Document:

Exhibit

Exhibit 10.45
NUSTAR EXCESS PENSION PLAN

As Amended and Restated Effective as of January 1, 2014

NUSTAR 
EXCESS PENSION PLAN

Table of Contents
PAGE

SECTION 1. DEFINITIONS.    3

SECTION 2. PARTICIPATION - §415(b) BENEFIT PLAN COMPONENT.    5

SECTION 3. PARTICIPATION - §401(a)(17) BENEFIT PLAN COMPONENT.    6

SECTION 4. AMOUNT OF BENEFIT – FINAL AVERAGE PAY FORMULA.    7

SECTION 5. AMOUNT OF BENEFIT – CASH BALANCE FORMULA.    8

SECTION 6. VESTING.    9

SECTION 7. PROVISIONS REGARDING PAYMENT OF BENEFITS.    9

SECTION 8. DEATH BENEFIT.    10

SECTION 9. CHANGE IN CONTROL.    10

SECTION 10. ADMINISTRATION.    10

SECTION 11. AMENDMENT AND TERMINATION.    11

SECTION 12. MISCELLANEOUS.    11

NUSTAR EXCESS PENSION PLAN
As Amended and Restated Effective 
as of January 1, 2014 

The NuStar Excess Pension Plan (hereinafter referred to as the “Excess Pension Plan” or the “Plan”), was originally established effective as of July 1, 2006 (“Effective Date”), was amended and restated effective as of January 1, 2008, and is hereby amended and restated effective as of January 1, 2014.  The primary purpose of the Plan is to provide benefits to those employees of NuStar GP, LLC (the “Company”) and its participating affiliates whose benefits under the NuStar Pension Plan (the “Pension Plan”) and the Valero Energy Corporation Pension Plan (“VEC Pension Plan”) are subject to limitations under the Internal Revenue Code of 1986, as amended (the “Code”), or are otherwise indirectly constrained by the Code from realizing the maximum benefit available to them under the terms of the Pension Plan and the VEC Pension Plan.
The Excess Pension Plan is an “excess benefit plan” as defined under §3(36) of The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for those benefits provided in excess of Section 415 of the Code.  Benefits provided as a result of other statutory limitations are limited to a select group of management or other highly compensated employees.  The Excess Pension Plan is not intended to constitute either a qualified plan under the provisions of Section 401 of the Code or a funded plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
The Plan was established in connection with a spin-off from the Valero Energy Corporation Excess Pension Plan (“VEC Excess Pension Plan”) of the benefit liabilities accrued under the VEC Excess Pension Plan as of the Effective Date with respect to eligible Employees of the Company.  

1
NuStar Excess Pension Plan

In this connection, it is the intent of the Company that, at its adoption, the Plan did not constitute a new nonqualified deferred compensation plan, but rather merely the assumption and continuation of the VEC Excess Pension Plan, effective as of July 1, 2006, with respect to Eligible Former VEC Employees who accrued a benefit under the VEC Excess Pension Plan, and to provide the benefits described herein after such spin-off.  
The Company established the Pension Plan, effective as of July 1, 2006, to provide defined benefit pension benefits to eligible Employees of the Company, with respect to future service.  Effective as of July 1, 2006, Employees of the Company ceased accruing additional benefits under the VEC Pension Plan and the VEC Excess Pension Plan.  It is the intent of the Company that this Plan shall assume the liabilities of the VEC Excess Pension Plan with respect to all Eligible Former VEC Employees, and shall provide a single, nonqualified excess defined benefit for such Employees for their pre-July 1, 2006 benefit accruals under the VEC Excess Pension Plan and their post-July 1, 2006 benefit accruals under this Plan, and that this Plan and the Company shall be solely liable for all benefits due such Eligible Former VEC Employees under this Plan and the VEC Excess Pension Plan.

2
NuStar Excess Pension Plan

SECTION 1.  DEFINITIONS.
All defined terms used in the Pension Plan and the VEC Pension Plan, as the case may be, shall have the same meanings for purposes of this Plan except as otherwise provided below.
		
	1.1
	“Basic Plan Benefit” shall mean the benefits payable from the Pension Plan and the VEC Pension Plan.

		
	1.2
	“Change in Control” shall mean the occurrence of one or more of the following events:

		
	1.2.1
	Any one person or more than one person acting as a group (a “Group”) shall acquire (whether in one or more transactions) ownership of interests in the Company that, together with interests held by such person or Group, constitutes more than 50% of the total fair market value or total voting power of all interests, of the Company; or

		
	1.2.2
	any one person or Group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or Group) ownership interests in the Company representing 30% or more of the total voting power of all such interests in the Company; or

		
	1.2.3
	a majority of the members of the governing body of the Company is replaced during any 12-month period by members whose appointment or election is not endorsed by a majority of the members of the governing body of the Company prior to the date of appointment or election; or

		
	1.2.4
	any one person or Group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or Group) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.  

The provisions of this Plan relating to a Change in Control shall be interpreted and administered in a manner consistent with Code section 409A and the regulations and additional guidance thereunder.
		
	1.3
	“Code” shall mean the Internal Revenue Code of 1986, as amended.

