Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of September 25, 2013, is entered into among Par
Petroleum Corporation, a Delaware corporation (the “Company”), and each of the other parties executing a counterpart signature page hereof whether on or after the date hereof. 

W I T N E S S E T H 

WHEREAS, the Company and certain stockholders of the Company (the “Investors”) are parties to that certain Common Stock
Purchase Agreement (the “Common Stock Purchase Agreement”), with respect to the purchase by the Investors of an aggregate of 143,884,892 shares of common stock, par value $0.01 per share (the “Common Stock”), of the
Company for an aggregate purchase price of $200,000,000 in a private placement under Regulation D of the Securities Act (the “Offering”); and 

WHEREAS, the Company has agreed to provide such Investors who execute this Agreement with the registration rights specified in this Agreement
with respect to any shares of Common Stock purchased by each such Investor in the Offering, on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises, and the mutual covenants and agreements set forth below, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE 1 
 DEFINITIONS

 Section 1.1 Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the
meanings set forth below: 
 “Additional Registration Statement” has the meaning set forth in Section 2.1(d). 

“Adverse Effect” means an adverse effect on the price, timing or distribution of the Registrable Shares pursuant to any
Registration Statement, based on market conditions or otherwise. 
 “Advice” has the meaning set forth in
Section 2.6. 
 “Affiliate” means, with respect to any Person, any other Person which directly or indirectly
through one or more intermediaries Controls, is controlled by, or is under common Control with, such Person. 
 “Agreement”
has the meaning set forth in the Preamble. 
 “Allocated Purchase Price” means, with respect to each Holder, the amount
paid by such Holder for the Common Stock purchased by such Holder under the Common Stock Purchase Agreement. 
 “Board”
means the board of directors of the Company. 
 “Business Day” means a day other than a Saturday, Sunday or other day on
which commercial banks in Houston, Texas or New York City, New York are authorized or required by law to close. 

 “Closing Date” means the date that the Offering closes pursuant to the Common
Stock Purchase Agreement. 
 “Commitment Letter” means that certain commitment letter dated June 14, 2013 entered into
by the Company and the Purchasers whereby each of the Purchasers offered the Company its binding commitment and agreement to purchase in the aggregate $200,000,000 of shares of the Common Stock at a price of $1.39 per share, for the purposes and
upon and subject to the terms and conditions set forth therein. 
 “Common Stock” has the meaning set forth in the
Recitals. 
 “Common Stock Purchase Agreement” has the meaning set forth in the Recitals. 

“Company” has the meaning set forth in the Preamble and will include any successors pursuant to Section 2.12.

 “Company Covered Persons” has the meaning set forth in Section 2.8(b). 

“Control” (including the terms “controlling”, “controlled by” or “under common control with”)
means the possession, direct or indirect, 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. 

“Cut Back Shares” has the meaning set forth in Section 2.1(d). 

“Demand Request” has the meaning set forth in Section 2.2(a). 

“Demanding Stockholder” has the meaning set forth in Section 2.2(a). 

“Disclosure Package” means, with respect to any offering of securities, (i) the preliminary prospectus and
(ii) each Issuer Free Writing Prospectus. 
 “Effectiveness Deadline” means, (i) with respect to the Initial
Registration Statement, as promptly as practicable after filing thereof, but in no event later than (x) 180 days after the Closing Date, or (y) if earlier, 5 Business Days after the date on which the SEC informs the Company (I) that
the SEC will not review the Initial Registration Statement or (II) that the Company may request the acceleration of the effectiveness of the Initial Registration Statement and the Company makes such request; (ii) with respect to any Additional
Registration Statement, as promptly as practicable after the filing thereof, but in no event later than one year after the Closing Date and (iii) with respect to any Registration Statement in connection with an Underwritten Registration, as
promptly as practicable after the filing thereof; provided, that if in any case the Effectiveness Deadline falls on a Saturday, Sunday or any other day which shall be a legal holiday or a day on which the SEC is authorized or required by law or
other government actions to close, the Effectiveness Deadline shall be the following Business Day. 
 “Effectiveness
Period” means, (i) with respect to the Initial Registration Statement and any Additional Registration Statements, the period from the date of first effectiveness until the earlier to occur of the following: (a) the Holders have
sold all of the Registrable Shares, (b) all of the Registrable Shares may be sold by the Holders without volume restrictions pursuant to Rule 144 or (c) the third anniversary of the effective date of such Registration Statement;
(ii) with respect to an Underwritten Registration that is not a Shelf Registration, a period of not less than one hundred and eighty (180) days (or such lesser period as is necessary for the underwriters in an underwritten offering to sell
unsold allotments) from the date of first effectiveness; and (iii) with respect to a Shelf Registration, from the date of first effectiveness 

  
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until the earlier of (x) the third anniversary of the effective date of such Registration Statement and (y) the date on which all the Registrable Shares subject thereto have been sold
pursuant to such Registration Statement. 
 “Event” has the meaning set forth in Section 2.1(b). 

“Event Date” has the meaning set forth in Section 2.1(b). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the SEC
thereunder. 
 “Excluded Registration” means a registration under the Securities Act of (i) securities on Form S-8 or
any similar successor form or (ii) securities to effect the acquisition of, or combination with, another Person registered on Form S-4 or any similar successor form. 

“Filing Deadline” means (i) with respect to the Initial Registration Statement, the 60th day following the Closing Date
and (ii) with respect to any Additional Registration Statement, the 30th day after the date that the Company is allowed to file such Additional Registration Statement by the SEC; provided, that if in any case the Filing Deadline falls on a
Saturday, Sunday or any other day which shall be a legal holiday or a day on which the SEC is authorized or required by law or other government actions to close, the Filing Deadline shall be the following Business Day. 

“Governmental Authority” means any international, supranational or national government, any state, provincial, local or other
political subdivision thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government; any court, tribunal or arbitrator; any self-regulatory organization; or
any securities exchange or quotation system. 
 “Holder” means (i) each Person executing a counterpart signature
hereto and (ii) any other Person who shall have become a party to this Agreement in accordance with Section 2.9. 

“Holder Covered Persons” has the meaning set forth in Section 2.8(a). 

“Initial Registration Statement” has the meaning set forth in Section 2.1(a). 

“Inspectors” has the meaning set forth in Section 2.5(j). 

“Investors” has the meaning set forth in the Recitals. 

“Issuer Free Writing Prospectus” means any “issuer free writing prospectus” as defined in Rule 433 promulgated
under the Securities Act. 
 “Joinder Agreement” has the meaning set forth in Section 2.9. 

“Liquidated Damages” has the meaning set forth in Section 2.1(b). 

“Material Disclosure Event” means, as of any date of determination, any event relating to the Company or any of its
Subsidiaries that the Board reasonably determines in good faith, after consultation with outside counsel to the Company, (i) would require disclosure of material, non-public information in any Registration Statement or related prospectus
including Registrable Shares (including documents incorporated by reference therein) so that such Registration Statement would not be materially misleading 

  
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or otherwise not in compliance with applicable securities laws, (ii) would not otherwise be required to be publicly disclosed by the Company at that time in a periodic report to be filed
with or furnished to the SEC under the Exchange Act but for the filing of such Registration Statement or related prospectus and (iii) if publicly disclosed at the time of such event, could reasonably be expected to have a material adverse
effect on the business, financial condition, prospects or results of operations of the Company and its Subsidiaries or would materially adversely affect a pending or proposed material acquisition, merger, recapitalization, consolidation,
reorganization, financing or similar transaction, or negotiations with respect thereto. 
 “Notice” has the meaning set
forth in Section 4.8(a). 
 “Offering” has the meaning set forth in the Recitals. 

“Party” means any party to this Agreement. 

“Person” or “person” means any natural person, firm, limited liability company, general or limited
partnership, association, corporation, company, joint venture, trust, Governmental Authority or other entity. 
 “Qualified Public
Offering” means (i) a public offering of Common Stock under the United States securities laws or (ii) any merger, consolidation, business combination, amalgamation, transfer of all or substantially all of the assets of the
Company, or similar transaction to a third party as a result of which the shareholders of the Company receive, as the consideration in such merger, consolidation, business combination, amalgamation, transfer or similar transaction, equity securities
of a class that (A) has been registered as part of a public offering under the United States securities laws and (B) is publicly traded on a national securities exchange or the London Stock Exchange or quoted on an automated interdealer
quotation system in or outside the United States, which raises a minimum of $30 million of gross proceeds to the Company and/or the shareholders of the Company. 

“Records” has the meaning set forth in Section 2.5(j). 

“register,” “registered” and “registration” refer to a registration effected by preparing
and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. 

“Registrable Shares” means (i) the shares of Common Stock purchased by the Investors pursuant to the Common Stock
Purchase Agreement, and (ii) any and all shares of Common Stock issued or issuable with respect to such shares of Common Stock by way of stock dividend or a stock split or in connection with any combination of shares, recapitalization, merger,
consolidation or other reorganization. 
 “Registration Statement” shall mean each of the Initial Registration Statement,
any Additional Registration Statements and any registration statement in connection with an Underwritten Registration. 

“Requesting Holders” has the meaning set forth in Section 2.2(e). 

“Required Filing Date” has the meaning set forth in Section 2.2(b). 

“Rule 144” means Rule 144 promulgated under the Securities Act, as the same may be amended from time to time, and any
successor or similar rule or regulation hereafter adopted by the SEC. 

  
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 “SEC” means the Securities and Exchange Commission or any other federal agency
at the time administering the Securities Act. 
 “SEC Restrictions” has the meaning set forth in Section 2.1(d).

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC
thereunder. 
 “Selling Securityholder Questionnaire” has the meaning set forth in Section 2.14. 

“Shelf Registration” has the meaning set forth in Section 2.2(c). 

“Subsidiaries” means any other Person (a) in which the Company owns, directly or indirectly, fifty percent (50%) or
more of the securities or other ownership interests of such other Person, or (b) in which the Company owns, directly or indirectly, securities or other ownership interests having ordinary voting power to elect a majority of the board of
managers or directors, or other persons performing similar functions, of such other Person. 
 “Suspension Notice” has the
meaning set forth in Section 2.6. 
 “Suspension Period” has the meaning set forth in Section 2.6. 

“Underwritten Registration” has the meaning set forth in Section 2.2(a). 

Section 1.2 Headings. Headings shall be ignored in construing this Agreement. 

Section 1.3 Singular, plural, gender. References to one gender include all genders and references to the singular include
the plural and vice versa. 
 Section 1.4 Recitals and Sections. References to this Agreement shall include the Recitals
to it and references to Sections are to Sections of this Agreement. 
 Section 1.5 Information. References to books,
records or other information mean books, records or other information in any form including paper, electronically stored data, magnetic media, film and microfilm. 

Section 1.6 Interpretation. Whenever the words “include,” “includes” or “including” are used
in this Agreement, they shall be deemed to be followed by the words “without limitation.” This Agreement shall be construed as if it is drafted by all the parties hereto and no presumption or burden of proof will arise favoring or
disfavoring any party by virtue of authorship of any of the provisions of this Agreement if an ambiguity or question of intent or interpretation arises. 

ARTICLE 2 
 REGISTRATION
RIGHTS 
 Section 2.1 Registration. 

(a) Registration Statement. Subject to the terms and conditions of this Agreement, as soon as reasonably practicable
after the Closing Date, but in any event no later than the applicable Filing Deadline, the Company will prepare and file a registration statement on Form S-1 or Form S-3 if the Company is eligible to use such form prior to effectiveness (the
“Initial  

  
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Registration Statement”) with the SEC for the resale of the Registrable Shares. The Company shall use its commercially reasonable efforts to (a) have the Initial Registration
Statement declared effective on or prior to the applicable Effectiveness Deadline, and (b) cause the Initial Registration Statement to continue to be effective until the expiration of the applicable Effectiveness Period. For avoidance of doubt,
the Company’s obligations hereunder shall include the filing of all amendments, post-effective amendments and supplements to the Initial Registration Statement and the prospectus used therein as may be necessary to keep such Initial
Registration Statement effective throughout the applicable Effectiveness Period and comply with the Securities Act with respect to the disposition of all Registrable Shares during such period, as required pursuant to Section 2.5(a). 

(b) Liquidated Damages. If any Registration Statement (other than any Registration Statement with respect to an
Underwritten Registration) (i) is not filed with the SEC on or prior to the applicable Filing Deadline, (ii) is not declared effective by the SEC (or otherwise does not become effective) for any reason on or prior to the applicable
Effectiveness Deadline, or (iii) does not remain effective for the applicable Effectiveness Period for any reason, (any such failure or breach in clauses (i) through (iii) above being referred to as an “Event,” and,
the date on which such Event occurs being referred to as an “Event Date”) then in addition to any other rights the Holders may have hereunder or under applicable law, from the Event Date, for each day that the Event continues, the
Company shall pay the Holders with respect to such Event, as liquidated damages and not as a penalty, an amount in cash equal to 0.25% of the Holder’s Allocated Purchase Price per calendar month or portion thereof prior to the cure of an Event
(the “Liquidated Damages”). Notwithstanding the foregoing, the maximum payment of Liquidated Damages to any Holder associated with all Events in the aggregate shall not exceed 0.75% of the Holder’s Allocated Purchase Price.

 (c) Waiver of Liquidated Damages. The Company may request a waiver of its obligation to pay any Liquidated Damages
pursuant to Section 2.1(b), which may be granted or withheld by the consent of the Holders of a majority of the Registrable Shares, taken as a whole, in their sole discretion. The Company’s obligation to pay Liquidated Damages under
Section 2.1(b) other than partial Liquidated Damages owing but not yet paid shall terminate at such time as the registration rights granted by this Agreement terminate in accordance with Section 3.1. 

(d) SEC Modification of Offering Size. If at any time the SEC takes the position that the offering of some or all of the
Registrable Shares on the Initial Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act or requires any Holder to be named as an “underwriter”, the
Company shall use its commercially reasonable efforts to persuade the SEC that the offering contemplated by the Initial Registration Statement is a valid secondary offering and not an offering “by or on behalf of the issuer” as defined in
Rule 415 and that none of the Holders is an “underwriter”. The Holders shall have the right to participate or have their counsel participate in any meetings or discussions with the SEC regarding the SEC’s position and to comment or
have their counsel comment on any written submission made to the SEC with respect thereto. No such written submission shall be made to the SEC to which the Holders’ counsel reasonably objects. In the event that, despite the Company’s
commercially reasonable efforts and compliance with the terms of this Section 2.1(d), the SEC refuses to alter its position, the Company shall (i) remove from the Initial Registration Statement such portion of the Registrable Shares
objected to by the SEC (the “Cut Back Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the Registrable Shares as the SEC may require to assure the Company’s compliance with
the requirements of Rule 415 (collectively, the “SEC Restrictions”); provided, however, that the Company shall not agree to name any Holder as an “underwriter” in such Initial Registration

  
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Statement without the prior written consent of such Holder. Any cut-back imposed on the Holders pursuant to this Section 2.1(d) shall be allocated among the Holders on a pro rata
basis, unless the SEC Restrictions otherwise require or provide or the Holders otherwise agree. On or prior to the applicable Effectiveness Deadline, the Company shall have one or more registration statements on Form S-1 or Form S-3, as applicable,
declared effective covering the resale of the Cut Back Shares (each an “Additional Registration Statement”). For the avoidance of doubt, the Liquidated Damages described above shall not begin to accrue with respect to such Cut Back
Shares until after the applicable Effectiveness Deadline. 
 Section 2.2 Underwritten Registration. 

(a) Request for Underwritten Registration. At any time after the date of this Agreement, any Holder or group of Holders
that, together with its or their Affiliates, holds more than $50 million of the Registrable Shares (collectively, a “Demanding Stockholder”) shall have the right to require the Company to file a registration statement on Form S-1 or
S-3, as applicable, or any similar form or successor to such forms under the Securities Act, or any other appropriate form under the Securities Act or the Exchange Act for an underwritten public offering of all or part of its Registrable Shares (an
“Underwritten Registration”), by delivering to the Company written notice stating that such right is being exercised, naming the Demanding Stockholder(s) whose Registrable Shares are to be included in such registration, specifying
the aggregate number of the Demanding Stockholder’s Registrable Shares to be included in such registration and, subject to Section 2.2(d) hereof, describing the intended method of distribution thereof to the extent then known (a
“Demand Request”). The Demanding Stockholders hereunder shall collectively have the right to require up to three (3) Underwritten Registrations under this Section 2.2(a) and the Demanding Stockholders shall be
limited to one Demand Request in any 365 day period. 
 (b) Required Filing Date. Subject to
Section 2.2(g), the Company shall file the Registration Statement in respect of an Underwritten Registration as soon as practicable and, in any event, within ninety (90) days after receiving a Demand Request (the “Required
Filing Date”) on any form for which the Company then qualifies, and which form shall be available for the sale of the Registrable Shares in accordance with the intended methods of distribution thereof, and shall use commercially reasonable
efforts to cause the same to be declared effective by the SEC on or before the applicable Effectiveness Deadline. 
 (c)
Shelf Registration. With respect to any Underwritten Registration, subject to the availability of a registration statement on Form S-3 (or any successor form), the Company shall, upon written request from a Demanding Stockholder, agree to
effect a registration of the Registrable Shares in a continuous offering pursuant to Rule 415 under the Securities Act (or any successor rule) (a “Shelf Registration”), and, thereafter, shall use commercially reasonable efforts to
cause such Registration Statement to be declared effective under the Securities Act on or before the applicable Effectiveness Deadline. 

(d) Selection of Underwriters. The offering of Registrable Shares pursuant to such Underwritten Registration, including
pursuant to a Shelf Registration, shall be in the form of a “firm commitment” underwritten offering. The Demanding Stockholders making such Demand Request shall select (i) the investment banking firm or firms to manage the
underwritten offering and (ii) counsel to the Requesting Holders; provided that, in the case of clause (i), such selection shall be subject to the consent of the Company, which consent shall not be unreasonably withheld or delayed. No Holder
may participate in any underwritten registration pursuant to Section 2.2(a) unless such Holder (x) agrees to sell such Holder’s Registrable Shares on the basis provided in 

  
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any underwriting agreement agreed upon by the Company and accepts the underwriters selected in accordance with the procedures described in this Section 2.2(d), and (y) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting agreement; provided that no such Holder shall be required to make any
representations or warranties in connection with any such registration other than representations and warranties as to (i) such Holder’s ownership of his, her or its Registrable Shares to be transferred free and clear of all liens, claims,
and encumbrances created by such Holder, (ii) such Holder’s power and authority to effect such transfer, and (iii) such matters pertaining to such Holder’s compliance with securities laws with respect to the Registrable Shares as
may be reasonably requested; provided, further that any obligation of such Holder to indemnify any Person pursuant to any such underwriting agreement shall be several, not joint and several, among such Holders selling Registrable Shares, and such
liability shall be limited to the net amount received by such Holder from the sale of his, her or its Registrable Shares pursuant to such Underwritten Registration (which amounts shall include the amount of cash or the fair market value of any
assets, including Common Stock, received in exchange for the sale or exchange of such Registrable Shares or that are the subject of a distribution), and the relative liability of each such Holder shall be in proportion to such net amounts; provided,
further that this Section 2.2(d) shall not require any Holder of Registrable Shares to agree to any lock up agreement, market standoff agreement or holdback agreement other than those permitted by Section 2.4 hereof. 

(e) Rights of Nonrequesting Holders. Upon receipt of any Demand Request, the Company shall promptly (but in any event
within ten (10) days) give written notice of such proposed Underwritten Registration to all other Holders of Registrable Shares, who shall have the right, exercisable by written notice to the Company within fifteen (15) days of their
receipt of the Company’s notice, to elect to include in such Underwritten Registration such portion of their Registrable Shares as they may request, so long as such Registrable Shares are proposed to be disposed of in accordance with the method
or methods of disposition requested pursuant to this Section 2.2. All Holders requesting to have their Registrable Shares included in an Underwritten Registration in accordance with the preceding sentence together with all Demanding
Stockholders shall be deemed to be “Requesting Holders” for purposes herein. 
 (f) Priority on
Underwritten Registrations. No securities to be sold for the account of any Person (including the Company), other than a Requesting Holder, shall be included in an Underwritten Registration if the managing underwriters shall advise the Company
and the Requesting Holders in writing that the aggregate amount of such securities requested to be included in any such Underwritten Registration would have an Adverse Effect. Furthermore, if the managing underwriters shall advise the Company and
the Requesting Holders that, even after exclusion of all securities of other Persons pursuant to the immediately preceding sentence, the amount of Registrable Shares proposed to be included in such Underwritten Registration by Requesting Holders is
sufficiently large to cause an Adverse Effect, the Registrable Shares of the Requesting Holders to be included in such Underwritten Registration shall equal the number of shares which the Requesting Holders are so advised can be sold in such
offering without an Adverse Effect and such shares shall be allocated pro rata among the Requesting Holders on the basis of the number of Registrable Shares requested to be included in such registration by each such Requesting Holder; provided, that
if the number of Registrable Shares owned by the Demanding Stockholder to be included in the Underwritten Registration is less than 80% of the number requested to be so included by such Demanding Stockholder, the Demanding Stockholder may withdraw
such Demand Request by giving notice to the Company; if withdrawn, the Demand Request shall be deemed not to have been made for all purposes of this Agreement and the Company shall pay all expenses of such withdrawn Underwritten Registration in
accordance 

  
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with Section 2.7 hereof. An Underwritten Registration shall not count as an Underwritten Registration until the Registration Statement in connection with such offering has become
effective, and any Underwritten Registration shall not count as an Underwritten Registration unless the Demanding Stockholder is able to register and sell at least 80% of the Registrable Shares requested to be included by such Demanding Stockholder
in such Underwritten Registration. 
 (g) Deferral of Filing. The Company may defer the filing (but not the
preparation) of a Registration Statement required by this Section 2.2 until after the Required Filing Date (i) for a period not to exceed one hundred eighty (180) days, if, at the time the Company receives the Demand Request,
there exists a Material Disclosure Event, or (ii) for a period not to exceed one hundred eighty (180) days, if at the time the Company receives the Demand Request, the Board determines in its reasonable judgment that such Underwritten
Registration would (A) materially interfere with a significant acquisition, corporate organization or other similar transaction involving the Company or (B) render the Company unable to comply with requirements under the Securities Act or
Exchange Act. A deferral of the filing of a Registration Statement pursuant to this Section 2.2(g) shall be lifted, and the requested Registration Statement shall be filed forthwith, if, in the case of a deferral pursuant to clause
(i) of the preceding sentence, the Material Disclosure Event is disclosed or terminated, or, in the case of a deferral pursuant to clause (ii)(A) of the preceding sentence, the acquisition, corporate organization or similar transaction is
abandoned, or, in the cause of a deferral pursuant to clause (ii)(B) of the preceding sentence, such Underwritten Registration would no longer render the Company unable to comply with the requirements under the Securities Act or the Exchange Act. In
order to defer the filing of a Registration Statement pursuant to this Section 2.2(g), the Company shall promptly (but in any event within ten (10) days), upon determining to seek such deferral, deliver to each Requesting Holder a
certificate signed by an executive officer of the Company stating that the Company is deferring such filing pursuant to this Section 2.2(g), a general statement of the reason for such deferral and an approximation of the anticipated
delay. Within twenty (20) days after receiving such certificate, the Demanding Stockholder may withdraw such Demand Request by giving notice to the Company; if withdrawn, the Demand Request shall be deemed not to have been made for all purposes
of this Agreement and the Company shall pay all expenses of such withdrawn Underwritten Registration in accordance with Section 2.7 hereof. The Company may defer the filing of a particular Registration Statement pursuant to this
Section 2.2(g) only once in any consecutive twelve (12)-month period; provided that any deferral pursuant to this Section 2.2(g) shall be deemed to be a “Suspension Period” for purposes of Section 2.6
and shall be subject to the limitations and obligations during Suspension Periods set forth in Section 2.6. Each Holder agrees to keep confidential the fact that the Company has exercised its rights under this Section 2.2(g)
and all facts and circumstances relating to such exercise until such information is made public by the Company. 
 (h)
Withdrawal and Cancellation. Any Requesting Holder may withdraw its Registrable Shares from an Underwritten Registration at any time prior to effectiveness of the related Registration Statement and any Demanding Stockholder shall have the
right to cancel a proposed Underwritten Registration of Registrable Shares pursuant to this Section 2.2(h). Upon such cancellation, the Company shall cease all efforts to secure registration and such Underwritten Registration shall not
be counted as an Underwritten Registration under this Agreement for any purpose so long as the Demanding Stockholder pays all expenses (including the expenses of the Company) of such cancelled Underwritten Registration. 

(i) Inclusion of Other Securities. In any Underwritten Registration requested pursuant to this Section 2.2,
the Company shall not be permitted to register securities other than 

  
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Registrable Shares for sale for the account of any Person (including the Company), unless permitted to do so by the written consent of the Holders of a majority of the Registrable Shares to be
sold in such Underwritten Registration. 
 Section 2.3 SEC Registration Statements. 

(a) In the event that the Company becomes eligible to use Form S-3 (or any successor form) after any Registration Statement has
become effective, the Company may, or at the request of the Holders of at least a majority of the Registrable Shares, shall convert all such Registration Statements on Form S-1 into Registration Statements on Form S-3 pursuant to Rule 429 under the
Securities Act. The Company shall use commercially reasonable efforts to become and remain eligible to use Form S-3. 
 (b)
All Registration Statements shall comply with applicable requirements of the Securities Act, and, together with each prospectus included, filed or otherwise furnished by the Company in connection therewith, shall not contain any untrue statement of
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

Section 2.4 Holdback Agreements. 

(a) The Company agrees (i) not to effect any public sale or distribution of its equity securities, or any securities
convertible into or exchangeable or exercisable for such securities, except pursuant to Excluded Registrations, during the seven (7) days prior to the effective date of any Registration Statement and thereafter until the date on which all of
the Registrable Shares subject to such Registration Statement have been sold (not to exceed ninety (90) days, as required by the underwriters managing the offering, subject to one extension of no more than seventeen (17) days if required
by the underwriters managing the offering in connection with NASD Rule 2711(f) or any similar or successor provision) and (ii) if requested by the managing underwriters, to use reasonable efforts to cause each director and executive officer to
agree not to effect any public sale or distribution (including sales pursuant to Rule 144) of any such securities during such period (except as part of an Underwritten Registration, if otherwise permitted); provided that the foregoing described
holdback shall not apply to the extent that the managing underwriters of such offering otherwise agree or, in the event a Registration Statement does not relate to an Underwritten Registration with respect to clause (i), if the holders of a majority
of such Registrable Shares consent thereto. 
 (b) If any Holders of Registrable Shares notify the Company in writing that
they intend to effect an Underwritten Registration registered pursuant to a Shelf Registration, the Company agrees (i) not to effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or
exercisable for its equity securities, except pursuant to Excluded Registrations, during the seven (7) days prior to and during the ninety (90)-day period beginning on the filing of the prospectus supplement with respect to such offering (not
to exceed ninety (90) days, as required by the underwriters managing the offering, subject to one extension of no more than seventeen (17) days if required by the underwriters managing the offering in connection with NASD Rule 2711(f) or
any similar or successor provision); and (ii) if requested by the managing underwriters, to use reasonable efforts to cause each director and executive officer to agree not to effect any public sale or distribution (including sales pursuant to
Rule 144) of any such securities during such period (except as part of such Underwritten Registration, if otherwise permitted); provided that the foregoing described holdback shall not apply to the extent that the managing underwriters of such
offering otherwise agree. 

  
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 (c) Each Holder of Registrable Shares agrees, in the event of an underwritten
offering by the Company (whether for the account of the Company or otherwise), not to effect any public sale or distribution of any Registrable Shares, or any securities convertible into or exchangeable or exercisable for Registrable Shares,
including any sale pursuant to Rule 144 (except as part of such underwritten offering), during the seven (7) days prior to and ending up to ninety (90) days after the date of the final prospectus; provided that the duration of the
foregoing restriction shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the officers or directors or any other holder of Common Stock of the Company on whom a restriction is imposed in
connection with such public sale and distribution; provided however, that the restrictions set forth in this Section 2.4(c) shall not apply with respect to a Holder that owns less than $10 million of Registrable Shares based on
the Allocated Purchase Price of such Holder; and provided, further, that after a Qualified Public Offering, any Holder, upon notice to the Company that such Holder wishes to surrender such Holder’s rights under the Agreement, shall, upon
such notice, no longer be subject to the obligations imposed by this Agreement, including this Section 2.4(c). 
 Section 2.5
Registration Procedures. The Company shall use commercially reasonable efforts to effect the registration and the sale of such Registrable Shares in accordance with the terms hereof, and pursuant thereto the Company shall as expeditiously
as possible, but subject to the other provisions of this Agreement: 
 (a) prepare and file with the SEC by the applicable
Filing Deadline or the Required Filing Date, as applicable, each Registration Statement on the appropriate form under the Securities Act with respect to such Registrable Shares as required or permitted in accordance with the terms of this Agreement
and use commercially reasonable efforts to cause such Registration Statement to become effective by the applicable Effectiveness Deadline, and to remain continuously effective throughout the applicable Effectiveness Period, prepare and file with the
SEC such amendments, post-effective amendments, and supplements to each Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective throughout the applicable Effectiveness
Period and comply with the provisions of the Securities Act with respect to the disposition of all Registrable Shares during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration
Statement; provided that as far in advance as practicable before filing any such Registration Statement or any amendment or supplement to such Registration Statement, the Company shall furnish to the selling Holders copies of reasonably
complete drafts of all such documents prepared to be filed (including exhibits and documents that are to be incorporated by reference into the Registration Statement, amendment or supplement), and any such Holder shall have the opportunity to
provide comments to any information contained therein and the Company shall make any corrections or other amendments reasonably requested by such Holder with respect to such information prior to filing any such Registration Statement, amendment or
supplement; 
 (b) furnish without charge to each Holder selling Registrable Shares and the underwriters, if any, of the
securities being registered such number of copies of each Registration Statement, each amendment and supplement thereto, the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus), any
documents incorporated by reference therein and such other documents as such Holder or underwriters may reasonably request in order to facilitate the disposition of the Registrable Shares owned by such Holder or the sale of such securities by such
underwriters (it being understood that, subject to this Section 2.5 and the requirements of the Securities Act and applicable state securities laws, the Company consents to the use of the prospectus and any amendment or supplement
thereto by 

  
 11 

 
each such Holder and the underwriters in connection with the offering and sale of the Registrable Shares covered by the Registration Statement of which such prospectus, amendment or supplement is
a part); 
 (c) use commercially reasonable efforts to register or qualify such Registrable Shares under such other
securities or “blue sky” laws of such jurisdictions as any Holder thereof or any managing underwriters reasonably request; use commercially reasonable efforts to keep each such registration or qualification (or exemption therefrom)
effective during the applicable Effectiveness Period; and do any and all other acts and things which may be reasonably necessary or advisable to enable each such Holder to consummate the disposition of the Registrable Shares owned by such Holder in
such jurisdictions; provided that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (ii) subject itself to
taxation in any such jurisdiction where it is not at such time so subject, or (iii) consent to general service of process in any such jurisdiction where it is not at such time so subject; 

(d) promptly notify each Holder of such Registrable Shares and each underwriter, if any, in writing (i) when a prospectus
or any prospectus supplement or post-effective amendment has been filed and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective; (ii) of the issuance by any state securities or other
regulatory authority of any order suspending the qualification or exemption from qualification of any of the Registrable Shares under state securities or “blue sky” laws or the initiation or threat of initiation of any proceedings for that
purpose; and (iii) if such Registration Statement or related prospectus, at the time it or any amendment thereto became effective or at any time such prospectus is required to be delivered under the Securities Act, contained an untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, upon the discovery by the Company of such material misstatement or omission or of the happening of any
event as a result of which the Company believes there would be such a material misstatement or omission; provided that, in the case of clause (iii), promptly after delivery of such notice, the Company shall, as the case may be,
(x) prepare and file with the SEC a post-effective amendment to such Registration Statement and use commercially reasonable efforts to cause such amendment to become effective so that such Registration Statement, as so amended, shall not
contain any untrue statement of a material fact or omit a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (y) prepare and furnish a supplement or amendment to
such prospectus so that, as thereafter deliverable to the purchasers of such Registrable Shares, such prospectus shall not contain any untrue statement of a material fact or omit a material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading; 
 (e) permit (i) any selling Holder that, in such
Holder’s reasonable judgment, may be deemed to be an underwriter or a controlling person of the Company (in each case, within the meaning of the Securities Act) and (ii) any selling Holder holding, or representing Holders of, a majority of
the Registrable Shares included in such Registration Statement, to participate in the preparation of such Registration Statement or related prospectus and reasonably incorporate any information about such Holder furnished to the Company by such
Holder that, in the reasonable judgment of the Company, should be included; 
 (f) make reasonably available senior
management of the Company, as selected by the Holders of a majority of the Registrable Shares included in such registration, to assist in the marketing of the Registrable Shares covered by such registration, including the participation of

