Document:

Employment Agreement - Greg W. Slack

 Exhibit 10.48 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is effective as of the 31st
day of March, 2011, between Phoenix Footwear Group, Inc. (the “Company”), and Greg W. Slack (the “Executive”). 
 In consideration of the promises and covenants set forth below, the parties hereto agree as follows: 
 1. Employment. The Company hereby agrees to employ Executive, and Executive hereby agrees to accept such employment with the Company, on the terms and conditions set forth herein.

 2. Term. The employment of Executive by the Company as provided in this Agreement commenced on
the date hereof, and shall end on April 1, 2013 (“Expiration Date”), unless sooner terminated as provided in Section 5. If not so terminated, then on April 1, 2013, and on the 1st day of April of each year thereafter
(each also an “Expiration Date”), the term of Executive’s employment hereunder shall automatically be extended for one additional year. 
 3. Position and Duties. 
 (a) Chief Financial
Officer. Executive shall serve as Chief Financial Officer of the Company or such other position or positions as may be agreed upon by Executive and the Company’s Board of Directors (“Board”). 

(b) Duties. Executive shall at all times perform his duties and obligations faithfully and diligently and shall
devote all of his business time, attention and efforts exclusively to the business of the Company and its related entities. Executive shall industriously perform his duties under the supervision of and report to the Chief Executive Officer and shall
accept and comply with all directions from and all policies established from time to time by the Board. Executive shall promote the trade and business of the Company and its related entities to the best of his ability and shall adhere to the
Company’s policies and procedures applicable to the Company’s employees generally. 
 (c) Other
Activities. Executive shall not directly or indirectly render any services of a business, commercial or professional nature to any other person, entity or organization, whether for compensation or otherwise, that would interfere with or impair
his timely and proper performance of his duties and responsibilities hereunder. The foregoing shall not preclude Executive from (i) serving on boards of trade associations and/or charitable organizations or (ii) engaging in charitable
activities and community affairs, with the prior consent of the Board and provided that such activities and directorships do not interfere with or impair his timely and proper performance of Executive’s duties and responsibilities hereunder.

  
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 4. Compensation and Related Matters. 

(a) Base Salary. During the first year of Executive’s employment hereunder, the Company shall pay to
Executive a base salary at the rate of $154,000 per annum. During the second year of the Executive’s employment the Company shall pay to Executive a base salary of $175,000 per annum. Such salary shall be paid in equal monthly installments (or
such shorter intervals as the Company may elect). Executive’s salary shall thereafter be subject to annual review by the Board or the Compensation Committee of the Board (the “Compensation Committee”). 

(b) Bonus. During the term of Executive’s employment hereunder, Executive shall be eligible for an annual
incentive bonus in the range of 0%-50% of the Executive’s then current annual base salary, subject to the determination and approval of the Board or the Compensation Committee. 

(c) Vacations. During the term of Executive’s employment hereunder, Executive shall be entitled to four
weeks (20 days) of vacation each year, earned at the rate of 1.66 vacation days for each month of active service. The maximum amount of vacation that can be earned is 20 days, at which point no additional vacation is earned until the earned amount
is below such maximum amount. 
 (d) Medical Insurance and Other Benefits. During the term of
Executive’s employment hereunder, Executive will be entitled to participate in any medical, dental and disability insurance plans, life insurance plans, retirement plans and other employee welfare and benefit plans or programs on the same terms
as the Company’s other senior-level executives, as such plans and programs may be in effect from time to time. 
 (e) Expenses. During the term of Executive’s employment hereunder, Executive shall be entitled to receive reimbursement for all reasonable out-of-pocket travel and other expenses incurred by
Executive in performing Executive’s services hereunder, provided that: 
 (i) Each such expenditure is of
a nature qualifying it as a proper business expenditure of the Company; and 
 (ii) Executive furnishes to the
Company adequate documentary evidence for the substantiation of such expenditures and Executive otherwise complies with Company policies with respect to expense reimbursement. 

(f) Stock Option Award. Concurrently with the execution and delivery of this Agreement by the parties hereto, the
Executive shall receive from the Company a stock option award under the Company’s 2001 Long-Term Incentive Plan to purchase up to 50,000 shares of the Company’s common stock an exercise price of $1.00 per share. The terms and
conditions of the option award are set forth in and evidenced by a separate Stock Option Agreement attached hereto as Exhibit A.
 5. Termination. 
 (a) Agreement Terminable at
Will. Notwithstanding anything herein to the contrary, this Agreement and Executive’s employment with the Company are terminable at will by the Company for any reason, with or without prior notice or cause, provided, however, that
Executive’s entitlement to payments and benefits following such termination will depend on the type of termination and shall be governed by the following provisions of this Section 5. 

  
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 (b) Termination for Cause. 

(i) The Company may terminate this Agreement and Executive’s employment hereunder for “Cause”
pursuant to the provisions of this Section 5(b). Executive shall be given notice by the Board of the grounds for its intention to terminate Executive for Cause, and the Board shall give Executive an opportunity to address with the Board, the
grounds on which the proposed termination for Cause is based. If Cause is cured to the Board’s satisfaction within twenty (20) days of such notice, a termination for Cause will not be implemented. For purposes of this Agreement, the
Company shall have “Cause” to terminate Executive’s employment hereunder upon: 
 (A)
Executive’s failure to (1) diligently fulfill his duties under Section 3(b) of this Agreement as set forth in lawful written instructions from the Chairman of the Board regarding specific actions which the Board
requires the Executive to do or not do or (2) comply with his other obligations under this Agreement; or 
 (B) Executive’s engagement in an act of dishonesty or falsification or any transaction involving a material conflict of interest which was not disclosed to and approved by the Board; or 

(C) Executive’s use of illegal narcotics; or 

(D) Executive’s engagement in theft, embezzlement, fraud, misappropriation of funds, or other act involving moral
turpitude; or 
 (E) Executive’s engagement in any violation of law relating to Executive’s
employment by the Company. 
 (ii) If this Agreement is terminated by the Company for Cause pursuant to this
Section 5(b), the Company shall have no further obligation or liability to Executive, except that Executive shall be entitled to receive only (A) the portion of Executive’s base salary then in effect which has been earned up to the
Date of Termination, (B) compensation for any accrued and unused vacation up to the Date of Termination, and (C) reimbursement, pursuant to Section 4(d) for unreimbursed business expenses incurred up to the Date of Termination
(collectively, the “Minimum Termination Payments”). 
 (c) Death.  

(i) This Agreement and Executive’s employment hereunder shall terminate automatically upon Executive’s death.

 (ii) If this Agreement is terminated because of Executive’s death pursuant to this Section 5(c),
the Company shall have no further obligation or liability to Executive, except that Executive shall be entitled to receive only (i) the Minimum Termination Payments, and (ii) any life insurance proceeds Executive is otherwise entitled to
under any applicable life insurance in effect on the Date of Termination. 

  
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 (d) Disability.  

(i) If Executive becomes disabled during Executive’s employment hereunder, this Agreement and Executive’s
employment hereunder shall terminate. As used herein, “disability” shall mean any condition that qualifies as a disability under the Company’s long-term disability plan as in effect on the date of determination and which renders
Executive incapable of performing his responsibilities hereunder for one hundred twenty (120) days or more in the aggregate during any 12-month period, and which at any time after such one hundred twenty (120) days the Board shall
determine continues to render Executive incapable of performing such responsibilities. 
 (ii) If this
Agreement is terminated because of Executive’s disability pursuant to this Section 5(d), the Company shall have no further obligation or liability to Executive, except that Executive shall be entitled to receive only (i) the Minimum
Termination Payments, and (ii) any benefits to which Executive is entitled under the Company’s long-term disability plan as in effect on the Date of Termination. 

(e) Termination Other Than for Cause, Death or Disability. 

(i) The Company shall, for any reason, be entitled to terminate this Agreement and Executive’s employment hereunder
at any time without Cause and other than on account of Executive’s death or disability. 
 (ii) If this
Agreement is terminated by the Company pursuant to this Section 5(e) or by Executive pursuant to Section 5(f) below on or before April 1 2012, the Company shall have no further obligation or liability to Executive, except that
Executive shall be entitled to receive only (i) the Minimum Termination Payments, and (ii) severance payments during the six (6) months following the Termination Date at the annual base salary rate then in effect for Executive,
payable in accordance with the Company’s payroll practices at the time of payment. During the severance period, the Executive will also be eligible to continue his participation in the Company’s Health, Dental and Vision benefit plans upon
the same terms and contributions in effect immediately prior to the Executive’s termination. 
 If this
Agreement is terminated by the Company pursuant to this Section 5(e) or by Executive pursuant to Section 5(f) below after April 1, 2012, but on or before April 1 2013, then the severance payments to which the Executive will be
entitled will equal nine (9) months at the annual base salary rate then in effect. During the severance period, the Executive will also be eligible to continue his participation in the Company’s Health, Dental and Vision benefit plans upon
the same terms and contributions in effect immediately prior to the Executive’s termination. 
 Should the
termination occur after April 1, 2013 then the severance payments to which the Executive will be entitled will equal twelve (12) months at the annual base salary rate then in effect. During the severance period, the Executive will also be
eligible to continue his participation in the Company’s Health, Dental and Vision benefit plans upon the same terms and contributions in effect immediately prior to the Executive’s termination. At the election of the Company, the payments
the Executive is entitled to receive pursuant to this Section 5(e) may be made on a monthly basis. It is expressly agreed that Executive shall only be entitled to receive such payments from the Company upon execution and delivery to Company of
a general release in a form acceptable the Company. 

  
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 (f) Resignation for Good Reason. 