		
	1.4
	“Committee” shall mean the Benefit Plans Administrative Committee designated by the Board of Directors of the Company.

		
	1.5
	“Company” shall mean NuStar GP, LLC or any successor by merger, purchase or otherwise.

		
	1.6
	“Considered Compensation” shall mean “Considered Compensation” as such term is defined in the Pension Plan or the VEC Pension Plan, as the case may be, but determined without regard to the Compensation Limit.

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NuStar Excess Pension Plan

		
	1.7
	“Compensation Limit” shall mean the maximum annual compensation allowed to be taken into account by the Pension Plan for any Plan Year pursuant to the provisions of §401(a)(17) of the Code or any successor provision thereto.

		
	1.8
	“Credited Service” shall mean the sum of the Credited Service earned by a Participant under the Pension Plan and the VEC Pension Plan, except that Credited Service shall not include any period for which a Participant has received a payment, or is receiving payments, under this Plan, the SERP, the VEC Excess Pension Plan or the VEC SERP.

		
	1.9
	“Eligible Former VEC Employees” shall mean an individual who:  (a) became an Employee hereunder on or before June 30, 2011; (b) becomes a Participant hereunder; (c) was employed by VEC, or an affiliate of VEC, at any time from and after July 1, 2005; and (d) participated in the VEC Pension Plan.

		
	1.10
	“Employee” shall mean any individual who is characterized in the internal payroll records of the Company as an employee.

		
	1.11
	“Equivalent Actuarial Value” shall mean equality in value of the aggregate amounts expected to be received under different forms of payment based on the same mortality and interest rate assumptions.  For this purpose, the mortality and interest rate assumptions used in computing benefits under the Pension Plan will be used.

		
	1.12
	“Excess Pension Plan” or “Plan” shall mean the NuStar Excess Pension Plan, as set forth herein, and as amended from time to time.

		
	1.13
	“Final Average Salary” shall have the meaning given to such term in the Pension Plan and the VEC Pension Plan, respectively, but determined without regard to the Compensation Limit, and including any amounts that would otherwise be excluded from such calculation because of being contributed to a Plan of Deferred Compensation.

		
	1.14
	“Participant” means an Employee who is a participant in this Excess Pension Plan.

		
	1.15
	“Pension Plan” shall mean the NuStar Pension Plan, as amended from time to time.

		
	1.16
	“Plan of Deferred Compensation” shall mean any non-qualified deferred compensation plan or arrangement, any Code section 125 cafeteria plan, or any Code section 401(k) cash or deferred arrangement maintained by the Company.

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NuStar Excess Pension Plan

		
	1.17
	“SERP” shall mean the NuStar Supplemental Executive Retirement Plan, as amended from time to time, and any successor plan.

		
	1.18
	“Separation from Service” shall mean a separation from service as defined in Code section 409A and the regulations and rulings issued thereunder.

		
	1.19
	“Surviving Spouse” shall mean the spouse of a Participant who is eligible to receive a surviving spouse benefit under the Pension Plan or the VEC Pension Plan, as the case may be.

		
	1.20
	“Trust” shall mean the trust, if any, established by the Company to fund its obligations hereunder.

		
	1.21
	“VEC” or “Valero” shall mean Valero Energy Corporation, and any successor entity.

		
	1.22
	“VEC Excess Pension Plan” shall mean the Valero Energy Corporation Excess Pension Plan, as amended from time to time, and any successor plan.

		
	1.23
	“VEC Pension Plan” shall mean the Valero Energy Corporation Pension Plan, as amended from time to time, and any successor plan.

		
	1.24
	“VEC SERP” shall mean the Valero Energy Corporation Supplemental Executive Retirement Plan, as amended from time to time, and any successor plan.

SECTION 2.    PARTICIPATION - §415(b) BENEFIT PLAN COMPONENT.
		
	2.1
	Conditions of Eligibility and Participation.

		
	(a)
	Except as otherwise provided herein, each Employee whose benefit under the Pension Plan or the VEC Pension Plan would exceed the annual addition limitations of Code section 415(b) but for the limitations provided in the Pension Plan or VEC Pension Plan, as the case may be, shall become a Participant in the §415(b) benefit plan component of the Plan on the later of the date such excess benefit is accrued or the effective date of the Plan.

		
	(b)
	Notwithstanding paragraph 2.1(a) above, any Employee who is covered under a collective bargaining agreement and whose benefits are the subject of good faith bargaining shall not be eligible to participate in the §415(b) benefit plan component of the Plan, except to the extent such collective bargaining agreement expressly provides for participation in this Plan.

		
	(c)
	Additionally, any Employee who was a participant in the SERP prior to the freezing of benefit accruals under the SERP effective as of December 31, 2013, was not eligible to participate in the §415(b) benefit plan component of this Excess Pension Plan prior to January 1, 2014.  Such SERP participants are eligible to participate in 

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NuStar Excess Pension Plan

this Excess Pension Plan effective as of January 1, 2014, subject to the terms and conditions hereof.
		
