
by applicable federal, state, or local laws, rules, regulations, ordinances, orders, standards, or requirements, as the same may be amended hereafter (collectively, “Applicable Law”). 

4. Price and Payment. 

(A) Distributor shall pay to VMSC that price specified by VMSC (which. may be communicated by DTN or other electronic means) from time to time
(the “Price”) (as well as all taxes, duties, charges, and fees as described in Paragraph 4(B)) for each Product purchased under this Agreement. If Distributor fails to pay VMSC in accordance with such credit terms as may be
established from time to time in the sole and absolute discretion of VMSC or if, in VMSC’s opinion, the financial responsibility of Distributor becomes impaired or unsatisfactory during the term of this Agreement, then, in addition to any other
remedies VMSC may have, VMSC may at its option take any one or more of the following actions: (i) declare the outstanding balance for all Products purchased by Distributor from VMSC due and payable immediately; (ii) require Distributor to
provide security for its obligations to VMSC satisfactory to VMSC, such as requiring Distributor to post an irrevocable letter of credit, or other security in an amount and form satisfactory to VMSC; and/or (iii) demand advance cash payment and
withhold deliveries of Products until such security is received or advance payment is received. As security for the right to payment of any amounts due from Distributor to VMSC under this Agreement or any other agreement between the parties hereto
or any other right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, or any right to an equitable remedy for breach of performance
if such breach gives rise to a right to payment under this Agreement or any other agreement between the parties hereto or obligation owed by Distributor to VMSC, Distributor grants to VMSC a security interest in, a lien upon, and the right to
withhold and/or set off any credit card receipts, deposits or funds held by VMSC for the benefit of Distributor, payments or credits due to Distributor from VMSC under this Agreement or any other agreement between the parties hereto, any other
indebtedness or obligations of VMSC to Distributor, and any assignments of any evidence of indebtedness, including any credit card invoices (whether or not evidenced in written form) held by VMSC pursuant to VMSC’s credit card program.
Distributor further, grants to VMSC the express right to withhold and/or set off any such deposits, funds, credits, indebtedness, obligations, and assignments, against any amounts or obligations due under this Agreement or any other agreement
between VMSC, or any of its affiliates, and Distributor and any of its affiliates. Furthermore, any payments not made at the time due shall incur a late charge of 1.5% of the unpaid balance for each month or portion thereof the payment is late or
the maximum amount permitted by Applicable Law, whichever is less. 
 (B) Distributor shall pay to VMSC on demand amounts equivalent to any
and all taxes, duties, charges, and fees, and any and all increases thereon which are now or hereafter imposed, directly or indirectly, by any governing authority or agency on, against, in respect of, or measured by the Products, or any material
contained in the Products, or the inspection, 

  
 3 

 
production, manufacture, sale, purchase, storage, transportation, delivery, or other handling of the Products or material contained in the Products, or any feature thereof, or otherwise relating
to this Agreement. 
 (C) Distributor shall pay to VMSC, on demand, reasonable administrative fees and other charges and costs arising from
processing wire transfer payments, COD payments, NSF checks or drafts, or the like. 
 5. Delivery Points. 

(A) VMSC shall deliver Products to Distributor at the terminal facilities (the “Delivery Points”) designated by VMSC from
time to time as described below. Product deliveries at the Delivery Points shall be subject to such requirements of VMSC as may be specified from time to time in VMSC’s sole and absolute discretion prior to access to any such Delivery Point by
Distributor or its carriers. Furthermore, where any Delivery Point is owned, leased, operated, or otherwise controlled in whole or in part by a third party, then Distributor, its employees, agents, representatives, contractors, and carriers shall
comply with all access, use, and other requirements of any such third party relating to such Delivery Point, Distributor shall be liable for all associated costs related to the purchase or delivery of Products from any Delivery Point. 

(B) With respect to each Station, Exhibit A contains a designated Primary Delivery Point and a Secondary Delivery Point.
Distributor shall only supply Products to a particular Station from the designated Primary Delivery Point for that Station unless authorized to utilize the Secondary Delivery Point under the next sentence. Distributor may supply a Product to a
Station from the designated Secondary Delivery Point only if, and for so long as, the particular Product is physically unavailable at the Primary Delivery Point. VMSC reserves the right by notice to Distributor to change the Delivery Points
designated for any Station on Exhibit A in VMSC’s sole and absolute discretion to alternate Delivery Points on either a permanent or temporary basis. Any additional costs incurred by Distributor related to the purchase of Products
from such alternate Delivery Points shall be for Distributor’s account. If VMSC notifies Distributor of a permanent change in a Primary Delivery Point utilized by Distributor and the alternate Primary Delivery Point is not reasonably acceptable
to Distributor, then Distributor may, as its sole and exclusive remedy against VMSC, terminate this Agreement solely as this Agreement relates to the particular Stations authorized to be supplied from the discontinued Primary Delivery Point. In such
event; the quantities set forth in Exhibit A with respect to such Stations shall be removed from this Agreement, but this Agreement shall otherwise remain effective for all other purposes. However, nothing in this Paragraph 5(B) shall
prejudice VMSC’s right to terminate this Agreement in the event of a market withdrawal encompassing any of the Delivery Points and Stations supplied thereby pursuant to the Petroleum Marketing Practices Act, 15 U.S.C. Sec. 2801 et seq. (the
“PMPA”), 
 (C) The provisions of this Paragraph 5 shall be subject to the rights of VMSC set forth in Paragraphs 7(O), 11
and 12 of this Agreement. 
 6. Sublicensing. Distributor may sublicense to Dealers the right to utilize the Marks only where such
Dealers and each Station of the Dealers are approved in writing by VMSC, 

  
 4 

 
which approval may be granted or denied at the sole and absolute discretion of VMSC. Distributor shall be responsible for and shall ensure compliance by its Dealers with the requirements of this
Agreement. Distributor acknowledges that no direct relationship exists between VMSC and any Dealers of Distributor and that all matters relating to the business of the Dealers shall remain the sole responsibility of Distributor and the Dealers;
provided however, Distributor recognizes and approves VMSC’s right to provide communications directly to Dealers of Distributor regarding requirements for each Station as set forth in this Agreement if a copy of such communication is also
provided to Distributor. Distributor shall notify VMSC immediately upon the termination or non-renewal of a Dealer. 
 7. Use of the
Marks and Image Requirements. 
 (A) Distributor is granted, and may grant to its Dealers, the right to display the Marks solely to
designate the origin of the Products, and Distributor agrees that petroleum products purchased from other sources (or unbranded petroleum products purchased from VMSC) shall not be sold by Distributor or its Dealers under or in connection with any
of the Marks. Distributor and its Dealers shall sell Products purchased under this Agreement only under the Marks authorized by VMSC and only at Stations approved in writing by VMSC. The specific brand name which Distributor is authorized to use,
and may authorize its Dealers to use, at any particular Station is specified in Exhibit A (the “Designated Brand”). Any approval by VMSC of a new Station under Paragraph 6 during the term of this Agreement shall specify
the Designated Brand for the particular Station. Distributor is only authorized, and may only authorize its Dealers, to use at any Station the Marks associated with the Designated Brand as specified by VMSC from time to time. VMSC reserves the right
to replace any or all Marks licensed under this Agreement if such Marks can no longer be used, or if VMSC, in its sole and absolute discretion, determines that any such replacement is in the best interest of VMSC. Further, Distributor shall not, and
shall assure that its Dealers do not, use any of the Marks, in whole or in part, or confusingly similar to, including, but not limited to, “Valero”, “Diamond Shamrock”, “Shamrock”, “Ultramar”,
“Beacon”, “Corner Store”, “Road Runner”, or “Stop N Go”, as part of its corporate or other legal name or for the purposes of naming its convenience store. Distributor may, however, use, and may authorize
its Dealers to use the Marks as part of its trade name or fictitious business name registrations. 
 (B) Without VMSC’s prior written
authorization, Distributor shall not, and shall assure that its Dealers do not, mix, commingle, adulterate, or otherwise change the composition of any of the Products purchased hereunder. Distributor also shall not, and shall assure that its Dealers
do not, sell, dispense, or permit the sale or dispensing at any Station of any motor fuel product which does not meet the defined requirements for that particular grade or quality of motor fuel specified by Applicable Law. Specific obligations of
Distributor and VMSC regarding compliance with the regulations of the Environmental Protection Agency (“EPA”) are set forth in Exhibit B attached hereto and made a part hereof (the “Compliance
Requirements”). VMSC reserves the right to amend, change or otherwise modify the Compliance Requirements from time to time in its the sole and absolute discretion. 

(C) Distributor acknowledges that the use of the Marks is restricted to identifying and advertising the Products for resale and is subject to
regulation by VMSC. Distributor agrees to immediately comply, and to assure that its Dealers immediately comply, 

  
 5 

 
with all directives and requirements of VMSC concerning the use of Marks. Distributor further agrees to take no action which might diminish or dilute the value of such Marks. If requested by
VMSC, Distributor must complete, and must assure that its Dealers complete, within the time period specified by VMSC and in a manner satisfactory to VMSC, such renovation and modernization of the Stations’ premises as VMSC may reasonably
require to reflect the then-current specifications and image of the Designated Brand. Without limiting the foregoing, Distributor shall, and shall assure that it Dealers, at all times during the term of this Agreement, fully comply with VMSC’s
then current “Wholesale Branding Manual” and “Basic Image Requirements”, which Distributor acknowledges have been received and reviewed by Distributor. Furthermore, all advertising and promotional materials created
by Distributor or its Dealers relating to the Products or the Marks must be approved in writing by VMSC prior to the publication or other use of such materials. VMSC reserves the right from time to time to amend, change, or otherwise modify its
Wholesale Branding Manual or the Basic Image Requirements and any other requirements of VMSC relating to the Marks in its sole and absolute discretion. 

(D) Distributor shall not, and shall assure that its Dealers do not, offer for sale at a Station motor fuels other than the Products purchased
under this Agreement without the written consent of VMSC, which consent shall not unreasonably be withheld. Distributor agrees to protect, and to assure that its Dealers protect, the identity of the Products and the Marks by all reasonable methods
which would prevent customer confusion or misinformation. Additionally, except as may otherwise be required by Applicable Law, Distributor shall not, and shall assure that its Dealers do not, sell any motor fuels other than the Products under any
canopy bearing any of the Marks or at any fueling island where Distributor or a Dealer is selling any Products purchased under this Agreement. Distributor agrees to conform, and to assure that its Dealers conform, to VMSC’s motor fuels
de-identification requirements, as such requirements may be revised by VMSC from time to time in its sole and absolute discretion, including but not limited to posting of VMSC-approved signs which clearly distinguish the Products from any such other
motor fuels, disclaiming any product liability of VMSC for damage resulting from use of any such other motor fuels, and removing or covering any signs which may mislead, confuse, or misinform some customers or reduce their goodwill toward the Marks.
In addition, Distributor agrees to comply, and to assure that its Dealers comply, with any additional steps beyond the VMSC motor fuels de-identification requirements that may be required by Applicable Law. 

(E) Any goodwill arising from Distributor’s use or sublicensing of the Marks shall inure solely to VMSC’s benefit. Upon expiration
or termination of this Agreement, no monetary amount shall be allocable to any such goodwill or shall otherwise be recoverable by Distributor for such goodwill. 

(F) Distributor shall submit, and assure that its Dealers submit, to VMSC, for review or auditing, such reports, books, records, tax returns,
statements, information, and data related to the Stations (collectively, “Records”), as VMSC may reasonably require for its own business purposes, in the form and at the times and places, reasonably specified by VMSC. Distributor
agrees, and shall assure that its Dealers agree, that all Records submitted by Distributor or its Dealers to VMSC may be used by VMSC as it deems appropriate; provided, however, that information designated by Distributor or its Dealers as
confidential shall not be disclosed by VMSC to third parties in a manner that identifies Distributor or its Dealers as the subject or source of the information, except (i) with Distributor’s or its Dealers’ permission,

  
 6 

 
(ii) as may be required by Applicable Law, or (iii) in connection with audits or collections under this Agreement. Furthermore, Distributor agrees, and shall cause its Dealers to agree,
(i) that VMSC or its designated agents shall have the right at all reasonable times to examine and copy, at VMSC’s expense, Records of the Distributor or its Dealers related solely to the Stations, (ii) that VMSC shall have the right,
at any time, to have an independent audit made of the books of any individual Station, and (iii) that VMSC shall have the right, upon at least 24-hours notice to Distributor or, the Dealer, to enter upon any Station premises or other place of
business of Distributor or the Dealer for the purpose of inspecting, copying, and/or auditing Records in Distributor’s or a Dealer’s care, custody, or control relating to tank meter readings for the Stations, inventories of motor fuel
products, deliveries of motor fuel products by Distributor or third party carriers to the Stations, and retail sales by Distributor and its Dealers of motor fuel products. Upon request by VMSC, Distributor shall produce, and shall assure that its
Dealers produce, copies or originals of any such Records not kept at a place of business of Distributor or the Dealer. All Records of Distributor or its Dealers shall remain the property of Distributor or Dealers unless and until requested by VMSC.
Nothing herein shall be construed to obligate Distributor or Dealers to render Records to VMSC’s possession, custody, or control for purposes of satisfying a judicial or other legal compulsion imposed on VMSC or its affiliates. VMSC has no
right or authority to request or obtain Records for the benefit of any third party, except as specifically provided herein. 
 (G)
Distributor agrees, and shall cause its Dealers to agree (i) that VMSC shall have the right to enter upon any Station premises during normal business hours for the purpose of obtaining a sample or samples of any motor fuel available for sale at
the Station and identified by any of the Marks and (ii) that VMSC shall have the right to perform any Product testing at facilities of Distributor or its Dealers where Products are stored. VMSC shall pay Distributor’s or its Dealer’s
the current retail price for any such Product sample taken by VMSC. 
 (H) Distributor shall notify VMSC immediately of (i) any
suspected or alleged contamination, adulteration, commingling, or variance in quality of any Products held in any transport truck, storage facility, or Station of Distributor or its Dealers or (ii) any inquiry or investigation by any governing
authority or agency regarding any such Products. Distributor shall promptly provide VMSC with the results of any tests in its care, custody, or control conducted on the Products, and shall, promptly provide VMSC with an opportunity to inspect and
investigate any Products which are the subject matter of any such tests. 
 (I) Distributor shall immediately stop, and shall assure that
its Dealers stop, the sale of any Products where Distributor or its Dealers become aware that any such Product may be contaminated, adulterated, or impermissibly commingled, or fails to meet the requirement of any governing authority or agency
including, but not limited to, the EPA. Distributor shall properly dispose of, and assure that its Dealers dispose of, any such Products. 

(J) Distributor authorizes and requests VMSC to provide identification sign facings, inserts and facia (collectively the
“Identification Signs”) for the Designated Brand to be placed at each of the Stations. The number, types and locations of Identification Signs may be changed from time to time at the discretion of VMSC. Distributor shall be
responsible for the repair, maintenance and replacement, including all related costs and expenses, of the Identification Signs in accordance with VMSC’s specifications. Distributor shall replace

  
 7 

 
Identification Signs only through VMSC approved vendors. VMSC reserves the right to replace Identification Signs at Distributor’s cost and expense. Upon termination, cancellation or
non-renewal of this Agreement, Distributor, at its cost and expense, shall return, and shall assure that its Dealers return, unless otherwise requested by VMSC in writing, the Identification Signs to VMSC in good condition, normal wear and tear
excepted. Distributor shall be responsible for paying all property taxes levied or assessed against the Identification Signs. 
 (K) All
Identification Signs, advertising matter and other removable materials displaying the Marks (“Removable Advertising Matter”) shall at all times be and remain the property of VMSC. The term “Identification Signs”
does not include sign poles, sign boxes or cans, lighting fixtures, wiring, or other similar equipment (collectively, “Sign Equipment”). Distributor or its Dealers shall be responsible for repair, maintenance and replacement of the
Sign Equipment. 
 (L) Distributor shall notify VMSC in writing of any infringements or imitations by others of the Marks of which
Distributor or its Dealers become aware. VMSC shall have the sole right to determine whether or not any action shall be taken on account of any such infringements or imitations. Distributor shall not, and shall assure that its Dealers do not,
initiate any suit or take any action on account of any such infringements or imitations without first obtaining the written consent of VMSC to do so. Distributor and its Dealers shall not be entitled to share in any proceeds received by VMSC by
settlement or otherwise in connection with any formal or informal action brought by VMSC relating to the Marks. 
 (M) Nothing in this
Agreement shall be construed, as an assignment of any rights in the Marks from VMSC to Distributor or its Dealers. 
 (N) Distributor
acknowledges that strict compliance with the terms and conditions of this Paragraph 7 is a material and important part of the consideration for this Agreement. Distributor further acknowledges and agrees, and shall cause its Dealers to acknowledge
and agree, that any unauthorized use of the Marks by Distributor or its Dealers will inflict irreparable harm upon VMSC for which there is no adequate remedy at law and that, accordingly, VMSC shall be entitled to temporary and permanent injunctive
relief against any such unauthorized use of the Marks. 
 (O) VMSC reserves the right, in its sole and absolute discretion, to discontinue
supplying at any Delivery Point any Product or grade of any Product, and in such event VMSC shall be relieved of any further liability or obligation under this Agreement to supply such discontinued Product or grade of Product. If VMSC markets any
other Product or grade of Product in lieu of the discontinued Product or grade of Product, this Agreement shall embrace the new Product or grade of Product and all of the terms and conditions hereof previously applicable to the discontinued Product
or grade of Product shall apply to the new Product or grade of Product. 
 8. Operating Standards. 

(A) Distributor shall conduct, and shall assure that its Dealers conduct, the operation of their respective businesses related to the resale
of the Products in a clean and safe 

  
 8 

 
manner and shall otherwise conduct no business which could interfere with the sale of Products or damage the goodwill of the Valero brand or the Marks. Without limiting the foregoing, Distributor
shall fully comply, and shall assure that its Dealers comply, at all times during the term of this Agreement, with VMSC’s then current “Basic Operational Requirements,” which Distributor acknowledges have been received and
reviewed by Distributor. Distributor agrees, and shall cause its Dealers to agree, to participate in VMSC’s Commitment to Excellence Program (“CTE Program”). The CTE Program requires that each Station must meet the then current
requirements set forth in each of the following VMSC documents (collectively, the “Commitment to Excellence Requirements”): VMSC’s Basic Image Requirements, Wholesale Branding Manual, and Basic Operational Requirements.
Distributor shall fully comply, and shall assure that its Dealers comply, with VMSC’s then current Commitment to Excellence Requirements, which Distributor acknowledges have been received and reviewed by Distributor. VMSC reserves the right to
amend, change, or otherwise modify VMSC’s Basic Operational Requirements, Commitment to Excellence Requirements, and CTE Program from time to time in VMSC’s sole and absolute discretion. 

(B) Distributor shall comply, and shall assure that its Dealers comply, (i) with Applicable Law with regard to operation of the business
of Distributor and its Dealers and (ii) all rules, guidelines, and procedures established by VMSC from time to time in connection with the loading, transportation, handling, storing, testing, selling, dispensing, and/or use of the Products.

 (C) Except as may otherwise be required by Applicable Law, Distributor shall continuously offer, and shall assure that its Dealers
continuously offer, at least three grades of gasoline of the Designated Brand at each Station. 
 (D) Distributor shall utilize, update and
maintain at the Distributor’s cost, and shall assure that its Dealers, utilize, update and maintain at the Dealer’s cost, (i) point of sale systems at each Station as may be required by VMSC from time to time and (ii) other
automated systems which may be required by VMSC from time to time, including but not limited to, such systems necessary to poll, at frequencies determined by VMSC, each Station’s Product sales. 

(E) Distributor agrees, and shall cause its Dealers to agree, that VMSC may inspect or review compliance by Distributor and its Dealers with
the requirements of this Paragraph 8 in any reasonable manner that VMSC determines, including, but not limited to, announced and unannounced visits to any Station. 

(F) Distributor expressly understands and agrees that a confidential relationship is established between VMSC and Distributor under this
Agreement and that, as a result thereof, VMSC will be disclosing and transmitting to Distributor certain confidential and proprietary information of VMSC. Distributor hereby agrees that Distributor shall not, during the term of this Agreement or
thereafter, communicate, divulge or use for the benefit of any other person, persons, partnership, association or corporation and, following the expiration or termination of this Agreement, shall not use for the benefit of Distributor, or any of its
principals, any confidential information, knowledge or know-how of VMSC which may be communicated to Distributor or its principals or of which they may be apprised in connection with Distributor’s performance under this Agreement. Distributor
shall divulge such confidential information only to such of Distributor’s employees who have a need to know such confidential information for 

  
 9 

 
purposes of this Agreement. Any and all information, knowledge, know-how, techniques and any materials which VMSC provides to Distributor in connection with this Agreement shall be deemed
confidential for purposes of this Agreement. Such confidential information does not include information that, at the time it was disclosed to or learned by Distributor, was part of the public domain, nor information that, after the time it was
disclosed to or learned by Distributor, became part of the public domain through disclosure, publication or communication by persons other than Distributor or its employees. Distributor shall not at any time, without VMSC’s prior written
consent, copy, duplicate, record or otherwise reproduce such materials or information, in whole or in part, nor otherwise make the same available to any unauthorized person. 

(G) Without limitation on any other provision of this Agreement, Distributor shall comply, and shall assure that its Dealers comply, with
Applicable Law regarding youth access to tobacco products. Distributor shall notify VMSC, and shall assure that its Dealers notify VMSC, in writing or electronically within 5 business days of any notice of violation received by Distributor, its
Dealers, or any other operator of any of the Stations, from local, state, or federal authorities concerning the sale of tobacco products to minors. 

(H) Distributor acknowledges that strict compliance with the terms and conditions of this Paragraph 8 is a material and important part of the
consideration for this Agreement. 
 9. Credit Card Program. 

(A) Distributor shall participate in and comply with, and shall assure that its Dealers participate in and comply with, the requirements of
VMSC’s credit card program (including any fees payable to VMSC in connection therewith as specified by VMSC from time to time), and shall cause each Station to honor VMSC’s proprietary credit cards and all major credit cards identified in
VMSC’s “Credit Card Sales Guide” as an authorized card for purchases made at such Stations, provided that such sales are made in accordance with the terms and conditions of VMSC’s Credit Card Sales Guide. Distributor
acknowledges that VMSC’s Credit Card Sales Guide has been received and reviewed by Distributor prior to its execution of this Agreement. VMSC’s Credit Card Sales Guide may be amended, changed, or otherwise modified from time to time at
VMSC’s sole and absolute discretion. Distributor acknowledges that the honoring of VMSC’s proprietary credit cards and compliance with the terms, conditions, and requirements of VMSC’s Credit Card Sales Guide by Distributor and its
Dealers is a material and important part of the consideration for this Agreement. 
 (B) Distributor agrees, and shall cause its Dealers to
agree, that in no event shall Distributor or its Dealers charge a customer for the extension of credit, impose a credit price which is higher than the cash price, or apply a surcharge to any amounts due from any customer making a credit card
purchase with VMSC’s proprietary credit cards utilizing any of the Marks. 
 10. Communications Equipment. VMSC may from time to
time require Distributor to obtain, and require Distributor to assure that its Dealers obtain, communications equipment for the transfer of business correspondence, electronic messages and any other business uses, by and between VMSC and Distributor
and its Dealers (e.g., meeting notices, promotional or program 

  
 10 

 
details and sign-ups, and other business correspondence) which shall at a minimum meet VMSC’s criteria for speed, capacity and services in the manner and as determined by VMSC. The equipment
currently required is a facsimile (“fax”) machine and a personal computer with internet and email access. Distributor agrees that VMSC at any time may require Distributor to install and/or maintain, and to assure that its Dealers
install and maintain, a dedicated business telephone line for use with the fax machine and personal computer. Distributor agrees to obtain, and to assure that its Dealers obtain, such equipment at Distributor’s or its Dealers’ sole
expense, or pay monthly fees to VMSC for equipment that VMSC may require Distributor or its Dealers to install. VMSC shall provide Distributor with 60 days’ notice of any change in VMSC’s communications equipment requirements. 

11. Force Majeure. VMSC shall not be liable for any failure or omission in the performance of this Agreement, nor be liable for damages
in connection therewith, if such failure shall arise from any cause or causes beyond the reasonable control of VMSC including, but not limited to, the following: an act of God; fire; storm; flood; earthquake; explosion; accident; an act of the
public enemy; war (declared or undeclared); rebellion; insurrection; riot; sabotage; invasion; epidemic; quarantine restriction; strike; lockout; boycott; picketing; disputes or differences with workers; labor shortage; compliance with Applicable
Law; transportation embargoes or failure or delay in transportation; unavailability of suitable tank trucks or parts or equipment therefor; exhaustion, reduction, unavailability, or delay in delivery of any Product at the source or sources of supply
from which deliveries are normally made hereunder; exhaustion, reduction, unavailability, or delay in delivery of sufficient quantities of any product or material necessary in the manufacture of any Products including, but not limited to, crude oil,
natural gas, supplies, raw materials, ethyl alcohol, oxygenates, or other ingredients or additives; periodic shutdown or turnaround of a plant for general inspection, repair, or maintenance; interruption or loss of utility service; legal or
equitable rights or remedies in favor of any governing authority or agency or public or private party which prevents or impairs performance hereunder by VMSC; or the total or partial destruction or breakdown of plants, pipelines, terminals, or
equipment. The settlement of strikes or differences with workers shall be entirely within the sole and absolute discretion of VMSC. VMSC shall not be required to remedy or remove any such cause or causes. 

