Document:

Exhibit 10.7

 Exhibit 10.7 
 AMENDED AND RESTATED INVESTOR AGREEMENT 
 THIS
AMENDED AND RESTATED INVESTOR AGREEMENT (this “Agreement”) is made and entered into on the 17th day of
December, 2008, and amends and restates the Investor Agreement, dated as of July 20, 2007, by and between Électricité de France International, SA, a French société anonyme (“EDFI”), and
Constellation Energy Group, Inc., a Maryland corporation (“Constellation”); 
 W I T N E
S S E T H: 
 WHEREAS, in connection with previous joint venture discussions and as a condition to such
discussions, an affiliate of EDFI and Constellation entered into a non-disclosure agreement, dated as of February 26, 2007 (the “Nondisclosure Agreement”); 
 WHEREAS, in connection with such discussions, EDFI and Constellation, through their respective affiliates, entered into a joint venture to participate in
the development, ownership and operation of new nuclear projects in the United States and Canada and related activities (the “UniStar Joint Venture”) and are concurrently herewith executing a transaction document pursuant to
which, upon consummation thereof, EDFI and Constellation will form a new joint venture to own and operate the existing nuclear-powered generation facilities of Constellation (the “Nuclear Joint Venture”); 
 WHEREAS, in connection with the UniStar Joint Venture, EDFI has acquired beneficial ownership of 16,964,095 outstanding shares of Constellation common
stock, without par value (the “Constellation Stock”) and EDFI and Constellation entered into that certain Investor Agreement, dated as of July 20, 2007 (the “Original Agreement”); 
 WHEREAS, under the terms of the Nuclear Joint Venture, an affiliate of EDFI is agreeing to acquire, upon the terms and subject to the conditions
contained in the transaction documents related to the Nuclear Joint Venture, 50% of the membership interests (the “Designated Interest”) in Constellation Energy Nuclear Group, LLC (“CENG”); and 
 WHEREAS, in connection with the execution of the transaction documents related to the Nuclear Joint Venture, EDFI and Constellation have agreed to amend
and restate the Original Agreement in its entirety on the terms set forth herein. 
 NOW, THEREFORE, for and in consideration of the rights
and obligations contained herein, and for other good and valuable consideration, the adequacy of which is hereby acknowledged, it is covenanted and agreed as follows: 

 ARTICLE I 
 REPRESENTATIONS 
 Section 1.1 Representations of Constellation. Constellation hereby
represents and warrants to EDFI as follows: 
 (a) Constellation has all necessary corporate power and authority to execute and deliver this
Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement by Constellation have been duly and validly authorized by all necessary corporate action of Constellation, and no other corporate
proceedings on the part of Constellation are necessary to authorize this Agreement or the performance by Constellation of its obligations hereunder. 
 (b) This Agreement has been duly and validly executed and delivered by Constellation and, assuming the due authorization, execution and delivery hereof by EDFI, constitutes a legal, valid and binding obligation of
Constellation enforceable against Constellation in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally and general equitable principles (whether considered in a proceeding in equity or at law). 
 (c) The execution, delivery and
performance of this Agreement by Constellation do not and will not conflict with or violate (i) the articles of incorporation or bylaws of Constellation, or (ii) any law, ordinance, rule, or regulation applicable to Constellation.

 Section 1.2 Representations of EDFI. EDFI hereby represents and warrants to Constellation as follows: 
 (a) EDFI has all necessary corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution,
delivery and performance of this Agreement by EDFI have been duly and validly authorized by all necessary corporate action of EDFI, and no other corporate proceedings on the part of EDFI are necessary to authorize this Agreement or the performance
by EDFI of its obligations hereunder. 
 (b) This Agreement has been duly and validly executed and delivered by EDFI and, assuming the due
authorization, execution and delivery hereof by Constellation, constitutes a legal, valid and binding obligation of EDFI enforceable against EDFI in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law). 
  

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 (c) The execution, delivery and performance of this Agreement by EDFI do not and will not conflict with
or violate (i) the governing documents of EDFI, or (ii) any law, ordinance, rule, or regulation applicable to EDFI. 
 (d) EDFI,
each of its subsidiaries and, to the best of its knowledge, each of its controlled affiliates (EDFI, its subsidiaries and controlled affiliates, collectively, the “EDFI Group”), as of the date hereof, are the beneficial owners
(determined as hereinafter provided) of 16,964,095 shares of Constellation Stock (which number does not include any investments made or managed by outside asset managers with EDFI funds relating to contingent nuclear liabilities, whether such
investments have previously been made or are made in the future (any such investments whenever made are hereinafter referred to as, “Permitted EDFI Investments”)). EDFI has no control over the funds used by the asset
managers to make Permitted EDFI Investments. For purposes of this Agreement, “controlled affiliate” shall mean any entity for which EDFI Group would have the ability to direct the acquisition, disposition or voting of Constellation Stock.

 ARTICLE II 
 ACQUISITIONS AND DISPOSITIONS OF CONSTELLATION STOCK 
 Section 2.1 Acquisition of Constellation Stock. Until
the expiration of the Term (as that term is defined herein) of the Agreement, EDFI or any member of the EDFI Group shall be permitted to acquire and hold shares of Constellation Stock in the aggregate, of no more than 9.9% of the issued and
outstanding shares of Constellation Stock; provided, that (i) all such purchases made under this Section 2.1 shall be done in such a manner as is consistent with then current professional practices for the acquisition of shares of public
companies, and (ii) if after the date of the execution of this Agreement EDFI acquires a subsidiary or controlled affiliate which owns Constellation Stock, EDFI shall have sixty days to divest such Constellation Stock (and during such sixty-day
period (i) such Constellation Stock shall not be included in any calculations under this Section 2.1 and (ii) such sales shall not be subject to the limitations set forth in Section 2.3). 
 Section 2.2 Standstill. 
 (a) Except
as otherwise provided herein, until the expiration of the Term of this Agreement, without the prior written consent of Constellation, EDFI shall not, and shall cause each member of the EDFI Group not to, singly or as part of a group, directly or
indirectly: 
 (i) acquire or propose to acquire (other than as a result of a stock split, stock dividend or other
recapitalization of Constellation) beneficial ownership of any equity securities of Constellation (“Equity Securities”) or any rights to directly or indirectly acquire any Equity Securities, except as contemplated by
Section 2.1; 
  