	2.2
	Forfeiture.

Notwithstanding anything herein to the contrary, if a Participant who is receiving, or may be entitled to receive, a benefit hereunder is discharged for cause or performs acts of willful malfeasance or gross negligence in a matter of material importance to the Company (all as determined by the Committee in its sole discretion), payments thereafter payable hereunder to such Participant or such Participant’s Surviving Spouse will, at the discretion of the Committee, be forfeited, and the Company will have no further obligation hereunder to such Participant or to such Participant’s Surviving Spouse.  The determination of the nature of a Participant’s discharge shall, for purposes of this Plan, be made by the Committee in its sole and absolute discretion, and such determination shall be final and binding upon all parties.
Additionally, if a Participant earned a benefit under the SERP prior to the freezing of benefit accruals under the SERP effective December 31, 2013, such Participant’s benefit under this Excess Pension Plan shall not include the period of service covered by the Participant’s frozen accrued benefit under the SERP.  
SECTION 3.    PARTICIPATION - §401(a)(17) BENEFIT PLAN COMPONENT.
		
	3.1
	Conditions of Eligibility and Participation.

		
	(a)
	Except as otherwise provided herein, each Employee who is actively participating in the Pension Plan and whose Considered Compensation exceeds the Compensation Limit, shall become a Participant in the § 401(a)(17) benefit plan component of the Plan as of the first date of such excess Considered Compensation.

		
	(b)
	Notwithstanding any other provision of this Plan, any Employee who is covered under a collective bargaining agreement and whose benefits are the subject of good faith bargaining shall not be eligible to participate in the §401(a)(17) benefit plan component of the Plan, except to the extent such collective bargaining agreement expressly provides for participation in this Plan.

		
	(c)
	Additionally, any Employee who was a Participant in the SERP prior to the freezing of benefit accruals under the SERP effective as of December 31, 2013, was not eligible to participate in the §401(a)(17) benefit plan component of this Excess Pension Plan prior to January 1, 2014.  Such SERP  participants are eligible to participate in this Excess Pension Plan effective as of January 1, 2014, subject to the terms and conditions hereof.

		
	3.2
	Forfeiture.

Notwithstanding anything herein to the contrary, if a Participant who is receiving, or may be entitled to receive, a benefit hereunder is discharged for cause or performs acts of willful 

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NuStar Excess Pension Plan

malfeasance or gross negligence in a matter of material importance to the Company (all as determined by the Committee in its sole discretion), payments thereafter payable hereunder to such Participant or such Participant’s Surviving Spouse will, at the discretion of the Committee, be forfeited, and the Company will have no further obligation hereunder to such Participant or to such Participant’s Surviving Spouse.  The determination of the nature of a Participant’s discharge shall, for purposes of this Plan, be made by the Committee in its sole and absolute discretion, and such determination shall be final and binding upon all parties.
Additionally, if a Participant earned a benefit under the SERP prior to the freezing of benefit accruals under the SERP effective as of December 31, 2013, such Participant’s benefit under this Excess Pension Plan shall not include the period of service covered by the Participant’s frozen accrued SERP benefit.  
SECTION 4.    AMOUNT OF BENEFIT – FINAL AVERAGE PAY FORMULA.
		
	4.1
	Amount of Benefit.  With respect to the portion of a Participant’s benefit attributable to the final average pay formula of Article 4 of the Pension Plan or the “Formula Benefit” of the VEC Pension Plan, if any, the amount of the benefit payable under this Plan shall be equal to “x” less “y” where:  

- x is equal to 1.6 percent of the Participant’s Final Average Salary multiplied by his number of years of Credited Service.
- y is equal to his/her Pension Plan benefit under Article 4 of the Pension Plan and (for Eligible Former VEC Employees whose benefit liabilities under the VEC Excess Pension Plan were assumed under this Plan in connection with the spin-off from the VEC Excess Pension Plan to this Plan) his/her VEC Pension Plan “Formula Benefit” benefit.
For purposes of the foregoing formula, Final Average Salary and Credited Service shall, consistent with the Pension Plan, be frozen effective as of December 31, 2013.
The Excess Pension Plan benefits payable under this Section 4 shall be calculated as the Participant’s Accrued Benefit payable at his/her Normal Retirement Date, determined as if the Participant commenced payment of the Participant’s Pension Plan benefit and, if applicable, VEC Pension Plan benefit at the same time as benefits are payable hereunder (even if the Participant had previously commenced his/her Pension Plan benefit and/or VEC Pension Plan benefit, or receives his/her Pension Plan benefit and/or VEC Pension Plan benefit at a later date), and shall not be recalculated or re-determined at such time as the Participant actually commences payment of his Pension Plan benefit and/or VEC Pension Plan benefit.
		
	4.2
	Actuarial Adjustments.

The benefit payable under the Excess Pension Plan, as determined in this Section 4, shall be reduced by the Equivalent Actuarial Value increase in the amount of the Pension Plan benefit and/or the VEC Pension Plan benefit as the result of increases in the amount of 

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NuStar Excess Pension Plan

maximum benefits payable from qualified plans in accordance with Code Section 415 as and to the extent permitted under Code Section 409A and the regulations and other guidance issued thereunder.
		