12. Allocation. If for any reason including, but not limited to, those causes set forth in Paragraph 11, VMSC, in its opinion, believes
its available supply of any Product or grade of Product at any one or more Delivery Points is, or may be, insufficient to meet the demands of VMSC and its customers (whether or not such customers utilize the Marks or are otherwise under contract),
then VMSC may allocate among VMSC and such customers its available supply in such manner as VMSC may determine to be reasonable in its sole and absolute discretion. If VMSC finds it necessary to avail itself of any of the provisions of this
Paragraph 12, this Agreement shall not be extended thereby, nor shall VMSC be required to make up any quantity or deliveries omitted pursuant thereto, but the quantities specified in Paragraph 2 and Exhibit A of this Agreement shall be
adjusted by an appropriate amount. Nothing herein shall excuse Distributor from paying VMSC when due all amounts payable hereunder or fully complying with the terms, conditions and requirements of Paragraph 7 of this Agreement. 

  
 11 

 13. INDEMNIFICATION. 

(A) REGARDLESS OF THE LEGAL THEORY OR THEORIES ALLEGED INCLUDING, WITHOUT LIMITATION, THE NEGLIGENCE (WHETHER SOLE, JOINT, OR CONCURRENT),
OR STRICT LIABILITY OF VMSC OR ANY THIRD PARTY, DISTRIBUTOR SHALL RELEASE, INDEMNIFY, DEFEND, AND HOLD HARMLESS VMSC, ITS AFFILIATES, AND EACH OF THEIR RESPECTIVE DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, AND REPRESENTATIVES (COLLECTIVELY,
“VMSC AND ITS AFFILIATES”) FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, LIABILITIES, LOSSES, FINES, PENALTIES, JUDGMENTS, ATTORNEYS’ FEES AND COSTS OF ANY NATURE WHATSOEVER (COLLECTIVELY,
“CLAIMS”) INCLUDING, WITHOUT LIMITATION, CLAIMS FOR PERSONAL INJURY OR DEATH OF THIRD PARTIES OR EMPLOYEES OF DISTRIBUTOR AND/OR ITS DEALERS, CLAIMS FOR PROPERTY DAMAGE, AND CLAIMS ARISING OUT OF THE COMPREHENSIVE ENVIRONMENTAL
RESPONSE COMPENSATION AND LIABILITY ACT OF 1980, (CERCLA), OR THE RESOURCE CONSERVATION AND RECOVERY ACT (RCRA), AS AMENDED, NOW OR IN THE FUTURE, ARISING OUT OF (I) ANY VIOLATION OF APPLICABLE LAW BY DISTRIBUTOR OR ITS DEALERS; (II) THE USE,
OCCUPANCY, CONSTRUCTION, IMPROVEMENT, MAINTENANCE, REPAIR, UPKEEP, OR OPERATION OF, AT OR TO ANY STATION; (III) THE TRANSPORTATION OF PRODUCTS TO, OR RECEIPT, STORAGE, DISTRIBUTION, USE, HANDLING, OR RESALE OF PRODUCTS AT OR FROM, ANY STATION; (IV)
SUBJECT TO PARAGRAPH 13(B), THE USE OR SUBLICENSING OF THE MARKS BY DISTRIBUTOR OR ITS DEALERS; AND/OR (V) ANY WILLFUL OR NEGLIGENT ACTS OR OMISSIONS TO ACT OF DISTRIBUTOR OR ITS DEALERS. THE FOREGOING OBLIGATION TO RELEASE, INDEMNIFY, DEFEND
AND HOLD VMSC AND ITS AFFILIATES HARMLESS SHALL NOT APPLY TO ANY INCIDENT DETERMINED IN THE FINAL JUDGMENT OF A COURT TO HAVE BEEN PROXIMATELY CAUSED BY THE SOLE NEGLIGENCE OF VMSC OR ITS AFFILIATES, BUT SHALL APPLY TO ANY INCIDENT PROXIMATELY
CAUSED IN PART BY THE NEGLIGENCE OF VMSC OR ITS AFFILIATES OR SOLELY OR IN PART BY ANY THIRD PERSONS. 
 (B) VMSC SHALL INDEMNIFY,
DEFEND, AND HOLD HARMLESS DISTRIBUTOR AND ITS EMPLOYEES, AGENTS, AND REPRESENTATIVES FROM AND AGAINST ANY AND ALL CLAIMS ARISING OUT OF (I) VIOLATION OF APPLICABLE LAW BY VMSC AND/OR (II) DISTRIBUTOR’S USE OF THE MARKS IN ACCORDANCE WITH
THIS AGREEMENT. 
 (C) AS USED IN THIS PARAGRAPH 13, THE TERMS “VMSC”, “DISTRIBUTOR” AND “DEALERS” ALSO
REFER TO THEIR RESPECTIVE EMPLOYEES, AGENTS, CONTRACTORS AND/OR REPRESENTATIVES. 
 (D) THIS PARAGRAPH 13, SHALL SURVIVE THE
TERMINATION OR EXPIRATION OF THIS AGREEMENT AS TO ANY AND ALL CLAIMS. THE OBLIGATIONS HEREUNDER SHALL APPLY TO THE PARTIES’ ACTS AND 

  
 12 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 
OMISSIONS IN CONNECTION WITH THE PERFORMANCE OF THIS AGREEMENT AS WELL AS THE PARTIES’ ACTS AND OMISSIONS IN CONNECTION WITH THE PERFORMANCE OF ANY OTHER AGREEMENTS BETWEEN THEM. THE
OBLIGATIONS HEREUNDER SHALL BE IN ADDITION TO ANY OTHER INDEMNITY, DEFENSE OR HOLD HARMLESS OBLIGATIONS OF DISTRIBUTOR ARISING OUT OF ANY OTHER AGREEMENT BETWEEN DISTRIBUTOR AND VMSC AND ITS AFFILIATES. 

14. Insurance. Distributor shall obtain and furnish to VMSC at the address set forth in Paragraph 19 of this Agreement certificates of
insurance reflecting that Distributor has in full force and effect the types and amounts of insurance set forth in Exhibit C attached hereto and made a part hereof with companies reasonably satisfactory to VMSC. VMSC may, at its sole and
absolute discretion, change any and all coverages set forth in Exhibit C by delivering a revised form thereof to Distributor, and Distributor agrees to be bound by the terms thereof. Distributor shall be solely responsible for deductible
assumptions or retentions under any such insurance policies and all losses, damages, liability in excess thereof which are not covered under such policies. 

15. Termination. 
 (A)
This Agreement shall terminate automatically upon the Expiration Date. 
 (B) This Agreement may be terminated by VMSC prior to the
Expiration Date: 
  

	 	(i)	If Distributor makes any false or misleading statement which induces VMSC to enter into this Agreement, or which is relevant to the relationship of VMSC and Distributor including, but not limited to, Distributor’s
performance of this Agreement; 

  

	 	(ii)	If Distributor defaults in any of its obligations under this Agreement (including, but not limited to, defaults related to the payment of any sum due VMSC by Distributor, purchase of quantities of Products as described
in Paragraph 2(A) (either on a Station-specific or an Agreement-wide basis), or the terms and conditions of Paragraphs 7, 8, 9, 13, and 14) or any other agreement between Distributor, on the one hand, and VMSC or its affiliates, on the other;

  

	 	(iii)	As set forth in Paragraph 18(D); or 

  

	 	(iv)	For any of the grounds for termination specified in the PMPA, or as it may hereafter be amended, including, but not limited to, a determination made by VMSC in good faith and in the normal course of business to withdraw
from the marketing of motor fuel through retail outlets in the geographic market in which any of the Stations are located. A copy of the Department of Energy summary of the PMPA is attached hereto as Exhibit D and made a part hereof.

  
 13 

 (C) Upon the Expiration Date or other termination of this Agreement, Distributor shall
immediately pay to VMSC all amounts due VMSC by Distributor arising out of this Agreement or otherwise, and shall immediately remove all Removable Advertising Matter from the Stations. Distributor shall also promptly paint out or obliterate all
other Marks located in, on, or about all Station premises, or otherwise utilized by Distributor and its Dealers. In the event Distributor fails to immediately remove all of the Removable Advertising Matter, or to paint out or obliterate all other
Marks, including but not limited to all of VMSC’s color schemes, including the color teal, within 3 calendar days following the expiration or termination of this Agreement, Distributor authorizes, and shall assure that its Dealers authorize,
VMSC, at Distributor’s expense, to enter upon the premises of any such non-conforming Station and to remove the Removable Advertising Matter, and to paint out or obliterate all other Marks located thereon. 

(D) VMSC may, in its sole and absolute discretion (and as an alternative to the termination of this Agreement in its entirety), terminate this
Agreement in part prior to the Expiration Date, as the Agreement pertains to any Station: 
  

	 	(i)	If Distributor or its Dealers for any reason lose the right to use or possess any Station for the purpose of dispensing any Products; 

 

	 	(ii)	If any Station is vacant, or not operated as a motor fuel dispensing facility for 7 or more calendar days, unless otherwise agreed upon in writing by VMSC; 

 

	 	(iii)	As set forth in Paragraph 18(D); 

  

	 	(iv)	If Distributor or its Dealers abandon any such Stations; 

  

	 	(v)	If any Station does not conform to VMSC’s Basic Image Requirements, Wholesale Branding Manual requirements, or Basic Operational Requirements as those requirements may be changed, amended, or modified from time to
time by VMSC; 

  

	 	(vi)	If any Station fails to conform to VMSC’s Commitment to Excellence Requirements as those requirements may be changed, amended, or modified from time to time by VMSC for two consecutive calendar quarters;

  

	 	(vii)	If any Station does not conform to VMSC’s Credit Card Sales Guide as those requirements may be changed, amended, or modified from time to time by VMSC; 

 

	 	(viii)	If Product purchases for any Station fail to conform to the quantity requirements for that Station as set forth in Paragraph 2(A) and Exhibit A; 

  
 14 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

	 	(ix)	If Distributor or its Dealer breaches any provision of this Agreement relating to the particular Station, including commission of any misbranding in violation of Paragraph 7; or 

 

	 	(x)	For any of the grounds for termination set forth in the PMPA, including, but not limited to, a determination made by VMSC in good faith and in the ordinary course of business to withdraw from the marketing of motor fuel
through retail outlets in the relevant geographic market in which the Stations are located. 

 (E) In the event this Agreement
is terminated in part as the Agreement pertains to any Station, Distributor shall immediately remove, at Distributor’s expense, all Removable Advertising Matter located at, on, or about the Station premises. Distributor shall also, at
Distributor’s expense, promptly paint out or otherwise obliterate all other Marks utilized by Distributor or its Dealers at, on, or about the Station premises. In the event Distributor fails to immediately remove all of the Removable
Advertising Matter, or to paint out or obliterate all other Marks, including but not limited to all of VMSC’s color schemes, including the color teal, within 3 calendar days following the expiration or termination of this Agreement as to the
particular Station, Distributor authorizes, and shall assure that its Dealers authorize, VMSC, at Distributor’s expense, to enter upon the premises of any such non-conforming Station and to remove the Removable Advertising Matter, and to paint
out or obliterate all other Marks located therein. 
 (F) The expiration or termination of this Agreement in whole or in part shall be
without prejudice to any rights, claims, causes of action, or remedies which VMSC or Distributor may have against the other, and shall not relieve VMSC or Distributor from any obligations which by their nature or description continue following the
expiration or termination of this Agreement or any other agreement between the parties, including, but not limited to, the obligations set forth herein and in Paragraph 13 of this Agreement. 

(G) VMSC may decline to renew this Agreement based upon any of the grounds for non-renewal set forth in the PMPA. 

16. Independent Contractor. In the performance of this Agreement, Distributor is an independent contractor engaged in an independent
business, and nothing herein contained shall be construed as granting VMSC any right to control or direct Distributor with respect to Distributor’s conduct of such business. VMSC has no right to exercise any control over any of
Distributor’s employees and agents, all of whom are entirely under the control and direction of Distributor, who shall be responsible for their actions and omissions. This Agreement shall be construed as a contract of purchase and sale and not
a contract of agency. Distributor accepts exclusive liability for all city, county, state, and federal contributions and payroll taxes and other obligations of an employer as to all employees of Distributor engaged in the performance of work related
to this Agreement. Distributor and its Dealers have the exclusive right to establish prices at which all products and merchandise are sold at the Stations. 

  
 15 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 17. Transfer of Agreement; Right of First Refusal. 

(A) Distributor agrees that Distributor’s use of the Marks is personal, this Agreement being entered into in reliance upon and in
consideration of the singular personal skill and qualifications of Distributor, and the trust and confidentiality reposed in Distributor by VMSC. 

(B) There shall be a “Transfer” of this Agreement if Distributor, at any time during the term of this Agreement, by a single
transaction or a series of transactions, acts or undertakes to transfer, sell, assign or otherwise convey, directly or indirectly, by operation of law or otherwise, Distributor’s interest in this Agreement or any of Distributor’s rights or
privileges hereunder, or Distributor’s business or any interest therein, to a third party which is not a business entity in which Distributor retains at least 51% of the voting, equity, and stock interests. 

(C) Distributor may not Transfer this Agreement without VMSC’s written consent, which consent may be withheld at VMSC’s sole and
absolute discretion, except to the extent otherwise required by Applicable Law. Prior to such written consent being granted, the assignee shall be required to assume in writing the outstanding obligations of the Distributor to VMSC under this
Agreement or any other agreement between Distributor and VMSC. Such obligations include all rights to payment whether such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal,
equitable, secured, or unsecured; or right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured,
disputed, undisputed, secured, or unsecured. Notwithstanding the foregoing, where VMSC’s discretion is circumscribed by Applicable Law, VMSC may exercise such discretion to the fullest extent permitted by Applicable Law. The transfer, sale,
assignment or other conveyance of [*.*] of the ownership interest in Distributor (whether by a single transaction or a series of transactions) shall also be deemed to be a “Transfer” requiring VMSC’s prior written consent as
described above. 
 (D) Distributor shall provide VMSC with at least 45 days notice of any such proposed Transfer and shall provide VMSC
with such information and documentation relating to the proposed assignment and the proposed transferee as VMSC may reasonably require to evaluate the qualifications of the proposed transferee, including but not limited to a copy of all agreements
documenting the proposed Transfer. 
 (E) This Agreement is fully assignable by VMSC on notice to Distributor, provided that any such
assignee fully assumes the terms, conditions, covenants and obligations of VMSC under this Agreement 
 (F) Distributor hereby grants to
VMSC, in addition to any other option or right of VMSC, the prior right and option to purchase, lease, or otherwise acquire Distributor’s interest in the Stations as set forth in this paragraph. Subject to any contrary requirements of
Applicable Law, if at any time during the term of this Agreement, Distributor desires to sell, lease or otherwise transfer all or any part of Distributor’s interest in any Station or Stations, and Distributor receives a bona fide offer for the
same which Distributor wishes to accept, Distributor shall immediately notify VMSC in writing of the terms thereof and provide VMSC 

  
 16 

 
with a complete copy of the executed written agreement or other documents embodying such offer which contain all of the terms and conditions between the parties, with no material terms yet to be
negotiated, together with copies of all information regarding Distributor’s business supplied to the offeror by Distributor. VMSC shall have the right to acquire the same interest in the same Station or Stations as covered by such offer and on
the same terms and conditions as set forth in such offer. If VMSC desires to exercise said option and right, it shall so notify Distributor in writing within 30 days after receipt of Distributor’s notice of said offer. Within a reasonable time
thereafter, Distributor shall furnish VMSC satisfactory evidence that Distributor has merchantable title to, and the right to dispose of, the Stations and that the Stations are free and clear of any and all liens and defects, save and except such as
VMSC may expressly agree to waive or assume. VMSC shall have a reasonable time within which to examine such evidence and to satisfy itself that Distributor’s title to the Stations meets such conditions. In the event VMSC is satisfied with such
evidence, VMSC and Distributor shall promptly do whatever is requisite to closing the transaction, including compliance with Applicable Law. VMSC’s exercise or failure to exercise such option and right shall not affect any of Distributor’s
obligations under this Agreement or any other agreement with VMSC. 
 18. General Provisions. 

(A) Limitation of Liability. VMSC and Distributor each hereby agree, to the fullest extent permitted by Applicable Law, that neither
party (nor their affiliates, and their respective officers, directors, agents, contractors, and employees) shall be liable for any punitive, exemplary, incidental, indirect, special, or consequential damages arising out of any cause whatsoever
(whether such cause be based in contract, negligence, strict liability, other tort or otherwise). 
 (B) Attorneys’ Fees. In
the event of any lawsuit between VMSC and Distributor arising out of or relating to the transactions or relationship contemplated by this Agreement, including any action to enforce or collect on a judgment awarded to one party against the other
(regardless whether such action alleges breach of contract, tort, violation of a statute or any other cause of action), the substantially prevailing party shall be entitled to recover its reasonable costs of suit including its reasonable
attorneys’ fees. If a party substantially prevails on some aspects of such action but not others, the court may apportion any award of costs or attorneys’ fees in such manner as it deems equitable. 

(C) Governing Law. This Agreement shall be governed by and construed in accordance with the law of the state in which Distributor has
its principal place of business. 
 (D) Changes in Law. All provisions of this Agreement are subject to such changes as are now or
hereafter required to conform to Applicable Law; provided, in the event Applicable Law effectively precludes VMSC from selling Products to Distributor or any of its Stations, VMSC may terminate this Agreement in whole or in part (as applicable).

 (E) No Waiver. No failure of VMSC to exercise any power reserved to it under this Agreement, or to insist upon compliance by
Distributor with any obligation or condition in this Agreement, and no custom or practice of the parties at variance with the terms hereof, shall constitute a waiver of VMSC’s rights to demand exact compliance with any of the

  
 17 

 
terms of this Agreement. Waiver by VMSC of any particular default shall not affect or impair VMSC’s rights with respect to any subsequent default of the same or a different nature; nor shall
any delay, forbearance, or omission by VMSC to exercise any power or right arising out of any breach or default by Distributor of any of the terms, provisions, or covenants of this Agreement affect or impair VMSC’s rights; nor shall such
constitute a waiver by VMSC of any rights hereunder or rights to declare any subsequent breach or default. 
 (F) Prior Agreements.
This Agreement shall not become effective if, prior to the Commencement Date, VMSC notifies Distributor of VMSC’s election to exercise any right VMSC may have to terminate any prior agreement with Distributor covering the sale by VMSC of
Products to Distributor under any of the Designated Brands. In such event this Agreement shall be null and void. Subject to the foregoing, effective as of the Commencement Date, this Agreement terminates and supersedes any prior agreements between
Distributor and VMSC and its affiliates relating to the subject matter hereof, provided that any outstanding breach by Distributor of any such prior agreement, shall be deemed to be a breach of this Agreement. There are no representations,
stipulations, warranties, agreements or understandings with respect to the subject matter of this Agreement which are not fully expressed herein and which are not superseded hereby. The provisions of this Agreement shall not be reformed, altered, or
modified in any way by any practice or course of dealing prior to or during the term of this Agreement, and can only be reformed, altered, or modified by a writing signed by Distributor and an officer of VMSC (except as otherwise expressly provided
herein). Distributor specifically acknowledges that Distributor has not been induced to enter into this Agreement by any representation, stipulation, warranty, agreement, or understanding of any kind other than as expressed herein. 

(G) No Third-Party Beneficiaries. This Agreement benefits only the parties hereto and nothing in this Agreement is intended to confer
any rights under or by reason of this Agreement on any person other than the express parties hereto. 
 19. Notices. 

(A) Any notice, request or other communication required or permitted by or pertaining to this Agreement shall be in writing and addressed as
follows (or to such other address as either party may designate by written notice to the other): 
  

					
		 	If to VMSC:        	  	Valero Marketing and Supply Company
		 		  	Attention: Vice President, Wholesale Marketing
		 		  	P.O. Box 696000
		 		  	San Antonio, TX 78269-6000
			
		 	With copy to:	  	Valero Marketing and Supply Company
		 		  	Attention: Commercial Counsel, Wholesale Marketing
		 		  	P.O. Box 696000
		 		  	San Antonio, TX 78269-6000

  
 18 

					
			
		 	If to Distributor:	  	GPM investments, LLC
		 		  	Attention: Mark King
		 		  	8565 Magellan Pkwy, Suite 400
		 		  	Richmond, VA 23227

 (B) Any such notice, request, or other communication shall be delivered (i) by prepaid certified mail or
nationally recognized courier or messenger service with confirmed delivery, in which case it shall be deemed served as of the date of mailing; (ii) by personal service upon Distributor or an authorized officer or manager of VMSC, in which case
it shall be deemed served as the date of the receipt; or (iii) except as may otherwise be required by Applicable Law, by facsimile or other electronic communication system used by VMSC or Distributor, in which case it shall be deemed served as
of the date of transmission. 
 20. NO EXCLUSIVE TERRITORY. DISTRIBUTOR ACKNOWLEDGES THAT THIS AGREEMENT DOES NOT PROVIDE
DISTRIBUTOR WITH ANY RIGHT OR INTEREST IN ANY EXCLUSIVE TERRITORY, AND THAT VMSC MAY, IN ITS SOLE AND ABSOLUTE DISCRETION OPERATE, OR AUTHORIZE OTHER DISTRIBUTORS, DEALERS, FRANCHISEES, OR LICENSEES OF VMSC TO OPERATE, RETAIL FUEL DISPENSING
FACILITIES AT ANY LOCATIONS WHETHER UNDER THE MARKS OR OTHERWISE, INCLUDING LOCATIONS IN DIRECT COMPETITION WITH DISTRIBUTOR AND THE STATIONS, WHICH ARE APPROVED BY VMSC IN VMSC’S SOLE AND ABSOLUTE DISCRETION. 

  
 19 

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

									
	Distributor:	 		 	VMSC:
			
	 GPM INVESTMENTS, LLC
	 		 	VALERO MARKETING AND SUPPLY COMPANY
					
	 By:
	 	 /s/ Mark C. King
	 		 	By:	 	 /s/ Joseph W. Gorder

	 Name:
	 	 Mark C. King
	 		 	Name:	 	Joseph W. Gorder
	 Title:
	 	 CFO
	 		 	Title:	 	Executive Vice President

  
 20 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

EXHIBIT “A” – DISTRIBUTOR MARKETING AGREEMENT 

DISTRIBUTOR: 126226 GPM INVESTMENTS, LLC 

01/01/2012 – 12/31/2012 
  

																																					
	 	  	 	  	 	  	 	  	Terminals	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	Name	  	City	  	St	  	Brand	  	Primary	  	Secondary	  	 	  	JAN	  	FEB	  	MAR	  	APR	  	MAY	  	JUN	  	JUL	  	AUG	  	SEP	  	OCT	  	NOV	  	DEC
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]

  
 21 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

																																					
	 	  	 	  	 	  	 	  	Terminals	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	Name	  	City	  	St	  	Brand	  	Primary	  	Secondary	  	 	  	JAN	  	FEB	  	MAR	  	APR	  	MAY	  	JUN	  	JUL	  	AUG	  	SEP	  	OCT	  	NOV	  	DEC
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]

  
 22 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

																																					
	 	  	 	  	 	  	 	  	Terminals	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	Name	  	City	  	St	  	Brand	  	Primary	  	Secondary	  	 	  	JAN	  	FEB	  	MAR	  	APR	  	MAY	  	JUN	  	JUL	  	AUG	  	SEP	  	OCT	  	NOV	  	DEC
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]

  
 23 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

																																					
	 	  	 	  	 	  	 	  	Terminals	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	Name	  	City	  	St	  	Brand	  	Primary	  	Secondary	  	 	  	JAN	  	FEB	  	MAR	  	APR	  	MAY	  	JUN	  	JUL	  	AUG	  	SEP	  	OCT	  	NOV	  	DEC
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]

  
 24 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

																																					
	 	  	 	  	 	  	 	  	Terminals	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	Name	  	City	  	St	  	Brand	  	Primary	  	Secondary	  	 	  	JAN	  	FEB	  	MAR	  	APR	  	MAY	  	JUN	  	JUL	  	AUG	  	SEP	  	OCT	  	NOV	  	DEC
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
		  		  		  		  		  		  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
		  		  		  		  		  		  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
		  		  		  		  		  		  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]

  
 25 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

EXHIBIT “A” – DISTRIBUTOR MARKETING AGREEMENT 

DISTRIBUTOR: 126226 GPM INVESTMENTS, LLC 

01/01/2012 – 12/31/2012 
  

																																					
	 	  	 	  	 	  	 	  	Terminals	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	Name	  	City	  	St	  	Brand	  	Primary	  	Secondary	  	 	  	JAN	  	FEB	  	MAR	  	APR	  	MAY	  	JUN	  	JUL	  	AUG	  	SEP	  	OCT	  	NOV	  	DEC
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]

  
 26 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

																																					
	 	  	 	  	 	  	 	  	Terminals	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	Name	  	City	  	St	  	Brand	  	Primary	  	Secondary	  	 	  	JAN	  	FEB	  	MAR	  	APR	  	MAY	  	JUN	  	JUL	  	AUG	  	SEP	  	OCT	  	NOV	  	DEC
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]

  
 27 

 [*.*] CONFIDENTIAL TREATMENT REQUESTED: INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS
OMITTED AND IS NOTED WITH “[*.*].” AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

																																					
	 	  	 	  	 	  	 	  	Terminals	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	Name	  	City	  	St	  	Brand	  	Primary	  	Secondary	  	 	  	JAN	  	FEB	  	MAR	  	APR	  	MAY	  	JUN	  	JUL	  	AUG	  	SEP	  	OCT	  	NOV	  	DEC
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
	 [*.*]
	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
		  		  		  		  		  		  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
		  		  		  		  		  		  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]
		  		  		  		  		  		  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]	  	[*.*]

  
 28 

 EXHIBIT B 

TO BRANDED DISTRIBUTOR MARKETING AGREEMENT 

(MULTI-BRAND) 

COMPLIANCE REQUIREMENTS 
  

	A.	Regulatory Compliance. Distributor agrees to comply with all EPA Regulations published in the Code of Federal Regulations at Volume 40, Part 80, entitled “Regulation of Fuels and Fuel Additives,” that
are applicable to Distributor’s operations. These EPA Regulations are prescribed for the control and/or prohibition of fuels and additives for use in motor vehicles and motor vehicle engines. Distributor also agrees to comply with all state and
regional government motor vehicle fuels regulations and Laws. Motor vehicle fuels include, but are not limited to, reformulated gasoline, conventional gasoline, unleaded gasoline, and diesel fuel. 