  
 12 

 
such members of the Company’s senior management in road show presentations and other customary marketing activities, including “one on one” meetings with prospective purchasers of
the Registrable Shares to be sold in an Underwritten Registration and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto, in each case to the same
extent as if the Company were engaged in a primary registered offering of its capital stock; provided that such assistance does not unduly interfere with the normal operations of the Company in the ordinary course of business, consistent with past
practice; 
 (g) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the
SEC, including the Securities Act and the Exchange Act, and make generally available to the Company’s security holders an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, as soon
as reasonably practicable, but no later than thirty (30) days after the end of the twelve (12)-month period beginning with the first day of the Company’s first fiscal quarter commencing after the effective date of a Registration Statement,
which earnings statement shall cover said twelve (12)-month period; provided that such requirement shall be deemed satisfied if the Company timely files complete and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange Act as required
thereby and otherwise complies with Rule 158 under the Securities Act; 
 (h) in the case of an Underwritten Registration, if
requested by the managing underwriters or any selling Holder, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriters or such selling Holder reasonably requests to be included
therein, including with respect to the Registrable Shares being sold by such selling Holder, the purchase price being paid therefor by the underwriters and with respect to any other terms of the underwritten offering of the Registrable Shares to be
sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective amendment; 

(i) cooperate with the selling Holders and the managing underwriters to facilitate the timely preparation and delivery of
certificates representing Registrable Shares sold under any Registration Statement, which certificates shall not bear any restrictive legends unless required under applicable law, and enable such Registrable Shares to be in such denominations and
registered in such names as the managing underwriters or such selling Holders may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such Registration Statement a supply of such
certificates; 
 (j) promptly make available for inspection by any selling Holder and any underwriter participating in any
disposition pursuant to any Registration Statement, and any attorney, accountant or other agent or representative retained by any such selling Holder or underwriter (collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors, employees and independent accountants to supply all information reasonably requested by any such Inspector in connection with such Registration Statement; provided that, unless the disclosure of such Records is necessary to avoid
or correct a misstatement or omission in the Registration Statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information
under this subparagraph (j) if (i) the Company reasonably determines in good faith, after consultation with outside counsel, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such
information or (ii) if either (A) the Company 

  
 13 

 
has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the
Company reasonably determines in good faith that such Records are confidential and so notifies the Inspectors in writing, unless prior to furnishing any such information with respect to clause (ii) such selling Holder requesting such
information agrees to enter into a confidentiality agreement in customary form and subject to customary exceptions; and provided, further that each selling Holder agrees that it shall, upon learning that disclosure of such Records is
sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential; 

(k) furnish to each selling Holder and underwriter, if any, copies of (i) an opinion or opinions of counsel to the Company
and updates thereof covering the matters customarily covered in opinions requested in underwritten offerings and (ii) a comfort letter or comfort letters and updates thereof from the Company’s independent public accountants, each in
customary form and covering such matters of the type customarily covered by comfort letters to underwriters in connection with underwritten offerings; 

(l) cause the Registrable Shares included in any Registration Statement to be listed on each securities exchange or quotation
system, if any, on which similar securities issued by the Company are then listed or quoted; 
 (m) provide a transfer agent
and registrar for all Registrable Shares registered hereunder not later than the effective date of the Registration Statement related thereto; 

(n) use commercially reasonable efforts to cause Registrable Shares covered by such Registration Statement to be registered
with or approved by such other Governmental Authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Shares; 

(o) notify each selling Holder promptly of any written comments by the SEC or any request by the SEC for the amending or
supplementing of such Registration Statement or prospectus or for additional information; 
 (p) if applicable, enter into an
underwriting agreement for such offering, such agreement to contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting agreements with respect to that offering,
including indemnities and contribution to the effect and to the extent provided in Section 2.8 and the provision of opinion of counsel and accountants’ letters to the effect and to the extent provided in Section 2.5(k)
and enter into any other such customary agreements and take all such other actions as the Holders of a majority of the Registrable Shares covered by the Registration Statement or the underwriters, if any, reasonably request in order to expedite or
facilitate the disposition of such Registrable Shares. The selling Holders shall be parties to any such underwriting agreement, and the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of
such underwriters shall also be made to and for the benefit of such selling Holders; 
 (q) make every reasonable effort to
prevent the entry of any order suspending the effectiveness of the Registration Statement and, in the event of the issuance of any such stop order, or of any order suspending or preventing the use of any related prospectus or suspending the
qualification of any security included in such Registration Statement for sale in any jurisdiction, the Company shall use commercially reasonable efforts promptly to obtain the withdrawal of such order; 

  
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 (r) provide a CUSIP number for all Registrable Shares not later than the
effective date of the Registration Statement with respect thereto; 
 (s) in connection with an Underwritten Registration,
make such representations and warranties to the selling Holders of such Registrable Shares and the underwriters with respect to the Registrable Shares and the Registration Statement as are customarily made by issuers to underwriters in primary
underwritten offerings and deliver such documents and certificates as may be reasonably requested by each seller of Registrable Shares covered by the Registration Statement and by the underwriters to evidence compliance with such representations and
warranties and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company; 

(t) advise each selling Holder, promptly after it shall receive notice or obtain knowledge thereof, of the issuance or threat
of issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use commercially reasonable efforts to prevent the issuance of any
stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; 
 (u) upon
request and subject to appropriate confidentiality obligations, furnish to each selling Holder copies of any and all transmittal letters or other correspondence with the SEC or any other Governmental Authority relating to such offering of
Registrable Shares; and 
 (v) during the Effectiveness Period, refrain from bidding for or purchasing any Common Stock or
any right to purchase Common Stock or attempting to induce any person to purchase any such security or right if such bid, purchase or attempt would in any way limit the right of the Holders to sell Registrable Shares by reason of the limitations set
forth in Regulation M of the Exchange Act. 
 Section 2.6 Suspension of Dispositions. Each Holder agrees by acquisition
of any Registrable Shares that, upon receipt of any notice (a “Suspension Notice”) from the Company of the happening of any Material Disclosure Event, such Holder shall promptly discontinue such Holder’s disposition of
Registrable Shares until such Holder’s receipt of the copies of the supplemented or amended prospectus, or until it is advised in writing by the Company (the “Advice”) that the use of the prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated by reference in the prospectus, and, if so directed by the Company, such Holder shall deliver to the Company all copies, other than permanent file copies then in such
Holder’s possession, of the prospectus covering such Registrable Shares current at the time of receipt of such notice. In the event the Company shall give any Suspension Notice, the applicable Effectiveness Period relating to the disposition of
such Registrable Shares shall be extended by the number of days during the period from and including the date of the giving of the Suspension Notice to and including the date when each seller of Registrable Shares covered by such Registration
Statement shall have received the copies of the supplemented or amended prospectus or the Advice (such period, a “Suspension Period”). The Company shall use commercially reasonable efforts and take such actions as are reasonably
necessary to render the Advice as promptly as practicable and shall as promptly as practicable after the expiration of the Suspension Period prepare a post-effective amendment or supplement to the Registration Statement or the prospectus or any
document incorporated therein by reference, or file any required document so that, as thereafter delivered to purchasers of the Registrable Shares included therein, the prospectus will not include an untrue

  
 15 

 
statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. Notwithstanding
anything herein to the contrary, the Company shall not be entitled to more than two (2) Suspension Periods during any consecutive twelve (12)-month period, which Suspension Periods shall have durations of not more than one hundred twenty
(120) days in the aggregate; provided that a Suspension Period shall automatically expire upon the public disclosure of the information to which the Material Disclosure Event relates. 

Section 2.7 Registration Expenses. Except as specifically set forth elsewhere in this Agreement, the Company shall pay all
reasonable, out-of-pocket fees and expenses incident to any registration of the Registrable Shares hereunder, including all expenses incident to the Company’s performance of or compliance with this Article 2, all registration and filing
fees, all internal fees and expenses of the Company (including any allocation of salaries of employees of the Company or any of its Subsidiaries or other general overhead expenses of the Company and its Subsidiaries or other expenses related to the
preparation of financial statements or other data normally prepared by the Company and its Subsidiaries in the ordinary course of business and expenses of its officers and employees performing legal or accounting duties), all fees and expenses
associated with filings required to be made with any applicable Governmental Authority, as may be required by the rules and regulations of such Governmental Authority, fees and expenses of compliance with securities or “blue sky” laws
(including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the Registrable Shares), rating agency fees, printing expenses (including expenses of printing certificates for the Registrable Shares
in a form eligible for deposit with Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by a Holder of Registrable Shares), messenger, duplicating, distribution and delivery expenses, the expense of any
annual audit or quarterly review, the expense of any liability insurance, the fees and expenses incurred in connection with any listing or quotation of the Registrable Shares, fees and expenses of counsel for the Company and fees and expenses of its
independent certified public accountants (including the expenses of any special audit or “cold comfort” letters required by or incident to such performance), the fees and expenses of any special experts retained by the Company in
connection with such registration and the reasonable fees and expenses of any one (1) counsel for all Holders participating in such registration shall be paid for by the Company, which counsel shall be selected by the Holders of a majority of
the Registrable Shares. Any underwriting discounts, commissions, fees or stock transfer taxes attributable to the sale of the Registrable Shares shall be borne by the Holders pro rata on the basis of the number of shares so registered whether
or not any Registration Statement becomes effective, and the fees and expenses of any counsel, accountants, or other persons retained or employed by any Holder (other than as set forth in the preceding sentence) shall be borne by such Holder. 

Section 2.8 Indemnification. 

(a) The Company agrees to indemnify and hold harmless, to the fullest extent permitted by applicable law, each seller of
Registrable Shares, its Affiliates and their respective employees, advisors, agents, representatives, successors, stockholders, partners, members, officers, and directors, each other Person who participates as an underwriter, broker or dealer in any
offering or sale of securities and each other Person who controls such seller or any such participating Person (within the meaning of the Securities Act or the Exchange Act) and any agent or investment advisor thereof (collectively, the
“Holder Covered Persons”) against, and reimburse, (i) any and all losses, claims, damages, liabilities and expenses, joint or several (including reasonable attorneys’ fees and disbursements, other than to the extent
limited by Section 2.8(c) and (d)), (x) based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of a material fact contained in any Registration Statement or any amendment thereto, or
any document incorporated by reference therein, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the 

  
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statements therein not misleading, and (y) based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of a material fact contained in any prospectus,
preliminary prospectus, Disclosure Package or Issuer Free Writing Prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; (ii) any and all losses, claims, damages, liabilities and expenses whatsoever, as incurred, to the extent of the
aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon, arising out of, related to or resulting from any such untrue
statement or omission or alleged untrue statement or omission; and (iii) any and all costs and expenses (including reasonable fees and disbursements of counsel) as may be reasonably incurred in investigating, preparing, or defending against any
litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon, arising out of, related to or resulting from any such untrue statement or omission or alleged untrue
statement or omission, or such violation of the Securities Act or the Exchange Act, to the extent that any such expense or cost is not paid under clauses (i) or (ii) above; except (A) insofar as any such statements or omissions are
caused by or contained in written information furnished to the Company by such seller or any Holder Covered Person specifically for inclusion in such Registration Statement, prospectus, preliminary prospectus, Disclosure Package, Issuer Free Writing
Prospectus, amendment or supplement thereto or (B) to the extent that any loss, claim, damage, liability or expense is incurred by a seller of Registrable Shares as a result of selling such Registrable Shares during a Suspension Period. 

(b) In connection with any Registration Statement or prospectus in which a seller of Registrable Shares is participating
pursuant to this Article 2, each such seller shall furnish to the Company such written information and affidavits regarding such seller, the Registrable Shares and the intended distribution thereof as the Company reasonably requests for use
in connection with any such Registration Statement or prospectus and as shall be reasonably required in connection with any registration, qualification or compliance required in connection with this Article 2 and, to the fullest extent
permitted by applicable law, each such seller shall indemnify the Company, and its officers and directors and each other Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) and any of its or their
respective officers, directors, employees, agents, representatives, successors, members, stockholders and partners (the “Company Covered Persons”) against any and all losses, claims, damages, liabilities and expenses, joint or
several (including reasonable attorneys’ fees and disbursements, other than to the extent limited by Section 2.8(c) and (d)), (x) based upon, arising out of, related to or resulting from any untrue or alleged untrue
statement of a material fact contained in any Registration Statement or any amendment thereto, or any document incorporated by reference therein, or any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, and (y) based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of a material fact contained in any prospectus, preliminary prospectus, Disclosure Package or
Issuer Free Writing Prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading, but, in the case of either (x) or (y), only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission is contained in any
written information furnished by such seller or any Holder Covered Person specifically stating that it has been provided for inclusion in such Registration Statement, prospectus, preliminary prospectus, Disclosure Package or Issuer Free Writing
Prospectus or amendment or supplement thereto, or document incorporated 

  
 17 

 
by reference therein; provided that the obligation to indemnify shall be several, not joint and several, among such sellers of Registrable Shares, and the liability of each such seller of
Registrable Shares shall be in proportion to, and shall be limited to, the net amount of proceeds received by such seller from the sale of Registrable Shares pursuant to such Registration Statement. 

(c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any
claim with respect to which it seeks indemnification; provided that the failure to give such notice shall not limit the rights of such Person or relieve the indemnifying party from any liability that it may have under subsection (a) and
(b) above unless and only to the extent that failure to give such notice materially prejudices the indemnifying party; and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and
any indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to
indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim at the expense of such indemnified person, unless (x) the indemnifying party has agreed to pay such fees or expenses or
(y) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person. If such defense is not assumed by the indemnifying party when permitted hereunder, the indemnified party
shall be entitled to assume and control such defense and to settle and agree to pay in full such claim without the consent of the indemnifying party without prejudice to the ability of the indemnified party to enforce its claim for indemnification
against the indemnifying party hereunder. 
 (d) Except as otherwise provided in the preceding paragraph, the indemnifying
party shall not be subject to any liability for any settlement made by the indemnified party without its consent, which consent shall not be unreasonably withheld or delayed. If such defense is assumed by the indemnifying party pursuant to the
provisions hereof, such indemnifying party shall not settle or otherwise compromise the applicable claim (i) unless (A) such settlement or compromise contains a full and unconditional release of the indemnified party and (B) such
settlement or compromise does not include any statement as to, or any admission of, fault, culpability or a failure to act by or on behalf of the indemnified party or (ii) if such settlement or compromise provides for injunctive or other
non-monetary relief, in each case, unless the indemnified party otherwise consents in writing. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more
than one (1) counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party, a conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and disbursements of such additional counsel or counsels. 

(e) Each party hereto agrees that, if for any reason the indemnification provisions contemplated by Section 2.8(a)
or Section 2.8(b) are unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to therein, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (or actions in respect thereof) (i) in such proportion as is appropriate to reflect the relative
benefits received by the indemnifying party and the indemnified party from the offering of Registrable Shares (taking into account the portion of the proceeds of the offering realized by each such party, or (ii) if the allocation provided by
clause (i) is not permitted by applicable law, or provides a lesser sum to the indemnified party than the amount hereinafter calculated in this 

  
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clause (ii), in such proportion as is appropriate not only to reflect the relative benefits referred to in clause (i), but also the relative fault of the indemnifying party and the indemnified
party, respectively, in connection with the actions or omissions that resulted in the losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such
indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 2.8(e) were determined by pro rata allocation (even if the Holders or any underwriters or all of them were treated as one (1) entity for such purpose) or by any other method of allocation
that does not take account of the equitable considerations referred to in this Section 2.8(e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses (or actions in respect
thereof) referred to above shall be deemed to include (subject to any limitation set forth thereon) any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or, except as provided in
Section 2.8(c) and (d), defending any such action, proceeding or claim. Notwithstanding the provisions of this Section 2.8(e), no Holder shall be required to contribute an amount greater than the dollar amount by which
the net proceeds received by such Holder with respect to the sale of any Registrable Shares exceeds the amount of damages that such Holder has otherwise been required to pay by reason of any and all untrue or alleged untrue statements of material
fact or omissions or alleged omissions of material fact made in any Registration Statement, prospectus or preliminary prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, related to such sale of
Registrable Shares. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The
Holders’ obligations in this Section 2.8(e) to contribute shall be several in proportion to the amount of Registrable Shares registered by them and not joint and several. If indemnification is available under this
Section 2.8, the indemnifying parties shall indemnify each indemnified party to the fullest extent provided in Section 2.8(a) and Section 2.8(b) without regard to the relative fault of said indemnifying party or
indemnified party or any other equitable consideration provided for in this Section 2.8(e) subject, in the case of the Holders, to the limits set forth in Section 2.8(b). 

(f) The indemnification and contribution provided for under this Agreement shall remain in full force and effect regardless of
any investigation made by or on behalf of the indemnified party or any officer, director, or controlling Person of such indemnified party and shall survive the transfer of securities and the termination of this Agreement. The provisions of this
Section 2.8 shall be in addition to any other rights to indemnification or contribution which an indemnified party may have pursuant to law, equity, contract or otherwise. 

(g) As used in this Section 2.8, the terms “officers” and “directors” shall
include the direct or indirect partners, members or managers of Holders of Registrable Shares that are partnerships or limited liability companies, as the case may be. 

Section 2.9 Transfer of Registration Rights. Provided that the Company is given prompt written notice by the Holder of
Registrable Shares of any transfer of Registrable Shares by such Holder of Registrable Shares stating the name and address of the transferee of such Registrable Shares and identifying the securities with respect to which the rights under this
Article 2 are being assigned, the rights of such Holder of Registrable Shares under this Article 2 may be transferred in whole or in part at 

  
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any time to any such transferee, so long as such transfer of securities is in accordance with all applicable state and federal securities laws and regulations, with the Company’s Amended and
Restated Certificate of Incorporation (as the same may be amended from time to time), with this Agreement and the provisions of any other instruments executed by and among each of the parties hereto (including the Common Stock Purchase Agreement),
and such transferee agrees in writing to be bound by the terms of this Agreement by executing and delivering a Joinder Agreement in the form of Exhibit A hereto (the “Joinder Agreement”). The Company shall be responsible for
the expenses of registration in accordance with Section 2.7 of any transferee or assignee pursuant to this Section 2.9 to the same extent as the original transferor. 

Section 2.10 Rule 144. The Company shall timely file (taking into account all valid extensions) the reports required to be
filed by it under the Securities Act and the Exchange Act (or, if the Company is not required to file such reports, shall, upon the request of the Holders, make publicly available information substantially similar to the type of information that
would be required if the Company was subject to rules under the Securities Act and the Exchange Act) and shall use commercially reasonable efforts to take such further action as the Holders may reasonably request, in each case to the extent required
from time to time to enable the Holders to sell Common Stock without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the reasonable request of any Holder, the Company shall deliver to such
parties a written statement as to whether it has complied with such requirements, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed by the Company as may be reasonably requested by any
Holder in availing itself of any rule or regulation of the SEC permitting the selling of any the securities without registration and shall, at its expense, forthwith upon the request of any such Holder, deliver to such Holder a certificate, signed
by the Company’s principal financial officer, stating (a) the Company’s name, address and telephone number (including area code), (b) the Company’s Internal Revenue Service identification number, (c) the Company’s
SEC file number, (d) the number of shares of each class of capital stock outstanding as shown by the most recent report or statement published by the Company, and (e) whether the Company has filed the reports required to be filed under the
Exchange Act for a period of at least ninety (90) days prior to the date of such certificate and has filed the most recent annual report required to be filed thereunder. 

Section 2.11 Preservation of Rights. 

(a) Notwithstanding anything herein to the contrary, the registration rights contemplated hereby will not be more favorable in
any material respect than or otherwise inconsistent with the registration rights granted to the “Holders” under the Company’s Registration Rights Agreement dated August 31, 2012 and such “Holders” shall be treated
pari passu or with priority with respect to the Holders hereunder and have priority over the Holders hereunder. 
 (b)
From and after the date of this Agreement, the Company shall not (a) enter into any agreement with any Holder or prospective holder of any securities of the Company providing for the granting to the holder of registration rights that are more
favorable in any material respect than or are otherwise inconsistent with the rights granted hereunder and which does not expressly provide that the Holders in this Agreement shall be treated pari passu or with priority with respect to such
other holders have priority over such new holders of securities of the Company in any subsequent registration statement or (b) with respect to its securities, enter into any agreement or arrangement, take any action, or permit any change to
occur that violates or subordinates the rights expressly granted to the Holders in this Agreement. 

  
 20 

 Section 2.12 Applicability of Rights to Holders in the Event of an
Acquisition. In the event the Company merges into, consolidates with, sells substantially all of its assets to or otherwise becomes an Affiliate of a Person pursuant to a transaction or series of related transactions in which Holders or the
respective members, partners or shareholders, as applicable, of the Holders receive equity securities of such Person (or of any Affiliate of such Person) in exchange for shares of Common Stock held by such Holders, all of the rights of the Holders
set forth in this Agreement shall continue in full force and effect and shall apply to the Person the equity securities of which are received by such Holders pursuant to such transaction or series of related transactions. The Company agrees that the
Company shall not enter into any agreement that has the effect set forth in the first clause of the preceding sentence unless such Person agrees to be bound by the foregoing provision. 

Section 2.13 Deemed Underwriters. To the extent that, in connection with a registration of any of the Registrable Shares
under the Securities Act pursuant to Section 2.1, any selling Holder is deemed to be an underwriter of Registrable Shares pursuant to any SEC comments or policies, the Company agrees that (1) the indemnification and contribution
provisions contained in Section 2.8 shall be applicable to the benefit of such selling Holder in its role as deemed underwriter in addition to its capacity as Holder and (2) such selling Holder shall be entitled to conduct the due
diligence which it would normally conduct in connection with an offering of securities registered under the Securities Act, including receipt of customary opinions and comfort letters. 

Section 2.14 Cooperation by Holders. Each selling Holder agrees to furnish to the Company a completed questionnaire (a
“Selling Securityholder Questionnaire”) not later than five (5) Business Days following the date on which such Holder receives the form of Selling Securityholder Questionnaire with respect to any Registration Statement. A
Holder shall provide to the Company all such information, including information regarding such Holder and the distribution proposed by such Holder, and all such materials, including a Selling Securityholder Questionnaire and updates thereto, as may
be requested, and take all such action, in each case as may be required or reasonably requested in order to permit the Company to comply with all applicable requirements of the Securities Act, the Exchange Act and any applicable regulatory or
self-regulatory authority and the obligations and requirements of this Agreement, such provision of information and materials to be a condition precedent to the obligations of the Company pursuant to this Agreement to register the Registrable Shares
held by such Holder. 
 ARTICLE 3 

TERMINATION 

Section 3.1 Termination. The registration rights granted by this Agreement shall terminate upon the earlier to occur of the
following (a) the Holders have sold all of the Registrable Shares, (b) all of the Registrable Shares covered by a Registration Statement may be sold by the Holders without volume restrictions pursuant to Rule 144 of the Securities Act or
(c) the third anniversary of the effective date of the Registration Statement. This Agreement may be terminated at any time by the written agreement of holders of at least 75% of all Registrable Shares then outstanding. 

ARTICLE 4 

MISCELLANEOUS 

Section 4.1 Whole Agreement. This Agreement, together with the Commitment Letter and the Common Stock Purchase Agreement,
constitute the entire agreement among the parties hereto and thereto with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject
matter hereof and 

  
 21 

 
thereof (other than the non-disclosure and confidentiality agreements, if any, between the Company and the Holders signed in anticipation of an equity financing in the Company); provided,
that in the event of any conflict or ambiguity between the terms of the Commitment Letter and the terms of this Agreement, the terms of this Agreement shall control. 

Section 4.2 Successors and Assigns. Except as otherwise provided herein, no party hereto may assign, directly or
indirectly, by operation of law or otherwise, any of its respective rights or delegate any of its responsibilities, liabilities or obligations under this Agreement, without the prior written consent of each other party hereto. 

Section 4.3 Amendment and Waiver. Except as otherwise provided herein and other than as a result of the execution and
delivery of a Joinder Agreement, no amendment, alteration or modification of this Agreement or waiver of any provision of this Agreement shall be effective against the Company or the Holders unless such amendment, alteration, modification or waiver
is approved in writing by the Company and the Holders of a majority of the Registrable Shares; provided, however, that no amendment, alteration, modification or waiver of the rights of any Holder may be made without such Holder’s prior written
consent if such amendment, alteration, modification or waiver would have an Adverse Effect on such Holder’s rights under this Agreement. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of
such provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. 

Section 4.4 Severability. If any provision of this Agreement, including any phrase, sentence, clause, Section or
subsection, is inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or
provisions herein contained invalid, inoperative, or unenforceable to any extent whatsoever. If any provision of this Agreement shall be adjudged to be excessively broad as to duration, geographical scope, activity or subject, the parties hereto
intend that such provision shall be deemed modified to the minimum degree necessary to make such provision valid and enforceable under applicable law and that such modified provision shall thereafter be enforced to the fullest extent possible. 

Section 4.5 Remedies. The Parties agree that money damages or another remedy at law would not be a sufficient or adequate
remedy for any breach or violation of, or a default under, this Agreement by them and that, in addition to all other remedies available to them, each of them shall be entitled to an injunction restraining such breach, violation or default or
threatened breach, violation or default and to any other equitable relief including specific performance without bond or other security being required. 

Section 4.6 No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended or shall be construed
to give any person other than the Parties (including any permitted transferees that hereafter become Parties in accordance with Section 2.9) to this Agreement, or any of their respective successors and permitted assigns any legal or
equitable right, remedy or claim under or in respect of any agreement or provision contained herein. 
 Section 4.7
Counterparts. This Agreement may be executed in several counterparts (including by facsimile, .pdf or other electronic transmission), each of which shall be deemed an original and all of which shall together constitute one and the same
instrument. 

  
 22 

 Section 4.8 Notices 

(a) Any notice or other communication in connection with this Agreement (each, a “Notice”) shall be: 

(i) in writing in English; and 

(ii) delivered by hand, fax, email or other electronic transmission, registered post or by courier using a nationally
recognized overnight delivery or courier company. 
 (b) Notices to the Company shall be sent to at the following address, or
such other person or address as the Company may notify to the stockholders from time to time: 
 Par Petroleum Corporation

 800 Gessner Road, Suite 875 

Houston, Texas 77024 

Facsimile: (832) 565-1207 

Attention: Brice Tarzwell 

Email: btarzwell@txnenergy.com 

with copies to: 

Porter Hedges LLP 

1000 Main Street, 36th Floor 

Houston, Texas 77002 

Facsimile: (713) 228-1331 

Attention: E. James Cowen 

E-mail: jcowen@porterhedges.com 

Neal, Gerber & Eisenberg LLP 

2 N. LaSalle Street, Suite 1700 

Chicago, Illinois 60602 

Facsimile: (312) 578-1796 

Attention: David S. Stone 

E-mail: dstone@ngelaw.com 

(c) Notices to the Holders shall be sent to such Holders at the addresses set forth on each Holder’s signature page hereto
or as provided on any Joinder Signature Page, as applicable, or such other addresses as the applicable Holder may notify the Company in writing from time to time in accordance with this Section 4.8. 

(d) A Notice shall be effective upon receipt and shall be deemed to have been received: 

(i) at the time of delivery, if delivered by hand, registered post or courier; and 

(ii) at the expiration of two (2) hours after completion of the transmission, if sent by electronic transmission; 

  
 23 

 provided that if a Notice would become effective under the above provisions after 5:30
p.m. on any Business Day, then it shall be deemed instead to become effective at 9:30 a.m. on the next Business Day. References in this Agreement to time are to local time at the location of the addressee as set out in the Notice. 

(e) Subject to the foregoing provisions of this Section 4.8, in proving service of a Notice, it shall be sufficient
to prove that the envelope containing such Notice was properly addressed and delivered by hand, registered post, overnight delivery service or courier to the relevant address pursuant to the above provisions or that the electronic transmission
report (call back verification) states that the communication was properly sent or an e-mail was timely and properly sent attaching a copy of the subject notice as a .pdf. 

Section 4.9 Governing Law and Venue; Waiver of Jury Trial 

(a) THIS AGREEMENT AND ALL DISPUTES BETWEEN THE PARTIES UNDER OR RELATING TO THIS AGREEMENT OR THE FACTS AND CIRCUMSTANCES
LEADING TO ITS EXECUTION AND DELIVERY, WHETHER IN CONTRACT, TORT OR OTHERWISE, WILL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD
RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER STATE. 
 (b) ANY ACTION, SUIT OR PROCEEDING SEEKING TO ENFORCE ANY
PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL ONLY BE BROUGHT IN ANY FEDERAL COURT LOCATED IN THE STATE OF DELAWARE OR ANY DELAWARE STATE COURT, AND EACH PARTY
CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS (AND OF THE APPROPRIATE APPELLATE COURTS THEREFROM) IN ANY SUCH ACTION, SUIT OR PROCEEDING AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH, ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT OR THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM; PROVIDED, HOWEVER, THAT ANY
ACTION, SUIT OR PROCEEDING, SEEKING TO ENFORCE A FINAL JUDGMENT RENDERED IN SUCH COURT MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION. PROCESS IN ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD, WHETHER
WITHIN OR WITHOUT THE JURISDICTION OF ANY SUCH COURT. WITHOUT LIMITING THE FOREGOING, SERVICE OF PROCESS ON SUCH PARTY AS PROVIDED IN SECTION 4.8 SHALL BE DEEMED EFFECTIVE SERVICE OF PROCESS ON SUCH PARTY. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE OUT OF OR RELATING TO THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION OR DISPUTE DIRECTLY OR INDIRECTLY BASED
UPON OR ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING 

  
 24 

 
TO THE TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO ENCOMPASS ANY AND ALL ACTIONS, SUITS AND PROCEEDINGS THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS
CONTEMPLATED HEREBY, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY REPRESENTS AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER,
(iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND REPRESENTATIONS IN THIS SECTION 4.9. IN THE EVENT OF LITIGATION THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 Section 4.10 Independent Nature of Each Holder’s
Obligations and Rights. The obligations of each Holder under this Agreement are several and not joint with the obligations of any other Holder, and each Holder shall not be responsible in any way for the performance of the obligations of any
other Holder under this Agreement. Nothing contained herein and no action taken by any Holder pursuant hereto, shall be deemed to constitute such Holders as a partnership, an association, a joint venture, or any other kind of entity, or create a
presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to independently protect and enforce its rights, including
the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. 

(This space intentionally left blank) 

  
 25 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first written above. 
  

