Document:

Form of Change in Control Agreement

 Exhibit 10.1 
 CHANGE IN CONTROL AGREEMENT 
 This CHANGE IN CONTROL
AGREEMENT (the “Agreement”) is entered into effective as of             , 2012 (the “Effective Date”), by and between HOLLYFRONTIER CORPORATION, a
Delaware corporation (the “Company”) and             (the “Employee”). 
 W I T N E S S E T H: 
 WHEREAS, the Employee is
currently employed by the Company and is an integral part of its management; 
 WHEREAS, the Company
considers it essential to the best interests of its shareholders to foster the continuous employment of key management personnel such as Employee; 
 WHEREAS, the Company recognizes that the possibility of a change in control of the Company will cause uncertainty and distract the Employee from his assigned duties to the detriment of the Company
and its shareholders; and 
 WHEREAS, the Board of Directors of the Company (the
“Board”) has determined that appropriate steps should be taken to reinforce and encourage the Employee’s continued attention and dedication to the Employee’s assigned duties in the event of a change in control of the
Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this
Agreement and other good and valuable consideration, the Employee and the Company hereby agree as follows: 
 Section 1: Definitions

 The following terms shall have the meanings set forth below whenever used herein: 

(a) “Affiliate” shall mean a person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, a specified person. 
 (b) “Base
Salary” shall mean the amount Employee was entitled to receive as salary on an annualized basis immediately prior to termination of Employee’s employment (or, if greater, immediately prior to a Change in Control), including any amounts
deferred pursuant to any deferred compensation program, but excluding all bonus, overtime, welfare benefit premium reimbursement and incentive compensation, payable by the Company as consideration for the Employee’s services. 

(c) “Beneficial Owner” shall mean the beneficial owner of a security as determined pursuant to Rule
13d-3 promulgated under the Securities Exchange Act of 1934, as amended. 
 (d) “Bonus” shall
mean an amount equal to the average of the annual bonus amount actually paid to the Employee for the three (3) most recent years (or if employed for less than 3 years, the average bonus amount actually paid to the Employee for the years
employed). 

 (e) “Cause” shall mean the Employee’s
(i) engagement in any act of willful gross negligence or willful misconduct on a matter that is not inconsequential, as reasonably determined by the Board in good faith, or (ii) conviction of a felony provided the conviction is damaging to
the Company or to the public’s perception of the Company, as determined by the Board in good faith. For purposes hereof, no act or failure to act, on the Employee’s part, shall be deemed “willful” if the Employee reasonably
believed such acts or omissions were in the best interests of the Company. 
 (f) “Change in
Control” shall mean the occurrence of one of the following: 
 (i) Any Person, or more than one Person
acting as a group (as defined in Treasury regulation 1.409A-3(g)(5)(v)(B)), other than (1) the Company or any of its Subsidiaries, (2) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of
its Affiliates, (3) an underwriter temporarily holding securities pursuant to an offering of such securities, or (4) a corporation (or other entity) owned, directly or indirectly, by stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company, becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the
Company or its Affiliates) representing (A) more than forty percent (40%) of the combined voting power of the Company’s then outstanding securities, or (B) more than forty percent (40%) of the then outstanding common stock
of the Company, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in Section 1(f)(iii)(A) below. 
 (ii) A majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the
date of the appointment or election. 
 (iii) There is consummated a merger or consolidation of the Company or
any direct or indirect Subsidiary of the Company with any other corporation or entity, except if: 
 (A) the
merger or consolidation results in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent
thereof) at least sixty percent (60%) of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or 

(B) the merger or consolidation is effected to implement a recapitalization of the Company (or similar transaction) in
which no Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in
connection with the acquisition by the Company or its Affiliates of a business) representing more than sixty percent (60%) of the combined voting power of the Company’s then outstanding securities. 

  
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 (iv) The stockholders of the Company approve a plan of complete liquidation
or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s
assets to an entity at least sixty percent (60%) of the combined voting power of the voting securities of which is owned by the stockholders of the Company in substantially the same proportions as their ownership of the Company immediately
prior to such sale. 
 (v) The Merger. 

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

(h) “Good Reason” shall mean, without the express written consent of the Employee, the occurrence of any
of the following: 
 (i) the material reduction in the Employee’s authority, duties or responsibilities
from those in effect immediately prior to the Change in Control, or a material reduction in the authority, duties or responsibilities of the supervisor to whom Employee is required to report; 

(ii) a material diminution in the budget or other spending over which the Employee has authority; 

(iii) a reduction in the Employee’s base compensation in effect immediately before the Change in Control;

 (iv) if applicable, a failure of the Employee to be re-elected or appointed as an officer or to the board of
directors or similar governing board of the successor; 
 (v) the relocation of the Employee to an office or
location more than fifty (50) miles from the location at which the Employee normally performed Employee’s services immediately prior to the occurrence of a Change in Control, except for travel reasonably required in the performance of the
Employee’s responsibilities; or 
 (vi) a material breach of the terms of this Agreement. 

Notwithstanding the foregoing, in the case of the Employee’s allegation of Good Reason: (A) Employee shall
provide notice to the Company of the event alleged to constitute Good Reason within ninety (90) days of the occurrence of such event, and (B) the Company shall be given the opportunity to remedy the alleged Good Reason event within thirty
(30) days from receipt of notice of such allegation. In the event the alleged Good Reason event is not so remedied, Employee’s Termination of Employment will be effective immediately following the thirty (30) day cure period.

 (i) “Merger” means the merger of Holly Corporation and Frontier Oil Corporation. 

  
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 (j) “Nonqualified Deferred Compensation Rules” shall mean
the limitations and requirements set forth in section 409A of the Code, the regulations promulgated thereunder, and any additional guidance issued by the Internal Revenue Service related thereto. 

(k) “Person” shall mean any individual, group, partnership, corporation, association, trust, or other
entity or organization. 
 (l) “Protection Period” shall mean the six (6) month period
preceding a Change in Control and the twenty-four (24) month period beginning on the date of the Change in Control. For purposes of this Agreement, the Protection Period will continue from the Effective Date through the end of the twenty-four
(24) month period beginning on the closing of the Merger. 
 (m) “Subsidiary” shall mean,
as to any Person, a corporation or other entity of which a majority of the combined voting power of the outstanding voting securities is owned, directly or indirectly, by that Person. 

(n) “Termination Event” shall mean the Employee’s Termination of Employment either: 

(i) by the Company or its successor without Cause; 

(ii) by the Company or its successor as a condition to the consummation of (or entry into, provided the transaction is
consummated) the Change in Control transaction; or 
 (iii) by the Employee for Good Reason. 