(i) Executive shall be entitled to terminate this Agreement and Executive’s employment hereunder at any time for
Good Reason pursuant to the provisions of this Section 5(f). For purposes of this Agreement, Executive shall have “Good Reason” to terminate Executive’s employment hereunder if without Executive’s express consent, the
Company reduces Executive’s duties and responsibilities such that it results in a material adverse reduction in Executive’s base compensation, position, authority or responsibilities, and the Company fails to cure such reduction in duties
and responsibilities within twenty (20) days after its receipt of written notice from Executive specifying the particular acts objected to and the specific cure requested by Executive. The Executive shall also have Good Reason if the
Executive’s primary work location is relocated beyond 50 miles from Carlsbad, Ca. 
 (ii) If this
Agreement is terminated by Executive for Good Reason pursuant to this Section 5(f), the Company shall have no further obligation or liability to Executive, except that Executive shall be entitled to receive the same payments and participate in
benefits upon the same terms as set forth in Section 5(e)(ii) above for a termination without Cause. Notwithstanding the foregoing, Executive shall only be entitled to receive such payments from the Company upon execution and delivery to
Company of a general release in a form acceptable the Company. 
 (g) Resignation without Good
Reason. 
 (i) Executive shall be entitled to terminate this Agreement and Executive’s
employment hereunder without Good Reason at any time on thirty (30) days prior written notice delivered by Executive to the Company. 
 (ii) If this Agreement is terminated by Executive pursuant to this Section 5(g), the Company shall have no further obligation or liability to Executive, except that Executive shall be entitled to
receive only the Minimum Termination Payments. 
 (h) Termination of Employment Following a Change of
Control.  
 (i) If a “Change of Control of the Company” occurs and either
(A) Executive terminates his employment for Good Reason within twelve (12) months of the occurrence of a Change of Control of the Company or (B) the Company or purchaser terminates Executive’s employment other than for Cause,
death or disability, then the Company shall pay to Executive in a single lump-sum payment an amount equal to the sum of: (1) the Minimum Termination Payments, and (2) an amount equal to the annual base salary rate then in effect for
Executive. The Executive will also be eligible to continue his participation in the Company’s Health, Dental and Vision benefit plans upon the same terms and contributions in effect immediately prior to the Executive’s termination.
Executive shall not be entitled to receive any such payment from the Company unless and until a general release is signed by the Executive in a form acceptable the Company. 

  
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 (ii) For purposes of this Agreement, a “Change of Control of the
Company” shall be deemed to have occurred if: 
 (A) the shareholders of the Company approve a
definitive agreement to sell, transfer, or otherwise dispose of all or substantially all of the Company’s assets and properties; or 
 (B) any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934) (other than Riedman Corporation or any affiliate of Riedman Corporation is
or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of
the Company’s then outstanding securities; provided, however, that the following shall not constitute a “Change in Control” of the Company: 
 (1) any acquisition directly from the Company (excluding any acquisition resulting from the exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable
securities); or 
 (2) any acquisition by an employee benefit plan (or related trust) sponsored or maintained
by the Company or any corporation controlled by the Company; or 
 (C) the shareholders of the Company approve
the dissolution or liquidation of the Company; or 
 (D) the shareholders of the Company approve a definitive
agreement to merge or consolidate the Company with or into another entity or entities, the result of which merger or consolidation is that less than 50% of the outstanding voting securities of the surviving or resulting entity are, or are to be,
owned by holders of the Company’s common stock immediately prior to the merger. 
 (i) Notice of
Termination. Any termination of Executive’s employment by the Company or by Executive (other than termination pursuant to Section 5(c) above) shall be communicated by a written Notice of Termination to the other party hereto. For
purposes of this Agreement, a “Notice of Termination” means a notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth the circumstances which provide a basis for termination of
Executive’s employment under the provisions so indicated, and (iii) if the termination date is other than the date of receipt of such notice, specifies the termination date of this Agreement in accordance with the terms of this Agreement.

  
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 6. Proprietary Information. 

(a) Definition. Executive hereby acknowledges that Executive has or will learn and has or may make use of,
acquire, create, develop or add to certain confidential and/or proprietary information regarding the Company and its business (whether in existence prior to, as of or after the date hereof, collectively, “Proprietary Information”),
which Proprietary Information shall include, without limitation, all of the following materials and information (whether or not reduced to writing and whether or not patentable or protected by copyright): trade secrets, ideas or designs for product
styles or concepts for footwear, apparel or accessories, inventions, processes, formulae, programs, technical data, “know-how,” procedures, manuals, confidential reports and communications, marketing methods, product sales or cost
information, new product ideas or improvements, new packaging ideas or improvements, research and development programs, identities or lists of suppliers, vendors or customers, financial information and financial projections of the Company, or any
other confidential or proprietary information relating to the Company and/or its business. The term “Proprietary Information” does not include any information that (i) at the time of disclosure is generally available to and
known by the Executive and/or public (other than as a result of its disclosure by Executive), (ii) was available to Executive prior to disclosure by the Company, provided that the person who was the source of such information was not known by
Executive to be subject to an obligation of confidentiality to the Company, or (iii) becomes available to Executive on a non-confidential basis from a person other than the Company or its representatives, provided that the source of such
information was not known by Executive to be subject to an obligation of confidentiality to the Company. 
 (b)
Nondisclosure and No Misappropriation. During the term of this Agreement and thereafter, Executive will not, without the prior express written consent of the Board, disclose or make any use of any Proprietary Information except for the
benefit of the Company and as may be required in the course of the performance of Executive’s services under this Agreement. 
 (c) Agreement Not to Solicit Employees and Customers. To protect the Proprietary Information and trade secrets of the Company, Executive agrees, during the term of this Agreement and for a period
of eighteen (18) months after termination of this Agreement, not to, directly or indirectly, either on Executive’s own behalf or on behalf of any other person or entity, solicit or employ any person who is an employee of the Company or any
Company subsidiary to resign and/or accept employment elsewhere, or to use such information to attempt to persuade any customer of the Company or any Company subsidiary to cease to do business or to reduce the amount of business which any customer
of the Company or any Company subsidiary has customarily done or contemplates doing with the Company or the subsidiary. Executive agrees that the covenants contained in this paragraph are reasonable and desirable. 

(d) Agreement Not To Compete. During the term of Executive’s employment by the Company, Executive will not,
directly or indirectly, whether as an officer, director, stockholder, partner, employee, representative or otherwise, become, or be associated in business with, any person, corporation, firm, partnership or other entity which engages in any business
or activity which is a competitor of the Company. 
 (e) Protection of Property. All records, files,
manuals, documents, specifications, lists of customers, forms, materials, supplies, computer programs and other materials furnished to the Executive by the Company, used on its behalf or generated or obtained during the course of the performance of
the Executive’s services hereunder, shall be the property of the Company. Upon termination of Executive’s employment with the Company for any reason, Executive shall immediately deliver to the Company, or its authorized representative, all
such property, including all copies, remaining in Executive’s possession or control. 
 (f) Specific
Performance. In the event of the breach by either party of any of the provisions of this Agreement, the non-breaching party may apply to the court of law or equity of competent jurisdiction as provided in Section 8(e) below for specific
performance and/or injunctive relief in order to enforce or prevent further violations of the provisions hereof. 

  
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 7. General Provisions. 

(a) Successors. This Agreement is personal to the Executive and is not assignable by the Executive. This
Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 

(b) Notice. For purposes of this Agreement, notices, demands and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been duly given when delivered to the following address or mailed by United States registered mail, return receipt requested, postage prepaid, addressed as follows: 

 

			
	 If to Executive:
	  	 Executive’s address as on file with the Company

		
	 If to Company:
	  	 Phoenix Footwear Group, Inc.

		  	 5937 Darwin Court

		  	 Suite #109

		  	 Carlsbad, CA 92008

or to such other address as any party may have furnished to the others in writing in accordance herewith, except that notices of change
of address shall be effective only upon receipt thereof. 
 (c) Entire Agreement. This Agreement,
together with the Stock Option Agreement referenced herein, contains the entire agreement of the parties hereto with respect to the subject matter hereof. It supersedes any and all other agreements, either oral or in writing, between the parties
hereto with respect to the employment of Employee by the Company. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, written, oral or otherwise, have been made by any party, or anyone acting on
behalf of any parties, which are not embodied herein, and that any agreement, statement or promise not contained in this Agreement shall not be valid or enforceable. 

(d) Amendment; Waiver; Governing Law. No provisions of this Agreement may be waived or modified unless such
waiver or modification is agreed to in a writing signed by Executive and by such officer of the Company as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware. 
 (e) Submission to Jurisdiction. Each of the parties submits to the jurisdiction of any state or federal court located in the State of Delaware, in any action or proceeding arising out of or
relating to this Agreement and agrees that all claims in respect of the action or proceeding may be heard and determined in any such court. Each Party further agrees not to bring any action or proceeding arising out of or relating to this Agreement
in any other court. Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety, or other security that might be required of any other party with respect thereto.

  
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 (f) Validity. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(g) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be
an original, but all of which together will constitute one and the same instrument. 
 (h) Withholding of
Taxes; Tax Reporting. The Company may withhold from any amounts payable under this Agreement all such Federal, state, city and other taxes, and may file with appropriate governmental authorities all such information, returns or other reports
with respect to the tax consequences of any amounts payable under this Agreement, as may, in its reasonable judgment, be required by law. 

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

									
	 PHOENIX FOOTWEAR GROUP, INC.
	 	 EXECUTIVE
	 	
					
	 By:
	 	 /s/ James Riedman
	 		 	 /s/ Greg W. Slack
	 	
	 Name:
	 	 James Riedman
	 		 	 Greg W. Slack
	 	
	 Title:
	 	 Chairman of the Board of Directors
	 		 	

  
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 STOCK OPTION AGREEMENT 

(2001 Long-Term Incentive Plan) 
 (Employee - Incentive Stock Option) 
 This STOCK OPTION
AGREEMENT (the “Option Agreement”), is entered into as of this 1st day of April, 2011 between PHOENIX FOOTWEAR GROUP, INC., a Delaware corporation (the “Company”) and the natural person
signatory hereto (the “Optionee”). 
 W I T N E S S E T H: 

I. This Agreement is being entered into by the Company and the Optionee to evidence and set forth the terms and
conditions of options to purchase shares of the Company’s common stock, par value $.01 per share (the “Common Stock”) which have been awarded to the Optionee under the Company’s 2001 Long Term Incentive Plan (the
“Plan”), the identifying provisions of which are as follows: 
  

	 	A.	 Optionee: Greg W. Slack 

  

	 	B.	 Grant Date: April 1, 2011 

  

	 	C.	 Number of Option Shares: 50,000 

  

	 	D.	 Vesting: (i) one-third (1/3) of Option Shares on the first anniversary of the date of this Agreement; (ii) one-third (1/3) of
Option Shares on the second anniversary of the date of this Agreement; and (iii) one-third (1/3) of Option Shares on the third anniversary of the date of this Agreement. 