			
	PAR PETROLEUM CORPORATION
		
	By:	 	 /s/ R. Seth Bullock

	Name:	 	R. Seth Bullock
	Title:	 	Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 ZCOF PAR PETROLEUM HOLDINGS, L.L.C.
	 		 	Signature:	 	  

	[Name of Entity]	 		 		 	Name:	 	  

	By:	 	 /s/ Philip G. Tinkler
	 		 		 	
	Name:	 	 Philip G. Tinkler
	 		 		 	
	Title:	 	 Vice President
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 2 North Riverside Plaza Suite 600
	 		 		 	
	 Chicago IL 60606
	 		 		 	
	Attention:	 	 Philip G. Tinkler
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	 Same
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	 Jon Wasserman
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
 [Signature Page to
Registration Rights Agreement] 

 Counterpart Signature Page 

 

											
	FOR ENTITY INVESTORS:	 		 	FOR INDIVIDUAL INVESTORS:
				
	 WHITEBOX CONCENTRATED
 CONVERTIBLE
ARBITRAGE PARTNERS, LP
	 		 	Signature:	 	  

					
	By:	 	Whitebox Concentrated Convertible Arbitrage Advisors, LLC; its General Partner	 		 	Name:	 	  

						
		 	By:	 	Whitebox Advisors, LLC; its Managing	 		 		 	
		 		 	Member	 		 		 	
		 	By:	 	 /s/ Mark Strefling
	 		 		 	
		 	Name:	 	 Mark Strefling
	 		 		 	
		 	Title:	 	 Chief Operating Officer
	 		 		 	
		 	Taxpayer ID #	 	  
	 		 		 	
				
	 WHITEBOX SPECIAL OPPORTUNITIES

FUND, LP – SERIES O
	 		 		 	
					
	By:	 	Whitebox Special Opportunities Advisors, LLC; its General Partner	 		 		 	
						
		 	By:	 	Whitebox Advisors, LLC; its Managing Member	 		 		 	
		 	By:	 	 /s/ Mark Strefling
	 		 		 	
		 	Name:	 	 Mark Strefling
	 		 		 	
		 	Title:	 	 Chief Operating Officer
	 		 		 	
		 	Taxpayer ID #	 	  
	 		 		 	
				
	WHITEBOX ASYMMETRIC PARTNERS, LP	 		 		 	
					
	By:	 	Whitebox Asymmetric Advisors, LLC; its General Partner	 		 		 	
						
		 	By:	 	Whitebox Advisors, LLC; its Managing Member	 		 		 	
		 	By:	 	 /s/ Mark Strefling
	 		 		 	
		 	Name:	 	 Mark Strefling
	 		 		 	
		 	Title:	 	 Chief Operating Officer
	 		 		 	
		 	Taxpayer ID #	 	  
	 		 		 	

  
 [Signature Page to
Registration Rights Agreement] 

											
	 WHITEBOX CREDIT ARBITRAGE
 PARTNERS,
LP
	 		 		 	
					
	By:	 	 Whitebox Credit Arbitrage Advisors, LLC;

its General Partner
	 		 		 	
						
		 	By:	 	Whitebox Advisors, LLC; its Managing Member	 		 		 	
		 	By:	 	 /s/ Mark Strefling
	 		 		 	
		 	Name:	 	 Mark Strefling
	 		 		 	
		 	Title:	 	 Chief Operating Officer
	 		 		 	
		 	Taxpayer ID #	 	  
	 		 		 	
				
	PANDORA SELECT PARTNERS, LP	 		 		 	
					
	By:	 	Pandora Select Advisors, LLC; its General Partner	 		 		 	
						
		 	By:	 	Whitebox Advisors, LLC; its Managing Member	 		 		 	
		 	By:	 	 /s/ Mark Strefling
	 		 		 	
		 	Name:	 	 Mark Strefling
	 		 		 	
		 	Title:	 	 Chief Operating Officer
	 		 		 	
		 	Taxpayer ID #	 	  
	 		 		 	
				
	 WHITEBOX MULTI-STRATEGY PARTNERS,

LP
	 		 		 	
					
	By:	 	Whitebox Multi-Strategy Partners, LLC; its General Partner	 		 		 	
						
		 	By:	 	Whitebox Advisors, LLC; its Managing Member	 		 		 	
		 	By:	 	 /s/ Mark Strefling
	 		 		 	
		 	Name:	 	 Mark Strefling
	 		 		 	
		 	Title:	 	 Chief Operating Officer
	 		 		 	
		 	Taxpayer ID #	 	  
	 		 		 	

  
 [Signature Page to
Registration Rights Agreement] 

									
	WHITEBOX INSTITUTIONAL PARTNERS, LP	 		 		 	
					
	By:	 	Whitebox Advisors, LLC; its Managing Member	 		 		 	
					
	By:	 	 /s/ Mark Strefling
	 		 		 	
	Name:	 	 Mark Strefling
	 		 		 	
	Title:	 	 Chief Operating Officer
	 		 		 	
	Taxpayer ID #	 	  
	 		 		 	
				
	 WHITEBOX TACTICAL OPPORTUNITIES FUND,

a series of Whitebox Mutual Funds, a Delaware Statutory Trust
	 		 		 	
					
	By:	 	 /s/ Mark Strefling
	 		 		 	
	Name:	 	 Mark Strefling
	 		 		 	
	Title:	 	 Chief Operating Officer
	 		 		 	
	Taxpayer ID #	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
					
		 	3033 Excelsior Blvd. Suite 300	 		 		 	
	  
	 		 		 	
		 	Minneapolis, MN 55416	 		 		 	
	  
	 		 		 	
	Attention:	 	 Jake Mercer
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-Mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
				
		 		 		 	
	  
	 		 		 	
		 	3033 Excelsior Blvd. Suite 300	 		 		 	
	  
	 		 		 	
		 	Minneapolis, MN 55416	 		 		 	
	  
	 		 		 	
	Attention:	 	 Jessica Smith
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-Mail	 	  
	 		 		 	
		 		 		 		 	

  
 [Signature Page to
Registration Rights Agreement] 

 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 		 	FOR INDIVIDUAL INVESTORS:
				
	ICQ INVESTMENTS, LP, SERIES 10	 		 	Signature:	 	
				
	By: ICONIQ Management, LLC	 		 		 	
	Its: General Partner	 		 		 	  

		 		 		 	Name:	 	  

	By:	 	 /s/ Kevin Foster
	 		 		 	
	Name:	 	 Kevin Foster
	 		 		 	
	Title:	 	 Authorized Signatory
	 		 		 	
					
	Taxpayer ID #:	 	  
	 		 		 	

 ADDRESS FOR NOTICE: 
 394
Pacific Ave, 2nd Floor 
 San Francisco, CA 94111 

			
	Tel:	 	
	Fax:	 	
	E-Mail:	 	

 With a copy to: 
 Goodwin
Procter LLP 
 The New York Times Building 
 620 Eighth Avenue

 New York, NY 10018 

			
	Attention:	 	Ilan S. Nissan
	Tel:	 	
	Fax:	 	
	E-mail:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 		 	FOR INDIVIDUAL INVESTORS:
				
	ICQ INVESTMENTS, LP, SERIES 12	 		 	Signature:	 	
				
	By: ICONIQ Management, LLC	 		 		 	
	Its: General Partner	 		 		 	  

		 		 		 	Name:	 	  

	By:	 	 /s/ Kevin Foster
	 		 		 	
	Name:	 	 Kevin Foster
	 		 		 	
	Title:	 	 Authorized Signatory
	 		 		 	
					
	Taxpayer ID #:	 	  
	 		 		 	

 ADDRESS FOR NOTICE: 
 394
Pacific Ave, 2nd Floor 
 San Francisco, CA 94111 

			
	Tel:	 	
	Fax:	 	
	E-Mail:	 	

 With a copy to: 
 Goodwin
Procter LLP 
 The New York Times Building 
 620 Eighth Avenue

 New York, NY 10018 

			
	Attention:	 	Ilan S. Nissan
	Tel:	 	
	Fax:	 	
	E-mail:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 		 	FOR INDIVIDUAL INVESTORS:
				
	 MC PAR, LLC
	 		 	Signature:	 	  

	[Name of Entity]	 		 	Name:	 	  

	By:	 	 /s/ Wendy V. Kane
	 		 		 	
	Name:	 	 Wendy V. Kane
	 		 		 	
	Title:	 	 Designated Person
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	 ADDRESS FOR NOTICE:
	 		 		 	
					
		 	5251 DTC Parkway, Ste. 995	 		 		 	
	  
	 		 		 	
		 	Greenwood Village, CO 80111	 		 		 	
	  
	 		 		 	
	Attention:	 	 Wendy Kane
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
		 	BIS Law, LLC	 		 		 	
	  
	 		 		 	
		 	 600 S. Cherry Street
 Suite 1125
	 		 		 	
	  
	 		 		 	
		 	Denver, CO 80246	 		 		 	
	  
	 		 		 	
	Attention:	 	 Brent Slosky
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
 [Signature Page to
Registration Rights Agreement] 

 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 BAMBOULA PARTNERS LP
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By: Bamboula GP LLC, its General Partner	 		 		 	
	By:	 	 /s/ Lewis M. Linn
	 		 		 	
	Name:	 	 Lewis M. Linn
	 		 		 	
	Title:	 	 President
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 3555 Timmons Lane, Suite 800
	 		 		 	
	 Houston, TX 77027
	 		 		 	
	Attention:	 	 Lewis M. Linn
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	 Attention:
	 	  
	 		 		 	
	 Tel:
	 	  
	 		 		 	
	 Fax:
	 	  
	 		 		 	
	 E-mail:
	 	  
	 		 		 	

  
 [Signature Page to
Registration Rights Agreement] 

 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
			
	HIGHBRIDGE INTERNATIONAL LLC	 	Signature:	 	
	  
	 		 		 	  

	[Name of Entity]	 	Name:	 	  

	By: Highbridge Capital Management, LLC, as Trading Manager	 		 		 	  

	By:	 	 /s/ Jason Hempel
	 		 		 	
	Name:	 	 Jason Hempel
	 		 		 	
	Title:	 	 Managing Director
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	             40 West 57th Street – 32nd Floor
	 		 		 	
	             New York, NY
10019
	 		 		 	
	Attention:	 	 Anthony Vernale
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	 Attention:
	 	  
	 		 		 	
	 Tel:
	 	  
	 		 		 	
	 Fax:
	 	  
	 		 		 	
	 E-mail:
	 	  
	 		 		 	

  
 [Signature Page to
Registration Rights Agreement] 

 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	  
	 		 	Signature:	 	 /s/ Leon Cooperman

	[Name of Entity]	 		 	Name:	 	 Leon Cooperman

	By:	 	  
	 		 		 	
	Name:	 	  
	 		 		 	(By: David Bloom, authorized signatory)  
	Title:	 	  
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	  
	 		 		 	
	  
	 		 		 	
	 Attention:
	 	  
	 		 		 	
	 Tel:
	 	  
	 		 		 	
	 Fax:
	 	  
	 		 		 	
	 E-mail
	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	 Attention:
	 	  
	 		 		 	
	 Tel:
	 	  
	 		 		 	
	 Fax:
	 	  
	 		 		 	
	 E-mail:
	 	  
	 		 		 	

  
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 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 		 	FOR INDIVIDUAL INVESTORS:
				
	 CHATHAM EUREKA FUND L.P.
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

					
	By:	 	Chatham Asset Management, LLC Investment Adviser	 		 		 	

									
					
	By:	 	 /s/ Anthony Melchiorre
	 		 		 	
	Name:	 	 Anthony Melchiorre
	 		 		 	
	Title:	 	 Managing Member
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 Chatham Asset Management, LLC
	 		 		 	
	Attention:	 	 Albert Reyes
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	 Attention:
	 	  
	 		 		 	
	 Tel:
	 	  
	 		 		 	
	 Fax:
	 	  
	 		 		 	
	 E-mail:
	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 		 	FOR INDIVIDUAL INVESTORS:
				
	 BERNARD OSHER TRUST DTD 3/8/88
	 		 	Signature:	 	  

	[Name of Entity]	 		 	Name:	 	  

	By:	 	 /s/ Bernard Osher
	 		 		 	
	Name:	 	 Bernard Osher
	 		 		 	
	Title:	 	 Trustee
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 One Ferry Building, Suite 255
	 		 		 	
	 San Francisco, CA 94111
	 		 		 	
	Attention:	 	 Bernard Osher
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	 H. Thomas Moffett
	 		 		 	
	 One Ferry Building, Suite 255
	 		 		 	
	 San Francisco, CA 94111
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 THIRD AVENUE SPECIAL SITUATIONS
(MASTER) FUND, L.P.
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ W. James Hall
	 		 		 	
	Name:	 	 W. James Hall
	 		 		 	
	Title:	 	 General Counsel
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	622 Third Avenue	 		 		 	
	New York, New York 10017	 		 		 	
	Attention:	 	 Brian S. Lennon
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 THE JERALD AND MELODY HOWE
WEINTRAUB REVOCABLE TRUST
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ Jerald M. Weintraub
	 		 		 	
	Name:	 	 Jerald M. Weintraub
	 		 		 	
	Title:	 	 Trustee
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	c/o Weintraub Capital Management, L.P.	 		 		 	
	 3527 Mt. Diablo Blvd. #322
	 		 		 	
	 Lafayette, CA 94549
	 		 		 	
	Attention:	 	 Nancy DeSchane / Jerald Weintraub
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
	 AND
	 		 		 		 	
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 JACOBY ENTERPRISES INC.
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ Jon E.M. Jacoby
	 		 		 	
	Name:	 	 Jon E.M. Jacoby
	 		 		 	
	Title:	 	 President
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 100 Morgan Keegan Dr. Ste 500
	 		 		 	
	 Little Rock, AR 72202
	 		 		 	
	Attention:	 	 Jon E.M. Jacoby
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	  
	 		 	Signature:	 	 /s/ Howard Berkowitz

	[Name of Entity]	 	Name:	 	 Howard Berkowitz

	By:	 	  
	 		 		 	
	Name:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 Groundlayer Capital Inc.
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ Robert Grundleger
	 		 		 	
	Name:	 	 Robert Grundleger
	 		 		 	
	Title:	 	 President
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 150 King St. West Suite 2600
	 		 		 	
	 Toronto ON M5H 1J9
	 		 		 	
	Attention:	 	 Robert Grundleger
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	 Groundlayer Capital Inc.
	 		 		 	
	 150 King St. West Suite 2600
	 		 		 	
	 Toronto ON M5H 1J9
	 		 		 	
	Attention:	 	 Wendy House
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 DIANE B. WILSEY REVOCABLE TRUST

DTD 5/14/02
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ Diane B. Wilsey
	 		 		 	
	Name:	 	 Diane B. Wilsey
	 		 		 	
	Title:	 	 Trustee
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 A. Wilsey Properties Co.
	 		 		 	
	 2352 Pine Street, San Francisco, CA 94115
	 		 		 	
	Attention:	 	 Diane B. Wilsey
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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 Counterpart Signature Page 

 

									
	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 JBAB HOLDINGS LLLP
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ Andrew Blank
	 		 		 	
	Name:	 	 Andrew Blank
	 		 		 	
	Title:	 	 General Partner
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 3455 NW 54th Street
	 		 		 	
	 Miami FL 33142-3309
	 		 		 	
	Attention:	 	 Ross Isaacson
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	 Feltman & Garrison, PLLP
	 		 		 	
	 P.O. Box 9280
	 		 		 	
	 Ketchum, ID 83340
	 		 		 	
	Attention:	 	 Mike Feltman
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 COUGAR CAPITAL LLC
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ Emanuel E. Geduld
	 		 		 	
	Name:	 	 Emanuel E. Geduld
	 		 		 	
	Title:	 	 Sr. Managing Member
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 1370 Avenue of the Americas, 30th
Fl.
	 		 		 	
	 New York, NY 10019
	 		 		 	
	Attention:	 	 Carl J. Bennett
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 FRIED INVESTMENT CORPORATION
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ L. Richard Fried, Jr.
	 		 		 	
	Name:	 	 L. Richard Fried, Jr.
	 		 		 	
	Title:	 	 President
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	L. Richard Fried, Jr.	 		 		 	
	 841 Bishop St., Ste. 600
	 		 		 	
	 Honolulu, Hawaii 96813
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	 N/A
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 BLACK SWAN ALTERNATIVES, LLC
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ Harvey Heller
	 		 		 	
	Name:	 	 Harvey Heller
	 		 		 	
	Title:	 	 Managing Partner
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 288 9th Street/P.O. Box 770249
	 		 		 	
	 Winter Garden, FL 34787
	 		 		 	
	Attention:	 	 Harvey Heller
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	 288 9th Street/P.O. Box 770249
	 		 		 	
	 Winter Garden, FL 34787
	 		 		 	
	  
	 		 		 	
	Attention:	 	 Jeff McKinney
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 WILL K. WEINSTEIN REVOCABLE
TRUST UTA dtd 2/27/90
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ Will K. Weinstein
	 		 		 	
	Name:	 	 Will K. Weinstein
	 		 		 	
	Title:	 	 Trustee
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 1 Ferry Building, Suite 255
	 		 		 	
	 San Francisco, CA 94111
	 		 		 	
	Attention:	 	 Will K. Weinstein
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 		 		 		 	
		 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	 Mike Feltman, Feltman & Garrison
	 		 		 	
	 P.O. Box 9280
	 		 		 	
	 Ketchum, Idaho 83340
	 		 		 	
	Attention:	 	 M. Feltman
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 JWLP INVESTMENTS, LTD.
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ James. W. Haywood
	 		 		 	
	Name:	 	 James. W. Haywood
	 		 		 	
	Title:	 	 President
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 345 Augusta
	 		 		 	
	 Boerne, TX 78006
	 		 		 	
	Attention:	 	 James W. Haywood
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	  
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
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	FOR ENTITY INVESTORS:	 	FOR INDIVIDUAL INVESTORS:
				
	 FILBERT PARTNERSHIP, LP – Fund 2
	 		 	Signature:	 	  

	[Name of Entity]	 	Name:	 	  

	By:	 	 /s/ David E. Park III
	 		 		 	
	Name:	 	 David E. Park III
	 		 		 	
	Title:	 	 Authorized Signatory
	 		 		 	
	Taxpayer ID #:	 	  
	 		 		 	
				
	ADDRESS FOR NOTICE:	 		 		 	
				
	 2754 Vallejo St
	 		 		 	
	 San Francisco, CA 94123
	 		 		 	
	Attention:	 	 David Park
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail	 	  
	 		 		 	
				
	With a copy to:	 		 		 	
	 David Park
	 		 		 	
	 c/o Headlands Capital
	 		 		 	
	 1 Ferry Building, Suite 255, San
Francisco, CA 94111
	 		 		 	
	Attention:	 	  
	 		 		 	
	Tel:	 	  
	 		 		 	
	Fax:	 	  
	 		 		 	
	E-mail:	 	  
	 		 		 	

  
 [Signature Page to
Registration Rights Agreement]EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

FRAMEWORK AGREEMENT 

DATED SEPTEMBER 25, 2013 

Between 
 TESORO HAWAII,
LLC 
 HAWAII PACIFIC ENERGY, LLC 

and 
 BARCLAYS BANK PLC

  
 

 
 Allen & Overy LLP 

0101802-0000002 NY:17027002.32 

 CONTENTS 
  

							
	Section	  	Page	 
			
	1.	  	 Interpretation
	  	 	2	  
	2.	  	 Conditions Precedent
	  	 	26	  
	3.	  	 Representations and Warranties of the Company
	  	 	26	  
	4.	  	 Representations and Warranties of Barclays
	  	 	40	  
	5.	  	 Information Covenants
	  	 	42	  
	6.	  	 General Covenants
	  	 	46	  
	7.	  	 Facility and Regulatory Covenants
	  	 	59	  
	8.	  	 Additional Termination Events
	  	 	63	  
	9.	  	 Acknowledgement
	  	 	69	  
	10.	  	 Indemnities
	  	 	69	  
	11.	  	 Costs and Expenses
	  	 	71	  
	12.	  	 Payments
	  	 	72	  
	13.	  	 Nature of Transaction and Relationship between the Parties
	  	 	73	  
	14.	  	 Sanctions Laws
	  	 	74	  
	15.	  	 Wind Down
	  	 	74	  
	16.	  	 Advisers
	  	 	74	  
	17.	  	 Term and Renewal of Inventory Documents
	  	 	75	  
	18.	  	 Amendments and Waivers
	  	 	75	  
	19.	  	 Assignment and Changes to the Parties
	  	 	75	  
	20.	  	 Successors and Assigns
	  	 	76	  
	21.	  	 Disclosure of Information
	  	 	76	  
	22.	  	 Severability
	  	 	76	  
	23.	  	 Counterparts
	  	 	76	  
	24.	  	 Notices
	  	 	76	  
	25.	  	 Language
	  	 	79	  
	26.	  	 Governing Law
	  	 	80	  
	27.	  	 Enforcement
	  	 	80	  
	28.	  	 Survival
	  	 	80	  
	29.	  	 Complete Agreement
	  	 	80	  

 Schedule 
  

							
	1.	  	 Material Contracts
	  	 	1	  
	2.	  	 Conditions Precedent
	  	 	1	  
	3.	  	 Litigation and Environmental Laws
	  	 	1	  
	4.	  	 Security
	  	 	1	  
	5.	  	 Retail Guarantees*
	  	 	1	  
	6.	  	 ERISA Plans
	  	 	1	  

 THIS FRAMEWORK AGREEMENT dated September 25, 2013 is made BETWEEN: 

 

	(1)	TESORO HAWAII, LLC, a Hawaii limited liability company (the Company); 

  

	(2)	HAWAII PACIFIC ENERGY, LLC, a Delaware limited liability company (the Member, and together with the Company, the HIE Parties); and 

 

	(3)	BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales (Barclays). 

BACKGROUND: 
  

	(A)	On the Initial Purchase Date (as defined below), the Company intends (i) to enter into the Initial Purchase Confirmations (as defined below) to transfer to Barclays on the Initial Purchase Date all of its right,
title and interest in and to certain inventories consisting of up to one million seven hundred thousand (1,700,000) Barrels of Crude Oil (as defined below) and up to one million nine hundred thousand (1,900,000) Barrels of Products (as
defined below) stored in the Facilities (as defined below) as of the Initial Purchase Date and (ii) to enter into the Forward Purchase Confirmations (as defined below) to transfer to Barclays on a future date all of its right, title and
interest in and to certain other inventories consisting of up to four hundred fifty thousand (450,000) Barrels of Products stored in the Facilities as of such future date. 

 

	(B)	Following the Initial Purchase Date, pursuant to the Crude Oil Supply Master Confirmation (as defined below), the Company may seek to enter into transactions whereby the Company will purchase from Barclays quantities of
crude oil for processing in the Refinery (as defined below) (each such transaction a Crude Oil Transaction). At any time during the term of the Crude Oil Supply Master Confirmation, the Company may provide Barclays with a proposed transaction
supplement, which shall constitute a binding offer to enter into a Crude Oil Transaction for the purchase of specified quantities and grades of Crude Oil for delivery in a designated month. In the event Barclays accepts a proposed transaction
supplement, Barclays will be under an obligation to deliver the agreed quantity and quality of Crude Oil at a price determined in accordance with the Crude Oil Supply Master Confirmation. 

 

	(C)	Following the Initial Purchase Date, and in each case pursuant to the Products Exchange Master Confirmation (as defined below), the Company may seek to initiate a transfer to or from Barclays of all of the right, title
and interest in and to certain Products, which creates a corresponding obligation to transfer from or to Barclays, as applicable, the right, title and interest in and to certain Products in a volume and quality equal to the volume and quality of
refined product inventories initially transferred to or from Barclays, as applicable, subject to certain reconciliation mechanisms set forth in the Products Exchange Master Confirmation (each such transaction an Exchange Transaction). The
Company shall initiate each Exchange Transaction by delivering to Barclays a nomination schedule setting out the details of the proposed Exchange Transaction, which nomination schedule Barclays may accept or reject. 

 

	(D)	Certain inventories of Crude Oil and Products owned by Barclays will be stored by the Company at the Facilities in accordance with the terms of the Storage and Services Agreement (as defined below), pursuant to which
the Company has agreed to provide Barclays with services to receive, handle, store and throughput such inventories in the Facilities and the Refinery. 

  
 1 

	(E)	On or about the date hereof the Company and Barclays have entered into the Inventory Documents (as defined below) in order to effectuate the transactions described above. 

 

	(F)	The entry into force of this Framework Agreement, the Storage and Services Agreement, the Inventory First Lien Security Agreement, the Mortgage First Lien Agreement and the ABL Loan Second Lien Security Agreement, each
in form and substance satisfactory to Barclays, are some of the conditions precedent to the effectiveness of the ISDA Master Agreement between the Parties under and subject to the terms of which the Parties may enter into Crude Oil Transactions and
Exchange Transactions. 

  

	(G)	The Parties wish to set forth in this Framework Agreement certain common terms and conditions in respect of the relationship between the Parties and the transactions contemplated in the Inventory Documents.

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

ABL Loan Account Control Agreement means the deposit account control agreement dated as of the date hereof among American Savings Bank,
Tesoro Hawaii, LLC, the ABL Loan Collateral Agent and the Inventory Collateral Agent, relating to all deposit accounts of the Company other than the Insurance Proceeds Account. 

ABL Loan Collateral has the meaning given to it in the Intercreditor Agreement. 

ABL Loan Collateral Agent means Deutsche Bank AG New York Branch, acting as collateral agent for the ABL Loan Collateral under the
Intercreditor Agreement and the ABL Loan Security Documents (as defined in the Intercreditor Agreement). 
 ABL Loan Credit Agreement
means the ABL Loan Credit Agreement dated as of the date hereof among the Borrowers, the Member, the Administrative Agent, the ABL Loan Collateral Agent and the Lenders party thereto. 

ABL Loan Second Lien Security Agreement means the security agreement dated as of the date hereof between the Company and its
Subsidiaries from time to time party thereto and the Inventory Collateral Agent. 
 Additional Security Documents has the meaning
given to that term in Section 6.24(a) (Additional security; further assurances). 
 Administrative Agent means Deutsche
Bank AG New York Branch, acting as administrative agent under the ABL Loan Credit Agreement. 
 Advisers means the Technical Adviser,
the Insurance Adviser, the Inspector, accounting, tax and legal advisers and any other adviser mutually agreed on by the Parties from time to time in accordance with Section 16 (Advisers). 

  
 2 

 Affiliate of a person means any other person that directly, or indirectly through one or
more intermediaries, controls or is controlled by or is under common control with that person. 
 Agency and Advisory Agreement means
the Agency and Advisory Agreement dated as of the date hereof between Barclays and the Company, including any subsequent amendment or supplement to or renewal or restatement thereto. 

Audited Original Financial Statements means the audited financial statements of the Company for the year ended December 31, 2011.

 Available Liquidity means the sum of: 
  

	 	(a)	Excess Availability, less  

  

	 	(i)	on any date (x) during a Dominion Period or (y) on which the Excess Availability is less than or equal to the Minimum Availability Amount for more than one consecutive Business Day, $15,000,000; or

  

	 	(ii)	on any other date, $0; and 

  

	 	(b)	cash on hand. 

 Barclays has the meaning given to that term in the Preamble. 

Barclays Authorization means any authorization required by any person or customary for Barclays to hold in connection with
Barclays’ entry into and performance of the Inventory Documents and the transactions contemplated therein, and validity and enforceability of the Inventory Documents in respect of Barclays, or which are necessary for Barclays to own the Crude
Oil and Products owned by it, but, for the avoidance of doubt, excludes the Company Authorizations. 
 Barclays’ Product or
Barclays’ Products means any Products to which Barclays has right or title, in which Barclays has an interest or which the Company is or may be required to deliver to Barclays pursuant to the ISDA Master Agreement or any Subsequent
Purchase Confirmation and any substances in such Products. 
 Barbers Point Barge Harbor Pipelines means, collectively, the four
(4) Products pipelines running approximately 2.2 miles and connecting the Refinery to the loading facility at the Barbers Point Barge Harbor, the Chevron refinery, Aloha Barbers Point Terminal, HECO and other facilities. 

Barges means the two (2) time-chartered tug/barge units used to transport Inventory from Oahu to terminals on neighboring islands.

 Barrel means 42 Gallons measured at a temperature of sixty (60) degrees Fahrenheit and an absolute pressure of 29.92 inches of
mercury. 
 Borrowers means the Company and all of its present and future Subsidiaries that own any assets included in the Borrowing
Base (as defined in the ABL Loan Credit Agreement as in effect as of the date of this Agreement). 

  
 3 

 Borrowing Base has the meaning given to that term in the ABL Loan Credit Agreement. 

Business Day means (a) for payment due under any Inventory Document, a day that is not a Saturday, Sunday or other day on which
commercial banks in New York City, New York are authorized or required by law to remain closed; and (b) for notices under any Inventory Document, a day that is not a Saturday, Sunday or other day on which commercial banks in New York City, New
York or Houston, Texas are authorized to remain closed. 
 Change in Control means, with respect to the Company, when the Parent
ceases to be the beneficial owner, directly or indirectly through wholly owned Subsidiaries, of more than 80% of the issued Equity Interests in the Company. 

Claim Notice has the meaning given to that term in Section 10.3(b) (Indemnity Procedure). 

Code means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued
thereunder. Section references to the Code are to the Code, as in effect at the date of this Agreement and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor. 

Collateral Agency Agreement means the collateral agency agreement dated as of the date hereof between Barclays and the Inventory
Collateral Agent. 
 Company has the meaning given to that term in the Preamble. 

Company Authorization means any authorization required by any person or customary for any person to hold in connection with the entry
into, performance, legality, validity, binding effect or enforceability of, and the transactions contemplated by, any Transaction Document, or which are necessary for the Company to own and operate the Facilities and the Refinery, to conduct its
business, trade and ordinary activities or to enable it and each of the other HIE Parties to create the Security Interests purported to be created by it and ensure that such Security Interest has the priority and ranking it is expressed to have,
but, for the avoidance of doubt, excludes the Barclays Authorizations. 
 Company Indemnified Person means the Company and its
Affiliates from time to time and their respective directors, officers, employees, representatives, agents, brokers, successors and assigns. 

Confirmations means: 
  

	 	(c)	the Initial Purchase Confirmations; 

  

	 	(d)	the Forward Purchase Confirmation; 

  

	 	(e)	the Crude Supply Master Confirmation; 

  

	 	(f)	the Products Exchange Master Confirmation; 

  

	 	(g)	the Products Offtake Master Confirmation; and 

  

	 	(h)	the Prepay Confirmations. 

 Contamination has the meaning given to that term in the
Storage and Services Agreement. 

  
 4 

 Credit Agreement means (a) the ABL Loan Credit Agreement or (b) following a
refinancing in full of the Borrowers’ obligations under the ABL Loan Credit Agreement in accordance with Section 6.9(b)(iv) (Financial Indebtedness) or the Credit Agreement then in effect, the Refinancing Credit Agreement. 

Crude Agreement means a crude supply agreement between Barclays and a Crude Supplier pursuant to which Barclays may purchase Crude Oil
from the Crude Supplier from time to time during the term of such agreement. 
 Crude Oil means crude oil and feedstocks that conform
to such specifications as the Parties may mutually agree and that are suitable for normal refinery processing, provided that Crude Oil shall not include slops. 

Crude Oil Transaction has the meaning given to that term in Recital (B). 

Crude Supplier means a supplier of Crude Oil to Barclays pursuant to a Crude Agreement. 

Crude Supply Master Confirmation means the Crude Oil supply master confirmation between Barclays and the Company dated as of the date
hereof which supplements, forms a part of and is subject to the ISDA Master Agreement. 
 CSA means the 1994 Credit Support Annex (New
York law) to the ISDA Master Agreement. 
 Daily Invoices has the meaning given to that term in the Crude Supply Master Confirmation.

 Default means: 
  

	 	(a)	an Enforcement Event; or 

  

	 	(b)	an event or circumstance which would be (with the expiry of a grace period, the giving of notice, the making of any determination under the Inventory Documents, or any combination of them) an Enforcement Event,
including, without limitation, an ISDA Potential Event of Default. 

 Delivery Date has the meaning given to that term
in the Initial Purchase Confirmations 
 Derivative Transaction means any derivative transaction entered into in connection with
protection against or benefit from fluctuation in any rate, price or other risk. 
 Disruption Event means a material disruption to
the payment or communications systems or to the financial markets which are required to operate in order for payments to be made (or other transactions to be carried out) in connection with the transactions contemplated by the Inventory Documents,
which is not caused by, and is beyond the control of, any of the Parties. 
 Distribution has the meaning given to that term in
Section 6.19 (Distributions and redemption of membership interests). 

  
 5 

 Dominion Period has, and any defined terms used or referenced therein have, the meaning
given to that term in the ABL Loan Credit Agreement as in effect on the date of this Agreement. 
 Enforcement Event means: 

 

	 	(a)	an ISDA Event of Default; or 

  

	 	(b)	a Termination Event. 

 Environment means all or any part of the following media (alone or
in combination): air (including the air within the buildings and the air within other natural or man-made structures whether above or below ground); water (including sea, surface water, groundwater, water under or within land or in drains, sewers
and coastal and inland waters); land (including land under water) and any living organisms and ecosystems supported by those media, including flora, fauna and man. 

Environmental Approval means any approval, authorization, license, registration or permit or the filing of any notification, report or
assessment required under any Environmental Law for the operation of the System and/or any component thereof and/or the business of the Company or Barclays. 

Environmental Claim means any legal proceeding, claim, investigation or suit instituted related to environmental matters or
Environmental Law. 
 Environmental Law means any law (including common law), statute, international conventions and treaties (to the
extent such conventions and treaties have direct effect on the parties and/or any Indemnified Person), rule, regulation, order, ordinance, directive, administrative ruling, decree, judgment or permit requirement, judicial interpretation of any laws
by a Governmental Authority or court, guidance and codes of practice (in each case having the force of law) which relates to: (i) the pollution, protection, investigation or restoration of the Environment, human health and safety or natural
resources or (ii) the generation, transportation, storage, disposal, containment use, or Release or threatened Release of any Hazardous Substance. 

Environmental Matter means: 
  

	 	(a)	any breach or alleged breach of Environmental Law and/or any Environmental Approval by the Company and/or any of its Affiliates and/or any of their representatives, agents, employees and/or contractors at the Facilities
or the Refinery; 

  

	 	(b)	any actual Release, and/or loss of Inventory and/or any Hazardous Substance at or from the Facilities or the Refinery any time (Released Inventory); 

 

	 	(c)	any actual contamination of the Environment arising from the presence of Released Inventory which is or may become the subject of any Environmental Claim; 

 

	 	(d)	any Environmental Claim; and 

  

	 	(e)	the actual exposure of any person to any Inventory and/or Hazardous Substance at any time. 

  
 6 

 Equity Interests means the shares, interests, rights to purchase, warrants, options,
participations or other equivalents of any person’s interests in (however designated) equity of another person, including any preferred stock and partnership or limited liability company interests but excluding any debt securities convertible
into such equity. 
 ERISA means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor.

 ERISA Affiliate means any person that for purposes of Title I or Title IV of ERISA or Section 412 of the Code would be deemed
at any relevant time to be a single employer or otherwise aggregated with any of the HIE Parties or any of their respective Subsidiaries under Section 414 of the Code or Section 4001 of ERISA. 

ERISA Event means any one or more of the following: 
  

	 	(a)	any Reportable Event; 

  

	 	(b)	the filing of a notice of intent to terminate any Plan, if such termination would require material additional contributions in order to be considered a standard termination within the meaning of Section 4041(b) of
ERISA, the filing under Section 4041(c) of ERISA of a notice of intent to terminate any Plan or the termination of any Plan under Section 4041(c) of ERISA; 

 

	 	(c)	the institution of proceedings, or the occurrence of an event or condition which would reasonably be expected to constitute grounds for the institution of proceedings by the PBGC under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Plan; 

  

	 	(d)	the failure to make a required contribution to any Plan that would result in the imposition of a lien or other encumbrance or the provision of security under Section 430 of the Code or Section 303 or 4068 of
ERISA, or the arising of such a lien or encumbrance; there being or arising any “unpaid minimum required contribution” or “accumulated funding deficiency” (as defined or otherwise set forth in Section 4971 of the Code or
Part 3 of Subtitle B of Title I of ERISA), whether or not waived; or the filing of any request for or receipt of a minimum funding waiver under Section 412 of the Code with respect to any Plan, or that such filing may be made or a determination
that any Plan is, or is expected to be, considered an at-risk plan or in endangered or critical status within the meaning of Sections 430 and 432 of the Code or Sections 303 and 305 of ERISA; 

 

	 	(e)	engaging in a non-exempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA that could reasonably be expected to have a Material Adverse Effect; 

 

	 	(f)	 the complete or partial withdrawal of any of the HIE Parties or any of their respective Subsidiaries or any ERISA Affiliate from a Multiemployer Plan,
the reorganization or insolvency under Title IV of ERISA of any Multiemployer Plan; or the receipt by any of the HIE Parties or any of their respective Subsidiaries or any ERISA Affiliate, of any notice, or the receipt by any Multiemployer Plan from
any of the HIE Parties, any of their 

  
 7 

	 	
respective Subsidiaries or any ERISA Affiliate of any notice, that a Multiemployer Plan is in endangered or critical status under Section 305 of ERISA that could reasonably be expected to
have a Material Adverse Effect; or 

  

	 	(g)	any of the HIE Parties, any of their respective Subsidiaries or any ERISA Affiliate incurring any liability under Title IV of ERISA with respect to any Plan that could reasonably be expected to have a Material Adverse
Effect (other than premiums due and not delinquent under Section 4007 of ERISA). 

