Document:

EX-10.6

 Exhibit 10.6 

DEVELOPMENT RIGHTS 
 AND
COOPERATION AGREEMENT 
 BETWEEN 

USD TERMINALS CANADA ULC, 

a British Columbia unlimited liability company 

as “Current Operator” 

AND 
 USD TERMINALS
CANADA II ULC, 
 a British Columbia unlimited liability company 

as “Developer” 

Dated as of October 16, 2014 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1. DEFINED TERMS
	  	 	2	  
	 1.1
	 	 Defined Terms
	  	 	2	  
		
	 ARTICLE 2. exclusive development rights, Construction matters, access and use, COOPERATION and other matters
	  	 	5	  
	 2.1
	 	 Exclusive Development Rights
	  	 	5	  
	 2.2
	 	 Construction Matters
	  	 	5	  
	 2.3
	 	 Access to Existing Improvements; Easements and Related Rights
	  	 	6	  
	 2.4
	 	 Ownership of Improvements and Lien Rights
	  	 	7	  
	 2.5
	 	 Subordination by Mortgagee(s)
	  	 	7	  
	 2.6
	 	 General Cooperation
	  	 	8	  
	 2.7
	 	 Memorandum of Agreement
	  	 	8	  
		
	 ARTICLE 3. representations AND warranties
	  	 	8	  
	 3.1
	 	 Representations and Warranties of Current Operator
	  	 	8	  
	 3.2
	 	 Representations and Warranties of Developer
	  	 	8	  
		
	 ARTICLE 4. GENERAL PROVISIONS
	  	 	9	  
	 4.1
	 	 Covenants Run with Land
	  	 	9	  
	 4.2
	 	 Binding Effect
	  	 	9	  
	 4.3
	 	 Attorneys’ Fees
	  	 	9	  
	 4.4
	 	 Waivers
	  	 	9	  
	 4.5
	 	 Governing Law
	  	 	9	  
	 4.6
	 	 Time; Time Periods
	  	 	10	  
	 4.7
	 	 Notices
	  	 	10	  
	 4.8
	 	 Further Documentation
	  	 	10	  
	 4.9
	 	 No Third Party Beneficiary
	  	 	10	  
	 4.10
	 	 Headings and Counterparts
	  	 	10	  
	 4.11
	 	 Entire Agreement; Amendments
	  	 	10	  
	 4.12
	 	 Severability
	  	 	11	  
	 4.13
	 	 Exhibits
	  	 	11	  

  

			
	EXHIBITS	  	
		
	Exhibit A	  	Legal Description of Hardisty Rail Property
	Exhibit B	  	Current Site Plan of Hardisty Rail Facility
	Exhibit C	  	Legal Description of Undeveloped Land
	Exhibit D	  	General Description of Phase II Expansion
	Exhibit E	  	General Description of Phase IIA Expansion
	Exhibit F	  	General Description of Phase III Expansion
	Exhibit G	  	Preliminary Site Plan for Phase II Expansion and Phase IIA Expansion

  
 ii 

 DEVELOPMENT RIGHTS 

AND COOPERATION AGREEMENT 

THIS DEVELOPMENT RIGHTS AND COOPERATION AGREEMENT (“Agreement”) is made and entered into as of October 16, 2014 (the
“Effective Date”), by and between USD TERMINALS CANADA ULC, a British Columbia unlimited liability company (together with its successors and assigns, “Current Operator”), and USD TERMINALS CANADA II ULC, a British
Columbia unlimited liability company (together with its successors and assigns, “Developer”). Current Operator and Developer are sometimes referred to herein, collectively as the “Parties,” and individually, as a
“Party.” 
 RECITALS 

A. Current Operator is the owner of certain tracts or parcels of real estate located in the vicinity of Hardisty, AB, Canada, as more
particularly described on Exhibit A attached hereto (the “Hardisty Rail Property”). The Hardisty Rail Property has been improved with a rail terminal facility (the “Hardisty Rail Terminal Facility”) as
generally depicted on the site plan attached hereto as Exhibit B. 
 B. Pursuant to that certain Offer to Purchase and Agreement of
Purchase and Sale dated as of [ — ], 2014, by and between Current Operator, as “Vendor,” and Developer, as “Purchaser,” Developer is acquiring from Current Operator on
and as of the Effective Date, certain undeveloped tracts or parcels of real estate located adjacent to the Hardisty Rail Property, as more particularly described on Exhibit C attached hereto (the “Undeveloped Land”). 

C. Developer desires to obtain certain rights (i) to develop, construct and operate certain proposed expansion(s) of the Hardisty Rail
Terminal Facility in, on, over, across and under the Hardisty Rail Property in connection with the Development Projects (as defined below), and each of them, and (ii) to obtain certain other rights in, on, over and across the Hardisty Rail
Property in connection with the proposed Development Projects, and each of them. 
 D. In connection with the proposed Development Projects,
including in furtherance of Developer’s ownership and development of the Undeveloped Land and any future land acquired by Developer relating thereto (herein, “Future Acquired Land”), Developer and Current Operator wish to enter
into this Agreement to set forth the general intent of the Parties and agreement of the Current Operator (i) to grant to Developer the exclusive right to develop, construct and operate certain aspects of the Development Projects, and each of
them, in, on, over, across and under the Hardisty Rail Property, (ii) to grant to Developer the right to use (both on a temporary and permanent basis) certain portions of the Hardisty Rail Property and Hardisty Rail Terminal Facility in
connection with the development, construction and operation of the Development Projects, and each of them, (iii) to cooperate with Developer in connection with the development, construction and operation of the Development Projects, and each of
them, and (iv) to enter into such further agreements or instruments with or for the benefit of Developer, the Undeveloped Land and any Future Acquired Land, and to grant further rights in, on, over, across and under the Hardisty Rail Property
to or for the benefit of Developer, the Undeveloped Land and any Future Acquired Land, as Developer may reasonably request in connection with the Development Projects, or any of them. 

  
 1 

 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, and in consideration of the foregoing
Recitals and facts, the mutual covenants contained herein, and the terms and conditions set forth herein, the Parties mutually covenant, declare, and agree as follows: 

ARTICLE 1. 
 DEFINED
TERMS 
 1.1 Defined Terms. For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires, (i) the terms defined in this Article and used in this Agreement shall have the meanings assigned to them in this Article and include the plural as well as the singular, (ii) all references in this Agreement to
designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement, (iii) the words “herein,” “hereof,” “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; and (iv) the word “including” shall have the same meaning as the phrase “including, without
limitation,” and other similar phrases. 
 “Affiliate: Any Person that, directly or indirectly (including
through one or more intermediaries), controls or is controlled by or is under common control with any other Person. For purposes of this definition, the term “control” (including the correlative meanings of the terms
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly (including through one or more intermediaries), of the power to direct or cause
the direction of the management and policies of such Person, through the ownership or control of voting securities, partnership interests or other equity interests or otherwise. 

“Agreement” shall mean this Agreement, as the same may be amended or modified from time to time in accordance
with the terms hereof. 
 “Claims” means any and all obligations, debts, covenants, conditions,
representations, costs, and liabilities and any and all demands, causes of action, and claims, of every type, kind, nature or character, direct or indirect, known or unknown, absolute or contingent, determined or speculative, at law, in equity or
otherwise, including attorneys’ fees and litigation and court costs. 
 “Current Operator” shall have
the meaning set forth in the Preface hereto, and shall include its successors and assigns. 
 “Developer”
shall have the meaning set forth in the Preface hereto, and shall include its successors and assigns. 
 “Development
Project” shall mean each of the Phase II Expansion, Phase IIA Expansion and Phase III Expansion (collectively, the “Development Projects”). A preliminary site plan of the Phase II Expansion and Phase IIA Expansion is
attached hereto as Exhibit G. A preliminary site plan for the Phase III Expansion has not yet been prepared. 