(o) “Termination of Employment” shall mean a termination of Employee’s employment within the
meaning of Treas. Reg. § 1.409A-1(h)(1)(ii). 
 Section 2: Term of Agreement 

(a) Term. The term of this Agreement (the “Term”) shall be for the period which commences on the
Effective Date and which terminates on the day prior to the initial three (3) year anniversary of the Effective Date; provided, however, that the Term of this Agreement will be automatically extended for an additional two (2) year period
as of the second anniversary of the Effective Date and any anniversary of the Effective Date occurring thereafter, unless the Board cancels further extension of this Agreement by giving notice to the Employee at least sixty (60) days prior to
the initial two (2) year anniversary of the Effective Date and any anniversary of the Effective Date occurring thereafter. 
 (b) Modification of Term Upon a Change in Control. Upon a Change in Control during the Term (other than the Merger), the Term will be extended (or reduced, as the case may be) through the end of
the Protection Period, immediately following which time this Agreement will terminate. Following the Protection Period beginning upon the closing of the Merger, the Term shall continue pursuant to this Section 2 as if a Change in Control had
not occurred. If, prior to a Change in Control, the Employee ceases to be an employee of the Company pursuant to a Termination Event, thereupon the Term will continue for a period of six (6) months

  
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following the date of the Employee’s Termination of Employment and, in the event a Change in Control does not occur during such six (6) month period, the Term shall be deemed to have
expired immediately following the end of the six (6) month period and this Agreement shall immediately terminate and be of no further effect. If the Employee ceases, prior to a Change in Control, to be an employee of the Company for any other
reason, the Term will be deemed to have expired as of the date of such cessation of service and this Agreement shall immediately terminate and be of no further effect. 

(c) Survival of Certain Provisions. Notwithstanding the expiration of the Term or other termination of this
Agreement, (i) Sections 5(a), 6(e) and 6(l) of this Agreement shall survive any expiration or termination of this Agreement, and (ii) if a Change in Control shall occur prior to the expiration of the Term or other termination
of this Agreement, the terms of this Agreement shall survive to the extent necessary to enable Employee to enforce his rights under Sections 3 and 4 of this Agreement. 
 Section 3: Severance Benefits 
 (a) Termination due to a
Termination Event. In the event that the Employee’s employment with the Company or its successor is terminated due to the occurrence of a Termination Event during the Protection Period, the Employee shall be entitled to the following
payments and other benefits: 
 (i) The Company shall pay to the Employee a lump sum cash amount equal to the
sum of (A) the Employee’s accrued and unpaid salary as of his date of termination plus (B) reimbursement for all expenses reasonably and necessarily incurred by the Employee (in accordance with Company policy) prior to termination in
connection with the business of the Company plus (C) any accrued vacation pay, to the extent not theretofore paid. This amount shall be paid within ten (10) days after the Employee’s Termination of Employment. 

(ii) Company shall pay to the Employee an additional lump sum cash amount equal to the severance multiple set forth in
the table below (the “Severance Multiple”) times the sum of Employee’s Base Salary plus Employee’s Bonus. Subject to the requirements of Section 3(c), this amount shall be paid within fifteen (15) days after the
later of (A) Employee’s Termination of Employment, or (B) the Change in Control. The Severance Multiple will be determined based on the Employee’s designated pay grade in effect immediately prior to the Termination Event (or, if
higher, prior to any Good Reason occurrence triggering a Termination Event). 
  

				September 30,	
	 Pay Grade
	    	Severance Multiple	 
	 Pay Grade 38
	    	 	3x	  
	 Pay Grade 37
	    	 	2x	  
	 Pay Grade 36
	    	 	1.75x	  
	 Pay Grade 35
	    	 	1.5x	  
	 Pay Grade 34
	    	 	1x	  

  
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 (iii) The Company shall provide the Employee (and the Employee’s
dependents, if applicable), beginning upon and continuing for a period of one year following the later of (A) his Termination of Employment, or (B) the Change in Control, with a similar level of medical and dental insurance benefits upon
substantially the same terms and conditions as existed immediately prior to the Employee’s Termination of Employment subject to the following: 
 (A) To the extent that any such medical or dental benefits are self-funded and during the period Employee would, but for the continued coverage provided pursuant to this Section 3(a)(iii), be
entitled to continuation coverage with respect to such benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), if Employee elected such coverage and paid the applicable premiums (the
“COBRA Continuation Period”), the costs of the continued benefit coverage provided under this Section 3(a)(iii) will be imputed as income to the Employee and reported on Form W-2. Following the COBRA Continuation Period, to the extent
Employee is still entitled to continued coverage pursuant to this Section 3(a)(iii), the medical and dental coverage to be continued under such self-funded arrangement shall be provided in accordance with the provisions of Treas. Reg.
§ 1.409A-3(i)(1)(iv)(A) as it applies to the provision of in-kind benefits. 
 (B) Notwithstanding
the foregoing provisions of this Section 3(a)(iii), in the event the Company is unable to provide any of the promised medical or dental benefits under its benefit plans, or in the event the Company will be subject to additional taxes to the
extent such promised medical or dental benefits are provided, the Company will reimburse Employee for amounts necessary to enable the Employee to obtain medical and dental benefits substantially equal to what was provided to the Employee immediately
prior to the Employee’s termination; provided, that any such reimbursement will be made in accordance with the provisions of Treas. Reg. § 1.409A-3(i)(1)(iv), including but not limited to the requirements that (I) the expenses
eligible for reimbursement will be determined by reference to the objective and nondiscretionary criteria set forth in the Company’s medical and dental benefit plans, (II) the expenses eligible for reimbursement during one taxable year of the
Employee will not affect the expenses eligible for reimbursement in any other taxable year (provided, that a limit imposed on the amount of expenses that may be reimbursed over some or all of the continuation period described in this
Section 3(a)(iii) shall not in and of itself cause the reimbursement arrangement described herein to fail to satisfy the requirements of Treas. Reg. § 1.409A-3(i)(1)(iv)), (III) the reimbursement of an eligible expense will be made on
or before the last day of the Employee’s taxable year following the taxable year in which the expense was incurred, and (IV) the right to reimbursement will not be subject to liquidation or exchange for another benefit. 

(C) Notwithstanding the foregoing provisions of this Section 3(a)(iii), in the event the Employee becomes
reemployed with another employer and becomes eligible to receive medical and dental benefits similar to the benefits described herein from such employer, the medical and dental benefit coverage provided for herein shall terminate. Benefit
continuation provided pursuant to this Section 3(a)(iii) will be applied towards any continuation coverage to which the Employee is entitled pursuant to COBRA. 