 Excess Availability has, and
any defined terms used or referenced therein have, the meaning given to that term in the ABL Loan Credit Agreement as in effect as of the date of this Agreement. 

Exchange Transaction has the meaning given to that term in Recital (C). 

Facilities means, collectively, the SPM, the On-Site Tanks, the Pipelines, the Barges and the Terminals, in each case together with any
pipelines or ancillary facilities connecting such systems or facilities to each other or to the Refinery, and Facility means any one of the Facilities. 

Fair Market Value means, with respect to any asset (including any Equity Interests of any person), the price at which a willing buyer,
not an Affiliate of the seller, and a willing seller who does not have to sell, would agree to purchase and sell such asset, as determined in good faith by the board of directors or other governing body or, pursuant to a specific delegation of
authority by such board of directors or governing body, a designated senior executive officer, of the Company, or the Subsidiary of the Company selling such asset. 

Financial Indebtedness means any indebtedness for or in respect of: 

 

	 	(h)	moneys borrowed; 

  

	 	(i)	any acceptance credit (including any dematerialized equivalent); 

  

	 	(j)	any bond, note, debenture, letter of credit or other similar instrument; 

  

	 	(k)	any redeemable preference share; 

  

	 	(l)	any agreement treated as a finance or capital lease in accordance with GAAP; 

  

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

  

	 	(n)	the acquisition cost of any asset or service to the extent payable before or after its acquisition or possession by the party liable where the advance or deferred payment: 

 

	 	(i)	is arranged primarily as a method of raising finance or of financing the acquisition of that asset or service or construction of that asset or service; 

 

	 	(ii)	involves a period of more than one hundred twenty (120) days before or after the date of acquisition or supply; or 

  

	 	(iii)	constitutes a forward sale or purchase agreement; 

  
 8 

	 	(o)	any Derivative Transaction (and, except for non-payment of an amount, the then mark-to-market value of the Derivative Transaction will be used to calculate its amount); 

 

	 	(p)	any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a borrowing outside of the ordinary course of business; 

 

	 	(q)	any counter-indemnity obligation in respect of any guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank or financial institution; or 

 

	 	(r)	any guarantee, indemnity or similar assurance against financial loss of any person in respect of any item referred to in the above paragraphs. 

Force Majeure Event means an event or circumstance which constitutes force majeure (howsoever described) under the Transaction Documents
or any of the Company’s or Barclays’ contractual arrangements or otherwise affords it or its counterparty relief from performance of the relevant contract. 

Foreign Pension Plan means any plan, fund (including, without limitation, any superannuation fund) or other similar program established
or maintained outside the United States by any of the HIE Parties or any one or more of their respective Subsidiaries primarily for the benefit of employees of the HIE Parties or such Subsidiaries residing outside the United States, which plan, fund
or other similar program is subject to laws of the applicable foreign jurisdiction and provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which
plan is not subject to ERISA or the Code. 
 Forward Purchase Confirmations means the forward purchase confirmations dated as of the
date hereof between the Company and Barclays evidencing the forward purchase arrangements in respect of certain Crude Oil and Products. 

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

Gallon means a U.S. gallon (with the volume delivered determined at 60 degrees Fahrenheit using ASTM Standard D1250, Table 6B). 

Good Industry Practice means the exercise of the degree of skill, care and operating practice which would reasonably and ordinarily be
expected from a skilled and experienced person engaged in the same type of undertaking as the Company under the same or similar circumstances. 

Governmental Authority means any federal, regional, provincial, state, local or municipal government, governmental body, agency,
instrumentality, authority or other entity established or controlled by any of the foregoing or subdivision thereof, including any legislative, administrative, regulatory or judicial body, or any person purporting to act therefor. 

Hazardous Substances means any natural or artificial substance, product or matter (in whatever form) that is prohibited, limited or
regulated pursuant to any Environmental Law by virtue of their toxic or otherwise deleterious characteristics (including, but not limited to, hazardous waste, polluting, toxic or dangerous substances, petroleum product or by-product or radiation).

  
 9 

 HIE Parties has the meaning given to that term in the Preamble. 

Hilo Terminal means the two (2) refined products terminals leased and operated by the Company located on the island of Hawaii in
Hilo, Hawaii. 
 Honolulu Products Pipeline means the refined products pipeline running approximately 21.2 miles connecting the
Refinery to terminals located at the Honolulu International Airport, terminals located at certain military facilities, the Sand Island Terminal, the Aloha Honolulu Terminal and the Chevron Honolulu Terminal. 

Indemnified Party has the meaning given to that term in Section 10.3(a) (Indemnity Procedure). 

Indemnified Person means Barclays and its Affiliates from time to time and their respective directors, officers, employees,
representatives, agents, Inspectors, brokers, successors and assigns. 
 Indemnifying Party has the meaning given to that term in
Section 10.3(a) (Indemnity Procedure). 
 Initial Crude Oil Purchase Confirmation means the sale and purchase confirmation
dated as of the date hereof between the Company and Barclays evidencing the initial purchase of Crude Oil by Barclays from the Company. 

Initial Purchase Confirmations means the Initial Crude Oil Purchase Confirmation and the Initial Refined Product Purchase Confirmation.

 Initial Purchase Date has the meaning given to the Delivery Date in each of the Initial Purchase Confirmations. 

Initial Refined Product Purchase Confirmation means the sale and purchase confirmation dated as of the date hereof between the Company
and Barclays evidencing the initial purchase of Products by Barclays from the Company. 
 Inspector means the inspector appointed by
Barclays from time to time. 
 Insurance means the contracts and policies of insurance taken out by or on behalf of the Company in
accordance with Section 7.7 (Insurance) or (to the extent of its interest) in which the Company has an interest. 
 Insurance
Adviser means any firm of insurance advisers appointed by Barclays from time to time. 
 Insurance Proceeds has the meaning given
to it in the Intercreditor Agreement. 
 Insurance Proceeds Account has the meaning given to it in the Intercreditor Agreement. 

Intercreditor Agreement means the intercreditor agreement dated as of the date hereof by and among Barclays, the Administrative Agent,
the Inventory Collateral Agent, the ABL Loan Collateral Agent and the HIE Parties. 
 Inventory means Crude Oil and Products. 

  
 10 

 Inventory Account Control Agreement means the account control agreement to be entered into
among American Savings Bank, Tesoro Hawaii, LLC, the ABL Loan Collateral Agent and the Inventory Collateral Agent, relating to the Insurance Proceeds Account. 

Inventory Collateral has the meaning given to it in the Intercreditor Agreement. 

Inventory Collateral Agent means Wells Fargo Bank, National Association, acting as collateral agent for Barclays’ collateral under
the Intercreditor Agreement and the Inventory Security Documents. 
 Inventory Documents means: 

 

	 	(a)	this Agreement; 

  

	 	(b)	the ISDA Master Agreement; 

  

	 	(c)	any Subsequent Purchase Confirmation; 

  

	 	(d)	the Storage and Services Agreement; 

  

	 	(e)	the Agency and Advisory Agreement; 

  

	 	(f)	each Inventory Security Document; 

  

	 	(g)	the Inventory Guarantee; 

  

	 	(h)	the Novation Agreement; 

  

	 	(i)	the Intercreditor Agreement; 

  

	 	(j)	the Collateral Agency Agreement;; 

  

	 	(k)	the fee letter dated as of the date hereof among the Inventory Collateral Agent, the Company and Barclays; and 

  

	 	(l)	any other document designated as such by the Company and Barclays in writing. 

 Inventory
First Lien Security Agreement means the security agreement dated as of the date hereof between the Company and the Inventory Collateral Agent. 

Inventory Guarantee means the guarantee dated as of the date hereof by the Member in favor of the Inventory Collateral Agent. 

Inventory Obligations has the meaning given to it in the Intercreditor Agreement. 

Inventory Security Document means: 
  

	 	(a)	the Inventory First Lien Security Agreement; 

  

	 	(b)	the Mortgage First Lien Agreement; 

  
 11 

	 	(c)	the ABL Loan Second Lien Security Agreement; 

  

	 	(d)	the Inventory Account Control Agreement; 

  

	 	(e)	the ABL Loan Account Control Agreement; 

  

	 	(f)	the Membership Interests First Lien Pledge Agreement; 

  

	 	(g)	any other document entered into with the consent of Barclays evidencing or creating or perfecting security over any asset of any HIE Party to secure any Inventory Obligation. 

ISDA Event of Default has the meaning given to the term “Event of Default” in the ISDA Master Agreement. 

ISDA Master Agreement means the 2002 ISDA Master Agreement between Barclays and the Company dated as of the date hereof including the
Schedule thereto (and the Oil Annex incorporated therein), the CSA, the Confirmations and each Transaction (whether or not reduced to a confirmation) entered into from time to time thereunder. 

ISDA Potential Event of Default has the meaning given to the term “Potential Event of Default” in the ISDA Master Agreement.

 Kahului Terminal means the one (1) refined products terminal leased and operated by the Company located on the island of Maui
in Kahului, Hawaii. 
 Knowledge means, with respect to any person, the actual knowledge, upon reasonable inquiry, of one or more of
the directors or executive officers of such person. 
 Leaseholds of any person means all the right, title and interest of such person
as lessee or licensee in, to and under leases or licenses of land, improvement and/or fixtures. 
 Leases means the leases, easements
and other agreements set out in Schedule 1. 
 Lenders means the lenders that are a party to the ABL Loan Credit Agreement. 

Losses means any and all claims, demands, suits, losses, expenses, damages, charges, fines, penalties, deficiencies, assessments,
interest, fines, taxes, duties, levies, costs and expenses of any kind (including reasonable attorneys’ fees and other fees, court costs and other disbursements), causes of action and liabilities of every type and character, including personal
injury or death to any person or loss or damage to any personal or real property, liabilities that directly or indirectly arise out of or are related to any suit, proceeding, judgment, settlement or judicial or administrative order, or any
liabilities with respect to Environmental Law or other applicable law. 
 Material Adverse Effect means a material adverse effect on:

  

	 	(a)	the business, assets or financial condition of the Company; 

  

	 	(b)	the ability of the Company to perform its payment or delivery obligations under this Agreement, the ISDA Master Agreement or its obligations to provide all or a material part of the Services under the Storage and
Services Agreement or the Agency and Advisory Agreement; 

  
 12 

	 	(c)	the legality, validity, binding nature or enforceability of the Company’s obligations under the Transaction Documents; or 

  

	 	(d)	the legality, validity, binding nature or enforceability of, or the effectiveness or ranking of any Security Interest granted or purported to be granted pursuant to, any Inventory Document. 

Material Contracts means (a) the Leases and (b) any other agreements the lack of which would have or be reasonably likely to
have a Material Adverse Effect. 
 Member has the meaning given to that term in the Preamble. 

Membership Interests First Lien Pledge Agreement means the share pledge dated as of the date hereof between Member and the Inventory
Collateral Agent for the benefit of Barclays. 
 Minimum Availability Amount has, and any defined terms used or referenced therein
have, the meaning given to that term in the ABL Loan Credit Agreement as in effect as of the date of this Agreement. 
 Minimum Liquidity
Test has the meaning given to that term in Section 6.21(b)(iii) (evidence that the Company has obtained consents to assignment of each of the Company’s patent licenses that are set out in Annex VIII to the Intercreditor
Agreement and that are material to the operation or value of the Refinery and the System or the Company’s ability to perform its obligations under the Basic Documents (as defined in the Intercreditor Agreement). 

 

	(a)	The Company shall deliver, within thirty (30) days after the Initial Purchase Date, a recorded mortgage or mortgages between the Company and the Inventory Collateral Agent in a form satisfactory to Barclays and the
Inventory Collateral Agent evidencing the Inventory Collateral Agent’s first lien Security Interest in the Company’s Material Contracts listed in Annex IX to the Intercreditor Agreement and with respect to which consent has been granted or
is not needed for the grant of such Security Interest but such Material Contracts have not been recorded as of the date of this Agreement. 

Minimum Liquidity Test). 

MIPA means the membership interest purchase agreement dated as of June 17, 2013 between Tesoro Corporation, the Member and the
Company. 
 Mortgage First Lien Agreement means the mortgage dated as of the date hereof between the Company and the Inventory
Collateral Agent. 
 Multiemployer Plan means a multiemployer plan as defined in Section 4001(a)(3) of ERISA, which is
contributed to by (or to which there is or may be an obligation to contribute of) any of the HIE Parties or any of their respective Subsidiaries or with respect to which any of the HIE Parties or any of their respective Subsidiaries has any
liability (including on account of an ERISA Affiliate). 

  
 13 

 Novation Agreement means the novation agreement dated as of the date hereof among
Barclays, the Company and Tesoro Refining & Marketing Company LLC. 
 Obligations has the meaning given to it in the
Intercreditor Agreement. 
 Oil Annex means the oil annex, as amended and supplemented from time to time, that is incorporated into
the Schedule to the ISDA Master Agreement. 
 On-Site Tanks means the Tanks identified in Schedule 1 of the Storage and Services
Agreement as being located at the Refinery. 
 Operations and Maintenance Costs means documented fixed and variable operations and
maintenance costs incurred by the Company in connection with provision of tolling services at the Refinery, including, without limitation, all labor costs, management fees, maintenance costs, water condensate sourcing and treatment costs, byproduct
disposal costs, material costs, environmental compliance costs, insurance premiums and administrative costs. 
 Parent means Par
Petroleum Corporation, a Delaware corporation. 
 Party means a party to this Agreement. 

PBGC means the U.S. Pension Benefit Guaranty Corporation. 

Permitted Distribution means any dividend or other distribution by the Company in respect of its Equity Interests, provided that:

  

	 	(a)	the funds used for such dividend or other distribution are generated from operations of the Company and not derived from Permitted Unsecured Debt; 

 

	 	(b)	at all times (i) during the 90-day period immediately preceding such distribution (determined after giving effect to such distribution as if it had been made on the first day of such period); and (ii) during
the 90-day period commencing on the date of such distribution (determined on a projected basis in good faith): the Company will retain Available Liquidity sufficient to equal or exceed the sum of: 

 

	 	(A)	the total gross invoice amount payable under the Crude Supply Master Confirmation for the greatest two (2) consecutive Daily Invoices (as defined in the Crude Supply Master Confirmation) in such period;

  

	 	(B)	either (x) $15,000,000 or (y) at any time when the Weekly Nomination Schedule between the Company and Barclays with respect to transactions under the Crude Supply Master Confirmation is scheduled Monday
through Sunday, $10,000,000; plus 

  

	 	(C)	the greater of (x) reserves for projected capital expenditures for the six (6) month period immediately following the date of distribution and (y) $5,000,000; 

 

	 	(c)	the Fixed Charge Coverage Ratio (as defined in the ABL Loan Credit Agreement as in effect as of the date of this Agreement) for the four consecutive fiscal quarters of the Company last ended as of the date of
distribution equals or exceeds 1.00:1.00; 

  
 14 

	 	(d)	no Default or Enforcement Event has occurred and is continuing as of the date of such dividend or distribution or will occur after giving effect thereof; and 

 

	 	(e)	such dividends and distributions shall not exceed (i) $60,000,000 in the aggregate in any rolling twelve (12) month period (Annual Limit) and (ii) $20,000,000 in the aggregate in any rolling three
(3) month period (Quarterly Limit); provided that the amount of any newly injected capital (New Equity Injection) above the initial equity capital base of the Company as of the date of this Agreement may be distributed,
subject to clauses (a), (b), (c) and (d) above, on a proportional basis and in addition to the Annual Limit and Quarterly Limit in an aggregate amount not to exceed the amount of such New Equity Injection. 

Permitted Hedging means Permitted Secured Hedging and Permitted Unsecured Hedging, provided that, unless otherwise approved by
Barclays, Permitted Secured Hedging and Permitted Unsecured Hedging constituting basis crack hedges shall not at any time, calculated on a rolling basis, exceed (a) seventy percent (70%) of the Refinery’s reasonably expected
production in the twelve (12) month period immediately following the date of calculation, (b) fifty percent (50%) of the Refinery’s reasonably expected production during the period from thirteen (13) months to twenty-four
(24) months (inclusive) after the date of calculation, (c) twenty-five percent (25%) of the Refinery’s reasonably expected production during the period from twenty-five (25) months to thirty-six (36) months (inclusive)
after the date of calculation, and (d) no hedging of the Refinery’s reasonably expected production beyond thirty-six (36) months after the date of calculation. 

Permitted Letters of Credit means letters of credit on arm’s length terms provided to third party suppliers (including, without
limitation, Barclays pursuant to one or more of the Transaction Documents), insurance companies, bonding companies, sureties, landlords or Governmental Authorities as reasonably necessary to the Company’s operations in the ordinary course of
business and consistent with past practice. 
 Permitted Secured Hedging means: 

 

	 	(a)	any Derivative Transaction entered into with Barclays which: 

  

	 	(i)	is entered into to hedge identified interest rate risk or commodity price risk (including, without limitation, risk related to the differential between the prices of Crude Oil and Products); and 

 

	 	(ii)	is a bona fide, right way risk hedge entered into in the ordinary course of business and not for speculative purposes (for the avoidance of doubt, commodity reference price basis trades may be hedges provided the prices
used are commercially reasonably correlated to underlying cash flow pricing locations); 

  

	 	(b)	any Secured Hedging Agreement (under and as defined in the ABL Loan Credit Agreement as in effect as of the date of this Agreement) which: 

 

	 	(i)	is entered into to hedge identified interest rate risk relating to the ABL Loan Credit Agreement or basis crack risk related to the differential between the prices of Crude Oil and Products; 

  
 15 

	 	(ii)	is a bona fide, right way risk hedge entered into in the ordinary course of business and not for speculative purposes (for the avoidance of doubt, commodity reference price basis trades may be hedges provided the prices
used are commercially reasonably correlated to underlying cash flow pricing locations); 

  

	 	(iii)	is on industry standard terms the same or substantially similar to those included in the 1992 ISDA Master Agreement and does not elect the “First Method” under the 1992 ISDA Master Agreement or otherwise
incorporate similar walk-away rights; 

  

	 	(iv)	is at market pricing, without deferred premium or embedded loans; and 

  

	 	(v)	is secured on a first lien basis by the ABL Loan Collateral and is subject to the terms of the Intercreditor Agreement. 

  

	 	(c)	any other Derivative Transaction entered into with Barclays that is intended by Barclays and the Company to be secured by the Inventory Collateral. 

Permitted Security means: 
  

	 	(a)	any Security Interest constituted by a Security Document or the CSA; 

  

	 	(b)	Permitted Letters of Credit; 

  

	 	(c)	any Security Interest granted as security for any Permitted Secured Hedging; 

  

	 	(d)	any Security Interest imposed by any Governmental Authority for Taxes (i) which are not yet due or (ii) which are not overdue for a period of more than twenty (20) days after the later of (A) the
date such Security Interest is created or arises and (B) final adjudication of any dispute related thereto to the extent that such Security Interest is being contested in good faith with due diligence and by appropriate proceedings for which
adequate reserves have been established in accordance with GAAP, to the extent that enforcement is stayed or bonded in full for the entire duration of the contest; 

 

	 	(e)	carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, contractual, statutory and common law landlord’s liens or other like Security Interests arising in the ordinary course of
business (i) for amounts not yet due or (ii) for amounts not overdue for a period of more than twenty (20) days after the later of (A) the date such Security Interest has been created or arises and (B) final adjudication of
any dispute related thereto, to the extent that during such contest, enforcement is stayed for the entire duration of the contest; 

  

	 	(f)	any Security Interest granted as security for Financial Indebtedness under the ABL Loan Credit Agreement in accordance with the terms of the Intercreditor Agreement; 

 

	 	(g)	cash or letters of credit required to be posted pursuant to a credit support annex, any futures clearing agreement or any over-the-counter clearing agreement entered into in connection with Permitted Unsecured Hedging;

  
 16 

	 	(h)	any Security Interest on metals and the right to receive metals arising out of a Sale Leaseback permitted under the definition of Permitted Transaction of catalyst necessary or useful for the operation of the Refinery,
securing obligations of the Company or such Subsidiary in respect of such Sale Leaseback, provided that such Security Interest does not encumber any assets other than the catalyst and the related metals and proceeds of the foregoing;

  

	 	(i)	any Security Interest granted in the ordinary course of business on insurance policies, the proceeds thereof or the unearned portion of insurance premiums thereunder with respect to securing the financing of the unpaid
costs of such insurance policies; 

  

	 	(j)	any license, sublicense, lease or sublease, in each case not securing Financial Indebtedness and not materially interfering with the conduct of business by the Company or any of its Subsidiaries; 

 

	 	(k)	easement, right of way, restriction, encroachment and other similar encumbrances, and minor title deficiencies, in each case not securing Financial Indebtedness and not materially interfering with the conduct of
business by the Company or any of its Subsidiaries and in each case do not render title to the property encumbered thereby unmarketable; 

  

	 	(l)	any Security Interest (other than Liens imposed under ERISA) incurred in the ordinary course of business in connection with workers compensation claims, unemployment insurance and social security benefits;

  

	 	(m)	any Security Interest (i) incurred in the ordinary course of business in connection with the purchase or shipping of goods or assets, which liens are in favor of the seller or shipper of such good or assets and
only attach to such goods or assets, and (ii) in favor of customs and revenue authorities arising as a matter of law to secure the payment of customs duties in connection with the importation of goods; 

 

	 	(n)	bankers’ liens, rights or setoff and other similar Security Interests existing solely with respect to deposit accounts maintained by the Company or any of its Subsidiaries in the ordinary course of business and
securing amounts owing to the bank or banks with which such deposit account or accounts are maintained in relation to cash management and account operating arrangements; 

 

	 	(o)	any Security Interest arising out of the existence of judgments or awards (i) which are not yet due or which are not overdue for a period of more than thirty (30) days after the later of (A) the date the
Security Interest is created or arises and (B) final adjudication of any dispute related thereto and (ii) in respect of which the Company or any of its Subsidiaries is in good faith prosecuting an appeal or proceedings for review and in
respect of which there shall have been secured a subsisting stay of execution pending such appeal or proceeding and which has not otherwise had and could not reasonably be expected to have a Material Adverse Effect; 

 

	 	(p)	any Security Interest securing the performance of bids, tenders, leases, performance bonds, surety bonds, appeal bonds and other obligations of a like nature incurred in the ordinary course of business and consistent
with past practices (exclusive of obligations in respect of Financial Indebtedness); and 

  
 17 

	 	(q)	with respect to the owned or leased real property interests of any HIE Party that are subject to the Security Interests of the Mortgage First Lien Agreement, such Security Interests with respect to such mortgaged
property that are expressly permitted under the terms of the Mortgage First Lien Agreement. 

 Permitted Transaction
means: 
  

	 	(a)	any disposal required, Financial Indebtedness incurred, guarantee, indemnity or Security Interest given, or other transaction arising, under the Transaction Documents, the ABL Loan Credit Agreement, or the MIPA;

  

	 	(b)	Permitted Hedging; 

  

	 	(c)	Permitted Unsecured Debt; 

  

	 	(d)	Permitted Security; 

  

	 	(e)	the solvent reorganization of the Company; 

  

	 	(f)	transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the granting or creation of any Security Interest or the incurring or permitting to exist of Financial Indebtedness)
conducted in the ordinary course of business on arm’s length terms; 

  

	 	(g)	cash collateralization of Permitted Letters of Credit in the ordinary course of business and consistent with past practice; 

  

	 	(h)	prepayment by customers in connection with the sale of Products in the ordinary course of business and consistent with past practice; 

 

	 	(i)	Financial Indebtedness of the Company and its Subsidiaries with respect to performance bonds, surety bonds, appeal bonds, guarantees or customs bonds required in the ordinary course of business or in connection with the
enforcement of rights or claims of the Company or any of its Subsidiaries or in connection with judgments that do not result in a Default or a Termination Event, provided that the aggregate outstanding amount of all such performance bonds,
surety bonds, appeal bonds, guarantees and customs bonds permitted by this clause (h) shall not at any time exceed $15,000,000; 

  

	 	(j)	guarantee or indemnity obligations owed to customers and suppliers in the ordinary course of business and consistent with past practice; 

 

	 	(k)	Sale Leasebacks on Refinery catalyst so long as (i) no Default or Termination Event then exists or would result therefrom, (ii) each such Sale Leaseback is in an arm’s-length transaction and the Company
or the respective Subsidiary receives at least Fair Market Value, and (iii) the consideration received by the Company or such Subsidiary consists of cash and is paid at the time of the closing of such Sale Leaseback; and 

 

	 	(l)	Financial Indebtedness incurred in connection with the financing of insurance premiums. 

  
 18 

 Permitted Unsecured Debt means any unsecured Financial Indebtedness, subordinated to the
Inventory Obligations, provided that: 
  

	 	(a)	the final maturity date of such Financial Indebtedness falls at least three (3) years after the Initial Purchase Date or, if the term of one or more of the Inventory Documents is extended pursuant to their terms,
the then-current end of the term of such Inventory Documents; 

  

	 	(b)	interest paid on such Financial Indebtedness during any period prior to the termination of all of the Inventory Documents shall not exceed a rate of five percent (5%) per annum; 

 

	 	(c)	repayment of principal of such Financial Indebtedness shall be subject to the conditions for Permitted Distributions set out in the definition thereof, as if such repayment were a dividend or other distribution by the
Company in respect of its Equity Interests, during any period prior to the termination of all of the Inventory Documents; 

  

	 	(d)	the lender in respect of such Financial Indebtedness shall have delivered a Subordination and Pledge Agreement in respect of such Financial Indebtedness in form and substance reasonably satisfactory to Barclays; and

  

	 	(e)	the proceeds of such Permitted Unsecured Debt are used to cover operating expenses, capital expenditures, working capital and other general corporate purposes of the Company. 

Permitted Unsecured Hedging means: 
  

	 	(a)	any Derivative Transaction which: 

  

	 	(i)	is entered into to hedge identified interest rate risk and risk related to the differential between the prices of Crude Oil and Products; 

 

	 	(ii)	is a bona fide, right way risk hedge entered into in the ordinary course of business and not for speculative purposes (for the avoidance of doubt, commodity reference price basis trades may be hedges provided the prices
used are commercially reasonably correlated to underlying cash flow pricing locations); 

  

	 	(iii)	is on industry standard terms the same or substantially similar to those included in the 1992 ISDA Master Agreement and does not elect the “First Method” under the 1992 ISDA Master Agreement or otherwise
incorporate similar walk-away rights; 

  

	 	(iv)	is at market pricing, without deferred premium or embedded loans; and 

  

	 	(v)	 to the extent any obligation to provide credit support in respect of such Derivative Transaction applies to the Company, such credit support is only
documented in the form of a credit support annex to an ISDA master agreement or futures or over-the-counter clearing agreements and the only Eligible Credit Support (as defined in such credit support annex or futures or over-the-counter clearing
agreements) under such credit support annex or futures or over-the-counter 

  
 19 

	 	
clearing agreements is in the form of cash or letters of credit required to be posted pursuant thereto (and which shall not, for the avoidance of doubt, be secured by or benefit from any other
Security Interests); and 

  

	 	(b)	any other Derivative Transaction approved by Barclays. 

 Pipelines means the SPM
Pipelines, the Honolulu Products Pipeline and the Barbers Point Barge Harbor Pipelines. 
 Plan means an “employee pension
benefit plan” as defined in Section 3 of ERISA (other than a Multiemployer Plan) maintained or contributed to by any of the HIE Parties or any of their respective Subsidiaries or with respect to which any of the HIE Parties or any of their
respective Subsidiaries has any liability (including on account of an ERISA Affiliate). 
 Prepay Confirmations means the prepay
confirmations between Barclays and the Company which may be entered into from time to time and which will supplement, form a part of and be subject to the ISDA Master Confirmation. 

Products means refined petroleum products, or refined petroleum intermediates and finished petroleum products, including, without
limitation, blend stocks, additives, NGL, naphtha, VGO, resid, fuel oil, gasoline, diesel, jet and transmix and such other products as agreed by Barclays. 

Products Exchange Master Confirmation means the products exchange master confirmation between Barclays and the Company dated as of the
date hereof which supplements, forms a part of and is subject to the ISDA Master Agreement. 
 Products Offtake Master Confirmation
means the products offtake master confirmation between Barclays and the Company dated as of the date hereof which supplements, forms a part of and is subject to the ISDA Master Agreement. 

Projections means the projections of consolidated financial statements of the Company and its Subsidiaries for the four (4) years
ended after the Initial Purchase Date, that reflect forecasted consolidated financial condition, that were prepared by or on behalf of the Company in connection with the transactions contemplated in the Transaction Documents and delivered to
Barclays. 
 Real Property of any person shall mean all the right, title and interest of such person in and to land, improvements and
fixtures, including Leaseholds. 
 Recovery has the meaning given to that term in Section 10.2(c) (Limitation and
Mitigation). 
 Refinancing Credit Agreement has the meaning given to such term in Section 6.9(b)(iv)(A) (Financial
Indebtedness). 
 Refinery means the Company’s petroleum refining facility and all of the related facilities owned and
operated by the Company, including the processing, storage, receiving, loading and delivery facilities, piping and related facilities, but excluding the On-Site Tanks (as defined in the Storage and Services Agreement), together with existing or
future modifications or additions, and any associated or adjacent facility that is used by the Company to carry out the terms of this Agreement, all of the foregoing facilities being located in the Campbell Industrial Park in Kapolei, Hawaii, with a
throughput capacity of 94,000 Barrels per day. 

  
 20 

 Release means any releasing, spilling, leaking, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, seeping, dispersal, leaching, pumping, dumping, disposing of, migrating or placing, including the moving of any materials through, into or upon, any land, soil, surface water, groundwater or air, or otherwise
entering into the Environment or natural or man-made structures. 
 Released Inventory has the meaning given that term in the
definition of “Environmental Matter” above. 
 Repeating Representation means: 

 

	 	(a)	each of the representations and warranties referred to in Section 3 (Representations and Warranties) and Section 4 (Representations and Warranties of Barclays) other than those contained in
Sections 3.7 (Authorizations), 3.9 (No material adverse change), 3.10 (Litigation), 3.11 (Information), 3.12 (Ownership of assets), 3.13(c) to (d) (Ownership), 3.15 (Taxes), 3.16 (Stamp and
registration duties), 3.17 (Legal opinions), 3.19 (Anti-Corruption), 3.21(a) (Ownership of Crude Oil and Products), 3.23 (No breach of law), 3.24 (Environmental Law), 3.25 (Sanctions), 4.6
(Authorizations) and 4.7(a) (Ownership of Crude Oil and Products); and 

  

	 	(b)	each of the representations and warranties included in the Inventory Security Documents, except such representations and warranties that are specified to be given as of specific dates, which shall be deemed to be given
on such dates. 

 Reportable Event means an event described in Section 4043(c) of ERISA with respect to a Plan that
is subject to Title IV of ERISA other than those events as to which the 30-day notice period is waived under applicable regulations. 

Retail Business means the retail business of the Company consisting of thirty-two (32) retail outlets located in the islands of
Oahu, Maui and Hawaii and related business operations, facilities and personnel. 
 Retail Holdco means HIE Retail, LLC, a Hawaiian
limited liability company. 
 Retail Subsidiary means Smiley’s Super Service, Inc., a Hawaiian corporation. 

Sale Leaseback means any transaction or series of related transactions pursuant to which the Company or any of its Subsidiaries
(a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to use
for substantially the same purpose or purposes as the property being sold, transferred or disposed. 
 Sanctioned Country means a
country or territory that is the target of country-wide or territory-wide Sanctions (including, at the time of this Agreement, Cuba, Burma/Myanmar, Iran, North Korea, Sudan and Syria). 

  
 21 

 Sanctioned Person means a person that is: 

 

	 	(a)	listed on, or owned or controlled by a person listed on, or acting on behalf of a person listed on, any Sanctions List; 

  

	 	(b)	located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person located in or organized under the laws of, a Sanctioned Country; or 

 

	 	(c)	otherwise a target of Sanctions “target of Sanctions” signifying a person with whom a U.S. person or other national of a Sanctions Authority would be prohibited or restricted by law from engaging in trade,
business or other activities). 

 Sanctions Authority means: 

 

	 	(a)	the government of the U.S.; 

  

	 	(b)	the United Nations; 

  

	 	(c)	the European Union or the government of the UK; or 

  

	 	(d)	the respective Governmental Authorities of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of Treasury, the U.S. Department of State, and Her
Majesty’s Treasury. 

 Sanctions Laws or Sanctions means the economic sanctions laws, regulations, embargoes
or restrictive measures administered, enacted or enforced by any Sanctions Authority. 
 Sanctions List means the “Specially
Designated Nationals and Blocked Persons” list maintained by the Office of Foreign Assets Control of the U.S. Department of Treasury, the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by Her
Majesty’s Treasury, or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities. 