	4.3
	Modifications.

The Committee shall have the right to modify the calculation of Amount 1, identified in Section 4.2, as to any Participant as it may desire from time to time; provided, however, that any such modification shall not result in a reduction of Amount 1 below the basic level provided in Section 4.2, and shall not affect the timing of the payment, or the form, of benefits hereunder.
SECTION 5.    AMOUNT OF BENEFIT – CASH BALANCE FORMULA.
		
	5.1
	Amount of Benefit.  For Participants whose Pension Plan benefit, or any part thereof, is calculated and determined under Article 5 of the Pension Plan, the benefit payable under this Section 5 in the form of a lump sum payment shall be an amount equal to “x” minus “y”, where:

- x is equal to the accumulated Account Balance which the Participant would be entitled to receive under Article 5 of the Pension Plan without regard to the limitations imposed by Code Sections 415 and 401(a)(17) at the time that benefits are paid under this Plan; and
- y is equal to the Participant’s accumulated Account Balance under Article 5 of the Pension Plan that is, or would be, payable under the terms of the Pension Plan at the time that benefits are paid under this Plan.
Notwithstanding any other provision of this Plan, for purposes of calculating a Participant's benefit hereunder, Account Balance shall not include any Pay Credits corresponding to a period of service with the Company for which the Participant received a benefit under this Plan or the SERP.  A Participant’s benefit under this Plan shall not be recalculated or re-determined in the event that the Participant actually commences payment of his/her Pension Plan benefit at a different time.
		
	5.2
	Modification of Benefit Calculation.  The Committee shall have the right to modify the calculation of amount “x” identified in Section 5.1, as to any Participant as it may desire from time to time; provided, however, that any such modification shall not result in a reduction of amount “x” below the basic level provided for in Section 5.1, and shall not affect the timing of the payment or the form, of benefits hereunder.  

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NuStar Excess Pension Plan

SECTION 6.    VESTING.
		
	6.1
	Vesting.  A Participant’s benefits under this Plan shall vest concurrently with the vesting of the Participant’s benefits under the Pension Plan or the VEC Pension Plan, as the case may be.

SECTION 7.    PROVISIONS REGARDING PAYMENT OF BENEFITS.
		
	7.1
	Form and Time of Payment.

Except as otherwise expressly set forth herein, effective as of January 1, 2008, a Participant’s vested Excess Pension Plan benefit shall be paid to the Participant in a single lump sum payment as soon as administratively practical following the Participant’s Separation from Service and, in any event, within 90 days thereafter.  Such lump sum amount shall be calculated as of the Participant’s Separation from Service by the actuary of the Pension Plan applying actuarial factors used under the Pension Plan.  Additionally, in the event that a Participant incurred a Separation from Service prior to January 1, 2008, and:  (a) had not commenced the receipt of benefit payments hereunder, or had commenced the receipt of benefit payments hereunder in a form other than a lump sum payment, such Participant’s benefits (or remaining benefits as the case may be) hereunder shall be paid to the Participant in a lump sum payment (i.e., the single sum payment of the monthly life annuity payable at Normal Retirement Date) on, or as soon as reasonably practical after, January 31, 2008, and in any event within ninety (90) days after such date.
		
	7.2
	Delay of Certain Payments.

With respect to any Participant who is a “specified employee”, as defined in Code Section 409A and the regulations and rulings issued thereunder, any benefit that becomes payable by reason of such Participant’s Separation from Service shall not commence prior to the date that is six (6) months following such Participant’s Separation from Service, or if earlier, the date of the Participant’s death (except to the extent that the payment of such benefit is not subject to Code Section 409A, or is subject to an exception to such delay in payment).  Such delayed payment shall be made in a single lump sum payment (i.e., the single sum payment of the monthly life annuity payable at Normal Retirement Date) as soon as reasonably practical following the expiration of such 6-month delay period (and, in any event, within 90 days of such expiration date), and shall be calculated as of the Participant’s Separation from Service by the actuary for the Pension Plan applying actuarial factors used under the Pension Plan.  The provisions of this Section 7.2 shall not apply:  (a) with respect to any benefit that becomes payable as the result of a reason other than the Participant’s Separation from Service; or (b) if, at the time of such Participant’s Separation from Service, no equity of the Company is publicly traded on an established securities market or otherwise.
		
	7.3
	Application of Code Section 409A Transaction Relief Provisions.  

Notwithstanding any other provision of this Plan, between January 1, 2005 and December 31, 2008, the Plan was administered in compliance with applicable transition 

9
NuStar Excess Pension Plan

relief provided by the U.S. Treasury Department and/or the Internal Revenue Service under applicable guidance, including Notice 2005‐1, the Temporary Regulations issued under Code Section 409A, Notice 2007‐78, and Notice 2007‐86.
SECTION 8.    DEATH BENEFIT.
		
	8.1
	Death Benefit.

In the event that a Participant with a vested, accrued benefit hereunder dies while in the employ of the Company and prior to the payment of his/her benefit, the Surviving Spouse of such Participant, or (if the Participant is not married at the time of his/her death) the Beneficiary designated by the Participant under the Pension Plan, shall be entitled to receive a death benefit hereunder.  The amount of such death benefit shall equal:  (a) the preretirement death benefit as calculated under the Pension Plan without regard to the annual addition limitations of Code section 415 or the Compensation Limit, less (b) the preretirement death benefit payable under the Pension Plan.  Such death benefit shall be paid in the form of a single lump sum payment as soon as administratively practical following the Participant’s death, and, in any event within 90 days thereafter.  The payment shall be calculated by the actuary of the Pension Plan applying actuarial assumptions used under the Pension Plan.
SECTION 9.    CHANGE IN CONTROL.
		