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 (ii) participate in any solicitation of proxies or become a participant in any election
contest with respect to Constellation; 
 (iii) seek, or offer or make any proposal to Constellation, its representatives or
any shareholder of Constellation, or otherwise make any public announcement with respect to, (1) any merger of Constellation, consolidation or sale of all or substantially all of the assets of Constellation, or a majority of the outstanding
shares of Constellation Stock, or any other form of business combination involving Constellation, (2) any form of restructuring, recapitalization, liquidation or similar transaction involving Constellation, or (3) any proposal or other
statement inconsistent with the terms of this Section 2.2, except as specifically contemplated by the terms of this Agreement or the agreements governing the UniStar Joint Venture or the Nuclear Joint Venture; 
 (iv) join with any other parties to form a “group” with respect to Constellation Stock, as determined pursuant to
Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended; 
 (v) otherwise act, alone or in concert with
others, to seek or offer to control or influence, in any manner, the management, board of directors or policies of Constellation, except as otherwise contemplated by the terms of this Agreement or the agreements governing the UniStar Joint Venture
or the Nuclear Joint Venture (including the investment in the Series B preferred stock of Constellation); or 
 (vi) enter
into any agreement, disclose any intention or knowingly advise, assist or encourage any other person to do any of the above. 
 Notwithstanding anything to
the contrary in this Agreement, EDFI or any other member of the EDFI Group may participate in any tender or exchange offer for Constellation Stock as a seller or, subject to Section 3.3, vote any securities owned by it at any special meeting of
the holders of Constellation Stock to consider any such business combination transaction. Notwithstanding anything in Section 2.2 that may limit any communication or public announcement by EDFI, EDFI shall be permitted to make any communication
and public announcement regarding the operation of, and its ownership interest in, the Nuclear Joint Venture, subject only to the restrictions, if any, on communications and confidentiality set forth in the Master Put Option and Membership Interest
Purchase Agreement, dated as of December 17, 2008, by and among Constellation, EDFI, Électricité de France Development, Inc. and CENG. 
 (b) The restrictions set forth in Sections 2.1 and 2.2(a)(i), (iii) and (iv), and the restrictions set forth in Section 2.2(a)(ii) solely with respect to the solicitation of proxies for purposes other than
an election of directors, shall terminate upon the earliest to occur of: 
 (i) the public announcement by the Company of the
commencement of a process to solicit proposals to effect a change of control transaction; 
  

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 (ii) any third person or group other than EDFI and any of its affiliates or associates
(an “Offeror”) shall have made a filing with the FERC or the NRC to increase its beneficial ownership of then outstanding shares of common stock, or securities convertible into common stock, above 10%, and such Offeror is not, and should
not be considered, a passive investor as described in Rule 13d-1(c) promulgated under the Securities Exchange Act of 1934, as amended; 
 (iii) the public announcement of entry by the Company into a definitive agreement (including a letter of intent) with any Offeror with respect to a transaction which, if consummated, would result in a change of
control of the Company or a sale of all or substantially all of the assets of the Company (other than to a wholly owned subsidiary of the Company); 
 (iv) the issuance by the Company to an Offeror of shares of then outstanding common stock, or securities convertible into common stock, which, when combined with all other shares of then outstanding common stock
beneficially owned by such Offeror (assuming conversion by the Offer of such convertible securities), either (1) represents twenty percent (20%) or more of the voting power represented by all shares of then outstanding capital stock, or
(2) or requires shareholder approval under the rules of the New York Stock Exchange; 
 (v) a liquidation or dissolution
of the Company; 
 (vi) the Company (1) voluntarily commencing any proceeding or a filing of any petition seeking relief
under Title 11 of the United States Code, Sections 101 et. seq. (the “Bankruptcy Code”) or any other federal, state or foreign bankruptcy, insolvency, liquidation or similar Law, (2) applying for or consenting to the appointment of a
receiver, trustee, custodian, sequestrator or similar official for such Person or for a substantial part of its property or assets, (3) filing an answer admitting the material allegations of a petition filed against it in any such proceeding,
(4) making a general assignment for the benefit of creditors or (5) taking any action for the purpose of effecting any of the foregoing (provided that the mere consideration of any of the foregoing is not deemed to be the taking of such
action) or (7) becoming unable, admitting in writing its inability or failing generally to pay its debts as they become due; or 
  

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 (vii) an involuntary proceeding being commenced or an involuntary petition being filed
in a court of competent jurisdiction seeking (A) relief in respect of the Company or of a substantial part of the property or assets of Company, under the Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency,
receivership or similar law, (B) the appointment of a receiver, trustee, custodian, sequestrator or similar official for such Person or for a substantial part of the property of the Company or (C) the winding-up or liquidation of the
Company; and such proceeding or petition continuing undismissed for 60 days or an order or decree approving or ordering any of the foregoing continuing unstayed and in effect 30 days; 
 (viii) Receipt by the Company of a bona fide public proposal from an Offeror with respect to a change of control transaction which is not
rejected by the Company’s Board of Directors within 20 days of receipt; or 
 (ix) The commencement by an Offeror of a
tender offer or exchange offer that, if completed in accordance with its terms, would result in a change of control transaction that the Company’s Board of Directors either has recommended or has not rejected within ten (10) Business Days
of the announcement thereof. 
 Section 2.3 Dispositions of Constellation Stock. During the Term of this Agreement, EDFI may sell,
transfer or dispose of Constellation Stock, provided it does so only in accordance with the volume and manner of sale limitations set forth in Rule 144 of the Securities Act of 1933, as amended. 
 Section 2.4 Beneficial Ownership. For purposes of this Agreement, “beneficial ownership” shall be determined in accordance with Rule
13d-3 under the U.S. Securities Exchange Act of 1934, as amended. 
 Section 2.5 Constellation Issuances. If Constellation elects to
consummate a strategic transaction, alliance or investment that is within a framework mutually developed by Constellation and EDFI, prior to such transaction, alliance or investment Constellation and EDFI may agree that all or a portion of the
funding for such transaction, alliance or investment will be made by the issuance of Constellation securities to a member of the EDFI Group in a form and containing terms and conditions to be mutually agreed upon, which agreement the parties
acknowledge may entail amendments to this Agreement. 
 Section 2.6 Business Day. For purposes of this Agreement, “Business
Day” means any day between Monday and Friday, inclusive, that is not a day on which banking institutions in New York, New York or Paris, France are authorized or obligated by law or executive order to close. 
  