 

	 	E.	 Exercise Price (Per Share): $1.00 

 II. All capitalized terms used herein and not otherwise defined shall have the meanings given thereto in the Plan. 
 P R O V I S I O N S: 
 NOW, THEREFORE, in
consideration of the premises, the terms and conditions set forth herein, the mutual benefits to be gained by the performance thereof and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 1. Grant of
Option/Consideration. Subject to the terms and conditions herein, the Company hereby grants to the Optionee the right and option to purchase (the “Option”) from the Company the Number of Shares
Optioned (the “Option Shares”) at the Exercise Price per share (the “Exercise Price”). The number of shares of Common Stock purchasable hereunder and the Exercise Price are subject to adjustment
upon the occurrence of certain events to the extent and in the manner provided in Section 4(c) of the Plan. In consideration of, and in acceptance of, this Stock Option, the Optionee agrees to continue his employment with or service to the
Company for not less than six (6) months from Grant Date.

  
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 2. Vesting. The Option shall vest and become
exercisable as to the number of Option Shares and on the dates specified in I.D. above, provided the Optionee is an employee on date of vesting. It is understood that the right to purchase Option Shares shall be cumulative so that the Optionee
may purchase on or after any such anniversary and during the remainder of the Option Period (defined below) those quantities of Option Shares which the Optionee was entitled to purchase but did not purchase during any preceding period or periods.

 3. Time of Exercise. Except as limited in Section 4, the Optionee may exercise
the vested portion of the Option at any time during the ten (10) year period beginning on the Grant Date (“Option Period”). Notwithstanding anything to the contrary contained herein, the Option shall terminate and
be of no further force or effect upon the expiration of the Option Period. To the extent that the Shares with respect to which the Option first becomes exercisable during any calendar year, together with any Shares subject to any other
incentive stock options that first become exercisable in such calendar year, would have an aggregate value (determined as of the date of grant of such options) in excess of $100,000, the portion of the Option and options represented by such excess
will not be treated as incentive stock options, but rather non-qualified options.
 4. Termination and
Acceleration of Option. 
   (a) In the event that the Optionee ceases to be an employee of the either
the Company or one of its subsidiaries for any reason, then the portion of the Option which is unvested as of the date of such termination shall terminate and be of no further force or effect and, except as specified in Section 4(c), the
portion of the Option which is vested as of the date of such termination shall terminate ninety (90) days thereafter and be of no further force or effect. For purposes of this Agreement, Optionee shall not be deemed to have ceased to be an
employee of the Company so long as he continues to be an employee, or serve as an officer, of the Company or one or more of its subsidiaries.
 (b) Notwithstanding anything else herein to the contrary, the Option shall automatically vest and become immediately exercisable upon the occurrence of a Change of Control as provided in
Section 7(h) of the Plan prior to the expiration or termination of this Option. Such acceleration shall be effective as of the date of that the Change of Control occurs and each Option so accelerated may be exercised by the Optionee during the
twelve (12) month period beginning on such date, provided, however, that the Option may not be exercised after the end of the Option Period. 

  
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 (c) In the event that the Optionee ceases to be an employee of the
Company during the Option Period by reason of death or total and permanent disability, then the unvested portion of the Option shall terminate and be of no further force or effect and the vested portion of the Option may be exercised by the person
or persons entitled thereto under the Optionee’s will or the laws for descent and distribution during the twelve (12) month period beginning on such date, provided, however, that the Option may not be exercised after the end of the Option
Period. 
 5. Method of Exercise. The Option may be exercised only by the Optionee by
giving written notice to the Secretary of the Company setting forth the number of Option Shares with respect to which the Option is to be exercised, which notice shall be accompanied by payment of the full amount of the aggregate Exercise Price due
for the Options Shares being purchased and appropriate withholding taxes. Such notice shall specify the address to which the certificate or certificates for such shares are to be mailed. If permitted by the Committee, payment may also be made
by means of tendering Common Stock, another Award, including Restricted Stock valued at Fair Market Value on the date of exercise or any combination thereof. As promptly as practicable following the receipt of such written notification and
payment, the Company shall deliver to the Optionee certificates for the number of Option Shares with respect to which such Option has been exercised. 
 6. Transfer and Assignment. Except as provided in Section 12 of the Plan, no right or benefit under the Plan shall be subject to anticipation, alienation, transfer,
sale, assignment, pledge, encumbrance or charge, whether voluntary, involuntary, direct or indirect, by operation of law or otherwise, including, without limitation, a change in beneficial interest of any trust and a change in ownership of a
corporation or partnership, but not including a change of legal and beneficial title of a right or benefit resulting from the death of any Optionee or the spouse of any Optionee (any such proscribed transaction hereinafter a
“Disposition”) and any attempted Disposition will be null and void. No right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities or torts of any Optionee or other person
entitled to such benefits. 
 7. No Stockholder Rights. The Optionee shall have
no rights as a stockholder of the Company with respect to the Option Shares unless and until certificates evidencing such Option Shares shall have been issued by the Company to the Optionee. Until such time, the Optionee shall not be entitled
to dividends or distributions in respect of any Option Shares or to vote such Option Shares on any matter submitted to the shareholders of the Company. In addition, except as to such adjustments that from time to time be made by the Company or
the Committee in accordance with Section 4(c) of the Plan, no adjustment shall be made or required to be made in respect of dividends (ordinary or extraordinary, whether in cash, securities or any other property) or distributions paid or made
by the Company or any other rights granted in respect of any Option Shares for which the record date for such payment, distribution or grant is prior to the date upon which certificates evidencing such Option Shares shall have been issued by the
Company. 

  
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 8. Withholding Taxes. The Company may make
such provisions as it may deem appropriate for the withholding of any taxes that it determines is required in connection with the Option granted pursuant hereto. 

9. Securities Laws. The Option is granted on the condition that the purchase of shares
of Common Stock hereunder shall be for the account of the Optionee (or other individual or individuals exercising the Option) for investment purposes and not with a view to the resale or distribution thereof, except that such condition shall be
inoperative if the offering and sale of shares subject to the Option is registered under the Securities Act of 1933, as amended, or if in the opinion of counsel for the Company such shares may be resold without registration. At the time of any
exercise of the Option, the Optionee will execute such further agreements as the Company may require to implement the foregoing condition and to acknowledge the Optionee’s familiarity with restrictions on the resale of the shares under
applicable securities laws. 
 10. Notice. Unless otherwise provided herein,
any notice or other communication hereunder shall be in writing and shall be given by registered or certified mail. All notices of the exercise by the Optionee of the Option granted pursuant hereto shall be directed to the Company, Attention:
Secretary, at the Company’s current address. Any notice given by the Company to the Optionee directed to him at his address on file with the Company shall be effective to bind any other person who shall acquire rights hereunder. The
Company shall be under no obligation whatsoever to advise or notify the Optionee of the existence, maturity or termination of any rights hereunder and the Optionee shall be deemed to have familiarized himself with all matters contained herein and in
the Plan which may affect any of the Optionee’s rights or privileges hereunder. 
 11. Meaning of
Optionee. Whenever the term “Optionee” is used hereunder under circumstances applicable to any other person or persons to whom this Award may be assigned in accordance with the provisions of
Paragraph 6, the term “Optionee” shall be deemed to include such person or persons. References to the masculine gender herein also include the feminine gender for all purposes. 

12 Incentive Stock Option. The Option is intended to be an “incentive stock option”
as defined in Section 422 of the Internal Revenue Code of 1986, as amended. The Company makes no representation as to the tax treatment to the Optionee upon receipt or exercise of the Option or the sale or other disposition of the Shares
covered by the Option.
 13. Plan Controls. This Agreement is subject to
the Plan, a copy of which has been furnished to the Optionee and for which the Optionee acknowledges receipt. The terms and provisions of the Plan (including any subsequent amendments thereto) are incorporated by referenced herein. In the event of a
conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan shall govern and prevail. 

  
 A-14

 14. Governing Law. This Agreement
shall be governed by and construed in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of Delaware.
 15. Submission to
Jurisdiction. Each of the parties submits to the jurisdiction of any state or federal court sitting in the State of Delaware, in any action or proceeding arising out of or relating to this Agreement and agrees that all
claims in respect of the action or proceeding may be heard and determined in any such court. Each party also agrees not to bring any action or proceeding arising out of or relating to this Agreement in any other court. Each of the parties
waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety, or other security that might be required of any other party with respect thereto.

[SIGNATURE PAGE FOLLOWS] 

  
 A-15

 [SIGNATURE PAGE TO STOCK OPTION AGREEMENT] 

IN WITNESS WHEREOF, this Agreement has been executed as of the Grant Date. 

 

			
	PHOENIX FOOTWEAR GROUP, INC.
		
	 By:
	 	 /s/ James Riedman

		
	 Name:
	 	 James Riedman

		
	 Title:
	 	 CEO

  

	
	 OPTIONEE:

	
	 /s/ Greg W. Slack

	 Greg W. Slack

	
	  

	 Street Address

	
	  

	 City, State, Zip Code

  
 A-16Purchase Agreement

 Exhibit 10.1 
 UNITED REFINING COMPANY 
 $365,000,000 

10.500% First Priority Senior Secured Notes Due 2018 
 Purchase Agreement 
 February 25, 2011 

CREDIT SUISSE SECURITIES (USA) LLC 
 As Representative of the Several Initial Purchasers 
 c/o Credit Suisse Securities (USA) LLC
(“Credit Suisse”) 
 Eleven Madison Avenue 
 New York, N.Y. 10010-3629 
 Ladies and Gentlemen: 

United Refining Company, a corporation organized under the laws of Pennsylvania (the “Company”), proposes to issue and
sell to the several initial purchasers named in Schedule I hereto (the “Initial Purchasers”), $365,000,000 principal amount of its 10.500% First Priority Senior Secured Notes Due 2018 (the “Notes”). The Notes are to
be issued under an indenture, to be dated as of March 8, 2011 (the “Indenture”), among the Company, the Guarantors (as defined herein) and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”). The Company’s obligations under the Notes will be severally and jointly guaranteed (the “Guarantees,” and, together with the Notes, the “Securities”) on a senior unsecured basis by
each of the guarantors listed on the signature pages hereto (collectively, the “Guarantors,” and together with the Company, the “Issuers”). The Securities will be secured pursuant to the security documents listed on
Schedule IV hereto (the “Security Documents”) by a lien on the Collateral (as defined herein). Certain capitalized terms used herein are defined in Section 21 hereof. 