	9.1
	Effect of Change in Control.

Upon a Change in Control, the benefits of all Participants hereunder shall immediately become fully vested.  Additionally, the Committee may, within the period beginning thirty (30) days prior to the effective date of the Change in Control, and ending twelve (12) months after the effective date of the Change in Control, make an irrevocable decision to terminate the Plan (and all deferred compensation plans maintained by the Company which must be aggregated with the Plan under Code section 409A) and distribute all benefits to Participants.  In the event of such termination following a Change in Control, the accrued benefits of each Participant (determined as of the date of Plan termination and calculated in the manner provided for in this Plan) shall be distributed in the form of a lump sum payment within twelve (12) months following the termination of this Plan.  In the absence of such Plan termination, a Change in Control shall not alter the time and manner of the payment of benefits hereunder, and all benefits shall be paid at the time and in the manner as they would otherwise be paid in accordance with the provisions of this Plan.
SECTION 10.    ADMINISTRATION.
		
	10.1
	Committee.

The Committee shall administer the Excess Pension Plan.  The Committee shall have the full authority and discretion to interpret, and to determine all questions arising in the administration, interpretation and application of the Excess Pension Plan.  Any such determination by the Committee shall be conclusive and binding on all persons, and shall 

10
NuStar Excess Pension Plan

not be subject to a de novo review.  The Committee may delegate any administrative authority or responsibility to a subcommittee or to representatives of the Company.
		
	10.2
	Claims.

A Participant, Beneficiary and any other person who believes he is entitled to any benefit or right provided under the Plan shall have the right to file a written claim with the Committee in the same manner and governed by the same provisions as provided in the claims review provisions of the Pension Plan.
		
	10.3
	Binding Arbitration.

Notwithstanding any other provision of this Plan, any claims relating to or arising out of this Plan which are not resolved under the claims review procedure described in Section 8.2, shall be submitted to, and settled by, mandatory and final arbitration in accordance with the Company’s dispute resolution program.
SECTION 11.    AMENDMENT AND TERMINATION.
		
	11.1
	Amendment and Termination.

The Company reserves the right, in its sole discretion, to terminate, suspend or amend the Plan, at any time or from time to time, in whole or in part for whatever reasons it may deem appropriate.  However, no such termination, suspension or amendment shall result in the acceleration of any benefit payment hereunder, nor shall any such termination, suspension or amendment alter, impair or void any Participant’s (or Beneficiary’s) right with respect to a benefit accrued under the Plan as of the date of such termination, suspension or amendment, except such benefits as are voluntarily forfeited by a Participant or Beneficiary.  In the event of termination of the Plan, all benefits accrued hereunder as of the date of such termination shall become fully vested and non-forfeitable.
SECTION 12.    MISCELLANEOUS.
		
	12.1
	No Employment Rights.

Nothing contained in this Plan shall be construed as a contract of employment between the Company and an Employee, or as a right of any Employee to be continued in the employment of the Company or as a limitation of the right of the Company to discharge any Employee, with or without cause.
		
	12.2
	Assignment.

To the maximum extent permitted by law, no benefit under this Plan shall be assignable or in any manner subject to alienation, sale, transfer, hypothecation, claims of creditors, pledge, attachment or encumbrances of any kind.  This provision shall not, however, effect the right of the Committee, upon its determination that a judgment, decree or order relating to child support, alimony payments or marital property rights of the spouse, former spouse, child or 

11
NuStar Excess Pension Plan

other dependent of a Participant is a “Qualified Domestic Relations Order” within the meaning of Code §414(p), to distribute or establish a separate subaccount of all or any portion of a Participant’s benefits under the Plan to or for the benefit of the beneficiary of the Qualified Domestic Relations Order in a manner permitted under the Plan.
		
	12.3
	Withholding Taxes.

The Company shall have the right to deduct from all payments made under this Plan any federal, state or local taxes required by law to be withheld with respect to such payments.  However, any and all taxes payable with respect to any distribution or benefit hereunder shall be the sole responsibility of the Participant, not of the Company or any Company, whether or not the Company or any Company shall have withheld or collected from the Participant any sums required to be so withheld or collected in respect thereof and whether or not any sums so withheld or collected shall be sufficient to provide for any such taxes. Without limitation of the foregoing, and except as may otherwise be provided in any separate employment, severance or other agreement between the Participant and any Company, the individual Participant or Surviving Spouse, as the case may be, shall be solely responsible for payment of any excise, income or other tax imposed (i) upon any payment hereunder which may be deemed to constitute an “excess parachute payment” pursuant to Section 4999 of the Code, (ii) based upon a theory that any additional or excise tax is required under Code Section 409A, or (iii) based upon any theory of “constructive receipt” of any lump-sum or other amount hereunder.
		