 

	 	1.	Products, Generally. With respect to all Products, in addition to the requirements of the Agreement, Distributor shall: 

  

	 	a.	Require each of Distributor’s employees whom are responsible for some aspect of handling Products that are covered by the EPA Regulations, and each of Distributor’s Dealers, to familiarize themselves with and
abide by all EPA Regulations concerning Products, including, but not limited to, Product additives. 

  

	 	b.	Enter into contracts or take all other necessary measures to assure that the carrier transporting Products for Distributor (whether title or custodial transfer) complies with all applicable EPA Regulations, as well as
all loading instructions, directives, and procedures issued at or in connection with VMSC’s designated loading terminal. 

  

	 	c.	Post the appropriate octane rating of all grades of Products mandated by the applicable Federal Trade Commission regulations. 

  

	 	d.	Comply with all reporting and record keeping requirements for Products specified under the EPA Regulations. 

  

	 	2.	Reformulated and Conventional Gasolines. With respect to reformulated and conventional gasolines as defined by the EPA Regulations, Distributor agrees to: 

 

	 	a.	In any geographical area where only reformulated gasoline (“RFG”) may be sold, distributed, or introduced into commerce, prohibit: (i) the sale, dispensing, or distribution of any Products at a Station,
unless such Products meet the defined requirements for RFG under the EPA Regulations, (ii) the commingling of oxygenated RFG with any non-oxygenate RFG, or with blend stocks or conventional gasolines and the sale or distribution of the
resulting mixture as RFG, and (iii) the sale or distribution of conventional gasoline. 

  
 29 

	 	b.	Take all necessary steps to insure that in any geographical area where only RFG may be sold, distributed, or introduced into commerce, RFG is obtained and delivered in sufficient time to allow Distributor’s bulk
facilities and Stations to dispense such products during control periods specified by the EPA Regulations. 

  

	 	c.	Prepare and distribute (as required), and retain custody of, all Product transfer documentation for both RFG and conventional gasoline, as well as prohibit the sale, exchange, distribution, or introduction of RFG and
conventional gasoline into commerce without the appropriate Product transfer documentation. 

  

	 	3.	Unleaded Gasoline. With respect to unleaded gasoline, Distributor agrees to: 

  

	 	a.	Prohibit the sale, dispensing, or distribution of any Product which Distributor represents is unleaded gasoline, unless such Product meets the defined requirements for unleaded gasoline under the EPA Regulations and or,
if applicable, State agency motor fuel specifications. 

  

	 	b.	Prohibit the introduction of leaded gasoline into any motor vehicle which is labeled “Unleaded Gasoline Only” or which is equipped with a gasoline tank filler inlet designed only for the introduction of
unleaded gasoline. 

  

	 	c.	Properly equip each pump dispenser from which unleaded gasoline is introduced into motor vehicles with a nozzle spout meeting the EPA-mandated requirements. 

 

	 	d.	Display all EPA-mandated notices and warnings, if and where applicable, concerning the introduction of leaded gasoline into equipment or motor vehicles designed solely for unleaded gasoline storage or use.

  

	 	4.	Reid Vapor Pressure (“RVP”). In connection with RVP-controlled gasoline, Distributor agrees to: 

  

	 	a.	Prohibit the sale, dispensing, or distribution of any grade or quality of Products, the RVP of which exceeds the EPA or State agency standard for the applicable geographical area during the control periods.

  

	 	b.	Prepare and distribute (as required), and retain custody of, all product transfer documentation accompanying a shipment of Products. 

 

	 	c.	Prohibit the addition of any blend stocks or gasoline extenders to be added to any Products purchased from VMSC which causes the finished blend to exceed the maximum RVP limits during the control periods mandated by the
EPA Regulations. 

  

	 	5.	 Diesel Fuel. Distributor agrees that in any geographical area where only motor vehicle diesel may be sold,
distributed, or introduced into commerce, Distributor 

  
 30 

	 	
shall take all necessary steps to prohibit the sale, dispensing, or distribution of any diesel fuel at a Station unless such Product meets the defined requirements for motor vehicle diesel under
the EPA Regulations. Such steps shall include but are not limited to, displaying EPA mandated notices and warnings on dispenser as applicable, and timely transitioning of Product inventory to Ultra Low Sulfur Diesel or motor vehicle diesel by
implementing inventory controls and/or oversight procedures including sampling and testing as necessary to comply with then current standards. 

  

	 	6.	Oxygenated Gasoline. In connection with oxygenated controlled Products: 

  

	 	a.	Distributor agrees to affix the EPA-mandated notices to each gasoline dispenser during the applicable control periods mandated by the EPA Regulations. 

 

	 	b.	Distributor agrees to affix State mandated notices to each gasoline dispenser as directed by the State and or the State motor fuel regulations. 

 

	B.	Investigation. Under the EPA Regulations, product transfer documentation will be material evidence of whether a party is in compliance. Accordingly, Distributor and VMSC agree to keep all product transfer
documentation required under the EPA Regulations for a period of 5 years from the date of sale. If either Distributor or VMSC is alleged to be in violation of any EPA Regulation, the other party involved in the product transfers at issue
(hereinafter called “Disclosing Party”) agrees to cooperate by providing, upon request, the subject product transfer documentation to the party allegedly involved in the violation (hereinafter called “Requesting Party”), and to
make reasonably available the officers, employees, and agents of the Disclosing Party who possess actual or constructive knowledge of the transactions under investigation, in order to assist in resolving or defending against any such investigation
or proceeding. Unless required by the EPA Regulations or other legal or administrative process, the Requesting Party shall, and shall cause its employees, officers, directors, auditors, attorneys, and other representatives who obtain any information
from the Disclosing Party relative to any such investigation, to treat as confidential and not disclose to any third party any information obtained during such investigation without the prior written consent of the Disclosing Party. If the EPA
Regulations or other legal or administrative process requires disclosure by the Requesting Party of any information obtained during any such investigation, the Requesting Party shall promptly notify the Disclosing Party of any such process,
disclosure thereby permitting the Disclosing Party to seek a protective order or other appropriate remedy as it deems necessary in the Disclosing Party’s sole discretion. 

 

	C.	U. S. Department of Transportation. Distributor warrants that its transportation equipment and the transportation equipment of its agents, common carriers, and anyone else authorized to load Products at
VMSC’s facilities for or on behalf of Distributor shall carry at all times during the transportation of the Products the 1990 Department of Transportation Emergency Response Guidebook, as amended, in compliance with 49 C.F.R.
Section 172.602. 

  
 31 

 EXHIBIT C 

TO BRANDED DISTRIBUTOR MARKETING AGREEMENT 

(MULTI-BRAND) 
 MINIMUM
INSURANCE REQUIREMENTS 
  

	1.	Commercial General Liability Policy Form: 

  

	 	A.	Limits 

  

	 	(1)	$1,000,000 per occurrence 

  

	 	(2)	$1,000,000 general aggregate 

  

	 	(3)	$500,000 products/completed operations aggregate 

  

	 	B.	Coverages 

  

	 	(1)	Premises/operations 

  

	 	(2)	Products/completed operations 

  

	 	(3)	Blanket contractual liability, specifically covering the indemnity contained in this contract 

  

	 	(4)	Broad form property damage 

  

	 	(5)	Independent contractors 

  

	 	(6)	Personal Injury 

  

	 	(7)	Liquor Liability (This coverage is required only where alcoholic beverages are sold from any Station.) 

  

	2.	Coverage may consist of primary and excess policies. 

  

	3.	Valero Marketing and Supply Company and its affiliates shall be named as additional insured as to all liability policies and Distributor and its insurers agree to waive their respective rights of subrogation against
these parties. 

  

	4.	Distributor shall be solely responsible for all premium payments, audits, deductibles, retro adjustments or any other payments due insurers by Distributor and VMSC shall have no liability therefore. 

 

	5.	All policies shall require that the insurer provide VMSC with 30 days notice of any cancellation or change in coverage. 

  

	6.	Distributor’s insurance policies are to be endorsed to reflect that Distributor’s coverage is primary to any insurance carried by VMSC. 

 

	7.	Distributor shall have its insurers provide certificates of insurance to VMSC evidencing that the coverage required in this Exhibit C is in full force and effect throughout the term of the Agreement.

  
 32 

 EXHIBIT D 

TO BRANDED DISTRIBUTOR MARKETING AGREEMENT 

(MULTI-BRAND) 
 FEDERAL
REGISTER 
 Vol. 61, No. 123 

Notices 
 DEPARTMENT OF ENERGY
(DOE) 
 Revised Summary of Title I of the Petroleum Marketing Practices Act 

61 FR 32786 
 DATE: Tuesday, June 25, 1996

 ACTION: Notice. 
 SUMMARY: This notice
contains a summary of Title I of the Petroleum Marketing Practices Act, as amended (the Act). The Petroleum Marketing Practices Act was originally enacted on June 19, 1978, and was amended by the Petroleum Marketing Practices Act Amendments of
1994, enacted on October 19, 1994. On August 30, 1978, the Department of Energy published in the Federal Register a summary of the provisions of Title I of the 1978 law, as required by the Act. The Department is publishing this revised
summary to reflect key changes made by the 1994 amendments. 
 The Act is intended to protect franchised distributors and retailers of
gasoline and diesel motor fuel, against arbitrary or discriminatory termination or nonrenewal of franchises. This summary describes the reasons for which a franchise may be terminated or not renewed under the law, the responsibilities of
franchisors, and the remedies and relief available to franchisees. The Act requires franchisors to give franchisees copies of the summary contained in this notice whenever notification of termination or nonrenewal of a franchise is given. 

FOR FURTHER INFORMATION CONTACT: Carmen Difiglio, Office of Energy Efficiency, Alternative Fuels, and Oil Analysis (PO-62), U.S. Department of Energy,
Washington, D.C. 20585, Telephone (202) 586-4444; Lawrence Leiken, Office of General Counsel (GC-73), U.S. Department of Energy, Washington, D.C. 20585, Telephone (202) 586-6978. 

SUPPLEMENTARY INFORMATION: Title I of the Petroleum Marketing Practices Act, as amended, 15 U.S.C. §§ 2801-2806, provides for the
protection of franchised distributors and retailers of motor fuel by establishing minimum Federal standards governing the termination of franchises and the nonrenewal of franchise relationships by the franchisor or distributor of such fuel. 

Section 104(d)(1) of the Act required the Secretary of Energy to publish in the Federal Register a simple and concise summary of the
provisions of Title I, including a statement of the respective responsibilities of, and the remedies and relief available to, franchisors and franchisees under that title. The Department published this summary in the Federal Register on
August 30, 1978. 43 F.R. 38743 (1978). 

  
 33 

 In 1994 the Congress enacted the Petroleum Marketing Practices Act Amendments to affirm and
clarify certain key provisions of the 1978 statute. Among the key issues addressed in the 1994 amendments are: 
 (1) termination or nonrenewal of
franchised dealers by their franchisors for purposes of conversion to “company” operation; (2) application of state law; (3) the rights and obligations of franchisors and franchisees in third-party lease situations; and
(4) waiver of rights limitations. See H.R. REP. NO. 737, 103rd Cong., 2nd Sess. 2 (1994), reprinted in 1994 U.S.C.C.A.N. 2780. Congress intended to: (1) make explicit that upon renewal a franchisor may not insist on changes to a franchise
agreement where the purpose of such changes is to prevent renewal in order to convert a franchisee-operated service station into a company-operated service station; (2) make clear that where the franchisor has an option to continue the lease or
to purchase the premises but does not wish to do so, the franchisor must offer to assign the option to the franchisee; (3) make clear that no franchisor may require, as a condition of entering or renewing a franchise agreement, that a
franchisee waive any rights under the Petroleum Marketing Practices Act, any other Federal law, or any state law; and (4) reconfirm the limited scope of Federal preemption under the Act. Id. 

The summary which follows reflects key changes to the statute resulting from the 1994 amendments. The Act requires franchisors to give copies
of this summary statement to their franchisees when entering into an agreement to terminate the franchise or not to renew the franchise relationship, and when giving notification of termination or nonrenewal. This summary does not purport to
interpret the Act, as amended, or to create new legal rights. 
 In addition to the summary of the provisions of Title I, a more detailed
description of the definitions contained in the Act and of the legal remedies available to franchisees is also included in this notice, following the summary statement. 

Summary of Legal Rights of Motor Fuel Franchisees 

This is a summary of the franchise protection provisions of the Federal Petroleum Marketing Practices Act, as amended in 1994 (the
Act), 15 U.S.C. §§ 2801-2806. This summary must be given to you, as a person holding a franchise for the sale, consignment or distribution of gasoline or diesel motor fuel, in connection with any termination or nonrenewal of your
franchise by your franchising company (referred to in this summary as your supplier). 
 You should read this summary carefully, and
refer to the Act if necessary, to determine whether a proposed termination or nonrenewal of your franchise is lawful, and what legal remedies are available to you if you think the proposed termination or failure to renew is not lawful. In addition,
if you think your supplier has failed to comply with the Act, you may wish to consult an attorney in order to enforce your legal rights. 

The franchise protection provisions of the Act apply to a variety of franchise agreements. The term “franchise” is broadly defined
as a license to use a motor fuel trademark which is owned or controlled by a refiner, and it includes secondary arrangements such as leases of real 

  
 34 

 
property and motor fuel supply agreements which have existed continuously since May 15, 1973, regardless of a subsequent withdrawal of a trademark. Thus, if you have lost the use of a
trademark previously granted by your supplier but have continued to receive motor fuel supplies through a continuation of a supply agreement with your supplier, you are protected under the Act. 

Any issue arising under your franchise which is not governed by this Act shall be governed by the law of the State in which the principal
place of business of your franchise is located. 
 Although a State may specify the terms and conditions under which your franchise may be
transferred upon the death of the franchisee, it may not require a payment to you (the franchisee) for the goodwill of a franchise upon termination or nonrenewal. 

The Act is intended to protect you, whether you are a distributor or a retailer, from arbitrary or discriminatory termination or nonrenewal of
your franchise agreement. To accomplish this, the Act first lists the reasons for which termination or nonrenewal is permitted. Any notice of termination or nonrenewal must state the precise reason, as listed in the Act, for which the particular
termination or nonrenewal is being made. These reasons are described below under the headings “Reasons for Termination” and “Reasons for Nonrenewal.” 

The Act also requires your supplier to give you a written notice of termination or intention not to renew the franchise within certain time
periods. These requirements are summarized below under the heading “Notice Requirements for Termination or Nonrenewal.” 
 The Act
also provides certain special requirements with regard to trial and interim franchise agreements, which are described below under the heading “Trial and Interim Franchises.” 

The Act gives you certain legal rights if your supplier terminates or does not renew your franchise in a way that is not permitted by the Act.
These legal rights are described below under the heading “Your Legal Rights.” 
 The Act contains provisions pertaining to waiver
of franchisee rights and applicable State law. These provisions are described under the heading “Waiver of Rights and Applicable State Law.” 

This summary is intended as a simple and concise description of the general nature of your rights under the Act. For a more detailed
description of these rights, you should read the text of the Petroleum Marketing Practices Act, as amended in 1994 (15 U.S.C. §§ 2801-2806). This summary does not purport to interpret the Act, as amended, or to create new legal
rights. 
 I. Reasons for Termination 

If your franchise was entered into on or after June 19, 1978, the Act bars termination of your franchise for any reasons other than those
reasons discussed below. If your franchise was entered into before June 19, 1978, there is no statutory restriction on the reasons for which it may be terminated. If a franchise entered into before June 19, 1978, is terminated, however,
the Act requires the supplier to reinstate the franchise relationship unless one of the reasons listed under this heading or one of the additional reasons for nonrenewal described below under the heading “Reasons for Nonrenewal” exists.

  
 35 

 A. Non-Compliance with Franchise Agreement 

Your supplier may terminate your franchise if you do not comply with a reasonable and important requirement of the franchise relationship.
However, termination may not be based on a failure to comply with a provision of the franchise that is illegal or unenforceable under applicable Federal, State or local law. In order to terminate for non-compliance with the franchise agreement, your
supplier must have learned of this non-compliance recently. The Act limits the time period within which your supplier must have learned of your non-compliance to various periods, the longest of which is 120 days, before you receive notification of
the termination. 
 B. Lack of Good Faith Efforts 

Your supplier may terminate your franchise if you have not made good faith efforts to carry out the requirements of the franchise, provided
you are first notified in writing that you are not meeting a requirement of the franchise and you are given an opportunity to make a good faith effort to carry out the requirement. This reason can be used by your supplier only if you fail to make
good faith efforts to carry out the requirements of the franchise within the period which began not more than 180 days before you receive the notice of termination. 

C. Mutual Agreement To Terminate the Franchise 

A franchise can be terminated by an agreement in writing between you and your supplier if the agreement is entered into not more than 180 days
before the effective date of the termination and you receive a copy of that agreement, together with this summary statement of your rights under the Act. You may cancel the agreement to terminate within 7 days after you receive a copy of the
agreement, by mailing (by certified mail) a written statement to this effect to your supplier. 
 D. Withdrawal From the Market Area 

Under certain conditions, the Act permits your supplier to terminate your franchise if your supplier is withdrawing from marketing
activities in the entire geographic area in which you operate. You should read the Act for a more detailed description of the conditions under which market withdrawal terminations are permitted. See 15 U.S.C. § 2802(b)(E). 

E. Other Events Permitting a Termination 
 If
your supplier learns within the time period specified in the Act (which in no case is more than 120 days prior to the termination notice) that one of the following events has occurred, your supplier may terminate your franchise agreement: 

(1) Fraud or criminal misconduct by you that relates to the operation of your marketing premises. 

(2) You declare bankruptcy or a court determines that you are insolvent. 

  
 36 

 (3) You have a severe physical or mental disability lasting at least 3 months which makes you
unable to provide for the continued proper operation of the marketing premises. 
 (4) Expiration of your supplier’s underlying lease
to the leased marketing premises, if: (a) your supplier gave you written notice before the beginning of the term of the franchise of the duration of the underlying lease and that the underlying lease might expire and not be renewed during the
term of the franchise; (b) your franchisor offered to assign to you, during the 90-day period after notification of termination or nonrenewal was given, any option which the franchisor held to extend the underlying lease or to purchase the
marketing premises (such an assignment may be conditioned on the franchisor receiving from both the landowner and the franchisee an unconditional release from liability for specified events occurring after the assignment); and (c) in a
situation in which the franchisee acquires possession of the leased marketing premises effective immediately after the loss of the right of the franchisor to grant possession, the franchisor, upon the written request of the franchisee, made a bona
fide offer to sell or assign to the franchisee the franchisor’s interest in any improvements or equipment located on the premises, or offered the franchisee a right of first refusal of any offer from another person to purchase the
franchisor’s interest in the improvements and equipment. 
 (5) Condemnation or other taking by the government, in whole or in part, of
the marketing premises pursuant to the power of eminent domain. If the termination is based on a condemnation or other taking, your supplier must give you a fair share of any compensation which he receives for any loss of business opportunity or
good will. 
 (6) Loss of your supplier’s right to grant the use of the trademark that is the subject of the franchise, unless the loss
was because of bad faith actions by your supplier relating to trademark abuse, violation of Federal or State law, or other fault or negligence. 

(7) Destruction (other than by your supplier) of all or a substantial part of your marketing premises. If the termination is based on the
destruction of the marketing premises and if the premises are rebuilt or replaced by your supplier and operated under a franchise, your supplier must give you a right of first refusal to this new franchise. 

(8) Your failure to make payments to your supplier of any sums to which your supplier is legally entitled. 

(9) Your failure to operate the marketing premises for 7 consecutive days, or any shorter period of time which, taking into account facts and
circumstances, amounts to an unreasonable period of time not to operate. 
 (10) Your intentional adulteration. mislabeling or misbranding
of motor fuels or other trademark violations. 
 (11) Your failure to comply with Federal, State, or local laws or regulations of which you
have knowledge and that relate to the operation of the marketing premises. 
 (12) Your conviction of any felony involving moral turpitude.

  
 37 

 (13) Any event that affects the franchise relationship and as a result of which termination is
reasonable. 
 II. Reasons for Nonrenewal 
 If
your supplier gives notice that he does not intend to renew any franchise agreement, the Act requires that the reason for nonrenewal must be either one of the reasons for termination listed immediately above, or one of the reasons for nonrenewal
listed below. 
 A. Failure To Agree on Changes or Additions To Franchise 

If you and your supplier fail to agree to changes in the franchise that your supplier in good faith has determined are required, and your
supplier’s insistence on the changes is not for the purpose of converting the leased premises to a company operation or otherwise preventing the renewal of the franchise relationship, your supplier may decline to renew the franchise. 

B. Customer Complaints 
 If your supplier has
received numerous customer complaints relating to the condition of your marketing premises or to the conduct of any of your employees, and you have failed to take prompt corrective action after having been notified of these complaints, your supplier
may decline to renew the franchise. 
 C. Unsafe or Unhealthful Operations 

If you have failed repeatedly to operate your marketing premises in a clean, safe and healthful manner after repeated notices from your
supplier, your supplier may decline to renew the franchise. 
 D. Operation of Franchise is Uneconomical 

Under certain conditions specified in the Act, your supplier may decline to renew your franchise if he has determined that renewal of the
franchise is likely to be uneconomical. Your supplier may also decline to renew your franchise if he has decided to convert your marketing premises to a use other than for the sale of motor fuel, to sell the premises, or to materially alter, add to,
or replace the premises. 
 II. Notice Requirements for Termination or Nonrenewal 

The following is a description of the requirements for the notice which your supplier must give you before he may terminate your franchise or
decline to renew your franchise relationship. These notice requirements apply to all franchise terminations, including franchises entered into before June 19, 1978 and trial and interim franchises, as well as to all nonrenewals of franchise
relationships. 

  
 38 

 A. How Much Notice Is Required 

In most cases, your supplier must, give you notice of termination or non-renewal at least 90 days before the termination or nonrenewal takes
effect. 
 In circumstances where it would not be reasonable for your supplier to give you 90 days notice, he must give you notice as soon
as he can do so. In addition, if the franchise involves leased marketing premises, your supplier may not establish a new franchise relationship involving the same premises until 30 days after notice was given to you or the date the termination or
nonrenewal takes effect, whichever is later. If the franchise agreement permits, your supplier may repossess the premises and, in reasonable circumstances, operate them through his employees or agents. 