The Securities will have the benefit of a registration rights agreement (the “Registration Rights Agreement”), to be
dated as of the Closing Date (as defined herein), among the Issuers and Credit Suisse, as representative of the Initial Purchasers, pursuant to which the Issuers will agree to register the Securities under the Act subject to the terms and conditions
therein specified. 
 The sale of the Securities to the Initial Purchasers will be made without registration of the Securities
under the Act in reliance upon exemptions from the registration requirements of the Act. 
 In connection with the sale of the
Securities, the Issuers have prepared a Preliminary Confidential Offering Circular, dated February 22, 2011 (as amended or supplemented at the Execution Time, including any and all exhibits thereto and any information incorporated by reference
therein, the “Preliminary Offering Circular”), and a Final Offering Circular, dated February 25, 2011 (as amended or supplemented at the Execution Time, including any and all exhibits thereto and any information incorporated by
reference therein, the “Final Offering Circular”). Each of the Preliminary Offering Circular and the Final Offering Circular sets forth certain information concerning the Issuers and the Securities. Each of the Issuers hereby
confirms that it has authorized the use of the Disclosure Package, the Final Offering Circular, and any amendment or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchasers as contemplated by this
Agreement, the Disclosure Package and the Final Offering Circular. Unless stated to the contrary, any references herein to the terms “amend”, “amendment” or “supplement” with respect to the Disclosure Package and the
Final Offering Circular shall 

 
be deemed to refer to and include any information filed under the Exchange Act subsequent to the Execution Time that is incorporated by reference therein. 

1. Representations and Warranties. The Issuers, jointly and severally, represent and warrant to the Initial Purchasers as set
forth below in this Section 1. 
 (a) The Preliminary Offering Circular, at the date thereof, did not
contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. At the Execution Time and on the Closing Date,
the Final Offering Circular did not and will not (and any amendment or supplement thereto, at the date thereof and at the Closing Date will not) contain any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Issuers make no representation or warranty as to the information contained in or omitted from the Preliminary
Offering Circular or the Final Offering Circular, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the Initial Purchasers specifically for inclusion
therein, it being understood and agreed that the only such information furnished by or on behalf of the Initial Purchasers consists of the information described as such in Section 8(b) hereof. 

(b) The Disclosure Package, as of the Execution Time, does not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package
based upon and in conformity with written information furnished to the Company by or on behalf of the Initial Purchasers specifically for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of
the Initial Purchasers consists of the information described as such in Section 8(b) hereof. 
 (c) None of
the Issuers, their Affiliates, or any person acting on their behalf has, directly or indirectly, made offers or sales of any security, or solicited offers to buy, any security under circumstances that would require the registration of the Securities
under the Act. 
 (d) None of the Issuers, their Affiliates, or any person acting on their behalf has:
(i) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities or (ii) engaged in any directed selling efforts (within the meaning of
Regulation S) with respect to the Securities; and each of the Issuers, their Affiliates and each person acting on their behalf has complied with the offering restrictions requirements of Regulation S. 

(e) The Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 

(f) No registration under the Act of the Securities is required for the offer and sale of the Securities to or by the
Initial Purchasers in the manner contemplated herein, or in the Disclosure Package or the Final Offering Circular assuming, in each case: (i) that the purchasers who buy the Securities in any resales are either “qualified institutional
buyers” (as defined under Rule 144A of the Act), institutional “accredited investors” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D) or non-U.S. persons purchasing in an “offshore transaction” as
defined in Regulation S and (ii) the accuracy of and compliance with the Initial Purchasers’ representations, warranties and covenants contained in Section 4 of this Agreement. 

(g) None of the Issuers is, or after giving effect to the offering and sale of the Securities and the application of the
proceeds thereof as described in the Disclosure Package and the Final Offering Circular will be, an “investment company” under the Investment Company Act, 

 
without taking account of any exemption arising out of the number of holders of the Issuers’ securities. 

(h) Each Issuer is subject to and in full compliance with the reporting requirements of Section 13 or
Section 15(d) of the Exchange Act. 
 (i) None of the Issuers has paid or agreed to pay to any person any
compensation for soliciting another to purchase any securities of any Issuer under circumstances that would require the registration of the Securities under the Act (except as contemplated in this Agreement). 

(j) None of the Issuers has taken, directly or indirectly, any action designed to cause or result, or has caused or
resulted, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of any Issuer to facilitate the sale or resale of the Securities. 

(k) Each Issuer has been duly incorporated and is validly existing as a corporation in good standing under the laws of the
jurisdiction in which it is chartered or organized with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Package or the Final Offering
Circular, and each such Issuer is duly qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction that requires such qualification, or is subject to no material liability by reason of the failure to
be so qualified in any such jurisdiction. 
 (l) All the outstanding shares of capital stock of each Issuer and
each subsidiary of each Issuer that is a corporation have been duly authorized and validly issued and are fully paid and nonassessable, and, except as otherwise set forth in the Disclosure Package and the Final Offering Circular, all outstanding
shares of capital stock of the subsidiaries are owned by the Company either directly or through wholly owned subsidiaries free and clear of any security interest, claim, lien or encumbrance (other than permitted liens under the Indenture as
described in the Disclosure Package or the Final Offering Circular). 
 (m) The statements set forth in the
Preliminary Offering Circular and the Final Offering Circular under the caption “Description of the Notes,” insofar as they purport to constitute a summary of the terms of the Securities, and under the caption “Certain U.S. Federal
Income Tax Consequences,” insofar as they purport to describe United States federal income tax considerations to holders of the Securities, fairly summarize the matters described therein in all material respects. 

(n) This Agreement has been duly authorized, executed and delivered by each Issuer; the Indenture has been duly authorized
and, when duly executed and delivered by each Issuer and assuming due authorization, execution and delivery thereof by the Trustee, will be a legal, valid, binding instrument enforceable against each Issuer in accordance with its terms (subject, as
to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity); the Notes have been duly
authorized by the Company and, when duly executed by the Company and authenticated by the Trustee in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers, will constitute the legal, valid and
binding obligations of the Company entitled to the benefits of the Indenture and the security provided by the Security Documents (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other
laws affecting creditors’ rights generally from time to time in effect and to general principles of equity); and the Registration Rights Agreement has been duly authorized by each Issuer and, when duly executed and delivered by each such
Issuer, will constitute the legal, valid, binding and enforceable instrument of each such Issuer (subject, as to the enforcement of remedies, to applicable bankruptcy, 

 
reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity). 

(o) Each of the Guarantees has been duly authorized by the applicable Guarantor and, when executed by the applicable
Guarantor and delivered to the Trustee in accordance with the terms of the Indenture, will constitute the legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms (subject as to the
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency (including, without limitation, all laws relating to fraudulent transfers), moratorium or other laws affecting creditors’ rights generally from time to time in effect
and to the general principles of equity). 
 (p) Each Security Document (i) will conform to the description
thereof in the Disclosure Package and (ii) has been duly authorized by each Issuer party thereto and, when duly executed and delivered by each Issuer party thereto and assuming the due authorization, execution and delivery thereof by each other
party thereto, will constitute the legal, valid and binding obligation of each Issuer party thereto, enforceable against each such Issuer in accordance with its terms, subject to applicable bankruptcy, reorganization, insolvency, moratorium or other
laws affecting creditors’ rights generally from time to time in effect and to general principles of equity, and will create valid and upon the recordation of the Mortgage and the filing of financing statements with the appropriate governmental
authorities (including payment of any appropriate filing or recording fees and any applicable taxes) and taking other actions described in the applicable Security Document, perfected liens in the Collateral subject to no prior liens (other than
liens permitted under the Indenture as described in the Disclosure Package or the Final Offering Circular). 

(q) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in
connection with the transactions contemplated by this Agreement, the Indenture, the Registration Rights Agreement or the Security Documents, except such as may be required under the blue sky laws of any jurisdiction in which the Securities are
offered and sold and, in the case of the Registration Rights Agreement, such as will be obtained under the Act and the Trust Indenture Act, and, in the case of the Security Documents, the filing of the UCC-1 financing statements and recording of the
Mortgage. 
 (r) None of the execution and delivery by the Issuers of the Indenture, this Agreement, any Security
Document or the Registration Rights Agreement, the issuance and sale of the Securities, or the consummation of any other of the transactions herein or therein contemplated, or the fulfillment of the terms hereof or thereof will conflict with, result
in a breach or violation or imposition of any lien, charge or encumbrance upon any property or assets of any Issuer or any of its subsidiaries pursuant to, (i) the charter or by-laws of such Issuer or any of its subsidiaries; (ii) the
terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which such Issuer or any of its subsidiaries is a party or bound or to which its or
their property is subject; or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over such Issuer or any
of its subsidiaries or any of its or their properties, except where such breach or violation or imposition of any lien, charge or encumbrance upon any property or assets of any Issuer as set forth in clauses (ii) or (iii) above would not
reasonably be expected to have a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary
course of business (a “Material Adverse Effect”), except as set forth in or contemplated in the Disclosure Package or the Final Offering Circular. 

(s) The consolidated historical financial statements and schedules of the Company and its consolidated subsidiaries
included in the Disclosure Package or the Final Offering Circular present fairly the financial condition, results of operations and cash flows of the Company and its 

 
consolidated subsidiaries as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of Regulation S-X and have been prepared in conformity with
generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted therein); the selected financial data set forth under the caption “Selected Consolidated Financial and Operating
Data” in the Preliminary Offering Circular and the Final Offering Circular, the summary financial data set forth under the caption “Summary Historical Consolidated Financial and Other Operating Data” in the Preliminary Offering
Circular and the Final Offering Circular, and financial information set forth under the caption “Capitalization” in the Preliminary Offering Circular and the Final Offering Circular, fairly presents, on the basis stated in the Preliminary
Offering Circular and the Final Offering Circular, the information included therein. 
 (t) No action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any of the Issuers or any of their respective subsidiaries or their property is pending or, to the best knowledge of any Issuer, threatened that
(i) would reasonably be expected to have a material adverse effect on the performance of this Agreement, the Indenture, the Securities, any Security Document or the Registration Rights Agreement, or the consummation of any of the transactions
contemplated hereby or thereby or (ii) would not have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package or the Final Offering Circular. 