  
 2 

 “Development Term” shall mean the period commencing on the
Effective Date and continuing for seven (7) years thereafter. 
 “Easements and Related Rights” shall
have the meaning set forth in Section 2.3(b) hereof. 
 “Future Acquired Land” shall have the
meaning set forth in the Recitals hereto. 
 “Hardisty Rail Property” shall have the meaning set forth in
the Recitals hereto. 
 “Hardisty Rail Terminal Facility” shall have the meaning set forth in the Recitals
hereto. 
 “Mortgage” shall mean any mortgage, debenture, deed of trust or other security agreement
encumbering the Hardisty Rail Property, or any portion thereof, and securing an indebtedness of Current Operator or any Affiliate of Current Operator. 

“Mortgagee” shall mean the holder or beneficiary of a Mortgage and any other rights of the lender or credit
party under any loan or credit agreement, lease, note, collateral assignment instruments, guarantees, indemnity agreements and other documents or instruments evidencing, securing or otherwise relating to the loan made, credit extended, or other
financing vehicle pursuant thereto. 
 “Person” means an individual, partnership, corporation, trust,
limited liability company or other entity. 
 “Phase II Expansion” is generally described on Exhibit
D attached hereto and depicted on Exhibit G attached hereto, and shall include such changes thereto or modifications thereof as Developer may from time to time determine, provided that any such changes or modifications, whether
individually or in the aggregate, do not materially and adversely affect the current operation or use of the Hardisty Rail Terminal Facility. For purposes of this Agreement, the “Phase II Expansion” shall be those development,
construction and operational activities and rights conducted in, on, over, across and under the Hardisty Rail Property, it being acknowledged by the Parties that other Phase II Expansion development, construction and operational activities and
rights will or may also be conducted by Developer on the Undeveloped Land and/or on any Future Acquired Land. 

“Phase IIA Expansion” is as generally described on Exhibit E attached hereto and depicted on Exhibit
G attached hereto and shall include such changes thereto or modifications thereof as Developer may from time to time determine, provided that any such changes or modifications, whether individually or in the aggregate, do not materially and
adversely affect the current operation or use of the Hardisty Rail Terminal Facility. For purposes of this Agreement, the “Phase IIA Expansion” shall be those development, construction and operational activities and rights conducted
in, on, over, across and under the Hardisty Rail Property, it being acknowledged by the Parties that other Phase IIA Expansion development, construction and operational activities and rights will or may also be conducted by Developer on the
Undeveloped Land and/or on any Future Acquired Land. 

  
 3 

 “Phase III Expansion” is as generally described on Exhibit
F attached hereto and shall include such changes thereto or modifications thereof as Developer may from time to time determine, provided that any such changes or modifications, whether individually or in the aggregate, do not materially and
adversely affect the current operation or use of the Hardisty Rail Terminal Facility. For purposes of this Agreement, the “Phase III Expansion” shall be those development, construction and operational activities and rights conducted
in, on, over, across and under the Hardisty Rail Property, it being acknowledged by the Parties that other Phase III Expansion development, construction and operational activities and rights will or may also be conducted by Developer on the
Undeveloped Land and/or on any Future Acquired Land. 
 “Permits” shall mean, with respect to any
improvements to be constructed or installed on the Hardisty Rail Property in connection with a Development Project, any and all governmental permits, licenses and approvals required in connection therewith. 

“Plans” shall mean, with respect to any improvements to be constructed or installed on the Hardisty Rail
Property in connection with a Development Project, including any improvements that will be connected to or otherwise integrated with the Hardisty Rail Terminal Facility for joint use with such Development Project, the plans and specifications
therefor as prepared by Developer and approved by Current Operator and, if required, by any Mortgagee; provided, however, that Current Operator shall not unreasonably withhold, condition or delay any such approval and shall cooperate in good faith
with Developer in seeking the approval of any Mortgagee so long such Development Project and the operation thereof will not, in the reasonable, good faith judgment of Current Operator, materially and adversely affect the current operation or use of
the Hardisty Rail Terminal Facility. 
 “Site Work” shall have the meaning set forth in
Section 2.2. 
 “Shared Improvement Facilities” shall mean any and all improvements which
(i) are constructed or installed in, on, over, across or under the Hardisty Rail Property in connection with any Development Project, and (ii) are in the nature of shared facilities (i.e., for the joint use and/or operation of any such
Development Project and the Hardisty Rail Terminal Facility). 
 “Unavoidable Delays” shall mean any cause
whatsoever beyond the reasonable control of Developer, including war, act of terrorism, insurrection, strikes, lock-outs, riots, floods, earthquakes, fires, casualties, acts of God, freight embargoes, lack of transportation, governmental
restrictions, requirements or priority, change in applicable law, administrative appeals, arbitration or litigation (including litigation challenging any Permits), unusually severe weather, inability to secure necessary labor, materials or tools,
acts or failure to act of any governmental authority. 
 “Undeveloped Land” shall have the meaning set forth
in the Recitals hereto. 

  
 4 

 ARTICLE 2. 

EXCLUSIVE DEVELOPMENT RIGHTS, CONSTRUCTION MATTERS, ACCESS AND USE, COOPERATION AND OTHER MATTERS 

2.1 Exclusive Development Rights. The Parties agree that during the Development Term, Developer shall have the exclusive right to
develop and construct the Development Projects, including any portion thereof, on the Hardisty Rail Property. Current Operator shall not, and shall not permit any other Person during the Development Term, to develop, construct or install any
facilities or other improvements on the Hardisty Rail Property that would expand the operational capacity of the Hardisty Rail Terminal Facility without the prior written approval of Developer, which approval maybe given or withheld in the sole and
absolute discretion of Developer. 
 2.2 Construction Matters. 

(a) Generally. In connection with any improvements to be constructed or installed on the Hardisty Rail Property in connection with any
Development Project (any such work on the Hardisty Rail Property, and any required access thereto, relating to such Development Project, or any portion thereof, the “Site Work”) shall be in accordance with the following: 

(i) Such Site Work shall be the sole responsibility of Developer, both as to performance and payment of costs therefor; 

(ii) Such Site Work shall not commence until (A) the applicable Plans therefor shall have been approved by Current
Operator and, if required, by any Mortgagee, in accordance with the definition of “Plans” set forth above, and (B) Developer shall have procured and paid for all required Permits therefor; provided, however, that at the request of
Developer, at no cost or expense to Current Operator, Current Operator shall join in the application for any such Permits whenever such action is necessary or required; 

(iii) Developer shall notify Current Operator not less than ten (10) days prior to the commencement of such Site Work;

 (iv) There shall be no material changes in the approved Plans for such Site Work, without first obtaining the prior
written approval of Current Operator, and if required, any Mortgagee, with respect thereto; provided, however, that Current Operator shall not unreasonably withhold, condition or delay any such approval and shall cooperate in good faith with
Developer in seeking the approval of any Mortgagee so long as such changes will not, in the reasonable, good faith judgment of Current Operator, materially and adversely affect the current operation or use of the Hardisty Rail Terminal Facility;

 (v) Once commenced, such Site Work shall be performed in material compliance with the approved Plans (and any approved
changes thereto) and shall be diligently prosecuted to completion (subject to Unavoidable Delays); provided, however, that nothing herein shall require Developer to use any overtime or special rate of labor; 

  
 5 

 (vi) At all times during the performance of such Site Work, Developer shall
maintain or cause to be maintained customary builder’s risk and liability insurance for the benefit of Developer and Current Operator; and 

(vii) All Site Work shall be performed and completed in a good and workmanlike manner and in conformity with all applicable
laws. 
 (b) Restoration. In the event that any portion of the Hardisty Rail Terminal Facility is damaged by any Site Work being
performed by Developer pursuant to the rights granted to Developer hereunder, Developer shall promptly repair or replace the same at Developer’s sole cost and expense. 