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 ARTICLE III 
 OBSERVER; DIRECTOR NOMINEE; VOTING; COMMERCIALLY REASONABLE EFFORTS 
 Section 3.1 Observer
on Nuclear Committee. For so long as each of EDFI (or any of its affiliates or subsidiaries) and Constellation (or any of its affiliates or subsidiaries) owns any membership interests in the UniStar Joint Venture, if EDFI does not otherwise have
a Director Nominee under the terms of Section 3.2, EDFI shall be permitted to designate an observer to attend and participate in all meetings of, and receive all materials distributed to, Constellation’s Committee on Nuclear Power,
provided, that such observer shall not be permitted to attend any portion of a Committee on Nuclear Power meeting at which the presence of such EDFI designated observer would contravene any governmental law, regulation or clearance requirement.

 Section 3.2 Director Nominee. 
 (a) Within two (2) Business Days following the date on which the sale of the Designated Interest to EDFI or an affiliate is consummated, the number of directors constituting the Constellation Board of Directors shall be automatically
increased by one (1) and, EDFI shall have the right to nominate one (1) individual (herein referred to as the “EDFI Nominee”), and the Board of Directors shall appoint such EDFI Nominee to such newly created directorship.
The EDFI Nominee so appointed shall serve until the next annual meeting of the stockholders of Constellation and until his or her successor is elected and qualifies. The Board of Directors shall cause Constellation to include the EDFI Nominee in the
slate of nominees recommended by the Board of Directors to the holders of Constellation’s common stock for election at the 2009 annual meeting of stockholders of Constellation and for reelection at every meeting thereafter and shall use all
commercially reasonable efforts to cause the election of the EDFI Nominee, including soliciting proxies in favor of his or her election. In the event the EDFI Nominee resigns, is unable to serve as a member of the Board of Directors, is removed from
the Board of Directors or fails to be elected as a member of the Board of Directors at any annual stockholders meeting, EDFI shall have the right to nominate another individual (a “Substitute Nominee”) and the Board of Directors shall
appoint such Substitute Nominee to fill the vacancy created by the resignation or removal of the prior EDFI Nominee, at which point such Substitute Nominee shall be deemed to be the EDFI Nominee. EDFI’s rights hereunder with respect to the
appointment of the EDFI Nominee shall be terminated at such time as EDFI has transferred, sold or otherwise disposed of its membership interests in CENG to a third party (and not to an affiliate) such that its ownership interest in CENG is less than
25% of the outstanding membership interests in CENG. 
 (b) For so long as such membership does not conflict with any applicable law or
regulation or listing requirement of the NYSE or any other applicable market (as determined in good faith by the Board of Directors of Constellation) on which Constellation Stock is listed for trading, the EDFI Nominee shall be entitled to serve as
a member of each committee of the Board of Directors, except for any committee formed to consider a transaction between Constellation and the EDFI Group or any member thereof. 
  

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 (c) If EDFI has not exercised its right to nominate a EDFI Nominee but is entitled to do so pursuant to
this Section 3.2, it may appoint a board observer (the “Board Observer”) who shall have the right to attend and participate in all meetings of, and receive all material distributed to, the Board of Directors, but shall not be
entitled to vote at meetings of the Board of Directors or any committees thereof. The Board Observer shall be entitled to attend and participate in each committee of the Board of Directors, except for any committee formed to consider a transaction
between Constellation and any member of the EDFI Group. Constellation shall reimburse the Board Observer for all costs and expenses reasonably incurred in connection with attending any meetings of the Board of Directors or committees thereof.
Notwithstanding the above, Constellation has the right to withhold any information from the Board Observer and to exclude the Board Observer from any meeting or portion thereof if access to such information or attendance at such meeting, could:

 (1) based on the advice of Constellation’s outside counsel, adversely affect the attorney-client privilege between
Constellation and its counsel; 
 (2) cause the Board of Directors to breach its duties; or 
 (3) result in a conflict between interests of Constellation, on the one hand, and those of the Board Observer or its Affiliates, on the
other hand. 
 Constellation will use its reasonable best efforts to ensure that any withholding of information or any restriction on attendance is strictly
limited only to the extent necessary as set forth in the preceding sentence. Notwithstanding anything in the foregoing to the contrary, Constellation shall be entitled to take actions and establish procedures to the extent reasonably required to
restrict the access of the Board Observer to any restricted national security data of Constellation or of any other person whose national security data is in the possession or control of Constellation. The Board Observer shall not have any authority
to bind Constellation. 
 Section 3.3 Voting of Constellation Stock. EDFI shall vote any shares of Constellation Stock that it
beneficially owns in any manner that it chooses on matters submitted for approval to the holders of Constellation Stock relating to any of the following: 
 (a) any merger, acquisition, consolidation, share exchange, amalgamation or similar business combination of Constellation, or sale of all or substantially all of the assets, or of a majority of the outstanding shares
of Constellation Stock; 
 (b) any split-off, spin-off, recapitalization or any extraordinary transaction involving the capital stock of
Constellation; 
  

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 (c) Any amendment to the Articles of Incorporation (including and increase in the authorized number of
shares of capital stock) or the Bylaws of Constellation; 
 (d) Any issuance of shares of capital stock submitted for approval to the
holders of Constellation Stock; or 
 (e) Any other extraordinary transaction for which shareholder approval is required under the Maryland
General Corporation Law. 
 On any other matters submitted to the holders of Constellation Stock (such as, for example, annual election of director and
approval of equity compensation plans), EDFI shall (and shall cause each member of the EDFI Group to) vote any shares of Constellation Stock that it beneficially owns in the manner recommended by the Constellation board of directors. 
 Section 3.4 Cooperation. Constellation and EDFI each agree to use all commercially reasonable efforts to facilitate the consummation of the
transactions contemplated hereby, including, without limitation, by taking necessary actions to obtain antitrust approvals and facilitating obtaining any necessary clearances so that an EDFI Nominee can attend all meetings of the Constellation Board
of Directors. 
 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.1 Effectiveness. This Agreement shall be effective as of the date of this amendment
and restatement. This Agreement replaces the Original Agreement in its entirety and the Original Agreement is of no further force or effect. 
 Section 4.2 Term. The term (the “Term”) of this Agreement shall begin on the date hereof, and (i) Section 3.2 shall survive until such time as EDF is not a member of the Nuclear Joint Venture; and
(ii) the remaining provisions of this Agreement shall continue until July 20, 2012, provided, however, that Sections 2.1, 2.2, 2.3 and 3.3 shall be of no further force or effect following a change of control of Constellation,
and provided further, however, that this Article IV shall survive until the latest to occur of the events described in clauses (i) and (ii) of this Section 4.2. 
 Section 4.3 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 4.4 Dispute Resolution. 
 (a) In the event of any dispute arising out of or in connection with this Agreement, including any dispute regarding existence, termination or validity, each party shall 

