Document:

EX-10.46

 Exhibit 10.46 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY
CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
 MASTER INCENTIVE AGREEMENT 

CUSTOM 
 This Master
Incentive Agreement (“Agreement”) is executed on the date set forth beneath each party’s signature, to be effective for all purposes as of April 1, 2016 (“Effective
Date”) by and between VALERO MARKETING AND SUPPLY COMPANY (“VMSC”) and GPM PETROLEUM, LLC (“Distributor”). 

RECITALS 
 A.
Distributor and VMSC are parties to a Branded Distributor Marketing Agreement (Multi-Brand), dated January 1, 2012 (as amended, or any replacement upon expiration, the “Distributor
Agreement”), under which VMSC sells branded motor fuels to Distributor for resale at “Stations” (as defined in the Distributor Agreement). Capitalized terms used in this Agreement that are not specifically
defined herein have the meanings given to them in the Distributor Agreement. 
 B. VMSC has offered to pay Distributor certain incentive
amounts as consideration for Distributor’s commitment to purchase certain volumes of branded gasoline (under one or more of VMSC’s brands) from VMSC to be sold to the public at the Covered Stations (as defined below), on the terms and
conditions set forth in this Agreement. 
 Therefore, in consideration of the terms, conditions, and covenants set forth in this Agreement,
VMSC and Distributor agree as follows: 
 1. Term. The term of this Agreement (the “Term”) shall commence on
the Effective Date and shall expire on March 31, 2026 (the “Expiration Date”), unless earlier terminated in accordance with the terms of this Agreement. 

2. Certain Definitions. As used in this Agreement, the following capitalized terms have the following meanings: 

“Covered Station” means each Station that is listed on Exhibit A to the Distributor Agreement from time to time.
Notwithstanding anything to the contrary contained herein, unless expressly agreed in writing by VMSC at its sole discretion in no event will any Station that is added to Exhibit
A of the Distributor Agreement after the Effective Date of this Agreement be considered to be Covered Stations where any one or more of the following apply: (a) the Station was physically branded with one of the VMSC
brands immediately prior to the Station Addition Date; and/or (b) regardless of whether or not physically branded immediately prior to the Station Addition Date, the Station is/was subject to a valid agreement under which either Distributor or
a third party had an obligation to purchase branded gasoline from VMSC not expiring prior to or on the Station Addition Date; and/or (c) the Station is/was “assigned” to Distributor from any other branded distributor’s contract,
regardless whether Distributor has agreed to assume any unamortized amounts on any agreements with VMSC related thereto. 

“Covered Station Monthly Contract Volume” means, for a given calendar month during the Term, the total number of
gallons of gasoline set forth on Exhibit A of the Distributor Agreement, to be purchased by Distributor from VMSC for the relevant month for all Covered Stations. 

“Minimum Monthly Purchase Threshold” means [***]. 

“Monthly Incentive” is defined in Section 3. 

  

			
	 Master Incentive Agreement – CUSTOM

GPM PETROLEUM, LLC
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 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 “Monthly Incentive Reimbursement Amount” is equal to the total of all
Monthly Incentives actually paid by VMSC under this Agreement through the date of termination of this Agreement, multiplied by, a fraction, the numerator of which is the total number of calendar months and portions thereof remaining in
the Term as of the date of termination of this Agreement, and the denominator of which 120. 
 “Monthly
Purchases” means, when referring to a particular calendar month during the Term, the total number of gallons of gasoline purchased during that calendar month by Distributor from VMSC pursuant to the Distributor Agreement that are
delivered only to Covered Stations. 
 “Station Addition Date” means the date on which a Station is added as a
Station supplied under the Distributor Agreement. 
 3. Incentive Payments. For each calendar month during the Term that both:
(1) the Monthly Purchases for that month are not less than [***] of the Covered Station Monthly Contract Volume for that month; and (2) Distributor is not otherwise in default of any of its obligations under the Distributor
Agreement, this Agreement, or any other agreement between Distributor and VMSC, Distributor shall earn an incentive (the “Monthly Incentive”), in an amount in dollars equal to the Monthly Purchases multiplied by
[***]. Monthly Incentives will be calculated on a [***] basis and paid to Distributor on a [***] basis within [***] after the end of each [***] during the Term. Notwithstanding anything to the contrary contained
herein, in no event shall VMSC be required to pay any Monthly Incentives on any Monthly Purchases in excess of [***] of the Covered Station Monthly Contract Volume. 