(c) Indemnification. Developer shall indemnify, defend and hold harmless Current Operator and its Affiliates from and against all
Claims arising out of the performance or completion of any such Site Work. 
 2.3 Access to Existing Improvements; Easements and Related
Rights; Master Agreement(s). 
 (a) Access. Subject to the provisions of this Section 2.3 below, Developer shall have
reasonable access in, on, over, across and under the Hardisty Rail Property and any and all existing improvements located or hereinafter located thereon for the purposes of developing, constructing and operating the Development Projects, and each of
them, as herein provided. In the event that Current Operator determines that Developer is subjecting any such improvements to excess wear and tear, Current Operator shall have the right to charge Developer reasonable costs related to
Developer’s use of any such improvements. 
 (b) Easements and Related Rights. Without limiting the provisions of
Section 2.3(a) above, Current Operator shall, at the request of Developer, grant such permanent and/or temporary easements, access rights and development and use rights (the “Easements and Related Rights”) in, on, over,
under and across the Hardisty Rail Property as the servient tenement for such purposes as Developer may reasonably request in connection with the Development Projects, and each of them, including, but not limited to, easements and related rights for
access (including vehicle road access), rail purposes, utilities, drainage and storm water retention facilities, construction and grading (including for slopes and roads), aerial easements and for other general use purposes as necessary to support
the commencement, completion and operation of the Development Projects, and each of them, to or for the benefit of Developer and the Undeveloped Land and/or any Future Acquired Land as the dominant tenement, provided that the location of such
Easements and Related Rights shall be in locations reasonably approved by Current Operator and, if required, any Mortgagee, and shall not materially interfere with Current Operator’s current operation and use of the Hardisty Rail Terminal
Facility. All such Easement and Related Rights shall be on customary terms and conditions to be agreed upon by Current Operator and Developer, each in good faith and in their reasonable discretion, and if required, approved by any Mortgagee. Without
limiting the general nature of the foregoing, the Parties further agree as follows: 
 (i) Such Easements and Related Rights
may include easements to the county, city, municipality, utility companies and other entities that may require development, utility and similar easements in connection with the Development Projects, and either of them; and 

(ii) Such Easements and Related Rights may be requested by Developer in form acceptable for recording in the official land
records in the jurisdiction in which the Hardisty Rail Property, the Undeveloped Land and/or any Future Acquired Land are located; 

  
 6 

 (c) Master Agreement(s). In order to further implement the purpose and intention of this
Agreement, prior to the commencement of any Site Work with respect to any Development Project, the Parties shall, each acting reasonably, timely and in good faith and in accordance with industry practice and custom, negotiate the terms of and enter
into appropriate construction, reciprocal easement, joint use and operation, shared facilities or similar agreement(s) pertaining to the development, construction, operation and/or use of such Development Project and the Hardisty Rail Terminal
Facility, which agreement(s) (i) shall contain customary terms and conditions pertaining to, among other matters, the matters set forth in this Agreement, future maintenance and capital expenses for any shared facilities, apportionment of
shared operating and capital expenses, coordination of business activities, non-interference covenants, restrictions on changes in use, maintenance of insurance and mutual indemnification, in each case relating such Development Project and the
Hardisty Rail Terminal Facility, as applicable, and (ii) shall be in form acceptable for recording in the official land records in the jurisdiction in which the Hardisty Rail Property, the Undeveloped Land and any Future Acquired Land are
located. 
 2.4 Ownership of Improvements and Lien Rights. Notwithstanding any rule of law or equity, at all times Developer shall
have (a) ownership of any and all improvements constructed or installed as part of the Development Projects, and each of them, in, on, over, across and under the Hardisty Rail Property, the Undeveloped Land and any Future Acquired Land,
notwithstanding that any portion thereof may be annexed or affixed to the Hardisty Rail Property and (b) the right to grant liens on said improvements and to any access, use or other rights in, on, over, across and under the Hardisty Rail
Property granted to or for the benefit of Developer, the Undeveloped Land and/or any Future Acquired Land under or pursuant to this Agreement (including any rights under the agreement(s) entered into pursuant to Section 2.3(c) above), in
each case without the consent or approval of Current Operator or any Mortgagee, and (c) the right to remove any or all such improvements from time to time; provided, however, that (i) all Shared Improvement Facilities shall at all times
remain subject to the right of Current Operator to use the same pursuant to the terms of the agreement(s) entered into pursuant to Section 2.3(c) above, and (ii) in no event shall Developer be entitled to remove any Shared
Improvement Facilities if such removal would adversely affect the use or operation of the Hardisty Rail Terminal Facility. 
 2.5
Subordination by Mortgagee(s). Current Operator covenants and agrees to cooperate with Developer and to use commercially reasonable, good faith efforts to cause any Mortgagee holding a superior lien on the Hardisty Rail Property to approve
any Easements and Related Rights and any agreements(s) entered into pursuant to Section 2.3(c) above, in each case to the extent required by the terms of any Mortgage and/or related loan documents, and to subordinate such
Mortgagee’s lien to the rights and obligations granted thereunder. 

  
 7 

 2.6 General Cooperation. Current Operator agrees and covenants to fully cooperate with
Developer in connection with the Development Projects, and each of them, including, without limitation, by (a) granting those rights and easements reasonably necessary to commence and complete any Site Work and to operate and use the
Development Projects, and each of them, and (b) executing and delivering any additional documents and/or instruments reasonably requested by Developer in connection therewith. 

2.7 Memorandum of Agreement. At the request of either Party, the Parties shall execute, acknowledge (if applicable) and deliver a short
form memorandum of or other instrument evidencing this Agreement in form and substance reasonably acceptable to the Parties. Following execution, acknowledgement (if applicable) and delivery thereof, either Party, at its sole cost and expense, shall
be entitled to record such instrument in the official land records in the jurisdiction in which the Hardisty Rail Property and Undeveloped Land are located. 

ARTICLE 3. 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of Current Operator. Current Operator represents and warrants to Developer as follows: 

(a) Organizational Status. Current Operator is an unlimited liability company validly existing under the laws of British Columbia and
extra-provincially registered in Alberta and has full power and authority to enter into and to perform its obligations under this Agreement. The Persons executing this Agreement on behalf of Current Operator have full power and authority to do so
and to perform every act and to execute and deliver every document and instrument necessary or appropriate to consummate the transactions contemplated by this Agreement. Current Operator has all necessary power and authority to own its properties
and to conduct its business as now owned and conducted by Current Operator. 
 (b) Entity Action. All corporate action on the part of
Current Operator which is required for the execution, delivery and performance by Current Operator of this Agreement has been taken, and each of the documents and agreements to be delivered by Current Operator concurrently herewith or hereafter has
been or will be duly and effectively taken. 
 (c) Enforceable Nature of Agreement. This Agreement and each of the documents and
agreements to be delivered by Current Operator concurrently herewith or hereafter, constitute and will constitute legal, valid and binding obligations of Current Operator, enforceable against Current Operator in accordance with their respective
terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, or similar laws affecting the enforcement of creditors’ rights generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a court of law or equity). 
 3.2 Representations and
Warranties of Developer. Developer represents and warrants to Current Operator as follows: 
 (a) Organizational Status.
Developer is an unlimited liability company validly existing under the laws of British Columbia and extra-provincially registered in Alberta 

  
 8 

 
and has full power and authority to enter into and to perform its obligations under this Agreement. The Persons executing this Agreement on behalf of Developer have full power and authority to do
so and to perform every act and to execute and deliver every document and instrument necessary or appropriate to consummate the transactions contemplated by this Agreement. Developer has all necessary power and authority to own its properties and to
conduct its business as now owned and conducted by Developer. 
 (b) Entity Action. All corporate action on the part of Developer
which is required for the execution, delivery and performance by Developer of this Agreement has been taken, and each of the documents and agreements to be delivered by Developer concurrently herewith or hereafter has been or will be duly and
effectively taken. 
 (c) Enforceable Nature of Agreement. This Agreement and each of the documents and agreements to be delivered by
Developer concurrently herewith or hereafter, constitute and will constitute legal, valid and binding obligations of Developer, enforceable against Developer in accordance with their respective terms, except to the extent that enforceability may be
limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, or similar laws affecting the enforcement of creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether
enforcement is sought in a court of law or equity). 
 ARTICLE 4. 