Sand Island Terminal means the Tesoro Sand Island Terminal connected to the Refinery by the Honolulu Products Pipeline. 

Security Interests means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or
arrangement having a similar effect. 
 Services means, collectively, the Services under and as defined in each of the Storage and
Services Agreement and the Agency and Advisory Agreement. 
 SPM means the floating single point mooring used for Product and Crude
Oil loading and off-loading equipment owned by the Company and located approximately 1.7 miles off the coast of the Barbers Point Barge Harbor. 

SPM Pipelines means, collectively, the three (3) subsea pipelines running approximately 2.0 miles and connecting the Refinery to
the SPM. 
 Storage and Services Agreement means the storage and services agreement dated as of the date hereof between the Company
and Barclays. 

  
 22 

 Subordination and Pledge Agreement means a subordination and pledge agreement entered into
or to be entered into among the Company, each lender providing Permitted Unsecured Debt, the ABL Loan Collateral Agent and the Inventory Collateral Agent, relating to the subordination of the Permitted Unsecured Debt in full to the Obligations. 

Subsequent Purchase Confirmations means the long-form confirmations which evidence: 

 

	 	(a)	any purchase of Crude Oil by Barclays from the Company; and 

  

	 	(b)	any purchase of Products by Barclays from the Company, 

 entered into after the date hereof
between the Company and Barclays. 
 Subsidiary means an entity of which a person has direct or indirect control or owns directly or
indirectly more than 50% of the voting capital stock, equity or similar rights of ownership, or whose accounts would be consolidated with those of that person in accordance with GAAP. 

System means the Refinery and the Facilities. 

Tangible Chattel Paper has the meaning given to that term in the Inventory First Lien Security Agreement. 

Tank has the meaning given to that term in the Storage and Services Agreement. 

Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature, including any income, franchise, stamp,
documentary, excise or property tax, charge or levy (in each case, including any related penalty or interest). 
 Tax Deduction means
a deduction or withholding for or on account of Tax from a payment under an Inventory Document. 
 Technical Adviser means any firm of
technical advisers appointed by Barclays from time to time. 
 Terminals means the Hilo Terminal, the Kahului Terminal, the Sand
Island Terminal and the Tesoro Lihue Airport Terminal. 
 Termination Event has the meaning given to that term in the ISDA Master
Agreement. 
 Tesoro Lihue Airport Terminal means the one (1) refined products terminal leased and operated by the Company
located on the island of Kauai in Lihue, Hawaii. 
 Third Party Claim means any claim, demand, action or suit, cause of action or
proceeding (whether of a criminal, tortuous, contractual, statutory or other nature) made by a third party against any Indemnified Person or Company Indemnified Person. 

Third Party Claim Notice means a Claim Notice in respect of any Third Party Claim. 

Tolled Inventory means Barclays’ Products in respect of which the Company performs tolling services in accordance with
Section 15 (Wind Down). 

  
 23 

 Tolling Notice has the meaning given to it in Section 15 (Wind Down). 

Transaction has the meaning given to the term “Transaction” in the ISDA Master Agreement. 

Transaction Documents means the Inventory Documents and the Material Contracts. 

Unaudited Original Financial Statements means the unaudited consolidated original financial statements of the Company for the annual
period ended December 31, 2012 and the semi-annual periods ended June 30, 2012, December 31, 2012 and June 30, 2013. 

Unfunded Pension Liability of any Plan subject to Title IV of ERISA, other than a Multiemployer Plan, means the amount, if any, by which
the value of the accumulated plan benefits under such Plan determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds
the Fair Market Value of all plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions). 

U.S. means the United States of America. 

USD, Dollars, cents or $ means the lawful currency for the time being of the U.S. 

Weekly Nomination Schedule has the meaning given to it in the Crude Supply Master Confirmation. 

Weekly Report of Actual Deliveries has the meaning given to the term in the Products Exchange Master Confirmation. 

 

	1.2	Construction 

  

	(a)	In this Agreement, unless the contrary intention appears, a reference to: 

  

	 	(i)	an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement or re-enactment or replacement (however fundamental and whether or not more onerous) and amended will
be construed accordingly; 

  

	 	(ii)	assets includes properties, revenues and rights of every description, including accretions and additions thereto; 

  

	 	(iii)	an authorization includes an authorization, consent, approval, resolution, permit, license, exemption, filing, registration or notarization; 

 

	 	(iv)	disposal means a sale, transfer, grant, conveyance, lease or other disposal, whether voluntary or involuntary, and dispose will be construed accordingly; 

 

	 	(v)	indebtedness includes any obligation (whether incurred as principal or as surety and whether present or future, actual or contingent) for the payment or repayment of money; 

 

	 	(vi)	know your customer requirements are to the identification checks that Barclays may request in order to meet its obligations under any applicable law or regulation to identify a person who is (or is to
become) its customer; 

  
 24 

	 	(vii)	a person includes any individual, company, corporation, limited liability company, unincorporated association or body (including a partnership, trust, fund, joint venture or consortium), government, state,
agency, organization or other entity whether or not having separate legal personality; 

  

	 	(viii)	control means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ability to exercise voting power, by
contract or otherwise; 

  

	 	(ix)	the term law includes any law, statute, regulation, regulatory requirement, rule, ordinance, ruling, decision, treaty, directive, order, guideline, policy, writ, judgment, injunction or request of any court or
other governmental, inter-governmental or supranational body, officer or official, fiscal or monetary authority, or other ministry or public entity (and their interpretation, administration and application), having the force of law;

  

	 	(x)	a provision of law or regulation is a reference to that provision as extended, applied, amended or re-enacted and includes any successor law or regulation; 

 

	 	(xi)	a regulation includes any regulation, rule, official directive or request having the force of law of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory
or other authority or organization; 

  

	 	(xii)	a currency is a reference to the lawful currency for the time being of the relevant country; 

  

	 	(xiii)	a Default being outstanding means that it has not been remedied or waived; 

  

	 	(xiv)	a Section or a Schedule is a reference to a section of, or a schedule to, this Agreement; 

  

	 	(xv)	a Party or any other person includes its successors in title, permitted assigns and permitted transferees; 

  

	 	(xvi)	a Transaction Document or other document or security includes (without prejudice to any prohibition on amendments) any amendment or supplement to or renewal or restatement of that Transaction Document or other
document or security; 

  

	 	(xvii)	financial statements means the balance sheet and related statements of operations, stockholders’ equity and cash flows of the relevant person as of the end of and for the relevant period, which shall be both
consolidated and separately stated in the case of the Company; 

  

	 	(xviii)	the singular includes the plural and vice versa and each gender includes the other gender; and 

  

	 	(xix)	a time of day is a reference to New York City time. 

  

	(b)	Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next
calendar month or the calendar month in which it is to end, except that: 

  

	 	(i)	if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day (if there is not); 

  
 25 

	 	(ii)	if there is no numerically corresponding day in that month, that period will end on the last Business Day in that month; and 

  

	 	(iii)	notwithstanding paragraph (i) above, a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate.

  

	(c)	Unless the contrary intention appears: 

  

	 	(i)	a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; 

  

	 	(ii)	a word or expression used in any other Inventory Document or in any notice given in connection with any Inventory Document has the same meaning in that Inventory Document or notice as in this Agreement;

  

	 	(iii)	a person who is not a party to an Inventory Document may not enforce any of its terms and, notwithstanding any term of any Inventory Document, no consent of any third party is required for any amendment, variation
(including any release or compromise of any liability), waiver or termination of that Inventory Document or any provision of that Inventory Document; 

  

	 	(iv)	any obligation of the Company under the Inventory Documents which is not a payment obligation remains in force for so long as any payment obligation of the Company is, may be or is capable of becoming outstanding under
the Inventory Documents; and 

  

	 	(v)	an amount in U.S. Dollars is payable only in U.S. Dollars. 

  

	(d)	The headings in this Agreement do not affect its interpretation. 

  

	(e)	The recitals contained in the “Background” section (as detailed on page 1 of this Agreement) are hereby incorporated into this Agreement in full. 

 

	2.	CONDITIONS PRECEDENT 

 Notwithstanding any contrary provision in the ISDA Master Agreement, any
Subsequent Purchase Confirmation, the Storage and Services Agreement and/or the Agency and Advisory Agreement, the obligations of Barclays and the Company under the Inventory Documents are subject to conditions precedent and shall not become legal,
valid and binding unless and until Barclays notifies the Company in writing that it has received each of the documents listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to Barclays. 

 

	3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

  

	3.1	Representations and warranties 

 The representations and warranties set out in this Section are made by
each of the HIE Parties to Barclays. 

  
 26 

	3.2	Status 

  

	(a)	The Member is a limited liability company, duly organized and validly existing under the laws of Delaware. The Company is a limited liability company, duly organized and validly existing under the laws of Hawaii. Each
of the other HIE Parties is duly organized and validly existing under the laws of its respective jurisdiction of organization. 

  

	(b)	Each of the HIE Parties has the power to own its assets and carry on its business as it is being conducted and is duly qualified and is authorized to do business and is in good standing in all jurisdictions in which the
nature of the business conducted by it or proposed to be conducted by it makes such qualification necessary. 

  

	3.3	Powers and authority 

 Each of the HIE Parties has the power and authority to enter into
and perform, and has taken all necessary action to authorize the entry into and performance of, the Transaction Documents to which it is or will be a party and the transactions contemplated by those Transaction Documents. 

 

	3.4	Legal validity 

 Each Transaction Document to which an HIE Party is a party is its
legally binding, valid and enforceable obligation, except as the enforceability thereof may be limited by (a) applicable bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). Each Transaction Document has been duly executed and delivered by each HIE Party party thereto.

  

	3.5	Non-conflict 

 The entry into and performance by each HIE Party of, and the transactions contemplated by,
the Transaction Documents to which it is a party: 
  

	(a)	do not conflict with or breach: 

  

	 	(i)	any material provision of any law or regulation applicable to it; 

  

	 	(ii)	its constitutional documents; or 

  

	 	(iii)	any document which is binding upon such person or any of its assets, except to the extent that such conflict could not reasonably be expected to have a Material Adverse Effect, and 

 

	(b)	except for the Security Interests created (or to be created) under the Inventory Security Documents and the ABL Loan Security Documents (as defined in the Intercreditor Agreement), do not result in or require the
creation or imposition of any Security Interest upon or with respect to any assets of any HIE Party. 

  
 27 

	3.6	No default 

  

	(a)	No Enforcement Event (and, as of the date of this Agreement, no Default) in respect of any HIE Party is outstanding or will result from the entry into, or the performance of any transaction contemplated by, any
Inventory Document; 

  

	(b)	except as would not reasonably be expected to have a Material Adverse Effect, (i) none of the Company or any of its Subsidiaries has breached and is continuing the terms of any Material Contract, or received from
any third party to any such Material Contract written notification that such contract is not in full force and effect, that the Company or any of its Affiliates has failed to perform, and such failure is continuing, its obligations thereunder to
date, or that any third party thereto has not performed its obligations thereunder to date, (ii) to the Company’s Knowledge, no event has occurred and no circumstance or condition exists that (with or without notice or lapse of time) would
reasonably be expected to result in a breach or violation of, or a default under, any such Material Contact and (iii) each Material Contract is a legal, valid, binding and enforceable agreement of the Company, and, to the Company’s
Knowledge, the other parties thereto and is in full force and effect; and 

  

	(c)	to the HIE Parties’ Knowledge, no other event or circumstance is outstanding which constitutes a default under any document which is binding on any of them or any of their assets to an extent or in a manner which
has a Material Adverse Effect. 

  

	3.7	Authorizations 

  

	(a)	All Company Authorizations have been obtained or effected and are in full force and effect or will be obtained or effected and will be in full force and effect on the date they are required. 

 

	(b)	No HIE Party is aware of: 

  

	 	(i)	any reason why any Company Authorization will not be obtained or effected by the time it is required; 

  

	 	(ii)	any steps to revoke or cancel any Company Authorization; or 

  

	 	(iii)	any reason why any Company Authorization will not be renewed when it expires without the imposition of any new restriction or condition. 

 

	3.8	Financial statements 

  

	(a)	The Audited Original Financial Statements delivered to Barclays: 

  

	 	(i)	have been prepared in accordance with GAAP, consistently applied; 

  

	 	(ii)	have been audited by a firm of national or regional auditors reasonably acceptable to Barclays; and 

  

	 	(iii)	fully represent in a true and fair manner its financial condition as of the date to which they were drawn up, except as disclosed to the contrary in those financial statements. 

  
 28 

	(b)	The Unaudited Original Financial Statements delivered to Barclays: 

  

	 	(i)	have been prepared in accordance with GAAP, consistently applied; and 

  

	 	(ii)	fully represent in a true and fair manner its financial condition as of the date to which they were drawn up, except as disclosed to the contrary in those financial statements. 

 

	(c)	The Company has no outstanding obligations or liabilities, fixed or contingent, for (or existing as at the end of) the period for which such financial statements relate which, individually or in the aggregate, would
reasonably be expected to be material to the Company and required to be disclosed in accordance with GAAP, except as disclosed in the financial statements described in paragraphs (a) and (b) above. As of the Initial Purchase Date, the
Company does not know of any basis for the assertion against it of any liability or obligation of any nature whatsoever that is not fully disclosed in the financial statements delivered pursuant to paragraphs (a) and (b) above which,
individually or in the aggregate, could reasonably be expected to be material to the Company and required to be disclosed in accordance with GAAP. 

  

	(d)	The Projections delivered to Barclays prior to the Initial Purchase Date have been prepared in good faith and are based on reasonable assumptions, and there are no statements or conclusions in the Projections which are
based upon or include information known to any HIE Party to be misleading in any material respect or which fail to take into account material information known to any HIE Party regarding the matters reported therein. On the Initial Purchase Date,
the HIE Parties believe that the Projections are reasonable and attainable, it being recognized by Barclays, however, that projections as to future events are not be viewed as facts and that the actual results during the period or periods covered by
the Projections may differ from the projected results included in such Projections. 

  

	3.9	No material adverse change 

 There has been no material adverse change in the Company’s financial
condition since the date to which the Unaudited Original Financial Statements were drawn up. 
  

	3.10	Litigation 

 Except as set forth on Schedule 3, no litigation, arbitration or regulatory or
administrative proceedings are current or pending or, to the HIE Parties’ Knowledge, threatened (a) against or affecting any HIE Party or any of its assets or property (including any Inventory Collateral or ABL Loan Collateral) or any
Inventory Document or (b) against or affecting any person, which have or, if adversely determined, are reasonably likely to have a Material Adverse Effect. None of the matters disclosed on Schedule 3 has had or is reasonably likely to have a
Material Adverse Effect. No Governmental Authority has issued and order, decree or ruling that restrains, enjoins or otherwise prohibits, or that would reasonably be expected to restrain, enjoin or otherwise prohibit, the transactions contemplated
by the Transaction Documents, and none of the Inventory Collateral is subject to any order, writ, injunction, execution or attachment. 
  

	3.11	Information 

 All records, documents and other information provided by, or on behalf of, the HIE Parties
to Barclays: 
  

	(a)	 accurately, truthfully and completely in all material respects reflect the facts about (and where they are forward looking genuinely reflect the good
faith views of the HIE Parties as to) the 

  
 29 

	 	
activities, matters and transactions to which they relate and do not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements
contained therein not materially misleading; and 

  

	(b)	in the case of copy records, documents and other information, are true, accurate and complete copies of the original records, documents and other information, respectively, to which they relate, 

provided that if any such record or document does not relate to the HIE Parties or is not one to which an HIE Party is a party, this representation
shall be given to the HIE Parties’ Knowledge. 
  

	3.12	Ownership of assets 

  

	(a)	The Company has: 

  

	 	(i)	good and marketable title to, or the right to use under binding contractual arrangements and/or any applicable laws, the System and all components thereof and any other assets (including Intellectual Property (as
defined in the Intercreditor Agreement)) necessary, customary or desirable to operate the System in accordance with the Transaction Documents and to otherwise carry on its business as presently conducted; and 

 

	 	(ii)	access to: 

  

	 	(A)	the Facilities and the Refinery; 

  

	 	(B)	any buildings or fixtures that form part of the Facilities and the Refinery; and 

  

	 	(C)	all easements, right-of-way and other rights necessary or desirable in order to operate the System in accordance with the Transaction Documents; 

in each case free and clear of all Security Interests other than any Permitted Security. 

 

	(b)	The Company: 

  

	 	(i)	has good, marketable and indefeasible title to all material properties (and to all buildings, fixtures and improvements located thereon) owned by it, including all material property reflected in the most recent
financial statements referred to in Section 3.8 (Financial statements) (except as sold or otherwise disposed of since the date of such financial statements in the ordinary course of business or as permitted by the terms of this
Agreement), and all properties over which it purports to grant a Security Interest under the Inventory Security Documents, free and clear of all Security Interests other than any Permitted Security, and holds such title and all of such property and
assets in its own name and not in the name of any nominee or other person (and no right or option to acquire the same exists in favor of any other person); 

  

	 	(ii)	has a valid and indefeasible Leasehold interest in and to all property and assets which it purports to lease, free and clear of all Security Interests other than any Permitted Security, and holds such Leaseholds in its
own name and not in the name of any nominee or other Person. 

  
 30 

	 	(iii)	has not created and is not contractually bound to create any Security Interest on or with respect to any of its properties, assets, rights or revenues (now owned or hereinafter acquired) except for Permitted Security,
and, except for this Agreement and the Credit Agreement, is not restricted by contract, applicable law or otherwise from creating Security Interests on any of its properties and assets. 

 

	(c)	All Real Property owned by the Company as of the Initial Purchase Date, and the nature of the interest therein, is correctly set forth in Exhibits A-1 and A-2 of the Mortgage
First Lien Agreement. 

  

	(d)	All tangible property and assets, whether owned, leased or otherwise used, of the HIE Parties are located in Hawaii and Texas. 

  

	3.13	Ownership; Subsidiaries 

  

	(a)	All Equity Interests of the Company and its Subsidiaries are validly issued, fully paid and nonassessable and were issued and remain free of preemptive rights. 

 

	(b)	There are no options, warrants, calls, any securities convertible into or exchangeable for Equity Interests or other rights or agreements outstanding obligating the Company and its Subsidiaries to issue, deliver or sell
units representing the Company’s or its Subsidiaries’ membership interest or debt securities, or obligating the Company or its Subsidiaries to grant, extend or enter into any such option, warrant, call or other such right or agreement, or
any agreement providing for the issuance (contingent or otherwise) of or any calls, commitments or claims of any character relating to the Company’s or its Subsidiaries’ Equity Interests or any stock appreciation or similar rights.

  

	(c)	The Member is the legal and beneficial owner of all of the Equity Interests of the Company. 

  

	(d)	The Parent is the indirect owner of all of the Equity Interests of the Company. 

  

	(e)	On and as of the Initial Purchase Date, the Company has no Subsidiaries other than the Retail Subsidiary. 

  

	3.14	Security 

  

	(a)	Barclays will have a first-priority Security Interest, and the Lenders and the Administrative Agent will have a second-priority Security Interest (subject to this Section 3.14) over the Inventory Collateral.

  

	(b)	The Lenders and the Administrative Agent will have a first-priority Security Interest, and Barclays will have a second-priority Security Interest, over the ABL Loan Collateral. 

 

	(c)	Except as otherwise provided in this Section 3.14 or in the Intercreditor Agreement, the assets described under each Inventory Security Document are not subject to any prior or pari passu Security Interest.

  
 31 

	(d)	The provisions of each Inventory Security Document are effective to create, in favor of the Inventory Collateral Agent for the benefit of Barclays, legal, valid and enforceable Security Interests on or in all of the
Inventory Collateral and ABL Loan Collateral intended to be covered thereby, and all necessary recordings and filings have been made in all necessary public offices and all other necessary actions have been taken so that the Security Interests
created by each Inventory Security Document constitute perfected Security Interests on or in the Inventory Collateral and the ABL Loan Collateral intended to be covered thereby, prior and superior to all other Security Interests (except as
contemplated in the Intercreditor Agreement) and all necessary consents to the creation, effectiveness, priority and perfection of each such Security Interest have been or will have been obtained. The recordings, filings and other actions shown on
Schedule 4 (Security) are all of the recordings, filings and other actions necessary to establish, protect and perfect the Inventory Collateral Agent’s Security Interest on the right, title and interest of each HIE Party in and to the
Inventory Collateral and the ABL Loan Collateral referred to above. 

  

	3.15	Taxes 

  

	(a)	All amounts payable by the Company under any Inventory Document may be made without any Tax Deduction. 

  

	(b)	No claims are being, nor, to the HIE Parties’ Knowledge, might reasonably be expected to be, asserted against any of them with respect to Taxes which have or, if adversely determined to it, would be reasonably
likely to have a Material Adverse Effect. 

  

	(c)	All Tax reports and returns required to be filed by or on behalf of the HIE Parties have been filed. 

  

	(d)	All Taxes required to be paid by or on behalf of any HIE Party have been paid within the applicable time limit, other than those that (i) are being contested in good faith with due diligence and by appropriate
proceedings, (ii) are adequately disclosed and fully provided for in the financial statements of the relevant HIE Party in accordance with GAAP, (iii) applicable law permits such HIE Party to refrain from paying such Tax during such
contest and enforcement is stayed (or bonded in full) for so long as such HIE Party is pursuing such contest and (iv) such contest does not involved any material risk of the forfeiture or loss of any material portion of the Inventory Collateral
or the ABL Loan Collateral. 

  

	3.16	Stamp and registration duties 

 No stamp or registration duty or similar Tax or charge is payable in its
jurisdiction of incorporation in respect of any Transaction Document. 
  

	3.17	Legal opinions 

  

	(a)	The information supplied by it or on its behalf to the lawyers who prepared any legal opinion required under the Inventory Documents was true and accurate in all material respects as of its date or (if appropriate) as
of the date (if any) at which it is stated to be given. 

  

	(b)	The information referred to in paragraph (a) above was at the date it was expressed to be given complete and did not omit any information which, if disclosed, would make that information untrue or misleading in any
material respect. 

  
 32 

	(c)	As of the date of this Agreement, nothing has occurred since the date of any information referred to in paragraph (a) above which, if disclosed, would make that information untrue or misleading in any material
respect. 

  

	3.18	Non-reliance 

  

	(a)	It is not relying on any representations of Barclays other than those representations of Barclays expressly set forth in the Inventory Documents. 

 

	(b)	It has entered into the Transaction Documents to which it is a party and will enter into any Transaction thereunder: 

  

	 	(i)	as a principal (and not as adviser, financial adviser, agent, broker or in any other capacity, fiduciary or otherwise); 

  

	 	(ii)	with a full understanding of the material terms and risks of the same; 

  

	 	(iii)	as a result of its own independent decision to enter into such documents and transactions; and 

  

	 	(iv)	on the basis that in its own judgment and upon advice from such advisers as it has deemed necessary, and not in reliance upon any view expressed by Barclays, the Transaction Documents and the transactions contemplated
thereby are appropriate and suitable for it. 

  

	(c)	It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice) the Transaction Documents and any transaction contemplated thereby. 

 

	(d)	It understands and accepts the terms, conditions and risks of the Transaction Documents and any transaction contemplated thereby and is capable of assuming, and assumes, those risks. 

 

	(e)	Neither it nor any of its Affiliates has been contacted by or has negotiated with any finder, broker or other intermediary in connection with the Transaction Documents who is entitled to any compensation with respect
thereto. 

  

	3.19	Anti-Corruption 

  

	(a)	None of the HIE Parties has made or authorized any payment, given anything of value directly or indirectly to an official of any Governmental Authority or to any person employed by or on behalf of any public body, or
otherwise given any gift or made any payment in connection with any Transaction Document: 

  

	 	(i)	in a manner or for a purpose which would breach the Bribery Act 2010, the U.S. Foreign Corrupt Practices Act of 1977, the Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions of the Organization for Economic Cooperation and Development or similar legislation in other jurisdictions or international conventions; or 

  
 33 

	 	(ii)	for the purpose of influencing an act or decision in his official capacity or inducing him to use his influence with that Governmental Authority with respect to the purchase or sale of petroleum products and/or any
transaction contemplated by the Transaction Documents. 

  

	(b)	None of the HIE Parties has made or authorized any payment to any Governmental Authority, political party or political candidate for the purpose of influencing any official act or decision, or inducing such entity or
person to use any influence with a Governmental Authority with respect to the supply or sale of petroleum products and/or any transaction contemplated by the Transaction Documents. 

 

	(c)	None of the HIE Parties’ directors, officers, employees or agents, contractors or subcontractors has received or will receive any commission, fee, rebate, gift or entertainment of significant value in connection
with any Transaction Document. 

  

	(d)	No commission has been paid or agreed to be paid by the HIE Parties or on behalf of, or to the knowledge of, any of their employees, agents, contractors or sub-contractors in connection with any Transaction Document.

  

	3.20	Solvency 

  

	(a)	No: 

  

	 	(i)	corporate action, legal proceeding or other procedure or step described in clause 5(a)(vii) of the ISDA Master Agreement; or 

  

	 	(ii)	enforcement of Security Interests described in Section 8.6 (Enforcement of Security Interests), 

has been taken in relation to any HIE Party; and none of the circumstances described in clause 5(a)(vii) of the ISDA Master Agreement applies
to any HIE Party. 
  

	(b)	 In respect of the Company and each of its Subsidiaries (other than the Retail Subsidiary), (i) the sum of each such person’s debts
(including its obligations under this Agreement) is less than such person’s property, at a fair valuation; (ii) the present fair salable value of the property of such person is not less than the amount that will be required to pay the
probable liability of such person on its debts as they become absolute and matured; (iii) such person has not incurred and does not intend to, and does not believe that it will, incur debts or liabilities beyond such person’s ability to
pay such debts or liabilities as they mature; (iv) the capital of such person is not unreasonably small in relation to its business as currently conducted or as proposed to be conducted; and (v) such person is “solvent” and is
not “insolvent” within the meaning given each such term or similar terms under all applicable law relating to fraudulent transfers and conveyances; provided that for purposes of this Section 3.20(b): debt means any
liability on a claim; claim means (x) any right to payment, whether or not that right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured;
or (y) any right to an equitable remedy for breach of performance if that breach gives rise to a right to payment, whether or not the right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed,
undisputed, secured or unsecured; and terms used in this defined term will be construed in accordance with the applicable United States bankruptcy, the State of New York, the State of Hawaii and the State of Delaware fraudulent

  
 34 

	 	
conveyance statutes and the related case law. The amount of contingent liabilities (such as litigation, guarantees and pension plan liabilities) at any time will be computed as the amount
that, in light of all the facts and circumstances existing at the time, represents the amount that can reasonably be expected to become an actual or matured liability. 

 

	3.21	Ownership of Crude Oil and Products 

  

	(a)	As of the Initial Purchase Date, the Company is the absolute beneficial and legal owner of the Crude Oil and Products to be sold to Barclays under each of the Initial Purchase Confirmations, free and clear of all
Security Interests and encumbrances (including, without limitation, rights of set off or counterclaim), and no other party has retained title to any such Crude Oil or Products. 

 

	(b)	As of the date of any relevant sale or exchange of Products to Barclays under the ISDA Master Agreement subsequent to the Initial Purchase Date, the Company is the absolute beneficial and legal owner of the Products
intended to be sold to or exchanged with Barclays pursuant to such sale or exchange, free and clear of all Security Interests (other than Security Interests under the Inventory Documents), and encumbrances (including, without limitation, rights of
set off or counterclaim), and no other party has retained title to any such Products. 

  

	3.22	Sales 

 The Company intends that each transfer from it to Barclays of any contractual rights or
obligations, Crude Oil and/or Products pursuant to a Transaction under the ISDA Master Agreement is to be treated as a sale (and not some other type of transaction) for all purposes. 

 

	3.23	No breach of law 

 To the HIE Parties’ Knowledge, each HIE Party is in compliance with all
applicable laws and regulations, except any such non-compliance that, individually or in the aggregate, has not had and could not reasonably be expected to have a Material Adverse Effect. 

 

	3.24	Environmental Law 

  

	(a)	Except for the matters set forth on Schedule 3 (none of which matters has had or is reasonably likely to have, individually or in the aggregate, a Material Adverse Effect), in relation to the System, and any Crude Oil
or Products at the Facilities or the Refinery and in its business: 

  

	 	(i)	the Company holds all Environmental Approvals and has complied with the terms of those Environmental Approvals; and 

  

	 	(ii)	there is no Environmental Claim pending, or to the HIE Parties’ Knowledge, threatened, and to the HIE Parties’ Knowledge, no facts, circumstances or conditions exist that could reasonably be expected to form
the basis of any such Environmental Claim, 

 where, in each case, the non-compliance, Environmental Claim, breach of lease or
contract, or failure to obtain (as appropriate) is reasonably likely to have a Material Adverse Effect. 

  
 35 

	(b)	Except where any noncompliance, failure to obtain or Environmental Claim would not have a Material Adverse Effect and/or would not prejudice the sale of the Crude Oil and/or Products in material volumes at a market
price by Barclays in the event it exercised any right to do so, 

  

	 	(i)	the Company has, at all times, complied with, and is (and will ensure it continues to be) in compliance with, all applicable Environmental Laws (including, without limitation, as regards the prevention and mitigation
of, and/or the carrying out of any remedial action regarding any, Release or threatened Release of Hazardous Substances (including any requirements concerning oil spill emergency response plans)); 

 

	 	(ii)	the Company holds all required Environmental Approvals and is and has been in compliance with such Environmental Approvals; 

  

	 	(iii)	there is no Environmental Claim pending, or to the HIE Parties’ Knowledge, threatened against or affecting the Company or its business. 

 

	3.25	Sanctions 

  

	(a)	None of the HIE Parties are a Sanctioned Person, and none of the HIE Parties has received notice of, nor are they aware of, any claim, action, suit, proceeding or investigation against any of them with respect to
Sanctions by any Sanctions Authority. 

  

	(b)	To the HIE Parties’ Knowledge, they have not sold or purchased, directly or indirectly, any products to a Sanctioned Country or Sanctioned Person. 

 

	(c)	Prior to the Initial Purchase Date, to the HIE Parties’ Knowledge, the HIE Parties have complied in all material respects at all times with all applicable Sanctions Laws. On and after the Initial Purchase Date, the
HIE Parties have complied in all material respects at all times with all applicable Sanctions Laws. 

  

	(d)	None of the HIE Parties is engaged in any conduct that could result in it being designated as a Sanctioned Person by a Sanctions Authority. 

 

	3.26	Hedging 

 As of the date of this Agreement, there are no Derivative Transactions to which the Company is
a party other than Derivative Transactions under the ISDA Master Agreement. 
  

	3.27	Material Contracts 

 The Material Contracts listed on Schedule 1 hereto constitute all agreements
existing as of the Initial Purchase Date, the lack of which would have or be reasonably likely to have a Material Adverse Effect. 
  

	3.28	Compliance with ERISA 

  

	(a)	 Schedule 6 sets forth each Plan as of the Initial Purchase Date. Each Plan is in compliance in form and operation with its terms and with ERISA and
the Code (including without limitation the Code provisions compliance with which is necessary for any intended favorable tax treatment) and all other applicable laws and regulations, except where any failure to comply could not reasonably be
expected to result in a Material Adverse Effect. Except as disclosed on Schedule 6, 

  
 36 

	 	
each Plan (and each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter from the IRS to the effect that it
meets the requirements of Sections 401(a) and 501(a) of the Code covering all applicable tax law changes or is comprised of a master or prototype plan that has received a favorable opinion letter from the IRS, and to the knowledge of the HIE Parties
or any of their respective Subsidiaries, nothing has occurred since the date of such determination that would reasonably be expected to adversely affect such determination (or, in the case of a Plan with no determination, to the knowledge of the HIE
Parties or any of their respective Subsidiaries, nothing has occurred that would reasonably be expected to materially adversely affect the issuance of a favorable determination letter or otherwise materially adversely affect such qualification). No
ERISA Event has occurred other than as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  

	(b)	There exists no Unfunded Pension Liability with respect to any Plan that would have a Material Adverse Effect. 

  

	(c)	No Multiemployer Plan is insolvent or in reorganization other than such insolvency or reorganization that could not reasonably be expected to have Material Adverse Effect. None of the HIE Parties or any of their
respective Subsidiaries or any ERISA Affiliate has incurred a complete or partial withdrawal from any Multiemployer Plan, and, if each of the HIE Parties, any of their respective Subsidiaries and each ERISA Affiliate were to withdraw in a complete
withdrawal as of the date this assurance is given or deemed given, the aggregate withdrawal liability that would be incurred could not in either event, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect.

  

	(d)	There are no actions, suits or claims pending against or involving a Plan (other than routine claims for benefits) or, to the knowledge of the HIE Parties or any of their respective Subsidiaries, which would reasonably
be expected to be asserted successfully against any Plan and, if so asserted successfully, would reasonably be expected either singly or in the aggregate to result in a Material Adverse Effect. 

 

	(e)	The HIE Parties, their respective Subsidiaries and any ERISA Affiliate have made all material contributions to or under each Plan and Multiemployer Plan required by law within the applicable time limits prescribed
thereby, the terms of such Plan or Multiemployer Plan, respectively, or any contract or agreement requiring contributions to a Plan or Multiemployer Plan save where any failure to comply, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect. 