  

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have the right to have recourse to and shall be bound by the pre-arbitral referee procedure of the International Chamber of Commerce in accordance with its
rules for a Pre-Arbitral Referee Procedure. All disputes arising under or in connection with this Agreement (including as to existence, termination and validity) shall be finally settled under the Rules of Arbitration of the International Chamber of
Commerce (the “Rules”) by three arbitrators appointed in accordance with said Rules. The place of the pre-arbitral referee procedure and of the arbitration procedure shall be New York, New York, United States of America. The
proceedings before the arbitral tribunal (including with respect to the Pre-Arbitral Referee Procedure) shall be governed by the Rules. The rules of law to be applied by the arbitral tribunal to the merits of the dispute shall be the rules of laws
of the State of New York. The language of the arbitration shall be English. Evidence shall be provided in English and pleadings shall be done in English. The arbitral tribunal shall render its decision within six months from the date of signature of
the terms of reference. Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration proceeding. The Parties waive to the extent permitted by applicable Law any rights to appeal or to review of such
award by any court or tribunal. The Parties agree that the arbitral award may be enforced against the parties to the arbitration proceeding or their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any
court having jurisdiction thereof. 
 (b) Each party acknowledges that the other would not have an adequate remedy for money damages in the
event that any or all of the covenants contained in this Agreement were not performed in accordance with their terms and therefore agrees that the other party shall be entitled to other relief, including injunctive relief and specific performance of
such covenants, in addition to any other remedy to which such party may be entitled. Notwithstanding any other provision of this Section 4.4, EDFI and Constellation shall have the right to obtain injunctive relief from any federal or state
court located in the Borough of Manhattan, City of New York. Each of EDFI and Constellation hereby irrevocably consents to personal jurisdiction in any such action and to service of process by mail in any manner permitted by the laws of the State of
New York and agrees that service of process by registered mail sent to its principal executive office shall be effective service of process for such action, suit or proceeding brought against such party in any such court, and waives any objection to
venue in any such New York court. 
 Section 4.5 Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon Constellation and EDFI and their respective affiliates, successors and assigns, including any successor to Constellation or EDFI of substantially all of Constellation’s or EDFI’s assets or business. EDFI is expressly permitted to
assign any of its rights, interests and obligations hereunder to an affiliate of EDFI to whom it may transfer its ownership interests in its Constellation Stock. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 Section 4.6 Entire Agreement; Amendment. This Agreement shall constitute the entire agreement between the parties with regard to the subject
matter hereof, provided, that nothing in this Agreement is intended to amend or modify in any respect the terms and 

  

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conditions of the Nondisclosure Agreement by and between EDFI and Constellation, dated as of July 20, 2007, or the UniStar Nuclear Energy, LLC Operating
Agreement, dated as of July 20, 2007 and each shall continue in full force and effect in accordance with its terms. No modification, amendment or waiver of this Agreement shall be binding without the written consent of the parties hereto.

 Section 4.7 Waiver. It is understood and agreed that no failure or delay in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any further exercise thereof or the exercise of any other right, power or privilege hereunder. 
 Section 4.8 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but both of which shall
constitute the same agreement. 
 Section 4.9 Other Agreements. In the event (a) Constellation enters into a similar agreement
with a strategic or industrial shareholder who owns at least 5 percent of the issued and outstanding Constellation Stock, and (b) such agreement is on terms which are materially more favorable to such shareholder than the terms of this
Agreement are to EDFI, then EDFI shall be deemed to have the same materially more favorable rights and benefits of such other agreement commencing on the effective date of such other agreement. In such event, Constellation hereby agrees to amend
this Agreement, as soon as practicable, but in any event within ten (10) Business Days after the effective date of such other agreement, to provide EDFI with the same materially more favorable terms. 
 [Signature page follows.] 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective duly
authorized officers as of the date first above written. 
  

			
	CONSTELLATION ENERGY GROUP, INC.
		
	By:	 	 /s/ Charles A. Berardesco

	Name:	 	Charles A. Berardesco
	Title:	 	Senior Vice President and General Counsel
	
	ÉLECTRICITÉ DE FRANCE INTERNATIONAL, SA
		
	By:	 	 /s/ Daniel Camus

	Name:	 	Daniel Camus
	Title:	 	Chairman

 [Signature Page to Amended and Restated Investor Agreement] 
  

 12Employment Agreement

 Exhibit 10.01 
 Private & Confidential 
 Mary F. Morgan 
 c/o NuStar Energy L.P. 
 2330 North Loop 1604 West 
 San
Antonio, Texas 78248 
 December 17, 2008 
 Dear
Ms. Morgan: 
 This letter agreement (the “Agreement”), effective December 17, 2008 (the “Effective Date”),
confirms your assignment on the terms set out below (“Assignment”) and will be in effect for the duration of the Assignment. This is a contract of employment that governs the terms and conditions of the expatriate component of your
Assignment and is binding on you and NuStar GP, LLC, a Delaware limited liability company with a principal place of business in San Antonio, Texas (“Employer”). Please review this Agreement carefully before signing. 
 As discussed with you, you will remain an employee of Employer throughout the Assignment. During the term of the Assignment, you will be working for NuStar Eastham
Limited, a company incorporated under the laws of the United Kingdom (the “Company”). 
 You will be located for purposes of this Assignment
at the Company’s Maidenhead, England Office, subject to you obtaining legal authorization to work in the United Kingdom. 
 Now, therefore, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows: 
 1. Job Title and
Responsibilities: Your Assignment will be to the position of President—European Operations. Your duties are described in Annex 1 to this Agreement. During this time, you will report to Curtis V. Anastasio, Employer’s
President and Chief Executive Officer, who will be responsible for ensuring that you complete your Assignment responsibilities successfully. 
 2.
Duration of this Agreement: This Assignment will commence on January 1, 2009 and terminate on December 31, 2010, unless terminated earlier in accordance with either Section 12 or 13 below (the “Assignment
Period”). The Assignment Period may be extended by mutual agreement in writing. 
 3. Employment Type and Governing Law: You are going
on an expatriate assignment for the Assignment Period. Your terms and conditions of employment with Employer, including the at-will nature of your employment, will continue, except where specifically modified by this Agreement. This Agreement will
be governed by 