GENERAL PROVISIONS 
 4.1
Covenants Run with Land. The rights granted, created and made herein for the benefit of Developer and the Undeveloped Land and any Future Acquired Land, in each case as dominant tenement, together with the benefits and burdens thereof, shall
run with and bind the Hardisty Rail Property as servient tenement and shall bind and inure to the benefit of the Undeveloped Land and any Future Acquired Land; provided, however, that only Developer and its successors and assigns shall have any
right to enforce the rights granted to Developer hereunder and inuring to the benefit of the Undeveloped Land and any Future Acquired Land. 

4.2 Binding Effect. The provisions of this Agreement are binding upon and will inure to the benefit of the Parties and their respective
heirs, personal representatives, successors and assigns. 
 4.3 Attorneys’ Fees. If any action or arbitration is brought by
either party in respect to its rights under this Agreement, the prevailing Party will be entitled to reasonable attorneys’ fees and court costs as determined by the court. 

4.4 Waivers. No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision, whether or not
similar, nor will any waiver be a continuing waiver. No waiver will be binding unless executed in writing by the party making the waiver. Either party may waive any provision of this Agreement intended for its benefit; provided, however, such waiver
will in no way excuse the other Party from the performance of any of its other obligations under this Agreement. 
 4.5 Governing
Law. This Agreement will be construed according to the laws of Alberta, Canada, without giving effect to its conflict of laws principles. 

  
 9 

 4.6 Time; Time Periods. Time is of the essence of this Agreement. Any reference in this
Agreement to “days” shall mean calendar days. 
 4.7 Notices. Notices will be in writing and will be given by personal
delivery, by deposit in the United States mail, certified mail, return receipt requested, postage prepaid, by facsimile transmission, or by express delivery service, freight prepaid. Notices will be delivered or addressed to a Party at the addresses
or facsimile numbers set forth below or at such other address or number as a Party may designate in writing. The date notice is deemed to have been given, received and become effective will be (a) the date on which the notice is delivered, if
notice is given by personal delivery, (b) the date of actual receipt, if the notice is sent through the United States mail or by express delivery service, or (c) if notice is sent by facsimile transmission, on the date of transmission, if
the transmission is commenced prior to 5:00 p.m. (Houston time) and continuously transmitted thereafter until complete, otherwise on the day following the date of transmission. 

If to Current Operator: 

c/o USD Partners LP 
 811 Main,
Suite 2800 
 Houston, TX 77002 

Attn: Adam Altsuler 
 Fax:
855-435-6255 
 If to Developer: 

c/o USD Group LLC 
 811 Main,
Suite 2800 
 Houston, TX 77002 

Attn: Chris Robbins 
 Fax:
866-480-6637 
 4.8 Further Documentation. Each Party agrees in good faith to execute such further or additional documents as may be
reasonably necessary or appropriate to fully carry out the intent and purpose of this Agreement. 
 4.9 No Third Party Beneficiary.
No term or provision of this Agreement is intended to, or shall, be for the benefit of any Person not a party hereto and no such Person shall have any right or cause of action hereunder. 

4.10 Headings and Counterparts. The headings of this Agreement are for purposes of reference only and will not limit or define the
meaning of any provision of this Agreement. This Agreement may be executed in any number of counterparts, each of which will be an original but all of which will constitute one and the same instrument. 

4.11 Entire Agreement; Amendments. This Agreement and the exhibits hereto and thereto constitute the entire agreement between the
parties pertaining to the subject matter contained in this Agreement. All prior and contemporaneous agreements and understandings of the Parties, oral or written, are superseded by and merged in this Agreement. No supplement, modification or
amendment of this Agreement will be binding unless in writing and executed by the Parties. 

  
 10 

 4.12 Severability. If any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid or unenforceable the remainder of this Agreement shall nonetheless remain in full force and effect; provided that the invalidity or unenforceability of such provision does not materially adversely affect the
benefits accruing to any Party hereunder. 
 4.13 Exhibits. All exhibits attached to this Agreement are incorporated herein by
reference. 
 [Signature page follows] 

  
 11 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of Effective Date set forth
above. 
  

			
	DEVELOPER:
	
	 USD TERMINALS CANADA ULC,
 a British
Columbia unlimited liability company

		
	By:	 	 /s/ Chris Robbins

	Name:	 	 Chris Robbins

	Title:	 	 Authorized Signatory

	
	CURRENT OPERATOR:
	
	 USD TERMINALS CANADA II ULC,
 a
British Columbia unlimited liability company

		
	By:	 	 /s/ Chris Robbins

	Name:	 	 Chris Robbins

	Title:	 	 Authorized Signatory

 EXHIBIT A 

LEGAL DESCRIPTION OF HARDISTY RAIL PROPERTY 

PLAN 1322469 
 BLOCK 1 

LOT 1 
 EXCEPTING THEREOUT ALL MINES AND MINERALS

 AREA: 142.56 HECTARES (352.27 ACRES) MORE OR LESS 

  
 A-1 

 EXHIBIT B 

CURRENT SITE PLAN OF HARDISTY RAIL FACILITY 

[See attached.] 

  
 B-1 

 EXHIBIT C 

LEGAL DESCRIPTION OF UNDEVELOPED LAND 

Firstly: 
 MERIDIAN 4 RANGE 9 TOWNSHIP 42 

SECTION 26 
 QUARTER SOUTH WEST 

CONTAINING 64.7 HECTARES (160 ACRES) MORE OR LESS 
 EXCEPTING
THEREOUT: 
 A) 0.413 HECTARES (1.02 ACRES) MORE OR LESS 
 AS
SHOWN ON ROAD PLAN 1656TR 
 B) 0.417 HECTARES (1.03 ACRES) MORE OR LESS 

AS SHOWN ON ROAD PLAN 8320717 
 EXCEPTING THEREOUT ALL MINES AND
MINERALS 
 AND THE RIGHT TO WORK THE SAME 
 Secondly:

 THE SOUTH EAST QUARTER OF SECTION TWENTY SIX (26) 

TOWNSHIP FORTY TWO (42) 
 RANGE NINE (9) 

WEST OF THE FOURTH MERIDIAN 
 CONTAINING 64.7 HECTARES (160 ACRES)
MORE OR LESS. 
 EXCEPTING THEREOUT: 
 0.417 HECTARES (1.03
ACRES) MORE OR LESS, AS SHOWN 
 ON ROAD PLAN 8320717 

EXCEPTING THEREOUT ALL MINES AND MINERALS 
 AND THE RIGHT TO WORK
THE SAME 

  
 C-1 

 EXHIBIT D 

GENERAL DESCRIPTION OF PHASE II EXPANSION 
  

	 	•	 	Increase capacity to support one (1) additional train per day (total of 3). 