  
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 (iv) Except to the extent an award agreement provides to the contrary, all
outstanding equity-based compensation awards of the Company or its Affiliates (other than awards intended to constitute “performance based compensation,” within the meaning of section 162(m) of the Code, granted to an individual who was
determined to be reasonably likely to be a “covered employee,” within the meaning of section 162(m) of the Code when the award was granted (a “162(m) Award”)) shall become immediately vested (and in the case of performance
awards that are not 162(m) Awards, the maximum performance level shall be deemed to have been achieved at such time), nonforfeitable, settleable (to the extent such settlement would not result in additional taxes under section 409A of the Code) and,
if applicable, exercisable. Any 162(m) Award will not be forfeited, but will continue to remain outstanding for the remainder of the performance period to which such 162(m) Award is subject and will, following the completion of the performance
period, become vested and nonforfeitable, if at all, upon and in accordance with the achievement of the performance criteria established with respect to the 162(m) Award. Such 162(m) Award will not be pro-rated for the period of time during the
performance period preceding the Termination Event. 
 (b) Other Severance Pay. The Employee shall not be
entitled to receive payment under any severance plan, policy or arrangement maintained by the Company (other than this Agreement). If the Employee is entitled to any notice or payment in lieu of any notice of termination of employment required by
Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in
lieu of notice. If the Employee is entitled to any severance or termination payments under any employment or other agreement (other than award agreements issued pursuant to the HollyFrontier Corporation Long-Term Incentive Compensation Plan) with,
or any plan or arrangement of, the Company, the payments to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of such payment. Except as set forth above, the foregoing payments and benefits shall be
in addition to and not in lieu of any payments or benefits to which the Employee and his dependents may otherwise be entitled to under the Company’s compensation and employee benefit plans. Nothing herein shall be deemed to restrict the right
of the Company to amend or terminate any such plan in a manner generally applicable to similarly situated active employees of the Company, in which event the Employee shall be entitled to participate on the same basis (including payment of
applicable contributions) as similarly situated active employees of the Company. 
 (c) Release. Payments
under Sections 3(a)(ii) and (iii) shall be conditioned upon the execution and delivery of a Release Agreement in the form attached hereto as Exhibit A (the “Release”) by Employee within forty-five (45) days of the
date of Employee’s Termination of Employment, provided such Release is not revoked. Notwithstanding the times of payment otherwise set forth in Section 3(a), the payments due under Sections 3(a)(ii) and (iii) shall be made (or
commenced, in the case of the payments due under Section 3(a)(iii)) to the Employee within fifteen (15) days following receipt by the Company of the Release properly executed (and not revoked) by the Employee, or, if later, the Change in
Control. If the Employee fails to properly execute and deliver the Release (or revokes the Release), the Employee agrees that he shall not be entitled to receive the benefits described in Sections 3(a)(ii) and (iii). 

(d) Insurance Policies. In the event of the Employee’s Termination of Employment or in the event the Company
intends to discontinue maintaining certain life insurance policies, the Company shall, at the request of the Employee, assign and transfer to the Employee (or his nominee) each insurance policy insuring the life of the Employee and owned by the
Company which has no cash surrender value, to the extent that the Company is permitted to do so by the terms of such insurance policy. 

  
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 Section 4: Certain Additional Payments by the Company 

(a) Gross Up Payments. 
 (i) Golden Parachute Gross Up Payment. Subject to Section 4(e), in the event it shall be determined, according to the procedure set forth in Section 4(b), that any part of any payment or
benefit received pursuant to the terms of this Agreement, (the “Contract Payments”) or any part of any payment or benefit received or to be received by the Employee throughout or for the Employee’s benefit pursuant to any other
plan, arrangement or agreement of the Company or any Affiliate (together with the Contract Payments, the “Payments”) would be subject to the excise tax imposed by section 4999 of the Code, or if any interest or penalties are
incurred by the Employee with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), it shall then be determined to what extent the
aggregate present value of the Payment equals or exceeds an amount equal to three (3) times the Employee’s “Base Amount” (as defined in section 280G(b)(3)(A) of the Code). Subject to Section 4(e), if the amount of the
Payment would need to reduced by ten percent (10%) or more of its total value in order to equal an amount less than three (3) times the Base Amount, then the Employee shall be entitled to receive an additional payment (a “Golden
Parachute Gross Up Payment”) from the Company in an amount such that the net amount retained by the Employee, after deduction of the Excise Tax on the Payment and any federal, state and local income tax and the Excise Tax on the Golden
Parachute Gross Up Payment, and any interest, penalties or additions to tax payable by the Employee with respect thereto, shall be equal to the total present value (using the applicable federal rate as defined in section 1274(d) of the Code in such
calculation) of the Payment at the time such Payment is to be made. If, on the other hand and subject to Section 4(e), after a reduction of less than ten percent (10%) of its total value, the Payment equals an amount less than three
(3) times the Base Amount, then the amount of the Payment will be accordingly reduced and the Employee will not be entitled to a Golden Parachute Gross Up Payment. 

(ii) 409A Gross Up Payment. The Company will reimburse the Employee for any increased net Federal, state and local
income tax incurred directly or indirectly by the Employee in the aggregate as a result of the failure of any payment pursuant to this Agreement to comply with section 409A of the Code (including any interest and other amount added to the tax under
Section 409A(a)(B)(i)(I) or (II) of the Code) (the “Increased Taxes”) such reimbursement (the “409A Reimbursement”) to be in an amount which, after the reduction of any Federal, state or local taxes of any kind
(including excise taxes) on the 409A Reimbursement, shall equal the Increased Taxes. The 409A Reimbursement in respect of any amount of Increased Taxes shall be paid no later than ten (10) days prior to the due date for the payment of any
Increased Taxes. The 409A Reimbursement, together with the Golden Parachute Gross Up Payment, is referred to in this Agreement as the “Gross Up Payment.” 

  
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 (b) Calculation of Gross Up Payment. Subject to the provisions of
paragraph (c) of this Section 4, all determinations required to be made under Section 4, including whether and when a Gross Up Payment is required and the amount of such Gross Up Payment and the assumptions to be utilized in arriving
at such determination, shall be made by a certified public accounting firm selected by the Company and reasonably acceptable to the Employee (the “Accounting Firm”), which shall be retained to provide detailed supporting calculations both
to the Company and the Employee within fifteen (15) business days of the receipt of notice from the Company that there has been a Payment, or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall
be borne solely by the Company. Any Gross Up Payment, as determined pursuant to this Section 4, shall be paid by the Company to the Employee as of the later to occur of (i) five (5) days prior to the due date for the payment of any
Excise Tax or (ii) five (5) days after the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and the Employee. The Company may also select or solicit other
evaluation experts to further assist in the evaluation of the calculations and assumptions if determined appropriate. As a result of the uncertainty in the application of sections 409A and 4999 of the Code at the time of the initial determination by
the Accounting Firm hereunder, it is possible that Gross Up Payments which should have been made will not have been made by the Company (“Underpayment”), consistent with the calculations required to be made hereunder. In the event
that the Company exhausts its remedies pursuant to paragraph (c) of this Section 4 and the Employee thereafter is required to make payment of any Excise Tax or Increased Taxes, the Accounting Firm shall determine the amount of the
Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Employee. 
 (c) Contested Taxes. The Employee shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would result in an Underpayment. Such notification shall be
given as soon as practicable but no later than ten (10) business days after the Employee is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid or
appealed. The Employee shall not pay such claim prior to the expiration of the 30 day period following the date on which it gives such notice to the Company (or such shorter period ending on the date than any payment of taxes with respect to such
claim is due). If the Company notifies the Employee in writing prior to the expiration of such period that it desires to contest such claim, the Employee shall: 