If the termination or nonrenewal is based upon a determination to withdraw from the marketing of motor fuel in the area, your supplier must
give you notice at least 180 days before the termination or nonrenewal takes effect. 
 B. Manner and Contents of Notice 

To be valid, the notice must be in writing and must be sent by certified mail or personally delivered to you. It must contain: 

(1) A statement of your supplier’s intention to terminate the franchise or not to renew the franchise relationship, together with his
reasons for this action; 
 (2) The date the termination or non-renewal takes, effect; and 

(3) A copy of this summary. 
 IV. Trial
Franchises and Interim Franchises 
 The following is a description of the special requirements that apply to trial and interim franchises.

 A. Trial Franchises 
 A trial franchise is
a franchise, entered into on or after June 19, 1978, in which the franchisee has not previously been a party to a franchise with the franchisor and which has an initial term of 1 year or less. A trial franchise must be in writing and must make
certain disclosures, including that it is a trial franchise, and that the franchisor has the right not to renew the franchise relationship at the end of the initial term by giving the franchisee proper notice. 

The unexpired portion of a transferred franchise (other than as a trial franchise, as described above) does not qualify as a trial franchise.

 In exercising his right not to renew a trial franchise at the end of its initial term, your supplier must comply with the notice
requirements described above under the heading “Notice Requirements for Termination or Nonrenewal.” 

  
 39 

 B. Interim Franchises 

An interim franchise is a franchise, entered into on or after June 19, 1978, the duration of which, when combined with the terms of all
prior interim franchises between the franchisor and the franchisee, does not exceed three years, and which begins immediately after the expiration of a prior franchise involving the same marketing premises which was not renewed, based on a lawful
determination by the franchisor to withdraw from marketing activities in the geographic area in which the franchisee operates. 
 An interim
franchise must be in writing and must make certain disclosures, including that it is an interim franchise and that the franchisor has the right not to renew the franchise at the end of the term based upon a lawful determination to withdraw from
marketing activities in the geographic area in which the franchisee operates. 
 In exercising his right not to renew a franchise
relationship under an interim franchise at the end of its term, your supplier must comply with the notice requirements described above under the heading “Notice Requirements for Termination or Nonrenewal.” 

V. Your Legal Rights 
 Under the
enforcement provisions of the Act, you have the right to sue your supplier if he fails to comply with the requirements of the Act. The courts are authorized to grant whatever equitable relief is necessary to remedy the effects of your
supplier’s failure to comply with the requirements of the Act, including declaratory judgment, mandatory or prohibitive injunctive relief, and interim equitable relief. Actual damages, exemplary (punitive) damages under certain circumstances,
and reasonable attorney and expert witness fees are also authorized. For a more detailed description of these legal remedies you should read the text of the Act. 15 U.S.C. §§ 2801-2806. 

VI. Waiver of Rights and Applicable State Law 

Your supplier may not require, as a condition of entering into or renewing the franchise relationship, that you relinquish or waive any right
that you have under this or any other Federal law or applicable State law. In addition, no provision in a franchise agreement would be valid or enforceable if the provision specifies that the franchise would be governed by the law of any State other
than the one in which the principal place of business for the franchise is located. 
 Further Discussion of Title I-Definitions and Legal Remedies 

I. Definitions 
 Section 101 of the
Petroleum Marketing Practices Act sets forth definitions of the key terms used throughout the franchise protection provisions of the Act. The definitions from the Act which are listed below are of those terms which are most essential for purposes of
the summary statement. (You should consult section 101 of the Act for additional definitions not included here.) 

  
 40 

 A. Franchise 

A “franchise” is any contract between a refiner and a distributor, between a refiner and a retailer, between a distributor and
another distributor, or between a distributor and a retailer, under which a refiner or distributor (as the case may be) authorizes or permits a retailer or distributor to use, in connection with the sale, consignment, or distribution of motor fuel,
a trademark which is owned or controlled by such refiner or by a refiner which supplies motor fuel to the distributor which authorizes or permits such use. 

The term “franchise” includes any contract under which a retailer or distributor (as the case may be) is authorized or permitted to
occupy leased marketing premises, which premises are to be employed in connection with the sale, consignment, or distribution of motor fuel under a trademark which is owned or controlled by such refiner or by a refiner which supplies motor fuel to
the distributor which authorizes or permits such occupancy. The term also includes any contract pertaining to the supply of motor fuel which is to be sold, consigned or distributed under a trademark owned or controlled by a refiner, or under a
contract which has existed continuously since May 15, 1973, and pursuant to which, on May 15, 1973, motor fuel was sold, consigned or distributed under a trademark owned or controlled on such date by a refiner. The unexpired portion of a
transferred franchise is also included in the definition of the term. 
 B. Franchise Relationship 

The term “franchise relationship” refers to the respective motor fuel marketing or distribution obligations and responsibilities of
a franchisor and a franchisee which result from the marketing of motor fuel under a franchise. 
 C. Franchisee 

A “franchisee” is a retailer or distributor who is authorized or permitted, under a franchise, to use a trademark in connection with
the sale, consignment, or distribution of motor fuel. 
 D. Franchisor 

A “franchisor” is a refiner or distributor who authorizes or permits, under a franchise, a retailer or distributor to use a
trademark in connection with the sale, consignment, or distribution of motor fuel. 
 E. Marketing Premises 

“Marketing premises” are the premises which, under a franchise, are to be employed by the franchisee in connection with the sale,
consignment, or distribution of motor fuel. 
 F. Leased Marketing Premises 

“Leased marketing premises” are marketing premises owned, leased or in any way controlled by a franchisor and which the franchisee
is authorized or permitted, under the franchise, to employ in connection with the sale, consignment, or distribution of motor fuel. 

  
 41 

 G. Fail to Renew and Nonrenewal 

The terms “fail to renew” and “nonrenewal” refer to a failure to reinstate, continue, or extend a franchise relationship
(1) at the conclusion of the term, or on the expiration date, stated in the relevant franchise, (2) at any time, in the case of the relevant franchise which does not state a term of duration or an expiration date, or (3) following a
termination (on or after June 19, 1978) of the relevant franchise which was entered into prior to June 19, 1978 and has not been renewed after such date. 

II. Legal Remedies Available to Franchisee 
 The
following is a more detailed description of the remedies available to the franchisee if a franchise is terminated or not renewed in a way that fails to comply with the Act. 

A. Franchisee’s Right to Sue 
 A franchisee
may bring a civil action in United States District Court against a franchisor who does not comply with the requirements of the Act. The action must be brought within one year after the date of termination or nonrenewal or the date the franchisor
fails to comply with the requirements of the law, whichever is later. 
 B. Equitable Relief 

Courts are authorized to grant whatever equitable relief is necessary to remedy the effects of a violation of the law’s requirements.
Courts are directed to grant a preliminary injunction if the franchisee shows that there are sufficiently serious questions, going to the merits of the case, to make them a fair ground for litigation, and if, on balance, the hardship which the
franchisee would suffer if the preliminary injunction is not granted will be greater than the hardship which, the franchisor would suffer if such relief is granted. 

Courts are not required to order continuation or renewal of the franchise relationship if the action was brought after the expiration of the
period during which the franchisee was on notice concerning the franchisor’s intention to terminate or not renew the franchise agreement. 
 C. Burden
of Proof 
 In an action under the Act, the franchisee has the burden of proving that the franchise was terminated or not renewed. The
franchisor has the burden of proving, as an affirmative defense, that the termination or nonrenewal was permitted under the Act and, if applicable, that the franchisor complied with certain other requirements relating to terminations and nonrenewals
based on condemnation or destruction of the marketing premises. 
 D. Damages 

A franchisee who prevails in an action under the Act is entitled to actual damages and reasonable attorney and expert witness fees. If the
action was based upon conduct of the franchisor which was in willful disregard of the Act’s requirements or the franchisee’s rights under the Act, exemplary (punitive) damages may be awarded where appropriate. The court, and not the jury,
will decide whether to award exemplary damages and, if so, in what amount. 

  
 42 

 On the other hand, if the court finds that the franchisee’s action is frivolous, it may
order the franchisee to pay reasonable attorney and expert witness fees. 
 E. Franchisor’s Defense to Permanent Injunctive Relief 

Courts may not order a continuation or renewal of a franchise relationship if the franchisor shows that the basis of the non-renewal of the
franchise relationship was a determination made in good faith and in the normal course of business: 
 (1) To convert the leased marketing
premises to a use other than the sale or distribution of motor fuel; 
 (2) To materially alter, add to, or replace such premises; 

(3) To sell such premises; 
 (4)
To withdraw from marketing activities in the geographic area in which such premises are located; or 
 (5) That the renewal of the franchise
relationship is likely to be uneconomical to the franchisor despite any reasonable changes or additions to the franchise provisions which may be acceptable to the franchisee. 

In making this defense, the franchisor also must show that he has complied with the notice provisions of the Act. 

This defense to permanent injunctive relief, however, does not affect the franchisee’s right to recover actual damages and reasonable
attorney and expert witness fees if the nonrenewal is otherwise prohibited under the Act. 
 Issued in Washington, D.C. on June 12,
1996. 

  
 43Exhibit

Exhibit 10.1

EXECUTION VERSION

TEXAS-NEW MEXICO POWER COMPANY

$60,000,000

3.22% First Mortgage Bonds, due 2027, Series 2017A

______________

BOND PURCHASE AGREEMENT

______________

Dated June 14, 2017

TABLE OF CONTENTS
SECTION    HEADING    PAGE
		
	SECTION 1.
	AUTHORIZATION OF BONDS    1

		
	SECTION 2.
	SALE AND PURCHASE OF BONDS    2

		
	SECTION 3.
	CLOSING    2

		
	SECTION 4.
	CONDITIONS TO CLOSING    2

		
	Section 4.1.
	Representations and Warranties    2

		
	Section 4.2.
	Performance; No Event of Default or Bond Repurchase Event    2

		
	Section 4.3.
	Compliance Certificates    3

		
	Section 4.4.
	Opinions of Counsel    3

		
	Section 4.5.
	Purchase Permitted By Applicable Law, Etc    3

		
	Section 4.6.
	Sale of Other Bonds    3

		
	Section 4.7.
	Payment of Special Counsel Fees    4

		
	Section 4.8.
	Private Placement Number    4

		
	Section 4.9.
	Changes in Corporate Structure    4

		
	Section 4.10.
	Funding Instructions    4

		
	Section 4.11.
	Proceedings and Documents    4

		
	Section 4.12.
	Issuance of Bonds under Indenture; Execution and Delivery and Filing and Recording of the Supplement    4

		
	Section 4.13.
	Regulatory Approvals    4

		
	SECTION 5.
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY    5

		
	Section 5.1.
	Organization; Power and Authority    5

		
	Section 5.2.
	Authorization, Etc    5

		
	Section 5.3.
	Disclosure    5

		
	Section 5.4.
	Organization and Ownership of Shares of Subsidiaries    5

		
	Section 5.5.
	Financial Statements; Material Liabilities    6

		
	Section 5.6.
	Compliance with Laws, Other Instruments, Etc.    6

		
	Section 5.7.
	Governmental Authorizations, Etc    7

		
	Section 5.8.
	Litigation; Observance of Agreements, Statutes and Orders    7

		
	Section 5.9.
	Taxes    7

		
	Section 5.10.
	Title to Property; Leases    7

		
	Section 5.11.
	Licenses, Permits, Etc    8

		
	Section 5.12.
	Compliance with ERISA    8

		
	Section 5.13.
	Private Offering by the Company    9

		
	Section 5.14.
	Use of Proceeds; Margin Regulations    9

		
	Section 5.15.
	Existing Indebtedness    9

		
	Section 5.16.
	Foreign Assets Control Regulations, Etc    10

		
	Section 5.17.
	Status under Certain Statutes    11

		
	Section 5.18.
	Lien of Indenture    11

‐i‐

		
	SECTION 6.
	REPRESENTATIONS OF THE PURCHASERS    11

		
	Section 6.1.
	Purchase for Investment    11

		
	Section 6.2.
	Source of Funds    12

		
	SECTION 7.
	INFORMATION AS TO COMPANY    13

		
	Section 7.1.
	Visitation    13

		
	SECTION 8.
	COVENANTS.    14

		
	Section 8.1.
	Compliance with Law    14

		
	Section 8.2.
	Books and Records    14

		
	Section 8.3.
	Transactions with Affiliates    14

		
	Section 8.4.
	Line of Business    14

		
	SECTION 9.
	REMEDIES ON DEFAULT.    15

		
	SECTION 10.
	EXPENSES, ETC    15

		
	Section 10.1.
	Transaction Expenses    15

		
	Section 10.2.
	Survival    15

		
	SECTION 11.
	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT    15

		
	SECTION 12.
	AMENDMENT AND WAIVER    16

		
	Section 12.1.
	Requirements    16

		
	Section 12.2.
	Solicitation of Holders of Bonds    16

		
	Section 12.3.
	Binding Effect, Etc    16

		
	Section 12.4.
	Bonds Held by Company, Etc    17

		
	SECTION 13.
	REPRODUCTION OF DOCUMENTS    17

		
	SECTION 14.
	CONFIDENTIAL INFORMATION    17

		
	SECTION 15.
	SUBSTITUTION OF PURCHASER    18

		
	SECTION 16.
	MISCELLANEOUS    19

		
	Section 16.1.
	Successors and Assigns    19

		
	Section 16.2.
	Severability    19

		
	Section 16.3.
	Construction, Etc    19

		
	Section 16.4.
	Counterparts    19

		
	Section 16.5.
	Governing Law    19

		
	Section 16.6.
	Jurisdiction and Process; Waiver of Jury Trial    19

		
	Section 16.7.
	Notices    20

‐ii‐

SCHEDULE A  —    DEFINED TERMS

SCHEDULE 4.4(a) —   FORM OF OPINIONS OF VARIOUS COUNSEL TO THE COMPANY

SCHEDULE 4.4(b) —   FORM OF OPINION OF SPECIAL COUNSEL FOR THE PURCHASERS

SCHEDULE 5.3     —   DISCLOSURE MATERIALS

SCHEDULE 5.4         —   ORGANIZATION AND OWNERSHIP OF SHARES OF SUBSIDIARIES; AFFILIATES

SCHEDULE 5.5     —       FINANCIAL STATEMENTS

SCHEDULE 5.15   —   EXISTING INDEBTEDNESS

SCHEDULE B       —   INFORMATION RELATING TO PURCHASERS

SCHEDULE C       —   FORM OF EIGHTH SUPPLEMENTAL INDENTURE

‐iii‐

TEXAS-NEW MEXICO POWER COMPANY
3.22% FIRST MORTGAGE BONDS, DUE 2027, SERIES 2017A

June 14, 2017

TO EACH OF THE PURCHASERS LISTED IN
SCHEDULE B HERETO:
Ladies and Gentlemen:
Texas-New Mexico Power Company, a Texas corporation (together with any successor thereto that becomes a party hereto, the “Company”), agrees with each of the Purchasers as follows:
		
	SECTION 1.
	AUTHORIZATION OF BONDS    .

The Company will authorize the issue and sale of $60,000,000 aggregate principal amount of its 3.22% First Mortgage Bonds, due 2027, Series 2017A (as amended, restated or otherwise modified from time to time and including any such bonds issued in substitution therefor pursuant to the Indenture, the “Bonds”).  The Bonds will be issued under and secured by that certain First Mortgage Indenture dated as of March 23, 2009 (the “Original Indenture”), from the Company, as grantor, to MUFG Union Bank, N.A. (formerly known as Union Bank, N.A.), as trustee (the “Trustee”), as previously amended and supplemented by a First Supplemental Indenture dated as of March 23, 2009, a Second Supplemental Indenture, dated as of March 25, 2009, a Third Supplemental Indenture, dated as of April 30, 2009, as amended by a First Amendment, dated as of December 16, 2010, a Fourth Supplemental Indenture dated as of September 30, 2011, a Fifth Supplemental Indenture, dated as of April 3, 2013, a Sixth Supplemental Indenture dated as of June 27, 2014, a Seventh Supplemental Indenture, dated as of February 10, 2016, each such supplemental indenture being between the Company and the Trustee, and to be further supplemented by the Eighth Supplemental Indenture (such Eighth Supplemental Indenture being referred to herein as the “Supplement”) which will be substantially in the form set out in Schedule C, with such changes therein, if any, as shall be approved by the Purchasers and the Company.  The Original Indenture, as supplemented and amended by the aforementioned seven supplemental indentures and the Supplement, and as further supplemented or amended according to its terms, is hereinafter referred to as the “Indenture”.  Certain capitalized and other terms used in this Agreement are defined in Schedule A.  Terms used herein by not defined herein shall have the meanings set forth in the Indenture unless otherwise specified.  References to a “Schedule” are references to a Schedule attached to this Agreement unless otherwise specified.  References to a “Section” are references to a Section of this Agreement unless otherwise specified.

Texas-New Mexico Power Company        Bond Purchase Agreement

		
	SECTION 2.
	SALE AND PURCHASE OF BONDS.

Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Bonds in the principal amount specified opposite such Purchaser’s name in Schedule B at the purchase price of 100% of the principal amount thereof.  The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non‐performance of any obligation by any other Purchaser hereunder.
		
	SECTION 3.
	CLOSING.

The sale and purchase of the Bonds to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 10:00 a.m., Chicago time, at a closing on August 25, 2017; provided that the Company shall have the option to select an earlier date (the “Closing”), provided that (i) such earlier date must be a Business Day and (ii) the Company shall provide the Purchasers at least five (5) Business Days’ written notice of the date of the Closing.  At the Closing, the Company will deliver to each Purchaser the Bonds to be purchased by such Purchaser in the form of a single Bond (or such greater number of Bonds in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company in accordance with the instructions delivered by the Company pursuant to Section 4.10.  If at the Closing the Company shall fail to tender such Bonds to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of any of the conditions specified in Section 4 not having been fulfilled to such Purchaser’s satisfaction or such failure by the Company to tender such Bonds.
		
	SECTION 4.
	CONDITIONS TO CLOSING.

Each Purchaser’s obligation to purchase and pay for the Bonds to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions:
Section 4.1.    Representations and Warranties.  The representations and warranties of the Company in this Agreement shall be correct when made and at the Closing.
Section 4.2.    Performance; No Event of Default or Bond Repurchase Event.  The Company shall have performed and complied with all agreements and conditions contained in this Agreement and in the other Financing Agreements required to be performed or complied with by it prior to or at the Closing and from the date of this Agreement to the Closing. From the date of this Agreement until the Closing, before and after giving effect to the issue and sale of the Bonds (and the application of the proceeds thereof as contemplated by Section 5.14), no Bond Repurchase 

‐2‐

Texas-New Mexico Power Company        Bond Purchase Agreement

Event under the Supplement or Event of Default under the Indenture or violation of Section 8 hereof, in each case assuming the Bonds had been issued as of the date hereof, shall have occurred and be continuing.
Section 4.3.    Compliance Certificates.
(a)    Officer’s Certificate.  The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that (i) the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled and (ii) the Indenture attached thereto (together with all amendments and supplements thereto, but exclusive of property exhibits, recording information and the like) is a true copy and in full force and effect.
(b)    Secretary’s Certificate.  The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Bonds and this Agreement and the other Financing Agreements and (ii) the Company’s organizational documents as then in effect.
Section 4.4.    Opinions of Counsel.  Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from McGuireWoods LLP, Jackson Walker L.L.P. and in-house legal counsel to the Company, counsel for the Company, covering the matters set forth in Schedule 4.4(a), covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request and containing assumptions, qualifications, limitations and exclusions reasonably acceptable to Purchasers and their special counsel (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request.
Section 4.5.    Purchase Permitted By Applicable Law, Etc.  On the date of the Closing such Purchaser’s purchase of Bonds shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date of the Closing.  If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.
Section 4.6.    Sale of Other Bonds.  Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Bonds to be purchased by it at the Closing as specified in Schedule B.
    

‐3‐

Texas-New Mexico Power Company        Bond Purchase Agreement

Section 4.7.    Payment of Special Counsel Fees.  Without limiting Section 10.1, the Company shall have paid on or before the Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least one (1) Business Day prior to the Closing.
Section 4.8.    Private Placement Number.  A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Bonds.
Section 4.9.    Changes in Corporate Structure.  The Company shall not have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.  
Section 4.10.    Funding Instructions.  At least three (3) Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company specifying (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Bonds is to be deposited.
Section 4.11.    Proceedings and Documents.  All corporate and other proceedings in connection with the transactions contemplated by this Agreement and the other Financing Agreements, and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request.
Section 4.12.    Issuance of Bonds under Indenture; Execution and Delivery and Filing and Recording of the Supplement.  The Company shall have taken all actions necessary under the Indenture to effect the issue of the Bonds thereunder.  The Supplement shall have been duly executed and delivered by the Company.  The Indenture, as it exists as of the date hereof, has been duly recorded as a mortgage and deed of trust of real estate, and any required filings with respect to personal property and fixtures subject to the Lien of the Indenture, as it exists as of the date hereof, have been duly made in each place in which such recording or filing is required to protect, preserve and perfect the Lien of the Indenture, as it exists as of the date hereof.  Prior to or contemporaneous with Closing, the Supplement will be duly recorded with the applicable Governmental Authority.
Section 4.13.    Regulatory Approvals.  The issue and sale of the Bonds shall have been duly authorized by each regulatory authority whose consent or approval shall be required for the issue and sale of the Bonds to the Purchasers and any orders issued pursuant thereto shall be in full force and effect as of the Closing and all appeal periods, if any, shall have expired; provided, however, that with respect to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction, satisfaction of the foregoing condition assumes the accuracy of the representations and warranties of the Purchasers contained in Section 6.1 of this Agreement.  

‐4‐

Texas-New Mexico Power Company        Bond Purchase Agreement

		
	SECTION 5.
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

The Company represents and warrants to each Purchaser that:
Section 5.1.    Organization; Power and Authority.  The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which 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.  The Company has the corporate power and authority to own or hold under lease, the properties it purports to own or hold under lease, to transact the business it transacts, to execute and deliver this Agreement, the Bonds and the Supplement (and had the corporate power and authority to execute and deliver the Indenture at the time of execution and delivery thereof) and to perform the provisions of this Agreement and the other Financing Agreements.
Section 5.2.    Authorization, Etc.  Each Financing Agreement has been duly authorized by all necessary corporate action on the part of the Company, and each Financing Agreement (other than the Supplement and the Bonds) constitutes, and when the Supplement is executed and delivered by the Company and the Trustee and when the Bonds are executed, issued and delivered by the Company, authenticated by the Trustee and paid for by the Purchasers, the Supplement and each Bond will constitute a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its respective terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
Section 5.3.    Disclosure.  The Company, through its agents, J.P. Morgan Securities LLC and KeyBanc Capital Markets, Inc., has delivered to each Purchaser a copy of a Private Placement Memorandum dated May 2017 (the “Memorandum”), relating to the transactions contemplated hereby.  This Agreement, the Memorandum, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings (including the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission) delivered or made available to the Purchasers by or on behalf of the Company prior to May 24, 2017 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (collectively, the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made.  Except as disclosed in the Disclosure Documents, since December 31, 2016, there has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Section 5.4.    Organization and Ownership of Shares of Subsidiaries; Affiliates.  (a) Schedule 5.4 contains (except as noted therein) complete and correct lists of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, 

‐5‐

Texas-New Mexico Power Company        Bond Purchase Agreement

and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary, (ii) the Company’s Affiliates, other than Subsidiaries and (iii) the Company’s directors and officers.
(b)    All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries, have been validly issued, are fully paid and non‐assessable and are owned by the Company or another Subsidiary, free and clear of any Lien that is prohibited by this Agreement.
(c)    Each Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which 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.  Each such Subsidiary has the corporate or other power and authority to own or hold under lease, the properties it purports to own or hold under lease and to transact the business it transacts.
Section 5.5.    Financial Statements; Material Liabilities.  The Company, through its agent, J.P. Morgan Securities LLC, has delivered to each Purchaser copies of the financial statements of the Company and its Subsidiaries listed on Schedule 5.5.  All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects, the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year‐end adjustments).   The Company and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents.
Section 5.6.    Compliance with Laws, Other Instruments, Etc.  The execution, delivery and performance by the Company of this Agreement and the other Financing Agreements (including the prior execution and delivery of the Indenture) will not (i) violate or conflict with any provision of the corporate charter or by-laws; (ii) result in the creation of any Lien, other than the Lien created under the Indenture, in respect of any property of the Company or any Subsidiary; (iii) violate, contravene or conflict with contractual provisions of, or cause an event of default under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, shareholders agreement or any other agreement or instrument to which the Company or any Subsidiary is bound, the violation of which would have or would be reasonably expected to have a Material Adverse Effect; (iv) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary; or (v) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary. 
    