(u) Except as disclosed in the Disclosure Package, the Issuers have good and valid title to all real properties and all
other properties and assets owned by them, in each case free from liens, charges, encumbrances and defects other than liens permitted under the Indenture as described in the Disclosure Package or Final Offering Circular; and except as disclosed in
the Disclosure Package or the Final Offering Circular, the Issuers hold any real property leased by or subject to easements granted to the Issuers or personal property leased by the Issuers under valid and enforceable leases or easements (as
applicable) with no terms or provisions that would materially interfere with the use made or to be made thereof by them. Each of the properties of the Issuers (including, without limitation, Refinery and related property covered by the Mortgage)
complies with all applicable codes, laws and regulations (including without limitation, building and zoning codes, laws and regulations and laws relating to access to such properties), except if and to the extent disclosed in the Disclosure Package
or except for such failures to comply that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No Issuer has received from any governmental or regulatory authority any notice of any
condemnation of, or zoning change affecting, the properties of any Issuer (including, without limitation, the Refinery and related property subject to the Mortgage) and, to the knowledge of the Issuers, no such condemnation or zoning change is
threatened, in each case, which if consummated would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 (v) No Issuer is in violation or default of: (i) any provision of its charter or bylaws or other organizational or governing documents; (ii) the terms of any indenture, contract, lease,
mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject; or (iii) any statute, law, rule, regulation,
judgment, order or decree applicable to any Issuer of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Issuers or any of their properties, as applicable, except where
such violation or default as set forth in clause (ii) or (iii) would not have a Material Adverse Effect. 
 (w) Each of the Issuers is, and immediately after the Closing Date will be, Solvent. As used herein, the term “Solvent” means, with respect to any person on a particular date, that on
such date (i) the fair market value of the assets of such person is greater than the total amount of liabilities (including contingent liabilities) of such person, (ii) the present fair salable value of the assets of such person is greater
than the amount that will be required to pay the 

 
probable liabilities of such person on its debts as they become absolute and matured, (iii) such person is able to realize upon its assets and pay its debts and other liabilities, including
contingent obligations, as they mature and (iv) such person does not have unreasonably small capital. 
 (x)
BDO USA, LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules included in the Disclosure Package
or the Final Offering Circular, are independent public accountants with respect to the Company within the meaning of the Act. 
 (y) The Issuers have filed all foreign, federal, state and local tax returns that are required to be filed or has requested extensions thereof (except in any case in which the failure so to file would not
have a Material Adverse Effect and except as set forth in or contemplated in the Disclosure Package or the Final Offering Circular) and have paid all taxes required to be paid by them and any other taxes, assessment, fine or penalty levied against
them, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect and except as set forth in or
contemplated in the Disclosure Package or the Final Offering Circular. 
 (z) Except as set forth or contemplated
in the Disclosure Package, since the end of the period covered by the latest audited financial statements included in the Disclosure Package, there has been no material adverse change to the condition (financial or otherwise), earnings, business or
properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business. 
 (aa) No labor problem or dispute with the employees of any of the Issuers exists or, to the knowledge of the Company, is threatened or imminent, and the Company is not aware of any existing or imminent
labor disturbance by the employees of any of the Issuers’ principal suppliers, contractors or customers, except as would not have a Material Adverse Effect, and except as set forth in or contemplated in the Disclosure Package or the Final
Offering Circular. 
 (bb) The Issuers are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged, and no Issuer has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package or the Final Offering
Circular. 
 (cc) No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any
dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s property
or assets to the Company or any other subsidiary of the Company, except (i) as described in or contemplated in the Disclosure Package or the Final Offering Circular (exclusive of any amendment or supplement thereto) and (ii) in connection
with the Revolving Credit Facility. 
 (dd) The Issuers possess all licenses, certificates, permits and other
authorizations issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, and no Issuer has received any notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package or the Final
Offering Circular. 

 (ee) Each Issuer maintains a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 (ff) Each Issuer and its subsidiaries maintain “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange Act) and such disclosure controls and procedures
are effective. 
 (gg) Each Issuer (i) is in compliance with any and all applicable foreign, federal, state
and local laws and regulations relating to the pollution or protection of the environment, including those relating to hazardous or toxic substances or wastes, pollutants or contaminants, and of human health and safety (to the extent related to
exposure to hazardous or toxic substances or wastes, pollutants or contaminants) (“Environmental Laws”); (ii) has received and is in compliance with all permits, licenses or other approvals required of it under applicable
Environmental Laws to conduct its respective businesses; and (iii) has not received notice of any actual or potential liability under any Environmental Law, except where such non-compliance with Environmental Laws, failure to receive required
permits, licenses or other approvals, or liability would not, individually or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package or the Final Offering Circular. Except as set forth in
the Disclosure Package or the Final Offering Circular, no Issuer has been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, except in such cases
that would not have a Material Adverse Effect. 
 (hh) The Issuers have no costs and liabilities associated with
Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating
activities and any potential liabilities to third parties) that would, singly or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Offering Memorandum (exclusive of any amendment or supplement thereto).

 (ii) Except in such case as would not have a Material Adverse Effect, (i) the minimum funding standard
under Section 302 of the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (“ERISA”), has been satisfied by each “pension plan” (as defined in
Section 3(2) of ERISA) which has been established or maintained by each Issuer and/or one or more of such Issuer’s subsidiaries, and the trust forming part of each such plan which is intended to be qualified under Section 401 of the
Code is so qualified; (ii) each Issuer and each of such Issuer’s subsidiaries has fulfilled its obligations, if any, under Section 515 of ERISA; (iii) each pension plan and welfare plan established or maintained by the Issuers
and/or any of their subsidiaries is in compliance in all material respects with the currently applicable provisions of ERISA; and (iv) no Issuer or any of its subsidiaries has incurred or could reasonably be expected to incur any withdrawal
liability under Section 4201 of ERISA, any liability under Section 4062, 4063, or 4064 of ERISA, or any other liability under Title IV of ERISA. 
 (jj) The statistical and market-related data included in the Disclosure Package and the Final Offering Circular are based on or derived from sources which the Issuers believe to be reliable and accurate.

 (kk) None of the Issuers or any agent acting on their behalf has taken or
will take any action that might cause this Agreement or the sale of the Securities to violate Regulation T, U or X of the Board of Governors of the Federal Reserve System, in each case as in effect, or as the same may hereafter be in effect, on the
Closing Date. 
 (ll) To the knowledge of the Issuers, the operations of each Issuer and its respective
subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving any Issuer or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Issuers, threatened. 

(mm) No Issuer or, to the knowledge of the Issuers, any director, officer, agent, employee or Affiliate of any Issuer is
aware of or has taken any action, directly or indirectly, that would result in a violation by such Persons of Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including,
without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give,
or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the
FCPA; and the Issuers and, to the knowledge of the Issuers, their Affiliates have conducted their businesses in compliance with the FCPA. 
 (nn) The Company is in compliance with all the applicable provisions of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) that are currently in effect and require compliance by
the Company on or before the Execution Time. 
 (oo) None of the Company, any of its subsidiaries or, to the
knowledge of the Company, any director, officer, agent, employee or Affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the
Treasury (“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 (pp) All of the Company’s subsidiaries (as defined herein) are listed on Schedule II hereto and each such subsidiary will be a Guarantor unless indicated otherwise on such schedule. 

(qq) Any certificate signed by any officer of any Issuer and delivered to the Initial Purchasers or counsel for the
Initial Purchasers in connection with the offering of the Securities shall be deemed a representation and warranty by each such Issuer, as to matters covered thereby, to the Initial Purchasers. 

2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein set
forth, the Issuers agree to sell to the Initial Purchasers, and the Initial Purchasers agree to purchase from the Issuers, at a purchase price of 94.468% of the principal amount thereof, plus accrued interest from March 8, 2011 to the Closing
Date, the entire principal amount of Securities set forth opposite the names of the several Initial Purchasers in Schedule I hereto. 
 3. Delivery and Payment. Delivery of and payment for the Securities shall be made at 10:00 A.M., New York City time, on March 8, 2011 or at such time on such later date not more than three
Business Days after the foregoing date as Credit Suisse shall designate, which date and time may be 

 
postponed by agreement between Credit Suisse and the Company (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the
Securities shall be made to the account of Credit Suisse against payment by the Initial Purchasers of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to the account specified by the Company.
Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless Credit Suisse shall otherwise instruct. 
 4. Offering by Initial Purchasers. 
 (a) The Initial
Purchasers acknowledge that the Securities have not been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Act. 
 (b) Each Initial Purchaser
represents and warrants to and agrees with the Issuers that: 
  

	 	i.	it has not offered or sold, and will not offer or sell, any Securities within the United States or to, or for the account or benefit of, U.S. persons (A) as part
of their distribution at any time or (B) otherwise until 40 days after the later of the commencement of the offering and the Closing Date of the offering, except to those it reasonably believes to be “qualified institutional buyers”
(as defined in Rule 144A under the Act) or in accordance with Rule 903 of Regulation S; 

  

	 	ii.	neither it nor any person acting on its behalf has made or will make offers or sales of the Securities in the United States by means of any form of general solicitation
or general advertising (within the meaning of Regulation D) in the United States; 

  

	 	iii.	in connection with each sale pursuant to Section 4(b)(i)(A), it has taken or will take reasonable steps to ensure that the purchaser of such Securities is aware
that such sale is being made in reliance on Rule 144A; 

  

	 	iv.	neither it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling efforts (within the meaning of
Regulation S) with respect to the Securities; 

  

	 	v.	it is an “accredited investor” (as defined in Rule 501(a) of Regulation D); 

 

	 	vi.	it has not entered and will not enter into any contractual arrangement with any distributor (within the meaning of Regulation S) with respect to the distribution of the
Securities, except for any such arrangements with the other Initial Purchasers or with its Affiliates or with Affiliates of the other Initial Purchasers or with the prior written consent of the Company; 

 

	 	vii.	it and any distributor (within the meaning of Regulation S) has complied and will comply with the offering restrictions requirement of Regulation S;

  

	 	viii.	at or prior to the confirmation of sale of Securities (other than a sale of Securities pursuant to Section 4(b)(i)(A) of this Agreement), it shall have sent to
each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period (within the meaning of Regulation S) a confirmation or notice to substantially
the following effect: 

  