(i) give the Company any information reasonably requested by the Company relating to such claim; 

(ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from
time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; and 
 (iii) permit the Company to participate in any proceedings relating to such claim; 

  
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 provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Employee harmless, on an after-tax basis, for any Excise Tax or Increased Taxes or income tax (including interest and penalties
with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limiting the foregoing provisions of this paragraph (c), the Company shall control all proceedings taken in connection with such contest and,
at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Employee to pay the tax claimed and
sue for a refund or to contest the claim in any permissible manner, and the Employee agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as
the Company shall determine; provided, however, that if the Company directs the Employee to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Employee, on an interest-free basis, from any Excise Tax or
Increased Taxes or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of
limitations relating to payment of taxes for the taxable year of the Employee with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall
be limited to issues with respect to which a Gross Up Payment would be payable hereunder and the Employee shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing
authority. Notwithstanding the foregoing, the Employee shall not be entitled to any advance that would be deemed a violation of section 402(a) (Enhanced Conflict of Interest Provisions) of the Sarbanes-Oxley Act of 2002. 

(d) Refunds. If, after the receipt by the Employee of an amount advanced by the Company pursuant to this
Section 4, the Employee becomes entitled to receive any refund with respect to such claim, the Employee shall (subject to the Company’s complying with the requirements of Section 4(c)) promptly pay to the Company the amount of such
refund (together with any interest paid or credited thereon after taxes applicable thereto). 
 (e)
Termination of Gross-Up. The provisions of this Section 4 will terminate on the three (3) year anniversary of the Effective Date. Notwithstanding any subsequent extension of this Agreement, Employee acknowledges and agrees that on
the three (3) year anniversary of the initial Effective Date the protections set forth in this Section 4 will be automatically terminated and be of no force or effect, and no Gross-Up Payment will be thereafter provided; provided, however,
in the event a Change in Control occurs prior to such three (3) year anniversary, this Section 4 will not be terminated but will continue to apply for the remainder of the Protection Period.  

Section 5: Certain Covenants by the Employee 
 (a) Protection of Confidential Information. The Employee acknowledges that in the course of his employment with the Company, the Employee has obtained confidential, proprietary and/or trade secret
information of the Company, relating to, among other things, (i) programs, strategies, information or materials related to the business, services, manner of operation and activities of the Company, (ii) customers, clients or prospects of
the Company, (iii) computer hardware or software used in the course of the Company business, and (iv) marketing strategies or other activities of the Company from or on behalf of any of its

  
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clients, (hereinafter collectively referred to as “Confidential Information”); provided, however, that, for purposes of this Agreement, the term Confidential Information shall
not include any information that is known generally to the public or accessible to a third party on an unrestricted basis. The Employee recognizes that such Confidential Information has been developed by the Company at great expense; is a valuable,
special and unique asset of the Company which it uses in its business to obtain competitive advantage over its competitors; is and shall be proprietary to the Company; is and shall remain the exclusive property of the Company; and, is not to be
transmitted to any other person, entity or thing. Accordingly, as a material inducement to the Company to enter into this Agreement with the Employee and in partial consideration for the compensation payable hereunder to the Employee, the Employee
hereby: 
 (i) warrants and represents that he has not disclosed, copied, disseminated, shared or transmitted
any Confidential Information to any person, firm, corporation or entity for any reason or purpose whatsoever, except in the course of carrying out the Employee’s duties and responsibilities of employment with the Company; 

(ii) agrees not to so disclose, copy, disseminate, share or transmit any Confidential Information in the future;

 (iii) agrees not to make use of any Confidential Information for his own purposes or for the benefit of any
person, firm, corporation or other entity, except that, in the course of carrying out the Employee’s duties and responsibilities of employment, the Employee may use Confidential Information for the benefit of any Affiliate of the Company;

 (iv) warrants and represents that all Confidential Information in his possession, custody or control that is
or was a property of the Company has been or shall be returned to the Company by or on the date of the Employee’s termination; and 
 (v) agrees that he will not reveal, or cause to be revealed, this Agreement or its terms to any third party (other than the Employee’s attorney, tax advisor, or spouse), except as required by law.

 The Employee’s covenants in this Section 5(a) are in addition to, and do not supercede, the Employee’s
obligations under any confidentiality, invention or trade secret agreements executed by the Employee, or any laws protecting the Confidential Information. 
 (b) Non-Disparagement. The Employee agrees to refrain from engaging in any conduct, or from making any comments or statements, which have the purpose or effect of harming the reputation or goodwill
of the Company or any of its Affiliates, employees, directors or stockholders. 
 (c) Non-Solicitation.
The Employee agrees that during the Term and for a period of one (1) year following Termination of Employment that the Employee will not, directly or indirectly, for the benefit of the Employee or for others, recruit, solicit or induce any
employee or service provider of the Company or its Affiliates to terminate his or her employment or service relationship with the Company or its Affiliates, or hire or assist in the hiring of any such employee or service provider by a Person not
affiliated with the Company or its Affiliates. 

  
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 (d) Extent of Restrictions. The Employee acknowledges that the
restrictions contained in Section 5 correctly set forth the understanding of the parties at the time this Agreement is entered into, are reasonable and necessary to protect the legitimate interests of the Company, and that any violation will
cause substantial injury to the Company. In the event of any such violation, the Company shall be entitled, in addition to any other remedy, to preliminary or permanent injunctive relief. If any court having jurisdiction shall find that any part of
the restrictions set forth in this Agreement are unreasonable in any respect, it is the intent of the parties that the restrictions set forth herein shall not be terminated, but that this Agreement shall remain in full force and effect to the extent
(as to time periods and other relevant factors) that the court shall find reasonable. 
 Section 6: Miscellaneous 

(a) Clawback. Notwithstanding any provisions in this Agreement to the contrary, to the extent required by
(i) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and/or (ii) any policy that may be adopted by the Board, amounts paid or payable pursuant to this
Agreement shall be subject to clawback to the extent necessary to comply with such law(s) and/or policy, which clawback may include forfeiture and/or repayment of amounts paid or payable pursuant to this Agreement. 

(b) Tax Withholding. All payments required to be made to the Employee under this Agreement shall be subject to
withholding of amounts relating to income tax, excise tax, employment tax and other payroll taxes to the extent required to be withheld pursuant to applicable law or regulation. 