 Morgan Agreement 
 12/17/2008

 Page 2 
  
 
the laws of the United States and the State of Texas without regard to their choice of law provisions, and you hereby forfeit any and all rights you have or
may have under the laws of the United Kingdom, other than those specifically provided for herein. Any disputes relating to this Agreement must be brought exclusively in the appropriate court in Texas. Upon the completion of this Assignment and the
resulting termination of this Agreement, your terms and conditions of employment will be addressed at that time. If your next assignment is also an expatriate assignment, new terms and conditions will be negotiated with you. 
 4. Duties during Assignment: During the Assignment you will: 
  

	 	(i)	remain an employee of Employer and be seconded by agreement to the Company for the duration of the Assignment, and you will not be incorporated into the employment systems of the
Company unless with the designation of “Expatriate”; 

  

	 	(ii)	unless prevented by incapacity or illness, devote the whole of your time, attention and skill to your Assignment duties, 

  

	 	(iii)	faithfully and diligently perform duties and exercise such powers as may from time to time be reasonably assigned to or vested in you by the Company; 

  

	 	(iv)	obey all reasonable and lawful directions given to you by the Company, and use your best endeavours to promote the interests of the Company; 

  

	 	(v)	abide by all policies and procedures of your Employer, and of the Company where appropriate, including but not limited to policies prohibiting unlawful discrimination; and

  

	 	(vi)	refrain from exercising any officer-related responsibilities on behalf of Employer that are not directly related to your position on the Assignment, except while within the borders
of the United States. 

 5. Place of work: Your primary place of work will be the United Kingdom, but you will be expected to
travel extensively throughout the United Kingdom and Europe, as reasonably designated by the Company during this Assignment. 
 6. Hours of
work: You will be required to work the number of hours necessary for the successful completion of your Assignment. You acknowledge that the limit in Regulation 4(1) of The Working Time Regulations 1998 shall not apply to you and accordingly
agree that your working time (including overtime) may exceed an average of forty-eight (48) hours for each seven (7) day period in the reference period whenever necessary for the proper discharge of your duties or in any event as may be
required by the Company. 
  

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 Morgan Agreement 
 12/17/2008

 Page 2 
  
 7. Compensation: Your compensation and certain other matters are detailed in the Term Sheet attached hereto (and incorporated herein) as Annex 2. 
 8. Holidays: Your vacation entitlement will be four (4) weeks per year. All other paid holidays will be taken consistent with the holiday policy of the
Company. In the event you repatriate or take a new assignment without having taken all the vacation time due you, your accrued but unused vacation will be handled according to Employer’s policies in effect at the time. 
 9. Disciplinary and Grievance: During the course of your Assignment, you will remain responsible to Employer for purposes of discipline and correction.
Employer policies and procedures will continue to apply. Company personnel may provide input regarding your performance as requested or during any salary or disciplinary review. 
 10. Expenses: Any business expenses incurred during your Assignment must be submitted to the Company in accordance with its normal procedures for approving and reimbursing business expenses. 

11. Company Property: At the end of the Assignment you will deliver to the Company all of its property and confidential information as well as all
documents (including correspondence, lists of customers, notes, memoranda, plans, drawings, other documents or goods or products of whatever nature) made or compiled by or delivered to you during the Assignment and relating to the business, finances
or affairs of the Company or its customers or suppliers. 
 12. Termination of Employment: Termination of employment is defined as complete
cessation of employment responsibilities to any company that is affiliated with Employer and does not mean the transfer from one set of job responsibilities to another. Therefore, the end of your Assignment does not constitute termination of
employment. If during the course of your Assignment, termination of your employment relationship with Employer becomes necessary, termination will be handled by Employer’s policies in effect at the time of termination. 
 13. Assignment Completion: The Assignment will be completed upon the earliest to occur of the following events: 
  

	 	(i)	The expiration of the Assignment Period; 

  

	 	(ii)	Company’s determination that the Assignment has been fully completed; 

  

	 	(iii)	Employer’s decision to recall you from the Assignment; 

  

	 	(iv)	your acceptance of another expatriate assignment, if offered; 

  

	 	(v)	your decision to localize to a position with the Company; or 

  

	 	(vi)	the termination of your employment with Employer as provided in Section 12 above. 

 14. Repatriation: If (i) Employer or the Company terminates your Assignment for any reason except “Cause” (as defined below); (ii) you request termination of the Assignment to return
to employment with Employer in the United States; or (iii) you request termination of the Assignment due to your retirement, you will be repatriated in accordance with Employer’s policies and procedures in effect at the time. 

 