	 	(A)	“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Act”) and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the
offering, except in either case in accordance with Regulation S or Rule 144A under the Act. Terms used in this paragraph have the meanings given to them by Regulation S.”; 

	 	(B)	it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise
involving the United Kingdom; 

  

	 	(C)	it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment
activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue or sale of any Securities, in circumstances in which section 21(1) of the FSMA does not apply to the Company; and in relation to each Member State of
the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), it has not made and will not make an offer to the public of any Securities which are the subject of the offering
contemplated by this Agreement in that Relevant Member State, except that it may make an offer to the public in that Relevant Member State of any Securities at any time under the following exemptions under the Prospectus Directive, if they have been
implemented in that Relevant Member State: 

  

	 	(1)	to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to
invest in securities; 

  

	 	(2)	to any legal entity which has two or more of (i) an average of at least 250 employees during the last financial year, (ii) a total balance sheet of more than
€43,000,000 and (iii) an annual turnover of more than €50,000,000, as shown in its last annual or consolidated accounts; 

  

	 	(3)	to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior written consent of
Credit Suisse for any such offer; or 

  

	 	(4)	in any other circumstances falling within Article 3(2) of the Prospectus Directive; 

provided that no such offer of Securities shall result in a requirement for the publication by the Company or the Initial Purchasers of a
prospectus pursuant to Article 3 of the Prospectus Directive. 
 For the purposes of this provision, the expression an
“offer to the public” in relation to any Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable an
investor to decide to purchase any Securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC
and includes any relevant implementing measure in each Relevant Member State. 
 5. Agreements. The Issuers, jointly and
severally, agree with the Initial Purchasers that: 
 (a) The Issuers will furnish to Credit Suisse and to
counsel for the Initial Purchasers (and, upon request, to each of the other Initial Purchasers), without charge, during the period referred to in paragraph (iii) below, as many copies of the materials contained in the Disclosure Package and the
Final Offering Circular and any amendments and supplements thereto as they may reasonably request. 
 (b) The
Company has prepared a final term sheet, containing solely a description of final terms of the Securities and the offering thereof, attached as Schedule III hereto. The Issuers will not amend or supplement the Disclosure Package or the Final
Offering Circular, other than by filing documents under the Exchange Act that are incorporated by reference therein, without the 

 
prior written consent of Credit Suisse; provided, however, that, prior to the completion of the distribution of the Securities by the Initial Purchasers (as determined by Credit Suisse), the
Company will not file any document under the Exchange Act that is incorporated by reference in the Disclosure Package or the Final Offering Circular unless, prior to such proposed filing, the Company has furnished Credit Suisse (and, upon request,
to each of the other Initial Purchasers) with a copy of such document for its review and Credit Suisse has not reasonably objected to the filing of such document. The Company will promptly advise Credit Suisse when any document filed under the
Exchange Act that is incorporated by reference in the Disclosure Package or the Final Offering Circular shall have been filed with the Commission. 
 (c) If at any time prior to the completion of the sale of the Securities by the Initial Purchasers (as determined by Credit Suisse), any event occurs as a result of which the Disclosure Package or the
Final Offering Circular, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, or if it should be necessary to amend or supplement the Disclosure Package or the Final Offering Circular to comply with applicable law, the Issuers will (x) if such time is prior to the date that is nine months from the
date of the Final Offering Circular, at the Issuers’ expense and (y) if otherwise, at the Initial Purchasers’ expense, promptly (i) notify Credit Suisse of any such event; (ii) subject to the requirements of paragraph
(b) of this Section 5, prepare an amendment or supplement that will correct such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Disclosure Package or the Final Offering Circular to Credit
Suisse and counsel for the Initial Purchasers (and, upon request, to each of the other Initial Purchasers) without charge in such quantities as they may reasonably request. 

(d) Without the prior written consent of Credit Suisse, neither the Company nor any of its Affiliates has given and
neither will give to any prospective purchaser of the Securities any written information concerning the offering of the Securities other than materials contained in the Disclosure Package, the Final Offering Circular or any other offering materials
prepared by or with the prior written consent of Credit Suisse. 
 (e) The Issuers will arrange, upon the request
of Credit Suisse, for the qualification of the Securities for sale by the Initial Purchasers under the laws of such jurisdictions as Credit Suisse may designate and will maintain such qualifications in effect so long as required for the sale of the
Securities; provided that in no event shall any Issuer be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising
out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject. The Issuers will promptly advise Credit Suisse of the receipt by any Issuer of any notification with respect to the suspension of the qualification of
the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 

(f) During the period of one year after the Closing Date, the Issuers will not, and will not permit any of their
Affiliates to, resell any Securities that constitute “restricted securities” under Rule 144 that have been acquired by any of them, provided however that the foregoing shall not apply to any sale to the extent (i) the
Securities sold are in certificated form, (ii) the purchaser agrees in writing to comply with the provisions of this Section 5(f) and (iii) the Securities sold contain a legend that sets forth the provisions of this Section 5(f).

 (g) None of the Issuers, their Affiliates, or any person acting on any of their behalf will, directly or
indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Securities under the Act. 

(h) None of the Issuers, their Affiliates, or any person acting on any of their behalf will engage in any form of general
solicitation or general advertising (within the meaning of Regulation 

 
D) in connection with any offer or sale of the Securities in the United States and none of the Issuers, their Affiliates, or any person acting on any of their behalf will engage in any directed
selling efforts (within the meaning of Regulation S) with respect to the Securities, and each of them will comply with the offering restrictions requirement of Regulation S. 

(i) So long as any of the Securities are “restricted securities” within the meaning of Rule 144(a)(3) under the
Act, the Issuers will, during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, provide to each holder of such restricted securities and to each prospective purchaser (as designated by such
holder) of such restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act. This covenant is intended to be for the benefit of the holders, and the
prospective purchasers designated by such holders, from time to time of such restricted securities. 
 (j) The
Issuers will cooperate with Credit Suisse and use their best efforts to permit the Securities to be eligible for clearance and settlement through The Depository Trust Company. 

(k) Each of the Securities will bear, to the extent applicable, the legend contained in “Transfer Restrictions”
in the Preliminary Offering Circular and the Final Offering Circular for the time period and upon the other terms stated therein. 
 (l) Any Securities issued to an affiliate of the Company will be in certificated form and shall bear a legend that sets forth the provisions of Section 5(f). 

(m) No Issuer will take, directly or indirectly, any action designed to result, under the Exchange Act or otherwise, in
stabilization or manipulation of the price of any security of any Issuer to facilitate the sale or resale of the Securities. 
 (n) The Company agrees to pay the costs and expenses relating to the following matters: (i) the preparation of the Registration Rights Agreement, the issuance of the Securities and the fees of the
Trustee; (ii) the preparation, printing or reproduction of the Preliminary Offering Circular and the Final Offering Circular and each amendment or supplement to either of them; (iii) the printing (or reproduction) and delivery (including
postage, air freight charges and charges for counting and packaging) of such copies of the materials contained in the Disclosure Package and the Final Offering Circular, and all amendments or supplements to either of them, as may, in each case, be
reasonably requested for use in connection with the offering and sale of the Securities; (iv) the preparation, printing, authentication, issuance and delivery of certificates for the Securities; (v) any stamp or transfer taxes in
connection with the original issuance and sale of the Securities; (vi) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in
connection with the offering of the Securities; (vii) any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states and any other jurisdictions specified pursuant to
Section 5(e) (including filing fees and the reasonable fees and expenses of counsel for the Initial Purchasers relating to such registration and qualification); (viii) the transportation and other expenses incurred by or on behalf of
Company representatives in connection with presentations to prospective purchasers of the Securities; (ix) the fees and expenses of the Issuers’ accountants and the fees and expenses of counsel (including local and special counsel) for the
Issuers; (x) any mortgage recording or similar taxes and all costs relating to the creation and perfection of liens on the Collateral and any intercreditor arrangements in respect thereof (but excluding the fees and expenses of Davis
Polk & Wardwell LLP) and all other costs related to the title insurance and other deliverables in respect of the Mortgages; and (xi) all other costs and expenses incident to the performance by the Issuers of their obligations
hereunder. It is understood, however, that the Initial Purchasers will pay all of their own costs and expenses, including the fees of their counsel (except as set forth in the preceding sentence), transfer taxes,

 
fees and commissions on resale of any of the securities by them, and any advertising expenses connected with any offers it may make. 

(o) The Company will, for a period of twelve months following the Execution Time, furnish to the Initial Purchasers
(i) all reports or other communications (financial or other) generally made available to stockholders, and deliver such reports and communications to the Initial Purchasers as soon as they are available, unless such documents are furnished to
or filed with the Commission or any securities exchange on which any class of securities of the Company is listed and generally made available to the public and (ii) such additional information concerning the business and financial condition of
the Company as Initial Purchasers may from time to time reasonably request (such statements to be on a consolidated basis to the extent the accounts of the Company and its subsidiaries are consolidated in reports furnished to stockholders).

 (p) Each Issuer will comply with all applicable securities and other laws, rules and regulations, including,
without limitation, and to the extent applicable, the Sarbanes-Oxley Act, and use its best efforts to cause each of their directors and officers, in their capacities as such, to comply with such laws, rules and regulations, including, without
limitation, the provisions of the Sarbanes-Oxley Act. 
 6. Conditions to the Obligations of the Initial Purchasers. The
obligations of the Initial Purchasers to purchase the Securities shall be subject to the accuracy of the representations and warranties of the Issuers contained herein at the Execution Time and the Closing Date, to the accuracy of the statements of
the Issuers made in any certificates pursuant to the provisions hereof, to the performance by the Issuers of their respective obligations hereunder and to the following additional conditions: 

(a) The Initial Purchasers shall have received from Cahill Gordon & Reindel LLP, counsel for the Company, an
opinion, dated the Closing Date and addressed to the Initial Purchasers, substantially in the form of Annex A-1 attached hereto, and disclosure letter, dated the Closing Date and addressed to the Initial Purchasers, substantially in the form
of Annex A-2 attached hereto. 
 (b) The Initial Purchasers shall have received from John R. Wagner,
General Counsel for the Issuers, the opinion, dated the Closing Date and addressed to the Initial Purchasers, substantially in the form of Annex B attached hereto. 