  

	(f)	 No Plan which is subject to Section 412 of the Code or Section 302 of ERISA has applied for or received an extension of any amortization
period, within the meaning of Section 412 of the Code or Section 303 or 304 of ERISA other than any extension that could not reasonably be expected to result in a Material Adverse Effect. The HIE Parties, their respective Subsidiaries and
any ERISA Affiliate have not ceased operations at a facility so as to become subject to the provisions of Section 4068(a) of ERISA, withdrawn as a substantial employer so as to become subject to the provisions of Section 4063 of ERISA or
ceased making contributions to any Plan subject to Section 4064(a) of ERISA to which it made contributions which would reasonably be expected to result in a Material Adverse Effect. None of the HIE Parties, their respective Subsidiaries or any
ERISA Affiliate have incurred or reasonably expect to incur liability to the PBGC which would reasonably be expected to result in a Material Adverse Effect, and no lien imposed under the Code or ERISA on the assets of the HIE Parties, their
respective Subsidiaries or any ERISA 

  
 37 

	 	
Affiliate exists or is likely to arise on account of any Plan. None of the HIE Parties, their respective Subsidiaries or any ERISA Affiliate has any liability under Section 4069 or 4212(c)
of ERISA other than such liability that could not reasonably be expected to result in a Material Adverse Effect. 

  

	(g)	Except as would not individually or in the aggregate, result in a Material Adverse Effect: each Foreign Pension Plan has been maintained in compliance with its terms and with the requirements of any and all applicable
laws, statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities; all contributions required to be made with respect to a Foreign Pension Plan have been timely made; none
of the HIE Parties nor any of their respective Subsidiaries has incurred any obligation in connection with the termination of, or withdrawal from, any Foreign Pension Plan; and the present value of the accrued benefit liabilities (whether or not
vested) under each Foreign Pension Plan, determined as of the end of each of the HIE Parties most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the assets of such
Foreign Pension Plan allocable to such benefit liabilities. 

  

	3.29	Investment Company Act 

 No HIE Party is subject to regulation or registration as an “investment
company” under the Investment Company Act of 1940, as amended. 
  

	3.30	Regulation 

 No HIE Party is (a) a public utility or subject to regulation under the United States
Federal Power Act, or (b) subject to regulation under any other statute or regulation which may limit its ability to incur Financial Indebtedness or which may otherwise render all or any portion of the Inventory Obligations unenforceable. 

 

	3.31	Status of the Inventory Obligations 

 The Inventory Obligations constitute direct, unconditional
and general obligations of the Company and rank (a) senior to any subordinated Financial Indebtedness and (b) not less than pari passu (as to priority of payment and as to security) with all other unsecured Financial Indebtedness of
the Company (other than obligations preferred by statute or by operation of applicable law or in accordance with the Intercreditor Agreement). 
  

	3.32	Immunity 

 Each HIE Party is subject to civil and commercial law with respect to its obligations under
the Transaction Documents, and the execution, delivery and performance by each HIE Party of the Transaction Documents to which it is a party constitute private and commercial acts rather than public or governmental acts. Neither any HIE Party nor
any of its properties or assets has any immunity from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment, set-off, execution of a judgment or from any other legal process in relation to any
Transaction Document. 
  

	3.33	Employment and Labor Relations 

 Neither the Member nor any of its Subsidiaries is engaged in any unfair
labor practice that could reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect. There 

  
 38 

 
is (i) no unfair labor practice complaint pending against the Member or any of its Subsidiaries or, to the HIE Parties’ Knowledge, threatened against any of them, before the National
Labor Relations Board, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is pending against the Member or any of its Subsidiaries or, to the HIE Parties’ Knowledge, threatened against any of
them, (ii) no strike, labor dispute, slowdown or stoppage pending against Member or any of its Subsidiaries or, to the HIE Parties’ Knowledge, threatened against the Member or any of its Subsidiaries, (iii) no union representation
question exists with respect to the employees of the Member or any of its Subsidiaries, (iv) no equal employment opportunity charges or other claims of employment discrimination are pending or, to the HIE Parties’ Knowledge, threatened
against Member or any of its Subsidiaries, and (v) no wage and hour department investigation has been made of the Member or any of its Subsidiaries, except (with respect to any matter specified in paragraph (i) to (v) above, either
individually or in the aggregate) such as could not reasonably be expected to have a Material Adverse Effect. 
  

	3.34	ABL Loan Credit Agreement 

 All obligations hereunder and under other Inventory Documents are expressly
permitted under the ABL Loan Credit Agreement. 
  

	3.35	Retail Business 

 Except as set forth on Schedule 5, there is no Financial Indebtedness outstanding
between the Company or any of its Subsidiaries, on the one hand, and the Retail Subsidiary or the Retail Holdco, on the other hand, and the Company and its Subsidiaries have not otherwise extended or incurred any Financial Indebtedness in respect of
the Retail Business. 
  

	3.36	Times for making representations and warranties 

  

	(a)	The representations and warranties set out in this Section 3 are made by the Company on the date of this Agreement. 

  

	(b)	In addition, the representations in Sections 3.8 (Financial statements), 3.12 (Ownership of assets), 3.13 (Ownership; Subsidiaries) 3.21 (Ownership of Crude Oil and Products), 3.25
(Sanctions) and 3.26 (Hedging) shall be deemed to be made on the dates specified in those Sections (as applicable). 

  

	(c)	In addition, each Repeating Representation of the Company is deemed to be repeated by the Company on each date before the Discharge of First Lien Obligations (as defined in the Intercreditor Agreement) (if any Inventory
Obligations constitute First Lien Obligations (as defined in the Intercreditor Agreement)) and the Discharge of Second Lien Obligations (as defined in the Intercreditor Agreement) (if any Inventory Obligations constitute Second Lien Obligations (as
defined in the Intercreditor Agreement)). 

  

	(d)	When a representation and warranty is made or repeated, it is applied to the circumstances existing at the time it is made or repeated (as appropriate). 

  
 39 

	4.	REPRESENTATIONS AND WARRANTIES OF BARCLAYS 

  

	4.1	Representations and warranties 

 The representations and warranties set out in this Section are made by
Barclays to the HIE Parties. 
  

	4.2	Status 

 It is a public limited company, duly incorporated and validly existing under the laws of England
and Wales. 
  

	4.3	Powers and authority 

 It has the power to enter into and perform, and has taken all necessary action to
authorize the entry into and performance of, the Transaction Documents to which it is or will be a party and the transactions contemplated by those Transaction Documents. 
  

	4.4	Legal validity 

 Each Transaction Document to which it is a party is its legally binding, valid and
enforceable obligation, except as the enforceability thereof may be limited by (a) applicable bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) the application of
general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 
  

	4.5	Non-conflict 

 The entry into and performance by it of, and the transactions contemplated by, the
Transaction Documents to which it is a party do not conflict with: 
  

	(a)	any law or regulation applicable to it; 

  

	(b)	its constitutional documents; or 

  

	(c)	any document which is binding upon it or any of its assets. 

  

	4.6	Authorizations 

  

	(a)	All Barclays Authorizations have been obtained or effected and are in full force and effect or will be obtained or effected and will be in full force and effect on the date they are required. 

 

	(b)	It is not aware of: 

  

	 	(i)	any reason why any Barclays Authorization will not be obtained or effected by the time it is required; 

  

	 	(ii)	any steps to revoke or cancel any Barclays Authorization; or 

  

	 	(iii)	any reason why any Barclays Authorization will not be renewed when it expires without the imposition of any new restriction or condition. 

  
 40 

	4.7	Ownership of Crude Oil and Products 

  

	(a)	Following the consummation of the transactions contemplated to occur under the Initial Purchase Confirmations on the Initial Purchase Date, assuming that the Company’s representation in Section 3.21(a) are
true, correct and complete, Barclays will be the absolute beneficial and legal owner of the Crude Oil and Products to be sold to Barclays under each of the Initial Purchase Confirmations, free and clear of all Security Interests and encumbrances
(including, without limitation, rights of set off or counterclaim), and no other party has retained title to any such Crude Oil or Products. 

  

	(b)	As of the date of any relevant sale or exchange of Crude Oil or Products to the Company under the ISDA Master Agreement subsequent to the Initial Purchase Date, Barclays is the absolute beneficial and legal owner of the
Crude Oil and Products intended to be sold or exchanged to the Company pursuant to such sale or exchange, free and clear of all Security Interests, and encumbrances (including, without limitation, rights of set off or counterclaim), and no other
party has retained title to any such Crude Oil or Products. 

  

	4.8	Anti-Corruption 

  

	(a)	Barclays has neither made nor authorized any payment, given anything of value directly or indirectly to an official of any Governmental Authority or to any person employed by or on behalf of any public body, or
otherwise given any gift or made any payment in connection with any Inventory Document: 

  

	 	(i)	in a manner or for a purpose which would breach the Bribery Act 2010, the U.S. Foreign Corrupt Practices Act of 1977, the Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions of the Organization for Economic Cooperation and Development or similar legislation in other jurisdictions or international conventions; or 

  

	 	(ii)	for the purpose of influencing an act or decision in his official capacity or inducing him to use his influence with that Governmental Authority with respect to the purchase or sale of petroleum products and/or any
transaction contemplated by the Transaction Documents. 

  

	(b)	Barclays has neither made nor authorized any payment to any Governmental Authority, political party or political candidate for the purpose of influencing any official act or decision, or inducing such entity or person
to use any influence with a Governmental Authority with respect to the supply or sale of petroleum products and/or any transaction contemplated by the Inventory Documents. 

 

	(c)	None of its directors, officers, employees or agents, contractors or subcontractors has received or will receive any commission, fee, rebate, gift or entertainment of significant value in connection with any Inventory
Document. 

  

	(d)	No commission has been paid or agreed to be paid by Barclays or on behalf of, or to the knowledge of, any of its employees, agents, contractors or sub-contractors in connection with any Inventory Document.

  
 41 

	4.9	Sanctions 

  

	(a)	Barclays is not a Sanctioned Person and has not received notice of, nor is it aware of, any claim, action, suit, proceeding or investigation against it with respect to Sanctions by any Sanctions Authority that would
affect Barclays’ ability to perform its obligations under the Inventory Documents. 

  

	(b)	To Barclay’s Knowledge, Barclays has not sold or purchased, directly or indirectly, any products to a Sanctioned Country or Sanctioned Person. 

 

	(c)	Barclays is not engaged in any conduct that could result in it being designated as a Sanctioned Person by a Sanctions Authority. 

  

	4.10	Times for making representations and warranties 

  

	(a)	The representations and warranties set out in this Section 4 are made by Barclays on the date of this Agreement. 

  

	(b)	In addition, the representation in Section 4.7 (Ownership of Crude Oil and Products) and Section 4.9 (Sanctions) shall be deemed to be made on the dates specified in those Sections.

  

	(c)	In addition, each Repeating Representation of Barclays is deemed to be repeated by Barclays on each date before the Discharge of First Lien Obligations (as defined in the Intercreditor Agreement) (if any Inventory
Obligations constitute First Lien Obligations (as defined in the Intercreditor Agreement)) and the Discharge of Second Lien Obligations (as defined in the Intercreditor Agreement) (if any Inventory Obligations constitute Second Lien Obligations (as
defined in the Intercreditor Agreement)). 

  

	(d)	When a representation and warranty is made or repeated, it is applied to the circumstances existing at the time it is made or repeated (as appropriate). 

 

	5.	INFORMATION COVENANTS 

  

	5.1	Financial statements 

  

	(a)	The Company shall supply to Barclays: 

  

	 	(i)	its unaudited consolidated quarterly financial statements; and 

  

	 	(ii)	its audited consolidated financial statements for each of its financial years. 

  

	(b)	All financial statements shall be supplied as soon as they are available and: 

  

	 	(i)	in the case of the Company’s unaudited quarterly financial statements, within 45 days; and 

  

	 	(ii)	in the case of the Company’s audited financial statements, within 115 days, 

 of the end of
the relevant financial period. 

  
 42 

	5.2	Form of financial statements 

  

	(a)	The Company shall ensure that each set of financial statements supplied under this Agreement presents fairly in accordance with GAAP in all material respects its and its Subsidiaries’ financial condition as of the
date to which those financial statements were drawn up. 

  

	(b)	At the time of the delivery of the financial statements provided for in Section 5.1, a compliance certificate from the chief financial officer, vice president of finance, or treasurer of the Company certifying on
behalf of the Company that, to such officer’s Knowledge, no Default or Enforcement Event has occurred and is continuing or, if any Default or Enforcement Event has occurred and is continuing, specifying the nature and extent thereof, which
certificate shall certify that there have been no changes to Schedules 1, 2, 3, 4, 5, 6, 7, 8 and 9 of the Inventory First Lien Security Agreement, Schedules 1 and 2 of the Membership Interests First Lien Pledge Agreement, Schedules 1, 2 and 3 of
the ABL Loan Second Lien Security Agreement and Exhibits A-1 and A-2 of the Mortgage First Lien Security Agreement, in each case since the Initial Purchase Date or, if later, since the date of the most recent certificate delivered pursuant to this
Section 5.2, or if there have been any such changes, a list in reasonable detail of such changes (but only to the extent that such changes are required to be reported to the Inventory Collateral Agent pursuant to the terms of such Inventory
Security Documents) and whether the HIE Parties have otherwise taken all actions required to be taken by them pursuant to such Inventory Security Documents in connections with any such changes. 

 

	(c)	The Company shall notify Barclays of any material change (or any change the cumulative effect of which, when taken with any other previous changes, is material) to the manner in which its audited financial statements
are prepared. 

  

	(d)	If requested by Barclays, the Company shall supply to Barclays: 

  

	 	(i)	a full description of any change notified under paragraph (b) above (including, as applicable, the cumulative effect of any change when taken together with any other previous changes); and 

 

	 	(ii)	reasonable information to enable Barclays to make a proper comparison between the financial position shown by the set of financial statements prepared on the changed basis and its most recent audited financial
statements delivered to Barclays under this Agreement. 

  

	5.3	Information – miscellaneous 

 The Company shall supply to Barclays: 

 

	(a)	at the same time as they are dispatched, copies of all documents dispatched by the Company to its creditors generally (or any class of them), including, for the avoidance of doubt, any borrowing base certificates
dispatched by the Company to its creditors; 

  

	(b)	promptly upon becoming aware of them, details of any litigation, arbitration or administrative proceedings which are current, threatened or pending and which have or might, if adversely determined, have a Material
Adverse Effect; 

  
 43 

	(c)	promptly after they are available, copies of all material documents and other material communications and information given or received by it under any Material Contract; 

 

	(d)	immediately upon occurrence or threat of occurrence, details of any actual or threatened revocation, expiry, termination or withdrawal of any authorization from any Governmental Authority required to operate the System
under applicable law and which has or is likely to have a Material Adverse Effect; 

  

	(e)	promptly upon becoming aware of them, details of any event or circumstance which is or may be a Force Majeure Event affecting the Company and which has or is reasonably likely to have a Material Adverse Effect;

  

	(f)	promptly upon becoming aware of them, details of any other event which has a Material Adverse Effect; 

  

	(g)	promptly upon becoming aware of them, details of any claim made under any Insurance where the claim is for a sum in excess of $1,000,000 (before deductibles) or where the amount of the claim when aggregated with all
other amounts claimed under any Insurance during the previous six (6) months exceeds $5,000,000, which notice shall specify the remaining outstanding availability and the period for such availability under the relevant Insurance;

  

	(h)	promptly after they are available, copies of any notice of default, termination, dispute or material claim made against it under a Material Contract to which it is a party or affecting the System or any component
thereof, which have or may have a Material Adverse Effect, together with details of any action it proposes to take in relation to the same; 

  

	(i)	promptly upon becoming aware of them, any proposal for an amendment or waiver of a Material Contract to which it is a party; 

  

	(j)	promptly upon becoming aware of them, details of any damage to or destruction of any assets comprised in the System where the cost of repair or reinstatement is likely to exceed $5,000,000; 

 

	(k)	copies of all material Company Authorizations obtained by it; 

  

	(l)	promptly on becoming aware of them details, of any action by any labor dispute, which materially and adversely affects the operations of the System together with details of any action it proposes to take in relation to
the same; 

  

	(m)	promptly upon becoming aware of them any material modifications to its technology or operations systems that could potentially adversely affect the preparation of reports or the transmission of pertinent information to
Barclays under or pursuant to the Inventory Documents; 

  

	(n)	promptly upon becoming aware of them, details of those matters in Sections 6.12(b)(i) to (iv) (Environmental) (subject to the qualification at the end of those Sections); 

 

	(o)	on a quarterly basis, commercial details, including tenor, volume, type, and mark-to-market value, of any Derivative Transaction to which the Company is a party; and 

 

	(p)	promptly upon becoming aware of it, any Change in Control in the Company. 

  
 44 

	5.4	Notification of Default 

  

	(a)	The Company shall notify Barclays of any Default in respect of the HIE Parties (other than any Default arising from a breach of this Section 5.4, Section 6.15(a) (Books and records), Section 7.3
(Advisers) and Section 7.6 (Inspection and Visits)) (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 

 

	(b)	Promptly on request by Barclays (but no more frequently than twice in any twelve (12) month period), the Company shall supply to Barclays a certificate, signed by two (2) of its authorized signatories on its
behalf, certifying that no Default in respect of the HIE Parties (other than any Default arising from a breach of this Section 5.4, Section 6.15(a) (Books and records), Section 7.3 (Advisers) and Section 7.6
(Inspection and Visits)) is outstanding or, if such a Default is outstanding, specifying the Default and the steps, if any, being taken to remedy it. 

  

	5.5	Facilities/Refinery turnaround, maintenance and closure 

  

	(a)	The Company shall provide to Barclays on the Initial Purchase Date, and on an annual basis in accordance with its usual scheduling process during the term of the Storage and Services Agreement, its anticipated timing of
scheduled maintenance or turnaround at the Facilities and/or the Refinery during the upcoming year, and from time to time any material updates thereto. The Company shall, when providing advice pursuant to Section 3.1 (Advice and
recommendations) of the Agency and Advisory Agreement, take into account the maintenance and turnaround schedules of the Facilities and the Refinery. 

  

	(b)	The Company shall orally notify Barclays as soon as reasonably practicable (followed by prompt written notice) of any previously unscheduled downtime, maintenance or turnaround which has an adverse and material effect
on the operation of the System or any component thereof and its expected duration. 

  

	(c)	The Company shall provide Barclays with written notice at least one hundred eighty (180) days prior to shutting down the Refinery on a permanent basis, or converting it for other uses, for any reason other than
scheduled maintenance or turnaround or unscheduled downtime, maintenance or turnaround as notified to Barclays in accordance with Sections 5.5(a) and (b) above or a Force Majeure Event notified to Barclays in accordance with Section 5.3(e)
(Information – miscellaneous). Such notice shall (i) specify the anticipated shutdown date and (ii) designate the Facilities (or portions thereof) which the Company intends to remain operational for terminaling and storage
purposes. Following delivery of such notice, the Company and Barclays may, at their mutual discretion, engage in good faith negotiations to amend or replace the Inventory Documents or to undertake an orderly unwind of the transactions under the
Inventory Documents in accordance with Section 17(c). Notwithstanding the foregoing, if the Parties do not reach agreement on amendment or replacement of the Inventory Documents or an orderly unwind, any shutdown pursuant to a notice under this
Section 5.5(c) shall constitute an Additional Termination Event in accordance with Section 8.14. 

  

	5.6	Know your customer requirements 

 Each HIE Party shall, promptly on the request of Barclays, supply to
Barclays any documentation or other evidence which is reasonably requested by Barclays to carry out and be satisfied with the results of all applicable know your customer requirements. 

  
 45 

	5.7	Information to be provided by Barclays 

 Barclays shall supply to the Company: 

 

	(a)	promptly upon becoming aware of them, details of any litigation, arbitration or administrative proceedings which are current, threatened or pending and which have or might, if adversely determined, have a Material
Adverse Effect; 

  

	(b)	promptly upon receipt, any notices from a Crude Supplier with respect to the delivery of Crude Oil under a Crude Agreement; 

  

	(c)	promptly upon becoming aware of them, details of (i) any default by any Crude Supplier under any Crude Agreement, (ii) any written notification from any Crude Supplier of Barclays’ alleged default under
any Crude Agreement, and (iii) any written notification that any Crude Agreement is not in full force and effect; 

  

	(d)	immediately upon occurrence or threat of occurrence, details of any actual or threatened revocation, expiry, termination or withdrawal of any Barclays Authorization; 

 

	(e)	promptly upon becoming aware of them, details of any event or circumstance which is or may be a Force Majeure Event affecting Barclays and which has or is reasonably likely to have a Material Adverse Effect;

  

	(f)	promptly upon becoming aware of them, details of any event or circumstance which may affect Barclays’ ability to timely deliver Crude Oil to the Company pursuant to the ISDA Master Agreement; and 

 

	(g)	promptly upon becoming aware of them, details of any other event affecting Barclays which has a Material Adverse Effect. 

  

	6.	GENERAL COVENANTS 

  

	6.1	Authorizations 

  

	(a)	The Company shall promptly obtain, maintain and comply with the terms of the Company Authorizations where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

 

	(b)	If requested to do so by Barclays, the Company shall supply certified copies to Barclays of each Company Authorization obtained by it. 

 

	6.2	Compliance with laws 

  

	(a)	Each HIE Party shall comply with all laws to which it is subject and all regulations applicable to it where failure to do so would have or be reasonably likely to have a Material Adverse Effect or result in a liability
for Barclays or any HIE Party. 

  

	(b)	Each HIE Party shall ensure that no funds applied towards discharge of its payment obligations under any Transaction Document are derived from any unlawful activity of the Company or, to the Company’s Knowledge, of
any other person. 

  
 46 

	6.3	Maintenance of existence 

 The Company shall, and shall cause each of its Subsidiaries to, do or cause to
be done, all things necessary to preserve and keep in full force and effect its existence and its material rights, franchises, licenses, permits, copyrights, trademarks and patents; provided, however, that nothing in this
Section 6.3 shall prevent (i) sales of assets and other transactions by the Company or any of its Subsidiaries otherwise permitted under this Agreement or (ii) the withdrawal by the Company or any of its Subsidiaries of its
qualification as a foreign business in any jurisdiction if such withdrawal could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

 

	6.4	Ownership of Subsidiaries 

 Except as otherwise permitted as part of a Permitted Transaction, the Company
shall, and shall cause each of its Subsidiaries to, own 100% of the Equity Interests of each of their Subsidiaries. The Member shall at all times hold 100% of the Equity Interests of the Company. 

 

	6.5	Maintenance of Company separateness 

 The Company shall, and shall cause each of its Subsidiaries to,
satisfy customary business formalities, including to the extent applicable, the holding of regular board of directors’ and shareholders’ meetings or action by directors or shareholders without a meeting and the maintenance of business
records. Neither the Company nor any of its Subsidiaries shall knowingly take any action, or conduct its affairs in a manner, which is likely to result in the separate existence of the Company or any of its Subsidiaries being ignored, or in the
assets and liabilities of the Company or any of its Subsidiaries being substantively consolidated with those of any other such person or any Subsidiary that is not an HIE Party in any insolvency proceeding. 

 

	6.6	Pari passu ranking 

 The Company shall ensure that its payment obligations under the Inventory Documents
at all times rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally. 

 

	6.7	Negative pledge 

  

	(a)	Except as provided below, the Company shall not, and shall not permit any of its Subsidiaries to, create or allow to exist any Security Interest on any of the Company’s or its Subsidiaries’ assets or on any of
the Equity Interests in the Company or its Subsidiaries. 

  

	(b)	The Company shall not, and shall not permit any of its Subsidiaries to: 

  

	 	(i)	sell, transfer or otherwise dispose of any of its or its Subsidiaries’ assets exceeding $5,000,000 in Fair Market Value in the aggregate on terms where such assets are or may be leased to or re-acquired or acquired
by it or any of its related entities; 

  

	 	(ii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iii)	enter into any other preferential arrangement having a similar effect, 

  
 47 

 in circumstances where the transaction is entered into primarily as a method of raising Financial Indebtedness or
of financing the acquisition of an asset. 
  

	(c)	Sections 6.7(a) and (b) do not apply to Permitted Security or any Permitted Transaction. 

  

	6.8	Disposals 

  

	(a)	Except as provided below, the Company shall not, and shall not permit its Subsidiaries to, either in a single transaction or in a series of transactions and whether related or not, dispose of all or any part of its or
its Subsidiaries’ assets. 

  

	(b)	Section 6.8(a) does not apply to: 

  

	 	(i)	any disposal of Crude Oil and Products under the Transaction Documents; 

  

	 	(ii)	the disposal, in whole or in part, of the Retail Business; 

  

	 	(iii)	any disposal of obsolete or redundant assets; 

  

	 	(iv)	any Permitted Transaction; 

  

	 	(v)	any other disposal of assets not exceeding $5,000,000 in value in any rolling twelve (12) month period; and 

  

	 	(vi)	sales and/or exchange of Crude Oil and Products in the ordinary course of business. 

  

	6.9	Financial Indebtedness 

  

	(a)	Except as provided below, the Company shall not, and shall not permit its Subsidiaries to, incur or permit to be outstanding any Financial Indebtedness. 

 

	(b)	Section 6.9(a) does not apply to any: 

  

	 	(i)	Financial Indebtedness incurred under the Credit Agreement; 

  

	 	(ii)	Permitted Transactions; 

  

	 	(iii)	Permitted Letters of Credit; 

  

	 	(iv)	refinancing of the ABL Loan Credit Agreement in full, provided that: 

  

	 	(A)	the aggregate principal amount of such Financial Indebtedness (i) will not at any time exceed an amount equal to the sum of (x) the amount of the commitment for revolving loans (as such commitment is specified
in the ABL Loan Credit Agreement) under the ABL Loan Credit Agreement then in effect plus (y) $75,000,000 and (ii) will not be less than eighty percent (80%) of the amount of the Revolving Loan Commitment (as such term is defined in
the ABL Loan Credit Agreement as in effect as of the date of this Agreement), or such lesser amount as permitted by Barclays, acting in a commercially reasonable manner, taking into account commodity market conditions at the time; 

  
 48 

	 	(B)	such incurrence will be effected by the HIE Parties pursuant to definitive documentation in form and substance and otherwise satisfactory to Barclays in its reasonable discretion (the Refinancing Credit
Agreement), which documentation will (i) provide for a maturity date that is not earlier than the maturity date of the original ABL Loan Credit Agreement and (ii) be on terms that are consistent with the then-prevailing market terms
and pricing for asset backed revolving loan agreements; 

  

	 	(C)	prior to the incurrence of such Financial Indebtedness, each holder of any such Financial Indebtedness and any agent or trustee thereof will have agreed to be bound by the terms and conditions of the Intercreditor
Agreement; and 

  

	 	(D)	prior to the incurrence of such Financial Indebtedness, the HIE Parties will have delivered evidence that any Security Interest granted for the benefit of the holders of the loan obligations under the ABL Loan Credit
Agreement has been (or will be on the date of such refinancing) terminated and released in full and that all of such loan obligations will be prepaid, discharged and cancelled in full on or by the date of such refinancing; and 

 

	 	(v)	Financial Indebtedness approved by Barclays. 

  

	(c)	Except as set forth on Schedule 5, (a) the Company shall not, and shall not permit its Subsidiaries to, extend, incur or permit to be outstanding any Financial Indebtedness between the Company and its Subsidiaries,
on the one hand, and the Retail Subsidiary or Retail Holdco, on the other hand, and (b) the Company shall not, and shall not permit its Subsidiaries to, extend or incur any Financial Indebtedness in respect of the Retail Business.

  

	6.10	Change of business 

 The Company shall not, and shall not permit its Subsidiaries to, make any change to
the general nature of its or its Subsidiaries’ business from that carried on by the Company and its Subsidiaries as of the date of this Agreement, except that it may dispose of all or any part of the Retail Business. For the avoidance of doubt,
“change” in the preceding sentence shall include (a) any occurrence of an event described in 8.14(a) (System events), or (b) the provision of tolling services to a party other than Barclays. 

 

	6.11	Acquisitions 

  

	(a)	The Company shall not, and shall not permit its Subsidiaries to, without the prior written consent of Barclays: 

  

	 	(i)	acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them); or 

  

	 	(ii)	incorporate a company. 

  
 49 

	6.12	Environmental 

  

	(a)	Each HIE Party shall: 

  

	 	(i)	comply with all Environmental Law to the extent applicable to the System, any component thereof and/or the Company’s business; 

  

	 	(ii)	obtain, maintain and ensure compliance with all required Environmental Approvals; and 

  

	 	(iii)	implement procedures to monitor compliance with and to prevent liability under any Environmental Law applicable to it, 

where the failure to do so has or is reasonably likely to have a Material Adverse Effect or results or is reasonably likely to result in any liability for
Barclays or any of Barclays’ Affiliates. 
  

	(b)	The Company shall, promptly upon becoming aware, notify Barclays of: 

  

	 	(i)	any Environmental Claim, 

  

	 	(ii)	any written communication received by it in respect of any actual or alleged breach of, or liability under, an Environmental Law or any Environmental Approval; 

 

	 	(iii)	any facts or circumstances reasonably likely to result in an Environmental Claim or communication under Section 6.12(b)(ii); or 

 

	 	(iv)	any suspension, revocation, failure to renew or obtain or modification of any Environmental Approval, 

 where
the matter to be notified has, or is reasonably likely to have, a Material Adverse Effect or results, or is reasonably likely to result, in any liability for Barclays or any of Barclays’ Affiliates. 

 

	6.13	Loans 

  

	(a)	Except as provided below, the Company shall not, and shall not permit its Subsidiaries to, be the creditor in respect of any Financial Indebtedness. 

 

	(b)	Section 6.13(a) does not apply to: 

  

	 	(i)	any credit provided under a Transaction Document; 

  

	 	(ii)	any credit provided by the Company or its Subsidiaries to its customers, vendors or suppliers or otherwise arising in the ordinary course of business; 

 

	 	(iii)	any credit approved by Barclays; 

  

	 	(iv)	any credit extended by the Company to Member for overhead, administrative, and other expenses in the ordinary course of business and consistent with past practice; 

 

	 	(v)	any credit extended in connection with a Permitted Transaction; and 

  

	 	(vi)	any loans and advances to employees in the ordinary course of business and consistent with past practice. 

  
 50 

	6.14	Third party guarantees 

  

	(a)	In this Section, a guarantee includes an indemnity or other assurance against loss. 

  

	(b)	The Company shall not, and shall not permit its Subsidiaries to, incur or allow to be outstanding any guarantee by it in respect of any person, except as otherwise arising in the ordinary course of business;
provided that except as set forth on Schedule 5, in no event shall the Company or any of its Subsidiaries incur or allow to be outstanding any guarantee in respect of the Retail Subsidiary, the Retail Holdco or the Retail Business.

  

	(c)	Section 6.14(b) does not apply to any guarantee arising under, or expressly allowed by, the Transaction Documents, or arising under the Credit Agreement. 

 

	6.15	Books and records 

  

	(a)	The Company shall, and shall cause each of its Subsidiaries to, maintain accurate and complete books and records in accordance with GAAP, consistently applied. 

 

	(b)	The Company shall, and shall cause each of its Subsidiaries to, keep and preserve documents relating to any Transaction Document for the longer of two (2) years from the date of this Agreement and any retention
period required by applicable law. 

  

	6.16	Anti-corruption 

  

	(a)	None of the HIE Parties nor Barclays shall make or authorize any payment, give anything of value directly or indirectly to an official of any Governmental Authority or to any person employed by or on behalf of any
Governmental Authority or otherwise give any gift or make any payment in connection with any Transaction Document: 

  

	 	(i)	in a manner or for a purpose which would breach the U.S. Foreign Corrupt Practices Act of 1977, the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions of the Organization
for Economic Cooperation and Development, the UK Bribery Act 2010 or similar legislation in other jurisdictions or international conventions; or 

  

	 	(ii)	for the purpose of influencing an act or decision in his official capacity or inducing him to use his influence with that Governmental Authority with respect to the purchase or sale of petroleum products and/or any
transaction contemplated by the Transaction Documents. 

  

	(b)	None of the HIE Parties nor Barclays shall make or authorize any payment to any Governmental Authority, political party or political candidate for the purpose of influencing any official act or decision, or inducing
such entity or person to use any influence with a Governmental Authority with respect to the supply or sale of petroleum products and/or any transaction contemplated by the Transaction Documents. 

  
 51 

	(c)	The Company shall, and shall cause its Subsidiaries to, make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of assets. Barclays shall
make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect the transactions under the Inventory Documents. 

  

	(d)	None of the directors, officers, employees or agents, contractors or subcontractors of the HIE Parties or of Barclays shall receive any commission, fee, rebate, gift or entertainment of significant value in connection
with any Transaction Document. 

  

	(e)	None of the HIE Parties nor Barclays shall pay any commission for its own account or on behalf of any of its employees, agents, contractors or sub-contractors in connection with any Transaction Document.

  

	6.17	Sales 

 The Company and Barclays will ensure that each transfer from the Company to Barclays (and vice
versa) of any Crude Oil and/or Products under a Transaction under the ISDA Master Agreement and any Subsequent Purchase Confirmation is documented as a sale (and not some other type of transaction). 

 

	6.18	Arm’s length basis 

 The Company shall not, and shall not permit its Subsidiaries to, enter into any
transaction with any person (including, without limitation, any of its Affiliates) except on arm’s length terms and for fair market value, except for non-material transactions with Affiliates with respect to shared services. 