(c) No Mitigation; Offset. The Employee shall be under no obligation to minimize or mitigate damages by seeking
other employment, and the obtaining of any such other employment shall in no event effect any reduction of obligations hereunder for the payments or benefits required to be provided to the Employee, except as specifically provided in
Section 3(a)(iii) above with respect to medical and dental benefits coverage. The obligations of the Company hereunder shall not be affected by any set-off or counterclaim rights which any party may have against the Employee; provided, however,
that the Company may offset any amounts owed to the Company by the Employee against any amounts owed to the Employee by the Company hereunder. 
 (d) Overpayment. If, due to mistake or any other reason, the Employee receives benefits under this Agreement in excess of what this Agreement provides, the Employee shall repay the overpayment to
the Company in a lump sum within thirty (30) days of notice of the amount of overpayment. If the Employee fails to so repay the overpayment, then without limiting any other remedies available to the Company, the Company may deduct the amount of
the overpayment from any other benefits which become payable to the Employee under this Agreement or otherwise. 

(e) Severability. In the event that any provision of this Agreement is determined to be partially or wholly
invalid, illegal or unenforceable, then such provision shall be modified or restricted to the extent necessary to make such provision valid, binding and enforceable, or if 

  
 12 

 
such provision cannot be modified or restricted, then such provision shall be deemed to be excised from this Agreement, provided that the binding effect and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired in any manner. No waiver by a party of any provisions or conditions of this Agreement shall be deemed a waiver of similar or dissimilar provisions and conditions at the same time or any
prior or subsequent time. 
 (f) Successors and Assigns. This Agreement and all rights hereunder are
personal to the Employee and shall not be assignable by the Employee; provided, however, that any amounts that shall have become payable under this Agreement prior to the Employee’s death shall inure to the benefit of the Employee’s heirs
or other legal representatives, as the case may be. This Agreement shall be binding upon and inure to the benefit of the Company and any successor of the Company. The Company shall require any successor to all or substantially all of the business
and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place. Upon such assumption by the successor, the
Company automatically shall be released from all liability hereunder (and all references to the Company herein shall be deemed to refer to such successor). In the event a successor does not assume this Agreement, the benefits payable pursuant to
Section 3(a) will be paid immediately prior to the Change in Control. 
 (g) Entire Agreement.
Except as otherwise specifically provided herein, this Agreement constitutes the entire agreement between the parties respecting the subject matter hereof and supersedes any prior agreements respecting severance benefits prior to or following a
Change in Control. As of the Effective Date, the Executive Change in Control Severance Agreement and the Executive Severance Agreement (as Amended and Restated) (or any other similar agreement) previously entered into between the Employee and
Frontier Oil Corporation (and assumed by the Company) will be terminated and of no effect and no benefits will hereafter be payable under either agreement. No amendment to this Agreement shall be deemed valid unless in writing and signed by the
parties. A waiver of any term, covenant, agreement or condition contained in this Agreement shall not be deemed a waiver of any other term, covenant, agreement or condition, and any waiver of any default in any such term, covenant, agreement or
condition shall not be deemed a waiver of any later default thereof or of any other term, covenant, agreement or condition. 
 (h) Notices. Any notice required or permitted to be given by this Agreement shall be effective only if in writing, delivered personally or by courier or by facsimile transmission or sent by
express, registered or certified mail, postage prepaid, to the parties at the addresses hereinafter set forth, or at such other places that either party may designate by notice to the other. 

Notice to the Employee shall be addressed to the employee’s then current work address. 

Notice to the Company shall be addressed to: 

HollyFrontier Corporation 
 2828 N. Harwood St., Suite 1300 
 Dallas, Texas 75201 

Attn: General Counsel 

  
 13 

 (i) Governing Law. Notwithstanding any conflicts of law or choice of
law provision to the contrary, this Agreement shall be construed and interpreted according to the laws of the State of Texas. 
 (j) No Right to Continued Employment. Nothing in this Agreement shall confer on the Employee any right to continue in the employ of the Company or interfere in any way (other than by virtue of
requiring payments or benefits as expressly provided herein) with the right of the Company to terminate the Employee’s employment at any time. 
 (k) Unfunded Obligation. Any payments hereunder shall be made out of the general assets of the Company. The Employee shall have the status of general unsecured creditor of the Company, and the
Agreement constitutes a mere promise by the Company to make payments under this Agreement in the future as and to the extent provided herein. 
 (l) Arbitration. All claims, demands, causes of action, disputes, controversies or other matters in question (“Claims”), whether or not arising out of this Agreement or the
Employee’s service (or termination from service) with the Company, whether arising in contract, tort or otherwise and whether provided by statute, equity or common law, that the Company may have against the Employee or that the Employee may
have against the Company or its parents, Subsidiaries or Affiliates, or against each of the foregoing entities’ respective officers, directors, employees or agents in their capacity as such or otherwise, shall be submitted to binding
arbitration, if such Claim is not resolved by the mutual written agreement of the Employee and the Company, or otherwise, within thirty (30) days after notice of the dispute is first given. Claims covered by this Section 6(l) include,
without limitation, claims by the Employee for breach of this Agreement, wrongful termination, discrimination (based on age, race, sex, disability, national origin, sexual orientation, or any other factor), harassment and retaliation. Any
arbitration shall be conducted in accordance with the Federal Arbitration Act (“FAA”) and, to the extent an issue is not addressed by the FAA, with the then-current National Rules for the Resolution of Employment Disputes of the
American Arbitration Association (“AAA”) or such other rules of the AAA as are applicable to the claims asserted. If a party refuses to honor its obligations under this Section 6(l), the other party may compel arbitration in
either federal or state court. The arbitrator shall apply the substantive law of Texas (excluding choice-of-law principles that might call for the application of some other jurisdiction’s law) or federal law, or both as applicable to the claims
asserted. The arbitrator shall have exclusive authority to resolve any dispute relating to the interpretation, applicability or enforceability or formation of this Agreement (including this Section 6(l)), including any claim that all or part of
the Agreement is void or voidable and any claim that an issue is not subject to arbitration. The results of arbitration will be binding and conclusive on the parties hereto. Any arbitrator’s award or finding or any judgment or verdict thereon
will be final and unappealable. All parties agree that venue for arbitration will be in Dallas, Texas, and that any arbitration commenced in any other venue will be transferred to Dallas, Texas, upon the written request of any party to
this Agreement. In the event that an arbitration is actually conducted pursuant to this Section 6(l), the party in whose favor the arbitrator renders the award shall be entitled to have and recover from the other party all costs and expenses
incurred, including reasonable attorneys’ fees, reasonable costs and other reasonable expenses pertaining to the arbitration and the enforcement thereof and such attorneys fees, costs and other expenses shall become a part of any award,
judgment or verdict. Any and all of the arbitrator’s orders, decisions and awards may be 