  

	 	•	 	Construction of three (3) additional support rail tracks and one (1) additional loading rail track. 

  

	 	•	 	Construction of an additional manifold pipeline connection to Gibsons’ existing 24” crude feeder pipeline to include replication of all pig cleans, strainers and cruder feeder monitoring equipment. Note:
assumes that Gibsons has sufficient pumping, pipeline and tankage equipment to support loading of two (2) additional trains per day. Also note: Gibsons will be required to construct an additional crude feeder pipeline to tie into the new
manifold pipeline connecting to the 2nd side of the Phase II Expansion rail loading rack. 

  

	 	•	 	Installation of additional rack components to support the 2nd side of the Phase II Expansion rail loading rack (includes tying into the existing VCU system and industrial drainage, of which are designed to accommodate
up to 4 trains per day). 

  

	 	•	 	All site civil and drainage works to support the construction activities above. 

  
 D-1 

 EXHIBIT E 

GENERAL DESCRIPTION OF PHASE IIA EXPANSION 
  

	 	•	 	Increase capacity to support one (1) additional train per day (total of 4). 

  

	 	•	 	Construction of two (2) northern loop connection tracks to include southern portion of the future further expansion of operating loop track (i.e., the Phase III Expansion). 

 

	 	•	 	Construction of three (3) additional support rail tracks and one (1) additional loading rail track. 

  

	 	•	 	All site civil, road crossing and drainage works to support construction activities above. 

  
 E-1 

 EXHIBIT F 

GENERAL DESCRIPTION OF PHASE III EXPANSION 
  

	 	•	 	Increase capacity to support 1 additional train per day (total of 5) with focus on supporting the loading of stabilized bitumen as well as the potential for inbound offloading of units trains handling diluent.

  

	 	•	 	Construction of five (5) additional support rail tracks and one (1) additional loading rail track. 

  

	 	•	 	Construction of an additional manifold pipeline connection to a new Gibsons 24” crude feeder pipeline to include replication of all pig clean-outs, strainers and crude feeder monitoring equipment. Note: will
require Gibsons to construct additional pumping, pipeline and tankage equipment to sufficiently support the loading of one (1) additional train per day. 

  

	 	•	 	Construction of a new manifold pipeline connection and new 16” diluent recovery line to include all required pumps, surge tanks and monitoring equipment to support the offload of diluent by rail. Note: will require
Gibsons to construct additional pumping, pipeline and tankage equipment to sufficiently connect to the surge tankage and pipeline supporting inbound unit trains of diluent offloaded at the new Phase III rail terminal and pumped to Gibsons for
storage and further distribution. 

  

	 	•	 	Construction of a new Diluent Recovery Unit (DRU) and support tankage capable of supporting the processing of inbound diluted crude from Gibsons and stabilizing the feeder crude for railcar loading as bitumen. Note:
will require construction of all required pumping, pipeline, tankage and utility connections to sufficient support the diluent recovery process as well as move the recovered diluent to Gibsons for storage and further distribution. 

 

	 	•	 	Installation of an additional rack structure, components and control systems to support both rail loading of bitumen and offloading of diluent to include additional Vapor Recovery Unit (VCU) and industrial
drainage/containment equipment to support an additional one (1) train per day in rail volume through-put. 

  

	 	•	 	7) All site civil and drainage works to support the construction activities above. 

  
 F-1 

 EXHIBIT G 

PRELIMINARY SITE PLAN FOR PHASE II EXPANSION AND PHASE IIA EXPANSION 

[See attached.]EX-4.1

Exhibit 4.1

GENERAL MILLS, INC.

OFFICERS’ CERTIFICATE

AND

AUTHENTICATION ORDER

Pursuant to the Indenture, dated as of February 1, 1996 (as amended, the “Indenture”), between
General Mills, Inc. (the “Company”) and U.S. Bank National Association (formerly known as First
Trust of Illinois, National Association), as trustee (the “Trustee”), resolutions adopted by the
Board of Directors of the Company on April 24, 2012 and the Finance Committee of the Board of
Directors of the Company on June 23, 2014 and August 27, 2014, this Officers’ Certificate and
Authentication Order is being delivered to the Trustee to establish the terms of a series of
Securities in accordance with Section 301 of the Indenture, to establish the form of the Securities
of such series in accordance with Section 201 of the Indenture, to request the authentication and
delivery of the Securities of such series pursuant to Section 303 of the Indenture and to comply
with the provisions of Section 102 of the Indenture.

Capitalized terms used but not defined herein and defined in the Indenture shall have the
respective meanings ascribed to them in the Indenture.

A. Establishment of Series Pursuant to Section 301 of Indenture. There is hereby established
pursuant to Section 301 of the Indenture a series of Securities which shall have the following
terms (the numbered clauses set forth below correspond to the numbered subsections of Section 301
of the Indenture):

(1) The series of Securities being authorized shall bear the title “1.400% Notes due
2017” (the “Notes”).

(2) There shall be no limit upon the aggregate principal amount of the Notes which may
be authenticated and delivered under the Indenture; provided, however, that the aggregate
principal amount of Notes to be authenticated and delivered under the Indenture pursuant to
this Officers’ Certificate and Authentication Order shall be limited to the amount set forth
in Section C below (except for Notes authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305,
306, 906 or 1107 of the Indenture and except for any Notes which, pursuant to Section 303 of
the Indenture, are deemed never to have been authenticated and delivered under the
Indenture).

(3) Interest on each Note will be paid to the Person in whose name the Note is
registered at the close of business on the Regular Record Date (as defined in paragraph 5
below), except that interest due at Maturity will be paid to the Person to whom the
principal of the Note is paid.

(4) The Notes will mature on October 20, 2017, unless the principal of any Note, or any
installment of principal, becomes due and payable prior to such date. If the date of
Maturity of a Note is not a Business Day, the payment due on such day shall be made on the
next succeeding Business Day and no additional interest shall accrue for the period from
Maturity to that next succeeding Business Day.

(5) Each Note will bear interest from and including October 21, 2014 or from and
including the most recent Interest Payment Date (as defined below) as to which interest on
such Note (or any Predecessor Security with respect to such Note) has been paid or made
available for payment at an annual rate of 1.400% until the principal of the Note is paid or
made available for payment. Each payment of interest on a Note will include interest to,
but excluding, as the case may be, the relevant Interest Payment Date or Maturity.

The “Interest Payment Dates” for the Notes will be April 21 and October 21 of each year
beginning on April 21, 2015 and the Regular Record Dates will be the April 7 or October 7,
respectively, next preceding such Interest Payment Date whether or not a Business Day. If
any Interest Payment Date is not a Business Day, the payment due on such day shall be made
on the next succeeding Business Day and no additional interest shall accrue for the period
from such Interest Payment Date to that next succeeding Business Day.

Interest (including interest for partial periods) will be calculated on the basis of a
360-day year of twelve 30-day months.

(6) Payment of principal of and premium (if any) and interest on each Note that is
represented by a Global Security will be made to the Depositary (as specified in paragraph
16 below) or its nominee, as the case may be, as the sole registered owner and the sole
Holder of the Notes represented thereby for all purposes under the Indenture.