4. Minimum Monthly Purchases. Distributor represents and warrants to VMSC that, during each and every calendar month during the Term,
Monthly Purchases will be equal to or greater than the Minimum Monthly Purchase Threshold. 
 5. Termination. 

a. This Agreement shall terminate automatically upon the Expiration Date. 

b. This Agreement shall otherwise terminate automatically prior to the expiration of the Term upon: (i) the nonrenewal of (or failure to
enter into a replacement for) the Distributor Agreement; or (ii) the termination of the entirety of the Distributor Agreement. 
 c.
This Agreement may be terminated by VMSC prior to the expiration of the Term if: (i) Distributor makes any false or misleading statement which induces VMSC to enter into this Agreement or continue under this Agreement (specifically including
any representations and/or warranties contained in 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) Distributor’s
Monthly Purchases are less than the Minimum Monthly Purchase Threshold for more than 3 consecutive months during the Term; and/or (iii) Distributor materially breaches any agreement between Distributor and VMSC, or materially defaults in any of
its obligations under this Agreement, the Distributor Agreement, or any other agreement between Distributor and VMSC. Termination of this Agreement by VMSC shall be without prejudice to any rights, claims, causes of action or remedies which VMSC may
otherwise have against Distributor. 
 d. If this Agreement terminates for any reason prior to the expiration of the Term, VMSC has no
further obligation under this Agreement, and Distributor shall pay to VMSC the Monthly Incentive Reimbursement Amount in immediately available funds within 3 business days after the termination. 

  

			
	 Master Incentive Agreement – CUSTOM
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	 GPM PETROLEUM, LLC
	  	

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 6. Transfer of Agreement. This Agreement may only be transferred by Distributor in
conjunction with a permitted transfer of the Distributor Agreement in its entirety. This Agreement is fully assignable by VMSC, provided that any such assignee fully assumes the obligations of VMSC under this Agreement. 

7. Withdrawal or Amendment of Program. VMSC reserves the right to withdraw or to amend any program in its entirety or in any market as
determined by VMSC. However, this Agreement will remain in effect notwithstanding any such withdrawal or amendment. 
 8.
Miscellaneous. 
 a. Attorney’s Fees. In the event of any lawsuit between VMSC and Distributor arising out of or relating
to this Agreement (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. 

b. Choice of Law. This Agreement shall be governed by the laws of the state applicable to the Distributor Agreement. 

c. Notices. Any notice, request or other communication required or permitted by or pertaining to this Agreement shall be in writing and
given in accordance with the terms of and to the addresses specified in the Distributor Agreement. 
 d. No Third Party Beneficiaries.
This Agreement is not intended to benefit any third parties. 
 e. Entire Agreement. This Agreement constitutes the entire agreement
and understanding between Distributor and VMSC with respect to the matters covered thereby. 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, and can only be reformed, altered, or
modified by a writing signed by Distributor and an officer of VMSC. 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 expressed herein. 
 IN WITNESS WHEREOF, the parties hereto have duly executed, sealed, and delivered this Agreement to
be effective as of the Effective Date. 
  

									
	DISTRIBUTOR:	  	                	  	VMSC:
			
	GPM PETROLEUM, LLC	  		  	VALERO MARKETING AND SUPPLY COMPANY
					
	By:	  	 /s/ Arie Kotler and /s/Chris Giacobone
	  		  	By:	  	 /s/ Gary K. Simmons

	Name:	  	Arie Kotler and Chris Giacobone	  		  		  	Gary K. Simmons, Senior Vice President
	Title:	  	CEO and COO	  		  		  	Date: July 20, 2016
		  	Date: July 20, 2016	  		  		  	

  

			
	 Master Incentive Agreement – CUSTOM
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	 GPM PETROLEUM, LLCEX-10.47

 Exhibit 10.47 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY
CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
 FIRST AMENDMENT TO MASTER INCENTIVE AGREEMENT 

This First Amendment to Master Incentive Agreement - Custom (“Amendment”), is dated effective as of
July 1, 2019 (the “Effective Date”), by and between VALERO MARKETING AND SUPPLY COMPANY, a Delaware corporation (“VMSC”), and GPM PETROLEUM, LLC
(“Marketer”). 
 RECITALS 

A. VMSC and Marketer, entered into a Master Incentive Agreement - Custom, dated effective as of April 1, 2016 (as amended hereby,
the “Agreement”). All capitalized terms used in this Amendment that are not specifically defined herein, have the meanings given to them in the Agreement. 

B. Distributor and VMSC now desire to amend the Agreement from and after the Effective Date, on the terms and conditions set forth herein. 

NOW THEREFORE, in consideration of the terms, conditions, and covenants set forth in this Agreement, VMSC and Marketer agree as follows: 

1. Recitals. The foregoing recitals are true and correct and are incorporated herein. 

2. Amendments. From and after the Effective Date, the Agreement is amended as follows: 

a. Section 1 is entirely replaced with the following: 

 

1. Term. The term of this Agreement (the “Term”) shall commence on the
Effective Date and shall expire on June 30, 2029 (the “Expiration Date”), unless earlier terminated in accordance with the terms of this Agreement. 

b. The following definitions are added to Section 2: 

 

“[***] Stations” means, with respect to a particular calendar month during the Term,
all Covered Stations for which the [***] for [***] are [***]. 
 “[***] Station Monthly Purchases”
means, with respect to a particular calendar month during the Term, the total number of gallons of gasoline purchased during that calendar month by Distributor from VMSC pursuant to the Distributor Agreement [***] for and [***] Stations. 