‐6‐

Texas-New Mexico Power Company        Bond Purchase Agreement

Section 5.7.    Governmental Authorizations, Etc.  No consent, approval or authorization of, or registration, notice, filing or declaration with, any Governmental Authority is required in connection with, or to ensure, the execution, delivery, legality, validity or performance or enforceability by the Company of this Agreement, the Bonds and the Supplement except for (i) the filing of the Supplement in the Filing Office, (ii) such consents, approvals, authorizations, orders, notices, filings and registrations or qualifications as have been previously obtained, which such actions remain in full force and effect and for which appeal periods have expired and (iii) such consents, approvals, authorizations, orders and registrations or qualifications as may be required to enforce the Lien of the Indenture and the Supplement and the priority and perfection thereof or exercise remedies under the Indenture and the Supplement that have been obtained and remain in full force and effect or will be obtained prior to or contemporaneous with Closing; provided, however, that with respect to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction, the foregoing representation and warranty assumes the accuracy of the representations and warranties of the Purchasers contained in Section 6.1 of this Agreement.
Section 5.8.    Litigation; Observance of Statutes and Orders.  (a) There are no actions, suits, investigations or proceedings pending or, to the best knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)    Neither the Company nor any Subsidiary is (i) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (ii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation, Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Section 5.9.    Taxes.  The Company and its Subsidiaries have filed or caused to be filed, all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which, individually or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.  The U.S. federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2012. 
Section 5.10.    Title to Property; Leases.  The Company and its Subsidiaries have good and sufficient title to their respective Material properties, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Subsidiary after such date (except as sold or otherwise disposed of in the 

‐7‐

Texas-New Mexico Power Company        Bond Purchase Agreement

ordinary course of business), in each case free and clear of Liens prohibited by this Agreement or the Indenture, except for Permitted Liens and except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect.  All Material leases are valid and subsisting and are in full force and effect in all material respects. 
Section 5.11.    Licenses, Permits, Etc.  The Company and its Subsidiaries own or possess all licenses, permits, franchises, certificates of conveyance and necessity, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect.
Section 5.12.    Compliance with ERISA.  Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:
(a)     During the five-year period prior to the date hereof: (i) no ERISA Event has occurred, and, to the best knowledge of the Company, no event or condition has occurred or exists as a result of which any ERISA Event would be reasonably expected to occur, with respect to any Plan; (ii) no Plan has failed to meet the minimum funding standards of section 412 of the Code whether or not waived, nor has a failure to make by its due date a required installment to a Plan under section 430(j) of the Code occurred; (iii) each Plan has been maintained, operated, and funded in compliance with its own terms and in material compliance with the provisions of ERISA, the Code, and any other applicable federal or state laws; and (iv) no Lien in favor or the PBGC or a Plan has arisen or is reasonably likely to arise on account of any Plan.
(b)    The funding target under each Single Employer Plan, whether or not vested, did not, as of December 31, 2015, exceed the market value of assets with discounted receivable contributions as described in each Single Employer Plan’s most recent Actuarial Valuation Report.
(c)    Neither the Company nor any ERISA Affiliate has incurred, or, to the best knowledge of the Company, is reasonably expected to incur, any withdrawal liability (or any contingent withdrawal liabilities) under ERISA to any Multiemployer Plan or Multiple Employer Plan.  Neither the Company nor any ERISA Affiliate has received any notification that any Multiemployer Plan is in reorganization (within the meaning of section 4241 of ERISA), is insolvent (within the meaning of section 4245 of ERISA), or has been terminated (within the meaning of Title IV of ERISA), and no Multiemployer Plan is, to the best knowledge of the Company, reasonably expected to be in reorganization, insolvent, or terminated.
(d)    No prohibited transaction (within the meaning of section 406 of ERISA or section 4975 of the Code) or breach of fiduciary responsibility has occurred with respect to a Plan which has subjected or would be reasonably likely to subject the Company or any ERISA Affiliate to any liability under sections 406, 409, 502(i), or 502(l) of ERISA or section 4975 of the Code, or under any agreement or other instrument pursuant to which the Company or any ERISA Affiliate has agreed or is required to indemnify any person against any such liability.
    

‐8‐

Texas-New Mexico Power Company        Bond Purchase Agreement

(e)    The present value (determined using actuarial and other assumptions which are reasonable with respect to the benefits provided and the employees participating) of the liability of the Company and each ERISA Affiliate for post-retirement welfare benefits to be provided to their current and former employees under Plans which are welfare benefit plans (as defined in section 3(1) of ERISA), net of all assets under all such Plans allocable to such benefits, are reflected on the financial statements referenced in Section 5.5 in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60.
(f)    Each Plan which is a welfare plan (as defined in section 3(1) of ERISA) to which sections 601-609 of ERISA and section 4980B of the Code apply has been administered in compliance in all material respects with such sections.
(g)    The execution and delivery of this Agreement and the issuance and sale of the Bonds hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)‐(D) of the Code.  The representation by the Company to each Purchaser in the first sentence of this Section 5.12(g) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds to be used to pay the purchase price of the Bonds to be purchased by such Purchaser.
Section 5.13.    Private Offering by the Company.  Neither the Company nor anyone acting on its behalf has offered the Bonds or any similar Securities for sale to, or solicited any offer to buy the Bonds or any similar Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 9 other Institutional Investors, each of which has been offered the Bonds at a private sale for investment.  Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Bonds to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.
Section 5.14.    Use of Proceeds; Margin Regulations.  The Company will apply the proceeds of the sale of the Bonds hereunder as set forth in the section of the Memorandum titled “Executive Summary — The Offering and Use of Proceeds.”  No part of the proceeds from the sale of the Bonds hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220).  Margin stock does not constitute more than 2% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 2% of the value of such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.
Section 5.15.    Existing Indebtedness.  (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of each individual item of outstanding Indebtedness of the Company and its Subsidiaries that exceeds $5,000,000 (or in the case of Contingent Obligations, 

‐9‐

Texas-New Mexico Power Company        Bond Purchase Agreement

such Contingent Obligations guaranteeing or otherwise in respect of obligations that exceed $5,000,000 described in the definition of “Indebtedness”) as of March 31, 2017 (including descriptions of the obligors and obligees, principal amounts outstanding, any collateral therefor and any Guaranties thereof), since which date there has been no Material change (other than with respect to the outstanding Indebtedness related to (i) the Credit Agreement, (ii) intercompany loans and (iii) the termination amount of hedges, which changes, in the case of the foregoing clauses (i), (ii) and (iii), are permitted under the Credit Agreement as of the date of this Agreement, could not reasonably be expected to have a Material Adverse Effect, and would be permitted under the Financing Agreements if the Bonds had been issued as of the date hereof) in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary the outstanding principal amount of which exceeds $5,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.
(b)    Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except as disclosed in Schedule 5.15.
Section 5.16.    Foreign Assets Control Regulations, Etc.  (a) Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European Union.
(b)    Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti‐Money Laundering Laws or Anti‐Corruption Laws or (ii) to the Company’s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti‐Money Laundering Laws or Anti‐Corruption Laws.
(c)    No part of the proceeds from the sale of the Bonds hereunder:
(i)    constitutes or will constitute funds obtained on behalf of any Blocked Person in violation of applicable law or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person or Sanctioned Jurisdiction in violation of applicable law, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws;

‐10‐

Texas-New Mexico Power Company        Bond Purchase Agreement

(ii)    will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti‐Money Laundering Laws; or
(iii)    will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti‐Corruption Laws.
(d)    The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti‐Money Laundering Laws and Anti‐Corruption Laws.
Section 5.17.    Status under Certain Statutes.  Neither the Company nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.
Section 5.18.    Lien of Indenture.  The Indenture (and, for avoidance of doubt, including the Supplement when executed and delivered by the parties thereto and filed in the Filing Office) constitutes a direct and valid Lien upon the Mortgaged Property, subject only to the exceptions referred to in the Indenture and Permitted Liens, and will create a similar Lien upon all properties and assets acquired by the Company after the date hereof which are required to be subjected to the Lien of the Indenture, when acquired by the Company, subject only to the exceptions referred to in the Indenture and Permitted Liens, and subject, further, as to real property interests, any requirement to the recordation of a supplement to the Indenture describing such after-acquired property or any requirement to file a notice relating to such after-acquired property; the descriptions of all such properties and assets contained in the granting clauses of the Indenture are correct and adequate for the purposes of the Indenture; the Indenture has been duly recorded as a “utility security instrument” under and as defined in the Utility Security Instrument Act, and any required filings with respect to personal property and fixtures subject to the Lien of the Indenture have been duly made in each place in which such recording or filing is required to protect, preserve and perfect the Lien of the Indenture; and all taxes and recording and filing fees required to be paid with respect to the execution, recording or filing of the Indenture, the filing of financing statements related thereto and similar documents and the issuance of the Bonds have been paid. 
		
	SECTION 6.
	REPRESENTATIONS OF THE PURCHASERS.

Section 6.1.    Purchase for Investment.  Each Purchaser severally represents that (a) it is purchasing the Bonds for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control and (b) it is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act).  Each Purchaser understands that the Bonds have not been registered under the Securities Act and may be resold only if registered 

‐11‐

Texas-New Mexico Power Company        Bond Purchase Agreement

pursuant to the provisions of the Securities Act or if an exemption from registration is available (or under circumstances where the law does not require registration or exemption thereto) and that the Company is not required to register the Bonds.
Section 6.2.    Source of Funds.  Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Bonds to be purchased by such Purchaser hereunder:
(a)    the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95‐60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95‐60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or
(b)    the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or
(c)    the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90‐1 or (ii) a bank collective investment fund, within the meaning of the PTE 91‐38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or
(d)    the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84‐14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be 

‐12‐

Texas-New Mexico Power Company        Bond Purchase Agreement

“related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or
(e)    the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96‐23 (the “INHAM Exemption”)) managed by an “in‐house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or
(f)    the Source is a governmental plan; or
(g)    the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or
(h)    the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.
As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA.
		
	SECTION 7.
	INFORMATION AS TO COMPANY.

Section 7.1.    Visitation.  The Company shall permit the representatives of each Purchaser and each holder of a Bond that is an Institutional Investor:
(a)    No Default — if no Event of Default or Bond Repurchase Event then exists, at the expense of such Purchaser or such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company’s officers, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and
(b)    Default — if an Event of Default or Bond Repurchase Event then exists, at the expense of the Company to visit and inspect any of the offices or properties of the 

‐13‐

Texas-New Mexico Power Company        Bond Purchase Agreement

Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiaries), all at such times and as often as may be requested.
		
	SECTION 8.
	COVENANTS.    

From the date of this Agreement until the Closing and thereafter, so long as any of the Bonds are outstanding, the Company covenants that:
Section 8.1.    Compliance with Laws.  The Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non‐compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Section  8.2.    Books and Records.  The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be.  The Company will, and will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets.  The Company and its Subsidiaries have devised a system of internal accounting controls sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will cause each of its Subsidiaries to, continue to maintain such system.
Section 8.3.    Transactions with Affiliates.  The Company will not, and will not permit any Subsidiary to, enter into directly or indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or  another  Subsidiary),  except  pursuant  to  the  reasonable  requirements  of  the  Company’s or  such  Subsidiary’s  business  and  upon  fair  and  reasonable  terms  no  less  favorable  to the Company or such Subsidiary than would be obtainable in a comparable arm’s‐length transaction with a Person not an Affiliate.
Section 8.4.    Line of Business.  The Company will not, and will not permit any Subsidiary to, engage in any business if, as a result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from 

‐14‐

Texas-New Mexico Power Company        Bond Purchase Agreement

the general nature of the business in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement as described in the Memorandum.
		
	SECTION 9.
	REMEDIES ON DEFAULT.    

If the event of a breach or violation hereof has occurred and is continuing, the holders of the Bonds may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein, or for an injunction against a violation of any of the terms hereof and thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.
		
	SECTION 10.
	EXPENSES, ETC.

Section 10.1.    Transaction Expenses.  Whether or not the transactions contemplated hereby are consummated, the Company will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Bond in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any other Financing Agreement (whether or not such amendment, waiver or consent becomes effective), including, without limitation:  (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any other Financing Agreement or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any other Financing Agreement, or by reason of being a holder of any Bond, (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work‐out or restructuring of the transactions contemplated hereby and by the Bonds and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided that such costs and expenses under this clause (c) shall not in the aggregate exceed $5,000 for each series.  The Company will pay, and will save each Purchaser and each other holder of a Bond harmless from, (i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Bonds) and (ii) any and all wire transfer fees that any bank deducts from any payment under such Bond to such holder or otherwise charges to a holder of a Bond with respect to a payment under such Bond.
Section 10.2.    Survival    .  The obligations of the Company under this Section 10 will survive  the  payment  or  transfer  of  any  Bond,  the enforcement, amendment or waiver of any provision of this Agreement, any other Financing Agreement, and the termination of this Agreement or any other Financing Agreement.
		
	SECTION 11.
	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Bonds, the purchase or transfer by any Purchaser of any Bond 

‐15‐

Texas-New Mexico Power Company        Bond Purchase Agreement

or portion thereof or interest therein and the payment of any Bond, and may be relied upon by any subsequent holder of a Bond, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Bond.  All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement.  Subject to the preceding sentence, this Agreement and the Bonds embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.
		
	SECTION 12.
	AMENDMENT AND WAIVER.  

Section 12.1.    Requirements.  This Agreement may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 16 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing.
Section 12.2.    Solicitation of Holders of Bonds.
(a)    Solicitation.  The Company will provide each Purchaser and holder of a Bond with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser and holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Bonds.  The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 12 to each Purchaser and each holder of a Bond promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Bonds.
(b)    Payment.  The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Bond as consideration for or as an inducement to the entering into by such Purchaser or holder of any waiver or amendment of any of the terms and provisions hereof or any Bond unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser and each holder of a Bond, even if such Purchaser or holder did not consent to such waiver or amendment.
Section 12.3.    Binding Effect, Etc.  Any amendment or waiver consented to as provided in this Section 12 or any other Financing Agreement, applies equally to all Purchasers and holders of Bonds and is binding upon them and upon each future holder of any Bond and upon the Company without regard to whether such Bond has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Event of Default or Bond Repurchase Event not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Company and any Purchaser or holder of a Bond and no delay in exercising any rights hereunder or under any other Financing Agreement shall operate as a waiver of any rights of any Purchaser or holder of such Bond.

‐16‐

Texas-New Mexico Power Company        Bond Purchase Agreement

Section 12.4.    Bonds Held by Company, Etc    .  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Bonds then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any other Financing Agreement, or have directed the taking of any action provided herein or in any other Financing Agreement to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Bonds then outstanding, Bonds directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.
		
	SECTION 13.
	REPRODUCTION OF DOCUMENTS.

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Bonds themselves) and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced.  The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This Section 13 shall not prohibit the Company or any other holder of Bonds from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.
		
	SECTION 14.
	CONFIDENTIAL INFORMATION.

For the purposes of this Section 14, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser, as being confidential information of the Company or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser, any Person acting on such Purchaser’s behalf, or any Person from whom such disclosure would, to the knowledge of such Purchaser, violate a duty of confidentiality to the Company or any Subsidiary, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company, any Subsidiary or any Person from whom such disclosure would, to the knowledge of such Purchaser, violate a duty of confidentiality to the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser that are otherwise publicly available.  Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Bonds); (ii) its auditors, financial 

‐17‐

Texas-New Mexico Power Company        Bond Purchase Agreement

advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with this Section 14; (iii) any other holder of any Bond; (iv) any Institutional Investor to which it sells or offers to sell such Bond or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 14); (v) any Person from which it offers to purchase any Security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 14); (vi) any federal or state regulatory authority having jurisdiction over such Purchaser; (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio; or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser; (x) in response to any subpoena or other legal process; (y) in connection with any litigation to which such Purchaser is a party; or (z) if an Event of Default or Bond Repurchase Event has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Bonds, this Agreement or any other Financing Agreement.  Each holder of a Bond, by its acceptance of a Bond, will be deemed to have agreed to be bound by and to be entitled to, the benefits of this Section 14 as though it were a party to this Agreement.  On reasonable request by the Company in connection with the delivery to any holder of a Bond of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying this Section 14.
In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Bond is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 14, this Section 14 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 14 shall supersede any such other confidentiality undertaking.
		
	SECTION 15.
	SUBSTITUTION OF PURCHASER.

Each Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s Affiliates (a “Substitute Purchaser”) as the purchaser of the Bonds that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6.  Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 15), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser.  In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Bonds then held by such Substitute Purchaser, upon receipt by the Company of notice of such transfer,  any  reference  to  such  Substitute  Purchaser  as  a  “Purchaser”  in this Agreement (other 

‐18‐

Texas-New Mexico Power Company        Bond Purchase Agreement

than in this Section 15), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Bonds under this Agreement.
		
	SECTION 16.
	MISCELLANEOUS.

Section 16.1.    Successors and Assigns.  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Bond) whether so expressed or not.
Section 16.2.    Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.
Section 16.3.    Construction, Etc.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.
Section 16.4.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.
Section 16.5.    Governing Law.  This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice‐of‐law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.
Section 16.6.    Jurisdiction and Process; Waiver of Jury Trial.  (a) The Company irrevocably submits to the non‐exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, in the City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Bonds.  To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
(b)    The Company consents to process being served by or on behalf of any holder of Bonds in any suit, action or proceeding of the nature referred to in Section 16.6(a) by mailing a 

‐19‐

Texas-New Mexico Power Company        Bond Purchase Agreement

copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 16.7 or at such other address of which such holder shall then have been notified pursuant to said Section.  The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.  Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.
(c)    Nothing in this Section 16.6 shall affect the right of any holder of a Bond to serve process in any manner permitted by law, or limit any right that the holders of any of the Bonds may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.
(d)    THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE BONDS OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.
Section 16.7.    Notices.  All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (with charges prepaid).  Any such notice must be sent:
(i)    if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule B, or at such other address as such Purchaser or nominee shall have specified to the Company in writing,
(ii)    if to any other holder of any Bond, to such holder at such address as such other holder shall have specified to the Company in writing, or
(iii)    if to the Company, to the Company at 414 Silver Ave. SW, Albuquerque, New Mexico 87102-3289, to the attention of Vice President and Treasurer, or at such other address as the Company shall have specified to the holder of each Bond in writing.
Notwithstanding the foregoing, any notices or communications to be provided by the Company hereunder may be delivered to each Purchaser or its nominee by electronic delivery at the e-mail address set forth for such Purchaser or nominee in Schedule B hereto, or, for each Purchaser or its nominee or any holder of a Bond, to the e-mail address as communicated from time to time in a separate writing delivered to the Company.
Notices under this Section 16.7 will be deemed given only when actually received.
*    *    *    *    *

‐20‐

Texas-New Mexico Power Company        Bond Purchase Agreement

If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company.

Very truly yours,

TEXAS-NEW MEXICO POWER COMPANY

	
		
	By:
	/s/ Elisabeth Eden

	 
	Name: Elisabeth Eden

	 
	Title:    Vice President and Treasurer

Texas-New Mexico Power Company        Bond Purchase Agreement

This Agreement is hereby
accepted and agreed to as 
of the date hereof.

NEW YORK LIFE INSURANCE COMPANY

	
		
	By:
	/s/ Jessica L. Maizel

	 
	Name: Jessica L. Maizel

	 
	Title:   Corporate Vice President

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
By: NYL Investors LLC, its Investment Manager

	
		
	By:
	/s/ Jessica L. Maizel

	 
	Name: Jessica L. Maizel

	 
	Title:   Senior Director

THE BANK OF NEW YORK MELLON, A BANKING CORPORATION ORGANIZED UNDER THE LAWS OF NEW YORK, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE UNDER THAT CERTAIN TRUST AGREEMENT DATED AS OF JULY 1ST, 2015 BETWEEN NEW YORK LIFE INSURANCE COMPANY, AS GRANTOR, JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), AS BENEFICIARY, JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK, AS BENEFICIARY, AND THE BANK OF NEW YORK MELLON, AS TRUSTEE

By: New York Life Insurance Company, its attorney‐in‐fact

	
		
	By:
	/s/ Jessica L. Maizel

	 
	Name: Jessica L. Maizel

	 
	Title:   Corporate Vice President

Texas-New Mexico Power Company        Bond Purchase Agreement

This Agreement is hereby
accepted and agreed to as 
of the date hereof.

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
By: Northwestern Mutual Investment Management Company, LLC, its investment advisor

	
		
	By:
	/s/ David A. Barras

	 
	Name: David A. Barras

	 
	Title:   Managing Director

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY for its Group Annuity Separate Account

	
			
	By:
	/s/ David A. Barras

	 
	Name: David A. Barras
	 

	 
	Title:   Authorized Representative
	 

DEFINED TERMS
As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:
“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person.  As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company.
“Agreement” means this Agreement, including all Schedules attached to this Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.
“Anti‐Corruption Laws” means any law or regulation in a U.S. or any non‐U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.
“Anti‐Money Laundering Laws” means any law or regulation in a U.S. or any non‐U.S. jurisdiction regarding money laundering, drug trafficking, terrorist‐related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.
 “Blocked Person” means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity or  organization that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws, or (c) a Person that is an agent, department or instrumentality of, or otherwise beneficially owned fifty percent (50%) or more by, controlled by or acting on behalf of, directly or indirectly, any one or more Person(s), entity or organization described in clause (a) or (b) or a Sanctioned Jurisdiction.
“Bond Repurchase Event” is defined in section 2.07 of the Supplement.
“Bonds” is defined in Section 1.
“Business Day” means for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York or Houston, Texas are required or authorized to be closed.
“Capital Stock” means (a) in the case of a corporation, all classes of capital stock of such corporation, (b) in the case of a partnership, partnership interests (whether general or limited), (c) in the case of a limited liability company, membership interests and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or 

SCHEDULE A 
(to Bond Purchase Agreement)

distributions of assets of, the issuing Person; including, in each case, all warrants, rights or options to purchase any of the foregoing.
“Closing” is defined in Section 3.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.
“Company” means Texas-New Mexico Power Company, a Texas corporation or any successor that becomes such in the manner prescribed in the Indenture.
“Confidential Information” is defined in Section 14.
“Contingent Obligation” means, with respect to any Person, any direct or indirect liability of such Person with respect to any Indebtedness, liability or other obligation (the “primary obligation”) of another Person (the “primary obligor”), whether or not contingent, (a) to purchase, repurchase or otherwise acquire such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or provide funds (i) for the payment or discharge or any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial condition of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor in respect thereof to make payment of such primary obligation or (d) otherwise to assure or hold harmless the owner of any such primary obligation against loss or failure or inability to perform in respect thereof; provided, however, that, with respect to the Company and its Subsidiaries, the term Contingent Obligation shall not include endorsements for collection or deposit in the ordinary course of business.  The amount of any Contingent Obligation of any Person shall be deemed to be an amount equal to the maximum amount of such Person’s liability with respect to the stated or determinable amount of the primary obligation for which such Contingent Obligation is incurred or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder).
“Controlled Entity” means (i) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
“Disclosure Documents” is defined in Section 5.3.
“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises,  licenses,  agreements  or  governmental  restrictions  relating  to  pollution  and  the protection of the environment or the release of any materials into the environment, including but not limited to those related to Hazardous Materials.

A‐2

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
“ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code.
“ERISA Event” means, with respect to the Company: (a) a Reportable Event with respect to a Plan or a Multiemployer Plan, (b) a complete or partial withdrawal by the Company or any ERISA Affiliate from a Multiemployer Plan, or the receipt by the Company or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under section 4041A of ERISA, (c) the distribution by the Company or any ERISA Affiliate under section 4041 or 4041A of ERISA of a notice of intent to terminate any Plan or the taking of any action to terminate any Plan, (d) the commencement of proceedings by the PBGC under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from any Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan, (e) the institution of a proceeding by any fiduciary of any Multiemployer Plan against the Company or any ERISA Affiliate to enforce section 515 of ERISA, which is not dismissed within thirty (30) days, (f) the imposition upon the Company or any ERISA Affiliate of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under section 4007 of ERISA, or the imposition or threatened imposition of any Lien upon any assets of the Company or any ERISA Affiliate as a result of any alleged failure to comply with the Code or ERISA in respect of any Plan, (g) the engaging in or otherwise becoming liable for a nonexempt Prohibited Transaction by the Company or any ERISA Affiliate, (h) a violation of the applicable requirements of section 404 or 405 of ERISA or the exclusive benefit rule under section 401(a) of the Code by any fiduciary of any Plan for which the Company or any ERISA Affiliate may be directly or indirectly liable, (i) the granting of a security interest in connection with the amendment of a Plan or (j) the withdrawal of the Company or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which it was a substantial employer (as such term is defined in section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan.
“Event of Default” is defined in the Indenture.
“Filing Office” means the Office of the Secretary of State of the State of Texas.
“Financing Agreements” means this Agreement, the Indenture (including without limitation, the Supplement) and the Bonds.
“GAAP” means generally accepted accounting principles as in effect from time to time in the United States of America, and, notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”, as defined therein.  