	12.4
	Rules and Regulations.

In addition to the authority and discretion provided to the Committee elsewhere herein, the Committee may, from time to time, adopt rules and regulations to assist in the administration of the Plan.
		
	12.5
	Administration and Interpretation Consistent with Code Section 409A.  

The Plan, as amended and restated, is intended to satisfy the requirements of Code section 409A and the rules and regulations issued thereunder, and shall be construed and interpreted consistent with such intent.
		
	12.6
	Law Applicable.

The Plan is established under and, unless and to the extent preempted by federal law, will be construed in accordance with and governed by the laws of the State of Texas.
[THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK]

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NuStar Excess Pension Plan

IN WITNESS WHEREOF, the Company has executed this Plan on this ____ day of      , 2013, to be effective as of the 1st day of January, 2014.
NUSTAR GP, LLC
By      /s/ Robert K. Grimes                

69147.000002 EMF_US 48146394v4

13
NuStar Excess Pension PlanExhibit

Exhibit 10.33
 

USA Mobility, Inc. 
2014 Short-Term Incentive Plan
(Effective January 1, 2014)
		
	I.
	Effective Date.  The 2014 Short-Term Incentive Plan (the “Plan”) for USA Mobility, Inc., (the “Company”) was adopted by the Compensation Committee of the Board of Directors (the “Compensation Committee”) of USA Mobility, Inc., (the “Parent”), a Delaware corporation for the employees of USA Mobility Wireless, Inc., a Delaware corporation and an indirect wholly-owned subsidiary of the Parent, and for Amcom Software, Inc., a Delaware corporation and an indirect wholly-owned subsidiary of the Parent on December 6, 2013.  (Effective January 1, 2014 Amcom Software, Inc. was merged into USA Mobility Wireless, Inc.)  The Plan is effective as of January 1, 2014 and supersedes and replaces all former management short-term incentive plans, including the USA Mobility Inc., 2013 Short-Term Incentive Plan. 

		
	II.
	Purpose.  The Plan is designed to attract, motivate, retain and reward key employees for their performance during the calendar year, from January 1 through December 31, 2014 (the “Performance Period”).  The Plan rewards key employees by allowing them to receive cash bonuses based on how well the Company performs against the performance objectives selected by the Compensation Committee and set forth in Exhibit A (the “Performance Objectives”), as may be adjusted by the Compensation Committee in the event of a Change of Control or other corporate reorganization, merger, similar transaction, to take into account extraordinary events or as the Compensation Committee determines is in the best interests of the Company.  In order for bonuses to be earned, the Company must meet the Performance Objectives as outlined in Exhibit A on December 31, 2014.  Performance Objectives are based solely on the consolidated performance of the Company.  For clarity, Performance Objectives and the attainment thereof does not include revenue or expenses related to acquisitions or due diligence occurring after the Effective Date of this Plan except as directed by the Compensation Committee.

		
	III.
	Eligibility.  Participation in the Plan is limited to those key employees who are selected for participation in the Plan by the Compensation Committee, in its sole discretion (each such individual, a “Participant”).  Individuals selected by the Compensation Committee to participate as of January 1, 2014 are listed on Exhibits B.  Newly hired or promoted employees, or employees who otherwise become eligible to participate, who are selected to participate in the Plan after January 1, 2014 but before October 1, 2014 will participate in the Plan on a prorated basis based on the number of days worked during the performance period after becoming bonus eligible.  Employees who are newly hired or promoted on or after October 1, 2014 will not be eligible to participate in the Plan.  

		
	IV.
	Target Bonus.  The target bonus for each Participant is based on a percentage of the Participant’s annual (or prorated, if applicable) salary as of January 1, 2014 (or date of hire or promotion to an eligible position, if later).   The applicable percentage is determined by the Compensation Committee with respect to executives earning $250,000 or more and by the CEO for other management and need not be identical among Participants.  The earned bonus may be greater than or less than the target bonus depending on the level at which the Performance Objectives are attained.  

		
	V.
	Payment of Earned Bonus.  

		
	a.
	Except as provided herein, each earned bonus under the Plan will be calculated based on the attainment of the Performance Objectives and will be paid in a lump sum (subject to any required withholding for income and employment taxes) after the 2014 annual audit of the Parent’s consolidated financial statement has been completed and the Parent’s 2014 Annual Report on Form 10K has been filed with the Securities and Exchange Commission but in no event later than December 31, 2015.

		
	b.
	If the Participant involuntarily Separates from Service without Cause or due to disability or dies prior to December 31, 2014, he or she will be eligible to receive a prorated bonus provided that the Company is on track to attain the Performance Objectives as reasonably determined by the Compensation Committee and provided further that, in the event Participant involuntarily Separates from Service without Cause, he or she has executed a release, any waiting period in connection with such release has expired, he or she has not exercised any rights to revoke the release and he or she has followed any other applicable and customary termination procedures, as determined by the Parent in its sole discretion.  The bonus will be prorated to the date of Participant’s Separation from Service or death, calculated as follows:  one-hundred percent (100%) of a Participant’s target bonus will be multiplied by a fraction, the numerator of which is the number of days the Participant was continuously providing services to the Company from January 1, 2014 through the date immediately prior to the Participant’s Separation from Service or death, and the denominator of which is 365 days.  Prorated bonuses will be paid to the Participant, or in the event of Participant’s death, the Participant’s estate, on the sixty-fifth (65th) day following the date of Participant’s Separation from Service or death.  