Payment of principal of and premium (if any) and interest on each Note that is not
represented by a Global Security will be made upon presentation and surrender of such Note
at the office or agency maintained by the Company for that purpose in the Borough of
Manhattan, the City of New York (which shall initially be the office of the Trustee).
Registered Holders that wish to receive payment in immediately available funds must provide
appropriate written wire transfer instructions sufficiently in advance of the payment date
and present the Note in time for the party making the payment to make payments in such funds
in accordance with its normal procedures. Any wire transfer instructions received by a
party making payments shall remain in effect until revoked by the registered Holder.
Payment in accordance with written wire transfer instructions from a registered Holder shall
be deemed to constitute full and complete payment of all amounts so paid. The Company may,
at its option, elect to make payments of interest other than at Maturity by check mailed to
the address of the registered Holder thereof as of the close of business on the relevant
Regular Record Date as such address appears in the Security Register.

The “Place of Payment” with respect to the Notes shall be the City of New York.

(7) The Company may redeem the Notes, in whole or in part, at its option at any time or
from time to time. The Redemption Price for the Notes will be equal to the greater of (i)
100% of the principal amount of the Notes being redeemed on the Redemption Date and (ii) as
determined by the Quotation Agent (as defined below), the sum of the present values of the
remaining scheduled payments of principal and interest on the Notes being redeemed on the
Redemption Date (not including any portion of such payments of interest accrued as of the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months or in the case of an incomplete month, the
number of days elapsed) at the Adjusted Treasury Rate (as defined below) plus 10 basis
points, plus, in the case of both (i) and (ii) above, accrued and unpaid interest on the
Notes to but excluding the Redemption Date. Notwithstanding the foregoing, installments of
interest on Notes that are due and payable on Interest Payment Dates falling on or prior to
a Redemption Date will be payable on the Interest Payment Date to the Holders as of the
close of business on the relevant Regular Record Date. Notice of redemption will be given
to the registered Holders of the Notes to be redeemed not less than 30 nor more than 60 days
prior to the Redemption Date, which date and the applicable Redemption Price will be
specified in the notice. Once notice of redemption is mailed, the Notes or any portion of
the Notes called for redemption will become due and payable on the Redemption Date and at
the applicable Redemption Price, plus accrued and unpaid interest to, but excluding, the
Redemption Date. On and after the Redemption Date, interest will cease to accrue on the
Notes or any portion of the Notes called for redemption (unless the Company defaults in the
payment of the Redemption Price and accrued interest). On or before the Redemption Date,
the Company will deposit with a Paying Agent (or the Trustee) money sufficient to pay the
Redemption Price of and accrued interest on the Notes or any portion of the Notes to be
redeemed on that date. For purposes of the foregoing: (a) “Adjusted Treasury Rate” means,
with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue (as defined below), calculated using a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price (as defined below) for such Redemption Date; the
Adjusted Treasury Rate shall be calculated on the third Business Day preceding the
Redemption Date; (b) “Comparable Treasury Issue” means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining term of the
Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Notes; (c) “Comparable Treasury Price”
means, with respect to any Redemption Date, the average of the Reference Treasury Dealer
Quotations (as defined below) for such Redemption Date; (d) “Quotation Agent” means the
Reference Treasury Dealer (as defined below) appointed by the Trustee after consultation
with the Company; (e) “Reference Treasury Dealer” means any primary U.S. government
securities dealer in the United States selected by the Trustee after consultation with the
Company; (f) “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such Reference
Treasury Dealer at 5:00 p.m. in the City of New York on the third Business Day preceding
such Redemption Date.

(8) If a Change of Control Triggering Event (as defined in the form of Note attached
hereto as Exhibit A) shall have occurred, holders of the Notes may require the Company to
repurchase all or any part of the Notes in the manner provided and subject to the
limitations set forth in the form of Note attached hereto as Exhibit A.

(9) The Notes shall be issuable in denominations of $2,000 and integral multiples of
$1,000 in excess thereof.

(15) The Notes shall be defeasible, in whole or any specified part, pursuant to Section
1302 or Section 1303 of the Indenture or both such Sections.

(16) The Notes shall be issuable in whole or in part in the form of one or more Global
Securities registered in the name of the Depositary or its nominee. The Depositary with
respect to such Global Securities shall be The Depository Trust Company. The Global
Securities shall bear the legends set forth on the form of Note attached hereto as Exhibit
A. Such Global Security may not be exchanged in whole or in part for Securities registered,
and no transfer of such Global Security in whole or in part may be registered, in the name
or names of Persons other than the Depositary for such Global Security or a nominee thereof,
unless (a) the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and, in either
case, the Company does not appoint a successor Depositary within 90 days after receiving
that notice or becoming aware that the Depositary is no longer so registered, (b) the
Company executes and delivers to the Trustee a Company Order that such Global Security shall
be so exchangeable or (c) an Event of Default with respect to such Global Security has
occurred and is continuing, and the Depositary requests the issuance of Securities
registered in the name or names of Persons other than the Depositary for such Global
Security or a nominee thereof. So long as the Depositary or its nominee is the registered
holder of any Global Security, the Depositary or its nominee, as the case may be, will be
considered the sole Holder of the Notes represented by such Global Security for all purposes
under the Notes and the Indenture.

B. Establishment of Form of Securities Pursuant to Section 201 of the Indenture. In
accordance with Section 201 of the Indenture, the form attached hereto as Exhibit A is hereby
established as the form to represent the Notes.

C. Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the
Indenture. Pursuant to Section 303 of the Indenture, you are hereby requested, as Trustee under
the Indenture, to authenticate, in the manner provided by the Indenture, $500,000,000 aggregate
principal amount of the Notes registered in the name of Cede & Co., which Notes have been
heretofore duly executed by the proper officers of the Company and delivered to you as provided in
the Indenture, and to deliver said authenticated Notes to Barclays Capital Inc. through the
facilities of The Depository Trust Company against payment therefor on October 21, 2014.

D. Certification Pursuant to Section 102 of the Indenture. Each of the undersigned has read
the pertinent sections of the Indenture, including Sections 201, 301 and 303 thereof and the
definitions in the Indenture relating thereto, and certain other corporate documents and records.
In the opinion of each of the undersigned, the undersigned has made such examination or
investigation as is necessary to enable the undersigned to express an informed opinion as to
whether or not the conditions precedent to (i) the establishment of (a) a series of Securities and
(b) the form of such Securities and (ii) the issuance, authentication and delivery of such series
of Securities contained in the Indenture have been complied with. In the opinion of the
undersigned, all conditions precedent to (x) the establishment of the Notes and the form of the
Notes and (y) the issuance, authentication and delivery of the Notes have been complied with.

Insofar as this Officers’ Certificate and Authentication Order relates to legal matters, it is
based upon the Opinion of Counsel delivered by the Company to the Trustee contemporaneously
herewith.

IN WITNESS WHEREOF, the undersigned have hereunto signed our names on behalf of the Company.

Dated: October 21, 2014

GENERAL MILLS, INC.

By /s/ Donal L. Mulligan

Donal L. Mulligan

Its Executive Vice President, Chief Financial Officer

By /s/ Marie Pillai

Marie Pillai

Its Vice President, Treasurer

CERTIFICATION

I, Chris A. Rauschl, an Assistant Secretary of the Company, do hereby certify that Donal L.
Mulligan is on the date hereof the duly elected or appointed Executive Vice President, Chief
Financial Officer of the Company and the signature set forth above is his own true signature, and
further certify that Marie Pillai is on the date hereof the duly elected or appointed Vice
President, Treasurer of the Company and the signature set forth above is her own true signature.

/s/ Chris A. Rauschl

Chris A. Rauschl

Assistant Secretary

EXHIBIT A

REGISTERED NO. PRINCIPAL AMOUNT: $

GENERAL MILLS, INC.