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 “Cause” shall mean the (i) your conviction by a state or federal court of a felony involving moral turpitude, your conviction by a state or federal court of embezzlement or misappropriation of
funds of Employer, the Company or any of their affiliates (“NuStar”), (iii) NuStar’s reasonable determination that you have committed an act of fraud, embezzlement, theft or misappropriation of funds in connection with
your duties in the course of your employment with NuStar, (iv) NuStar’s reasonable determination that you have engaged in gross mismanagement, negligence or misconduct that causes or could potentially cause material loss, damage or injury
to NuStar, or (v) NuStar’s reasonable determination that: (a) you have violated any policy of NuStar, including but not limited to, policies regarding sexual harassment, insider trading, confidentiality, substance abuse and/or
conflicts of interest, which violation could result in the termination of your employment, or (b) you have failed to satisfactorily perform the material duties of your position with NuStar. 
 15. Nondisclosure. You agree and acknowledge that contemporaneously with the execution of this Agreement and throughout the course of your
employment with NuStar, NuStar shall disclose to you various “Confidential Information” (defined below), including non-public, confidential, and proprietary information pertaining to the business of NuStar and its customers, clients,
investors, affiliates, or business partners that is not available to the general public, that you have not received from NuStar prior to the execution of this Agreement and that you would not otherwise receive. At all times during your
employment and thereafter, you will hold in strictest confidence and will not disclose, use, provide access to, or publish any Confidential Information, except as such disclosure, use or publication may be required in connection with your work for
NuStar or as otherwise set forth in this Agreement. Except as set forth herein, you agree that all Confidential Information, whether prepared by you or otherwise coming into your possession, shall remain the exclusive property of NuStar during
your employment with NuStar. You will obtain NuStar’s written approval before publishing or submitting for publication any material (written, oral, or otherwise) that relates to your work at NuStar, any Confidential Information and/or any
material that incorporates any Confidential Information (other than disclosing NuStar on a resume, curriculum vitae or similar type of work history document). You hereby assign to NuStar any rights you may have or acquire in such Confidential
Information and recognizes that all Confidential Information is the sole property of NuStar and its assigns.
 “Confidential Information” is
defined as consisting of, but not limited to, information relating to: (1) business operations and methods; (2) existing and proposed investments and investment strategies; (3) financial performance; (4) compensation
arrangements and amounts (whether relating to NuStar or to any of its employees); (5) contractual relationships (including the terms of this Agreement); (6) business partners and relationships, including clients, investors and service
providers; (7) business and marketing plans and strategies; (8) lists with information or requirements related to existing or prospective customers, clients, investors, partners or service providers; (9) computerized investment
approaches, methodologies, trading systems or programs, mathematical models, simulated results, simulation software, price or research databases, analytical results or technical data, regardless of the medium in which any such information is
contained; (10) trade secrets and confidential or proprietary information, regardless of the medium in which any such 

  

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information is contained and includes information that is regularly used in the operation, technology and business dealings of NuStar. Confidential
Information shall not include: (A) information that you may furnish to third parties regarding your obligations under Sections 15 and 16 hereof, (B) information that you are required by law, regulation, court order or discovery demand to
disclose; provided, however, that in the case of clause (B), you give NuStar, to the extent permitted by law, reasonable notice prior to the disclosure of the Confidential Information and the reasons and circumstances surrounding such disclosure to
provide NuStar an opportunity to seek a protective order or other appropriate request for confidential treatment of the applicable Confidential Information. 
 You agree that all Confidential Information, whether prepared by you or otherwise coming into your possession, shall remain the exclusive property of NuStar during your employment with Employer. You further agree that you shall not,
without the prior written consent of NuStar, use, disclose, provide access to or publish to any third party any of the Confidential Information described herein, directly or indirectly, either during your employment with NuStar or at any time
following the termination of your employment with NuStar, except as otherwise provided for in paragraph above. 
 Upon termination of this Agreement, you
agree that all Confidential Information and other files, documents, materials, records, notebooks, customer or investor lists, business proposals, contracts, agreements and other repositories containing information concerning NuStar or the business
of NuStar (including all copies and electronic versions thereof) in your possession, custody or control, whether prepared by you or others, shall remain with or be returned to NuStar promptly (within twenty-four (24) hours) after the
termination date.
 16. Noncompete and Nonsolicitation. 
  

	 	(a)	Business Relationships and Goodwill. You acknowledge and agree that, as an employee of Employer and representative of NuStar, you will be given specialized training and
Confidential Information that would be advantageous to a business competitive with NuStar. You acknowledge and agree that this creates a special relationship of trust and confidence between NuStar, you and NuStar’s current and prospective
customers. You further acknowledge and agree that NuStar has spent considerable time, effort and resources in developing important and invaluable relationships with its current and prospective customers, and that you will be provided access to
these current and prospective customers by virtue of your employment with NuStar pursuant to this Agreement. You further acknowledge and agree that there is a high risk and opportunity for any person given such responsibility, specialized
training and Confidential Information to misappropriate the relationship and goodwill existing between NuStar and NuStar’s current and prospective customers. You therefore acknowledge and agree that it is fair and reasonable for NuStar to
take steps to protect itself from the risk of such misappropriation. Consequently, you agree to the following noncompetition and nonsolicitation covenants. 

  

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	 	(b)	Scope of Noncompetition Obligation. 

 (i) You
acknowledge and agree that the period of twelve (12) months following the termination or expiration of this Agreement for any reason will constitute the non-compete, non-solicit and non-divert period (the “Non-Interference
Period”). During your employment and during the Non-Interference Period, you will not engage in duties or provide services to a Competitor that are substantially similar to those you provided to NuStar under this Agreement, in any
capacity. The term “Competitor” means a company engaged in the business of transporting, selling, storing or terminalling of petroleum products or other liquids. 
 (ii) You agree that you shall not at any time during your employment divert away or attempt to divert away any business from NuStar to another
company, business or individual. Additionally, you shall not, during the Non-Interference Period, solicit, divert away or attempt to divert away business from any NuStar Contact, either directly or indirectly. “NuStar
Contact” is defined as any person, company, or business that you contacted, solicited, serviced or had access to Confidential Information about, including current and prospective customers and investors; provided, however, this provision
shall not apply to any NuStar Contact you worked with prior to executing this Agreement. “Solicit” is defined as soliciting, inducing, attempting to induce, or assisting any other person, firm, entity, business or organization,
whether direct or indirect, in any such solicitation, inducement or attempted inducement, in all cases regardless of whether the initial contact was by you, the NuStar Contact or any other person, firm, entity, business or organization. 

(iii) You further agree that during the Non-Interference Period, you will not directly or indirectly: (a) solicit, entice, persuade or
induce any employee, agent or representative of NuStar, who was an employee, agent or representative of NuStar at the time of the termination or expiration of this Agreement, to terminate such person’s relationship with NuStar or to become
employed by any business or person other than NuStar; (b) approach any such person for any of the foregoing purposes; (c) authorize, solicit or assist in the taking of such actions by any third party; or (d) hire or retain any such
person. 
 17. Acknowledgement. You hereby acknowledge that the restrictions contained in this Agreement are a reasonable and necessary
protection of the immediate interests of NuStar, that any violation of these restrictions would cause substantial and irreparable injury to NuStar, and that Employer would not have employed and/or continued to employ you without receiving the
additional consideration offered by you in binding yourself to these restrictions. You further acknowledge that the limitations as to time, geographic scope and scope of activity to be restrained as defined herein are reasonable and do not
impose a greater restraint than is necessary to protect the Confidential Information and goodwill or other business interest of NuStar.
  