  
 14 

 
enforceable in, and judgment upon any award rendered by the arbitrator may be confirmed and entered by any federal or state court having jurisdiction. All privileges under state and federal law,
including attorney-client, work product and party communication privileges, shall be preserved and protected. The decision of the arbitrator will be binding on all parties. Arbitrations will be conducted in such a manner that the final decision of
the arbitrator will be made and provided to the Employee and the Company no later than 120 days after a matter is submitted to arbitration. All proceedings conducted pursuant to this agreement to arbitrate, including any order, decision or award of
the arbitrators, shall be kept confidential by all parties. EMPLOYEE ACKNOWLEDGES THAT, BY SIGNING THIS AGREEMENT, EMPLOYEE IS WAIVING ANY RIGHT THAT EMPLOYEE MAY HAVE TO A JURY TRIAL OR A COURT TRIAL OF ANY SERVICE RELATED CLAIM ALLEGED BY
EMPLOYEE.  
 (m) Injunctive Relief. The Employee recognizes and acknowledges that, in the event of a
breach or threatened breach by the Employee of the provisions of this Agreement, the Company shall be entitled to an injunction to enforce the provisions hereof, without any requirement for the securing or posting of any bond in connection with such
remedy, in addition to pursuing its other legal remedies. 
 (n) Captions and Headings. Captions and
paragraph headings are for convenience only, are not a part of this Agreement and shall not be used to construe any provision of this Agreement. 
 (o) Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but both of which when taken together shall constitute one Agreement. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 

 

							
		 		 	HOLLYFRONTIER CORPORATION
				
		 		 	By:	 	 
		 		 	Name:
		 		 	Its:
		 		 		 	
		 		 	EMPLOYEE
			
		 		 	  

		 		 	Name:	 	  

  
 15 

 EXHIBIT A 
 AGREEMENT AND RELEASE 
 This Agreement and Release (“Release”) is entered into between you, the undersigned employee, and HollyFrontier Corporation, a Delaware corporation (the “Company”), in
connection with the Change in Control Agreement between you and the Company dated     , 201     (the “Change in Control Agreement”). You have      days
to consider this Release, which you agree is a reasonable amount of time. While you may sign this Release prior to the expiration of this      -day period, you are not to sign it prior to
            . 
 1. Definitions
(a) “Released Parties” means the Company and its past, present and future parents, subsidiaries, divisions, successors, predecessors, employee benefit plans and affiliated or related companies, and also each of the foregoing
entities’ past, present and future owners, officers, directors, stockholders, investors, partners, managers, principals, members, committees, administrators, sponsors, executors, trustees, fiduciaries, employees, agents, assigns,
representatives and attorneys, in their personal and representative capacities. Each of the Released Parties is an intended beneficiary of this Release. 
 (b) “Claims” means all theories of recovery of whatever nature, whether known or unknown, recognized by the law or equity of any jurisdiction. It includes but is not limited to any and
all actions, causes of action, lawsuits, claims, complaints, petitions, charges, demands, liabilities, indebtedness, losses, damages, rights and judgments in which you have had or may have an interest. It also includes but is not limited to any
claim for wages, benefits or other compensation; provided, however that nothing in this Release will affect your entitlement to benefits pursuant to the terms of any employee benefit plan (as defined in the Employee Retirement Income Security Act of
1974, as amended) sponsored by the Company in which you are a participant. The term Claims also includes but is not limited to claims asserted by you or on your behalf by some other person, entity or government agency. 

2. Consideration The Company agrees to pay you the consideration set forth in Section 3(a) of the
Change in Control Agreement. The Company will make this payment to you within fifteen (15) business days of the date you sign this Release (and return it to the Company), unless Section 3(a) of the Change in Control Agreement provides a
longer time before payment must be made. You acknowledge that the payment that the Company will make to you under this Release is in addition to anything else of value to which you are entitled and that the Company is not otherwise obligated to make
this payment to you. 
 3. Release of Claims (a) You, on behalf of yourself and your heirs,
executors, administrators, legal representatives, successors, beneficiaries, and assigns, unconditionally release and forever discharge the Released Parties from, and waive, any and all Claims that you have or may have against any of the Released
Parties arising from your employment with the Company, the termination thereof, and any other acts or omissions occurring on or before the date you sign this Release. 

  
 A-1

 (b) The release set forth in Paragraph 3(a) includes, but is not limited to,
any and all Claims under (i) the common law (tort, contract or other) of any jurisdiction; (ii) the Rehabilitation Act of 1973, the Age Discrimination in Employment Act, the Americans with Disabilities Act, Title VII of the Civil Rights
Act of 1964, and any other federal, state and local statutes, ordinances, employee orders and regulations prohibiting discrimination or retaliation upon the basis of age, race, sex, national original, religion, disability, or other unlawful factor;
(iii) the National Labor Relations Act; (iv) the Employee Retirement Income Security Act; (v) the Family and Medical Leave Act; (vi) the Fair Labor Standards Act; (vii) the Equal Pay Act; (viii) the Worker Adjustment
and Retraining Notification Act; and (ix) any other federal, state or local law. 
 (c) In furtherance of
this Release, you promise not to bring any Claims against any of the Released Parties in or before any court or arbitral authority. 
 5. Acknowledgment. You acknowledge that, by entering into this Release, the Company does not admit to any wrongdoing in connection with your employment or termination, and that this Release
is intended as a compromise of any Claims you have or may have against the Released Parties. You further acknowledge that you have carefully read this Release and understand its final and binding effect, have had a reasonable amount of time to
consider it, have had the opportunity to seek the advice of legal counsel of your choosing, and are entering this Release voluntarily. In addition, you hereby certify your understanding that you may revoke the Release by providing written notice
thereof to the Company within seven (7) days following execution of the Release and that, upon such revocation, this Release will not have any further legal effect. 

6. Applicable Law. This Release shall be construed and interpreted pursuant to the laws of the State of
Texas without regard to its choice of law rules and shall be subject to the arbitration clause set forth in Section 6(l) of the Change in Control Agreement. 

7. Severability. Each part, term, or provision of this Release is severable from the others.
Notwithstanding any possible future finding by a duly constituted authority that a particular part, term, or provision is invalid, void, or unenforceable, this Release has been made with the clear intention that the validity and enforceability of
the remaining parts, terms and provisions shall not be affected thereby. If any part, term, or provision is so found invalid, void or unenforceable, the applicability of any such part, term, or provision shall be modified to the minimum extent
necessary to make it or its application valid and enforceable. 
 IN WITNESS WHEREOF, the parties have
executed this Agreement as of the day and year set forth below. 
  