1.400% NOTES DUE 2017

CUSIP NO. 370334 BU7 ISIN No. US370334BU72 Common Code No. 112566457

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

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

GENERAL MILLS, INC., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &CO., or registered
assigns, the principal sum of            Dollars (U.S. $ ) on October 20, 2017 (the “Maturity
Date”), and to pay interest thereon from and including October 21, 2014 or the most recent Interest
Payment Date (as defined below) as to which interest has been paid or made available for payment,
semiannually in arrears on April 21 and October 21 in each year (each an “Interest Payment Date”),
commencing on April 21, 2015, at the rate of 1.400% per annum until the principal hereof has been
paid or duly made available for payment. Interest (including interest for partial periods) will be
calculated on the basis of a 360-day year of twelve 30-day months. Each payment of interest hereon
will include interest to, but excluding, as the case may be, the relevant Interest Payment Date or
Maturity.

The interest so payable, and punctually paid or made available for payment, on any Interest
Payment Date will, as provided for in the Indenture, be paid to the Person in whose name this Note
(or one or more Predecessor Securities with respect hereto) is registered at the close of business
on the Regular Record Date for such Interest Payment Date, which shall be the April 7 or October 7
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date;
except that interest due at Maturity will be paid to the Person to whom the principal is paid. Any
such interest not so punctually paid or made available for payment will forthwith cease to be
payable to the Person in whose name this Note (or one or more Predecessor Securities with respect
hereto) is registered at the close of business on such Regular Record Date and may either be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to the Holder of this Note not less than 10 days
prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes may be listed, and
upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

Payment of principal of and premium (if any) and interest on this Note will be made to The
Depository Trust Company or its nominee, as the case may be, as the sole registered owner and the
sole Holder of the Note represented hereby for all purposes under the Indenture.

The “Place of Payment” with respect to this Note shall be the City of New York.

All payments on this Note will be made in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts.

Any payment on this Note due on a day that is not a Business Day will be made on the next
succeeding Business Day with the same force and effect as if made on the due date and no additional
interest shall accrue for the period from and after such date.

Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall have the same effect as though fully set forth in this
place.

Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee for the Notes by manual signature, this Note shall not be entitled to any benefit under the
Indenture, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and has caused
a facsimile of its corporate seal to be affixed hereto or imprinted hereon.

Dated: October 21, 2014

	 	 	 	 	 
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 	GENERAL MILLS, INC.
	This is one of the Securities

of the series designated herein

referred to in the within-mentioned

Indenture.

	 	

By:
	 	

	
 
	 	 	 	 
	
 
	 	 	 	Marie Pillai

Its Vice President, Treasurer

U. S. BANK NATIONAL ASSOCIATION, as Trustee

	 	 	 
	 	 	Attest:

	 	 	 

	By:      

Authorized Officer
	 	Chris A. Rauschl

Its Assistant Secretary

	OR
	 	

	     
	 	[SEAL]

as Authenticating Agent for the Trustee

By:      

Authorized Officer

1

[REVERSE OF NOTE]

GENERAL MILLS, INC.

1.400% NOTES DUE 2017

This Note is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of
February 1, 1996 (herein called the “Indenture”, which term shall have the meaning assigned to it
in such instrument), between the Company and U.S. Bank National Association (f.k.a. First Trust of
Illinois, National Association), as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), and reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and
of the terms upon which the Securities are, and are to be, authenticated and delivered. By the
terms of the Indenture, additional Securities of other separate series, which may vary as to date,
amount, Stated Maturity, interest rate or method of calculating the interest rate and in other
respects as therein provided, may be issued in an unlimited principal amount. This Note is one of
a series of the Securities designated as 1.400% Notes due 2017 (the “Notes”).

In case an Event of Default with respect to the Notes shall have occurred and be continuing,
the unpaid principal hereof may be declared, and upon such declaration shall become, due and
payable in the manner, with the effect and subject to the conditions provided in the Indenture.

The Company may at its option redeem this Note in whole or from time to time in part at the
Make-Whole Price (as defined below); provided that the principal amount of this Note remaining
outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess
thereof. The Company may exercise such option by mailing or causing the Trustee to mail a notice
of such redemption at least 30 but not more than 60 days prior to the Redemption Date. In the
event of redemption of this Note in part only, a new Note or Notes for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. If less than
all of the Securities with like tenor and terms to this Security are to be redeemed, the Securities
to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and
appropriate. The Company shall notify the Trustee of the Make-Whole Price promptly after the
calculation thereof, and the Trustee shall not be responsible for such calculation.

“Make-Whole Price” means an amount equal to the greater of (i) 100% of the principal amount of
this Note to be redeemed and (ii) as determined by the Quotation Agent (as defined below), the sum
of the present values of the remaining scheduled payments of principal and interest thereon (not
including any portion of such payments of interest accrued as of the Redemption Date) discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months or in the case of an incomplete month, the number of days elapsed) at the Adjusted Treasury
Rate (as defined below) plus 0.10%, plus, in the case of both (i) and (ii), accrued and unpaid
interest to the Redemption Date. Unless the Company defaults in payment of the Make-Whole Price,
on and after the Redemption Date, interest will cease to accrue on the principal amount of this
Note to be redeemed.

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (as defined
below), calculated using a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price (as defined below) for such Redemption
Date. The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the date
of redemption.

“Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of this Note to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of this Note.

“Comparable Treasury Price” means, with respect to any Redemption Date, the average of the
Reference Treasury Dealer Quotations (as defined below) for such Redemption Date.

“Quotation Agent” means the Reference Treasury Dealer (as defined below) appointed by the
Trustee after consultation with the Company.

“Reference Treasury Dealer” means any primary U.S. government securities dealer in the United
States selected by the Trustee after consultation with the Company.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. in the City of New
York on the third Business Day preceding such Redemption Date.

If a Change of Control Triggering Event shall have occurred, the Holder of this Note may
require the Company to repurchase all or any part (equal to an integral multiple of $1,000) of this
Note at a purchase price equal to 101% of the principal amount of, plus accrued and unpaid
interest, if any, to the date of purchase on, the Note (or part thereof) to be purchased (unless
the Company shall have mailed or caused to be mailed a notice of redemption within 30 days after
such Change of Control Triggering Event stating that all of the Notes will be redeemed); provided
that the principal amount of this Note remaining outstanding after a repurchase in part shall be
$2,000 or an integral multiple of $1,000 in excess thereof. Within 30 days after any Change of
Control Triggering Event, the Company shall mail or cause the Trustee to mail a notice describing
the transaction or transactions constituting the Change of Control Triggering Event and offering to
repurchase the Notes. Such repurchase must occur no earlier than 30 days and no later than 60 days
after the date such notice is mailed.

On the date specified for repurchase of the Notes, the Company shall, to the extent lawful:

	 	•	 	accept for payment all Notes or portions of Notes properly tendered pursuant to the
offer to repurchase the Notes;

	 	•	 	deposit with the Paying Agent the required payment for all Notes or portions of Notes
properly tendered pursuant to the offer to repurchase the Notes; and

	 	•	 	deliver to the Trustee the repurchased Notes, accompanied by an Officers’ Certificate
stating the aggregate principal amount of Notes repurchased pursuant to the offer to
repurchase the Notes.

The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act
of 1934, as amended, and any other securities laws and regulations applicable to the repurchase of
the Notes. To the extent that these securities laws and regulations conflict with the provisions
of this Note requiring repurchase of the Notes upon a Change of Control Triggering Event, the
Company shall comply with these securities laws and regulations instead of the repurchase
provisions of this Note, and the Company will not be considered to have breached its obligation to
repurchase the Notes. Additionally, if an Event of Default unrelated to the repurchase provisions
of this Note exists under the Indenture, including Events of Default arising with respect to other
issues of Securities, the Company shall not be required to repurchase the Notes, notwithstanding
the repurchase provisions of this Note.