		
	i.
	For purposes of the Plan, “Separation from Service” shall have the meaning provided in the Treasury Regulations under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and “Separates from Service” shall have a consistent meaning.  Unless otherwise defined in an employment agreement between the Participant and the Parent or the Company, for purposes of the Plan, “Cause” means (i) dishonesty of a material nature that relates to the performance of services for the Company by Participants; (ii) criminal conduct (other than minor infractions and traffic violations) that relates to the performance of services for the Company by Participant; (iii) the Participant’s willfully breaching or failing to perform his or her duties as an employee of the Company (other than any such failure resulting from the Participant having a disability (as defined herein)), within a reasonable period of time after a written demand for substantial performance is delivered to the Participant by the Compensation Committee, which demand specifically identifies the manner in which the Compensation Committee believes that the Participant has not substantially performed his duties; or (iv) the willful engaging by the Participant in conduct that is demonstrably and materially injurious to the Parent, Company or an Affiliate, monetarily or otherwise.  No act or failure to act on the Participant’s part shall be deemed “willful” unless done, or omitted to be done; by the Participant not in good faith and without reasonable belief that such action or omission was in the reasonable best interests of the Parent, Company and Affiliates.  For this purpose, “disability” means a condition or circumstance such that the Participant has become totally and permanently disabled as defined or described in the Parent’s long term disability benefit plan applicable to executive officers as in effect at the time the Participant incurs a disability. 

		
	c.
	Notwithstanding anything to the contrary in this Plan, no payments contemplated by this Plan will be paid during the six-month period following a Participant’s Separation from Service unless the Company determines, in its good faith judgment, that paying such amounts at the time indicated in paragraph b above would not cause the Participant to incur an additional tax under Code section 409A (a)(2)(B)(i), in which case the bonus payment shall be paid in a lump sum on the first day of the seventh month following the Participant’s Separation from Service. 

		
	VI.
	Forfeiture.  Any Participant whose employment is terminated for Cause or who voluntarily Separates from Service prior to the date bonuses are paid shall forfeit any right to receive a bonus award. 

		
	VII.
	Administrator.  The Compensation Committee shall administer the Plan in accordance with its terms, and shall have full discretionary power and authority to construe and interpret the Plan; to prescribe, amend and rescind rules and regulations, terms, and notices hereunder; and to make all other determinations necessary or advisable in its discretion for the administration of the Plan.  Any actions 

of the Compensation Committee with respect to the Plan shall be conclusive and binding upon all persons interested in the Plan.  The Compensation Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Parent or the Company.  
		
	VIII.
	Amendment; Termination.  The Compensation Committee, in its sole discretion, without prior notice to Participants, may amend or terminate the Plan, or any part thereof, including the Performance Objectives as described in Section II, at any time and for any reason, to the extent such action will not cause adverse tax consequences to a participant under Code section 409A.  Any amendment or termination must be in writing and shall be communicated to all Participants.  No award may be granted during any period of suspension or after termination of the Plan.  

		
	IX.
	Miscellaneous.

		
	a.
	No Rights as Employee.  Nothing contained in this Plan or any documents relating to this Plan shall (a) confer on a Participant any right to continue in the employ of the Company; (b) constitute any contract or agreement of employment; or (c) interfere in any way with the Company’s right to terminate the Participant’s employment at any time, with or without Cause.  

		
	b.
	Tax Withholding.  To the extent required by applicable federal, state, local or foreign law, the Company shall withhold all applicable taxes (including, but not limited to, the Participant’s FICA and Social Security obligations) from any bonus payment. 

		
	c.
	Transferability.  A Participant may not sell, assign, transfer or encumber any of his or her rights under the Plan.  

		
	d.
	Unsecured General Creditor.  Participants (or their beneficiary) may seek to enforce any rights or claims for payment under the Plan solely as an unsecured general creditor of the Parent or Company.

		
	e.
	Successors.  This Plan shall be binding upon and inure to the benefit of the Parent, Company and any successor to the Company and the Participant’s heirs, executors, administrators and legal representatives. 

		
	f.
	Code Section 409A.  The Plan is intended to be a nonqualified deferred compensation plan within the meaning of Code section 409A and shall be interpreted to meet the requirements of Code section 409A.  To the extent that any provision of the Plan would cause a conflict with the requirements of Code section 409A, or would cause the administration of the Plan to fail to satisfy Code section 409A, such provision shall be deemed null and void to the extent permitted by applicable law.  Nothing herein shall be construed as a guarantee of any particular tax treatment to a Participant.

		
	g.
	Governing Law.  All questions pertaining to the validity, construction and administration of the Plan shall be determined in accordance with the laws of the State of Delaware, without regard to conflicts of law provisions.

		
	h.
	Integration.  This document and each exhibit hereto represent the entire agreement and understanding between the Company and the Participants and supersede any and all prior agreements or understandings, whether oral or written, with the Company relating to the subject matter covered by this Plan.  

		
	i.
	Severability.  In case any provision of this Plan shall be held illegal or invalid, such illegality or invalidity shall be construed and enforced as if said illegal or invalid provision had never been inserted herein and shall not affect the remaining provisions of this Plan, but shall be fully severable, and the Plan shall be construed and enforced as if any such illegal or invalid provision were not a part hereof.  