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 18. Survival of Covenants. Sections 15 and 16 shall survive the expiration or termination of this Agreement for any reason. You agree not to challenge the enforceability or scope of Sections 15
and 16. You further agree to notify all future persons, funds or businesses, with which you become affiliated or by which you are employed, of the restrictions set forth in Sections 15 and 16, prior to the commencement of any such affiliation
or employment. 
 19. Severability and Reformation. If any one or more of the terms, provisions, covenants or restrictions of this
Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable
provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed
by limiting and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law. 
 20.
Notification of New Employer. In the event that the Assignment is terminated for any reason, you hereby consent to the notification by NuStar to your new employer of your rights and obligations under this Agreement. In addition,
in the event that you plan to render services to a company that works in a similar field as NuStar, you agree to provide NuStar with as much notice as possible of your intention to join that company or business but in no event will you provide less
than two (2) weeks notice of that intention; provided, however, the provision of such notice and NuStar’s receipt thereof shall not constitute a waiver of any breach of any provision of this Agreement. This Section 20 shall
terminate upon the expiration of Section 16 of this Agreement. 
 [Remainder of page intentionally left blank. Signatures on following
page.] 
  

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 This Agreement (which includes Annexes 1 and 2 attached hereto and incorporated herein) constitutes the entire agreement between us with regard to the terms outlined herein pertaining to Assignment, and
supersedes any previous agreement (whether verbal or written) made between us at any time. This Agreement may be modified in writing and signed by both parties. 
 If you have any questions you would like to discuss, please do not hesitate to contact me. We wish you every success on your Assignment. 
  

	
	Best regards,
	
	 /s/ Mary Rose Brown

	Mary Rose Brown
	Senior Vice President- Administration
	NuStar GP, LLC

  

			
	Attachments:	    	Annex 1 – Job Description
		    	Annex 2 – Term Sheet

 Signature and acknowledgement by Employee: 
 I have read and understood the terms and conditions of the Agreement, and by my signature below, I acknowledge and agree to the terms and conditions of the Agreement.

 I understand that Employer holds information relating to me that may be subject to the applicable data privacy laws for the United Kingdom and the
European Union. By signing this Agreement, I also consent to Employer and the Company processing, both manually and by electronic means, my personal data and in particular any sensitive personal data, and I consent to the transfer of my personal
data (including sensitive personal data) between Employer and the Company provided any such transfer is in accordance with all relevant data protection laws. 
  

			
	Signed	 	 /s/ Mary F. Morgan

		 	Mary F. Morgan
		
	Date	 	  

 Please return one signed Agreement to: 
 HR MANAGER 
  

 2 

 ANNEX 1 
 JOB DESCRIPTION: 

 Job Title: President, European Operations/Sr. Vice President 
  

			
	Department:	  	European Operations and Marketing
	Reports to:	  	President and CEO, NuStar Energy
	Supervises:	  	 Managing Director UK, Managing Director Netherlands,
 Regional Human Resources Representative, Vice President
 International Marketing and Business Development

	Category:	  	Exempt

 JOB SUMMARY 
 Responsible and accountable for all operational and commercial activities in the European Region. Will ensure that assets in the region are properly maintained and that systems are continually improved through efficiencies and technological
improvements to enhance system integrity, operating results, safety, security and risk management. Will ensure NuStar human resources policies and procedures are coordinated with headquarters and effectively communicated to employees throughout the
region. Will ensure optimum coordination of information systems with NuStar Headquarters. 
 Formulates and directs business strategies which will promote
revenue development and maintenance for international assets and markets. Oversees identification of key market targets and directs strategies for developing commercial relationships with customers and competitors. Oversees contract negotiation,
terms and pricing to maximize revenues and utilization of Company assets. Identifies and develops internal growth projects and acquisition targets which support the Company’s strategic goals and financial requirements. Identifies and pursues
those projects which have the highest probability of success and are most likely to produce the greatest value to the Company. 
 Formulates and directs
business strategies which will promote increased product sales and trading, improved margins and opening of new markets. Coordinates supply and trading activities with NuStar Headquarters Marketing, Supply and Trading. Oversees negotiation of
product purchase and sales contracts. Identifies optimum product pricing strategies through the utilization of market research, shipper and industry discussions, and competitive and economic analysis. Reviews and approves daily product trades,
purchases, sales and inventory position. Ensures all necessary information is provided daily to NuStar Headquarters Risk Management Group and ensures compliance with all Risk Management policies and procedures. 
 ESSENTIAL JOB FUNCTIONS: 
 Stewards all operational,
environmental, health and safety activities, including engineering, information systems, HSE, and human resources. Stewards regional accounting activities and financial reporting. 
 Leads origination, analysis and capture of logistics and storage opportunities, which would include new business development, mergers & acquisitions, joint ventures, and asset trades; participates in
evaluating potential mergers & acquisitions and purchase and sale agreement negotiations. 

 Leads negotiation of contract terms and pricing to maximize revenues and utilization of Company assets. 
 Develops customer and other business relationships to identify and capture opportunities and anticipate change. Explores future position of Company assets in relation to
customers’ prospective business needs and opportunities. 
 Prepares and presents the annual expense, capital and revenue budgets. Ensures
weekly/monthly forecasts and monthly financial results are provided to Headquarters. Directs regional participation in development of the Strategic Plan. 
 Directs contract administration to ensure all contract terms and escalations are properly and timely implemented and invoiced. 
 Provides
managerial leadership and selects, supervises, and evaluates staff. Conducts/direct performance evaluations. Initiates salary action and disciplinary actions when warranted. Resolves grievances and other sensitive personnel matters. Provides
training and motivation to make full use of individual capabilities and to meet changing systems demands. 
 OTHER JOB FUNCTIONS: 

Performs other related duties as assigned. 
 WORKING CONDITIONS AND
ENVIRONMENT: 
 Approximately 40% of work is performed within an office environment. Approximately 60% of work involves travel outside the office.