The Company shall not be required to comply with obligations relating to repurchase of the
Notes upon a Change of Control Triggering Event if a third party satisfies such obligations.

“Change of Control” means the occurrence of any of the following: (a) the consummation of any
transaction (including, without limitation, any merger or consolidation) resulting in any “person”
(as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended)
(other than the Company or one of its subsidiaries) becoming the beneficial owner (as defined in
Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended), directly or
indirectly, of more than 50% of the Company’s Voting Stock or other Voting Stock into which the
Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting
power rather than number of shares; (b) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in a transaction or a series of related
transactions, of all or substantially all of the assets of the Company and its subsidiaries, taken
as a whole, to one or more Persons (other than the Company or one of its subsidiaries); or (c) the
first day on which a majority of the members of the Board of Directors of the Company are not
Continuing Directors. Notwithstanding the foregoing, a transaction will not be considered to be a
Change of Control if (a) the Company becomes a direct or indirect wholly-owned subsidiary of a
holding company and (b)(y) immediately following such transaction, the direct or indirect holders
of the Voting Stock of the holding company are substantially the same as the Holders of the
Company’s Voting Stock immediately prior to such transaction or (z) immediately following such
transaction no Person is the beneficial owner, directly or indirectly, of more than 50% of the
Voting Stock of the holding company.

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Rating Event.

“Continuing Directors” means, as of any date of determination, any member of the Company’s
Board of Directors who (a) was a member of the Board of Directors on October 21, 2014 or (b) was
nominated for election, elected or appointed to the Board of Directors with the approval of a
majority of the Continuing Directors who were members of the Board of Directors at the time of such
nomination, election or appointment (either by a specific vote or by approval of a proxy statement
of the Company in which such member was named as a nominee for election as a director, without
objection to such nomination).

“Fitch” means Fitch Ratings.

“Investment Grade Rating” means a rating equal to or higher than BBB– (or the equivalent) by
Fitch, Baa3 (or the equivalent) by Moody’s and BBB– (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by
the Company.

“Moody’s” means Moody’s Investors Service, Inc.

“Rating Agencies” means (a) each of Fitch, Moody’s and S&P; and (b) if any of Fitch, Moody’s
or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for
reasons outside of the Company’s control, a “nationally recognized statistical rating
organization’’ (as defined in Section 3(a)(62) of the Securities Exchange Act of 1934, as amended)
selected by the Company as a replacement Rating Agency for a former Rating Agency.

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the
Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within
the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under
publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the
earlier of (a) the occurrence of a Change of Control and (b) public notice of the occurrence of a
Change of Control or the Company’s intention to effect a Change of Control; provided that a Rating
Event will not be deemed to have occurred in respect of a particular Change of Control (and thus
will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering
Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm
or inform the Trustee in writing at the request of the Company that the reduction was the result,
in whole or in part, of any event or circumstance comprised of or arising as a result of, or in
respect of, the Change of Control (whether or not the applicable Change of Control has occurred at
the time of the Rating Event).

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.

“Voting Stock” means, with respect to any specified person (as that term is used in Section
13(d)(3) of the Securities Exchange Act of 1934, as amended) as of any date, the capital stock of
such person that is at the time entitled to vote generally in the election of the board of
directors of such person.

The Company may, without the consent of the Holders of the Notes, issue additional Securities
having the same ranking and the same interest rate, maturity and other terms as the Notes (except
for the public offering price and issue date and, in some cases, the first interest payment date).
Any additional Securities having the same terms, together with these Notes, will constitute a
single series of Notes under the Indenture; provided that, if the additional Securities are not
fungible with these Notes for U.S. federal income tax purposes, the additional Securities will have
a different CUSIP number. No such additional Securities having the same ranking and the same
interest rate, maturity and other terms as the Notes (except for the public offering price and
issue date and, in some cases, the first interest payment date) may be issued if an Event of
Default has occurred with respect to these Notes.

The Indenture contains provisions for defeasance at any time of either the entire principal of
the Notes or of certain covenants and Events of Default with respect to the Notes, in either case
upon compliance by the Company with certain conditions set forth in the Indenture.

This Global Security is exchangeable for definitive Notes only if (x) the Depositary notifies
the Company that it is unwilling or unable to continue as Depositary for this Global Security or if
at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange
Act of 1934, as amended, and, in either case, the Company does not appoint a successor Depositary
within 90 days after receiving that notice or becoming aware that the Depositary is no longer so
registered, (y) the Company executes and delivers to the Trustee a Company Order that this Global
Security shall be so exchangeable or (z) an Event of Default with respect to the Notes represented
hereby has occurred and is continuing and the Depositary requests the issuance of definitive Notes.
In such case, this Global Security shall be exchangeable into Notes issuable only in denominations
of $2,000 and integral multiples of $1,000 in excess thereof. No Notes shall be issuable in
denominations of less than $2,000. If this Global Security is exchangeable pursuant to the
preceding sentences, it shall be exchangeable for definitive Notes, bearing interest at the same
rate, having the same date of issuance, redemption provisions, Stated Maturity and other terms in
registered form and of differing denominations aggregating a like amount.

As provided in the Indenture and subject to the limitations herein and therein set forth, the
transfer of this Note is registrable in the Security Register, upon surrender of this Note for
registration of transfer at the office or agency of the Company in any place where the principal of
and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed by the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon
one or more new Notes of authorized denominations and for the same aggregate principal amount will
be issued to the designated transferee or transferees.

The Notes are issuable only in registered form without coupons in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. No Notes will be issuable in denominations of less
than $2,000. As provided in the Indenture and subject to the limitations herein and therein set
forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor
in denominations of $2,000 and integral multiples of $1,000 in excess thereof, as requested by the
Holder surrendering the same.

No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the places, at the respective times and at the rate
herein prescribed.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in aggregate principal amount
of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note.

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default with respect to the
Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have
received from the Holders of a majority in principal amount of the Notes at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Note for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may deem and treat the Person in whose name this Note
is registered as the absolute owner of this Note at such holder’s address as it appears on the
Security Register (whether or not this Note shall be overdue) for the purpose of receiving payment
of or on account hereof and for all other purposes, and neither the Company nor the Trustee nor any
such agent shall be affected by any notice to the contrary. All payments made to or upon the order
of such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and
discharge liability for moneys payable on this Note.

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in any indenture supplemental thereto or any Note, or because of any indebtedness evidenced
thereby, shall be had against any incorporator, or against any past, present or future stockholder,
officer or director, as such, of the Company or of any successor corporation, either directly or
through the Company or any successor corporation, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such personal liability of every such incorporator, stockholder, officer and
director, as such, being expressly waived and released by acceptance hereof and as a condition of
and as part of the consideration for the issuance of this Note.

Capitalized terms used herein which are not defined herein shall have the respective meanings
assigned thereto in the Indenture.

The Indenture is, and this Note shall be, governed by and construed in accordance with the
laws of the State of New York.

2

___________________________

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 
	TEN COM	 	as tenants in common	 	 	UNIF TRAN MIN ACT ______CUSTODIAN______
	TEN ENT	 	as tenants by the entireties	 	 	(Cust) (Minor)
	JT TEN	 	as joint tenants with right	 	 	Under Uniform Transfers to Minors Act
	 	 	 	 	of survivorship and not as	 	 	 
	 	 	 	 	tenants in common	 	 	________________________________
	 	 	 	 	 	 	 	(State)

Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

Please insert Social Security or

Other identifying Number of Assignee

      

/      /
     

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

     
     

     
     

the within Note of GENERAL MILLS, INC. and does hereby irrevocably constitute and appoint
     

     attorney to transfer said Note on the books of the
Company, with full power of substitution in the premises.

Dated:              

      

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.

3

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