 

	6.19	Distributions and redemption of membership interests 

  

	(a)	Except as permitted under paragraph (b) below, the Company shall not: 

  

	 	(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its Equity Interests;

  

	 	(ii)	repay or distribute any dividend or premium reserve in respect of its Equity Interests; 

  

	 	(iii)	pay any management, advisory or other fee to or to the order of any of its Affiliates; or 

  

	 	(iv)	redeem, repurchase, defease, retire or repay any of its Equity Interests or resolve to do so, 

each a Distribution. 
  

	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	a Permitted Distribution; or 

  

	 	(ii)	a Permitted Transaction (other than one referred to in paragraph (e) of the definition of that term). 

  
 52 

	6.20	Sanctions 

  

	(a)	None of the HIE Parties will sell or purchase, directly or indirectly, any products to or from a Sanctioned Country or Sanctioned Person. Barclays will not sell or purchase, directly or indirectly, any products to or
from a Sanctioned Country or Sanctioned Person to the extent that doing so would affect Barclays’ ability to perform its obligations under the Inventory Documents. 

 

	(b)	The HIE Parties, and Barclays, to the extent that failing to do so would affect Barclays’ ability to perform its obligations under the Inventory Documents, will comply at all times with all applicable Sanctions
Laws. 

  

	(c)	The HIE Parties shall not engage in any conduct that could result in any of them being designated as a Sanctioned Person by a Sanctions Authority. Barclays shall not engage in any conduct that could result in it being
designated as a Sanctioned Person by a Sanctions Authority to the extent that doing so would affect Barclays’ ability to perform its obligations under the Inventory Documents. 

 

	(d)	Each of the HIE Parties and Barclays will ensure that no monies received from Barclays or any HIE Party, as applicable, as a result of the transactions contemplated by the Transaction Documents are used to purchase
products, directly or indirectly, from a Sanctioned Country or Sanctioned Person, or otherwise to transact business, directly or indirectly, with or for the benefit of a Sanctioned Country or Sanctioned Person. 

 

	6.21	Conditions Subsequent 

  

	(a)	The Company shall deliver the following documents and evidence to Barclays in a form and substance satisfactory to Barclays: 

  

	 	(i)	evidence that the Company has completed all requisite filings to change its name to Hawaii Independent Energy, LLC promptly following such name change; 

 

	 	(ii)	evidence that such Insurance Proceeds Account has been established, within thirty (30) days after the Initial Purchase Date; 

  

	 	(iii)	a duly executed and delivered Inventory Account Control Agreement in respect of the Insurance Proceeds Account within thirty (30) days after the Initial Purchase Date; and 

 

	 	(iv)	copies of all Plans listed on Schedule 6 within thirty (30) days after the Initial Purchase Date. 

  

	(b)	The Company shall use reasonable best efforts to deliver the following documents and evidence to Barclays within thirty (30) days after the Initial Purchase Date: 

 

	 	(i)	a recorded mortgage or mortgages between the Company and the Inventory Collateral Agent in a form satisfactory to Barclays and the Inventory Collateral Agent evidencing the Inventory Collateral Agent’s first lien
Security Interests in the Company’s (A) Leaseholds and (B) those Material Contracts listed in Annex IX to the Intercreditor Agreement and with respect to which consent is required and has not yet been obtained for the grant of such
Security Interest; 

  
 53 

	 	(ii)	a landlord’s agreement, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property, mortgagee of owned property or bailee with respect to any warehouse, processor or converter
facility or other location where Inventory Collateral is stored or located, which agreement or letter contains a waiver or subordination of all Security Interests or claims that the landlord, mortgagee or bailee may assert against the Inventory
Collateral at that location and is otherwise satisfactory in form and substance to Barclays and the Inventory Collateral Agent; and 

  

	 	(iii)	evidence that the Company has obtained consents to assignment of each of the Company’s patent licenses that are set out in Annex VIII to the Intercreditor Agreement and that are material to the operation or value
of the Refinery and the System or the Company’s ability to perform its obligations under the Basic Documents (as defined in the Intercreditor Agreement). 

  

	(c)	The Company shall deliver, within thirty (30) days after the Initial Purchase Date, a recorded mortgage or mortgages between the Company and the Inventory Collateral Agent in a form satisfactory to Barclays and the
Inventory Collateral Agent evidencing the Inventory Collateral Agent’s first lien Security Interest in the Company’s Material Contracts listed in Annex IX to the Intercreditor Agreement and with respect to which consent has been granted or
is not needed for the grant of such Security Interest but such Material Contracts have not been recorded as of the date of this Agreement. 

  

	6.22	Minimum Liquidity Test 

 The Company shall maintain liquidity such that on any date during the term of
the Inventory Documents Available Liquidity shall equal or exceed the lesser of: 
  

	(a)	the sum of (i) the total gross invoice amount payable under the Crude Supply Master Confirmation for the two (2) consecutive Daily Invoices (as defined in the Crude Supply Master Confirmation) immediately
following such date; plus (ii) either (x) $15,000,000, or (y) at any time when the Weekly Nomination Schedule between the Company and Barclays with respect to transactions under the Crude Supply Master Confirmation is scheduled Monday
through Sunday, $10,000,000; or 

  

	(b)	the sum of (i) the Threshold of Party A (as determined pursuant to paragraph 13(b)(iii)(B) of the CSA, the Party A Threshold), plus (ii) $10,000,000 

(the Minimum Liquidity Test). 
 The Company shall certify
to Barclays in each Weekly Nomination Schedule delivered under and as defined in the Crude Supply Master Confirmation that according to its reasonable knowledge based upon its books and records and commercially reasonable good faith projections, it
will meet the Minimum Liquidity Test for the upcoming two (2) week period. 
  

	6.23	ERISA 

 The Company shall supply to Barclays: 

 

	(a)	promptly and in any event within fifteen (15) days after receiving a written request from the Barclays a copy of IRS Form 5500 (including the Schedule B) with respect to a Plan; 

  
 54 

	(b)	promptly and in any event within thirty (30) days after the HIE Parties, any of their respective Subsidiaries or any ERISA Affiliate knows or has reason to know that any ERISA Event has occurred that would
reasonably be expected to result in a Material Adverse Effect, a certificate of an authorized officer of the Company describing such ERISA Event and the action, if any, proposed to be taken with respect to such ERISA Event and a copy of any notice
filed with the PBGC or the IRS pertaining to such ERISA Event and any notices received by the HIE Parties, any of their respective Subsidiaries or any ERISA Affiliate from the PBGC or any other governmental agency with respect thereto; provided
that, in the case of ERISA Events under paragraph (d) of the definition thereof, the 30-day period set forth above shall be a 10-day period, and, in the case of ERISA Events under paragraph (b) of the definition thereof, in no event shall
notice be given later than ten (10) days after the occurrence of the ERISA Event; 

  

	(c)	promptly, and in any event within thirty (30) days, after becoming aware that there has been (i) an increase in Unfunded Pension Liabilities (taking into account only Plans with positive Unfunded Pension
Liabilities) that are reasonably expected to result in a Material Adverse Effect since the date the representations hereunder are given or deemed given, or from any prior notice, as applicable, (ii) a material increase since the date the
representations hereunder are given or deemed given, or from any prior notice, as applicable, in potential withdrawal liability under Section 4201 of ERISA, if the HIE Parties, any of their respective Subsidiaries and the ERISA Affiliates were
to withdraw completely from any and all Multiemployer Plans that could reasonably be expected to result in a Material Adverse Effect, (iii) any material contribution required to made with respect to a Foreign Pension Plan has not been timely
made that would reasonably be expected to result in a Material Adverse Effect or (iv) the adoption of any amendment to a Plan which results in a material increase in contribution obligations of the HIE Parties or any of their respective
Subsidiaries or any ERISA Affiliate and that would reasonably be expected to result in a Material Adverse Effect, a detailed written description thereof from an authorized officer of the Company; and 

 

	(d)	if, at any time after the Initial Purchase Date, the HIE Parties, any of their respective Subsidiaries or any ERISA Affiliate maintains, or contributes to (or incurs an obligation to contribute to), a Plan or
Multiemployer Plan which is not set forth in Schedule 6, then the Company shall deliver to Barclays an updated Schedule 6 as soon as practicable, and in any event within sixty (60) days after such HIE Party, such Subsidiary or such ERISA
Affiliate maintains, or contributes to (or incurs an obligation to contribute to), thereto. 

  

	6.24	Additional security; further assurances 

  

	(a)	 The Company shall, and shall cause each of its Subsidiaries that is an HIE Party to, grant to the Inventory Collateral Agent for the benefit of
Barclays Security Interests in such assets and Real Property of the Company and such Subsidiaries as are not covered by the original Inventory Security Documents and as may be reasonably requested from time to time by the Inventory Collateral Agent
or Barclays (or otherwise required at such time pursuant to the Intercreditor Agreement) (collectively, the Additional Security Documents). All such Security Interests shall be granted pursuant to documentation reasonably satisfactory in form
and substance to the Inventory Collateral Agent and shall constitute valid and enforceable perfected Security Interests superior to and prior to the rights of all third persons and enforceable against third parties and subject to no other Security
Interests except for Permitted Security. The Additional Security Documents or instruments related thereto shall have been duly recorded or filed in such manner and in such places as are required by law to establish, perfect, preserve and protect the
Security Interests in favor of the Inventory Collateral Agent required to be granted pursuant to the 

  
 55 

	 	
Additional Security Documents and all Taxes, fees and other charges payable in connection therewith shall have been paid in full. The Company and each Subsidiary that is an HIE Party that
acquires fee owned Real Property will promptly deliver to the Inventory Collateral Agent all such mortgages, documents, title policies, surveys, instruments, agreements, opinions and certificates similar to those described in Schedule 2 with respect
to each such Real Property that the Inventory Collateral Agent shall reasonably request to create in favor of the Inventory Collateral Agent, for the benefit of Barclays, a valid and, subject to any filing and/or recording referred to herein,
perfected first priority Security Interest in such Real Property. Notwithstanding the foregoing, this Section 6.24 shall not apply to (and the Company and its Subsidiaries shall not be required to grant a Security Interest in) any Real Property
that is part of the Retail Business. 

  

	(b)	The HIE Parties shall use reasonable efforts to, at the expense of the HIE Parties, make, execute, endorse, acknowledge, file and/or deliver to the Inventory Collateral Agent from time to time such vouchers, invoices,
schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, Real Property surveys, flood determinations, reports, landlord waivers, bailee agreements, control agreements and other
assurances or instruments and take such further steps relating to the Inventory Collateral covered by any of the Inventory Security Documents as the Inventory Collateral Agent may reasonably require. Furthermore, the Company shall, and shall cause
its Subsidiaries who are HIE Parties to, deliver to the Inventory Collateral Agent such opinions of counsel, title insurance, flood insurance (if applicable) and other related documents as may be reasonably requested by the Inventory Collateral
Agent to assure itself that this Section 6.24 has been complied with. 

  

	(c)	If Barclays reasonably determines that it is required by law or regulation to have appraisals prepared in respect of any Real Property of the Company or any of its Subsidiaries constituting Inventory Collateral, each
such party will, at its own expense, provide to Barclays appraisals which satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of the Financial Institution Reform, Recovery and Enforcement Act of 1989, as amended, and
which shall otherwise be in form and substance reasonably satisfactory to the Administrative Agent. 

  

	(d)	each HIE Party agrees that each action required by clauses (a) through (c) of this Section 6.24 shall be completed as soon as possible, but in no event later than 75 days after such action is requested to
be taken by the Inventory Collateral Agent or Barclays; provided that, in no event will the Company or any of its Subsidiaries be required to take any action, other than using its best efforts, to obtain consents from third parties with
respect to its compliance with this Section 6.24. 

  

	6.25	End of fiscal year 

 The Company shall cause its and each of its Subsidiaries’ fiscal years to
end on December 31 of each calendar year. 
  

	6.26	MIPA 

 The Member and the Company shall reasonably enforce all of their respective rights, remedies and
benefits under and in respect of the MIPA and such Related Agreements, including all rights to payment and indemnification. 

  
 56 

	6.27	Amendments to Credit Agreement 

 The HIE Parties shall not and shall not agree to, in respect of the
Credit Agreement, without Barclays’ prior written consent: 
  

	(a)	amend or modify the methodology or determination of Borrowing Base included therein in a manner that results in a material reduction to the Borrowing Base; 

 

	(b)	increase the interest rate payable by the Borrowers under the Credit Agreement to more than LIBO Rate (as defined in the ABL Loan Credit Agreement as in effect as of the date hereof) plus four percent (4%) or amend
or modify the method for calculating the interest rate under the Credit Agreement; 

  

	(c)	amend or modify a mandatory prepayment provision in a manner adverse to the HIE Parties; 

  

	(d)	amend or modify a covenant or event of default that would have the effect of prohibiting one or more HIE Party from making any payments under the Inventory Documents that would otherwise be permitted under the Credit
Agreement as in effect on the date hereof; 

  

	(e)	amend or modify a term that would immediately cause a Default or an Enforcement Event under the Inventory Documents; 

  

	(f)	amend or modify covenants, defaults, or events of default to make them materially more restrictive as to any HIE Party, except for modifications to match changes made to the Inventory Documents so as to preserve, on
substantially similar economic terms, any differential that exists on the date hereof between the covenants, defaults, or events of default in the Inventory Documents and the covenants, defaults, or events of default in the Credit Agreement;

  

	(g)	amend or modify Section 12.10 or 13.19 of the ABL Loan Credit Agreement (or the equivalent provisions in any Refinancing Credit Agreement); or 

 

	(h)	amend or modify a scheduled amortization payment or the scheduled final maturity date under the Credit Agreement (other than to advance the date of any schedule payment in the case of accelerating the maturity of any
obligation in accordance with the terms of the ABL Loan Credit Agreement). 

  

	6.28	Inconsistent actions 

 The HIE Parties shall not act in a manner inconsistent with their representations
set out in Section 3.18(b) (Non-reliance) and their acknowledgements and confirmations in Sections 13(c) and (d) (Nature of Transaction and Relationship between the Parties). Barclays shall not act in a manner inconsistent
with its representations set out in its acknowledgement and confirmation in Section 13(d) (Nature of Transaction and Relationship between the Parties). 
  

	6.29	Product Intermediation Agreement 

 The Company and Barclays shall negotiate in good faith to enter into
an agreement providing for product intermediation and supply to the Refinery within sixty (60) days after the Initial Purchase Date. 

  
 57 

	6.30	Barclays Authorizations 

 Barclays shall promptly obtain, maintain and comply with the terms of the
Barclays Authorizations where, in the opinion of Barclays (acting reasonably), failure to do so has or is reasonably likely to have a Material Adverse Effect. 
  

	6.31	Barclays compliance with laws 

 Barclays shall comply in all material respects with all laws to which it
is subject and all regulations applicable to it where, in the opinion of Barclays (acting reasonably), failure to do so has or is reasonably likely to have a Material Adverse Effect. 

 

	6.32	Barclays’ environmental compliance 

  

	(a)	Barclays shall, or shall have its agent: 

  

	 	(i)	comply with all Environmental Law to the extent applicable to the System, any component thereof and/or Barclays’ obligations under the Inventory Documents (including, without limitation, the sale, transportation,
storage, handling or disposal of Crude Oil and/or Products); 

  

	 	(ii)	obtain, maintain and ensure compliance with all Environmental Approvals required to be obtained by Barclays in connection with its obligations to deliver Crude Oil to the Company under the Crude Supply Master
Confirmation; and 

  

	 	(iii)	establish procedures to monitor compliance with and to prevent liability under any Environmental Law applicable to it in connection with the transactions contemplated under the Inventory Documents, 

where, in the opinion of Barclays (acting reasonably), failure to do so has or is reasonably likely to have a Material Adverse Effect or results or is
reasonably likely to result in any liability for the Company or any of the Company’s Affiliates. 
  

	(b)	Barclays shall, or shall have its agent, promptly upon becoming aware, notify the Company of: 

  

	 	(i)	any Environmental Claim against Barclays in connection with the transactions contemplated under the Inventory Documents, 

  

	 	(ii)	any written communication received by it in respect of any actual or alleged breach of, or liability under, an Environmental Law or any Environmental Approval by Barclays in connection with the transactions contemplated
under the Inventory Documents; 

  

	 	(iii)	any facts or circumstances reasonably likely to result in an Environmental Claim or communication under Section 6.12(b)(ii); or 

 

	 	(iv)	any suspension, revocation, failure to renew or obtain or modification of any Environmental Approval required to be obtained by Barclays in connection with its obligations to deliver Crude Oil to the Company under the
Crude Supply Master Confirmation, 

  
 58 

 where, the matter to be notified has, or is reasonably likely to have, a Material Adverse Effect or results, or
is reasonably likely to result, in any liability for the Company or any of the Company’s Affiliates. 
  

	6.33	Barclays compliance with Crude Agreements 

 Barclays shall exercise its rights and comply with its
obligations under each Crude Agreement to which it is a party (unless such breach is caused by the Company), where not to do so would have or be reasonably likely to have a Material Adverse Effect. 

 

	7.	FACILITY AND REGULATORY COVENANTS 

  

	7.1	Operation and maintenance 

  

	(a)	The Company shall: 

  

	 	(i)	diligently operate and maintain in good working order and condition (ordinary wear and tear excepted), or ensure the diligent operation and maintenance in good working order and condition (ordinary wear and tear
excepted) of, the System at any given time and all major components thereof and its other material assets necessary for the conduct of its business in accordance with the Transaction Documents and Good Industry Practice and affecting its ability to
perform under the Transaction Documents; and 

  

	 	(ii)	not cease to be the operator of the System, unless a replacement operator has been appointed whose identity and terms of appointment are acceptable to Barclays. 

 

	7.2	Material Contracts 

  

	(a)	The Company shall, and shall cause its Subsidiaries to, exercise its and/or its Subsidiaries’ rights and comply with its and/or its Subsidiaries’ obligations under each Material Contract where not to do so
would have or be reasonably likely to have a Material Adverse Effect. 

  

	(b)	The Company shall not and shall not agree to, and shall not permit its Subsidiaries to or to agree to: 

  

	 	(i)	amend or waive to the extent such amendment or waiver would have or be reasonably likely to have a Material Adverse Effect; 

  

	 	(ii)	assign or transfer; or 

  

	 	(iii)	suspend, abandon or terminate (other than by reason of full performance by the Company of the agreement or expiry of its term), 

(x) all or any part of a Material Contract, or (y) all or any part of any other agreement to which it is a party to the extent that such
action would have a Material Adverse Effect. 
  

	7.3	Advisers 

 The Company shall provide such information as each Adviser may reasonably require to discharge
its role as adviser to Barclays from time to time. 

  
 59 

	7.4	Derivative transactions 

  

	(a)	Except as set out below in Section 7.4(b), the Company shall not, and shall not permit its Subsidiaries to, enter into any Derivative Transaction. 

 

	(b)	Section 7.4(a) does not apply to: 

  

	 	(i)	transactions under or contemplated by the ISDA Master Agreement or any Subsequent Purchase Confirmation; 

  

	 	(ii)	any Permitted Transaction; and 

  

	 	(iii)	any Derivative Transaction entered into with the prior consent of Barclays. 

  

	(c)	The Company shall not, and shall not permit its Subsidiaries to, unwind any Derivative Transaction other than at its Fair Market Value. 

 

	7.5	Tax affairs 

 The Company shall, and shall cause its Subsidiaries to: 

 

	(a)	promptly file all Tax reports and returns required to be filed by it or its Subsidiaries in any jurisdiction; 

  

	(b)	promptly pay and discharge all Taxes or, if any Tax (i) is being contested in good faith with due diligence and by appropriate proceedings, (ii) is adequately disclosed and fully provided for in the financial
statements of the relevant HIE Party in accordance with GAAP, (iii) applicable law permits such HIE Party to refrain from paying such Tax during such contest and enforcement is stayed (or bonded in full) for so long as such HIE Party is
pursuing such contest and (iv) such contest does not involved any material risk of the forfeiture or loss of any material portion of the Inventory Collateral or the ABL Loan Collateral, ensure an adequate reserve is set aside for payment of
that Tax and the costs required to contest them; 

  

	(c)	not change its or its Subsidiaries’ residence for Tax purposes. 

  

	7.6	Inspection and Visits 

 Barclays shall have the right, during the Company’s normal business hours
and after reasonable notice to the Company (together with such inspectors and advisers as it chooses) so as not to disrupt its operations, to: 
  

	(a)	make periodic operational inspections of the Refinery and each Facility, provided that Barclays’ representatives making such inspections shall comply with the Company’s safety procedures;

  

	(b)	not more frequently than once a quarter, conduct audits of any pertinent books and records, including those related to receipts and inventories of its Inventory; and 

 

	(c)	conduct physical verifications of the amount of Barclays’ Inventory stored in the Tanks. 

  
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	7.7	Insurance 

  

	(a)	The Company shall, at its sole cost and expense, carry and maintain (or cause to be carried or maintained on its behalf and shall be included as a named insured in all such cases) in full force and effect insurance
coverage, with licensed and permitted insurance companies rated not less than A-, IX by A.M. Best or “A” by Standard & Poor’s (in each case in the most recent ratings publication promulgated by such entity) or equivalent from
a nationally recognized ratings agency or otherwise reasonably satisfactory to Barclays, of the following types and amounts: 

  

	 	(i)	Workers Compensation with statutory limits as required by the jurisdiction where employees of the Company are hired and Employer’s Liability coverage for injury, sickness, disability or death of employees in a
minimum amount no less than $1,000,000 per accident, $1,000,000 per employee and $1,000,000 per disease or in amounts otherwise required by local legislation; 

  

	 	(ii)	Commercial automobile liability insurance, including coverage for owned, non-owned and hired automobiles for both bodily injury and property damage in accordance with statutory legal requirements, with combined single
limits of no less than $1,000,000 per accident with respect to bodily injury, property damage or death; 

  

	 	(iii)	Commercial general liability coverage written on an “occurrence” policy for bodily injury and property damage, including premises/operations, products/completed operations, contractual liability, personal
injury, liability arising out of wharfinger, terminal operator and/or stevedoring operations and loss, Contamination or degradation of Inventory and “sudden and accidental pollution” liability coverage (excluding events that result in
acidic deposition). Such insurance shall be maintained with policy limits not lower than those required by applicable law, but in no event lower than $1,000,000 per occurrence and $2,000,000 in the annual aggregate plus a $2,000,000 annual aggregate
for products/completed operations; 

  

	 	(iv)	Umbrella and/or excess liability policies providing coverage in excess of the types and amounts required (i) as to Employer’s Liability, (ii) and (iii) above, not including Contamination or
degradation of Inventory but including “sudden and accidental pollution” liability coverage required in (iii) above (excluding events that result in acidic deposition), with policy limits not lower than those required by applicable
law as applied to a comparable asset, but in no event less than $300,000,000 per occurrence and in the aggregate; provided that, to the extent the policy aggregate is reduced to less than $200,000,000 in the aggregate by insured claims, the
Company shall use commercially reasonable efforts to reinstate the aggregate and/or purchase additional insurance such that available policy limits are not less than $200,000,000 in the aggregate; provided that failure by the Company to
reinstate the aggregate or purchase additional insurance to such level within ninety (90) days shall constitute an Additional Termination Event under Section 8.3(f) hereof; 

 

	 	(v)	Environmental liability coverage for bodily injury, property damage, on-site clean-up and off-site clean-up as the result of gradual seepage and pollution (excluding events that result in acidic deposition), with policy
limits not lower than those required by applicable law, but in no event lower than $50,000,000 per claim and in the aggregate; 

  
 61 

	 	(vi)	All-Risk property insurance (including, but not limited to, windstorm, earthquake and flood) covering damage to the Facilities on a repair or replacement cost basis (no co-insurance or a waiver thereof) and in an amount
sufficient to repair major components of the Facilities as reasonably determined pursuant to an engineering report prepared by an expert recognized by underwriters for such purpose or a loss limit reasonably acceptable to Barclays. Such all-risk
property insurance shall be subject to sublimits, aggregates, deductibles and other terms, conditions and exclusions that are reasonably acceptable to Barclays; and shall include business interruption and extra expense insurance in an amount equal
to the projected annual net income from the Refinery, the Facilities and Tanks plus any carrying costs and extraordinary expenses, for a period of eighteen (18) months, based upon Company’s reasonable estimate thereof as approved by
Barclays; and 

  

	 	(vii)	mortgage title insurance covering the Refinery naming the ABL Loan Collateral Agent, the Inventory Collateral Agent and Barclays as the beneficiary. 

 

	(b)	The insurance policy limit requirements under Section 7.7(a) may be satisfied by a combination of primary and excess policies issued by insurance carriers having the qualifications required under
Section 7.7(a). Any deductible or retentions applicable to the policies shall be the sole responsibility of the Company. 

  

	(c)	The Company shall cause its insurance carriers or its authorized insurance broker to furnish Barclays with insurance certificates (and such other information reasonably requested by Barclays in the form of copies of
insurance binders and policies), in a form reasonably satisfactory to Barclays, evidencing the existence of the coverage required pursuant to Section 7.7(a). To the extent commercially available, the policies required pursuant to
Section 7.7(a) shall provide at least thirty (30) days’, or in the case of non-payment of premium at least ten (10) days’, written notice of cancellation to Barclays. The Company shall be required to provide prompt written
notice to Barclays of any termination or material change in the insurance required to be obtained and maintained pursuant to Section 7.7(a). The Company shall also provide renewal certificates as soon as possible but in no event more than
thirty (30) days after expiration of the policy under which coverage is maintained. 

  

	(d)	Each of the insurance policies indicated in Section 7.7(a)(ii) through Section 7.7(a)(vi) shall include an endorsement that the insurer(s) agree to include the ABL Loan Collateral Agent, the Inventory Collateral
Agent, Barclays, its Affiliates, and each of their directors, officers, employees, representatives, agents and contractors as additional insureds (whether through a blanket endorsement as required by contract or through an endorsement specifically
naming the required parties), shall state that such insurances shall be primary and non-contributory with respect to insurance maintained by such additional insureds and shall include a separation of insureds or severability of interest clause with
no exclusions for cross-liability (to the extent commercially available). 

  

	(e)	Each of the insurance policies indicated in Section 7.7(a)(ii) through Section 7.7(a)(vi) shall include an endorsement that the insurers agree to waive all rights of subrogation against Barclays, its Affiliates,
and each of their directors, officers, employees, representatives, agents and contractors. In addition, Company hereby agrees to waive all rights of subrogation against Barclays, its Affiliates, and each of their directors, officers, employees,
representatives, agents and contractors. 

  
 62 

	(f)	All Insurance Proceeds shall be applied in the manner contemplated in Section 5 of the Intercreditor Agreement. 

  

	(g)	The Company will maintain insurance coverage in substantially similar form and substance as in effect as of the Initial Purchase Date and in line with industry standards for a refinery, storage and terminaling entity of
similar size, configuration and complexity, taking into account any unique characteristics, but in no event in scope or amount less than the requirements set forth in the other provisions of this Section 7.7. 

 

	(h)	Barclays shall, at its sole expense, carry and maintain and keep in full force and effect throughout the Term of this Agreement all risk property insurance for the full market value with respect to Inventory that it
owns, whether it is in transit to or from the System or in storage in the System. During ocean transit, Barclays shall carry and maintain at its sole cost and expense or ensure that its Crude Supplier carries and maintains at its sole cost and
expense insurance coverage to the full value of the cargo plus 10% against ordinary marine risks and including the risk of shortage, leakage and contamination, subject to a deductible of 0.5% of the full value of the cargo. Barclays or its Crude
Supplier shall pay all premiums required to maintain these policies in effect and shall require the insurers to provide the Company with certificates of cover when requested but at least annually. To the extent such cargo policies are carried by
Barclays (and not the relevant Crude Supplier), such policies shall (i) include an endorsement that the insurers waive all rights of subrogation against the Company, its Affiliates and each of their directors, officers, employees,
representatives, agents and contractors and (ii) be primary and non-contributory as to any other insurance that the Company may have in place that would otherwise provide coverage for such loss. 

 

	(i)	The mere purchase and existence of insurance coverage does not release any Party from any Losses incurred or assumed under this Agreement. 

 

	7.8	Power to remedy 

  

	(a)	If the Company does not comply with Section 7.7 (Insurance), the Company shall allow Barclays to do anything Barclays reasonably considers necessary or desirable to remedy or mitigate the failure to comply,
including upon prior notice to the Company, directly obtaining the relevant insurance coverage and/or paying premiums on insurance, and the Company shall indemnify Barclays for all of its costs and expenses incurred in connection with such actions.

  

	(b)	Nothing done by Barclays pursuant to this Section will in any way prejudice any right of Barclays under the Inventory Documents or operate as a waiver of that right without the prior consent of Barclays.

  

	8.	ADDITIONAL TERMINATION EVENTS 

  

	8.1	Additional Termination Events 

  

	(a)	The events or circumstances set out in this Section 8 are “Additional Termination Events” or “Events of Default”, as set out in Part 1(g) of the Schedule to the ISDA Master Agreement, for the
purposes of clause 5(b)(vi) of the ISDA Master Agreement. 

  
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	(b)	The Company or Barclays shall, as set out in Part 1(g) of the Schedule to the ISDA Master Agreement, be the “Affected Party” or the “Defaulting Party” for the Additional Termination Events and Events
of Defaults set out in this Section 8. 

  

	(c)	Upon the occurrence and during the continuance of an Additional Termination Event or Event of Default set out in this Section 8, in addition to any remedies available under the ISDA Master Agreement, the
non-Affected Party or the non-Defaulting Party, as applicable, may suspend its performance under the Inventory Documents. 

  

	8.2	Non-payment 

 Any Party does not pay on the due date any amount payable by it under any Inventory
Document in the manner required under that Inventory Document (other than the CSA), unless the non-payment: 
  

	(a)	is caused by technical or administrative error and is remedied within one (1) Business Day of the date on which the other Party gives notice to the defaulting Party (whether orally or in writing) of such
non-payment; or 

  

	(b)	is caused by a Disruption Event and is remedied within one (1) Business Day of the date on which such Disruption Event ends. 

  

	8.3	Breach of other obligations 

  

	(a)	Any Party does not comply with any term of the Inventory Documents (other than any term referred to in Section 8.2 (Non-payment) or paragraphs (b), (c) or (e) below) unless the non-compliance:

  

	 	(i)	is capable of remedy; and 

  

	 	(ii)	is remedied within ten (10) days of the earlier of another Party giving notice of failure to comply to the defaulting Party and the defaulting Party becoming aware of the non-compliance, or if curing such
non-compliance reasonably requires more than ten (10) days, then the defaulting Party commences such cure within such ten (10) day period and diligently prosecutes and completes such cure within thirty (30) days thereafter.

  

	(b)	The Company does not comply with any requirement to post any collateral, whether in the form of cash or securities, under the CSA or any Prepay Confirmation unless the non-compliance: 

 

	 	(i)	is capable of remedy; and 

  

	 	(ii)	is remedied within two (2) Business Days of the earlier of Barclays giving notice of failure to comply to the Company and the Company becoming aware of the non-compliance. 

 

	(c)	The Company does not comply with its obligation to deliver the Weekly Adjustment Report under and as defined in the Crude Supply Master Confirmation or its obligation to deliver the Weekly Report of Actual Deliveries
and Receipts under the Products Exchange Master Confirmation, unless such non-compliance is remedied within one (1) Business Days of the earlier of Barclays giving notice of failure to comply to the Company and the Company becoming aware of the
non-compliance. 

  
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	(d)	The Company does not comply in any material respect with its obligations under Section 5 (Information Covenants), Section 6.15(a) (Books and records), Section 7.3 (Advisers) or
Section 7.6 (Inspection and Visits), unless non-compliance: 

  

	 	(i)	is capable of remedy; and 

  

	 	(ii)	is remedied within five (5) Business Days of the earlier of Barclays giving notice of failure to comply to the Company and the Company becoming aware of the non-compliance. 

 

	(e)	The Company does not comply with its obligations under Section 6.21 (Conditions Subsequent). 

  

	(f)	The Company does not, within ninety (90) days of an event as described in Section 7.7(a)(iv), reinstate its umbrella and/or excess liability policy limits to no less than $200,000,000 in the aggregate.

  

	8.4	Misrepresentation 

 A representation or warranty made or deemed to be repeated by any Party in any
Inventory Document or in any document delivered by or on behalf of such Party under any Inventory Document is incorrect or misleading in any material respect when made or deemed to be repeated. 

 

	8.5	Cross-default 

 Any of the following occurs in respect of any HIE Party: 

 

	(a)	any of its Financial Indebtedness is not paid when due (after the expiry of any originally applicable grace period); 

  

	(b)	any of its Financial Indebtedness: 

  

	 	(i)	becomes prematurely due and payable; 

  

	 	(ii)	is placed on demand; or 

  

	 	(iii)	is capable of being declared by or on behalf of a creditor to be prematurely due and payable or of being placed on demand, 

in each case, as a result of an event of default or any provision having a similar effect (howsoever described); or 

 

	(c)	any commitment for its Financial Indebtedness is canceled or suspended as a result of an event of default or any provision having a similar effect (howsoever described), 

unless, in relation to such party, the aggregate amount of its Financial Indebtedness falling within all or any of Sections 8.5(a) to (c) above is less
than (i) in respect of the Credit Agreement, $0; or (ii) in respect of any other Financial Indebtedness, $5,000,000, or the equivalent in other currencies in each case. 

  
 65 

	8.6	Enforcement of Security Interests 

  

	(a)	Any Security Interest is enforced over any of any HIE Party’s assets, having an aggregate value of at least $5,000,000 or equivalent in other currencies, and is not discharged within ten (10) days.