A‐3

“Governmental Authority” means
(a)    the government of
(i)    the United States of America or any state or other political subdivision thereof, or
(ii)    any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or
(b)    any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.
“Governmental Official” means any governmental official or employee, employee of any government‐owned or government‐controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity.
“Guaranty” means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person:
(a)    to purchase such indebtedness or obligation or any property constituting security therefor;
(b)    to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation;
(c)    to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or
(d)    otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof.
In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor.
“Hazardous Materials” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or

A‐4

the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.
“Hedging Agreements” means, collectively, interest rate protection agreements, equity index agreements, foreign currency exchange agreements, option agreements or other interest or exchange rate or commodity price hedging agreements (other than forward contracts for the delivery of power or gas written by the Company to its jurisdictional and wholesale customers in the ordinary course of business).
“holder” means, with respect to any Bond, the Person in whose name such Bond is registered in the register maintained by the Company pursuant to section 3.05 of the Indenture, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 15.2 and 16 and any related definitions in this Schedule A, “holder” shall mean the beneficial owner of such Bond whose name and address appears in such register.
“INHAM Exemption” is defined in Section 6.2(e).
“Indebtedness” means, with respect to any Person (without duplication), (a) all indebtedness and obligations of such Person for borrowed money or in respect of loans or advances of any kind; (b) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments; (c) all reimbursement obligations of such Person with respect to surety bonds, letters of credit and bankers’ acceptance (in each case, whether or not drawn or matured and in the stated amount thereof); (d) all obligations of such Person to pay for the deferred purchase  price  of  property  or  services;  (e)  all  indebtedness  created  or  arising  under  any conditional sale or other title retention agreement with respect to property acquired by such Person; (f) all obligations of such Person as lessee under leases that are or are required to be, in accordance with GAAP, recorded as capital leases, to the extent such obligations are required to be so recorded;  (g)  the  net  termination  obligations  of  such  Person  under  any  Hedging Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date in accordance with the applicable rules under GAAP; (h) all Contingent Obligations of such Person; (i) all obligations and liabilities of such Person incurred in connection with any transaction or series of transactions providing for the financing of assets through one or more securitizations or in connection with, or pursuant to, any synthetic lease or similar off-balance sheet financing; (j) the aggregate amount of uncollected accounts receivable of such Person subject at the time of determination to a sale of receivables (or similar transaction) to the extent such transaction is effected with recourse to such Person (whether or not such transaction would be reflected on the balance sheet of such Person in accordance with GAAP); (k) all Specified Securities; and (l) all indebtedness referred to in clauses (a) through (k) above secured by any Lien on any property or asset owned or held by such Person regardless of whether the indebtedness secured thereby shall have been assumed by such Person or is nonrecourse to the credit of such Person.
“Institutional Investor” means (a) any Purchaser of a Bond, (b) any holder of a Bond holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount 

A‐5

of the Bonds then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form and (d) any Related Fund of any holder of any Bond.
“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or capital lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements).
“Material” means material in relation to the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole.
“Material Adverse Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform its obligations under this Agreement and the Bonds, or (c) the validity or enforceability of this Agreement or any other Financing Agreement.
“Memorandum” is defined in Section 5.3.
“Mortgaged Property” is defined in the Indenture.
“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).
“Multiple Employer Plan” means, with respect to the Company, a Single Employer Plan to which the Company or any ERISA Affiliate and at least one employer other than the Company or any ERISA Affiliate are contributing sponsors.
“NAIC” means the National Association of Insurance Commissioners or any successor thereto.
“OFAC” means the U.S. Department of Treasury’s Office of Foreign Assets Control. 
“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource‐center/sanctions/Programs/Pages/Programs.aspx.
“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

A‐6

“Permitted Liens” is defined in the Indenture.
“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority.
“Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability.
“property” or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.
“PTE” is defined in Section 6.2(a).
“Prohibited Transaction” means any transaction described in (a) section 406 of ERISA that is not exempt by reason of section 408 of ERISA or by reason of a Department of Labor prohibited transaction individual or class exemption or (b) section 4975(c) of the Code that is not exempt by reason of section 4975(c)(2) or 4975(d) of the Code.
“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to the Company and such Purchaser’s successors and assigns, provided, however, that any Purchaser of a Bond that ceases to be the registered holder or a beneficial owner (through a nominee) of such Bond as the result of a transfer thereof pursuant to the Indenture shall cease to be included within the meaning of “Purchaser” of such Bond for the purposes of this Agreement upon such transfer.
“QPAM Exemption” is defined in Section 6.2(d).
“Related Fund” means, with respect to any holder of any Bond, any fund or entity that (i) invests in Securities or bank loans and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.
“Reportable Event” means (a) any “reportable event” within the meaning of section 4043(c) of ERISA for which the notice under section 4043(a) of ERISA has not been waived by the PBGC (including any failure to meet the minimum funding standard of, or timely make any required installment under, section 412 of the Code or section 302 of ERISA, regardless of the issuance of any waivers in accordance with section 412(d) of the Code), (b) any such “reportable event” subject to advance notice to the PBGC under section 4043(b)(3) of ERISA, (c) any application for a funding waiver or an extension of any amortization period pursuant to section 412 of the Code and (d) a cessation of operations described in section 4062(e) of ERISA.
“Required Holders” means at any time (i) prior to the Closing, the Purchasers and (ii) on or after the Closing, the holders of more than 50% in principal amount of the Bonds at the time outstanding (exclusive of Bonds then owned by the Company or any of its Affiliates).

A‐7

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.
“Sanctioned Jurisdiction” means, at any time, a country or territory which is itself subject to or the target of any comprehensive country-wide sanctions under U.S. Economic Sanctions (as opposed to individual, entity or other list-based Sanctions) (at the time of this Agreement, the Crimea Region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria).
“Securities” or “Security” shall have the meaning specified in section 2(1) of the Securities Act. 
“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Company.
“Single Employer Plan” means any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan or Multiple Employer Plan.
“Source” is defined in Section 6.2.
“Specified Securities” means, with respect to any Person, (a) all preferred Capital Stock issued by such Person and required by the terms thereof to be redeemed or for which mandatory sinking fund payments are due, (b) all securities issued by such Person that contain two distinct components, typically medium-term debt and a forward contract for the issuance of common stock prior to the debt maturity, including such securities commonly referred to by their tradenames as “FELINE PRIDES”, “PEPS”, “HITS”, “SPACES” and “DECS” and generally referred to as “equity units” and (c) all other securities issued by such Person that are similar to those described in the forgoing clauses (a) and (b).
“State Sanctions List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws.
“Subsidiary” and “Subsidiaries” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).  Any reference to a Subsidiary of the Company herein shall not include a Subsidiary that is inactive, has minimal or no assets and does not generate revenues.  Unless the 

A‐8

context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.
“Substitute Purchaser” is defined in Section 15.
“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office.
“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code.
“USA PATRIOT Act” means United States Public Law 107‐56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
“U.S. Economic Sanctions Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.
“Utility Security Instrument Act” means Title 8, Chapter 261 of the Texas Business & Commerce Code.

A‐9

OPINIONS OF VARIOUS COUNSEL 
TO THE COMPANY

Such opinions to be provided subject to assumptions, qualifications, limitations and exclusions reasonably acceptable to Purchasers and their special counsel

OPINIONS REQUESTED OF MCGUIREWOODS LLP
1.  Execution and Delivery.    Each  of  the  Bond  Purchase  Agreement,  the Indenture, the Eighth Supplemental Indenture and the Bonds has been duly authorized, executed and delivered by the Company. 
2.  Validity and Enforceability.  Each of the Bond Purchase Agreement, the Indenture, the Eighth Supplemental Indenture and the Bonds constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.
3.  Noncontravention.  Neither the execution and delivery by the Company of any Subject Document to which it is a party, nor the performance by the Company of its obligations thereunder: (a) violates any statute or regulation of Applicable Law that, in each case, is applicable to the Company; (b) violates any provision of the Organizational Documents of the Company; or (c) violates, results in any breach of any of the terms of, or constitutes a default under, any Reviewed Document.
4.  Governmental Approvals.  No consent, approval or authorization of, filing with, or order of any federal or New York court or governmental agency or body, is required for (a) the issuance and sale of the Bonds, or (b) the execution and delivery of the Subject Documents, except in each case as have previously been made or obtained or except such as may be required under the blue sky laws of any jurisdiction (as to which we express no opinion).
5.  Proceedings.  To our knowledge, there is no outstanding judgment, action, suit or proceeding pending against the Company before any court, governmental agency or arbitrator which challenges the validity of any Subject Document to which the Company is a party.  
6.  Investment Company Act.  The Company is not required to be registered under the Investment Company Act of 1940, as amended.
7.  Registration.  No registration under the Securities Act of 1933, as amended, of the Bonds and no qualification of the Indenture or the Eighth Supplemental Indenture under the Trust Indenture Act of 1939, as amended, is required for the offer and sale of the Bonds in the manner contemplated by the Bond Purchase Agreement, the Indenture and the Eighth Supplemental Indenture, it being understood that no opinion is expressed as to any subsequent resale of any Bonds.
OPINIONS REQUESTED OF JACKSON WALKER, L.L.P.

(a)    The Base Indenture and the Supplemental Indentures have each been received for  filing in the State Filing Office, and the Notices have been received for recording by the County Filing Offices, which State Filing Office and County Filing Offices constitute each 

SCHEDULE 4.4(a) 
(to Bond Purchase Agreement)

jurisdiction in which the Base Indenture, the Supplemental Indentures and the Notices, respectively, are required to be filed or recorded, and such receipt for filing or recording makes effective the Lien intended to be created by the Indenture.

(b)    The Bonds, when issued, authenticated and delivered in the manner provided for in the Indenture, will be entitled to the benefit of the Lien of the Indenture equally and ratably with all other Securities then Outstanding.

(c)    The Indenture constitutes a Lien on the Designated Property Additions, and, based solely upon the Lien Search, the Designated Property Additions are subject to no Lien prior to the Lien of the Indenture except Permitted Liens.

OPINIONS REQUESTED OF IN-HOUSE LEGAL COUNSEL TO THE COMPANY, SCOTT SEAMSTER, ESQ.
1.     The Company is a corporation validly existing and in good standing under the laws of the State of Texas.  The Company has the corporate power and authority to own its properties and conduct its business as described in the Memorandum.  The Company is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction which requires such qualification, other than in those jurisdictions as to which 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.
2.    The Company has the corporate power to issue and sell the 2017A Bonds, execute, deliver and perform its obligations under the Agreement, the Indenture and the 2017A Bonds, and the Company has taken all necessary corporate action to authorize the issuance and sale of the 2017A Bonds and the execution, delivery and performance by it of the Agreement, Indenture and the 2017A Bonds.
3.    Each of the Base Indenture, the Agreement and the Eighth Supplemental Indenture has been duly authorized, executed and delivered by the Company.  The 2017A Bonds have been duly authorized and executed by the Company.
4.    Neither the execution and delivery by the Company of the Agreement, the Indenture and the 2017A Bonds, nor the performance by the Company of its obligations thereunder: (a) violates any applicable law or regulation of the State of Texas that. in each case, is applicable to the Company; (b) violates any provision of the articles of incorporation or bylaws of the Company; or (c) violates, results in any breach of any of the terms of, or constitutes a default under any indenture, credit agreement, mortgage, or deed of trust, or any other material contract, agreement or instrument to which the Company is a party or by which the Company or its properties may be bound (each a “Company Agreement”). 
5.    No consent, approval or authorization, filing with or order of any Texas governmental agency, or Texas court, is required to be obtained by the Company for the issuance and sale of the 2017A Bonds.

4.4(a)-2

6.    To my knowledge, there is no outstanding judgment, action, suit or proceeding pending against the Company before any court, governmental agency or arbitrator which challenges the validity of the Agreement, the Indenture or the 2017A Bonds.

4.4(a)-3

FORM OF OPINION OF SPECIAL COUNSEL 
TO THE PURCHASERS
[To Be Provided on a Case by Case Basis]

SCHEDULE 4.4(b) 
(to Bond Purchase Agreement)

DISCLOSURE MATERIALS
TEXAS‐NEW MEXICO POWER COMPANY

	
		
	IntraLinks Items:
	Document Title

	TNMP Cover Letter
	TNMP Cover Letter 5.15.17.pdf

	TNMP Bond Purchase Agreement
	TNMP Bond Purchase Agreement.pdf (Draft of 5.15.17)

	TNMP Bond Purchase Agreement - Redline
	TNMP Bond Purchase Agreement_Redline.pdf (redlined to 12.17.15 BPA)

	TNMP Supplemental Indenture
	TNMP Eighth Supplemental Indenture Draft of 05.15.17.pdf

	TNMP Supplemental Indenture- 
-Redline
	TNMP Eighth Supplemental Indenture_Redline.pdf (redlined to Seventh Supplemental Indenture

	Private Placement Memorandum
	TNMP Private Placement Memorandum dated May 2017

	TNMP Investor Call Presentation
	TNMP Investor Presentation May 2017 PNM FINAL.pdf

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	Financial Statements Listed in Schedule 5.5

	SEC Filings: TNMP’s Annual Reports on Form 10-K for the years ended December 31, 2014‐2016 and Quarterly Report on Form 10‐Q for March 31, 2017 are all available on the following link:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000022767&owner=exclude&count=40&hidefilings=0

SCHEDULE 5.3
(to Bond Purchase Agreement)

Organization and Ownership of Shares of Subsidiaries; Affiliates
As of June 14, 2017

		
	i)
	The Company’s Subsidiaries (as defined):

None

		
	ii)
	The Company’s Affiliates1, other than Subsidiaries:

		
	a)
	PNM Resources, Inc.

		
	b)
	TNP Enterprises, Inc.

		
	c)
	Public Service Company of New Mexico

		
	d)
	PNMR Services Company

		
	e)
	PNMR Development and Management Corporation

		
	f)
	NM Capital Utility Corporation

		
	iii)
	The Company’s Directors and Officers:

		
	a)
	Directors:

Patricia K. Collawn, Chairman
Ronald N. Darnell, Director
Charles N. Eldred, Director
Chris M. Olson, Director
James N. Walker, Director

		
	b)
	Officers:

Patrick V. Apodaca, Senior Vice President, General Counsel and Secretary
Patricia K. Collawn, Chief Executive Officer
Elisabeth A. Eden, Vice President and Treasurer
Charles N. Eldred, Executive Vice President and Chief Financial Officer
Michael Mertz, Vice President and Chief Information Officer
Chris M. Olson, Vice President, Utility Operations
Keith C. Nix, Vice President, Engineering and Technical Services
Evans Spanos, Vice President, Operations
Joseph D. Tarry, Vice President, Finance and Controller
James N. Walker, President
Stacey R. Whitehurst, Vice President, Regulatory Affairs

_______________________
1  List does not include inactive Affiliates.

SCHEDULE 5.4
(to Bond Purchase Agreement)

Financial Statements of Texas-New Mexico Power Company
contained in the following SEC Filings:

	
			
	Date Filed
	SEC Filings
	Description

	4/28/2017
	10-Q
	Quarterly Report for quarter ended 3/31/17

	2/28/2017
	10-K
	Annual Report for year ended 12/31/16

	2/29/2016
	10-K
	Annual Report for year ended 12/31/15

	2/27/2015
	10-K
	Annual Report for year ended 12/31/14

Available on the following link:

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000022767&owner=exclude&count=40&hidefilings=0

SCHEDULE 5.5
(to Bond Purchase Agreement)

EXISTING INDEBTEDNESS OF TEXAS‐NEW MEXICO POWER COMPANY
AS OF MARCH 31, 2017

Long‐term Debt

	
						
	DESCRIPTION
	DATE OF NOTE
	MATURITY DATE
	INTEREST RATE
	OUTSTANDING PRINCIPAL 
($ IN MILLIONS)
	COLLATERAL

	Taxable First Mortgage Bonds Series 2009A (CUSIP # 882587AY4)
	5/23/2009
	4/1/2019
	9.50%
	$172.3
	Mortgaged Property

	Taxable First Mortgage Bonds Series 2013A (CUSIP # 882587AZ1)
	4/3/2013
	4/1/2043
	6.95%
	$93.2
	Mortgaged Property

	Taxable First Mortgage Bonds Series 2014A  (ID:EK3951234)
	6/27/2014
	7/1/2024
	4.03%
	$80.0
	Mortgaged Property

	Taxable First Mortgage Bonds Series 2016A  (CUSIP#88284A@8)
	2/11/2016
	2/10/2016
	3.53%
	$60.0
	Mortgaged Property

	 
	 
	 
	 
	_________
	 

	TNMP Total Long‐term Debt
	 
	 
	 
	$405.5
	 

Short‐term Debt

	
						
	DESCRIPTION
	DATE OF NOTE
	MATURITY DATE
	INTEREST RATE*
	OUTSTANDING PRINCIPAL* 
($ IN MILLIONS)
	COLLATERAL

	TNMP $75 million Revolver* 
Lenders: Key Bank; JPMorgan; Union Bank; Sun Trust; Wells Fargo 
	9/18/2013
	9/18/2018
	1.983%
	$22.0
	First Mortgage Bond Series 2009C

	TNMP $50 million Intercompany Loan Agreement dated 2/1/2007
Lender: PNM Resources, Inc. (parent)
	9/30/2016 (renewed yearly)
	Renewed yearly as appropriate
	1.977%
	$6.3
	None

	TNMP Total Short‐term Debt
	 
	 
	 
	$28.3
	 

____________________________
* Based on 30 day LIBOR of 0.983% as of 3/31/2017 and amounts outstanding as of 3/31/2017

SCHEDULE 5.15
(to Bond Purchase Agreement)

TEXAS-NEW MEXICO POWER COMPANY 
414 Silver Ave. SW 
Albuquerque, New Mexico  87102-3289 
 
INFORMATION RELATING TO PURCHASERS

	
		
	NAME AND ADDRESS OF PURCHASER
	PRINCIPAL AMOUNT OF BONDS TO BE PURCHASED

	NEW YORK LIFE INSURANCE COMPANY
c/o NYL Investors LLC
51 Madison Avenue
2nd Floor, Room 208
New York, New York  10010
Attn:  Private Capital Investors, 2nd Floor
	$17,700,000

[See Attached]

Also, with respect to any notices delivered electronically under clause 2 in the attached, please also send a copy to:  Jessica_maizel@nylinvestors.com.

SCHEDULE B
(to Bond Purchase Agreement)

B-2

B-3

	
		
	NAME AND ADDRESS OF PURCHASER
	PRINCIPAL AMOUNT OF BONDS TO BE PURCHASED

	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
c/o NYL Investors LLC
51 Madison Avenue
2nd Floor, Room 208
New York, New York  10010
Attn:  Private Capital Investors, 2nd Floor
	$11,400,000

[See Attached]

Also, with respect to any notices delivered electronically under clause 2 in the attached, please also send a copy to: Jessica_maizel@nylinvestors.com.

B-4

B-5

B-6

	
		
	NAME AND ADDRESS OF PURCHASER
	PRINCIPAL AMOUNT OF BONDS TO BE PURCHASED

	THE BANK OF NEW YORK MELLON, A BANKING CORPORATION ORGANIZED UNDER THE LAWS OF NEW YORK, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE UNDER THAT CERTAIN TRUST AGREEMENT DATED AS OF JULY 1ST, 2015 BETWEEN NEW YORK LIFE INSURANCE COMPANY, AS GRANTOR, JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), AS BENEFICIARY, JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK, AS BENEFICIARY, AND THE BANK OF NEW YORK MELLON, AS TRUSTEE
c/o NYL Investors LLC
51 Madison Avenue
2nd Floor, Room 208
New York, New York  10010
Attn:  Private Capital Investors, 2nd Floor
	$900,000

[See Attached]

Also, with respect to any notices delivered electronically under clause 2 in the attached, please also send a copy to:  Jessica_maizel@nylinvestors.com.

B-7

B-8

B-9

	
		
	NAME AND ADDRESS OF PURCHASER
	PRINCIPAL AMOUNT OF BONDS TO BE PURCHASED

	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
720 East Wisconsin Avenue
Milwaukee, WI 53202
	$29,670,000

		
	I.
	All payments on account of Bonds held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made.

Please contact our Treasury & Investment Operations Department to securely obtain wire transfer instructions for The Northwestern Mutual Life Insurance Company.

E-mail:  payments@northwesternmutual.com
Phone: (414) 665-1679

		
	II.
	All notices with respect to confirmation of payments on account of the Bonds shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Investment Operations
E-mail: payments@northwesternmutual.com
Phone: (414) 665-1679

		
	III.
	All other communications shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Securities Department
E-mail: privateinvest@northwesternmutual.com
Facsimile:  (414) 625-7643

		
	IV.
	Address for delivery of Bonds and closing documents:

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention:  Anne T. Brower

B-10

		
	V.
	 Tax Identification No.: 39-0509570

B-11

	
		
	NAME AND ADDRESS OF PURCHASER
	PRINCIPAL AMOUNT OF BONDS TO BE PURCHASED

	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY FOR ITS GROUP ANNUITY SEPARATE ACCOUNT
720 East Wisconsin Avenue
Milwaukee, WI 53202
	$330,000

		
	I.
	All payments on account of Bonds held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made.

Please contact our Treasury & Investment Operations Department to securely obtain wire transfer instructions for The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account.

E-mail:  payments@northwesternmutual.com
Phone: (414) 665-1679

		
	II.
	All notices with respect to confirmation of payments on account of the Bonds shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
for its Group Annuity Separate Account
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Investment Operations
E-mail: payments@northwesternmutual.com
Phone: (414) 665-1679

		
	III.
	All other communications shall be delivered or mailed to:

The Northwestern Mutual Life Insurance Company
for its Group Annuity Separate Account
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention: Securities Department
E-mail: privateinvest@northwesternmutual.com
Facsimile:  (414) 625-7643

B-12

		
	IV.
	Address for delivery of Bonds and closing documents:

The Northwestern Mutual Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
Attention:  Anne T. Brower

		
	V.
	 Tax Identification No.: 39-0509570

B-13

Form of Eighth Supplemental Indenture 
 

___________________________________________________________________________
___________________________________________________________________________

TEXAS-NEW MEXICO POWER COMPANY

to

MUFG UNION BANK, N.A.,
as Trustee

_______________________________________

EIGHTH SUPPLEMENTAL INDENTURE
dated as of __________, 2017

Supplemental to the First Mortgage Indenture
dated as of March 23, 2009
(file no.:  09-0007931211)

Establishing a series of Securities designated

3.22% FIRST MORTGAGE BONDS, DUE 2027, SERIES 2017A 

___________________________________________________________________________
___________________________________________________________________________

THIS INSTRUMENT GRANTS A SECURITY INTEREST BY A UTILITY

THIS INSTRUMENT CONTAINS AFTER-ACQUIRED PROPERTY PROVISIONS

SCHEDULE C
(to Bond Purchase Agreement)

  

Address of Debtor:
Texas-New Mexico Power Company
Attention: Vice President and Treasurer
414 Silver Ave. SW, MS 0905 
Albuquerque, New Mexico 87102-3289

Address of Secured Party:
MUFG Union Bank, N.A., as Trustee
445 South Figueroa Street Suite 401
Los Angeles, California  90071
Attention:  Corporate Trust Services

EIGHTH SUPPLEMENTAL INDENTURE, dated as of __________, 2017, between TEXAS-NEW MEXICO POWER COMPANY, a corporation organized and existing under the laws of the State of Texas (the “Company”), and MUFG UNION BANK, N.A. (formerly known as Union Bank, N.A.), a national banking association organized and existing under the laws of the United States (successor as trustee to The Bank of New York Mellon Trust Company, N.A.), as Trustee under the Indenture hereinafter referred to (the “Trustee”).
RECITALS OF THE COMPANY
WHEREAS, the Company has heretofore executed and delivered to the Trustee a First Mortgage Indenture dated as of March 23, 2009 (the “Original Indenture”), providing for the issuance by the Company from time to time of its bonds, notes or other evidence of indebtedness to be issued in one or more series (in the Original Indenture and herein called the “Securities”) and to provide security for the payment of the principal of and premium, if any, and interest, if any, on the Securities and the performance and observance of the other obligations of the Company thereunder; and
WHEREAS, the Company has also heretofore executed and delivered to the Trustee a First Supplemental Indenture, dated as of March 23, 2009, a Second Supplemental Indenture, dated as of March 25, 2009, a Third Supplemental Indenture, dated as of April 30, 2009, as amended by a First Amendment, dated as of December 16, 2010, a Fourth Supplemental Indenture, dated as of September 30, 2011, a Fifth Supplemental Indenture, dated as of April 3, 2013, a Sixth Supplemental Indenture, dated as of June 27, 2014, and a Seventh Supplemental Indenture, dated as of February 10, 2016, each such supplemental indenture being between the Company and the Trustee, each providing for the establishment of the terms of a series of Securities (the Original Indenture, as supplemented by said First Supplemental Indenture, said Second Supplemental Indenture, said Third Supplemental Indenture (as amended), said Fourth Supplemental Indenture, said Fifth Supplemental Indenture, said Sixth Supplemental Indenture, and as supplemented and amended by said Seventh Supplemental Indenture,  the “Indenture”); and
WHEREAS, on June 1, 2011, MUFG Union Bank, N.A. (under its then name, Union Bank, N.A.) succeeded to The Bank of New York Mellon Trust Company, N.A., as Trustee under the Indenture; and
WHEREAS, the Company, in the exercise of the power and authority conferred upon and reserved to it under the provisions of the Indenture and pursuant to appropriate resolutions of the Board of Directors, has duly determined to make, execute and deliver to the Trustee this Eighth Supplemental Indenture to the Indenture as permitted by Sections 2.01, 3.01 and 14.01 of the Original Indenture in order to establish the form and terms of, and to provide for the creation and issuance of, a new series of Securities under the Indenture to be known as its “3.22% First Mortgage Bonds, due 2027, Series 2017A” (the “2017A Bonds”) in an aggregate principal amount of $60,000,000; and
WHEREAS, all things necessary to make the 2017A Bonds, when executed by the Company and authenticated and delivered by the Trustee or any Authenticating Agent and issued upon the terms and subject to the conditions hereinafter and in the Indenture set forth, the valid, binding and legal obligations of the Company and to make this Eighth Supplemental Indenture a valid, binding and legal agreement of the Company, have been done.

