Document:

exv10w3

Exhibit 10.3

WAIVER AGREEMENT

     This WAIVER AGREEMENT (this “Agreement”) is made and entered into as of this 21st day of
February, 2011, by and between Holly Corporation, a Delaware corporation (“Holly”), and Matthew P.
Clifton (the “Employee”).

     Reference is hereby made to that certain Agreement and Plan of Merger, dated as of even date
herewith (the “Merger Agreement”), by and among Holly, North Acquisition, Inc., a Wyoming
corporation (“Merger Sub”) and Frontier Oil Corporation, a Wyoming corporation (“Frontier”),
pursuant to which, subject to the terms and conditions contained therein, Merger Sub will be merged
with and into Frontier (the “Merger”), with Frontier remaining the surviving corporation in the
Merger and becoming a wholly-owned subsidiary of Holly. Capitalized terms used herein and not
defined shall have the meanings ascribed to them in the Merger Agreement.

     Now, therefore, in consideration of the mutual covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Holly and
the Employee agree as follows:

     1. Effective Time. The agreements set forth in Section 2 below shall become effective
immediately prior to the Effective Time of the Merger; provided, that if the Closing does
not occur in accordance with the terms of the Merger Agreement, this Agreement shall terminate and
have no further force or effect without the need for any additional action by Holly or the
Employee.

     2. Waiver. Employee hereby acknowledges and agrees that the change in his title from
Chairman of the Board and Chief Executive Officer to Executive Chairman of the Board and Chief
Executive Officer of Holly Energy Partners, LP, and any associated changes in his employment
authority, duties or responsibilities with Holly following the consummation of the Merger that are
consistent with such change in title, shall not constitute a material reduction or other change in
the Employee’s authority, duties or responsibilities for purposes of the definition of “Adverse
Change” contained in any equity award listed on Exhibit A hereto. For the avoidance of
doubt, a material reduction in salary, benefits, bonus targets and/or long term incentive grants
that does not apply generally to executives of Holly and its subsidiaries (including Frontier and
its subsidiaries following the Closing of the Merger) and all of their successors, would constitute
an “Adverse Change” and is not waived by this Agreement.

     3. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to conflict of law principles.

     4. Entire Agreement. This Agreement constitutes the complete agreement between the
parties with regard to the subject matter hereof and supersedes all prior oral or written
agreements or understandings with respect to the subject matter hereof.

     5. Successors and Assigns. The provisions hereof shall inure to the benefit of, and
be binding upon, the successors, assigns, heirs, executors, and administrators of the parties
hereto.

 

 

     6. Counterparts. This Agreement may be executed in one or more counterparts,
including by electronic mail, facsimile and portable document format (.pdf) delivery, each of which
shall be deemed to be an original and all of which together shall constitute one and the same
instrument.

[Signature Page Follows]

 

 

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

	 	 	 	 	 
	 	EMPLOYEE

 	 
	 	By:  	/s/ Matthew P. Clifton
 	 
	 	 	Matthew P. Clifton 	 
	 	 	 	 
	 
	 	HOLLY CORPORATION

 	 
	 	By:  	/s/ David L. Lamp
 	 
	 	 	Name:  	David L. Lamp 	 
	 	 	Its:  	President	 
	 

[Signature Page to Waiver Agreement]

 

 

Exhibit A

List of Applicable Agreements

Total outstanding equity awards: 171,429 shares/units. From Holly: 137,407 shares outstanding; From
HEP: 34,022 units outstanding. All outstanding shares or units with a performance standard are
being reported at 100% level (i.e., target level).

	 	1.	 	Restricted Stock Agreement with Holly Corporation, dated February 2007: 7,293 shares
outstanding
	 
	 	2.	 	Restricted Stock Agreement with Holly Corporation, dated March 2008: 9,006 shares
outstanding
	 
	 	3.	 	Restricted Stock Agreement with Holly Corporation, dated February 2009: 33,042 shares
outstanding
	 
	 	4.	 	Performance Share Unit Agreement with Holly Corporation, dated February 2009: 33,042
shares outstanding
	 
	 	5.	 	Restricted Stock Agreement with Holly Corporation, dated March 2010: 27,512 shares
outstanding
	 
	 	6.	 	Performance Share Unit Agreement with Holly Corporation, dated March 2010: 27,512
shares outstanding
	 
	 	7.	 	Performance Unit Agreement with Holly Energy Partners/Holly Logistics Services, dated
2009: 21,460 units outstanding
	 
	 	8.	 	Performance Unit Agreement with Holly Energy Partners/Holly Logistics Services, dated
2010: 12,562 units outstandingexv10w4

Exhibit 10.4

WAIVER AGREEMENT

     This WAIVER AGREEMENT (this “Agreement”) is made and entered into as of this 21st day of
February, 2011, by and between Holly Corporation, a Delaware corporation (“Holly”), and David L.
Lamp (the “Employee”).