(c) The Initial Purchasers shall have received from Davis Polk & Wardwell LLP, counsel for the Initial
Purchasers, such opinion or opinions, dated the Closing Date and addressed to the Initial Purchasers, with respect to the issuance and sale of the Securities, the Indenture, the Registration Rights Agreement, the Disclosure Package, the Final
Offering Circular (as amended or supplemented at the Closing Date) and other related matters as the Initial Purchasers may reasonably require, and each of the Issuers shall have furnished to such counsel such documents as they request for the
purpose of enabling them to pass upon such matters. 
 (d) The Initial Purchasers shall have received (whether on
the Closing Date or such later date or time as contemplated by the Disclosure Package and the Indenture) an opinion from Pietragallo, Bosick & Gordon LLP, counsel for the Issuers in the Commonwealth of Pennsylvania dated the Closing Date
(or such later date or time as contemplated by the Disclosure Package and the Indenture), in form and substance reasonably satisfactory to the Initial Purchasers, subject to customary assumptions and qualifications. 

(e) The Initial Purchasers shall have received (whether on the Closing Date or such later date or time as contemplated by
the Disclosure Package and the Indenture) fully executed original copies, or arrangements satisfactory to the Collateral Agent shall have been made for the delivery, of each Security Document and such evidence as the Initial Purchasers may
reasonably 

 
require of the effectiveness of the security interest contemplated thereby and the perfection of the security interest created thereby (including, without limitation, the filing of UCC-1s and the
recordation of the Mortgage or arrangements satisfactory to the Collateral Agent for such perfection), provided the Mortgage of the Refinery shall have been executed and delivered to the Collateral Agent on or prior to the Closing Date. 

(f) The Initial Purchasers shall have received, by the Closing Date, fully executed copies of Amendment No. 10 to the
Revolving Credit Facility, reasonably satisfactory to Initial Purchasers counsel, which amendment shall permit the issuance of the Securities as contemplated in the Disclosure Package and Indenture. 

(g) The Initial Purchasers shall have received, by the Closing Date, fully executed copies of a supplemental indenture to
the indenture between the Company, the Guarantors and the Trustee dated August 6, 2004, which supplemental indenture shall permit issuance of the Securities as contemplated in the Disclosure Package and Indenture. 

(h) The Collateral Agent shall have received a fully executed original copy of the Intercreditor Agreement (as described
in Schedule IV hereto), in form and substance reasonably satisfactory to the Initial Purchasers. 
 (i) The
Collateral Agent shall have received, or arrangements satisfactory to the Collateral Agent shall have been made for the delivery of, fully executed original copies of releases of any existing security agreements and mortgages or deeds of trust with
respect to the Collateral securing any obligations of the Issuers or any of their respective subsidiaries, in each case in form and substance reasonably satisfactory to the Initial Purchasers and, in the case of existing mortgages or deeds of trust,
the title company issuing the policies described below. 
 (j) The Collateral Agent shall have received (whether
on the Closing Date or such later date or time as contemplated by the Disclosure Package and the Indenture), or arrangements satisfactory to the Collateral Agent shall have been made for the delivery of, with respect to the Mortgage: (i) an
ALTA extended coverage lender’s policy of title insurance in an amount equal to $50 million, insuring the Mortgage of such property as a valid, enforceable lien on the applicable Issuer’s interest in such property as defined in and subject
to such Mortgage, subject only to Permitted Liens (as defined in the Indenture), (ii) for the policy referred to in clause (i), legible copies of all documents affecting title, which shall show all recording information, (iii) any existing
surveys with respect to such property, and (iv) evidence of all insurance required to be maintained pursuant to the terms and provisions of the Indenture together with any required endorsements. Attached to each such title insurance policy
shall be any and all endorsements that are standard in the Commonwealth of Pennsylvania and reasonably required by the Initial Purchasers. Notwithstanding the foregoing with respect to such endorsements, it is understood that the policy shall
include only those endorsements that the Company is able to obtain at commercially reasonable rates. It being further understood that a zoning report issued by the Planning and Zoning Resource Corporation may be delivered in lieu of a zoning
endorsement and in no event shall any Issuer be required to provide a creditor’s rights endorsement. 
 (k)
The Company shall have furnished to the Initial Purchasers a certificate of the Company, signed by (x) the Chairman of the Board or the President and (y) the principal financial or accounting officer of the Company, dated the Closing Date,
to the effect that the signers of such certificate have carefully examined the Disclosure Package and the Final Offering Circular, any amendments or supplements thereto, and this Agreement and that: 

 

	 	i.	 the representations and warranties of each Issuer in this Agreement are true and correct on and as of the Closing Date with the same effect as if made
on the Closing Date, and each Issuer has complied with all 

	 	 
the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; and 

 

	 	ii.	since the date of the latest audited financial statements included or incorporated by reference in the Disclosure Package and the Final Offering Circular (exclusive of
any amendment or supplement thereto), there has been no material adverse change to the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from
transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final Offering Circular. 

 (l) At the Execution Time and at the Closing Date, the Issuers shall have requested and caused BDO USA, LLP to furnish to the Initial Purchasers, a “comfort” letter, dated as of the Execution
Time and a bring-down “comfort letter”, dated as of the Closing Date, in form and substance satisfactory to the Initial Purchasers, confirming that they are independent accountants within the meaning of the Exchange Act and within the
meaning of the rules of the Public Company Accounting Oversight Board and confirming certain matters with respect to the audited and unaudited financial statements and other financial and accounting information contained in the Disclosure Package
and the Final Offering Circular, including any amendment or supplement thereto at the date of the applicable letter. 
 (m) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Disclosure Package and the Final Offering Circular, there shall not have been (i) any change or
decrease specified in the letter or letters referred to in paragraph (j) of this Section 6; or (ii) any change, or any development involving a prospective change in or affecting the condition (financial or otherwise), earnings,
business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final Offering
Circular, without any amendment, the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Initial Purchasers, so material and adverse as to make it impractical or inadvisable to proceed with
the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final Offering Circular. 
 (n) Subsequent to the Execution Time, there shall not have been any decrease in the rating of any of the Company’s securities by any “nationally recognized statistical rating organization”
(as such term is used in Rule 436 under the Act) or any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change. 

(o) Prior to the Closing Date, the Company shall have furnished to the Initial Purchasers such further information,
certificates and documents as the Initial Purchasers may reasonably request. 
 (p) If any of the conditions
specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and
substance to the Initial Purchasers and counsel for the Initial Purchasers, this Agreement and all obligations of the Initial Purchasers hereunder may be cancelled at, or at any time prior to, the Closing Date by the Initial Purchasers. Notice of
such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing. 

 (q) The documents required to be delivered by this Section 6 will be
delivered at the office of Davis Polk & Wardwell LLP, counsel for the Initial Purchasers, at 450 Lexington Avenue, New York, New York 10017, on the Closing Date. 
 7. Reimbursement of Expenses. If the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Initial Purchasers set forth in Section 6
hereof is not satisfied, because of any termination pursuant to Section 9 hereof or because of any refusal, inability or failure on the part of the Issuers to perform any agreement herein or comply with any provision hereof other than by reason
of a default by any Initial Purchaser, the Issuers will reimburse the Initial Purchasers on demand for all expenses (including reasonable fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed
purchase and sale of the Securities. 
 8. Indemnification and Contribution. 

(a) The Issuers, jointly and severally, agree to indemnify and hold harmless each Initial Purchaser, the directors,
officers, employees, Affiliates and agents of each Initial Purchaser and each person who controls any Initial Purchaser within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or
several, to which they or any of them may become subject under the Act, the Exchange Act or other U.S. federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Circular, Disclosure Package, the Final Offering Circular, any Issuer Written Information or
any other written information used by or on behalf of the Issuers in connection with the offer or sale of the Securities, or in any amendment or supplement thereto or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or
other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Issuers will not be liable in any such case to the extent that any such loss,
claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary Offering Circular, the Disclosure Package, the Final Offering Circular, any
Issuer Written Information or in any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to the Issuers by or on behalf of the Initial Purchasers specifically for inclusion therein. This
indemnity agreement will be in addition to any liability that the Company may otherwise have. 
 (b) Each Initial
Purchaser, severally and not jointly, agrees to indemnify and hold harmless each Issuer, each of their directors, each of their officers, and each person who controls such Issuer within the meaning of either the Act or the Exchange Act, to the same
extent as the foregoing indemnity from such Issuer to each Initial Purchaser, but only with reference to written information relating to the Initial Purchasers furnished to such Issuer by or on behalf of the Initial Purchasers specifically for
inclusion in the Preliminary Offering Circular, the Disclosure Package, any Issuer Written Information or the Final Offering Circular or in any amendment or supplement thereto. This indemnity agreement will be in addition to any liability that the
Initial Purchasers may otherwise have. Each Issuer acknowledges that the statements regarding market-making activities in the seventh paragraph and the eighth and ninth paragraphs under the heading “Plan of Distribution” in the Preliminary
Offering Circular and the Final Offering Circular constitute the only information furnished in writing by or on behalf of the Initial Purchasers for inclusion in the Preliminary Offering Circular, the Disclosure Package, Issuer Written Information
or the Final Offering Circular in any amendment or supplement thereto. 

 (c) Promptly after receipt by an indemnified party under this Section 8
of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but
the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by
the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or
(b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified
party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local
counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate
counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action
include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those
available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action;
or (iv) the indemnifying party shall authorize in writing the indemnified party to employ separate counsel at the expense of the indemnifying party; provided, however, the indemnifying party shall not be liable for the fees and
expenses of more than one such separate counsel (together with local counsel) in connection with any action or related proceeding in the same jurisdiction. An indemnifying party will not, without the prior written consent of the indemnified parties,
which consent shall not be unreasonably withheld, delayed or conditioned, settle, compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding. 
 (d) In the event that the indemnity provided
in paragraph (a) or (b) of this Section 8 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Issuers and each Initial Purchaser severally agree to contribute to the aggregate losses, claims,
damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which the Issuers and any Initial
Purchaser may be subject in such proportion as is appropriate to reflect the relative benefits received by the Issuers on the one hand and by the Initial Purchasers on the other from the offering of the Securities; provided, however, that in no case
shall any Initial Purchaser be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the allocation provided by the immediately preceding sentence
is unavailable for any reason, the Issuers and each Initial Purchaser severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Issuers on the one hand and the
Initial Purchasers on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Issuers shall be deemed to be equal to the total net
proceeds from the offering (before deducting expenses) received by them, and benefits received by the Initial Purchasers shall be 

 
deemed to be equal to the total purchase discounts and commissions. Relative fault shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information provided by the Issuers on the one hand or the Initial Purchasers on the other, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such untrue statement or omission. The Issuers and the Initial Purchasers agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of
allocation that does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls any Initial Purchaser within the meaning of either the Act or the Exchange Act
and each director, officer, employee, Affiliate and agent of any Initial Purchaser shall have the same rights to contribution as such Initial Purchaser, and each person who controls an Issuer within the meaning of either the Act or the Exchange Act
and each officer and director of an Issuer shall have the same rights to contribution as such Issuer, subject in each case to the applicable terms and conditions of this paragraph (d). 