NOW, THEREFORE, THIS EIGHTH SUPPLEMENTAL INDENTURE WITNESSETH that, in order to establish the terms of the 2017A Bonds and for and in consideration of the premises and of the covenants contained in the Indenture and in this Eighth Supplemental Indenture and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound, it is mutually covenanted and agreed as follows:
ARTICLE ONE 
DEFINITIONS
Section 1.01    Certain Definitions.  Each capitalized term that is used herein and is defined in the Original Indenture shall have the meaning specified in the Original Indenture unless such term is otherwise defined in this Eighth Supplemental Indenture. Unless the context otherwise requires, any reference herein to a “Section” or an “Exhibit” means a Section of, or an Exhibit to, this Eighth Supplemental Indenture, as the case may be.  The words “herein,” “hereof” and “hereunder” and words of similar import refer to this Eighth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.
The following terms have the meanings given to them in this Article One and, for purposes of this Eighth Supplemental Indenture, such meanings shall supersede and replace the meanings given them, if any, in the Original Indenture: 
Certain terms, used principally in Article Two, are defined in that Article.
“Blocked Person” means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity or  organization that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws, or (c) a Person that is an agent, department or instrumentality of, or otherwise beneficially owned fifty percent (50%) or more by, controlled by or acting on behalf of, directly or indirectly, any one or more Person(s), entity or organization described in clause (a) or (b) or a Sanctioned Jurisdiction.
“Bond Repurchase Amount” is defined in Section 2.07 hereof.
“Bond Repurchase Requirement” is defined in Section 2.07 hereof.
“Capital Stock” means (a) in the case of a corporation, all classes of capital stock of such corporation, (b) in the case of a partnership, partnership interests (whether general or limited), (c) in the case of a limited liability company, membership interests and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person; including, in each case, all warrants, rights or options to purchase any of the foregoing.
“Change in Control” means the occurrence of any of the following:  (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such 

2

plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all Capital Stock that such person or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of  twenty-five percent (25%) of the Capital Stock of the Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent on a fully diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); (b) during any period of twenty-four (24) consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; (c) any Person or two or more Persons acting in concert shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the management or policies of the Parent, or control over the Voting Stock of the Parent on a fully-diluted basis (and taking into account all such Voting Stock that such Person or group has the right to acquire pursuant to any option right) representing twenty-five percent (25%)  or more of the combined voting power of such Voting Stock; or (d) the Parent shall cease to own, directly or indirectly, and free and clear of all Liens or other encumbrances (other than any Lien in favor of the administrative agent for the benefit of the lenders under any Material Credit Facility (as it may be amended, restated, supplemented, refinanced or otherwise modified from time to time) securing Indebtedness thereunder), at least one-hundred percent (100%) of the outstanding Voting Stock of the Company on a fully diluted basis.  
“Change in Control Notice” is defined in Section 2.06(a) hereof.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.
“Consolidated Capitalization” means, with respect to any Person, the sum of (a) all of the shareholders’ equity or net worth of such Person and its Subsidiaries, as determined in accordance with GAAP plus (b) Consolidated Indebtedness of such Person and its Subsidiaries plus (c) the outstanding principal amount of Preferred Stock plus (d) seventy-five percent (75%) of the outstanding principal amount of Specified Securities of such Person and its Subsidiaries.
“Consolidated Indebtedness” means, as of any date of determination, with respect to any Person and its Subsidiaries on a consolidated basis, an amount equal to (a) all Indebtedness of such Person and its Subsidiaries as of such date minus (b) the outstanding principal amount of stranded

3

 cost securitization bonds of such Person and its Subsidiaries minus (c) an amount equal to the lesser of (i) seventy-five percent (75%) of the outstanding principal amount of Specified Securities of such Person and its Subsidiaries and (ii) ten percent (10%) of Consolidated Capitalization (calculated assuming clause (i) above is applicable).
“Contingent Obligation” means, with respect to any Person, any direct or indirect liability of such Person with respect to any Indebtedness, liability or other obligation (the “primary obligation”) of another Person (the “primary obligor”), whether or not contingent, (a) to purchase, repurchase or otherwise acquire such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or provide funds (i) for the payment or discharge or any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial condition of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor in respect thereof to make payment of such primary obligation or (d) otherwise to assure or hold harmless the owner of any such primary obligation against loss or failure or inability to perform in respect thereof; provided, however, that, with respect to the Company and its Subsidiaries, the term Contingent Obligation shall not include endorsements for collection or deposit in the ordinary course of business.  The amount of any Contingent Obligation of any Person shall be deemed to be an amount equal to the maximum amount of such Person’s liability with respect to the stated or determinable amount of the primary obligation for which such Contingent Obligation is incurred or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder).
“Controlled Entity” means (i) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
“Corporate Trust Office” has the meaning given to it in the Original Indenture and for the purposes of such term in the Indenture and this Eighth Supplemental Indenture, the principal corporate trust office of the Trustee is 445 South Figueroa Street Suite 401, Los Angeles, California 90071 unless and until the Trustee shall have designated such other address as contemplated by such term.
“Coupon Rate” is defined in Section 2.02 hereof.
“Default Rate” means, as of any date, that rate of interest that is the greater of (i) two percent (2%) per annum above the Coupon Rate or (ii) two percent (2%) over the rate of interest publicly announced from time to time by Union Bank, N.A. in Los Angeles, California as its “base” or “prime” rate, as in effect on such date.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

4

“ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code.
“Fiscal Quarter” means each of the calendar quarters ending as of the last day of each March, June, September and December.
“GAAP” means generally accepted accounting principles as in effect from time to time in the United States of America, and, notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”, as defined therein.” 
“Hedging Agreements” means, collectively, interest rate protection agreements, equity index agreements, foreign currency exchange agreements, option agreements or other interest or exchange rate or commodity price hedging agreements (other than forward contracts for the delivery of power or gas written by the Company to its jurisdictional and wholesale customers in the ordinary course of business).
“Indebtedness” means, with respect to any Person (without duplication), (a) all indebtedness and obligations of such Person for borrowed money or in respect of loans or advances of any kind, (b) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, (c) all reimbursement obligations of such Person with respect to surety bonds, letters of credit and bankers’ acceptance (in each case, whether or not drawn or matured and in the stated amount thereof), (d) all obligations of such Person to pay for the deferred purchase  price  of  property  or  services,  (e)  all  indebtedness  created  or  arising  under  any conditional sale or other title retention agreement with respect to property acquired by such Person, (f) all obligations of such Person as lessee under leases that are or are required to be, in accordance with GAAP, recorded as capital leases, to the extent such obligations are required to be  so  recorded,  (g)  the  net  termination  obligations  of  such  Person  under  any  Hedging Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date in accordance with the applicable rules under GAAP, (h) all Contingent Obligations of such Person, (i) all obligations and liabilities of such Person incurred in connection with any transaction or series of transactions providing for the financing of assets through one or more securitizations or in connection with, or pursuant to, any synthetic lease or similar off-balance sheet financing, (j) the aggregate amount of uncollected accounts receivable of such Person subject at the time of determination to a sale of receivables (or similar transaction) to the extent such transaction is effected with recourse to such Person (whether or not such transaction would be reflected on the balance sheet of such Person in accordance with GAAP), (k) all Specified Securities and (l) all indebtedness referred to in clauses (a) through (k) above secured by any Lien  on  any  property  or  asset  owned  or  held  by  such  Person  regardless  of  whether  the 
indebtedness secured thereby shall have been assumed by such Person or is nonrecourse to the credit of such Person.
“Interest Payment Date” is defined in Section 2.02 hereof.

5

“Institutional Investor” means (a) any Holder of a 2017A Bond on the date hereof, (b) any Holder of a 2017A Bond holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of the 2017A Bonds then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any Holder of any 2017A Bond.
“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or capital lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements).
“Material Adverse Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform its obligations under the Indenture and the 2017A Bonds, or (c) the validity or enforceability of the Indenture and the 2017A Bonds.
“Material Credit Facility” means, as to the Company and its Subsidiaries, 
(a)    the $75,000,000 Second Amended and Restated Credit Agreement among the Company, certain lenders identified therein and certain agents identified therein dated as of September 18, 2013 including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof (the “Credit Agreement”); and
(b)    any other agreement(s) creating or evidencing indebtedness for borrowed money entered into on or after the date of Closing by the Company or any Subsidiary of the Company, or in respect of which the Company or any Subsidiary of the Company is an obligor or otherwise provides a guarantee or other credit support (“Credit Facility”), in a principal amount outstanding or available for borrowing equal to or greater than $50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility. 
“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).
“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource‐center/sanctions/Programs/Pages/Programs.aspx.
“Parent” means PNM Resources, Inc., a New Mexico corporation, together with its successors.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

6

“Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability.
“Preferred Stock” means, with respect to any Person, all preferred Capital Stock issued by such Person in which the terms thereof do not require such Capital Stock to be redeemed or to make mandatory sinking fund payments.
“Proposed Prepayment Date” is defined in Section 2.06(b) hereof.
“Regular Record Date” is defined in Section 2.02 hereof.
“Related Fund” means, with respect to any Holder of any 2017A Bond, any fund or entity that (i) invests in securities or bank loans, and (ii) is advised or managed by such Holder, the same investment advisor as such Holder or by an Affiliate of such Holder or such investment advisor.
“Responsible Officer of the Company” means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of the matters set forth in the Indenture as supplemented and amended.
“Restrictive Legend” means the legend set forth on the form of the First Mortgage Bonds in Exhibit A hereto.
“Rule 144” means Rule 144 (or any successor rule) under the Securities Act.
“SEC” means the Securities and Exchange Commission of the United States, or any successor thereto.
“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
“Sanctioned Jurisdiction” means, at any time, a country or territory which is itself subject to or the target of any comprehensive country-wide sanctions under U.S. Economic Sanctions (as opposed to individual, entity or other list-based Sanctions) (at the time of this Agreement, the Crimea Region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria).
“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Company.
“Special Record Date” is defined in Section 2.02 hereof.
“Specified Securities” means, with respect to any Person, (a) all preferred Capital Stock issued by such Person and required by the terms thereof to be redeemed or for which mandatory sinking fund payments are due, (b) all securities issued by such Person that contain two distinct components, typically medium-term debt and a forward contract for the issuance of common stock prior to the debt maturity, including such securities commonly referred to by their tradenames as

7

“FELINE PRIDES”, “PEPS”, “HITS”, “SPACES” and “DECS” and generally referred to as “equity units” and (c) all other securities issued by such Person that are similar to those described in the forgoing clauses (a) and (b).
“Subsidiary” and “Subsidiaries” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a fifty percent (50%) interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).  Any reference to a Subsidiary of the Company herein shall not include a Subsidiary that is inactive, has minimal or no assets and does not generate revenues.  Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 
“TBCC” is defined in Section 4.01 hereof.
“Total Assets” means all assets of the Company and its Subsidiaries as shown on its most recent quarterly consolidated balance sheet, as determined in accordance with GAAP.
“U.S. Economic Sanctions Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.
“Voting Stock” means the Capital Stock of a Person that is then outstanding and normally entitled to vote in the election of directors and other securities of such Person convertible into or exercisable for such Capital Stock (whether or not such securities are then currently convertible or exercisable).
ARTICLE TWO 
TITLE, FORM AND TERMS OF THE 2017A BONDS
Section 2.01    Title of the First Mortgage Bonds.  This Eighth Supplemental Indenture hereby creates a series of Securities designated as the “3.22% First Mortgage Bonds, due 2027, Series 2017A”.  The 2017A Bonds shall be executed, authenticated and delivered in accordance with the provisions of, and, except as hereinafter provided, shall in all respects be subject to all of the terms, conditions and covenants of, the Indenture as supplemented by this Eighth Supplemental Indenture.  For purposes of the Indenture, the 2017A Bonds shall constitute a single series of Securities and (subject to the limitations set forth in Article IV of the Original Indenture) shall be issued in an aggregate principal amount of $60,000,000.

8

Section 2.02    Form and Terms of the 2017A Bonds.  The form and terms of the 2017A Bonds pursuant to the authority granted by this Eighth Supplemental Indenture in accordance with Sections 2.01 and 3.01 of the Original Indenture are set forth herein.  The 2017A Bonds shall be issued in registered form without coupons in the denominations of $100,000 and integral multiples thereof, appropriately numbered and substantially in the form set forth in Exhibit A hereto.  The terms of the 2017A Bonds contained in the form thereof set forth in Exhibit A hereto are hereby incorporated herein by reference and made a part hereof as if set forth in full herein.
The 2017A Bonds shall mature on __________, 2027 and shall bear interest at the rate of 3.22% per annum (the “Coupon Rate”) from __________, 2017 through Maturity, payable semi-annually on the first (1st) day of March and the first (1st) day of September in each year commencing March 1, 2018 (each such March 1 and September 1 hereinafter called an “Interest Payment Date”) until the principal thereof is paid or made available for payment.
If any Interest Payment Date falls on a day that is not a Business Day, the Interest Payment Date will be the next succeeding Business Day (and no interest or other payment shall be payable in respect of any such delay, provided that any payment of principal of or Make-Whole Amount on any 2017A Bond (including principal due upon Maturity) that is due on a date that is not a Business Day shall be due and payable on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable at such next succeeding Business Day).  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
The 2017A Bonds shall be payable as to principal, Make-Whole Amount, if any, and interest (including interest on overdue principal and on overdue installments of interest to the extent lawful) in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, and shall be payable as provided for in the Indenture.  
To the extent lawful, the Company shall pay interest on overdue principal and Make-Whole Amount, if any, at the Default Rate (instead of the Coupon Rate), from the day any such payment was due until the amount is paid or made available for payment and it shall pay interest on overdue installments of interest at the Default Rate (instead of the Coupon Rate) from the applicable Interest Payment Date until such interest is paid or made available for payment.
The interest so payable on any Interest Payment Date shall be paid to the Persons in whose names the 2017A Bonds are registered at the close of business on the regular record date for  such  Interest  Payment  Date,  which  shall  be  the  fifteenth  (15th)  day  of  the month next preceding such Interest Payment Date (hereinafter called a “Regular Record Date”); except that if the Company shall default in the payment of any interest due on such Interest Payment Date, the Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a date (herein called a “Special Record Date”) established to determine the Holders of record who will receive such Defaulted Interest (which shall be fixed in accordance with Section 3.07 of the Original Indenture), which Special Record Date shall not be more than fifteen (15) days or less than ten (10) days prior to the date proposed by the Company for payment of such Defaulted Interest.

9

Section 2.03    Optional Prepayments with Make‐Whole Amount.  The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the 2017A Bonds, in an amount not less than ten percent (10%) of the aggregate principal amount of the 2017A Bonds then outstanding in the case of a partial prepayment, at one-hundred percent (100%) of the principal amount so prepaid, together with accrued and unpaid interest thereon, and the Make‐Whole Amount determined for the prepayment date with respect to such principal amount.  The Company will give each Holder of 2017A Bonds written notice, with a copy to the Trustee, of each optional prepayment under this Section 2.03 not less than ten (10) days and not more than sixty (60) days prior to the date fixed for such prepayment unless the Company and the Holders of more than fifty percent (50%) of the principal amount of the 2017A Bonds then outstanding agree in writing to another time period.  Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the 2017A Bonds to be prepaid on such date, the principal amount of each 2017A Bond held by such Holder to be prepaid (determined in accordance with Section 2.03(a)), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make‐Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  Two (2) Business Days prior to such prepayment, the Company shall deliver to each Holder of Bonds a certificate of a Senior Financial Officer specifying the calculation of such Make‐Whole Amount as of the specified prepayment date.
(a)    Allocation of Partial Prepayments.  In the case of each partial prepayment of the 2017A Bonds pursuant to Section 2.03, the principal amount of the 2017A Bonds to be prepaid shall be allocated among all of the 2017A Bonds at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment, after giving effect to minimum authorized denominations of $100,000.
(b)    Maturity; Surrender, Etc.  In the case of each optional prepayment of 2017A Bonds pursuant to this Section 2.03, the principal amount of each 2017A Bond to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the applicable Make‐Whole Amount, if any.  From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make‐Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue.  Any 2017A Bond paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no 2017A Bond shall be issued in lieu of any prepaid principal amount of any 2017A Bond.
Section 2.04    Purchase of Bonds.  The Company will not and will not permit any Subsidiary of the Company to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding 2017A Bonds except (a) upon the payment or prepayment of the 2017A Bonds in accordance with this Eighth Supplemental Indenture and the 2017A Bonds or (b) pursuant to an offer to purchase made by the Company or a Subsidiary of the Company pro rata to the Holders of all 2017A Bonds at the time outstanding upon the same terms and conditions.  Any such offer shall provide each Holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least ten (10) Business Days.  If the Holders of more than fifty percent (50%) of the principal amount of the 2017A Bonds then outstanding accept such offer, the Company shall promptly notify the remaining Holders of

10

such fact and the expiration date for the acceptance by Holders of 2017A Bonds of such offer shall be extended by the number of days necessary to give each such remaining Holder at least five (5) Business Days from its receipt of such notice to accept such offer.  The Company will promptly cancel all 2017A Bonds acquired by it or any Subsidiary of the Company pursuant to any payment, prepayment or purchase of 2017A Bonds pursuant to this Eighth Supplemental Indenture and no 2017A Bonds may be issued in substitution or exchange for any such 2017A Bonds.
Section 2.05    Make‐Whole Amount.
“Make‐Whole Amount” means, with respect to any 2017A Bond, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such 2017A Bond over the amount of such Called Principal, provided that the Make‐Whole Amount may in no event be less than zero.  For the purposes of determining the Make‐Whole Amount, the following terms have the following meanings:
“Called Principal” means, with respect to any 2017A Bond, the principal of such 2017A Bond that is to be prepaid pursuant to Section 2.03 or Section 2.07 or is declared to be due and payable pursuant to Section 10.02 of the Original Indenture.
“Discounted Value” means, with respect to the Called Principal of any 2017A Bond, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the 2017A Bonds is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Reinvestment Yield” means, with respect to the Called Principal of any 2017A Bond, 0.50% over the yield to maturity implied by the yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on‐the‐run U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded on‐the‐run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the 2017A Bond.  
If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any 2017A Bond, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. 

11

Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable 2017A Bond.
“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360‐day year composed of twelve 30‐day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” means, with respect to the Called Principal of any 2017A Bond, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the 2017A Bonds, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 2.03 or Section 2.07 or is declared to be due and payable pursuant to Section 10.02 of the Original Indenture.
“Settlement Date” means, with respect to the Called Principal of any 2017A Bond, the date on which such Called Principal is to be prepaid pursuant to Section 2.03 or Section 2.07 or is declared to be due and payable pursuant to Section 10.02 of the Original Indenture.
Section 2.06    Change in Control. 
(a)    Notice of Change in Control.  The Company will, within thirty (30) Business Days after the occurrence of any Change in Control, give written notice (the “Change in Control Notice”) of such Change in Control to each Holder of 2017A Bonds, with a copy to the Trustee.  Such Change in Control Notice shall contain and constitute an offer to prepay the 2017A Bonds as described in Section 2.06(b) hereof and shall be accompanied by the certificate described in Section 2.06(e).  
(b)    Offer to Prepay Bonds.  The offer to prepay 2017A Bonds contemplated by Section  2.06(a) shall be an offer to prepay, in accordance with and subject to this Section  2.06, all, but not less than all, the 2017A Bonds held by each Holder (in this case only, “Holder” in respect of any 2017A Bond registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date (which shall be a Business Day) specified in such Change in Control Notice (the “Proposed Prepayment Date”).  Such date shall be not fewer than

12

thirty (30) days and not more than sixty (60) days after the date of delivery of the Change in Control Notice.
(c)    Acceptance; Rejection.  Any Holder of 2017A Bonds may accept or reject the offer to prepay made pursuant to this Section  2.06 by causing a notice of such acceptance or rejection to be delivered to the Company not fewer than then ten (10) days prior to the Proposed Prepayment Date.  A failure by a Holder of 2017A Bonds to respond to an offer to prepay made pursuant to this Section 2.06 shall be deemed to constitute a rejection of such offer by such Holder.
(d)    Prepayment.  Prepayment of the 2017A Bonds to be prepaid pursuant to this Section 2.06 shall be at one-hundred percent (100%) of the principal amount of the 2017A Bonds together with accrued and unpaid interest thereon but without any Make-Whole Amount or other premium.  The prepayment shall be made on the Proposed Prepayment Date.
(e)    Company Certificate.  Each Change in Control Notice delivered pursuant to Section 2.06(a) shall be accompanied by a certificate, executed by a Senior Financial Officer and dated the date of delivery of the Change in Control Notice, stating:  (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section  2.06; (iii) the principal amount of each 2017A Bond offered to be prepaid (which shall be one-hundred percent (100%) of the outstanding principal balance of each such 2017A Bond); (iv) the amount of accrued interest that would be due and payable on each 2017A Bond offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section  2.06 required to be fulfilled prior to the giving of notice have been fulfilled; and (vi) in reasonable detail, a general description of the events that resulted in, and date of occurrence of, the Change in Control.
Section 2.07    Bond Repurchase Event.
On the Bond Repurchase Date, the Company shall repurchase (the “Bond Repurchase Requirement”) the 2017A Bonds for a purchase price equal to the aggregate principal amount of the 2017A Bonds then Outstanding, all accrued and unpaid interest thereon, and the Make‐Whole Amount determined for the Bond Repurchase Date with respect to such principal amount (the “Bond Repurchase Amount”).  On the Bond Repurchase Date, the Company will deposit with the Trustee immediately available funds in an amount equal to the Bond Repurchase Amount and the Trustee shall pay such amount as soon as practicable after receipt thereof to the Holders  of  such  2017A  Bonds.   Payment  of  a Bond Repurchase Amount shall be deemed to satisfy and discharge in full the principal of, and Make-Whole Amount, and accrued and unpaid interest on, the 2017A Bonds.
The Company’s obligation to satisfy a Bond Repurchase Requirement shall be mandatory upon the occurrence of a Bond Repurchase Event.  
Any Bonds surrendered to the Trustee in connection with a Bond Repurchase Requirement shall promptly be cancelled in accordance with Section 3.09 of the Original Indenture.
For the purposes of this Section 2.07, the following terms will have the meanings set forth below: 
“Bond Repurchase Date” means the date of the occurrence of a Bond Repurchase Event while any of the 2017A Bonds are Outstanding.