     Reference is hereby made to that certain Agreement and Plan of Merger, dated as of even date
herewith (the “Merger Agreement”), by and among Holly, North Acquisition, Inc., a Wyoming
corporation (“Merger Sub”) and Frontier Oil Corporation, a Wyoming corporation (“Frontier”),
pursuant to which, subject to the terms and conditions contained therein, Merger Sub will be merged
with and into Frontier (the “Merger”), with Frontier remaining the surviving corporation in the
Merger and becoming a wholly-owned subsidiary of Holly. Capitalized terms used herein and not
defined shall have the meanings ascribed to them in the Merger Agreement.

     Now, therefore, in consideration of the mutual covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Holly and
the Employee agree as follows:

     1. Effective Time. The agreements set forth in Section 2 below shall become effective
immediately prior to the Effective Time of the Merger; provided, that if the Closing does
not occur in accordance with the terms of the Merger Agreement, this Agreement shall terminate and
have no further force or effect without the need for any additional action by Holly or the
Employee.

     2. Waiver. Employee hereby acknowledges and agrees that the change in his title from
President to Executive Vice President and Chief Operating Officer, and any associated changes in
his employment authority, duties or responsibilities with Holly following the consummation of the
Merger that are consistent with such change in title, shall not constitute a material reduction or
other change in the Employee’s authority, duties or responsibilities for purposes of the definition
of “Adverse Change” contained in any equity award listed on Exhibit A hereto. For the
avoidance of doubt, a material reduction in salary, benefits, bonus targets and/or long term
incentive grants that does not apply generally to executives of Holly and its subsidiaries
(including Frontier and its subsidiaries following the Closing of the Merger) and all of their
successors, would constitute an “Adverse Change” and is not waived by this Agreement.

     3. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to conflict of law principles.

     4. Entire Agreement. This Agreement constitutes the complete agreement between the
parties with regard to the subject matter hereof and supersedes all prior oral or written
agreements or understandings with respect to the subject matter hereof.

     5. Successors and Assigns. The provisions hereof shall inure to the benefit of, and
be binding upon, the successors, assigns, heirs, executors, and administrators of the parties
hereto.

 

 

     6. Counterparts. This Agreement may be executed in one or more counterparts,
including by electronic mail, facsimile and portable document format (.pdf) delivery, each of
which shall be deemed to be an original and all of which together shall constitute one and the
same instrument.

[Signature Page Follows]

 

 

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

	 	 	 	 	 
	 	EMPLOYEE:

 	 
	 	By:  	/s/ David L. Lamp
 	 
	 	 	David L. Lamp 	 
	 	 	 	 
	 
	 	HOLLY CORPORATION

 	 
	 	By:  	/s/ Matthew P. Clifton
 	 
	 	 	Name:  	Matthew P. Clifton 	 
	 	 	Its:        	Chief Executive Officer 	 
	 

[Signature Page to Waiver Agreement]

 

 

Exhibit A

List of Applicable Agreements

Total outstanding equity awards: 74,981 shares/units. All outstanding shares or units with a
performance standard are being reported at 100% level (i.e., target level).

	 	1.	 	Restricted Stock Agreement with Holly Corporation, dated February 2007: 4,098 shares
outstanding
	 
	 	2.	 	Restricted Stock Agreement with Holly Corporation, dated March 2008: 5,127 shares
outstanding
	 
	 	3.	 	Restricted Stock Agreement with Holly Corporation, dated February 2009: 17,622 shares
outstanding
	 
	 	4.	 	Performance Share Unit Agreement with Holly Corporation, dated February 2009: 17,622
units outstanding
	 
	 	5.	 	Restricted Stock Agreement with Holly Corporation, dated March 2010: 15,256 shares
outstanding
	 
	 	6.	 	Performance Share Unit Agreement with Holly Corporation, dated March 2010: 15,256 units
outstandingexv10w5

Exhibit 10.5

WAIVER AGREEMENT

     This WAIVER AGREEMENT (this “Agreement”) is made and entered into as of this 21st day of
February, 2011, by and between Holly Corporation, a Delaware corporation (“Holly”), and Bruce R.
Shaw (the “Employee”).