  

	(b)	Any foreclosure, attachment, sequestration, distress, execution or analogous event affects any asset(s) of any HIE Party, having an aggregate value of at least $5,000,000 or equivalent in other currencies, and is not
discharged within ten (10) days. 

  

	8.7	Cessation of business 

 The Company ceases, or threatens to cease, to carry on business except as part of
a Permitted Transaction. 
  

	8.8	Effectiveness of Inventory Documents 

  

	(a)	It is or becomes unlawful for any Party to perform any of its obligations under the Inventory Documents and this has or would be likely to result in a Material Adverse Effect. 

 

	(b)	Any part of an Inventory Document is not binding and effective in accordance with its written terms and this has or would be likely to result in a Material Adverse Effect. 

 

	(c)	A Security Document does not create a Security Interest it purports to create. 

  

	(d)	Any Party to an Inventory Document repudiates an Inventory Document, disclaims a material liability under any Inventory Document or evidences an intention to repudiate an Inventory Document or disclaim a material
liability under any Inventory Document. 

  

	8.9	Material Contracts 

  

	(a)	The Company or its Subsidiaries do not perform their obligations under any Material Contract and this has or would be likely to result in a Material Adverse Effect. 

 

	(b)	A representation or warranty given by the Company or any of its Subsidiaries under a Material Contract is incorrect in any material respect and this or the facts and circumstances giving rise to such incorrectness has
or would be likely to result in a Material Adverse Effect. 

  

	(c)	Other than by reason of full performance of the agreement by the Company or its Subsidiaries or expiry of its term: 

  

	 	(i)	a Material Contract is terminated or becomes capable of being terminated; or 

  

	 	(ii)	the Company or its Subsidiary issues a notice of termination of a Material Contract without the prior written consent of Barclays, 

and this has or would be likely to result in a Material Adverse Effect. 
  

	8.10	Constitutional documents 

 Without the prior consent of Barclays, any material change is made to any of
the HIE Parties’ limited liability company operating agreement or other constitutional documents. 

	

  
 66 

	8.11	Nationalization 

  

	(a)	Any material part of the System is nationalized, confiscated or requisitioned. 

  

					
	(b)	  	(i)	    	 Any part of the Company’s rights under the Transaction Documents or the Company Authorizations are forfeited, suspended or otherwise abrogated by
any Governmental Authority;

  

	 	(ii)	use of any part of the System is restrained, enjoined or terminated by judicial process, by any Governmental Authority or by right of eminent domain; or 

 

	 	(iii)	there is any other intervention in the operation of the System by or on behalf of any Governmental Authority, 

and this has or would be likely to result in a Material Adverse Effect. 

 

	8.12	Litigation 

 Any litigation, arbitration or administrative proceedings are current or, to
its Knowledge, pending or threatened against any person which have or, if adversely determined, are reasonably likely to have a Material Adverse Effect. 
  

	8.13	Insurance 

  

	(a)	Any Insurance or any other insurance required to be effected by the Company under any Transaction Document: 

  

	 	(i)	is not, or ceases to be, in full force and effect (except where it has been renewed); 

  

	 	(ii)	is unavailable at the time it is required to be effected; or 

  

	 	(iii)	is repudiated, avoided or suspended (in each case to any extent); or 

  

	(b)	any insurer is entitled to avoid, repudiate or suspend (in each case to any extent) or otherwise reduce its liability under the policy relating to any Insurance or other insurance required to be effected under any
Transaction Document as a result of non-disclosure or vitiation by the Company. 

  

	8.14	System events 

  

	(a)	There is a cessation of operations in any material respect at all or any part of the System, or the System or any component thereof is shut down in excess of ten (10) consecutive days after the date of this
Agreement other than where such cessation or shutdown (as applicable) is due to: 

  

	 	(i)	scheduled maintenance notified to Barclays in accordance with Section 5.5(a) (Facilities/Refinery turnaround, maintenance and closure); 

 

	 	(ii)	unscheduled maintenance notified to Barclays in accordance with Section 5.5(b) (Facilities/Refinery turnaround, maintenance and closure); or 

 

	 	(iii)	a Force Majeure Event notified to Barclays in accordance with Section 5.3(e) (Information – miscellaneous); provided that if such cessation or shutdown due to a Force Majeure Event continues for
more than ninety (90) days, the exception in this clause (iii) shall cease to apply. 

  
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	(b)	The Company does not have, or ceases to have, in each case free from Security Interests granted or created by the Company (other than any Security Interest permitted under this Agreement): 

 

	 	(i)	good title to, or the right to use under binding contractual arrangements and/or any applicable laws, the Facilities and the Refinery and any other assets (including, but not limited to, intellectual property rights)
necessary to operate the Facilities and the Refinery in accordance with the Transaction Documents and to otherwise carry on its business as conducted as of the date of this Agreement; and 

 

	 	(ii)	access to: 

  

	 	(A)	the System at any given time and all major components thereof; 

  

	 	(B)	any material buildings or fixtures that form part of the System at any given time; or 

  

	 	(C)	any easement, right-of-way or other rights necessary, customary or desirable in order to operate the Facilities and the Refinery in accordance with the Transaction Documents, 

and such lack of access affects the Company’s ability to perform under the Transaction Documents. 

 

	8.15	Ownership of the Company 

  

	(a)	A Change in Control occurs. 

  

	(b)	Any Sanctioned Person directly owns or controls any membership interests of the Company. 

  

	8.16	ABL Loan Credit Agreement 

 The Company ceases to maintain at any time a committed asset backed revolving
credit facility in an amount no less than eighty percent (80%) of the amount of the Revolving Loan Commitment (as such term is defined in the ABL Loan Credit Agreement as in effect as of the date of this Agreement), or such lower amount as
permitted by Barclays pursuant to Section 6.9(b)(iv)(A), except to the extent that such cessation is caused by the default of a lender on its commitment under such facility. 

 

	8.17	ERISA 

  

	(a)	One or more ERISA Events shall have occurred; 

  

	(b)	there is or arises an Unfunded Pension Liability (taking into account only Plans with positive Unfunded Pension Liability); 

  

	(c)	any material contribution required to be made with respect to a Foreign Pension Plan has not been timely made; or 

  
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	(d)	there is or arises any potential withdrawal liability under Section 4201 of ERISA, if the HIE Parties, any of their respective Subsidiaries or the ERISA Affiliates were to withdraw completely from any and all
Multiemployer Plans; 

 and the liability of any or all of the HIE Parties, any of their respective Subsidiaries and the ERISA Affiliates
contemplated by the foregoing clauses (a), (b), (c) and (d), either individually or in the aggregate, has had or would be reasonably expected to have, a Material Adverse Effect. 

 

	9.	ACKNOWLEDGEMENT 

  

	9.1	HIE Party acknowledgements 

 The HIE Parties acknowledge and agree that: 

 

	(a)	Barclays is a merchant of Crude Oil and Products and may, from time to time, be dealing with prospective counterparties, or pursuing trading or hedging strategies, in connection with aspects of its business which are
unrelated hereto and that such dealings and such trading or hedging strategies may be different from or opposite to those being pursued by or for the HIE Parties; 

 

	(b)	Barclays has no fiduciary or trust obligations of any nature with respect to the HIE Parties or any of their Affiliates or property; 

 

	(c)	Barclays may enter into transactions and purchase Crude Oil and Products for its own account or the account of others at prices more favorable than those being paid or received by the Company; and 

 

	(d)	nothing herein or in any of the Transaction Documents shall be construed to prevent Barclays, or any of its partners, officers, employees or Affiliates, in any way from purchasing, selling or otherwise trading in Crude
Oil and Products or any other commodity for its or their own account or for the account of others, whether prior to, simultaneously with or subsequent to any transaction under the Transaction Documents. 

 

	10.	INDEMNITIES 

  

	10.1	Indemnities 

  

	(a)	To the fullest extent permitted by applicable law, the Company shall, on demand, defend, indemnify and hold harmless Barclays (for and on behalf of itself and any other Indemnified Person) from and against all Losses
suffered or incurred by any Indemnified Person directly or indirectly arising: 

  

	 	(i)	from a breach by the Company of any of its obligations, agreements, representations or warranties under any Inventory Document; 

  

	 	(ii)	from the occurrence of an Enforcement Event where the Company is the “Affected Party”; 

  

	 	(iii)	from the gross negligence or willful misconduct of the Company; 

  

	 	(iv)	in connection with Section 7.8 (Power to remedy); 

  
 69 

	 	(v)	in connection with any Environmental Matter to the extent arising at any time when the Company has custody and control of Barclays’ Inventory; or 

 

	 	(vi)	from the failure by the Company to comply with applicable law and authorizations (including Environmental Laws and Environmental Approvals), including, but not limited to, the failure to obtain and/or maintain any
Environmental Approval with respect to the sale, transportation, storage, handling or disposal of Crude Oil and/or Products by the Company or its Affiliates, employees, representatives, agents or contractors. 

 

	(b)	To the fullest extent permitted by applicable law, Barclays shall, on demand, defend, indemnify and hold harmless the Company (for and on behalf of itself and any other Company Indemnified Person) from and against all
Losses suffered or incurred by a Company Indemnified Person directly or indirectly arising: 

  

	 	(i)	from a breach by Barclays of any of its obligations, agreements, representations or warranties under any Inventory Document; 

  

	 	(ii)	from the occurrence of an Enforcement Event where Barclays is the “Affected Party”; 

  

	 	(iii)	from the gross negligence or willful misconduct of Barclays; or 

  

	 	(iv)	from the failure by Barclays to comply with applicable law and authorizations (including Environmental Laws and Environmental Approvals), including, but not limited to, the failure to obtain and/or maintain any
Environmental Approval with respect to the sale, transportation, storage, handling or disposal of Crude Oil and/or Products by Barclays or its Affiliates, employees, representatives, agents or contractors. 

 

	10.2	Limitation and Mitigation 

  

	(a)	Other than in relation to any Losses arising from any Third Party Claims, neither Party shall be liable to the other in any way for loss of use, loss of profit or incentive payments, loss of production or business
interruption or for any kind of incidental, indirect, consequential or punitive loss or damage, which is connected with any claim or indemnity arising under or given in this Agreement or the subject matter of this Agreement (howsoever caused).

  

	(b)	Each Party shall take such steps as may be reasonably required to mitigate any Losses it may suffer from time to time. 

  

	(c)	Notwithstanding any other provision of this Agreement, in the event of any Loss or losses of Barclays Inventory covered by Section 3.7 of the Storage and Services Agreement which is the subject of insurances, the
Party experiencing such Loss or losses shall first seek recovery under the relevant insurance before seeking recovery under the indemnification or payment provisions of this Agreement or the Storage and Services Agreement. Any recovery by such Party
(net of the costs to such Party of pursuing such claim) from the insurers in respect of such a claim (the Recovery) shall reduce the amount of Losses for the purpose of any indemnity contained in the Inventory Documents. Each of Barclays and
the Company shall provide an accounting and reconciliation of all such Recoveries on a monthly basis, with the amounts of such Recoveries credited or debited, as applicable, in the monthly invoicing provisions contained in the Inventory Documents.

  
 70 

	10.3	Indemnity Procedure 

 All claims for indemnification under Section 10.1 (Indemnities) shall
be asserted and resolved as follows: 
  

	(a)	For purposes of Section 10.1 (Indemnities), the term Indemnifying Party when used in connection with particular Losses shall mean the Party or Parties having an obligation to indemnify another Party
or Parties with respect to such Losses pursuant to Section 10.1 (Indemnities), and the term Indemnified Party when used in connection with particular Losses shall mean the Party or Parties having the right to be indemnified with
respect to such Losses by another Party or Parties pursuant to Section 10.1 (Indemnities). 

  

	(b)	To make claim for indemnification under Section 10.1 (Indemnities), an Indemnified Party shall notify the Indemnifying Party of its claim under this Section 10.3 (Indemnity Procedure) including
the specific details of and specific basis under this Agreement for its claim (the Claim Notice). In the event that the claim for indemnification is based upon a Third Party Claim, the Indemnified Party shall provide its Third Party Claim
Notice promptly after the Indemnified Party has actual knowledge of the Third Party Claim and shall enclose a copy of all papers (if any) served with respect to the Third Party Claim; provided that the failure of any Indemnified Party to give
notice of a Third Party Claim as provided in this paragraph (b) shall not relieve the Indemnifying Party of its obligations under Section 10.1 (Indemnities) except to the extent such failure results in insufficient time being
available to permit the Indemnifying Party to effectively defend against the Third Party Claim or otherwise materially prejudices the Indemnifying Party’s ability to defend against the Third Party Claim. In the event that the claim for
indemnification is based upon an inaccuracy or breach of a representation, warranty, covenant or agreement, the Third Party Claim Notice shall specify the representation, warranty, covenant or agreement that was inaccurate or breached.

  

	(c)	The Parties shall consult with each other regarding any claims made by a counterparty, pipeline operator, terminal operator, vessel owner, supplier, Crude Supplier or transporter against Barclays or any claims that
Barclays may bring against any such person. Barclays agrees to take commercially reasonable actions in the handling of such claims, including the prosecution or defense thereof. At Barclays’ request, Company may assist in the prosecution or
defense of such claims. 

  

	11.	COSTS AND EXPENSES 

  

	11.1	Initial costs 

 The Company shall pay to Barclays all reasonable out-of-pocket fees and expenses
(including, but not limited to, the reasonable fees, disbursements and other charges of counsel to Barclays and expenses incurred by Barclays) incurred in connection with: 
  

	(a)	the due diligence and the preparation and negotiation of the Inventory Documents and any transaction contemplated thereunder, such payments to occur regardless of whether the transactions contemplated under the
Inventory Documents and the Inventory Documents are executed; and 

  
 71 

	(b)	any amendment, waiver or consent to or in respect of an Inventory Document. 

 Barclays shall
provide the Company with copies of the relevant invoices in order to substantiate the fees and costs incurred, and the Company shall make payment within fifteen (15) days of receipt of any such invoice. 

 

	11.2	Subsequent costs 

 The Company shall pay to Barclays all reasonable out-of-pocket fees and expenses
(including, but not limited to, the reasonable fees, disbursements and other charges of counsel to Barclays and expenses incurred by Barclays) incurred in connection with: 
  

	(a)	the due diligence and the preparation and negotiation of any Transaction Document entered into after the date of this Agreement and any transaction thereunder, such payments to occur regardless of whether the
transactions contemplated under such Transaction Documents or such Transaction Documents are executed; and 

  

	(b)	any amendment, waiver or consent to or in respect of such Transaction Documents, 

provided that such fees and expenses shall not exceed an aggregate of $200,000 in any calendar year without the Company’s prior
written consent. Barclays shall provide the Company with copies of the relevant invoices in order to substantiate the fees and costs incurred, and the Company shall make payment within fifteen (15) days of receipt of any such invoice. 

 

	11.3	Enforcement costs 

 The Company shall pay to Barclays the amount of all reasonable out-of-pocket fees and
expenses (including, but not limited to, the reasonable fees, disbursements and other charges of counsel to Barclays and expenses incurred by Barclays) incurred by it in connection with: 

 

	(a)	the enforcement of, or the preservation of any rights under, any Transaction Document; or 

  

	(b)	as otherwise provided in Section 10 (Indemnities). 

  

	12.	PAYMENTS 

  

	(a)	All payments to be made under this Agreement and the Storage and Services Agreement by the Company or Barclays shall be made by wire transfer of same day funds in USD to such bank account at such bank as Barclays shall
designate in writing to the Company from time to time or such bank as the Company shall designate in writing to Barclays from time to time. 

  

	(b)	Payments under this Agreement and the Storage and Services Agreement by the payor Party shall be made for value on the due date at such times and in such funds as the payee Party may specify as being customary at the
time for the settlement of transactions in the relevant currency in the place for payment. 

  

	(c)	All payments shall be deemed received on the Business Day on which same day funds therefor are received by the payee Party. Payments received after any applicable time set forth in this Agreement or the Storage and
Services Agreement on any Business Day shall be deemed to have been received on the following Business Day. 

  
 72 

	(d)	Except as otherwise expressly provided in this Agreement or the Storage and Services Agreement, all payments by the payor Party shall be made in full without discount, set-off, withholding, counterclaim or deduction
whatsoever for any claims which the payor Party may now have or hereafter acquire against the payee Party, whether pursuant to the terms of this Agreement or the Storage and Services Agreement or otherwise. 

 

	(e)	The payor Party shall make all payments to be made by it under this Agreement and the Storage and Services Agreement without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	(f)	If a Tax Deduction is required by law to be made by the payor Party, the amount of the payment due from the Company will be increased to an amount which (after making the Tax Deduction) leaves an amount equal to the
payment which would have been due if no Tax Deduction had been required. 

  

	(g)	Interest shall accrue on late payments by the Company under this Agreement and the Storage and Services Agreement at a rate equal to Barclays’ cost of funds plus one percent (1%) per annum from and including
the date that payment is due until but excluding the date that payment is actually received by Barclays. 

  

	13.	NATURE OF TRANSACTION AND RELATIONSHIP BETWEEN THE PARTIES 

  

	(a)	Neither this Agreement nor any other Transaction Document (or transaction under any Transaction Document), nor the performance by the Parties of their respective obligations under this Agreement or any other Transaction
Document (or transaction under any Transaction Document), shall constitute or create a joint venture, partnership or legal entity of any kind between the Parties. 

 

	(b)	It is understood that each Party has complete charge of its employees and agents in the performance of its duties hereunder, and, except to the extent explicitly provided otherwise in Section 3.2 (Appointment as
agent for specified purposes) of the Agency and Advisory Agreement, nothing herein or in any other Transaction Document shall be construed to make a Party, or any employee or agent of such party, an agent or employee of any other Party.

  

	(c)	The HIE Parties acknowledge and agree that Barclays is entering into the Transaction Documents to which it is a party and will enter into any transaction thereunder as a principal (and not as adviser, financial adviser,
agent, broker or in any other capacity, fiduciary or otherwise). 

  

	(d)	Except to the extent explicitly provided otherwise in Section 3.2 (Appointment as agent for specified purposes) of the Agency and Advisory Agreement, no Party shall have any authority to bind any other Party
as its agent or otherwise and neither this Agreement nor any other Transaction Document (or transaction under any Transaction Document), nor the performance by the Parties of their respective obligations under this Agreement or any other Transaction
Document (or transaction under any Transaction Document), shall create any relationship of principal and agent between the Parties. 

  

	(e)	It is the intention of the Parties that the transaction contemplated under the Confirmations shall effect an absolute transfer of ownership of the relevant Inventory from the Company to Barclays or Barclays to the
Company, as applicable, and nothing in this Agreement shall be construed to alter such absolute transfer. 

  
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	14.	SANCTIONS LAWS 

 No provision of this Agreement or any other Transaction Document shall be interpreted or
applied so as to require or cause (directly or indirectly) any party or its Affiliates to take any action (or refrain from taking action) that is or could be in violation of any applicable Sanctions Laws or which could result in any party being
designated as a Sanctioned Person by a Sanctions Authority. 
  

	15.	WIND DOWN 

  

	(a)	At any time when (i) an Event of Default in respect of the Company under and as defined in the Storage and Services Agreement has occurred and is continuing or (ii) an “Early Termination Date” has
been designated by Barclays under the ISDA Master Agreement, Barclays may, on its own behalf or on behalf of a designee, by written notice to the Company (a Tolling Notice), request the Company to (x) process Barrels of Crude Oil into
final Products or (y) blend Barrels of intermediate Products into final Products, in each case on a tolling basis. 

  

	(b)	Within five (5) days following delivery by Barclays of a Tolling Notice, the Parties shall agree the operating yield model to be used to toll the Tolled Inventory identified in the Tolling Notice. Thereafter, the
Company shall process the Tolled Inventory as soon as practicable in accordance with Good Industry Practice using linear programming, with 100% of such Tolled Inventory processed on a priority basis, and Barclays or its designee shall receive 100%
of the corresponding yield of the Tolled Inventory in accordance with the operating yield model at market specifications. 

  

	(c)	Barclays shall pay the Company a service fee for such tolling services equal to the Operations and Maintenance Costs incurred in connection with provision of such services, plus a handling fee of one dollar ($1) per
Barrel; provided, however, that if and to the extent that Barclays makes a net profit on the realized product sales of any Tolled Inventory, Barclays will provide a credit equal to the amount of such net profit, less any costs and expenses
incurred by Barclays in connection with the Company’s Event of Default, occurrence of any Early Termination Date or sale of the Tolled Inventory, against any other amount payable by the Company under any Inventory Document. 

 

	16.	ADVISERS 

  

	(a)	With the prior consent of the Company (not to be unreasonably withheld or delayed), Barclays may: 

  

	 	(i)	appoint additional advisers to act on its behalf in relation to the transactions contemplated hereunder and under the other Transaction Documents; and 

 

	 	(ii)	if any Adviser resigns or its appointment otherwise ceases or is terminated, appoint a replacement Adviser. 

  

	(b)	The Company shall pay to Barclays the amount of all costs and expenses (including legal fees) incurred by Barclays in connection with any appointment under this Section 16. 

 

	(c)	The Company shall co-operate in good faith with each Adviser. If the Company is required to supply any information to Barclays under this Agreement and Barclays so requests, the Company shall supply a copy of that
information to each Adviser. For the avoidance of doubt, the Company shall not be required to implement any recommendation made by an Adviser. 

  
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	(d)	The Company shall pay to Barclays the amount of all fees, costs and expenses (including any applicable Tax) payable by Barclays to any Adviser. 

 

	17.	TERM AND RENEWAL OF INVENTORY DOCUMENTS 

  

	(a)	No renewal of the term of any of the Confirmations shall be effective unless: 

  

	 	(i)	the term of the Storage and Services Agreement is also renewed to the same extent under Section 2.1 (Term) of the Storage and Services Agreement; and 

 

	 	(ii)	the term of each other Confirmation is also renewed to the same extent. 

  

	(b)	If and when (i) all Transactions outstanding under the ISDA Master Agreement are terminated and (ii) the Storage and Services Agreement is terminated in accordance with its terms, this Agreement shall, unless
the Parties agree otherwise, automatically terminate simultaneously with the Storage and Services Agreement. 

  

	(c)	Notwithstanding anything to the contrary in this Agreement or any other Inventory Document, the Parties may at any time mutually agree to terminate the Inventory Documents and engage in an orderly unwind of all
transactions thereunder at such time and on such terms as they shall agree. 

  

	18.	AMENDMENTS AND WAIVERS 

  

	18.1	Procedure 

 Subject to Section 18.2 below, any term of the Inventory Documents may be amended or
waived with the agreement of the HIE Parties party thereto and Barclays and subject to the terms of such Inventory Document. 
  

	18.2	Rights and Remedies Cumulative; Effect of Waivers 

 The rights of the Parties under the Inventory
Documents (a) may be exercised as often as necessary; (b) are cumulative and not exclusive of its rights under law or in equity, and (c) may be waived only in writing and specifically. Delay in exercising or non-exercise of any right
is not a waiver of that right. Any waiver, consent or amendment shall be effective only in the specific instance and for the specific purpose for which it was given and shall not entitle any Party to any further or subsequent waiver, consent or
amendment. 
  

	19.	ASSIGNMENT AND CHANGES TO THE PARTIES 

  

	19.1	Assignments and Transfers 

  

	(a)	Subject to Section 19.1(b) below, (i) no HIE Party may assign, transfer or delegate any of its rights or obligations under the Inventory Documents without the prior written consent of Barclays, and
(ii) Barclays may not assign, transfer or delegate any of its rights or obligations under the Inventory Documents without the prior written consent of the Company, and any purported assignment, transfer or delegation in violation of this
provision shall be void and of no effect. 

  
 75 

	(b)	Barclays may (i) at its discretion assign, transfer or delegate to any of its Subsidiaries any of its rights or obligations under this Agreement without the prior written consent of the Company, and (ii) at
any time pledge or grant a Security Interest in all or any portion of its rights under this Agreement to secure obligations of Barclays, including any pledge or assignment to a U.S. Federal Reserve Bank, and the provisions in this Section (other
than the provisions of this subsection) shall not apply to any such pledge or grant of a Security Interest. Notwithstanding the foregoing, in the event of any assignment, pledge or grant by Barclays as contemplated in this Section 19.1(b),
Barclays shall not, to the extent permissible by law, assign, grant or pledge any rights that are greater than or in violation of Barclays’ rights under this Agreement. 

 

	20.	SUCCESSORS AND ASSIGNS 

 This Agreement shall be binding on and inure to the benefit of the Parties and
their respective successors and permitted assigns. 
  

	21.	DISCLOSURE OF INFORMATION 

  

	(a)	Each Party shall keep confidential any proprietary or confidential information supplied to it by or on behalf of any other Party in connection with the Inventory Documents. However, a Party is entitled to disclose
information (i) which is publicly available, other than as a result of a breach by the disclosing Party of this Section 21, or which becomes available to the disclosing Party on a non-confidential basis from a source other than the
non-disclosing Party; (ii) in connection with any legal or arbitration proceedings; (iii) if required to do so under any law or regulation; (iv) to a Governmental Authority, including any governmental, banking, taxation or other
regulatory body; (v) to its professional advisers; (vi) in connection with the enforcement of its rights or the exercise of its remedies under any Inventory Document; or (viii) with the agreement of, in the case of Barclays, the
Company, and in the case of any HIE Party, Barclays. 

  

	(b)	This Section 21 supersedes any previous confidentiality undertaking given by a Party in connection with this Agreement prior to it becoming a Party. 

 

	22.	SEVERABILITY 

 If a term of this Agreement is or becomes illegal, invalid or unenforceable in any
jurisdiction, that will not affect (a) the legality, validity or enforceability in that jurisdiction of any other term of this Agreement, or (b) the legality, validity or enforceability in other jurisdictions of that or any other term of
this Agreement. 
  

	23.	COUNTERPARTS 

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

	24.	NOTICES 

  

	24.1	In writing 

  

	(a)	Any communication in connection with this Agreement shall be in writing and, unless otherwise stated, may be given: 

  

	 	(i)	in person, by post or fax; or 

  

	 	(ii)	to the extent agreed by the Parties making and receiving the communication, by e-mail or any other electronic communication. 

  
 76 

	(b)	For the purpose of this Agreement, an electronic communication will be treated as being in writing. 

  

	(c)	Unless it is agreed to the contrary, any consent or agreement required under this Agreement shall be given in writing. 

  

	24.2	Contact details 

  

	(a)	Except as provided below, the contact details of each Party for all communications in connection with this Agreement are those notified by that Party for this purpose to the other Party on or before the date it becomes
a Party. 

  

	(b)	The contact details of the Company for this purpose are: 

  

			
	Address:	  	Tesoro Hawaii, LLC
		  	One Memorial City Plaza
		  	800 Gessner Road, Suite 875
		  	Houston, Texas 77024
	Fax number:	  	+1 832 565 1207
	Email:	  	btarzwell@txnenergy.com
	Attention:	  	Brice Tarzwell, Chief Legal Officer

  

	(c)	The contact details of the Member for this purpose are: 

  

			
	Address:	  	Hawaii Pacific Energy, LLC
		  	One Memorial City Plaza
		  	800 Gessner Road, Suite 875
		  	Houston, Texas 77024
	Fax number:	  	+1 832 565 1207
	Email:	  	btarzwell@txnenergy.com
	Attention:	  	Brice Tarzwell, Chief Legal Officer

  
 77 

	(d)	The contact details of Barclays for this purpose are: 

  

	 	(i)	for all legal notices: 

  

					
		 	Address:	  	Barclays Bank PLC
		 		  	Attention: Americas, General Counsel
		 		  	745 Seventh Avenue
		 		  	New York, NY 10019
		 		  	USA
			
		 	with a copy to	  	
			
		 	Address:	  	Barclays Bank PLC
		 	Attention:	  	Commodity Linked Finance
		 		  	745 Seventh Avenue
		 		  	New York, NY 10019
		 		  	USA
		 	Attention:	  	John Eleoterio
		 	Phone:	  	+1 212 412 1586
		 	Fax Number:	  	+1 866 395 4482
		 	Email:	  	ProjectSurfNotices@barclayscapital.com

  

	 	(ii)	for formal notices: 

  

					
		 	Address:	  	Barclays Bank PLC
		 		  	Attention: Commodity Linked Finance
		 		  	745 Seventh Avenue
		 		  	New York, NY 10019
		 		  	USA
		 	Attention:	  	John Eleoterio
		 	Phone:	  	+1 212 412 1586
		 	Fax number:	  	+1 866 395 4482
		 	Email:	  	ProjectSurfNotices@barclayscapital.com
			
		 	with a copy to	  	
			
		 	Address:	  	Barclays Bank PLC
		 	Attention:	  	Americas, General Counsel
		 		  	745 Seventh Avenue
		 		  	New York, NY 10019
		 		  	USA

  

	 	(iii)	for all operational matters: 

  

					
		 	Address:	  	Barclays Bank PLC
		 		  	1301 McKinney (Suite 300)
		 		  	Houston, TX 77010
		 		  	USA
		 	Switchboard	  	+1 713 401 6800
		 	Email:	  	ProjectSurfNotices@barclayscapital.com
		 	Attention:	  	Oil Logistics Department

  
 78 

					
		 	For urgent matters requiring immediate attention:
			
		 	Attention:	  	David Wilson
		 	Telephone:	  	+ 1 713 401 6790 (Office)
		 	Telephone:	  	+1 210 365 7427 (Mobile)
		 	Email:	  	david.b.wilson@barclays.com
			
		 	Attention:	  	Karen Snow
		 	Telephone:	  	+1 713 401 6792 (Office)
		 	Telephone:	  	+1 646 937 3430 (Mobile)
		 	Email:	  	karen.snow@barclays.com

  

	(e)	Any Party may change its contact details by giving five (5) Business Days’ notice to the other. 

  

	(f)	Where a Party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or officer. 

 

	24.3	Effectiveness 

  

	(a)	Except as provided below, any communication in connection with this Agreement will be deemed to be given as follows: 

  

	 	(i)	if delivered in person, at the time of delivery; 

  

	 	(ii)	if posted, five (5) days after being deposited in the post, postage prepaid, in a correctly addressed envelope; 

  

	 	(iii)	if by fax, when received in legible form; and 

  

	 	(iv)	if by e-mail or any other electronic communication, when received in legible form. 

  

	(b)	A communication given under Section 24.3(a) above but received on a non-Business Day or after business hours in the place of receipt will only be deemed to be given on the next Business Day in that place.

  

	(c)	A communication to Barclays will only be effective on actual receipt by it. 

  

	25.	LANGUAGE 

  

	(a)	Any notice given in connection with this Agreement shall be in English. 

  

	(b)	Any other document provided in connection with this Agreement shall be: 

  

	 	(i)	in English; or 

  

	 	(ii)	accompanied by a certified English translation. In this case, the English translation prevails unless the document is a statutory or other official document. 

  
 79 

	26.	GOVERNING LAW 

 This Agreement, the relationship between the Parties and any claim or dispute (whether
sounding in contract, tort, statute or otherwise) relating to this Agreement or that relationship shall be governed by and construed in accordance with the laws of the State of New York, including section 5-1401 of the New York General Obligations
Law but excluding any other conflict of law rules that would lead to the application of the law of another jurisdiction. 
  

	27.	ENFORCEMENT 

  

	27.1	Jurisdiction 

 The Parties irrevocably submit to the exclusive jurisdiction of any New York State or U.S.
Federal court sitting in the City and County of New York for the settlement of any dispute in connection with any Inventory Document. The New York courts are the most appropriate and convenient courts to settle any such dispute and each Party waives
objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with any Inventory Document. 
  

	27.2	Waiver of immunity 

 The HIE Parties irrevocably and unconditionally: 

 

	(a)	agrees not to claim any immunity from proceedings brought by Barclays against any HIE Party in relation to this Agreement and to ensure that no such claim is made on its behalf; 

 

	(b)	consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and 

  

	(c)	waives all rights of immunity in respect of it or its assets. 

  

	27.3	WAIVER OF TRIAL BY JURY 

 EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION IN CONNECTION WITH ANY INVENTORY DOCUMENT OR ANY TRANSACTION CONTEMPLATED BY ANY INVENTORY DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT. 

 

	28.	SURVIVAL 

 The provisions of Section 10 (Indemnities), Section 11 (Costs and
Expenses), Section 26 (Governing Law), Section 27 (Enforcement) and this Section 28 shall survive execution and delivery of this Agreement, the transactions contemplated in the Inventory Documents and the termination
of this Agreement. 
  

	29.	COMPLETE AGREEMENT 

 This Agreement, together with the other Inventory Documents, contains the complete
agreement between the Parties on the matters to which it relates and supersedes all prior commitments, agreements and understandings, whether written or oral, on those matters. 

[Remainder of page intentionally left blank.] 

  
 80 

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

					
	TESORO HAWAII, LLC,
	a Hawaii limited liability company
		
	By:	 	 /s/ Geoffrey Beal

		 	Name:	 	Geoffrey Beal
		 	Title:	 	Vice President and Treasurer

  
 [Signature Page to
Framework Agreement] 

 
					
	HAWAII PACIFIC ENERGY, LLC,
	a Delaware limited liability company
		
	By:	 	Par Petroleum Corporation
its sole member
		
	By:	 	 /s/ R. Seth Bullock

		 	Name:	 	R. Seth Bullock
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Framework Agreement] 

 
					
	BARCLAYS BANK PLC
		
	By:	 	 /s/ John Eleoterio

		 	Name:	 	John Eleoterio
		 	Title:	 	Managing Director

  
 [Signature Page to
Framework Agreement]

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