13

A “Bond Repurchase Event” shall exist if any of the conditions or events described in any of paragraphs (1) through (7) below shall be continuing fifteen (15) days following the first to occur of (i) a Responsible Officer of the Company obtaining actual knowledge of such occurrence or (ii) the Company’s receipt of a written notice from any Holder of a 2017A Bond of such occurrence: 
(1)  Economic Sanctions, Etc.  The Company will not, and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the 2017A Bonds) with any Person if such investment, dealing or transaction (i) would cause any holder or any affiliate of such holder to be in violation of any law or regulation applicable to such holder, or (ii) is prohibited by any U.S. Economic Sanctions Laws.
(2)  Sale or Lease of Assets.  The Company sells, leases, transfers or otherwise disposes of, any of its assets (including, without limitation, all or substantially all of its assets, whether in one transaction or a series of related transactions) except (a) sales or other transfers of assets for fair value, if the aggregate value of all such transactions in any calendar year does not exceed twenty-five percent (25%) of the book value of Total Assets of the Company, as calculated as of the end of the most recent Fiscal Quarter, and (b) sales, leases, transfers or other dispositions, at less than fair value, of any other assets of the Company and its Subsidiaries, provided that the aggregate book value of such assets shall not exceed $25,000,000 in any calendar year. 
(3)  Debt Capitalization.  The ratio of (i) Consolidated Indebtedness of the Company to (ii) Consolidated Capitalization of the Company is greater than 0.65 to 1.0.
(4)  Financial and Business Information.  The Company fails to deliver to each Holder of 2017A Bonds that is an Institutional Investor the documents set forth below in paragraphs (a) Quarterly Statements, (b) Annual Statements, (c) SEC and other Reports (if any), (d) Notice of Event of Default or Bond Repurchase Event (if any), and (e) ERISA Matters (if any) by either (i) within the time periods set forth in such paragraphs (a), (b), (c), (d) and (e) (x) delivering paper copies,  to  the  address,  if  any,  specifically  designated  therefore  by  such  Holder,  by  telecopy, hand-delivery, or by overnight courier or (y) delivering electronic copies by email or (ii) with respect to the documents set forth in paragraphs (a), (b) and (c), giving written notice within fifteen (15) Business Days after the timely filing on EDGAR or posting on its home page or on its Parent’s home page on the internet or on Intralinks or on any similar website to which each Holder of the 2017A Bonds has free access, by the Company of a Form 10-K (or such annual financial statements satisfying the requirements of paragraph (b) below), Form 10-Q (or such quarterly financial statements satisfying the requirements of paragraph (a) below), Form 8-K or any proxy statement, as the case may be:
(a)    Quarterly Statements — within sixty (60) days (or such shorter period as is the earlier of (x) fifteen (15) days greater than the period applicable to the filing of the Company’s Quarterly Report on Form 10‐Q (the “Form 10‐Q”) with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period

14

 in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of
(i)    a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and
(ii)    consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 
setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year‐end adjustments, provided  that delivery within the time period specified above of copies of the Company’s Form 10‐Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this paragraph (a) - Quarterly Statements; 
(b)    Annual Statements — within one hundred twenty (120) days (or such shorter period as is the earlier of (x) fifteen (15) days greater than the period applicable to the filing of the Company’s Annual Report on Form 10‐K (the “Form 10‐K”) with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Company, duplicate copies of:
(i)    a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and
(ii)    consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Company’s Form 10‐K for such fiscal year (together with the Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a‐3 under the Securities Exchange Act of 1934) prepared in accordance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this paragraph (b)-Annual Statements;

15

(c)    SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice or proxy statement sent by the Company or any Subsidiary of the Company to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally, and (ii) each regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly requested by such Holder), and each final prospectus and all amendments thereto filed by the Company or any Subsidiary of the Company with the SEC; 
(d)    Notice of Event of Default or Bond Repurchase Event — promptly, and in any event within five (5) Business Days after a Responsible Officer of the Company becomes aware of the existence of any Event of Default or any Bond Repurchase Event, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto; and
(e)    ERISA Matters — promptly, and in any event within ten (10) Business Days after a Responsible Officer of the Company becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:
(i)    with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof if such event would reasonably be expected to result in a Material Adverse Effect; or
(ii)    the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or
(iii)    any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect.
(5)  Officer’s Certificate.  The Company fails to deliver to each Holder of 2017A Bonds that is an Institutional Investor, in the manner and at the time periods set forth above in paragraph 4(a)-Quarterly Statements and paragraph 4(b)-Annual Statements, a certificate of a Senior Financial Officer certifying that such Senior Financial Officer has reviewed the relevant terms of this Eighth Supplemental Indenture and of the Indenture and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being  furnished  to  the  date  of  the  certificate and that such review shall not have disclosed the 

16

existence during such period of any condition or event that constitutes an Event of Default or Bond Repurchase Event or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto.
(6)  Material Credit Facilities.  With respect to any Material Credit Facility (a) the Company or any Subsidiary of the Company defaults in the payment of any principal of or premium or make-whole amount or interest that is outstanding in an aggregate principal amount of at least $20,000,000 beyond any period of grace with respect thereto, or (b) the Company or any Subsidiary of the Company is in default in the performance of or compliance with any term of any Material Credit Facility in an aggregate outstanding principal amount of at least $20,000,000 or any other condition exists, and as a consequence of such default such Material Credit Facility has become, or has been declared (or one or more Persons are entitled to declare such Material Credit Facility to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (c) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder or lender of any Material Credit Facility to convert such indebtedness into equity interests), (i) the Company or any Subsidiary of the Company has become obligated to purchase or repay such indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $20,000,000, or (ii) one or more Persons have the right to require the Company or any Subsidiary of the Company so to purchase or repay such indebtedness.
(7)  Material Misrepresentation.  Any representation or warranty made in writing by or on behalf of the Company in this Eighth Supplemental Indenture or in any writing furnished to the Holders of the 2017A Bonds in connection with the 2017A Bonds proves to have been false or incorrect in any material respect on the date made.
Section 2.08    Intentionally Omitted.
Section 2.09    Payment on Bonds.
(a)    Place of Payment, etc.  Subject to Section 2.09(b), payments of principal, Make‐Whole Amount, if any, and interest due and payable on the 2017A Bonds shall be made in Los Angeles, California at the Corporate Trust Office of MUFG Union Bank, N.A.  Registration of transfer and exchange of the 2017A Bonds shall be effected, in accordance with Section 3.05 of the Indenture, in Los Angeles, California at the Corporate Trust Office of MUFG Union Bank, N.A.  Notice and demands to or upon the Company in respect of the 2017A Bonds and the Indenture, as supplemented and amended, may be served, in addition to the provisions of Section 1.08 of the Indenture, in Los Angeles, California at the Corporate Trust Office of MUFG Union Bank, N.A.  The Company may at any time, by notice to each Holder of a 2017A Bond, change the place of payment of the 2017A Bonds, place where registration or exchange may be effected and where such notices and demands shall be served so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal corporate trust office of a bank or trust company in such city.  MUFG Union Bank, N.A. will be the Paying Agent and Note Registrar for the 2017A Bonds.

17

(b)    Home Office Payment.  With respect to all Holders of the 2017A Bonds on the date hereof and any Institutional Investor that subsequently becomes a Holder of a 2017A Bond and complies with the provisions of this Section 2.09(b), all sums becoming due on the 2017A Bonds for principal, Make‐Whole Amount, if any, interest and all other amounts due hereunder to each Holder of a 2017A Bond shall be paid to each such Holder by the method and at the address of such Holder in the Security Register, without the presentation or surrender of such 2017A Bond or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any 2017A Bond, such Holder shall surrender such Bond for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 2.09(a).  Prior to any sale, transfer or other disposition of any 2017A Bond held on the date hereof by a Holder or its nominee, such Holder will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such 2017A Bond to the Company in exchange for a new 2017A Bond or 2017A Bonds pursuant to Section 3.05 of the Original Indenture. 
Section 2.10    Consent in Contemplation of Transfer.  Any consent given pursuant to Section 14.02 of the Original Indenture by a Holder of a 2017A Bond that has transferred or has agreed to transfer its 2017A Bond to the Company, any Subsidiary of the Company or any Affiliate of the Company in connection with such consent shall be void and of no force or effect except solely as to such Holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other Holders of 2017A Bonds that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such Holder.
Section 2.11    Restrictions on Transfer.  The 2017A Bonds and any related documents may be amended or supplemented from time to time by the Company without the consent of any Holder to modify the restrictions on and procedures for resales and other transfers of the 2017A Bonds to reflect any change in applicable law or regulation (or the interpretation thereof) or in practices relating to the resale or transfer of restricted securities generally. Holders of the 2017A  Bonds are deemed by the acceptance of such 2017A Bonds to have agreed to any such amendment or supplement.
The Company shall issue a 2017A Bond that does not bear the Restrictive Legend in replacement of a 2017A Bond bearing the Restrictive Legend at the request of any Holder following such request if (i) the Holder shall have obtained an opinion of counsel reasonably acceptable to the Company in form and substance reasonably satisfactory to the Company to the effect that the First Mortgage Bond may lawfully be disposed of without registration, qualification or legend pursuant to Rule 144, or (ii) the Holder sells or otherwise transfers the First Mortgage Bond pursuant to Rule 144 or an effective registration statement.
Section 2.12    Sinking Fund.  The 2017A Bonds are not subject to any sinking fund.
Section 2.13    Calculations, etc.  The Trustee may conclusively presume that no optional prepayment pursuant to Section 2.03, Change in Control or Bond Repurchase Event shall have occurred unless and until a Responsible Officer of the Trustee shall have received at the Corporate

18

Trust Office of the Trustee a certificate executed by a Senior Financial Officer specifying the following:
1.  in the case of an optional prepayment pursuant to Section 2.03, the name of each Holder to which such payments will be made, the amount of each such payment (including the applicable Make-Whole Amount and accrued interest), and the date of such payment and;
2.  in the case of a Change in Control, the name of each Holder that accepts the related offer to prepay, the amount of each such payment (including accrued interest), and the date of such payment; and 
3.  in the case of a Bond Repurchase Event, the name of each Holder to which the Bond Repurchase Amount has been paid, the amount of such Bond Repurchase Amount payment and the date of such payment.
The Trustee shall be under no duty to inquire into, may conclusively presume the correctness of, shall be fully protected in relying upon the Company’s calculation of any optional prepayment amount, Change in Control repurchase payment or Bond Repurchase Amount, including interest and,  if and to the extent applicable, any Make-Whole Amount, and shall have no responsibility for such calculation.
ARTICLE THREE 
ISSUANCE OF THE 2017A BONDS
Section 3.01    Authentication.  The 2017A Bonds in the aggregate principal amount of Sixty Million Dollars ($60,000,000) may forthwith be executed by the Company and delivered to the Trustee and shall be authenticated and delivered by the Trustee (either before or after the filing or recording hereof) pursuant to and in accordance with a Company Order delivered pursuant to, and upon compliance by the Company with the other applicable provisions and requirements of, Article IV of the Original Indenture.
ARTICLE FOUR 
MISCELLANEOUS PROVISIONS
Section 4.01    Utility and Transmitting Utility.  The Company is a utility as defined in Section 261.001(a) of the Texas Business and Commerce Code (the “TBCC”). The Company intends to subject the Original Indenture, as heretofore supplemented and amended and as supplemented by this Eighth Supplemental Indenture, to the requirements and benefits of Chapter 261 of the TBCC. The perfection of and notice provided by the Original Indenture, as heretofore supplemented and amended and as supplemented by this Eighth Supplemental Indenture, under Section 261.004 of the TBCC with respect to the interest in property granted as security thereunder shall be effective from its date of deposit for filing until and to the extent such interest in property is released by the filing of a termination statement or a release of such interest in property, in each case signed or authorized in writing by the Trustee, and no renewal, refiling or continuation statement shall be required to continue such effectiveness.  The Company is also a transmitting 

19

utility as defined in Section 9.102 of the TBCC.  The Original Indenture, as heretofore supplemented and amended and as supplemented by this Eighth Supplemental Indenture, shall remain effective as (a) a financing statement until a termination statement is filed, as provided in Section 9.515(f) of the TBCC, and (b) a financing statement filed as a fixture filing until the Original Indenture (as heretofore supplemented and amended and as supplemented by this Eighth Supplemental Indenture) is released in full or satisfied of record or its effectiveness otherwise terminates as to the real property covered thereby, as provided in Section 9.515(g) of the TBCC.
Section 4.02    Ratification.  The Indenture, as supplemented by this Eighth Supplemental Indenture, is in all respects ratified and confirmed, and this Eighth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
Section 4.03    Trustee.  The Trustee hereby accepts the trust hereby declared and provided, and agrees to perform the same upon the terms and conditions set forth in the Indenture, as supplemented by this Eighth Supplemental Indenture.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Eighth Supplemental Indenture or of the 2017A Bonds or the due execution hereof or thereof by the Company or for or in respect of the recitals contained herein or therein (except the Trustee’s certificate of authentication) or the statements contained in Section 4.01, all of which recitals and statements are made by the Company solely.
Section 4.04    Governing Law.  This Eighth Supplemental Indenture and the 2017A Bonds shall be governed by and construed in accordance with the law of the State of New York (including without limitation Section 5-1401 of the New York General Obligations Law or any successor to such statute), except to the extent that the Trust Indenture Act would be applicable were this Eighth Supplemental Indenture qualified under the Trust Indenture Act and except to the extent that the law of any other jurisdiction shall mandatorily govern the creation, perfection, priority or enforcement of the Lien of the Indenture, as supplemented by this Eighth Supplemental Indenture or the exercise of remedies with respect to the Mortgaged Property.
Section 4.05    Counterparts.  The Eighth Supplemental Indenture referred to herein is an indenture supplemental to the Indenture. This Eighth Supplemental Indenture may be simultaneously executed in any number of counterparts, each of which when so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same instrument.

20

IN WITNESS WHEREOF, said TEXAS-NEW MEXICO POWER COMPANY has caused this Eighth Supplemental Indenture to be executed on its behalf and said MUFG UNION BANK, N.A., as Trustee as aforesaid, in evidence of its acceptance of the trust hereby created, has caused this Eighth Supplemental Indenture to be executed on its behalf, to be effective as of the date first written above.

	
			
	 
	TEXAS-NEW MEXICO POWER COMPANY 
 

	 
	By:
	 

	 
	 
	Name: Elisabeth Eden

	 
	 
	Title:   Vice President and Treasurer

ACKNOWLEDGMENT

STATE OF NEW MEXICO        )
COUNTY OF BERNALILLO    )

This instrument was acknowledged before me on this ____ day of _______, 2017, by Elisabeth Eden, Vice President and Treasurer of TEXAS-NEW MEXICO POWER COMPANY, a Texas corporation, on behalf of said corporation.

____________________________________ 
Notary Public in and for the State of New Mexico

S-1

[Signature Page to Eighth Supplemental Indenture to 
First Mortgage Indenture of Texas-New Mexico Power Company] 

	
			
	 
	MUFG UNION BANK, N.A., as Trustee 
 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

	
	
	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA    )
COUNTY OF LOS ANGELES    )
On _______ __, 2017 before me, _________________, Notary Public, personally appeared ____________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
	
		
	Signature:  ______________________________________ 

	(seal)

S-2

[Signature Page to Eighth Supplemental Indenture to 
First Mortgage Indenture of Texas-New Mexico Power Company] 

Exhibit A
[FORM OF 3.22% FIRST MORTGAGE BOND, DUE 2027, SERIES 2017A]

THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OF THE UNITED STATES OF AMERICA AND MAY NOT BE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT, EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.

TEXAS-NEW MEXICO POWER COMPANY

(Incorporated under the laws of the State of Texas)

3.22% First Mortgage Bond, due 2027, Series 2017A

No.                                         [Date]
$[________]                                    PPN: _________          

TEXAS-NEW MEXICO POWER COMPANY, a corporation organized and existing under the laws of the State of Texas (hereinafter called the “Company”, which term shall include any Successor Corporation under the Indenture), for value received, hereby promises to pay to _____________________, or registered assigns, on __________, 2027, the principal sum of [___________ dollars ($________)] (or so much thereof as shall not have been prepaid), in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, and to pay interest on said principal sum in like coin or currency from the date hereof, or from the most recent March 1 or September 1 to which interest has been paid or duly provided for, at the rate of three and twenty-two one-hundredths percent (3.22%) per annum (the “Coupon Rate”), payable semi-annually, on the first (1st) day of March and first (1st) day of  September  in  each  year,  commencing  March  1, 2018  (each  an  “Interest Payment Date”), until Maturity.  To the extent permitted by law, the Company shall pay interest on any overdue principal or Make-Whole Amount, if any, at the Default Rate (instead of the Coupon Rate), from the day such principal or Make-Whole Amount was due until paid or made available for payment and it shall pay interest on any overdue installments of interest at the Default Rate (instead of the Coupon Rate), from the applicable Interest Payment Date until such interest is paid or made 

SCHEDULE C
(to Bond Purchase Agreement)

available for payment.  For purposes of the Eighth Supplemental Indenture and this Security, the term “interest” shall be deemed to include interest provided for in the first and second immediately preceding sentences.  If any Interest Payment Date falls on a day that is not a Business Day then payment of interest payable on such date will be made on the next succeeding Business Day (and no interest or other payment shall be payable in respect of any such delay, provided that any payment of principal of or Make-Whole Amount on this Security (including principal due upon Maturity) that is due on a date that is not a Business Day shall be due and payable on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable at such next succeeding Business Day).  Interest will be computed on the basis of a 360 day year consisting of twelve (12) thirty (30)-day months. 
The interest so payable on any Interest Payment Date will, subject to certain exceptions provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such Interest Payment Date, which shall be the fifteenth (15th) day of the month next preceding such Interest Payment Date; except that if the Company shall default in the payment of any interest due on such Interest Payment Date, such defaulted interest shall be paid to the Holder of this Security as of the close of business on a date selected by the Trustee (in accordance with Section 3.07 of the Indenture) (a “Special Record Date”), which Special Record Date shall not be more than fifteen (15) days or less than ten (10) days prior to the date proposed by the Company for payment of such defaulted interest.
Principal of, and Make-Whole Amount (if any) and interest on this Security are payable at the Corporate Trust Office of the Trustee, in Los Angeles, California, as Paying Agent for the Company; provided however, that the Company may at any time, by notice to the Holder of this Security, change the place of payment so long as the place of payment shall be either the principal office of the Company in such city or the principal Corporate Trust Office of a bank or trust company in such city and further provided that if the Holder of this Security shall have specified by written notice to the Company an address and reasonable method for such payment pursuant to and in compliance with Section 2.09(b) of the Eighth Supplemental Indenture, the Company shall make such payment at the address and by the reasonable method set forth in such written notice.
This Security is subject to (1) prepayment at the option of the Company in whole at any time, or in part from time to time, (2) prepayment in whole at the option of the Holder hereof in connection with a Change in Control and (3) mandatory repurchase in whole upon the occurrence of a Bond Repurchase Event, in each case at the times, in the amounts and upon the terms specified in Sections 2.03, 2.06 and 2.07, respectively, of the Eighth Supplemental Indenture.  This Security is not otherwise subject to optional redemption.

C-4

The provisions of this Security are continued on the reverse hereof, and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.
This Security shall not be entitled to any benefit under the Indenture or any indenture supplemental thereto, or be valid or obligatory for any purpose, unless MUFG Union Bank N.A., the Trustee under the Indenture, or a successor trustee thereto under the Indenture, shall have manually signed the certificate of authentication endorsed hereon.

C-5

IN WITNESS WHEREOF, TEXAS-NEW MEXICO POWER COMPANY has caused the signature of its duly authorized officer to be hereto affixed.

Dated: ____________
	
			
	

	By:
	TEXAS-NEW MEXICO POWER COMPANY

	 
	 
	Name:

	 
	 
	Title:

CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture, as supplemented and amended, including as supplemented by the Eighth Supplemental Indenture.

	
			
	

	By:
	MUFG UNION BANK, N.A., as Trustee

	 
	 
	Authorized Officer

C-6

[FORM OF REVERSE OF 
3.22% FIRST MORTGAGE BOND, DUE 2027, SERIES 2017A]

This Security is one of a duly authorized issue of Securities of the Company (herein called the “First Mortgage Bonds”), unlimited in aggregate principal amount, of the series hereinafter specified, all issued and to be issued under and equally secured by an indenture, dated as of March 23, 2009, executed by the Company to MUFG Union Bank, N.A. (formerly known as Union Bank, N.A.) (successor to The Bank of New York Mellon Trust Company, N.A.) (herein called the “Trustee”) (said indenture being herein called the “Indenture”), to which Indenture and all indentures supplemental thereto (including the Eighth Supplemental Indenture hereinafter referred to) reference is hereby made for a description of the properties mortgaged and pledged, the nature and extent of the security, the rights of the registered owners of the First Mortgage Bonds and of the Trustee in respect thereto, and the terms and conditions upon which the First Mortgage Bonds are, and are to be, secured, and for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the First Mortgage Bonds and of the terms upon which the First Mortgage Bonds are, and are to be, authenticated and delivered. To the extent permitted by, and as provided in, the Indenture, modifications or alterations of the Indenture, or of any indenture supplemental thereto, and of the rights and obligations of the Company and of the Holders of the First Mortgage Bonds may be made, in certain cases without the consent of the Holders of the First Mortgage Bonds, as set forth in Section 14.01 of the Indenture, and otherwise with the consent of the Company by an affirmative vote of not less than a majority in amount of the First Mortgage Bonds entitled to vote then outstanding, at a meeting of Holders of the First Mortgage Bonds called and held as provided in the Indenture, or by an affirmative vote of not less than a majority in amount of the First Mortgage Bonds of any series entitled to vote then outstanding and affected by such modifications or alterations, in case one or more but less than all of the series of First Mortgage Bonds then outstanding under the Indenture are so affected; provided, however, that no such modifications or alterations shall be made which will affect the terms of payment of the principal of, or interest on, this Security, which are unconditional. The First Mortgage Bonds may be issued in series, for various principal sums, may mature at different times, may bear interest at different rates and may otherwise vary as provided in the Indenture. This Security is one of a series designated as “3.22% First Mortgage Bonds, due 2027, Series 2017A” of the Company, issued under and secured by the Indenture and all indentures supplemental thereto and described in an indenture supplemental thereto (herein called the “Eighth Supplemental Indenture”), dated as of __________, 2017, executed by the Company to the Trustee.
The Company, at its option, may redeem all, or from time to time, any part of the First Mortgage Bonds of this series on not less than ten (10) days’ nor more than sixty (60) days’ notice by first-class mail, postage prepaid as provided in the Indenture at a Redemption Price equal to the sum of the principal amount so prepaid plus the Make-Whole Amount as defined in the Eighth Supplemental Indenture and upon the other terms and conditions therein and in the Indenture provided. 
The Trustee shall be under no duty to inquire into, may conclusively presume the correctness of, shall be fully protected in relying upon the Company’s calculation of any optional prepayment  amount,  Change  in  Control  repurchase  payment  or  Bond  Repurchase  Amount, 

C-7

including interest and,  if and to the extent applicable, any Make-Whole Amount, and shall have no responsibility for such calculation.
In the event of prepayment of the First Mortgage Bonds of this series in part only, a new Security of First Mortgage Bonds of this series and of like tenor for the non-prepaid portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of the First Mortgage Bonds of this series.
In case an Event of Default shall occur, the principal of all the First Mortgage Bonds at any such time Outstanding under the Indenture may be declared or may become due and payable, upon the conditions and in the manner and with the effect provided in the Indenture. The Indenture provides that such declaration may in certain events be waived by the Holders of a majority in principal amount of the First Mortgage Bonds outstanding. In the event of any declaration of acceleration of the maturity of the First Mortgage Bonds, the amount due and payable on this Security (and for all outstanding First Mortgage Bonds of this series) shall consist of the unpaid principal and accrued and unpaid interest thereon plus the Make-Whole Amount (as defined in Section 2.05 of the Eighth Supplemental Indenture), which Make-Whole Amount shall be determined as of the date of such declaration. 
No recourse shall be had for the payment of the principal of, or Make-Whole Amount, if any, or the interest on, this Security, or for any claim based hereon or on the Indenture or any indenture supplemental thereto, against any incorporator, or against any stockholder, director or officer, past, present or future, of the Company, as such, or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether for amounts unpaid on stock subscriptions or by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability, whether at common law, in equity, by any constitution, statute or otherwise, of incorporators, stockholders, directors or officers being released by every owner hereof by the acceptance of this First Mortgage Bond and as part of the consideration for the issue hereof, and being likewise released by the terms of the Indenture.
This Security is transferable by the registered owner hereof, in person or by duly authorized attorney, on the books of the Company to be kept for that purpose as provided for in the Indenture upon surrender and cancellation of this Security and on presentation of a duly executed written instrument of transfer, and thereupon a new Security of the same series of First Mortgage Bonds, of the same aggregate principal amount and in authorized denominations will be issued to the transferee or transferees in exchange therefor; and this Security, with or without others of like series, may in like manner be exchanged for one or more new First Mortgage Bonds of the same series of other authorized denominations but of the same aggregate principal amount; all upon payment of the charges and subject to the terms and conditions set forth in the Indenture.
This Security shall be subject to certain restrictions on transfer as set forth in the Indenture and the Eighth Supplemental Indenture.

C-8

This Security shall be governed by, and construed in accordance with, the laws of the State of New York) (including without limitation Section 5-1401 of the New York General Obligations Law or any successor to such statute), except to the extent that the Trust Indenture Act would be applicable were the Eighth Supplemental Indenture qualified under the Trust Indenture Act and except to the extent that the law of any other jurisdiction shall mandatorily govern the creation, perfection, priority or enforcement of the Lien of the Indenture, as supplemented and amended by all indentures supplemental thereto (including the Eighth Supplemental Indenture), or the exercise of remedies with respect to the Mortgaged Property.
All capitalized terms used but not defined in this Security shall have the meanings assigned to them in the Indenture or the Eighth Supplemental Indenture, as applicable.

C-9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]