									
	HOLLYFRONTIER CORPORATION	 		 	EMPLOYEE
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 	Name:	 	  

	Title:	 		 		 	
					
	Date:	 	 	 		 	Date:	 	 

  
 A-2Form of Award Notice Time-Vested Restricted Stock

 Exhibit 10.54 
 EXTERRAN HOLDINGS, INC. 
 FORM OF AWARD NOTICE 

TIME-VESTED RESTRICTED STOCK 
 Exterran Holdings, Inc. (the “Company”) has granted to you (the “Participant”) shares of restricted stock under the Exterran Holdings, Inc. 2011 Employment Inducement
Long-Term Equity Plan (as may be amended from time to time, the “Plan”), pursuant to this Award Notice (the “Award Notice”). All capitalized terms not expressly defined in this Award Notice but defined in the Plan
shall have the same meanings ascribed to them in the Plan. 
 The material terms of your Award are as follows: 

1. Award. You have been granted shares of Company restricted stock (the “Award” or “Restricted
Stock”) as provided above, subject to the terms and conditions contained herein and in the Plan. This Award is intended to constitute an “employment inducement award” under NYSE Listed Company Manual Section 303A.08, and this
Award Notice and the terms and conditions of this Award shall be interpreted in accordance and consistent with such NYSE rules. 
 2. Grant Date. The “Grant Date” of this Award is the “issue date” provided above. 
 3. Vesting. Your Award is subject to the vesting schedule provided above (the “Vesting Schedule”). A portion of your Award will automatically vest on each of the dates
indicated in the Vesting Schedule (each a “Vesting Date”). Notwithstanding the foregoing, except as set forth in Sections 4 and 5 below, you must be in continuous service as an Employee and/or Director, as applicable, at all times
from the Grant Date up to and including the applicable Vesting Date for that portion of the Award to vest. 
 4.
Termination of Service. If you incur a Termination of Service for any reason (other than as a result of death or Disability or as provided in Section 5 below), the unvested portion of your Award will be automatically canceled and
forfeited on the date of such termination unless the Committee directs otherwise. If you incur a Termination of Service as a result of your death or Disability, the unvested portion of your Award will immediately vest in full and all restrictions
applicable to your Award will lapse as of the date of termination. 
 5. Corporate Change. In the event a
Corporate Change occurs, notwithstanding anything to the contrary in this Award Notice or the Plan, this Section 5 will govern the vesting of your Award on and after the date the Corporate Change is consummated. 

If a Corporate Change is consummated prior to the final Vesting Date of your Award, then: 

(a) the portion of your Award that would have vested on the Vesting Date immediately following the date the Corporate Change is
consummated will automatically vest as of the date the Corporate Change is consummated; and 
 (b) the remaining unvested portion
of your Award, if any, will continue to be subject to the original Vesting Schedule and Vesting Dates; 
 provided, however, that if you
incur a Termination of Service on or after the date a Corporate Change is consummated (i) by the Company without Cause, (ii) by you for Good Reason (as defined below), or (iii) as a result of your death or Disability, then the
unvested portion of your Award as of such termination date will automatically vest in full and all restrictions applicable to your Award will lapse as of the date of your Termination of Service. If your service is terminated by the Company with
Cause or by you without Good Reason on or after the date the Corporate Change is consummated, then the unvested portion of your Award will be automatically canceled and forfeited on the date of your termination. 

 For purposes of this Award Notice, “Good Reason” shall mean “Good Reason” as defined in
your change of control agreement with the Company, if such an agreement exists and contains a definition of Good Reason or, if no such agreement exists or such agreement does not contain a definition of Good Reason, then “Good Reason”
means the occurrence of any of the following without your express written consent: 
  

	 	(i)	a permanent change in your duties or responsibilities which are materially inconsistent with either the type of your duties and responsibilities then in effect or with
your title, but excluding any such change that is in conjunction with and consistent with a promotion; 

  

	 	(ii)	a reduction in your base salary; 

  

	 	(iii)	a reduction in your annual target short-term incentive percentage of base salary as in effect immediately prior to the Corporate Change; 

 

	 	(iv)	a material reduction in your employee benefits (without regard to bonus compensation, if any) if such reduction results in your receiving benefits which are, in the
aggregate, materially less than the benefits received by other comparable employees of the Company generally; 

  

	 	(v)	your being required to be based at any other office or location of employment more than fifty (50) miles from your primary office or location of employment
immediately prior to a Corporate Change; or 

  

	 	(vi)	the willful failure by the Company to pay any compensation to you when due. 

 provided, however, that Good Reason does not exist with respect to a matter unless you give the Company a notice of termination due to such matter within eighteen (18) months following the
date of the Corporate Change. If you fail to give a notice of termination timely, you shall be deemed to have waived all rights you may have under this Award Notice with respect to such matter. The Company will have thirty (30) days from the
date of your notice of termination to cure the matter. If the Company cures the matter, your notice of termination shall be deemed rescinded. If the matter constitutes Good Reason and the Company fails to cure the matter timely, your service shall
be deemed to have been terminated by the Company for Good Reason at the end of the thirty (30)-day cure period. 
 6.
Stockholder Rights. The Company will register the shares of Restricted Stock in your name. You will have the right to vote your shares of Restricted Stock and receive dividends, if any, with respect to your Restricted Stock, regardless of
vesting; however, the Company will withhold delivery of your shares until they are vested. 
 7.
Non–Transferability. Prior to vesting, you cannot sell, transfer, pledge, exchange or otherwise dispose of your shares of Restricted Stock except in accordance with Paragraph XIV(i) of the Plan.  

8. No Right to Continued Service. Nothing in this Award Notice guarantees your continued service with the Company or its
Affiliates or interferes in any way with the right of the Company or its Affiliates to terminate your service with the Company or its Affiliates, at any time, with or without notice and with or without cause. 

9. Data Privacy. You consent to the collection, use, processing and transfer of your personal data as described in this
Section 9. You understand that the Company and/or its Affiliates hold certain 

  
 2 

 
personal information about you (including your name, address and telephone number, date of birth, social security number, social insurance number, etc.) for the purpose of administering the Plan
(“Data”). You also understand that the Company and/or its Affiliates will transfer this Data among themselves as necessary for the purpose of implementing, administering and managing your participation in the Plan, and that the
Company and/or its Affiliates may also transfer this Data to any third parties assisting the Company in the implementation, administration and management of the Plan. You authorize each of them to receive, possess, use, retain and transfer the Data,
in electronic or other form, for these purposes. You also understand that you may, at any time, review the Data, require any necessary changes to the Data or withdraw your consent in writing by contacting the Company. You further understand that
withdrawing your consent may affect your ability to participate in the Plan. 
 10. Withholding. Your Award is
subject to applicable income, employment and/or social insurance or social security withholding obligations, and the Company and its Affiliates may, in their sole discretion, withhold a sufficient number of shares of Common Stock that are otherwise
issuable to you pursuant to your Award to satisfy any such withholding obligations. If necessary, the Company also reserves the right to withhold from your regular earnings an amount sufficient to meet the withholding obligations.

 11. Plan Governs. This Award Notice is subject to the terms and conditions of the Plan, a copy of which
will be provided to you upon request as indicated in Section 17 below. All the terms and conditions of the Plan, as may be amended from time to time, and any rules, guidelines and procedures which may from time to time be established pursuant
to the Plan, are hereby incorporated into this Award Notice. In the event of a discrepancy between this Award Notice and the Plan, the Plan shall govern.  
 12. Modifications. Subject to Paragraph XIII of the Plan, the Company may make any change to this Award Notice that is not adverse to your rights under this Award Notice or the Plan.