9. Default of Initial Purchasers. If any Initial Purchaser or Initial Purchasers default in their obligations to purchase the
Notes hereunder and the aggregate principal amount of the Notes that such defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase does not exceed 10% of the total principal amount of the Notes, Credit Suisse may make
arrangements satisfactory to the Company for the purchase of such Notes by other persons, including any of the Initial Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Initial Purchasers shall be obligated
severally, in proportion to their respective commitments hereunder, to purchase the Notes that such defaulting Initial Purchasers agreed but failed to purchase. If any Initial Purchaser or Initial Purchasers so default and the aggregate principal
amount of the Notes with respect to which such default or defaults occur exceeds 10% of the total principal amount of the Notes and arrangements satisfactory to Credit Suisse and the Company for the purchase of such Notes by other persons are not
made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Initial Purchaser or the Company, except as provided in Section 11. As used in this Agreement, the term “Initial
Purchaser” includes any person substituted for an Initial Purchaser under this Section 9. Nothing herein will relieve a defaulting Initial Purchaser from liability for its default. 

10. Termination. This Agreement shall be subject to termination in the absolute discretion of the Initial Purchasers, by notice
given to the Company prior to delivery of and payment for the Securities, if at any time prior to such time (i) trading in securities generally on the New York Stock Exchange or the Nasdaq National Market shall have been suspended or limited or
minimum prices shall have been established on such exchange or the Nasdaq National Market; (ii) trading of any securities of the Company shall have been suspended on any exchange or over-the-counter market, (iii) a material disruption in
securities settlement, payment or clearance services in the United States shall have occurred, (iv) a banking moratorium shall have been declared either by U.S. federal or New York State authorities; or (v) there shall have occurred any
outbreak or escalation of hostilities, declaration by the United States of a national emergency or war or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Initial Purchasers,
impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Preliminary Offering Circular and the Final Offering Circular. 
 11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Issuers or their respective officers and of the
Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or the Issuers or any of the indemnified persons referred to in
Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 

 12. Notices. All communications hereunder will be in writing and effective only on
receipt, and, if sent to the Initial Purchasers, will be mailed, delivered or sent by facsimile transmission to c/o Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York 10010-3629, Attention: LCD-IBD; or, if sent to the
Issuers, will be mailed, delivered or facsimile transmission to (814) 723-4371 and confirmed to it at 15 Bradley Street, Warren, Pennsylvania 16365, attention of the Legal Department; provided, however, that any notice to an Initial Purchaser
pursuant to Section 8 will be mailed, delivered or telegraphed and confirmed to such Initial Purchaser. 
 13.
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the indemnified persons referred to in Section 8 hereof and their respective successors, and, except as
expressly set forth in Section 5(i) hereof, no other person will have any right or obligation hereunder. 
 14.
Representation of Initial Purchasers. You will act for the several Initial Purchasers in connection with this purchase, and any action under this Agreement taken by you will be binding upon all the Initial Purchasers. 

15. Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Issuers
and the Initial Purchasers, with respect to the subject matter hereof. 
 16. Applicable Law. This Agreement will be
governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. The parties hereto each hereby waive any right to trial by jury in any action, proceeding
or counterclaim arising out of or relating to this Agreement. 
 17. No Fiduciary Duty. Each Issuer hereby acknowledges
that (a) the purchase and sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Issuers, on the one hand, and the Initial Purchasers and any Affiliate through which it may be acting, on the
other, (b) each Initial Purchaser is acting as principal and not as an agent or fiduciary of the Issuers and (c) the Issuers’ engagement of the Initial Purchasers in connection with the offering and the process leading up to the
offering is as independent contractors and not in any other capacity. Furthermore, each Issuer agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether any Initial Purchaser has
advised or is currently advising the Issuers on related or other matters). Each Issuer agrees that it will not claim that any Initial Purchaser has rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to
such Issuer, in connection with such transaction or the process leading thereto. 
 18. Waiver of Tax Confidentiality.
Notwithstanding anything herein to the contrary, purchasers of the Securities (and each employee, representative or other agent of a purchaser) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax
structure of any transaction contemplated herein and all materials of any kind (including opinions or other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S. tax structure, other than
any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. 
 19.
Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. Each such counterpart may be delivered by facsimile
transmission, which such transmission being deemed valid and original. 
 20. Headings. The section headings used herein
are for convenience only and shall not affect the construction hereof. 

 21. Definitions. The terms that follow, when used in this Agreement, shall have the
meanings indicated. 
 “Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations
of the Commission promulgated thereunder. 
 “Affiliate” shall have the meaning specified in Rule 501(b) of
Regulation D. 
 “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day
on which banking institutions or trust companies are authorized or obligated by law to close in The City of New York. 

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

“Collateral” shall mean (i) all owned real property, fixtures and equipment comprising the Refinery, including all
buildings, terminals, storage tanks, refining and other facilities, pipelines, pipeline rights, loading racks, rail spurs and loading facilities now owned or hereafter acquired by the issuer which are now or hereafter affixed to or situated on the
Refinery Property and used in the operation or necessary to operate the Refinery; (ii) the capital stock of Kiantone Pipeline Corporation; and (iii) all supporting obligations and books and records and proceeds relating to any of the
foregoing; provided that the Collateral will not include any other assets or property, including, without limitation, the Excluded Assets (as defined in the Indenture). 
 “Collateral Agent” shall mean The Bank of New York Trust Company, N.A., as Collateral Agent under the Indenture, the Security Agreement (as described in Schedule IV hereto) and the
Mortgage (as described in Schedule IV hereto). 
 “Commission” shall mean the Securities and Exchange
Commission. 
 “Disclosure Package” shall mean (i) the Preliminary Offering Circular, as amended or
supplemented at the Execution Time and (ii) the final term sheet prepared pursuant to Section 5(b) hereto and attached as Schedule III hereto. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 

“Execution Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto.

 “Investment Company Act” shall mean the Investment Company Act of 1940, as amended, and the rules and
regulations of the Commission promulgated thereunder. 
 “Issuer Written Information” shall mean any writings
in addition to the Preliminary Offering Circular that the parties expressly agree in writing to treat as part of the Disclosure Package. Issuer Written Information includes, but is not limited to, the electronic Bloomberg roadshow slides and the
accompanying audio recording. 
 “Refinery” means the Company-owned refinery located on a 92-acre site in
Warren, Pennsylvania. 
 “Refinery Property” means certain areas of land covered by the Mortgage. 

“Regulation D” shall mean Regulation D under the Act. 

“Regulation S” shall mean Regulation S under the Act. 

 “Regulation S-X” shall mean Regulation S-X under the Act. 

“Revolving Credit Facility” shall mean one or more credit facilities with banks or institutional lenders providing for
revolving credit, term loans or letters of credit including without limitation, that certain Amended and Restated Credit Agreement, dated as of July 12, 2002, as amended by that Amendment No. 1 to Credit Agreement, dated as of
November 27, 2002, as amended by that Limited Waiver and Amendment No. 2, dated as of February 19, 2003, as amended by that Limited Waiver and Amendment No. 3, dated as of March 24, 2003, as amended by that Amendment
No. 4 to Credit Agreement, dated as of January 27, 2004, as amended by that Amendment No. 5 to Credit Agreement, dated as of August 6, 2004, as amended by that Amendment No. 6 to Credit Agreement, dated as of April 19,
2005, as amended by that Amendment No. 7 to Credit Agreement, dated as of November 27, 2006, as amended by that Amendment No. 8 to Credit Agreement, dated as of November 21, 2008, as amended by Amendment No. 9 to Credit
Agreement, dated as of January 14, 2011 and as amended by Amendment No. 10 to Credit Agreement dated as of February 3, 2011, among the Company, United Refining Company of Pennsylvania, Kiantone Pipeline Corporation, Country Fair,
Inc., Kwik-Fill Corporation and the Banks party thereto and PNC Bank, National Association, as Agent. 

“subsidiaries” shall mean those subsidiaries of the Company listed on Schedule II hereto. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 If the foregoing is in accordance with your understanding of our agreement, please sign
and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company, the Guarantors and the Initial Purchasers. 

[–Signature pages to follow–] 

 
			
	Very truly yours,
	
	UNITED REFINING COMPANY
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	Chief Executive Officer
	
	COUNTRY FAIR, INC
		
	By:	 	 /s/ James E. Murphy

	Name:	 	James E. Murphy
	Title:	 	Vice President Finance
		
	By:	 	 /s/ John R. Wagner

	Name:	 	John R. Wagner
	Title:	 	Secretary
	
	KIANTONE PIPELINE CORPORATION
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	Chief Executive Officer
	
	KIANTONE PIPELINE COMPANY
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President
	
	UNITED JET CENTER, INC.
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President

 
			
	UNITED REFINING COMPANY OF PENNSYLVANIA
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	Chief Executive Officer
	
	KWIK-FILL CORPORATION
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President
	
	INDEPENDENT GASOLINE AND OIL COMPANY OF ROCHESTER, INC.
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President
	
	BELL OIL CORP.
		
	By:	 	 /s/ James E. Murphy

	Name:	 	James E. Murphy
	Title:	 	Vice President Finance
		
	By:	 	 /s/ John R. Wagner

	Name:	 	John R. Wagner
	Title:	 	Secretary

 
			
	P P C, INC.
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President
	
	SUPER TEST PETROLEUM, INC.
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President
	
	KWIK-FIL, INC.
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President
	
	VULCAN ASPHALT REFINING CORPORATION
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President

			
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	 /s/ David S. Alterman

	Name:	 	David S. Alterman
	Title:	 	Managing Director

 Acting on behalf of itself and as
Representative of the several Initial Purchasers

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