 PHYSICAL DEMANDS: 
 Periods of extended sitting
are required. Extensive use of computer equipment. Activities such as bending, lifting, stooping, squatting, etc., are essential to the job. Requires frequent telephone activity. 
 Employee must be physically capable of completing and satisfying all training requirements as stipulated by local, state or federal agencies and/or Company policy. 
 QUALIFICATIONS: 
 Knowledge of: 
  

	 	•	 	 Operations of petroleum pipeline transportation, terminal services, marine operations and product supply/demand 

  

	 	•	 	 Petroleum product markets, pricing, futures, differentials 

  

	 	•	 	 International product and logistics markets and their relationship to US markets 

  

	 	•	 	 Fuel specifications, regulations and their relationship to pricing and blending opportunities 

  

	 	•	 	 Company business strategies and planning requirements 

  

	 	•	 	 Company policies and procedures associated with financial metrics, reporting, controls, risk management, human resources, information systems and HSE

  

	 	•	 	 Customer base, requirements and market potential 

	 	•	 	 Financial analysis and management, including budget preparation, expenditure control and reporting 

  

	 	•	 	 Internal procedures affecting flow of information, filing, etc. 

  

	 	•	 	 Company Policies and Procedures 

  

	 	•	 	 Management and supervisory principles and practices 

 Ability to: 
  

	 	•	 	 Make sound business decisions based on developed economic, strategic and critical thinking skills 

  

	 	•	 	 Set demanding performance levels for the operations staff and throughout the region. Consistently demonstrate high ethical standards and lead by example.

  

	 	•	 	 Physically perform the essential job functions 

  

	 	•	 	 Communicate effectively both orally and in writing 

  

	 	•	 	 Plan, organize and oversee assigned work programs. Coach, mentor and develop personnel. 

  

	 	•	 	 Develop and maintain relationships with customers, competitors, potential business partners and regulatory agencies 

  

	 	•	 	 Mediate and negotiate business issues with both internal and external parties 

  

	 	•	 	 Determine value of company services, evaluate market conditions and set pricing 

  

	 	•	 	 Prepare reports, correspondence and records 

  

	 	•	 	 Recognize sensitive or confidential information and treat it accordingly 

 EXPERIENCE AND TRAINING GUIDELINES: 
 A minimum of 20-25 years of diverse and progressively responsible
industry-related experience preferred. Knowledge of refineries, pipeline/terminal/marine operations, product pricing, sales, trading, blending and business applications required. Experience should demonstrate proficiency in operations, management,
planning, financial reporting, marketing, business development, and competitive analysis. Bachelor’s degree in Engineering, Business Administration, Marketing or related discipline required. MBA or other advanced degree preferred. 

LICENSE OR CERTIFICATE: 
 If the employee is subject to
license or certification requirements or training as stipulated by local, state or federal agencies or the Company, now or in the future, compliance is required under this job description. 

 ANNEX 2 
 TERM SHEET 
 This term sheet is Annex 2 to that certain agreement between NuStar GP, LLC and Mary F. Morgan
dated December 17, 2008 (the “Agreement”) and is incorporated therein by reference. 
  

			
	NAME:	 	Mary F. Morgan
		
	TITLE:	 	Your title with the NuStar entities incorporated in the U.K. will be President—European Operations, and you will be overseeing all European operations.
		
	LOCATION:	 	The location of your assignment will be Maidenhead, England.
		
	TERM OF ASSIGNMENT:	 	Your assignment to England will be for twenty-four (24) months (the “Assignment”).
		
	ANNUAL BASE SALARY	 	Your annual base salary will be $320,000.
		
	ANNUAL PERFORMANCE BONUS	 	During your Assignment, NuStar GP, LLC (“NuStar”) will pay an annual performance bonus in accordance with the then-current NuStar bonus plan.
		
	COMMODITIES & SERVICES (C&S) DIFFERENTIAL	 	NuStar will pay you the current C&S of $1,868 per month, and NuStar will review the C&S differential twice a year.
		
	TAX CONSIDERATIONS	 	NuStar will provide tax equalization for you, which means you will pay hypothetical federal, state and social security stay-at-home tax, through withholdings, on wages and supplemental items
such as bonuses that you would normally receive had you stayed at home working in the United States, based on U.S. tax law.
		
		 	NuStar will provide tax preparation for you for each year (or partial year) of the Assignment.

			
		
	HOST COUNTRY HOUSING/UTILITIES	 	During the term of the Assignment, NuStar will provide housing and utilities, but you will be required to share in your total cost of rent and utilities. Your contribution, or the
“housing norm,” will be equal to your most recent actual monthly housing costs in San Antonio, estimated to be $1,600 per month. NuStar will deduct the housing norm amount from your pay on a monthly basis.
		
	MEDICAL & DENTAL COVERAGE	 	You will continue to have the option of participating in NuStar medical and dental plans.
		
	COMPANY VEHICLE	 	During the Assignment, NuStar will provide you with an automobile. You will have the option to purchase this automobile at the end of its lease period for the residual value of the lease as
calculated by the leasing company.
		
	HOME LEAVE	 	For each 12-month period of the Assignment, NuStar will pay for the business-class airfare for one (1) trip home for you and your spouse. NuStar will pay you the estimated cost of such
airfare, as determined annually by NuStar’s travel department, at the beginning of each such period.
		
	INCIDENTAL EXPENSE ALLOWANCE	 	Upon your execution of a definitive employment agreement with NuStar for the Assignment, NuStar will pay you a $15,000 lump sum for incidental expenses associated with the
Assignment.
		
	TEMPORARY LIVING EXPENSES	 	NuStar will pay your temporary living expenses associated with the Assignment, on an “as needed” basis and for a total of not more than thirty (30) days.

			
		
	EXPLORATORY TRIP	 	NuStar will pay you for an exploratory trip, including airfare, local transportation, hotel and meals, for you and your spouse. The trip can be up to seven (7) calendar days, which includes
two (2) travel days.
		
	SHIPPING OF HOUSEHOLD GOODS	 	Subject to certain restrictions, NuStar will pay for the cost of shipping your household goods to the Assignment location.
		
		 	If you have large appliances and household goods that will not be shipped to the foreign location, NuStar will pay to have those items either: (a) shipped to a single domestic destination of
your choice; or (b) subject to storage restrictions, placed in storage at NuStar expense.
		
	TRANSPORTATION TO/FROM HOST COUNTRY	 	NuStar will pay for the cost of airfare for you and your spouse for an initial relocation repatriation trip.
		
	HOME SALE ASSISTANCE (ORIGIN)	 	NuStar will not assist with your sale of your U.S. residence.
		
	REPATRIATION –RELATED MEDICAL	 	NuStar will pay for a complete medical examination for you prior to relocation. NuStar will pay for all required/suggested vaccinations for destination country for you and your
spouse.

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