“[***] Stations” means, with respect to a particular calendar month during the Term, all Covered
Stations for which the Monthly Purchases for that month are [***]. 
 “[***] Station Monthly
Purchases” means, with respect to a particular calendar month during the Term, the total number of gallons of gasoline purchased during that calendar month by Distributor from VMSC pursuant to the Distributor Agreement [***] for and
[***] Stations. 

 c. Section 3 is entirely replaced with the following: 

 

3. Incentive Payments. For each calendar month during the Term from and after July 1, 2019 that both:
(1) the Monthly Purchases for that month are not less than [***] of the Covered Station Monthly Contract Volume for that month; and (2) Distributor is not otherwise in default of any of its obligations under the Distributor
Agreement, this Agreement, or any other agreement between Distributor and VMSC, Distributor shall earn an incentive (the “Monthly Incentive”), in an amount in dollars equal to: (a) the [***] Station Monthly Purchases
multiplied by $[***]; plus (b) the [***] Station Monthly Purchases, multiplied by $[***]. Monthly Incentives will be calculated on a [***] basis and paid to Distributor on a [***] basis within
[***] after the end of each [***] during the Term. Notwithstanding anything to the contrary contained herein, in no event shall VMSC be required to pay any Monthly Incentives on any Monthly Purchases in excess of [***] of the Covered Station
Monthly Contract Volume. 

  

			
	 First Amendment to Master Incentive Agreement - CUSTOM

GPM PETROLEUM, LLC - 138690
	  	Page 1

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

 d. A new Section 9 is added as follows: 

 

9. RFS Program Changes. The incentive rates set in this Agreement are based on an expectation that VMSC
refining affiliates will, during the entire Term, continue to be obligated parties under the Environmental Protection Agency’s Renewable Fuel Standard Program (the “Program”), to ensure compliance by obtaining adequate
RINs to meet their Renewable Volume Obligation, which is based on the volume of gasoline/diesel fuel those refining affiliates produce. If, after the Effective Date the Program is modified (the effective date of modification is the
“Program Change Date”), such that the Renewable Volume Obligation is no longer based on the volume of gasoline/diesel produced by refiners, and is instead based on the amount of gasoline/diesel fuel distributed at truck rack
terminals, then VMSC shall have the right, by written notice (the “[***] Notice”) to Distributor, to [***], at any time during the Term beginning no earlier than 180 days after the Program Change Date, to a [***] based on the
change to the branded wholesale gasoline market conditions caused by the change to the Program, provided however, that VMSC shall have no right to either: (a) [***] to a [***] that is [***], or (b) [***] the [***] by [***] made to
[***] at any of the [***] at which [***] under the Distributor Agreement as of the proposed effective date of the [***]. VMSC shall state in the [***] Notice, the new [***] for [***] Monthly Purchases, [***] Monthly Purchases and the effective date
of the [***], which may be no earlier than the first day of the calendar quarter (Jan 1, April 1, July 1 or Oct 1) following the date on which the [***] Notice is given. Distributor shall have the right to a third party blind audit (at
Distributor’s expense) to ensure VMSC’s compliance if VMSC sends Distributor an [***] Notice; provided however, that if such audit determines that VMSC is not in compliance with this provision, then in addition to the [***]
being [***] to the extent necessary to achieve compliance with this provision, VMSC shall reimburse Distributor for its reasonable expenses in connection with the audit. Notwithstanding anything to the contrary contained herein, Distributor [***] by
sending written notice to VMSC thereof (a “Program Change [***]”), not more than 180 days after it receives an [***] Notice, and if Distributor [***] pursuant to this Section 9, then, and only then,
will the Monthly Incentive Reimbursement Amount be [***]. 

 3. Miscellaneous. 

a. Except as amended hereby, the Agreement remains full force and effect and is hereby ratified and confirmed by the parties. 

b. This Amendment shall be binding on and inure to the benefit of the parties and their permitted successors and assigns. 

c. In the event of a conflict or discrepancy between the terms of this Amendment and the Agreement, this Amendment shall control. 

IN WITNESS WHEREOF, the parties hereto have duly executed, sealed, and delivered this Amendment as of the Effective Date. 

  

			
	 First Amendment to Master Incentive Agreement -
CUSTOM
	  	Page 2
	 GPM PETROLEUM, LLC - 138690
	  	

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN
OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 
  

									
	MARKETER:	 		  	VMSC:
			
	GPM PETROLEUM, LLC	 	                	  	VALERO MARKETING AND SUPPLY COMPANY
					
	By:	 	 /s/ Arie Kotler    
	 		  	By:	  	 /s/ Gary K. Simmons

		 	Arie Kotler, CEO	 		  		  	Gary K. Simmons, Senior Vice President
					
	By:	 	 /s/ Chris Giacobone
	 		  		  	
		 	Chris Giacobone, COO	 		  		  	

  

			
	 First Amendment to Master Incentive
Agreement - CUSTOM
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	 GPM PETROLEUM, LLC - 138690

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