     Reference is hereby made to that certain Agreement and Plan of Merger, dated as of even date
herewith (the “Merger Agreement”), by and among Holly, North Acquisition, Inc., a Wyoming
corporation (“Merger Sub”) and Frontier Oil Corporation, a Wyoming corporation (“Frontier”),
pursuant to which, subject to the terms and conditions contained therein, Merger Sub will be merged
with and into Frontier (the “Merger”), with Frontier remaining the surviving corporation in the
Merger and becoming a wholly-owned subsidiary of Holly. Capitalized terms used herein and not
defined shall have the meanings ascribed to them in the Merger Agreement.

     Now, therefore, in consideration of the mutual covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Holly and
the Employee agree as follows:

     1. Effective Time. The agreements set forth in Section 2 below shall become effective
immediately prior to the Effective Time of the Merger; provided, that if the Closing does
not occur in accordance with the terms of the Merger Agreement, this Agreement shall terminate and
have no further force or effect without the need for any additional action by Holly or the
Employee.

     2. Waiver. Employee hereby acknowledges and agrees that the change in his title from
Senior Vice President and Chief Financial Officer to Senior Vice President of Strategy and
Corporate Development, and any associated changes in his employment authority, duties or
responsibilities with Holly following the consummation of the Merger that are consistent with such
change in title, shall not constitute a material reduction or other change in the Employee’s
authority, duties or responsibilities for purposes of the definition of “Adverse Change” contained
in any equity award listed on Exhibit A hereto. For the avoidance of doubt, a material
reduction in salary, benefits, bonus targets and/or long term incentive grants that does not apply
generally to executives of Holly and its subsidiaries (including Frontier and its subsidiaries
following the Closing of the Merger) and all of their successors, would constitute an “Adverse
Change” and is not waived by this Agreement.

     3. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to conflict of law principles.

     4. Entire Agreement. This Agreement constitutes the complete agreement between the
parties with regard to the subject matter hereof and supersedes all prior oral or written
agreements or understandings with respect to the subject matter hereof.

     5. Successors and Assigns. The provisions hereof shall inure to the benefit of, and
be binding upon, the successors, assigns, heirs, executors, and administrators of the parties
hereto.

 

 

     6. Counterparts. This Agreement may be executed in one or more counterparts,
including by electronic mail, facsimile and portable document format (.pdf) delivery, each of which
shall be deemed to be an original and all of which together shall constitute one and the same
instrument.

[Signature Page Follows]

 

 

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

	 	 	 	 	 
	 	EMOPLOYEE:

 	 
	 	By:  	/s/Bruce R.Shaw
 	 
	 	 	Bruce R.Shaw 	 
	 	 	 	 
	 
	 	HOLLY CORPORATION

 	 
	 	By:  	/s/Matthew P. Clifton
 	 
	 	 	Name:  	Matthew P. Clifton 	 
	 	 	Its:  	Chief Executive Officer 	 
	 

[Signature Page to Waiver Agreement]

 

 

Exhibit A

List of Applicable Agreements

Total outstanding equity awards: 17,354 shares/units. From Holly: 14,777 shares outstanding; From
HEP: 2,577 units outstanding. All outstanding shares or units with a performance standard are being
reported at 100% level (i.e., target level).

	 	1.	 	Restricted Stock Unit Agreement with Holly Corporation, dated February 2009: 1,708
shares outstanding (no performance standard)
	 
	 	2.	 	Restricted Stock Unit Agreement with Holly Corporation, dated March 2010: 3,124 shares
outstanding (no performance standard)
	 
	 	3.	 	Performance Share Unit Agreement with Holly Corporation, dated February 2009: 5,124
units outstanding
	 
	 	4.	 	Performance Share Unit Agreement with Holly Corporation, dated March 2010: 4,821 units
outstanding
	 
	 	5.	 	Restricted Stock Unit Agreement with Holly Energy Partners/Holly Logistics Services,
dated 2009: 1,109 units outstanding
	 
	 	6.	 	Restricted Stock Unit Agreement with Holly Energy Partners/Holly Logistics Services,
dated 2010: 1,468 units outstanding

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]