 13. Non-Solicitation/Confidentiality Agreement. The greatest assets of the Company and its Affiliates
(collectively, “Exterran” as used in this Section 13) are its employees, directors, customers, and confidential information. In recognition of the increased risk of unfairly losing any of these assets, Exterran has adopted this
Non-Solicitation/Confidentiality Agreement as set forth in this Section 13, the terms of which you accept and agree to by accepting the Award. 
 (a) In order to assist you with your employment-related duties, Exterran has provided and shall continue to provide you with access to confidential and proprietary operational information and other
confidential information which is either information not known by actual or potential competitors and third parties or is proprietary information of Exterran (“Confidential Information”). Such Confidential Information shall include,
without limitation, information regarding Exterran’s customers and suppliers, employees, business operations, product lines, services, pricing and pricing formulae, machines and inventions, research, knowhow, manufacturing and fabrication
techniques, engineering and product design specifications, financial information, business plans and strategies, information derived from reports and computer systems, work in progress, marketing and sales programs and strategies, cost data, methods
of doing business, ideas, materials or information prepared or performed for, by or on behalf of Exterran. You agree, during your employment and at all times thereafter, not to use, divulge, or furnish or to make accessible to any third party,
company, or other entity or individual, without Exterran’s written consent, any Confidential Information of Exterran, except as required by your job-related duties to Exterran. 

(b) You agree that whenever your employment with Exterran ends for any reason, (i) you shall return to Exterran all documents
containing or referring to Exterran’s Confidential Information as may be in your possession and/or control, with no request being required; and (ii) you shall return all Exterran computer and computer-related equipment and software, and
all Exterran property, files, records, documents, drawings, specifications, lists, equipments and other similar items relating to Exterran’s business coming into your possession and/or control during your employment, with no request being
required. 

  
 3 

 (c) In connection with your acceptance of the Award under the Plan, and in exchange for the
consideration provided hereunder, and in consideration of Exterran disclosing and providing access to Confidential Information, you agree that you will not, during your employment with, or service to Exterran, and for one (1) year thereafter,
directly or indirectly, for any reason, for your own account or on behalf of or together with any other person, entity or organization (i) call on or otherwise solicit any natural person who is employed by Exterran in any capacity with the
purpose or intent of attracting that person from the employ of Exterran, or (ii) divert or attempt to divert from Exterran any business relating to the provision of natural gas compression equipment and related services or oil and natural gas
production and processing equipment and related services without, in either case, the prior written consent of Exterran. 
 (d)
You agree that (i) the terms of this Section 13 are reasonable and constitute an otherwise enforceable agreement to which the terms and provisions of this Section 13 are ancillary or a part of; (ii) the consideration provided by
Exterran under this Section 13 is not illusory; (iii) the restrictions of this Section 13 are necessary and reasonable for the protection of the legitimate business interests and goodwill of Exterran; and (iv) the consideration
given by Exterran under this Section 13, including without limitation, the provision by Exterran of Confidential Information to you, gives rise to Exterran’s interests in the covenants set forth in this Section 13. 

(e) You and Exterran agree that it was both parties’ intention to enter into a valid and enforceable agreement. You agree that if any
covenant contained in this Section 13 is found by a court of competent jurisdiction to contain limitations as to time, geographic area, or scope of activity that are not reasonable and impose a greater restraint than is necessary to protect the
goodwill or other business interests of Exterran, then the court shall reform the covenant to the extent necessary to cause the limitations contained in the covenant as to time, geographic area, and scope of activity to be restrained to be
reasonable and to impose a restraint that is not greater than necessary to protect the goodwill and other business interests of Exterran. 
 (f) In the event that Exterran determines that you have breached or attempted or threatened to breach any term of this Section 13, in addition to any other remedies at law or in equity Exterran may
have available to it, it is agreed that Exterran shall be entitled, upon application to any court of proper jurisdiction, to a temporary restraining order or preliminary injunction (without necessity of (i) proving irreparable harm,
(ii) establishing that monetary damages are inadequate, or (iii) posting any bond with respect thereto) against you prohibiting such breach or attempted or threatened breach by proving only the existence of such breach or attempted or
threatened breach. You agree that the period during which the covenants contained in this Section 13 are in effect shall be computed by excluding from such computation any time during which you are in violation of any provision of this
Section 13. 
 (g) You hereby acknowledge that the Award being granted to you under the Plan is an extraordinary item of
compensation and is not part of, or in lieu of, your ordinary wages for services you may render to Exterran. 
 (h) You
understand that this agreement is independent of and does not affect the enforceability of any other restrictive covenants by which you have agreed to be bound in any other agreement with Exterran. 

(i) Notwithstanding any other provision of this Award, the provisions of this Section 13 shall be governed, construed and enforced in
accordance with the laws of the State of Texas, without giving effect to the conflict of law principles thereof. Any action or proceeding seeking to enforce any provision of this Section 13 shall be brought only in the courts of the State of
Texas or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of Texas, and the parties consent to the jurisdiction of such courts in any such action or proceeding and waive any objection to venue
laid therein. 

  
 4 

 14. Section 83(b) Election. You understand that you will recognize
ordinary income for federal income tax purposes under Section 83 of the Code as and when the Restricted Stock vests in accordance herewith. Further you understanding that you may elect to be taxed for federal income tax purposes at the time the
Restricted Stock is granted rather than as and when the Restricted Stock vests by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days from the Grant Date. You also acknowledge that
it is your sole responsibility and not the Company’s to timely file an election under Section 83(b) if you elect to make such a filing. If you make an election under Section 83(b) of the Code to be taxed with respect to the Restricted
Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which you would otherwise be taxed under Section 83(a) of the Code, you hereby agree to deliver a copy of such election to the Company promptly
after filing such election with the Internal Revenue Service. 
 15. Conformity to Securities Laws. You
acknowledge that the Plan and this Award Agreement is intended to conform to the extent necessary with all applicable federal and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered,
and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Award Agreement shall be deemed amended to the extent necessary to conform to such laws,
rules and regulations. 
 16. Governing Law. Subject to Section 13(i), this Award Notice shall be governed,
construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the conflict of law principles thereof. 
 17. Additional Information. If you require additional information concerning your Award, contact the Company’s Stock Plan Administrator at 281.836.7000 or at
mystock@exterran.com. 
 18. Participant Acceptance. If you do not accept the Award or the terms of the
Award, you must notify the Company in writing at the address provided above within thirty (30) days of delivery of this Award Notice. Otherwise, the Company will deem the Award and the terms of the Award accepted by you. 

 

			
	EXTERRAN HOLDINGS, INC.
		
	By:	 	  

		 	  D. Bradley Childers
		
		 	  President and Chief Executive Officer

  

			
	Agreed and Accepted,
	this          day of December, 2011:

			
		
	By:	 	  

  

			
	Name:	 	  

  
 5

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