[Execution page follows]

IN WITNESS WHEREOF, USA Mobility, Inc., by its duly authorized officer acting in accordance with a resolution duly adopted by the Compensation Committee of the Board of Directors of USA Mobility, Inc., has executed this Plan for the benefit of employees of USA Mobility, Inc. and subsidiaries, effective as of January 1, 2014.  
USA MOBILITY, INC. 

                                                                               
Vincent D. Kelly, President & CEO

Exhibit A

Performance Objectives

	
							
	Consolidated Revenue(25%)

	($ in millions)

	  
	  
	Result
	 
	Performance
	 
	Payout

	 
	  
	$214.286
	 
	110.0%
	 
	130.0%

	Over
	  
	$204.546
	 
	105.0%
	 
	120.0%

	Perform
	  
	$199.676
	 
	102.5%
	 
	110.0%

	 
	  
	$196.754
	 
	101.0%
	 
	105.0%

	Target
	  
	$194.806
	 
	100.0%
	 
	100.0%

	 
	  
	$192.858
	 
	99.0%
	 
	95.0%

	Under
	  
	$189.936
	 
	97.5%
	 
	90.0%

	Perform
	  
	$185.065
	 
	95.0%
	 
	80.0%

	 
	  
	$175.325
	 
	90.0%
	 
	70.0%

	 
	  
	<$175.325
	 
	< 90.0%
	 
	—%

	
							
	Operating Cash Flow Wireless (50%)

	($ in millions)

	  
	  
	Result
	 
	Performance
	 
	Payout

	 
	  
	$42.648
	 
	120.0%
	 
	125.0%

	Over
	  
	$40.871
	 
	115.0%
	 
	120.0%

	Perform
	  
	$39.094
	 
	110.0%
	 
	115.0%

	 
	  
	$37.317
	 
	105.0%
	 
	107.5%

	Target
	  
	$35.540
	 
	100.0%
	 
	100.0%

	 
	  
	$33.763
	 
	95.0%
	 
	92.5%

	Under
	  
	$31.986
	 
	90.0%
	 
	85.0%

	Perform
	  
	$30.209
	 
	85.0%
	 
	80.0%

	 
	  
	$28.432
	 
	80.0%
	 
	75.0%

	 
	  
	< $28.432
	 
	< 80.0%
	 
	—%

	
							
	Operations Bookings (25%)

	($ in millions)

	  
	  
	Result
	 
	Performance
	 
	Payout

	 
	  
	$43.274
	 
	110.0%
	 
	125.0%

	Over
	  
	$41.307
	 
	105.0%
	 
	115.0%

	Perform
	  
	$40.324
	 
	102.5%
	 
	110.0%

	 
	  
	$39.734
	 
	101.0%
	 
	105.0%

	Target
	  
	$39.340
	 
	100.0%
	 
	100.0%

	 
	  
	$38.947
	 
	99.0%
	 
	95.0%

	Under
	  
	$38.357
	 
	97.5%
	 
	90.0%

	Perform
	  
	$37.373
	 
	95.0%
	 
	85.0%

	 
	  
	$35.406
	 
	90.0%
	 
	75.0%

	 
	  
	< $35.406
	 
	< 90.0%
	 
	—%

Exhibit B

List of USA Mobility Participants 
(as of January 1, 2014)

	
				
	Name, 
	Title
	Bonus Target as % of Base Salary

	Corporate Employee

	Executives
	 

	Kelly, Vince
	CEO
	100%

	Endsley, Shawn
	CFO
	75%

	Saine, Tom
	CIO
	75%

	Woods, Sharon
	Corp Secretary/Treasurer
	75%

	Culp, Bonnie
	EVP, H.R. & CCO
	75%

	Boso, Jim
	Executive Consultant
	50%

	Balmforth, Colin
	President
	75%

	Bolseth, Kate
	COO
	60%

	Ash, Gary
	EVP, Sales
	75%

	Chang, MyLe*
	Controller & CAO
	75%

	
				
	Sales VP’s
	 
	 

	Wax, Jonathan
	VP, Sales - East
	30%

	Stein, James
	VP, Sales - West
	30%

	Collins, Sean
	SVP, Sales & Marketing
	50%

	 

	Vice Presidents

	Veldboom, Kathy
	VP, Technical Support
	35%

	Knighton, Craig
	VP, Development
	20%

	Ling, Mick
	VP, Maintenance Revenue
	35%

	Olson-Stepp, Terri
	VP, Professional Services
	35%

	Edds, Brian
	VP, Product Strategy
	20%

	Mertes, Doug*
	VP, Human Resources
	40%

		
	*
	Means that individual left the Company and forfeited all his or her eligible STIP awards as of December 31, 2014.

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